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 ac￿sS, 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 redU￿d 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 diSpla￿d 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
serVi￿S 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 practI￿S 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 A￿OUntIng 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 a￿ayS 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 se￿iCe, 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 ServI￿S
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