2020-11-30-accounts - The Excelsior Trust

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			Page
Trustees	Annual Report		1-3
Report of	the Independent	Examiner
Statement	of Financial Activities
Balance Sheet
Notes to the Accounts

Reporting Stand	Reporting Stand	ard applicable	in the UK a	nd Republic of Irela	nd pu	bli	shed in Octo	ber	20	19.
Reference and		Administrative	Details
Charity name				The Excelsior Trust
Charity number				285899
				01670772
Registered address				Bankside 300			Operational			address	Excelsior		Yard
				Peachman Way							Harbour		Road
				Broadland Business Park							Oulton	Broad
				Norwich							Lowestoft
				Norfolk							Suffolk
				NR7 OLB							NR32 3LY
Vice president		and Trustee		John Wylson
Trustees				J0 Campbell (Chairman)
				N Schiller (Vice chairman)			(resigned 17April			2020)
				D R Costello (Secretary)
				CA Besant (appointed		15October 2020)
				J D H Irving (appointed		15October 2020)
				DJ Joll
				A H C Sherwood	(resigned 16June 2021)
				M T Sparrow (appointed			15October 2020)
				LVulliamy
				J CSWylson
Treasurer				Dr E Sherwood
Bankers				HSBC			CAF Bank Ltd					RBS
				34 London Road	North		25 Kings		Hill	Avenue		5	Queen Street
				Lowestoft			Kings	Hill				Norwich
				Suffolk			West	Mailing				Norfolk
				NR32 1EW			Kent					NR2 4TL
							ME194TQ
Independent	examiner			Mark Proctor FCA DChA
				Lovewell Blake LLP
				Bankside 300
				Peachman Way
				Broadland Business Park
				Norwich
				NR7 OLB

				Notes	Unrestricted	Restricted	2020	2019
					Funds	Fund	Total	Total
Income from:
Donations and legacies					57,609	23,730	81,339	122,899
Charitable activities					26,224		26,224	72,312
Other income					7,264		7,264	5,423
Total income					91,097	23,730	114,827	200,634
Expenditure on:
Raising funds					9,129		9,129	9,539
Charitable activities					59,411	41,599	101,010	147,980
Total expenditure					68,540	41,599	110,139	157,519
Net income/(expenditure)	before
transfers between funds					22,557	(17,869)	4,688	43,115
Transfers between funds				17	6,133	(6,133)
Net income/(expenditure)	and
net movement in funds					28,690	(24,002)	4,688	43,115
Reconciliation offunds
Total funds brought forward					722,635	58,542	781,177	730,091
(as previously reported)
Prior period error - Capitalisation			of	22				7,971
boat under construction
Total funds brought forward		(restated)			722,635	58,542	781,177	738,062
Total funds carried forward				17	751,325	34,540	785,865	781,177


Year end	ed 30	November	2020		Company	number 01670772
				Notes	2020	2019
Fixed assets
Tangible	assets				592,749	591,074
Heritage	assets				197,002	197,002
					789,751	788,076
Investment				12	2,500	2,500
					792,251	790,576
Current assets
Stocks				13	270	270
Debtors				14	1,968	300
Cash at	bank and	in hand			51,082	39,517
					53,320	40,087
Creditors:	Amount	falling due within one year		15	(44,706)	(49,486)
Net current	(liabilities)				8,614	(9,399)
Creditors:	Amount	falling due after more than one year		16	(15,000)
Net assets					785,865	781,177
Funds ofthe charity
Unrestricted	funds			17	576,325	547,635
Revaluation	reserve			17	175,000	175,000
					751,325	722,635
Restricted funds				17	34,540	58,542
Total funds					785,865	781,177

3	Trustees have taken cons Net income	Trustees have taken cons Net income	Trustees have taken cons Net income	i	deration of	the impa	ct of COVID-19 w	hen making th	is	assessment.
	Net income is stated after				charging:					2020	2019
										Total	Total
										F
		Depreciation								592	233
		Independent		examiner
			Independent		examination					1,835	600
							Unrestricted	Restricted		2020	2019
							Funds	Funds		Total	Total
4	Income from donations			and legacies			F			F	F
	Donations	and	supporter	subscriptions			32,609	23,730		56,339	122,899
	Local authority		cornovirus		support		25,000			25,000
							57,609	23,730		81,339	122,899
	During the year		ended 30		November	2020, F57,609of income from donations			legacies was unrestricted		(2019:
	F14,204)	and F23,730was			restricted	(2019:F108,695)
							Unrestricted	Restricted		2020	2019
							Funds	Funds		Total	Total
5	Income from charitable			activities			F			F
	Charter income						1,224			1,224	47,312
	Rent and	service charges					25,000			25,000	25,000
							26,224			26,224	72,312
	During the years ended 30 November					2020 and 2019all income from charitable				activities was unrestricted.
							Unrestricted	Restricted		2020	2019
							Funds	Funds		Total	Total
6	Other income						F			F
	Other Income						2,392			2,392	5,423
	Furlough	income					4,872			4,872
							7,264			7,264	5,423

					Unrestricted	Restricted	Restricted	2020	2019
					Funds	Funds		Total	Total
7	Expenditure		on raising	funds					F
	Fundraising		consultancy		9,129			9,129	9,539
					9,129			9,129	9,539
	During the years ended 30 November				2020 and 2019all	expenditure	of raising funds was unrestricted.
					Unrestricted	Restricted		2020	2019
					Funds	Funds		Total	Total
8	Charitable	activities
	Bursaries								9,136
	Sailing costs				3,036			3,036	15,522
	Crew wages				17,407		17,462	34,869	61,022
	Crew costs				1,306			1,306	2,146
	Administration		wages		10,232			10,232	10,150
	Rates, water		and sewage		1,812			1,812	1,781
	Electricity								(360)
	Travelling				1,657			1,657	1,738
	Boat repairs		and renewals				24,137	24,137	24,426
	Insurance				13,823			13,823	12,144
	Telephone,	postage and		stationery	8			8	243
	Advertising	costs			2,143			2,143	1,192
	General expenses				675			675	810
	Professional		fees		579			579	537
	Depreciation		-equipment		592			592	233
	Bank charges				756			756	1,345
	Bank interest				141			141	179
	Governance		cost (see below)		5,244			5,244	5,736
					59,411		41,599	101,010	147,980
	Accountancy		fees		3,409			3,409	5,136
	Independent		examination	fee	1,835			1,835	600
					5,244			5,244	5,736
	During the	y	ear ended 30 November		2020, F59,411 of	charitable	activities costs	was unrestricted	(2019:f66,089)

During the year ended 30 November 2020, F59,411 of chari and F41,599was restricted (2019:F81,891). Staff costs and emoluments	table activities costs was unrestricted (2	019:f66,089
Total staff costs were as follows:	2020	2019
		F
Wages and salaries	43,694	69,718
Social security costs	915	550
Pension costs	492	904
	45,101	71,172

10	Trustee remuneration and expens	Trustee remuneration and expens	es
	No trustee received remuneration		or expenses	during	this	year or	last,	however some		trustees were
	reimbursed for expenditure	incurred	on behalf ofthe Trust.
11	Tangible fixed assets		Yard		Equipment			Vessels		Vessels	Total
							(tangible f:		asset)	(Heritage assets) f
	Cost or valuation
	At 1 December 2019		581,065			14,775			9,978	206,494	812,312
	Additions					2,267					2,267
	At 30 November 2020		581,065			17,042			9,978	206,494	814,579
	Depreciation
	At 1 December 2019					14,578			166	9,492	24,236
	Charge for the year					193			399		592
	At 30 November 2020					14,771			565	9,492	24,828
	Net book value
	At 30 November 2020		581,065			2,271			9,413	197,002	789,751
	At 30 November 2019		581,065			197			9,812	197,002	788,076

12	There have b Investments	een no t	een no t	een no t	ransact	ransact	ions relating to h	eritage a	eritage a	ssets in the past 5ye	ssets in the past 5ye	ssets in the past 5ye	ars.	ars.	ars.
	Investments	represent			the		cost of the share	capital		of the wholly-owned			trading subsidiary,			Excelsior
	Trading Limited company					number 04310168,		which	is	incorporated		in the United		Kingdom.	The	company
	was dormant		during	the		year. The company		had net		liabilities	of	F5,956 at 30 November			2020 (2019:
	F5,956).
13	Stock												2020			2019
														F		f
	Goods for resale at			cost										270		270
14	Debtors												2020			2019
																f
	Other debtors													1,700		300
	Trade debtors													268
														1,968		300
15	Creditors: Amounts				falling		due within one	year					2020 F			2019 f
	PAYE and VAT													692		474
	Trade creditors													1,006		1,015
	Accruals													1,795		1,795
	Other loans															15,000
	Bank overdraft													1,067		1,651
	Other creditors		and	deferred			income							40,146		29,551
														44,706		49,486

15	Creditors: Amounts	Creditors: Amounts	falling	falling	due within one year (continued)	due within one year (continued)	due within one year (continued)
									2020			2019
									E			E
	Deferred income	brought		forward					29,343			33,182
	Released during	the	year						(29,343)			(33,182)
	Deferred during the year								39,939			29,343
	Deferred income	carried		forward					39,939			29,343
	Deferred income	comprises			rental income received		in advance	of2021 and	deposits paid	for 2021 sailing	bookings.
16	Creditors: Amounts		falling		due after more than one year
									2020			2019
									E			E
	Trustee loans								15,000
									15,000
17	Funds
	Funds at 30 November			2020		Balance at					Balance at
						1 December		Income	Expenditure	Transfers	30	November
						2019						2020
	Restricted funds
	National Historic	Ships				740						740
	Appeal					28,827		21,450	(39,500)			10,777
	Appeal - Bursary					18,569		2,280				20,849
	Great Yarmouth Borough			Council		2,174						2,174
	Oceans ofWaste	Big Lottery			Fund
	Belsize Charitable	Trust				2,099			(2,099)
	Walter Lees Foundation					3,796				(3,796)
	Setterfield Trust					2,337				(2,337)
						58,542		23,730	41,599	6,133		34,540
	Unrestricted funds
	General fund					547,635		91,097	(68,540)	6,133		576,325
	Revaluation reserve					175,000						175,000
						722,635		91,097	68,540	6,133		751,325
	Total					781,177		114,827	110,139			785,865

Restricted funds		Tangible	Investments	Cash	Net current	Liabilities due	Balance
		Assets			liabilities	after one year
		F	F
National Historic	Ships			740			740
Appeal				10,777			10,777
Appeal - Bursary				20,849			20,849
Great Yarmouth				2,174			2,174
Borough Council
Setterfield Trust
				34,540			34,540
Unrestricted funds
General fund		614,751	2,500	16,542	(42,468)	(15,000)	576,325
Revaluation reserve		175,000					175,000
		789,751	2,500	16,542	(42,468)	(15,000)	751,325
		789,751	2,500	51,082	(42,468)	(15,000)	785,865
Funds assets at	30 November 2019
Restricted funds		Tangible	Investments	Cash	Net current	Liabilities due	Balance
		Assets			liabilities	after one year
			F		F
National Historic	Ships			740			740
Appeal				28,827			28,827
Appeal - Bursary				18,569			18,569
Great Yarmouth				2,174			2,174
Borough Council
Belsize Charitable	Trust			2,099			2,099
Walter Lees Foundation				3,796			3,796
Setterfield Trust				2,337			2,337
				58,542			58,542
Unrestricted funds
General fund		613,076	2,500	(18,455)	(49,486)		547,635
Revaluation reserve		175,000					175,000
		788,076	2,500	(18,455)	(49,486)		722,635
		788,076	2,500	40,087	(49,486)		781,177

As lessor
The total	future	minimum	lease payments	receivable	under non-cancellable	operating	leases are as follows:
					2020		2019
Not later than		1 year			25,000		25,000
Later than	1 year and not		later than 5years		100,000		100,000
Later than	5years				22,917		47,917
					147,917		172,917

	As previously	Prior year
	reported	adjustment	Restated
	f	f	E
Statement of Financial Activities
Expenditure
Charitable activities: boat repairs
and renewals	26,668	(2,657)	24,011
Balance Sheet
Tangible fixed assets - cost	802,334	5,314	807,648
carried forward
Tangible fixed assets - additions		2,657	2,657
General funds	518,690	7,971	526,661