2021-12-31-accounts

R•glst•r•d numb•r. 01611892 Charlty number. 285305 THE NORFOLK BOAT (SAIL TRAINING) LIMITED (A company Ilmlt•d by guarant••) UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

THE NORFOLK BOAT (SAIL TRAINING) UPArrED IA c4xwny Ilmlt•d by quv4nl••) Ind•p•ndwrt •￿￿nIn•￿* r•port 10-14

THE NORFOLK BOAT (SAIL TRAINING) UMITED (A company ilmlted by guarnntsel REFERENCE AND ADMINISTRATIVE DETAILS OF THE COIAPAPIY. TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEIIBER 2021 A J Cuthtxrt MBE, Pr•¥dw H18 HorKxr P Curt DL. thlmi S G S fvJlen. Trea8urer RegrAdmlfal R B Lees CVO Iregiryd 20 July 2021) M P MBE C E S Auen {4yknted 5 Oclcthr 2021) A S Bartram lar¢dnknJ 5 2022) S 8 Curtls (ro•￿￿ S Awll 2022 WNDarty T M Haywd ADHuni 8 J L8nd8le (rwlW 20 Juty 2021) A P Royall R S ThL¥np*)n {8Kw4nt•J 5 20221 016118V2 R•gl•t•r•d offlc• Bdtyduff Fiold Dalllng Hc4t Nixf¢ NP25 7LQ A J Cuthbwt MBE SAm)merhlll House Fakenham NR219F14 Page 1

THE NORFCLK BOAT (SAIL TRAINMG> upxfED (A comp•ny Ilmlt•d by FOR The YEAR ENDED 31 DECEMBER 2021 tt￿ ￿ no voyaggs at al. In th9 2021 dele the ¢x¥)tinulrvJ (xrtrirtts ol Covid. Ihg Charity marwj to Wlgx 59 y(Kry sallng L¥uls ¢kn- no a(leV￿￿tt In the CiTa¢mstsnc So far In th0 2￿2 soason TA• hav• th•t Lued to 8th1. WhHst thwe Is for Ix)mplac•n and tha 8ffeds d the last yew5 may r¥X h￿0 luly imp#•J yet on Iho Sal TrninirwJ gwally, Tho Nc#folk Bolt is qU￿￿Y optsmosllc al restrxlw w¥J pe￿10 ft to sea to tho p&id8mic level of ar4)ffjxlmatdy pw 86&x￿. It Is the aim ol the (liTeLtcffs that In tha next few years r lIn￿al atuallon strry wyj TA• ￿ vwjeknj to M•mbws and to 011 ThlK qrnw8Iy Th• N(fdk Boat hag thus IATh•d tt4 forax In r•crt y•w¥ lo trylry t¢ lo(¥ts Ar￿ numlxr (rf F(tsntsl awllrAnts 8TrJ tIw)80 Ihn. be kn p¥wrtS. toaclw4 carws. Yixth Club leaders 8tc •tG Thg In bo￿ helpful In ullllslng modgm Irrfum• 25 YWB Jex 8artr8m ryxl 88 w Athnlrlstratrr. ft 1$ to over 8811malè all that she has dc fty Tho Ncrfol( B(At thrtwtrK#Jt thot Ilme. s￿ ha¥ been the ho#rtat of th8 C￿nty. FthlnaI￿ has This is the 4(Ih kniivefsary of th• of The Nrrfo Boat 4th 'Spiiit of Bo&11￿. by Andrgw Cuthb 1rf8ThJ8. In that Ume, tr#JA•xls of poc havo t19￿ wnrnoa9Jrably in tr￿1r TII belw aTrJ d6velwnrt by thelr exwlw• t*lth The Ncrfolk 808t. Wo ve In 8 FO￿tion and d8tomiln•J lo t#Jlld c41 that1808￿. Narne of Grwllftdhtd￿1 £1.5(Kl 13 Current YE 31.12.2021: Name crf Gwnndi¥idu81 Futuro EthJcab"on Nane of Salllng Cinkn Saling T cir￿ Sailing TnAt ￿ling TnL8t Fli8 P Curt Dote.. Li Page 2

THE NORFOLK BOAT (SAIL TRthIING) upArrED (A C￿npOnY Ilmtted by gwararrt••) FOR THE YEAR ENDED 31 DECEMBER 2ty21 Tho TNstee8 present thelr arnual retmyt Imth thg finaKaal slatemwts of the ￿1p8￿Y for tha year 1 January 202110 31 Decmbef 2021. The reFrtyt Se￿65 the pJrposes of both a Tn' rerLJ18NI a tho th¥hable C(￿panY Ixth￿Y Vffjth the #atsrtryy rwuirements. the requirements of the rwltabie L￿mp￿nIS gOv￿1￿j the K¥0vwu￿ Lrf thè Sl8twrt•rt of R￿)M￿¥￿j {SORPI apFll￿t4e to Ltsibes KryariTrJ thelr acaxffts in acfgYd8rTh 4th thg FinwKx•I st￿ applIc4￿? in Ihe UK av¥J R￿1¢ of Irel￿d (FRS102) lett•￿8 1 knuary 20191. Slnce ryjmpwry qualffjos 85 wrfjer so(i(m 382 crf the C(wnpani&s Acl 2￿. the Strategic roF4Jrt required ￿ m&liim arKi IwJ8 c£wnp¥dos uThJer th8 CCffipw)￿ ￿ 2fKAS {Strotegic Rep￿t aTrJ DI￿lor$. Report) RwJLtlatl(xis 2013 Iw (ynllled. Polldu obJ•dlv•• In 80thrvJ (4•thes and Ic &#￿￿)88. Tntstegs havo uiv8n due Mid￿on lo ￿er￿1 guldar publlthed by th& Ctrwity Cst Lrf £3.rn (202￿ £nil). Thern was Tr) 1￿M81 fuTrlralsiry in 2021. tmrt dLYb8tlcfi8 (rf £8,11012020 . £6.42) reCdV￿I. Thern 18 litlle th￿bI tr￿1 The NorfrAk Boat l¥ Flmnelal r•¥l•w . Golng ¢anc•m O￿ti￿je to the bas In w8KwiThJ fi￿la1 details rngwdiTrJ th8 adopts'￿ of ts goiry bads I￿n bg flxmd in ts a¢%￿nI1￿J pdicie8. PwJo 3

THE NORFOLK BOAT ISAIL TRA•IING) UPArrED (A campwry Ilmlt•d by war•nl) TRUSTEES. IIEPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 b. R••rn• poll Th8 r￿panY has unrestrkl•l f8s8rves d £710,￿1 as al 31 D￿anb￿ 2021 {2020. £635.423). Thls swn ha8 arn hdd to the ol mules fmm ¢Th ￿ to 8ncAJr, to FwvJo the Inct¥no vAth vthich to a8 rn￿Y ￿Ur¥j rwAo as posslbl•. wJ as a fin￿￿ThJ the calt crf •Jministratl¢￿ of th8 ttsnpany. Thg Truee8 ¢xJnlinug to m¢Mitry lh8 lovel ol rB8wves on a rnwlar bas14 aThJ wo ￿l￿ed that they are fflclent to ma8t the larg•1 K¥trrfidir¥J Boc•J88 thé mWTty of the r8sgp405 are Inv88tad In the st(K Market to FfftNide 8 86CXVO tKrt hJh fvkl. there ￿11 b8 Irt￿1￿ xyno flu(aualion in the dz6 of th Tho N(Ylolk Boat (Sol T￿Tr￿al Lfimliwj Is r•githd as a trrfnp￿ limltod by g￿rante8 and wa$ sot up by a memLv￿rn of Asjdth'￿ on 5 FebnJ8ry 1￿2 Is a fW8rod numb8r 28&305. The prlndpd rtlect of th• cunF•ty l# to by Frfvdldiw or In th8 of OPFQrtunltièy for the age (rf fivo, (Y (ver tho age cl t• fTh6. have e fvlc¥l (K mwrtal ImrAlmignt kh has a Atsnttal arKI t•fm advorn9 thelr rt411ty to effj r#Jt rmxmol daY.t￿laY activitlo5, that they may to m•bffj as in¢J¥l￿ KI cl Tho (QrnFWby 4YAwn to bec4ng <¥￿ membws of Sall vo11s bglwlng to 94￿8atIOr arg mombw8 of thg A8s00a￿ of TralnSr& t￿￿$010n$ (ASTO> by wtid181rffj thoir PolldM adoptsd forth• In￿￿10n and tralnlno of Tru•1 P¢Xgntlal Truths are a[vr4th￿I ty an exi#iw memb8r of Board. arKJ thelr WDWive rolo is dI8￿SEed. The existing TnJBlaes lsxl( lo r￿￿1t ntrw Tnth ￿ a volunw bas1& have ewienrn in oithor $911ing. trrtjslnw ￿￿la1 sWvI￿ or to￿M￿ rrn A yospthe Tntstee Is ncmninated 8t a Trustse meetlng arKI must be by a sgrmficant maicth to be aFwinted. pri￿ to ap￿IntMo￿ tho President of tr* Chwity Page 4

THE NORFOLK BOAT (SAIL TRAININGI uMrrED (A company Ilmtted by guarartwl TRiISTEES' REpoirr {COlfflNUEDI FOR THE YEAR ENDED 31 DECEMBER 2021 in place to mltigate those li& The pylncipal risk is fin¥￿1 allhw therè Is a furlher ii¥k asgJ(xalad vAth the T8￿rtatI￿ d Thg Ncldk 80oL 11 Is essenlial to Mainl￿ the iattw rf fijrhknsing is to be Wc￿&$[U1 and If applicnts for sp￿￿r￿1p are to cJ)me lowd. Gwlial aThJ IrK¥Jllg. Thtr wfLvmarvx of th• StLa ma￿81 ill diredy (m the of thè e4)mpanl8 Inve¥tsnent. Intorest roto& in ￿ far 88 affed s￿Ir￿S rates. lll have & slgnlficant impa(a ¢)n the Com[￿1￿8 Inc(Yne. Mean￿￿lle the rowia8 we to thi1h￿ a 141 In Stoc Markel valualK>n$ 4rMI a d1mlr1Jti￿ in inC￿m0. PA•mb•rn' IWAI The (x)mparby Is a rwJlw¥d ¢tsrfty Iknlw by the gJrnto9s d Its m8mtm, havo wwont6od a m rlot eX￿d1Th3 £10 pw mombw. Thwe ve 28 mwntM& Dlltrlbutlon ¢rf Incom• and ••••ts fcrfth in tts MoM￿n￿m Arld88 cl Aryxagallon. N(Th d th8 In¢rAne (rf th8 ttAnpany may bg dl•tributed to its m•rnbws by •y of dividw￿. bcfiu6 ￿ othor f(m of FKofiL Dotslls of the Trnst6os, tAtK) ar• 01 m6mbw4 tAtho sgrvthl the yow Iw bo fa￿d ¢Jn p4e 1. In 8CUydan￿ 4th tho Mhles P Cwl. M P a￿1 A D H4)t rellre fr(vn offlc• In ith the n(xmd ￿Ual r[tsti￿. C E S Allen •s 8K¥x4ntwJ a dlrwaor on 5 lJd(thr 2021 aTrJ A S Bartram arrfl R S Thornp￿￿ aFvxnted dlreclLn ￿ 5 WI 2￿22. hJl of the at￿¥￿. bng ellgltye, a IntgTrthng to offor them89fv95 for rMled1c￿ at Iho forthcomlrN knNal GOnW￿ Meeting. Roar Admlral R B Lees and 8 J Landalg aB dirn¢lLY8 ￿ 20 20218Th1 S B Cuth as a ithrgL*or on S Wl 2￿. Pag8 5

THE NORFOLK BOAT ISAIL TRAINING) uMrrED TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 The Tr￿tee5 (h) are also the dlrectorn of the u)mpry f(Y the 0>n￿Y lawl responsible for prnporing thg TnJsto8s' the In tmth 0￿14r￿A8 law and Unitod law, the must the finwK4al ateM￿ urkn they aro sa11sfi￿1 that they gfve a tru8 and lalr VI￿ of the stats ol aff•Ys of ￿ c(rfnpwby of Éts iThx¥nSw resou￿ ￿Flic8110n ol rnsww, Indudln9 110 In¢(wn• r￿j •xpthn. fry thal pwlrAI. In thejo #atomenN the Tritst885 are Ob￿￿6 the mothc¥Js aThl ￿1ndp1a$ rf thg Ch•ities SORP IFRS 1021. state UK Stw•Y¥ds {FRS 102) have t)88n fdltra•d. to ony compw Th411 clxytinue In txtslna TnAta8$ resp(YMit4a I￿ koerxrwj rwxYd8 tr￿t Nrffidwrt to ah¢Jw ar¥J aXFAain c<Jmpany and anaL48 thom to 8nsurn that tho finwKi•l comty lth the Crynpanles Act 2¢J)6. Th8y AJ Cuthb•rt MBE Pmdent Page 6

THE NORFOLK BOAT (SAIL TRAINING) LIMITED (A company limited by guarantee)

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2021

Independent examiner's report to the Trustees of The Norfolk Boat (Sail Training) Limited ('the company')

I report to the charity Trustees on my examination of the accounts of the company for the year ended 31 December 2021

Responsibilities and basis of report

As the Trustees of the company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the company's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

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:

1. accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or

2. the accounts do not accord with those records; or

3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or

4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

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 accounts to be reached

This report is made solely to the company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the company's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the company and the company's Trustees as a body, for my work or for this report.

Signed:

Christopher Yeates FCA DChA

Larking Gowen LLP Summerhill House 1 Sculthorpe Road Fakenham Norfolk NR21 9HA

23 May 2022

Page 7

THE 14ORFOLK BOAT (SAIL TRAINING) UMITED (Ar￿￿1•￿ Ilmlted by guThntwl STATEMEKf OF FINANCIAL ACTMfiES OIICORPWTING INCOME EXPENDrruRE ACCOUNn FOR THE YEAR ENDED 31 DECEMBER 2021 Total fund• 20 fund 2020 Nat• In¢om• from: 8.110 18,336 (110 11336 6,462 16.654 Invosbnonts Totsl 26,446 446 2aii8 EAP•ndl￿rn on: $314 4314 5,156 13.176 13.171 &156 13,270 13.270 61,108 17,960 (31,842) Ngt wn&llloMe8) (Jn kn¥8th￿ts N•t mOvwT￿n1 In fvnd• 74on 7&078 (118 R•conclllatlon of fund•: furth tThoht forBrd N8t m(Nwnent In 649,305 (13.88 75,on 75.078 no.5 710.$01 635,423 Tho ncles ￿ pages 10 to 14 fonn pBrt of th880 finwKag1 ststwnw Page 8

THE NORFOLK BOAT (SAIL TR￿mING) Ulrn (A CoM￿nY Ilmlt•d by guarnntso) FOR THE YEAR ENDED 31 DECEMBER 2021 2020 Invesknents 519.Tn 449,391 519.TT7 449,391 Cagh at bart and In hw 191341 183.602 187,952 Crnjftors arno￿￿ falirvd <kn lthln LY 11,974) (1,920) 1g0,n4 186,032 Talal ••••l•1o• curr•nl Il•blllll•• 710.501 635.423 710.501 635.423 Charlty fund• 710,501 5,423 Totsl fund• 710.501 635,423 Tho mombgrs hav8 rBquSrod the axnpvry to ithin ￿ •AlI for thg in qu8th In acc￿d￿ llh li¢Jn 476 of 2Cth. tho small Gomp￿108 regime. A J Cuthb•rt MBE Presdent Date: L i Ils Honour P Cu The n(rteS F4ges 10 10 14 f(xm pwi these fin•KAal Page 9

THE IIORFOLK BOAT (SAIL TR￿ING) U￿￿ED NOTES TO THE FIIIANQAL STATEIAEP￿S FOR THE YEAR ENDED 31 DECEMBER 2021 Tho Ncrfdk Boat (Sal Tr￿ring) LIMI￿ is a chwTIth CoMp￿Y limltod by guarth and in ErMJlwMJ and Ws. rtylrn1k￿ 01611W2. The office 1$ Ballythfft. FW DalliTr3, HolL NcrfolK NR25 7LQ. Thg c•mpary is a Ilm1￿ by Tho mnbws crf the Ccthp￿Y IrK4udes the Tntst n•n•l on pJe 1. In the event ofthe up. th8 IkatAUty In 104xi of the guarantsb IS Ilmllod to £10 per momber clthe (x#npwry. ￿%%M￿rt6￿j KxIiu8s In thè wopwati(x) 01 Ihè8é flnwKial statements arg lot out ¢oyDtlng pollcl•• arfng thelr in lh the FIn￿81 Rwtlrwj Stwmlwd app1ha￿a In the UK and Reput4ic of IrBlond {FRS 102) (off•￿1¥8 1 JanU￿Y 20191. the FSnar)(aAI RewliThJ Standard aw1.￿ in th8 UK w¥J crf Ir8lMI IFRS 1021 cI¥np•￿ 2(Th. Thg NL¥fLqk Bolt (Sam Trf¥TrJ) LimNod m88ts the defirltkffi of a publlc berth ffi u￿19r FRS 102. knets and liaiilittw are In611aly rawJ￿￿1 at or tran8th value unles8 othwl8e 81ated in th8 acoyjnllw k￿ley. IJ In¢om• Al in(ximo is rwil the c(Ynpwy has enlioement to thfj IrK¥￿e, it Is prDbable that lh8 incx￿O tA411 be recaved w¥1 ts am¢xit rf Intsjnè (¥n b8 me8wrwi ￿laLly. Income lax r8covwable in to invothwrt I￿￿19 15 re(x>grs&l at the timo the Investmwrt IncAJMe is receivable. Page 10

THE NORFOLK BOAT {￿JL TRAMING) UPArrED (A c(xnpany limltad by guaraDts•) NOTES TO THE FIMAPICIAL STATEME1￿5 FOR THE YEAR ENDED 31 DECEMBER 2021 ountlng pollcl•s le4)nUn￿l Exp•ndllur• benefft to a tt¥Td [￿. It Is I¥￿￿e that a tr8rfer of banoffts V•ill L rgquirgj In sdttwnent •JMI th8 8m¢yJrt of the Lllgthi ￿ b8 mowrnl rBlialAy. EXw￿ltijro is da5￿fi9d ty activity. Tho ol each up of ts t￿al Lrf Qxls aThY c4Jsts. Induding 5UFPYt rLts Invofvad in UlKlwtsklNJ aclivity. DiTe& fjJ8ts oltsibulablg to 9 si￿0 tivity arg all¢xatsd d¥ecUy lo that adivlty. Shared cx)sts knich cx￿trO￿Ajt8 to more aclivty vlties ￿ a basis cfjnslstorrt th8 of res(ww. C￿traI aff c£6ts arn albocatwj cn thè b&sls of Ome SFrt arKI dwe(iatiw c all￿At￿l M the wtion of tho as8eV8 U8e. Al expwthr• l• Induslve of irro(xN•th VAT. Intwest on ftTh18 hdd Is ThI￿n recdv8tle Ihg am￿nI can be M￿sured reliaily by tha cl)mp￿. It¥5 bs nomially n(knfiL¥tion of ts Internst p#bd or phy￿0 by th8 FIX￿ a88Ot InveslJDwts are a fLYm (rf fin￿1￿ Ir￿n￿n￿rt Inttlally ro(¥r￿Sed at thelr transathon WKI ￿￿nVY at falr y￿u9 al th8 dalo. Unle￿ Ihe value c•nrnt bg mgjwrnl rnli&Yy in Ththl( It18 moagJTOd at ¢￿t IMS ImF4lrmont. Investment gains and losx Toallsed ry umlised. arn C£#m￿l￿d a￿1 as'Galn¥{Losse•) Invgn•nts' In the Statom•nt of finwwl aLlivili 2.7 Uablllllv Ind provl•lo Li8billtS88 ara rocogni8ed th￿013 an 014lgation at thè Bal¥￿ dato as a rBsuIt of a wt Ovont. it Is that a trnnsfw cl ￿)DmiC Vbill be In 59ttlemgnL and th• arnounl d the sdY8m8rrt cn bg rnli8tty. LWHlos arn rBaydsod at the th•1 th8 a)mI>￿ anlldpat88 It VAII pay to Bello the debt or 10 Fund cGountlng luThl8 arn fixwjs Th+* av8118L48 f(Y u¥e at the dtsrnllon of the TMtees in Page 11

THE FIORFOLK BOAT {8AIL TRAWING) UMrrED Ilmlt•d by guarnnt••l NOTES TO THE FINANCIAL STATEMEpirs FOR THE YEAR ENOED 31 DECEMBER 2021 nd• fund• 2021 2020 IncLYnO ftom Ilthd inveslrnws Inveatmert Inrxm8. Inlgrnjt 17.TJ7 17,n7 14.224 Z430 18.336 18.336 14654 8pon•ornhlp tknrvJ JJ21. tho dwity 5 voy8908 (2f20 . 0) tr¥inlrvJ LYu1886 •thldl*ng Ihg fee8 Total fund• f•Jnd• 2020 cl￿ S￿1[rvj TnAI Own Youth Tnjst 2021 2020 1.776 Pap 12

THE NORFOLK BOAT (SAIL TRAINING) UMrrED Gompany Ilmlt•d by guarant•¢l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 t￿ri￿J the thmled 31 D￿b91 2021. r#) TnJsl•o expwYJ8s h•va begn In(yxrod (2020. £NIU. At 1 Jww2021 449.391 33.013 1248191 62,192 Revalua11￿ At 31 D￿￿be1 2￿1 519,7n N•t bgok v4lu• At 31 De(￿b¥ 2tr21 519,777 449.391 Cr•dltor•: Amounts falllng Thlthln on• y•v 2021 2020 1.920 13

THE NORFOLK BOAT ISAIL TIIANING) UMrrED PIOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEIIBER 2021 • Twsto9 aThJ the PrnsidenL thg ￿ the rncthtrti £1.720 (2020 . £1.554) for •Jmirirntlvo Dwing lh8 ￿, Mr R Le84 thg xyt cd Refflr Athilf81 R B L￿$ a Tntstso fc¥ part of the year. VAS pakl 01 £485 {2020. £330) lorthe of tr￿ng servic0& th8 G(Yth￿ R￿1. th• (rf Tn•tse A P Roydl. P￿d￿0￿ in a wb&dl8ed voyagg. a*nJ m•Ye LMlTrJ I￿ 4VDvwJ uitwia for swi>>ship •vJ did rKrt In any ejw11￿ ¢Xhw aFWI(nt& P￿e 14