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 p￿pared 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￿$".
Statement of Recornmended Practs￿ applicable to charities preparing their sccounts In accordance with the Finanaal
Reporting Standard applicable in the UK and Republic of Iièland published in October 2019.
Rèf•r•ne• and AdmInIstra￿ve Detsils
Charity name
The Excelsior Trust
Charity numb•r
285899
Company numb•r
01670772
R•glst•r•d addrnss
Banksidè 300
Peachman Way
Broadland Business Pgrk
Norwch
Norfolk
NR7 OLB
Oporatlonal address
Excelsior Yard
Harbour Road
Oulton Broad
Low83toft
Suffolk
NR32 3LY
Vbe• pr•$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$' Annual Roport
Year ended 30 November 2021
Oblo¢Vv08 ond Activltl•&
The prillap￿ obierAive of thè Trvsi Is providino opportunibes foi youn9 people. Ihrouoh the.Ex{*￿or Exper￿n￿., to achieve personal
¢evehpment. In ofder 10 athiove this the Trust maintains and manages the Lowestott Smack E￿I$l0r. LT 472, B ve55el of Nat￿n￿l
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.
fundr*sing i% *way5 a key acbvity.
Publi¢ b•n•fft
The T￿Stee$ h8V8 tsk￿ due reoard 10 the guidaru published by the Charity commiss￿n&T9 OTh Pthc Benefit and i*nsider that
Excelsiorfs sail trainino ath¥ilies fU￿l￿d the PublK 8enefil tsst.
A¢hlavom•nts and performance
The goal of the Excel￿0[ Trust ijuring 2021 w8$ 10 Survive the severe effe(*s of the par￿emIC and b¢kd￿￿n, ythilst maintainirKJ 8
$ustainable bJsin&$s providing a hvJh level of charilatAe pU￿1C sewice and preserving 8 manlime treasure. The Tru&l was fDrtunate to
receive further *gnrftsnl gran15 from East Suffdk County G￿rtI1 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 per￿0 IApnl- Sept 20211 a coninbLrtion towards financol
resen¢e$. We also continued to benefft from 9gnerou8 don8trons from many tha￿tab￿ donor5 via our AM)881. These donat￿n8 and
olanls enabled the T￿st to suwvive one of the greatest c*811enges organisation has Èndured In lh8 last 20 ye&r* We worked to
keep our crew efflployed, the Ex¢d*or TIus1's ship sailing, and still PTowde a high level of hentsoe experienr*s èducation to a
wide rènotr of ¢u$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 prOv￿e 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 a￿1, 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 aCces￿￿g maribme exPef￿¢e9 Such as thE dIsa￿e￿. the e￿er￿rf, 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 16stri￿ed fu￿5 of E65,83512020. £34.6101 w6re held. The Twsltses
have a￿ayS p￿vIouSlY 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 par￿Mi¢ economrdirnate.
Plans for tho futuro
In De￿￿be[ 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 eM￿0Y our experierKtd Crew aThd wpoort staff and plan for 8 fv11
2022 sailing season with our usual ￿ts1O￿er base i e. schDds and chanbe5. The Trust ￿$ Continuing lo seek charter S￿eS 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 tr￿￿onal 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 rel￿nI on grant
incorne to hdp meet Ih¥irop8raiional u)sts. Ihey are confidenl that plannpd fundt¥ising 8ttlvrt￿S together wth inveBlment in sdes and
m£rketn9 aL*vrtie¥ w￿4 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
Stru￿￿r8, Gowrnanco and Mano9gmgnt
Govwnlnq I)0¢um￿ts
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.
R￿￿11￿￿￿¢ 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 tr￿e provkjed that the prescribed maximum is not
exrLeded.
Trustees shal be persons who through occupallon. emplosThent or oth¢rwlse have speclal kTh￿￿edge of lh6 ares of
b8nefil or who a￿ Other￿Se abb. by virtua of Ih•ir perststhal or profo$8ional quaIrf￿atiOnS, to make 8 crJnlributior¢ to Ihe
pursuit ol the objects of the charity.
I new Irustees will be provided with..
. The gov8min9 do¢um6nt ol the charrty
. The latest financial statements of the eharmy
. Detaib of Charfty Commisslon gU￿anCe. Th8 E5senthql Trustee.. What you need to kr￿, you need lo do."
The Twstses during the y88r arè listed on page 1. In accordanc8 with the Artides of Asso¢ial*)n J C S Wylson and L
Vulliamywill rebre by rotation 8nd, beiThJ el*Jible, wll offer ttrw6e￿s for r¢-electfi￿.
Thg trLLslee5 are dire¢tofs wlthin th& meaning of the Cornpar4es Act 2006.
Rls* M•n•qement
The majof risks to which the Trust is exposed, as id9n1￿ed by the TNstoes. have b88n r8vN8wed and s￿leMS have been
estabjished to rnitbaot8 these risk5.
Organlsallonal StnKture
The CoLtndl of Manwjement Is responslble for Ihe man8u*men¢ of the Trusts 8Ctivilies 8t￿ reguLqr meatings. The
Tr￿1¢98 form th8 Council of Management, logethar wth 8ddstioThBI rnembers 8r8 Ml tnsstees.
Rel•t¢dPartles
The Tru51 own5 thE whole of the share capitsl in Exc*lsKsr Trnding Limrt¢d which was fomied Io ¢8ry Out Jhe trading
operation ol the slip at Pmfs Yard. The ￿rnPany has be8n dormant for many years.
Small ￿M￿nyW0¥¥￿0￿s
This report has been prepared In accordance with the provisions opklicable to o)mp8nie$ entitled to the small
companies exemption.
Independont •umln¢r
A resolutKJn to reapprynt Mark Proctor FCA DChA a5 indep*ndent 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.
R￿PonSibl1111￿ 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 reqUI￿d 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 aC￿rdanCe 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 legac￿8
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 fol￿rd
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
cyr￿n1 •$$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 ￿o￿l￿d 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 ￿POnSIb￿lItSe$ 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 follo￿ng 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 ent￿ement 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 re￿1vab￿.
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 I￿￿lIty 15 Incu￿¢￿. Expelldl￿￿ In¢I￿leS VAT ￿ttiCh canTh)t be
covered. and is reported as part of IhÈ expe￿Kure 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 acti￿lIeS 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 lin*ed 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 partIC￿aT a¢iNity are allocated directly,
otl*r5 3Te apportioned on 8n approprkqle basis.
(el Defined contributlon plans
Conlribullon5 to deffi￿d contribution plans are re¢ogThsed as an expense n the pedod In the related sernrice is
prowded. prepa￿ Contribut￿n$ 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$1 of e8Gh asset over ils expected usefLI life. The annual deP￿ClaI￿n rates are..
Yard
Equipment
Vessel
25% reduci[4 balance
StTaighl line over 25 yeaf¥
191 Hgvltage assèts
The trust holds hèdiage asseis. ￿lch afe tanglty￿ fixed asseis of hlslorkal. artlslic or 5uentffic importance held to
odvanc& prese￿ation and conservation oble¢Uves of Ihe trust.
Dep￿￿alOn herrtage assets 1$ ¢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 l*uid in¥estmert$ Milh a sh¢)rt malurlty of th￿e 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 r*1 ￿oI￿able value, after makirvJ due alowanGes forobsoide and
slow movin9 Items.
Iml Golng cort￿r￿
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 Ma￿ng 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 ￿CeiVab￿l202o..£ 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
t￿ring 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¢ra￿0rt 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$setsl
Tolal
Cost tsr v•lualJon
At l De￿mber 2020
Addition$
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 ￿$t ol the share ￿pits1 of the whDIIy-owned trading subsitliary, Ex¢elS￿r
Tradin9 Litniled ¢offlpany number 04310168, which 15 incotporaled In the Unrted Kingdom. The
Company was dom)ant during the year. The corrwany had net liabiliknes of £5,956 at 30 November 2021
12020.. £5.9561.
13 Stock
2021
2020
Goods fer rosale at Cost
1.464
270
14 Debtors
2021
2020
Other debtors
Prepayrnent 8nd accrued income
Trad8 debtors
1.743
18.080
367
1,700
268
0.190
15 D•btorn.' due after one yoar
2021
2020
A¢crn￿d incorr
22.500
270
16 ¢rtdfjt¢+fS'. Amounts falling due within ont year
2021
2020
PAYE
Trade credrtts
Accruals
Bank overdraft
Other uedilors and deferred income
692
1,006
1,795
1.067
40.146
1,972
1,795
34,001
38,614
Pag$ 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 Found3￿n
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
ReValuat￿n re6ervo
Rdale¥ lo the Val￿tIon 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 y￿Ue to the ve$sel of È185.000. The trustees Consth￿￿ Il prudent
therefort to resiaie Ihe ve5sd al the original vabalion Df £175,000 wrth the ac¢Jmulaied
depi8¢iatyon to dale returned lo the general fvnds. This was carned out in the financial
staternen15 forthe year eTthd 30 Novèmbei 1999.
The trustees 1x>n￿￿Èr thai the economic (￿1 of ulilising the os$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$ideration given lo Ihe value
of the ve55el and Ihe need foi inpairmèni revw& As 8130 November 2021 the y￿alK*￿ wa5
cong¢eretS lo b2 unchanqed.
Restrictedfu4ry¢ts
Naliongl Historic
Ships
peal Fund
The or8ni ie¢ewed durin9 2008. of whKh th& majority w8$ 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)$1 of a repl3￿Merit stove onL￿ard tha ship
EWIs￿r. These funds were fulty expended during the year.
Rathel Cl8¥ton and
Shidey Newton
00n81￿7Th ￿￿Ved dullng 2021 from Rachèl Cwon. In memory of mother Shirfey Newton.
low¥id$ the cost of a depth 80under orl)oaid the ship thel&or. Thèstr funds wèrè ful
expended during thp year.
H￿tAge Lottery Fund
Fundin9 rettived during 2021 of whith £49,900 ￿lated lo core expenditure over the pe￿d 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$¢ts 41 30 NovembEr 2021
Reslrlcted lunds
Tanglble Investments
Assets
Cash
Nel curtrwt
U#blllll?$
a￿￿ts/[l18b1Iltl88J *fteroneyear
Balan¢•
National H￿tOrie 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
8*lanc&
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
ReValuat￿n 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 invol￿d the charty £4,51012020. £3,145) lor the prowsign of treasurgr
and aGcountancy seN1￿8 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