## **ASHBY CANAL ASSOCIATION**
## **TRUSTEES REPOR** T and **ANNUAL REVIEW** for the **YEAR ENDED 30TH SEPTEMBER 2023 Reference and Administrative Detail** s
Ashby Canal Association is a Registered Charity No 1063566, Company No 3396198, limited by guarantee registered in England whose Registered Office is at 40 Holland Crescent, Ashby de la Zouch Leicestershire LE65 1FS. Trustees: P. Oakden (Chairman), D. Watts, C. Walker, R. Smith, R. Taylor, M Wooding, C Aston, A Jenkins and M Jeffs. Secretary: W.G.Hetherington.
Advisers: G. Pursglove (Chairman, Ashby Canal Trust); Prof. O. P. Mulka, (President of the Association).
M. Bird ( design adviser and printer of "Spout",the quarterly magazine) of the Association) A. Jenkins (web-master) and H. Worth, (IWA Honorary Engineer.)
Bankers: HSBC Bank plc, Market Place, Hinckley, LE10 1NU
Solicitors: M & S Solicitors Ltd, Lion Court, Staunton Harold Hall, Ashby de la Zouch, Leicestershire LE65 1RT Independent examiner of accounts Penelope Barber of Golden Eagle **,** Hockley Port Moorings, All Saints Street,Hockleyy, Birmingham B18 7RL
The Ashby Canal Company Limited, a former Associated Company has been dissolved.. Vice Presidents: S.J.Wain; Patron: A Bridgen MP
## **Structure, Governance and Management**
Ashby Canal Association (“ACA”) was incorporated on 2nd July 1997 and is governed by Memorandum and Articles of Association dated 10th June 1997. It took over the activities of the former unincorporated organisation of the same name originally founded in February 1966. The trustees are nominated and elected by the members of the Association from within the membership, serve for a period of three years and retire by rotation. Along with co-opted members they form the management committee, undertaking the day to day running of ACA’s affairs and decision-making. There are no outside appointees. No committee members received remuneration for their services other than payment of out-ofpocket expenses, such as postage, travelling expenses, etc., most of which was donated back to ACA.
A Health & Safety policy is in place and safety issues were reviewed at management committee meetings. Public liability and other major risks are covered by appropriate insurance. Major risks are kept under review. For events and work parties, risk assessments are carried out. Appropriate financial policies are in place, and the accounts are subject to independent examination.
## **Objects and Activities**
(1) T **he principal objectives** of ACA, set out in full in its Memorandum of Association, are to improve the condition of, preserve, and enhance the Ashby de la Zouch Canal for the benefit of the public and to promote and assist the restoration of the derelict northern reaches of the canal.
The Trustees declare that the Association’s objectives are not exclusive to any particular interest group, are for public benefit and that the charity constitutes a public benefit entity under Financial Reporting Standard 102. All of the Association’s activities are continuing operations and the Association is a going concern.
(2) **Relationships** with other organisations and charities
The Association maintained working relations with The Canal and River Trust (“CRT”), The Inland Waterways Association (“IWA”), The Ashby Canal Trust (“ACT”), Leicestershire County Council (“LCC”), North West Leicestershire District Council (“NWLDC”), Hinckley and Bosworth Borough Council (“HBBC”), Natural England and The Environment Agency and had dialogue with local district and county councillors and Member of Parliament. The Association is a corporate member of IWA, a member of the Association of Waterways Cruising Clubs, and is represented on the board of the Ashby Canal Trust.
(3) **Volunteer contributions**
ACA is fortunate to have many volunteers. Volunteer work parties undertook regular maintenance of the Association’s canal-side land and buildings at Snarestone Wharf, work on the line of the canal around the Gilwiskaw Aqueduct and at the Illott Wharf site. With the assistance of a grant from IWA, ACA volunteers have been constructing a footpath along the route of the future restored canal between Snarestone Wharf and the new terminus in Measham. Weekly work parties have been laying hardcore, installing gates and signposts and building steps. Work is ongoing. They also took part in ACT work parties at Moira.
Administrative, membership, secretarial and accountancy work was done voluntarily. Some of ACA’s regular social events have not been possible this year in view of Covid, but smaller events were arranged when national regulations allowed. Newsletter editing, database, publicity design and web-site management were also undertaken entirely by volunteers or as gifts in kind. The oversight of Heritage Lottery Funded archaeological survey work and public events related thereto, was done by volunteers, as was planning for the next phases of canal restoration. ACA's sales and information kiosk at Snarestone was available, when permitted, for visiting boaters and walkers, thanks to a dedicated group of volunteers and our volunteer site caretakers.
In total, 6,255.75 hours of voluntary work were contributed to the Association during the year, equivalent in monetary terms to more than £111,470.50. The trustees record their thanks to all those involved.
**Canal Restoration:** Restoration plans are in place for the canal northwards from Bridge 62. Leicestershire County Council agreed to transfer the Transport and Works Act Order 2005 (TWAO) to the Association since it decided that it no longer wished to continue with its involvement in the canal restoration scheme. The implementation of this transfer is progressing slowly. Upon completion, ACA will be the land-owners in a position to apply for a substantial Heritage Lottery Fund (“ HLF”) Grant. As a precursor to the application, ACA carried out a HLF funded Industrial Archaeological investigation at Illott Wharf which was completed and the formal report issued by Leicester University in April 2019. Rules for Lottery Grant Applications changed significantly early in 2019. Previously a grant for canal restoration could be applied for only when works are carried out on the original route. This is no longer the case where the emphasis is now more on features including benefits to the public and local community. Once the TWAO transfer is complete ACA may apply for a grant to fund restoration either from Bridge 62 to Measham or from Bridge 62 to Gallows Lane. The timing of the TWAO and the grant application have been affected by Covid restrictions but the application for transferis now with
## DEFRA.
● Fund Raising: The Restoration Appeal continued, with the Gilwiskaw Aqueduct appeal continuing to attract donations. Income from the operation of ACA including that received from the shop amounting to .£76,095.68. The shop at Snarestone Wharf was open whenever possible but income was again affected by reduced footfall and fewer boat visitors during the year.
● Publicity: We provided information for visitors through the ACA website, hotline, leaflets, free maps, notice boards and in person at the information kiosk at Snarestone Wharf.
● Public Events: The popular Moira Canal Festival did not taket place in May 2023 due to adverse weather conditions which made the intended site unusable.
● General ACA representatives attended CRT Waterway User Group meetings during the year. Development proposals and planning applications affecting the whole length of the canal and its environment were scrutinized by the management committee, and comments made where appropriate to local authorities. ACA continued to manage trail-boaters , canoeists and visiting boaters. The off-line nature reserve on ACA land at Snarestone provides a valuable habitat for thriving wildlife. Maintenance work on the reserve was carried out by ACA volunteers. **Social meetings** with speakers, which are open to members and the general public, but were not possible during the previous year, recommenced on 13th October 2022 and continued during the following winter and spring months to promote interest in the canal and its historic and social environment. ACA’s newsletter, ’Spout’, was published quarterly, to communicate with members and the public.
**ACA’s web-site** (ashbycanal.org.uk) provided news and information, and also facilitated many email enquiries from the public. The Facebook Group “Ashby Canal Association Friends” continued to be popular. **Financial review** Major Risks The major risks to ACA are (a) that ACA ceases to have sufficient funds to carry out its day to day objectives and (b) that volunteer input does not continue at its present level, as all its activities are performed by volunteers. Both these risks are regularly reviewed by the management committee and policies put in place when required to help mitigate them. Policy on reserves The policy of the management committee is to maintain a general reserve at a prudent level, sufficient in their view to meet anticipated revenue expenditure in the short term (up to one year). ACA also holds designated reserve funds to enable the Association to make substantial financial contributions towards the canal restoration scheme over the next five years; this includes specific funds designated to the supply of bricks for the construction of the Gilwiskaw aqueduct. **Other financial information** Subscriptions and generous donations from members and the public continued to form a large part of ACA's revenue, most of which were gift-aided. Specific donations were received towards the restoration of the canal's northern reaches. ACA raised funds through its sales shop and a bric-a-brac stall. A card payment system is installed. ACA also sold advertising and collected mooring and slipway fees. The Association records its thanks to all who have supported it with cash or in kind and to all the volunteers .Interest rates remained low during the year. Some reserve balances were placed in short term HSBC Money Market accounts. A conservative low-risk approach is taken to investing funds. Life memberships are recorded in a separate fund and written back into revenue over a period of ten years. The detailed financial results are set out in the statement of accounts showing a net deficit of £28,352.45 for the year. The accounts show details of the designated funds allocated to the restoration scheme. No funds were held on behalf of others. All funds are deposited in a UK bank. There were no funds in deficit. The accounts are being independently examined and certified.
**Membership** Membership figures continued to grow. At 30th September 2023 there were 568 members, including 186 life members.(2022 total membership 617)
THE TRUSTEES DECLARE THAT THEY HAVE APPROVED THE ABOVE REPORT
Signed on behalf of the charity’s trustees by PETER OAKDEN Chairman ....P Oakden....
this Twenty-third day of May 2024
## **ASHBY CANAL ASSOCIATION**
_Registered Charity No 1063566 Company registered in England No 3396198 Registered Office: 40 Holland Crescent, Ashby-de-la-Zouch, LE65 1FS_
## **FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH SEPTEMBER 2023**
|**Statement of Financial Activities**
**INCOMING RESOURCES**
**Donations legacies and subscriptions:**
_(note 2)_
Subscriptions received from members (incl Gift Aid)
_(note 2)_
Donations, appeals and grants received (incl Gift Aid)
_(note 2)_
Donated services and facilities
**Grants Received**
No Grants were received this year
**Income Earned from other activities**
Shop Sales (gross)
**Investment and other income**
Interest Received
HMRC VAT Repay Received
**TOTAL INCOME**
**RESOURCES EXPENDED**
**Expenditure on raising funds**
Publicity, Member Meetings and Events
**Charitable Activities**
Publications
Canal restoration project (TWA Transfer Legal Fees)
Canal enhancement projects
Work parties, site expenses, health & safety, training
**Other expenditure**
Subscriptions paid
Depreciation of fixed assets
Legal, audit, licences and bank charges
Administration
Insurance
Measham Footpath Expenditure
Aqueduct Appeal Expense
Shop Stock Purchases
Canal Infrastructure Construction (Stop Gate)
**TOTAL EXPENDITURE**
**NET INCOME (surplus of income over expenditure for the year)**
**RECONCILIATION OF FUNDS**_(Note 4)_
**Movement on funds for the year**
Balances b/f at 1st Oct 2022 _(note 4)_
_(note 5)_
Fixed Asset Additions
surplus of income over expenditure for year
Accounting Adjustment
**TOTAL FUNDS CARRIED FORWARD**
**BALANCE SHEET AS AT 30TH SEPTEMBER 2023**
**Tangible Fixed Assets**_(note 3)_
Freehold land
Portable buildings,swingbridge, tools & equipment, at cost
less accumulated depreciation
Additions this year
**Current Assets**
Bank Balances - deposit account
- money market accounts short notice
- current account
Cash in hand (Shop Cash Account)
**Current Liabilities**
Short term Loan from ACA Directors
**Net current assets**
**TOTAL NET ASSETS**|Restricted
Funds|Unrestricted
Funds
Total Funds
5,476.36
5,476.36
7,297.66
7,297.66
0.00
0.00
29,844.94
29,844.94
843.15
843.15
32,633.57
32,633.57
**76,095.68**
**76,095.68**
228.13
228.13
2,872.63
2,872.63
0.00
0.00
851.05
851.05
4,096.98
4,096.98
109.00
109.00
653.93
653.93
4,826.89
4,826.89
291.32
291.32
849.35
849.35
0.00
0.00
792.79
792.79
6,773.76
6,773.76
82,102.30
82,102.30
**104,448.13**
**104,448.13**
**-28,352.45**
**-28,352.45**
126,928.82
126,928.82
66,983.58
66,983.58
-28,352.45
-28,352.45
0.00
**165,559.95**
**165,559.95**
13,257.00
18,366.67
(10,225.74)
66,983.58
75,124.51
75,124.51
88,381.51
25,994.33
0.00
50,750.93
433.18
77,178.44
0.00
77,178.44
**165,559.95**|Prior year 2022
4,294.31
23,869.63
9,937.02
27,840.72
349.57
19983.14
**86,274.39**
131.92
2,630.86
3,554.92
299.68
3,235.39
109.00
2,139.49
4,927.78
2,097.68
752.64
3,840.87
787.25
3,599.04
223,619.28
**251,725.80**
**-165,451.41**
292,411.13
457.85
-165,451.41
-488.75
**126,928.82**
13,257.00
18,366.67
(9,571.81)
22,051.86
151.18
110,000.00
9,593.12
132.66
119,876.96
-15,000.00
104,876.96
**126,928.82**|
|---|---|---|---|
|||||
|||||
|**ACCUMULATED FUNDS (note 4)**
**Unrestricted Funds**
General Fund
Life membership Fund
**Designated funds:**
Restoration scheme (aqueduct)
Restoration scheme (general)
**Restricted Funds**
NWLDC Fund (Credited to Stop Gate Infrastructure project this year)|Restricted
Funds
Unrestricted
Funds
Total Funds
60,111.94
60,111.94
10,788.00
10,788.00
94,357.93
94,357.93
302.08
302.08
0.00
0.00
0.00
165,559.95
**165,559.95**|Total Funds
4,213.34
10,939.04
91,474.36
302.08
20000.00
**126,928.82**|
|---|---|---|
## **ASHBY CANAL ASSOCIATION**
## **NOTES TO THE ACCOUNTS**
## **1** Basis of Preparation
The accounts are prepared under the historical coat convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The accounts have been produced in accordance with the Statement of Recommended Practice for Accounting and Reporting by Charities (FRS102) issued 16[th] July 2014
The charity constitutes a public benefit entity as defined by FRS102.
The charity is a company limited by guarantee registered in England. It is a going concern.
## **2** Accounting policies
The accounts present a true and fair view. There have been no changes in accounting policies. The standard list of accounting policies outlined in FRS102 have been applied except for the treatment of life membership fees are treated as outlined below, a policy consistently applied since 2009
**Life membership fees** are capitalised and written into the accounts over a period of 10 years.
Life membership fees received during the year (including Gift Aid) £1047.64 (2022=£680.00)
**. Gift Aid reclaimed from HMRC has been credited to the relevant income source.**
## **Donated services and facilities ( gifts in kind )**
Donated services used immediately are recognised as income with an equivalent amount recognised as an expense under the appropriate heading No donated services or facilities were received this year.
## **3** Assets
The standard list of accounting policies in FRS 102 relating to assets have been applied. The charity has no intangible assets Tangible fixed assets are depreciated on a straight line basis at rates between 5 – 20% over the expected life of the asset. No depreciation is provided on the charity’s freehold land.
|Tangible fixed assets: at cost brought forward at 1stOctober 2022
additions during year
disposals - at cost
Depreciation provision thereon
Surplus or loss on disposals
Depreciation provision b/fwd at 1stOct 2022
Depreciation charge for the year
Eliminated in disposals
Depreciation provision c/fwd at 30thSept 2023
Written down value of tangible fixed assets at 30thSeptember 2023
There have been no revaluations of fixed assets|0.00
0.00
0.00|18366.67
66983.58
0.00
85350.25
9571.81
653.93
0.00
10225.74
75124.51|
|---|---|---|
The Association owns a heritage asset; an old ice-breaker located at Measham Museum.
This asset was acquired at no cost to the Association, and its value is historical rather than monetary,
- **4** Funds
The Association has over several years built up funds towards future costs of restoration of the Ashby Canal northwards from its present navigable terminus, a project which is currently on-going. An Aqueduct Appeal Fund and a Restoration Fund are maintained as designated funds This is to demonstrate the commitment of the Association to the restoration scheme, as reflected by the wishes of the charity’s supporters and donors.
## **5** Funds brought forward
The balances brought forward on 1[st] October 2022 comprise designated funds for Restoration and Aqueduct £91,776.44 , unrestricted general funds of £15,152.38 and North West Lesicestershire District Council restricted fund £20,000 = total £126,928.82 (Oct 2022 brought forward balance = £292,411.13)
## **Audit Exemption**
(a) For the year ending 30[th] **Sept 2023 the company was entitled to exemption from audit under s477 of the Companies Act 2006 relating to small companies** (b) The members have not required to company to obtain an audit of its accounts for the year in question in accordance with S476. (c) The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts (d) The accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
Signed ……………………………………….. Director and Chairman
Signed ……………………………………….. Director Date……………………………..
CHARITY COMMISSION
FOR ENGLAND AND WALES
Independent examiner's
report on the accounts
Section A
Independent Examiner's Report
Report to the trusteesl
members of
Ashby Canal Association
On accounts for the year
ended
2022
Charity no
(if any)
1063566
Set out on pages
I report to the trustees on my examination of the accounts of the above
charity ("the Trust") for the year ended 3010912022.
Responsibilltles and As the charty trustees of the Trust, you are responsible for the preparation
basls of report of the accounts in accordance with the requirements of the Charities Act
2011 ("the Act.).
I report in respect of my examination of the Trust's accounts carried out
under section 145 of the 2011 Act and in carrying out my examination, I
have followed the applicable Directions given by the Charity Commission
under section 145(5)(b) of the Act.
I have completed my examination. I confirm that no material matters have
come to my attention (other than that disclosed below ") in connection with
the examination which gives me cause to believe that in. any material
respect:
accounting records were not kept in accordance with section 130 of
the Act or
the accounts do not accord with the accounting records
Independent
examiner's statement
I have no concerns and have come across no other matters in connection .
with the examination to which attention should be drawn in order to enable a
proper understsnding of the accounts to be reached.
Please delete the words in the brackets rf they do not apply.
Signed:
Date:
20
Name:
Relevant professlonal
quallfication(s) or body
(rf any):
Address:
IER
October 2018