REGISTERED COMPANY NUMBER: 02718582 (England and Wales) REGISTERED CHARITY NUMBER: 1047777 REPORT OF THE TRUSTEES AIYD UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 FOR LONDON NARROW BOAT PROJECT FKCA Limited 260 - 270 Butterfield Great Marlings Luion Bedford5hire LU2 8DL
LONDON NARROW BOAT PROJECT CONTENTS OF THE FINANCIAL ST ATEMENTS for the Year Ended 31 DECEMBER 2024 Page Reference and Administrative Details Report of the Trustees Independenl Examiner'5 Report Statement of Financial Activities Balance Sheet 9 to 10 Notes to the Financial Statements
LONDON NARROW BOAT PROJECT REFERENCE AND ADMINISTRATIVE DETAILS for the Year Ended 31 DECEMBER 2024 TRUSTEES Mr N Smith Mr P Page Mr M C Wilton Ms J William50n (resigned 8.9.24) Mrs E A Siagg Mr J Tobin Mr P R Dadford (resigned 25.5.24} Ms K Everett Ms R A Spruce (appointed 8.7.24) REGISTERED OFFICE 260- 270 Bunerfield Great Marlings Luton Bedfordshire LU2 8DL REGISTERED COMPANY NUMBER 02718582 (England and Wales) REGISTERED CHARITY NUMBER 1047777 INDEPENDENT EXAMINER FKCA Limited 260 - 270 Butterfield Great Marlings Luton Bedfordshire LU2 8DL BANKERS Barclays Bank 2 Market Square Leighton Buzzard BedfoTdshire LU7 7EZ Page I
LONDON NARROW BOAT PROJECT {REGISTERED NUMBER: 02718582) REPORT OF THE TRUSTEES ror the Year Ended 31 DECEMBER 2024 The trustees who are also direc(ors of the charitv for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities.. SL2tement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019). 0ECTIVEs AND ACTIVITIES Objeetives and aims The London Narrow Boat Project's Articles of Associaiion states: The charity's objects (Objects) are specifically restricied to the follo,Ing. The advancement of the physical and mental education of persons of all ages in canal andlor waterways related recreational leisure and sporting activities; The provision of or assistance in {with or withoul payment) the provision of vessels, premises facilities and equipment for the use of such persons for such purpose- and The organisation, provision, promotion and development of services and facilities in relation to canals anivor watenvays for social, educational and training purposes in any part of the United Kingdotn (with the object of improving the conditions of life for the persons for whom the same are provided). For persons who by reason of their youth or disabilitv or social and economic ¢ir¢umstances have need of such facilities. The Trustees have read and considered the general guidance on Public Benefit provided by the Charities Commission in setting the charities aims and objeciives. Mission Stalement Our Mission To provide inexpensive residential and day canal boating trips to people of all abilities and means, limited only by the physical constraints of our boats (e.g. .¢ cannot accommodate wheelcliairs). To promote an accessible and welcominu environment that encourages learning, volunteerism, and community spirit. Our Vision To provide instruction and access to recreational canal boating for all M.-ithout regard to financial station with the facility designed to= build self-esteem- broaden horizons- advance environmental aw'areness. nurture a true sense of communily in 'hICh the diversity of ihe environmeni is respected and encouraged. Together, we can make a difference to help others realise their potential. Page 2
LONDON NARROW BOAT PROJECT {REGISTERED NUMBER: 02718582) REPORT OF THE TRUSTEES ror the Year Ended 31 DECEMBER 2024 ORIECTtVES AND ACTIVITIES Significant activities London Narrom, Boat Project operates two 70. Narrow Boats for Residential Holidays and Day Trips for groups of up to 12 persons per boat. The income of the Project is derived primarily from Hire Fees but a150 from Donors to meet the overall running costs boat maintenance: refurbishments and upgrades, insurance, Canal and River Trust Licence Fees, mooring charges and boat running costs. Membership Fees provide income for the Bursary Fund. The Trustees have set the hire fees at the lowest possible level to ensure that the Project is non-profit making and available to as many young and disadvantaged people as possible and through the Bursary Fund provide grants for subsidised or free holidays for individuals or groups where need is identified. The continued challenge that faces many voluntary group5 is the recruitment of volunteer5 to manage the day to day running of the organization. The Trustees acknowledge the continued dedication and commitment of many volunteers that makes the project viable. A three-year rolling development plan is being M'orked on to assist in future decision making and to help identify specific recruitment needs. ACHIEVEMENT AND PERFORMANCE Charitable activities 2024 was our 43rd year of operaiion and the project's longevity is a tribute to the original team that had the foresight to start the project and the stewardship of many subsequent cohorts who have steered the project througth many challenges and changes. During 2024 hire fees continued to grow from organisations such as Scouts: Guides, Schools, Churches, and other Community Groups but still not back to pre-COVID levels. Booking levels in 2025, however, show a further improvement. Our usual 'main' Marketing Activity, the Crick Boat Show continued in May 2024. Our AGM continues to take place at the Crick show which is when the maximum number of Project member5 are physically gathered together. Our Marketing Consultant has coniinued to evolve ideas for improving the ulilisation of our Project boats via our website, print media and social media. Fundraisinu during 2024 continued but remain5 a challenging area. Our current focus is trying to get financial support to defray the cost of maintaining the fabric of the projeci boats. notably repainting of the hull superstuctures. Our Executive (which includes Some Project Skippers and oversee5 the Project'5 Activities) have Met via the 'Zoom' platforn] regularly to discuss ideas and generally keep the Project motivated and ensure thai essential tasks are compleied. Due to the wide geographical spread of member locations, it has been deemed effective and el¢lent to continue to hold Executive meetings via (he 'Zoom' plarfonn. Tn]stee meetings also continue to be held via Zoom with the Understanding that a face-to-face meeting will be organised if and when deemed essential. The AGM is held face to face and the next one is scheduled to take place during the Crick Boat Show 2025. The Inland Watenvays System provides an unequalled opportunity to learn about the important role the canals played in the early part of the industrial revolution, about geography, nature, canal history and heritage of this country. We are confident that LNBP is well placed to Continue its mission of introducing people aged eight and above to the enjoyment of the canal experience. Page 3
LONDON NARROW BOAT PROJECT {REGISTERED NUMBER: 02718582) REPORT OF THE TRUSTEES ror the Year Ended 31 DECEMBER 2024 FINANCIAL REVIEW Financial Review Based on our established accounting policies expenditure exceeded income by £6,663 (2023= surplus £983 after a revaluation gain on the project's boa(s of £20.420) The balance in unrestricted funds as at the year ended 31 December 2024 is £148,446 (2023: £155,109). The project's funds are held in a current account and interest-bearing account. The project doe5 not have additional funds over and above those required to support shon to medium tem) commitments that would allow the trustees to consider long-tem investments. The principal funding sources for the charity are through voluntary donations and boat hire charges. Expenditure continues to be actively and prudently managed. The project's boais are Currentl! 23 )'ears old. The Trustees are focused on maintaining the vessels to the highest standards to maximise the economic life of the ve55e15. This is illustrated by the investment in replacement engines during 2023. The continuing cost of living rises is a concern for all businesses and charity organisations. The project has incurred increases in essential costs of running (he boas such as moorings. Ilcence fees and fuel, bui also the cost of maintenance and repairs are impacted. The twstees are mindful that sufficient reserves must be maintained io meet any unexpecied costs and ensure, as far as possible, the financial stability of the project. As at 31 December 2024 the value held in reserves was £148,446 (2023- £155,109) of which net curren( assets 'ere £53,472 (202)= £59,150). The principal risks facing the charity are deemed to be the potential inability to recruit volunteers to fulfil all the relevant roles to ensure the project runs smoo(hly wilh appropriate focus on achieving the charitable objectives, a major eveiit leading to damage to the project's narrow'boats: with or M-ithout an adequate financial response from insurer5, a major event which damages the reputation of the project or inadequate financial resources putting at risk the continued viability of the project. We would like to express our sincere thanks lo our Donors and the many Charitable Trusts who by their generous support make possible the work of the Projeci in coniinuing its aims to enable particularly youTJg and disadvantaged people to achieve their ambitions, enjoyment of the canals and promoting self-development. We are especially extremely grateful to The Patrick & Helena Frost Foundation for their continued support. Their generous donation in the sum of £7,500 during 2024 continues to significantly help the Project. Reserves policy The general funds are spent at the dis¢tIOn olthe trustees to further the charity's purpose. The trustees believe the level of general funds held is adequate to cover operations for the short to tnedium terni. there is more uncertainty regarding the longer temi. The Trustees have sustained their reserves policy of preserving Project Funds. The Designated Bursary Fund provides financial assistance for those less fortunate who ma), othenvise be excluded from group activities and is primarily funded from the Membership Subscriptions and Bank Interest. The Designated Bursary Fund was used to fund six community days during 2024. The Designated Major Boat Maintenance Fund represents funds set aside to meet exceptional and periodic major expenditures such as engine replacement, renewal of material items of equipment and repainting. Since the engines in both boats w'ere replaced at the end of 202J, this fund stood at zero as at year end 2023; an injection of £9,000 was made in the 2024 financial J'ear to address expected expenditure in the next financial year. The Designated Contingency Fund was reduced to zero in the 2024 financial year. After ihe preceding transfer 10 the Major Boat Maintenaiice Fuiid. the balance was transferred to the Income Fund. The trustees endeavour to maintain reserves in this fund to cover 6 - 12 months, operating costs. Page 4
LONDON NARROW BOAT PROJECT {REGISTERED NUMBER: 02718582) REPORT OF THE TRUSTEES ror the Year Ended 31 DECEMBER 2024 FUTURE PLANS As a leading community boat organisa(ion, the Trnstees continually examine 'ayS to further develop the standing of the Project and expand public awareness of the wide range of facilities and benefit5 M'e can offer, not only to )'oung people but other deserving members of the communitv. In this context we continue to offer "taster days" and community day trips. Our attendance at the Crick Boai Show and skippering the trip boats for the organisers has greatly assisted in furthering the standing of the project within the inland waterways boating comtnunitv and has worked well in increasing public awareness of our activities. We have again been asked io skipper the trip boats in 2025. Stringent Risk Assessments and adherence to Boat Safety Regulations plus reliable servicing produce a good reliable product and are regularly reviewed. We rely heavily on the professionalism of our Skippers and their interaction with clients. This role of 'Project Skipper, within the charity is ceniral to ihe success of our operation as the), are the public face of the LNBP. The presence on a regular basis of our Boats on the 'Cut' with clients obviously enjoying themselves is the best form of advert15ing of our Product. We continue to employ a Marketing ConsultanL under the auspices of our Marketing Committee, and he has opened the possibilities of exploring new avenues within our potential clientele. Our aim continues to be to extend the range of qualifying Groups, re-kindle our a550ciation with schools and other educational establishment5. The project continues to make efforts to recruit new trustees and executive committee members. The progressive aim is to separate operational roles (Executive) from strategic direction, compliance and oversight role5 (trustees) in order to improve the effeclive governance of the project. but we are finding it challenging 10 attract sufficient personnel to allow all operational roles to be distinct from the strategic direction and oversighi delivered by the trustees. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The chariiable compan}, is a company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £ I per member of the charity. To further ensure that the charity meets its full obligations the Trustees meet in January each year to review the detailed policies, procedures and risk assessments, and to ensure that the London Narrow Boat Project operates in accordance with the requirements of the Charities Commission and Companies House reiJulations. The Trustees will contiiiue to review all policies and plans for the ensuinu The charit), is governed by its Memorandum and Articles of Association dated 29 May 1992 and amended by special resolutions on 17 June 1995, 20 November 2006. 30 June 2007. 6 July 2013 and IJ October 2020. During 2018, the Project has incorporated the Gevjeral Data Protection Regulations, introduced by the government to ensure that any Data held by organisations is accurate and used for the correct purposes by that organisation. The Project requires the express consent of ihe ow'ners of ihai inforniation for thai dath to be stored by use and also outlines the methods by which the Project is allowed to contact these omners, also by consent of the 0ers. New Trustee5 recruitment, induction and training Trustees are appointed at an AGM to serve for a three-year terni and each Trustee has a defined area of responsibility to focus on. The charity is organised so tha( the board of trusiees vote for decisions to be made. The Board approves all major expenditure and two auihorised signatories are required to approve any pa}qnenl made from the bank account. Membership There were 71 members at 31 December 2024 (2023= 82)- each member is liable in the event of the winding up of the company for a m&ximum amount of £ l each. Page 5
LONDON NARROW BOAT PROJECT {REGISTERED NUMBER: 02718582) REPORT OF THE TRUSTEES ror the Year Ended 31 DECEMBER 2024 This report has been prepared in accordance with the special provisions ol Part 15 of the Companie5 Act 2006 relating to small companies. Approved by order of the board of trustees on............................................. and signed on its behalf by= Ms K Everett - Trustee Page 6
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF LONDON IYARROW BOAT PROJECT Independent examiner's report to the trustees of London Narrow Boat Projeet ('the Company,) I report to the charily irusiees on my examination of the accounts of the Compan). for the year ended 31 December 2024. Responsibilities and basis of report As the charity s trustees of the Company (and a150 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 Aci 2006 ('the 2006 Act,). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independeni examination. I report in respect of my examinaiion of ).'our charili's accounts as carried out under Section 145 of the Charities Act 2011 ('the 201 l Act,). In carr)wints out my examination I have followed the Directions given by the Charitv Commission under Section 145(5) (b) of the 201 l Act. Independent examiner's statement I have completed my examination. I confinn that no matters have come to my attention in connection with the examination giving me cause to believe- accounting records 'ere not kept in respect ofthe Company as qUIred by Section 386 of the 2006 Act; or the accounts do not accord M'-ith those records- or the accounts do not comply with the accounling requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is nol a matter considered as part of an independent examination. or 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 M'ith the examination to which attention should be drawn in this report in order (o enable a proper understanding of the accounts to be reached. Tara Aldwin ACA The Institute of Chartered Accountants in England and Wales FKCA Limited 260 - 270 Butterfield Great Marlings Luton Bedfordshire LU2 8DL Date: Page 7
LONDON NARROW BOAT PROJECT STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUND for the Year Ended 31 DECEMBER 2024 2024 2023 DeS1.lated - Bursary Fund Designated Boat Fund Income Fund Total funds Total funds Notes ILYCOME AND ENDOWMENTS FROM Donations and legacies ,615 15.860 17,475 11,338 Charitable activities Boat hire Advertising, events courses and meetings 25,045 25,045 19,233 756 756 Investment income 861 861 855 Total 2,476 41,661 44,137 31,426 EXPENDITURE ON Charitable activities Boat hire Advertisin& events courses and meetings 814 42,022 42,836 46,107 7,964 7,964 4,756 Total 814 49,986 50,800 50,863 NET INCOME/{EXPENDITURE) Transfers between fund5 Other recognised gain51(1055es) Gains on revaluation of fixed assets 2,476 {1.800) (814) 9.000 (8,i25) (7.200) (6,663) (19,437) 10 20,420 Net movement in funds 676 8.186 (15,525) (6,663) 983 RECONCILIATION OF FUNDS Total ndS brought fonvard 11,820 95.387 47.902 155,109 154,126 TOTAL FUNDS CARRIED FORWARD 12.496 103.573 32,377 148,446 155,109 The notes fonn part of these financial statements Page 8
LONDON NARROW BOAT PROJECT {REGISTERED NUMBER: 02718582) BALANCE SHEET 31 DECEMBER 2024 2024 Total funds 2023 Total funds Notes FIXED ASSETS Tangible assets 94,974 95,959 CURRELYT ASSETS Debtors Cash at bank 8,822 69,968 1,173 85,266 78,790 96,439 CREDITORS Amounts falling due within one year (25,318) (37,289) NET CURRENT ASSETS 53,472 59,150 TOTAL ASSETS LESS CURRENT LIABILITIES 148,446 155,109 NET ASSETS 148,446 155,109 FUNDS Unrestricted funds io 148,446 155,109 TOTAL FUNDS 148,446 155,109 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024. The nienibers have not required the company to obtain an audit ol it5 financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Aci 2006. The trustees acknowledge their responsibilities for (a) ensuring that the charithble company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirement5 of Sections 394 and 395 and which othenvi5e comply with the requirements of the Companie5 Act 2006 relating to financial statements. so far as applicable io the charitable company. (b) The notes fonn part of these financial statements Page 9 continued...
LONDON NARROW BOAT PROJECT {REGISTERED NUMBER: 02718582) BALANCE SHEET- Conlinued 31 DECEMBER 2024 These financial statements have been prepared in accordance with the provision5 applicable to charitable companies subject to the small companies regime. The financial statements were approved by the Board of Trustees and authorised for issue . and were signed on its behalf by: on Ms K Everett - Trustee Mr J Tobin- Trustee The notes fonn part of these financial statements Page 10
LONDON NARROW BOAT PROJECT NOTES TO THE FINANCIAL STATEMENTS for the Year Ended 31 DECEMBER 2024 ACCOUNTING POLICIES Basis of preparing the financial statements The financial stalemenls of the chariiable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reportinu by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance M'ith the Financial Reporting Standard applicable in ihe UK and Republic of Ireland (FRS 102) (effective l January 2019),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets. The presentation currency of the financial statements is the Pound Sterling {£). Going concern The trustee5 consider that there are no material uncertainties about the Charltable Company's ability to continue as a going concern. Income All income is recognised in (he Sialemeni of Financial Aciivities once the chariN' has entitlement to the funds, it is probable that the income .-111 be received and the amount can be measured reliably. The following policies are applied to particular categories of income.. Donations and le acies Income received b)1 way of donations is included in full in the Statement of Financial Activities when receivable. Legacies are included when the amounts can be reasonably quantified and the charity has certainty of receipt. Investment income Investment income is included when receivable. Charitable aciivities Incomints resources from charitable activities are accounied for when earned. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure: il is probable Ihai a transfer of economic benefits will be required in settlement aiid the amount of the obligation can be measured reliably. Expenditure is accounted for on an accrua15 basis and has been classified under headings that aggregate all cost related to the category. JhThere costs cannot be directly aitribuled to particular headings they have been allocated to activities on a basis consistent with the use of resources. Charitable activities Costs of charitable aciivities include costs of providing the narrow boats for the use of deprived, partially disabled and disadvantaged children and related support costs. Governance eosts Govemance costs represent the cost of the external independent examination, Trustees meetings and related support costs. Tangible fiyed assets Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impainnent losses. Depreciation 15 provided at the follom'ing annual rate5 in order to write off each asset over it5 estimated useful life. Computer equipment Fixtures and fittings 300/0 on reducing balance 15 years on a straight line basis Pagell continued...
LONDON NARROW BOAT PROJECT NOTES TO THE FINANCIAL STATEMENTS- continued for the Year Ended 31 DECEMBER 2024 ACCOUNTING POLICIES- continued Tangible fixed assets Narrowboats.. The narrowboat structures are stated at revalued amount less accumulated depreciation and impairrnent losses. The narrowboats are regularl). maintained to a standard where any further depreciation arisiTJg from the use of the boat5 would be considered negligible. Taxation The charity is exempt from corpordtion tax on its charitable activities. Fund accounting All funds are unresiricted and to be applied for charitable purposes. The unrestricted designated funds are held for the following purposes: Bursary Fund.. Boat Fund.. Major Boat Maintenance Fund.. to provide funds to meet fluctuating bursary grants representing the funds used in the capital value of the boats to provide fimds for significant repair or maintenance of boats Donated goods and services In accordance with the Charitie5 SORP (FRS 102), the general volunteer time is not recognised in the financial statements. Legal status of the charity The charitable company is a company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee 15 limited to £1 per member of the charity. CRITICAL ACCOUNTIIYC JUDGEMENTS AND KEY SOURCES OF ESTIMATION UINCERTAINTY In the application of the company's accounting policies. the trustees are required to mak.e judgements, estimates or assumptions about the carryiiig amount of assets and liabilities that are not readily apparent from other sources. The estimates and associaied assumptions are based on historical experience ai)d other factors that are considered to be relevant. Aciual results may differ from these estimates. The estimates and underlj'ing assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in w'hich the estimate is revised where the revision affects onlv that period, or in the period of the revision and future periods M,here the revision affects both current and future periods. In the opinion of the trustee5 there are no critical accounting judgements. The key source of estimation uncertainty. M'hich may have a significant effect on the amounts recognised in the financial statements, relates to the valuation of naowb0ats. In the prior year, the trustees obtained a valuation on an open market basis. The valuation takes inlo conslderation the current market conditions and the fit out of the narrowboats. Page 12 continued...
LONDON NARROW BOAT PROJECT NOTES TO THE FINANCIAL STATEMENTS- continued for the Year Ended 31 DECEMBER 2024 INVESTMENT INCOME 2024 Deposit account interest 861 855 NET INCOMEI(EXPENDITURE) Net incomel(expenditure) is ststed after chargingl(crediting): 2024 2023 Under accrued auditors remuneration Independent examiners fees Independent exaniiners fees - non assurance Depreciation - owned assets 493 1,470 1,350 1,070 1,700 1,582 985 TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023. Trustees, expenses During the year, five (2023: four) (rus(ees were reimbursed office, travelling and boat expenses totalling £1:646 (2023- £560). TANCIBLE FIXED ASSETS Fixtures and fittings Computer equipment Narrowboats Totals COST OR VALUATION At l January 2024 and 31 December 2024 299.028 12,200 2,194 313,422 DEPRECIATION At l January 2024 Charge for year 215,028 813 814 ,622 217,463 985 At 31 December 2024 215,028 1,627 ,793 218,448 NET BOOK VALUE At 31 December 2024 84,000 10.573 401 94,974 At 31 December 2023 84,000 11,387 572 95,959 Page 13 continued...
LONDON NARROW BOAT PROJECT NOTES TO THE FINANCIAL STATEMENTS- continued for the Year Ended 31 DECEMBER 2024 TANGIBLE FIXED ASSETS- continued Cost or valuation at 31 December 2024 is represented by- Fixtures and fittings Computer equipment Narrowboats Totals Valuation in 2018 Valuation in 2023 Cost 13,768 20,420 279,234 20.420 264.840 12,200 2,194 299,028 12,200 2,194 313,422 The narrowboats were independently valued as at 31 December 2023 on an open market basis by Braunston Marina at £42,000 for each boat. The carrying amount that would have been recognised had the assets been carried under the cost model would be £63,580. DEBTORS: AMOUNTS FALLING DUE WITHIN OIYE YEAR 2024 2023 Prepayments 8,822 11,173 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade creditors Accrued expenses 12,997 12,321 24,129 13,160 25,318 37,289 ANALYSIS OF NET ASSETS BETWEEIY FUIYDS 2024 2023 Designated Bursary Fund Designated - Boat Fund Income Fund Total funds Total funds Fixed assets Current assets Current liabilities 84.000 19.573 10,974 46,721 (25.J18) 94,974 78,790 (25,318) 95,959 96,439 {37,289) 12,496 12,496 103.57J 32.377 148.446 155,109 Page 14 continued...
LONDON NARROW BOAT PROJECT NOTES TO THE FINANCIAL STATEMENTS- continued for the Year Ended 31 DECEMBER 2024 io. MOVEMENT IN FUNDS Net movement in funds Transfers betM".een funds At 31.12.24 At 1.1.24 Unrestricted fund5 Designated - Bursary Fund Income Fund Designated - Boat Funds Designated - Major Boat Maintenance Fund Designated - Contingency Fund 11.820 21,844 2,476 {8,325) (814) (1,800) 18,858 12,496 32,377 94,573 9.000 (26,058) 9,000 26.058 155.109 (6,663) 148,446 TOTAL FUNDS 155.109 (6,663) 148,446 Net movement in funds, included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestricted funds Designated - Bursary Fund Income Fund Designated - Boat Funds 2,476 41.661 2,476 (8,325) (814) (49,986) (814) 44.137 (50,800) (6,663) TOTAL FUNDS 44.137 (50,800) (6,663) Comparatives for movement in funds Net movement in funds Transfers between funds At 31.12.23 At 1.1.23 Unrestricted funds Designated - Bursary Fund Income Fund Designated - Boat Funds Designated - Major Boat Maintenance Fund Designated - Contingency Fund 13.495 62,944 40.000 2,525 (1,542) (4,200) (39,558) 55,387 11,820 21,844 95,387 11.629 26.058 (11,629) 26,058 154.126 983 155,109 TOTAL FUNDS 154.126 983 155,109 Page 15 continued...
LONDON NARROW BOAT PROJECT NOTES TO THE FINANCIAL STATEMENTS- continued for the Year Ended 31 DECEMBER 2024 io. MOVEMENT IN FUNDS- continued Comparative net movement in fund5, included in the above are a5 follows.. Incoming resource5 Resources expended Gains and 1055es Movement in funds Unrestricted funds Designated - Bursary Fund Income Fund 2.525 28.901 2,525 (1,542) (50,863) 20,420 31.426 (50.863) 20,420 983 TOTAL FUNDS 31.426 (50,86)) 20,420 983 A current year 12 months and prior year 12 months combined position is as follows: Net moveinent in funds Transfers between funds At 31.12.24 At 1.1.23 Unrestricted funds Designated - Bursary Fund Income Fund Designated - Boat Funds Designated - Major Boat Maintenance Fund Designated - Contingency Fund 13.495 62.944 40.000 5,001 (9,867) (814) (6,000) (20,700) 55,387 12,496 32,377 94,573 11.629 26,058 (2,629) (26,058) 9,000 154,126 (5,680) 148,446 TOTAL FUIYDS 154,126 {5,680) 148,446 A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows.. Incoming resources Resources expended Gains and losses Movement in funds Unreslricted funds Designated - Bursary Fund Income Fund Designated - Boat Funds 5,001 70.562 5,001 (9,867) (814) (100,849) (814) 20,420 75.563 (101,663) 20,420 (5,680) TOTAL FUNDS 75.563 (101,663) 20,420 (5,680) Fund purposes and transfers The unrestricted designated funds are held for the following purposes: Bursarv Fund.. Boat Fund.. Major Boat Maintenance Fund.. to provide funds to meet fluctuating bursary grants representints ihe funds used in the capital value of the boats to provide funds for significant repair or maintenance of boat5 Page 16 continued...
LONDON NARROW BOAT PROJECT NOTES TO THE FINANCIAL STATEMENTS- continued for the Year Ended 31 DECEMBER 2024 io. MOVEMENT IN FUNDS- continued Fund purposes and transfers- continued Transfers Bursary fund - A transfer was made between the BuT5ary Fund and Income Fund for community day use of the boats. Contingency fund - A decision made to transfer the contingency fund into the income fund. Major Boat Maintenance Fund - A transfer was made to the Major Boat Maintenance Fund to cover expected repairs to the boats in the next financial year. RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 31 December 2024 (2023: Nil). 12. ULTIMATE CONTROLLING PARTY The charity is controlled by the members of the charity. Page 17