This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

The Shrewsbury & Newport Canals Trust Registered number 4075920

THE SHREWSBURY & NEWPORT CANALS TRUST

(A Company Limited by Guarantee) Registered Company Number 4075920 (England & Wales) Registered Charity Number: 1088706

Report of the Trustees

and

Financial Statements

Year ended 30[th] September 2020

The Shrewsbury & Newport Canals Trust Registered number 4075920

The trustees of the charity, who are also directors of the company, present their report with the financial statements of the charity for the year ended 30[th] September 2020. The Trustees have adopted the provisions of The Charities (Accounts & Reports) Regulations 2008.

TRUSTEES

Those who held office as directors and trustees during this year and on the date the report was approved are:

Stephen Christopher Bean	Alan Frank Boney	David Peter Crow
Sherrel Gillian Fikeis	Alan David Harding	John Edward Heather
Bernard Charles Jones (chair)	Philip Michael Jones	Steven Hugh Jones;
Stephen Andrew Kearney	John Myers	John Metcalfe Stevens
David Ray	Keith Vaughan Welch

Brian David Nelson was also a director and trustee throughout the year.

BANKERS

The Trust held bank accounts during the year with:

CAF Bank Ltd, 25 Kings Hill Avenue, Kings Hill, West Malling, Kent; Cambridge & Counties Bank, Charnwood Court, 5B New Walk, Leicester; and NatWest, 217 Dean St, Telford Town Centre, Telford.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Trust is a company limited by guarantee, incorporated on 21[st] September 2000, registered in England number 4075920. The governing document is the Articles of Association which was adopted on 2[nd] June 2018. The Trust is registered as a charity, number 1088706. The registered office is 4 Arscott, Pontesbury, Shrewsbury, Shropshire.

All activities and expenditure of the Trust are approved by the Board of Trustees. Trustees are elected from within the membership and have overall responsibility for the management of the Trust’s affairs and decisionmaking. Any member can be nominated for election as a Trustee, such election and appointment being made at the Annual General Meeting. One third of Trustees retire by rotation each year and can stand for reelection. Additional Trustees may also be co-opted as and when vacancies arise. Trustees usually meet as a full Board six times per annum. Day to day management of the affairs of the Trust is delegated to individual Trustees and to sub-committees with responsibility for specific aspects and areas of the charity’s operations.

The Trustees have identified and reviewed the major risks to which the charity is exposed. A formal Health & Safety Policy document is in place, reviewed and action taken to mitigate exposure and to revise the policy. For events involving access by the public, risk assessment procedures are carried out. Major risks are covered by appropriate insurance to cover both public and employee (volunteers) liabilities. Appropriate financial controls and policies are in place to prevent financial irregularities, and the accounts are subject to independent examination.

The Trustees have adopted a new reserves policy during the course of the year. The policy is to maintain sufficient reserves to finance the day to day running of the charity for a period of approximately 12 months, to permit the Trust to continue to function in the event of a total absence of income and, if necessary, to wind the company up in a controlled manner. This is set as the total expenditure (excluding expenditure on the Trust’s direct objective of restoration, such as materials, contracted services, volunteer work party expenditure) as reported in the previous year’s annual accounts,

The Shrewsbury & Newport Canals Trust Registered number 4075920

OBJECTIVES, ACTIVITIES & ACHIEVEMENTS

The objectives of the charity are: -

to promote and undertake the restoration of the Shrewsbury Canal between Shrewsbury and Trench in the county of Shropshire and of the Newport branch of the Shropshire Union Canal, including the Humber Arm, between Wappenshall Junction and Norbury Junction in the county of Staffordshire, by the original route or diversions as necessary (hereinafter together called "the Canals") to good and navigable order and to promote and undertake the maintenance and improvement of the Canals, associated structures and buildings for the benefit of the public.
to promote the fullest use of the Canals by all forms of waterborne traffic and for all forms of water-related commercial, local amenity, tourist and recreational activity for the public benefit.
to promote the education of the public in the history and use of the canals and waterways and of the Canals in particular.

Public Benefit Report

We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities.

This was a year of two halves, progress with all ongoing projects being seriously adversely affected by both the Covid-19 pandemic and storms.

The Trust's main focus has continued to be the restoration, conservation and maintenance of the two fine Grade II listed early 19[th] century canal warehouses at Wappenshall, which the Trust leases from Telford & Wrekin Council. In the first six months of the year work was progressed on the restoration of the buildings, largely using volunteer labour, with rotten floorboards and joists replaced; new walls built and others repaired; and a bat loft and barn owl roost construction commenced to meet planning permission conditions. In addition, the east basin was excavated by contractors.

The Trust has been very generously gifted a pair of Town Class (Large Woolwich) narrowboats which were built in 1936 by Harland & Wolff. The plan was to navigate them from the Grand Union Canal back to Norbury Junction, where they will be restored, but because of the pandemic they were only able to make it halfway before lockdown. Following restoration, they will be used to promote the Trust and will eventually be transported to Wappenshall to be used as ‘floating classrooms’ as part of Trust’s educational programme to teach youngsters and adults about the history of the canals and the working people and boats.

The boats were planned to be a major feature of the Trust’s main annual event, the Norbury Festival and Boat Rally, but inevitably this had to be cancelled. Although many boat owners and stallholders had already booked many requested their fees be held over in optimism that the 2021 event would take place.

Elsewhere along the line of the canal, improvements have been carried out at several sites towards full restoration, and to enhance facilities for public access and enjoyment.

At Berwick work has continued by Trust volunteers, with assistance from the Waterway Recovery Group, the Canal and River Trust and National Trust volunteers, to enhance the areas at both ends of the tunnel and the section of canal and towpath from the tunnel to Berwick Wharf has been cleared and reached the position where it at least resembles a navigable canal.

In Newport regular volunteer work parties continued, as much as possible in the conditions, to maintain improvement works, clear Himalayan balsam and plant hedging. In addition, the installation of a set of old lock gates at the Town Lock to give the impression of a working lock until full restoration can be carried out, was also delayed.

At Forton, the completion of works to restore the canal around the aqueduct has continued to be delayed due to land access issues.

As well as physical work, efforts to ensure the primary objective of restoring the whole canal is not endangered has been made by lobbying and working with Local Authorities to recognise the canal in shortterm and long-term planning.

The Shrewsbury & Newport Canals Trust Registered number 4075920

FINANCIAL REVIEW

The charity’s principal funding sources are from membership subscriptions, donations and grants. The Trustees monitor and maintain sufficient funds to meet day to day needs of the charity.

In addition to the funds dedicated in the previous year to projects at Wappenshall, Berwick, Forton and Newport, an additional fund has been established for the restoration of the narrowboats, although no funds have been dedicated from General funds as it is anticipated that separate funding sources can be realized. The funds and movements during the year are shown in these accounts.

Expenditure on the restoration at Wappenshall has been capitalised, including that for the year ended 30 September 2019, resulting in higher fixed assets and funds held. Most of the increase in funds is in the restricted funds, which are now held as part of the property restoration costs; the expenditure having been capitalised rather than written off as an annual cost.

The financial results are set out in the statement of accounts for the year. There are no funds in deficit; and no funds were held on behalf of others. All funds are deposited in UK banks.

SMALL COMPANY PROVISIONS

The company has taken advantage of the small companies’ exemption in preparing the report above.

The trustees declare that they have approved the trustees’ report (including directors’ report) above.

Signed on behalf of the Board of Trustees

Stephen Christopher Bean, Director

Date of Approval by the Board: 20 May 2021

The Shrewsbury & Newport Canals Trust Registered number 4075920

INDEPENDENT EXAMINER'S REPORT

Independent Examiner's Report to the Trustees of The Shrewsbury & Newport Canals Trust

I report on the accounts of the company for the year ended 30 September 2020, which are set out on pages 5 to 9.

Responsibilities and Basis of Report

As the charity’s trustees of the Company (who are also the directors of the company for the purposes of company law), you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (“the 2006 Act”).

Having satisfied myself that the accounts of the Company are not required to be audited for this year under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (“the 2011 Act”). In carrying out my examination, I have followed the Directions given by the Charity Commission (under section 145(5)(b) of the 2011 Act.

Independent examiner’s statement

I have completed my examination. I confirm that no material matters have come to my attention which gives me cause to believe that:

accounting records were not kept in accordance with section 386 of the Companies Act 2006; or
the accounts do not accord with such records; or
the accounts do not comply with relevant accounting requirements under section 396 of the Companies Act 2006 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination; or
the accounts have not been prepared in accordance with the Charities SORP (FRS102).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Andrew Mitchell FCA Castlefields Accountancy Limited 23 Benyon Street Shrewsbury

May 2021

The Shrewsbury & Newport Canals Trust Registered number 4075920

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING THE For the Year ended 30th September 2020 £ Unrestricted INCOME Income and endowments from: Membership Subscriptions & Donations 7,672 Other Donations & Grants 66,551 Gift Aid 1,971 Sales 2,863 Norbury Rally & Festival - Members’ Events - Sponsorship & Advertising 2,400 81,457 Income from Investments: Bank Interest 1,283 TOTAL INCOME 82,740 EXPENDITURE Costs of generating funds: Goods for Resale 260 Norbury Rally 196 Bank & Financial Charges 195 Promotional Costs - 651 Charitable activities: Wappenshall 2,322 Work Parties 1,392 Insurance 4,980 Stationery, Printing & Postage 1,520 Members’ Newsletter & Events 787 Repairs to Equipment 396 Loss(Profit) on Disposals of Fixed Assets 57 Depreciation 936 12,390 Governance costs: Subsistence & Travel Expenses (see Note 8) 3,229 General Administration Expenses 1,083 4,312 TOTAL EXPENDITURE 17,353 NET INCOME 65,387 RECONCILIATION OF FUNDS Total funds brought forward As previously stated 184,806 Prior Year Adjustments 8,359 Restated 193,165 TOTAL FUNDS CARRIED FORWARD 258,552	STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING THE For the Year ended 30th September 2020 £ Unrestricted INCOME Income and endowments from: Membership Subscriptions & Donations 7,672 Other Donations & Grants 66,551 Gift Aid 1,971 Sales 2,863 Norbury Rally & Festival - Members’ Events - Sponsorship & Advertising 2,400 81,457 Income from Investments: Bank Interest 1,283 TOTAL INCOME 82,740 EXPENDITURE Costs of generating funds: Goods for Resale 260 Norbury Rally 196 Bank & Financial Charges 195 Promotional Costs - 651 Charitable activities: Wappenshall 2,322 Work Parties 1,392 Insurance 4,980 Stationery, Printing & Postage 1,520 Members’ Newsletter & Events 787 Repairs to Equipment 396 Loss(Profit) on Disposals of Fixed Assets 57 Depreciation 936 12,390 Governance costs: Subsistence & Travel Expenses (see Note 8) 3,229 General Administration Expenses 1,083 4,312 TOTAL EXPENDITURE 17,353 NET INCOME 65,387 RECONCILIATION OF FUNDS Total funds brought forward As previously stated 184,806 Prior Year Adjustments 8,359 Restated 193,165 TOTAL FUNDS CARRIED FORWARD 258,552	INCOME AND EXPENDITURE ACCOUNT) 2020 2019 £ £ £ Restricted Total Restated - 7,672 6,905 20,493 87,044 58,814 - 1,971 3,233 - 2,863 1,712 - - 3,857 - - 224 - 2,400 2,514 20,493 101,950 77,259 - 1,283 1,350 20,493 103,233 78,609 - 260 254 - 196 366 - 195 60 - - 581 - 651 1,261 - 2.322 888 - 1,392 2,882 - 4,980 5,022 - 1,520 1,502 - 787 968 - 396 613 - 57 (374) - 936 284 - 12,390 11,785 - 3,229 7,402 - 1,083 1,892 - 4,312 9,294 - 17,353 22,340 20,493 85,880 56,269 - 184,806 156,896 20,000 28,359 20,000 213,165 156,896 40,493 299,045 213,165	INCOME AND EXPENDITURE ACCOUNT) 2020 2019 £ £ £ Restricted Total Restated - 7,672 6,905 20,493 87,044 58,814 - 1,971 3,233 - 2,863 1,712 - - 3,857 - - 224 - 2,400 2,514 20,493 101,950 77,259 - 1,283 1,350 20,493 103,233 78,609 - 260 254 - 196 366 - 195 60 - - 581 - 651 1,261 - 2.322 888 - 1,392 2,882 - 4,980 5,022 - 1,520 1,502 - 787 968 - 396 613 - 57 (374) - 936 284 - 12,390 11,785 - 3,229 7,402 - 1,083 1,892 - 4,312 9,294 - 17,353 22,340 20,493 85,880 56,269 - 184,806 156,896 20,000 28,359 20,000 213,165 156,896 40,493 299,045 213,165
	81,457 1,283		77,259 1,350
	82,740		78,609
	260 196 195 -		254 366 60 581
	651		1,261
	2,322 1,392 4,980 1,520 787 396 57 936		888 2,882 5,022 1,502 968 613 (374) 284
	12,390		11,785
	3,229 1,083		7,402 1,892
	4,312		9,294

	17,353		22,340
	65,387		56,269
	184,806 8,359		156,896
	193,165		156,896

	258,552		213,165

The Statement of Financial Activities includes all gains and losses in the year and therefore a statement of total recognised gains and losses has not been prepared.

All of the above amounts relate to continuing activities.

The Shrewsbury & Newport Canals Trust Registered number 4075920

BALANCE SHEET AS AT 30[th] SEPTEMBER 2020

Note Fixed Assets 2 Wappenshall Improvements Boats Office Equipment, Furniture & Fixtures Tools Current assets Banks - Current Accounts Banks - Savings Accounts Debtors 3 Creditors:amounts falling due within one year 4 Net Current Assets Total Assets less Current Liabilities FUNDS Restricted Funds Unrestricted Funds: Designated Funds 5 Reserve Fund General Funds TOTAL FUNDS	£ Unrestricted 42,564 25,000 104 3,570	2020 £ £ Restricted Total 34,493 77,057 - 25,000 - 1,747 - 3,570 34,493 105,801 - 20,147 6,000 171,794 - 2,064 6,000 194,005 - 761 6,000 193,244 40,493 299,045 40,493 40,493 - 178,746 - 11,000 - 68,806 - 258,552 40,493 299,045	2019 £ Restated 28,359 - 202 935
	71,308		29,496
	20,147 165,794 2,064		5,207 174,718 3,744
	188,005		183,669
	761 187,244		- 183,669
	258,552		213,165
	-		28,359
	178,746 11,000 68,806		145,199 - 47,966
	258,552		193,165
	258,552		213,165

For the financial year ended 30 September 2020, the company was entitled to the exemption from audit under Section 477 of the Companies Act 2006 relating to small companies.

Directors’ responsibilities:

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with Section 476 of the Companies Act 2006;
The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime and in accordance with FRS102 SORP.

Stephen Christopher Bean, Director

Date of Approval by the Board: 20 May 2021

The Shrewsbury & Newport Canals Trust Registered number 4075920

Notes to the Financial Statements for the year ended 30[th] September 2020

1. ACCOUNTING POLICIES

Basis of accounting

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value.

The accounts have been prepared in accordance with:

the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014;
the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102);
the Charities Act 2011.

The charity constitutes a public benefit entity as defined by FRS 102.

The comparative figures for the year ended 30 September 2019 have been amended to reflect the capitalisation of expenditure on refurbishment of the Wappenshall buildings, which had originally been treated as a cost in the year. The total expenditure now capitalised in 2019 was £28,359, of which £20,000 was attributable to Restricted Funds. The opening funds for the year ended 30 September 2020 have been adjusted accordingly.

Fixed assets

All fixed assets are initially recorded at cost. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Fixtures & Fittings 20% pa on a reducing balance basis Office Equipment 20% pa on a reducing balance basis Tools 20% pa on a reducing balance basis

Incoming resources

Income is generally recognised on a receivable basis where the amount is reasonably certain and where there is adequate certainty of receipt. The specific bases used are as follows:

Voluntary income includes members subscriptions, donations, legacies and grants receivable.
Legacies are recognised as income where there is a certainty of entitlement to receipt of funds.
Fundraising income is accounted for on a receivable basis.
Investment income is accounted for on a receivable basis.
Charitable activity income is accounted for when earned. Activity income received in advance is deferred until entitlement to the income has arisen.
Grants are recognised when entitlement to the grant is confirmed. Grants that provide core funding or are of a general nature provided by the government and charitable foundations are recorded as voluntary income.

Resources expended

Expenditure is recognised when a liability is incurred on the following bases:

Costs of generating funds includes the costs associated with attracting voluntary income and running fundraising events.
Charitable expenditure comprises direct expenditure attributable to the Charity's activities. Where costs cannot be directly attributed, they have been allocated to activities on a basis consistent with the use of resources as detailed below.
Governance costs include those costs incurred in the governance of the Charity's assets and are associated with constitutional and statutory requirements.

The Shrewsbury & Newport Canals Trust Registered number 4075920

Notes to the Financial Statements for the year ended 30[th] September 2020

1. ACCOUNTING POLICIES (continued)

Support costs include the Charity's central functions and have been allocated to activity cost categories on a basis consistent with the total unrestricted costs for each charitable activity as a percentage of the charitable company's total direct costs to reflect the consumption of costs incurred in the furtherance of each of the charitable activities.

Funds

Designated funds are unrestricted funds set aside for specific purposes and which otherwise would form part of the Charity's general funds.

Other unrestricted funds are available for the Charity to carry out any of its charitable activities. Restricted funds are funds that have restrictions imposed by donors and can only be applied for the particular purposes specified by the donor.

2. TANGIBLE FIXED ASSETS

Wappenshall Improvements 28,359 48,698 -	Boats - 25,000 -	Tools 1,621 3,600 (271)	Office Equipment, Furniture & Fixtures 3,675 - (1,644)	Total 33,655 77,298 (1,915)
77,057	25,000	4,950	2,031	109,038
- - -	- - -	686 892 (268)	3,473 44 (1,590)	4,159 936 (1,858)
-	-	1,310	1,927	3,237
77,057	25,000	3,640	104	105,801
28,359	-	935	202	29,496
		2020 2,064 - 2,064 2020 762		2019 511 3,233 3,744 2019 -

The Shrewsbury & Newport Canals Trust Registered number 4075920

Notes to the Financial Statements for the year ended 30[th] September 2020

5. SUMMARY OF FUNDS

Trustees have designated from General Funds sums to various projects and agreed to maintain designated accounts for other projects. Unrestricted grants raised and other donations received with a request that they be used for a particular purpose will be held in designated accounts. With the acquisition of two narrowboats a further fund was set up during the year to hold funds for their restoration. The movements for these accounts are:

Balances brought forward - 20,000 430 8,043 116,726	Income 453 - 4,986 8,400 23,815	Expenditure - - 510 1,275 2,322	Transfer - - - - -	Balances carried forward 453 20,000 4,906 15,168 138,219
145,199 47,966	37,654 45,086	4,107 13,246	- 11,000 (11,000)	178,746 11,000 68,806
193,165 20,000	82,740 20,493	17,353 -	- -	258,552 40,493
213,165	103,233	17,353	-	299,045

6. RESTRICTED FUNDS

Restricted income during the year was made up of five grants totalling £20,493 to be applied to the Wappenshall Development. Due to Covid-19 restrictions delaying carrying out all of the work £6,000 of this amount remained unspent at the year end.

7. COMPANY LIMITED BY GUARANTEE

The company has no share capital but is a charitable company limited by guarantee. Under the Memorandum of Association of the company the liability of individual members is restricted to a maximum of £1.

8. TRUSTEES’ REMUNERATION

None of the Trustees received any remuneration for their services during the year.

During the year, travel expenses to the value of £971 were paid to Trustees, who subsequently repaid the same amounts as donations (on which appropriate Gift Aid can be claimed) to the charity (2019: £5,575).

9. INDEPENDENT EXAMINER’S FEES

Included in Governance costs are fees of £350 paid to the Independent Examiner (2019: £350).

2020-09-30-accounts

THE SHREWSBURY & NEWPORT CANALS TRUST

TRUSTEES

BANKERS

STRUCTURE, GOVERNANCE AND MANAGEMENT

OBJECTIVES, ACTIVITIES & ACHIEVEMENTS

Public Benefit Report

FINANCIAL REVIEW

SMALL COMPANY PROVISIONS

INDEPENDENT EXAMINER'S REPORT

Independent Examiner's Report to the Trustees of The Shrewsbury & Newport Canals Trust

Responsibilities and Basis of Report

Independent examiner’s statement

BALANCE SHEET AS AT 30[th] SEPTEMBER 2020

Notes to the Financial Statements for the year ended 30[th] September 2020

1. ACCOUNTING POLICIES

Basis of accounting

Fixed assets

Incoming resources

Resources expended

Notes to the Financial Statements for the year ended 30[th] September 2020

1. ACCOUNTING POLICIES (continued)

Funds

2. TANGIBLE FIXED ASSETS

Notes to the Financial Statements for the year ended 30[th] September 2020

5. SUMMARY OF FUNDS

6. RESTRICTED FUNDS

7. COMPANY LIMITED BY GUARANTEE

8. TRUSTEES’ REMUNERATION

9. INDEPENDENT EXAMINER’S FEES