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2025-12-31-accounts

THE NANCY BLACKETT TRUST (CIO)

TRUSTEES ANNUAL REPORT AND ACCOUNTS YEAR ENDED 31 DECEMBER 2025

Resistered Charity No 1181202

THE NANCY BLACKETT TRUST CIO

PATRON Dame Ellen MacArthur
PRESIDENT Peter Willis
VICE PRESIDENTS Bryan Bonser, David Collison, Doug Faunt, Lorna Hammett,
Christina Hardyment, Bob Hull, Ian McGlynn, Claudia Myatt,
John Smith, Diana Sparkes, Roger Sturge, Bill Wallace-King,
Jenny Wedick
TRUSTEES Peter Willis (Chair until 22 November and President)
Robin Sadler (Chair from 22 November)
Neil Brooks
Simon Jackson
Irwin Jacobson
Ian McGlynn (until 21 June)
Carl Ranger
John Smith (until 27 May)
Paul Smith (from 22 November)
Roger Sturge
Mark Taylor
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 with the Arthur Ransome Society, a non-charitable association with similar objects.

Registered Office 42 The Hyde, Ware, Herts SG12 0ER
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

TRUSTEES REPORT

Year ended 31 December 2025

Objects and activities

The Nancy Blackett Trust (the 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:

The Trustees continue to have due regard to their charitable purposes for public benefit as custodians of Nancy Blackett (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.

This programme enables Nancy to be seen by the public and the Trust also arranges activity days for groups of young people such as scouts/guides and primary schools to educate them in Nancy and the works of Arthur Ransome, particularly those relevant to the East Coast.

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 contribute part of the cost of sailing activities related particularly to the central interests of the Trust, the works of Arthur Ransome and the use of the classic wooden sailing boats, with a preference for activities on the East Anglian coast.

The Trust is a membership body where funds are contributed by approximately 300 members, of whom 15 are life members. All activities of the Trust are for its charitable purposes.

The management of the Trust through the board and committees and the operation of Nancy is by volunteers who also help with the vessel maintenance and at events.

The constitution requires a minimum of three and a maximum of 12 Trustees. One-third retire each year and may be re-appointed. New Trustees receive documentation relevant to their responsibilities, including the Constitution, Annual report and accounts and links to Charity Commission advice.

Administration of the Trust is overseen by a Board comprising all Trustees. Other members who are not Trustees but fulfill key roles may attend Board meetings. Day to day management of boat maintenance and sailing activities is undertaken by a sailing sub-

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committee. The review of investments and strategic financial recommendations to the Board is made by a finance sub-committee.

Main achievements during 2025

Maintaining Nancy

The maintenance of Nancy remains a primary objective of the Trust. It became clear in 2023 that considerable work would be needed over two winters to address the ravages of time on a historic wooden boat.

After the port side was done in 2024, work to replace the starboard side cockpit coaming and the cabin coach roof was completed in time for the 2025 sailing season. The deck beam immediately aft of the mast was also replaced, although we were able to retain the part of the beam containing Nancy’s original registration and registered tonnage.

The water tank was replaced with a purpose-built stainless steel one. During the 2025 sailing season small leaks were identified in the area around Nancy’s bow. These are being investigated and worked on over the winter so Nancy is ready for the 2026 sailing season.

As in previous years, each winter’s yard bills straddle the Trust’s financial year, making comparisons more difficult. The Trust is grateful for the expertise of Harry King’s at Pin Mill in advising and carrying 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 and to show, as far as possible, the cost of work carried out in the financial year. A marine surveyor was also engaged to provide independent technical advice.

The total cost over the two winters 2023/24 and 2024/25 was approximately £40,000 (excluding VAT which is reclaimed). Without a generous legacy in 2021, now invested, the extent of work require on Nancy would have made the Trust’s financial position extremely difficult. It was necessary to draw down £15,000 from the investment in 2025 towards the work undertaken. We have budgeted a similar average figure for work over the winter of 2025/26, but are optimistic that the current financial position will allow a lower withdrawal from the investments in 2026.

Sailing

Nancy was sailed more in 2025 than in 2024, though usage did not reach 2023 levels. We had more skippers and mates involved, which is encouraging. A skippers get together took place at the start of the 2025 season. This off-water event included presentations on Nancy and items of local sailing interest.

There were more shorter trips during the season, but fewer longer ones. Reasons for the latter included the cancellation of a passage to St. Katharine Docks as skippers were not available on the dates required. Skippers and crew were available for a classic boat event at Queenborough but strong winds meant that Nancy was unable to sail.

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A passage to Wells-next-the-Sea was the longest trip in 2025 but plans to take the local Sea Scouts out on Nancy did not come to fruition due to their existing commitments to the local festival.

A good addition to the sailing programme was social sails which have encouraged skippers, mates and sometimes others to get together for a more relaxed sail (not specifically taking other members for a day sail or cruise) and helped to familiarise new crew with Nancy.

The Trust was represented at the RYA East Cruising Conference in November 2025 to generate interest in Nancy and membership, including the possibility of recruiting new skippers and mates.

Grants and other charitable activities

The programme of activity days for primary schools and scout/guide groups continued. These are provided free by the Trust and, in addition, financial support to cover transport costs is given in cases where that cost is a barrier to the group’s attendance.

The time commitments from Trustees and other volunteers, plus the administration required, limits the number of days that can be arranged. These activity days need to fit in with Nancy’s sailing programme. A new volunteer took over the organisation of this work in 2025 and two group visits to Nancy took place during the year, including one from an Ipswich primary school. Dates are already being planned for 2026.

While most of the Trust’s income comes from member subscriptions and donations, the online shop is the focus of regular fund raising and sales which were again supplemented by sales of Christmas cards through a pop-up shop in Woodbridge and by selling items at ad-hoc events. A raffle was also successfully re-introduced in 2025. All funds raised support the charitable activities of the Trust.

As part of our approach, we may also make specific grants to support young sailors who would otherwise struggle to get out sailing. In 2025, two grants totalling approximately £900 were made via the Cirdan Trust.

Trust management

There was a period in 2024 and part of 2025 when administration of membership records, including renewals and sending out new joiner packs, plus some general secretarial support was being undertaken by member who was paid through their small business. This person had to resign from doing this work due to other commitments. The Trustees are grateful to another member who has now taken over this work on a voluntary basis using a laptop provided by the Trust specifically for this purpose.

The Trustees continue to work on IT improvements and are using Microsoft’s 365 system for centralised record keeping and electronic communications such as email and video conferencing.

Risks

A key risk for the Trust continues to be the cost and availability of traditional skills required to maintain an historic wooden boat. Nancy’s winter maintenance was moved to Harry

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King’s (Pin Mill) in 2022 and they continue to provide specialist skills and advice. Their location has historic links to Arthur Ransome and is conveniently close to Nancy’s current home marina in Woolverstone.

An increasing risk is the potential loss of knowledge of current long serving Trustees when they come to stand down from their role. Linked to this is the risk of being unable to recruit new Trustees with appropriate skills to enable the continued operation of the Trust. We have successfully recruited some new Trustees and a new chair of the Sailing Committee, but we continue to look for new volunteers to ensure we have appropriate experience and cover going forward. The Trust is again grateful to some trustees who provided some continuity by remaining in role longer than originally planned.

There is an ongoing challenge in finding sufficient skippers and mates to be able to sail Nancy and meet our charitable obligations. The Trust also has an ongoing need for other volunteers to provide event days for young people and other administration.

Finances

The results for the period are summarised in the Statement of Income and Expenditure and the Balance Sheet.

The trustees are responsible for keeping proper accounting records and preparing financial statements for each financial year which give a true and fair view of the financial position in accordance with legal requirements. They are required to select suitable accounting policies and apply them consistently; make judgements and estimates that are reasonable and prudent; and prepare financial statements on a going concern basis, unless it is inappropriate to presume that the Trust will continue. They are also responsible for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Reserves

The present policy is to maintain a reserve fund (excluding restricted and designated funds) equivalent to at least 50% of average annual expenditure. Money is also set aside in restricted and designated funds for making grants (Young Sailors Fund) and for future major boat expenditure (Maintenance Fund). Reserve Funds that may be needed at short notice are generally held in interest bearing accounts. Other reserves are held in investments, which are intended to provide a return over the longer term. While these can be accessed at shorter notice, this could adversely affect the return.

The funds received from a large legacy in 2021 were invested from January 2024 through an appointed Fund Manager. The return since then has been very positive, with the return before costs and charges in 2025 being 13.19%. Costs and charges were 2.19% leaving a net return of 11.00%. Charges for 2025 break down into financial adviser charges of 1.25%, investment product charges of 0.75% and dealing service charges of 0.19%.

The Trustees have agreed to draw down a sum each year, dependent on the level of yard bills for each Winter’s maintenance and other predicted expenditure. There is a risk that investment values will go down as well as up, and the Trust’s finances are increasingly linked to investment performance, but it is expected that the returns will provide the funds necessary to keep Nancy in good condition for the next 20 years.

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The Trustees are satisfied that this approach will better safeguard the level of reserves compared to standard savings accounts and better mitigate the effects of inflation on expenditure.

Approved on behalf of the Trustees

Robin Sadler, Chair of Trustees

Date 13 May 2026

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THE NANCY BLACKETT TRUST CIO

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF THE NANCY BLACKETT TRUST CIO

I report to the Trustees on m[y ] examination of the financial statements of The Nancy Blackett Trust CIO (the Charity[) ] for the year ended 31 December 2025.

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 re[q] uirements of the Charities Act 2011 (the 2011 Act[)] .

I re[p] ort in res[p] ect of my examination of the Chari[ty] 's financial statements carried out under section 145 of the 2011 Act. In car[ry] ing out my examination I have followed all the applicable Directions given by the Charit[y ] 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 Re[p] orting 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 Re[p] orting b[y ] 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 m[y ] attention in connection with the examination giving me cause to believe that in any material respect:

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.

Corne von Wielligh ACA

MJ Bushell Audit LLP Kings House, 101-135 Kings Rd Brentwood

Essex

CM144DR

Dated: ... .0.//, ..f ./ci./ ZOZ,&

THE NANCY BLACKETT TRUST CIO Charity Number 1181202

ANNUAL ACCOUNTS Start date 1 January 2025 End Date 31 December 2025

STATEMENT OF FINANCIAL ACTIVITIES

Note Unrestricted
Designated		 Restricted Total Total
funds funds funds funds funds
2025 2024
INCOMING RESOURCES £ £ £ £ £
from
Donations and legacies 3 18883 0 0 18883 15351
Charitable activities 2921 0 0 2921 2024
Interest 563 105 0 668 1061
Other 2138 0 0 2138 2612
TOTAL 24505 105 0 24610 21048
RESOURCES EXPENDED on
Raising funds 5662 0 0 5662 7596
Charitable activities 4 22127 6690 125 28942 25574
Young persons 0 1074 1190 2264 612
TOTAL 27789 7764 1315 36868 33782
NET INCOME/EXPENDITURE -3284 -7659 -1315 -12258 -12734
Net gains/losses on 14 16278 0 0 16278 8021
investments
Extraordinary items 0 0 0 0 0
Transfers between funds -12200 12200 0 0 0
Gains/losses on revaluation of 5 0 0 0 0 0
fixed assets for charity’s own
use
NET MOVEMENT IN FUNDS 794 4541 -1315 4020 -4713
RECONCILIATION OF FUNDS
Total funds brought forward 197445 20521 1875 219841 224554
Total funds carried forward 198239 25062 560 223861 219841

BALANCE SHEET as at 31 December 2025 : Charity Number 1181202

Note 2025 2024
FIXED ASSETS £ £
Tangible assets 5 30019 29860
CURRENT ASSETS
Stock 925 1015
Debtors 6 1064 2773
Cash at bank 13 32554 28301
Investments 14 159299 158021
TOTAL 193842 190110
LIABILITIES
Liabilities due within 12 months 7 0 -129
Long term liabilities 8 0 0
NET ASSETS 223861 219841
FUNDS
Unrestricted funds 198239 197445
Designated funds 15 25062 20521
Restricted funds 15 560 1875
RESERVES 223861 219841

Audit exemption

For the year ended 31 December 2025 the charity was entitled to exemption under section 144 of the Charities Act 2011. The trustees acknowledge their responsibility for ensuring the charity keeps accounting records which comply with the Charities Act; and for preparing accounts in accordance with the records.

Approved on behalf of the Trustees

Robin Sadler, Chair

Date 13 May 2026

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2025.

1. 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 concern basis and have been prepared in accordance with:

The Statement 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 with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102)

and with the Charities Act 2011.

2. ACCOUNTING POLICIES

Recognition of incoming resources. These are included in the accounts when:

the charity becomes entitled to the resources;

the Trustees are virtually certain they will receive the resources; and

the monetary value can be measured with sufficient reliability.

Investment income Income from investment and dividends is recognised when its receipt is probable and the amount receivable can be measured reliably.

Incoming resources with related expenditure Where incoming resources have related expenditure ﴾as with fundraising or contract income) the incoming resources and related expenditure are reported gross in the accounts.

Grants and donations. Grants and donations are only included in the accounts when the charity has unconditional entitlement to the resources.

Tax reclaims on donations. Incoming resources from tax reclaims are included in the accounts at the same time as the gift to which they relate.

Volunteer help The value of any voluntary help received is not included in the accounts but is described in the directors' annual report

Liability recognition. Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources.

Governance costs. Include costs of the preparation of statutory accounts and the costs of Trustee meetings

Grants with performance conditions. Where the charity gives a grant with conditions for its payment being a specific level of service 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

Tangible fixed assets for use by the charity. 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.

Stocks These are valued at the lower of cost or market value.

Depreciation

Computer equipment is depreciated over 3 years on a straight line basis.

The primary objects of the Trust centre on the sailing vessel Nancy Blackett and the Trust 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 depreciation is not appropriate.

The picture is valued at market value.

Funds 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 Unrestricted Designated Restricted Total Total
LEGACIES 2025 2024
£ £ £ £ £
Donations and gifts 7257 0 0 7257 4131
Gift Aid 3158 0 0 3158 2500
Legacies 0 0 0 0 0
Subscriptions 8468 0 0 8468 8720
Total 18883 0 0 18883 15351
4. CHARITABLE ACTIVITIES Unrestricted Designated Restricted Total Total
2025 2024
£ £ £ £ £
Maintenance and sailing costs 25693 0 0 25693 23931
Administration costs 3249 0 0 3249 1643
Charitable donations 0 0 0 0 0
Total 28942 0 0 28942 25574

Staff costs: There were no employees during the year.

5. FIXED ASSETS
Value at 1 Depreciation Value at 31
January charged December 2025
2025
£ £ £
NANCY BLACKETT 28860 0 28860
Picture 1000 0 1000
Laptop computer — 20 159
Net book value at end of year 29860 20 30019

Nancy Blackett is designated a heritage asset and not subject to depreciation. Laptop computer acquired in August 2025.

Laptop computer acquired in August 2025.
6. DEBTORS
Debtors, all of which are due within one year, comprise 2025 2024
£ £
VAT repayable 304 1748
Gift Aid repayable 411 462
Investment income and interest 349 563
Sundry debtors 0 0
Total 1064 2773
7. CREDITORS
Creditors, all of which are due within one year, comprise 2025 2024
£ £
Trade creditors 0 -129
Total 0 -129

8. LONG TERM LIABILITIES

There are no long term liabilities.

9. TRUSTEE EXPENSES

9.
TRUSTEE EXPENSES
2025 2024
Number of Trustees who were paid expenses 4 1
£ £
Amount paid 647 80

Trustees may be paid for travel and in some cases for overnight expenses for attending Board meetings.

In addition Trustees were reimbursed for obtaining goods and services on behalf of the Trust but these are not treated as expenses as above. 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 2025 2024
£ £ £ £ £
Independent examination fees 650 0 0 650 650
Other costs 2599 0 0 2599 993
Total 3249 0 0 3249 1643

The Young Sailors Fund assists young people to participate in sailing experiences. The Maintenance Fund provides for abnormal boat expenditure.

12. STOCKS
Unrestricted Designated Restricted 2025 2024
£ £ £ £ £
For resale 925 0 0 925 1015
13. CASH IN HAND AND AT BANK
Unrestricted Designated Restricted 2025 2024
£ £ £ £ £
Short term deposits 0 0 0 0 0
Cash at bank and in hand 6932 25062 560 32554 28301
14. INVESTMENTS
A J BELL Investcentre 2025 2024
£ £
Value at 1 January 158021 150000
Withdrawals -15000 0
Investment gains (losses) gross 19562 10834
Adviser charges -1866 -1638
Other costs -1418 -1175
Value at 31 December 159299 158021
15. FUNDS Balance Income Expenditure Transfers Balance
1 Jan 31 Dec
2025 2025
£ £ £ £ £
YOUNG SAILORS FUND
Designated 4488 105 1074 2200 5719
Restricted 1750 0 1190 0 560
TOTAL 6238 105 2264 2200 6279
MAINTENANCE FUND
Designated 16033 0 6690 10000 19343
Restricted 125 0 125 0 0
TOTAL 16158 0 6815 10000 19343
Total Designated 20521 105 7764 12200 25062
Total Restricted 1875 0 1315 0 560
TOTAL FUNDS 22396 105 9079 12200 25622
16. COMPARATIVES
Unrestricted Designated Restricted 2025 2024
Total Total
Funds Funds
INCOMING RESOURCES £ £ £ £ £
Donations and legacies 18883 0 0 18883 15351
Charitable activities 2921 0 0 2921 2024
Interest 563 105 0 668 1061
Other 2138 0 0 2138 2612
TOTAL 24505 105 0 24610 21048
RESOURCES EXPENDED
Raising funds 5662 0 0 5662 7596
Charitable activities 22127 6690 125 28942 25574
Young persons 0 1074 1190 2264 612
TOTAL 27789 7764 1315 36868 33782
Net incoming resources/ -3284 -7659 -1315 -12258 -12734
net income (net expenses)
Net gains/losses on 16278 0 0 16278 8021
investments
Gain (loss) on revaluation 0 0 0 0 0
Transfers between funds -12200 12200 0 0 0
NET MOVEMENT IN FUNDS 794 4541 -1315 4020 -4713
Fund balances brought 197445 20521 1875 219841 224554
forward
Fund balances carried 198239 25062 560 223861 219841
forward
NET ASSETS BY FUND
Tangible fixed assets 30019 0 0 30019 29860
Current assets 168220 25062 560 193842 190110
Liabilities 0 0 0 0 -129
TOTAL 198239 25062 560 223861 219841