Company registration number.. 02885156 Charity registration number.. 1041863 The Underfall Yard Trust (A Gompany limited by guarantee) Annual Report and consolidated Financial Statements for the Year Ended 31 March 2025 ML Audit LLP Slalutory Auditor Freshford House Redcliffe Way Bristol BS16NL
The Underfall Yard Trust Contents Refefence and Administralive Details Trustees, Report 21012 Independent Auditors, Report 13to15 Consolidated Statement of Financial Activitie5 16 Consolidated Balance Sheet 17 Balance Sheel 18 Consolidated Statement of Cash Flows 19 Notes to the Financial Statements 20to35
The Underfall Yard Trust Reference and Administrative Details Trustees J Dune, Chair R Holden R Orrett, (Retired 03 December 2024) N Ringner M Tucker, (Retired 03 December 2024) Nwatt Wilkinson P Insole C White, {Appolnted 25 March 2025) J Potter, (Appointed 9 December 2024) A Hope, (Appointed 17 June 2025) J Jones, (Appointed 17 June 2025) J Sienesi, Co-DireGtor, (Retired 31 December 2024) S Murray, Co-Director, (Appointed 2 October 2023) Senior Management / Leadership Team Charity Registration Number 1041863 Company Registration Number 02885156 The charity is incorporated in Enoland and Wales. Underfall Boatyard Cumberland Road Bristol BS16XG Registered Office Auditor ML Audit LLP Statutory Auditor Freshford House Redcliffe Way Bristol BS16NL Osborne Clarke Halo Counterslip Bristol BS16AJ Solicitors 8ankers Lloyds Bank PLC 284 Wells Road Knowle Bristol BS16FL 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 2024 to 31 March 2025. The Annual report setves the purposes of both a Trustees, report and a directors, report under company law. The Trustees confirm thal the Annual report and financial statements of the company comply wilh Ihe current stalutory requirements, the requirements of the charitable company's governing document and Ihe provisions of the Stalement of Recommended Practice applicable to char¢ties preparing their acLounts in accoi'dance wrth the Financial Reporting Standard applicable in Ihe 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 Companies Act 2006 (strategic Report and Director's Report) Regulations 2013 has been omilted. Objectives and activtties Policies and objectives The overarching vision of the Trust is 'To create a Mariiime Centre of Excellence within Bristol Harbour that preserves, for the benefrt of the public, its historic assets and unique character through Sustainable commercial, leisure, tourism and educational developmenls reflecling the maritirne history ofthe area. The Trust's objects, as set out in the Articles of Association, are.. a) To preserve for the benefrt of the public of the townspeople of the City of Bristol and of the nation at large, Ihe Underfall Yard which is of particular histortGal, 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 retention of the traditional and contemporary marilime skills. c) To register the Trust's interest in the future of the areas immediately surrounding the Underfall Yard, the heritage of the floating harbour and 10 work with stakeholders to support appropriate adoption of these areas for use in the furtherance of the Trust's objects. Strategies for achieving objectives The vision of the Trust will be delivered and monttored against the following objectives: 1. Preserving and restoring the historic buildings and machinery. 2. Improving public acsS, engagement, awareness and understanding of the yard induding interpretation, with opportunities for leaming and volunteering. 3. Retaining the unique character of the Underfall Yard keeping it as a working and productive place, not a working museum. 4. Nurturing and supporting maritime skills and industries by providing workshops, with opportunities for training and leaming. 5. Enhancing sustainability to ensure long-tenn viabilily. Page 2
The Underfall Yard Trust Trustees, Report Delivering objects and purpose The Trust's strategy for delivering its objeGts is subject to ongoing revision and scrutiny 2nd is reviewed each year. The Trust looks at the success of key activities and the benefits Ihey have delivered. The review helps ensure that activities focus on the stated 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 project (740k fLsnded by Heritage Lottery Fund, with Ihe remainder coming from the Trust's own fundraising) has provided a sound basis for the Trust to develop. The 2014-2018 project reconfigured entry points to the yard, improving public access. The conservation of Underfall Yard, a Scheduled Ancient Monument, is the responsibiltty of the Trust and at the centre of the Trust's activities. Since completion of the project in 2018, Ihe Trust ha5 carried out a rolling programme of building and machinery fflaillten8n. Underfall Yard is a working boatyard that welcomes visitors. The Visitor Centre and site interpretation developed during 2014-2018 continues to engage visitors in the history and stories of the yard. The volunteer and education programmes provide engaging opportunrties for the communily to fLtrther 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 of Ihe site. Workshops are let to maritime businesses. On May the 8th 2023 there was a large fire at the yard, which destroyed and damaged workshops. The Tnjst remaiiis committed to supporting maritime skills and businesses, which is central to the Recovery and Reinstatement Project (see fijrther details below). The working and productive nature of the site will be the basis for the Trusl's future planning. The Trust ensures the long-term viability of its work through robust business planning and the development of its commercial activilie5. Rental income and a service charge from workshops provide the funding necessary for the works required to maintain and conserve a complex historical sile. Moorings and the operation of the slipway offer necessary maritime 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 vilal visitor amenities and activities whilst also generatiiig income through ma nagement and service charges, as well as gifting profits to the Trust at the end of each year. The Trust maintains knowledge and understanding of harbour and local area developments, with a particular focus on the Westem Harbour development. The Trust is working wilh 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 Reinstatement Project On 6 May 2023, Underfall Yard was the victim of an ar50n attack. Nobody was injured but Ihe Big Shed. workshops and six boals were destroyed. This has devastaled the businesses located at the Yard, the wider cotnmunity and has deeply impacted the Trust. Following almost a year of closure, the harbourside walkway was reopened to the public after the complelion of works to stabilise damaged structures and Clearan of the areas affected by the fire. The Trust continued to provide alternative working spaces and storage spaces to tenants of destroyed and damaged units where available. The Trust launched the Recovery and Reinstatement Project shortly arter the fire. The intention is to reinstate the historic structures to modern slandards so that the TrLJSt can continue offering workshops for Bristol's vital marilime businesses. The rebuild should deliver long-term structures, buirt to last for hundreds of yea[5. 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 this isn't possible, the Trust will, subject to Historic England approval. retain the "sense of, Underfall Yard rather than aim for a paslichelreplica of Ihe exact fittingslelemenls. The Trust will not seek to hide that the site has been rebuilt - the fire and iebuild are now part of the history and story. Phase 1 of the project was delivered, including.. Site cleanup that enabled the reopening of the walkway Completion of repair5 and reinslalement of the Shipwrights (Block E) Detailed design plans were developed and submitted to Bristol City Council Planning permission was granled for Ihe rebuilding of the Big Shed and workshops Phase 1 focuses on site cleanup, roof repairs to the Shipwrights (Block E) buikjing Project Manager Mike Day joined the team to oversee the works Planning for Phase 2 is underway, which will involve rebuilding the Big Shed and workshops. The design team began working towards RIBA 4 the technical designs and appointment of the contradors for the rebuild. This work wa5 ongoing at the end of March 2025. The Collaboration Board was formed with Bristol City Council (freeholders of the Site) to ensure appropriate oversight and managemenl of the project. Contracts have been pul in place with Alec French (architects), MDA (project managers) and Slantec (formerly Hydrock - specialist engineers) lo work on detailed designs and cosl estimales. 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 at the start of the reporting period. The Trust appointed a fundraising specialist, Richard Newton Consulting, and a communications specialist, Distinctive Communications, lo support the project. Page 4
The Underfall Yard Trust Trustees, Report Achievements and perfonnance Review of Activities Main activitles undertaken to further the charity s purpose forpublic benefit The Trustees rewewed the Trusl's vislon with staff, volunteers and key stakeholders to ensure the Recovery Project was set wiihin a long-term strategy for the yard. This resulted in the development of the following work strands being identified as key lo the Yard's future= Working Boatyard- Retaining the unique character of the Underfall Yard keeping it as a working and productive place the delivers lo the maritime community, not a working museum. Mai-itime Sktlls Development.. Nurturing and supporting existing and new Maritime skills, Industries and voluntary sector groups by promding workshops, wtth opportunities for training, leaming and expansion Awareness.. Improving local community access, engagement. awareness and understanding of the yard induding interpretation, with opportunities for learning and volunteering. Sustainability.. Ensure long-term viability of the Trust, including rental income and the operation of the Trading Company, to enable preservation and maintenance of the historic buildings and machinery. The fire Gontinued to impact the charity significantly. Staff capacity to deliver activities for public benefrt has been impacted by the need lo manage a major capital works programme wilhout any lead-in lime. However, the Trust has been supported by a grant from Garfield Weston towards operational costs acress 2024-2025 and 2025-28, which has redUd the impact on the Trust's operational finances. The Trust continues to deliver educational programmes for schools and communily groups. The work Wtth South Bristol Youth, who have selected Underfall Yard as a partner in Iheir Learning to Lead programme as well as continuing to work with Ihe Trust on Discover Maths. South Bristol Youth support young people living in one of the most econoFnically challenged areas of Bristol and Somerset. The Trust has started exploring work with alternative provision organisations and will continue to develop this area of its work. Yard in Action, monthly public access lo the historic Machinery Workships, continued running through Ihe year. During the event, the belt-driven machinery is operated using the hydraulic motor Ihat was installed in the 2014-2018 project. It offers members of the public a rare opportuntty to see behind closed doors on a more informal basis than the tQUfS. Turnout benefrts from the natural footfall of the Yard so attendance was boosted by the reopening of the walkway. Yard Fest, run as part of Bristol's annual Harbour Feslival Programme, and Shanty Festival were bolh highly successful events in tems of football, feedback and income generation. Docks Herttage 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 USLial level of tourist intere51- il 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. All events benefétted from the reopening of the walkway. Page 5
The U nderfall Yard Trust Trustees, Report The numbers of volunteers held steady at c.40 individuals. New volunteering opporlunities focused on blog writing have resulted in an increase in online content exploring the history of Underfall Yard. Volunteers continue to provide a welcoming and engaging presence in the Visitor Centre as well as demonstrating the hydraulic pumps for visitors. A regular tearn of maintenance Voluntee ensure that the historic machinery is cared for. The hydraulic pumps and accumulator continue to present mainlenance challenges and in late 2024, the pumps were taken out of operation due to a significant issue with the accumulator. The Trust has also identified potential electrical issues with the start-up motors and are seeking external funding to assist with their repair - under normal circumstances, the Trust would self-fund this work but the exlraordinary circumstances of the fire has resulted in a need for support in achieving this work. Funding was secured after Ihe reporting period. The Trust carries out suitable and sensitive building Maintenan and repair to ensure the site Gontinues to be safe and accessible for the public now and into Ihe future. Slipway The slipway was not damaged in the fire and continued to operate throughoul the year. Bookings improved from 2023 - 2024 and the slipway did not require any major repairs wtthin the year. Yard businesses The fire diSplad many businesses based al 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: . Advenlurous Activities Avon Scout County Sailing Section Bristol City Council Bristol Maritime Academy Bristol Ferry Boats M Jennings & Co Qffshore Marine People & Academy Omni Digital Ltd Shipshape (Everyday things Ltd) Stuart Hambly Fabrications Traditional Rigging Severnside SuE>Aqua Club 'Sustainable Conslruction Services (lenant of Omni Digital on a SLtk>let basis) Post-year end Star Yachts were able to return to the Yartl following the completion of repaifs to the Shipwrights (Block E). Psge 6
The Underfall Yard Trust Trustees, Report Management and staffing The Underfall Yard team is led by Sarah Murray, Director who re-joined the organisation in October 2023 and job-shared with Julie Sienesi until her retirement in December 2024. Continuing in their roles are: Win Cnoops, Site and Maintenance Coordinator., Clare Worrall, Finance and Admin Coordinalor. Ben Cann. Café Manager., Evita Newrnan, Weekend Supervi50r. and Flex Toomey, Community, Leaming and Volunteering Manager. Loz Rush returned from malernity leave to a new role., Events and Development Manager. In addition there are several part-time general cafe slaff. Mike Day joined the team as the Recovery Project Manager, briiiging with him years of experien working on capilal projects at heritage sites. The staffing structure was put into place in 2018. amended in 2019 when the Trusl took over the café operations at the yard., with additional roles added in 2021 and 2024 to reiiect the changing needs of the Trust. Staffing costs increased by c.25% between 2024-2025 and 2023-2024. This is due to long-lerm role vacancies in previous years compared to a full team in 2024-25 and the decision to invest in additional staffing to ensure the Recovery & Reinstatement Project can be delivered effectively. The staff are usually assisted by a 40 strong gfOUP of regular volLtnteers who provide several different serViS such as Visitor Centre welcome, guided tours, workshop preseNation and pump demonstrations. Summary of finances The Tnjsl operates and maintains the Underfall Yard site and does not ordinarily receive extemal funding to support operations. Rental income, including an annual contribution from Bristol City Council for hosting the Harbour Aulhority, and a service charge to tenants 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 an exceptional year due lo commercial film contracts that generated significant income for the Trust and the Garfield Weston grant towards operational costs. This enabled the Trust to mitigate against loss of income frorn the fire due to reduced rental units. Underfall Café which is run via the Underfall Yard Trading Company. saw an improvement in sales becasue of the walkway reopening. The cafè profit was 880/D higher than 2023-2024, which exceeded expectalions. The Underfall Yatd Trading Company Tnade a profit of £45.288, this will be gifl aided to the Trust. The trust received £18,178.18 in restricted donations to the fire recovery fund. This, along with restricted funds from 2023-2024, will be carried forward to 2025126 for the continuation of the Recovery and Reinstatement Project, The Trustees would like to designate up to £200,000 from reserves towards the rebuild of the destroyed and damages structures. The Trust made an operational deficit of £20,974 for the year. Page 7
The Underfall Yard Trust Trustees, Report Financial VIeW Investment Policy and performance The Trust holds no formal investments., current investment income is derived from rental yields. One of the accounts currently held with Lloyds Bank functions as a deposit account and derives interest income from short tenn treasury deposit5. Faclors relevant to achieve objectives The Trust is required to operate in a way both compatible with ils own charitable objects and within the various terms 2nd conditions as laid oul by its funders., in addition, il must also adhere to the financial and reporting requirements of its funders as well as to its own intemal procedures. Going concern After making appropriate enquiries and reassessing the next Iwo years financial forecast due to the fire, the trustee5 have a reasonable expectation that the company has adequate resources to conlinue in operation81 existence for the foreseeable future. For this rea50n, they continue to adopt the going concem basis in preparing the financial statements. FLErther details regarding Ihe adoption of the going con basis Gan be found in the Accounling PoliGie5. Reserves policy The Trustees are reviewing the reserves policy in light of the funding requirements of the Recovery and Reinstatement project. As part of this review the level of reserves will be reduced to £160,000 for the remaining period of the Reconstruction aiid Reinstaleiment plan. The trustees have a medium term ambition to increase this to £200,000 from future trading surpluses once the Reconstruction and Reinstatement project is Gomplete. In coming to this interim conclusion the Trustees have reviewed the performance of the Trust in the last 5 years including COVID, significant economic and political global challenges, operating repair requirements and the fire in 2023. The Trustees believe the new 5evel of reserves being proposed is sufficient. Fundralsing policy The charity does not directly raise funds from Ihe public through street collections, nor does it allow this activtty to be carried out on behalf of the Trust. The Trust does, however, raise funds on site through Gollection points (cash and card),. through active peopled fundraising during events., and Ihrough online platforms. The Trust does not have any employed fundraisers. The Trust may from time-to-time contract a consultant lo support fundraising strategy and activities, for example to support applications to grant-giving twsts and foundations, corporate funding agreements or public campaigns. The Trust currently has an appointed consultant who is supporting the Recovery & Reinstatement capital appeal. The Trust has a fundraising policy that is regularly reviewed, which ensures the Trust undertakes fundraising that is legal, open, honest and respectful. Page 8
The Underfall Yard Trust Trustees, Report Principal funding All staffing, sile costs and operations. are funded from boat, slipway and rental income. Education and visit costs are covered by a small charge. Donations are used lo provide additional resources when required. The Trust is undertaking a fundraising campaign for the Recovery and Reinstatement Project and other future works, which will include applications to grant-giving trusts and found21ions, corporate funding agreements and a public campaign. The Recovery and Reinstatement Project is a restricted fund., these funds will be used to reinstate the yard to its previous state and lo support yard 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. Material investments policy Decisions relaling to malerial investments are taken at full board level after a robust costing, cost beneftt analysis and, where appropriate. external professions, adwce. Structure, governance and management Constitution The Charity is registered as a charitable 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 shgre 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 Ihe Underfall Yard Trust are detailed in Objects and Purpose above. In considering Ihe objects, the Trustees have had reoard to the Charity Commission's guidance on public benefit and confirm that, in their opinion, the Trust both by way of its establishment and Ihe staled objects, seeks to deliver a clear public benefil to the Cily of Bristol, its current and future citizens, and to the wider cotnmuntty, through the preseNation and continued WOTking of this historic boatyard. Recruitment and appointment of trustees The management of the Charity is the responsibilily of the Trustees who are elected and co-opted under the terms of the Articles of Association. A governance review began in 2023124 with a view lo recruiting new truslees based on identified skills-requirements, including a Treasurer. A Treasurer was appoinled iii March 2025 Io Suport financial planning of the Trust. Trustees are often appointed on a recommendation by current trustees having regard to their range and depth of relevant experience. The Trust is expanding ils recruitment provesses to include more formal advertising of roles to reach beyond its current network and attract a broader range of prospective trustees. For the recruilment of the Treasurer an external agency was used. Induction and training of trustees Trustees are inducted via site vistts and familiaris2tion from existing trustees and Trust staff. All trustees are made aware of the Trust Health & Safety and Equal Opportunities policies, and training is provided as and when deemed necessary. Pay policy for senior staff As the Charity has only a smaii number of employees, the policy is to pay a sensible salary for the role performed. Page 9
The Underfall Yard Trust Trustees. Report Organisational structure The Board of Trustees is overseen by the Chair and Treasurer and supported by board members. The Board meets at least four times a year at regular iiitervals. This 15 supplemented by sub-committees focused on aspects of the business as required. Each sub-committee is govemed by Terms of Reference with appropriate mechanisms for reporting back to Ihe full board of Trustees and wilh limitations on decision-making capabil(ties. 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, indirectly, the volunteers. Major risks and managetnent of those risks The Truslees 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 lo continuing improvement and scrutiny with additional systems put in plaGe a5 identified. A new Risk Management policy was brought in wtth an associated risk register, which is on the agenda at all Trustee meetings where possible risks are identified and discussed. The impaGt of the fire has increased the risk lo the Trust.. An individual sought damages for the 1055 Of a boat thal was moored in Underfall Yard, which was destroyed as a fesult of the 2023 fire. The claim has been reviewed by Solicito and the frust strongly refutes the claim. As of August 2025, the repi-esentatives of Ihe claimant have not replied to a letler dated 17 February 2025. The solicitors acting on behalf of the TNSI will maintain a watching brief. The Trust is projecting operational deficf( budgels until the completion of the rebuild due to loss of income from destroyed and damaged units. 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 drdw on reserves. The Trust continues to work with the Insurance cA)mpany and Bristol City Council to restore the site as soon as possible and to minirnise any shortfall in insurance proceeds. The Trust will do evefything it can to generate new income streams, manage costs and reduce the operalional deficit. Page 10
The Underfall Yard Trust Trustees. Report Plans for firture periods The Trust will deliver the Recovery and Reinstatement project to rebuild the wort(shops lost in the fire. This will allow returning and new maritime businesses to work in the yard, securing our role as a working boaiyard. It will also retum the Trust to a surplus budget, allowing future investment in the Yard and in activities that deliver our charitable objectives. A complete overhaul of the Trust's policies and procedures is underway. This will reduce risk and ensure the Trust has best working practIS at its core. The Trust is also reviewing ils data collection practices to ensure robust evidenced-based deusions are made. The Trust will continue with ils governance review, with a view to attracting and retaining excellenl 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 il did when the lease was signed in 2014 $0 Ihe Trust is planning to develop and diversify income streams. Additionally, new income streams will protect against Ihe associated reduction in funding from year 20 of the lease onwards. The Trust will invest in markeling to increase name-recognilion and footfall lo the site. This will be achieved, in part, through Ihe appointment of a Marketing and Events Assistant through and apprecticeship scheme. Boatbuilding and maritime skills will be fimily at the heart of engagemenl work and the Trust will seek e(eMaI funding to achieve the establishment of a skills-focussed education and community engagement programme. The Trust has long-slanding relationships Wlth local school and youth groups delivering educational programmes that meet STEAM (science, technology, engineering, arts, maths) objectives a5 well as history and place. The rebuild will provide fir-for-purpose boatbuilding skills. These programmes will build confidence and provide transferable skills whilst improving an individual's sense of place and belonging. The reinvigorated education programme will review the educational offer with a view to offering an even more inclusive engagement programme. The Trustees will deliver the new strategic plan. The Trust will continue to rewew the staffing structure, financial forecasts and the strategic priorities to ensure they are all still fit for Pufpose and that Ihey reflect developmenls in the area and the external financial and political environment. The Trust will continue to work with Bristol City Council to improve relations and progress the site as was envisioned. Funds held as custodian Irustee 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 Sluart Hambly of £600 in the reserve account, £111.93 of interest was earned on the deposits in the year which belongs, proportionally to the tenants listed above and is held by ihe Trust until such a date that the deposits are released back to tenants. Page11
The Underfall Yard Trust Trustees, Report Statement of trustees, responsibilities The Trustees (who are also directors of Underfall Yard Trust for the putposes of company law) are responsible for preparing the Trustees, report and the financial Statements in accoKlance with applicable law and United Kingdom Accounting Standards (Un5ted Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each rinancial year. Under company law the Trustee5 must nol approve Ihe financial stalefflents unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charilable company for that period. In preparing these financial statements, the Trustees are required to.. select suitable accounting policie5 and then apply them consistently,, observe the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent., prepare the financial statements on the going conGeffl ba515 unless it is inappropriate to presume that the charitable company will continue in operation. The Trustees are fesponsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable aGGuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with 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 delection of fraud and other irregularities. Disclosure of infomiation to auditor Each of the persons who are Trustees 8t 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 a15 the sleps that ought to have been laken as a Trustee in order to be aware of any relevant audit inft)rmation and to establish that the charitable companvs Suditors are awa of that information. The annual report was approved by the trustees of the charity on behalf by.. Is and signed on its rustee Page 12
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 2025, which comprise the Consolidated Statement of Financial Activities, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Gash Flows and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framewofk that has been applied in their preparation is United Kingdom Accounting Slandards. comprising Chartties SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and applicable law (United Kingdom Generally Accepted AOUntIng Practice). In our opinion the financial statements.. give a true and fair view of the state of Ihe group's and parent charitable company's affairs as at 31 March 2025 and of the group's incoming resources and applicalion of resources, Including ils income and expenditure, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,, and have been prepafed in accordance wrth the requirements of the Companie5 Act 2006 and the Charities Ad 2011. Basis for opinion We conducted our audit in accordance wrth International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those 5tandartls are fLlrther described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant lo our audit of the financial statements in the UK, including ihe FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with tliese requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to prowde a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustee5 use of the going concern basis of accolinting in the preparation of Ihe financial stalements is appropriate. Based on the work we have performed: we have not identified any material uncertainties relating lo events or condiÈions that, individually or collectively, May cast significant doubt on the group's abilily to continue as a going concern for a period of at least e1ve months from when the original financial statements were aulhorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going con are described in the relevant sections of this report. Other infomiation The trustees are responsible for the other information. The other information comprises the information included in the arinual 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 expre55 any form of assurance conclusion Ihereon. Page 13
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 re5pon5ibility 15 to read the other information and, in doing so, consider whether the other informalion is materially inconsistent with the financial statements or our knowledge obtained in the audit or othetwise appears to be materially misstated. If we identify such material inconsistencie5 or apparent material misstatements, we are required to detemiine whether there is a 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 material misstatemenl of this other information, we are required to report that fact. We have nothing lo 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 Ihe audit= the information given ir) the and Trustees, Report for the financial year for which the financial statements are prepared is consistent with the financial slatemenls., and the and Trustees, Report have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of our knowledge and understanding of the group and the parent charttable company and tts 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 SPect of the following Matte where the Companies Act 2006 2nd the Charities Act 2011 qUireS u5 to report lo 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 visited by us. or the parent charitable company's financial statements are not in agreement with the accounting records and relurns- 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 12), the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such inleriial Control as the truslees detennine is necessary to eiiable the preparation of financi81 statements that are free from material misstatement, whether due to fraud or error. In preparing the rinancial statements, the truslees are responsible for assessing Ihe g roup and parent charitable company's 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 lo liquidate the charity or to cease operations, or have no realistic alternative bul to do so. Page 14
The Underfall Yard Trust Independent Auditor's Report to the Members and Trustees of The Underfall Yard Trust Audltor responsibilitles for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due lo 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 audit conducted in accordance with ISAS (UK) will aayS detect a material misstatement when it exists. Mi5slatements 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 irregularities, 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 Ihe legal and regulatory framework., inquired of management, and those charged with govemance, about their own identification and assessment of the risks or irregularities, 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 responsibility of management, wilh the oversight of those charged wth govemance, to ensure that the entity's operations arè conducted in accordance wilh the provisions of laws and regulations and for the prevention and detection of fraud. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. http=lknlfrclorg.uklauditorsresponsibilities. This description forms part of our auditorfs 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 accordancè wilh Part 4 of the Charities (Accounts & Reports) Regulations 2008.. Our audit work has been undertaken so that we might state to the charitable company's 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 exlent pemiitted by law, we do not accept or assume responsibilty to anyone other than the charitable company and the charitable compan15 members as a body and the charitable company's trustees as a body, for our audit work, for this report, or for the opinions we have formed. tfUL Q.Ik . Tim Lerwill FCA BFP jsenior Statutory Auditor) For and on behalf of ML Audit LLP Statutory Auditor Freshford House Redcliffe Way Bristol BS16NL Date:....... 24110125 Page 15
The Underfall Yard Trust Consolidated Statement of Financial Activities for the Year Ended 31 March 2025 {Including Consolidated Income and Expenditure Account) Unrestricted funds Restricted funds Total 2025 Total 2024 Note Income and Endowments from: Donations and legacies Charitable activities Collaboration agreement income Investment income Other trading income Total income 27,194 290,483 18.178 45,372 290,483 71,250 234,197 361,607 7,415 401,874 361,607 7,415 401,874 119,523 7,579 298,275 1,088,573 18,178 1,106,751 730,824 Expenditure on: Raising funds and other trading expenses Charitable activities Collaboration agreement expenditure (324,983) (359,243) (324,983) {441.135} (253,317) {365,250) (81,892) (361.607} (361,607) 119,523) (738,0901 7.266) Total expenditure Net incomel(expenditurel Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 19 1,045,833 81,892 (1,127,725) <20,974) 42,740 (63.714 42,740 {63,714) (20,974) {7,266) 366,187 3,036,184 3,402,371 3,409,637 408,927 2,972,470 3,381,397 3,402,371 All of the group's activities derive from continuing operations during the above bmo periods. The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year. The funds breakdown for 2024 is shown in note 19. The notes on pages 20 to 35 fomi an integral part of these financial statements. Page 16
The Underfall Yard Trust (Registration number: 02885156) Consolidated Balance Sheet as at 31 March 2025 2025 2024 Note Fixed assels Tangible assets 13 2,897,877 2,978,525 Current assets Stocks Debtots Cash at bank and in hand 15 1,659 128,770 552,322 43,124 494,930 682,751 538,054 Creditors: Amounts falling due within one year Net Current assets 17 199,231 114,208 483,520 423,846 Net assets 3,381,397 3.402,371 Funds of the group: Restricted income funds Restricled funds 19 2,972,470 3,036,184 Unrestricted income funds Unrestricted funds 408,927 366,187 Total funds 19 3,381,397 3,402,371 The fi nci I statements on pages 16 to 35 were approved by the trustees. and authorised for issue nd signed on their behalf by- J Durie Trustee The notes on pages 20 to 35 form an integral part of these financial slatements. Page 17
The Underfall Yard Trust (Registration number: 02885156) Balance Sheet as at 31 March 2025 2025 2024 Note Fixed assets Tangible assets Investments 13 14 2,897,877 2,978,525 2,897,878 2,978,526 Current assets Debtors Cash at bank and in hand 16 195,934 481,687 677,621 81,260 450,822 532,082 Creditors: Amounts falling due within one year Net current assets (194,102) 108,237) 483,519 423,845 Net assets 3,381,397 3,402,371 Funds of the charity: Restricted income funds RestriGted funds 19 2,972,470 3,036,184 Unrestricted Income funds Unrestricted funds 408,927 366,187 Total funds 3.381,397 3,402,371 nci I statements on pages 16 to 35 were approved by the trustees, and authorised for issue signed on their behalf by= stee The notes on pages 20 to 35 form an integral part of these financial statements. Page18
The Underfall Yard Trust Consolidated Statement of Cash Flows for the Year Ended 31 March 2025 2025 2024 Note Cash flows from operating activities Nel cash expendrture <20,974) (7,266) Adjustments to cash flows from non-cash items Oepreciation Investment income 82,475 7,415 82,190 7,579 67,345 54,086 Working capital adjustments Increase in stocks Increase in debtors Increase in creditors Increase in deferred income (1,659) (85,646) 41,493 43,530 16 17 {8,980) 29,850 30,477 Net cash flows from operating activities Cash flows from investing activities Interest receivable and similar income Purchase of tangible fixed assets 51,804 118,692 7,415 (1,827) 7,579 (1 ,698) 13 Net cash flows from investing activities Net increase in cash and cash equivalents Cash snd cash equivalents at 1 April Cash and cash equivalents at 31 March 5,588 5,881 57,392 124,573 494,930 370,357 552,322 494,930 All of Ihe cash flows are derived from continuing operations during the above two periods. The notes on pages 20 to 35 form an integral part of these financial statements. Page 19
The Underfall Yard Trust Notes to the Financial Statements for the Year Ended 31 March 2025 1 Charity status The charity is limited by guarantee, incorporated in England and Wales, and consequently does not have share capttal. Each of the trustees is liable to contribute an amount nol exceeding £1 towards the assets of the charity in the event of liquidation. The address of its registered office is: Underfall Boalyard Cumberland Road Bristol BS1 SXG These financial slatements were authorised for issue by the trustees on 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 consistently applied to all the years presented, unless otherwise stated. Statsment of compliance The financial statements have been prepared in accordance with Accounting snd Reporting by Charities= Statement of Recommended Pradice (applicable lo charities preparing their accounts in accordance with the Financial Reporting Slandard applicable in the UK and Republic of Ireland (FRS 102)) (issued in October 2019) - (Charities SORP {FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Acl 2006. Basis of preparation The financial statements are prepared in sterling, which is the functional currency of the group and company. Monelary amounts in these financial statements are rounded lo the nearest £. The Linderfall Yaid Trust meets the definition of a public benefit entrty under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise staled in the relevant accounting policy notes. Basis of consolidation The consolidated financial st8tements consolidate the financial statements of the charrty and its subsidiary undertaking drawn up to 31 March 2025. No statement of financial activities is presented for the charity as permitted by section 408 of the Companies Act 2006. The Gharity recorded a deficit for the financial year of £20,974 {2024 deficit of £7,266). Page 20
The Underfall Yard Trust Notes to the Financial Statements for the Year Ended 31 March 2025 A subsidiary is an entity controlled by the charity. Control is achieved where the charity has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. The results of subsKliaries acquired or disposed of during the year are included in the statement of financial aclivities from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to Ihe financial statements of subsidiaries to bring their accounting policies into line with those used by the group. The purchase method of accounting 15 used lo account for business combinations that result in the acquisition of subsidiaries by the grcup. The c05t of a business combination is measured as Ihe fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the dale of exchange, plus costs directly attribut8ble to the business combinalion. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combinalion are measured initially al their fair values at the acquisition date. Any exce55 of the cost of the business combination over the acquirer's interest in the net fair value of the identifsable assets, liabililies and contingent liabilities recognised is recorded as goodwill. Inter-company transactions, balances and unrealised gains on transactions between the Charity and its subsidiaries, which are related parties. are eliminated in full. Going concern The trustees consider that there are no material uncertainties about the groups ability to continue as a going concem nor any significant areas of uncertainty that affect the c8rrying value of assets held by the group. Judgements Estimates and judgments are continually evaluated and are based on hislorical experience and other factors. including expectations of future events that are believed to be reasonable under the circumstances. Income and endowments All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income feceivable can be measured reliably. Donations and legacies Donations are recognised when the charity has been notified in wriling of both Ihe amount and settlement date. In the event that a donalion is subject to condttions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and nol recognised until either those conditions are fully met, or the fulfilment of Ihose conditions is wholly within the corltrol of the charity 8nd it is probable that these conditions will be fulfilled in the reporting period. Page 21
The Underfall Yard Trust Notes to the Financial Statements for the Year Ended 31 March 2025 Deferred income Deferred income represents amounts received for future periods aiid is released to incoming resources in Ihe period for which, ft has been received. Such inGome is only deferred when: The donor specifies that the grant or donation must only be used in future accounting periods., or The doiior has imposed conditions which must be met before the charity has unGonditional entitlement. Investment Income Dividends ale recogni5ed once the dividend has been declared and notification has been received of the dividend due. Expenditure All expendrtufe 15 recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount Gan be measured lIablY. All costs are allocated to the applicable expenditure heading thal aggregate similar costs to that category. Whei'e costs cannot be directly altributed lo particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs a15ocated 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 Ihe spread of staff costs. Raising funds These afe costs incurred in attracting volLint8ry income, the management of investments and those incurred in trading activilies 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 Ihat can be allocated directly to such aclivsties and those costs of an indire(X nature necessary to support them. Support costs Support costs indude central functions and have been allocated to activity cost categories on a basis consistent wrth the use of resources. for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage. Governance costs These include the costs attributable to the charity's compliance with conslilutional and statutory requirements, including audit, strategic management and trustees meetings and reimbursed expenses. Taxation The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore il meets the definrtion ol a charitable company for UK corporation tax purposes. Accordingly, Ihe charity is potentially exempt from taxation in respect of income or capital gains received wilhin categories covered by Chapter 3 Part 11 of the Corporation Tax Acl 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to Ihe extent that such income or gains afe applied exclusively to charitable purposes. Page 22
The Underfall Yard Trust Notes to the Financial Statements for the Year Ended 31 March 2025 Tangible fixed assets Individual fixed assets costing £500 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulaled impairment losses. Depreciation and amortisation Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows: Asset class Long-term leasehold property Inlerpretation assets Computer and office equiprnent Building restoi'ation Depreciation method and rate Over the term of Ihe lease Straight line over 3 to 10 year5 straight line over 3 yea Over the term of the lease Business combinations Business combinalions are accounted for under Ihe purchase method. Where necessary, adjustments are made to Ihe 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 accordan with 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. Stock Stock is valued at the lower of cost and estimated selling price less costs to complete and sell, after due regard for obsolete and slow moving stocks. Cost is determined using the first-in, first-out (FIFO). Trade debtors Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. Tfade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective inlerest method, less provision for impaiiynent. A provision for the impairment of trade debtors is established when there is objective evidence Ihat the charity will not be able lo 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 deposrts, and other short-temi highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant fisk of change in value. Page 23
The Underfall Yard Trust Notes to the Financial Statements for the Year Ended 31 March 2025 Trade creditors Trade creditors are obltgations to pay for goods or services that have been acquired in the ortlinary course of busines5 from suppliers. Accounts payable are classified as current liabilities if the charrty does not have an unconditional right, al the end of the reporting period, to defer Settlement of the creditor for at least Iwelve months after the reporting date. If there is an unconditional right lo defer settlement for at least twelve rnonths after the reporting date. they are presented as non-current liabiliiies. Trade creditors are recognised initlally at the transaction price and subsequently measured at amortised cost using the effective interest method. Fund structure Unrestricted income funds are geneRI funds that are available for use at the truslees discretion in furtherance of the objectives of Ihe group, Restricted income funds are those donated for use in a particular area or for a specific purposes, the use of which is reslricled to that area or purpose. Pensions and other post retirement obligations The group operate5 a defined contribution pension scheme which is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constmctive obligation to pay further contribulions even if Ihe fund does not hold sufficient assets to pay all ernployees Ihe benefils relating to employee seNce in the current and prior periods. Contributions to defined contribution plans are recognised in the Statement of Financial Activities when they are due. If contribution payments exceed the contribution due for seiCe, the exce55 IS recognised as a prepayment. Financial instruments Investments Investmenls in subsidiaries and associates are measured at cost less impaimient. For investmen15 in subsidiaries ae4uired for consideration including the issue of shares qualifying for merger relief, cost is measured by reference to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored. 3 Income from donations and legacies Unrestricted funds General Restricted funds Total 2025 Total 2024 Donations and legacies- Donations from individuals 27,194 18,178 45,372 71,250 27,194 18,178 45,372 71,250 Page 24
The Underfall Yard Trust Notes to the Financial Statements for the Year Ended 31 March 2025 £27,194 (2024 £1.973) of the income above was attributable lo unrestricted funds and £18,178 (2024 - £69,277) attributable to restricted funds. 4 Income from charitable activglies Unrestricted funds General Total 2025 Total 2024 Rental income- boats, slipway and workshop Electricity and other income (including insurance income) 185,570 185,570 184,429 104,913 104,913 290,483 49,768 290,483 234,197 £652,090 (2024 £353,720) of the income above was attributable lo unrestricted funds and £nil (2024 £nil) attributable to restricted funds. 5 Income and expenditu from collaboration agreement Unrestricted funds General Total 2025 Total 2024 Collaboration agreement income Collaboration agreement expenditure 361,607 (361.607) 361.607 (361,607 119,523 (119,523) Income and expenditu under the collaboration agreement with Bristol City Council relate to fvnding received in support of costs incurred for the restoration projeci. The funding is recognised as income in line with the associated eligible expenditure, in accordano with the terms of the agreement. 6 Income from other trading activities Unrestricted funds General Total 2025 Total 2024 Cafe sales 401,874 401,874 401,874 298,275 401,874 298.275 Page 25
The Underfall Yard Trust Notes to the Financial Statements for the Year Ended 31 March 2025 7 Investment income Unrestricted funds General Total 2026 Total 2024 Interest receivable and similar income- Interest receivable on bank deposits 7,415 7,415 7,579 £7,415 (2024 - £7.579} of the income above was attributable to unrestricted funds and £nil (2024 £nil) attributable to restricted funds. 8 Expenditure on raising funds a) Costs of trading activities Unrestricted funds General Total 2025 Total 2024 Fundraising trading costs-, Fundraising Trading subsidiary costs 972 324,011 972 324,011 1,893 251,424 324,983 324,983 253,317 £324,983 (2024 £253,317) of the expendilure above was attributable to unrestricted funds and £nil (2024 £nil) altributable to restricted funds. Page 26
The Underfall Yard Trust Notes to the Financial Statements for the Year Ended 31 March 2025 9 Expenditure on charitable activities Activity undertaken directly Grant funding of activity 2025 2024 Staff costs Slipway services Depreciatio Rates Light, heat and power Insurance Repairs and maintenance Telephone and internet costs Prinling, postage and stationery Health and safety Office expenses Cleaning Waste disposal Advertising Promotional expenses Accountancy fees The audit of the charf(y's annual accounts Legal and professional fees Bank Charges 158,603 10,945 158.603 10,945 82.475 4,240 52,858 31,017 28,619 3,012 4,784 2,635 644 8,455 2,777 25,846 1,576 6,560 126,523 5,278 82,190 3,228 43,118 25,348 33,006 1,577 3,118 1,085 2.005 8,102 3.638 1,734 640 9,796 82,475 4,240 52,858 31,017 28,619 3,012 4,784 2,635 8,455 2,777 25,846 1,576 6,560 9,475 5,066 1 ,548 9,475 5,066 1,548 9.486 3,919 1,461 169,548 271,587 441,135 365.250 £359,242 (2024 £273,881) of the expenditure above was attributable to unrestricted funds and £81,892 (2024 - £91,369) attributable to restricted funds. 10 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 27
The Underfall Yard Trust Notes to the Financial Statements for the Year Ended 31 March 2025 11 Auditors, remuneration 2025 2024 Audit of the financial 51atements 9,475 9,486 Other fees to auditors All other non-audit ServIS 3,000 2,489 12 Staff costs The aggregate payroll costs were as follows: 2025 2024 Staff costs during the year were: Wages and salaries Social securily costs Pension costs Other staff costs 287,425 15,567 4,548 3,726 232,204 11,409 3,035 311,266 246,648 The Inonthly average number of persons (including senior management I leadership teami employed by the group during the year expressed as full time equivalents was as follows: 2025 2024 No No Employees The monthly average number of persons (Including senior management I leadership teami employed by the group during the year was as follows: 2025 2024 No Employees 15 15 No employee received emoluments of more Ihan £60,000 during the year. Page 28
The Underfall Yard Trust Notes to the Financial Statements for the Year Ended 31 March 2025 13 Tangible fixed assets Group Long-temi leasehold property Computer and office equipment Building restoration Interpretation assets Total Cost At 1 April 2024 Additions 391,127 4,765 1,827 2,973,915 241,416 3,611,223 1.827 At 31 March 2025 391,127 6,592 2,973,915 241,416 3.613,050 Depreciation At 1 Aprtl 2024 Charge for the year 70,315 3,342 356,868 202,173 632,698 7,823 560 59,478 14,614 82,475 At 31 March 2025 78,138 3,902 418,346 216,787 715,173 Net book value At 31 March 2025 312,989 2,690 2,557,569 24,629 2,897,877 At 31 March 2024 320,812 1,423 2,617,047 39,243 2,978,525 Charity Long-term leasehold property Computer and office equipment Building restoration Interpretation assets Total Cost At 1 April 2024 Additions 391,127 4,765 1,827 2,973,915 241,416 3,611,223 1,827 At 31 March 2025 391,127 6.592 2,973,915 241,416 3,613,050 Depreciation At 1 April 2024 Charge for the year 70,315 3,342 356,868 202,173 632,698 7,823 560 59,478 14,614 82,475 At 31 March 2025 78,138 3,902 416,346 218,787 715,173 Net book value At 31 March 2025 312,989 2,890 2,557,569 24.629 2,897,877 At 31 March 2024 320,812 1,423 2,617,047 39,243 2.978,525 Page 29
The Underfall Yard Trust Notes to the Financial Statements for the Year Ended 31 March 2025 14 Fixed asset investments Charity Shares in group undertakings Subsidiary undertakings Total Cost At 1 April 2024 At 31 March 2025 Net book value At 31 March 2025 At 31 March 2024 Details of undertakings Det8ils of the investments in which the chaflty holds 200A or more of the nomlnal value of any class of share capital are as follows.. Country of incorporation Name Proportion of voting rights and shares held 2025 2024 Holding Principal activity Underfall Yard Trading Company Limited CIO Underfall Yard Trust, Underfall Boalyard, Cumbedand Road, Bristol. United Kingdom, BS1 6XG Food and beverage relailer England and Wales Ordinary 1 OOO/p 1000 15 Stock Group 2025 Charity 2025 Stocks 1,659 Page 30
The Underfall Yard Trust Notes to the Financial Statements for the Year Ended 31 March 2025 16 Debtors Group 2025 Charity 2024 2025 2024 Trade debtor5 Due from group undertakings Prepayments and accrued income VAT recoverable other debtors 15,329 15,138 15,329 84,525 15,138 35,784 94,436 9,825 9,180 11,607 10,465 5,914 94,436 21,614 30 11,607 18,731 128,770 43,124 195,934 81,260 17 Creditors: amounts falling due within one year Group Charity 2025 2024 2025 2024 Trade creditors Other taxation and social secuniy Other creditors Accruals Collaboration agreement creditor 70,878 41,258 67,486 36,085 13,203 19,823 21,320 11,696 18,804 11,975 13,203 19,823 19,583 11,898 18,804 11,175 74,007 30,477 114,208 74,007 30,477 199,231 194.102 108,237 18 Pension and other schemes Defined contribution pension scheme The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributior)s payable by the group to Ihe scheme and amounted to £4,548 (2024 £3,035). Page 31
The Underfall Yard Trust Notes to the Financial Statements for the Year Ended 31 March 2025 19 Funds Group Balance at 1 April 2024 Incoming resources Resources expended Balance at 31 March 2025 Unreslricted funds General General Funds 366,187 1,088,573 (1,045,833) 408.927 Restricted funds HLF Property Improvement Grant HLF Olher Funds Other Funders Fire Donations 1,712,970 184,925 1,078,191 60,098 (54,049) (5,732) (22,111) 1,6S8,921 179,193 1,056,080 78,276 18,178 Total restricted funds 3,036,184 18,178 81,892) 2.972,470 Total funds 3,402,371 1.106,751 (1,127,725 3,381,397 Balance at 1 April 2023 Balance at 31 March 2024 Incoming resources Resources expended Transfers Unrestricted funds General General Funds 284,099 661,547 (646.721) 67,262 386,187 Restricted funds HLF Property Improvement Grant HLF Other Funds Other Funde[5 Fire Donations 1,834,477 190,678 1,100,383 (54,245) (5,753) (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 (738,090) 3,402,371 Page 32
The Underfall Yard Trust Notes to the Financial Statements for the Year Ended 31 March 2025 Charity Balance at 1 April 2024 Incoming resources Resources expended Balance at 31 March 2025 Unrestricted funds General General funds 366.187 764,562 (721,822) 408,927 Restrictsd funds HLF Property Improvement Grants HLF Other Funds Other Funders Fire Donations 1,712,969 184,925 1.078,192 60,098 (54,049) (5,732) (22,111) 1.658,920 179,193 1,056,081 78,276 18,178 Total restricted funds 3,036,184 18,178 81,892) 2,972,470 Total funds 3,402,371 782,740 (803,714) 3,381,397 Balance at 1 April 2023 Balance at 31 March 2024 Incoming resources Resources 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 Funds Other Funders Fire Donation5 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 funds 3,125,538 69,277 (91,369 (87,262) 3.036,184 Total funds 3,409,637 479,400 (486.666 Restricted income received from HLF Property Improvement Granls. HLF Other Funds, and Other Funders relates lo restoration projects undertaken between 2014 and 2018. In accordance with the terms of the funding and the nature of the expenditure. these funds have been invested in depreciating fixed assets. As such, the restricted funds are held within the charity's fixed asset registei- and are being depreciated over their useful lives. 3,402,371 Income received from Fire Donations remains within the group's cash balan$ and is available for projects specifically relating to supporting the charily following the fire in 2023. Page 33
The Underfall Yard Trust Notes to the Financial Statements for the Year Ended 31 March 2025 Transfer The Iransfer frotn restricted funds to unrestricted funds relates to the disposal of assets aquired from restricted funds. 20 Analysis of net assets between funds Group Unrestricted funds General Total funds at 31 March 2025 Restricted funds Tangible fixed assets Current assets Current liatsilities 3,683 604,475 199,231 2,894,194 78,276 2,897,877 682,751 199,231 Total net assets 408,927 2,972,470 3,381,397 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 Tolal net assets 3,036,184 Page 34
The Underfall Yard Trust Notes to the Financial Statements for the Year Ended 31 March 2025 Charity Unrestricted funds General Total funds at 31 March 2025 Restricted funds Tangible fixed assets Fixed asset investments Current assets Current liabilities 3,683 2,894,194 2,897,877 599,345 {194,102) 408,927 78,276 677,621 (194.102) 3,381,397 Total net assets 2,972,470 Unrestricted funds General Total funds at 31 March 2024 Restricted funds Tangible fixed assets Fixed asset investments cur nt assets Current liabilities 2,439 2,976,086 2,978,525 471,984 (108,237) 366,187 60,098 532.082 (108,237) 3,402,371 Total net assets 3,036.184 21 Analysis of net funds Group Al 1 April 2024 Financing cash flows At 31 March 202S Cash at bank and in hand 494,930 57,392 552,322 Net debt 494,930 57,392 552,322 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 370,357 124,573 494,930 22 Related party transactions Group There were no related party transaclions in the year. Page 35