The Excelsior Trust Report and Financial Statements For the year ended 30 November 2021 Charity number 285899 Company number 01670772
The Excelsior Trust Contents Year ended 30 November 2021 Pag• Trustees Annu81 Report RoPQrt of the Indèpendent Examiner Statement of Financial Activities Balan¢e Sheet Not$s to tha Accounts 7-15
The Excelsior Trust Trustees, Annual Report Year ended 30 November 2021 The trustees, who are a150 directors lor the purposes of company law. present their report and the financial statements ol the company lor the year ended 30 November 2021 which are also prepared to meet the requiremonts for a directors, report and accounts for Companies Ad purposès. Thè frnaneial statements have been ppared in accordance with the accounting policies set out in notes to the a¢¢ounts and ¢omply with the ¢harity's Goveming Docurnent, the Charities Act 2011 and Accounting and Reporting by Charit$". Statement of Recornmended Practs applicable to charities preparing their sccounts In accordance with the Finanaal Reporting Standard applicable in the UK and Republic of Iièland published in October 2019. Rèf•r•ne• and AdmInIstrave Detsils Charity name The Excelsior Trust Charity numb•r 285899 Company numb•r 01670772 R•glst•r•d addrnss Banksidè 300 Peachman Way Broadland Business Pgrk Norwch Norfolk NR7 OLB Oporatlonal address Excelsior Yard Harbour Road Oulton Broad Low83toft Suffolk NR32 3LY Vbe• pr•$ld•nt and Trustee John Wylson Trust••s J O Campbell IChaim)anl D R Costello (Secretary) C A Be5ant JDHIMng D J Joll Iresigned 14 September 20211 A H C SheMocKI Iresigned 16 June 20211 M T Sparrow L Vulliamy J C S Wylson Treasurer Dr E Shemood Bankern HSBC 34 London Road Norlh Lowtstoft Suffolk NR32 1 EW RBS 5 Queen Street Nomich Norfolk NR2 4TL Independent examlMr Mark Proctor FCA DChA Lovawell Blakè LLP Bankside 300 Peachm8rn Way Broadland Business Park Norw NR7 OLB Page 1
The Excelslor Trust Trust09$' Annual Roport Year ended 30 November 2021 Oblo¢Vv08 ond Activltl•& The prillap obierAive of thè Trvsi Is providino opportunibes foi youn9 people. Ihrouoh the.Ex{or Expern., to achieve personal ¢evehpment. In ofder 10 athiove this the Trust maintains and manages the Lowestott Smack EI$l0r. LT 472, B ve55el of Natnl Mariliffle Heritage $ignifi¢8n(t. The Tru$t owns the Excdsior Yard which prowdes Income Ihfough tenanues and seTves a$ a ba$e for Excelsior. The ¢ontinue$ rewew its obj'ectives to ensure it males a valK¥ coniributscrfl to SOGW. Thrw)h ne¢essity. fundrsing i% way5 a key acbvity. Publi¢ b•n•fft The TStee$ h8V8 tsk due reoard 10 the guidaru published by the Charity commissn&T9 OTh Pthc Benefit and insider that Excelsiorfs sail trainino ath¥ilies fUld the PublK 8enefil tsst. A¢hlavom•nts and performance The goal of the Excel0[ Trust ijuring 2021 w8$ 10 Survive the severe effe(s of the paremIC and b¢kdn, ythilst maintainirKJ 8 $ustainable bJsin&$s providing a hvJh level of charilatAe pU1C sewice and preserving 8 manlime treasure. The Tru&l was fDrtunate to receive further gnrftsnl gran15 from East Suffdk County GrtI1 dut 1¢ tho ¢oniinuiry pandemic and were also awtsrded £80.800 from the Hentsge Lottery Fund to cover re (si$ ov•r a 6 month per0 IApnl- Sept 20211 a coninbLrtion towards financol resen¢e$. We also continued to benefft from 9gnerou8 don8trons from many thatab donor5 via our AM)881. These donatn8 and olanls enabled the Tst to suwvive one of the greatest c811enges organisation has Èndured In lh8 last 20 ye&r We worked to keep our crew efflployed, the Ex¢dor TIus1's ship sailing, and still PTowde a high level of hentsoe experienrs èducation to a wide rènotr of ¢u$iomers. from school thildren to maritime tourists. The Tru51 was abfe lo suNive a long penod of no fevenuo during bckdown wlh our finafKe5 irTrtact aTNS emerge wth sorne c8utsous optimism for the ture. Mlhough most of Our Publ outwch in the form ol day sails for tourists and Slvdenls We cancelled becau9e of bckdown Tule5, we were $lill awe 10 prOve guided tours of the boat when il was dLKk8d, attend 8 vaFEty of maribrne events such a5 the anniversary of tfve M8ylbww. 8nd we looked for new way5 to reaGh the publ, $Lth a$ our frst Maritsme Fesbval held durin9 Henlaye Open Days In Seoember This emphasistrd arts, ty8ft8. ana Ouf fishing Industry heritage It was fr&8 to a1, Irduding the dem¢nstrAtors and exh1kn1ors. and we estsrnate had an attendance of t¢een 4 10 5 thousand. The Mantrme Festival Induded tOUfS of Ekcelsior and another fishing boatlmustum the Min Cado. This free festival was localod In Kirkky Ward ot Lowesloft, oie of the most depnved ward5 in UK and so this event w35 matketed and availabie lo a demoyr8phic Ih8t indudes many who have drftrulty aCcesg maribme exPef¢e9 Such as thE dIsae. the eerrf, ano Ihe disad¥8nwged. Th15 has enabw the Twst lo survive the 2020 se330n and keep Ihe woTkfor¢e in pl8(t. Tle Trust are extremefy gratsful to thè Continued generosity of rxK donr>rs and vdunleer5 who so williNJty continue togo Ihe exlra MI forthe Trust Flnanclal rovlow The Trust had nel inGDme for the year of £93.84212020". net Income £4.6881 as 5htswn on pao? 5 ofih8 axounts. R•serves poll¢y As at 30 November 2021 the ch8dly haa unrestricted free re5epRs of £37,33012020. no fw weNe$ BS unre5tri&ed current liabilitsety exceeded current a$sel$ by £25,9261. As at JO November 2021 16stried fu5 of E65,83512020. £34.6101 w6re held. The Twsltses have aayS pvIouSlY re(x)gfiised the nted 10 build up free Iliquidl re$eNes and the chafity was fortun81$ ie¢ive a grant of £30,900 from Heritage Lottery Fund for Ihis purpose. Together with tre wntinued genèrosity of charitsbk donors this has allu4ved e charity lo b2 In a sDund po$rtion prior lo Ihe start of the 2022 s$on. The trLBtees will conbnue to seek to ma5ntain thi$ po511 given the uncert¥ty ofaenwètiro Inu)me K4Nthin the post parMi¢ economrdirnate. Plans for tho futuro In Debe[ 2021 the Trust was ewarded a secx>nd HBritage k)ttery grnni of £65k to ¢over core costs ovtr the Oct 21 to M8rth 22 ndvding the iefil and salary rns1& This enabkd us to continue lo eM0Y our experierKtd Crew aThd wpoort staff and plan for 8 fv11 2022 sailing season with our usual ts1Oer base i e. schDds and chanbe5. The Trust $ Continuing lo seek charter SeS from new markets an(1 expand our Daysail ofterlng use this opportunrty lo raise the profile of the TIu51 further wilhin the local community. Our centenary ¢plebfaiion W•ns. P051poned frDm 2021, includtrs ho$tsng •n Iniefnatyon81 Smack Race off the coast of Lowe$ioft where we tr40&¢I 25 tronal ve$seLs to take part and SUPWJrt8d by a Ve$8ds Fe$lwal onshore. Golng ¢on¢om The 8¢counts have been prepared on a uoing ¢own basLS a5 amhough th8 Itusttts re¢ogni8e th81 Ihe Trust ij relnI on grant incorne to hdp meet Ih¥irop8raiional u)sts. Ihey are confidenl that plannpd fundt¥ising 8ttlvrtS together wth inveBlment in sdes and m£rketn9 aL*vrtie¥ w4 be $uffi¢ienttO generate lunds to meet IhDS& needs In the next 12 month5. Page 2
The Excelsior Trust Trust•es' Annual Report Year ended 30 November 2021 Strur8, Gowrnanco and Mano9gmgnt Govwnlnq I)0¢umts The Ex¢8L8ior Trust is a comp8ny Ilmiteij by guarantee goverrb8d by Its Memoranllum and Art¢$ of Association. Thé company operalg$ as a charltable trust r89iSterEd the Ch8rSty Comrni55bJn. R11¢ Appolnlment and Tr8lnlng of Trust$ The number of trust8è5 sh811 be not less than three nor rnor8 than Iwèfve in number. The trusle85, in accordanGe wth ihe Articles of AssocialKJn. may appoint any member of Ihe trust SS 8 tre provkjed that the prescribed maximum is not exrLeded. Trustees shal be persons who through occupallon. emplosThent or oth¢rwlse have speclal kThedge of lh6 ares of b8nefil or who a OtherSe abb. by virtua of Ih•ir perststhal or profo$8ional quaIrfatiOnS, to make 8 crJnlributior¢ to Ihe pursuit ol the objects of the charity. I new Irustees will be provided with.. . The gov8min9 do¢um6nt ol the charrty . The latest financial statements of the eharmy . Detaib of Charfty Commisslon gUanCe. Th8 E5senthql Trustee.. What you need to kr, you need lo do." The Twstses during the y88r arè listed on page 1. In accordanc8 with the Artides of Asso¢ial)n J C S Wylson and L Vulliamywill rebre by rotation 8nd, beiThJ elJible, wll offer ttrw6es for r¢-electfi. Thg trLLslee5 are dire¢tofs wlthin th& meaning of the Cornpar4es Act 2006. Rls M•n•qement The majof risks to which the Trust is exposed, as id9n1ed by the TNstoes. have b88n r8vN8wed and sleMS have been estabjished to rnitbaot8 these risk5. Organlsallonal StnKture The CoLtndl of Manwjement Is responslble for Ihe man8umen¢ of the Trusts 8Ctivilies 8t reguLqr meatings. The Tr1¢98 form th8 Council of Management, logethar wth 8ddstioThBI rnembers 8r8 Ml tnsstees. Rel•t¢dPartles The Tru51 own5 thE whole of the share capitsl in ExclsKsr Trnding Limrt¢d which was fomied Io ¢8ry Out Jhe trading operation ol the slip at Pmfs Yard. The rnPany has be8n dormant for many years. Small MnyW0¥¥0s This report has been prepared In accordance with the provisions opklicable to o)mp8nie$ entitled to the small companies exemption. Independont •umln¢r A resolutKJn to reapprynt Mark Proctor FCA DChA a5 indepndent ex8miner for th¢ ensuing year, 11 bo propo8ed at the Annual G8ner81 Meettng. SYJ on behalf of th rustee5 on .. ampb811- Chairman Page 3
The Excelsior Trust Independent Examinerfs Report Year ended 30 November 2021 I report to the charity trustees on my examination of the accounts of the charity for the year ended 30 November 2021 which are set out on pages 5 to 15. RPonSibl1111 ba$18 of report As the charity tiustee5 of the company land also its directors for the purposes ol company lawl you are responsible tor the preparation of the financial ststements in accordance Ntrith the requirements ol the Companie8 Act 2006 I'the 2006 Acfl Hwng satisfied myself that the financial statements of the company are not raquired to be auditsd under Part 16 of tt)e 2006 Act and are eligible for independènt examination. I report In respect of my examination of your compan1$ financial statement5 as carried out under section 145 01 the Charities Act 2011 I'the 2011 Act'l. In carrying out my 8xaminatson I have followed the Directions given by Ihe Charity Commlssion under section 14515llbl of the 2011 Act. Ind•pgndent oxamlnerf8 8tatem8nl I have complet•d my examination. I confim that no rnateri81 matt915 have come to my attention in connection wth the examination givin9 me cause to bdi8v8 that in any material respect.. l accounting records weie not kept in respect of the Company as reqUId by section 386 of thè 2006 Act," or 2 the accounts do not accord those records., or the ac¢ounts do not comply wth the attounting requirements of section 396 of the 2006 Act other th8n any requirement th8t the accounts give a 'true and fair view which is not & matter conshyered as part ol an independent examinatyon." or 4 thè accounts have not been prepared in aCrdanCe with th8 methods and principles of the Ststement of Recommended Practice for accounting and reporting by charrties applicable to ¢hariti85 preparing their accounts in accordance wth the Financial Reporting Stsndard applicable in the UK and Rèpublic ol Ireland IFRS 1021. During my exarnination I have considered the adequacy ol the disdosure in note 2lml to thè financial statements onceming the charitys ability to continue as a going concem. The results for the year ended 30 November 2021 in(licate a need for the Charity to ¢ontinu* to rseèivè finanaal support through grants, 1¢h the Trusteos are actively applying fr)r. I have no cgncerns snd have come across no other matters in connection wth the examination to attènts.orh shoukl bo drawn in this pOrt in order to enable a propel understanding ol the accounts to be reached. Mafk Proctor FCA DChA Independènt Examiner Lovewell Bl8ke LLP Chartergd Accountants Bankside 300 Peachman Way Broadland Bu51ne5s Park Normch Norfolk NR7 OLB 1010812022 Page 4
The Excelsior Trust ststement of Financial Activitles In¢ludlng Income and Expenditure account} Year ended 30 Novernber 2021 Nots8 Unrnstwlct•d 2021 2020 Funds Fund Total Total Incomo fmm.. Donaiions and legac8 55.751 143,395 199.146 81,339 Charitable actiwlk?s 38.792 38.792 26,224 Other ino)me 3,813 3,e13 7.264 Total incorne 98.156 143,395 241.551 714,827 Expendriure on". Raising fvnd5 Chariiabk 10.795 10,795 136,914 9.129 55,714 81,2LNJ 70t.o?o Tolal expendilu Net income before Ir8nsfers between funds 81.20D 147 709 tIO.139 31,647 62.195 93,842 4.688 Tran5fer5 bpiween funds 18 30,900 130.9001 Nel income and net rnovement in funds 82,547 31,295 93.842 4.668 Ro¢on¢lll•tS0Th of funds Totsl fvnds brougm folrd 751,325 34,540 785.865 781.177 Total fund$ ¢arrSed forward 18 813872 879,707 785 865 The s18temgnt of financial athvities In¢lL•des all gains and 1058es recegni8ed in the year. All incorne and expenditu derive from continuing 8clivit*. The nole5 sel ¢yJl on pages 7 10 15 forni an integral part of the accounts. Page 5
The Excelsior Trust BalanGe Sheet Year ended 30 November 2021 Cornpany number 01670772 2021 202Q Flx•d •s30ts Tanglble assets Heritage assets 592,040 197,002 592, 749 197.002 789.042 789,751 Investment 12 2,500 791,542 792.251 cyrn1 •$$trts Stock5 Debtors '. due in one year Debtors '. due after orÉ year Cash at bank and in hand 13 14 15 270 1.968 20, 190 22,500 97,624 51,082 141,778 53.320 Cr•dtt•rs . Amount folllng duo wlthln one ye•r 16 138.6141 (44,706J Net current assets 103,165 8,614 Credltors . Amount falling dut er more than on¥ 17 115,0001 115,0(X)I Not a55elS 879,707 785.865 Fund$ of the charlty UnrestrKted fur$ RevalLtalKsn reserve 18 18 638.872 175,000 576,325 175.000 813,872 751,325 Restricted lunds 18 65,835 Total funds 879,707 785,865 For the year ended 30 November 2021 Ihe charitable company was entitkd to exWn.On from audit under section 477 of Ihe Cornpanies Act 2006 rdatlng to srnall companles. Trusteès, responsibiklies.. The members have not old the charitBble company lo obtsin an eudil ol Its ffinandal staternonts for the year In questh)n in aoxrdanee wrth sedun 476., The trustees a¢knov4ledge their POnSIblItSe$ for comptying wilh the fequlrem8nts ol Ihe Acl with re$p&¢t accounting records and the preparation of finamal statements. These financi81 staternents have been prepared in accordance wth the speckql provisK*ns for $maU companies under Part 15 of the Comp8nie5 Act 2006. Signed on behalf of the son. J O Campbell- Chair The notes set out on pages 7 to 15 lomi an Integral p8rt th8 accounts. Page 6
The Excelsior Trust Notes to the Accounts Year ended 30 November 2021 1 G¢ngral infonnation Th8 Charity is a private company limited by guarantee, register in England and W8les and a registered charity in England and Wales. The address of the registered office is B8nksidè 300, P•achman Way, Broadland Businos$ Park, Norweh, Norfolk. NR7 OLB. 2 Aeeountfjng poll¢l•s The principal accounting poli¢ig8 are $ummarised below. The accounting policp5 have been applied consistently throughout the year and In the preceding period. lal Ba$1$ of •ccountlng The accounts have beon prepared on a 90in9 concern basis under historical Cost ¢onventian, as rnodifièd to indude investsnent assets at fair value, in acctsrdan Accounting and Reporbng by Charth"es". Ststement of Recommended Practice applicable to charities preparing their acctsunts in a¢cordance with the Financial Rèpoting Standard applicable in the UK and R&public ol Ireland IFRS 1021 (effective Octobèr 20191 Icharil'es SORP IFRS 10211. the Financial Repotting Standard applicable in thtr United Kingdom and Republic of Ire18nd IFRS 1021, the Charities Act 2011 and tht Companies Act 2006. The charity constittjles a public benefit èntsty as defined by FRS 102. Ibl Fund aeeountlng Unrestricted funds are available for use at the discretion of tha trusteès in furtherance ol the gènerd objectives of the charity. Restricted fvnd$ 818 subject to restricts.ons on their expenditure imposad by the donor or through thè terms of an appeal. Icl Ineom• All income is included in the St8t?mènt of Financial Activities en the Charty is tntiued to the income and the amount can be quants.fied wth reasonable accuracy. The follong spectfjc policies are applied to partscular sources of income.. Income received by way of grants, donations, bgacies and gits Is included in full In the Statement of Financial Actimties when receivable. Grants. where entement is not conditional on the delivery of a specific perfomiance by the tharty. are recognised when the charity becomes un¢gnditionally èntiued to the grant. Donated services and facilibes are Included at the value to the charity wheie this can be quantified. The value of sgrvicas provided by volunteers has not beon induded In these Income from charitBble activitiès is aecounted for when eamed. Investhnent income is includèd whèn re1vab. Charter income is included in the year in which the charter is undertaken. Incorne frorn grants. where related to performance and specific deliverables. 1$ 8¢¢ouftted for as the charity eams the right to consK5erthon by its perfomian¢¢. Page 7
The Excelsior Trust Notes to the A¢counts Year ended 30 November 2021 2 CountIng ptsllGlèi ttyntlnuèd Idl L¥p8ndltur• Expendllure is recognised on an QCCTua15 ba$ts a$ a IlIty 15 Incu¢. Expelldl In¢IleS VAT ttiCh canTh)t be covered. and is reported as part of IhÈ expeKure to il reLqles'. Raising funds comprise the costs assoualed 1th attracbny vdunlary Sncome and the costs of trading for fundralslw purposes. Charltable expenditure comprises those cost$ hcuffefj by the Charity in the delwery of its act[lieS 8nd seNces for its beneficigries. It Includes bolh costs thal con bp aYIKated direcuy 10 &uch actilIeS and those Costs of an indiretl nature necessary to supp(Kt Ihem. Govemance costs include tkose costs associated th meeting Ihe constilutsvn41 and $lalutory reguiremenls of the Charity grKI indude the indepeThJenl examinalion fee$ and costs lined lo the strategic rnanagernenl of thè Ch8TIty. I costs are allocaied beN¥een the expendilyre categories of the Slalemenl of Finanual A¢tiwties oft a basls designed lo refiecl the use of tl resource. Cos15 relalSn9 to a partICaT a¢iNity are allocated directly, otlr5 3Te apportioned on 8n approprkqle basis. (el Defined contributlon plans Conlribullon5 to deffid contribution plans are re¢ogThsed as an expense n the pedod In the related sernrice is prowded. prepa Contributn$ are recognised a5 8n asset to extent that the prepayment wll lead lo a redudion in luiure payments or a cash refund. lfj T•nglble Ilxed assèts Flxed a6sels are stated at ¢O&l les8 accumulated depreciation. Deprerialion is promded al rales cakLrf8led to off Ihe Go$1 of e8Gh asset over ils expected usefLI life. The annual dePClaIn rates are.. Yard Equipment Vessel 25% reduci[4 balance StTaighl line over 25 yeaf¥ 191 Hgvltage assèts The trust holds hèdiage asseis. lch afe tanglty fixed asseis of hlslorkal. artlslic or 5uentffic importance held to odvanc& preseation and conservation oble¢Uves of Ihe trust. DepalOn herrtage assets 1$ ¢alculated to vthte off the $1 or valuation, less e$llmated resldud value. of eath OS5el by equal annual ins181ments tr its eyected useful econornk lrfe a$ Id1.. Vessel. Est[118 Book v81ue reduced 10 £1 Vessel- city ol Edinbolo 8ook value reduced lo £1 Shrimper Hor9 and Hannah Restored vessel- Exc&L810r Nll- Bee nole 16 Ihl Consolldatlon A$ Ihe Ilusi's OllY subskliary %VdS dormant ihroughoul the year consolKlated accounts have not been prepared and note 12 provides adequate delai18 relating to the nature of the subsldlary. 111 Flhanclal In8trum8nts The charty only has financjal as8el$ and financial Iiabih'liets of a nd that gualrfy a5 basic flnancial instruments. Baslc financi inslrnments are reGognised ai tr8nsa¢tlon value and subsequently m8aÈured attheir setkment value. l Dobiorn and credltors p•y#blè wiihln on6yaar Debiors aryj credllofs 1th no stsied inteiest f818 and receivatle or payable year are iecorded al Iran50ciion t¥ice. Any 6$e5 artslrKJ from impairrrenl afe recognised in exp6NJllur8. Ik) Cash at b4nk4nd In hand Ca$h at bank In hand Include5 Ga5h and short term Nghly luid in¥estmert$ Milh a sh¢)rt malurlty of the monfhs or less. Page 8
The Excelslor Trust Notes to the Accounts Year ended 30 November 2021 2 Accountlng poll¢1 Ggntlny•d 01 Stocks Stocks a valued al the IOWET of cos1 qnd r1 oIable value, after makirvJ due alowanGes forobsoide and slow movin9 Items. Iml Golng cortr accounts hève been prepared on a goin9 concern basis as aMhou9h the Iruslees gniSe Ihal Ihe Twst is rellanl on grani Income to help meet their operational ¢051S, they ar8 confident Ihal anned fundraising adwities 109Èther wlh investment in sales and marketing aGlivilE5 be SLrffitsenl to generate frJnds lo meet those needs in the next 12 months. Lwbililies due valhin one includes £15.000 baned from fornier TNslees, have indicated Ihey 11 not require payment of these loans in the tnedium term. Tnjslees have laken consvjeration ofthe iTnpaGt of COVID-19 Mang Ihi8 assessment. Nel inGome 1$ Stated 8fterch8rging.' 2021 Total 2020 rotsl Depreaation IndepetKIEnt exarniner 1,067 1.648 592 1.835 Llnr•strlct•d Ro8trfctod Fund¥ 2021 Tot•1 2020 Tool 4 Incomg Irorn don•tl•th$ and lèga¢l8s Donations and sUPPgrtei 5ubscTrptions Local authority rA)rnovirus support 27,694 28.057 143.395 171.089 28,057 56.339 25.000 55.751 143.395 199,146 81.339 During the yedrended 30 NtsvÈmb&r 2021, £55.751 of Mcome from donatlon$ lega¢s was unrestricled 12020.. £57.6091 and £143.395 was r&slrid8d12020.. £23,7301 During the yearended 30 November 2021 govemmeni grants of£29.307 wtre CeiVabl202o..£ 25,0001- Unrostrlet•d Rè8lrfctod 2021 2020 Funds Funds Tot41 Tolal S Income from ¢h•ril)ble •Gtivi¢i Charter irKome Rent and chargès 13,792 25,000 13,792 25,000 1.224 25.000 38,792 38,792 26,224 tring the yea[5 ended 30 November 2021 and 2020 all income from thariiable 8cliMties was unrestrided. Unrostsl¢ted Restrtct Fund5 Funds 2021 Total 2020 rotsl 6 Othgr income Other Incorne Fudough in¢on 3.613 3,613 2.392 4.872 3.613 3,613 7.264 Duriny the year ended 30 November 2021 and 2020 all olher Income was unre5tficted. Pa9e 9
The Excelsior Trust Notes to the Accounts Year ended 30 November 2021 Unr¢strl¢t•d Fund8 Re6trictod Funds 2021 Totsl 2020 Total 7 Exp•ndltur• on ralslng funds Fundraising consukancy 10.795 10,795 9,129 10.795 10.795 9.129 During Ihe years ended 30 November 2021 and 2020 all èXpèndItits ol raisiNJ funds was unrestricted. Unrestrlctgd Fund¥ Rg¥trlet•¢l Funds 2021 Totsl 2020 Total 8 Charllable aetlvitl•8 Bursaries Sailin9 ¢0sts Crew wages Crew costs Administration wages Ratss, water and sewage Travelling Boat repairs and rènèwals Insurance Tel8phow, postage and stationery Advertising costs General expenses Professional fees Dapreciation- equipment Bank charges Bank interest Governan 5t Isee b8lowl 276 3.100 1.217 15.945 1.818 2.115 3,077 44,884 4,985 3,353 47.984 6.202 15,945 1,818 2,115 28.254 14.199 3,036 34.869 1.306 10,232 1.812 1,657 24.137 13,823 28,254 14.199 308 5,593 2,109 628 1,067 1,003 5.593 2.109 628 1,067 1,003 2,143 675 579 592 756 141 5.244 6,336 6.336 55,714 81.200 136,914 101,010 Accountancy fees Independent exarnination fe8 4,488 4,488 1,848 3.409 1.835 6,336 6,336 5,244 During the year ended 30 November 2021. £55,714 of charrtable a¢tivtb8s costs was unrestricted 12020.. £59.4111 and £81.20D was restncted 12020.. £41.5991. 9 Staff ¢osts and emoluments Total stsff costs were a$ follows: 2021 2020 Wages and salarwds Social security costs Pènsion costs 63.250 43.694 915 492 679 63,929 45.1 During the year the Trust employed an 8vera9e of 3 12020.. 21 members of staff. In addition 2 individu01$ were engaged at a cost of £15.94512020". 2 at £10,232) the costs of which are indudad above. No employee received rernunèTation ol more than £60.000 dijring tha yaar12020." no employeesl. The were no key management personnel durin9 this year or last. Pa9e 10
The Excelsior Trust Notes to the Accounts Year ended 30 November 2021 10 Truste• r•mun¢ra0rt and èx$•$ No tnjstee received remuneratien or expen$e$ during this year or last, however Some trust•*s were reimbur8ed for 84Dendilure incurred behaff ol the Tru$l. 11 Tan9ibl8 fixed assets Yard Equipm8nt Vèssels Ve6$¢1s liangibk asststl IHerits9e a$setsl Tolal Cost tsr v•lualJon At l Dember 2020 Addition$ 581,065 17,042 358 9.978 206.494 814.579 358 At 30 November 2021 581,065 17,400 9,978 206.494 814.937 Depreciation At 1 December 2020 Charge for the year 14,771 668 565 399 9.492 24.828 1.Cfj7 At 30 Novetnbèr 2021 964 9.492 25,895 Net book value At 30 November 2021 581,065 1,961 9.014 197.002 789.042 At 30 November 2020 581.0fj5 2,271 9,413 197.002 789.751 Summary of transactions There have be6n no transactions relating to herita9e assets in the past 6 years. 12 Invesknonts Inveslments represent the $t ol the share pits1 of the whDIIy-owned trading subsitliary, Ex¢elSr Tradin9 Litniled ¢offlpany number 04310168, which 15 incotporaled In the Unrted Kingdom. The Company was dom)ant during the year. The corrwany had net liabiliknes of £5,956 at 30 November 2021 12020.. £5.9561. 13 Stock 2021 2020 Goods fer rosale at Cost 1.464 270 14 Debtors 2021 2020 Other debtors Prepayrnent 8nd accrued income Trad8 debtors 1.743 18.080 367 1,700 268 0.190 15 D•btorn.' due after one yoar 2021 2020 A¢crnd incorr 22.500 270 16 ¢rtdfjt¢+fS'. Amounts falling due within ont year 2021 2020 PAYE Trade credrtts Accruals Bank overdraft Other uedilors and deferred income 692 1,006 1,795 1.067 40.146 1,972 1,795 34,001 38,614 Pag$ 11
The Excelsior Trust Notes to tho Accounts Year ended 30 November 2021 16 credi[$. Amounts falllng wlthln one year Icontlnuedl 2021 2020 Deferred income brvu9ht forward Released during the year Deferred during the year 39.939 139.9391 33.943 29,343 129,3431 39,939 Doferred In¢ome carr forward 33.943 39,939 Deferred in¢ome ¢ompn$es rental income received in advancè of 2022 an¢ deposits Pa for 2022 sailing bookings. 17 Credltors: Amounts lallln9 due aftw more than on8 y8ar 2021 2020 Tru$ts¢ loans 15,000 15,000 15.000 15,000 18 Funds Funds at 30 November 2021 Balance at l December 2020 Balance at 30 Novernber 2021 In¢ome Expendlture Transfers Resirfctedfunds National Historic Ships eal Appeal- Bursary Great Yannouth 8orough Councl Setterfield Trust Suffolk County Council Rachel Claytonlshirley Nehyton Hwitage Lottery Fund 740 10,777 20.849 2,174 740 40,777 22,144 2,174 57,800 1,295 127.8001 12.0001 11.fAIOI 15001 149,WOI 1,000 500 80.8CK> 130,9001 34.540 143.395 30 900 65.835 Unrestri¢ted lunaTs General fund Revaluali¢n erve 578.325 175.DDO 98,156 186.5091 30.900 638,872 175.000 751,325 98,156 6509 30,900 813872 f4)ts1 785.865 241,551 147 709 879,707 Page 12
The Excelsior Trust Notes to the Accounts Year ended 30 November 2021 18 Funds Icontinuèdl Funds at 30 November2020 B&lan¢e at l Docomber 2019 alarbce at JO Novomber 2020 Income Exp•ndltutg Transf•r5 R¢strictedfunds NalKJnal Hi5toriG SIMPS Appeal &op8al- Bufsary Great Yarmouth Borough couw Bel&Re charitsts Trust W¥ker Lees Found3n Selterfield Ttust 740 28,827 78,569 2,174 2,099 3,796 2.337 740 10.777 20,849 2,174 21.450 2.280 139.SWI 12.0991 13.7961 2.337 58.542 23,730 41,599 6.133 34.540 unrestricted funds General Revaluation rtaerve 547.635 175.000 91,097 168,5401 6.133 576.325 175.000 722.635 91,097 6,133 751.325 Tothi 781.177 114,827 110.139 785.865 UTrrestri¢iedfw)ds ReValuatn re6ervo Rdale¥ lo the ValtIon ol Ihe sail trainirs vessel 'Excel6K)r' by nav81 arthrtects Cra¥Ycrfd Mtsribme IPr¢jectsl timiled In Novernber 1991. A fvrther revaluation of thè vessel conducted by E Hugh Larnb C.Eng, M.l.MarE. M.R.l.N.A in April 2000 attathed 8 yUe to the ve$sel of È185.000. The trustees Consth Il prudent therefort to resiaie Ihe ve5sd al the original vabalion Df £175,000 wrth the ac¢Jmulaied depi8¢iatyon to dale returned lo the general fvnds. This was carned out in the financial staternen15 forthe year eTthd 30 Novèmbei 1999. The trustees 1x>nÈr thai the economic (1 of ulilising the os$et 1$ already in the Statement of Finanth A¢tNibes 8nd see rn reason to ryowde for depreci8ts. Tvt trustee inland to mainiain a Folicy ol five year fevalualw)n reoular wi$ideration given lo Ihe value of the ve55el and Ihe need foi inpairmèni revw& As 8130 November 2021 the yalK wa5 cong¢eretS lo b2 unchanqed. Restrictedfu4ry¢ts Naliongl Historic Ships peal Fund The or8ni ie¢ewed durin9 2008. of whKh th& majority w8$ spent in that year. was for the fundiw ol $1gnage 8tlhe base. R6presenis funds Fvived IhTough an appeal towards the fvt o)st$ ol a skppers salary. r8fvrbishm8nt costs. a bursAry and adminisiiaiion costs. The grant received dunng 201Q was towar<55 thp upkeèp of th8 HoE8ce & HsnThah Shrirnper currenly Inth¢ stewardship of tht Trust Grd81 Y8m)outh BoTough Council Settetheld Trust and Suffolk County FundirKJ rerEived during 2021 iow*ds the o)$1 of a repl3Merit stove onLard tha ship EWIsr. These funds were fulty expended during the year. Rathel Cl8¥ton and Shidey Newton 00n817Th Ved dullng 2021 from Rachèl Cwon. In memory of mother Shirfey Newton. low¥id$ the cost of a depth 80under orl)oaid the ship thel&or. Thèstr funds wèrè ful expended during thp year. HtAge Lottery Fund Fundin9 rettived during 2021 of whith £49,900 lated lo core expenditure over the ped 1 April 2021 10 3D Sep16mb$r 2021 salaries, reffl and marketing Costs. These fjJnd$ were fuHy èxpendert dunng the year. A futher £30.900 was wovidad for our finanry81 re5eNes and 18unr88trKted in fulure use. Page13
The Excelsior Trust Notes lo the Accounts Year ended 30 November 2021 19 Analy$l$ of n¢t a$$&ts betsY8•n fund8 Fund$ u$¢ts 41 30 NovembEr 2021 Reslrlcted lunds Tanglble Investments Assets Cash Nel curtrwt U#blllll?$ ats/[l18b1Iltl88J fteroneyear Balan¢• National HtOrie Ships Appeal Appeal- Bursary Great Yarmouth Bor¢ugh Coun¢ll 740 8,277 22,144 2.174 740 40.777 22.144 2.174 32,500 33,335 32,500 65.835 Unr•$irfctsd funds neral fund Revaluation reseNÈ 614,042 175,000 789.042 2,500 84,289 126,9801 115.(M)01 638.872 175.000 813.872 2.500 64,289 126.9801 115.0001 789.042 2,500 97,624 5,541 115,0001 879.707 Funds aBsets at 30 November 2020 Restrrdedlunds T•nglblè Investments Assets Cash Net¢Uffent Ilablllths Liabilities due aft•rone yo4r 8lanc& National Hr&toric Shlps Appeal Appeal- Bursary Gre81 Yamiouth Borough Council 740 10,777 20.849 2.174 740 10,7n 20.849 2.174 34,540 Unrnstrf¢t8dlunds General fund ReValuatn resetve 814.751 175.000 789.751 2.500 16.Y2 142,4681 115.DOOI 576.325 175,000 751.325 2.500 16,542 142,4681 115.0001 7e9.751 2.500 51,082 142.4681 115.0001 785.865 P#ge 14
The Excelsior Trust Notes to the A¢¢ounts Year ended 30 November 2021 20 Company limtted by guarant•• The cotnpany is limited by guarantee. Each member of the company undert8kes to ¢ontribute such amount Inot exceeding £101 a3 m8y bè required in the event ol a b*indin9 UP. 21 Oporating ha$•$ A81è88or The total ftrture minimum lease payments rgcgivable undèr non-cancellable operating leases aro as follows". 2021 2020 Not later than 1 y8ar Later than 1 year and not later than S years Laterthan 5 years 25.000 97,917 25.000 100,000 22.917 147.917 122,917 The Exc81si¢ir Trust lease out The Excelsior Yard Hatbpur. 22 Related p?rtytran8aetions During the year unrestrided dtsnations and cruise income of £196 {2020". £1461 were received trom the Trustees. Di E Sherwood (wife of A H C Sherwoodl invold the charty £4,51012020. £3,145) lor the prowsign of treasurgr and aGcountancy seN18 throughout th8 year. At thè year end £21512020.. £3001 was owng tts Dr E Shewood. O ShaAvood Ison ofA H C Sherwoodl was èmployed by the charity with total of £7.50012020.' £nill. Page 15