The Chesterfield Canal Trust Limited Annual Report and Flnancial Statements Year Ended 30 September 2025 Company Registration number 03403203 Charity Reglstration number 1071376
The Chesterfield Canal Trust Limited Annual Report and Financial Statements Year Ended 30 September 2025 Contents Page Company Information Report of the DirEctor5 2-10 Report of the Independent Auditors 11-13 Statement of Financlal Activitie5 14 8alance sheet 15 Notes to the Financial Statements 16-27
THE CHESTERFIELD CANAL TRUST LIMITED COMPANY INFORMATION FOR THE YEAR ENDED 30 SEPTEMBER 2025 Reference and Adminlstratlve Information Charity Name.. The Chesterfield Canal Trust Ltd Charity Registration Number: 1071376 Company Registration Number.. 3403203 Vat Registration Number: 345 0352 26 Registered Office.. Hollingwood Hub 22 Works Road Hollingwood Chesterfield S43 2PF Directors and Charlty Trustees Dr P G Hardy Mr R D Auton MrGTWalker Mr M I Potter Chair Secretary Treasurer Vice Chair Mrs KAuton Mrjames Bower Ms G K Gregory Mrs R Girling Mr D Kiddy Mr I P Rowbotham Mrs S J Stephens Mrswaller Appointed 17.11.25 Appointed 22.09.25 Appointed 07.07.25 Auditor SMH Group Audlt 5 Westbrook Court Sharrow Vale Road Sheffield South Yorkshire Sll 8YZ Principal Bankers Unity Trust plc Four Brindleyplace Birmingham BI 2JB SMH PaEe I
THE CHESTERFIELD CANAL TRUST REPORT OF THE DIRECTORS FOR THE YEAR ENDED 30 SEPTEMBER 2025 The Directors present their report and financi315tatements for the year ended 30 September 2025. The Trustees have adopted the provisions of the Statement of Recommended Practice"Accounting and Reporting by Charitie5" IFRS 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 charity's governing document, the Charities Act 2011 and Accounting and Reporting bv Charities.. statement of Recommended Practice applicable to charitie5 preparing their accounts in accordance with the Financial reporting Standard applicable in the UK and Republic of Ireland published October 2019. STRucfuRE GOVERNANCE AND MANAGEMENT Governing Document The organisation is a charitable company limited by guarantee, incorporated on 14 July 1997, and registered a5 3 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 Eoverned under its Articles of A550ciation. In the event of the company being wound up members are required to contribute an amount per member not exceeding £1. Director5 and Trustees The Director5 of the Company are also charity Trustees for the purpose of charity law and are elected after the Annual General Meeting IAGMI. Constitutionally one thlrd 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 nomination5 than positions then an election by members present 15 held at the AGM. During the year Stephen Waller and David Kiddy were co-opted as Trustees. At the AGM in March 2025 Rod Auton, lain Rowbotham and Sarah Stephens were re-elected as TrLkStees. Directors Indurtlon and Trainin8 The Directors try to ensure that Directors appointed have the necessary skills to further the Trusys objective5. The Directors are regularly informed of training and development opportunities which arise that could be of benefit to the Trust. The Director5 are aware of the policies and procedures that cover the day-to-day work of the Trust. Organlsatlonal 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 SLtb-committees report to the Trust Board. The sub-committees are Restoration and Boats. Individual Trustees oversee Membership, Publicity. Promotions, Hollingwood Hub, Maintenance, Merchandise and Finance. SMH Pa8e 2
THE CHESTERFIELD CANAL TRUST REPORT OF THE DIREcfoRS FOR THE YEAR ENDED 30 SEPTEMBER 2025 sTRUVRE GOVERNANCE AND MANAGEMENT continued Organlsatlonal Structure Icontlnuedl The Trust ha5 one employee (Development Manager) and about 200 volunteers. The Trust a150 has strong partnership links with many organisations, most notably with North East Derbyshire District Council, 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, Rotherham Metropolitan Borough Council. 8assetlaw District Council and Nottinghamshire County Council to achieve full restoration. These authoritie5 are represented on the Chesterfield Canal Partnership. We are also forging links with the East Midlands Cornbined County Authority. 08JEcfivE5 AND AcfiviTIES The Trusts objectlves and princip81 actlvltles 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 construction 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 hi5tOryi Use of and associated wlldlife 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. The Trust has an online program to co-ordinate the booking by our volunteer5 for activities with the boats. exhibition trailer, maintenance team, paddlesPOrt5 and Hollingwood Hub & Tapton Lock visitor centres. Appropriate training and equipment are provided for the various activities of the Trust, free of charge. Volunteer hours. Our 200 volunteers contributed over 36,000 hours towards the restoration of the canal and the Trust's other activities this year. These approximats liour5 can be grouped a5 follow-. Actlvlty Hours Full time Job Economlc Value Equivolent 11.6 Promoting, improving, and protecting the canal Restoring and maintaining the canal Member support and Administration 20,000 10,000 6,000 £467,000 £237,000 £150,000 Total 36,000 21 £854,000 SMH Pase 3
THE CHESTERFIELD CANAL TRUST REPORT OF THE DIRECTORS FOR THE YEAR ENDED 30 SEPTEMBER 2025 08JEcfivES ANO AcfivETIES cantinuod Publlc Benefit When planning actlvitles for the year, the Direttors consider the Charity Commission guidance on public benefit. Tripboats The Trusys 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' carried out various canal maintenance tasks along the Eastern sectlon of the tanal and other ¢anals working with the Canal and River Trust. 'Dawn Rose, held horse boat pull demonstrations. Paddlesports During the summer months the Trust a5S15t5 CJB Training and Adventure to hire out canoes and paddleboards to enable members of the public to sail them on the canal. This year over 300 people hired eqL¢ipment from our base at Hollingwood. Green Flag The Trust has been awarded a Green Flag for Hollingwood Hub for the 9 year in a row,. In recognition of the work our volunteers undertake to make the are3 ever more attractive. Talk5 We delivered 30 talks to various organi53tions. These included schools, Wl, Probus. History and transport groups. They spread the word about the canal, encourage people to use our tripboats and also make very useful Income on merchandise sales Promotions and exhibitions Thanks to some new volunteers, our promotional trailer ljames Brindleyl has attended several events. We are hoping to build on thi5 success and Bet it out even more next year. We held a very successful exhibition in Killamarsh. 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 several appearance5 on BBC Look North and ITV Calendar. We were also on BBC Breakfast and ITVX had a short documentary about the canal. 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 employee. Tapton lock Visitor Centre The Trust has reopened an information centre and coffee Shop at Tapton Lock which had been closed by Derbyshire County Council due to finance and Staffing problems. In the 2 months since we opened over 1000 people have passed by or visited us. Social media The use of social media by our volunteers is very successful and has enabled far more members of the public to experien trips on our boats, events and paddlesports. It also allow5 our volunteers to follow events happening in the Trust more easily. SMH Pa6E4
THE CHESTERFIELD CANAL TRUST REPORT OF THE DIRECTORS FOR THE YEAR ENDED 30 SEPTEMBER 2025 ACHIEVEMENTS AND PERFORMANCE Charitable Actlvltles 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 expert5 and Is assisted by several volunteers both at an office level and at expert level. The Trust pays for expert help to assist him when required. The Chesterfield Canal Trust was awarded £5.3m (subsequently increased to £5.83ml from the StaveleyTowns Fund in March 2022. This funding was to restore 850m of the canal from Staveley towards Renishaw, along with upgrading the towpath all the way to Reni5haw. Inflation and unexpected utility Costs have put Significant pressure on the scheme cost, and the Trust has had to review a reduced scope of work with the Towns Fund. The Trust has Mitigated some of these change by increasing its own financial contribution and applying for additional funding where possible. For the Towns Fund scheme, the work on the building and landscaping for the new Trans Pennine Trail bridge was completed in October 2024. Since then trees and benches have been placed along the route with the help of Bolsover Woodlands Enterprise. The remaining work in the Town5 Fund scheme started construction in September 2025 and will complete in Summer 2026. The works will include constructing the new Keith Ayling lock, installing a pumping system, restoring 400m of canal to Bellhou5e Basin and the a550Clated landscaping. Preliminary works will be completed for Bellhouse Bridge. A towpath upgrade will be completed from Bellhouse Lane to the Norbriggs Cutting and down the cutting itself to Mastin Moor. Unfortunately the towpath upgrade from Norbrigg5 to Reni5haw will not take place in these works due to difflculties obtaining relevant consents. In October 2024 we commlssioned an archaeologlcal dig to explore the canal basin at Bellhouse Basin. We will now incorporate the wa115 of the orlgSnal basin of the canal into the canal to be restored in that area. Work has commenced at Renishaw. with our restoration work party Starting to erect a compound and undertaking site clearance works. We are grateful to Fawke5 recycling for supporting the Trust with moving some of our equipment from Bellhouse Lane to Renlshaw. Ground investigations and further design work have been undertaken. Inflation and increased engineering requirements are having an impact on the scheme costs and the works will be phased to ensure that each phase is affordable. Works will gather pace in 2026 The Chesterfield Canal Partnership, of which we are a key member, commissioned a new masterplan for the canal restOTation and surrounding development, with a strong focu5 on generating the netessary income to mzintain the canal for the long-term once restored. This was launched in February 2025 and was well received by all parties. The Canal Corridor has been included as a key element of EMCCA'S spatial vision and the Partnership and the Trust are worklng to progres5 further development and delivery of the Ma5terplan element5. The Trust received £75k from the Water Restoration Fund for the development of an Environmental Framework for the Doe Lea Valley. The Trust Is leading on this on behalf of an informal partnership of interested partie5, including the Don Catchment Rivers Trust, Local Authorities, Environment Agency, Yorkshire Water. Derbyshlre Wildlife Trust, large local landowners and many others. Consultants have been appointed to look at the environmental ch311enges in the Doe Lea valley and to co-develop solutions with the partners. We hope that this will demonstrate how restoration of the Puddlebank can form part of a landscape- scale envlronmental improvement project, and thus be attractive to significant funders in the future. The current work will conclude in March 2026. SMH Pa8e 5
THE CHESTERFIELD CANAL TRUST REPORT OF THE DIRECTORS FOR THE YEAR ENDED 30 SEPTEMBER 2025 ACHIEVEMENTS AND PERFORMANCE contlnued Charitable Activtties The Trust recognises the hard work of our volunteers and has an agreement with Yorkshire Security and Medical Services to provide, free of charge, First Aid Training to all the volunteers and for those on boats the ability to achieve the Royal Yachting Associations Helmsman'5 Certificate or National Community Boat5 Association Certificate in Community Boat Management. The Trust produces a quarterly magazine, the Cuckoo, to inform our members, local businesses and politicians of our attivitie5. This Is always welcomed, and we receive many positive comments about the article5 published. It is particularly welcomed by members who do not have computer access. Our monthly electronic newsletters go to all our members with email addresses, about 60 media organisations, all the MPS, Mayors, county, borough and district councillors alonE the route and many other organisations, Including all the local libraries and information centres. Publications We produced 16,000 copies of the Visitor Guide to the Chesterfield Canal. We reprinted 500 more copies of David Blackburn's book"Walking along the Chesterfield Canal" We produced our 2026 Calendar. Web51te5 Our new Donations website, which is linked to our main website, ha5 proved very successful and sorts out Gift Aid. Our volunteering website - Artivity Manager- is vital to most of our work. We also run the Chesterfield Canal Partnership website and support Christine Richardson'5 Chesterfield Canal Archive web51te. Membership During the year membership of the Trust decreased by 31. Although many people continue to join the Trust the age profile of our members is such that it mean5 we also lose many members. The membership at 30 September was 2047 Fundraising The Trust continues to engage the services of a fundraising consultant. The consultant has raised a considerable amount of funding for the current restoration plans. The Tru5Vs four trip boats remain an extremely popular means of prornoting the canal and over the year volunteer5 Spent over 10,000 hour5 taking over 6,000 members of the public, many of whom had never seen the canal before, onto the canal for celebr3tions and trips. Our popular trips with Santa enabled 1596 people to speak to Santa and receive a present or festive drink. The Trust has reopened an information centre and coffee shop at Tapton Lock which had been closed bv Derbyshire County Councll due to finance and staffing problems. 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. SMH Pale 6
THE CHESTERFIELD CANAL TRUST REPORT OF THE DIRECTORS FOR THE YEAR ENDED 30 SEPTEMBER 2025 ACHIEVEMENTS AND PERFORMANCE continued Vi51ting the canal because of Trust artivities 6,000 people had a trip on one of our boats along the length of the Chesterfield Canal 10,000 people visited our Information Centre at Hollingwood Hub and 9,000 people visited Katey's Coffee Shop. (Estimates) 1000 people passed by and visited and the café and information centre at Tapton lock (during the 2 months following our openingl. TURE PLAN We will continue to engage or employ expert help, to assist our Development Manager and Fundraising Consultant succeed in grant applications for future restoration. The Doe Lea Valley Environmental Framework will report in March 2026, and we will work with our partners to use this to explore ways to fund restoration of the Puddlebank and construction of the aqueduct over the river. The Trust will continue to explore other funding avenues Separately as well, although funding for this type of work is difficult to secure and therefore the partnership and environmental focus is believed to be the key to success. We will work with partner5, including Treligan, an environmental consultancygroupi to achieve restoration of the canal and improvement in the environment around the Doe Lea Vally. We will explore how the chariging 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. We will seek funding from NLHF for a large community engagement project focussed on the canal's heritage and the impacts of restoration and other development on the heritage value of the canal. This will build our understanding of the heritsge and the communltles along the canal, and develop our relationship with the NLHF. These are essential steps to potentially attracting large grants from NLHF for the physical restoration works in the future. SMH Page 7
THE CHESTERFIELD CANAL TRUST REPORT OF THE DIRECTORS FOR THE YEAR ENDED 30 SEPTEMBER 2025 FINANCIAL REVIEW Income for the year has reduced by £2,272,395 on 2024. Total income for the year is £1,019,267 compared with £3,291,662 in 2024. The main reasons for this is due to the legacy of £1,275,000 received in 2024 and a reduction of over £lm in grants largely due to a reduction in claims in the year from the 5taveley Towns Fund. The Trust secured £5.83m grant through the Staveley Towns Fund Deal to support restoration of the canal in Staveley, the work supported by the grant is due for completion in the summer of 2026. Expenditure for the year has reduced by £836,012. Total expenditure for the year is £977,7141£306,221 revenue expenditure and £671,493 355ets under construction) compared with £1,813,725 in 2024. The reduction in due to reduced expenditure incurred in progressing the Staveley Towns Fund Dea5 project 1£942,2321. The net increase in fund5 was £713,04612024- £3,091,584). The increase in unrestricted funds wa5 £16,726. The increase in restricted funds was £696,320,. £671.000 of this is grant towards the cost of the Staveley Towns Fund Canal Restoration prolect. Decisions have made by the Trust that commit £1,713,200 of unrestricted funds that have yet to be incurred:_ The appointment of o Fundraiser post for 3 years1£70,0001. o A commitment to core fund an element of the Staveley Towns Fund Deal1£123,2001. Thls had been planned to be spent in 2021, but the flrst tranche of the Staveley Towns Fund was prioritised to be used first. o A further commitment of £750,000 towards delivery of the StaveleyTowns Fund project together with the creation of a 'reserve" of £600,000 to manage the financial risk 3550ciated with delivering the prolect The Rewatering Renishaw project1£150,0001 The Trust had fund5 carried forward at 30 September 2025 of £5,731,521 12024: £5,018,475) of which £3,302,448 12024.. £2,606,128) are restricted funds and £2,429,07312024.. £2,412,347) are unrestricted funds. Reserves Policy At the Trust Board meeting in August 2021 the Trustees approved a Resee$ 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 net of future commitments 15 £153,750. Reserve levels will be monitored to ensure they reMan adequate to cover anticipated future requirements. The policy will be reviewed annually to ensure it is fit for purpose. Investment Policy The Trust has significant reserves at the present in advance of commitment to fund the capital 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 indivldual investments in financial institutions operating within the Financial Conduct Authoritvs remit. SMH Page 8
THE CHESTERFIELD CANAL TRUST REPORT OF THE DIREcfoRS FOR THE YEAR ENDED 30 SEPTEMBER 2025 RISKS MITIGATIONS Failure to deliver the Towns Fund Project deliverables within the required tirne5cales and financial envelope Appointment of specialist adv150rs and 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 15 brought in when required Increased level of financial contingency from Trust Funds Public liability and Trustee Liability insurance Perceived negligence by the Trust or volunteers Training of volunteer5 Risk assessments undertaken for all major attivities Accidents to visitors, volunteers and the publlc Health and Safety policy for all volunteers Monthly review of any incidents l accidents Careful financial management Failure of income stream5 Maintenance of adequate cash reserves Spread funding across a number of different financial institutions Security of Investment Funds Investments institutions restricted to accredited At least 50% of funds on short term deposit Sharing of knowledge and information Robust management of key internal documents Loss of Employee I Contractor5 Identify capable successors SMH Pa8e 9
THE CHESTERFIELD CANAL TRUST REPORT OF THE DIRECTORS FOR THE YEAR ENDED 30 SEPTEMBER 2025 TRUSTEES RESPONSIBILITIES STATEMENT The Trustees (who are also directors of The Chesterfield Canal Trust for the purposes of company lawl are responsible for preparing the TrL+Stees' Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare flnancial statements for each fnanCIal year. Under company law the Trustees must not approve the firkancial statements unless they are satisfied that they give a true and fair view of the state of affair5 of the charitable company and of the incoming resources and application of resourtes, including the income and expenditure, of the charltable company for that period. In preparing these financial statements, the Trustees are required to.. Select suitable accounting policies and then apply them consistently. Observe the methods and principles in the Charities SORP 2019 IFRS 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 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 posltlon of the charitable company and enable them to ensure that the flnanclal statements comply with the Companles Act 2006. They are also responsible for safeguardlng the a55ets of the charitable company and hence for takirbg reasonable steps for the prevention and detection of fraud and other irregularities APPROVAL Approved by the 8oard on )l.S.t and signed on their behalf by: IIJL Dr P G Hardy Chair SMH Pa8e 10
THE CHESTERFIELD CANAL TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE CHESTERFIELD CANAL TRUST LIMITED FOR THE YEAR ENDED 30 SEPTEMBER 2025 Opinion We have audited the financial statement5 Of The Chesterfield Canal Trust Limited Ithe 'charitable company'l for the vear ended 30 September 2025 whlch comprise the Statement of Flnancial Activitles, the Balance Sheet and notes to the financial ststements, including a summary of significant actounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practicel. In our opinion the financial statements: Eive a true and fair view of the state of the charitable company's affoir5 a5 at 30 September 2025 and of its incoming resources and application of resources, including it5 result, for the year then ended: have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirement5 of the Companies Act 2006. Basls for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standard5 are further described in the ALJditor5' 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 statement5 in the UK, including the FRC'5 Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirement5. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relatlng to going concern In auditing the financial statements, we have concluded that the tru5tees' use of the going concern basis of accounting in the preparation of the financial statements 15 appropriate. Based on the work we have performed, we have not identified any material uncertaintie5 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 with respect to going concern are described in the relevant section5 of this report. Other Information The trustees are responsible for the other informatlon. The other information comprises the information included in the Annual Report, other thon the financial statements and our Report of the Independent Auditor5 thereon. Our opinion on the financial statements doe5 not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not expre55 any form of assurance conclusion thereon. SMH Pa8e 11
THE CHESTERFIELD CANAL TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE CHESTERFIELD CANAL TRUST LIMITED FOR THE YEAR EIVDED 30 SEPTEMBER 2025 In connectlon wlth our audlt of the flnancial statements, our responslblllty15 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 incon515tencie5 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 15 a material misstatement of this other information, we are required to report that fart. We have nothing to report in this regard. Matters on which we are required to report by exceptlon We have nothing to report in respect of the following matter5 where the Charities (Accounts and Reports) Regulations 2008 require5 US to report to you if, in our opinion= the information given in the Report of the Trustees is inconsistent in any material respect wlth the financlal statements. or the charitable company ha5 not kept adequate accounting records; or the financial statements are not in agreement with the accounting records and returns; or we have not received all the information and explanations we require for our audit. Re5pon5ibilities of trustees As explained more fully in the Statement of Trustees, Responsibilities, the trustees (who are also the directors of the charitable company for the purp05e5 of company lawl are responsible for the preparation 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 materlal mlsstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company'5 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 operation5, or have no realistic alternative but to do so. Our responslbllltles for the 4udit of the flnanclal statements We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statement5 as a whole are free from material mlsstatement, whether due to fraud or error, and to Issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will alway5 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 expected to influence the economic decisions of users taken on the basis of these financial statement5. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Our assessment of the Susceptibility to material misstatement, whether by fraud or error, is made in a risk based approach. SMH P38e 12
THE CHESTERFIELD CANAL TRUST INDEPENDENT AUDITOR'S REPORTTO THE TRUSTEES OF THE CHESTERFIELD CANAL TRUST LIMITED FOR THE YEAR ENDED 30 SEPTEMBER 2025 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 consldered. The policie5 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 laws and regulations throughout the audit. Policies and controls relating to the risk of material misstatement as a result of fraud, management override of controls, and revenue recognition5 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 searche5. Testing of income recognition and fund accounting is also completed. We have ensured that the engagement team have appropriate levels of competence and experience to effectivelv monitor these risks and carry out work relevant to our assessment of each risk, including consideration of the sector the charity operates in and it5 size and complexity. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uvauditorsresponsibilities. This description forms part of our Report of the Independent Auditors. Use of our report This report is made 501ely to the charitable company's trustees, as a body, in accordance wlth 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 requlred 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 formèd. James Sallm FCCA1Senior Statutory Auditor) for and on behalf of SMH Group Audit Statutory Auditors 5 Westbrook Court Sharrow Vale Road Sheffield South Yorkshire Sll 8YZ Date.. SMH Pa8e 13
THE CHESTERFIELD CANAL TRUST LIMITED STATEMENT OF FINANCIAL AcllviTIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 30 SEPTEMBER 2025 Note5 Unrestricted Restricted Funds Funds Total 2025 Total 2024 Income from Donations and legacies Grants Donations Legacies Membershlp Fees Gift Aid Total donatlons and legacles 1,190 16,755 1,000 25,809 4,203 48,957 686,422 40,227 687,612 1.775,307 56.982 60,464 1,000 1,275.000 25,809 20,752 10,394 5,481 781,797 3,137,004 6,191 732,840 Other tradlng actlvltles Concerts / Events / Talks Fund Raising Sales Property Rental Total other trading artlvities 692 692 458 45,110 17,980 63,782 45,110 17,980 63,782 31,997 18,465 50,920 Sundry In¢ome (31 2,896 36,340 39,236 1,616 Investment Income 53,559 53,559 23,627 Charltable artlvltles Trip Boat Income Hollingwood Hub Total charitable Income 65,008 15,885 80,893 65.(M)8 15,885 80,893 63,432 15,063 78,495 Totsl Income 250,087 769,180 1,019,267 3,291,662 Expenditure on: Charitable activities Loss on Sale of asset Cost of generating funds Total Expenditure 203,397 72,860 276,257 175,967 29,964 233.361 29,964 306,221 24,111 200,078 72,860 Net Incomlng I (expenditure) before other recogni5ed gains 16,726 696,320 713,046 3,091,584 Gains on revaluatlon of fixed assets {iii Net Movement In Funds 16,726 696,320 713,046 3,091,584 Total Funds brought forward at l October 2024 2,412,347 2,606,128 5,018,475 1,926,891 Fund Balances carried forward at 30 September 2025 2,429,073 3,302,448 5.731.521 5,018,475 The statement of financial activities complies wlth the requirements for an income and expenditure account under Companies Act 2006 and Intludes all gains and losse5 in the year. All activities relate to continuing operations. SMH pa 14
THE CHESTERFIELD CANAL TRUST LIMITED BALANCE SHEET ASA T 30 SEPTEMBER 2025 Notes 2025 2024 Fixed Assets Tangible Assets (61 3,510,838 2.851,696 Current Assets Cash at Bank Cash in Hand Debtors & Prepayments Stock 1,941,860 843 381,542 10,734 2,334,979 1.928,603 573 513,494 13,129 2,455,799 171 Credltors: Amount falllng due wlthln one year 181 114,294 289,020 Net Current A55ets Z,220,683 2,166,779 Credltors: Amount falllng due after one year Net A55ets 5,731,521 5,018,475 Accumulated Fund5 Revaluation Reserve Unrestricted funds Total unrestritted funds Restricted funds 153,211 2,275,862 162,477 2.249,870 2.412,347 2,606,128 5,018,475 1121 Z,429,073 3,302,448 5,731,521 (12) These flnancial statements have been prepared in accordance with the provision5 applicable to companies subject to the small companies regime with Part 15 of the Companies Act 2006. The financial statements were approved by the Board on ILIsIz and signed on their behalf bv Dr P Hardv Chair r G Walker Treasurer Company registratlon number: 03403203 SMH Page 15
THE CHESTERFIELD CANAL TRUST LIMITED STATEMENT OF CASH FLOWS ASA T30 SEPTEMBER 2025 Notes 2025 2024 Cash Ilows from operating expenses Net cash provided by operating activlties 1151 651,815 2.889,203 Cashflows from Investing activitles Dividends, Intere5t5 and rents from investments Proceeds from the sale of tangible fixed assets Purchase of tangible fixed 35setS 53,559 23,627 {691,847) 11,613.6471 Net cash provided by I (used Inl Investing artivlties 13,527 11,299,183) Cashflows from flnan¢ing artlvities Cash inflows from new borrowing Repayments of borrowing 10.0001 Net cash used In flnanclng activities iio,0001 Change In cash and cash equivalents In the year Cash and cash equivalents at the beginning of the year Cash and cash equivalent5 at the end of the year 13,527 1.929,176 1.942.703 1,289,183 639,993 1,929,176 1161 SMH Pa£e L6
THE CHESTERFIELD CANAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 Accountlng policles (a) Charlty Informatlon The Chesterfield Canal Trust Limited is a charitable company limited by gLtarantee 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 transattion 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 IFRS 1021 issued on 16 july 2014 las updated by Update Bulletin 11 and Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FR5 1021 and Charities Act 2011. The charity constitutes a public benefit entity as defined 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 accountlng 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 restrittions on their expenditure imposed by the donor or through the terms of appeal. 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 gift5 and is included in full in the statement of Financial Activities when receivable. Donated services and facilities are included at the value to the charity where this can be quantified. The value of services provided by volunteers has not been included in these accounts. Investment income is Included when receivèble. 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 subscription5 is included in the year of receipt. SMH Page 17
THE CHESTERFIELD CANAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2025 Accounting policies- continued le) Expendlture Expenditure 15 recogni5ed on an accrual basis as a liabilitvls incurred. The Trust voluntarily registered for VAT in March 2020 therefore expenditure exclude5 all VAT which can be fully recovered, any unrecoverable VAT is reported as B part of the expenditure to which it relates.. Costs of raising fund5 cornprise the costs associated with attracting voluntary income and the costs of trading for fundraising purposes. Charitable expenditure comprises those c05t5 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 accountanys fees and any costs linked to the strategit management of the charity. AII costs are allocated between the expenditure categorie5 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. ifj Value Added Tax IVAn 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 classified as irrecoverable by HM Revenue5 & Customs. Ig) Tangible fixed assets and depreclatlon Fixed assets purchased with a value of le5S than £1,000 are written off in full in the year of purchase. Depreciation 15 provided on all tangible fixed asset5 at rate5 calculated to write off the cost on a straight- line basis over their expected useful economic lives as follow5'.- A55et Type Rate Asset Type Trip Boats 5% Furniture Motor Vehicles 25% Commercial Property Plant & Equipment 10% / 25% Residential Property Computer Equiprnent 33.33% Fixtures and Fittings Office Equipment 25% Rate 25% io% 20% Where assets are under construction no depreciatlon 15 provided until completion. (h) Revaluatlon 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 a5 at 30 September 2022. The valuation was undertaken by Norton Highfleld Ltd, Chartered Surveyor5. 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 yearsl. Stock Stock is included at the lower of c05t and net realisable value. til Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliablv by the Charity- this is normally upon notification of the interest paid or payable by the bank. SMH PaÉe 18
THE CHESTERFIELD CANAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 l. Accountlng policies- continued Ik) 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 Wlth a short maturity of three months or less from the date of acquisltion or opening of the deposit or similar account. Im) Credltors and provlslons Creditors and provisions are recogni5ed 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 me35ured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. (n) Flnanclal 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. {0) Crltlcal accountlng estlmates and areas of Sudgrnent Estimates and jud8rnents are continually evaluated and are based on historlcal experlence and other factors, including expectations of future events that are considered reasonable under the clrcumstances. Critical accounting e5tirftates and assumption5', The charity makes estimates and assumption5 concerning the future. The resulting accounting estimates and assumptions wi11, 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 amounts of assets and liabilities within the next financial year. {pl Employee beneflts When employees have rendered services to the charity, short-term employee benefits to which the employee5 are entitled are recognised at the undiscounted amount expected to be paid in exchange for the service. Iq} Pension costs The charity contributes to a defined contribution pension scheme and the pension charge represents the mount payable to the scheme in respect of the year. Land and Bulldlng Revaluatlon Land and buildings acquired for the purpose of canal restoration will +Je professionally revalued every 5 years. SMH Page 19
THE CHESTERFIELD CANAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 Prlor Year Statement of Financial Actlvltles Notes Unrestrirted Funds Restricted Funds Total 2024 Income from: Donations and legacles Grants Donation5 Legacies Membership Fees Gift Aid Total donatlons and legacies 4,841 11,684 1,275,000 20,752 3,000 1,315,277 1,770,466 48,780 1.775.307 60,464 1,275,000 20,752 5,481 3,137,004 2,481 1,821,727 Other trading artivltles Concerts / Events / Talks Fund Raising Sales Property Rental Total other trading actlvltles 458 458 31,997 18,465 50,920 31,997 18,465 50,920 Sundry Income (31 1,116 500 1,616 Investment IornE 23.627 23.627 Charitable artlvltle5 Trip Boat Income Hollingwood Hub Totsl ¢haritsble income 63,432 15,063 78,495 63,432 15,063 78,495 Total Income 1,469,435 1,822,227 3,291,662 Expenditure on: Charitable Activities L05s on sale of asset Cost of Generating Funds Totsl Expenditure 141 15} 142,376 33,591 175,967 24,111 166,487 24,111 200,078 33,591 Net Incorne/lexpendtturel before other recoEnised galns 1,302,948 1,788,636 3,091,584 Galns on revaluation of fixed asset5 Iiii Net Movement in Funds 1,302,498 1,788,636 3,091,584 Total Fund5 brought forward at l October 2023 1,109.399 817,492 1,926,891 Fund Balances at 30 September 2024 2,412,347 1,606,128 5,018,475 There are no recognised gains and losses in the year other than the surplus for the year identified above as net income. SMH Page 20
THE CHESTERFIELD CANAL TRUST LIMITED NOTES TOTHE FINANCIAL STATEMENT5 ICONTINUEDI FOR THE YEAR EAIDED 30 SEPTEMBER 2025 Sundry Income Sundry income relates to contributions from partners toward5 the c05t of the Chesterfield Canal Masterplan and training income. Charitable Artivities Unrestricted Funds Restricted Funds Total 2025 Total 2024 Advertising and Publicity Alarm Maintenance & Monitoring Bank I Paypal Charges Catering Cleaning Contractlng Servlces Depreciation Donations Given Electricity & Gas Fixtures and fittings Fuel & Oil Governance Health and 5afetv Insurance Interest Paid Legal & Professional Fees Licences Materials Miscellaneous Expenses Mooring Fees Postage & Stationery PLFblicity Material & Signage Rent & Rates Repairs & Renewa15 Santa Expenses (Trip Boats) Security Services Surveys I Inspections / Planning Fees Telephone Tools and EqL4ipment Training Travelling Expenses Waste Removal Water Website I Computer/Software Wages/Salaries (Note 19J 22 150 5,363 5,330 403 2,967 22,755 464 5,607 22 150 5,363 5.330 403 10,661 32,705 464 5,607 65 1,206 5,299 4,195 325 3,367 32,599 io 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 4,064 19.231 1,214 171 1.776 206 I,ioi 911 88 397 849 2,394 25,198 175,967 7,694 9,950 4,329 8,950 869 13,241 4,329 8,950 869 13,241 29,257 2,337 2,088 651 5,845 7,455 9,181 5.269 8,839 55.200 84,457 2,337 2.088 666 5,845 7,455 9,181 5,269 8,839 15 730 25,911 431 2,773 1,384 411 1,073 1,238 1,602 26,472 203,397 730 25,911 431 1,773 1.384 411 1.073 1,238 1,602 26,472 276,256 72,859 SMH Pa8e 21
THE CHESTERFIELD CANAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 30 SEpfEM8ER 2025 Raising funds Unrestricted Fund5 Restrlcted Funds Total 2025 Total 2024 Charitable Activitles Festival Cost of Sales Fundraising Costs 14,858 15,106 29.964 14,858 15,106 29,964 6,901 17,210 24,111 Tanglble flxed assets Boats Dawn Rose Motor Plant and Vehlcles Equlpment Property Assets Under Constiuctlon Total Cost At10tt24 Additions Disposa15 At 30 Sept 25 262,500 40,000 5,494 61,003 20,354 342,084 2,280,884 2,991,965 671,493 691,847 262,500 40,000 5,494 81,357 342,084 2,952,377 3,683,812 Depreciation AtIOct24 Charge for year Disposals At 30 Sep 25 43.749 13,125 6,667 2,000 1,984 1,832 50,179 6,514 37,690 9,234 140,269 32,705 56,874 8,667 3,816 56,693 46,924 172,974 Net book value at 30 September 25 205.6Z6 31,333 1.678 24.664 295,160 2,95Z,377 3,510,838 Net book value at 30 September 24 218,751 33,333 3,510 10,824 304,394 2,280,884 2,851,696 Dawn Rose- New Build Wooden Working Boat: This is included in fixed assets to reflect the ¢apitalisation of the construction cost5 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 a55et values ond depreciation to the date of the valuation has been taken to the Revaluation reseNe and will be released to the income and expenditure account over the remaining estimoted life of the boats120 year51. Revaluatlon of Property The commercial properties at 2411243 Sheffield Rd were revalued for the accounts at 30 September 2022. The valuation was undertaken by Norton Mighfield 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 Page 22
THE CHESTERFIELD CANAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2025 Tanglble flxed assets Icontlnued) A55ets Under Constructlon The Trust has been successful in securing £5.83m from the Staveley Towns Fund Deal ladministered bv Chesterfield Borough Council) to 5UPPOrt work to restore a section of the Canal. The construction work include5 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 June 2026. Debtors 2025 2024 Trade Debtors Other debtors and prepayments VAT Tenant deposit scheme Other deposits 295,559 52,615 923 32.445 381,542 333,662 92,977 923 85,932 513,494 Creditors: amounts falllng due within one year 2025 2024 Trade creditors Loan Other creditors and accruals Tenant Dep051t 105,371 268,790 10,000 9,307 923 289,020 8,000 923 114,294 Credltors: amounts falllng due after one year 2025 2024 Charge attached to 243 Sheffield Rd. Killamarsh 10. Taxation As a tharity, The Chesterfield Canal Trust Limited is exempt from tax on income and gains falling within the available tax exemptions to the extent that these are applied to its charitable objects. No tax charges have arisen in the charity. 11. Revaluation Reserve Z025 2024 Opening Balance Revaluation Uplift In year Applied in year Balance carried forward 162,477 171,742 19,2661 153,211 19,2651 162,477 SMH Pa£e 23
THE CHESTERFIELD CANAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 12. Funds Current Year Balance 01.10.24 Income Expendlture Tr3n5fer Between Funds Balance 30.09.25 Unrestrlcted General 2,412,347 250,087 233,361 2,429,073 Restrlcted Staveley Towns Fund Project 2027 Appeal CIL FundinB Keith Ayling Lock Appeal Hugh Hen5hall Trip Boat Python Historic Boat Refurbishment John Varley Trip Boat 1st Stage Payment Dawn Rose Canal Feasiblllty Study Chesterfield Canal Partnership Last Cuckoo Projert 2,232,406 90,222 196,318 21,973 27,075 11,797 6,527 671,493 51,314 2,903,899 125,823 196,318 29.516 23,525 12,057 2,527 4,830 15,713 7,543 3,550 2,400 2,660 4,830 31,340 5,000 13,310 1.500 2.606,128 36,340 10,857 2,453 1,500 3,302,448 769,180 72,860 Total Funds 5.018,475 1,019,267 306,221 5,731.521 Prior Year Balance 01.10.23 Income Expendlture Transter Between Funds Balance 30.09.24 Unrestrirted General 1,109,399 1,469,435 166,487 2,412,347 Restricted Hugh Henshall Trip Boat Staveley Towns Fund Project Python Historic Boat Refurbishment John Varley Trlp Boat 1st Stage Payment Work Party Equipment Last Cuckoo Project Walking Festival Canal Fe35ibility 5tudv 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 2,232,406 11,797 6,527 150,0001 2,400 4,000 1.746 1,500 12,2711 20,000 68 5,000 13,310 90,222 196,318 21,973 40,289 146,318 21,973 444 50,000 1,827 33,591 1,827 817.492 1,822,227 2,606,128 Total Funds 1,926,891 3,291,662 200,078 5,018,475 SMH Pa8e 24
THE CHESTERFIELD CANAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 The purpose of the restricted funds are as follows: Stavelvi 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. 2027 Appeal - Fund to complete the Canal's Restoration. CIL fundlng-The Trust has successfully applied to Chesterfield Borough Council for Community Infrastructure Levy funding to 5UPPOrt the development of the Canal. Keith Ayling Lo¢k Appeal- An appeal was launched in 2024 to help finance the building of a new lock on the canal. Hugh Henshall Trip Boat- A project to build an accessible trip boat supported by the Big Lottery Fund. Python Hlstorlc Boat Refurblshment - Historic boat used to promote the Chesterfield Canal at various local and national events and to a5515t with volunteer maintenance work on the Chesterfield Canal. John Varley Trlp Boat- Replacement of old trip boat with a new boat. Dawn R05e- Refurbishment of wooden working boat of a type used to carry cargoes on the Chesterfield Canal. Canal Feaslbility 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. Chesterfield Canal Partnership-The Trust is the administering body for the partnership of organisations with the objettive of restoring Chesterfield Canal to full navigation. Last Cuckoo Project - Archaeologieal dig at Bellhouse Basin on the Chesterfield Canal. Walking Festival - An annual event Started in 2018. Work Party Equipment- Purchase of equipment for use in restoring the Chesterfield Canal. Reni5haw Prolect - The Trust 15 to lead on the Rewatering Renishaw project supported by external grant funding to redevelop a stretch of the canal. 13. Analy515 of net assets between funds 2025 Restricted Funds 2024 Unre5trirted Restrlcted Funds Funds Unrestrlcted Funds Totsl Total Tangible fixed assets Current Assets Current Liabilitie5 Long Term Liabilities 788.072 1,660,782 119,779} 2,722,766 3,510,838 674,197 2,334,979 194,5151 1114.294) 573,891 2,277,805 2,851,696 1,858,687 597,112 2,455,799 120.2311 1268,7891 1289,0201 2.429,073 3,302,448 5,731,521 2,412,347 2,606,128 5,a18,475 SMH Page 25
THE CHESTERFIELD CANAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 14. Capltal commltmentS Capital commitments authorised but not contracted at 30 September 2025 totalled Nil12024: £nill. 15. Reconclllatlon of net movement In funds to net cash flow from operatlng actlvltles 2025 2024 Net Income for the year las per Statement of Financlal Artivitles) 713,047 3,091,584 Adjustments for:_ Depreciation charges Dividends, interests and rents from investments Ilncrea5el / decrease in stocks Ilncreasel I decrease in debtors Increase / Idecreasel in creditors Net cash from operating activities 32,705 153,5591 2,395 131,952 (174,7251 651,815 32,599 123,6271 13,2311 1334,3491 126,227 2,889,203 16. Analysls of cash and tash equivalents 2025 2024 Cash at Bank Cash in Hand Total ¢ash and cash equivalents 1,941,860 843 1,942,703 1,928,603 573 1,929,176 17. Analysis of changes in debt Asatlort 2024 Cashflows At 30 Sep 2025 Cash at Bank and in Hand Debt due within I year Debt due ofter l year 1,929,176 {io,000) 13,527 10,000 1,942,703 1,919,176 23,527 1,942,703 18. Transactions with trustees and related party transactlons No trustees received any remuneration in the year. Their travelling and other expenses are reimbursed in respert of expenses incurred on the chariVs busine55. In the year ended 30 September 2025 there were no such payment5 paid to Tru5tees12024.. £nill. There are no other related party transactions in the year12024: none) SMH Page 26
THE CHESTERFIELD CANAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2025 19. stsff Costs 2025 2024 Wages and Salaries Social Security Cost5 Employer's pension costs Less capitalised staff costs 51.621 48,756 1,315 124.4641 28,472 1,182 124,7401 25,198 The average number of persons employed by the Trust during the year was 112024: 11 No employee received remuneration amounting to more than £60,000 in either year. 20. Audit and Independent Examiner< remuneratlon 2025 2024 Independent Examination Audit Fees Other services 8,950 6,000 8,950 6,000 zi. Contlngent liabilities The Trust ha5 entered into a 5278 agreement with Derbyshlre County Councll IDCCI to provide a financial security for works to create a new highway entrance off Ireland C105e, Staveley. The deposit is repayable in two parts; 60% wa5 repaid In 2024125 on completion of the work5. The balance of 40% is due upon adoptlon of the highway by DCC Idue in FY251261. SMH Pa8e 27