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