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 kno￿edge 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 V￿th 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 Other￿Se 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 be￿een 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 I￿e1ve 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