2024-11-30-accounts

The Excelsior Trust Report and Financial Statements For the year ended 30 November 2024 Charlty number 285899 Company number 01670772

The Excelsior Trust Contents Year ended 30 November 2024 Page Trustees Annual Report Report ol the Independent Examiner Statement of Financial Activities Balance Sheet Notes lo the Accounts 8-16

The Excelsior Trust Trustees. Annual Report Year ended 30 November 2024 The trustees, who are also directors for the purposes of company law, present their report and the financial statements ol the company lor the year ended 30 November 2024 which are also prepared to meet the requirements lor a directors, report and accounts for Companies Act purposes. The financial statements have been prepared in accordan￿ 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 ol Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic ol Ireland published in October 2019. R8fer8nee and Adrninistrative Details Charity name Th8 Exc81510r Trust Charity number 285899 Company number 01670772 Registered addre88 Excelsioi Yard Harbour Road Oulton Broad Lowestoft Suffolk NR32 3LY Vice president and Trustse J Wson Trustee J O Campbell (Chairman) J D H Irving A Taylor J C S Wylson G Skews J Farrow lappointed 4 June 20251 M George lappointed 20 March 20251 D Nunn (appointed 5 June 20251 Treasurer R Dennes Secretary Birketts Secretaries Limited (until 23 June 20251 Executive Accountancy and Management Servi￿$ (from 23 June 20251 Bankers HSBC 34 London Road North Lowestoft Suffolk NR32 1EW RBS 5 Queen Street Norwich Norfolk NR2 4TL Independent examiner Mark Proctor FCA DChA Lovewell Blake LLP B8nkside 300 Peachm8n Way Broadland Busines5 Park NopNich NR7 OLB Page 1

The Excelsior Trust Trustees. Annual Report Year ended 30 November 2024 ObjectlV88 and Activities The princip￿ objective of the Trust is providing opportunities for youn9 people. through the 'ExTrlsior Experience lo achieve personal development. In order lo achieve this the Trust mainl8in5 and manages the Lowesloft Smack Ex*lsior. LT 472, a vessel of National Maritime Heritage signrficance. Since 1990, Excelsior has taken approximately 11,000 young p8opl& lo sea. The Trust also owns the Excelsior Yard which provh1es Income through tenanae8 and 88rv8s as a base for Excelsior. The Trust continues to revi8w its objectlV8S to 8nsur8 il makes a valid contribution to soci8ty. Through n￿Ssity, fundraising Is a￿ayS a key activity. PublAc benefft Th& Trustees have taken due regard lo the guidance published by the Charty Commissioners on Public Benefrt and consider that Excelsior'8 sail training activities fuKilled the Public B8nefrt le8t. Achievements and perforrnance ExTrlsior was proud to be Invited lo be the first vessel to sail under Lowestoft's new Gull Wing Bridge ai its vfficial opening by our Patron, Her Royal Highness The Princess Anne. A resounding three cheer5 for HRH could be he8rd up on the bridge as the bo8t passed through wa5 seen by hundred of spectators gathered for the occasion. Her Royal Highness remains an enthusi851ic and interested 5UPPOrter of the wotk of our Tru51 sinTr she commissioned Excelsior in 1988 an(1 becoming our Royal Patron in 2020. In a groundbreaking moment for UK maritim& heritage. the Exc&lsior Trust was awarded the prestigious Sultan Qaboos Trophy for Outstanding Services 10 Sail Training for Young Peopl￿the fitst time a UK sail training tharily has earned this accolade. The award wa$ presenle(l al the Sail Training International ISTII award5 ceremony held in Northern Spain in November and was proudly aGcepled by the Trust's Skipper. Chadotte Halhaway. Ex￿lS1Or also had 8ward winners al the East Anglian Maritime Awards for Norfolk. Debbie Carter (Young al Heart calegoryl, Gabriel Thornton (Proficiency Afloat), Louis Broughlon (Proficiency Afloall and Harry Morfitt IProficiency Ashore). These awards were well deserved afl&r 8 fantastic summer al sea. EAMA was launched with the aim of encouraging more young peopk Into the industry across Suffolk, Essex and Norfolk. Excelsior had an outstanding year with a full and varied season including an Artists Residency in the North Atlantic l$land$ sponsored by Mark Cator and The Ranworth Trust and participation in all the leg$ of this year'5 Internaiional Tall Ship$ RaGe5 in the BattiG. During the year a 8ub8tantial inw8slment was made in ra181ng the MCA rating of Excelsior to a Category O. as a resuh we ar8 now b8 able to S2il without 2ny area restrictions. 2024 has also been a great success for the Excelsior yard following ils repossession in 2023. All three workshops were kased, the classroom has been completely r&furb18hed and 18 awaiting a new tenant, and building up th8 skillsel within Excelsior Yard has allowed the 8tart of replacing the trad￿$ of Slip No.1 to Incr8as8 th8 numbèr of cu8tom8rs wh088 boats can be 81ipped for repairs and suN8y8. Addilionalty, 5tsrted a 5ucce55ful relalionship wlh a local charity Barge No9. Their goal 15 to rebuild an historical steel barge, providing meeting 8nd volunteering places for local disadvantaged a(lu115. Our Trust provided f8cilities lo rep8ir. rep8int and Trrtify the hull last surllmer and Tlloofings lo refrt the iDleriors lo the required standard in their plan5. All the works are planned lo be finished by the end of 2025. Our small marina gol a new decking. electrical upgrade and extra lighting, providing improved facilities lo boat owners who Tlloor their vessels there. Since the beginning of the summer, our pontoons have been fully occupied which gave us the opportunity lo create a small, family-friendly community of happy boat owners. Page 2

The Excelsior Trust Trustees, Annual Report Year ended 30 November 2024 Financial review The Trust had net income for the year of £11,525 12023". net expenditure £55,782) as shown on page 6 of the Reserves policy As al 30 November 2024 the Charity had no free reserves. Unrestricted Nel current li8bililies exceeded current assets by £42,412 12023.. unrestricted current liabiltiies exceeded current assets by £39,726). As at 30 November 2024 restricted funds of 253,67312023.. £53,785) were held. The trustees are working to itnpiove the current nel 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 finanaal resilience following the impact of the pandemic and other global economic factors. The Trust continues lo be indebted lo the oveTwhelming 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 and delivering a full and Su￿88ful 2024 sailing season. We look to continue this into 2025 8nd will be taking part in the Tall Ships Races again (sailing from Le Havre to Dunkirk, to Aberdeen, to Kristiansand, to Esbjergl. Plus some exciting adventures a150 open to adult5 and looking to ext8nd activities at Excelsior's Yard. The Trust has worked hard to correct the trading position. the difficult financial situation of prior years. both macro and micro, has cost our linanaal reserves and fundraising continues to be an essential component. The Trust are extremely gi8teful to the w)nlinued generosity of our donors and volunteers who 50 willingly continue to go the extra mile lor 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 togelhei wlh investment in sales and marketing activities will be sufficient to geneiale funds lo meet those needs in the next 12 months. Page 3

The Excelsior Trust Twstee$' Annual Report Year ended 30 November 2024 Structure, Govemance and Management Governing Documents The Excelsior Trust is a cOM￿nY Ilmited by guaf8ntee governed ty Its Memorandum and Artides of A$$oci811¢n. The ¢OtnP¥ny QP8rats8 as a th8ritsb￿t[Vst rsgist&rÈd with tht Charity Cotnrnison. Recrurfment Appointnmrtand Tlaining olTrtths The number ol trustees shall be not les5 Ih8n th￿e nor More th2n hvelve In num￿Er. The tsustees, In 8ccord8nce with the Arti¢les DI Asswiabon, m¥y $ppoint 8ny mmber ¢1 the trust 8$ 8 tru¥t provided th$t the pre$¢n￿o m$ximum 1$ not exceeded. Trustees sh811 be persons who thr￿gh w¢upatI￿. emKAoymenlor otherwlse have 8pe¢l81 knowledge ol the of benefll or who ?re othepMSP able, by virtu& of their p8rson$l or profèssion$l qu¥lthtsiith$. 10 tn¥ke a ¢ontri￿J￿0rn to the pursuii of tho objects of the charity. I newlruslees ￿11 be provided ¥￿. .The ooveming dwumenl ollhecharity .The lalesl financial slalemenls of the tharity . Details of Charitycommission guidance The E88enbal Ttustee. lthal you lo kncw, you lo do." The Trus￿¢$ during the ye8r8E lis￿d on page 1. In a¢¢ordan¢e ￿th the Arb¢le8 of Aswatson J ¢ampbell, J D H INing and G SkwswiII retirt by rotabon $nd, being eligibl¥, will offrlhetnsefv&sforre4ethOn. The Irusi$$fe directorswrfhin the mtranino of the C¢mp¥nièsA¢t 20W. Rlskmanagement The major risksto whith the Twsl Is exposed. as Identified by ihe Trustees. have been revEvied and acbons have been taken to mitigate these risks. OryaJJlsaUonalStructu The Council of Management is resWnSi￿e for the m8nagetneTrl of Ihp Ttusfs actwilies and holds regular meebngs. The Trustees form the Council of Management. logetherwilh additional Tnemberswho are noltru5tses. RelatedPartigs The Trust owns the whole of the share cawtal in Excelsior Trading Limited which was forffled lo carryoutthetrading operation olthe slip * Prlor's Yard. Thecompany has been dDrm8nlfor manyye8r3. Smll¢omp4nypwvision$ This rewrt has b8en prepared in with the prows￿& applicable to comp8nip6 enbued to the stnall cotnpanies exemption. Independentexarnlner A resolution lo reappoint Matk Prodor FCA DChA a5 independent e¥8rnjner for the ensuing ye¥r, wll be proposed at the Annual CeDeral Mepling. Signed on bphalf of the Trustees on 22A￿9￿St2￿2s. J O Campbell- Chairman Pap4

The Excelsior Trust

Independent Examiner's Report

Year ended 30 November 2024

I report to the charity trustees on my examination of the accounts of the charity for the year ended 30 November 2024 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

• 2 the accounts do not accord with those records; or

• 3 the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair view' which is not a matter considered as part of an independent examination; or

• 4 the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

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 2024 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

25 August 2025

Page 5

The Excelsior Trust Statement of Financial Activities including Income and Exp8nditure account) Year ended 30 November 2024 Notes Unrestri¢ted Funds Resiri¢ted Fund 2024 Totsl 2023 Total Income from: Donation$ and legaries 99.365 23.333 122,698 75,231 Charitable activitie8 148.793 148,793 92.420 Other incorne 39,430 39,430 Total incorne 287,588 23,333 310,921 176,694 Expendiiure on.. Raising funds 10,362 10,362 13,216 Charitsble activities 265.589 23.445 289,034 219,260 Totsl expenditure 275,951 23,445 299,396 232,476 Net income before transfers ￿tween funds 11.637 11,525 155,7821 Transfers bets￿en funds 18 Net income and net movement in fund5 11,637 11,525 155,7821 Re¢rJn¢lllatlon of fund$ Totsl funds brought forward 735,170 53,785 788,955 844, 737 Totsl funds carried forwar 18 746,807 53,673 800,480 788,955 The statement of financial activities includes all gains and losses rewnised in the year. All income and expenditure derive from continuing activities. The notes set out on pages 8 to 16 form an Integral part of the a¢¢ounts. Page 6

The Excelsior Trust Balance Sheet Year ended 30 November 2024 Company number 01670772 Notes 2024 2023 Fixed asset8 Tangib￿ assets Heritage assets 589,717 197,002 590,394 197.002 786,719 787.396 Investment8 12 2,500 2.500 789,219 789.896 Current assets Stocks Debtors due in one year Debtors ' due after one year Cash at bank and in hand 13 14 15 1,042 32,986 7,042 17.219 7.500 16.888 34,028 42,649 Creditors - Amount falling due within one year 16 122,7661 128,590) Net current assets 11,261 14,059 Credltors . Amount falllng due after more than one year 17 115.0001 Net assets 800,480 788.955 Funds of the charity Unrestricted funds Revalu8tion reserve 18 18 571,807 175,000 560,170 175.000 746,807 735.170 Restricted funds 18 53,673 53.785 Total funds 800,480 788.955 For the ye8r ended 30 November 2024 the charitsble cornpany was entiU8d to exemption from audit under section 477 of the Companies Act 2006 relating to small Companies. Trustees, respDn8ibilities'. The members have not required the charitable company to obtain an audit of its financial 5tstements for the year in question in accordance with section 476., The trustees a¢knowledge their responsibilities for complying with the ￿quireMentS of the Act wrth ￿SpeCt to accounting recoids and the preparation of Iinanaal statement5. These finan¢i31 statements have been prepared in accordance wth the special provisions for small companies under Part 15 of the Cornpanies Act 2006. These financial statements were approved by the board of trustees and authorised for issue on 22 August 2025 and are signed on beh81f of the board by.. J O Campbell- Chairman The notes set out on page5 to 16 foim an integral part of the accounts. Page 7

The Excelsior Trust Notes to the Accounts Year ended 30 November 2024 1 General Informatlon 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 Ex￿lS1Or Yard, Harbour Road, Oulton Broad, Lowestoft, Suffolk, NR32 3LY. 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. lal Basls of accountlng The accounts have been prepared on a going concern basis under historical cost convention, as modified to include investment assets at fair value, In accoidance with Accounting and Reporting by Charities." Staternent of Recornmended Pr8¢tice applicable to charities preparing their accounts in accordan￿ with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective October 20191- (Charities SORP IFRS 10211. the Financial Reporting St8ndaid 8pplicable in the United Kingdorn 8nd Republi¢ of Ireland IFRS 1021, the Charities Act 2011 and the Companies Act 2006. The tharity constitutes a public benefit entity as defined by FRS 102. Ibl Fund accounting Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general Obl￿tIveS of the charity. Restricted funds are subject to restrictions on their expenditure imposed by the donor or through the lenns of an appeal. Icl 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 80urces of income.. Income received by way of grants, donations, legacies and gifts is included in full in the Statement of Finanoial Activities when receivable. Grants. where entitlement is not conditional on the delivery of a specific performance by the charity, are recognised when the charity becomes unconditionally entitled to the giant. Donated servi￿$ and facilities are included at the value to the charity where this can be quantified. The value of services provided by volunteer5 has not been inoluded in these awounls. Income from charitable activities is accounted for when eamed. Investment income is included when receivable. Charter income is included in the year in which the charter is undertaken. Income from grants, where related to performance and specific deliverables, is accounted for as the charty eams the iighl lo consideration by ils performance. Page 8

The Excelsior Trust Notes to the Accounts Year ended 30 November 2024 2 Accountlng pollcles contlnued Idl Expenditure Expen(liture is recognised on an accTuals basis 85 a liability is incurred Expen(liture includes VAT which cannot be recovered. and is reported 45 part of the extEnditure 19 which il relates". Raising funds cornprise the costs ass0￿￿ted with attracting vdunlary income and the costs of trading for fundraising purp05es. Charitable expenditure comprises those costs incurred by the Charity in the delivery of ils activilEs and setvices for ils beneficiaries. 11 includes both costs that can be allocated direclty lo such activities and those costs of Hn indirect nature necessary to support thern. Governance costs indude those costs associated with meeting the constitutional and staiulory ￿qUirementS of th& Charity and Include the Inde￿ndent examination feè$ 8nd costs linked 10 thÈ strategic m8n8gÈmÈnl of the Charity. JI ￿$t5 are 8llocaleJ between Ihe expendilure categories of the Slalemenl of Financial Activilies on a basis designeLI lo reflect the use of the resour￿. Costs relating lo a particular activity are allO￿ted directty, others are apportione(l on an appropriate basis. lel Deflned contrlbutlon plan8 Contributions to defined contribution plans are recognised as an expense in the period in vA)ich the related service is provided. Prepaid contributions are recognised as an 888el to the extent that the prepayment wil lead lo a reduction in future payments or a cash refund. If) Tangiblo fixod assets Fixed assets are slated at Cost less accumulated depreaation. Depreciation is provided al rates calculated lo vKite off the cosl of each 8s5el over its expected useful life. The annual depreciation rates are.. Yard Equipment Vessel 25% reducing b81ance Slraighl line over 25 years Igl Heritage assets The trust holds heril4ge a5sels. which Bre tangible fixed assets of historical. art15tic or soenlific importanTr hekl to advan￿ preservation and conservation objeclives of the trust. Depreualion on heritage 8ssets is calculated lo wite off the cost or valuation. less estimated residual value. of each asset by equal annual inslalrnents over ils expeckd useful economic life as follows. Vessel- Eslralita Vessel- City of Edinboro Shrimper HoraTr and Hannah Restored vessel- Extrlsior Book value reduced lo £1 Book value reduced to £1 Ihl Con8011datlon As the tru$l's wholly ovfftd subsidiary was dormant throughout the ye8r consolidated accounts have noi ￿en prepared and note 12 provhJe8 adequate details relating lo the nature of the subsM1iary. lil Flnanclal In8trumont8 The charity only has fin8nual assets and fin?nual liabilities of a kinLI that qualify as b85ic fin8nua1 in51rurnents. Basic finanoal instruments are initially recognised Bt transaction value and subsequently measured al their sett￿ment value. IJ") Dobtors and cr￿ltOrS payable wlthln one yoar Debtors and creditors with no slated intÈrÈ8t rale and receivable or payab￿ wthin one year are recorded al transa(aion prir*. Any IossÈs 8rising from ImpairmÈnl are recognised in eX￿nditure. Ikl Cash at bank and in hand Cash at bank and in hand includes cash and short term hvJhty liquid inveslrnents with 3 Short tnalurity of three tnonths or less. Page 9

The Excelsior Trust Notes to the Accounts Year ended 30 November 2024 2 Accounting policies continued 111 Stocks Stocks are valued at the lower of c05t and net realisable value. after making due allowancx for Dbsolete and slow moving items. Im) Going Concern The accounts have been prepared on a going concem basis as although the trustees recognise that the Trust is reliant on grant income lo 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. 3 Net Income Net income 15 Stated after charging". 2024 Totsl 2023 Tot81 Depreciation Independent examination fee 677 2.045 770 1.775 Unre8tricted Funds Restricted Funils 2024 Total 2023 Total 4 Income from donations and legaci88 Don8tions and 5UPPOrter subscriptions 99,365 23.333 122.698 75,231 99.365 23.333 122.698 75.231 During the year ended 30 November 2024. £99.365 of income from donations and lega¢ie$ wa$ unrestri¢ted 12023. £65.8471 and £23,333 was restricted12023. £23,070) Unre8tricted Funds Restricted Funils 2024 Total 2023 Total S Income from charitsble activities Charter income Moonng and boat Storage Rent and service charges Event inwme 97,142 31.322 19,941 388 97.142 31.322 19,941 388 43,338 13.686 35,396 148.793 148.793 92.420 During the years ended 30 November 2024 and 2023 all income from charitsble activities was unrestricted. Unrestrlctsd Funds Restrlcted Funds 2024 Total 2023 Total 6 Other income Other Income Former trustee loans written off 24.430 15,000 24.430 15.000 9.044 39.430 39.430 9.044 During the year ended 30 November 2024 and 2023 all other income was unreslricled. Page 10

The Excelsior Trust Notes to the Accounts Year ended 30 November 2024 Unrestrlcted Funds Restrlcted Funds 2024 Total 2023 Total 7 Expenditure on raising funds Fundraising consultancy Event costs Cost of goc¥Js 9.053 657 652 9,053 657 652 9.895 3.321 10.362 10,362 13.216 During the year ended 30 Nov8mb8r 2D24 £10.362 of 8XP8nditUl8 on raising funds was unr8Stiict8d12023.. £13,216) and £Nil was restricted12023." £Nill. Unrestrlcted Funds Restrlcted Funds 2024 Total 2023 Total 8 Charitable activiti•s Sailing costs Crew wages Crew costs Administration wages Rates, water and sewage Trsvelling Boat repairs and renewals Insuran Telephone. postag& and station8ry Advertising lincluding website) General expenses Professional fee$ Depreuation- equipment Profit on d15possI of fix8d as58t5 Bank charges Bad debt expense Govemance costs Isee below) 19,237 1,273 19,237 114,969 12,827 20,110 3,300 8,346 32,336 16,002 1,407 4,953 40,990 2,608 677 10.144 88.092 8,967 19.480 1.706 4.251 24.471 16,968 178 1.666 27,020 7.730 770 76 1.304 936 5.654 113.6 12.827 20.110 3.300 8.346 31,678 16,002 1.407 4.953 38,713 2.608 671 658 2,277 2.082 2,082 9.1￿j 9,190 265.589 23,445 289,034 219.260 Awountancy fees Independent examination fee 7.145 2,045 7, 145 2,045 3.879 1,775 9.190 9190 5.654 During the year ended 3D Nov8rnb8r 2024. £265.589 of Charitab￿ activib"e5 CQStS Wa5 unr8strict8d 12023". £199,115) and £23,445 was restri¢ted12023.' £20,145). 9 Staff eosts and emoluments Total staff costs were as follows: 2024 2023 Wages and salaries Social security costs Pension costs 129,684 3,177 2,218 105,808 98 1.666 135,079 107,572 During the year the Trust employed an average of 512023.. 51 members of staff In addition 1 individual was engaged at a cost of £28,00012023. 1 at £28,0￿) the costs of which are Induded abtsve. No employee re￿IVed rernunerab.on of tnoie than £60,000 during the yesi12023. no employ&sl. There were no key management personnel during this year or last. Page11

The Excelsior Trust Notes to the Accounts Year ended 30 November 2024 10 Trusts8 remuneration and exp8n58s No Iru51ee reGeived retnuneralion or expense5 during this year or last, hoWe￿r 50rne tru$tee$ were reimbursed forexpenditure incurred on behalf of the Trust. 11 Tanglble flxed assets Yard Equlpment Vessels Vessels ltsngible assell (Heritage a8881sl Totsl Co$t orvaluation At 1 D8cember 2023 Additions Di5posa15 s81,(￿5 14,775 9,978 206,494 812,312 At 30 November 2D24 581,(K5 14.775 9.978 206,494 812.312 D8preciation At 1 De￿rnber 2023 Eliminated on disposal Charge forthe ye8r 13.662 1.762 9.492 24.916 278 399 677 At 30 November 2024 13.940 2.161 9,492 25.593 Net book value At 30 November 2024 581,(￿5 835 7.817 197,002 786.719 At 30 Novembèr 2023 581,C65 8.216 197,OD2 787.396 Summary of transaGtions There have been no tran$a¢tion$ relating lo heritsge assets in the pa$t 8 yeaTS. 12 In¥estr))ents Inve81m&nls represent th8 Cost of th& shar8 ¢2pital of th8 wholly-owned trading subsidiary, Excelsior Trading Limited company number 04310168, which Is incorporated in the United Kingdom. The company was donranl during the year. The company had net liabilities of £5.956 at 30 Novembèr 202412023." £5.9581. 13 Stock 2024 2023 Goods for resale al cost 1.042 1,042 14 Debtors 2024 2023 Olh8r debtors Prepayments and accrued income Trade debtors 18,572 10.444 3.970 5,3TI 7,500 4,342 32,988 17.219 15 Dobtor8: due after one year 2024 2023 Accrued incom& 7,500 16 Credr¢ors.' Amourts falling due within one year 2024 2023 Cash at bank and in hand PAYE Trade creditors Accruals Deferred Income Olh&r creditors 2,360 1.343 9.442 4147 1.289 4,186 1,305 8,242 9,717 7,816 1,510 22.766 28,590 Page 12

The Excelsior Trust Notes to the Accounts Year ended 30 November 2024 18 Creditor8.' Amounts falling due within one year Icontinuedl 2024 2023 D8f8rr8d income brought forward Released during the year Deferred during the year 7,816 17,8181 1,289 28,555 128.5551 7,816 Deferred income cArried forward 1,289 7.816 Deferred income comprises deposits retsived ahead of 2025 sailings12024 We￿ In connection with sailings and rents). 17 Creditors.. Amounts falling due after more than one year 2024 2023 Former trustee loans 15.000 15.000 18 Funds Fund$ at 30 November 2024 Balance at 1 December 2023 Balance at 30 November 2024 Income Exp8nditur8 Transfer5 Restrlcted funds National Historic Ship8 Appeal Appeal- Bursary Setterfield Trust John Miller Bu￿ry 658 33.277 17.573 2,277 16581 33.277 19.601 22,333 120,3051 12,2771 12051 1,000 795 53.785 23,333 123,4451 53.673 Un￿st￿Cted funds General fund Revaluation reserve 560,170 175.000 287,588 1275,9511 571,807 175.000 735.170 287,588 275 951 746.807 Total 788.955 310,921 299 396 800.480 Page 13

The Excelsior Trust Notes to the Accounts Year ended 30 November 2024 18 Fund5 Icontinuedl Fund5 at30 November2023 Balance at 1 De¢ombor 2022 Balance at 30 Novgmber 2023 In￿m9 ExpendItU￿ Tran810rn Restricted funds Nation81 Histor￿ Ships Appeal Appeal- Bursary Setterfidd Twst 74D 33.277 18,843 658 33.277 17.573 2.277 8.070 15.0(Kl 17.3401 112.7231 50.860 23.070 120,1451 53.785 Unre8tsY¢ledlunds General fund Revaluation reserve 618.877 175.1100 153.624 560.170 175.000 793.877 153.624 735.170 Total 844.737 176.694 232.4761 788.955 Unre$tri¢tediun¢*8 Rev81ualion reserve Relates to the valuation of the sail training ves5d 'Ex￿LS1o￿ by naval arthilects Crawford Maribme (Projects) Limited in November 1991. A further revaluation ol the vessd conducted by E Hugh Lamb C.Eng.. M.l.M8rE. M.R.l.N.A in April 2000 attsched a value to the ve$5el of £185.000. The trustees Consider￿ Il prudent Iherefore lo reslale the vessel at the original valuation of £175.OOD with the accumulated depreciation lo date retumed to the general funds. This was carried out in the finanual statements forlheyear ended 30 November 1999. The tsustee$ consider that Ihe econornic tsst of ulilising the asset ig already reflected in the Statement of Finan¢181 A¢livilies and see no reason 10 provide for depre¢i¥iion. The Iruslee Intend to maintsin a policy of five year revaluats-￿ wilh wular conwderalion given lo the value of the vessd and the need for impaiTmenl reviews. As gt 30 November 2024 Ihe v8lu4lion w85 consKlered lo be unchanged. Rests¥¢tedlunds NationJ HistrK Ships Appeal Fund l Appeal Fund- Bursary The oranl re￿iVed during 2008. of vthich the majority was Spent in that year, Ms forthefunding of signaye atthe base. Represents funds ￿e￿i￿ed through an appeal towards the fuiure Ix>sts of a skippers salary, refurbishment costs, a bursaryfund and adminislr81ion cosls. Setterfidd Twst Funding received 2003 IOW8rds ihe repair of the ￿1pw8Y al the Extrlsior Y8rd. John Miller Butsaty Funding ￿¢t1¥ed dLJring 2024 IOVKdrd$ Tall Ships travel 2024. Page 14

The Excelsior Trust Notes to the Accounts Year ended 30 November 2024 19 Analy$l$ of net a$$ets between fund$ Fund5 a558ts at 30 November 2024 Restrfctedfvnds Tangible Investments Assets Cash Netcuffent assets/(liabilities) Liabilities due afteroneyear Balance National Histori¢ Ships Appeal Appeal- Bursary Setterfielé Trust John Miller Bursary 33.277 19.601 33.277 19.601 795 795 53.673 53.673 Unrnstricted funds General fund Revaluation reserwe 611,719 175,000 786,719 2,500 153,6731 11,261 571,807 175.000 746.807 2,500 153,6731 11,261 786.719 2,500 11.261 800.480 Fund5 a55ets at 30 November 2023 Restiycted funds Tangible Investments Assets Cash Netcurrent assets/(liabilities) Ll8bllltles due afteroneye8r Balance National Historic Ships Appeal Appeal- Bursary Lowesloft Town Council 658 25.777 17.573 2.277 658 33.277 17.573 2.277 7.500 46.285 7.500 53.785 Unrestricted funds General fund Revaluation resetve 612,396 175,000 787,396 2,500 129.3971 10.3291 115.0001 560.170 175.000 735.170 2,500 129.3971 10.3291 115.0001 787.3g)6 2,500 18.888 12.8291 115.0001 788.955 Page 15

The Excelsior Trust Notes to the Accounts Year ended 30 November 2024 20 Company limited by guarant88 The comp8ny is limited by guarantee. Each member of the company undertakes lo contribute such amount (not exceeding £101 as may be required in the event of a winding up. 21 Related party transactions Unrestricted donations lotalling £100 were received from Twslees during the year 12023 £100 ￿n￿$th¢ted donations). Mooring income of £250 was rec&ived from one trustee during the y&8r12023.' one trustee, £2501. Page 16