Company registration number.. 02885156 Charity registration number.. 1041863 The Underfall Yard Trust (A company limited by guarantee) Annual Report and consolidated Financial Statements for tho Year Ended 31 March 2024 Milsted Langdon LLP Chartered Accountants & Statutory Auditor Freshford House Redcliffe Way Bristol BS1 6NL
The Underfall Yard Trust Contents Reference and Administrative Details Trustees. Report 2to 11 Independent Auditors, Report 12to14 Consolidated Statement of Financial Activities 15 Consolidated Balance Sheet 16 Balance Sheet 17 Consolidated Statement of Cash Flows 18 Notes to the Financial Statements 19to34
The Underfall Yard Trust Reference and Administrative Details Trustees J Durie R Holden R Orrett N Ringner M Tucker Nwatt I Wilkinson P Insole Charity Registration Number 1041883 Company Registration Number 02885156 The charity is incorporated in England and Wales. Underfall Boatyard Cumberland Road Bristol BS1 6XG Registered Office Auditor Milsted Langdon LLP Chartered Accountants & Statutory Auditor Freshford House Redcliffe Way Bristol BS16NL Solicitors Osbome Clarke Halo Counterslip Bristol BS1 6AJ Bankers Lloyds Bank PLC 284 Wells Road Knowle Bristol BS1 6FL Page 1
The Underfall Yard Trust Trustees, Report The Trustees present their annual report together with the financial statements of the company for the year from 1 April 2023 to 31 March 2024. The Annual report serves the purposes of both a Trustees, report and a directors, report under company law. The Trustees confirm that the Annual report and financial statements of the company comply with the current statutory requirements, the requirements of the charitablp. company's governing document and the provisions of the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in trie UK and Republic of Ireland (FRS 102) (effective 1 January 2019). Since the company qualifies as small under section 383 of the companies Act 2006, the Strategic Report required of medium and large companies under The Con)panies Act 2006 (Strategic Report and Director's Report) Regulations 2013 has been omitted. Objectives and activitles Policies and objectives The overarching vision of the Trust is 'To create a Maritime Centre of Excellence withir* Bristol Harbour that preserves, for the benefit of the public, its historic assets and unique character through sustainable commercial, leisure, tourism and educational developments retlecting the maritime history of the area. The Trust's objects, as set out in the Articles ofAssociation, are.. a) To preserve for the benefit of the public of the towrjspeople of the City of Bristol and of the nation at large, the Underfall Yard which is of particular historical, architectural and constructional interest. b) To advance the education of the public of the Underfall Yard within Bristol's floating harbour and the City of Bristol by way of the development and retentior¢ of the traditional and contemporary maritime skills. c) To register the Trust's interest in the future of the areas imniediately surrounding Ihe Underfall Yard, the heritage of the lloaliTrg harbour and to work with stskeholders to support appropriate adoption of these areas for use in the furtherance ofthe Trust's objects. Strategies for achieving objectives The vision of the Trust wll be deltvered and Monitored against the followng objectives.. l. PreseNing and restoring the historic buildings and machinery. 2. Improving public access, engagement, awarenéss and understanding of the yard including interpretation, with opportunities for learning and volunteering. 3. Retaining the unique character of the Underfall Yard keeping it as a working and productlve place, not a working museum. 4. Nurturing and supporting maritime skills and industries by providing workshops, with opporiunities for training and learning. 5. Enhancing sustainability to ensure Icng-term viability- Page 2
The Underfall Yard Trust Trustees, Report Delivering objects and purpose The Trust's stiategy for delivering its objects is subject to ongoing revision and scrutiny and is reviewed each year. The Trust looks at the success of key activities and the benefits they have delivered. The review helps ensure that activities focus on the ststed purpose and objects. The fifty-year lease from Bristol City Council to the Trust of the whole of the Underfall Yard site {handover 1 September 2014) and the delivery of the 2014-2018 £4 million project174 /0 funded by Heritage Lottery Fund, wth the remainder coming from the Trust's own fundraising) has provided a sound basis for the Trust to develop. The conseNation of Underfall Yard, a Scheduled AnGient Monument, is the responsibility of the Trust and at the centre of the Trust's activities. Since completion of the project in 2018, the Trust has carried out a rolling piogramme of building and machinery maintenance. Underfall Yard is a working boatyard that welcomes visitors. The 2014-2018 project reconfigured entry points to the yard, improving public access. The Visitor Centre and site interpretation developed during this period continues to engage visitors in the history and stories of the yard. The volunteer and education programmes provide engaging oppothnities for the community to further their understanding of and connection to Underfall Yard. The Trust develops strategic relationships and partnerships which enhance the goals of the Trust and promote the historical relevance ot the site. Workshops are let to maritime bLtsinesses. On May the 6th 2023 there was a large fire at the yard, which destroyed and damaged workshops. The Trust remains committed to supporting maritime skills and businesses. which is central to the Recovery and Reinstatement Project. The working and productive nature of the site will be the basis for the Trust's future planning. The Trust ensures the long-term viability of its work through robust business planning and the development of its commercial activities. Rental income and a service charge from workshops provide the funding necessary for the works required to maintain and conserve a complex historical site. Moorings and the operation of the slipway offer necessary maritimè provisions for the boating community and generate income for the Trust. Underfall Café, run by the wholly own trading subsidiary, and a programme of events, provides vital visilor ainenities and activities vthilst also generating income through management and service charges, as well as gifting profits to the Trust at the end of each year. The Trust maintains knoedge and understanding of harbour and local area developments, wÉth a particular focus on the Western Harbour development. The Trust is working wth other interested parties to ensure that the Underfall Yard continues to remain at the heart of the harbour. Page 3
The Underfall Yard Trust Trustees. Report Recovery and Reinststement Proje¢t On 6 May 2023, Underfall Yard was the victim of an arson attack. Nobody was injured but the Big Shed, workshops and slx boats were destroyed. This has devastated the businesses located at the Yard, the wider community and has deeply impacted the Trust. Emergency works were undertakén to stabilise the damaged structures. However, the walkway through Underfall Yard remained closed for the entire year as the site was too dangerous to permit access to the public. The Trust provided alternative working spaces and storage spaces to tenants of destroyed and damaged units where available. The Trust launched the Recovery and Reinstatement Project shorlly after the fire. The intention is to reinstate the historic structures to modern Standards so that the Trust can continue offering workshops for Bristol's vital maritime businesses. The rebuild should deliver long-term structures, built to last for hundreds of years. The internal spaces should be flexible and allow for adaptable subdivisions. The Trust will re-use salvaged building materials where safe and practical to do so. Where thi5 isn't possible, the Trust will, subject to Historic England approval, retain the sense of". Underfall Yard rather than aim for a pastichelreplica of the exact fittingslelements. The Trust will not seek to hide that the site has been rebuilt the fire and rebuild are now part of the history and story. The project wll be delivered in two key phases.. Phase 1 focuses on site cleanup, roof repairs to the Shipwrights (Block El building and developing detailed design plans for full reinstatement. Phase 2 involves rebuilding damaged and destroyed structures. This is, of course, subje¢t to planning approval and funding. The Trust is actively working with all partners to get ready for this important phase. The Collaboration Board was formed with Bristol City Council (freeholders of the site) to ensure appropriate oversight and management of the project. Contracts have been put in place with Alec French (architects), MDA (project managers) and Hydrock (specialist engineers) to work on detailed designs and cost estimates. Wring Group Ltd cleared the debris from the damaged buildings and undertook reinforcement works to the wall of the Big Shed, which enabled the site to reopen post-year-end. The Trust began the process for appointing associated services such as fvndraising and coinmunications specialists. Page 4
The Underfall Yard Trust Trustees, Report Achievements and perfomiance Revtew of Activities Visitor and site activities This year has been marked by the events of May 2023. Staff capacity to deliver activitses for public benefit has been greatly impacted by the need to manage a major capital works progfarrime without any lead-in time. Despite this, the yard was able to participate in major city-wide events such as Harbour Festival, Shanty Festival and Docks Heritage Weekend. Yard Fest. run as part of Bristol's annual HarboLtr Festival Programme demonstrated the weather-dependent nature ofthe site and events programme. The city-wide programme of events was seveiely impacted by gale-force wnds and heavy rain. At the y8rd, this resulted in low visitor numbers and smaller takings than previous year5. Shanty Festival, by comparison, was well attended and generated the same income from one day's activity to the Yard Fest's two-days due to improved weather and a national following committed to attending. Docks Heritage Weekend, which is not run as a commercial endeavour, is a celebration of the local area's working heritage in partnership with SS Great Britain. M Shed, and Bristol Ferry Company. The event has a dedicated audience and the usual level of tourist inteiest. it has a modest positive impact on the takings in the café. The benefit of the event is intrinsically linked to charitable goals of the Trust. The turnout in 2023 was disappointing due in part to a late-the-day marketing campaign, colder weather and the continued closure of the walkway. Yard in Action was launched in April 2023, offering monthly public access to the historic Machinery Workshops. During the event, the belt-driven machinery is operated using the hydraulic motor that was installed in the 2014-2018 project. It offers Members of the public a rare opportunity to see behind closed doors on a more informal basis than the previous programming offer of tours. Turnout was initially high, then impacted by the fire and closure of the walkway. The events continued through the year and were well received by visitors, demonstrated by both the feedback and the donations given. The numbers of volunteers held steady at c.40 individuals. Yard in Action provides a new opportunity for visitor engagement Wtth historic machinery, which voltsnteers value due to the considerable hours put into machinery maintenance. Towards the end of the year, a recruitment c8rnpaign for writing and social media volunteers was launched attracting new volunteers and existing volunteers. Their volunteer time has contributed to more sustained and lively online activity including the creation of blog posts exploring the history and stories of the yard. The volunteer numbers have not bounced-back post-covid and the Trust is looking to explore ways to meet this need such as restarting active recruitment at local universities. The Trust continues to work wlh South Bristol Youth, who have selected Underfall Yard as a partner in their Learning to Lead programme as well as continuing to work wlh the Trust on Discovei Maths. South Bristol Youth support young people living in one of the most economically challenged areas of 8ristol and Somerset. The Trust has started exploring work with alternative provision organisations and 1{ continue to develop this area of its work. Slipway The slipway was not damaged in the fire and continued to operate throughoLlt the year. The yard closure, however, led to the incorrect assumption that the slipway was not operational, which impacted income. Page 5
The Underfall Yard Trust Trustees, Report Yard businesses The fire displaced many businesses based at the yard. The units occupied by Star Yachts, Fire Iron Art, Bristol Ferry and M Jennings & co {new tenant as of May 2023) were completely destroyed. The unit occupied by Independent Composites was badly damaged. The tenants at year end were: Adventurous Activities Avon Scout County Sailing Section Bristol City Council Bristol Maritime Academy Bristol Ferry Boats M Jennings & Co Offshore Marine People & Academy Omni Digital Ltd Shipshape (Everyday things Ltd) Steamship Engineering Stuart Hambly Fabrications Traditional Rigging Severnside Sub-Aqua Club 'Sustainable Constructron Services (tenant of Omni DigTtal on a sub-let basis) Management and staffing The Underfall Yard team is led by Julie Sienesi, Director, a role she has held since 2016. Julie plans to retire in 2024 so in October 2023, was joined by Sarah Murray as co-Director. Sarah returns to Underfall Yard, having previously held the role of Community, Learning and Volunteering Manager 2014-2018. In July 2023, Win Cnoops joined the Trust as Site and Maintenance Coordinator. Win has been involved with Underfall Yard for over 25 years working on the 1990s project to restore the slipway and as a long-time tenant as Director of Star Yachts. Clare Worrall and Flex Tooimey contTnue as Finance and Admin Coordinator and Community, Learning and Volunteering Manager respectively. Loz Rush, Café Manager, went on Maternity Leave in July 2023 and her role is being covered by Ben Cann, tho has been working for the café for several years. In addition there are several part-time general café staff. The staffing structure was put into place in 2018 and amended in 2019 when the Trust took over the café operation5 at the yard. Additionally, the Trust added a Weekend Supervisor role in 2021 to support seven-day cover for yard, office and visitor related business. The staff are usually assisted by a 40 strong group of regular volunteers who provide several different services such as Visitor Centre welcome, guided tours, workshop preservation and pump demonstrations. Page 6
The Underfall Yard Trust Trustees, Report Summary of finances The Trust operates and maintains the Underfall Yard sste and does not receive external funding. Rental income and a service charge to ten8nts is the main source of funds for the Trust. Boats moored at the yard are charged and the operation of the slipway generates revenue. The Trust had a reasonable year despite the fire. The fire impacted income but the Trust has done everything it can to mitigate these losses and had a better year than could have been anticipated. The Trust performed well against budget and managed expenditure closely. The Underfall café which is run via the Underfall Yard Trading Company was impacted by the closure of the yard and associated reduction of footfall. Despite this, Ihe Café profit was only 27 % lower than 2022-2023, which exceeded expectations. The Underfall Yard Trading Company made a profit of £24,051, this wll be gift aided to the Trust. In the aftermath of the fire, the Trust received donations from individuals and businesses totalling £69,227. This income has beerF restricted for the Recovery and Reinstatement Project. The Trust allocated £9,179 towards the immediate works and to support the yard businesses vwth the provision of emergency electricty and water supplies, storage and, ere possible, alternative spaces for workshops. The remainder will be carried toward to 2024125 for the continuation of the Recovery and Reinstatement Project. The Trust made an operational deficit of £31,317 for the year. Page 7
The Underfall Yard Trust Trustees, Report Financial review Investment Policy and perfomiance The Trust holds no formal investments- current investment income is derived from rental yields. One of the three accounts currently held Vth Lloyds Bank functions as a deposit account and derives interest income from short term treasury deposits. Factors relevant to achieve objectives The Trust is required to operate in a way both compatible wyth its own charitable objects and within the various terms and conditions as laid out by its fttnders., in addition, it must also adhere to the financial and reporting requirements of its funders as well as to its internal procedures. Going concem After making appiopriate enquiries and reassessing the next years financial forecast due to the fire, the trustees have a reasonable expectation that the company has adequate resources to continue in operab'onal existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial slatements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies. Reserves policy The charity aims to build up a ieserve of free funds, equivalent to approximately 12 months of charitable expenditure, to provide against any temporary downturn in rental or other income this was increased from 6 months by the TrLtst to take into consideiation the economic climate. This suggests a reseNe of aroLtnd £280,000 together with an emergency fund of £5,000. The unrestricted reserves fund stands at £366,187. Prior to May 2023, The Trust had been augmenting the reserves using the operating surplus. However, as a resull of the fire, the Trust is operating a deficit budget and anticipates using a portion of its reserves as per the processes set out in the Reserve5 Policy. The Trust aims to rebuild the reserves back to reserve policy levels within 10 years of the completion of the capital works programme required as a result of the fife (known as the Recovery and Reinstatement Project). Fundraising policy The charity does not directly raise funds from the public through street and private site collections, nor does it allow this activity to be carried out on behalf of the Trust. The Trust does not have any employed fundraisers. The Trust may from time-to-time contract a consultant to support fLtndraising strategy and activities, for example to support applications to grant-giving trusts and foundations, corporate funding agreements or public campaigns. The Trust has a fundraising policy that is regularly reviewed, thich ensures the Trust undertakes fundraising that is legal, open, honest and respectful. Principal funding All staffing, site costs and opefations, are funded from boat, slipway and rental in¢ome. Education and Vi51t costs are covered by a small charge. Donations are used lo provide additional resources when required. The Trust will undertake a fundraising Campaign for the Recovery and Reinstatement Project and other fLltuie works, thich will include applications to grant-giving trusts and foundations, corporate funding agreements and a publi¢ campaign. The Recovery and Reinstatement Project is a restricted fund; these funds will be used to reinstste the yard to its previous state and to support yaid businesses affected by the fire with practical assistance not direct monetary support. The Trust wants to ensure that core maritime skills are retained and continue to have a home at Underfall Yard. Page 8
The Underfall Yard Trust Trustees, Report Material investments policy Decisions relating to material investments are taken at full board level after a robust costing, cost benefit analysis and, where appropriate, external professions, advice. structuret govemance and management Constitution The Charsty is registered as a Charrtable company limited by guarantee and was set up by a Memorandum of Association on 22 December 1993. The company is a private company limited by guarantee and as such does not have share capital. The governing documents are the Memorandum and Articles of Association. The liability of each member is limited to an amount not exceeding £1. The main activities of the Underfall Yard Trust are detailed in Objects and Purpose above. In considering the objects, the Trustees have had regard to the Charity Commission's guidance on public benefit and confirm that, in their opinion, the Trust both by way of its establishment and the staled objects, seeks to deliver a clear public benefit to the City of Bristol, its current and fvture citizens, and to the wider community, through the preservation and continued working of this historic boatyard. Recruitment and appointment of trustees The management of the Charity is the responsibility of the Trustees who ale elected ar)d co-opted under the terms of the Articles of Association. A governance review began in 2023124 wtth a view to recruiting new trustees based on identified skills-requirements, including a Treasurer. The review and associated work will continue into 2024125. Induction and training of trustees Trustees are appointed on recommendation by current trustees having regard to their range and depth of relevant experience and are inducted via site visits and a familiarisation from existing tiustees and TrLtst staff. The Trust is expanding its recruitment processes to include more formal advertising of roles to reach beyond its current network and attract a broader range of prospective trustees. All trustees are made aware of the Trust Health & Safety and Equal Opportunilies policies, and training is provided as and when deemed necessary. Pay policy for senior staff As the Charity has only a small number of employees, the policy is to pay a sensible salary for the role performed. Organisational structure The Board of Trustees is overseen by the Chair, supported by board members. The Board meets at least four times a year at regular intervals. This is supplemented by sub-committees focused on aspects of the business as required. Each sub-committee is governed by Terms of Reference with appropriate mechanisms for reporting back to the full board of Trustees and with limitations on decision-making capabilities. The senior management of the Trust is undertaken by the Director, who reports directly to the board of Trustees and manages the Trust staff team and, indirecdy, the volunteers. Page 9
The Underfall Yard Trust Trustees, Report Major risks and management of those risks The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity. The Trustees are satisfied that systems and procedures are in place to mitigate exposure to major risks. The risk management is subject to continuing improvement and scrutiny wlh additional systems put in place as identified. A new Risk Management policy was brought in after ye8r-end wth an assocSated risk register, which is on the agenda at all Trustee meetings where possible risks are identified and discussed. The impact of the fire has increased the risk to the Trust. The Triist Is likely to h8ve an operational deficit budget in the future a5 a result of loss of income from destroyed and damaged units. Additionally, the Trust is embarking on a major capital works programme with no lead-in time for development, which will draw on restricted funds and may draw on reserves. The Trust continues to work with the Insurance oompany and Bristol City Council to restore the site as sooD as possible and to minimise any shortfall in insurance proceeds. The Trust wll do everything it can to generate new income streams, manage costs and reduce the operational deficit. Plans for future periods The Trust will deliver the Recovery and Reinstatement project to rebuild the workshops lost in the fire. This will a15ow retuming and new maritime businesses to woik in the yard, securing OLir role as a working boatyard. It will also retum the Trust to a surplus budget, allowng the reserves to be rebuilt. A complete overhaul of the Trust's policies and procedures is underway. This will reduce risk and ensure the Trust has best working practices at its core. The Trust is also reviewng its data collection practices to ensure robust evidenced-based decisions are made. The Trust will continue wth tts governance review, with a view to attracting and retaining excellent trustees to take the Trust into the future. The Funding agreement with Bristol City Council allows for more spaces to be handed over to the Trust. This seems less likely to happen than it did when the lease was signed in 2014 so the Trust is planning to develop and diversify income streams. Additionally, new income streams will protect against the associated reduction in funding from year 20 of the lease onwards. In 2024, post-year-end, the Trust entered into a partnership agreement with Bristol City Council Film Office to altract film companies to Underfall Yard. The yard has been used as a location in the past but this new, more strategic agreement, will proactively promote the yard and maximise income. Additionally, Underfall Market was launched. As a nascent business, it isn't yet profitable but will be monitored over the next financial year to assess its success. The Trustees will create a new slrategic plan to reflect these changes and ensure the sustainable delivery of strategic objectives. The Trust Vvill continue to review the staffing structure, financial forecasts and the strategic priorities to ensure they are all still fit for purpose and that that they relect developments in the area and the external financial and political environ ment. The Trust will continue to work with Bristol City Council to improve relations and progress the site as was envisioned. Funds held as custodian trustee on behalf of others The Trust holds deposit funds for Omni Digital Ltd of £7,800, Offshore Marine Ltd of £7,250, Mathew Wilcox of £900 and Stuart Hambly of £600 in the reserve account, £37.91 of interest was earned on the deposits in the year. Page 10
The Underfall Yard Trust Trustees, Report Statement of trustees, responsibilities The Trustees (who are also directors of Underfall Yard Trust for the purposes of company law) are responsible for preparing the Trustees, report and the finanoial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve Ihe financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoining resources ar)d application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to.. select surf(able accounting policies and then apply them consistently., observe the methods and principles in the Chaiities SORP., make judgements and estimales that are reasonable and prudent; prepare Ihe finallcial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation. The Trustees are responsible for keeping adequate accounting records Ihat are sufficient to show and explain the charitable companls transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply wth the Companies Act 2006. They 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 other irregularities. Disclosure of infonnation to auditor Each of the persons who are Trustees at the time when this Trustees, report is approved has confirmed that.. so far as that Trustee is aware, there is no relevant audit information of which the charitable company's auditors are unaware, and that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charitable company's auditors are aware of that information. This report was approved by the Trustee5, on and signed on their behalf by.. stee Page 11
The Underfall Yard Trust Independent Auditor's Report to the Members and Trustees of The Underfall Yard Trust Opinion We have audited the financial statements of The Underfall Yard Trust (the 'parent charitable company,) and its subsidiaries (the 'group') for the year ended 31 March 2024, which comp¥ise the Consolidated Stalement of Financial Activities, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Cash Flows and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has beeri applied in their preparation is Uniled Kingdom Accouriting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and applicable law (United Kingdom Generally Accepted Accounting Practi¢e). In our opinion the financial statements, give a true and fair view of the state of the group's and parent charitable companvs affairs as at 31 March 2024 and of the group's incoming resources 8nd application of resouices, including its income and expenditure, for the year then ended., have been properly prepared in accordance wtlh United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance the requirements of the Companies Act 2006 and the CharÈties Act 2011. Basis for opinion We conducted our audit in accordance wtth International Standards on Auditing (UK) (ISAS {UK)) and applicable law. Oui responsibilities under those standards are fijrther described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance wtth the ethical requirements that are relevant to OLir audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concem In auditing the financial statements, we have conc5uded that the trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material Lincertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to cr)ntinue as a going concern for a period of at least e1ve months from when the original financial staternents were authorised for issue. Our responsibilities ar¢d the responsibilities of the trustees wth respect to going concern are described in the relevant sections of this report. Other information The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Page 12
The Underfall Yard Trust Independent Auditor's Report to the Members and Trustees of The Underfall Yard Trust In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or OtherSe appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is 8 material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a Imaterial misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinion on other matter prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audtt= the information given in the and Trustees, Report for the financial year for which Ihe financial Statemerits are prepared is consistent with the financial statements- and the and Trustees. Report have been prepared in accordance wth applicable legal requirements. Matters on which we are required to report by exception In the light of our knowledge and underslanding of the group and the parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the and the Trustees, Report. We have nothing to report in respect of the following matters where the Companies Act 2006 and the Charities Act 2011 requires us to report to you if, in our opinion.. adequate accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not vistted by us., or the parent Gharitable company's financial statements are not in agreement with the accounting records and returns,, or certain disclosures of trustees remuneration specified by law are not made. or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Statement of trustees. responsibilities (set out on page 11), the trustees are responsible for the preparation of the financial statements and for being satisfied th3$ they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the group and parent charitable companys ability to continue as a going concern, disclosing, as applicable, matters related to going concem and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Page 13
The Underfall Yard Trust Independent Auditor's Report to the Members and Trustees of The Underfall Yard Trust Auditor responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assupnce about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audst conducted in accordance wÉth ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. In identifying and assessing risks of material misstatement in respect of irregularFties, including fraud, the audit engagement team.. obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the charitable company operates in and how the charitable company is complying with the legal and regulatory framework, inquired of management, and those charged wth governance, about their own identification and assessment of the risks or irregularrties. including known and actual, suspected or alleged instances of fraud., discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud. However. it is the primary SpOnsIbl of management, wsth the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevenlion and detection of fraud. A further description of our responsibilities for the audFt of the financial statements is located on the Financial Reporting Council's website at- http=Ilwwffrclorg uklauditorsresponsibilities. This description forms part of our auditor's report. Use of our report This report is made solely to the parent charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts & Reports) Regulations 2008.. Our audit work has been undertaken so that we might state to the charitable companls members and its trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent pemiitted by law, we do not a¢¢ept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body and the charitable company's trustees as a body, for our audtt work, for this report, or for the opinions we have formed. //ia/ Guy Armitage-Norton jsenior Statutory ALtditor} For and on behalf of Mi15ted Langdon LLP Chartered Accountants & Statutory Auditor Freshford House Redcliffe Way Bristol BS16NL Page 14
The Underfall Yard Trust Consolidated Statement of Financlal Activities for the Year Ended 31 March 2024 (Includlng Consolidated Income and Expenditure Account) Unrestricted funds Restricted funds Total 2024 Total 2023 Note Income and Endowments from: Donations and legacies Charitable activities Investment income Other trading income Total income 1,973 353,720 7,579 298,275 69,277 71,250 353,720 7,579 298.275 4,350 234,934 137 311,857 661,547 69,277 730,824 551,278 Expenditure on: Raising funds Charitable activities 1253,3171 (393,404) {253,317} (484,773} {259,087) {318,444} (91,369) Total expenditure (648,721 > (91,3691 (738,090) {577,531) Net incomel{expenditure) Transfers between funds 14,826 67,262 (22,0921 67,262 (7,266) (26,253) Net movement in funds 82,088 189,3541 {7,266) (26,253) Reconciliation of funds Totsl funds brought foNard Total funds carried forward 17 284,099 3,125,538 3,409,637 3,435,890 366,187 3,036,184 3,402,371 3,409,637 All of the group's activities derive from continuing operations during the above periods. The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year. The funds breakdown for 2023 is Sho in note 17. The notes on pages 19 to 34 form an integral part of these financial statements. Page 15
The Underfall Yard Trust (Reglstratlon number: 02885156) Consolldated Balance Sheet as at 31 March 2024 2024 2023 Note Fixed assets Tangible assets 2,978,525 3,059,017 Current assets Debtors Cash at bank and in hand 14 43,124 494.930 34,144 370,357 404,501 538.054 Creditors: Amounts falling due within one year Net current assets 15 114,208 53,881 423,846 350,620 Net assets 3,402,371 3,409,637 Funds of the group: Restricted income funds Restricted funds 17 3,036,184 3,125,538 Unrestricted income funds Unrestricted funds 366,187 284,099 Total funds 17 3,402,371 3,409,637 The ffinancia on ..1.1.'.1.o.: statements on pages 15 to 34 were approved by the trustees, and authorised for issue -¥ and signed on their behalf by.. Tru tee The notes on pages 19 to 34 form an integral part of these financial statement5. Page 16
The Underfall Yard Trust (Reglstratlon number: 02885156) Balance Slieet as at 31 March 2024 2024 2023 Note Fixed assets Tangible assets Investments 12 2,978,525 3,059,017 2,978,526 3,059,018 Current assets Debtors Cash at bank and in hand 14 81,260 450,822 532,082 66,634 327,611 394,245 Creditors: Amounts falling due within one year Net current assets 15 108,237 43,626 423,845 350,619 Net assets 3,402,371 3,409,637 Funds of the Charity: Restricted incon7e funds Restricted funds 17 3,036,184 3.125,538 Unrestricted income funds Unrestricted fvnds 366,187 284,099 Total fund5 17 3,402,371 3,409,637 The on ancial stateinents on pages 15 to 34 were approved by the trustees, and authorÈsed for issue JDU Tru ee The notes on pages 19 to 34 form an integral part of these financial statements. Page 17
The Underfall Yard Trust Consolidated Statement of Cash Flows for the Year Ended 31 March 2024 2024 2023 Note Cash flows from operating activities Net cash expenditure Adjustments lo cash flows from non-cash items Depreciation Investment income (7,266) (26,253) 82,190 7,579 81,926 {137 55.536 67,345 Working capital adjustments Increase in debtors Increasel{decrease) in creditors Increase in deferred income 14 15 (8,980) 29,850 30,477 (5,740) (20,119) Net cash flows from operating activities Cash flows from investing activities Interest receivable and similar income Purchase of tangible fixed assets 118,692 29,677 7,579 1 ,698) 137 12 Net cash flow6 from investing activities Net increase in cash and cash equivalents Cash and cash equivalents at 1 April Cash and cash equivalents at 31 March 5,881 137 124,573 370,357 29,814 340,543 494,930 370,357 All ofthe cash tlows are derived from continuing operations dLIT5ng the above periods. The notes on pages 19 to 34 form an integral part of these financial statements. Page 18
The Underfall Yard Trust Notes to the Financlal Statements for the Year Ended 31 March 2024 1 Charity status The charity is limited by guarantee, incorporated in England and Wales, and consequently does not have share capital, Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation. The address of its registered office is.. Underfall Boatyard Cumberland Road Bristol BSI 6XG These financial ststements were authorised for issue by the trustee.s on j ?: I 2 Accounting policies Summary of significant accounting policies and key accounting estimates The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consislently applied to all the years presented, unless otherwse stated. Statement of compliance The financial statements have been prepared in accordance with Accour)ting and Reporting by Charities.. Statement of Recommended Practice (applicable to charities preparing their accounts in accordance with the Financial Reporling Standard applirable in the UK and Republic of Ireland (FRS 102)) (issued in October 2019) - (Charities SORP (FRS 102)). the Financial Reporting Standard applicable in Ihe UK and Republic of Ireland IFRS 102) and the Companies Act 2006. Basis of preparation The financial statements are prepared in sterling.. vthich is the functional currency of the group and company. Monetary amounts in these financial statements are rounded to the nearest £. The Undeifall Yard Trusl meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical c05t or transaction value unless otherwtse stated in the relevant accounting policy notes. Basis of consolidation The consolidated financial statements consolidate the financial statements of the charity arsd its subsidiary undertaking drawn up to 31 March 2024. No statement of financial activities is presented for the charity as permitted by section 408 of the Companies Act 2006. The charity recorded a deficit for the financial year of £31 ,31712023 - deficit of £59,195). Page 19
The Underfall Yard Trust Notes to the Financial Statements for the Year Ended 31 March 2024 A subsidiary is an entity controlled by the charity. Control is a¢hieved where the charity has the power to govern the financial and operating policies of an entity so as to obtain benefrts from its activities. The results of subsidiaries acqLfired or disposed of during the year are included in the statement of financial activities from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the finic ncial statements of subsidiaries to bring their accounting policies into line with those used by the group. The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer's interest in the net fair value of the identÈfiable assets, liabilities and ¢ontingent liabilities recognised is recorded as goodwill. Inter-company transactions, balances and unrealised gains on transactions beeen the charity and its subsidiaries, which are related parties, are eliminated in 11. Going concem The trustees consider that there are no material uncertainties about the group's ability to continue as a going Concern nor any significant areas of uncertainty that affect the carrying value of assets held by the group. Judgements Estimates and judgments are continually evaluated and ale based on historical experience and othei faclors, including expectations of fijture events that are believed to be reasonable under the circumstances. Income and endowments All income is recognised once the charity has entidement to the income. it is probable that the income will be received and the amount of the income receivable can be measured reliabty. Donations and legacies Donations are recogni5ed when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is defeffed and not recognised until either Ihose conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period. Page 20
The Underfall Yard Trust Notes to the Flnancial Statements for the Year Ended 31 March 2024 Deferred income Deferred income represents amounts received for luture periods and is released to incoming resources in the period for which, it has been received. Such income is only deferred when.. The donor specifies that the grant or donation must only be used in future accounting periods., or The donor has imposed conditions which must be met before the charity has uncondilional entitlement. Investment income Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. Expenditure All expenditure is recognised once there is a legal or constructive obligation to that expenditure. it is probable settlement is required and the amourlt can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs lo that category. Where costs cannot be directly attributed to particular headings they have been allooated on a b85is consistent with the use of resources, wth central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Other support costs are allocated based on the spread of staff costs. Raising funds These are costs incurred in attracting voluntsry income, the management of investments and those incurred in trading activities that raise funds. Charitable activities Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Support costs Support costs include central functions and have been allocated to activity cost categories on a basis consistent th the use of resources, for example, allocating propety costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage. Governance costs These include Ihe costs attributable to the charty's compliance wth constitutional and statutory requirements, inGluding audrt, strategic rnanagement and trustees meetings and reimbursed expenses. Taxation The charity is considered to pass the tests set oul in Paragraph 1 Schedule 6 of Ihe Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly. the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. Page 21
The Underfall Yard Trust Notes to the Financlal Statements for the Year Ended 31 March 2024 Tangible fixed assets Individual fixed assets costing £500 or more are initally recorded at cost, less any subsequent accumulated depreciation and subsequent accLtmulated impairm&nt losses. Deprectation and amortisation Depreciation is provided on tangible fixed assets so as to write off Ihe cost or valuation, less any estimated residual value, over their expected useful economic life as follows: Asset class Long-term leasehold property Interpretation assets Computer and office equipment Building restoration Depreciation method and rdte Over the term of the lease Straight line over 3 to 10 years Straight line over 3 years Over the term of the lease Bustness combinations Business combinab'on5 are accounted for under the purchase method. Vvhere necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by the group. All intra-group transactions, balances, income and expenses are eliminated on consolidation. In accordance wth Section 35 of FRS 102, Section 19 of FRS 102 has not been applied in these financial statements in respect of business combinations effected prior to the date of transition. Trade debtors Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. Trade debtors are recognised initially at the transaction price. They are subsequently measured at amottised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a kno amount of cash and are subject to an insignificant risk of change in value. Trade credito Trade creditors are obligations to pay for goods or services that have been acqLtired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporiing period, to defer settlement of the creditor for at least twelve months after the reporting dale. If there is an unconditional right to defer settlement for at least Ie1ve monlhs after the reporting date, Ihey are presented as non-¢urrent liabilities. Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost Lising the effective interest method. Page 22
The Underfall Yard Trust Notes to the Financlal Statements for the Year Ended 31 March 2024 Fund structure Unrestricted income ftsnds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the groLtp. Restricted income funds are those donated for tjse 'n a particular area or for specific purposes, the use of which is restricted to that area or purpose. Pensions and other post retirement obligations The group operates a defined contribution pension scheme which is a pension plan under 1¢h fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assels to pay all employees the benefits relating to employee setvice in the current and prior periods. Contributions to defined contribution plans are recognised in the Statement Df Financial Activities when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment. Financial Instruments Investments Investments in subsidiaries and associates are measured at cost less impairment. For investments in subsidiaries acquired for consideration including Ihe issue of shares qualifying for merger relief, Cost is measured by reference to the nominal value of the shares issued plus fail valLie of other consideration. Any premium is ignoied. 3 Income from donations and legacies Unrestricted funds General Restricted fund5 Total 2024 Total 2023 Donations and legacies., Donations from individuals 1,973 69,277 71,250 4,350 1,973 69,277 71,250 4,350 £1,973 (2023 - £4,350) of the income above was attributable to unrestricted funds and £69.27712023 £nil) attributable to restricted funds. Page 23
The Underfall Yard Trust Notes to the Financial Statements for the Year Ended 31 March 2024 4 Income from charitable activities Unrestricted funds General Total 2024 Total 2023 Rentsl income - boats, slipway and workshop Electricity and other income (including insurance income) Collaboration agreement income 184,429 184,429 222,825 49,768 119,523 353,720 49,768 119,523 12,109 353,720 234,934 £353,720 (2023 - £234,934) of the income above was attributable to unrestricted funds and £nil {2023 £nil) attributsble to restricted funds. 5 Income trom other Irading activities Unrestricted funds General Total 2024 Total 2023 Cafe sales 298,275 298,275 311,857 311,857 298,275 298,275 6 Investment income Unrestricted funds General Total 2024 Total 2023 Interest receivable and similar income., Interest receivable on bank deposits 7,579 7,579 137 £7,579 (2023 - £137) of the income above was attributable to unrestricted funds and £nil12023 - £nil) attributable to restricted funds. Page 24
The Underfall Yard Trust Notes to the Flnanclal Statements for the Year Ended 31 March 2024 7 Expenditure on raising funds a) Costs of trading activities Unrestricted funds General Total 2024 Total 2023 Fundraising trading costs., Fundraising Trading subsidiary costs 1,893 251,424 1,893 251,424 691 258,396 259,087 253,317 253,317 £253,317 (2023 £259,087) of the expenditure above was attributable to unrestricted funds and £nil (2023 - £nil) attribulable to restricted funds. Page 25
The Underfall Yard Trust Notes to the Financial Statements for the Year Ended 31 March 2024 8 Expenditure on charitable activities Activity undertaken directly Activty support Costs 2024 2023 Staff costs Slipway services Depreciation Rates Light, heat and power Insurance Repairs and maintenance Telephone ar)d internet costs Printing, postage and stationery Heallh and safety Office expenses Cleaning Waste disposal Collaboration agreement expenditure Advertising Promotional expenses Accountancy fees The audit of the charity's annual accounts Legal ar3d professional fees Bank Charges 126,523 5,278 126,523 5.278 82,190 3,228 43,118 25,348 33,006 1,577 3,118 1,085 2,005 8,102 3,636 108,133 32,785 81,926 82,190 3,228 43,118 25,348 33,C106 1,577 3,118 1,085 2,005 8,102 3,636 6,066 24,409 22,915 3,033 3,615 3,769 6,487 7,948 3,903 119,523 1,734 640 9,796 119,523 1,734 640 9,796 3,145 684 1,923 9,486 3,919 1,461 9,486 3,919 1,461 484,773 6,268 1,435 318,444 131,801 352,972 £393,404 (2023 £236,518) of the expenditure above was attributable to unrestricted funds and £91 ,369 (2023 £81,926) attributable to restricted funds. 9 Trustees remuneration and expenses No trustees, nor any persons connected with them, have received any remuneration from the group during the year. No trustees have received any reimbursed expenses or any other benefits from the charity during the year. Page 26
The Underfall Yard Trust Note5 to the Financial Statements for the Year Ended 31 March 2024 10 Auditors, remuneration 2024 2023 Audit of the financial statements 9,486 6,268 Other fees to auditors All other non-audit services 2,489 4,707 11 Staff costs The aggregate payroll costs were as follows.. 2024 2023 Staff costs during the year were: Wages and salaries Social security costs Pension costs 232,204 11,409 3,035 246,648 212,788 12,609 2,218 227.615 The monthly avefage number of persons (including senior management I leadership team) employed by the group during the year expressed as full time equivalents was as follows: 2024 2023 Employees No employee received ernoluments of more than £60.000 during the year. Page 27
The Underfall Yard Trust Notes to the Financial Statements for the Year Ended 31 March 2024 12 Tangible fixed assets Group Long-tem leasohold property Computer and office equipment Building restoration Interpretation assets Total Cost At 1 April 2023 Additions 391,127 3,067 1,698 2,973,915 241,416 3,609,525 1,698 At 31 March 2024 391,127 4,765 2,973,915 241,416 3,611,223 Depreciation At 1 April 2023 Charge for the year 62,492 3,067 297,390 187,559 550,508 7,823 275 59,478 14,614 82.190 At 31 March 2024 70,315 3,342 356,868 202,173 632,698 Net book value At 31 March 2024 320,812 1,423 2,617,047 39,243 2,978,525 At 31 March 2023 328,635 2,676,fa25 53,857 3,059,017 Charity Long-term leasehold property Computer and off ice equipment Build ing restoration Interpretation assets Total Cost At 1 April 2023 Additions 391,127 3,067 1,698 2,973,915 241,416 3,609.525 1,698 At 31 March 2024 391,127 4.765 2,973,915 241,416 3,611,223 Depreciation Al 1 April 2023 Charge for the year 62,492 3,067 297,390 187,559 550,508 7.823 275 59,478 14,614 82,190 At 31 March 2024 70,315 3.342 356,868 202,173 632.698 Net book value At 31 March 2024 320,812 1,423 2,617.047 39,243 2,978,525 At 31 March 2023 328,635 2,676,525 53,857 3,059.017 Page 28
The Underfall Yard Trust Notes to the Financlal Statements for the Year Ended 31 March 2024 13 Fixed asset investments Shares in group undertakings Subsidiary undertakings Total Cost At 1 April 2023 At 31 March 2024 Net book value At 31 March 2024 At 31 March 2023 Details of undfrrtakings Details of the investments in which the charity holds 20°A or more of the nominal value of any class of share capital are as follows-. Country of incorporation Name Proportion of voting rtghts and shares held 2024 2023 Principal activtty Holding Underfall Yard Trading Company Limited CIO Underfall Yard Trust, Underfall Boatyard: Cumberland Road, Bristol, United Kingdom, BSI 6XG Food and beverage retailer England and Wales Ordinary 10001ts 1000/0 14 Debtors Group Charity 2024 2023 2024 2023 Trade debtors Due from group undertakings Prepayments VAT recoverable Other debtors 15,138 20,646 15,138 35,784 17,607 18,731 20,625 33,866 12,143 11,607 10,465 5,914 12,143 1,355 43,124 34,144 81,260 66,634 Page 29
The Underfall Yard Trust Notes to the Financial Statements for the Year Ended 31 March 2024 15 Creditors,. amounts falling due within one year Group Charity 2024 2023 2024 2023 Trade creditors Other taxation and social security Other creditors Accruals Collaboration agreement creditor 41,256 3,342 36,085 1,586 11,696 18,804 11,975 25,175 18,486 6,878 11,696 18,804 11,175 17,696 18,486 5,858 30,477 30,477 108,237 114,208 53,881 43,626 Deferred income 16 Pension and other schemes Defined contribution pension scheme The group operates a defined contribution pension scheme. The pension Cost charge for the year represents contributions payable by the gioup to the scheme and amounted to £3,035 12023 £2,218). Page 30
The Underfall Yard Trust Notes to the Financial Statements for the Year Ended 31 March 2024 17 Funds Group Balance at q April 2023 Balance at 31 March 2024 Incoming resources Resources expended Transfers Unrestricted funds General General Funds 284,099 661,547 (646,721) 67,262 366,187 Rèstricted funds HLF Property Improvement Grant HLF Other Funds Other Funders Fire Donations 1,834,477 190,678 1,100,383 (54,245} 15,753) (22,192) {9,179) (67,262) 1,712,970 184,925 1,078,191 60,098 69,277 Total restricted funds 3,125.538 69,277 91,369 67,262 3,036,184 Total funds 3,409.637 730,824 1738,090) 3,402,371 Balance at 1 April 2022 Incoming resources Resources expended Balance at 31 March 2023 Unrestrictèd funds General General Funds 228,426 551,278 (495,605) 284,099 Restricted funds HLF Property Improvement Grant HLF Other Funds Other Funders 1,888,811 196,327 1,122,326 (54,334) (5,649) (21,943) 1,834,477 190,678 1,100,383 Total restricted funds 3,207,464 (81 ,926 3,125,538 Total funds 3,435,890 551,278 577,531 3,409,637 Page 31
The Underfall Yard Trust Notes to the Financial Statements for the Year Ended 31 March 2024 Charity Balance at 1 April 2023 Balance at 31 March 2024 Incoming resources Resourcos expended Transfers Unrestricted funds General General funds 284,099 410,123 (395,297) 67,262 366,187 Restricted funds HLF Property Improvement Grants HLF Other Fund Other Funders Fire Donations 1,834,477 190.678 1,100,383 (54,246) (5,753) (22,191) 9,179) (67,262) 1,712,969 184,925 1.078,192 60,098 69,277 Total restricted fLtnds 3,125,538 69,277 91 ,369) 67,262) 3,036,184 Total funds 3,409,637 479,400 486,666 3,402,371 Balance at 1 April 2022 Incoming resources Resources expended Balance at 31 March 2023 Unrestricted funds General General funds 228,426 293,022 {237,349) 284,099 Restricted funds HLF Propety Improvement Grants HLF Other Funds Other Funders 1,888,811 196,327 1,122,326 (54,334) (5,649) (21,943 1,834,477 190,678 1,100,383 Total rostricted funds 3,207,464 (81,926 3,125,538 Total funds 3,435,890 293,022 (319,275 3,409,637 Any income recieved from HLF Property Itnprovement Grants, HLF Other fijnds and Other Funders has been invested in depreciating assets. Any income from Fire donations remains wthin the groups cash balance. Transfer The transfer from restricted ftjnds to unrestricted funds relates to the disposal of assets a¢quired from restricted funds, Page 32
The Underfall Yard Trust Notes to the Financial Statements for the Year Ended 31 March 2024 18 Analysis of net assets between funds Group Unrestricted funds General Total funds at 31 March 2024 Restricted funds Tangible fixed assets Current assets Current liabilities 2,439 477,956 {114,208) 366,187 2,976,086 60,098 2,978,525 538,054 (114,208) 3,402,371 Total net assets 3,036,184 Unrestricted funds General Total funds at 31 March 2023 Restricted funds Tangible fixed assets Current assets Current liabilities 3,059,017 66,521 3,059,017 404,501 53,881) 3,409,637 337,980 53,881) 284,099 Total net assets 3,125,538 Charity Unrestricted funds General Total funds at 31 March 2024 Restricted funds Tangible fixed assets Fixed asset investments Current assets Current liabilities 2,439 2,976,086 2,978,525 471,984 108,237) 60,098 532,082 108,237) 3,402,371 Total net assets 366,187 3,036,184 Unrestricted funds General Total funds at 31 March 2023 Restricted funds Tangible fixed assets Fixed asset investments Current assets Current liabilities 3,059,017 3,059,017 327,724 (43.626) 66,521 394,245 43,626) 3,409,637 Total net assets 284,099 3,125,538 Pa9e 33
The Underfall Yard Trust Notes to the Financial Statements for the Year Ended 31 March 2024 19 Analysis of net funds Group At 1 April 2023 Financing cash flows At 31 March 2024 Cash at bank and in hand 370,357 124,573 494,930 Net debt 370,357 At 1 April 2022 124,573 Financing cash flows 494,930 At 31 March 2023 Cash at bank and in hand 340,543 29.814 370,357 Net debt 340,543 29,814 370,357 20 Related party transactions Group There were no related party transactions in the year. Page 34