The Chesterfield Canal Trust Limited Annual Report and Financial Statements Year Ended 30 September 2021 Company ReglstratSon number 03403203 Charhy Registratlon number 1071376 VAT Registration number 345 0352 26
The Chesterfield Canal Trust Limited Annual Report and Financial Statements Year Ended 30 September 2021 Contents Page Company Information Report of the DirectDrs 2-10 Independent Examiner's Report li Statement of Financial Activities 12 Balance Sheet 13 Notes to the Financial Statements 14-24
THE CHESTERFIELD CANAL TRUST LIMITED COMPANY INFORMATION FOR THE YEAR ENDED 30SEPTEMBER 2021 Reference and Admlnistrative Informatlon Charlty Name.. The Chesterfleld Canal Trust Ltd Charity Registratlon Number.. 1071376 Comp3ny Reglstration Number.. 3403203 Registered Office: Hollingwood Hub 22 Works Road Hollingwood chesterfield 543 2PF Dlrertors and Charlty Trustees Dr P G Hardy Mr R D Auton Mr G Walker Mrs K Auton Mrs R Girllng Mr D Klddv Mr M I Potter Mr I P Rowbotham Mrs S J Stephens Chair Secretary Treasurer (appointed 18.10.20211 MrAJames Mrswilson Mr M P Edwards Ms Lcwatson Mr R Stonebridge (Reslgned 23.07.20211 (Resigned 23.07.20211 (Reslgned 09.08.20211 IResigned 21.09.20211 (Reslgned 12.10.20201 Independeni Examiner Nicolè Adams ACA DChA BHP LLP, chartered Ac¢ount4nt5 57-59 Saltergate Chesterfield S40 IUL Prlncipal Bankers Unity Trust plc Four Briridleyplace Birmingham BI 2JB BHP LLP Paee I
THE CHESTERFIELD CANAL TRUST REPORT OF THE DIRECTORS FOR THE YEAR ENDED 30 SEPTEMBER 2021 The Directors present their report and financial statements for the year ended 30 September 2021. The Trustees have adopted the prov151ons of the Statement of Recommended Practice"Atcounting and Reporting by Charities" IFRS 1021 in preparing the annual report and fin3nci315tatements of the charity. The annual report serves the purpose of a trustees, report and direttors, report under Company law. The financial statements have been prepared in accordance with the accounting policie5 set out in notes to the accounts and ¢omply wlth the charity's governing document, the Charities Act 2011 and Accountlng and Reporting by Charities.. Statement of Recommended Pr3Ctice applicable to charltles preparing their atcounts In accordance with the Financlal reporting Standard appllcable in the UK and Republic of Ireland publlshed October 2019. CORONAVIRUS AND THE CHESTERFIELD CANAL TRUST Like every other organisatlon the Trust has been affected by the ramifltations of the Coronavirus pandemic. Our trlp boats ceased taking passengers in September 2020 and only started family trips in May 2021 and resumed normal worklng in July 2021. Our shop and information centre also stopped trading (for 129 days) but reL)pened in May 2021. Our work party ceased activity but resumed work safely in June 2021. We cancelled our Festival at Staveley. Our Promotional Traller was unable to attend the planned shows and events. Our Development Manager was able to work from home and resumed Dffice worklng In June 2021. Regular, shorter, and more frequent meetlngs of the Trustees and sub-committees continued through the year L¢sing video conferencing facilities. OLfr AGM was held virtually in March with over 60 people viewing it live. A recodin6 of" the meeting was also published on our website and 'You Tube, with over 120 view5 to date. This action was IrF accordance with the Governments 'Coronavirus ICOVID-191 guidance for the charity sector,. A Dlscretlonèry Grant from Chesterfield Borough Council of £19,471 mitigated some of the lost Income. BHP LLP Page2
THE CHESTERFIELD CANAL TRUST REPORT OF THE DIRECTORS FOR THE YEAR ENDED 30 SEPTEMBER 2021 STRUCTURE GOVERNANCE AND MANAGEMENT Govemlng Document The organisation is a charitable company limited by guarantee, incorporated on 14 July 1997, and registered as a charity on 7 September 1998. The company was establlshed under a Memorandum of A55ocSatlon which establisheLI the objettlves and powers of the charitable company and is governed under its Articles of A550ciation. In the event of the company being wound up members are requlred to contrlbute an amount per member not exceedlng £1. Dlrectors and Trustees The Directors of the Company are also charlty Trustees for the purpose of charity law and are elerted after the Annual General Meeting IAGMI. Constitutionally one third of the Trustees stand down each year and 5h311 be eligible for re-election Bt the next Annual General Meeting. The Trustees to retire shall be the longest in olfice slnce 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 2021, because we were unable to re-elect retiring Trustees In 2020 it meant that all the current TTUStees had to offer themselves for re-election thls year. This was duly done at the AGM, and all were re-elected. Dlrectors Inductlon and Tralnlng The Directors try to ensure that Directors appointed have the necessary skills to further the Trust's oblectlves. The Directors are regularly informed of tralnlng and development opportunities which arise that could be of benefit to the Trust. The Directors are aware of the pollcies and procedures that cover the day-to-day work of the Trust. Organlsatlonal Structure The TrL¢St Board Is responslble 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 Trustee. The sub-commlttee5 report to the Trust Board. The sub-committees are: Restoration, Boats, Publicity and Promotion, Hollingwood Hub & Retail and Membership Engagement. The restoration 5ub-Eommittee ha5 a150 formed a committee lo oversee the production of a Business Plan to onvert the offer from the St3veley Towns Fund into a firm grantlsee latefl. The sub-committees have some autonomy allowing decSslon5 wlthout reference to the Trust Board if declsions are in line with Trust objectives and do not exceed approved budget limits. The sub-committees meet regularlv and report back to the main Trustee Meetings which are held every 4-6 weeks. BHP LL Page 3
THE CHESTERFIELD CANAL TRUST REPORT OF THE DIRECTORS FOR THE YEAR ENDED 30 SEPTEMBER 2021 STRUCTURE GOVERNANCE AND MANAGEMENT contlnued The Trust has one employee IDevelopment Manager) and about 200 volunteers. The Trust also has strong partnershlp links with many organlsations, most notably wlth Derbyshire County Council, Chesterfield Borough Council, the Canal and River Trust and the Inland Waterways Association. We value and thank these organlsations for their help and co-operation. As the restoration moves into other areas. we look forward to working more clos@ly with North East Derbyshire District Council, Rotherham Metropolltan Borough Council, Bassetlaw District Councll and Nottinghamshire County Council to achieve full restoration. These authorities are represented by the Chesterfield Canol Partnership. A review of the composition and remit of this partnership 15 currently belng undertaken. aHP LLP Page 4
THE CHESTERFIELD CANAL TRUST REPORT OF THE DIRECTORS FOR THE YEAR ENDED 30 SEPTEMBER 2021 OBJECTIVES AND ACTIVITIES The Trusts objettlvès ènd printipal actlvitle5 are: To promote the restoratlon to good navigable order of as much as considered possible of The Chesterfield Canal Ind to maintain and improve the Waterway for the use and benefit of the public, To promote the constructlon of the 'Rother Link.. To promote the fullest use of the Waterway for the benefit of the public. To promote, and educate the public, In the historyi use of and assOC13ted wildlife of the waterwav. Publlc Beneflt When plannlnB activities for the year, the Directors have considered the Charity Commission guidance on public benefit. Planning Pemiission In April this year we received approval of our planning application to restore the remaining derelict canal wlthin Chesterfleld Borough Council. Staveley Basln and Hartlngton Harbour Covid re5trictlons prevented the Trust from fln15hing the minor works around Staveley Basln untll th15 Summer. Thi5 section is now in permanent water, Storage unit The trust has purchased a large storage unit to be placed behind our base at Hollingwood. This Is to be used to store canoes and paddleboards to enable members of the public to hire and sail them on the canal, thu5 attracting more visitors to the canal. Walking festival In spite of the challenge5 of Covid we held our 3 Walking Festival In September 2021 and over 400 people took part. Green Flag The Trust has been awarded a Green flag for Hollingwood Hub again, in recognition of the work OLFr volunteers undertake to make the area ever more attractive. Green Team During the year the Trust has organised monthly volunteer clear-up session5 at Renishaw, including several locBI residents, to maintain the area around the site of the can31 Ito be restored). We hope to contlnue developing this team to assist with the management of the canal following its restoration. Our alm is to give local residents 50rne sense of ownership of their local canal. Thls has been proved to be successful and popular in regions where the canal is owned by the Canal and River Trust. The group is also looking at future projects such as introducing hydroelectricity generation, wind pump5, incrEased biDdiverslty. electrifying our boats & plant and estab115hinE our carbpn footprint. eHP tLP Page S
THE CHESTERFIELD CANAL TRUST REPORT OF THE DIRECTORS FOR THE YEAR ENDED 30 SEPTEMBER 2021 OBIECTSVES AND ACTIVITIES contlnuedl Volunteerin8 The Chesteifleld Canal Trust is dependent on Its many Volunteers to whom it is greatly Indebted. Thelr enthuslasm, dedication and hard work make our organisation the envy of so many others. Volunteer hotsrs Our 200 volunteers contributed nearly 19,000 hour5 towards the restoration of the canal and the Trust's other activities thls year. This is a remarkable 3chlevement when conslderlng the reduced activity caused by the Coronavirus ovtbre2k124,263 hours 20201. These hours can be grouped as follow.. Promoting, improvlng, and protecting the taf)al Restoring and maintaining the canal Member support and adminlstration 8,171 7,818 3,009 ACHIEVEMENTSAND PERFORMANCE Charltable Activities Development Manager. We continue to employ a manager to plan the futLsre 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 tlmes pald for expert help to asslst him. The Trust recoEllises the hard work of our volunteers and provides, free of charge, Flrst Ald Tralning to all the volunteers and for those on boatsthe abillty to achieve the Royal Yachting A5sociatlon or National Community Boat's Association Helmsman's Certificate. ThÈ Trust continues to update and publish an Bnnual vlsitor guide of which 15,000 copies were distributed free of charge during the year. Thls is 3 reduction from the previous year because many of the usual outlets were closed for a proport1on of the year. It also publlshes other books and leaflets lo promote the restoration Df the canal and the use of the waterwav. Publicatirjns and the Media The trust produces a quarterly magazlne to Inform our members, loc81 bu51nesses and F)oliticians of Dur activities. This is always welcomed, and we recelve many positive comments about the article5 published. We have greatly expanded our use of soclal media which has resulted in many more people being aware of our alms and has increased the number of people booking our trip boats. We have appeared on local television and several radio stations.
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THE CHESTERFIELD CANAL TRUST REPORT OF THE DIRECTORS FOR THE YEAR ENDED 30 SEPTEMBER 2021 ACHIEVEMENTS AND PERFORMANCE Continued In December 2020 the Staveley Town Board allocated the Chesterfield Canal Trust £5.68m to restore the canal from Staveley to the boundary of the Chesterfield Borough, a distance of 2.6km, in its initlal bSd. To convert this offer to a grant the Trust's Development Manager has, with expert helpj been producing a Business Plan to be submitted in December 2021. To achieve a robust plan the Trust has committed up to £IOO,000 to help mitigate any risks assoclated wlth this restoration. Fundralslng The Trust's four Trip boats remain an extremely popular means of promoting the canal and over the year volunteers spent over 1,500 hours taking 1,707 members of the public, many of whom had never seen the canal before, onto the canal for celebrations and trip5. Our popular trips with Santa had to be cancelled this vear because of the Coronavirus restrictions imposed nationally. The shop and informatlon centre at Hollingwood, with its associated coffee Shop, continues to contribute to the funds of the charity. The Barnsley Dearne and Dove Canals Trust have donated £20,162 to the Trust following their closure. Gift, legacies and donations also continue to help us achleve our ambition of restoring the Chesterfleld Canal. Membership During the year membership of the Trust increased from 2,012 to 2,12813 6% increase), thus providing a reliable source of income. Membership 2500 2000 15DO 500 o o o o o o o o o o o Yèar BHP LLP Pa8e 7
THE CHESTERFIELD CANAL TRUST REPORT OF THE DIRECTORS FOR THE YEAR ENDED 30 SEPTEMBER 2021 FINANCIAL REVIEW Income for the year has declined by £173,150 on 2020. Total income for the year is £226,690 compared with É399,840 in 2020. Many income stream5 durSng 202012021 have suffered because of the consequence of lost trading activlty during the CorDnavirLTrS pandemic. The loss of income has, to some extent been offset by property rental income of £16k, additional Erant receipts of £25k, additional Membership income of £lk. Expendlture of £175,709 has been maintalned at a similar level as 20201£172,2761. The activlty of the work party has been curtailed during the national lockdown resulting in limited expendlture in support of this. Addition31 expenditurel£20kl has been Incurred In support of the development of the business case required to support the seturing of the Staveley Towns Fund project. The net increase In funds before revaluatlon galns was £50,98112020', £227,564). The boats weTe revalued in 2021. A revaluatlDn re5erye of £180.174 has been created as a consequence of the increase in value of the boats. The Trust had funds carried forward at 30 September 2021 of £1,024,70612020: £793,551) of which £121,299 12020: E121,2291 are restricted funds and £903.40712020'. £672,322) are unrestricted funds. REserves Pollcy At the Trust Board meeting in january 2020 the Trustees approved a Reserves Policy whlch calculated a low reserve value of £71,OOD and a hlgh reserve value of £500,000. Current free reserves held are £337,974. Reserve levels wlll be monitored to ensure they remain adequate to cover antlclpated luture requirements. The pollcy wlll be revlewed annually to ensure it Is fit for purpose. Investment Policy The Trust is buildlng its cash reserves in line with the Reserves Policy. In vlew of this the Trustees have agreed to share cash reserves around financial institutions operating within the Financial Conduct Authority's remit and to restrict Snvestment levels to the financial limits in operatlon from tlme to time. 8HP LLP Pa8e S
THE CHESTERFIELD CANAL TRUST REPORT OF THE DIRECTORS FOR THE YEAR ENDED 30SEPTEMBER 2021 FUTURE PLANS Our overall aim is to complete the restoration of The Chesterfield Canal by 2027- the 25ty anniversary of it5 opening. We will continue to engage or employ expert help. to help OLFr Development Manager succeed In 8rant applicetions. Renishaw- The Trust has received approval. in principle, to Start the 2-year project to restore the Renlshaw section of canal Ilkml. We are grateful for the support the local councillors and MP'S have given the Trust to enable this to happen. Ooe Lea Valley - Following the Governments response to the Staveley Towns Fund initial bld, the Trust has been offered £5.3m from the Staveley Town's Fund. The Trust has spent 6 months thls year developing the Buslness case for thls restoratlon prDject13kml. We have employed several consultants and solicltors to help produce the document. The draft plan was submitted in October 2021. The final plan was submltted at the end of 2021 with a decision expected in March 2022. MAJOR RISKS Coronavlrus At the time of wrlting this report it is Ltncertain how the pandemic will affect the Trust both In term5 of income generation and thè ability to work safely on the restoration. Although the country is working normally It is P055ible a5 the winter approaches that restrictions may occur again. Other Risks Rlsk Percelved negligence by the Trust or volunteers. Mftlgatlon Public liability insurance. TraSning of volunteers. Accidents to Visltors, volunteers, and the public. Risk assessment for all major activities. Health and safety policy for all volunteers. Monthly review of any Incldentslaccldents. Fallure of income streams. Careful flnancial management and malntenance of a reserve fund. BHP LLP Pagpg
THE CHESTERFIELD CANAL TRUST REPORT OF THE DIRECTORS FOR THE YEAR ENDED 30 SEPTEMBER 2021 TRUSTEES RESPONSIBILITIES STATEMENT The trustees Iwho are also directors of The chesterfield Canal Trust for the purposes of company lawl are responsible for preparing the Trustees, Annual Report and the financlal statements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare flnanclal statements for each financial year. Under company law the trustees mv5t not approve the financial statements unless they are satlsfied that they give a true and fair view of the state of affairs of the charltable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparlng these financial statements, the trustees are requlred to: select suitable accounting policies and then apply them conslstentlv,. observe the methods and printiples in the Charlties SORP 2019 IFRS 1021; make judgements and estimates that are reasonable and prudent; state whether appllcable UK Accounting Standards have been followed, SubeCt to any material departures disclosed and explained in the financial statements. prepare the financial Statements on the going concern basis unless it is Inappropriate to presume that the charitable company will continue in operation. The trustees are responsible for keeplng adequate accountlng records that disclose wlth reasonable accuracy at any time the flnanclal posltion of the charitable company and enable them to ensure that the financial statements comply with the Companies Art 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularlties. APPROVAL Approve y the Board on Of . o 3. ZtsL£ and slgned on their behalf by.. Dr P G Hardy Chalr BHP LLP Page 10
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE CHESTERFIELD CANAL TRUST LIMITED I report to the charity Trustees on my examlnation of the accounts of the charlty for the year ended 30 September 2021 which 8re set out on pages 12 to 24, Re5ponslbilities and basls ot report As the charity trustees of the company land also its directors for the purposes of company lawl you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 20061.the 2006 Act'l. Haviftg satisfled myself that the accounts of the company are not required tL> be audlted under Part 16 of the 2006 Act and are eligible for indepèndent examination, I report in respect of my examination of your company's accDuntS as carrled out under section 145 of the Charities Act 20111'thp 2011 Act'l. In carrying out my examination I have followed the Directions glven by the charlty Commission under section 14515llbl of the 2011 Act. Independent examlner's ststement Since the company's gros5 income exceeded £250,000 your examiner must be a member of a body listed Sn s@ctlon 145 of the 2011 Act. I confirm that l am quallfied to undertake the examlnation because l am a member of the ICAEW, which is one of the listed bodies. I have completed my examination. I conflrm that no matters have come to my attentlon In connectlon with the examination givlng me cause to believe that in any material respett.. accounting records were not kept In respect of the company as requlred by Section 386 of the 2006 Act; or the accounts do not accord with those records; or 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 the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Piactice for accounting and reporting by charitles applicable to charltlos preparing thelr 2ccounts in accordance wlth the Flnanclal Reportlng Standard appllcable in the UK and Republic of Ireland IFRS 1021. I have no concerns and have come acros5 no other matters in connection with the examlnation to whlch attentlon should be drawn In thi5 report in order to enable a proper understanding of the accounts to be reached. Nlcola Adams ACA DChA BHP LLP, Chartered Aciountants 57-59 Saltergate Chesterfield S40 IUL Date.. 8 March 2022 BHP LLP Pège 11
THE CHESTERFIELD CANAL TRUST LIMITED STATEMENT OF FINANCIALACTIVITIES IINCQRPORATING AN INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 30 SEPTEMBER 2021 Noles Unrestrlcted Restrlcted Funds Funds Total 2021 Total 2020 Income from: Donations and legacies Grants Donatlons Legacies Membershlp Fees Gift Ald 32,839 66,583 3.258 21,813 9,450 500 8,833 33,339 75,416 3,258 21,813 11,948 8,250 177,826 48,781 20,802 12.182 2,498 Other tradin8 actlvltles Advertising & Sponsorship Concerts l Events l Talks Fundralsing Sales Property Rental 225 1,200 1.425 408 250 14,262 16,200 250 920 250 14,262 16,200 585 11,046 8,100 Sundry Income 131 12,706 12,706 80,206 Investment Income 653 653 2,045 Chiritable activitles Proflt on Sale of Asset Trip Boat Income Hollingwood Hub 1,583 26,384 7,045 1,583 26,384 7,045 21,177 7.670 Total income 213,659 13,031 226,690 399,840 Expendlture on: Charitable Activitles Cost of Generating Funds Total expendlture 141 151 159,616 3,132 162,748 12.961 172,577 3,132 175,709 165.503 6,773 172,276 12,961 Net Incomel {expendlturel before other re¢o¥nlsed galns 50,911 70 50,981 227,564 Galns on revaluatSon of flxed assets Iiii 180,174 180,174 Net Movement In Funds 231,085 70 231,155 227,564 Total Funds brought forward at l October 2020 672,322 121,229 793,551 565,987 Fund Balances earrled forward at 30 September 2021 903,407 121,299 1,024,706 793.551 There are no recognised gains or losses in the year other than the SLtrplus for the year identified above as net Income. All activities relate to continuing operations. tsHP LLP Page L2
THE CHESTERFIELD CANAL TRUST LIMITED 8ALANCE SHEET AS A T30 SEPTEMBER 2021 Not&5 2021 2020 Flxed Assets Tanglble Assets 161 646,616 500,122 Current Assets Cash at Bank Cash In Hand Debtors & Prepayments stock 404,705 2,510 22,541 4.791 434,547 327,883 1,632 23,005 4.817 357,337 Creditors: Amount falllng due wiihln one year 26,457 23,908 Net Current Assets 408,090 333,429 Credltors,, Amount falllng due after one year 30,000 40,000 Net Assets 1131 1,024,706 793,551 Accumulated Funds Revaluatlon ReseThe Iiii 177,171 Unrestricted funds Restrlcted funds 1121 1121 726,236 121,299 1,024.706 672.322 121,229 793,551 For the year ènded 30 September 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 20L16 relatinE to small companies. Directors. responsibilities: The members have not required the company to obtain an audit of its accounts for the year In questlon in accordance with sectlon 476. The dlrectors acknowledge their responsibilities for complying wlth the requlrements of the Act with respect to accounting records and the preparation of accounts. The fin cial statements were approved by the Board on 08 . 0 3 . 20 IL and signed on their behalf by Dr P G Hardy Chair Company reglstratlon number: 03403203 r G Walker Treasurer 8HP LLP Page 13
THE CHESTERFIELD CANAL TRUST LIMITED NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021 Accountlng pollcles lal charlty Informatlon 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, Hollin8wood, Chesterfield, $43 2PF. Ib) Basls of preparatlon The financial statements have been prepared under the hlstorical cost conventlon wlth Items recogri5ed at cost or transactlon value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the Statement of Ilecommended Practice.. Accounting and Reporting by Charities preparing thelr accounts in accordance with the Financl31 Reportlng Standard applicable in the UK and Republic of Ireland IFRS 1021 issued in October 2019 and Financial Reporting Stat7dard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and Charitles Act 2011. The charlty constltutes a publlc benefit entity as defined by FRS 102. The flnanclal statements are prepared on an going concern basis under the historical cost convention. The financial statements are presented in sterllng whlch Is the functional currenty of the charity and rounded to the nearest £. Ic) Fund accountlng Unrestricted funds are available for the use at the discretlon of the trustees In furtherance of the general objectives of the charitv. Restrlcted funds are subjected to re5trittions on their expenditure imposed by the donor or through the terms of appeal. BHPLLP Page 14
THE CHESTERFIELD CANAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2021 Accountlng pollcles- contlnued Idl Income All income is included in the Statement of Financial Activitie5 when the charity is entitled to the Income, the receipt is probable, and the amount can be quantlfled wlth reasonable accuracy. The following specific pollcles are applied to partlcular categorles of Income.. Income recelved by the way of grant5, donatlons and gift5 and Is Included in full in the Statement of Financial Activities when receivable. 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. Investment Income Is included when receivable. Income from charltable tradlng actlvlty Is accounted for when earned. Intome from grants, where related to performante and 5peclflc dellverables, are accounted for as the charlty earns the rSght to conslder3tlon by its performance. Grants, where entitlement Is not conditional on the delivery of a specific performance by the charityi are recognised when the charitv becomes unconditionBlly entitled to the grant. Income from life membership subscriptions are included in the year of receipt. (e) Expendlture Expenditure Is recognI5ed on an accrual basls as a Ilablllty Is incurred. The Trust voluntarily registered for VAT in March 2020 therefore expenditure excludes all VAT which can be fully recovered, any irrecoverable VAT Is reported as a part of the expendlture to whlch it relates: Costs of raising funds comprise the costs associated with attracting voluntary income and the CDSts of trading for fundraising purposes. Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for beneficiarles. It includes hoth costs that can be allocated directly to such activitles and those costs of an indirect nature necessary to support them. Governance cost5 Include those costs assoclated wlth meeting the constitutional and statutory requirements of the charity and include the independent accountant's fees arbd any costs linked to the strateBiC management of the charity. All costs are allocated between the expenditure categories of the Statement of Financial Activities on a basis de51gned to reflect the use of the resource. Costs relating to a particular activity are allocated directlv. BHP LLP Page IS
THE CHESTERFIELD CANAL TRUST LIMITED NOTESTO THE FINANCIALSTATEMENTS ICONTINUEDI FOR THE YEAR ENDED 305EPTEM8ER 2021 Accountlng policies- contlnued If) Tanglble flxed assets and depreclatlon Fixed assets purchased with a value of le than £l,DOO are written off in full in the year of purchase. Depreciation is provided on all tangible flxed assets at rates calculated to wrlte off the cost/ valuation on a straight-line basi5 ove¥ their expected useful economic lives as follows:_ Trip Boats Motor Vehlcle5 Plant and Equipment CompLJter Equipment Office Equipment Furniture Commercial Property Residentlal Property Residentlal Property Fixtures & Fittings 20% Where assets are under construrtion no depreciation is provided until completion. 25% 25%120%116.67%114% 1 IIYA 33.3% 25% 25% io% IE) Re¥aluatlon of flxed assels The boats have been revalued by Monarch Marine Ltd based upon Inspectlons carried out in 2021. The valuation5 were iarried gut under the Yacht Designers and Surveyors Assnciation current standard terms and conditions. The increase in value has been transferred to the Revaluatlon Reserve 3nd will be released to the income and expendlture account over the revlsed life of the boats. The estlmated Ilfe of the boats is estimated to be 20 years. Ihl Stock Stock is included at the lower of cost and net reallsable value. Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charlty,, thls is normally upon notlfication of the interest pa1d or payable by the bank. 11) Debtors Trade and other debtors are recognised at the settlement amount after any trade dlscount offered. Prepayments are valued at the amount repaid net of any trade discounts due. Ikl 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 3cqu151tlon or openlng of the deposit or slmilar account. Credltors and provlslons Credltors and provisions are recognised where the charlty has a present obligation resulting from a past event that will probably result In the transfer of funds to a thlrd party and the amDunt due to settle the obligation can be measured or estimated reliably. Creditor5 and provisions are normally recognised at their settlement amotjnt after allowing for any trade discounts due. BHP up Pa8e IS
THE CHESTERFIELD CANAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 30 5EPTEM8ER 2021 l. Accountlng pollcies- contlnued IMI Flnanclal Instruments The charity only has flnancial assets and flnanclal liabilitles of a kind that qualify as basic financial instruments. 8aslc financial Instrument is initially recognised at transattion value and Subsequently measured at their Settlement value. In) Cr5tlcal accountlng estlmates and areas ot ludgment E5tlmates and Judgments are corbtlnually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the clrcumstances. Critical accounting estim?te5 and assumption5: The charity makes estimates and assumptlons concerning the future. The resulting acco¢Jnting estimates and assumptions wlll, by deflnition, seldom equal the related actual results, There are no estlmates and assumptions that have a sSgnificant risk of causing a material adlustment to the carrying amounts of assets and Ilabilities Wlthin the next financial year. lo) Employee beneflts When employees have rendered services to the charity. short-term employee benefits to whlch the employees are entitled are recognised at the undiscounted amount expected to be paid In exchange for the servlce. Ipl Penslon 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. {ql Land and Bullding Revaluatlon Land and buildings acquired for the purpose of canal restoratlon wlll be professionally revalued every 3 years, BHP LLP P38e 17
THE CHESTERFIELD CANAL TRUST LIMITED NOTESTO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 30SEPTEMBFR 2021 Prlor Year Statement of Financial Activitles Unrestricted Funds Restrlcted Funds Total 2020 Income from: Donations and legacie5 Grants Donations Legacies Membershlp Fees Gift Aid 8,250 166,900 8,250 177,825 48,781 20,802 12,182 10,926 2L7,802 11,498 684 Other tradlng activltles Advertising & 5ponsDrship Concert51 Events J Talks Fund Raising Sales Sundry Income 250 920 585 11,046 80,2 250 920 585 11,Q46 80,206 Investment Income 2,045 2,045 Charltable actlvltle5 Profit on Sale of Asset Trlp 8oat Income Hollii)8wood Hub Property Rental Totsl 21,177 7.670 8,100 388,230 21,177 7,670 8,100 399,840 11,610 Expendlture on: Charitable Activities Cost of Generating Funds 131,931 6,234 33,572 539 165,503 6,773 Total 138,165 34,111 172,276 Net income/ lempendlturel before transfers 250,065 122,SOII 227,564 Transfers Nel Movement in Funds 250,065 122,5011 227,564 Total Funds brought forward at l Ottober 2019 422,257 143,730 565,987 Fund Balances at ao September 2020 672,322 121,229 793,551 BHP LLP Page 18
THE CHESTERFIELD CANAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2021 Sundry Income Other sundry income relates to income from Derbyshire County Council recovered through the partnership agreement, Feed in Tariff rebate and tr3inlnE income Charltable Actlvltles Unrestrlcted Funds Re5trlcted Funds Total 2021 Total 2020 Advertising and Publicitv Alarm Maintenance & Monitoring 8ank / Paypal Charges Caterifig Cleaning Contracting Services Depreciatlon Electricity, Gas & Water Flxtures and fSttlngs Fuel & Oil Governance Health and Safety Insurance Interest Paid Legal & Professional Fees Licences Loss on Sale of Assets M3teria15 MiscellaneDUS Expenses Moorlng Fees Plant & Transport Hire Postage Publicity Materlal & Slgnage Rent & Rates Refurbishment Costs Repairs & Renewa15 Santa Expense5 (Trlp Boats) Security Services Surveys / Inspections / Planning Fees Telephone Tools and Equipment Training Travelling Expenses Trip Boat Booking Admln Contribution Waste Removal Waterways Officer ContribLrtion Webslte I Computer / Software Wages/Salaries (note 161 270 545 1,701 417 183 20,811 23,325 3,071 213 3,581 1,090 3,266 8,557 690 1,800 1,175 270 546 1,701 417 183 20,811 34,463 3,071 213 3,581 1.090 3.266 8,557 690 1.8aO 1,175 100 730 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 11,138 10,473 1,936 3,995 492 3,926 5,390 4,942 10,473 1,936 3,995 492 3,926 6,775 4,942 4,191 6,828 4,881 1,172 3,370 1,509 1,385 9,890 438 10,328 710 2,094 466 682 1,053 24 710 2,094 466 682 1,053 24 34,989 537 931 2,260 419 2,082 922 945 945 4,000 1,233 36.237 165,503 4,791 37,111 159,616 4.791 37,111 172,577 12,961 OHP LLP Pèse 19
THE CHESTERFIELD CANAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2021 Ralslng funds Un-Restricted Funds Restrlcted Funds Total 2021 Total 2020 Charitable Actlvltles Cost of Sales 3,132 3,132 6,773 3,132 3,132 6,773 Tattglble Ilxed assets Boats Dawn Rose Motor Vehlcles Plant and Property Equlpment Total Cost or valuation At l October 2020 Additions Revaluation June 2021 Disposals At 30 September 2021 194,076 17,003 7,205 96,429 336,442 2,200 651,155 2,200 91,421 15,4001 739,376 68,424 22,997 15,4001 91,029 262,500 40,000 7,205 338,642 Oepreclatlon At l October 2020 Revaluation Adj - Prior Year Revaluation Adj- To May 21 65,281 165,281} 16,4691 17,003 117,003 450 60.456 7,843 151,033 182,2841 16,4691 Charge for year Disp05als At 30 September 2021 10,843 667 1,801 10,199 13,9831 66,672 10,953 34,463 3,9831 92,760 4,374 667 2,251 18.796 Net book value at 30 September2021 258,126 39,3Y3 4,954 24,357 319,846 646,616 Nèt book value at 30 september 2020 128,795 6.755 35,973 328.599 500,122 Dawn Rose- New Bulld Wooden Worklng Boat: Th15 is Included In flxed asset5 to reflect the capftalisation of the construction costs of the boat Revaluatlon of the Boats and Dawn Rose The Boats were revalued in lune 2021. The valuation was undertaken by Monarch Marine Ltd. The1ncreased asset values and depreclatlon to the date of the valuation ha5 been taken to the Revaluatlon reserve and will be released to the income and expenditure account over the remaining estimated lifè of the boats120 years). The hi5torlcal cost of the boats Is £194,076 and £17,OD3. HP LLP Pa&& 20
THE CHESTERFIELD CANAL TrUST LIMITED NOTES TOTHÉ FINANCIAL STATEMENTS ICONTINUED} FOR THE YEAR ENDED 30 SEPTEMBER 2021 Debtors 2021 2020 Tradè Debtors Other debtors and prepayments 2,175 20,366 22,541 76 22,929 23,005 Credltors: amounts falllng due wlthln one year 2021 2020 Trade credltors Loan Income deferred due to cancellation of events in 2020 Other creditors and accruals 14,881 10,000 10,000 2,048 11.860 23.908 1,576 26,457 Credltors: amounts *allin¥ due after one year 2021 2020 Charge attached to property 51tuated at 243 Sheffield Road 30,000 40,000 10. Taxatlon The charitable company is consldered to pass the tests set Dut In Paragraph I Schedule 6 of the Finance Act 2010 and therefore it meets the delinition of a charitable company for UK corporation tax purpose5. AccordSngly, the charltable company is potentlally exempt from taxation in respect of income or capltal gains received within categories covered by chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxatlon of Chargeable Gains AeÈ 1992, to t.he extent that. such Ineome or. galns are applled exclusively to charitable purposes. 11. Revaluatlon Reserve 2021 2020 Opening Balance Revaluation uplift in year Applied In year Balance carried forward 180,174 13,003) 177,171 BHP LLP Pagp 2J
THE CHESTERFIELD CANAL TRUST LIMITED NOTES TOTHE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2021 11 Funds Current Year Balante 01.10.20 Income Empendlture Transfer Between Funds Balanco 30.09.21 Unrestrlcted General 672,322 213,659 159,745 726,236 Restyicted Hugh Henshall Trip Boat Friends of Dawn Rose Python Historic Boèt Refurbishment John Varley Trlp Boat 1st Stage Payment Work Party Equipment Place in History Re5toralion Fund 2017 Last Cuckoo Project Walking Festival 2027 Appeal Barn51ey, Dearne & Dove Canal- Entrust Fund 37,310 438 17,073 16,331 21,609 22,855 3,532 2,873 438 1,130 1,043 6,092 34,437 15,943 15,288 15,517 22,975 3,532 1,721 9,805 2,081 121,299 120 3.011 9.9DO 1,290 95 2,081 121,229 13,031 IZ,961 Total Funds 793,$51 226,690 172,706 847,535 Prlor Year Balance 01.10.19 Income Expendlture Transfer Between Funds Balance 30.09.20 Unre5trlcted General 422,257 388,230 138.165 672,322 Restrlrted Hugh Henshall Trip Boat Walking Festlval Friends of Dawn Rose Python Historic Boat Refurbishment John Varley Trip B03t 1st Stage Payment Work Party Equlpment Place In History Restoration Fund 2017 Last Cuckoo Project Work Party Materials 2027 Appeal Barnsleyi Dearne & Dove Canal- Entrust Fund 40,240 2,930 37,310 49 149) 976 538 1,130 1,043 6,537 10,503 438 17,073 16,331 21,609 22,855 3,532 18.203 17.374 28,146 33,083 3,532 789 1,387 275 838 10,592 49 9,205 2,081 11,610 2,081 121.229 143,730 34,111 Total Funds 565,987 399,840 172,276 793,551 BHP LLP Pase 22
THE CHESTERFIELD CANAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2021 The purpose of the restricted funds are as follow5.. Hu h Henshall Tri Boat A project to build an accessible trip boat supported by the Big Lottery Fund. Walkin Festival An annual event started in 2018 but cancelled in 2020 because of Coronaviru5. Friends Df Dawn Rose Refurbishment of wooden worklng boat of a type that used to carry cargoes on the Chesterfield Canal. P thon Historic Boat Refurbishment Historic l)oat used to promote the Chesterfield Canal at various IDcal and national events and to assist with volunteer maintenance work on the Chesterfield Canal. John Varle Tri Boat Replacement of old trip boat with a new boat. W rkPart E ul ment Purchase of equlpment for use in restoring the Chesterfield Canal. Place in Histo Restoration Fund 2017 Fund to support restoration of the Che5terfleld Canal. Last Cuckoo Pro ect Archaeological dig at Bellhouse Basin on the Cheslerfield Canal. Work Part Materials Fund to help with the purchase of materials for the Trust Volunteer Work Party. 2027 Fund to complete the Canal's Restoration. Barnsle Dearne & Dove Canal- Entrust Specified fund5 received by the Trust on the dis501utlon of a Canal Trust the spending of whlch must l)e approved by Entrust. BHP LLP PagE 23
THE CHESTERFIELD CANAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENT5 ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2021 13. Analy515 of net assets between funds Unrestrlcted Funds Restylcted Funds Total Tangible fixed assets Current Assets Current LiabS1itles Lon8 Term Liabilities 565,431 394,433 126,4571 130,0001 903,407 81,185 40,114 646,616 434,547 126,4571 130,0001 1,024,706 121,299 Prior Year Unrpstricted Funds Restrleted Funds Total Tangible fixed assets Current Assets Current Liabilities Long Term Liabilitie5 407,798 328,432 123,9081 140,0001 672,322 92,324 28,905 SOO,122 357,337 123,9081 140,0001 793,551 121,229 14. Capltal commltments Capit31 commitments authorised but not contracted at 30 September 2021 totalled Nil12020: £nill. IS. Transactl¢ns with trustees and related party transa¢tlons No trustees received any remuneration the year. Their travelllng and other expense5 are reimbursed In respect of expenses incurred on the charity'5 buslness. In the year ended 30 September 2021 there were no such payment5 pald to Trustees12020.. £nill. During the year trustee5 donated £31,719 to the ¢harlty12020.' £15,039). During the period to 23 July 2021, the charity made purchases from Renditions Graphics Ltd totalling £3,792. Rendition Graphics Ltd Ss a company under the control of a trustee and a former trustee, Mr A James Icurrentl & Mrs J E Jame5 Iformerl. Mr A James resigned as a trustee with effert from 23 July 2021. 16. Staff Costs 2021 2020 Wage5 and Salaries SDcial Securlty Costs Employer's pension costs 35,013 35,079 2,098 37,111 1,158 36,237 The average number of persons employed by the Trust during the year was 112020.. 11 No employee received remuneration amounting to more than £60,000 in either year. 8HP LLP P38e 24