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$$oci811¢n. The
¢OtnP¥ny QP8rats8 as a th8ritsb￿t[Vst rsgist&rÈd with tht Charity Cotnrnis*on.
Recrurfment Appointnmrtand Tlaining olTrtths
The number ol trustees shall be not les5 Ih8n th￿e nor More th2n hvelve In num￿Er. The tsustees, In 8ccord8nce with the
Arti¢les DI Asswiabon, m¥y $ppoint 8ny m*mber ¢1 the trust 8$ 8 tru¥t* provided th$t the pre$¢n￿o m$ximum 1$ not
exceeded.
Trustees sh811 be persons who thr￿gh w¢upatI￿. emKAoymenlor otherwlse have 8pe¢l81 knowledge ol the of benefll or
who ?re othepMSP able, by virtu& of their p8rson$l or profèssion$l qu¥lthtsiith$. 10 tn¥ke a ¢ontri￿J￿0rn to the pursuii of tho
objects of the charity.
I newlruslees ￿11 be provided ¥￿.
.The ooveming dwumenl ollhecharity
.The lalesl financial slalemenls of the tharity
. Details of Charitycommission guidance The E88enbal Ttustee. lthal you lo kncw, you lo do."
The Trus￿¢$ during the ye8r8E lis￿d on page 1. In a¢¢ordan¢e ￿th the Arb¢le8 of Aswatson J ¢ampbell, J D H INing and
G Sk*wswiII retirt by rotabon $nd, being eligibl¥, will off*rlhetnsefv&sforre4ethOn.
The Irusi*$$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