Registered number: 01611892
Charity number: 285305
THE NORFOLK BOAT (SAIL TRAINING) LIMITED
(A company limited by guarantee)
UNAUDITED
TRUSTEES, REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

THE NORFOLK BOAT (SAIL TIiAINING) LIMITED
IA cornpany limited by guarantee)
CONTENTS
Page
Reference and administrative details of the company, its Trustees and advisers
Chairman's staternent
Trustees. report
Independenl examiner's report
ststement of financial activitias
Balance sheet
Notes to the financial statements
10-13

THE NORFOLK BOAT (SAIL TRAINING) LIMITED
IA company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 31 DECEMBER 2024
Trustees
A J Cuthbert MBE, President
His Honour P Curt DL IResigned 17 November 20241
S G S Allen, Treasurer
M P Blakey MBE
CESAllen
A S Bartram
W N Darby
T M Hayward
A D Hunt, Chainman
A P Royall
R S Thompson
J R Woodhouse
Company registered number
01611892
Charity registered number
285305
Registered office
Ballyduff
Field Dalling
Holl
Norfolk
NR25 7LQ
Company secretary
A J Cuthbert MBE
A¢countsnt$
Larking Gowen LLP
Chartered Accountants
Summerhill House
1 Sculthorpe Road
Fakenham
NR219HA
Page 1

THE NORFOLK BOAT (SAIL TRAINING) LIMITED
IA company limited by guarantee)
CHAIRMAN'S STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
The Chairman presents his statement for the year.
-1 am pleased lo report that for another year, The Norfolk Boal is going from strength lo strength. In 2024 we
SFX)nsored 119 young sailors on 13 different voyages, and we are very pleased that the nLtmbers are up from
2023 and all indications so far are that we wll beat this for next year which is very exciting.
However, the financial uncertainties are a concem. Schools and youth groups are quite often only able to lake
advantage of the bursaries we offer with the help of the unsung heroes who are the school's assistant staff and
volunteers who are so keen on helping their students awess whal we can offer. We recognise the
extraordinary work these people do to make all these voyages possible.
The efforts of the Trustees to identify and communicate with the young people who wish lo benefit from these
voyages is undimmed. The Trustees are fully aware that the Self<onfiden￿, discipline. teamwork and
enjoyment which these voyages offer is paramount. I recently attended the East Anglian Maritime awards and
the word that continues to resonate wlh me is that these young people are resilient in the face of some
adversity.
For the second year in succession, we had a presentation for the Cuthbert award. This look place next lo the
stslue of Admiral Lord Nelson at Nowch Cathedral. The award was won by Riley Cameron who as a twelve
year-old on his first ever experience at sea epitomised the spirit of the award by showing resilience and
cnurage in the face of testing weather conditions and going out of his way to help others. The award was
presented by our founder Andrew Culhbert MBE.
We are very grateful to the dedication of our administrator Nicky Phillips who has been central to the success
of our increased numbers, and we thank her for her efforts. l am very pleased lo announce that due to the hard
work of one of our Trustees, Richenda Thompson, we have had a trip booked by the Holt YoLrth Project who we
hope wll benefit hugely frorn the experience.
The Trustees have pleasure in presenting their Report and Accounts for the year ended 31 December 2024.
I104l
AD HLsnt
Date..
Page 2

THE NORFOLK BOAT (SAIL TRAINING) LIMITED
{A company limited by guarantee)
TRUSTEES, REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The Trustees present their annual report together with the financial statements of the company for the 1
January 2024 10 31 December 2024. The Annual report serves Ihe purposes of tKJth a Trustees. report and a
directors. report under company law. The Trustees confimi that the Annual report and financial statements of
the charitable company comply with the cuffenl statutory requirements, the requirements of the charitable
company's goveming document and the provisions of the Statement of Recommended Pradice {SORP}
applicable to charities preparing their 2ccounts in accordan￿ with the Financial Reporting Standard applicable
in the UK and Republic of Ireland IFRS1021 {effedive 1 January 20191.
Since the company qualifies as sm811 under section 382 of the Companies Act 2006. the Strategic report
required of medium and large companies under the Companies Act 2006 {Strategic Report and Directors,
Report) Regulations 2013 has been omilled.
Objectives and activities
a. Policios and objectives
In setting objedives and planning for activities. the Trustees have given due consideration lo general guidan
published by the Charity Commission relating lo public benefit. including the guidance 'Public benefit: running a
charity IPB21'.
In meeting the compan￿$ objectives to reach a wde cross section of the public, there is no doubt that the
provision of the opportunity to sail with ASTO vessels helps to develop the beneficiary in several ways. As well
as providing a sense of self esteem that might have been lacking previously. il also provides the basis. through
personal development, for the individual lo become a better citizen thereby benefiting sooety as a thole.
Reports from a variety of sources including the Police. Fire Service, Schools and Social Services, as well as
anecdotal evidence, have undedined the si9nificanl public benefit that accrues from the sponsorship that The
Norfolk Boat provides
Achievements and perfomiance
a. Review of activities
13 sponsored voyages were achieved in 202412023 - 12 voyages) at a cost of £45,902 {2023 - £30.982). There
was no formal fundraising in 2024, but donations of £10,88812023 - £5,475) were received. There is little doubt
however, that The Norfolk Boat is held in high regard locally and should the need arise, fornial fundraising
could generate more donations.
Financial review
a. Going concem
After making appropriate enquiries. the Trustees have a reasonable expedalion Ihal the company has
adequate resources to continue in operational existence for the foreseeable future. For this reason, they
continue to adopt the going concem basis in preparing the financial statements.
Page 3

THE NORFOLK BOAT (SAIL TRAINING) LIMITED
(Acornpany limited by guarantee)
TRUSTEES, REPORT {CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
b. Reserves policy
The company has unrestricted reserves of £630,776 as al 31 December 2024 {2023 - £652,839). This sum has
arisen from prudent investment of surpluses when these occurred and a sound investment policy. The reserves
are held lo smooth the flow of monies from one year lo another, to provide the income with which to sponsor as
many young people as possible, and as a means of financing the low cost of administration of the company.
The Trustees continue to monitor the level of reserves on a regular basis. and are satisfied that they are
suff1cient to meet the target for providing sponsorship. Because the majority of the ￿SerVeS are invested in the
Stock Market to provide a secure but high yield, there wll be inevitably some fluctuation in the size of Ihe
reserves
Structure. governance and management
a. Constitution
The Norfolk Boat (Sail Training) Limited is registered as a charitable company limited by guarantee and was set
up by a Memorandum of Association on 5 February 1982 and is a registered charity number 285305.
The principal object of the company is lo advance, by providing or assisting in the provision of opportunities for
sea training under sail, the education and physical, mental and spiritual development of young persons under
the age of twenty five, or other persons over the age of twenly five, who have a physical or mental impaim)enl
which has a subslanlial and long term adverse effect upon their ability lo carry out nomal day-to-day aclivilies,
so that they may grow to full malurily as individuals and members of society-
The company sponsors young people applying lo become crew members of Sail Training vessels belonging to
organisations which are members of the Association of Sail Training Organisalions IASTO) by subsidising their
fees payable. The company also c£)Ilects contributions from such young people on behalf of those
organisations.
b. Methods of appointrnent or election of Trustees
The management of the company is the responsibility of the Trustees who are elected and co-opted under the
tem)s of the Memorandum of Association.
c. Policies adopted for the induction and training of Trustees
Potential Trustees are approached by an existing member of the Board, and their prospective role is discussed.
The existing Trustees look to recTUit new Trustees on a voluntary basis, who have experience in either sailing,
business, social services or leaching young persons. A prospective Trustee is nominated at a Trustee meeting
and must be agreed by a significant majority to be appointed. Prior to appointment, the President of the Charity
briefs the new TTuslee on the purpose and workings of the organisation. Trustees are not paid.
Page 4

THE NORFOLK BOAT {SAIL TRAINING) LIMITED
(A company limited by guarantee)
TRUSTEES. REPORT (CONTINUED}
FOR THE YEAR ENDED 31 DECEMBER 2024
Structure, govemance and management (continued)
d. Financial risk managemenl
The Trustees regulady review the risks to which the company may be exposed and can confinn that systems
are in place lo mitigate those risks. The principal risk is financial although there is a further risk associated with
the reputation of The Norfolk Boat. It is essential to maintain the latter if fundraising is lo be successful and if
applicants for sponsorship are to come forward.
The financial risks, although currently not considered to threaten the objectives of the company, relate bolh to
Capital and Income. The perfomiance of the Stock Market wll reflect directly on the value of the compan￿$
investments and the Trustees are mindful to ensure an appropriate balan￿ between different types of
investment. Interest rates. in $0 far as they affect savings rates, TMII have a stgnificant impact on the company's
Income. mean￿lIe the reserves are sufficiendy robust to withstand a fall in Stock Market valuations and a
diminution in income.
Members. liability
The company is a registered charity and is limited by the guaranlees of ils members, who have guaranteed a
sum not exceeding £10 per member. There are 28 members.
DistTibution of incorne and assets
The income and propety of the company shall be applied solely towards the promotion of its objects as sel
forth in its Memorandum and Articles of Association. None of the income and property of the company may be
distributed lo its members by way of dividend, bonus or other form of profit.
Trustees
Details of the Trustees, who are all members, ￿0 served during the year can be found on page 1.
In aecordance wth the Articles of Association J Wocmyhouse, T Hayward and A CLrthbert retire from office by
annual rotation. All of the above, being eligible, are intending to offer themselves for re-election at the
forthcoming Annual General Meeting.
Page 5

THE NORFOLK BOAT (SAIL TRAINING) LIMITED
(A Company limited by guardnteel
TRUSTEES. REPORT {CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Statement of Trustees. responsibilities
The Trustees (who are also the directors of the company for the purposes of company lawl are responsible for
preparing the Trustees. report and the financial statements in accordance with applicable law and United
Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Practicel-
Company law requires the Trustees to prepare financial statements for each financial . Under company law, the
Trustees must not approve the financial slalements unless they are satisfied that they give 8 true and fair view
of the state of affairs of the company and of ils incoming resources and application of resources, including its
income and expenditure, for that period. In preparing these financial slatemenls, the Trustees are required lo-.
select suitable accounting policies and Ihen apply them consistenlly:
observe the methods and principles of the Charities SORP IFRS 1021.,
make judgments and accounting estimates that are reasonable and prudent-
stale whether applicable UK Accounting Standards IFRS 1021 have been followe(I, subject to any
material departures disclosed and explained in the financial statements-
prepare the financial ststemenls on the going concern basis unless it is inappropriate to presume that the
company will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain
the company's transactions and disclose wth reasonable accuracy at any time the financial position of the
company and enable them lo ensure that the financial statements comply wth the Companies Act 2006. They
are also responsible for safeguarding the assets of the company and hen￿ for taking reasonable sleps for the
prevenlion and detection of fraud and other irregularities.
Approved by order of Ihe members of the board of Trustees 2nd signed on their behalf by..
A J Cuthbert MBE
President
Dale..
,/4"
Page 6

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

## **INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024** 

## **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 2024 

## **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 **Larking Gowen LLP** Chartered Accountants Fakenham 

Dated: 28 April 2025 FCA DChA 

Page 7 



THE NORFOLK BOAT (SAIL TRAINING} LIMITED
IA company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 31 DECEMBER 2024
Unrestricted
funds
2024
Total
funds
2024
Total
funds
2023
Note
Income from:
Donations and legacies
Investments
10,888
24.539
10.888
24,539
5,475
18,545
Total income
35,427
35.427
24.020
Expenditure on:
Sponsorship and crew fees
Governance
45,902
9.501
45.902
9.501
30,982
9,709
Total expenditure
55.403
55.403
40,691
Net expenditure befor8 not {lossesllgains on
investments
119.976)
{2.0871
(19.9761
12,0871
(16, 677J
8,210
Net Ilossesllgains on investments
Net movement in funds
122.063)
122,0631
(8,461)
Reconciliation of funds=
Total funds brought forward
Net movement in funds
652,839
122,0631
652,839
122.0631
661,300
(8,461)
Total funds carried forward
630,776
630.776
652.839
In 2023 811 income, expenditure and net losses on investmenls were unrestricted.
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 10 to 13 fomi part of these financial statements.
Page 8

THE NORFOLK BOAT (SAIL TRAINING) LIMITED
IA company limited by guarantee)
REGISTERED NUMBER: 01611892
BALANCE SHEET
AS AT 31 DECEM8ER 2024
2024
2023
Note
Fixed assets
Investments
467.648
480.564
467.648
480,564
Current assets
Cash al bank and in hand
166,128
174, 706
166.128
174, 706
Creditors-. amounts falling due wthin one
year
12.9991
(2,431)
Net current assets
163.129
172,275
Total assets less current liabilities
630,777
652,839
Total net assets
630,777
652,839
Charity funds
Unrestricted funds
630.777
652,839
Total funds
630,777
652,839
The company was entitled lo exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance wlh
section 476 of Companies Act 2006.
The Trustees ackno¥Medge their responsibilities for Gomplying wlh the requirements of the Act with respect lo
accounting records and preparalion of financial statements.
The financial slalemenls have been prepared in accordance wth the provisions applicable lo entities subject lo
the small companies regime.
The financial statements were approved and 8Uthorised for issue by the Trustees and signed on their behalf by-.
A J Cuthbert MBE
President
Date..
The notes on pages 10 10 13 form part of these financial slalemenls.
Page 9

THE NORFOLK BOAT (SAIL TRAINING) LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
General infomiatlon
The Norfolk Boat (Sail Training) Limited is a charitable company limited by guarantee and incorporated
in England and Wales, registration 01611892. The registered office is Ballyduff. Field Dalling. Holt,
Norfolk. NR25 7LQ.
The CL)mpany is a company limited by guarantee. The members of the company includes the Trustees
named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is
limited lo £10 per member of the company.
The financial statements are presented in sterling which is the functional currency of the charitable
company and rounded to the nearest £.
The si9nificanl accounting policies applied in the preparation of these financial stslements are set out
below. These policies have been consistently applied to all years presented unless otherywise ststed.
Accounting policies
2.1 Basis of preparation of financial stataments
The financial statements have been prepared in accordance with the Charities SORP {FRS 1021-
Accounting and Reporting by Charities= Ststemenl of Recommended Practice applicable lo charities
preparing their accounts in accordance wth the Financial Reporting Standard applicable in the UK
and Republic of Ireland {FRS 1021 leffeclive 1 January 20191, the Financial Reporting Standard
applicable in the UK and Republic of Ireland {FRS 1021 and the Companies Act 2006.
The Norfolk Boat (Sail Training) Limited meets the definition of a public benefit entity under FRS
102. Assets and liabilities are initially recognised at historical cost or transaction value unless
otherwise stated in the relevant accounting policy.
2.2 Going concem
After making appropriate enquiries. the Twstees have a reasonable expectation that the company
has adequate resour￿$ to continue in operational existence for the foreseeable future. For this
reason. they continue lo adopt the going concern basis in preparing the financial statements.
2.3 Income
All income is recognised once the company has entitlement to the income. il is probable that the
income wll be received and the amount of income receivable can be measured reliably.
Income lax recoverable in relation lo investment income is recognised at the lime the investment
income is receivable.
Page 10

THE NORFOLK BOAT (SAIL TFiAININGI LIMITED
(Acompany limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Accounting policies {continued)
2.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic
benefit to a third paty, it is probable that a transfer of economic benefits wll be required in
settlemenl and the amount of the obligation can be measured reliably. Expenditure is classified by
activity. The costs of each activity are made up of the total of direct costs and shared costs.
including support costs involved in undertaking each activity. Direct costs attributable to a single
activity are allocated directly lo that activity. Shared costs which contribute to more than one activity
and support costs which are not atiributable to a single activity are apportioned between those
activities on a basis consistent wlh the use of resources. Central staff costs are allocated on the
basis of time spent. and depreciation charges allocated on the portion of Ihe asset's u*.
Expenditure on raising funds indudes all expenditure incurred by the company to raise funds for its
charitable purposes and indudes costs of all fundraising activities events and non-charitsble trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the
company's objectives. as well as any associated Supp￿ costs.
l expenditure is inclusive of irrecoverable VAT.
2.5 Interest receivable
Interest on funds held on deposit is included ￿en receivable and the amount can be measured
reliably by the company.. thi5 is normally upon notification of the interest paid or payable by the
institution wth whom the funds are deposited.
2.6 Investments
Fixed asset investments are 8 fomi of finanaal instrument and are initially recognised at their
transaction cost and subsequently measured at fair value at the Balance sheet dale, unless the
value cannot be measured reliably ift which case il 15 measured at cost less impairment. Investment
gains and losses, whether realised or unrealised, are combined and presented as 'GainsllLossesl on
inveslmenls, in the Statement of financial aclivilies.
2.7 Liabilities and provistons
Liabilities are ￿COgnised when there is an obligation at the 8alance sheet date as a result of a past
event, il is probable that a transfer of economic benefit will be required in settlement, and the
amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the company anticipates it will pay to sellle the debt or
the amount it has received as advanced payments for the g(x)ds or services it must provide.
2.8 Fund accounting
General funds are unreslricted fLJnds which are available for use at the discretion of the Trustees in
furtherance of the general objectives of the company and which have not been designated for olher
purposes.
Investment income. gains and losses are allocated lo the appropriate fund.
Page11

THE NORFOLK BOAT (SAIL TRAINING) LIMITED
IA Company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Investment income
Unrestricted
funds
2024
Total
funds
2024
Total
funds
2023
Income from listed investrnents
Investmer¢t income- bank interest
17,623
6,916
17,623
6,916
16, 150
2,395
24,539
24.539
18,545
Sponsorship
During 2024, the charity sponsored 13 voyages {2023- 121 on youth training cnjises subsidising the fees
payable by the participants.
Unrestricted
funds
2024
Totsl
funds
2024
Total
funds
2023
The Island Trust
1,215
12,247
14.520
3,OOQ
Cirdan Sailing Trust
The Excelsior Trust
Sea Change Sailing Trust
15.937
25.965
4,000
15,937
25,965
4.000
45.902
45,902
30,982
Independènt èxaminÈrfs remuneration
2024
2023
Fees payable lo the compan￿$ independent examiner for the independent
examination of the company's annual accounts
2.388
2,208
Page 12

THE NORFOLK BOAT (SAIL TRAINING) LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Trustees. remuneratlon and expenses
During Ihe year, no Trustees received any remuneration or other benefits (2023- £NIL).
During the year ended 31 December 2024. no Trustee expenses have been incurred (2023 - £NIL).
Fixed asset investments
Listed
S￿￿ritieS
Cost or valuation
At 1 January 2024
Additions
Disposals
Revaluations
480,564
62,483
173,312)
(2,087)
At 31 December 2024
467,648
Net book value
At 31 December 2024
467,648
At 37 December 2023
480,564
Creditors- Amounts falling due within one year
2024
2023
Accruals and deferred income
2,999
2,431
Related party transadions
There were no related paty transactions in the period.
Page 13