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THE NANCY BLACKETh TRUST
10
TRUSTEES ANNUAL REPORT AND A
NT
YEAR
Resistered Charity No 1181202

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THE NANCY BLACKETh TRUST CIO
PATRON
Dame Ellen MacArthur
PRESIDENT
Peter Willis
VICE PRESIDENTS
Bryan Bonser, David Collison, Doug Faunt, Loma Hammett,
Christina Hardyment, Bob Hull, Claudia Myatt, Diana Sparkes,
Roger Slurge, Bill Wallace-King, Jenny Wedick
TRUSTEES
Peter Willis (President and Chair)
Neil Brooks
Sue Coales (resigned 8 June)
Simon Jackson
Irwin Jacobson
lan McGlynn
Carl Ranger (appoinled 28 September)
Robin Sadler
John Smith
Roger Sturge
Mark Taylor (appointed 28 September)
Keith White (Treasurer)
The Nancy Blackett Trust is a membership organisation and a charitable incorporated
organisation (CIO) regulated by the Charities Commission. Trustees are nominated by the
Board and elected by the membership at the AGM. The Trust maintains a close
relationship wilh the Arthur Ransome Society, a non-charitable association with similar
objects.
Reglstered Office
42 The Hyde. Ware. Herts SG12 OER
Registered Charity No 1181202
Independent Examiner M J Bushell Audit LLP
Kings House
101-135 Kings Road
Brentwood
Essex CM14 4DR
Bankers
CAF Bank Ltd
25 Kings Hill Avenue
West Malling
Kent ME19 4JQ
Fund Manager
Citrus Wealth Management
Orwell House
The Strand
Wherstead. Ipswich
Suffolk IP2 8NJ

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TRUSTEES REPORT
Year ended 31 December 2024
The Nancy Blackett Trust is a Charitable Incorporated Organisation (CIO) regulated by the
Charities Commission for England and Wales (number 1181202).
The objectives of the Trust. in summary. are..
to secure the prese￿atIon and maintenance of the historic sailing vessel Nancy Blackett
for public benefit.
to advance the education and understanding of the public in the works ofArthur
Ransome.
to advance the education of the public by developing sailing and allied facilities,
particularly but not exclusively for young people.
The Trustees continue to have due regard to their charitable purposes for public benefit as
custodians of Nancy as a working heritage asset. One of the principal activities of the Trust
is to use her for a mixed programme of sailing and display events.
Awards are made (via the Young Sailors Fund) to assist young people to participate in
sailing experiences. Grants are made mainly to young people up to the age of 24
(inclusive) to ¢onlribute part of Ihe Cost of sailing activilies related particularly to the central
interests of the Twst, the works of Arthur Ransome and the use of the ¢lassi¢ wooden
sailing boats, with a preference for activities on the East Anglian coast.
The Nancy Blackett Trust is a membership body where nomally most funds are
contributed by members. Board and committee membership is by volunteers, as is
management of the Trust and skippering the vessel. Volunteers also help with the
maintenance and manning the vessel and display stands at events.
There must be a minimum of 3 and a maximum of 12 Trustees and one-third retire each
year and may be re-appointed. New Tnjstees receive documenlation relevant to their
responsibilities, including the Constitution. Annual report and accounts and links to Charity
Commission advice.
The administration of the Trust is overseen by a Board comprising all Trustees and as
necessary other members who are not Trustees but fulfill particular roles. The day to day
management of boat maintenance and sailing activities is undertaken by a Sailing sub-
Gommittee. The review of inveslments and strategic financial recommendations to the
Board is made by a Finance sub-committee.
Main achievements durin
the
Maintaining Nancy
The maintenance of Nancy Blackett remains a primary objective of the Trusl. It became
Glear in 2023 that considerable work would be needed over 2 Winters to address the
ravages of time on a historiG wooden boat.

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To maintain the boat's character a quantity of Brazilian mahogany was sourced in 2023,
sufficient to replace both port and starboard cockpit coaming and the cabin coachroof. The
port side was completed in 2023124 and work continues on the stsrboard side in 2024125.
Rol was found in the deck beam immediately aft of the mast. Temporary filler was applied
to enable the 2024 sailing season to be completed pending fvrther examination.
Further rot was found in Autumn 2024 at the foot ofthe stem where it meets the garboards
when Nancy was laid up in the boatyard. This was cut out and refilled and the Trust's
surveyor was called in for an opinion on future work ne￿SSary lo ensure Nancy's safety.
A decision was also taken to replace the failed water tsnk and its replacement with a
stainless steel one. This work will be completed before the 2025 launch.
It should be noted that each Winter's yard bills straddle the Trust's financial year, making
comparisons more difficult. The Tnjst is grateful for the expertise of Harry King's at Pin Mill
in advising and carying out work on Nancy. We work closely together to ensure the
programme of work is achievable within their resources and that payments are scheduled
both for their cash flow but to show, as far as possible, the cost of work carried out in the
financial year.
The lotal cost over the 2 Winters will be in the region of £35,000 {excluding VAT which is
Glaimedl. Without Ihe gift in the will in 2021, now invested, the Trust's financial position
would be extremely difficult.
Salllng
The centrepiece of Nancy's sailing in 2024 was a trip to Scarborough in July over 2 weeks.
Nominally to attend a sea festival, this was also intended lo fill out Nancy's history by
finding out more about the quarter-century she had spent there in the ownership of the
Bentley family. This had begun well, but ended sadly in 1988, leading to a relurn to the
Ornell for a complete rebuild.
Ther8 was an 8motional reunion between Nancy and members of the Bentley family who
had enjoyed and looked after Nancy for many years. They were able to add more to the
boat's history and they handed over a foghorn from many years ago.
In addition there were 43 day sails by members, reduced from the previous year partly
because of the Scarborough trip, a need for more skippers but possibly not helped by the
adoption of a proprietary booking system, which has now been abandoned.
As in many previous years. Nancy attended the Classic Boat Festival at St. Katharine's
Dock in London in Sepiember. This is an opportunity not just to sail up the Thames. but for
Nancy lo be seen by members, potential members and the general public, who can be
welcomed aboard.
The Trust were also represented at the RYA Conference in November to generate interest
in the boat and membership with the possibility of recruiting new skippers.
The Trustees took the decision to increase sailing rates for the 2025 season. They were
last revised in 2022 and the new rates make it clearer that they include VAT.

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Grants and other charitable activities
The programme of activity days for primary schools and ScouVGuide groups continued.
These are provided free by the Trust, but the restricted donation by the Company of
Drapers in 2023 is used to fvnd transport costs in cases where the cost is a barrier to the
group s attendance.
The commitment in time, distance between home and the event and the administration
needed by Trustees and volunteers limits the number of days that can be arranged. The
Trustee organising these activities had to retire during 2024 but a new volunteer has been
recruited to continue this work in 2025.
Fund raising
While most ofthe Trust's income comes from members in subscriptions and donations, the
online shop is the main focus for regular fund raising and sales were increased over the
previous year, assisted by sales of Christmas cards through a pop up shop in Woodbridge.
Trust management
The Trustees recognised that improvements in membership records were needed and a
member is now paid through their small business to manage them, deal with renewals,
send out information to new members and provide general secretarial support.
Membership numbers are broadly steady with less than 50/0 turnover and new members
more or less replacing losses. This seems a remarkable achievement for a mature body
nearly 30 years old, with ils membership still largely made up of people who contributed to
the purchase cost of Nancy in 1997. This loyalty is impressive, though we are aware that
numbers will diminish through wastage in years to come, and are actively seeking
engagement with other organisats'ons with a view to mutual support.
The Trustees continue to work on IT improvements, particularly keeping cenlralised
documents through a shared electronic system and regular email and video conferencing.
The main risk lo the Trust is the cost of maintaining an historic wooden boat and a decline
in traditional maintenance skills. Nancy Blackett's winter maintenance was moved to Harry
King's (Pin Mill) in 2022 and they continue to provide specialist skills and advi￿, local to
the home marina.
There is an increasing difficulty in finding sufficient skippers and mates to be able to sail
Nancy and meet our charitable obligations. The Trust needs other volunteers to provide
event days for young people and undertake charity management and administration.
Trustee succession in key areas remains an issue which is continuing to be addressed
and the Trust is grateful to some tTUStees who have continued longer than planned for
continuity.
Fin
The results for the period are summarised in the Statement of Income and Expenditure
and the Balance Sheet.

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The trustees are responsible for keeping proper a(XXMJnting recoth awKI pwepating
financial ststements for each financial year which give a true and fair view of the financial
position in accordan￿ with legal requirements. They are required to select suitable
accounting policies and apply theffl GQnSiStenlly' make judgetnerFts and estimales that are
reasonable and prudent,. and prepare financial statements on a going ￿)n￿M basis.
unless il is inappropriate to presume that The Nancy BLid(ett Twst will continue. They are
alao responsib￿ for taking reasonable steps for Ihg preveniion and detection of fraud an¢J
other irregularit*s.
The present policy is to maintain a r&%erve fund (exduding restricted and desynated
funds) equivalent to at least 50% of average annual expenditure. Money is also set aside
in restricted and desrgnated furKls for making grants (Young Sailors Fund) arKI for future
major boat expenditure (the Maint8nan¢e Fund,) Reserve Funds ale generally held in
intere8t bearin9 acGounts.
The funds re￿IVed from a large legacy in 2021 were invested from January 2024 through
a Fund M8n8ger. The intention 13 to draw dw) an annual amounl uvei long period of
around 25 years to ensure that the prmnary aims of the Trust can be met. Vthile investrnent
returns in 2024 were positlve. risk of retums going up and 15 recognised.
The Trustees are satisfied that this approach will better safeguard the level of resep
compared to 8tandard saving8 accounts, where interest rates are Guiwently falling, and
mitigate the effects of inflation on expenditure. Other re8er¥68 hekl in immediate acces8
Savings accounts continue to satisfy the reserves WIGY.
roved on behalf of the Tru8tee8
Peter WAllis, Chair
Date 27oC.a£)L

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## **NANCY BLACKETT TRUST** 

## **INDEPENDENT EXAMINER'S REPORT** 

## **TO THE TRUSTEES OF NANCY BLACKETT TRUST** 

I report to the Trustees on my examination of the financial statements of Nancy Blackett Trust (the Charity) for the year ended 31 December 2024. 

## **Responsibilities and basis of report** 

As the Trustees of the Charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act). 

I report in respect of my examination of the Charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. 

## **Independent examiner's statement** 

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. 

I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. 

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 

- 1 accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or 

- 2 the financial statements do not accord with those records; or 

- 3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. 

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. 

## **Corné von Wielligh ACA** 

MJ Bushell Audit LLP Kings House, 101-135 Kings Rd Brentwood Essex CM14 4DR 

19/06/2025 

Dated: ......................... 



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THE NANCY BLACKETh TRUST CIO Charity Number 1181202
ANNUALACCOUNTS
Start date 1 January 2024 End Date 31 December 2024
STATEMENT OF FINANCIAL ACTIVITIES
Note Unreslricted Designated Restrictal
funds
funds
funds
Total
funds
2024
Tot81
funds
2023
INCOMING RESOURCES
from
Donations and legacies
Charitable activities
15226
125 15351 17730
2024
2024
2822
Investments and Interest
8919
163
9082
3254
Other
2612
2612
2707
TOTAL
28781
163
125 29069 26513
RESOURCES EXPENDED on
Raising funds
Charitable activities
7596
7596
5571
25574
0 25574 26317
Young persons
TOTAL
362
250
612
755
33170
362
250 33782 32643
NET INCOMEIEXPENDITURE
4389
-199
-125 4713 -6130
Net gainsllosses on
investments
Extraordinary items
Transfers between funds
Gainsllosses on revaluation of
fixed assets for charily's own
use
NET MOVEMENT IN FUNDS
4389
-199
-125 4713 -6130
RECONCILIATION OF FUNDS
Total funds brought forward
Total funds carried fornard
201834
20720
2000 224554 230684
197445
20521
1875 219841 224554

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BALANCE SHEEf as at 31 December 2024 . Charlty Number 1181202
Note
2024
2023
FIXED ASSETS
Tangible a88ets )'-
*:'.*., 29860
CURRENT ASSErs
Stod
1015
1671
Debtors
2773
2333
Cash at bank
13
28301
190690
Investments
14
, 158021
TOTAL
190110
194694
LIABILITIES
Liab115ts'es due wlthin 12 month8
-129
Long term liabilities
NET ASSETS
219841
224554
FUNDS
Unrestricted lundB
197445
201834
Designated funds
Restrfcted furKI8
15
20521
20720
15
1875
RESERVES
219841
224554
Audlt exomptlon
For the year ended 31 December 2024 the charity was entilled to exemption under section
144 of the Charities Act 2011. The twstees acknowledge their responsibilty for ensuring
the charty keeps accounting records which comply with the Charities Act; and for
preparing accounts in accordan￿ wilh the records.
Approved on behalf of the Trustees
Peter Willis. Chair
Date 37-05.zoa

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NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December
2024.
BASIS OF PREPARATION
The financial statements are prepared under the historical cost convention with
items recognised at cost or transaction value unless otherwise stated in the
relevant notes to these accounts.
These accounts are prepared on a going cOn￿M basis and have been prepared in
accordance with..
The Stalement of Recommended Practice: Accounting and Reporting by
Charities preparing their accounts in accordance with the Financial Reporting
Standard applicable in the UK and Republic of Ireland (FRS102} issued on
16 July 2014.
and wilh the Financial Reporting Standard applicable in the UK and Republic
of Ireland IFRS102J
and with the Charitl8s Act 2011.
ACCOUNTING POLICIES
AA
These are included in the accounts when:
the charity becomes entitled to the resources,.
the Trustees are virtually certain they will receive the resourc8s; and
the monetary value can be measured with sufficient reliability.
Inv
Income from investment and dividends is recognised when its
re￿Ipt is probable and the amount receivable can be measured reliably.
AA
Where incoming resources have
related expenditure las with fundraising or contract income) the incoming resources
and related expenditure are reported gross in the accounts.
tall1£￿. Grants and donations are only included in the accounts
when the charily has unconditional entitlement to the resources.
Incoming resources from tax reclaims are included in
the accounts al the same time as the gift to which they relate.
olUDtO￿ The value of any voluntary help received is not included in the
accounts but is described in the directors, annual report
Liabilit
reco
nition. Liabilities are recognised as soon as there is a legal or
constructive obligation committing the charity to pay out resources.
rn
. Include costs of the preparation of statutory accounts
and the costs of Trustee meetings

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Grants with erformance conditions. Where the charity gives a grant with conditions
for its payment being a specific level of seNice or output to be provided, such
grants are only recognised in the accounts once the recipient of the grant has
provided the specified service or output
Tan
ible fixed assets for use b the charit . Larger items are capitalised if they can
be used for more than one year. They are valued at cost or. if gifted. at the value to
the charity on receipt. They are written off over their expected useful lives.
&touk These are valued at the lower of cost or market value.
Depreciation is calculated at 250A per annum, straight line, to write
down the cost of equipment over its expected useful life.
The primary objects of the Tmsl centre on the sailing vessel Nancy Blackett and the
Trusl has expended the funds necessary to fully restore the vessel. The Trustees
intend to maintain the vessel at its present high level of restoration. Hence, in their
opinion, a charge for depreciats'on is not appropriate.
All funds are unrestricted income funds other than the Young Sailors
Fund and the Maintenance Fund where funds are Designated by the Trustees or
donated and Restricted for a particular purpose.
3. DONATIONS AND
LEGACIES
Unrestricted Designated Restricted
Total Total
2024 2023
Donations and gifts
GiftAid
4031
100
4131 5755
2475
25
2500 2576
Legacies
Subscriptions
Total
8720
8720 9399
15226
125 15351 17730
4. CHARITABLE ACTIVITIES Unrestricted Designated Restricted
Total Total
2024 2023
Maintenance and sailing costs
Administration costs
23931
23931 19081
1643
1643 2236
Charitable donations
0 5000
Total
25574
25574 26317
Staff costs.. There were no employees during the year.

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5. FIXED ASSETS
2024
2023
NANCY BLACKE
Cost at 1 January
Cost at 31 December
28860
28860
28860
28860
PICTURE
Cost at 1 January
Cost at 31 December
1000
1000
1000
1000
Depreciation on both
At 1 January
Charged in year
Net book value at end of year
29860
29860
DEBTORS
Debtors, all of which are due within one year, comprise
2024
2023
VAT repayable
GiftAid repayable
Investment income and interest
1748
7597
462
505
563
210
Sundry debtors
Total
21
2773
2333
CREDITORS
Creditors, all of which are due within one year, comprise
2024
2023
Trade creditors
-129
Total
-129

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LONG TERM LIABILITIES
There are no long term liabilities.
TRUSTEE EXPENSES
Trustees may be paid for travel and in some cases for ovemight expenses for attending
Board meetings.
2024
2023
Number of Trustees who were paid expenses
Amount paid
80
1033
In addition Trustees were reimbursed for expenses incurred in obtaining goods and
services on behalf of the Trust. No Trustee received any remuneration during the year.
10. TRANSACTIONS WITH RELATED PARTIES
All transactions with Trustees concerning sailing the boat were made on the
same basis that they would have been made if the Trustees were ordinary members.
11. GOVERNANCE COSTS
Unrestricted Designated Restricted 2024 2023
Independent examination fees
Other costs
650
650
425
993
993 1811
Total
1643
1643 2236
12. STOCKS
Unrestricted Designated Restricted 2024 2023
For resale
1015
1015 1671

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13. CASH IN HANDAND AT BANK
Unrestrirted Designated Restricted 2024
2023
Short temi deposits
Cash at bank and in hand
5905
20521
1875 28301 190690
14. INVESTMENTS
A J BELL Investcentre
Value at 31 January 2024
Inv8Stment gains (losses)
Value at 31 December 2024
150000
8021
158021
15. FUNDS
Balance
1Jan
2024
Income Expenditure Transfers Balance
31 Dec
2024
YOUNG SAILORS FUND
Designated
Reslri¢ted
4687
163
362
4488
2000
250
1750
TOTAL
163
612
6238
MAINTENANCE FUND
Designated
16033
16033
Restricted
125
125
TOTAL
16033
125
16158
Total Designaled
Total Restricted
20720
163
362
20521
2000
125
250
1875
TOTAL FUNDS
22720
288
612
22396
The Young Sailors Fund assists young people to participate in sailing experiences.
The Maintenance Fund provides for abnormal boat expenditure.

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16. COMPARATIVES
Unrestricted Designated Restricted
2024
Total
Funds
2023
Total
Funds
INCOMING RESOURCES
Donations and legaGies
Charitable activities
15226
125
15351
17730
2024
2024
2822
Investments and Interest
8919
163
9082
3254
Other
2612
2612
2707
TOTAL
28781
163
125
29069 26513
RESOURCES EXPENDED
Raising fvnds
Charitable activities
7596
7596
5571
25574
25574 26317
Young persons
TOTAL
362
250
612
755
33170
362
250
33782 32643
Net Incomlng re$our¢esl
net Income (net expenses)
4389
-199
-125
4713
-6130
Gain {loss} on revaluation
Transfers between funds
NET MOVEMENT IN FUNDS
4389
-199
-125
4713
.6130
Fund balances brought
forward
201834
20720
2000 224554 230684
Fund balances Carried
forward
197445
20521
1875 219841 224554
NET ASSETS BY FUND
Tangible fixed assets
Current assets
29860
29860 29860
167714
20521
1875 190110 194694
Liabilities
-129
-129
TOTAL
197445
20521
1875 219841 224554