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2023-11-30-accounts

The Excelsior Trust

Report and Financial Statements For the year ended 30 November 2023

Charity number 285899 Company number 01670772

The Excelsior Trust

Contents

Year ended 30 November 2023

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 2023

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 2023 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)
J D H Irving
A Taylor
J C S Wylson
Treasurer Dr E Sherwood
Secretary 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 2023

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. Since 1990, Excelsior has taken approximately 11,000 young people to sea. The Trust also 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

The sailing season began with a visit to Excelsior by our patron HRH Princess Anne, where she also recommissioned our restored 1906 Yarmouth Shrimper Horace and Hannah. We are delighted that HRH Princess Anne has agreed to continue her patronage for another 3 years. The Trust’s restoration work of Horace and Hannah also won a Preservation Award from the National Transport Trust. Our VicePresident and Founder John Wylson won a Lifetime Achievement Award from the RYA in recognition of his work in rescuing and restoring Excelsior. In addition, our volunteer, Colin Barton, won ‘Volunteer of the Year’ from the National Historic Ships and our young training volunteer, Gordon Royall, won an award from ASTO for his work on Excelsior. Excelsior was also featured on the Channel 5 series Norfolk and Suffolk at the beginning and end of every advert break, with a special feature in Episode 4.

Despite these achievements, 2023 remained a difficult sailing season for Excelsior with reduced bookings from schools and charities, largely due to tighter school budgets, cost of living pressures and time required in building back our customer base following the impact of COVID. We were still able to make voyages to Kent, Holy Island, and Belgium with both adult, school and charity groups plus took part in one leg of the Tall Ships Race from the Netherlands to Hartlepool.

At the end of January 2023, the Trust was obliged to repossess the Excelsior Yard, which generated considerable legal expenses and a shortfall in revenue in the short-term. The Trust is now managing the yard direct, subletting buildings and moorings which will correct the financial situation. Following the tenancy, the shipyard is in a dilapidated condition and the Trust is working towards winning grants for the refurbishing of existing buildings plus the provision of new buildings and equipment to further develop both the premises and additional profit centres ashore.

We continue to employ our full-time Skipper (promoted from First Mate in 2022), throughout 2023. She has been instrumental in pioneering new projects during the Season, for example ‘Harbouring Potential’- a collaboration with local maritime employers to encourage young people and job seekers to consider working in the maritime industry by giving them a taste of a life at sea aboard Excelsior. Sadly, our First Mate (promoted from Bosun) departed Excelsior at the end of the sailing season to sail on international waters both in the Atlantic and around Australia. Our Refit Manager is now our Yard and Refit Manager, responsible for both maintaining and refurbishing the yard and the rental of moorings and sub-let of the various buildings as well as the winter refit of Excelsior. Our two Bosuns continued to work on the refit and the yard throughout the winter season.

Financial review

The Trust had net expenditure for the year of £55,782 (2022: net expenditure £34,970) as shown on page 5 of the accounts.

Reserves policy

As at 30 November 2023 the charity had no free reserves. Unrestricted current liabiltiies exceeded current assets by £39,726 (2022: free reserves of £18,287). As at 30 November 2023 restricted funds of £53,785 (2022: £50,860) were held. The trustees are working to improve the current net liabilities position by maximizing the income potential of the yard plus working on various grant applications to both assist in improving the yard and our financial resilience following the impact of the pandemic and other global economic factors. The Trust continues to be indebted to the overwhelming generosity of many charitable donors, without which the Trust could not survive.

Plans for the future

The Trust and its employees’ have worked extremely hard on putting in place a full and successful 2024 sailing season. We have seen the very successful appointment of a new Sales Administrative staff member in the early part of the financial year plus welcomed a new First Mate from April 2024. The 2024 season will see Excelsior sail further than for many years, with trips to the Faroes, Norway and participation in the Tall Ships Race in the Baltic. Sales income is expected to exceed £100,000 for the 2024 financial year. We are also thankful for a substantial donation which enabled our slipways to be repaired and has unlocked the potential for further revenue streams. Two new trustees were also appointed during the Financial Year and we expect to appoint a further 3 very soon. They all bring relevant skills in both maritime and business acumen.

Whilst the Trust has been able to correct the trading position, the difficult financial situation, both macro and micro, has cost our financial reserves and fundraising continues to be an essential activity. The Trust are extremely grateful to the continued generosity of our donors and volunteers who so willingly continue to go the extra mile for the Trust.

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 2023

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 A A Taylor and J C S Wylson 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 actions have been taken 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 21 August 2024.

J O Campbell – Chairman

Page 3

The Excelsior Trust

Independent Examiner's Report

Year ended 30 November 2023

I report to the charity trustees on my examination of the accounts of the charity for the year ended 30 November 2023 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 2023 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

22 August 2024

Page 4

The Excelsior Trust

Statement of Financial Activities including Income and Expenditure account)

Year ended 30 November 2023

----- Start of picture text -----
Notes Unrestricted Restricted 2023 2022
Funds Fund Total Total
£ £ £ £
Income from:
Donations and legacies 4 52,161 23,070 75,231 105,734
Charitable activities 5 92,420 - 92,420 70,106
Other income 6 9,044 - 9,044 1,794
Total income 153,624 23,070 176,694 177,633
Expenditure on:
Raising funds 7 13,216 - 13,216 13,409
Charitable activities 8 199,115 20,145 219,260 199,194
Total expenditure 212,331 20,145 232,476 212,603
Net income before
transfers between funds (58,707) 2,925 (55,782) (34,970)
Transfers between funds 18 - - - -
Net income and
net movement in funds (58,707) 2,925 (55,782) (34,970)
Reconciliation of funds
Total funds brought forward 793,877 50,860 844,737 879,707
Total funds carried forward 18 735,170 53,785 788,955 844,737
----- 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 2023

----- Start of picture text -----
Year ended 30 November 2023 Company number 01670772
Notes 2023 2022
£ £
Fixed assets
Tangible assets 11 590,394 591,088
Heritage assets 11 197,002 197,002
787,396 788,090
Investments 12 2,500 2,500
789,896 790,590
Current assets
Stocks 13 1,042 1,042
Debtors : due in one year 14 17,219 18,365
Debtors : due after one year 15 7,500 15,000
Cash at bank and in hand 16,888 69,538
42,649 103,945
Creditors : Amount falling due within one year 16 (28,590) (34,798)
Net current assets 14,059 69,147
Creditors : Amount falling due after more than one year 17 (15,000) (15,000)
Net assets 788,955 844,737
Funds of the charity
Unrestricted funds 18 560,170 618,877
Revaluation reserve 18 175,000 175,000
735,170 793,877
Restricted funds 18 53,785 50,860
Total funds 788,955 844,737
----- End of picture text -----

For the year ended 30 November 2023 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 21 August 2024 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 2023

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 2023

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 2023

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 £7,500 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 examination fee
4 Income from donations and legacies
Donations and supporter subscriptions
Local authority coronavirus support		 Unrestricted
Funds
£
52,161
-
52,161		 Restricted
Funds
£
23,070
-
23,070		 2023
Total
£
770
1,775
2023
Total
£
75,231
-
75,231		 2022
Total
£
952
1,595
2022
Total
£
105,734
-
105,734

During the year ended 30 November 2023, £65,847 of income from donations and legacies was unrestricted (2022: £6,966) and £23,070 was restricted (2022: £98,768)

5 Income from charitable activities
Charter income
Mooring and boat storage
Rent and service charges		 Unrestricted
Funds
£
43,338
13,686
35,396
92,420		 Restricted
Funds
£
-
-
-
-		 2023
Total
£
43,338
13,686
35,396
92,420		 2022
Total
£
51,356
-
18,750
70,106

During the years ended 30 November 2023 and 2022 all income from charitable activities was unrestricted.

6 Other income
Other Income		 Unrestricted
Funds
£
9,044
9,044		 Restricted
Funds
£
-
-		 2023
Total
£
9,044
9,044		 2022
Total
£
1,794
1,794

During the year ended 30 November 2023 and 2022 all other income was unrestricted.

Page 9

The Excelsior Trust

Notes to the Accounts

Year ended 30 November 2023

**7 ** Expenditure on raising funds
Fundraising consultancy		 Unrestricted
Restricted
2023
2022
Funds
Funds
Total
Total
£
£
£
£
13,216
-
13,216
13,409
13,216
-
13,216
13,409
**8 ** Charitable activities
Sailing costs
Crew wages
Crew costs
Administration wages
Rates, water and sewage
Travelling
Boat repairs and renewals
Insurance
Telephone, postage and stationery
Advertising (including website)
General expenses
Professional fees
Depreciation - equipment
Profit on disposal of fixed assets
Bank charges
Bad debt expense
Governance costs (see below)
During the year ended 30 November 2023
and £Nil was restricted (2022: £6,518).		 Unrestricted
Restricted
2023
2022
Funds
Funds
Total
Total
£
£
£
£
2,804
7,340
10,144
15,072
87,592
500
88,092
80,659
8,967
-
8,967
8,188
19,080
400
19,480
26,000
1,706
-
1,706
1,636
4,251
-
4,251
1,609
24,471
-
24,471
28,921
16,968
-
16,968
17,200
178
-
178
206
1,666
-
1,666
4,143
15,115
11,905
27,020
4,539
7,730
-
7,730
3,573
770
-
770
952
(76)
-
(76)
-
1,304
-
1,304
1,151
936
-
936
-
5,654
-
5,654
5,344
£13,216 of expenditure on raising funds was unrestricted (2022: £6,891)
199,115
20,145
219,260
199,194
Accountancy fees
Independent examination fee		 3,879
-
3,879
3,749
1,775
-
1,775
1,595
5,654
-
5,654
5,344

During the year ended 30 November 2023, £199,172 of charitable activities costs was unrestricted (2022: £91,969) and £20,145 was restricted (2022: £107,225).

9 Staff costs and emoluments

Total staff costs were as follows:
Wages and salaries
Social security costs
Pension costs		 2023
£
105,808
98
1,666
107,572		 2022
£
104,934
525
1,200
106,659

During the year the Trust employed an average of 5 (2022: 4) members of staff. In addition 1 individual was engaged at a cost of £28,000 (2022: 2 at £26,000) the costs of which are included above.

No employee received remuneration of more than £60,000 during the year (2022: 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 2023

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 2022
Additions
Disposals
At 30 November 2023
Depreciation
At 1 December 2022
Eliminated on disposal
Charge for the year
At 30 November 2023
Net book value
At 30 November 2023
At 30 November 2022		 Yard
£
581,065
-
-
581,065
-
-
-
581,065
581,065		 Equipment
£
17,400
-
(2,625)
14,775
15,992
(2,701)
371
13,662
1,113
1,408		 Vessels
Vessels
(tangible asset) (Heritage assets)
£
£
9,978
206,494
-
-
-
-
9,978
206,494
1,363
9,492
-
-
399
-
1,762
9,492
8,216
197,002
8,615
197,002		 Total
£
814,937
-
(2,625)
812,312
26,847
(2,701)
770
24,916
787,396
788,090

Summary of transactions

There have been no transactions relating to heritage assets in the past 8 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 2023 (2022 : £5,956).

13 Stock
Goods for resale at cost
14 Debtors
Other debtors
Prepayments 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		 2023
£
1,042
2023
£
5,377
7,500
4,342
17,219
2023
£
7,500
2023
£
1,305
8,242
3,367
15,676
28,590		 2022
£
1,042
2022
£
3,752
12,500
2,113
18,365
2022
£
15,000
2022
£
670
3,293
1,795
29,040
34,798

Page 11

The Excelsior Trust

Notes to the Accounts

Year ended 30 November 2023

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		 2023
£
28,555
(28,555)
3,287
3,287		 2022
£
39,939
(39,939)
28,555
28,555

Deferred income comprises rental income received in advance of 2024 and deposits paid for 2024 sailing bookings.

17 Creditors: Amounts falling due after more than one year

Former trustee loans
Funds
Funds at 30 November 2023
Restricted funds
National Historic Ships
Appeal
Appeal - Bursary
Setterfield Trust
Unrestricted funds
General fund
Revaluation reserve
Total		 Balance at
1 December
2022
£
740
33,277
16,843
-
50,860
618,877
175,000
793,877
844,737		 Income
£
-
-
8,070
15,000
23,070
153,624
-
153,624
176,694		 2023
£
15,000
15,000
Expenditure Transfers
£
£
(82)
-
-
-
(7,340)
-
(12,723)
-
(20,145)
-
(212,331)
-
-
-
(212,331)
-
(232,476)
-		 2022
£
15,000
15,000
Balance at
30 November
2023
£
658
33,277
17,573
2,277
53,785
560,170
175,000
735,170
788,955

18 Funds

Page 12

The Excelsior Trust

Notes to the Accounts

Year ended 30 November 2023

18 Funds (continued)

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
Expenditure
Transfers
£
£
£
-
-
-
21,900
29,400
-
-
1,468
6,769.00
-
-
-
(2,174)
-
5,000
(5,000)
-
5,000
(5,000)
-
65,400
(65,400)
-
98,768
(113,743)
-
78,865
(98,860)
-
-
-
-
78,865
(98,860)
-
177,633
(212,603)
-		 Balance at
30 November
2022
£
740
33,277
16,843
-
-
-
-
50,860
618,877
175,000
793,877
844,737

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 2023 the valuation was considered to be unchanged.

Restricted funds

National Historic Ships Appeal Fund

Great Yarmouth Borough Council 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 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.

Setterfield Trust

Funding received during 2003 towards the repair of the slipway at the Excelsior Yard.

Page 13

The Excelsior Trust

Notes to the Accounts

Year ended 30 November 2023

19 Analysis of net assets between funds

Analysis of net assets between funds Analysis of net assets between funds
Funds assets at 30 November 2023
Restricted funds
Tangible
Investments
Cash
Net current
Balance
Assets
assets / (liabilities)
£
£
£
£
£
National Historic Ships
-
-
658
-
-
658
Appeal
-
-
25,777
7,500
-
33,277
Appeal - Bursary
-
-
17,573
-
-
17,573
Setterfield Trust
2,277
-
-
2,277
Liabilities due
after one year
Unrestricted funds
General fund
Revaluation reserve		 -
-
46,285
7,500
-
53,785
612,396
2,500
(29,397)
(10,329)
(15,000)
560,170
175,000
-
-
-
-
175,000
787,396
2,500
(29,397)
(10,329)
(15,000)
735,170
787,396
2,500
16,888
(2,829)
(15,000)
788,955
Funds assets at 30 November 2022
Restricted funds
Tangible
Investments
Cash
Net current
Balance
Assets
assets / (liabilities)
£
£
£
£
£
National Historic Ships
-
-
740
-
-
740
Appeal
-
-
10,777
22,500
-
33,277
Appeal - Bursary
-
-
16,843
-
-
16,843
Lowestoft Town Council
-
-
(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)
574,442
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

Page 14

The Excelsior Trust

Notes to the Accounts

Year ended 30 November 2023

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		 2023
£
-
-
-
-		 2022
£
-
-
-
-

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

22 Related party transactions

Unrestricted donations totalling £100 were received from Trustees during the year (2022: £2,330 unrestricted donations and cruise income).

Expenses of £250 were paid to one trustee during the year (2022: four trustees, £5,920).

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