Company registration number: 02986417 Charity registration number: 1042227 The Derby & Sandiacre Canal Trust Limited (A company limited by guarantee) Annual Report and Financial Statements for the Year Ended 31 March 20?4 Communiry Accounting Plu5 Units l & ? North West 41 Talbot Street Nottingham NCII 5CIl.
The Derby & Sandiacre Canal Trust Limited Contents Reference and Admi"nistrative Details Trustees, Report 2to6 Independent Examiner's Report Statemeni of Financial Aaivlties 8t09 Biil&ttEL¥ Shrct 10 Noies to the Finanrial Ststements I to21
The Derby & Sandiacre Canal Trust Limited Reference and Administrative Details Trusttts Christopher Madoe. Chairn)an Christopher Richardson Michael Wingfield Derek Troughton Val Clare Paul Horton-Tumer Kevin Millcr Cluisiupli¢t" R¢¢sFitzPatrick tTrdvid Savidge Mike Snaith Cbarity Registration Numbcr CompaDy Registration Number 02986417 Registered Offic¢ 6? Broadway, Duffield Belper Derbyshire DE56 4BU Indcpettdtnt Examiner John O'Brien. employee of Community Accounting Plus Units l & 2 North West 41 Talbot Sireet Nottingham NGI 5GL P3ge I
The Derby & Sandiacre Canal Trust Limited Trustees, Report The trustees, who are dirertors for the purposes of company law, present the annual report together with the finan¢i&l statements of the ¢haritabl¢ wmptmy for the year ended 31 M&rch •024. Trustees and oificers The trustees and officers serving during the year and since the vear end were as follows: Trustees: Chrislopher Madge. Chairnian Lhn"stopher Richar(Ison (aprM)inÉed 28 November 2023) Michael Wingfield Derek Troughton Val Clare Paul Horton-Turner Ketrin Miller Chrisiopher ReesFitzPatrick David Savidge Mike Snaith Advisory Committee member5 Cllr P Watson nominated by South Derbyshire District Council Cllr Hickton nominated by tkrby5hire Counry Council Cllr T Scott nominated by Erewash Borough Council Lllr V Ingalls nominated bv Derty L ity Council (stepped down In May 7023) Cllr H Dhindsa nominated by Derby City Council (appoinled in May 2023) Cllr C Pvulirr iiUiEIi114Lrd by D¥tby Cily Cuwi¥Él {trVvrd duwii iii Mdy 2023) Cllr K Morgan-McGeehan nominated by Derby City, Council (appointed in May ?023. stepped down May 2024) Cllr M Rawson nominated by Derb). Citv Council (appointed in Mav ?0?4) Maggie Throup MP Struc¢ur¢i governancc alld aagr¢tht Nathre olgoverning documenl The Derby and Sandiacre Canal Tn]st Ltd is a company limited by guarantre and a registered charity. It 15 operated under the rule5 of its memordnthjm and articles of association daied 311111994 which was most recently amended on 10141?019. It h&$ no share capital and the liability of each subscriber in the event of winding-up is limited to £1. RrcrHith•enl and uppoinlm¢HI vflrMJ¢ees In accordance with Article 16 of the new Constitution, a third of all Directors retire at the Annual General Meetinu an d being eligible, offer themselves for re-election. New Directors are invited to join the Tnte¢S based on their knowledge and experience of the canal project and thcir appointsiiciits ai¢ subjriL LL> aPViUV<il ai tlir Aiiiiual Getl¢Eal Nl¢etiJig. In addition to the Directors, Advisory Committee Members are appointed by the Four Local Authorities on an annual renewable basis b¢ing drawn from Councillors andlor Senior members of stsff. or by the membership of Restoration Partners. Page 2
The Derby & Sandiacre CaDal Trust Limited Trustees, Report Major risks and management ofihose ris Risk management Major risks to the Trust have been reviewed and svstems and procedure5 with comprehensive insurance put into place to manage those risks, including regular revie, at Board meetings. Major changes are commuiiicated to the Board at monthly meetings and to th¢ Advisory Commiitee quarterly. A ko, risk is that two sections of the canal line olvned by the Trust are in Thvter and the Trust is aware of its land drainage responsibilities to avoid fl(ioding of neighbours. The risk 15 manaoed by periodlc Inspeciion and leardnce of drainage channels and will be eliminated bi, the completion of the full restoration. In view of the increasing complexity in operations the Trust continues to seek external financial, legal and engineering expertise to mitigate risks. The Trust is also aciively seeking and finding additional volunteer expertise to ensu its work and use of fill)ds is effective and undertaken with minimum risk. Finydncial review The Statement of Financial Activities for the year is set out within the financial statements. A Summi of the financial results and the work of the Charffiry is set out below: Policy on reserves The Trust generdl reserveq currenily stand at £279.590. but much of this is represenfrd by investment in fixed assets. The Trust aims to maintain a general reserve of cash of around £50.000. The reserves are set to enswe that we Can meet Possible liabilities when they fall due, maintain our quiptnent and provide a funding buffer to allow the Trust to take advantage of small unforeseen oppornmiiies, such &$ land purchase. a5 they occur. Going concern After making appropriate enquiries, the trustees have a reasonable expectaiion that the Trust has adequate resources to continue in 0ratIonal exis(ence for the fore5erable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. nhjeetivos gnd xetivities Objects and aims The objective of the Tr$1 is to restore the fomier Derby Canal Wdtenvay from the Erewash Canal at Sandiacre to the Trent and Mersey Canal at Swarkesione via central tkrby. as close as possible to the original rout¢. thereby connecting Derby to the national canal network. In completing this objective. the .1 rust and its partners will seek to maximise the impact on the communiry's quality of life. primarily bv encouraging active use of the W4l¥rw4ly by iiidÉvidu&ils ¢ind Llubs 4ttid ¢iraliii¥ luid iiiaiiitaijiiiig a wat¢r b<ed ¢iiviioiiJii¢iit that will support and encourage wildlife and the wider environment. This will also generate 5UStainable economie developinenL job creation through iourism and 5POrts, and educational. heritaue and leisure benefits for the City of Derby. the Borough of Erewash, South Derbyshire Distrirt and the East Nlidlands region generdlly. The Trust seeks io be the catalys( not only for the canal restordtion but also for the enhancement of the neighbouring land corridor, in partnership with local authorities, landowiers, community and volunteL'r groups, developers and all neighbours and residents. Page ?
The Derby & Sandiaere Canal Trust Limited Trustees, Report Achievements and Perfonnance Progress has been focussed on the west-east leg of the restoration over the last year, while the TTUSt awaits progress with developers at Chellaston with the 5,000 homes garden village development alongside the canal. The Tst has continued to be active in maintaining our assets including the owned sections of canal path at Spondon, Borrow&sh. DrdyCOtL Breaston and Sandiacre. In particular, sections of canal wall have been reconstructed by volunteers at Borrowash. During Stonn Babet in October the Tnt expeTienced flooding to a depth of l?Omm in the three residential properties ai Draycott. The Tru received an insurance cash se(tlemenE which through The substantial ¢(fvris u( volunteers working in place of paid contraciors enabled the cottages to have floor tanking installed throughout and flood dcfcnccs implcmcntcd as well as restoration ivork completed. Work was also undertaken to assist flows of flood water awdy from the properties to preveni a repeat of flooding in the future. This has disrupted the tenkncies, hut all wnrk wa.4 cnmpleted in April and properties are now back on the market or already rented. We are pleased to note thai the flood was so shallow and short lived that the cafe was not flooded and Lontinued to trade for all but a day. Our new volunieer civil engineer h&$ fiilly reviewed our approach and highlighted options io use canals for water movement and flood Prevention in concert with other interested partie5. We are looking to develop these options for the community s wider benefii. We have continued to devote 5ubstaniial effort in preparing to If5toic thc Goldcn Milc iii Drayrotl but whi15t 5tudi¢s hdV¢ b¢¢n compl¢t¢d thc opportunity outlincd abov¢ will see completion delayed again. Poge 4
The Derby & Sandiacre Can41 Trust Limited Trustees, Report During the last year we have also been able to PTomote our works more actively in the community by attending local shows and dtscribino tlic cliallciigc5 and suc¢¢ss¢3 (pf the proj¢¢t ovcrall and s¢ction by scction. Wc havc received growing support from the public. local authorities and corporates for our work. The Derby Riverboat has also Continued to generate income by operdting over the past summer with sailings well supported by the public and voluner crew5 The City Council have reviewed the cost of licencing, although not as much as we feel appropriate. There has been little progress on a new pontoon. which will provide full wheelchair accessibility onto the boat. The City Council commissioned further engineering analysis, which meant they no longer had the budget to build the pontoon. We currently await confirmation ot. the shortfall and intend to raise these funds by grants or COTporate suppor( Mthen ive have confirmation of how iu¥h ib W¥ air 4twarc olpulcnliÉil pdss¢n¥rD upsrl al iiuL piuvid&iI d fully aiirssibl¢ opcration. but at least we have the council's stated support for the project. We aim to deliver this as quickly as p055ible. We continue to pre&s on with proposals for the Ikrby Ami and Derby city centre developments and are dis¢ussin£ with other interested parties how to integrate our proposals in the city with the flood defences programme. Fonnal fora have been set up the Council and other stakeholders promo joined up thinking for the city. Again, the council are supportive of our aims and opwrtunities. At Sandiacre lock we expect a costed proposal for the sewer relocation during the summer and then. fiinding permittin& will be moving to complete the iTrorks il'ithout delay. In th¢ last f¢w months aftcr thc balancc sh¢ct date, we have su¢¢essfvlly completed the purChe of canal path land from Sustrans and a local farmer. A further and final a¢qui5ition of land from Sustrdns is under discussion and we hr>pe tn cnmplete th2t in n24. Thiq wnuld gTN'e an almost complete length bettveen Draycott and the Erewash canal. We are now planntng the restordtion of the winding hole at Draycott withkn this acquired land, which will also act a s a flood management option at Draycott. The Trust continues to be indebted to the arniy of volunteers who have attended working parties. or (lealt with administralion. tiindrdising. organising meeling% nego(]ating with suppliers, planners, council officers, etc. etc. Without these people the Trust simply could not fvnction effectively. Statement of Responsibilitits The trustee5 (who are also the directors of The Derby & Sandiacre Canal Trusi Limited for the purpose5 of ompany law) are responsible for preparing the tntee5, report and the tinancial statements in accordance with applicable law and United Kingdom Accounling Standards (United Kingdom Generally Accepted Aticounting Pi<iiLiir). illLludiii¥ FRS 102 "Th¥ Fin¢lll¥liil Rvpvrliii S(iliL¢Jdid ÉipyIiLÉiblr iii UK ld Rrpublii of IrCl1d, The report and accounts have been prepared in accordance with the provisTrons in the Companies Act 2006 relating to small companies. Company law requires the trustees to prepare financial statements for each financial year. Under company law tli¢ trust¢C5 111115t iiot appiuvr Llir fiii<uiiial 5tat¢iii¢iits wi1¢55 arc 54tl5fi tiiat t]icy 8LVC a truc and fair vicw of the State of affairs of the charitable compan) and of the incoming resources and application of resources, including its income and eypenditure. of the charitsble company for that period. En preparing these finanelal ststements, the trustees are required to: select suitabl¢ accounting polici¢s and apply them conststently; observe the methods and principles in the Chartiies SORP; rnake judgements and estimates that are reasonable and prudent. state whether applicable accounting standards. comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements; and ges
The Derby & Sandiacre Canal Trust Limited Trustees, Report prepare the financial statements on the going concern basis unless it is inappropriate to Psum¢ that the choritsblc cornpany will ioiitiiiuc iri busiiirs5. The trustees are responsible for keeping proper accountints Tecords that can disclose reasonable accuracy at any lime the financial p)sition ot the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also resw)nsible for safeguardtng the assets of the charitable company and hence for taking rca50nable steps for the prcvcntion and detection of fraud and other irregularities. The trnstees are responsible for the maintenance and integrity of the corporate and financial inforniation included on the charitable company's website. Legislation goveming the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. The annual report was approved by the trustees of the charity on 27 .24and signed on its behalf by: Chnstopher Ttee , Chaiman Pa8¢ 6
The Derby & Sandiacre Canal Trust Limited Independent Examiner's Report to the trustees of The Derby & Sandiacre Canal Trust Limited ('the Company,) Independellt examiner's report to the trnst¢es of "I"he Derby & 58ndiacre C8n41 I"rnst Limited {'the Company,) I report to the charity twstees on my examination of the accounts of the company for the year cnded 31 March 2024. Responsibilities and basis of report Ag the Charity's trustee5 of the Company (and also its dir¢¢tors for th¢ purposes of company law) you are responsible for the preparation of the accounts in accordan¢e with the requirernents of the Companies Act 2006 (-the 2006 Act,). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examinaiion. I report in respect of my examination of your charity's accounts as carried out under seciion 145 of the Charities Act 2011 ('the 2011 Act,). In carrying out my examlnaiion I have followed the Directions given by the Chariry Commission under seciion 145(5)(b) of the 2011 Act. Independent eigminer's statement I have rompleted nry examination. I confirni that no Tnattrr5 have comc to My attention in conneLtion with the examination giving me cause to believe that in any material respect- accounting records were not kept in respect ot-the Company as required by section 3S6 ot.the 2(6 Act. or 2. the accounts do noi accord with those records. or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Acf other than any requirement that the acenuntq give A 'true And faie view which is not a matter considered as part of an independeni examination; or 4. thc &ccounts hav¢ not bccn prcparcd in accordonce the mcthod5 and prin¢ipl¢s of the Sthiem¢nt of Recommended Practice for accounting and reporting by chariiies lapplicable ro charities preparing their accounts in accordance with the Financial Reporting Sthndard applicable in the UK" and Republic i)f Ireland (FRS 102)]. I have no ¢on¢ems and have come across no other matters in connectton with the examination to which attention should be drdwn in this report in order to enable a proper understanding of the accounts to be reached. riern Msc. FAIA. FCC,4. FCtE. employee of Communiry Accounting Plus Fellow. of the AssociaEion of CharÈty Independent Examiners Units l & 2 North West 41 Talbot Street Nottingham NGI 5GL 0811112024 Poge 7
The Derby & Sandiacre Canal Trust Limited ststement of Financial Activities for the Year Ended 31 March 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains aDd Losses) Total 2024 Totgl 2023 Unrestricted Restricted Note Income and Endowments from: Donations and legacies Charitable activities Investment income Other income 3,407 77.276 8.860 50,165 8.114 74.293 8.860 50.165 2.983 3.984 49,960 Total Income 136.725 2.98i 139.708 75.412 E%penditure on: Charitable activities (73.135) {39,859) (112,994) {99.090 Totsl Expenditure (73.1 J5) (J9,859) (112,994) 99.090 Net income/{expenditure) 63.590 (36.876 26.714 (23.678) Net movement in funds 63.590 (36,876) 26.714 (23.678) Reeoncili2tion of funds Total fun(b brought forward ?16,000 316,858 55? 858 556,536 Total funds carried f0rn7rd 13 279.590 279,982 559,572 532,858 All of the charity's actii'ities derive from continuing operations during the above two periods. The funds breakdown for the period is shoMm in Dote 13. The notes on pages I I to 21 form an inle part of the* financial statements. Pase g
The Derby & SaDdiacre Canal Trust Limited Statement of Financial Activities for the Year Ended 31 March 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrtslri¢ted funds Restricted funds Total 2023 Note Income and Endowments from: Donations and legacies Charitable activitÈes Investment income Other income 8,114 9.631 3,984 49,960 8.114 3,723 3,984 49.960 Total income 71.689 3,723 75.412 Expenditure on: Charirable activities (47.511) (51,579 (99,090) Total expenditure (47.511) (51,579 (99.090 Net income/(exp¢nditure) Transfers between fimds 24,178 (1,792) (47.856) 1,79? (23,678) Net movement in funds 22,386 {40,064) (23,078) Reconciliation of futtd$ Totsl funds brought forward 193.614 362.922 556.536 Total funds Caled forward 13 216,000 316,858 532,858 The notes on pages I I to 21 fom) an Inte part of th financial statements. Page 9
The Derby & Sandiaere Canal Trust Limited (Registration number: 02986417) Balance Sheet as at 31 March 2024 IU24 2023 Note Fixed assets Tangible as5¢ts 692.493 693,783 Current assets Debtors 95.921 139.369 Invesiments Cash at bank and in hand io 416,?05 3J4,688 512.?26 474,157 Creditors: Amounts falling due within one year Net current assets {21,824 {11,759) 490.40? 462,398 Tot#1 #5sets less curreDt liabilities .18? 895 .156,181 Creditors: Amounts falling due after more than one year 12 (623,323 (623.323) Net 559.57? 532,858 Funds of the charity: Restricted income funds Restricted funds 13 279,982 316.858 Unrestrieted ineomt funds Unrestricted funds 279,590 216,000 Total funds 53?.858 For the financial year ending 31 Mar¢h 2024 the charitiT w&s entitled to exemption from audil under section 477 of the Companies Aa 2006 rela11n to small companies. 559,57? Directors, rcsponsibilities= The memb¢r5 have not required the charitv to obtain an audit of its accounts for the ¥ear in question in accordance With se¢iion 476: and The direthors knOwledge their responsibiliiAes for MPl).1n8 with the requirements of the Act 54'ith regpect to accounting rccords and the preparation of accounts. These financial slatements h&ve been prepared in occordance with th¢ sp¢¢ial provisions relating to companies subject to the small companies regime within Part 15 of th¢ Companie5 Act ?006. The financial statements on pages 8 to 21 were approved by the tmstees. and authorised for issue on ZA.1 . and signed on their behalf by: opher Richardson Trustee The noies on pages I I to 21 forni an intrgrdl part of thw financial statements. Page 10
The Derby & Sandiacre Canal Trust Limited Notes to the Financial Statements for the Year Ended 31 March 2024 l Accounting policies Summary of significant aecounting poliri¢s and ke> aeeounting estimates The principal accounting policies applied in the preparntion of these financial statements are set out below. These policie5 have been consistently applied to all the yfdrs pre5enÉ¢d, unless othmvise sthted. Statement of complianeo The financial slatements haTr"e been prepared in accordance with Accounung and Reponing by CharitiC5: Statement of Recommended Practice (applicable to charities preparing their accounts in accordance with the rinancial Reporting Standard appli¢able in the iiK and Rcpublic of Ircland (FRS 102)) (issued in October 2019) (Charilies SORP (FRS 102)). the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) 8nd the Companies Act 2006. B25is of prtP2Tation The Derby & Sandiacre Canal Trusi Limited meets the definition of a public benefit entity under FRS 102. Asbets and liabilities are initially recognised at historical cost or tyansaction value unless othcrwise ststed in thc relevant accounting policy notes. Going concern The financial slatements have been prepared on a going concern basis. Thc tru5lCe5 &sses5 wh¢ther the usc of Lull¢¢1 IS appwpiia* i.r. wlRrdJrr di¢rc arc inatcrial uncertsinties related to ¢vent5 or conditions that may cast significant doubt on the ability of the Lharity to continue as a going concern. The trustees moke this seSsment irt respect of a period of one year from the date of approval of the financial statements. EJemption from prep9riDg a cash flow statement Under Ihe exempiion available to smaller chariiies the Board of Trustres has chosen noi io includc a StsLrmrnl of Cash Flows within thc financial slatements. Income and endowments Voluntary income including donations. gifts, legacie5 and grants that provide core 1)ding or are of a general nature is reCognid when the charity ha5 entitlement to the income. it is probable thai the income will be received and the amount can be m¢Ured with sufficient reliability. Donations and legaeies Donations are recognised when the charity has been notified in BTit7ng of both the amount and settlenient date. In Ihe ever]E th8T a donaiion is subject 10 condiiions thai require a Icvel of p¢rforn]anGe by thc chiwiiy t?¢fvrr Llir charity is eniitl¢d to the funds, the income is defeTred and not recognised until either those conditions are fully met, or the fulfilment of those conditions 15 wholly within the control of the chariry and it is probable that these cond&tions will be fulfLll¢d in the r¢porting period. Investment income Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. Pa8ell
The Derby & Sandiacre Canal Trust Limited Notes to the Financial Ststements for the Year Ended 31 March 2024 Expenditure All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is rcquircd and the amount can be measured reliably. All costs are allocated to the applicablc expenditure heading that aregate similar costs to that category. Where costs cannot be directly attj-ibuted to particular headings they have been allocated on a basis consistent with the use of resources. with central staff costs allocaied on the basis of time spenL and depreciation charges allocated on the portion of the asset'5 use. Other support costs are allocated based on the spread of staff costs. Charit8ble activities Charitable expenditure comprises those Costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that ¢an be allocated directly to such activities and those COSLS of an indirect nature necessary to supry)rt them. TaAation The charity is Considered 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 wmpany for UK corporation tax purposes. Accordingly. the charity is wtentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part I l of the Corpordtion .4ct 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied eXcE51VelY to charitsble purposes. Tangible fixèd Assets Individual fixed assets are initially recorded at cosl less any subsequent accumulated depreciation and subsequent accumulated impaiment losses. Depreclarfon and #mortisation Depreciation is provided on iangible fixed &gsets so as to write off the cost or valuation. less any estimated residuul voluc, ovcr th¢ir cxpcctcd uscful cconomic lifc as follows.. Asset elass Plant and machinery Land & Buildin&s Depreciatiokn method and rate 250/0 reducing balance Nnt depreciAteA Current gss¢¢ iMves¢m¢nts Current asset investments are included at the lower of cost and net realisable value I market value. Trade debtors "I rade debLors are amounts due from customers for merchandise sold or seniices perfornied in the ordinary course of business. Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost the effective interest method. less provision for impairnieni. A provision for the impairment of trade debtors is established w'hen there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the re¢eivabl<s. Page 12
The Derby & SaDdiacre Canal Trust Limited Notes to the Financial Statements for the Year Ended 31 March 2024 Cash and cssh equii'alents Cash and cash equivalents comprise ¢&sh on hand and call deposits, and other short-terni highly liquid investments that are readily convertible to a kn(ywn amount of and are subject to an insignificani risk of change in value. Trade creditors Trade creditors are obligations to pav for goods or service5 th3t have been acquired in the ordinary course of busine55 from suppliers. Accounts payable are classified as current liabilitie5 if the chariry does not hai'e an unconditional right, at the end of the rewrting peTio¢ to defer settlement of the creditor for at leasi twelve months after the reporting date. If there is an unconditional right to defer settlement for at least nvelve months after the reporting da*, thcy arc prcsented as non-currcnt liabilitics. Trade creditors 8re recognised initially at the IraTCtIOn price and siibsequently measitred Al 8mnrtkRed cnqt using the effective interest meth¢xl. Fund structure Unr¢striLlrd inLotnc funiL5 are general fi{L5 thai are available for use at the trustees, discretion in furthcrantt of the objectives of the charity. Kestncted income tunds are those grants tor use in a particular arva or for specihc purposes, the use of which is restricted to that area or purpose. 2 Ineome from donations and legaieies Unrestricted fullds General Total 2024 Total 2023 Donations Donations from tndividuals Gift aid reclaimed 1,870 1,537 1,870 1,537 5.520 3,407 3.407 8.114 3 Income from charitable aelivities Unrestricted fuiids General R¢5tric¢¢d funds Total 2024 Total 2023 Grants & donations Memberships Contract Work FLkndraisin 3.723 7.581 7.008 1.700 770 7.008 1,700 770 768 Sales Insurdnce claims 165 64,650 165 67.633 1.282 2,983 74.293 2.983 77.276 13.354 Pnge 13
The Derby & Sandiaere Canal Trust Limited Notes to the Financial Statements for the Year Ended 31 March 2024 4 Grants & donatiolls Unrestricted fund5 Restricted runds Total Gift Aid ,537 1.870 1,537 1.870 Other donations 3.407 3.407 5 Investment income Unrestrieted funds Genernl Total 2024 Total 2023 Interest receivable and similar income; llnest receivable on bank dep)sits 8,860 8.860 3.984 6 Other iDcome Llnrestricted funds eDeral Tolal 21124 Total 202J Renthl income 50.165 50.165 49.960 Poge 14
The Derby & Sandiacre Canal Trust Limited Notes to the Financial Statements for the Year Ended 31 March 2024 7 Expenditure on eh*ritable actitieS Unrestrieted fund5 General Restricted funds Total 2024 Total 2023 Ad[ninis&t1vC COSLS 914 914 977 Bank charges L)epreciation Rent and rates Loan interest payments River boal Fund transfers Legal and professional Equipmeni replacement Canal maintenance Sundry Utiliti¢s 106 1.290 554 17.532 106 1,290 554 17,687 98 1.-120 555 18,277 1.779 155 {6.133) 8,050 2.615 6,133 12.736 20.786 ?.615 41,289 4,438 272 781 1.239 915 1.239 1.069 Marketing & publicity Lock rebuilding Draycott Golden Mile costs Fundraising costs Magazine ¢05ts Training Insurance Licence and pemiits Suhqcriptinn Planning costs Cottages renovotkon ¢osts Property maintenance Fliiud Social events Monthly itraw prizes Packet production costs Property rental expenses Canal maintenance 154 930 5,155 4.500 304 316 4?0 6.637 2.700 16,849 16,849 400 6.467 115 573 6.467 115 73 240 io 250 352 120 120 1,403 2,327 3,087 31,475 200 354 861 1,087 1.074 338 3,425 31,475 386 354 861 1.087 4.37? 186 i?0 3,740 73.135 112,994 99,090 Pase IS
The Derby & Sandia¢re Canal Trust Limited Notes to the Financial Statements for the Year Ended 31 March 2024 8 Tangible fixed assets Land and buildings Plant & machinery Tolal Cost At l April 2023 708.624 20.426 729.050 At I l March 2024 708.6?4 729.Q.Sn Depreciation At l April 20?3 Charge for the year 20,(K)O 15.?67 1,290 35,267 1,290 At 31 March ?024 ?0.000 16,557 36,557 Net book value At 31 March *024 688.6?4 3,869 69?.493 At 31 March 2023 688.624 5.159 693.783 Included within the net book value of land and buildings above is £688.624 (?023 - £688.624) in respect of freehold land and buildings and £Ntl {2013 _ £Nil) in respect of leaseholds. Pagc 16
The Derby & Sandiacre Canal Trust Limited Notes to the Financial Statements for the Year Ended 31 March 2024 9 Debtors 2024 2023 Trade debtors 455 Due from group undertakings Prepaym¢nts Other debtors 990 4.850 90.081 49,711 979 88.224 139,J69 10 Current asse¢ investments 2024 2U2J Shares in group undertakin85 and participating interests 100 100 11 Creditor5: amounts falling due within one year 2024 2023 Trade creditors 10,375 6.430 S,019 4.645 6.430 684 Other loans Accruals 21.824 11.759 12 Creditors: mouots fslling dut #fter one year 2024 2023 Other loans 62J,J23 623.323 Other borrowings Loans from supporters with a carrying gmount of £611.NJO (2023: £611:000) denorninated in gterling with a nominal interesi rate of 30/0 (2023: 30/0). The loans are interest only and the principal ¢an be called in on or after 30 June 2026. Bank borrowings Bounce back loan ts denominated in sterling with a nominal interest rdte of 2.50/. (2023: 2.50/0), and the final instalment is due onl December 2027. The carrytng amount at year end Is £18.753 (2023: £25,183). CapiL31 is repayable in 60 monthly in5talmenT5 of £5J5.8 Page 17
The Derby & Sandiaere Canal Trust Limited Notes to the Financial Statements for the Year Ended 31 March 2024 13 Funds Balance at I April 2023 Incoming resouree5 Resourees expended Balance at 31 March 2024 Unrestricted funds General General Fund 216.000 136.725 (73.135) 279,590 Restricted funds Borrowash Lock Tmprovements Sandiacre Lock Fund Draycott Golden Mile Project River Boat Fund Co-op S&S Equipment Fund Derby Waterside Study Draycott Cottages Fund So¢tal Mcetings Fund Eddy's Bench W<(Irr Voles 1,164 108.498 19),070 696 (861) {240) {21.209) (696) (2,841) (8,000) {5,049) {186) (478) (299 303 108.258 168,861 2,983 2.381 8,000 5.049 305 119 478 359 60 Total restricted funds 2,983 (39.859) 179,982 TotAI fund$ 532.858 559.579 The specific purposes for which the fid5 are to be applied are as follows: BUow8sh Lock Improvements: "l o enable works on Borrowash Lock. Sandiacre Lock Fund: To enable works to excavate Sandiacre Bottom Lock. Draycott Golden Milc Projcct- To ioiiv¢it ¢1 314 111 drdinag¢ diich a navigable canal. Rlver Boat Fund.. To establish a River Boat on the DerwenL The C(Fop S&S FAJiiipment Fund is from several local C¢>op stores to fimd cxp¢ndtiurc on cquipni¢iit to maintain the canal path in the S8ndiacre to Spondon areas. The Derby Waterside Study is funding from Derby City Council to fund a feAsibility study for the Derby Arni, river Derwent and ciry centre waterside. Draycott Cortages Fund.. To provide funds for the restoration of Cottages at Draycott. Social Meetings Pund.. A donation ¢0 fund costs of providing members monthly meettngs. Eddv's Bench.. A donation from friends of past Society Chairnian Eddy Case to fid a memorTal bench. W4t¢r Vol¢s- fuiid5 colleLÈ¢J iu 51St the proieciion and relocation ofH?trr voles al Drdycott. Pagr 18
The Derby & Sandiacre CanAI Trust Limited Notes to the Financial Statements for the Year Ended 31 Mareh 2024 Balance at 31 Mareh 2(12.1 Balance at I April 1022 IDcomiDg resoiirees Resources e.Ypended Tr#tssfers Unrestricted funds General General Fund 193.614 71.689 (47.511) (1.792) 216,000 Restricted Borrowash Lock Improvements Sandia¢re Lock Fund Drdycott Golden Mile Project River Boa( Fund Co-op S&S Equipment Fund Derby Waterside Study Drdycott Cottages Fund Social Meetings Fund Eddy'5 Bench Water Voles (41) (5,593) 1.164 108.498 115.789 (1,698) 194.569 12.564 (4,500) (4,715) (8)?) (32.000) (3.758) (120) 190.070 696 2.?39 8.000 5.049 305 478 359 (7.153) 2,910 181 40,000 1.500 7.307 425 478 i59 Total restricted fund5 362,9?2 3,7?3 (51,579) 1,792 316,858 Total funds 556.536 75,41? (99,090) 532,858 14 Analysis of het a55ets between funds UDr¢stri¢led 2024 Tot41 funds General Restricted Tangible fixed &%sets Current assets Current li8bilitie5 Creditors over l year 692.493 232.244 {21.824) (6?3.323) 692.493 512.226 (21,824) (623.323) 279.982 Total net assets 279,590 279,982 559.572 Page 19
The Derby & Sandiacre Canal Trust Limited Note5 to the Financial Statements for the Year Ended 31 March 2024 Unrestriettd 2023 Total funds General Restricted Tangible fixed assets Cuent assets Current liabilities Crediiors over l year 69J.783 157.299 (11.759) (623.323) 693,783 474,157 (11,759) (623,323) 316,858 Total net assets 216,000 316.858 532.858 15 Fees pgyable to independent examiner During the period. the f¢es payable (excluding VAD to the charity's independent examiner Community Accounting Plus are analjsed &5 follow's.. 2024 2023 Independent examination 600 570 600 570 16 Taxation The charity is a registered charity and is therefore exempt from taxation. 17 Trustees remunersition and txpens¢s No trustees, nor any persons connected with them. have received any remunerdfion from the chariry during the year. No trustees have received any other benefits from the charity during the year. 18 Relat¢d party transactions PeThinal loans Throughout thc ycar the ¢harity had th¢ following rclat¢d party loan3 outstandiiig P?iil Horton-Tiirner. Director. £26.000 William David Savidge, Direcr. £1 0,000 Chris Madge. Director, £200,000 Anne Madge. Director s spouse. £30.000. These loans were made to enable the purchase of the Cottages property and land and earn interest at 3 % p.a.as described in note I Page 20
The Derby & Sandiacre Canal Trust Limited Notes to the Financial Statements for the Year Ended 31 March 2024 19 Fixed asset investments Details of undertakings Details of the investments in which the charity holds 200/• or more of the nominal value of any ¢18sg of share capital are as follows.. Country of incorporation Proportion of voting rights Principal 2nd shares held actiiity Undertaking Holding 2024 2023 Subsidiary undertakings to raise funds for the restoration and The Derby Canal Co Limi(ed England & Wales Ordinary Sliares of £1 loo% aintenanee of The Derby Canal Pa8¢ 21