The Chesterfield Canal Trust Limited
Annual Report and Financial Statements
Year Ended 30 September 2023
Company Registration number 03403203 Charity Registration number 1071376
The Chesterfield Canal Trust Limited
Annual Report and Financial Statements
Year Ended 30 September 2023
| Contents | Page |
|---|---|
| Company Information | 1 |
| Report of the Directors | 2 - 9 |
| Independent Examiner’s Report | 10 |
| Statement of Financial Activities | 11 |
| Balance sheet | 12 |
| Cash flow statement | 13 |
| Notes to the Financial Statements | 14 - 25 |
THE CHESTERFIELD CANAL TRUST LIMITED COMPANY INFORMATION FOR THE YEAR ENDED 30 SEPTEMBER 2023
Reference and Administrative Information
Charity Name: The Chesterfield Canal Trust Limited 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 R D Auton Secretary Mr G T Walker Treasurer Mr M I Potter Vice Chair Mrs K Auton Mrs R Girling Mr I P Rowbotham Mrs S J Stephens Mr D Kiddy (Resigned 23.03.2023) Ms G Gregory (Appointed 14.03.2024)
Independent Examiner
Nicola Adams ACA DChA BHP LLP Chartered Accountants One Waterside Place Basin Square Brimington Road Chesterfield S41 7FH
Principal Bankers
Unity Trust plc 4 Brindley Place Birmingham B1 2JB
Page 1
THE CHESTERFIELD CANAL TRUST REPORT OF THE DIRECTORS FOR THE YEAR ENDED 30 SEPTEMBER 2023
The Directors present their report and financial statements for the year ended 30 September 2023. The Trustees have adopted the provisions of the Statement of Recommended Practice “Accounting and Reporting by Charities” (FRS 102) 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 October 2019.
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.
At the AGM in March 2023 Kath Auton and Peter Hardy were re-elected as Trustees. David Kiddy did not seek re-election.
- 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 a Restoration and Boats sub-committee led by a Chair who is also a Trustee. The sub-committee report to the Trust Board.
The Restoration sub-committee oversees the strategic policy of the Restoration. There are 3 subgroups who oversee the work being done and to be done at Staveley, Renishaw and Kiveton.
Individual Trustees oversee membership, publicity, promotions, Hollingwood Hub and retail.
Page 2
THE CHESTERFIELD CANAL TRUST REPORT OF THE DIRECTORS FOR THE YEAR ENDED 30 SEPTEMBER 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)
- Organisational Structure (continued)
The Trust has one employee (Development Manager) and about 200 volunteers.
The remuneration of the Development Manager is reviewed annually following completion of a performance appraisal undertaken by the Chair.
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 on the Chesterfield Canal Partnership.
OBJECTIVES AND ACTIVITIES
The Trusts objectives and principal activities are :
-
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.
Volunteering
-
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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The Trust has an online program to co-ordinate the booking by our volunteers for activities with the boats, shop, paddlesports and our exhibition trailer.
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The Trust has commissioned a professional company to review the policies that the Trust has, meets the required standards, particularly with regards to Health and Safety.
-
Volunteer hours.
-
Our 200 volunteers contributed over 33,000 hours towards the restoration of the canal and the Trust’s other activities this year.
These approximate hours can be grouped as follow:
| These approximate hours can be grouped as follow: | |||
|---|---|---|---|
| Activity | Hours | Full time Job | Economic Value |
| Equivalent | |||
| Promoting, improving, and protecting the canal | 22,000 | 14.0 | £488,600 |
| Restoring and maintaining the canal | 6,000 | 3.9 | £136,000 |
| Member support and Administration | 5,000 | 3.2 | £112,000 |
| Total | 33,000 | 21.1 | £736,600 |
Page 3
THE CHESTERFIELD CANAL TRUST REPORT OF THE DIRECTORS FOR THE YEAR ENDED 30 SEPTEMBER 2023
OBJECTIVES AND ACTIVITIES (continued)
Public Benefit
When planning activities for the year, the Directors have considered the Charity Commission guidance on public benefit.
Tripboats
The Trust’s four Tripboats, which are based along the Canal at Chesterfield, Hollingwood, Kiveton and Ranby continue to promote the Trust and its aims.
Historic boats
Python carried out various canal maintenance tasks along the Eastern section of the canal working with the Canal and River Trust. Dawn Rose held a horse boat pull demonstration.
Paddlesports
During the summer months the Trust hires out canoes and paddleboards to enable members of the public to sail them on the canal. This year 200 people hired equipment from our base at Hollingwood.
Green Flag
The Trust has been awarded a Green Flag for Hollingwood Hub for the 7[th] year in a row, in recognition of the work our volunteers undertake to make the area ever more attractive.
Talks
We delivered 39 talks to various organisations. These included one in a school, four to school groups at Hollingwood Hub and two walk and talks. They spread the word about the canal and make very useful income on merchandise sales.
Media coverage
We continue to get regular coverage of all our activities in all forms of the media, including several spots on Radio Sheffield, one on Radio Derby and a full programme on Robbie Cumming’s Canal Boat Diaries on BBC1.
Hollingwood Hub
The information centre and shop has been open almost every day except when used for meetings. An upstairs room in the original lock house is used as an office and small meeting room for the use by our volunteers and employees.
Social media
The use of social media by our volunteers has proved very successful and enabled far more members of the public to experience trips on our boats, events and watersports. It also allows our volunteers to follow events happening in the Trust more easily.
Page 4
THE CHESTERFIELD CANAL TRUST REPORT OF THE DIRECTORS FOR THE YEAR ENDED 30 SEPTEMBER 2023
ACHIEVEMENTS AND PERFORMANCE
Charitable Activities
-
The Trust continues to employ a Development 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. The Trust pays for expert help to assist him.
-
In March 2022 a full business case to restore the canal from Staveley was presented to the Staveley Town Board. This was subsequently approved, and the Chesterfield Canal Trust was awarded £5.3m. This funding has subsequently been increased to £5.83m. However, inflation and additional utility diversions are putting significant pressure on the scheme costs, and so we are having to review the scope of work to be delivered. We are actively seeking additional funding for the project.
-
For the Towns Fund scheme, the Trust has appointed designers and carried out extensive ground investigation works and further ecology surveys. Information has been submitted to discharge planning conditions and the first stage tender for the contractors has been completed.
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At Renishaw negotiations are still taking place with Derbyshire County Council (DCC) to enable work to start. Sadly, part of this delay was caused by the unexpected death of the DCC designer and having to seek out an alternative company. We have employed a Health and Safety company to assist us when work commences.
-
In June 2023 we held a festival at Staveley which was attended by over 5,000 people. This was preceded by a business event at which over 100 local politicians, waterway organisations and local businesses came to hear about our restoration plans and to socialise.
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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 Associations Helmsman’s Certificate or National Community Boat’s Association Certificate in Community Boat Management.
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The Trust produces a quarterly magazine – The Cuckoo, to inform our members, local businesses and politicians of our activities. This is always welcomed, and we receive many positive comments about the article published. It is particularly welcomed by members who do not have computer access.
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The Trust send monthly electronic newsletters to all our members with email addresses, about 90 media organisations, all the MPs, county, borough and district councillors along the route and many other organisations, including all the local libraries.
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The Chesterfield Canal Partnership of which we are the key member is commissioning a Chesterfield Canal Regeneration Master Plan to produce a strategic framework for the regeneration of the Canal.
Publications
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We produced 21,000 copies of the Visitor Guide to the Chesterfield Canal.
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We produced a revised and updated version of our leaflet “An Introduction to the Chesterfield Canal”.
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We produced two different Christmas cards and our 2024 Calendar.
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We produced a new edition of Christine Richardson’s books ‘Stone to London’ and ‘The Norwood Tunnel’
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We produced David Blackburn’s long-awaited book “Walking along the Chesterfield Canal”.
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We produced a revised and updated edition of our History book.
Page 5
THE CHESTERFIELD CANAL TRUST REPORT OF THE DIRECTORS FOR THE YEAR ENDED 30 SEPTEMBER 2023
ACHIEVEMENTS AND PERFORMANCE (continued)
Membership
- During the year membership of the Trust decreased by 10. Last year’s trend of many members not renewing because of financial restrictions continued, but we finally saw a return to pre-Covid levels of new memberships in the summer. The membership at the 30[th ] September was 2,103.
Fundraising
-
The Trust has engaged the services of a Fundraising consultant for an initial 3 year period.
-
The Trust’s four Trip boats remain an extremely popular means of promoting the canal and over the year volunteers spent over 10,000 hours taking almost 7,500 members of the public, many of whom had never seen the canal before, onto the canal for celebrations and trips. Our popular trips with Santa enabled 1,916 people to speak to Santa and receive a present or festive drink.
-
The shop and information centre at Hollingwood, with its associated coffee shop, continues to contribute to the funds of the charity and during the year sales increased by 25%
-
Gifts, legacies and donations also continue to help us achieve our ambition of restoring the Chesterfield Canal . We are extremely grateful for all the monies received from these sources.
-
Watersport hire from our base at Hollingwood raised £2,800. We were pleased to see that this attracted many younger people to the canal environment.
FUTURE PLANS
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We will continue to engage or employ expert help, to assist our Development Manager and Fundraising Consultant succeed in grant applications for future restoration.
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Work on the Trans Pennine Trail Bridge will start in early 2024, with the main Towns Fund project work starting later in the year.
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We will seek an alternative site for our ‘work compound’ near to Renishaw to release the site around the new section of canal being built around Staveley.
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We will engage with National Highways and Rotherham Metropolitan Borough Council to plan the restoration of the canal at Kiveton and exploratory work to enable the canal to pass under the M1 motorway.
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We will explore ways to fund the restoration gap between Staveley and Renishaw including the Aqueduct over the River Doe Lea.
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We will explore how the changing canal environment around Chesterfield, Staveley and Hollingwood will affect the Trust and will continue to be actively involved in ensuring planning for the changes is for the benefit of the canal corridor and the people who use it.
Page 6
THE CHESTERFIELD CANAL TRUST REPORT OF THE DIRECTORS FOR THE YEAR ENDED 30 SEPTEMBER 2023
FINANCIAL REVIEW
-
Income for the year has increased by £371,157 on 2022. Total income for the year is £886,109 compared with £514,952 in 2022. The main reason for this was the receipt of £588,850 from Chesterfield Borough Council as part of the £5.83m secured through the Staveley Towns Fund Deal.
-
Expenditure for the year has decreased by £86,121. Total expenditure for the year is £212,800 compared with £298,921 in 2022. The charity has also incurred capital expenditure in progressing the Staveley Towns Fund Deal project totalling £667,237. This expenditure is included in fixed assets as assets under construction.
-
The net increase in funds was £673,309 (2022: £216,031). The increase in unrestricted funds was £26,641.
- The increase in restricted funds was £646,668; £588,850 of this is grant towards the cost of the Staveley Towns Fund Canal Restoration project.
-
Decisions made in 2021 and 2022 have made the following commitments of £343,200 unrestricted funds that have yet to be incurred:-
-
The appointment of a Fundraiser post for 3 years (£70,000)
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A commitment to fund an element of the Staveley Towns Fund Deal (£123,200). This had been planned to be spent in 2021, but the first tranche of the Staveley Towns Fund was prioritised to be used first.
-
oThe Renishaw project (£150,000) -
The Trust had funds carried forward at 30 September 2023 of £1,926,891 (2022: £1,253,582) of which £817,492 (2022: £170,824) are restricted funds and £1,109,399 (2022: £1,082,758) are unrestricted funds, of which £171,742 (2022: £181,008) is held in a revaluation reserve.
Reserves Policy
- At the Trust Board meeting in August 2021 the Trustees approved a Reserves Policy which required a minimum of £150,000 free reserves to be maintained to meet the financial risks faced by the Trust. Current free reserves held are £392,863 (Unrestricted reserves (excluding the revaluation reserve) of £937,657 less fixed assets of £544,794). 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 7
THE CHESTERFIELD CANAL TRUST REPORT OF THE DIRECTORS FOR THE YEAR ENDED 30 SEPTEMBER 2023
----- Start of picture text -----
RISKS MITIGATIONS
Failure to deliver the Towns Fund Project deliverables within Appointment of specialist advisors and
the required timescales and financial envelope project management capacity
Appointment of a Project Board with the
necessary mix of skills and experience
Regular monitoring of cost and critical path
Clear decision making processes
Risks shared with Key funders to enable
early consideration of implications
Procurement strategy reflects financial
constraints
Contracts are designed to reflect the risk
appetite of the Trust
Additional expert capacity is brought in
when required
Perceived negligence by the Trust or volunteers Public liability and Trustee Liability
insurance
Training of volunteers
Accidents to visitors, volunteers and the public Risk assessments undertaken for all major
activities
Health and Safety policy for all volunteers
Monthly review of any incidents / accidents
Failure of income streams Careful financial management
Maintenance of adequate cash reserves
Loss of Employee / Contractors Sharing of knowledge and information
Robust management of key internal
documents
Identify capable successors
----- End of picture text -----
Page 8
THE CHESTERFIELD CANAL TRUST REPORT OF THE DIRECTORS FOR THE YEAR ENDED 30 SEPTEMBER 2023
TRUSTEES RESPONSIBILITIES STATEMENT
The trustees (who are also directors of The Chesterfield Canal Trust for the purposes of company law) are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP 2019 (FRS 102);
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject 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 keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 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 irregularities.
APPROVAL
Approved by the Board on
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 2023 which are set out on pages 11 to 25.
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 ACA DChA
BHP LLP, Chartered Accountants One Waterside Place Basin Square Brimington Road Chesterfield S41 7FH
Date:
Page 10
THE CHESTERFIELD CANAL TRUST LIMITED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 SEPTEMBER 2023
| Income from Donations and legacies Grants Donations Legacies Membership fees Gift Aid Total donations and legacies Other trading activities Advertising & sponsorship Concerts / Events / Talks Fundraising Sales Property rental Total other trading activities Sundry income Investment income Charitable activities Profit on sale of asset Trip Boat Income Hollingwood Hub Total Income Expenditure on: Charitable activities Loss on sale of asset Cost of generating funds Total Expenditure Net Incoming / (expenditure) before other recognised gains Gains on revaluation of fixed assets Net movement in funds Total funds brought forward at 1 October 2022 Fund balances carried forward at 30 September 2023 |
Notes | Unrestricted Restricted Total Total Funds Funds 2023 2022 £ £ £ £ |
|---|---|---|
| (3) (4) (5) |
900 627,228 628,128 197,418 19,386 3,299 22,685 157,877 500 25,873 26,373 5,900 20,576 - 20,576 24,285 4,965 1,655 6,620 4,025 |
|
| 46,327 658,055 704,382 389,505 - - - 1,217 1,220 - 1,220 360 27,990 - 27,990 8 33,892 - 33,892 26,141 17,292 - 17,292 16,584 |
||
| 80,394 - 80,394 44,310 430 - 430 3,292 9,452 - 9,452 1,809 - - - 250 74,544 - 74,544 59,114 16,907 - 16,907 16,672 |
||
| 228,054 658,055 886,109 514,952 159,642 11,387 171,029 293,652 251 - 251 - 41,520 - 41,520 5,269 |
||
| 201,413 11,387 212,800 298,921 |
||
| 26,641 646,668 673,309 216,031 - - - 12,845 |
||
| 26,641 646,668 673,309 228,876 1,082,758 170,824 1,253,582 1,024,706 |
||
| 1,109,399 817,492 1,926,891 1,253,582 |
The statement of financial activities complies with the requirements for an income and expenditure account under Companies Act 2006 and includes all gains and losses in the year. All income and expenditure derive from continuing activities.
Page 11
THE CHESTERFIELD CANAL TRUST LIMITED BALANCE SHEET AS AT 30 SEPTEMBER 2023
| Fixed Assets Tangible Assets Current Assets Cash at Bank Cash in Hand Debtors & Prepayments Stock Creditors: Amount falling due within one year Net Current Assets Creditors: Amount falling due after one year Net Assets Accumulated Funds Revaluation Reserve Unrestricted funds Total unrestricted funds Restricted funds |
Notes | £ | 2023 £ |
2022 £ |
|
|---|---|---|---|---|---|
| (6) (7) (8) (9) (11) (12) (12) (12) |
639,454 539 179,145 9,898 |
1,270,648 666,243 10,000 |
181,008 901,750 |
631,072 615,128 336 66,172 7,377 |
|
| 829,036 162,793 |
689,013 46,503 |
||||
| 171,742 937,657 |
642,510 20,000 |
||||
| 1,926,891 | 1,253,582 | ||||
| 1,109,399 817,492 1,926,891 |
1,082,758 170,824 1,253,582 |
||||
For the year ended 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors’ responsibilities:
-
The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
-
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
and signed on their behalf by
Dr P Hardy Mr G Walker Chair Treasurer
Company registration number: 03403203
Page 12
THE CHESTERFIELD CANAL TRUST LIMITED STATEMENT OF CASH FLOWS AS AT 30 SEPTEMBER 2023
| Cash flows from operating expenses Net cash provided by operating activities Cashflows from investing activities Dividends, interests and rents from investments Proceeds from the sale of tangible fixed assets Purchase of tangible fixed assets Net cash (used in)/ provided by investing activities Cashflows from financing activities Repayments of borrowing Net cash used in financing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year |
Notes | 2023 £ 2022 £ |
|---|---|---|
| (15) (16) |
697,308 216,440 |
|
| 9,452 1,809 1,250 - (673,481) - |
||
| (662,779) 1,809 |
||
| (10,000) (10,000) |
||
| (10,000) (10,000) |
||
| 24,529 208,249 615,464 407,215 |
||
| 639,993 615,464 |
Page 13
THE CHESTERFIELD CANAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023
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
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 the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019 and Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and Charities Act 2011.
The charity constitutes a public benefit entity as defined by FRS 102.
The financial statements are prepared on a going concern basis under the historical cost convention. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.
(c) Fund accounting
-
Unrestricted funds are available for the use at the discretion of the trustees in furtherance of the general objectives of the charity.
-
Designated funds are unrestricted funds earmarked by the trustees for particular purposes
-
Restricted funds are subjected to restrictions on their expenditure imposed by the donor or through the terms of appeal.
(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:
-
Income received by the way of grants, donations and gifts and is included in full in the Statement of Financial Activities when receivable and performance criteria has been met.
-
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 charitable trading activity is accounted for when earned.
-
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.
-
Income from life membership subscriptions is included in the year of receipt.
-
For legacies, entitlement is the earlier of the charity being notified of an impending distribution or the legacy being received. At this point income is recognised. On occasion legacies will be notified to the charity however it is not possible to reliably measure the amount expected to be distributed. On these occasions, the legacy is treated as a contingent asset and disclosed.
Page 14
THE CHESTERFIELD CANAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023
1. Accounting policies – continued
(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:
-
Costs of raising funds comprise the costs associated with attracting voluntary income and the costs of trading for fundraising purposes.
-
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.
-
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.
-
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.
(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:-
----- Start of picture text -----
Asset Type Rate Asset Type Rate
Boats/ Dawn Rose 5% Furniture 25%
Motor Vehicles 25% Commercial Property 10%
Plant & Equipment 15% / 25% Residential Property 2%
Computer Equipment 33.33% Fixtures and Fittings 20%
Office Equipment 25%
----- End of picture text -----
Where assets are under construction no depreciation is provided until completion.
(g) Revaluation of fixed assets
The boats were revalued by Monarch Marine Ltd based upon inspections carried out in June 2021. The valuations were carried out under the Yacht Designers and Surveyors Association current standard terms and conditions. The increase in value has been transferred to the Revaluation Reserve and will be released to the income and expenditure account over the revised life of the boats. The estimated life of the boats is estimated to be 20 years.
The residential property has been revalued as at 30 September 2022. The valuation was undertaken by Norton Highfield Ltd, Chartered Surveyors. The increased asset values and depreciation to the date of the valuation has been taken to the Revaluation reserve and will be released to the income and expenditure account over the remaining estimated life of the properties (50 years).
(h) Stock
Stock is included at the lower of cost and net realisable value.
(i) 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.
Page 15
THE CHESTERFIELD CANAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023
1. Accounting policies – continued
(j) 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.
(k) 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.
(l) 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.
(m) 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.
(n) 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 considered 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.
(o) 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.
(p) 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.
(q) 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 2023
2. Prior Year Statement of Financial Activities
| rior Year Statement of Financial Activities | ||
|---|---|---|
| Income From Donations and legacies Grants Donations Legacies Membership Fees Gift Aid Total Donations and Legacies Other trading activities Advertising & Sponsorship Concerts / Events / Talks Fund Raising Sales Property Rental Total Other trading activities Sundry Income Investment Income Charitable activities Profit on Sale of Asset Trip Boat Income Hollingwood Hub Total Incoming Resources Expenditure on: Charitable Activities Cost of Generating Funds Total Expended Net Income/(expenditure) before other recognised gains Gains on revaluation of fixed assets Net Movement in Funds Total Funds brought forward at 1 October 2021 Fund Balances at 30 September 2022 |
Notes | Unrestricted Restricted Total Funds Funds 2022 £ £ £ |
| (3) (4) (5) (11) |
14,257 183,161 197,418 146,423 11,454 157,877 5,900 - 5,900 24,285 - 24,285 3,523 502 4,025 |
|
| 194,388 195,117 389,505 300 917 1,217 360 - 360 8 - 8 25,506 635 26,141 16,584 - 16,584 |
||
| 42,758 1,552 44,310 3,135 157 3,292 1,809 - 1,809 250 - 250 59,114 - 59,114 16,672 - 16,672 |
||
| 318,126 196,826 514,952 146,351 147,301 293,652 5,269 - 5,269 |
||
| 151,620 147,301 298,921 |
||
| 166,506 49,525 216,031 12,845 - 12,845 |
||
| 179,351 49,525 228,876 903,407 121,299 1,024,706 |
||
| 1,082,758 170,824 1,253,582 |
There are no recognised gains and losses in the year other than the surplus for the year identified above as net income.
Page 17
THE CHESTERFIELD CANAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023
3. Sundry Income
Sundry income relates to training income in both years.
4. Charitable Activities
| haritable Activities | |
|---|---|
| Advertising and Publicity Alarm Maintenance & Monitoring Bank / Paypal Charges Catering Cleaning Contracting Services Depreciation Donations Given Electricity, Gas & Water Fixtures and fittings Fuel & Oil Governance Health and Safety Insurance Interest Paid Legal & Professional Fees Licences Materials Miscellaneous Expenses Mooring Fees Plant & Transport Hire Postage Publicity Material & Signage Rent & Rates Repairs & Renewals Santa Expenses (Trip Boats) Security Services Surveys / Inspections / Planning Fees Telephone Tools and Equipment Training Travelling Expenses Waste Removal Water Website / Computer / Software Wages/Salaries(Note 19) |
Unrestricted Funds £ Restricted Funds £ Total 2023 £ Total 2022 £ |
| 54 - 54 296 506 - 506 1,142 6,193 - 6,193 3,729 5,332 - 5,332 2,891 341 - 341 400 3,036 - 3,036 32,744 21,017 11,387 32,404 28,389 742 - 742 1,498 4,529 - 4,529 5,919 745 - 745 208 5,208 - 5,208 3,777 2,485 - 2,485 3,390 1,792 - 1,792 441 12,031 - 12,031 9,888 320 - 320 600 8,378 - 8,378 79,446 2,714 - 2,714 16,134 2,017 - 2,017 3,741 5,357 - 5,357 1,865 4,720 - 4,720 4,583 - - - 80 5,875 - 5,875 5,425 10,296 - 10,296 10,746 3,377 - 3,377 4,694 14,578 - 14,578 5,075 1,185 - 1,185 1,335 700 - 700 473 763 - 763 4,797 351 - 351 68 3,210 - 3,210 9,700 1,772 - 1,772 3,071 142 - 142 - 1,090 - 1,090 - 585 - 585 598 4,667 - 4,667 7,197 23,534 - 23,534 39,312 |
|
| 159,642 11,387 171,029 293,652 |
Page 18
THE CHESTERFIELD CANAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023
5. Raising funds
| Festival Cost of Sales Fundraising Costs |
Unrestricted Funds £ Restricted Funds £ Total 2023 £ Total 2022 £ |
|---|---|
| 18,112 - 18,112 - 10,085 - 10,085 5,269 13,323 - 13,323 - |
|
| 41,520 - 41,520 5,269 |
6. Tangible fixed assets
| angible fixed assets | |
|---|---|
| Cost At 1 Oct 22 Additions Disposals At 30 Sept 23 Depreciation At 1 Oct 22 Charge for year Disposals At 30 Sep 23 Net book value at 30 September 23 Net book value at 30 September 22 |
Boats £ Dawn Rose £ Motor Vehicles £ Plant and Equipment £ Property £ Assets Under Construction £ Total £ |
| 262,500 40,000 7,205 60,253 342,084 - 712,042 - - 5,494 750 - 667,237 673,481 - - (7,205) - - - (7,205) |
|
| 262,500 40,000 5,494 61,003 342,084 667,237 1,378,318 17,499 2,667 4,052 42,113 14,639 - 80,970 13,125 2,000 1,804 3,949 11,526 - 32,404 - - (5,704) - - - (5,704) |
|
| 30,624 4,667 152 46,062 26,165 - 107,670 |
|
| 231,876 35,333 5,342 14,941 315,919 667,237 1,270,648 |
|
| 245,001 37,333 3,153 18,140 327,445 - 631,072 |
Dawn Rose - New Build Wooden Working Boat:
This is included in fixed assets to reflect the capitalisation of the construction costs of the boat.
Revaluation of the Boats and Dawn Rose
The Boats were revalued in June 2021. The valuation was undertaken by Monarch Marine Ltd. The increased asset values and depreciation to the date of the valuation has been taken to the Revaluation reserve and will be released to the income and expenditure account over the remaining estimated life of the boats (20 years). If the boats had been held at historic cost, the net book value of these assets at 30 September 2023 would have been £99,684.
Page 19
THE CHESTERFIELD CANAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023
6. Tangible fixed assets (continued)
Revaluation of Property
The commercial properties at 241/243 Sheffield Rd were revalued for the accounts at 30 September 2022. The valuation was undertaken by Norton Highfield Ltd, Chartered Surveyors. The increased asset values and depreciation to the date of the valuation has been taken to the Revaluation reserve and will be released to the income and expenditure account over the remaining estimated life of the properties (50 years). If the property had been held at historic cost, the net book value at 30 September 2023 would have been £248,013.
Assets Under Construction
The Trust has been successful in securing £5.83m from the Staveley Towns Fund Deal (administered by Chesterfield Borough Council) to support work to restore a section of the Canal. The construction work includes restoring a section of the canal, enhanced towpaths, bridge over the canal as part of the Trans-Pennine Trail and other canal infrastructure. The work is anticipated to be completed in December 2025.
7. Debtors
| ebtors | |
|---|---|
| Trade Debtors Other debtors and prepayments Tenant Deposit Scheme |
2023 2022 £ £ |
| - 73 178,222 66,099 923 - |
|
| 179,145 66,172 |
8. Creditors: amounts falling due within one year
| Trade creditors Loan Other creditors and accruals Tenant Deposit editors: amounts falling due after one year Charge attached to property situated at 243 Sheffield Road |
2023 2022 £ £ 142,398 35,283 10,000 10,000 9,472 1,220 923 - 162,793 46,503 2023 2022 £ £ |
|---|---|
| 10,000 20,000 |
9. Creditors: amounts falling due after one year
The final instalment of the loan agreement entered into in January 2020 is due in December 2024, interest is due at the rate of 1.6%.
10. Taxation
The charitable company is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charitable company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Page 20
THE CHESTERFIELD CANAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023
11. Revaluation Reserve
| evaluation Reserve | |
|---|---|
| Opening Balance Revaluation Uplift in year Applied in year Balance carried forward |
2023 2022 £ £ |
| 181,008 177,171 - 12,845 (9,266) (9,008) |
|
| 171,742 181,008 |
12. Funds
| 2. Funds |
|
|---|---|
| Current Year Unrestricted General Restricted Hugh Henshall Trip Boat Staveley Towns Fund Project Python Historic Boat Refurbishment John Varley Trip Boat 1st Stage Payment Work Party Equipment Last Cuckoo Project Walking Festival Canal Feasibility Study Chesterfield Canal Partnership 2027 Appeal Total Funds |
Balance 01.10.22 Income Expenditure Transfer Between Funds Balance 30.09.23 £ £ £ £ £ |
| 901,750 228,054 192,147 - 937,657 32,531 - 1,906 - 30,625 50,000 588,850 - 29,909 668,759 15,070 - 873 - 14,197 13,382 - 2,855 - 10,527 7,499 - 5,753 - 1,746 1,500 - - - 1,500 2,207 64 - - 2,271 - 25,000 - - 25,000 - 13,378 - - 13,378 48,635 30,763 - (29,909) 49,489 |
|
| 170,824 658,055 11,387 - 817,492 |
|
| 1,072,574 886,109 203,534 - 1,755,149 |
The balance carried forward of the Revaluation Reserve (Note 11) and the Total Funds carried forward in this note account for the Total Funds carried forward at 30/9/23 as shown in the Statement of Financial Activities (Page 11).
The transfer between funds is to recognise that £29,909 of the 2027 Appeal fund (which is to support restoration work on the Canal) has been allocated to support the specific Staveley Towns Fund Project that targets restoration of the canal at Staveley.
Page 21
THE CHESTERFIELD CANAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023
| Prior Year Unrestricted General Restricted Hugh Henshall Trip Boat Staveley Towns Fund Project Python Historic Boat Refurbishment John Varley Trip Boat 1st Stage Payment Work Party Equipment Place in History Restoration Fund 2017 Last Cuckoo Project Walking Festival 2027 Appeal Barnsley, Dearne & Dove Canal - Entrust Fund Total Funds |
Balance 01.10.21 Income Expenditure Transfer Between Funds Balance 30.09.22 £ £ £ £ £ |
|---|---|
| 726,236 318,126 142,612 - 901,750 34,437 - 1,906 - 32,531 - 183,161 133,161 - 50,000 15,943 - 873 - 15,070 15,288 - 1,906 - 13,382 15,517 - 8,018 - 7,499 22,975 - - (22,975) - 3,532 - - (2,032) 1,500 1,721 1,923 1,437 - 2,207 9,805 11,742 - 27,088 48,635 2,801 - - (2,081) - |
|
| 121,299 196,826 147,301 - 170,824 |
|
| 857,535 514,952 289,913 - 1,072,574 |
The balance carried forward of the Revaluation Reserve (Note 11) and the Total Funds carried forward in this note account for the Total Funds carried forward at 30/9/22 as shown in the Statement of Financial Activities (Page 10).
The transfer between funds is to consolidate the Place in History Restoration Fund with the 2027 Appeal Fund as they are both targeting development work to restore the Canal. The balances of the Last Cuckoo Project and Barnsley, Dearne & Dove Canal – Entrust Fund have been merged with the 2027 Appeal to support restoration of the Canal at Renishaw.
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.
-
Staveley Towns Fund - The Trust has been awarded a grant to deliver restoration of a section of the canal at Staveley through the Government’s Towns Fund Grant Scheme.
-
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 the Chesterfield Canal.
-
Last Cuckoo Project - Archaeological dig at Bellhouse Basin on the Chesterfield Canal.
-
Walking Festival - An annual event started in 2018.
-
Canal Feasibility Study – The Trust is co-ordinating a project with partners to undertake a strategic review of the feasibility of restoring Chesterfield Canal to full navigation.
Page 22
THE CHESTERFIELD CANAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023
-
Chesterfield Canal Partnership – The Trust is the administering body for the partnership of organisations with the objective of restoring Chesterfield Canal to full navigation.
-
2027 Appeal - Fund to complete the Canal’s Restoration.
-
Place in History Restoration Fund 2017 - Fund to support restoration of the Chesterfield Canal. Fund transferred to the 2027 Appeal to consolidate support for restoration.
-
Barnsley, Dearne & Dove Canal – Entrust - Specified funds received by the Trust on the dissolution of a Canal Trust. Fund transferred to the 2027 Appeal to consolidate support for restoration.
13. Analysis of net assets between funds
| Tangible fixed assets Current Assets Current Liabilities Long Term Liabilities Prior Year Tangible fixed assets Current Assets Current Liabilities Long Term Liabilities |
Unrestricted Funds £ Restricted Funds £ Total £ |
|---|---|
| 544,794 725,854 1,270,648 603,761 225,275 829,036 (29,156) (133,637) (162,793) (10,000) - (10,000) |
|
| 1,109,399 817,492 1,926,891 |
|
| Unrestricted Funds £ Restricted Funds £ Total £ |
|
| 562,590 68,482 631,072 586,671 102,342 689,013 (46,503) - (46,503) (20,000) - (20,000) |
|
| 1,082,758 170,824 1,253,582 |
14. Capital commitments
Capital commitments authorised but not contracted at 30 September 2023 totalled Nil (2022: £nil).
Page 23
THE CHESTERFIELD CANAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023
15. Reconciliation of net movement in funds to net cash flow from operating activities
| Net income for the year (as per Statement of Financial Activities) Adjustments for:- Depreciation charges Dividends, interests and rents from investments (Increase) in stocks (Increase) in debtors Increase in creditors Loss on disposal of fixed assets Net cash provided by operating activities 16. Analysis of cash and cash equivalents Cash at Bank Cash in Hand Total cash and cash equivalents |
2023 £ 2022 £ |
|---|---|
| 673,309 216,031 |
|
| 32,404 28,389 (9,452) (1,809) (2,521) (2,586) (112,973) (43,631) 116,290 20,046 251 - |
|
| 697,308 216,440 |
|
| 2023 £ 2022 £ |
|
| 639,454 615,128 539 336 |
|
| 639,993 615,464 |
17. Analysis of changes in debt
| Cash at Bank and in Hand Debt due within 1 year Debt due after 1 year |
As at 1 Oct 2022 £ Cashflows £ At 30 Sep 2023 £ |
|---|---|
| 615,464 24,529 639,993 (10,000) - (10,000) (20,000) 10,000 (10,000) |
|
| 585,464 34,529 619,993 |
18. Transactions with trustees and related party transactions
No trustees received any remuneration in the year. Their travelling and other expenses are reimbursed in respect of expenses incurred on the charity’s business. In the year ended 30 September 2023 there were no such payments paid to Trustees (2022: £nil).
There are no other related party transactions in the year (2022: none)
Page 24
THE CHESTERFIELD CANAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023
19. Staff Costs
| Wages and Salaries Social Security Costs Employer's pension costs Less capitalised staff costs |
2023 £ 2022 £ |
|---|---|
| 46,958 37,018 - - 1,205 2,244 (24,629) - |
|
| 23,534 39,262 |
The average number of persons employed by the Trust during the year was 1 (2022: 1)
No employee received remuneration amounting to more than £60,000 in either year.
20. Independent Examiners’ remuneration
| Independent Examination Other services |
2023 £ 2022 £ |
|---|---|
| 2,485 2,695 7,300 695 |
|
| 9,785 3,390 |
21. Contingent assets
At the reporting date, it was probable that a residual legacy was to be received by the charity. This has not been included within accrued income as, although the income is probable and the charity has entitlement, the amount cannot be reliably measured at the year end date.
Page 25