THE SHREWSBURY & NEWPORT CANALS TRUST
(A Company Limited by Guarantee)
REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR YEAR ENDED 30 SEPTEMBER 2022
Contents
| Company Information | 1 |
|---|---|
| Report of the Trustees | 2 - 4 |
| Independent Examiner’s Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the Financial Statements | 8 - 10 |
The Shrewsbury & Newport Canals Trust Registered Company Number 4075920 (England & Wales) Registered Charity Number: 1088706
Website: www.sncanal.org.uk
The Shrewsbury & Newport Canals Trust Registered number 4075920
COMPANY INFORMATION
For the year ended 30 September 2022
Reference and Administrative Information
Charity Name The Shrewsbury & Newport Canals Trust Company Registration Number 4075920 Charity Registration Number 1088706 Registered Office 4 Arscott, Pontesbury, Shrewsbury, SY5 0XP
Directors & Charity Trustees
Stephen Christopher Bean Treasurer David Peter Crow Sherrel Gillian Fikeis John Edward Heather Co-Vice Chair Bernard Charles Jones Chair Philip Michael Jones Steven Hugh Jones Co-Vice Chair Stephen Andrew Kearney John Myers David Ray Simon Adrian Rowberry Appointed 21 July 2022 John Metcalfe Stevens Keith Vaughan Welch
Company Secretary
Stephen Christopher Bean
Bankers
CAF Bank Ltd, 25 Kings Hill Avenue, Kings Hill, West Malling, Kent, ME19 4JQ Cambridge & Counties Bank, Charnwood Court, 5B New Walk, Leicester, LE1 6TE National Westminster Bank plc, 217 Dean St, The Town Centre, Telford, TF3 4BB Triodos Bank, Dearnery Road, Bristol, BS1 5AS
Independent Examiner
Andrew Mitchell FCA, Castlefields Accountancy Ltd, 23 Benyon Street, Shrewsbury, SY1 2JQ
1
The Shrewsbury & Newport Canals Trust Registered number 4075920
REPORT OF THE TRUSTEES For the year ended 30 September 2022
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 September 2022. The Trustees have adopted the provisions of The Charities (Accounts & Reports) Regulations 2008.
Structure, Governance and Management
The Trust is a company limited by guarantee, incorporated on 21 September 2000, registered in England number 4075920. The governing document is the Articles of Association which was adopted on 2 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 decision-making. Any member can be nominated for election as a Trustee, such election and appointment being made at an Annual General Meeting. One third of Trustees retire by rotation each year and can stand for re-election. 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 a reserves policy, which 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 reserve amount was not varied from that pertaining in the previous year.
Objectives
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.
2
The Shrewsbury & Newport Canals Trust Registered number 4075920
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.
The Trust's principal 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, and the complete rebuilding of the original canal basin on the site.
By the end of the year the work on the basin was largely complete with 101 concrete slabs to the floor, and under the larger warehouse, laid and sealed; retaining walls to the basin built; an original stone wall rebuilt; mooring rings installed; and the towpath reinstated with an even stone surface.
On the smaller warehouse building, very experienced and qualified volunteers have carried out and overseen the fitting of new window arches, the replacement of more than half of the required spalled brickwork and instructed other volunteers in lime mortar pointing. Work was also progressed on the building of a new toilet block. All this, and more, was achieved within the challenges presented by working within continuing Covid-19 regulations, at times challenging weather conditions, and a shortage of building materials. With the rising cost of materials being a further challenge, a very significant legacy left by a member has been particularly appreciated.
At Berwick, the Shrewsbury Group work parties (some including the Waterway Recovery Group) have significantly progressed the rebuilding the walls of the lengthsman’s hut at the north portal of the tunnel following the diversion of drains; the rebuilding of two end pillars and brick courses as well as repointing at Widows Bridge; and the installation of a circular all ability trail to the north of the tunnel. On the section north of the A5 crossing, the Group has also tackled the overgrown towpath whilst investigating with other stakeholders the feasibility of a walking/cycle trail into Shrewsbury. Whilst doing all this they have also had to catch-up on the ravages of nature during lockdowns and of severe storms.
A new informational panel was designed and installed at Longdon-on-Tern aqueduct for Rodington Parish Council (RPC). Also in collaboration with RPC, work commenced at Rodington to clear the line of towpath and the offside of the canal in the village, which also exposed the stonework of the original lift-bridge.
The Newport Group have modified some donated old lock gates and installed them at the Town Lock to enhance the setting of the lock; at Meretown blackthorn was cleared from the canal bed, undergrowth removed and dead saplings replaced in a newly planted hedge that had had to be left to nature during Covid-19; and continued the battle against Himalayan Balsam further down the canal to Tickethouse Lock.
Work has progressed on the restoration of the two historic narrowboats Bainton (motor) & Berkhampstead (butty) with much welding, carpentry, sanding & painting. By the end of the year the major work outstanding is the renewal of Bainton’s cabins for which a funding plan was in preparation.
Virtually all the work described has been carried out by volunteers whose incredible enthusiasm, camaraderie and commitment is inspirational and greatly appreciated by Trustees.
The Trustees carried out a skills audit to identify gaps within the skills of existing Trustees and approved a new Trustee Appointment Policy. These will be used to reorganise the Trust Board to provide a structure that major funding bodies will expect to see and will also improve governance and accountability. As a result it was agreed that the first role to be filled would be a Local Authorities & Planning Director, which was successfully achieved in July.
3
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.
The current major projects of the Trust (Wappenshall, Shrewsbury/Berwick, Forton, Newport and Narrowboats) each have a dedicated fund, the income to each coming from specifically requested donations, grants, fundraising events etc. as well as amounts allocated by Trustees from General Funds (other than Narrowboats). The movements in funds during the year are shown in these accounts.
Expenditure on the restoration at Wappenshall is capitalised as part of the property restoration costs rather than written off as an annual expense. Some of this fund is restricted, i.e. monies set aside for a particular purpose as a result of designated giving and are permanently restricted to that purpose and cannot be used for other expenses of the charity.
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 Companies Provisions
The company has taken advantage of the small companies’ exemption in preparing the report above.
This report was approved by the Board of Trustees on 16[th] February 2023.
Signed on behalf of the Board of Trustees
4
The Shrewsbury & Newport Canals Trust Registered number 4075920
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 2022, which are set out on pages 6 to 10.
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.
Signed:
Andrew Mitchell FCA Castlefields Accountancy Limited 23 Benyon Street Shrewsbury
Date: 20[th] February 2023
5
The Shrewsbury & Newport Canals Trust Registered number 4075920
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT) For the Year ended 30 September 2022
| For the Year ended 30 September 2022 | |||
|---|---|---|---|
| INCOME Income and endowments from: Membership Subscriptions & Donations Other Donations & Grants Gift Aid Norbury Canal Festival Sales Sponsorship & Advertising Income from Investments: Bank Interest TOTAL INCOME EXPENDITURE Costs of generating funds: Goods for Resale Norbury Rally Bank & Financial Charges Charitable activities: Wappenshall Narrowboats Restoration Work Parties Health & Safety Insurance Stationery, Printing & Postage Members’ Newsletter & Events Repairs to Equipment Loss(Profit) on Disposals of Fixed Assets Depreciation Governance costs: Subsistence & Travel Expenses (see Note 8) General Administration Expenses TOTAL EXPENDITURE NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2022 Restricted Funds Total Funds £ £ - 8,544 25,487 145,699 2,653 5,324 6,302 2,200 25,487 170,722 - 1,012 25,487 171,734 - 591 - 1,440 - 180 - 2,211 - 2,406 - 3,843 - 3,015 - 122 - 5,669 - 1,627 - 1,039 - 654 - 12 - 1,066 - 19,453 - 3,029 - 978 - 4,007 - 25,671 25,487 146,063 40,493 365,274 65,980 511,337 |
2021 | |
| Unrestricted Funds £ 8,544 120,212 2,653 5,324 6,302 2,200 |
Total Funds £ 7,368 66,284 5,550 - 3,696 2,400 |
||
| 145,235 1,012 |
85,298 914 |
||
| 146,247 | 86,212 | ||
| 591 1,440 180 |
197 - 89 |
||
| 2,211 | 286 | ||
| 2,406 3,843 3,015 122 5,669 1,627 1,039 654 12 1,066 |
1,589 625 2,393 1,111 5,159 2,100 777 484 - 1,302 |
||
| 19.453 | 15,540 | ||
| 3,029 978 |
3,413 744 |
||
| 4,007 | 4,157 | ||
| 25,671 | 19,983 | ||
| 120,576 | 66,229 | ||
| 324,781 | 299,045 | ||
| 445,357 | 365,274 |
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.
6
The Shrewsbury & Newport Canals Trust Registered number 4075920
BALANCE SHEET AS AT 30 SEPTEMBER 2022
| Note Fixed Assets 2 Wappenshall Improvements Boats Office Equipment, Furniture & Fixtures Plant & 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 |
2022 £ £ Unrestricted Restricted 71,876 65,980 25,000 - 157 - 4,107 - |
£ Total 137,856 25,000 157 4,107 167,120 10,428 333,416 373 344,217 - 344,217 511,337 65,980 349,248 11,000 85,109 445,357 511,337 |
2021 £ Total 105,153 25,000 68 5,134 |
|---|---|---|---|
| 101,140 65,980 |
135,355 | ||
| 10,428 - 333,416 - 373 - |
11,994 217,008 1,530 |
||
| 344,217 - |
230,532 | ||
| - - |
613 | ||
| 344,217 - |
229,919 | ||
| 445,357 65,980 |
365,274 | ||
| - 65,980 |
40,493 | ||
| 349,248 - 11,000 - 85,109 - |
240,882 11,000 72,899 |
||
| 445,357 - |
324,781 | ||
| 445,357 65,980 |
365,274 |
For the financial year ended 30 September 2022, 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.
Signed
Date of Approval by the Board: 16[th] February 2023
7
The Shrewsbury & Newport Canals Trust Registered number 4075920
Notes to the Financial Statements for the year ended 30[th] September 2022
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.
Fixed assets
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 & Plant 20% pa on a reducing balance basis
The narrowboats are not depreciated whilst they are undergoing restoration, and will be revalued upon the completion of the work.
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.
-
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.
8
The Shrewsbury & Newport Canals Trust Registered number 4075920
Notes to the Financial Statements for the year ended 30[th] September 2022
1. ACCOUNTING POLICIES (continued)
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 Boats Plant & Tools Office Equipment, Furniture & Fixtures COST As at 1 October 2021 105,153 25,000 7,710 2,031 Additions 32,703 - - 140 Written off - - - (119) As at 30 September 2022 137,856 25,000 7,710 2,052 DEPRECIATION As at 1 October 2021 - - 2,576 1,963 Charge for the year - - 1,027 39 Written off Items - - - (107) As at 30 September 2022 - - 3,603 1,895 NET BOOK VALUE As at 30 September 2022 137,856 25,000 4,107 157 As at 30 September 2021 105,153 25,000 5,134 68 3. DEBTORS 2022 HMRC - VAT 373 373 4. CREDITORS: Amounts falling due within one year 2022 Norbury Canal Festival Prepayments - |
Wappenshall Improvements Boats Plant & Tools 105,153 25,000 7,710 32,703 - - - - - |
Wappenshall Improvements Boats Plant & Tools 105,153 25,000 7,710 32,703 - - - - - |
Wappenshall Improvements Boats Plant & Tools 105,153 25,000 7,710 32,703 - - - - - |
Office Equipment, Furniture & Fixtures 2,031 140 (119) |
Total 139,894 32,843 (119) |
|---|---|---|---|---|---|
| 137,856 25,000 |
7,710 | 2,052 | 172,618 |
||
| - - - - - - |
2,576 1,027 - |
1,963 39 (107) |
4,539 1,066 (107) |
||
| - - |
3,603 | 1,895 | 5,498 |
||
| 137,856 25,000 |
4,107 | 157 | 167,120 |
||
| 105,153 25,000 |
5,134 | 68 | 135,355 |
||
| 2022 373 373 2022 - |
2021 1,530 1,530 2021 613 |
||||
9
The Shrewsbury & Newport Canals Trust Registered number 4075920
Notes to the Financial Statements for the year ended 30[th] September 2022
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:
| Fund Name Unrestricted Funds Boats Restoration Forton Project Newport Projects Shrewsbury (Berwick) Projects Wappenshall Development - Current Assets Wappenshall Development - Fixed Assets Total Designated Funds Reserve General Funds TOTAL UNRESTRICTED FUNDS Restricted Funds Wappenshall Development TOTAL FUNDS |
Balances brought forward Income Expen- diture Transfer Balances carried forward 4,890 6,793 4,505 - 7,178 20,000 - - - 20,000 5,278 324 34 - 5,568 19,768 3,087 2,949 - 19,906 190,946 105,650 - (69,480) 227,116 - - - 69,480 69,480 |
|---|---|
| 240,882 115,584 7,488 - 349,248 11,000 - - - 11,000 72,899 30,393 18,183 - 85,109 |
|
| 324,781 146,247 25,671 - 445,357 40,493 25,487 - - 65,980 |
|
| 365,274 171,734 25,671 - 511,337 |
The figures shown as a transfer has been made simply to differentiate those funds that available for future expenditure and those that are held in the fund as a fixed asset.
6. RESTRICTED FUNDS
Restricted income in this year came from two grants, which were spent on specified elements of the Wappenshall development during the year.
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 £10.
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 £1,900 were paid to Trustees, who subsequently repaid the same amounts as donations (on which appropriate Gift Aid can be claimed) to the charity (2021: £1,777).
9. INDEPENDENT EXAMINER’S FEES
Included in Governance costs are fees of £350 paid to the Independent Examiner (2021: £350).
10