Company registration Iiumber.. 02986417 Charity registration number.. 1042227 The Derby & Sandiacre Canal Trust Limited (A company limiied by guarantee) Annual Report alld Financial Statements for the Year Ended 31 March 2022 Cojnmunity Accounting Plus Units l & 2 North West 41 Talbot Street Nottin¥hatn NGI 5GL
The Derby & Sandiacre Canal Trust Limited Contents Reference and Administrative Details Trustees, Report 2to6 Independent Examiner's Report Statement of Financial Activities 8t09 Balance Sheet Ioto I I Notes to the Financial Statements 12 to21
The Derby & Sandiacre Canal Trust Limited Referenee and Administrative Details Trustees Chris W J Madge. Chaim]an Michael Wingfield Derek Troughion Val Clare Paul N Horton-Turner Kevin Miller Christopher ReesFitzPatrick W David Savidge Mike Snaith Ma¥gie Throup MP 1042227 Charitv Registration Number Company Registration Number 02986417 Rtgisttred Office 62 Broadway, Duffield Belper Derbyshire DE564BU Independent Examiner Johii O'Brien, employee of Community Accoiinting Plus Units l & 2 North West 41 Talbot Street Nottiiighani NGI 5GL Page I
The Derby & Sandiacre Canal Trust Limited Trustees, Report The trustees. who are directors for the purposes of company law, present the aiinual report together with the financial 5tatement5 of the charitable coinpany for the year ended 31 March 2022. Trustees and officers The trustees and officers serving during the year and sin¢e the year end were as follom's.. Trustees.. Chris W J Madge. Chaimian Michael Wingfield Derek Troughton Val Clare Paul N Horton-Turner tQevin Miller Christopher ReesFitzPatrick W David Savidge Mike Snaith Maggie Throup MP Advisorv Committee members Cllr P Watson. nominatcd h). South D¢rbyshire District Council Cllr C Poulter. iiominated by Derby City Council Cllr G Hickton, iiominated by Derbyshire County Couiicil Cllr T Scott, nomiiiated by Erewa5h BorougFh Couiicil Johii Baylis BEM. Iiominated by Inland Watenvay5 Association, deceased 7 July 2022 Cllr A Graves, iiominated by Derby City Coiiiicil, stepped dowi iii May 2021 Cllr P Ingalls, nominated by Derby City Council, appointed in May 2022. Structure* governance and management 'll/ure ofgoveriiin&y documenl The charity is a company limited by guarantee and registered charity. It is operated under the rnles of its memorandum and articles of association dated ill 111994 whicl) was Inost recently ainei)ded 01) 101412019. It has no share capital and the liability of each subscriber in the event ol'winding-up is limited to £1. Recruilmenl appoinlmenl ofiruslees In accordance with Article 16 of Ihe new Constitution, a third of all Directors retire at the Anniial General Meeting and being eligible, offer themselves for re-election. New Directors are invited to join the Tnjstees based on their knowledge and experience of the canal project and their appointinents are siibject to approval at the Annual General Meeting. In addition to the Directors, Advisory Committee Members are appoit]ted by the Four Local Authorities ot] all annual renewable basis being dra froin Councillors aiidlor Sejiior mejnbers of staff, or by the membership of Restoration Partners. Page 2
The Derby & Sandiacre Canal Trust Limited Trustees, Report Major risks andmanagemenl ufihose risk5 Risk munagemenl Major risk5 to the Trust have been reviewed and 5ySteins and procedure5 with coinprehensive insurance piit into place to manage those risks. includingF rebFular revieTh' at Board meetings. Major chan&Tes are communicated to the Board at monthly meetings and to the Advisory Committee quarterly. A key risk is thai one section of the canal line owned by the Trust is in water and the Trust is aware of its land drainage respoiisibilities to prevent flooding of neighbours. The risk is managed by periodic inspection and clearanee of drainage channels and is the subject of works expected to be completed in 202) to eliminate the risk. Volunteers are at risk from the Covid 19 vinjs. The Trust has consulted widely and implemented best practice procedures to minimise risks on working party activities. This has of necessity affected the frequency, composition and size of parties over the last year. In view of the increasing complexity in operations and prospective diversity of income generated from a trip boat and rental of the restored cottage development the Trust has engaged expertise to advise on its structure and tax management. The recommendations to create a trading subsidiary have been completed. Finaneial rtvie The Statement of Financial Activities for the year is set out within the financial statements. A summary of the financial resiilis and the work of Ihe Charity is set out below.. Income to the Trust for 20?1-22 was £335.735. During the year the Trust also accepted loans from supporters to t]d the development costs of the Draycott Canal Cottages. Puliry rÉservt The Trust general reserves currently stand at £193,614, but much of this is represented by fixed assets. The Trust aims 10 mainiain a general reserve of cash of around £30,000. The reserves are set to ensure that we can meet possible liabilities when ihey fall due, maintain our equipment and also provide a funding buffer 10 allow the Trust to lake advantage of small unflireseen opportunities such as land purchase as the}. occur. Going concer After making appropriate enquiries, the trustees have a reasonable expectation thai the Trust has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concem basis in preparing the financial statements. Page 3
The Derby & Sandiacre Canal Trust Limited Trustees, Report Objectives and aetivities Objects ond Thc objective of the Tnist is to restore the fornier Derby Canal waterway from the Erewash Canal at Sandiacre to the Trent and Mersey Canal at Swarkestone via central Derby, as close as possible to the original roiite. thereby. reconnecting Derby to the national canal iietwork. lil complcting this objective the Trust and its partners will seek to maximise the positive impact on the coinmunity's qualit), of life, primarily by encoura&TingF active use of the waterway by individuals and clubs and creating and maintainingF a water based environineiit that will siipport aiid eiicouragFe wildlife and the wider environment. This will a150 generate sustaii)able econoinic developinent, job creation through tourisTn and 5POrts. and educational. heritauFe and leisure benefits for the City of Derby, the Borough of Erewa5h, South Derbyshire District and the East Midlands region gFenerally. The Trust seeks to be the catalyst, iiot only for the canal restoration, but a150 the enhancement of the neighbouiing land corridor. in partnership with local authorities. landowners, community and volunteer groups, developers ai)d all neighbours and residents. Aehievements and Performance Over the last year Ihe Trust has recovered from the disruption caused by Covid 19, with working parties back to full strength, although the afterniath of this and other macroeconomic impacis have affected the costs of operation quite considerably. We Compleied the resiorationldevelopment of the Callal Cottages at Draycott in April 2022. All three cottages were let to local families on short term tenallcies at market rates and 8 tenant agreed 10 operate the cafe at that time. The café opened on 7th May ?022 and has already attracted a good reputation and coiitinues to grow its reputation and customer base. We are convinced that this will generate funds for restoration into the ture. During the last year we have formally acqiiired the freehold, which together with development cost5 is shown as a land asset in the Trust's balance sheet. This asset has been fiiiided by loans from siipporters lincludiiig some trnstees) at a fixed interest rate of 3 1 until June 20?6. The Tn]st is already considering options for June 2026 to iefinaiice 5UPPOrter loans at that time. The restoratioii of the Goldeii Mile in DTrycott has iiot pro¥res5ed a5 planned diirin¥ the last year. NetH.ork Rail have accepted that tliey should pay for the destruction of part of the work5 ordered by them to niiti¥ate Stotin Christophe iii 2020, but we have yet to agree the amount. In addition, the delay in work5 and resultiiig inflation of costs seen throughout the iiidu5ts)' ha5 ¥enerated a 5i¥iiificaiit shortfall in fundiiig to complete the project. The Trusi is now looking at ways ts) crystalise ihe shortfall and raise the I'ui)ds necessary ts) complete the projeci over the coming twelve moiiths. The Trusi Iinally lauiiched its Riverboat service on the River Derweni in Derby city centre iii August 2022. The service cannot yet thke disabled passengers. as it operates from a temporary starting point under Causey Bridge. However. the City c.ouncil have allocated funds io estsblish a new pontooii close by w,hich will provide full accessibility. The current belief is that the pontoon will be ready for operaiion in spring 2023. The Trust would like to Ihank all volunteers who have been involved in establishing the service and Liffered Iheir time to operate Page 4
The Derby & Sandiacre Canal Trust Limited Trustees, Report The Trust is awaiting a final report froTn Atkiiis on a feasibility. study for the DeTby Arni, a lock in the LongbridgFe weir iii Derby citv and a small canal basiii opposite the Coiiiicil House. Funding for thi5 was provided by Derby City Council. FurtheTmore, the city's plans for p05t pandemic development have progressed very positively. The city now sees the river as central to future developments and are supportive of our vision. Plans are being progressed within the Our City., Our River flood defence progTrainme to accominodate boat traffic ai)d the associated commercial developments It brings. We have progressed at Sai)diacre with plans for the key sewer diversion. We have repossegsed a seetion of land froin a neighbour to allow the sewer to move and have undertaken detailed surveys of wildlife and soil Conditions. Whilgt we may have missed the opportui)ity to coinplete works ii) 2022 we have a coi)structive relationship with Sevem Trent Water and neighbours and have every confidence that significant progress is now imminent. We are also in discussilin with developers of the Garden Village developmeni at Lowes Lane, Sinfin Moor. We have underraken substantial working party effort to make safe and uncover the canal line beiween the A50 and Infinity Park Way. This provides evidence of the value of Ihe canal to the 5,000 house development in providing much needed drainage options as well as leisure enhancements. We are hopeful Ihai over the next few years we can get a kilometre of canal built down to the Trent and Mersey. The Trust is actively working with other local canal bodies and with the Inland Watenways Association nationally where it is represented on several national policy and resioraiion fora. The Trust would like to thank the growing arniy of volunteers who have attended working partie5, and in particular those people who have worked from home dealin£ with administration, fundraisins organising meetings, negotiating with suppliers, planners. council officer5, etc. etc. Without these people the Trust simply could not function effectively. Statement of Trustees, Responsibilities The tllJ5tee5 (who are also the directo of The Derby & Sandiacre Canal TTUSt Limited for the putposes of coinpany law) are responsible for preparing the trusttes, report and the financial Statements in accordance with the United Kiiigdom Accountin¥ Standard5 (Utjited KingTdoin Geiierally Accepted Accounting Practice) and applicable law and regFulations. The report and accounts have been prepared in accordai)ce witli the provi5ion5 in the Companies Act 2006 relatitjg to small companies. Company law requires the trustees to prepare financial statements for each financial }'ear. Under company law the trustses must not approve the financial siatements unless they are satisfied that they give a true and fair view of the state of affairs of ihe chariiable company and of its incoming resources and application of resources. including its income and expenditure, for that period. In preparing these financial siatements. the trustees are reqiiired to.. select suitable accounting policies and apply them con5lStently,' observe the methods and principles in the Chariiies SORP; make judgements and estimates that are reasonable and prudent; state whether applicable UK A¢Lountin¥ St<indards have been followed. subject to any material departures disclosed aiid expldiiied in the finilllLial statements; ai)d prepare the financial siatements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. Page 5
The Derby & Salldiacre Canal Tryst Limited Trustee5' Report The rN5¢e¢5 are responsible for k¢eping adcquate &Unting r¢cord$ that pre sufficient to Show and explain the charitable ¢ompany'5 msaciions and di5¢1ose with reasonable accuracy at any time the financial posit¥on of the charitable cornpany and enable them ensure that the financial ststements eomply the Companies Act 2006. They are also responsible for safe8uording the assets of ihe chaTitsble company and hence for tsking reasonable steps for the prevention aDd dwe¢iion of and other irregularities. The annual report wa5 approved by the trusie¢s of lh¢ charity on . .... Z and $i8n¢d on its behalf by.. Chris W J Tne¢ , ChHimiRn Small cothpmjlei provtjlon i¢At•mtnt Thi$ report has been prepared in 8ccord4nce with the Small mp&ni¢S r¢gime under th¢ Comp1¢$ Act 2006. Pa8e 6
The Derby & Sandiacre Canal Trust Limited Independent Examiner's Report to the trustees of The Derby & Sandiaere Canal Trust Limited Independent examiner's report to the tru5tee5 of The Derby & Sandiacre Canal Trust Limited {'the Company,) I report to the charity trustees oil my examination of the accounts of the company for the year ended 31 March 2022. Responsibilities and basis of report As the charity's trustees of the company (and also its directors for the purposes of company lawl you are responsible for the preparation of the accounts in accordance with the requirements L)f Ihe Companies Act 2006 {'the 2006 Aci,). Having satisfied myself that the accounts of the Company are not required to be audit¢d under Part 16 of the ?006 Act and are eligible for independent examination, I report in respert of my exainination of your Charity's accounts as carried out under section 145 of the Charities A¢t 2011 {'the 2011 Act,). In carrving out my examination I have followed the dirertions given by the Charity Commission under section 145(5) (b) of the 2011 Act. Independent examiner's statement Siiice the Con)pai)y's gross incoine exceeded £250.(X)O your examiner must be a member of a body listed in section 145 of the ?0 I l Act. l eoiilinn that l am 4ualilied to undertake the examinatioii because l am a member and Fellow of the Asso¢iatioi) of Charity Independent Examiners, wl)ich is 01)e of the listed bodies. I have completed my examination. I confim) ihat no maiters have come to my attention in conneciion with the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of Ihe Company as required by section 386 of the 2006 Act; or 2. the account5 do not accord with those records,. or the accounts do not comply with Ihe accounting requirements of section 396 of the 2006 Act oiher than any requirement thai the accounts give a 'true and fair, view which is iiot a matter considered as part of an independent examination. or 4. the accounts have not been prepared in accordance with the methods and principles of the Statcment of Recommended Practice for accounting and reporting by charities lapplicable to charities preparing their accounts iii accordai)ce with the Fiiiancial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)]. I have i)0 concems and have come across no other Inatters in connection with the examination to which attention should be dramn in this report in order to eiiable a proper understanding of the accounts to be reached. Johnm'Brien MSC, FCCA, FCIE, employee of Community Accounting Plus Fello. of the Association of Charit), Independent Examiners Units l & 2 North West 41 Talbot Street Nottingha NGI 5GL Date.. 711112022 Page 7
The Derby & Sandiacre Canal Trust Limited Statement of Finaneial Attivities for the Year Ended 31 March 2022 (Ineluding Income and Expenditure Account and Statement of Total Reeognised Gains and Losses) Total 2022 Total 2021 Unrestricted Restricted Note Income and Endowments fro. Donations and legacies Charitable activities Investment income 11,792 11,720 1,357 11,792 322,586 1,357 10,321 344,314 712 310,866 Total Income 24,869 J l 0,866 i35,7J5 i55,347 Expenditure on.. Charitable activities (24,819) (138.4021 (16i.2211 (234.384} Total Expenditure (?4,819) (138.4021 (16J.2211 (234.384} Net iiicome 172,464 1,000 172,514 120,963 Transfers between ndS I I,000} Net movement in fvnds (950} 173,464 172,514 120,963 Reeoneiliation of funds Total funds brought forward 194,564 189,458 384,022 263,059 Total funds catTied fonvard 193,614 362,9?2 556,536 384,022 All of the charity's activities derive from continuing operations diiring the above two periods. The funds breakdown for the period is shown in note 13. The i)otes On pages 12 to 21 form an integral part of these financial statements. Page 8
The Derby & Sandiacre Canal Trust Limited Statement of Finaneial Attivities for the Year Ended 31 March 2022 (Ineluding Income and Expenditure Account and Statement of Total Reeognised Gains and Losses) Unrestricted funds Restricted funds Total 2021 Note Income and Endowments fro. Donations and legacies Charitable activities Investment income 10,321 8,548 712 10,321 344,314 712 335,766 Total income 19,581 J35,766 i55,347 Expenditure on.. Charitable activities (20,755) {213.629} (234.384} Total expenditure (20,75.5) {213.629} (234.384} Net (expenditure)lincome Transfers between funds (1,174) 18,197 1?2.137 (18,197) 120,963 Net movement in fvnds 103,940 120,963 Reeoneiliation of funds Total funds brought forward 177,541 85,518 263,059 Total funds catTied fonvard 13 194,564 189,458 384,022 The i)otes On pages 12 to 21 form an integral part of these financial statements. Page 9
The Derby & Sandiacre Canal Trust Limited (Registration number: 02986417) Balanee Sheel as at 31 Mareh 2022 2022 2021 Note Fixed assets Tangible assets 765,496 134,916 Current assets Debtors Investmenis 10,992 100 426,672 432,962 Cash at bai)k and in hand 207,794 437,764 640,756 Creditors- Amounts falling due within ont year 10 (10,506) {391,650} Net current assets 4?7 ?58 249,106 Total assets less Current liabilities 1,192,754 384,022 Creilitors: Amounts falling due after more than one year {636,218) Net #55ets 556,536 i84,022 Funds of the eharity: Rcstrided irteome funds Restricied funds 362.922 189,458 Unrestricted income funds Unrestricted funds 193,614 194,564 Total funds 13 556,536 384,022 For ihe tinancial }ear endiiig 31 March 2022 the charity 'aS entitled to exemption from audit under section 477 ot. the Companies Aa 2006 relatiiig to small coinpanies. l)ir¢ctOT5' r¢snl1]It1cS'. -h¢ In¢tnb¢r5 hav¢ not r¢quiTed the charity to obtain an audit of it5 aCCOUllts for th¢ Near in question in ac¢ordanc¢ with SeLtii)n 476- The dircciors aLknoi%-.IcdgL Ihcir rcsponsibiliiics for complwing with Ihc rcquircmcnis of Ihc Aci 1th rcspcci to accouniing rccords and Ihc prcparAiion of accounts. These financial statements have beet) prepared in accordance with the special provisions relating to companies subject to the small coinpanies regime within Part 15 of the Companies Act 2006. The i)otes On pages 12 to 21 form an integral part of these financial statements. Page 10
The Derby & Sandiacre Canal Trust Llmited (Registration number: 02986417) Balance Sheet as at 31 March 2022 The fi cial statements on pages 8 ro 21 w¢r¢ 8pprovcd by the trustce5, and authorised for Èssue on .L signed on their behalf by: Derck Trou8 Trustee The notrs on pages 12 10 21 forni 3n in*grai part of th¢5¢ financial statements. Pa8ell
The Derby & Sandiacre Canal Trust Limited Notes to the Financial Statements for the Year Ended 31 Mareh 2022 Aeeounting polieies Sumrnary of significant accounting policies and key accounting estimates The principal accounting policies applied in the preparaiion of these financial statsments are set out below. These policies have been consistently applied to all ihe years presented, unless othenvise stated. Statement of eomplik)nee The fingncial statements have been prepared in accordance with Accounting and Reporting by Chariiies.. Statement of Recoinmended Practice {applicable to chariiies preparing their accounts in accordance with the F inancial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021) {issued iii October 20191 (Charities SORP IFRS 102)), the Fillancial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) alld the Companies Aci 2006. Basis of preparation The Derby & Sandiacre Canal Tnjst Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilitie5 are initiallv recognised at historical cost or transaction value unless otherwise stated iji the relevant accounting policy notes. Going coneern The financial stalemeiits have been prepared on a going concem basis. The tiustees assess whetl)er the use of goii)g eoneetli 15 appropriate i.e. whether tl)ere ale any material uncertainties related to events or conditions that may cast significant doubt oli the ability of the charity to coiitinue as a ¥oin¥ LonLern. The trustee5 make thi5 as5es5ment in respect of a period of one year from tl)e date of approval of the financial statements. Exemption from preparing a eash tIow 5tat¢ment The charity opied io adopt Bulleiin I published on 2 February 2016 and have therefore not included a cash flow siatemeni in these financial statements. Income 8nd endowments Voluntary income including donations, gifts. legacies and grants that prlivide core funding or are of a general naiure is recognised when the charity has eniitlement io ihe income. li is probable thai the income M'ill be received and the amouni can be measured wilh sufficieni reliability. Donations and legacie5 Donations are recognised when the charity has been notified in mlting of both the amount and settlement date. lil the event that a donatioii is subject to conditions that require a level of perfonnance by the charity before the charity is entitlcd to the funds, the income is deferred and iiot recognised until either those conditions are fully et. or the fulfilment of those coiiditions 15 wholly Th'ithin the control of the charity. and it is probable that these conditions will be fulfilled in the reportin¥ period. Investment ineome Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. Page 12
The Derby & Sandiacre Canal Trust Limited Notes to the Financial Statements for the Year Ended 31 Mareh 2022 Expenditure All expcnditiir¢ is rQgnised once there is a legal or constructive obligation to that ¢xp¢nditur¢, it is probable settlemcnt is required and the amoiint can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregaie similar costs to that ¢ategnry. Where cost% cannot be dire¢tl}' attribiit¢d to particular headiiig% they havc been allocated on a basi% con%istent with the use of resoiirces, with Central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of th¢ asset's use. Other support costs are allated based oii the spread of stsff costs. Charitable activities c.haritable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneliciaries. It includes both costs that cai) be allocated directly to such activities and those costs of an indirect nature necessary to support them. Taxatio The charity is CL)nsidered to pass the tests set out in Paragraph I Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the chariry is potentially exempt from taxation in respect of income L)r capital gains received within categories covered by Chapter i Part I l of the Corporation Tax Act 201 O or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to chariiable purposes. Tangible fixed assets Individual fixed asseis are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impaimient losses. Depreeiation and amortisation Depreciation is provided on tangible fixed assets so as to }TIte off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows.. A55et class Depreciation rnethvd and rate Plant and machinery 250/0 reducing balance Depreciatioll 15 not charged on the Riverboat or freehold property a5 It is regFularly Inaintained and considered to have a residual value in excess of the caTrying value. Current asset investments Current asset investments are iiicluded at the lower of c05t and iiet realisable value I maTket value. Trade debtors Trade debtors are amounts due from customers for merchandise sold or services perfonned in the ordinary Course of business. Trade debtors are recognised initially at the tiansaction price. They are subsequei)tly Ineasured at amortised cost using the effective interest method. less provision for iinpainnei)t. A provision for the iinpainnent ol. trdde debtors is established w'hen there is objective evidence that the charity will i)ot be able to collect all amounts due according to ihe original tern)s of the receivables. Page 13
The Derby & Sandiacre Canal Trust Limited Notes to the Financial Statements for the Year Ended 31 Mareh 2022 Cash and eash cquivalcnts Ca%h and cgsh cqllivalcnts ¢omprise ¢ash on hgnd and ¢all deposits, and other short-tem) highly liquid investment% that are readily convertibl¢ to a knoTh amount of ¢ash and are subjert to an insignificant risk of ¢hange in value. Trade ereditors Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary. coiirse of hu%iiiess from suppliers. Accounts pa}'able are cla8%ified a% ciirrent liabilities if the ¢harity does not have an unconditioiial rifwht, at the end of the reporting period, to defer Settlement of the creditor for at least twelve moiiths after the reporting date. If there 15 ali unconditioiial riuFht to defer settlement for at least twelve months after the reportingF date, they are presented as non-cutt liabilities. Trade creditors are recogni5ed iiiitially at the transaction price and 5ub5equently measured at amortised cost usiiibF the effective interest Tnethod. Fund structure Unrestricted income funds are general funds that are available for use at the trustees, discretion ii) furtherance of the objectives of the charity. Restricted inclime funds are Ihose grants for use in a particular area or for specific purposes. the use of which is restricted to that area or pun)ose. 2 Income from donations and legaeies Unrestricted fund5 General Total 2022 Total 2021 Donarions Donations from companies. trusts and similar proceeds 11,792 11,792 10,321 11,792 11,792 10,321 3 Incorne from charitable activitie5 Unrestrieted funds General Restrieted funds Total 2022 Total 2021 Grants & donations MembeTship5 Coiitract Work Fundraising Sales 310.249 310.249 8,571 ,055 1,764 947 335,766 7,588 700 8,571 1,055 1,764 330 260 617 11,7?0 310,866 322,586 i44,314 Page 14
The Derby & Sandiacre Canal Trust Limited Notes to the Financial Statements for the Year Ended 31 Mareh 2022 4 Grants & donations Unrestricted Restricted fund5 Total Legacy Network Rail Old Candl Society Sundry donations The Derby Canal Company Gift Aid 150,000 100.000 150,000 i 00,000 4,500 4,500 3,511 2.161 1,620 3,326 2,161 1,620 56,993 Derby City Council 56,923 11.792 310,249 32? 041 S InveStent income Unrestrieted funds General Total 2022 Total 2021 Inierest receivable and similar income; Interest rt¢eivable on bank deposits 1,357 1,357 712 6 Expenditure otl charitable actii'ities Unrestrieted runds General Restrieted lunds Total 2022 Total 2021 Administrdtive costs Bank charge5 Depreciatioii Rent and rates Loan interest pgyments River boat Sandiacre & Draycott projects Legal and professional General costs Canal maintenance 2,352 282 2,6i4 12i 2,?9j 360 1,534 8,129 660 7,494 2,539 2,29i i60 1,534 3,057 435 325 8,129 660 7.274 213,629 9,597 2.064 220 5,578 12 940 627 68 1,949 615 7,527 627 940 697 50,721 Sundry 444 25 660 Marketing & publicity Lock rebuilding Draycott Lanal costs Fuiidraisiiig costs Packet costs 50.653 75,415 i03 30i 512 Page 15 512
The Derby & Sandiacre Canal Trust Limited Notes to the Financial Statements for the Year Ended 31 Mareh 2022 Unrestricted fund5 General Restricted fund5 Total 2022 Total 2021 Training Insurance i90 1,772 50 1,(189 440 2,861 1,609 24,819 li8,402 163,221 234,384 7 Tk)ngiblt fixed assets Land and buildings Plant & machinery River boat Total Cost At l April 2021 Additions 69,493 632,87i 20,426 76,252 166,171 63?.87 j At i l March 2022 702,366 20,426 76,252 799,044 Depreciatio At l April 2021 Charge for the year 20,000 11,255 31,255 2,293 At 31 March 2022 20,000 13,548 33,548 Net book value At i l March 2022 682,366 6,878 76,252 765,496 At 31 March 2021 49,493 9,171 76,252 134,916 Included within the nei book value of land and buildings above is £682,366 12021 £49,493) in respect of freehold land and buildings and £Nil (2021 £Nil) in respect of leaseholds. 8 Debtors 2022 2021 Prepajments Other debtors 4.780 6,?12 1,268 431,694 10,99? 432,962 9 Current asset investments 2022 Shares in group undertakings and participating interests 100 Page 16
The Derby & Sandiacre Canal Trust Limited Notes to the Financial Statements for the Year Ended 31 Mareh 2022 10 Creditors: amounts falling due Ivithin one year 2022 2021 Trade creditors Other loans Otl)er creditors 3,582 0,394 530 122,100 268,149 ,401 10,506 391,650 Bank borrowings Bouiice Back Loan is denominated in Sterliiig with a iioininal interest rate of 2.5 % (2021 £3), and the final instalment is due 011 l December 2027. The canving ainount at year end is £31,612 {2021 £32,149). Capital is repayable in 60 monthly instalments of £535.82 Other borrowing5 Loans from supporters with a carrying amount of £611,000 {2021- £220.000) is denominated in Sterling with a nominal interest rate of J % (2021 3 /0). The final instalment is due on 30 June 2026. The loans are interest only and the principal can be called in on or after 3010612026. 11 Creditors: amounts falling due after one year 2022 Other loans 636,218 12 Charity status The charity is a company limited by guarantee and conseqiiently does not hav¢ share capital. Each of th¢ trnstces is liable to contribiite an amount iiot exc£eding £1 towards the assets of the charity in the event of liquidation. Page 17
The Derby & Sandiacre Canal Trust Limited Notes to the Financial Statements for the Year Ended 31 Mareh 2022 13 Funds Balance at 31 March 2022 Balance al April 2021 Incoming resources Re50urce5 expended Tran5fer5 Unrestricted funds Gener1 General Fund 194,564 24,869 124,819) {I,0001 193,614 Restricted lunds Sandiacre Lock Fund Draycott Goldei) Mile Project River Boat Fund 14,406 150,000 148,617) 115,789 170.273 4.779 100.000 175,703) 110.339) (i,74J) 194,570 12,563 Co-op S&S Equipment Fund Derby Waterside sdY 2,743 40,000 1.000 40,000 Total restricted funds 189,4)8 310,866 (138.402 1,000 362,922 Total funils ?84.022 335,735 (163 ?21) 556,5i6 Balanee at 31 March 2021 Balance at I April 2020 Ineoming resources Resources expended Transfers Unrestrieted funds Gen¢rul General Fund 177.541 19.581 120.755) 18,197 194,564 Restricted Saiidiacre Lock Fund Draycott Golden Mile Project River Boat Fund Ma¢hinery 14,548 (142) 14,406 53,112 15,380 2,478 3i2,016 i,750 (2 li,487) {1.3681 114.3511 {2,4781 170,27i 4,779 Total restricted funds 85,518 335,766 (213.629 118,1971 189,458 Total funils 263,059 355,347 (234,384) i84,022 Page 18
The Derby & Sandiacre Canal Trust Limited Notes to the Financial Statements for the Year Ended 31 Mareh 2022 The specific purposes for which the funds are to be applied are as fLIIIows'. Sandiacre Llxk Fund.. To enable w'orks to excavate Sandiacre Bottom Lock. Draycott Golden Mile Project-. fo conven a 314 mile drainage ditch to a navigable canal. River Boat Fund.. fo establish a River Boai on the Denvent. The Co-op S&.S Equipment Fund is from several local coop stores to fund expenditure on equipment to maintain the canal path in the Sandiacre to Spondon areas. The Derby Waterside Study is funding from Derby City Council to fvnd a feasibility study for the Derby Ami, river Derwent and city centre waierside. The transfer from the General fui)d to the Co-op S&S Equipment Fund fund is to cover the full costs of this activity. 14 Analysis of net assets between funds Unrestricted 2022 Total funds General Restricted Tangible fixed assets Current assets Current liabilities Creditors over l year 765,496 74,842 (10,506) {636.218) 765,496 437,764 (10,506) {636.218} 362,922 Total net assets 193,614 362,922 556,5J6 Unrestrieted funds General Total funds at 31 March 2021 Restrieted funds Tai)gible fixed assets Current assets Current liabilities 134,916 451,298 {391,650) 134,916 640,756 {391,650) 189,458 Total net assets 194.504 189,458 384,022 15 Fees payable to independent exalner During the period, the fees payable (excluding VAT) to the charity's independent examiner Community Accounting Plus are analvsed as follows.. 2022 2021 Independent examinaiion 530 525 530 525 16 Taxation The charity is a registered chgrity and is therefore exempt from taxgtion. Page 19
The Derby & Sandiacre Canal Trust Limited Notes to the Financial Statements for the Year Ended 31 Mareh 2022 17 Trustees remuneration and expenses No truste¢s, nor any persons connected with them, have received any remuneration from the charity durillg th¢ year. No trustees have received any other benefits from the charity during the year. 18 Related party transaetions During the year the charity made the following related parry transactions.. The Dray£ott Canal Co¢tage5 On 30th June 2021 The Trnst exercised an Option agreement to acquire the freehold interest of the Canal Cottages Property from Tn]stee Chris Madge at a price of £195,000 being the original cost of acquisitioii in derelict state in 2017 totwether with finance costs over the intervening four years. At this point the expeiiditure by the Trust on refurbishment over the last four year5 has beeii added to the freehold and the total iiicluded as a property a55et in the Trust's balance sheet. The Director5 and Tru5tee5 decided that the whole property should be retained iii the Trust and used to ¥enerate rental income through it's tradiiig 5ub5idiary, The Derb}' Caiial Company Ltd. The cost of acquisitioii and development would be financed throu¥h loaii fundin¥. This fundin¥ has beeii provided on a fixed interest rate of J /0 p.a. These loans are froni supporters and direciors of the Trust and are noi repayable until June 30th 2026. The current rate ol. ren(al income is well iii excess of the loaii iiiterest paid annuallj,. Personal loans Three Directors, and the spouse of one. have made personal loans to the Charity a5 follows.. Paul Horton-Tumer, £26,000 Williain David Savidge. £ l 0,000 Chris Madge, £?00.000 Aline Madge, £30,000. Page 20
The Derby & Sandiacre Canal Trust Limited Notes to the Financial Statements for the Year Ended 31 Mareh 2022 19 Fixed asset investments Detai15 of undertakings Detsils of the investments in which the charity holds 200/0 or mor¢ of the nominal value of any class of shar¢ capital are as follows.. Country of illcorporation Proportion of voting right5 Principal and 5hare5 held actiTr'ity UndertakiThg Holding 2022 2021 Subsidiary undertakings tl) raise funds flir the resioration and maintenance of The Derby Canal The Derby Canal Co Limited England & Wales Ordinary Shares of £1 loo% OQ/o Page21