The Chesterfield Canal Trust Limited
Annual Report and Financial Statements
Year Ended 30 September 2020
| Company Registration number | 03403203 |
|---|---|
| Charity Registration number | 1071376 |
| Vat Registration Number | 345 0352 26 |
The Chesterfield Canal Trust Limited
Annual Report and Financial Statements
Year Ended 30 September 2020
| Contents | Page |
|---|---|
| Company Information | 1 |
| Report of the Directors | 2 - 9 |
| Independent Examiner’s Report | 10 |
| Statement of Financial Activities | 11 |
| Balance sheet | 12 |
| Notes to the Financial Statements | 13 - 24 |
THE CHESTERFIELD CANAL TRUST LIMITED COMPANY INFORMATION FOR THE YEAR ENDED 30 SEPTEMBER 2020
Reference and Administrative Information
Charity Name: The Chesterfield Canal Trust Ltd Charity Registration Number: 1071376 Company Registration Number: 3403203 Vat Registration Number: 345 0352 26
Registered Office: Hollingwood Hub 22 Works Road Hollingwood Chesterfield S43 2PF
Directors and Charity Trustees
Dr P G Hardy Chair Mr M P Edwards Vice Chair (Appointed as Vice Chair 11[th] May 2020) Mr R D Auton Secretary (Appointed as Trustee and Secretary 29[th] June 2020) Ms L C Watson Treasurer (Appointed as Treasurer 11[th] December 2019) Mrs K Auton Mrs R Girling Mr A James Mr D Kiddy Mr M I Potter Mr I P Rowbotham Mrs S J Stephens Mr S Wilson (Appointed 28[th] April 2020) Mr G Challands (Resigned 23[rd] March 2020) Mrs J E James (Resigned 29[th] June 2020) Mr R Stonebridge (Resigned 12[th] October 2020)
Independent Examiner
Nicola Adams ACA DChA BHP LLP, Chartered Accountants 57-59 Saltergate Chesterfield S40 1UL
Principal Bankers
Unity Trust plc Nine Brindley Place Birmingham B1 2H
Page 1
THE CHESTERFIELD CANAL TRUST REPORT OF THE DIRECTORS FOR THE YEAR ENDED 30 SEPTEMBER 2020
The Directors present their report and financial statements for the year ended 30 September 2020. The Trustees have adopted the provisions of the Statement of Recommended Practice “Accounting and Reporting by Charities” in preparing the annual report and financial statements of the charity.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019.
CORONAVIRUS AND THE CHESTERFIELD CANAL TRUST
Like every other organisation the Trust has been affected by the ramifications of the Coronavirus pandemic.
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Our trip boats ceased taking passengers in March and only resumed on a limited basis in August.
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Our shop and information centre also stopped trading in March but resumed, with caution, in July.
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Our work party ceased activity in March but resumed work safely in June.
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We cancelled our Festival, planned for the end of June.
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We cancelled our Walking Festival planned for mid-September.
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Our Promotional Trailer was unable to attend the planned shows and events.
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Our Development manager was able to work from home.
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Regular, shorter, and more frequent meetings of the Trustees and sub-committees continued through the year using video conferencing facilities.
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Our AGM, initially planned for March, was postponed until October. However, changing guidelines meant that the October meeting was also cancelled. The Annual Report and a video presentation are available on the Trust website and have been viewed over 200 times. This action was in accordance with the Governments ‘Coronavirus (COVID-19) guidance for the charity sector’
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A Discretionary Grant from Chesterfield Borough Council of £7,500 mitigated some of the lost income.
Page 2
THE CHESTERFIELD CANAL TRUST REPORT OF THE DIRECTORS FOR THE YEAR ENDED 30 SEPTEMBER 2020
STRUCTURE, GOVERNANCE AND MANAGEMENT
- Governing Document
The organisation is a charitable company limited by guarantee, incorporated on 14[th] July 1997, and registered as a charity on 7[th] September 1998. The company was established under a Memorandum of Association which established the objectives and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount per member not exceeding £1.
• Directors and Trustees
The Directors of the Company are also charity Trustees for the purpose of charity law and are elected after the Annual General Meeting (AGM).
Constitutionally one third of the Trustees stand down each year and shall be eligible for re-election at the next Annual General Meeting. The Trustees to retire shall be the longest in office since the last election. New Trustees may be nominated by the members and if there are more nominations than positions then an election by members present is held at the AGM.
In 2020, Mrs. K Auton, Mrs. R Girling, Mr. D Kiddy and Mrs. S Stephens were due to retire by rotation and, being eligible, offered themselves for re-election. Mr. M I Potter was co-opted during the previous financial year, Ms. L Watson, Mr. S Wilson, and Mr. R D Auton were co-opted during the year and all offered themselves for election. However, because of the Coronavirus pandemic the Trusts AGM was not held this year and the re-election of the above Trustees has been postponed until 2021. Please see ‘Coronavirus and the Chesterfield Canal Trust’ on page 2.
- Directors Induction and Training
The Directors try to ensure that Directors appointed have the necessary skills to further the Trust’s objectives. The Directors are regularly informed of training and development opportunities which arise that could be of benefit to the Trust. The Directors are aware of the policies and procedures that cover the day to day work of the Trust.
• Organisational Structure
The Trust Board is responsible for the ultimate management and direction of the Trust. The Trust Board concentrates on strategic decision making.
The Trust has 5 sub-committees led by a Chair who is also a Director. The sub-committees report to the Trust Board. The sub-committees are: Restoration, Boats, Publicity and Promotion, Hollingwood Hub & Retail and Membership Engagement.
The sub-committees have some autonomy allowing decisions without reference to the Trust Board if decisions are in line with Trust objectives and do not exceed approved budget limits. The sub-committees meet regularly and report back to the main Trustee Meetings which are held every 4-6 weeks.
Page 3
THE CHESTERFIELD CANAL TRUST REPORT OF THE DIRECTORS FOR THE YEAR ENDED 30 SEPTEMBER 2020
STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)
- Organisational Structure(continued)
The Trust has one employee (Development Manager) and around 200 volunteers.
The Trust also has strong partnership links with many organisations, most notably with Derbyshire County Council, Chesterfield Borough Council, the Canal and River Trust and the Inland Waterways Association. We value and thank these organisations for their help and co-operation.
As the restoration moves into other areas, we look forward to working more closely with North East Derbyshire District Council, Rotherham Metropolitan Borough Council, Bassetlaw District Council and Nottinghamshire County Council to achieve full restoration. These authorities are represented by the Chesterfield Canal Partnership. A review of the composition and remit of this partnership is currently being undertaken.
Page 4
THE CHESTERFIELD CANAL TRUST REPORT OF THE DIRECTORS FOR THE YEAR ENDED 30 SEPTEMBER 2020
OBJECTIVES AND ACTIVITIES
The Trusts objectives and principal activities are :
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To promote the restoration to good navigable order of as much as considered possible of The Chesterfield Canal and to maintain and improve the Waterway for the use and benefit of the public.
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To promote the construction of the ‘Rother Link’.
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To promote the fullest use of the Waterway for the benefit of the public.
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To promote, and educate the public, in the history, use of and associated wildlife of the waterway.
Public Benefit
When planning activities for the year, the Directors have considered the Charity Commission guidance on public benefit.
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Purchase of properties along the line of the proposed canal.
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Along the whole length of the proposed canal restoration there are 2 properties (semi-detached to each other) that could impede the progress of the restoration. These properties were advertised for sale and the Trust has purchased them. This secures the length of the canal from residential housing. The properties have been refurbished and rented out thus providing the Trust with an income until such time that the restoration reaches that area.
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Planning permission
A large planning application has been made for the restoration of 1.6 miles of the Chesterfield Canal to Chesterfield Borough Council. This large application received a lot of support from local residents, councillors and MP’s. It has also required HS2 to enter into discussions with us around the crossing of the canal by their maintenance line, a discussion which had previously been progressing very slowly.
- Staveley Basin and Hartington Harbour
The Trust has completed outstanding works around Staveley Basin and has put puddle clay into a 230m length of canal after Staveley lock. This section will shortly be in permanent water.
- Works compound
During the year, the work party completed a large and secure compound with facilities to store the
Trust’s equipment at the bottom of Bellhouse Lane next to the line of the canal.
- Narrowboat
The Trust purchased, from a local school, the narrowboat Madeline which enables us to carry more passengers, to promote and raise funds for the canal restoration.
- Grants
During the year we successfully received a grant offer from IWA. We are currently negotiating the terms and conditions of the award.
Page 5
THE CHESTERFIELD CANAL TRUST REPORT OF THE DIRECTORS FOR THE YEAR ENDED 30 SEPTEMBER 2020
OBJECTIVES AND ACTIVITIES (continued)
Volunteering
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The Chesterfield Canal Trust is dependent on its many volunteers to whom it is greatly indebted. Their enthusiasm, dedication and hard work make our organisation the envy of so many others.
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Volunteer hours.
Our 200 volunteers contributed over 24,263 hours towards the restoration of the canal and the Trust’s other activities this year. This is a remarkable achievement when considering the reduced activity caused by the Coronavirus outbreak.
| These hours can be grouped as follow: | |
|---|---|
| Promoting, improving, and protecting the canal | 11,187 |
| Restoring and maintaining the canal | 8,836 |
| Member support and administration | 4,240 |
ACHIEVEMENTS AND PERFORMANCE
Charitable Activities
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Development Manager We continue to employ a manager to plan present and future restoration of the canal. He works with local authorities, statutory agencies and experts and is assisted by several volunteers both at an office level and at expert level. We have at times paid for expert help to assist him.
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The annual Waterways Award, organised by the Canal and River Trust, awarded the Trust’s historic narrowboat ‘Python’ a commendation for the work it undertakes in improving vegetation growth along the Chesterfield Canal.
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The Trust recognises the hard work of our volunteers and provides, free of charge, First Aid Training to all the volunteers and for those on boats the ability to achieve the Royal Yachting Association or National Community Boat’s Association Helmsman’s Certificate.
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The Trust continues to update and publish an annual visitor guide of which 20,000 copies were distributed free of charge during the year. It also publishes other books and leaflets to promote the restoration of the canal and the use of the waterway.
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The Trust, through a number of its volunteers, offers talks to small and large groups or organisations about the Chesterfield Canal and the restoration we are doing. Thirteen talks were given this year to over 758 people
Page 6
THE CHESTERFIELD CANAL TRUST REPORT OF THE DIRECTORS FOR THE YEAR ENDED 30 SEPTEMBER 2020
ACHIEVEMENTS AND PERFORMANCE (Continued)
Fundraising
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The Trust’s four trip boats remain an extremely popular means of promoting the canal and over the year volunteers spent over 4,500 hours taking 3,762 members of the public, many of whom had never seen the canal before, onto the canal for celebrations, trips, and experiencing Santa on a boat. During the year we had our most successful ‘Santa’ season. The Coronavirus pandemic however did affect the income from these trips from March onwards.
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The shop and information centre at Hollingwood, with its associated coffee shop, continues to contribute to the funds of the charity.
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Gift, legacies and donations also continue to help us achieve our ambition of restoring the Chesterfield Canal and during this year we received an extremely generous large donation which has enabled us to keep to our plans for the year .
Membership
- During the year membership of the Trust increased from 1,911 to 2,012 (a 5% increase), thus providing a reliable source of income.
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Page 7
THE CHESTERFIELD CANAL TRUST REPORT OF THE DIRECTORS FOR THE YEAR ENDED 30 SEPTEMBER 2020
FINANCIAL REVIEW
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Income for the year has increased by £81,494 on 2019. Total income the year is £399,840 compared with £318,346 in 2019. Many income streams during 2019/2020 have suffered because of the consequence of lost trading activity during the Coronavirus pandemic. The loss of Income, however, has been offset by a net refund of VAT from HMRC of £62,031, Property rental income of £8,100, additional grant receipts of £4,250, additional membership income of £3,948 and increased Gift Aid recovery of £5,019.
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Expenditure increased in the year from £158,618 to £172,276. The increased expenditure is mainly due to the activity of the Development Office as it increases spending activity on Canal Restoration (£35,000) offset by reduction in spending on materials; (£8,000), repairs and renewals; (£14,000). This is due to the cessation of work party activity during the national lockdown. The net movement in funds was £227,564 (2019: £160,178).
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The Trust had funds carried forward at 30 September 2020 of £793,551 (2019: £565,987) of which £121,229 (2019: £143,730) are restricted funds and £672,322 (2019: £422,257) are unrestricted funds.
Reserves Policy
- At the Trust Board meeting in January 2020 the Trustees approved a Reserves Policy which calculated a low reserve value of £71,000 and a high reserve value of £500,000. Current free reserves held are £314,524. (2019 £342,460). The fall in free reserves is partially due to the property purchases made during the year which are offset by the additional receipt of donations. Reserve levels will be monitored to ensure they remain adequate to cover anticipated future requirements. The policy will be reviewed annually to ensure it is fit for purpose.
Investment Policy
- The Trust is building its cash reserves in line with the Reserves Policy. In view of this the Trustees have agreed to share cash reserves around financial institutions operating within the Financial Conduct Authority’s remit and to restrict investment levels to the financial limits in operation from time to time.
Page 8
THE CHESTERFIELD CANAL TRUST REPORT OF THE DIRECTORS FOR THE YEAR ENDED 30 SEPTEMBER 2020
FUTURE PLANS
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Our overall aim is to complete the restoration of The Chesterfield Canal by 2027 - the 250[th] anniversary of its opening.
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We will continue to engage or employ expert help, to help our Development Manager succeed in grant applications.
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We will continue with the 2-year project to restore the Renishaw section of canal (1km).
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Doe Lea Valley – When we receive planning approval and an award from the Staveley Town’s Fund, we will be making detailed plans to start restoring this section of the canal (3km).
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We will continue to develop plans to reopen the Historic Norwood Tunnel and this year will apply for funding for a number of small projects around the Tunnel and Kiveton Waters.
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We will develop plans and apply for funding to extend the popular Hollingwood Hub coffee shop, information centre and shop. We hope to provide much needed office space as well as improving space for community use.
MAJOR RISKS
- Coronavirus
At the time of writing this report it is uncertain how the pandemic will affect the Trust both in terms of income generation and the ability to work safely on the restoration. The budget set by the Trustees for the year has taken into account the uncertainties of this situation.
- HS2
Although progress has been made in discussions with HS2 staff, there remains uncertainty about the position of the route of the train line and its effects on the restoration of the canal.
- Brexit
It is unknown how this will affect the position of major funders and their ability to fund restoration and Heritage Schemes.
- Other Risks
Risk
Mitigation
Perceived negligence by the Trust or volunteers. Public liability insurance. Training of volunteers.
Accidents to visitors, volunteers, and the public.
Risk assessment for all major activities. Health and safety policy for all volunteers. Monthly review of any incidents/accidents.
Failure of income streams.
Careful financial management and maintenance of a reserve fund.
APPROVAL
Approved by the Board on Dec 18, 2020 and signed on their behalf by: Dr P G Hardy Chair
Page 9
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE CHESTERFIELD CANAL TRUST LIMITED
I report to the charity Trustees on my examination of the accounts of the charity for the year ended 30 September 2020 which are set out on pages 11 to 24.
Responsibilities and basis of report
As the charity trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your company’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Since the company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the ICAEW, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Nicola Adams
Nicola Adams (Dec 18, 2020 09:56 GMT)
Nicola Adams ACA DChA
BHP LLP, Chartered Accountants 57-59 Saltergate Chesterfield S40 1UL
Date: Dec 18, 2020
Page 10
THE CHESTERFIELD CANAL TRUST LIMITED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 SEPTEMBER 2020
| Income from Donations and legacies Grants Donations Legacies Membership fees Gift Aid Other trading activities Advertising and sponsorship Concerts / Events / Talks Fundraising Sales Property rental Investment income Charitable activities Trip Boat income Hollingwood Hub Walking Festival Sundry income Total Expenditure on: Charitable activities Raising funds Total Net income resources before transfers Transfers between funds Net movement in funds Total funds brought forward at 1 October 2019 Total funds carried forward at 30 September 2020 |
Unrestricted Note Funds £ 8,250 166,900 48,781 20,802 11,498 250 920 585 11,046 8,100 2,045 21,177 7,670 - (3)80,206 388,230 (4) 131,931 (5) 6,234 138,165 250,065 (11) - 250,065 422,257 672,322 |
Restricted Funds £ - 10,926 - - 684 - - - - - - - - - - 11,610 33,572 539 34,111 (22,501) - (22,501) 143,730 121,229 |
Total 2020 £ 8,250 177,826 48,781 20,802 12,182 250 920 585 11,046 8,100 2,045 21,177 7,670 - 80,206 399,840 165,503 6,773 172,276 227,564 - 227,564 565,987 793,551 |
Total 2019 £ 4,000 27,147 170,000 16,854 7,163 6,139 - 3,469 20,397 - 2,928 49,151 10,436 662 - 318,346 148,797 9,371 158,168 160,178 - 160,178 405,809 565,987 |
|---|---|---|---|---|
There are no recognised gains and losses in the year other than the surplus for the year identified above as net income. All activities relate to continuing operations.
Page 11
THE CHESTERFIELD CANAL TRUST LIMITED
BALANCE SHEET AS AT 30 SEPTEMBER 2020
| Note Fixed assets Tangible assets (6) Current assets Stock Debtors (7) Cash at bank Cash in hand Creditors: amounts falling due within one year (8) Net current assets Creditors: amounts falling due(9) after one year Net assets(12) Charity funds(11) Unrestricted funds Restricted funds |
£ 4,817 23,005 327,883 1,632 357,337 23,908 |
2020 £ 500,122 333,429 40,000 793,551 672,322 121,229 793,551 |
2019 £ 183,760 8,723 7,015 381,785 2,077 399,600 17,373 382,227 565,987 422,257 143,730 565,987 |
|---|---|---|---|
For the year ended 30 September 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors’ responsibilities:
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The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The financial statements were approved by the Board on Dec 18, 2020 and signed on their behalf by
____ Lorraine Watson (Dec 18, 2020 09:52 GMT) ______ Dr P Hardy Ms L Watson Chair Treasurer Company registration number: 0340320
Page 12
THE CHESTERFIELD CANAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
1. Accounting policies
(a) Charity Information
The Chesterfield Canal Trust Limited is a charitable company limited by guarantee incorporated in England and Wales. The registered office is Hollingwood Hub, 22 Works Road, Hollingwood, Chesterfield, S43 2PF.
(b) Basis of preparation and going concern
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice
The charity constitutes a public benefit entity as defined by FRS 102.
The Trustees’ have considered the impact of COVID-19 on the charity’s income and operating cost base. They have prepared forecasts of income and expenditure and cash flow for the period to 31 December 2021 which shows that they have sufficient reserves and cash to be able to continue for the foreseeable future. The Trustees’ recognise the uncertainty around future income generation and the inherent risk regarding the sustainability of future plans, however the Trustees’ have concluded that the charity remains a going concern whilst such viable options are available to it. The Trustees’ therefore continue to adopt the going concern basis of preparation for these financial statements.
The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.
(c) Fund accounting
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Unrestricted funds are available for the use at the discretion of the trustees in furtherance of the general objectives of the charity.
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Designated funds are unrestricted funds earmarked by the trustees for particular purposes
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Restricted funds are subjected to restrictions on their expenditure imposed by the donor or through the terms of appeal.
Page 13
THE CHESTERFIELD CANAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020
1. Accounting policies – continued
(d) Income
All income is included in the Statement of Financial Activities when the charity is entitled to the income, the receipt is probable, and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:
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Income received by the way of grants, donations and gifts and is included in full in the Statement of Financial Activities when receivable.
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Donated services and facilities are included at the value to the charity where this can be quantified. The value of services provided by volunteers has not been included in these accounts.
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Investment income is included when receivable.
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Income from charitable trading activity is accounted for when earned.
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Income from grants, where related to performance and specific deliverables, are accounted for as the charity earns the right to consideration by its performance. Grants, where entitlement is not conditional on the delivery of a specific performance by the charity, are recognised when the charity becomes unconditionally entitled to the grant.
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Income from life membership subscriptions are included in the year of receipt.
(e) Expenditure
Expenditure is recognised on an accrual basis as a liability is incurred. The Trust voluntarily registered for VAT in March 2020 therefore expenditure excludes all VAT which can be fully recovered, any unrecoverable VAT is reported as a part of the expenditure to which it relates:
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Costs of raising funds comprise the costs associated with attracting voluntary income and the costs of trading for fundraising purposes.
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Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
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Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the independent accountant’s fees and any costs linked to the strategic management of the charity.
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All costs are allocated between the expenditure categories of the Statement of Financial Activities on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly.
Page 14
THE CHESTERFIELD CANAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020
1. Accounting policies - continued
(f) Tangible fixed assets and depreciation
Fixed assets purchased with a value of less than £1,000 are written off in full in the year of purchase.
Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost on a straightline basis over their expected useful economic lives as follows:-
Trip Boats 5% Motor Vehicles 20% pre 30 September 2019; 25% thereafter Plant and Equipment 25% / 20% / 16.67% / 14% / 10% Computer Equipment 25% pre 30 September 2019; 33.3% thereafter Office Equipment 25% post 30 September 2019 Furniture 25% post 30 September 2019 Commercial Property 10% Residential Property 2% Residential Property Fixtures & Fittings 20%
Where assets are under construction no depreciation is provided until completion.
(g) Stock
Stock is included at the lower of cost and net realisable value.
(h) Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the bank.
(i) Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount repaid net of any trade discounts due.
(j) Cash at bank and in hand
Cash at the bank and in hand includes cash short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
(k) Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
Page 15
THE CHESTERFIELD CANAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020
1. Accounting policies – continued
(l) Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instrument is initially recognised at transaction value and subsequently measured at their settlement value.
(m) Critical accounting estimates and areas of judgment
Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical accounting estimates and assumptions:
The charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. There are no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
(n) Employee benefits
When employees have rendered services to the charity, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for the service.
(o) Pension costs
The charity contributes to a defined contribution pension scheme and the pension charge represents the amount payable to the scheme in respect of the year.
(p) Land and Building Revaluation
Land and buildings acquired for the purpose of canal restoration will be professionally revalued every 3 years.
Page 16
THE CHESTERFIELD CANAL TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020
| 2. Prior Year Statement of Financial Activities Unrestricted Note Funds £ Income from Donations and legacies Grants 4,000 Donations 16,417 Legacies 170,000 Membership fees 16,434 Gift Aid 7,105 Other trading activities Advertising and sponsorship 4,839 Fundraising 2,574 Sales 19,791 Investment income 2,928 Charitable activities Trip Boat Income 49,151 Hollingwood Hub 10,436 Walking Festival - Total 303,675 Expenditure on: Charitable activities 103,764 Raising funds 9,371 Total 113,135 Net income resources before transfers 190,540 Transfers between funds (399) Net movement in funds 190,141 Total funds brought forward at 1 October 2018 232,116 Total funds carried forward at 30 September 2019 422,257 |
Restricted Funds £ - 10,730 - 420 58 1,300 895 606 - - - 662 14,671 45,033 - 45,033 (30,362) 399 (29,963) 173,693 143,730 |
Total 2019 £ 4,000 27,147 170,000 16,854 7,163 6,139 3,469 20,397 2,928 49,151 10,436 662 318,346 148,797 9,371 158,168 160,178 - 160,178 405,809 565,987 |
|---|---|---|
Page 17
THE CHESTERFIELD CANAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020
3. Sundry income
In March 2020, the Trust voluntarily registered for VAT. The registration was backdated to 1 April 2016. During the year a net refund was received from HMRC for the period April 2016 to September 2019 amounting to £62,031. This is shown as a sundry income receipt. For the period October 2019 – 30 September 2020 income and expenditure is shown net of VAT.
Other sundry income of £18,175 relates to income from Derbyshire County Council recovered through the Partnership Agreement (£15,506); Feed in Tariff rebate (£1,765) and Training income (£904).
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THE CHESTERFIELD CANAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020
| 4. Charitable activities Unrestricted Restricted Funds Funds £ £ Advertising and publicity 100 - Alarm maintenance & monitoring 730 - Bank and PayPal charges 1,429 - Catering 161 - Contracting services 2,006 - Depreciation 16,009 11,639 Electricity, gas & water 2,629 - Entertainments - - Exhibition & displays - - Fixtures and fittings 41 - Fuel & oil 520 3,470 Governance 890 - Health & safety 727 - Insurance 3,968 1,369 Interest payable 630 - Legal & professional fees 1,142 - Licences 1,091 - Loss on sale of assets1,021- Materials2,901 1,052 Miscellaneous expenses 1,605 838 Mooring fees 3,974 - Postage 4,191 - Publicity material and signage 6,828 - Rent and rates 4,436 445 Refurbishment costs - 1,172 Repairs and renewals 1,761 1,609 Santa expenses (trip boats) 1,509 - Security services - - Surveys / Inspections / Planning Fees24,398 10,591 Telephone 537 - Tools and equipment 168 763 Training 1,636 624 Travelling expenses 419 - Trip boat concession - - Trip boat booking admin contribution 2,082 - Waste removal 922 - Waterways Officer contribution 4,000 - Wages/Salaries (15)36,237 - Website / Computer / Software 1,233 - __ ______ Total charitable activities 131,931 33,572 |
Total 2020 £ 100 730 1,429 161 2,006 27,648 2,629 - - 41 3,990 890 727 5,337 630 1,142 1,091 1,021 3,953 2,443 3,974 4,191 6,828 4,881 1,172 3,370 1,509 - 34,989 537 931 2,260 419 - 2,082 922 4,000 36,237 1,233 __ 165,503 |
Total 2019 £ 302 736 1,730 2,751 2,893 22,670 2,314 953 135 1,089 7,078 1,038 410 8,744 - 2,237 2,247 - 12,053 4,999 5,083 3,709 14,925 3,499 - 17,029 1,725 (162) - 1,411 4,774 1,366 287 1,352 2,082 1,295 2,000 13,775 268 ______ 148,797 |
|---|---|---|
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THE CHESTERFIELD CANAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020
5. Raising funds
| Unrestricted Restricted Funds Funds £ £ Cost of sales 6,234 539 6,234 539 |
Total 2020 £ 6,773 6,773 |
Total 2019 £ 9,371 9,371 |
|---|---|---|
6. Tangible fixed assets
Cost At 1 October 2019 Additions Disposals At 30 September 2020 Depreciation At 1 October 2019 Charge for the year Disposals At 30 September 2020 Net book value at 30 September 2020 Net book value at 30 September 2019 |
Boats £ 188,626 5,450 - 194,076 55,676 9,605 - 65,281 128,795 132,950 |
Dawn Rose £ 17,003 - - 17,003 17,003 - - 17,003 - - |
Motor Vehicles £ 10,840 7,205 (10,840) 7,205 7,853 450 (7,853) 450 6,755 2,987 |
Plant and Equipment £ 93,718 2,711 - 96,429 48,702 11,754 - 60,456 35,973 45,016 |
Property £ 4,811 331,631 - 336,442 2,004 5,839 - 7,843 328,599 2,807 |
Total £ 314,998 346,997 (10,840) 651,155 131,238 27,648 (7,853) 151,033 500,122 183,760 |
|---|---|---|---|---|---|---|
Dawn Rose - New Build Wooden Working Boat:
This is included in fixed assets to reflect the capitalisation of the construction costs of the boat
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THE CHESTERFIELD CANAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020
| 7. Debtors Trade debtors Other debtors and prepayments 8. Creditors: amounts falling due within one year Trade creditors Loan Income deferred due to cancellation of events in 2020 Other creditors and accruals 9. Creditors: amounts falling due after one year Loan |
2020 £ 76 22,929 23,005 2020 £ - 10,000 2,048 11,860 23,908 2020 £ 40,000 |
2019 £ 347 6,668 7,015 2019 £ 7,452 - - 9,921 17,373 2019 £ - |
|
|---|---|---|---|
10. Taxation
As a charity, The Chesterfield Canal Trust Limited is exempt from tax on income and gains falling within the available tax exemptions to the extent that these are applied to its charitable objects. No tax charges have arisen in the charity.
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THE CHESTERFIELD CANAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020
| 11. Funds Balance Current Year 01.10.19 £ Unrestricted General 422,257 Restricted Hugh Henshall Trip Boat 40,240 Walking Festival - Friends of Dawn Rose 976 Python Historic Boat Refurbishment 18,203 John Varley Trip Boat 1stStage Payment 17,374 Work Party Equipment 28,146 Place in History Restoration Fund 2017 33,083 Last Cuckoo Project 3,532 Work Party Materials 789 2027 Appeal 1,387 Barnsley, Dearne & Dove Canal – Entrust - 143,730 Total funds 565,987 Prior year Balance 01.10.18 £ Unrestricted General 232,116 Restricted Hugh Henshall Trip Boat 43,070 Walking Festival - Friends of Dawn Rose 1,450 Python Historic Boat Refurbishment 19,103 John Varley Trip Boat 1stStage Payment 18,417 Work Party Equipment 34,088 Place in History Restoration Fund 2017 53,231 Last Cuckoo Project 3,637 Work Party Materials 697 2027 Appeal - 173,693 Total funds 405,809 |
Income Expenditure £ £ 388,230 (138,165) (2,930) 49 - - (538) - (1,130) - (1,043) -(6,537) 275 (10,503) - - -(838) 9,205 (10,592) 2,081 - 11,610 34,111 399,840 172,276 Income Expenditure £ £ 303,675 (113,135) 100 (2,930) 2,815 (2,723) 3,048 (3,921) 230 (1,130) - (1,043) 150 (6,092) 6,478 (26,626) - (105) - - 1,850 (463) 14,671 (45,033) 318,346 (158,168) |
Transfer between funds £ - - (49) - - - - - - 49 - - - - Transfer between funds £ (399) - (92) 399 - - - - - 92 - 399 - |
Balance 30.09.20 £ 672,322 37,310 - 438 17,073 16,331 21,609 22,855 3,532 - - 2,081 121,229 793,551 Balance 30.09.19 £ 422,257 40,240 - 976 18,203 17,374 28,146 33,083 3,532 789 1,387 143,730 565,987 |
|---|---|---|---|
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THE CHESTERFIELD CANAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020
The purpose of the restricted funds are as follows:
| Hugh Henshall Trip Boat | A project to build an accessible trip boat supported by the Big Lottery |
|---|---|
| Fund. | |
| Walking Festival | An annual event started in 2018 but cancelled in 2020 because of |
| Coronavirus. | |
| Friends of Dawn Rose | Refurbishment of wooden working boat of a type that used to carry |
| cargoes on the Chesterfield Canal. | |
| Python Historic Boat Refurbishment | Historic boat used to promote the Chesterfield Canal at various |
| local and national events and to assist with volunteer maintenance | |
| work on the Chesterfield Canal. | |
| John Varley Trip Boat | Replacement of old trip boat with a new boat. |
| Work Party Equipment | Purchase of equipment for use in restoring Chesterfield Canal. |
| Place in History Restoration Fund 2017 | Fund to support restoration of the Chesterfield Canal. |
| Last Cuckoo Project | Archaeological dig at Bellhouse Basin on the Chesterfield Canal. |
| Work Party Material | Fund to help with the purchase of materials for the Trust Volunteer |
| Work Party. | |
| 2027 Appeal | Fund to complete the Canal’s Restoration. |
| Barnsley, Dearne & Dove Canal–Entrust | Specified funds received by the Trust on the dissolution of a Canal |
| Trust the spending of which must be approved by Entrust. |
A small transfer has been made between Walking Festival and Work Party Materials due to the late receipt of gift aid relief amounting to £49 relating to donations received in 2019.
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THE CHESTERFIELD CANAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020
12. Analysis of net assets between funds
| Current year Unrestricted Funds £ Tangible fixed assets 407,798 Current assets 328,432 Current liabilities (23,908) Long term liabilities(40,000) 672,322 Prior year Unrestricted Funds £ Tangible fixed assets 79,797 Current assets 359,833 Current liabilities (17,373) 422,257 |
Restricted Funds £ 92,324 28,905 - - 121,229 Restricted Funds £ 103,963 39,767 - 143,730 |
Total £ 500,122 357,337 (23,908) (40,000) 793,551 Total £ 183,760 399,600 (17,373) 565,987 |
|---|---|---|
13. Capital commitments
Capital commitments authorised but not contracted at 30 September 2020 totalled Nil (2019: £nil).
14. Transactions with trustees
No trustees received any remuneration or expenses in the year.
During the year trustees donated £15,039 to the charity (2019: £928).
During the year, the charity made purchases from Renditions Graphics Ltd totalling £5,415. Rendition Graphics Ltd is a company under the control of a trustee and a former trustee, Mr A James (current) & Mrs J E James (former).
15. Staff costs
Wages and salaries Social security costs Employer’s pension costs |
2020 £ 35,079 - 1,158 ______ 36,237 |
2019 £ 13,376 - 399 _____ 13,775 |
|---|---|---|
The average number of persons employed by the Trust during the year was 1 (2019: 1)
No employee received remuneration amounting to more than £60,000 in either year.
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