The Chesterfield Canal Trust Limited Annual Report and Financial Statements Year Ended 30 September 2024 Company Reglstration number Charity Regi5tratlon number 03403203 1071376
The Chesterfield Canal Trust Limited Annual Report and Financial Statements Year Ended 30 September 2024 Contents Page Company Information Report of the Trustees Auditor's Report 10-12 Statement of Financial Activlties 13 Balance sheet 14 Cashflow Statement 15 Notes to the Financlal Ststements 16-26
THE CHESTERFIELD CANAL TRUST LIMITED COMPANY INFORMATION FOR THE YEAR ENDED 30 SEPTEMBER 2024 Reference and Administrative Information Charity Name: The Chesterfield Canal Trust Ltd Charity Registration Number: Company Registration Number: 1071376 3403203 Vat Reglstration Number: 345 0352 26 Registered Office: Hollingwood Hub 22 Works Road Hollingwood Chesterfield S43 2PF Directors and Charity Trustees Dr P G Hardy Mr R D Auton Mr G Twalker Mr M I Potter Mrs K Auton Ms G K Gregory Mrs R Girling Mr I P Rowbotham Mrs S J Stephens Chair Secretary Treasurer Vice Chair (Appointed 14.03.2024) Auditors SMH Sutton McGrath Hartley 5 Westbrook Court Sharrow Vale Road Sheffield Sll 8YZ Princlpal Bankers Unity Trust plc Four Brindley Place Birmingham BI 2JB SMH Pa8e I
THE CHESTERFIELD CANAL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2024 The Directors present their report and financial statements for the year ended 30 September 2024. TheTrustees have adopted the provisions of the Statement of Recommended Prattice "Accounting and Reporting by Charities" {FRS 1021 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 charit¢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 Stsndard applicable in the UK and Republic of Ireland published Ortober 2019. STRucfuRE GOVERNANCE AND MANAGEMENT Governing Document The organi5ation is a charitable company limlted by guarantee, incorporated on 14th July 1997, and registered as a charity on 7 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. Trustees The Trustees are the charity Trustee5 for the purpose of charlty law are elerted after the Annual General Meeting {AGM). Constitutionally one third of the Trustees stand down each year and shall be eligible for relection at the next Annual General Meeting. The Trustees to retire shall be the longest in office Sin the last election. New Trustees may be nominated by the members and if there are more nominations than positlons then an elertlon by members present is held at the AGM. At the AGM in March 2024 Ruth Girling, Mark Potter and Geoff Walker were relected as Trustees. Gemma Gregory was nominated by member5 and appointed as a Trustee. Trustee Indurtion and Tralnlng The Trustees try to ensure that Trustees appointed have the necessary skllls to further the Trust's objectives. The Trustees are regularly informed of training and development opportunities which arise that could be of benefit to the Trust. The Trustees are aware of the policies and procedures that cover the day-to-day work of the Trust. Organlsational 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 2 sub-committees led by a Chair who is also a Trustee. The sub-committees report to the Trust Board. The sub-committees are Restoration and Boats. Individual Trustees oversee membershipi publicity, promotions, Hollingwood Hub, merchandise and finan. SMH Page 2
THE CHESTERFIELD CANAL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2024 STRucfuRE GOVERNANCE AND MANAGEMENT continued Organisatlonal Strurture (continued) The Trust has one employee (Development Manager) and about 200 volunteers. The Trust also has strong partnership links with many organisations, most notably with Derbyshire County Council, Chesterfield Borough Council, the Canal and River Trust and the Inland Waterways Association. We value and thank these organisations for their help and co-operation. Asthe restoration moves into other areas, we lookforward to working more closely with North East Derbyshire District Council, Rotherham Metropolitan Borough Council, Bassetlaw Distritt Council and Nottinghamshire County Council to achieve full restoration. These authorities are represented on the Chesterfield Canal Partnership. OBJEcfivES 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. To promote the construttion 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 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 cther5. The Trust has an online program to co-ordinate the booking by our volunteers for activitie5 With the boats, shop, paddlesports and our exhibition trailer, 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 32,800 hours towards the restoration of the canal and the Trusvs other activities this year, These approximate hours can be grouped as follow: Activity Hours Full time Job Economic Value Equivalent 11.2 Promoting, improving, and protetting the canal Restoring and maintaining the canal Member sUPPOrt and Administration 19,000 9.000 5.000 £433,000 £188,000 £123,000 Total 33.000 20 £744.000 Pa8e 3 SMH
THE CHESTERFIELD CANAL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2024 OBJEcfivES AND ACTIVITIES continued Public Beneflt 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, Shireoaks and Ranby continue to promote the Trust and its aims. Historic boats Python carrled out various canal maintenance tasks along the Eastern section of the canal working with the Canal and RiverTrust. Dawn Rose held horse boat pull demonstrations. Paddlesport5 During the summer months the Trust assists CJB Training and Adventure to hire out canoes and paddleboards to enable members of the public to sail thern on the canal. This year over 200 people hired equipment from our base at Hollingwood. Green Flag th The Trust has been awarded a Green Flagfor Hollin8wood Hub for the 8 year in a row, in recognition of the work our volunteers undertake to make the area ever rnore attractive. Talks We delivered 25 talks to various organlsations. These Included schools. Wl, Probus, History and transport groups. They spread the word about the canal and also 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 and a piece on Look North about the start of restoration works at Staveley. We have also been filmed for an upcoming episode of EsG3pe to the Country on BBCI Hollingwood Hub The information centre and shop has been open almost every day expt 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 paddleports. It also allows our volunteers to follow events happening in the Trust more easily. People visiting the canal because of Trust activities 7,000 people had a trip on one of our boats along the length of the Chesterfield Canal 6,000 people visited our Information Centre and 9,000 people visited Kate5 Coffee Shop. (Estimates) Pa8e 4 SMH
THE CHESTERFIELD CANAL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2024 ACHIEVEMENTS AND PERFORMANCE Charitable Activities The Trust continues to employ a Development Manager to plan present and future restoration of the canal. He work5 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 5taveley Town Board. This was subsequently approved, and the Chesterfield Canal Trust was awarded £5.3m. This fundin8 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 and have received additional funding for the projett. For the Towns Fund scheme, work commenced on the building and landscaping for the new Tran5 Pennine bridge in May 2024. (This was completed and open to the public in October 2024.). The Trust has continued wlth the design worki ground Investigation and surveys for the second phase of the projett. {We expect to appoint contractors in early 2025.1 We have explcred the possibility of transporting £5.5m worth of clay onto the site of the canal to be restored. The Trust reco8nises the hard work of our volunteers and provides, free of charge, First Aid Tralnlng to all the volunteers and forthose on boats the ability to achleve the Royal Yachting Associations Helmsman's Certificate or National Community Boats Association Certiflcate in Community Boat Management. 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 articles published. It is particularly welcomed by members who do not have computer access. The Trust send monthly electronic newsletters to all our members with email addresses, about 90 media organisations, all the MPS, county, borough and distrlct councillors along the route and many other organisations, including all the local librarles. The Chesterfield Canal Partnership, of which we are the key member, has commissioned a Chesterfield Canal Regeneration Master Plan to produce a strategic framework for the regeneration of the Canal. (This will be available towards the end of 2024.1 Publlcations We produced 20,000 copies of the Visitor Guide to the Chesterfield Canal. We reprinted our le3flet"An Introduction to the Chesterfield Canal" We produced our 2025 Calendar. Pa8e S SMH
THE CHESTERFIELD CANAL TRUST REPORT OFTHE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2024 ACHIEVEMENTS AND PERFORMANCE continued Membership During the year membership of the Trust decreased by 25. Although many people continue to join the Trust the age profile of our members is such that it means we also lose many members. The membership at 30 September was 2078. Fundraisin8 The Trust has engaged the services of a Fund-Raising consultant for an initial 3 year period. The consultant has already raised a considerable amount of funding for the current restoration plans. The Trusvs four trip boats remain an extmelY popular means of promoting the canal and over the year volunteer5 spent over 17,000 hours tsking over 7,000 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 1,790 people to speak to Santa and receive a present or festive drink. The Trust's Information Centre & Shop at Hollingwood Hub, with Katevs Coffee Shop, contlnues to contribute to the funds of the charity. Glfts, legacies and donations also continue to help us achieve our ambltion of restoring the Chesterfield Canal. We are extremely grateful for all the monies recelved from these sources and in particular from the estate of former member who lived in Wendover who contributed over £lm to the Trust. FUTURE PLAN We will continue to engage or employ expert help, to assist our Development Manager and Fund-Raising Consultant succeed in grant applications for future restoration. We will transport a large amount of clay, kindly donated by Suon Ltd, to the area of canal to be restored. Work on the second phase of the Towns Fund project will start during 2025 to build a new lock, a bridge, a pumping system, a length of canal and 2.5 km of new towpath to Renishaw together with the associated landscapin8 around the restored canal. We plan to commence work at Renishaw to restore the canal around the village, We will explore ways to fvnd the restoration gap between Stavele¥ and Renishaw including the aqueduct over the River Doe Lea. We will consult and produce a Strategic Plan for the Trust to cover the years 2025-2030. We will explore how the changing canal environrnent around Chesterfield, Staveley and Hollingwood will affect the Trust and will continue to be actively involved in ensuring planning forthe changes is for the benefit of the canal corridor and the people who use it. Pa8e 6 SMH
THE CHESTERFIELD CANAL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2024 FINANCIAL REVIEW Income for the year has increased by £2,405,553 on 2023. Total income for the year is £3,291,662 compared with £886,109 in 2023. The main reason5 for this are the receipt of £1.275m from a legacy and £1.440m from Chesterfield Borough Council as part of the £5.83m secured through the Staveley Towns Fund Deal. Expenditure for the year has increased by £945,075. Total expenditure for the year is £1,813,7251£200,078 revenue expenditure and £1,613.725 assets under construction) compared with £868,650 in 2023. The increase in due to the expenditure incurred in progressing the Staveley Towns Fund Deal project {£1.614m>. The net increase in funds was £3,091,584 (2023: £667,309). The increase in unrestricted funds was £1,302,948. The increase in restricted funds wa5 £1,788,636: £1,439,886 of this is grant towards the cost of the Staveley Towns Fund Canal Restoration project. Decisions have made by the Trust that commit £1,143,200 of unrestricted funds that have yet to be incurred:. The appointment of a Fundraiser post for 3 years (£70,000). o A commitment to core fund an element of the Staveley Towns Fund Deal {£123,2001. This had been planned to be spent in 2021, but the first tranche of the Staveley Towns Fund was priorStised to be used f irst. o The Rewatering Renishaw project {£150,000). o Movement of clay to support future development of the canal (£800,000) The Trust had funds carried fonmard at 30 September 2024 of £5,018,475 12023: £1,926,891) of which £2,606,128 (2023: £817,492) are restritted funds and £2,412,347 {2023: £937,657) are unrestritted funds. Reserves Policy At the Trust Board meeting in August 2021 the Trustee5 approved a Resenies Polirywhich requlred a Minimum of £150,000 free reser+/esto be maintalned to meet the financial risks faced bythe Trust. Current free reserves net of future commltments is £206,390. Reserve levels wlll 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 Pollcy The Trust has significant reserves at the present in advance of commitment to fund the capitsl works to the canal over the next 18 months. In view of this the Trustees have agreed to share cash reserves around and suspend the requirement to limit individual investments in financial institutions operatin8 Within the Financial Conduct Authorit(5 remit. Pa8e 7 SMH
THE CHESTERFIELD CANAL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2024 RISKS MITIGATIONS Failure to deliver the Towns Fund Project deliverables within the required timescales and financial envelope Appointment of specialist advisors and project management capacity Appointment of a Project Board with the necessary mix of skills and experien 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 Contrarts are designed to reflect the risk appetite of the Trust Additional expert capacity is brought in when required Increased level of financial contingency from Trust Funds Public Ilability and Trustee Liability insurance Percelved negligence by the Trust or volunteers Training of volunteers Risk assessments undertaken for all major activities Accidents to visitors, volunteers and the public Health and Safety policy for all volunteers Monthly review of any incldents / accidents Careful financial management Maintenance of adequate cash reserves Spread funding across a number of different f inancial institutions Investments restrlcted to accredited institutions Failure of income streams Security of Investment Funds At Seast 50% of funds on short term deposit Sharing of knowledge and information Robust management of key internal documents Loss of Ernployee / Contrartors Identify capable successors Page 8 SMH
THE CHESTERFIELD CANAL TRUST REPORT OF THE DIRECTORS FOR THE YEAR ENDED 30 SEPTEMBER 2024 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 Prarticel. 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: Select suitable accounting pollcies and then apply them conslstently. Observe the methods and principles in the Charities SORP 2019 (FRS 1021. Make judgements and estimates that are reasonable and prudent. 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 basi5 unless it Is inappropriate to presume that the charitsble company will continue in operation. The Trustees are re5ponslble for keeping adequate accounting records that disclose wlth reasonable accuracy at any time the flnancial position of the charitable company and enable them to ensure that the flnancial ststements comply with the Companies Act 2006. They are also responsible for safeguardlng the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other Irregularities APPROVAL ved by the Board on 27 MARCH 2025 and signed on their behalf by: Dr P G Hardy Chalr PagÈ9 SMH
Re ort of the Inde ndent Auditors to the Trustees of The Chesterfield Canal Trust Limited Opinion We have audited the financial statements of The Chesterfield Canal Trust Limited (the 'charitable company,) for the year ended 30 September 2024 which comprise the statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards {United Klngdom Generally Accepted Accounting Prartice}. In our opinion the financial statements: give a true and fair view of the state of the charitable company's affairs as at 30 September 2024 and of its incoming resources and application of resources, including its result, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accountlng Practice. and have been prepared In accordance with the requirements of the Companies Act 21YJ6. Basis for opinlon We conducted our audit in accordance with International Standards on Auditing (UK) {ISA5 (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulf511ed our other ethical responsibilities in accordance with these requirements. We believe that the audlt evldence we have obtained is sufficient and appropriate to provide a basis for our opinion. Con¢luslons relating to golng concern In auditing the financial statements, we have concluded that the trustees, use of the golng concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertalnties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees wlth respect to going concern are described In the relevant settions of this report. Other information The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Audltors thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated, If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of thi5 Other information, we are required to report that fact. We have nothing to report in this regard. P38e 10 SMH
Re ort of the Inde ndent Audltors to the Trustees of The Chesterfield Canal Trust Limited Matters on which we are required to report by exception We have nothing to report in respert of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion- the information given in the Report of the Trustees is inconsistent In any material respett with the financial statements; or the charitable company has not kept adequate accounting records; or the financial statements are not in agreement with the accounting records and return5; or we have not received all the information and explanations we require for our audit. Responsibillties of trustees As explained more fully in the Statement of Trustees, Responsibilitles,the trustees {who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparatlon of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material mi55tatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either Intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Our responsibllltles for the audlt of the financlal statements We have been appointed as audltors under Section 144 of the Charities Act 2011 and report in accordance with the Art and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financlal statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance 15 a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expectedto influence the economic decisions of userstaken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularltie5, including fraud is detailed below: Our assessment of the susceptibility to material misstatement, whether by fraud or error, is made in a rlsk based approach. In this approach, laws and regulations applicable to the entity, such as the Companies Act 2006, United Kingdom Generally Accepted Accounting Practice including Financial Reporting Standard 102, Charities SORP, employment law, and Health and Safety law is considered. The policies and controls the entity has in place to comply with these laws are reviewed, by discussion, reviews of correspondence and registrations monitored by external bodies. The engagement team remained alert to any indications of fraud or non- compliance with law5 and regulations throughout the audit. Pa8e 11 SMH
Re ort of the Inde endent Audltors to the Trustees of The Chesterfield Canal Trust Llmited Policies and controls relating to the risk of material misstatement as a result of fraud, management override of controls. and revenue recognitions are also considered. These are assessed by obtaining an understanding of the charity's operations and control environment. The policies and controls have been reviewed by discussion, review and sample testing of accounting entries, including journals, challenging assumptions and judgements, reviewing and evaluating related parties transactions, and wider background searches. Testing of income recognition and fund accounting is also completed. We have ensured that the engagement team have appropriate leve15 of competence and experience to effectively monitor these risks and carry out work relevant to our assessment of each risk, including consideration of the sertor the charity operates in and its size and complexity. Afurther descrlption of our responsibilitiesfor the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsre5ponsibilities. This description forms part of our Report of the Independent Auditors. Other matter which we are requlred to address The comparatlve figures have not been audited as the audit exemption wastaken. As far as we are aware there is no material misstatement In those figures. Use of our report This report is made solely to the charitable company's trustees, as a body, In accordance with Part 4 of the Charities {Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's trustees as a body, for our audit work, for this report, or for the opinions we have formed. James Salim FCCA (Senior Statutory Auditor) for and on behalf of Sutton McGrath Hartley 5 Westbrook Court Sharrowvale Road Sheffield 5118YZ Qltrlo 61Eol Date.. ........... Page 12 SMH
THE CHESTERFIELD CANAL TRUST LIMITED STATEMENT OF FINANCIAL AcfiviTIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNn FOR THE YEAR ENDED 30 SEPTEMBER 2024 Notes Unrestrirted Restricted Funds Funds Total 2024 Total 2023 Income from Donatlons and legacies Grants Donations Legacies Membership Fees Gift Aid Total donations and legacies 1,775,307 60,464 1275,000 20,752 5,481 3,137,004 628.128 22,685 26,373 20,576 6,620 704,382 4,841 11,684 1.275,000 ZO.75Z 1,770.466 48,780 Z,481 1,821.727 1.315,277 Other trading activitles Concerts / Events / Talks Fund Raising Sales Property Rental Total other tradin8 activitles 458 458 1,220 27,990 33,892 17,292 80,394 31,997 18.465 50,920 31.997 18,465 50,920 Sundry Income 1,116 500 1,616 430 Investment Income 23,627 23.627 9,452 Charitable artlvities Trip Boat Income Hollingwood Hub Total charitable income 63,432 15,063 78,495 63,432 15,063 78,495 74,544 16,907 91,451 Total Income 1,469,435 1,8Z2,227 3,291,662 886,109 Expenditure on: Charitable activitles Loss on sale of asset Cost of generating funds Total Expenditure 142,376 33.591 175.967 171,029 251 41,520 212,800 24,111 166,487 24,111 200,078 33.591 Net Incoming / (expenditure) before other recognised gains Gains on revaluation of flxed assets 1,302,948 1,788,636 3.091,584 673,309 Net Movement in Funds 1,302,948 1,788,636 3,091.584 673,309 Total Funds brought forward at l October 2023 1,109.399 817,492 1,926,891 1,253,582 Fund Balances carried forward at 30 September 2024 2.412,347 2,606,128 5.018A75 1,926,891 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 activities relate to continuing operations. Page SMH
THE CHESTERFIELD CANAL TRUST LIMITED BALANCE SHEET ASAT 30 SEPTEMBER 2024 Notes 2024 2023 Fixed Assets Tangible Assets 1.270,648 {6) 2.851,696 Current Assets Cash at Bank Cash in Hand Debtors & Prepayments Stock 1,928,603 573 513,494 13,129 2,455,799 639,454 539 179,145 9,898 829,036 (7) Credltors: Amount falllng due within one year 162,793 666,243 (81 289,020 Net Current Assets 2.166,779 Credltors: Amount falllng due after one (9) year 10,000 Net Assets 5.018,475 1,926,891 Accumulated Funds Revaluation Reserve Unrestricted funds Total unrestricted funds Restricted funds (11) (12) 162A77 2,249A70 171,742 937,657 1,109,399 817,492 1,926.891 2,412.347 2,606,128 5,018,475 112) These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime with Part 15 of the Companies Act 2006. The financial ststements were approved by the Board on 27 MARCH 2025 and signed on their behalf by Dr P Hardy Chair r G Walker Treasurer Company registratlon number: 03403203 Page 14 SMH
THE CHESTERFIELD CANAL TRUST LIMITED STATEMEMf OF CASH FLOWS ASAT30 SEPTEMBER 2024 Notes 2024 2023 Cash flows from operatlng expenses Net cash provided by operating activities 115) 2,889,203 697,058 Cashflows from investing artivlties Dividends, interests and rents from investments Proceeds from the sale of tangible fixed assets Purchase of tangible fixed assets 23.627 9,452 11,613.647) (673.481) Net cash provlded by / (used in) investlng artivlties (1,590,020) (662.529) Cashflows from financing activities Cash inflows from new borrowing Repayments of borrowing 10,000) (10,CrfK)) Net cash used in financin8 actlvities (lo.)0 (10.000) Change in cash and cash equlvalents In the year Cash and cash equivalents at the beginning of the year Cash and cash equlvalents at the end of the year 1,289,183 639,993 1,929.176 24.529 615,464 639,993 116) Page 15 SMH
THE CHESTERFIELD CANAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Accounting policies (a) Charlty Information The Chesterfield Canal Trust Limited is a charitable company limited byguarantee incorporated in England and Wales, The registered office is Hollingwood Hub, 22 Works Road, Hollingwood, Chesterfield, S43 2PF. (b) Basls of preparation The financial statements have been prepared under the historical cost convention with items recognised at cost ortransaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the Statementof 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 on 16 July 2014 las updated by Update Bulletin 11 and Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland {FRS 1021 and Charities Act 2011. The charity constitutes a public benefit entity as deflned by FRS 102. The financial statements are prepared on an ongoing 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 Unrestrirted funds are available for the use at the dlscretion 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 entltled to the income, the receipt is probable, andthe amount can be quantified with reasonable accuracy. Thefollowing 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, 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 artivity 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. Page 16 SMH
THE CHESTERFIELD CANAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 Accounting pollcies- 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 cost5 that can be allocated directly to such artivities and those costs of an indirert 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 accountanvs fees and any costs linked to the strategic management of the charity. All costs are allocated between the expenditure categories of the Statement of Financlal Activities on a basi5 designed to reflect the use of the resource. Costs relating to a particular activity are allocated dirertly. (fj Value Added Tax (VAT) The Trust voluntarily registered for VAT in March 2020. VAT is excluded from all income and expenditure received and paid by the Trust except where it is classed as irrecoverable by HM Revenues & Customs. (g) Tangible flxed assets and depreclation Fixed assets purchased with a value of less than £1,000 are written off in full in the year of purchase. Depreciation is provlded on all tangible fixed assets at rates calculated to write off the cost on a straight- line basis over their expected useful economic lives as follows:_ Asset Type Rate Asset Type Rate Trip Boats 5% Furniture 25% Motor Vehicles 25% Commercial Property io% Plant & Equipment 10%125% Residential Propertv Computer Equipment 33.33% Fixtures and Fittings Office Equipment 25% Where assets are under construction no depreclation is provided until completion. 20% (h) Revaluation of flxed 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 condltions. The increase in value has been transferred to the Revaluation Resenie 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 estirnated life of the properties (50 years). (i) Stocks 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 17 SMH
THE CHESTERFIELD CANAL TRUST LIMITED NOTES TOTHE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 l. Accounting poli¢les- continued (k) 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. 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. (i) (m) Credltors and provislons 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 fund5 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. (n) Flnancial instruments The charity only has flnancial assets and financial liabllities 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. (o) Critical accounting estimates and areas of Judgment Estimates and Judgments are contlnually evaluated and are based on hlstorical experience and other factors, including expectations of future events that are considered reasonable under the circumstances. Crltical accounting estlmates and assumptions: The charity makes estimates and assumptions concernlng 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 adjustmentto the carrying amountsof assets and liabilities within the next f inancial year. (p) Employee beneflts When employees have ndered 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. (q) 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. Land and Bullding Revaluation Land and buildings acquired for the purpose of canal restoration will be professionally revalued every 3 years. PJ8e 18 SMH
THE CHESTERFIELD CANAL TRUST LIMITED NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Prior Year Statement of Financial Artivities Notes VnrestrErted Funds Restricted Funds Totsl 2023 Income from donations and legacies Grants Donations Legacies Membership Fee5 Gift Aid Total donations and legacies 900 19,386 500 20,576 4,965 46,327 627,228 3,299 25,873 628,128 22,685 26,373 20,576 6,620 704,382 1,655 658,055 Other trading actlvities Advertising & Sponsorshlp Concerts / Events / Talks Fund Raising Sales Property Rental Total other tradlng activitles 1,220 27,990 33,892 17,292 80,394 1,220 27,990 33,892 17,292 80,394 Sundry Income 430 430 Investment Income 9,452 9,452 Charltable artivlties Trip Boat Income Hollingwood Hub Total Income 74,544 16,907 228,054 74,544 16,907 886,109 658,055 Expendlture on: Charitable Actlvities Loss on sale of asset Cost of Generating Funds Total Expenditure 14} (5) 159,642 251 41,520 ZOl,413 11,387 171,029 251 41,520 212.800 11,387 Net Income/lexpenditure) before other recognised galns 26.641 646,668 673,309 Galns on revaluation of fixed assets (11) Net Movement In Funds 26,641 646,668 673,309 Total Funds brought forward at l October 2022 1,082,758 170,824 1,253,582 Fund Balances at 30 September 2023 1.109,399 817,492 1,926,891 There are no recognised gains and losses in the year other than the surplus for the year identified above as net income. Page 19 SMH
THE CHESTERFIELD CANAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (coHfiNUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Sundry Income Sundry income relates to training income. Charitable Artivities Unrestrirted Funds Restricted Funds Total 2024 Total 2023 Advertising and Publicity Alarm Maintenance & Monitorin8 8ank / Paypal Charges Caterlng Cleaning Contracting Service5 Depreciation Donations Given Electricity & Gas Fixtures and fittings Fuel & Oil Governance Health and Safety nsurance Interest Paid Legal & Professlonal Fees Licences Materials Miscellaneous Expenses Mooring Fees Postage & Stationery Publicity Material & Signage Rent & Rates Repairs & Renewals Santa Expenses (Trip Boats) Security Service5 Surveys / Inspections / Planning Fees Telephone Tools and Equipment Training Travelling Expenses Waste Removal Water Website / Computer / Software Wages/Salaries (Note 19) 65 1,206 5,299 4,195 325 3,349 20,903 io 5,978 376 1,850 6,195 272 12,205 165 I,S22 2,846 1,037 1,792 5,150 3,076 6,960 4,064 19,231 1,214 171 1,776 206 1,101 911 88 397 849 2,394 25,198 142,376 65 1,206 5,299 4,195 325 3,367 32.599 10 5,978 376 1.850 6,195 272 12,205 165 23,349 2.846 1,037 1,842 5.150 3.076 6,960 54 506 6,193 5,332 341 3,036 32,404 742 4,529 745 5,208 2,485 1,792 12,031 320 8,378 2,714 2,017 5,357 4,720 5,875 10,296 3,377 14,578 1,185 700 763 351 3,210 1,772 142 1,090 585 4,667 23,534 171,029 18 11,696 21,827 50 19,231 1,214 171 1,776 206 I,ioi 911 88 397 849 2.394 25.198 175,967 33,591 SMH Pa8e 20
THE CHESTERFIELD CANAL TRUST LIMITED NOTES TO THE FINANaAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Raising funds Unrestrfcted Funds Restrlcted Funds Total 2OZ4 Total 2023 Charitable Activities Festival Cost of Sales Fundraising Costs 18,112 10,085 13,323 41,520 6,901 17,210 24,111 6,901 17,210 24,111 Tanglble flxed assets Boats Dawn Rose Motor Plant and Vehicles Equlpment Property A55ets Under Construction Total Cost AtIOct23 Additions Disposals At 30 Sept 24 262,500 40,000 5,494 61,003 342,084 667,237 1.378,318 1,613,647 1,613,647 262,500 40,000 5,494 61,003 342,084 2,280.884 2.991.965 Depreciation AtIOct23 Charge foryear Disposals At 30 Sep Z4 30,624 13,125 4,667 2,000 152 1,832 46,062 4,117 26,165 11,525 107,670 32.599 43,749 6,667 1,984 50,179 37,690 140,269 Net book value at 30 September 24 218,751 33,333 3,510 10,824 304,394 2,280,884 2.851,696 Net book value at 30 September 23 231,876 35,333 5,342 14,941 315,919 667,237 1,270,648 Dawn Rose - New Build Wooden Worklng Boat: This is included in fixed assets to reflect the capitalisation of the construction costs of the boat. Revaluatlon 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). 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 properties150 years). SMH P38e 21
THE CHESTERFIELD CANAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Tangible fixed assets (continued} Assets Under Construrtlon 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 Df 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. Debtors 2024 2023 Trade Debtors Other debtors and prepayments Value Added Tax Tenant deposit scheme Other deposits 333,662 92,977 923 85,932 513.494 139,545 38,677 923 179,145 Creditors: amounts falllng due wlthln one year 2024 2023 Trade credltors Loan Other creditors and accruals Tenant Deposit 268,790 10.000 9,307 923 289,020 142,398 10,000 9,472 923 162,793 Credltors: amounts falling due after one year 2024 2023 Charge attached to property situated at 243 Sheffield Road 10.000 10. Taxation- As a charity, The Chesterfield Canal Trust Limited is exempt from tax on incorne and gains falling within the available tax exemptions to the extent that these are applied to its charitable objetts. No tax charges have arisen in the charity. 11. Revaluation Reserve 2024 2023 Openin8 Balance Revaluation Uplift in year Applied in year Balance carried forward 171,742 181,008 (9,26S) 162.477 19,2661 171,742 SMH Page 22
THE CHESTERFIELD CANAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 12. Funds Current Year Balance 01.10.23 Income Expenditure Transfer Between Fund5 Balance 30.09.24 Unrestrirted General 937,657 1.469,435 166,487 2,240.605 Restrirted Hugh Henshall Trip Boat Staveley Towns Fund Project Python Historic Boat Refurblshment John Varley Trip Boat 1st Stage Payment Work Party Equipment Last Cuckoo Project Walking Festival Canal Feasibility Study Chesterfield Canal Partnership 2027 Appeal CIL Funding Keith Ayling Lock Appeal Renishaw Project 30,625 668,759 1,613,647 14,197 10,527 1,746 1,500 2,271 25,000 13,378 49,489 3,550 27.075 (50.000) 2.232,406 11,797 6,527 2,400 4,000 1.746 (2,271) 20,000 68 13.310 90,222 50.000 196.318 21,973 40,289 146,318 21.973 1,827 33,591 1,827 817,492 1,822,227 2.606.128 Total Funds 1,755,149 3,291,662 200.078 4.846.733 Prlor Year Balance 01.10.22 Income Expendlture Transfer Between Funds Balance 30.09.23 Unrestricted General 901,750 228,054 192,147 937,657 Restrirted 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 32.531 50,000 588,850 15.070 13,382 7.499 1,500 Z,207 1,906 30.625 668,759 14,197 10,527 1,746 1,500 2,271 25,000 13,378 49,489 817,492 29,909 873 2,855 5,753 64 25,000 13,378 48,635 30,763 170,824 658,055 (29,909) 11,387 Total Funds 1.072.574 886,109 203,534 1.755.149 SMH Page 23
THE CHESTERFIELD CANAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 The purpose of the restricted funds are as follows: Hugh Hen5hall Trip Boat- A project to build an accessible trip boat supported bythe Big Lottery Fund. Walking Festival - An annual event started in 2018. Frlends of Dawn Rose - Refurbishment of wooden working boat of a type used to carry cargoes on the Chesterfield Canal. Python Hlstoric 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 ne4V 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. 2027 Appeal - Fund to complete the Canal's Restoration. Staveley Towns Fund - The Trust h35 been awarded a grant to deliver restoration of a sectlon of the canal at Staveley through the Government's Towns Fund Grant Scheme. Canal Feasibility Study- The Trust Is co-ordinating a proJect with partners to undertake a strategic review of the feasi bility of restoring Chesterfield Canal to full navigation. Chesterfleld Canal Partnership-The Trust is the administering body for the partnership of organisations with the objective of restoring Chesterfield Canal to full navigation. QLfvndlng-The Trust has successfully applled to Chesterfleld Borough Councll for Communlty Infrastructure Levy funding to support the development of the Canal. Kelth Ayllng Lock Appeal- An appeal was launched in 2024 to help finance the building of a new lock on the canal. Renishaw Projert - The Trust is to lead on the Rewatering Renishaw project supported by external grant funding to redevelop a stretch of the canal. The transfers of funds In the current year were as follows:. Staveley Towns Fund Project and CIL funding (£50,000) - This receipt of Community Infrastructure Levy funding was originally Included as part of the fundlng for the Towns Fund Project and has been moved to identify all CIL funding as one restricted fund. Walking Festival1£2,271) - The purpose of the restricted fund has been achieved. Trustees approved the transfer of the balance of funds to the 2027 Appeal. 2027 Appeal (£444) - The movement reflects the transfer of the walking festival restrirted fund and use of the 2027 fund to finance the expenditure on the Renishaw project (£1,827). Renishaw Projert (£1,827}- The transfer reflects the movement of funds from the 2027 Appeal to finance the Renishaw project costs approved by Trustees. SMH Pa8e 24
THE CHESTERFIELD CANAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 13. Analysis ot net assets between funds Unrestrirted Funds Restrlrted Funds Total Tangible fixed assets Current Assets Current Liabilities Long Term Liabilities 573.891 1.858,687 20,231 2,277,805 597,112 268.789 2,851,696 2,455,799 289.020 2A12.347 2,606,128 5,018,475 Prior Year Unrestricted Funds Restricted Funds Totsl Tangible fixed assets Current Assets Current Liabilities Long Term Liabilities 544,794 725,854 603,761 225,275 {29,155) 1133,637) (10,000) 1,109,400 1,270,648 829,036 1162,792) {io,0001 1,926,892 817,492 14. Capltal commltment5 Capital commitments authorised but not contracted at 30 September 2024 totalled Nil12023: £nil). 15. Reconcillation of net movement in funds to net cash flow from operatlng activities 2024 2023 Net income for the year (as per Statement of Financial Activities) 3.091.584 673,309 Adjustments for:. Depreciation charges Dividends, Interests and rents from inve5tmentS (Increase) / decrease in stocks {Increasel / decrease in debtors Increase in creditors Net cash from operating activities 32,599 123.627) {3.231) (334,349) 126.227 2,889,203 32,404 (9,4521 {2,521} {112,972) 116,290 697,058 16. Analysis of cash and Cash equivalents 2024 2023 Cash at Bank Cash in Hand Totsl cash and $h equivalents 1.928.603 573 1,929.176 639,454 539 639,993 SMH Page 25
THE CHESTERFIELD CANAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 17. Analysis of changes in debt Asatloct 2023 Cashflows At 30 Sep 2024 Cash at Bank and in Hand Debt due within l year Debt due after l year 639,993 (10,000) (10,000) 619.993 1.289,183 1,929.176 (10,000) 10,000 1,299.183 1.919.176 18. Transartlons with trustees and related party transactions No trustees received any remuneratlon In the year. Their travelling and other expenses are reimbursed in respert of expenses incurred on the charity's business, In the year ended 30 September 2024 there were no such payments paid to Trustees {2023: £nill. There are no other related party transactlons In the year {2023: none) 19. Staff Costs 2024 2023 Wages and Salaries Social Securlty Costs Employer's pension costs Less capitalised staff costs 48,756 46,958 1.182 (24.740) 25.198 1,205 124,629) 23,534 The average number of persons employed by the Trust during the year was 112023: 11 No employee received remuneration amountlng to more than £60,000 in either year. 20. Audlt and Independent Examiners, remuneration 2024 2023 Independent Examination Audit Fees Other services 2,485 6,000 7,300 9.785 21. Contlngent liabilities The Trust has entered into a S278 agreement with Derbyshire County Council to provide security for works to create a new highway entrance off Ireland Close, Staveley. The agreement required a perforrnance bond to be lodged with DCC. The bond is repayable in two parts of 60% upon completion of the works (due in FY24/25) and 40% upon adoption of the highway by DCC (due in FY25/26}. SMH Page 26