REGISTEBED COMPANY NUMBER: 02718582 (Engl*lld atsd Wales) RECISTERED CHARITY NUMBER: 1047777 REPORT OF THE TrUSTEES AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR Ei¥DED 31 DECEMBER 2021 FOR LONDON NARROW BOAT PROJEcr FKCA Limited StsDJiory Auditor 260- 270 Buttetheld Great Marlitigs Luion Bedfordsbire LU2 8DL *A6D1696P' 2e40912022 COMPANIES HOUSE #241 Alo LONDON NAIUiOW BOAT PROJECT CONTENTS OF ThE FINANCIAL STATEMENTS foT the Ye8r Ended 31 DECEMBER 2021 P*ge R¢fer¢n¢¢ •nd AdmIri￿ative Ikt•ils Report of tbe Tn￿tee5 Report of the Independent Auditors Staterntnt of Financial Activiti 9 10 10 B*lance Sbeet 11 to 13 Notes t• the Flnanclal Statements 14 ￿ 19 LONDON NARROW BOAT PROJECT REFERENCE AND ADMINISTRATIVE DETAIIS for the Year Ended 31 DECEMBER 2021 TRUSTEES MrN Smith Mr P P#ge Mr M C Wilton Mr A B Cobbold Ms J Willia￿￿ Mrs E A Stsgg Mr P Dadford (appoint)121.1.21) (Tesigned 31.12.21) REGISTERED OFFICE 260- 270 Butterfield Great Marlthgs Bedfordsbire LU2 8DL REGi¥fERED COMPANY NiJMBER 02718582 (EnglaThl and Wales) B£GISTERED CllARrrY iJMBER 1047777 AUDITORS FKCA iitDit¢d Ststutory Auditor 260- 270 Butwfield Great Marlings Luton Bedfordshire LU2 8DL BANKERS Barclays Bank 2 Market Square IzigbtOD Buzzard Bedfordshire LU7 7EZ Page I LONDON NARROW BOAT PROJE REPORT OF THE TRUSTEES for the Yur Ended 31 DECEMBER 2021 The trnstees who ar¢ also directors of the charity for the purpose5 of the Companie5 Act 2006, present their report with the fiDan¢ial statetnents of the charity for the year eTthd 31 De¢¢mber 2021. The trustees have adopted the provisions of Accountin8 and Reporting by Charitits= Statement of Recommended Practice applicable to charitie5 preparin8 their in a¢¢oidance with the Financial Reporting Stsndard applicable in the UK at)d Republic of Ireland (FRS 102) {effective l January 2019). OWECTIVES AND ACTIVMES Objrftiv¢s •nd gims The ￿)ndtsn Narrow Boat Projecvs mernorn￿urn of A$￿￿]￿lOn states: Th¢ ¢x¢lusiv¢ly charithble objects for ￿)Ch th¢ Company is ¢st*Jlished ar¢.'. 111 To promote for the benefit of the general public and in particular youn8 persons and persons sufferin8 from disabl¢meni, fa¢iliii¢S it) ￿￿￿¢¢¢10￿ with ¢anal narTOW l*)ats including insttuaion in b¢aring, navigatio￿ the history and lechnology of the inland water¥vdy5. tlatural hi510ry and industrial development. such facilitÈe5 shall be in the interests of social welfare (wiih the obje¢t of improving the conditions of life fortht persons for the same is provided). {2) Thc 8cncral purposes of thc charitsbk bodie5 or for s￿h other Pul￿sC5 as shall be exclusi￿lY charitable. The Tnjstees have read considered th¢ g¢n¢ral 8uidanc¢ on Public Benefit P￿vIded by the Charities Commission in setting the charities aims atjd objectives. Mission St*¢tmtht Our Mission - To provide inexpensive Residential and Day Canal Boating Trip5 to w&ple of all abilities and means. - To promote an a￿¢S$1b1¢ and wrl¢oming ¢nvironm¢nt that ¢ncourng¢s l¢arnin& Wol￿teen5M. 8nd ¢ommunity spirit. Our Vision To provide i￿trUCtion and access to reereational canal boating for 811 without regard to financial Station wilh th¢ fa¢ility desigt)¢d to". B￿]Id s¢lf*ste¢m" Broaden horizons" Advan¢¢ environmen￿ awar¢ness," Nunure a ¢nJ¢ sense of ommunity in whirh the diveT5ity of th¢ cnvirvnmcnt IS ￿Spected and enWUrag￿. To8ether, we can make a difference to help others realise their potential. Significant setiviti London Narrow Boat Proje¢1 operne$ 70. Narrow Boats foi R¢sideniial Holidays and Day Trips for gwups of up to 12 persons per boat. The income of the Project is derived primarily from t)OnOTS but also from HiTe Fees to meet the overdll running costs - boat maintenance. insurance. Canal arml River Trust Licence Fee5. moorin8 chaTge5 and boat ning costs. Membership Fees pmvide income for the Bursary Fund. The T￿￿te¢S have %1 the hire fte5 at ihe lowest P05Stblc level to ensure that the Prnject is non-profit making and available to many young and disadvantaged people as Possible and throu8h th¢ Bursary Fund provide subsidts¢d or fr¢¢ holidays for individuals orgroups where need 1$ identified. The ¢on¢inu¢d ¢hall¢n8¢ ihai fatts many volwlw groups is the T¢¢ruin)Knt of Vol￿te¢r staff ￿ mwge the day to day running of the organi5atiOII. A 5 - 10-y¢ar plan 1$ being Worked on in an attempi to highlight the proj¢¢ts strength5 weakn¢sscs. This is ongoing and hopcd that recommendalions 51bJuld be discussed bytht trusttes later in 2022. Pag¢ 2 LONDON NARROW BOAT PROJECT REPORT OF THE TRUStEES for the Yt*r Ended 31 DECEMBER 21121 AcHIEvEmETr￿ AND PERFORMANCE Charitable #ttivities 2021 wa5 our 40th anniversary year and was suitabty c¢lebrat¢d at the Ferry Jmb Alveston with many of the project members enjoying a 'Grand Day Out.. It was a achievement ty realise 40 years and a tribute to the original team that had the foresight to stsrt th¢ proj¢ct. Along with other 'GroupBased' Charities. the Project continues to modify and adapt its Operating Strdtegy through)ut m05t of 2021 in line with Gov¢mm¢nt Edicts. (kgani5ations such a5 Scouts. Guide4 School4 Churches and other Community Groups were prev¢nt¢d from a¢iivitL¢5 during most of 2021. Our u5u81 'main' Marketin8 Activity, the Crick Boat sl￿W Inorn?alty in May). will continue in J￿e 2022. W¢ will also be holding our Amuai Genera] Ln¢eting at ihis time. Our Marketing Consuhant ha5 ¢oniinL%d to ¢volv¢ idw in this diredion nothing definite has been able to be arranged at this time. Due to ill heahh, we are actively seekin8 a replacement fundraiser. The project is greatly ind¢bt¢d to the retiring officer who has be¢n very ¢ff¢uiv¢ in raising filnds for the pwje¢L Our Executive (which include5 many Project Sknppers and overstts the Projetvs Activities) have met via lh¢ 'Zoom' platforni to dtscuss ideas and generally keep th¢ Proj¢ci moLivat¢d and looking fonvard to a fewrn to norniality ir) the N)t4oorydisiani fvthre. Th¢ tTUStees havc approved obtsinin8 a licence from ZOOM plarforn) to maintain and complete Trnstee and Executive m¢eiings. The IThland Waterways System provtdes an un¢quall¢d oppotmjnity w leam 4bo¥i th¢ impoTtsni rol¢ th¢ ¢an81s played in the early part of the industrial revol￿110￿. ab)ui geogwaphy, rthre. ¢an81 hi￿ory and heriiage of this ￿Unty. l am confident that LNBP is well placed to coniinue its mission of Introd￿1ng people aged 8 and abov¢, to the enjoyment of the canal experience lthen we are obl¢. FINANCIAL REVIEW Fin4n¢ial Rtwiew Based on our c5tabli5hed accountin8 policie5 expeTrJiture exceeskd income by £1,856 {2020.. £122 income ex¢e¢ded expendI￿re}, after allocating designated fijndiiig. The balat)ce in unrestricted funds 3$ ai the year ended 31 Dt¢ernber 2021 is £155.1 $3 (2020.. £157.009). The principal funding sources for the charity ar¢ through volunt￿ donarions and boai hire charges. Expe¢)diwre accounts have operated wthin or below budgd tolernice and m8nagtsT￿I SUPPOrt costs mainiained w ihe minimum. Following a Trustee review of valuation in 2021. our IM)ats have ￿ntinUed io be valua at £20,01)O ¢￿h. The rÉsins interest rates due in 2022 is ? cow¢m for all busin¢55¢5 and charity organisations. In addiiion. esseniial costs of nmniD8 the t*)ats for moorings, license fees and fi*1 will a]1 add significantly th the overall finmces in runnin8 the proje¢t. The trusiees are mindful ihat sulTi¢ieni reseNes must be made to m¢¢t any unexpected costs. Our balance brousht foTvdrd 15 in credit and tO8ether with our Reserve Policy. il has enabled us to ensure th¢ finan¢ial stability of ihe Projem. At 31 December 2021 the value held it> reserves £155,153 (2020: £157.009). We would like to cxpress our very sincere thanks to our DOI￿r$ and the many Chatitabk Trusis wh) by their generous supp)rt make possible the work of the Project in continuing its aim5 to enablc particularly young and di5advants8ed people to achieve their ambitions, enjoyment of the cathals and promotithg self4evelopment. We are especially extremety grat¢fvl to The Patri¢k & Helena Frost Fow)daiion for their ¢ontirtued support. Their g¢nerous donation in the sum of £15.000 Continues io help the pff)jeci. Pa8e 3 LONDON NARROW BOAT PROJE REPORT OF THE TRUSTEES for the Year EDded 31 DECEMBER 2021 FI]YANCIAL REVIEW Reservts polity The gener81 funds are spent at the discretion of the trus*es to fuTther the charitys puT￿Se. The trustees believe the level of 8enera] fvnds held is adequate to cover Operatio￿ forthe foreseeable fvwr¢. The Trustees have sustained their reserves policy of preserving Project Funds. The Bursary Fund provides financial &5515tance for thos¢ less fortuna* th may otherwise b¢ ¢xclud¢d from group xiivities and i$ fijnded from the Memberthip Subs¢riptions. Don*ioths and Bank Int￿eSt. With eff¢a from 2017. it was agreed that the sum of £20 will also br tranSf¢￿ed from each hire charge to the Bursary Fund to build up the balance. This is to ensure that any requests for Financial Assistance will be fvlly mei. This tra￿￿fer caft be Wdived in any given year that the Bursary Fund is thovght io be sulTiciertt. The Boat Funds are designated monies sel aside to meei exceptional major expenditijre such a$ engine replacement. The Project Contingency Fund represents monies given to the Proje¢t to enable it to ¢ontinue work should there be shortfall of ineome in any year. Th¢se funds are invested by the TnLStees and the income derived credited to the Bursary Fund. No investsnents were made in the penod due io the very poor ift*￿$t rates available. This policy ensures that the Project is based on a sound financial footin8 and enables it to build for the fvture and make available fa¢ilities for mor¢ young people and thmmunity Bo*in& FUTURE PLANS As a leading ¢ommunity t*)ai organisaiion. the Tn￿¢¢¢$ ¢onlin￿1]Y examine wéys w fijrthef develop th¢ Manding of the Project and expand publi¢ awdrene5s of the wide range of facilities and benefits we can offer to not only to young people but other deserving mernbers of the community. Our attendance and recognition as the Thominated charity of the Crick Boat Show has greatly assist¢d ith furthering the styidittg of the proje¢t within th¢ ittiond waterways bootittg ¢ommuNiry and has worked well in increasing public awartne5s of our activities. We have again bttn asked to be the norninèted Charity Partner at thc 2022 Crick Boat Show and skipper thc rrip boats. Stringeni Risk Assessments and adherence to Bo*¢ Safety RegU]￿l￿ti$ plus reliable Servicing wduce a good reliable product and are regularly reviewed. W¢ r¢ly heavily on the professionalism of ow Skippers and their inieraaion with ¢li¢nts. This role of Troj¢¢i Skipper. wiihin the ¢harity is ¢¢ntral to th¢ su¢¢ess ofour operation as they are the publi¢ face of the LNBP. The pr¢sen¢e on regular basis of our Boats on the fur with clients obviously enjoying themselves hs the besi forrn of advertisin8 of our Product. We continuc to cmploy a Marketin8 Consultant who has OpU￿d the possibilities of explorin8 new avenut5 Wlthin ovr potential clientele. Our aim is 10 t￿end the range of qualifying Group4 re-kindle our aswciation with schools and other edu¢aiional establishments and establish a rapport Groups local to the Braun510n arta. This will also alleviate the distsnces travelled by Group5 wanting 5k)rt-ttTm booking periods. This. together with flexibility with respect to start days and periods of hire wll make our pro$￿ more attractiv¢. Covi[￿19 (Coronawiru5} Whilst ¢ovid 19 restriciion have largely been lifted, Ihe projert is mindfvl of the maintaining * safe enwronment to both staff and C￿￿10MeT5 alike. The project will update its priKedures ED accordance io the I￿e$l government guidelines. Page 4 LONDON NARROW BOAT PROJE REPORT OF THE TRUSTEES for the Yur Ended 31 DECEMBER 2021 STRVCTURt GOVERNANCE AND MANAGEME Governin% documtnt The charitable company is a company lirnited by guarantee and h&% no 5haTe c¥ital. In the event of the charity being wound up. Ihe liability in respe¢t of the guararfee is limited to £1 per rnernber of the charity. To fither ensure ihat the charity meets its ￿1] obligations the Twsiees me¢t in January to r¢*i¢w ih¢ir personal and governance responsibilitie5 and that the managernent of the business of iLsndon Narrow Boat Proje¢t operates in accordance with th¢ requiremenis of the Charities Commission and Companies House regulations. The TNstee5 will ¢on¢inue to review all poli¢ies and plans for the ensuing year. The charity is 8overned by its Memorandum and Articles of Association dated 29 May l992 and amended by 5pecia5 resol￿10￿9 on 17 Jun¢ 1995. 20 November 2006, 30 June 20Q7. 6 July 2013 athd 13 O¢tob¢r 2020. During 2018, the Project h&% i¢)corp)rated the General Data Prnedion Re8ulatjot)s, introduced by the government to ensure that any Data held by organisations is a¢¢urate and used forthe ¢orre¢t purp)ses by ihat organisation. The Project requir¢s the ¢xpress conseni of the 0￿er$ of that inforn)ation for thai data to be stored by use and a150 Outline5 the methods by which the Projeth is allowtd to these own¢TS. also by ¢ons¢ni of the owners. New Trustees re¢ruitmen( iDduttion and tniTIIDg After an invilation to tsk¢ a role on our Exec￿1¥¢. the pmsperfive Tnw¢¢ undenokes a ￿Kifi¢ Tol¢ as set by job description and is given guidance and trabning. At the end of a tninimum perityj of six months. the member is eligible for assessment and if the required proficiency level has been attained, the member can be considered for recommendation a5 a Trustee. Such appointment is ratifi¢d by the M¢mbeYship at th¢ Annual G¢neral Meetin8. The charity is organised so that the IK*ard of trustees vote for decisi0Tr5 to bE made. In 2022 Ad hoc expendilu￿ wa5 authorised by Laszlo Ros4)OP4 the charitys trwurer and countersigned by a Tn￿tte. The board approves all major expenditure. Membership There were 76 members It 31 December 2022 (2021.. 76)" each n*mber is liable in the eve￿ of the winding up of the company for a maximurn amount of £1 each. STATEMENT OF TRUSTEES. RESPONSIBILfTIES Th¢ trysi¢e$ (who are also ihe directors of London Narrow Boat Project for the purposes of company law) are res￿)￿$1bIe for pr¢parirtg th¢ Report of the Tn￿1¢¢$ and the firwKial sts¢¢m¢nts in a¢¢ordan¢e with appli¢abl¢ law 3nd United Kingdorn Accounting Standards {United Kin8dom Generally Acccpted Accounting Pr3ctire>. Comparty law re4uires the tr￿Ste¢S to prep¥e finatt¢ial statemertts for each fjnancial y¢at which give a true and fatr view of the state of affair5 of the ¢haTitable company and of the incoming resources and application of resouT¢es. including the irbcome and expendibjre. of the charitabk cornpany fr*r that In preparing tIK)se financial statements, the triJst¢es are requir¢d io select suitable accounting policies and then apply them con8iStentty; observe the methods and prin¢iples in ihe Charity SOIIP" Make judgements and estimates that are reasonable and prudent- prepare th¢ flnane1￿ ￿ateMents on lh¢ going ¢on¢ern basis unl¢ss it is inappmpriat¢ io preswne that th¢ charitabl¢ company will ¢onlinue in busiiies$. Th¢ iTusiees are responsible for keeping proper xcouniing r¢¢ords which disclos¢ with rtasonabl¢ x¢uracy at any tim¢ th¢ fjnanctal position of the charilablc cornpany and to enablt them to cngjre that the financial sta*m¢nts Comply with the Companies Aci 2006. They are also resFX)nsible for safe8uardin8 the assets of the eharitsble company and hence for taking re850nable ￿epS for the prevention and detection of fraud and other irregularities. In so far as the trustees are a￿are.. there is no relevant audit inforrn*ion of whi¢h the charitsble COMpa￿S audim 8Te unaware: and the tnjstees have taken all steps that they ought to have tsken to make thern5elve5 awdre of any relevant audit infomiation and to esthblish thai ihe auditors aTe aw8re of that infonnatkon. Pa8e S LOF4DON NARROW BOAT PROJECT OiEGISTERED NUMBER: 112718582) REPORT OF TRUSTEES for the Yur Endtd 31 DECEMBER 2021 AUDrroRS Th¢ auditor4 FKCA LimityL will be PTry05tsJ for Te-apwintnmt at the foTtIKoming Annual GerKral Meeting. This rewTrrt has been pr¢pored ID acwd•nc¢ with th¢ wial FmiSiOllS of P¥rt 15 of the Companies Act 2006 Telating to small companies. Approved by order of the board of t￿￿e￿8 on 16 Septctrkn 2022 and 5i8tKd on its bebalf by. AJ Mr A B Cobbold- Tn￿t¢¢ Page 6 REPORT OF THE INDEPENDENf AUDITORS TO THE TRUSTEES OF LONDON NARROW BOAT PROJECT Opinio We have audited the financial statements of LorMIoD Narnw Boat P￿J￿1 (the'ctrsaritable ￿Mpan￿ for the year ended 31 De¢eTnber 2021 which comprise the StateTDeni of Finaticial Activities. the Balance SIKet and nO￿S to the financial statements, including a sumrnary of sigDi6wt accountittg policAe6. The financfftal reporting fra[[￿￿rk that has been applied in th¢u pr¢parntion is applicabl¢ law and United Kingdorn Account￿8 Stsndards (United Kingdom G¢n¢rally Accepted Accounting Prnciice). In our opinioD th¢ r]narKial sthtements: give a trne and fair view of the state of the charitsble conwatys affairs as at 31 De¢en]ber 2021 and of its incoming r&8ourees artd applieatiott of Ttsour¢es. Iticlud￿g its iticome atrj expenditu￿. for the year tben ended. bave been properly prepared in accordance with United Kingdorn GeDerdlly Accepted Aceountill8 Practiee" and . have been prepared in accordanc¢ with the requirern￿ of the Compantes Act 2W6. Basis for opinio W¢ condu¢ted our audit in a¢cordaDce with tntrmational sta￿ OD Auditing (UK) USAS (UK)) and applicable law. OUT responsibil1u￿ und¢T thos¢ stsndards aT¢ fiwth¢r d¢suib¢d in th¢ Auditors r¢swnsAbiliti¢s for the audit of th¢ financial ststements seciion of our repon. We are independeni of the c1w1.￿ble company io accordance with the ethical requiretnents thai are relevant to our audit of the finaKial staiements in tbe UK. includmg the FRC'S Ethi"cal Stsndard. alxl we have fi￿filled our other etbical respoDsibilitics accordance with these requireTneuts. We believe that the audit eviden¢¢ w¢ have obtained is suffi¢ieDt alld appTopriate to provide a b&sis for our opinion. Coneluslons relati￿g to going con¢er In auditing the financial statemellts. we bave concluded that the trusted use of the goitig concern basis of accountjng in tbe prepardtLOD of the fiDanGial stateInents is appropriate. Based on the work bve F¢rfonn¢d, w¢ hav¢ not id¢Dtified any mat¢rial un¢ertainti¢s relating to ¢vents or WDditio thai. individually or colle¢tiv¢ly, n]ay ¢asi significant doubt on th¢ ¢lwTi¢abltrcomp3Dls ability to ¢ontiou¢ as a goiDg concern for a period of at least twelve Inonths fron) th the fjnancial stsrem¢nts ar¢ authorised foT iSSU¢. Our responsibilities and the r£￿￿1b]litI&% of the tr￿￿ee& with respeci to 80iti8 ¢￿]￿ern are described in the relevant sections of tbis report. Other information Tbe tnjstees are respottsible for the th infornjation. The other iDforn)ahon cowprises the inforn]aiioD illcluded in the Annual Report, other than the financial ststements attd our Report of the Independeni Auditors thereon. Our opinion on the stst¢m¢nts does not Cover the other information and. except to the extent otherwise explicitly stated in our reporL we do not express ally form of assur￿ conclwsion thewn. Jn connection with our audit of the financial thtrments. our Tesp)nsibility is ￿ read the otber infornution and, ID doing so, consider whether the other iDfornJatioD is maieri#l]y I￿0￿8]Stent witb the finaDcial staiemetsts or our knowledge obtained in tbe audit or otherwis¢ appears to br uwterially misststed. If wt identify such Illa￿la1 iticonsistenci¢$ or apparent material misstst¢tnents, are required kn demine whether this gives rise to a material tDisstatement in tbe fmancial slatements thetnselves. If, based on the WO￿ we have perforniesl we conclude that there is a rnaterial missts¢ement of this other i￿o￿atio￿ we aTe rnwired to report that fact. We have notbing to report in this regard. 8tters which we •re required to rfport by exctptio We have rtothll)g to report ID respect of the following matters where the Chan"ties {AccouLts and Rep)rts) Regulatso￿$ 2008 rcquires us to rqK)rt to you if, ID our opinio the inforEDation given io the R¢port of th¢ T[￿Ste¢S is inwnwtent in any malerial resp￿1 with the fjnancial slatemeDts" or the Charitable Company bas kqjt adequate accounting records" or the financial staternents ar¢ not in agre¢rn¢Dt with th¢ a￿ount￿llg recorts a￿1 relurn5" OT we have not T￿C)Ved all the inforn]auon and explanauoo8 we require for our audiL BIPORT OF THE INDEPENDENT AUD￿oRs TO THE TRUSTEES OF LONDON NARROW BOAT PROJECT Responsibilitits Of trnstees As explained mor¢ fully in the Statenxnt of Tnwees. Responsibiliiies. the twstees (wbo aTe also the directors of the charithble coalpany for the purposes of company law) are res￿nSIble for the preparation of the finallcRal ststements attd for being satisfied tbat they give a true and fair view. and for such internal ￿ntrol &$ the tntstees determine is ne£ess to ¢nabl¢ the preparation of fuwi¢ial sthtements that aTe free from 0￿￿1a1 misstsiemenL whether to fraud or error. ID preJ)aring the fllIanC￿ ststements, the trustets are resp)Dsible for assetsing the charitable co[twan￿S ability to continue &8 a going concern. disclosing. as applicable, matters related to going concern and using the going eoncern basis of accolmting unl¢s5 th¢ tr￿slee5 either intend to liquidaie the Charitsble ¢on]pany ￿ io cease operatioos, or bave no realistic alternative but ￿ do 50. Oknr respoD$ibiiiti¢$ for th¢ audii of th¢ fiTr•n¢I￿ st*ienwllts We have b¢¢0 appoint¢d &s audilors under SectioD 144 of the ChaTities Aa 2011 and report io aCCor￿e with the Act and Televaot regulations made or having eff￿( thereunder. Our objectives are to obtaiti reasonable &%gJrance about whetber the flljancial statements &$ a whole ar¢ fre¢ from material rnisststement. whether due to fraud or em)T, and to iwe a Report of the Independent AuditOT5 tbat includes our opinion. Re&sonable assurance is a high level of wuraoce. but is not a guarantee thai an audii coDdu¢¢ed iti ac¢ordance' with ISAS (UK) will always detect a material misststement when it exists. Mi&5thtemeots Can arise from fraud or error and are considered m3ierial if, individually or in the aggrega￿ they ￿Uld reasonably be expected to llttluence the Lxonomic decisions of users tsken ott the basis of these f￿anCIal 5tatemeD Tbe exient to which our procedur￿ are c4)able of d¢tecting itTegularitiW, iticludin¥ frawl is d¢taiied below.. Eryuiry of manageDxnL those cbarged with govemance arouryl ￿l￿al and ￿ten(la1 liugation and claim5. Enquiry of the board of trustees (o identify any in5tsnces of noTrcon]plian¢e with laws and regulations. Reviewing minuies of meetings of those charged with goveroance. Reviewing financial stscement disclowjres and *stiti8 10 supportltsg docun￿tiOll to a￿sS compliance with applicable laws and regulatlons. Audititig the risk of rrthnagement override of ¢ontro]s, including through testing journal entrie5 and other adjustsnents for appropriatene&s. and evaluating the rdtionale of sigmficant transactions outside of the charities objectives. A further d¢￿riptIOn of our responSi￿lI1ucS for the audii of the financial sthtements is locaied on the Financial Repornllg Council's websiie at www.frc.org.uklaudiiorsrespottsiThilities. Thts descripuon forn￿ part of our Report of tbe Independent Auditors. Use of our r¢ptyrt Thi5 repon is made solely lo the charitsble trustee4 as a ih)dy. iti accordance with Part 4 of the Charities {A¢¢ounts and Repons) Regulations 2LX)8. (hr audit Work h&8 been undertaken so that we might stste to the clwitable companys truste￿ those matters we are required to state to them in an auditor5, rewrt and for rn other purpose. To the fullest extent pernjittcd by law, we do not accepl or assume Tespon5ibility to athy¢)ne other than the chan'table cotllpany and the charitsble compan￿5 tr￿Ste¢S as a t￿y. for our audi¢ worK for this rem or for th¢ opinions we have forn1￿. FKCA Limited S￿￿tory Auditor Eligible to act as an auditor in terns of Section 1212 of the Companies Aet 21KJ6 260 - 270 Butterfield Great Marlir Luton Bedfordsbire LU2 8DL Page 8 InNDOY4 NARROW BOAT PROJECT STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN fNCOME AND EXPENDrfuRE ACCOUNT) for lh¢ Year Ended 31 DECEMBER 2021 Major Boat M8inieiiance Futtd Boat Not&% INCOME AND ENDOWMENTS FROM Donations and legacies 1.479 Charitable activities Boat blle Investment income 10 Tot*1 1,489 EXPENDITURE ON Charltable aetivities Boat hire Advertisitig, events ¢ourses and me¢tings Governance costs Other Total INCOME 1.489 RECOIYCILIATION OF FUi¥DS Tol*l funds brought forward 10.439 40,OC(I 11.629 TOTAL FUNDS CARRIED FORWARD 11.928 40.0(M) 11.629 The I￿¢S forni port of these financial statements Page 9 LONDON NARROW BOAT PROJECT STATEMENT OF FINANCIAL ACTIVrnES (INCORPORATING AN INCOME AND EXPENDfllJRE ACCOUNT) for the Year EDded 31 DECEMBER 2021 2021 Totsl 2020 Total Coniingejy In￿rne Fund Fund Notes INCOME AND Ef4DOWMENTS FROM Donations and legacies 25.980 27.459 28.900 Charitsble *ctivities Boat hNe 7.469 7.469 7.1)00 Investment income 10 198 Total 33.449 34.938 36,098 EXPENDITiJRE ON Charltable 8etivities Boat hire Advertisiti#, events eoursrf and m¢etings Governanc¢ costs 28,135 4.555 4.059 28.135 4.555 4.059 29.088 5,084 1,750 Other 45 45 54 Total 36.794 36.794 35.970 NET INCOMEJIEXPEIYDfnJRE) (3J451 (1.856) 122 RECONCILIATION OF FUNDS Total funds brought fornard 26.058 68.883 157.009 156,887 TOTAL FUNDS CARRJED FORWARD 26.058 65.538 155,153 157.009 The zM)tes forni part of these fillanciai 5t*tneDts Page 10 LONDON NARROW BOAT PROJEcf (RECISTERED NUMBER: 112718582) BALANCE SHEET 31 DECEMBER 2021 Major Boat MaiDteDan¢¢ Fund Fund No FIXED A&SETS Tangible 458ets 38.765 CiJRREIYT ASSETS Debtors Cash at bank 11,928 1235 11,629 11.928 1235 11.629 CREDITORS Amounts fallmg due withm one year NET CURRENT ASSETS 11,928 1235 11,629 TOTAL ASSETS LESS CURRENT 11.928 40.000 11,629 IYET ASSETS 11,928 40,000 11.629 Pagell Continued... LONDON NARROW BOAT PROJECT (REGISTERED NUMBER: 02718582) BALANCE SHEET. ¢Ott¢ititsed 31 DECEMBER 2021 2021 Total funds 2020 Total Fund Notrs FIXED ASSETS Tangible &ssets 1.460 40,225 40.397 Debtors Cthi at baDk 16,732 75.561 16,732 126.411 15.487 109,447 26,058 26.058 92293 143.143 124.934 CREDITORS Amounts falling witbin one year (28215) {28,215) (8,322) NET CURRENT ASSE13 26.058 64.078 114.928 116.612 TOTAL ASSETS LESS CURRENT LIABILITILS 26.058 65.538 155.153 157.009 NET ASSETS 26,058 65,538 155,153 157,009 FUNDS unr￿triCt￿j fimds 155.153 157.(X19 TOTAL FUNDS 155,153 157,(NJ9 The charitable cornpany is entiiled to exemption from audii under Section 477 of the Ci)mpanie5 A¢1 2W6 for th¢ year ended 31 Detember 2021. Th¢ hav¢ not deFrfJsited ￿tire. F￿[Sua￿ io Seciion 476 of tbe Companies Act 2(1)6 requiring an audit of these financial ststemellts. The tn￿leeS aclmowledge their responsibilities for {a) e￿Uring that the charitable ¢4)tnwy k¢¢ps a¢￿￿￿1ng r¢¢ords that criseil for issu¢ on 16 September 2022 and were signed on its t¢half by. Mr A B Cobbold- Mr C R Wwdward. Trnstee The tyx¢s form port of these strte￿¢llts Pa8e 13 LONDON NARROW BOAT PROJE NOTES TO THE FINANCIAL STATEMENTS for tbe Ye*r E*ded 31 DECEMBER 2021 ACCOUIYTING POLICIES Basis of prep*riD8 the IlnaneSal st*temeats Tbe financial ststements of the charitable cotnpany. which is a public FKnefit entity under FRS 102. have been prepared iti accord￿¢ with the Charities SORP (FRS 102) 'A¢counting and Reporting by Charities." Stsiemeni of R¢¢ollmiended Pra￿l¢C applicable io chan"tie5 prepam8 their accounts in accordance with the Fitiancial Rewrting Stsndard applicable iti the UK and Republic of Ireland (FRS 102) (effcctive l January 2019),, Financial Re￿rtIng Standard 102 Tr FiDancial RqK)rtiDg StsndaTd applicable in the UK and Republic of trelat￿, and the Companics knt 2fM16. Th¢ fiDancial stsiements have been prepared under the historical cost onvention. The presentation cUrre￿Y of the financial ststements is the Pound SterliD8 (9. Going CODcern The tswtees co]Lsider thai there are no tt)atrrial uncertainti&8 about the Clwitsble COmpatt￿$ ability to eontinu¢ as a going concenL IDcome All i￿ome is recogn￿ed iti the Sthtemeni of Finaticial Activities ODC£ the cbarity has entitlemcnt to the fi￿ds. it is probable thai the Inco￿ will be received and the amount can Tcliably. The following poli¢i¢5 aTe applied to parti¢u]ar ￿tegOrJ¢s of inc4)m¢.' ti0￿ and I tncome received by Wdy of donatioL8 i8 inchthd iti full in the Statetuent of Financial Activilies wheD r￿e1vabl¢. L£8acies are iticluded Nvhen the amounts can be re&soDably quantified and the charity bas Gertainty of receipt. Inveslrnent in tnvesth]ent income is included th nttivable. Charithble activities tncomillg resources fr<)tn charitable activities are accounted for when earned. Income is statcd after trade discounK other sales taxes and net of VAT. ExpeDdlture Liabilities are reco8nis¢d ls ¢x￿dIts￿¢ as s(M)D &$ th¢r¢ is a l¢gal or WDs¢r￿tsVe obligatioD committing the clkrity to that expenditure, it 15 probable that a transfer of ￿onomIC benefits will be required in sertlemen¢ and the amount of th¢ obligation can ￿ Measu￿ reliably. Expendits￿e is accounied for on an accnjals basis and h&s been classified under headitigs thai ag8re8aie all CO￿ related to the cate80ry. Where ￿sts cannot be directly attributed to particular hesditigs they bave l*en all￿ted to activiti¢S OD a b&si$ ￿l[L$l$t¢ll1 with the us¢ of resouTces. Charitable aetivlt5es Costs of ¢ltsn"table actiYAtic5 include cosls of PTovidinB the Darrow ix)ats foT of deprived. partially disabled and di5advantsg¢d ¢knldr¢n ￿ r¢lat¢d support costs. Governanee ¢osts Gov¢nwi¢e ￿sts represent the cost of the externa] audiL Trustees meetings and rela*d support costs. T#ttglbk rued Tallgible fixed assets held for the conwanys own use are stated at cost less accwnulated depreciation and accumulated wirn￿nt I0￿¢s. Depreciation is provided at the follow annual rates in order off ea¢b &8s¢t over its estijnated useful life. Compuier equipmeni . 3(PA ott Tedwitig bai¥Dce Page 14 LONDON NARROW BOAT PROJECT NOTFS TO THE FINANCIAL STATEMENTS- eotstinued for the Year Ended 31 DECEMBER 2021 ACCOUNTING POLICIES- eontinued Tanglble fixed *s8ets The narrowbtsats are stated at revalued amount less accumulated depreciaiion and impatrtt)ent losses. They are T¢valu¢d on a r¢gular b&sis and the surphLS or deficit is transferred to thc tx)Ot via the statement of financial tivilies. The DarrowEwts ar¢ r¢gularly maintained to 3 standard kn any depreciation arising from the usc of the boats would be considered negligible. Taxatlon The cbarity is exet))pt from cOrp￿ation tax on its cbarithble acuvities. AJI ar¢ unrestricted and to be app]ied for cljaritsble pwp)sts. The c4)ital boot fund repr&8thts tbe fiuTrds invested in Narrow boats. The uDJestri¢t￿1 designat&l fimds are held for th¢ following PUTposes.' Bursary FUDJ.. Boat Fund: Major Boat ￿l￿teD?￿r% FWKI: Coniingency Fund.. provide fiuhls to meei tluctuatinB bursary graDts lo provide fi￿dS for capital boat exwditu ¢0 provid¢ fund5 for sigDific4Dt repair or maintenance of boats to piovid¢ for ￿n￿la1 sbortf411s in order to rnaiThtaiD the ¢haTiW$ aims and ci>j¢¢lives Donated goods and serviees In a¢cordatKe with th¢ ClJaTiti¢s SORP (FRS 102). the genetal volunteer tittie is Iiot recwised iti the financial statements. Legal stAtus of the eharlty The charitable company is a company limited by 8uarnntre and h&8 no sbar capitsl. In the eveni of the charity b¢inE wound up, th¢ liability in respect of the guaiantee 15 limited to £1 per rnetrther of the ¢I￿lty. INVESTMENT tNCOME 2021 2020 Dq>osit a¢wt iDt¢r&5t 198 NET ll¥coMEI(EXPENDrruRE) Net incomeJ(expenth'DJre) is Stated after chargi￿1(CredIting). 2021 2020 Auditors, r¢mun¢ration Audi￿rS, ren)uneraiion for non audit w)rk Depreciation- owned a￿ts Deficit on disTros8] of fixed &85ets 1,750 2.309 128 45 1,750 2.913 284 54 Pa8e 15 contitiued... LONDON NARROW BOAT PROJECT NOTES TO THE FINANCIAL STATEMENTS- t•ntinued for th¢ Y¢*r Ended 31 DECEMBER 2021 TRUSTEES. REMUNERATION AND BENEFITS There were no trustees, rnymmerntion or other b¢Defits for the year eDded 31 December 2021 nor for the year ende4131 DeLetth 2020. Truslees. expeDs During the year. two (2020: four) trusttts were Teimbwsed office and travell￿8 exp¢JLses totslling £411 (2020.. £870). TANGIBLE FIXED ASSETS Computer Narro￿o￿ts equxpmenl Totsls COST At l January 2021 Disposjls 255,028 2,004 1544) 257.032 (5441 At 31 December 2021 255.028 1.460 256,488 DEPRECIATION At l January 202 1 Charge foT year Eliminated on disposal 215.028 1,607 128 (500) 216.635 128 {500) At 31 December 2021 215,028 1.235 216263 NET BOOK VALUE Ai 31 D￿ember 2021 40,000 225 40225 Ai 31 December 2020 40.000 397 40,397 DEBTORS.. AMouNfs FALLING DUE WITHIN ONE YEAR 2021 2020 Prepayments 16,732 15,487 CREDITORS: AMOUNtS FAILING DUE wrrHIN ONE YEAR 2021 2020 Trade creditor5 Deferred income 19.862 875 7,447 8.353 28,215 8.322 Page 16 conttnue41.. LONDON NARROW BOAT PROJECT NOTES TO THE FINAIYCIAL STATEMENTS- eontlnued for the Year EDded 31 DECEMBER 2021 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR. ¢ontinued Deferrtd 1tt¢ome 2021 2020 Deferred iwom¢ brought forward at l January 2021 875 180 875 (180) Ankn)unts released from previ0th8 years 1875) Defenrd income Carried fonv8rd at 31 DeeembEr 2021 875 The deferred income in the previous year relai&8 to income rtceived for 'Boat Hires. which were due to take place in the 2020 fi[w￿La1 yeaT. however had been w)Sty)ned iDto tbis financial year due to Covid.I9. MOVEMENT IN FUNDS Net KJveJDent At 1.121 31.12.21 U￿re￿Ir]rted fund$ Bursary Fund Boat Funds Major Boat Malrttella￿c Fund Contingency Fund Income Fund 10.439 40,￿0 11,629 26,058 68,883 1.489 11.928 40,000 11.629 26.058 65,538 (3,345) 157.009 (1.856) 155.153 TOTAL FUNDS 157,009 (1,856) 155,153 Net rnov¢m¢nt ID fund5. I￿luded in the atove as follo Incoming Resourccs Movement in fimds UTrr¢stri¢ted fullds Bursary Fund Income Fund 1.489 33.449 1.489 (3.345) (36.794) 34.938 (36,794) (1,856) TOTAL FUNDS 34.938 (36.794) (1,856) Page 17 contitiued... LONDON IYARROW BOAT PROJECT NOTES TO THE FINANCIAL STATEMENTS. eotstinued for the Year Ended 31 DECEMBER 2021 MOVEMENT IN FUNDS- ¢ontinued Comp•r#tives for ThovemeDt ID fuDds Nel At 31.12.20 Ai 1.1.20 in fimds Unrestritted funds Bursary Fund Boat Funds Major Boai Maintenance Fund Contingency Fulld Incorne Fund 8.666 40,000 11,629 26.058 70.534 1.773 10,439 40,000 11,629 26,058 68,883 (1.651) 156.887 122 157,009 TOTAL FUNDS 156.887 122 157.009 Comparative llei movement in fiMMIs. iDchMled ID the alx)ve are &5 follow5.' Incorning Resources Movemeni Unrestricted funds Bursary Fund Income Fund 1.773 34,325 1,773 (1.651) {35976) 36.098 (35.976) 122 TOTAL FUNDS 36,098 (35,976) 122 A current year 12 tnooths and prior year 12 months Combined posiiion is as follows." N¢t moveD)enl in fuDds At 31.12.21 At 1.1.20 UDrestricted funds Bursary Fund Boat Funds Major Boat Maintenance Fund Contingency Fund Income Fund 3.262 11.928 40.000 11,629 26.058 65,538 40.OLM) 11,629 26,058 70.534 (4.996) 156.887 (1.734) 155.153 TOTAL FUNDS 156.887 (1.734) 155.153 Page 18 CODtinu¢d... LONDON NAIUiOW BOAT PROJECT NOTES TO THE FINANCIAL STATEMEIYTS. eontin•ed for the Ye*r Ended 31 DECEMBER 2021 MOVEMENT IN FUNDS- continued A current )tar 12 ￿￿ttr&s and pior 12 nM)nth c4)mbl￿1 Jet u¥)vemtst in fiwds. inclu¢kd ID th¢ aL*)v¢ ar¢ Ls follows.. Resources Movement expended in funds UDre5tri¢ted funds Bursary FuDd Illcome Fund 3262 67.774 3.262 14.996) (72,770) 71.036 172.770) {1,734) TOTAL FUNDS 71.036 {72,770) {1.734) RELATED PARTY DISCLOSURFS There were N) relatrd party traLsactioLs for the ￿T eDd¢d 31 D¢c¢mber 2021 {2020.. Ni]). ULTIMATE CONTROLLING PARTY The ¢haTity is controlled by th¢ ￿￿MberS of the thtity. P48¢ 19