Thanks Al, you nailed it.
Your suggestion of looking in the Event Log (I'd never even considered looking in there) was the info I needed. I looked there and there were loads of messages indicating that W32Time kept failing to find a server (I'd unplugged the ISDN line from the back of the server to prevent it getting through).
>- The W32Time service periodically tries to go to an NTP server on the Net to update the server time. I understand this is important to properly support Kerberos authentication.
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>As for nailing the culprit(s), you could remove all gateways from the server TCP/IP configuration and watch the Event Log for connectivity failures.