Company registration number: 02986417 Chariry registration number.. 1042227 The Derby & Sandiacre Canal Trust Limited (A company limited by guardntee) Annual Report and Financial Statements for the Year Endcd 31 March 2025 Community Accounting Plu5 Units l & 2 North Test 41 TAlbot Street Nottingham N(il 5GL
The Derby & Sandiacre Canal Trust Limited Contents Reference and Administrati%'e Details Trustees, Report 2to6 Independent Examtnerfs Rcport Sthtemenl of Financial Actii'ities 8109 Balance Sheet io Not¢s to the Financial Statements to21
The Derb) & Sandiacre Canal Trust Limited Reference and Administrative Details Truslees Chri5topheT Madge, Cbairman Cbrislopher Richardson Michael Wingfield Paul Horton-Turn¢r Kevin Mill¢r Christophcr Rcc5F"itZPaick David Savtdge Mike Snaith Charity Registration l%umber 1042227 Companv Registration Number 02986417 Registered Office 62 Broadwav. Duffield Belper Derbyshire DE56 4BU Independent Examiner John O'Btieii. employee of Communiti, Accounting Plus Units l & 2 North West 41 Talbot Sire N'ottingham N'GI 5GL Page I
The Derby & Sandiacre CanAI Trust Limited Trustees. Report The truslees, Ivho are directors for the purposes of company law. present the annual report together with the rinancial statements of the charitsble company for the year ended 31 March 2025. Trustees and oleerS The tntee$ and olTiceTS serving during ihe year and since the year end were &s follows: Trustees: Chrisiopher Madge, Chaiman Christopher Richatdson Michael Wingficld Paul Hortoa-Tumer Kc%'in Millcr Christopher Rccsfitzpatrick Dai'id Savidgc Mike Sllaith Derek Troughton jdeeeas¢d 20 July 2024) Val Clare (resigned 22 October 2024) AdN4s0ry Commlttee members Cllr T Scott nominaied bj" Erewash Borough Council Cllr H Dhindsa nomIted by Dcrby City Council Cllr M Rawson nominated by Derby City Council (appointed in May 2024) AdAm Thompson MP (appoinred July 2024) Stephen Taylor nominated by South DeFbyshire District Council (appointed h4ay 2025) Darren Muizel&qr nominated by Derbyshire County Council {appoinied May 2025} Maggie Throup MP (stepped down in May 20?4) Cllr k Mor¥an-M¢G¥L.han nominaied b), Derby Cily CvunLlll (slvpped do1 in May 2024) Cllr P Walson nominated by South Derbyshire District Council (siepped down in Mav 2025) Cllr Hickton nominated by Derbythire County Council (stepped down kn Nlay 20*5) Structure, governance and management Nolure ofgovernimg doeiiment The Derby aud Sandiacre Canal Trust Ltd is a company limited by guarantee and 8 registered charity. It is optrated under the rules of its nicmoiandum alld articles of association dated 311111994 which was most recently amended on 101412019. It has no sharc ¢apital and the liability of each subscriber in the event ot- inding-up i5 limited to £1. Recruit¢t 4nd appointment oftrustees In accordance 'Ith Article 16 of the neitr Constilution, a third of all Directors retire at the Annual (ieneral Meeting an d being eltgible, offer themselves for re-elecrion. NeTh' Directors are ini-ited to join the Trustees based on their knowledge and experience of the canal project and their appointments are subjcct to approial at thc Annual Genernl Meeting. In addition to the Directors. Adk'i50ry Committee Nlembers are appointed by the Four Local Authorili¢s on an nniiAI rene.able basis being dra from Coiincillors andlor Senior members of staff, or by the memhership nf Restordtion Partners or Stakeholdets. Page 2
The Derby & Sandiacre Canal Trust Limited Trustees, Report Major risks and management ofthose risA"5 Risk management Major risks to th¢ Trust hav¥ bern reviewed and >ysicins and procedures with LEtpr¢h¢nsIve inslanle Put into plaLe to manage tbose risks. inlluding regular rei'ieiv at Board meetings. ,Major chang¢s are Lommuriicated to thc Board at rnonthly meetings and to thc Adtrisory Committee quarterly. A key risk is that 8ectinng nf the canal line owned ihe TnL£I are in 'ter and the Tn]gt is aware f)f its land drainage responsibililies 10 avoid flooding of neighbours. The risk is managed by periodic inspeLiion and clearance of drainage channels and .}11 be eliminated b* the completion of the full restoration. In view of the increasing complexity in operations the Trust continue5 to seek external financial, Itgal and engineering expenisc to mitigate risks. The Trust is also actively seeking and finding addits.onal volunteer expertise to ensure its work and use of funds is effective and undertaken with minimum risk. Flnonclal revle The Statement of Financial Activities for the year is set out within the financial staiements. A summary of the financial results and the woik of the Charity is set out below. Policj on reserves The Tnist general reserves CuentlY stand al £190K with further restricted reserves of £260K. The Trustees have Teviewed ihc posilion and arc conitortable that a genctal i¢strv¢ of caslTr of aiouiid £30,000 15 sufficient to deal with unloreseen events. partiCLtlarly in ligbi of the current renial income stream. The reserves are set to ensure that we can meet possible liabilities wben they fall due. tnaintain our equipment and provide a funding buffer to allow the Trust lo take adi'anthge of sm211 unforeseen oppornmities as tliey occur. The Trust has succe&%fully agreed the exien5ion of supporters loans to fund the Cottages development. Loans of £595,000 were due lo be cailcd on 28th June 20?6, bul this bas now been rolled forn'ard by three years. In the cnur%e nf thiq £911,000 Thill be rep8id in 2025. .hich has been partially replaced by £41000 of new loans. This mcans that a nct £47.000 of loans will be repaid in 2025. Thc TteeS hal'e also made provision for prog551¢ future Tepayments trom SUTplus rents as cash flow allows. Going concern After making appropriate enquiries, the tnteeS haTre a reasonable expectation that the Trust has adequate resource% to continue in nperntion¥l existence for the foreseeahle fUre. Fnr this reason they continiie to adopt thc going concern basis IT) preparing the financial statcmcnts. Page 3
The Derb) & Sandiacre Canal Trust Limited
Tru5tee5' R¢poit
ObJeetlves and acliviti¢s
Objecls and aims
The objeLiive of ihe TnESt 15 to restore th¥ fonner D¢rby Canal wateiway from the Erew&sh Canal at Sandiacrc
to the Trent 8nd Merscy Canal at Sm'arkestone via central Derby. as close as possible to thc oriqinal route,
thereby connecting Derby to the naiional canal n¢-Ork. In completing this objective. the Trust and ils partners
will seek to moximise the impact on the communiry's qualiry of life. primarily bv encouraging aciive use of ihe
Ivaterway by individuals and clubs and creating and maintaining a waler based environnient that will 5UPPOrt
dnd encourage wildlife and the ivider environment. This will also generate sustainable economic devLlopment.
job creation through tourism and sports, and educational. heritage and leisure benefits for the City of Derby, the
Borough of Erewash, South Derbyshire District and the East Midlands region generally.
The Trust seeks to be the catalyst, not only for the canal restoration but also for the enhancement of the
neighbouring land CO]dor, in partnershtp with local authorities. landowp.ers, community and volunleL'r groups,
developers and all neighbours and residenis.
Achi¢vcmcnts and Performanec
Prilgress h•s been foeiissed on the west-e88t leg nf the restnratinn nver the l&st year, ,b]le the Tnist awaits
progress with developers at Chellaslon with the 5.000 homes garden village d¢vclopmenl alongsidc the canal.
The Trust has acquired two parcels of land between Draycott and Bre&ston and has asreed in prillciple to
4tL4uir¥ Ibe Idsl signifiL<inl 51relch b¢lw¢cn SdtEdiaLf¥
The Derby & Sandiacre Canal Trust Limited Tru5tees' Report We continue to press on with proposals for Derby city centre developments and are discussino wilh other interested parties hoiv to iniegrate our own proposals in the cily wilh the flood defences programme. In particular we are looking at Erasnius Datwin Gardens and the stakeholder groups have made good progress in providing oplions that meet ihe city council objeciives and provide more river tralC arAd activity. Agai the ouncil are supportive of our al and opportunities. Sandiacre lock has nwle little progress in defining detailed designs and prices. but we have been notified we will rcccivc a fiwthcr S106 award of £97,000 from Erewjsh Borougb Council. The Trust has continued to be acliN'e in maintaining its et$ including the owned sections of candl path at Spondon. Borrowash, Draycott. Breaston and Sandiacre. In particular, sections of canal w'all by volunteers at Borrowash are nearing completion. During the last year we have also been able lo promoie our works more actively in the community by attending local shows and describing the challenges and successes of the project overall and section by section. We have r¢¢¢ived grOttg support from the public. locthl authorities and Corporates for our work. The. Tniqt r.nntiniie.q tn be. Tndp.hteA tn the Arniy af vnlunteers who have attended working parties. or dealt with administration. fundraising. organi5ing meettngs, ncgotiating with supplicrs. planncr5, council officers, etc. etc. Without these people the Trusl simply could noi function effectively. Statement of Responsibilities The trustees (who are also the directors of The Derby & Sandiacre Canal Trust Limited for Ihe purposes of company law) are responsible for preparing the misiees. repon and Ihe financial siatcmenis in accordince with appltcahle law and Ilnited KÈn¥dom Accallnttno Standards (United Kingdotn Generally Accepied ALeounting Practice), including FRS 102 "The financial Rew)ning Standard applicablc in thc UK and Republic of Ireland" 'I'he report and accounts have been PrePad in accordance with the provisions in the Companies Act 2006 rclating to small companics. Company law rcquircs the tntccS to prcparc financial slalemenls for ettch financial year. Under ¢ompan)' law the trustees must noi approve the financial stalemenTS unless th¢N' ar¢ satisfied that they give a trne and fair N'iew of the slate of affairs of the charitable company and of the incojning resources and application of resources, iii¢liidiiig its illcoiiie aiid expenditur¢, of thc charÉtsblc company for that PCrilMJ. In prq)aring thcsc financial statements. the Irusle¢s ar¢ required to.. select suitable accounting policies and apply them ¢onsislentlJ; observe the methods and principles in the Chartties SORP. make Judgements and estimates that are reasonable and prudent: state wheth¢r appliLable accounting standaTds, comprising FRS 102 have been follow¢d. subject to any material departures disclosed and explained in the finaneial 8rAtementS' 2nd prLpare the fUncl1 statetnents on th¢ going cnncern basis unless it 18 inappropriate to presume that the haritabl¢ company .111 continu¢ in business. The trustees are responsiblc for keeping propcr accounting rccords that can disclos¢ with reasonable aCCUTacy at any lim¢ the financial position ot.the chantable conipany and enable theTn to ensure that the financial statenienis comply with the Companies Act 2006. The>. are also responsible for Safe[dIllg the assets of the charitable coiiipaiiy aiid hence foi takiEi¥ f¥<wllable sleps foi Ihe preielltion and detection of fraud and othcr irregularitics. The Itustees ale Itsponsible for tlie niaiRtenancc and integrity of the corporate and financial inforniation included on the charitable compangs website. Legislation governing the preparation and diss¢mination of finat]cial statements may differ from legislation in other jurisdictions. Page 5
The Derb), & Sandiacre Canal Trust Limited Truslees. R¢purt Th¢ annual report was approved by the trustees of the charity on .................... and signcd on its behalf by: CbTi8topher Trustec ge, Ch&iman Page 6
The Derby & Sandiacre Canal Trust Limited Independent Examiner's Report to the trustees of The Derby & Sandiacre Canal Trust Limited ('the Compan) ) Independent examiner'5 report to the trustees of The Derby & Sandiacre Canal Trust Limited ('the Companv,) I report to the charity trustees on my examination of the accounts of the company for the year ended 31 March 2025. Responsibilities and ba515 of report As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act,). Having satisfied myself that the accounls of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent eiamination. I report in respect of my examlnatlon of your charity's accounts as carried out under section 145 of the Chariiies Act 2011 ('the 2011 Act,). In canying out my examination I have followed the Directions given by the Charity Commission under section 145(5}(b) of the 2011 Act. Independent examiner's stalement I have completed my examination. l confim) that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act. or 2. the accounts do not accord with those records- or 3. the accounts do not comply with the accounting requirements of Section J96 of the 2006 Act other than any requirement that the accounts give a 'true and faif view which is not 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 Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)]. I have no concerns and have come across no other matters in connection with the examination to which attentioii should be drawn in this report in order to enable a proper undersLqnding of the accounts to be reached. Eva Stevens, BSC, CPFA, employee of Community Accounting Plus member of the Chartered Institute of Public Finance and AccounLqncy (CIPFA) Units l & 2 North West 41 Talbot Street Nottingham NGI 5GL 2911012025 Page 7
The Derby & Sandiacre Canal Trust Limited Statement of Financial Activities for the Year Ended 31 March 2025 (Including Income and Expenditure Aecount And StAtement of TotAI Recognise.d Cyains and Losses) Total 2025 Total 2024 Unrestricted Restricted Income and Lndoivments from: Donations and legacies Charitable activities Investmcnt inLome Other income 7.261 30.7)2 11,308 47.971 7.?61 31.359 1.308 47,971 3.407 77.276 8,860 50,165 607 Toial InLome 607 97,899 139,708 F.xpenditure on: Charitable 2etivities {44,551) (5.46%) {50.01 A) (112.994) Total Expenditure (44,551) (5,465) (50,016) (112,994) Net income/(expenditure) TrdIisfcTh beiweeIi fuiids 52,741 15,000 (4.8581 (15,000) 47.883 26.714 Net movement in fidS 67,741 (19.858) 47.883 26,714 Reconciliatinn (bf fund4 Total funds brought forward 279.590 279,982 559,572 532,858 Total fuiids cari'ied forward 13 347,331 260.124 607,455 559,i72 All of the chatity's activities derive from coniinuing operdiions during the above two periods. The fijnds breakdown for ihe period is shown in nul¢ 13. The notvs vn px¥¢s I 110 21 fonn an intcgtal part of these fllwicial statem¢nts. Page 8
The Derby & Sandiacre Canal Trust Limited Statcment of Financial Activities for the Year EDded 31 March 2025 (Including Income 2nd Expenditure Aecount 4nd Statement of Total Recognised Gains and Losses) Unrestrteted fullds Restrirted funds Total 2024 ote Illlume and Endoivmenfs from: Donatinns and legacies Cnaritxble actii'itie5 Investment income Other income 3,407 74,293 8,860 50.165 3,407 77.276 8,860 50.165 2,983 Total income 136.725 2,983 139.708 F.xpellditure on: Charitahle Aetivitie.s (73,135) (39:859} (112.994) Total expenditure (73,135) (39,859) (112.994) Net incornel(expenditure) Net movement in fiinds 63.590 (36.876) 26.714 63,590 (36.876) 26,714 Reconciliation of fund5 Total tunds brought forward Total fijnds carried forward 216.000 316,858 532,858 13 27Y.59U 279.982 559.572 Th¢ notes on pag¢s I I to 21 fonll an iDLc¥ral pan of these financial statements. Page 9
The Derby & Sandiacre Canal Trust Limited (Registralioii nulliber: 02986417) Balance Sheet as at 31 March 2025 2025 2024 rote Flxed 4ssets Tangible assels 774,026 692,493 Current assets Debtors Investments Cash at bank and in band 90,304 100 372.844 95.921 io 416.205 463,248 512,226 Creditors: Amounts falllng duc within one year (1?,925} (21,824) Net Current assets 450.323 490,402 Total assets less eurrent liabilities 1224,149 1,1 R2.Rgfj Creditors: Amounts falling due after more ihan one lear 12 (616.894) 607,455 (623.323) Net assets 559,572 Funds of Ihe charity: Restrieted income funds Restricted funds 13 260,124 279,982 Unrestrieted income funds Unreslricted funds 347.331 279.590 Total funds 559,57? For the financial yeaT ending 31 Mareb 2025 the charity was entitled io exemption from awlii under section 477 of the Companies Act 2006 relattng to small c(trmpanies. 13 607.455 DireLlors' Tcsponsibiliiics: The members have not rcquired charity to obtain an aLMlit of its accounts for the year in question ID accordance with Section 476: and I'he directors acknowledge their resFKtrnsibilin¢s tor complying with the r¢quirnnents ot th¢ Act with respect to accounting records ar the preparaiion of accounts. The.%e tinancial slatements have been prepared in accordance with the special prOls1onS relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. Tlie fiiiaiiLi4J ildietn¥nls un pa¥¢5 8 10 21 uppruv¥d by th¢ irust¢es, lind authurtscd foi issuc on ? ..' !.¢.. J L> and signed on their behalf by: Clll75to Trus ee aTdson The notes on pages I I to 21 fonn an inte part of these financial statements. Page 10
The Derby & Sandiacre Canal Trust Limited Notes to the Financial Statements for the Year Ended 31 March 2025 l Accounting policies Summarv of significaftt afLOUlltiDg pollcies kev accounting estimate The principal accnunling. pollries pplILd in the prepArnlinn ()f the f7llAncixl st2temÈnt.% Are get nut helnw_ Thcsc policies haN'¢ b¢cn consistellily applied lo all ih¢ vcats pr¢sentcd, unless oiFienvise statcd. Statement of eompliance Thc financial stateiiiellls hdV¥ prepared in acconlance with Accouniillg kmd Reportillg by Chaiities.. Statement of Recommended Prnctic¢ (applicable to charities preparing their accounis in accordance with the FinanLial RLPOrting Standard applicable in the UK alld Republic of Ireland (FRS 102)) {issued En October 2019) Ichariiies SORP IFRS 1021 i, the Financial Reporting Stsndard applicable in the UK and RepubliL of Ireland (FRS 102) and the c.ompanies Act 2006. Basis of preparation The Derby & Sandiacre Canal Trnst Limited m¢eL% the definition of a public benefit entity under FRS 102. Assets aiid liabilili¥s initl%illy r¢¢vyis¥(l & hislOflLal LOSI or transaLIiull VdluL" uulcss udieiwise statLd iii th¢ relevant accounting policy notes. Gvin¥ cvncern The financial %tatements have been prep3red on a gning cnncern h&sis. The tSteeS as*ss wheiher the use of going Concern is appropriate i.e. whether there are any material uncertainties related to e.entS or conditions thai may ¢asl significant doubt on the ability of the charity to coiitiiiue as a going LunLCrn. Th¢ ITU5te¢s muke ihis assessllieiit Icsp¥¢l ufa p¢ri(Ki of yedr froni tlie date of approval of the fmancial slatements. F.xeiiiptioTh from prypyring 4 c%5h statement Under the exemption aN'ailahle tn %maller charilies the Board of TnLStee.g h&8 chnqen nnt tr) include a statement of Cash Flows within the financial statements. Inc(bmè xnd pndfiivmeDt5 Voluntary ine()me inLluding donaiions, gifts, legacies ¢ind grants th<tt proi'ide core funding or are of a ¥elleral nature is reeognised w.hen the chariry has entitlement lo the income. it 15 probable that the income will be received and the amount can be measured M'ith sufftcient reliabiliry. Donations and legacies Donations are re¢ognised when the charity has been notified in iNTiling of both the amount and settlenient date. In the ev¢nt that a donation is subject to conditions ihal require a level of perfomiance b), the charity before the charity is eniiiled to the flds. the income 15 deferred and not recognised until either those conditions are fijlly met. or the lfilment of thn8e cnnditian8 ts whnlly within the control of the charity and it 18 prohable that these conditions will b¢ fulfillcd in thc reFM)rting period. Invefjtment incnme Dividen(is are recngnised once the dividend hAS heen declared and nntificatifin h&q heen received nf the dividend due. Page 11
The Derby & Sandiacre Canal Trust Limited Note5 to the FinaDcAal Statements for the Year Ended 31 March 2025 Expenditure All ¥xpcnditure is reCOlsed once there is a legal or constructive obligatt.on to tbal expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to ihe applicable eKpendilut¥ hcading that aggregate similar costs to thuÈ Lulcgury. Whcrc Lusts caT]noi bc ditCLily altributcd to particular headings they have bttn allocated on a basis consistent with the use of resources. '1th central staff Losts allocated on the basi5 of time spent. and depreciation charges allocated on tbe portion of th¢ asset's use. Other support costs are allo¢al¢d based on ihe spread of staff costs. CharitAble Activities Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for lis beneficiaries. It includes boih costs that Can be allocated directly to such activities and Ihose COSIS of an indirect nature nece.ssary to support them. T8xation The charity is considered to pass the tests set out in Paragraph I Schedule 6 of the Finance Act 2010 and Therefore li meets ihe definition of a chariiable COrnP&iny for UK LOTPOTdrion ux purpu5¢5. ALLur¢JiD¥ly. Llie charity is potentially exeTnpt from taxation in respect of income or capital gains received within eategories covered by Chapter 3 Part I l of the Corporation Tax Act 2010 or Seciion 256 of the Taxation of Cliargeable Gains Act 1992. to the extent that such income or gains are applied exclusively to charitable purposes. Tangiblc fixed assets Individual tixed assets are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairn)ent losses. Depreciation and amortisation Depreciation is provided on tangible fixed assets so as to WTile off the cost or valuation, less w]y estimated residual Tralue, oN'er their expected useful economic life as folloviS= Assct class Plant and machinery Land & Buildings Depreeiation method and rate 25 /0 reducing balance Not depr¢cRat¢d Current asset investments Current asset investments arc included ai th¢ lothrr of cost and net realisoble v&lu¢ I mnrket volue. Trade debtors Trade debtors are amounts due from customers for merchandise sold or scNices perfonned in the ordinary course ok-business. TTdde d¥biors are recognised initially at the ansaCtIon price. They are subsequ¢nily measured at ilTTIOTlised tyosi Using Ihe effeciive inleresi method, less provision for impairment. A provision for the impairnient of trade debtors is established when there is objectiC evidence that the charity will not b¢ able to collect all amounts due according to the original tem)s of tbe receivables. Page 12
The Derby & Sandiacre Canal Trust Limited Notes to the Financial Statements for the Year Ended 31 March 2025 Cash and cash equÉi'AAents Cash and cash equ1.alen1s comprise cash on hand and call deposits. and other short-terni highly liquid investments that are readily collvertible to a known amounl of cash and are subject io an insignificant risk of change in value. Trade ¢reditor$ Traae creditOTS are obligations to pay for goods or Services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabililies the Lharily does not haiye an unconditional right, at the CDd of the reporting period: to defer settlement of the crcditor for at least tw¢lve months after the reportino date. It there 15 an unLonditional right to defer settlement for at l¢ast twelve months after the reporting date, they are presented as llon4uent liabilitkes. Trade creditors are recogn&sed tnitially at the transaction price and subsequently measured at amorLised cost using the effective interest method. Fund structure nrestrictcd income funds are generdl funds that are availablc for use at the trusttts, discretion in fLrtherancc of the obje¢tii'es of the charity. Restricted incom¢ funds are those grants for use in a particular area or for specitic purposes. the use ol" which is restricted to that area or purpose. 2 IDeome from donations and Itgaeies Unrestricted fund5 General Ttstsl 2025 Total 2024 Donations Donattons from individuals Gift aid reclaimed 5.520 1.741 5,520 1.741 1.870 1,537 7.261 7.261 3,407 Page 13
The Derby & Sandiacre Canal Trust Limited Notes to Ihe Fillallcial Slalenienls for ihe Yeiir Endeql 31 MarLh 2025 3 Income from charitable activities Unrestrl¢ted funds General Restrieted funds Totydl 2025 Tolsl 2024 Grants & donations MeMbers'pS ConiraLI WvFk Fundraising Sales SuLidl ev¥n15 Sundry income Compensation liibui4lllL¥ Lldllljb 607 607 6,260 ,350 757 922 268 415 6.260 1,350 757 922 268 415 7.008 1.700 770 165 20.780 20.780 67.633 30,752 607 31,359 77.276 4 Grants & donatioDs Unrestricted funds Restrieted runds Total Gift Other donations 1.741 5,520 1.741 6.1?7 607 7,261 607 7.868 5 Investment Income Unrestricted funds General Total 2025 Total 2024 Inierest receivable and similar incom¢; Interest receivable on bank dctK)sits 11.308 11.308 8.860 6 Other income Unrestricted funds Geueral Total 2025 Total 2024 Rental income 47.971 47.971 50.165 Page 14
The Derby & Sandiacre Canal Trust Limited Notes to the Financial Statements for the Year Ended 31 March 2025 7 Expenditure on charitable aetivlties Unrestricted fund5 CeTrerdl Restricted funds Total 2025 Totll 2024 Administrative costs Bank charges Depreciation Rent and rates Loan Tnaintenance costs Legal and professional Fqiiipment Teplacement Utilities Mark-cting & publicity Draycott CTnlden Mile eosts Training Insurance Licence and perniits SubscTiPtions Planning costs Cottages renovatton cosL% Property maintenance Flood experjses Social ¢venls Monthly draw prizes Packet production costs Sundry expenses Show festival costs PropeTty' renlal expenses Canal maintenance 6?8 45 628 45 967 805 18.966 6,746 914 106 967 805 18.966 0.746 1,290 554 17.687 20.786 2.615 1,239 1,069 16,849 4UU 6,467 115 48 752 48 752 2,070 120 6,434 1.045 573 2,070 120 6.434 1.045 573 573 200 200 250 120 3.425 31.475 386 354 861 999 1.501 53 1,052 1,501 40 404 442 176 404 442 17fi 16 1.250 2.434 16 1,250 5,736 1.087 4,372 3.302 44,5.$1 -S.46.S 50,016 12.994 Page 15
The Derby & Sanqliacre Caiial Trust Limi(1 .ryotes to the Tr"inancial Statements for tbe Year Lnded 31 March 2U25 8 Tangible rued Assets Land and bulldings Plant & machiner). Total Cost At l April 2024 Additions 708,624 82,500 20,426 729,050 82,500 Al 31 March 2025 791.1?4 ?0,426 811.55U Depreciation At l April 2024 Charge for the year 20.IMX) 16,557 967 36.557 967 At 31 March 2025 20.OIM) 17,524 37.524 Net book value At 31 Mzich 2025 771.114 2,902 774.026 At 31 March 2024 688.624 3,869 692.493 Included within the net book value of land and buildinus above is £771,124 (2024 - £688.624} in respect of frcchuld land and buildings and £Nil (2024- £Nil) iu rcspcct of l¢ascbolds. 9 Debtors 2025 2024 Duc from group undcrtakings PTepayments Other debtors 990 4.850 90.081 4,751 85.553 90,304 95,921 En¢luded in the total of other debtors is £83.403 relating to sale of the trip boat to the trading company. 10 Current asset Investments 2(125 2024 Shares in group undertakings and participaling interests P&lg¢ 16
The Derby & Sandiacre Canal Trust Limited Notes to the Financlaj Staiements for the Year Ended 31 March 2025 I I Credltors: amounts f811ing due within one year 2025 2024 Trade creditors Other loans Other credilors ACcnlS ?.284 6,430 16 4,195 10.375 6.430 5,019 12,925 21,824 12 Creditor5: amounts falling due after one year 2025 2024 Other loans 616.894 623,323 Other borrowings Loaii8 from supponers with a carrying amount of £fi I I,IKK) (2024: £61 I,OtKJ) denr)minated in sterling with a nominal interest rate of 3 % (2024.. 3 /0). The loims are Interest only. Baiik borrowin¥s Bounce back loan is denominaled in sterling with a nominal interest rate of 2.50/0 (2024- 2.5 % ). and the final instalment is due onl December 2027. The carrying amount at year end is £12,324 (2024: £18,753). Capital 18 repayable in 60 monthly insialmenis of £535.82. Page 17
The Derby & Sandiacre Canal Trust Limited Notes to the Financial Statements for the Year Ended 31 March 2025 13 Trunds Balance at 31 Mgrch 2025 Balance at I April 2024 IneomÉng resuurLes Resources expended Transfers Unrestricted funds General GLneral Fund 279,590 97,292 (44,551) 15,000 347.331 Restrlcted funds Borrowash Lock InipTOVtinenl¥ Sandiacre Lock Fund Draycott Golden Mile Project Co-op S&S Equipment Fund Social Meetings FuJ]d W aler Voles 303 108.258 (53) 250 108,258 168,861 2.381 119 (3,397) (1.975) (40) (15,000) 150,464 745 347 fio 339 268 Total restricted funds 279.982 607 (5.465) 115,000) 260.124 Total funds 559.572 97,899 (50,016) 607.45) The specific purposes for which the fjJnd5 are to be applied are as follows: Dorrowash Lock Improvements: To enable works on BoTrowash Lock. Sandiacre Lock F'und: "I"0 enable works to excaN'at¢ Sandia¢re Bottom Lock. Draycott Golden MilL Pioject: To convert a 314 mile drainage ditcb to a navigable canal. Rivei Budi Fund: Tv ¢slablish a 'V¢T Budl un th¥ Deiwellt. The Co-op S&S Equipment Fund is from sei'eral local C(pop stores to fund ¢xpenditure on equipment to MataIll the L'anal path in the Sandiacre to Spondon areas. The Derby Warerside Siudy is funding from DerbN' Cilv Council 10 fimd a feasibiliry swdy for rhe Derby .4rm. river Denvent and city centre WAteide. Draycolt Cottagcs Fund.. To provide funds for th¢ rcstoralion of Cottsges at Draycotr.. Social Meetings Fund.. A donatton io fund costs of providing members monthly meetings. Eddy's Bench: A donation from friends of past Society Chairman Eddy Case to fund a memoTial bench. Water Vol¢s: Funds collecied to assist tl)e prottIOn and rclocation of water voles at Drilycott. The transfer from the Draycott Golden Mile fid reflects the piirchase of land diiring the peri. Page 18
The Derby & Sandiacre Canal Trust Limited Notes to the Financial Statements for the Year Ended 31 March 2025 Balance at I April 2023 Incvming resources Resources expended Balanee at 31 MarLh 2024 Unrestricled funds G¢neral General Fund 216.000 136.725 (7i.135) 279.590 Restrieted Botrowash Lock Impros'ements Sandiacre Lock Fund Dra}'cott Golden Mile Project River Boat Fund Co-op S&S Equipment Fund Derby Waterside Study Drdycott Cottages Fund Social Meetings Fund Eddv's Bench Wat¢r Vo1¢5 (861) (240) (21,209) (696) (2,841) {8,000) (5,049) (186) (478) (299) 303 108.258 168,861 108.498 190.070 696 2.239 2.983 2.381 5.049 305 478 359 60 Total resÉri¢ted funds 316,858 2.983 39,859 279.982 Total funds 532.858 139,708 (112,994) 55Y.572 14 Anal)sis of net %ssets between fund5 Unrestrleted 2V25 Total funds Cener41 Restricted Tangible flxed assets Current assets Current liabilities Crcdilors over l year 774.026 203.124 (12.9251 (616,894) 774,026 463,248 {12.925) (616.894) 260.124 Total nct asscts 347,331 260.124 607,455 Llnrestricted 2024 Total funds General Reslricted Tangible fixed asscts C.iirrent assets CLwrent liabilities Crcditors ovcr l year 692,493 232,244 (21,824) 1623,J2J) 692,493 512,226 {21.824} 1623.323) 279.982 Total net assets 279,590 279.982 559,572 Page 19
The Derby & Sandiacre Canal Trust Limited Notes to the Financial Statements for the Year Ended 31 March 2025 15 Trees payable to iDdepeDdeut examiner During the period, the fees payable (excluding VAT) to the charity's independent examiner Community Accounting Plus a analysed as follows- 2025 2024 llldependenl examination 750 600 750 600 16 T8AatioD The charity is a regisiered charity and is therefore exempt from iaxaiion. 17 Trustees remuneration And expenses No trustees. nor any persons connected with them, have received any remuneration from the charity during the year. No trustees have received any other benefits from the charity during the year. 18 Related p4rt! transactions Personal loans Throughout the year the clwity had the following r¢lal¢d party loans outs'tauth'ng Paul Hortoii-Tui'iieR', Dir¥Llvi, £26,000 William Dav2d Savidge. DircctOT, £ I 0.000 Chris Madge, Director, £21K),000 Anne Madge, Director's spous¢, £30,000. The.se losms were made to enahle the purch&se of the Cottages property and land and earn interest at 30/0 p.a.as dcscrib¢d in noie I l. Page 20
The Derby & Sandiacre Canal Trust Limited Notes to the Financial StatemeDts for the Year Ended 31 MurLh 2025 19 Fixed asset investmentg Details of undertaking5 Detai15 of the investments in which the charity hol(18 200/0 or morc of the nominal i'alue ot" any class of slwe Cdpltal are as follows: Country of incorporation Proportion of voting rights Princip21 and shares held activit). Undertaking Holding 2025 2024 Subsidiary yndertakings to raise funds for the restoration and maintenance of The Dert>y Canal The Derby Canal Co Litnil¢d Ordknary Shares of £1 England & Wales lo/ loo/. Page 21