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THE LAPAL CANAL TRUST
COMPANY LIMITED BY GUARANTEE NO.: 2721675 REGISTERED CHARITY NO: 1013845
REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31st DECEMBER 2024
CONTENTS
| Page | |
|---|---|
| Company information | 2 |
| Report of the Directors | 3- 5 |
| Independent Examiner’s Report | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Financial statements | 9 - 10 |
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THE LAPAL CANAL TRUST
COMPANY INFORMATION
FOR THE YEAR ENDED 31[st ] DECEMBER 2024
| Chairman | Dr Andrew Hardie |
|---|---|
| CEO | Hugh Humphreys, OBE |
| Treasurer | Michael Payne FCA |
| Membership Secretary |
Dr Tony Whateley |
| REGISTERED OFFICE: | 18 St Georges Close |
| Birmingham | |
| B15 3TP | |
| REGISTERED NUMBERS: | Company: 2721675 |
| Charity: 1013845 | |
| BANKER: | HSBC |
| 1 Great Cornbow | |
| Halesowen | |
| West Midlands | |
| B63 3AD | |
| LAWYER | Gowling WLG (UK) LLP |
| Two | |
| Snowhill, | |
| Birmingham, | |
| B4 6WR, | |
| INDEPENDENT EXAMINER | L E Parkes FCA |
| Chartered Accountant | |
| Birmingham |
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THE LAPAL CANAL TRUST
REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
REPORT OF THE DIRECTORS
Each year the Trustees are required to present a formal report. The Charity is constituted as a company registered in England and limited by guarantee.
Charity Commission Registration Number: 1013845 Company Registration Number: 2721675 Registered Office: 18 St Georges Close, Birmingham, B15 3TP
The Directors present their report with the financial statements of the company for the year ended 31[st] December 2023. The Directors during the year under review were:
Chairman- Dr Andrew Hardie CEO- Hugh Humphreys, OBE Treasurer Michael Payne FCA Membership Secretary Dr Tony Whateley Peter Fisher, Denis Pike, David Struckett, Paul Smith
The company is limited by guarantee and therefore no Director has any interest in the share capital of the company. The liability of the Members in the event of the company being wound up is limited to a sum not exceeding £1.
The Directors are responsible for financial controls and accounts; for developing and overseeing a reserves policy; for ensuring that all procedures and policies adhere to their legal requirements for reviewing risk management of the organisation; to ensure all aspects of charity and company law are fully and properly adhered to and generally protect the charity’s property.
OBJECTIVES AND ACTIVITIES
The main objective as shown in the Memorandum and Articles of Association is: The promotion of the restoration and conservation of the Dudley No. 2 Canal from Halesowen to the Worcester and Birmingham canal at Selly Oak, Birmingham
CHAIRMAN’S REPORT
2024 was a good year for the Trust. Our volunteers have been busy with clearing scrub and litter picking, focused on the stretches of canal in Weoley Castle, Selly Oak Park and the Leasowes. We particularly enjoyed the opportunity to talk to the local community at the Selly Oak Festival and during our annual Walk The Line event.
Our priority is to obtain National Lottery Heritage Fund support for opening the canal across Sainsbury’s car park. We are calling this stretch Battery Wharf. It leads to Harborne Wharf the other side of Harborne Lane. We applied for this funding of approximately £3m in February 2024, our expression of interest was
accepted, but our detailed 20 page application with many supporting documents was not. We are invited to resubmit, the delay from Covid and the rejection of our application means that we have an issue with obtaining the £724k available to the canal procurement organisation provided the work starts
4 10 by November 2025. Our Lawyer Gowlings (who generously does the work Pro Bono) has drawn up a deed of variation to extend the agreement by two years. We remain hopeful that this will be agreed and were fortunate in meeting the local MP who is very supportive. We are busy preparing and strengthening our Trust. Recently we have been joined by several new member, Barry has greatly improved our Web site, everything now works. Mark has helped to improve how we manage information and he has written a description which is in our latest Newsletter. Justyna has joined us as Development Manager to focus initially on Fund raising and then to help with other tasks. We will discuss with the Heritage Lottery Fund whether our chances of financial support will be enhanced if our next application also includes the canal across Selly Oak park. A more attractive proposition but requiring more financial support. If we fail to get the deed of variation agreed they we will have to raise the match funding contribution from other funders.
Our Newsletter for Spring 2025 is available on request, members have either been sent an electronic or printed copy. The Newsletter describes our projects. Whitehouse Wharf is a testament to our ability to fund and manage complex construction projects, and is widely appreciated. We hope to be make progress on reopening the Tunnel under Harborne Lane using IWA volunteers.
Our volunteers continue to do excellent work at the other end of the canal aided by the Coombeswood Canal Trust
During the year we received a grant of £15,000 from the National Lottery Community Fund this has allowed us to continues to provide boat trips for the disadvantaged and has the huge benefit of wide community engagement. We are aided by our partner society Worcester Birmingham and Droitwich Canal Society. We continue to provide monthly trips for SENS; the work has been recognised by SENSE with a certificate as a leading community partner.
We are grateful to the members who agreed at the AGM to be Officers, Directors and Trustees.
PUBLIC BENEFIT
The Trustees are aware of the Charity Commission’s guidance on public benefit and consider that the work of the Trust is in line with that guidance, given that the reopening of the Dudley No. 2 canal will provide enhanced outdoor leisure activities to the general public.
RESERVES POLICY
In line with guidance issued by the Charity Commission, the Trustees have reviewed the Charity’s need for reserves. At 31[st] December 2023 reserves amounted to £212,360. The Trustees believe this to be adequate to ensure the effective and efficient of the operation of the Charity. Restricted reserves consists of donations and grants given specifically for the Restoration Appeal Fund.
STATEMENT OF TRUSTEES’ RESPONSIBILITIES
Company law requires the Trustees to prepare accounts that give a true and fair view of the state of affairs of the charitable company at the end of the financial year and of the charitable company’s surplus or deficit for the year. In doing so, the Trustees are required to:
-
Select suitable accounting policies and apply them consistently;
-
Make judgements and estimates that are reasonable and prudent;
-
State whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the accounts; and
-
Prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for maintaining proper accounting records which disclose, with reasonable accuracy at any time, the financial position of the charitable company and which enable them to ensure that the accounts comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and
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other irregularities.
Signed on behalf of the Board
Michael Payne FCA Dr Andrew Hardie Treasurer Chairman 1[st] June 2025 1[st] June 2025
Plan of canal by Sainsbury’s (Battery Wharf)
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THE LAPAL CANAL TRUST
INDEPENDENT EXAMINER’S REPORT
To the Trustees of The Lapal Canal Trust Limited
I report to the charity trustees on my examination of the accounts of The Lapal Canal Trust Limited (the company) for the year ended 31 December 2024 which are set out on pages 7 to 10.
Responsibilities and basis of report
As the charity’s trustees of the Company and also directors for the purpose of company law you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (“the 2006 Act”).
Having satisfied myself that the accounts 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 charity’s accounts 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) of the 2011 Act.
Independent examiner’s statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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 the Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with my examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
L E Parkes FCA Chartered Accountant Birmingham 1[st] July 2025
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THE LAPAL CANAL TRUST STATEMENT OF FINANCIAL ACTIVITY YEAR ENDED 31[st] DECEMBER 2024
| THE LAPAL CANL TRUST | THE LAPAL CANL TRUST | THE LAPAL CANL TRUST | THE LAPAL CANL TRUST | THE LAPAL CANL TRUST | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| INCOME &EXPENDITURE | ||||||||||
| 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | |||||
| **Unrestricted ** | Restricted | Total | **Unrestricted ** | Restricted | Total | |||||
| Notes | £ | £ | £ | £ | £ | £ | ||||
| Income from: | ||||||||||
| Donations,subscriptions,grants | 1,550 | 16,090 | 17,640 | 5,757 | 1,843 | 7,600 | ||||
| Legacies | 5,000 | 5,000 | ||||||||
| - | ||||||||||
| investments | 4,214 | 4,214 | 1,067 | 829 | 1,896 | |||||
| - | ||||||||||
| Gift Aid | - | - | - | |||||||
| Total | 10,764 | 16,090 | 26,854 | 6,824 | 2,672 | 9,496 | ||||
| Expenditure on: | ||||||||||
| Charitable Activities | 5 | 6,383 | 2,860 | 9,243 | 5,343 | 44,262 | 49,605 | |||
| Total | 6,383 | 2,860 | 9,243 | 5,343 | 44,262 | 49,605 | ||||
| Net Income | 4,381 | 13,230 | 17,611 | 1,481 | 41,590 - |
40,109 - |
||||
| Reconciliation of funds | ||||||||||
| Funds brought forward | 17,715 | 194,645 | 212,360 | 16,234 | 236,235 | 252,469 | ||||
| Transfers | - | - | ||||||||
| Funds carried forward | 22,096 | 207,875 | 229,971 | 17,715 | 194,645 | 212,360 | ||||
-
All income and expenditure derive from continuing operations.
-
The Statement of Financial Activities also complies with the requirement for an Income and Expenditure Account under the Companies Act 2006
-
The notes on pages 9 – 10 form part of these financial statements.
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THE LAPAL CANAL TRUST BALANCE SHEET
| THE LAPAL CANAL TRUST | THE LAPAL CANAL TRUST | THE LAPAL CANAL TRUST | 10[8 ] | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| BALANCE SHEET Current Assets Bank balances Debtors(VAT) Prepayments |
Notes ~~a~~ |
2024 Unrestricted £ 20,963 621 512 22,096 ~~a~~ |
2024 Restricted £ 207,875 207,875 |
2024 Total £ 228,838 621 512 229,971 |
2023 Unrestricted £ 16,624 579 512 17,715 |
2023 Restricted £ 194,645 - 194,645 |
2023 Total £ 211,269 579 512 212,360 |
|||
| Current Liabilities | ||||||||||
| Bank balances | - | - |
- | |||||||
| Net Current Assets | 22,096 22,096 |
207,875 207,875 |
229,971 22,096 207,875 |
17,715 17,715 |
194,645 194,645 |
212,360 17,715 194,645 |
||||
| Financed by: Unrestricted Funds Restricted Funds |
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|||||||||
| Total Funds | 22,096 | 207,875 | 229,971 | 17,715 | 194,645 | 212,360 | ||||
For the year ended 31 December 2024, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The Members have not required the company to obtain an audit of its accounts in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of accounts.
Approved by the directors on 1 July 2025 and signed by –
Michael Payne FCA Treasurer 1[st] July 2025
Dr Andrew Hardie Chairman 1[st ] July 2025
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NOTES ON ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024
1 Accounting Policies
Basis of Accounting
The financial statements have been prepared in accordance with the accounting policies set out below and comply with the charity's governing document, the Companies Act 2006, the Charities Act 2011 and the SORP (FRS 102) Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities. The charity is a company limited by guarantee and is a public entity as defined by FRS102
Going Concern Basis
The trustees have considered the requirements to comment on the going concern basis and confirm that resources are sufficient to continue operations for the foreseeable future.
Funds Accounting
Unrestricted funds are available for use at the discretion of the trustees and in furtherance of the general activities of the charity.
- 2 Prepayments – Insurance paid in advance
3 Restricted funds are:
-
a) Restoration Appeal;
-
b) Bridge Towpath Appeal;
elderly, disabled and schools
Income
Donations and legacies are accounted for when received by the Trust . Other income is accounted for on an accruals basis as far as it is possible to do so. Income included Income Tax recoverable, when applicable
Gifts in kind
The charity receives the benefit of work carried out by volunteers and receives the use of the facility and equipment without charge. No value is placed on these items, except where the benefit extends over several periods in which case they are valued and included in the balance sheet at a reasonable valuation.
Taxation
As a registered charity, the Trust benefits from Rates relief and is generally exempt from . Corporation Tax, Income Tax and Capital Gains Tax. The Trust is registered for VAT, Registration Number 344343415
- 4 Debtors
Debtors represents Value Added Tax recoverable from HMRC
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THE LAPAL CNAL TRUST 5 CHARITABLE ACTIVITIES
| THE LAPAL CNAL TRUST | THE LAPAL CNAL TRUST | THE LAPAL CNAL TRUST | THE LAPAL CNAL TRUST | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 5 CHARITABLE ACTIVITIES | ||||||||||
| 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | |||||
| **Unrestricted ** | Restricted | Total | **Unrestricted ** | Restricted | Total | |||||
| £ | £ | £ | £ | £ | £ | |||||
| Website fees | 141 | 141 | 141 | - | 141 | |||||
| Printing | 130 | 130 | 387 | 387 | ||||||
| WB & DCS Membership | - | 30 | - | 30 | ||||||
| IWA IndemnityInsurance | 512 | 512 | 769 | - | 769 | |||||
| GBCC Membership | - | 200 | - | 200 | ||||||
| IWA Corporate Membership | 73 | 73 | 69 | - | 69 | |||||
| PayPal fees | 7 | 7 | 8 | - | 8 | |||||
| Companies House filingfee | 13 | 13 | 13 | - | 13 | |||||
| Bank charges | 61 | 61 | 67 | - | 67 | |||||
| Information Commissioner fee | 35 | 35 | 35 | - | 35 | |||||
| Total Support Costs | 972 | - | 972 | 1,719 | - | 1,719 | ||||
| Professional fees | - | - | ||||||||
| CRT legal fees | - | - | 5,619 | 5,619 | ||||||
| Other fees | 200 | 200 | - | |||||||
| Windinghole build fees | - | 35,738 | 35,738 | |||||||
| Other expenditure | ||||||||||
| Computer | 277 | 277 | - | |||||||
| Stonehouse Gang | 1,200 | 1,200 | - | |||||||
| WRG Materials | 3,734 | 3,734 | 3,624 | - | 3,624 | |||||
| Communityboats | 2,860 | 2,860 | - | 2,905 | 2,905 | |||||
| Direct Expenditure | 5,411 | 2,860 | 8,271 | 3,624 | 44,262 | 47,886 | ||||
| Total Charitable Expenditure | 6,383 | 2,860 | 9,243 | 5,343 | 44,262 | 49,605 | ||||
| 6 FUNDS ANALYSIS | ||||||||||
| 01.01.2024 | Income | Expenditure | Transfers | 31.12.2024 | ||||||
| £ | £ | £ | £ | £ | ||||||
| Restoration Appeal | 189,945 | 1,000 | 190,945 | |||||||
| CommunityBoats | 2,857 | 15,000 | 2,860 - |
14,997 | ||||||
| Bridge Towpath Appeal | 1,843 | 90 | 1,933 | |||||||
| Restricted Funds | 194,645 | 16,090 | 2,860 - |
207,875 | ||||||
| Unrestricted Funds | 17,715 | 10,764 | 6,383 - |
22,096 | ||||||
| 212,360 | 26,854 | 9,243 - |
- | 229,971 | ||||||
| Previous Year | ||||||||||
| 01.01.2023 | Income | Expenditure | Transfers | 31.12.2023 | ||||||
| £ | £ | £ | £ | £ | ||||||
| Restoration Appeal | 230,473 | 829 | 41,357 - |
189,945 | ||||||
| CommunityBoats Grant | 5,762 | 2,905 - |
2,857 | |||||||
| Bridge Towpath Appeal | 1,843 | 1,843 | ||||||||
| Restricted Funds | 236,235 | 2,672 | 44,262 - |
194,645 | ||||||
| Unrestricted Funds | 16,234 | 6,824 | 5,343 - |
17,715 | ||||||
| 252,469 | 9,496 | 49,605 - |
- | 212,360 |