REGISTERED COMPANY NUMBER: 02718582 (England and Wales) REGISTERED CHARITY NUMBER: 1047777 REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR EIYDED 31 DECEMBER 2D23 FOR LONDON NARROW BOAT PROJECT FKCA Lirnited 260 - 270 Butlerfjeld GrLdt Marling Lulon Bedfordshire LU2 8DL LONDON NARROW BOA T PROJECT CONTENTS OF THE FINANCIAL STATEMENTS for th¢ Y¢&r Endcd 31 DECEMBER 2023 Page Reference and Admlnlstratlve Detalls Report of the Trustees Independent Examlner's Report Statement ot. Flnanclal Aclli'ltles Balanee Sheet Notes to the Flnancl&l Statements 10 to 16 LONDON NARROW BOA T PROJECT REFERELNCE AND ADMINISTRATIVE DETAILS for the Ye*r Ended 31 DECEMIIER 2023 TRUSTEES Mr N Smith Mr P Page Mr M C Wilton Mr A B Cobbold {rc%igncd 27.5.23) Ms J Wil liamson Mrs E A Siagg Mr J Tobin Chairman (appointed 27.5.23) Mr P R Dadford Trustee {appoiiiled 27.5.23) (resigned 25.5.24) Ms K Everclt Dircctor (appointL'd 24.7.23) Ms R A Spruce (appointed 8.7.24) REGISTERED OFFICE 260- 270 Biittcrfield Great Marlings Luton Bedford¥liire LU2 8DL PRINCIPAL ADDRESS Caiialside Durk Lune Bi?unslon Davenlry Norihainploiishire NNII 7HJ LGl%'fERED COMPANY LNUMBER 0271 X582 (Englllnd and Wales) REGl4>'fERED CHARITY LYUfvIBLR 1047777 INDEPENDE]wr EXAiIIINER FKCA Liniile(I 2()() - 270 Butterlield Great Marlings Luton Bedfordshire LU2 8DL BANKERS Barclays Bank 2 Market Square Leighton Buzzard Bedfordshire LU7 7EZ Page I LONDON NARROW BOAT PROJECT (REGISTERED NUMBER: 027J8582} REPORT OF THE TRUSTEES for the Yegr Ended 31 DECEMIIER 2023 The Irustees who are also directors of the cliarity for th¢ purtK)5es of the Compaiiies Act £006, present their report with the financial staiemenls of the charity for the year ended .31 December 2022. The trustees have adopted the provisions of Accounting and RLPOrting by Chttritie%.' StatcmLnt uf RILommcndcd PrnLtiLc appliLthblL to LharitlL.% prLparing Ihcir llLLount% in aLLord￿Ll, With the Financial Reporting Starbdard applical)le iii tlie UK aiid Republic of Ireland {FRS 102) (effective l January 2019). OBJECTIVES AND ACTIVITIES Objeetlves and alms ThL London Narrow Boat ProjcL't's MLmorandum of Associdlion slatcs.. The exclusively charitable objeclb for which the Company is established are.. ( l) To promote for Ihe benefil of Ihe general public and in particular young persons and persons suffering fron) disablemenl, faciliiies in LonnLetion with candl narrow boats inclLiding inslruLlion in bcaring, navigdtion, IhL history and ILcliiiology ot" tlic inland watenvays, natural history and industrial development; siich tacilities shall be In the interests of social weltare (with the objecl ot improving the conditions of life for the persons for whom the bame is provided). (2) The general purposeb of the charitable bodies oi. lor such oiher purposes as shall be exclusively charitable. The Trustees have read and consider¢d th¢ gyeneral gyvidaiice oli Public B¢nefit provid¢d by th¢ Charities Commission in sellingp th¢ charities aims and objeciives. Mlsslon Statemenl Our Mission To provid¢ inexpensive Residei)lial and Day Caiial Boatingy Trips lo people ot'all abilities aiid meaiis, limited only by the phvsi¢al constrain15 of oiir boais le.g. we cannot accommodate wheelchairs). To proniole dn uiie8.%ible diid wel¢umiiig environment thdt enLoura¥e.% learninyl volunteeri4m, and Loinmunity spirit. Our Vision To provide instruction and access to recreational canal boaliii&i for all without regyard to financial statioii with Ihe t'acilily desi&yned lo.. Build self.esleem,' Broaden horizons; Advance environmental awareness; Nurture a true sense of cominunily in which the diveT%ily of the envirunmvnl 1% re%peLled &nd enLouraged. Together, we can make a dillerence to help others realise their potential. Slgnificydllt actlvltles LundL)n Ndrrow Boat ProjLLi opLratL% two 70, Ndrrow Boui% tor RL'%iLILnii#l Holidays und Day Trips fur group% of up lo 12 PLf.SLin per boat. The income of Ihe Project is derived primarily from Hire Fees but also from Donors to Ineet the overall running costs - boai maintenance, Insurance, Caiial and River Tnist Licence Fees, Moorin￿ charges and boal running costs. Membership Fees provide income for the Bursary Fund. ThL Trii%lLL% havL %Lt thL hirL tLL% at IhL IowL%t pos5iblL ICVLI to Lii%ufL" that thL ProjLLI is non-prolil making and aVdLl#blL to niuny young and disadvantaged people as p055ible and tl)rough the Bursary bund provide subsidised OT free holiday5 for individua15 or groups where need is identified. The c.ontiniied chRlle.nge that fa¢e.g inclny i'oliinlary groiips Ag the recniilmenl of voliinlee.r glaff to manage Ihe. day to day ninning of the orgMni.%ation. A three-year rolling dev¢lopinent plaii is being worked on to assist in futur¢ decision making and to help id¢ntify specific reLTuilm¢nl Page 2 LONDON NARROW BOAT PROJECT (REGISTERED NUMBER: 027J8582} REPORT OF THE TRUSTEES for the Yegr Ended 31 DECEMIIER 2023 ACHIEVEMENT AND PERFORMANCE Charitable activities 2023 was our 42nd year of operalion and ihe project's longeviiy is a tribute lo the original ieam Ihal had ihe foresight to slarl the projcL't und the %lLwurd%hip uf in£￿Y subsequent cohort% who huve %tecrLd thc projeLt thTOLi¥h many LhallLngL%' and changL%. During 2021 we were able to welcome back organisations such as SLouls, Guides, Schools. Churches, and other Community Groups and hire fees continued to gFrow but still noi back to pre-COVID levels. Our usii&l 'm&in' Markcting ALtiVLty, thc Crick Boat Show LonlinLicd in May 202.6. Our AG'M Lontinucs lo takL placL at thL CriLk show whicli is when tlie niaxiinuin number ot Project meinbers are physically gailiered together. Our MarketingT Con%ultdnl hats conlinued to evolve ide&s tor improvingF the utilisation of our Projeci boat%. Fundraising during 2023 conliiiuLd with rLncwcd impclus since a nicmbcr, who prcviously ILd thc fujidraising aLtivity? rcjoincd the Project as a trustee lo lead on tundraising activities. OLir F,xeciilive (which incliide8 many Project Skipper% und over%ee% the Project'% Activitie%) huve Inel i'la the 'Zoom' platform regularly lo discuss idea8 and genLrdlly keep tlie Project n)Olivaied. Due to ihe wide geo&Trdphical spread of member locations, li has been deeined effeLlive aiid eftlLient to continue to hold Executive meetings VIA the 'Zoom' pltstform. Trustee ineelings also coniinue to be held via Zooill wiih th¢ uiiderstandingi that a fac¢-lo-ta¢e m¢¢tingy will be orgianised it. and when deein¢d essential. Tlie Inland Wdtenvuyti Sysiem provide% dn unequulled opportunity lo Ivarn dbout the iniportant role the ¢Mnal% played in the eurlv pijrt of ihe iiidustrial revolulion, aboui geography, naiure, canal hisiory and heriiage of Tliis couniry. We are contidenl tlial LNBP is well placed lo continue its niis>lQll Ot. iniroducinb, people a&ied eigyhl and above lo the enjoyment ot the canal experience. FINANCIAL REVIEW Fiii&iieial Revie Based on our established accounlin&' policies expenditure exceeded iiiconie by £19,437 12022.. £1,027), atler allocatin&i desigynated funding. The boats were revalued al 31 December 2023 10 L42,000 each, resulting in a gain on revaluation of £20,420. The balance in unreslricled funds as at ¢he year ended .3 l Deceinber 202.3 is £155,109 (2022.. £154,126). The principal lundin&F sources tor the cliarily are Ihroubyli voluntary donations and boat hire chaibyes. Expenditure continues lo be ac(ively and prudently rnanaged. Replaceinent engines for each of our two boats were purchased towards the end of 202.3 and wer¢ installed before the 2024 active season Lommenced. The valuation of the boa15 was adjLlSted to reflect the investment in new engities and the anticipated life thereof. The rising interest rates dui'ing 2023 is a concern for all businesses and charity organisalions. In addition. essential costs of running thl bDlll% for mooi'ing%, ILLLnsL fLL% and fuLI will all bL affLLtLxI by high infldtion. The trustees are mindful that su￿1Clent reserves must be made lo meet any unexpected costs and ensure, as far as possible, the fiiiancial stability of the Project. As at 31 December 2023 the value held iii reseri'es was £155,109 (2022.. £154,126). We would likc to cxprc%s UUT vcry 4illLCI'L IhanLs to our DonL)T% and tlic mdny Charitdblc Tru8t% who by thLir gcncrou% %uppurt mdkc possible the work ot. the Projecr in continuing its aim5 lo enable particularly young and disadvanlaged people lo achieve their ambitions. enjoym¢nt of the canals and promoting gell_developm¢nt. Wc ai'c cspccially cxti'cnicly gi'atcful lo Tlic Pali-ick & Hclciia Fi'osl Fouiidatioii for tIiciT coiIIiLiu¢d 5UPPOrt. Tlicir griici'ous donatioii in the sum of £7,500 continues to hclp thL Projcct. Page 3 LONDON NARROW BOAT PROJECT (REGISTERED NUMBER: 027J8582} REPORT OF THE TRUSTEES for the Yegr Ended 31 DECEMIIER 2023 FINANCIAL REVIEW Reserves polley Th¢ gLnLrdl t-unds aTe SPLnt ut thL di%LfLltion uf thL tru41L￿￿ to furthcr the Lliurily's pury)o%L. Thc trustees bLlievc thc level ot gLnerul funds held is adequate to coN'er operations for ihe foreseeable future. The Trustees have 5UStained their reserve5 policy of preserving, Project Funds. The Burbary Fund provides tinancial assistaiice t.or Ibose less foriiinale who may otherwise be excluded from group ac(ivilies and is funded from ihe Men]bership Subscripiions, Donations and Bank IIilcrLst. ThL biirsary fuiid was usld to fiiiid tWLnty onL L'oinmunity d&ys during 2023. The Major Boat Maintenance Fund is designated monies set aside to meet exceptional major expenditure such as engine replaLement. Since the engrine.4 in both bnals ￿ere replktced al the eiid of 2023, thi4 fund stnod (It zero a% at the yedr eiid. The Project Contingiency Fund represenis inonies given lo Ilie Proje¢l lo enable li lo continue ils ivork should Ihere be a shorifall of income in any year. These funds arL Lnvcstcd by Ihc Trustecs aiid tlic inLomL dcrivLd crcditcd lo thL Bursw Fund. Nts invcslrncntS WLre madc in thc pcriod dLie to the very poor interest rates available. Tlii% policy en%ure¥ thal the Project 1% base(l on a soiind financial fooling and enable% il to bLiild for the tulure diid muke dvailable facililies for more young people and Comrnullily Boating. FUTURE PLANS As a leading cL)mmunitv boat organisaiion, Ilie Trusiees continually examine ways to further develop ihe sianding of the Project and expdnd public uw#renes% of the wide rdnge ot. facilitie% and benefit.% we Cdn offer to not only 10 )ouiig people biii other deserving meinbers of ihe communiiy. Our aitendance and recogniiion as Ihe nominaied chariiy of Ihe Crick Boai Show has grea(ly assisied in furlliering the slaiiding of the pi'ojeLI M'iiliin the inland Water￿laY5 boatiiig coinmunity and has woi'ked well in increasiiig public awar¢n¢ss ot our activities. We liave agyain b¢¢n ask¢d io be the noiminated Charity Partner ot Ilie 2024 Crick Boat Sliow and skipper the trip boais. Siringent Risk Assessinenls and adherence lo Boat Safely Regulations plus reliable servicing produce a good reliable product and are regiilarly rei'iemlled. We rely heavily on the professionalisni of our Skippers and Il)eir inleraclion willi clienli. This role of 'ProJecl Skipper, within the Lharity 1% Lgntral lu the suLLe%.% uf uur operaliuii tl)ey their accounts in ac¢ordanc¢ wilh th¢ Financial Reporting Standard applicable in the UK and Republic of Irelalld (FRS 102)). I have no concerns and hai.'e coine across no oiher rnaiiers in connection wilh Ihe examinaiion io which aiieniion should be drawn in this repon in order to enable a proper understanding of the accounts to be reached. Tara Aldwin ACA The Institute of Chartered Accounianls in England and Wales FKC,A Limiled 260 - 270 BuitLrfiuld Great Marlings Lulon Bedtordshire LU2 8DL 24 July 2024 Page 6 LONDON NARROW BOA T PROJECT STATEMELNT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDI'I"URE ACCOUNT} for the Year Ellded 31 DECEMBER 2023 2023 Total 2022 Total tunds Unrestricted Bursary Fund Income Fund Notes ENDOWMENTS FROM INCOME AND Doiiations and legacies 1,670 9,668 11,-138 15,641 ChJriluble activities Boat hire 19,23.3 28,998 Investment inconie Total 855 855 1142() 27 EXPENDITURE OiN Charitable activitles Boat hire Adverti.sing, ev¥ntS LUUT4¥b und nieelings TotAI 46,107 46,107 42,169 4.756 50,863 50,%()3 45,693 NET INCOME/(EXPENDITURE) 2,525 {4,200) {21,962} (39,558) (19,437) {1,027) Tra￿Sfer$ hetween funds Other reeogni5ed gainslllosses) on rev(11uaiion of ti.*ed 10 43,758 asseli Iyet movement In funds 20.4?0 9113 43,758 (1,675) (41,100) (1,027) RECONCILIATION OF Total funds brought forward FUNDS 77,687 13.495 62,944 154,126 155,153 TOTAL FUNDS CARRIED FORW ARD 121445 154 109 154 126 The notes fonn parl of iliese finaneial statements Page 7 LONDON NARROW BOAT PROJECT (REGISTERED NUMBER: 027J8582} BALANCE SHEET 31 DECEMBEIi 2023 2023 Total funds 2022 Total funds FIXED ASSETS Tangible assets 95,959 40,830 CURRENT ASSETS Dcbior Cash al bank 1,173 85.26C) 96,439 20,49¥ 102 172 122,670 CREDITORS Aillount.4 falling duL within onc ycur (37,289) (9J74) NET CURRENT A.SSETS 59,150 113,29() TOTAL ASSETS LESS CURRENT LIABILITIES 155,109 154,126 NET ASSETS FUNDS Unresiricled funds TOTAL FUNDS 155 109 154 126 10 I55 109 155 109 154 126 154 126 The charitable companv itri enlilled to exemption froin audit under Sectioii 477 of the Companies Act 20Q6 for tlie year elided 31 December 202.1. The members have not reqLiired Ihe Lompany lo obtain an audit of its financial statements for the year ended 31 DeLeiMber 2023 in accor(laiice with Section 476 01. the Coinpaiiie4 Act &nO(I. The Iruslees acknowledge their responsibilities tor (a) ensliring that the chai'itable company keeps aLcounting records that comply with Sections 386 and .387 of the Companies Act 2006 (Ind preparing financial slalements which give a Irue and fair view of the 51ale of affairs of the charitable coinpany as al Ihe end of caLh tinancial yLar dl)d of ils surplus or dL'IILlt for Lach fiiianLial yLar in aLLordancc with thL rLquifLmcnts of ScLtiong 3L)4 nd 395 aiid which othe￿ise coinply with the reqiiireimenls of Ihe Coinpani¢s Act 2006 relalingv lo financial slaleinenls, so far as appliLable to the charitable company. (b) The notes fonn parl of iliese finaneial statements Page 8 continued..- LONDON NARROW BOAT PROJECT (REGISTERED NUMBER: 027J8582} BALAIYCE SHEET- Continued 31 DECEMBER 2023 These financial statements have been prepared in aLcordanLe with the provisions appliLable lo charitable cotnpanies subject tt) the small compaiiies regime. The fiiiancial slalenients were approved l)y the Board of Tru51ees and auihorised for issue 011 24 July 2024 and were signed on its behaifby.. M4 K Everett - TruNtee The notes fonn parl of iliese finaneial statements Page 9 LONDON NARROW BOA T PROJECT E40TES TO THE FINANCI.4L STATEMEINTS for the Yegr Ended 31 DLCEMBER 2023 ACCOUNTING POLICIES Basls of preparlng the financial statements ThL finunLial %tatcmLnt% of the Lliaritdble conipuny, whiLh 1% a public benefit Lntily under FRS 102, huve becn prep£￿Ld in accordance with the Charilies SORP (FRS 102) 'Accounting ai)d Reporting by Charilies- Sialeinent of Recoinm¢nded Practice applicable lo charities preparing their accounis it) aLcordance with the Financial Reporting Standard applicable in the UK and Republic of Jreland {FRS 102) (etlective l Janiiary 2019}', Financial Reporting Standard 102 'The Financial Reporiing Standard applicable in the UK and Republic of Ireland, and the C,ompaiiies Aci 2006. The financial slalements IiawL bccn prLparL'd undcr thc hisloriLal Lost LollvLntion, as modifiLd by thL fLvalualion ot-LCrtaiii asscls, The presentation CLirrency of the financial statements is the Pound Sterling (£). Going eoneern ThL trustees LonsidLr that thcrL are no matLrial unLLrtaintics about thL CharitablL C'ompany's abilitv to Lontinuc as k) going concern. lnc.ome All income is recognised in the Statement of Financial Aciii'iiies once ihe charity has entiilen)eni io ihe funds, it is probable that the inconie will be received aiid the amount can be measured reliably. The following policies art applied lo particular caiegories of in¢otne'. Donaiions and le acies Income received by WAY of donations is included in full in the Siatemenl of Fillancial ALtii'ilies when receiiiable. Legacies are included when rhe amoiinis can be reasonably quaniified and the charity has certainly of receipt. Investiiieiit income Invesliiienl iiiLoiiie is inLluded when receiijable. Charitable aclivilies IiiLoitJiiig reNuiirL¢4 froim Lh&rilable aL'livitie% ULLuunted for when varn¥d. Income is stated after trade discounts, other sales taxes and net of V AT. Expenditure LiiibilitlL4 dro rLLoglli%L'd d5 LxpL'ndituru soon d.% thLrL is u ILgul LonstruLtivL' ubligulion Lorninilting ihc Lhariiy IL) thul expenditure, il 15 probable that a transfer of economic benefLts will be required in setileineni and Ihe amount of the obligation con be measured reliably. ExpendilLire is acLounted for on an acLrLials basis and has been clabsified under headings that ag'gFreb7ate all cost related to the catebrory. Where costs caiinol be directly attributed to particular headingis they have been allocated lo aciivilies on a basis consisienl with the use of r¢sources. Charitable activities Costs of chqrilable activities include costs of providing the narrow boats for the use of deprived, partially disabled and disadvantagFed children and related support costs. Governance costs" Governance costs represent the cost of'tlie external audit, Trustees meelings and related support costs. Tangible fixed assets Taiigiblc fixcd assct5 licld foi tli¢ coiiipaiiy's owii u5¢ aj'c 51alcd al cost Icss accuJiiulal¢d dcpircialioii ajid accuniulated impdirmLnt losscs. Depi'e¢ialion is provided at the following annual rates in order to write off each asset over its estimated useful life. Coinputer equipment -IOO/o on Teducing balaiice P¥AEe l O continued..- LONDON NARROW BOA T PROJECT NOTES TO THE FINANCIAL STATEMENTS - continued for the Yegr Ended 31 DECEMIIER 2023 ACCOUNTING POLICIES - continued Tanglble flxed assets Fixturkn% and titlings 15 yuttrs on u 5trui¥hi linc ba%1.% Nam)wboals'. The 118rrowboat structures are slated at revalued amouiit less accumulated depreciation and iimpairiment losses. The narrowboals are regularlj maintained lo a slandard where any furtlier depreciation arising from Ihe use of the boats would be considerLd negligiblc. Taxatlon The charity is exempt from corpardtion tax on it% charilable aclivities. Fund &ccounting All tunds are unrestricted and to be applied tor charitable purposes. Tlie capital boat fund represenls the tunds invested i Narrow boats. The uiveslricted designated funds are held for the following purposes.. Bursary Fund,. Boat Fund: Major Boat Mainienaiic¢ Fund., Contingency Fund.. lo provide funds to nieel fluclualing bursary grants r¢presentiiig the fuiids used in the LapitAI value ot" the boats to provide lunds tor sigTrniticant repair or iiiainteiiance ot boats lo provide funds for fLnancial shortfalls in order lo maintaii) the charity's uim.% and objective Hire purchase Jjid leasing eoinmitmeiits R¢nials paid uiidei- operaiiii& leases are chargied ro Ihe Stateinent ol. Financial Activities on a strai&)ht line basis ov¢r the period of the lease. Donated goods services In aLcordthiice w'ith the Churilies SORP (FRS 102), the general volunteer tiihe is not recognised in the financial statements. Legal status of the charlty The Lhdrilable Lompany 14 a Lonipany liilliled by guarantee and ha¥ ¥hare L apiial. In the vvent of the Lhurity being wound up, tlie liability in respeci of Ilie guarantee is liiniled lo £1 per n)einber of Ihe chariiy. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY In thL uppliL#tion uf IhL Lompuny'% aLLounting poliL'iL4, thL trustLL% aru ruquircd to rndkL' .jud¥LniL'nts, u%limuiL% or assumptioiis about the carrying amount of assets and liabilities thai are not readily apparent froin other sources, The esliinates and associated assumplioiis are based on historical experience and other faLlors that are considered lo be relewanl. Actual results Inay ditler troin these estimates. ThL LStiinatL% und undcrlyinu lls%uniption4 arL fLvicwLd un an ongoing ba%i.i. RLvi%ion.% lu acLounting L%timatLS afL recognised in the period in which the estimate is revised where the revision affects oiily thal period, or in Ihe period of the revision and future periods where the revision affects both curreiit and future periods. In the opinion of rhe Iruslees there hre no critical 41CC.oiinling jiidgemenls. Tlie key source ot estimation uncertainly. which may liave a signiticanl etTecl on Ihe amouiits recogni5ed in the tinancial statements, relates lo the valLLalion of narroM,boats. At the year end, the trustees obtained a valuation on an open market basis. The valuation lakes iiilo con%ideratioii tlie current niarket condilions and the til out ot the narrowboaL*. P¥AEe I I continued..- LONDON NARROW BOA T PROJECT NOTES TO THE FINANCIAL STATEMENTS - continued for the Yegr Ended 31 DECEMIIER 2023 INVESTMENT INCOME 2023 2022 Deposit IiLLuunl intcrc4t 855 27 NET INCOMEI{EXPENDITURE) Nel incomel(expendilure) LS Stated after chargingl(crediling)- 2023 2022 Audiiors, reinuneralion Audilor%' remunerJtiLin t.or lion uudil work Ui)der accrued auditors reniuneralion Indepeiidenl examiiiers (ees Independent examiners fees - non assurance Depreciation - owned ass¢is 1,750 2.980 49.3 1,470 1.35 258 l29 TRUSTEES, REMUNERATION AND BENEFITS There were no Iruslees, reinuneralion or oiher benefits for the year ended 31 Deceinber 2023 nor for the year ended 31 December 2U22. Truslees, expenses During the year, four (20?2.. five) Irusiees were reiinbursed office and Iravelling expenses loialling L560 (2022: £359). TANGIBLE FIXED ASSETS Fixtures ond fittii)gs Computer equipineiil Narrowboals Totals C05T OR VALUATION Ai l Jaiiuary 2023 Additions Revaluations Ai 3 l December 2023 DEPRECIATIO Ai l Jaiiuary 2023 Charg)e for year At 31 DeLember ?023 NET BOOK V.4LUE Ai 31 December 2023 Ai 31 DtrLviiib¥r 2022 255.028 23,580 20.4?0 299 02 2,194 257,222 35.7110 12,2QO 313 422 215.028 1,364 216.392 1.071 217463 813 215.028 1,622 572 830 40.OOQ P¥AEe 12 continued..- LONDON NARROW BOA T PROJECT NOTES TO THE FINANCIAL STATEMENTS - continued for the Yegr Ended 31 DECEMIIER 2023 TANGIBLE FIXED ASSETS- continued Cosi or valuarion at 31 Dec￿nber 2023 is represented by.. Fixtures and f Ittingw Computer equipinent Narrowboat Totals Vdlualion in 2018 Valuation in 20Tr3 Cost 13,768 20,420 264 84U 299 02f< 13,76¥4 20,420 279 234 313422 12,200 2.194 The narrr)wboa14 were independeiitly valued as at J l DeLemb¢r 2023 on an open market basis by Brdunstvn Marina ill £4?.000 for each boai. The ¢arryii)gr ainount that would have been recoginised had the assets been carried under the cost rnodel would be £63,580. DEBTORS: AMOUNTS FALLINC DUE WITHIN ONE YEAR 202.3 2022 Other debtors I'repaymenls 5,280 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 Trade creditoTr Accrued e.Kpenses 24,129 94 9,280 ANALYSIS OF NET ASSETS BETWEEN FUNDS 2023 Toial fund.4 2022 Total Unreslricled Bu￿arY Fund Income Fund Fixed asset5 Current assets Cu￿ent liabiliiies 95.387 26,058 572 58,501 37289) 21844 95,959 96.439 37 •89} 155 109 40,830 122,C)70 9,374) 154.126 11,820 11144_ P¥AEe 13 continued..- LONDON NARROW BOA T PROJECT NOTES TO THE FINANCIAL STATEMENTS - continued for the Yegr Ended 31 DECEMIIER 2023 io. MOVEMENT IN FUNDS N¢t moveinent in fund Transfers bet￿yeen fund.% At 31.12 •3 At 1.1.23 Unrestrlcted funds Bursary Fuiid Boat Funds Major Boat MaiIilcndllLL Fund Contingency Fund Incoine Fund 13,495 40.000 11,629 26,058 2,525 (4 ?00) 55.387 (11,b29) 11,R20 26,058 1.542) 9R3 983 39.558) 154 12(7 154 126 155 109 155 109 TOTAL FUNDS Net Inovemenl An funds, included in the above at'e as follows.. Incoining rLsourccb R¢sources LXP¥ndcd Gains and losscy Mov¢m¢nT in funds Uiirestrlcted funds Bursary Fund Income Fund 2,525 28,901 31,426 2.525 50,863) SU.863) 50 8()3) 20,420 ?U.42U 9113 983 TOTAL FUNDS CnmpArAtlI'@s Inr movemont In tllndg Nel m(Jvenieiil in fvnds Al 31.12.22 At 1.1.22 Unrestricied funds Bui'5ary Fuiid Boat Fuiids Major Boat Maiiilenaiice Fund Coi)liiigenLy Fuiid Inconie Fund 11.928 40,000 11,629 26,058 1,567 13.495 40,000 I I,C)29 26.058 155 153 155 153 154 126 154 126 TOTAL FUNDS P¥AEe 14 continued..- LONDON NARROW BOA T PROJECT NOTES TO THE FINANCIAL STATEMENTS - continued for the Yegr Ended 31 DECEMIIER 2023 io. MOVEMENT IN FUNDS - continued Comparative nei moveinent in funds, included in the above are as follows: Tncoining resources Resources eApended Movement in funds" Unrestrlcted funds Bursary FLiiid Income Fund 1.567 1,567 45 693) 45,693) 45 ()93) 44,666 TOTAL FUNDS A current year 12 Tnonths and prior year 12 Inontlis combined position is as followy.. Nel moveinent in fuiids TrJn%t"er8 belweeii funds Ai 31.12.23 At 1.1.22 Uiirestrlcted funds Bursary Fund Boai Fiinds Mijjor Boat MaintenanLe Fund Conlingyeiicy Fund Lncoine Fuiid 11,928 40,000 11,629 26,058 4,092 (4,?00) 55,387 (11,6291 11.820 95,187 26,05R 21.844 155 109 155 IOL) 4,136) 39,558) 155,153 155 153 TOTAL FUNDS A Current year 12 months and prior year 12 n]onlhs combined nel inovemenl in funds, included in the above are as follows: Incoming r¢svui'Lts Resouites eApciia¢d Gains and Ivbs¢s Movemeiii iIi fuiidb. Unrestrlcted funds Bur4ary Fund Income Fund 4.092 4.092 4 1.IC)) 441 44) 9(),$5()) 96,£56) 96..$56) ?0,4?0 TOTAL FUNDS Transfers behveen funds Bursary tilnd - A Iranster was inade between the Bursftry Fund and Income Fund for ¢oinmunity day use ot the boats. Buat Fund - A ti-an%fLr wd% InadL bLtWLLn thL Boat Fund and InLomL tunLI tu I'LpfL%Lnt thL LllPltJl valuL of IhL boats. Thi includes the value of the narrowboats and value of any fixtures and fjtliiigs Ihal relate lo the narrowboals. P¥AEe 15 continued..- LONDON NARROW BOA T PROJECT NOTES TO THE FINANCIAL STATEMENTS - continued for the Yegr Ended 31 DECEMIIER 2023 io. MOVEMENT IN FUNDS - continued Transfers beth'een funds - contlnued Major Boat Maiiitenance Fund - A Iraiisfer was Inade betweeii tlie Major Boat Maintenance Fund and the Income Fund as mone>. was spent during Ihe year repairing the iiarrowboats. ii. RELATED PARTY DISCLOSURES Tliere were no related party transactions tor the year ended 31 December 2023 (2022.. Nil). 12. ULTIMATE CONTROLLTNG PARTY ThL Lharily is controllLd by IhL mctnbLrs of Ihc cliarity. Page 16 This document was delivered using electronic communications and authenticated in accordance with thc registrar's rulcs relating to elcctronic form, authentication and manner of delivery under section 1072 of the Companies Act 2006.