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2022-11-30-accounts

The Excelsior Trust

Report and Financial Statements For the year ended 30 November 2022

Charity number 285899 Company number 01670772

The Excelsior Trust

Contents

Year ended 30 November 2022

Page
Trustees Annual Report 1 - 3
Report of the Independent Examiner 4
Statement of Financial Activities 5
Balance Sheet 6
Notes to the Accounts 7 - 15

The Excelsior Trust

Trustees' Annual Report

Year ended 30 November 2022

The trustees, who are also directors for the purposes of company law, present their report and the financial statements of the company for the year ended 30 November 2022 which are also prepared to meet the requirements for a directors' report and accounts for Companies Act purposes.

The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s Governing Document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019.

Reference and Administrative Details

Charity name The Excelsior Trust
Charity number 285899
Company number 01670772
Registered address Bankside 300 Operational address Excelsior Yard
Peachman Way Harbour Road
Broadland Business Park Oulton Broad
Norwich Lowestoft
Norfolk Suffolk
NR7 0LB NR32 3LY
Vice president and Trustee John Wylson
Trustees J O Campbell (Chairman)
D R Costello (resigned 24 May 2022)
C A Besant (resigned 1 December 2022)
J D H Irving
M T Sparrow (resigned 1 July 2022)
A Taylor (appointed 15 April 2021)
L Vulliamy (resigned 5 August 2022)
J C S Wylson
Treasurer Dr E Sherwood
Secretart Birketts Secretaries Limited
Bankers HSBC RBS
34 London Road North 5 Queen Street
Lowestoft Norwich
Suffolk Norfolk
NR32 1EW NR2 4TL
Independent examiner Mark Proctor FCA DChA
Lovewell Blake LLP
Bankside 300
Peachman Way
Broadland Business Park
Norwich
NR7 0LB

Page 1

The Excelsior Trust

Trustees' Annual Report

Year ended 30 November 2022

Objectives and Activities

The principle objective of the Trust is providing opportunities for young people, through the “Excelsior Experience”, to achieve personal development. In order to achieve this the Trust maintains and manages the Lowestoft Smack Excelsior, LT 472, a vessel of National Maritime Heritage significance. The Trust owns the Excelsior Yard which provides income through tenancies and serves as a base for Excelsior. The Trust continues to review its objectives to ensure it makes a valid contribution to society. Through necessity, fundraising is always a key activity.

Public benefit

The Trustees have taken due regard to the guidance published by the Charity Commissioners on Public Benefit and consider that Excelsior’s sail training activities fulfilled the Public Benefit test.

Achievements and performance

2022 was still very much impacted by COVID and recovery post pandemic, coupled with cost of living headwinds. There were some school group bookings, although trips were often limited to UK waters as many children were without passports. Our young sailors continue to be amazed by the experience, making new friends amongst their peer groups and enjoying the responsibility of sailing such a unique vessel. We also hosted several charities that support young people with various needs, including physically disabled youngsters who embraced the challenge whilst sailing the River Orwell. Other sails included a Dawn Cruise, to celebrate the Summer Solstice, plus several trips to Amsterdam during August and September with Duke of Edinburgh Award participants.

Working alongside the RN&SYC, Associated British Ports, and Lowestoft Town Council the Trust organised and delivered a hugely successful International Smack Race and Vessels Festival during the last weekend of July 2022 as part of the delayed centenary celebrations from 2021. The event was free to attend and thousands of spectators came to Lowestoft to watch the fleet of 25 historic sailing smacks and smaller rigged boats racing off the Suffolk coastline. The well attended Vessels Festival was held on the South Quay and celebrated Lowestoft’s rich and diverse maritime heritage with music, demonstrations, history, food, stalls and displays.

The Trust was awarded a second grant from the Heritage Lottery Fund of £65,400 to cover core operational costs over a 5 month period from November 2021 to end March 2022. This enabled the Trust to continue to employ its crew and support staff plus the winter refit took place including major galley and electrical repairs. We also continued to benefit from generous donations from many charitable donors via our Appeal. These donations and grants have enabled the Trust to survive one of the greatest challenges this organisation has endured in the last 20 years. We worked to keep our paid crew employed, the Excelsior Trust’s ship sailing, and still provide a high level of heritage experiences and education to a wide range of customers, spanning school children to maritime tourists.

Recruitment for a permanent Skipper continued to be difficult, and we were often reliant on relief Skippers in the early part of the season. Within UK ‘sail training organisations’ there is a deficit of Skippers partly due to the COVID pandemic, Brexit and people choosing alternative and stable career paths. We continued to train our First Mate and Boatswain, and promoted our First Mate to Skipper in July 2022 whilst our Boatswain was promoted to First Mate in April 2023. We took the decision to hire two job-share Boatswains from November 2022 to work with the Refit Manager on the 22-23 winter refit and to increase our skill base.

Financial review

The Trust had net expenditure for the year of £34,970 (2021: net income £93,842) as shown on page 5 of the accounts.

Reserves policy

As at 30 November 2022 the charity had unrestricted free reserves of £18,287 (2021: £37,330). As at 30 November 2022 restricted funds of £50,860 (2021: £65,835) were held. The Trustees have always previously recognised the need to build up free (liquid) reserves and during the year ended 30 November 2021 the charity was fortunate to receive a grant of £30,900 from the Heritage Lottery Fund for this purpose. Together with second Heritage Lottery Fund awarded in 2022 plus the continued generosity of individual and corporate charitable donors this has put the charity on a sound financial position prior to the start of the 2023 season. The trustees will continue to seek to maintain this position given the uncertainty of generating sales and grants within the post pandemic economic climate .

Plans for the future

We planned for a full 2023 sailing season with both school and charity bookings alongside charter sales from new markets and expanding our Daysail offering. However, achieving bookings has continued to be difficult partly due to the post pandemic environment, the squeeze on school budgets plus the cost of living crisis. We continue to monitor our costs closely plus seek grants wherever possible so we can continue to employ our crew and support staff. The Trust started to rebuild a 1906 shrimper ‘Horace and Hannah’ during lockdown and was commissioned ahead of the 2023 season by our patron, HRH Princess Anne, at a ceremony held in Ipswich.

Going concern

The accounts have been prepared on a going concern basis as although the trustees recognise that the Trust is reliant on grant income to help meet their operational costs, they are confident that planned fundraising activities together with investment in sales and marketing activities will be sufficient to generate funds to meet those needs in the next 12 months.

Page 2

The Excelsior Trust

Trustees' Annual Report

Year ended 30 November 2022

Structure, Governance and Management

Governing Documents

The Excelsior Trust is a company limited by guarantee governed by its Memorandum and Articles of Association. The company operates as a charitable trust registered with the Charity Commission.

Recruitment, Appointment and Training of Trustees

The number of trustees shall be not less than three nor more than twelve in number. The trustees, in accordance with the Articles of Association, may appoint any member of the trust as a trustee provided that the prescribed maximum is not exceeded.

Trustees shall be persons who through occupation, employment or otherwise have special knowledge of the area of benefit or who are otherwise able, by virtue of their personal or professional qualifications, to make a contribution to the pursuit of the objects of the charity.

All new trustees will be provided with:

The Trustees during the year are listed on page 1. In accordance with the Articles of Association J Campbell and J D H Irving will retire by rotation and, being eligible, will offer themselves for re-election.

The trustees are directors within the meaning of the Companies Act 2006.

Risk Management

The major risks to which the Trust is exposed, as identified by the Trustees, have been reviewed and systems have been established to mitigate these risks.

Organisational Structure

The Council of Management is responsible for the management of the Trust's activities and holds regular meetings. The Trustees form the Council of Management, together with additional members who are not trustees.

Related Parties

The Trust owns the whole of the share capital in Excelsior Trading Limited which was formed to carry out the trading operation of the slip at Prior's Yard. The company has been dormant for many years.

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

Independent examiner

A resolution to reappoint Mark Proctor FCA DChA as independent examiner for the ensuing year, will be proposed at the Annual General Meeting.

Signed on behalf of the Trustees on 28 July 2023.

J O Campbell – Chairman

Page 3

The Excelsior Trust

Independent Examiner's Report

Year ended 30 November 2022

I report to the charity trustees on my examination of the accounts of the charity for the year ended 30 November 2022 which are set out on pages 5 to 15.

Responsibilities and basis of report

As the charity trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the financial statements 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 your company's financial statements as 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 material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

1 accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or

During my examination I have considered the adequacy of the disclosure in note 2(m) to the financial statements concerning the charity's ability to continue as a going concern. The results for the year ended 30 November 2022 indicate a need for the charity to continue to receive financial support through grants, which the Trustees are actively applying for.

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.

Mark Proctor FCA DChA Independent Examiner Lovewell Blake LLP Chartered Accountants

Bankside 300 Peachman Way Broadland Business Park Norwich Norfolk NR7 0LB

11 August 2023

Page 4

The Excelsior Trust

Statement of Financial Activities including Income and Expenditure account)

Year ended 30 November 2022

----- Start of picture text -----
Notes Unrestricted Restricted 2022 2021
Funds Fund Total Total
£ £ £ £
Income from:
Donations and legacies 4 6,966 98,768 105,734 199,146
Charitable activities 5 70,106 - 70,106 38,792
Other income 6 1,794 - 1,794 3,613
Total income 78,865 98,768 177,633 241,551
Expenditure on:
Raising funds 7 6,891 6,518 13,409 10,795
Charitable activities 8 91,969 107,225 199,194 136,914
Total expenditure 98,860 113,743 212,603 147,709
Net income before
transfers between funds (19,995) (14,975) (34,970) 93,842
Transfers between funds 18 - - - -
Net income and
net movement in funds (19,995) (14,975) (34,970) 93,842
Reconciliation of funds
Total funds brought forward 813,872 65,835 879,707 785,865
Total funds carried forward 18 793,877 50,860 844,737 879,707
----- End of picture text -----

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The notes set out on pages 7 to 15 form an integral part of the accounts.

Page 5

The Excelsior Trust

Balance Sheet

Year ended 30 November 2022

----- Start of picture text -----
Year ended 30 November 2022 Company number 01670772
Notes 2022 2021
£ £
Fixed assets
Tangible assets 11 591,088 592,040
Heritage assets 11 197,002 197,002
788,090 789,042
Investment 12 2,500 2,500
790,590 791,542
Current assets
Stocks 13 1,042 1,464
Debtors : due in one year 14 18,365 20,190
Debtors : due after one year 15 15,000 22,500
Cash at bank and in hand 69,538 97,624
103,945 141,778
Creditors : Amount falling due within one year 16 (34,798) (38,614)
Net current assets 69,147 103,165
Creditors : Amount falling due after more than one year 17 (15,000) (15,000)
Net assets 844,737 879,707
Funds of the charity
Unrestricted funds 18 618,877 638,872
Revaluation reserve 18 175,000 175,000
793,877 813,872
Restricted funds 18 50,860 65,835
Total funds 844,737 879,707
----- End of picture text -----

For the year ended 30 November 2022 the charitable company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Trustees’ responsibilities:

These financial statements have been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006.

These financial statements were approved by the board of trustees and authorised for issue on 28 July 2023, and are signed on behalf of the board by:

J O Campbell – Chairman

The notes set out on pages 7 to 15 form an integral part of the accounts.

Page 6

The Excelsior Trust

Notes to the Accounts

Year ended 30 November 2022

1 General information

The Charity is a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales.

The address of the registered office is Bankside 300, Peachman Way, Broadland Business Park, Norwich, Norfolk, NR7 0LB.

2 Accounting policies

The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year and in the preceding period.

(a) Basis of accounting

The accounts have been prepared on a going concern basis under historical cost convention, as modified to include investment assets at fair value, in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and the Companies Act 2006.

The charity constitutes a public benefit entity as defined by FRS 102.

(b) Fund accounting

(c) Income

All income is included in the Statement of Financial Activities when the Charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular sources of income:

Page 7

The Excelsior Trust

Notes to the Accounts

Year ended 30 November 2022

2 Accounting policies continued

(d) Expenditure

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes VAT which cannot be recovered, and is reported as part of the expenditure to which it relates:

(e) Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

(f) Tangible fixed assets

Fixed assets are stated at cost less accumulated depreciation. Depreciation is provided at rates calculated to write off the cost of each asset over its expected useful life. The annual depreciation rates are:

• Yard nil • Equipment 25% reducing balance • Vessel Straight line over 25 years

(g) Heritage assets

The trust holds heritage assets, which are tangible fixed assets of historical, artistic or scientific importance held to advance preservation and conservation objectives of the trust.

Depreciation on heritage assets is calculated to write off the cost or valuation, less estimated residual value, of each asset by equal annual instalments over its expected useful economic life as follows:

(h) Consolidation

As the trust's wholly owned subsidiary was dormant throughout the year consolidated accounts have not been prepared and note 12 provides adequate details relating to the nature of the subsidiary.

(i) Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

(j) Debtors and creditors payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

(k) Cash at bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less.

Page 8

The Excelsior Trust

Notes to the Accounts

Year ended 30 November 2022

2 Accounting policies continued

(l) Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowances for obsolete and slow moving items.

(m) Going concern

The accounts have been prepared on a going concern basis as although the trustees recognise that the Trust is reliant on grant income to help meet their operational costs, they are confident that planned fundraising activities together with investment in sales and marketing activities will be sufficient to generate funds to meet those needs in the next 12 months.

Liabilities due within one year includes £15,000 loaned from former Trustees, who have indicated they will not require payment of these loans in the medium term.

3 Net income

Net income is stated after charging:
Depreciation
Independent examiner
4 Income from donations and legacies
Donations and supporter subscriptions
Local authority cornovirus support		 Unrestricted
Funds
£
6,966
-
6,966		 Restricted
Funds
£
98,768
-
98,768		 2022
Total
£
952
1,595
2022
Total
£
105,734
-
105,734		 2021
Total
£
1,067
1,540
2021
Total
£
171,089
28,057
199,146

During the year ended 30 November 2022, £6,966 of income from donations legacies was unrestricted (2021: £55,751) and £98,768 was restricted (2021: £143,395)

During the year ended 30 November 2022 government grants of £Nil were receivable (2021:£ 29,307).

5 Income from charitable activities
Charter income
Rent and service charges		 Unrestricted
Funds
£
51,356
18,750
70,106		 Restricted
Funds
£
-
-
-		 2022
Total
£
51,356
18,750
70,106		 2021
Total
£
13,792
25,000
38,792

During the years ended 30 November 2022 and 2021 all income from charitable activities was unrestricted.

6 Other income
Other Income		 Unrestricted
Funds
£
1,794
1,794		 Restricted
Funds
£
-
-		 2022
Total
£
1,794
1,794		 2021
Total
£
3,613
3,613

During the year ended 30 November 2022 and 2021 all other income was unrestricted.

Page 9

The Excelsior Trust

Notes to the Accounts

Year ended 30 November 2022

**7 ** Unrestricted
Restricted
Funds
Funds
Expenditure on raising funds
£
£
Fundraising consultancy
6,891
6,518		 2022
2021
Total
Total
£
£
13,409
10,795
6,891
6,518		 13,409
10,795
**8 ** Unrestricted
Restricted
Funds
Funds
Charitable activities
£
£
Sailing costs
8,303
6,769
Crew wages
30,049
50,610
Crew costs
7,551
637
Administration wages
18,620
7,380
Rates, water and sewage
1,636
-
Travelling
1,609
-
Boat repairs and renewals
1,652
-
30,573
Insurance
8,935
8,265
Telephone, postage and stationery
206
-
Advertising costs
2,450
1,693
General expenses
4,246
293
Professional fees
3,573
-
Depreciation - equipment
952
-
Bank charges
1,151
-
Governance cost (see below)
4,339
1,005
During the years ended 30 November 2022 £6,891 was unrestricted (2021: £10,795)
(2021: £Nil).		 2022
2021
Total
Total
£
£
15,072
3,353
80,659
47,984
8,188
6,202
26,000
15,945
1,636
1,818
1,609
2,115
28,921
28,254
17,200
14,199
206
308
4,143
5,593
4,539
2,109
3,573
628
952
1,067
1,151
1,003
5,344
6,336
and £6,518 was restricted
91,969
107,225		 199,194
136,914
Accountancy fees
2,744
1,005
Independent examination fee
1,595
-		 3,749
4,488
1,595
1,540
4,339
1,005		 5,344
6,028

During the year ended 30 November 2022, £92.262 of charitable activities costs was unrestricted (2021: £55,714) and £107,225 was restricted (2021: £81,200).

9 Staff costs and emoluments

Total staff costs were as follows:
Wages and salaries
Social security costs
Pension costs		 2022
£
104,934
525
1,200
106,659		 2021
£
63,250
-
679
63,929

During the year the Trust employed an average of 4 (2021: 3) members of staff. In addition 2 individuals were engaged at a cost of £26,000 (2021: 2 at £15,945) the costs of which are included above.

No employee received remuneration of more than £60,000 during the year (2021: no employees).

There were no key management personnel during this year or last.

Page 10

The Excelsior Trust

Notes to the Accounts

Year ended 30 November 2022

10 Trustee remuneration and expenses

No trustee received remuneration or expenses during this year or last, however some trustees were reimbursed for expenditure incurred on behalf of the Trust.

11 Tangible fixed assets
Cost or valuation
At 1 December 2021
Additions
At 30 November 2022
Depreciation
At 1 December 2021
Charge for the year
At 30 November 2022
Net book value
At 30 November 2022
At 30 November 2021		 Yard
£
581,065
-
581,065
-
-
-
581,065
581,065		 Equipment
£
17,400
-
17,400
15,439
553
15,992
1,408
1,961		 Vessels
Vessels
(tangible asset) (Heritage assets)
£
£
9,978
206,494
-
-
9,978
206,494
964
9,492
399
-
1,363
9,492
8,615
197,002
9,014
197,002		 Total
£
814,937
-
814,937
25,895
952
26,847
788,090
789,042

Summary of transactions

There have been no transactions relating to heritage assets in the past 7 years.

12 Investments

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 £5,956 at 30 November 2022 (2021 : £5,956).

13 Stock
Goods for resale at cost
14 Debtors
Other debtors
Prepayment and accrued income
Trade debtors
15 Debtors: due after one year
Accrued income
16 Creditors: Amounts falling due within one year
PAYE
Trade creditors
Accruals
Other creditors and deferred income		 2022
£
1,042
2022
£
3,752
12,500
2,113
18,365
2022
£
15,000
2022
£
948
3,293
1,795
28,762
34,798		 2021
£
1,464
2021
£
1,743
18,080
367
20,190
2021
£
22,500
2021
£
846
1,972
1,795
34,001
38,614

Page 11

The Excelsior Trust

Notes to the Accounts

Year ended 30 November 2022

16 Creditors: Amounts falling due within one year (continued)

Deferred income brought forward
Released during the year
Deferred during the year
Deferred income carried forward		 2022
£
33,943
(33,943)
28,555
28,555		 2021
£
39,939
(39,939)
33,943
33,943

Deferred income comprises rental income received in advance of 2023 and deposits paid for 2023 sailing bookings.

17 Creditors: Amounts falling due after more than one year

Former trustee loans
Funds
Funds at 30 November 2022
Restricted funds
National Historic Ships
Appeal
Appeal - Bursary
Great Yarmouth Borough Council
Headley Trust
Lowestoft Town Council
Heritage Lottery Fund
Unrestricted funds
General fund
Revaluation reserve
Total		 Balance at
1 December
2021
£
740
40,777
22,144
2,174
-
-
-
65,835
638,872
175,000
813,872
879,707		 Income
£
-
21,900
1,468
-
5,000
5,000
65,400
98,768
78,865
-
78,865
177,633		 2022
£
15,000
15,000
Expenditure Transfers
£
£
-
-
(29,400)
-
(6,769)
-
(2,174)
-
(5,000)
-
(5,000)
-
(65,400)
-
(113,743)
-
(98,860)
-
-
-
(98,860)
-
(212,603)
-		 2021
£
15,000
15,000
Balance at
30 November
2022
£
740
33,277
16,843
-
-
-
-
50,860
618,877
175,000
793,877
844,737

18 Funds

Page 12

The Excelsior Trust

Notes to the Accounts

Year ended 30 November 2022

----- Start of picture text -----
18 Funds (continued)
Funds at 30 November 2021 Balance at Balance at
1 December Income Expenditure Transfers 30 November
2020 2021
Restricted funds £ £ £ £ £
National Historic Ships 740 - - - 740
Appeal 10,777 57,800 (27,800) - 40,777
Appeal - Bursary 20,849 1,295 - - 22,144
Great Yarmouth Borough Council 2,174 - - - 2,174
Setterfield Trust - 2,000 (2,000) - -
Suffolk County Council - 1,000 (1,000) - -
Rachel Clayton/Shirley Newton 500 (500) - -
Heritage Lottery Fund - 80,800 (49,900) (30,900) -
34,540 143,395 (81,200) (30,900) 65,835
Unrestricted funds
General fund 576,325 98,156 (66,509) 30,900 638,872
Revaluation reserve 175,000 - - - 175,000
751,325 98,156 (66,509) 30,900 813,872
Total 785,865 241,551 (147,709) - 879,707
----- End of picture text -----

Unrestricted funds

Revaluation reserve

Relates to the valuation of the sail training vessel "Excelsior" by naval architects Crawford Maritime (Projects) Limited in November 1991.

A further revaluation of the vessel conducted by E Hugh Lamb C.Eng, M.I.MarE, M.R.I.N.A in April 2000 attached a value to the vessel of £185,000. The trustees considered it prudent therefore to restate the vessel at the original valuation of £175,000 with the accumulated depreciation to date returned to the general funds. This was carried out in the financial statements for the year ended 30 November 1999.

The trustees consider that the economic cost of utilising the asset is already reflected in the Statement of Financial Activities and see no reason to provide for depreciation. The trustee intend to maintain a policy of five year revaluation with regular consideration given to the value of the vessel and the need for impairment reviews. As at 30 November 2022 the valuation was considered to be unchanged.

Restricted funds

National Historic Ships Appeal Fund

Great Yarmouth Borough Council

Setterfield Trust and Suffolk County Council

Rachel Clayton and Shirley Newton

Heritage Lottery Fund

Headley Trust

Lowestoft Town Council

The grant received during 2008, of which the majority was spent in that year, was for the funding of signage at the base.

Represents funds received through an appeal towards the future costs of a skippers salary, refurbishment costs, a bursary fund and administration costs. The grant received during 2010 was towards the upkeep of the Horace & Hannah Shrimper currently in the stewardship of the Trust.

Funding received during 2021 towards the cost of a replacement stove onboard the ship Excelsior. These funds were fully expended during the year.

Donation received during 2021 from Rachel Clayton, in memory of her mother Shirley Newton, towards the cost of a depth sounder onboard the ship Excelsior. These funds were fully expended during the year.

Funding received during 2021 of which £49,900 related to core expenditure over the period 1 April 2021 to 30 September 2021 including salaries, refit and marketing costs. These funds were fully expended during the year. A further £30,900 was provided for our financial reserves and is unrestricted in future use. In addition to these funds further funds of £65,400 were received for the period 1 October 2021 to 31 March 2022. Funding received during 2022 for the refurbishment of Horace & Hannah Shrimper.

Funding granted during 2022 towards the International Smack Race and Vessels Festival.

Page 13

The Excelsior Trust

Notes to the Accounts

Year ended 30 November 2022

19 Analysis of net assets between funds

Funds assets at 30 November 2022

Restricted funds
National Historic Ships
Appeal
Appeal - Bursary
Lowestoft Town Council		 Tangible
Investments
Cash
Net current
Balance
Assets
assets / (liabilities)
£
£
£
£
£
-
-
740
-
-
740
-
-
10,777
22,500
-
33,277
-
-
16,843
-
-
16,843
-
-
(5,000)
5,000
-
-
Liabilities due
after one year
Unrestricted funds
General fund
Revaluation reserve		 -
-
23,360
27,500
-
50,860
613,090
2,500
46,178
(27,891)
(15,000)
618,877
175,000
-
-
-
-
175,000
788,090
2,500
46,178
(27,891)
(15,000)
793,877
788,090
2,500
69,538
(391)
(15,000)
844,737
Funds assets at 30 November 2021
Restricted funds
Tangible
Investments
Cash
Net current
Balance
Assets
liabilities
£
£
£
£
£
National Historic Ships
-
-
740
-
-
740
Appeal
-
-
8,277
32,500
-
40,777
Appeal - Bursary
-
-
22,144
-
-
22,144
-
-
2,174
-
-
2,174
Great Yarmouth
Borough Council
Liabilities due
after one year
Unrestricted funds
General fund
Revaluation reserve		 -
-
33,335
32,500
-
65,835
614,042
2,500
64,289
(26,960)
(15,000)
638,872
175,000
-
-
-
-
175,000
789,042
2,500
64,289
(26,960)
(15,000)
813,872
789,042
2,500
97,624
5,541
(15,000)
879,707

Page 14

The Excelsior Trust

Notes to the Accounts

Year ended 30 November 2022

20 Company limited by guarantee

The company is limited by guarantee. Each member of the company undertakes to contribute such amount (not exceeding £10) as may be required in the event of a winding up.

21 Operating leases

As lessor

The total future minimum lease payments receivable under non-cancellable operating leases are as follows:

Not later than 1 year
Later than 1 year and not later than 5 years
Later than 5 years		 2022
£
-
-
-
-		 2021
£
25,000
97,917
-
122,917

The Excelsior Trust lease out The Excelsior Yard Harbour. The lease of the premises was withdrawn in February 2023.

22 Related party transactions

During the year unrestricted donations and cruise income of £2,330 (2021: £196) were received from the Trustees.

During the year ended 30 November 2021, Dr E Sherwood (wife of A H C Sherwood - trustee until 16 June 2021) invoiced the charity £4,510 for the provision of treasurer and accountancy services throughout the year. At the 30 November 2021 £215 was owing to Dr E Sherwood.

During the year ended 30 November 2021, O Sherwood (son of A H C Sherwood - Trustee until 16 June 2021) was employed by the charity with total costs of £7,500.

Expense were paid to four Trustee's amounting to £5,920 (2021: Nil)

Page 15