2024-07-31-accounts

cooivtBESWOOD CANAL TRUST (A COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31ST JULY 2024 Company Number: 04181961 Charity Number: 1088978 Page I

COOMBESWOOD CANAL TRUST Page Legal information Report of the Trustees Independent Examiner's Report Slatements of Fillancial Activities Balance Sheet 10 Notes to the Accounts Page 2

Coombeswood Canal Trust ANNUAL REPORT IIND ACCOUNTS FOR THE YEAR TO 31ST JULY 2024 LEGAL INFORMATION Directors ITrustees Bob Fox - Chair (Appointed 9th December 2023) Gavin Hawkins - Treasurer (Appointed 3rd May 2024) Judy Hanchet - Secretary (Appointed 9th December 2023) Roy Burgess (Appointed 9th December 2023) Ivor Charnbers (Appointed 21 st November 2009) Aiithony Friar (Appointed 14th December 2005) Darren McKenzie (Appointed 9th December 2023) Gillian Reynolds (Appointed 10th December 2022) Terence Blakesley (Resigned 9th Deceinber 2023) Paul Taylor (Resigned 9th December 2023) David Owen (Resigned 9th December 2023) Susan Oweu (Resigned 9th December 2023) Adele Sidaway (Resiglled 25 February 2024) Charity Number 1088978 Cornpally Number 04181961 Registcred Office Hawne Basin Hereward Rise 14alesowen West Midlands B62 8AW Telephone [phone] Email [e-mail] Website www.hawnebasin.org.uk Accountant GroundbreakeTS Ltd Shop l at 83 High Street Kinver stOu￿ridge West Midlands DY7 6HD Page 3

Coombeswood Canal Trust Trustees, Annual Report for Year ended 31 July 2024 The trustees present their annual report and accounts of the charity for the year ended 31 st July 2024. The trustees have followed the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" (FRS 102) An preparing the annual report and accounts. Trustees The trustees as named on page 3 have served throughout the year and to dale except where stated. The trustees are also the directors of the Limited Company. All trustees that served during the year are listed. Trustees are appointed a5 governed by the Articles of Associatioll of the charity. Only rnembers of the charity can be appointed as trustees. New trustees are appointed who can bring relevant experience and skills to the governing body. The induction of new trustees involves being made aware of a trustee's responsibilities, the governing documents and the history and ethos of the charity. Constitutlon, Object and Mallagemellt Cooinbeswood Canal Trust (charity number 513054) was constituted as a charity of the sam¢ name by a Deed of Trust from I st September 1982 to 8th September 2003, when it became a new charity (number 1088978) operating as a company linlited by guarantee. The objects of the charity are: For the use and benefit of the public to stimulate public interest in and appreciation of the history, structure and beauty of the Dudley number 2 canal, and with tbe aim of irnproving the conditions of life for the persons for whom such facilities are primarily intended. To provide or assist in the provision of facilities for recreation or other leisure activities at or near to the Dudley number 2 canal including Hawne Basin including the restoration, improvernent, enhancemeiit, development, maintenance, conservation of and inaking fully navigable the canal and the promotioii of its use by all appropriate forn]s of waterborne traffic and the promotion of a public footpath and right 0£ way along the length of the Dudley number 2 canal. The charity is organised so that the governing counciI of trustees meets monthly to manage its affairs and fonnulate the charity's policies. The Charity Comrnission's guidance on public benefit is kept in mind when decisions are inade. The running of the charity is undertaken by the Chair, the Secretary, the othcr trustees and other members, with the help of the paid caretaking staff. The charity is very grateful to all its volunteers, without whom the charTty would not exisL Ill the unlikely event of winding up,.each member of the Trust undertakes to contribute to the assets of the company up to a maximum of £ l. Membership of the charity is required for long terni Tnooring and use of the social club. Financial Review The majority of the cbaritys funds come from the provision of mooring to members and from Coombeswood Canal Company Ltd, a separnte company limited by guardntee, whose profits are covenanted to be paid to the Trust. The Statement of Financial Activities shows total incorning resources of £81,804 and resources expended of £1 01,030 resultillg in a net decrease in funds carried forward of £19.226. Revaluation of the r￿ed assets has increased the revaluation reserve by £601,000. The funds carried forward to the next f￿all¢la1 year are £1,243,656. Page 4

Coombeswood Canal Trust Trustees, Annual Report for Year ended 31 July 2024 (continued) Developmen( actlvities and achievements thls year Several of our trustees (directors) moved on this year, but were replaced by enthusiastic fresh faces bringing experieiice and expertise to the govcrning council. The council contiiiued to ensur¢ that the Trust met its charitable objectives. The charity continued to maintain its core services of providing mooring and facilities for around 77 boats and undertook PTOjCCts promoting and n]aintaining Hawne Basin, the Dudlcy No 2 Canal and footyath. Three part time carctaking staff kept the site running and provided support to moorers and visitors, 7 days a week. Volunteers supplied in excess of1,009 registered hours to the Trus( helping ivith site maintenance, the open weekend and public outreach, and running the social club bar. Coombeswood Canal Company Ltd continued to provide diesel and chandlery at cornpetitive prices to attract boaters and local traders. Tt also provided residential mooring and slipway services. All profits were covenanted to the Trust. Work parties continued on the first Sunday ot. each month along th¢ Dudley No2 canal and around the basin using the work boats, Hawne and Stratford. Much was accornplished in the removal of trees, logs, tyes and other rubbish deposited in and around the canal. The social club, which had previously been run as a separate company and then as part of Coombeswood Canal Company Ltd, was brought into Coombeswood Callal Trust at I st May 2024, as it furthers the objects of the charity and the service is provided by the Trust volunteers as a facility for canal users. It aims to provide a bar, Sunday lunches during the winter and fundraising events. Despite best efforts, it has not been possible to attract a suitably qualified youth worker to enable the restart of the Duke of Edinburgh's award scheme this year. The operation of the heritage boats, Atlas and Malus, in partnership with the BCNS. continued with mainlenance work being undertaken. They altended at a number of local canal rallies during which members of the public were encollraged to look around thern and were inforn]ed about the ways of Itfe of boaters in their heyday. Both boats require gunnel replacemellt and discussions about materials, costs alld retention are ongoing. Maintenance carried out on site included a new entrance sign. work on the slipway and the installation of a PA system. An open weekend was held on tbe 2nd and 3rd of September 2023, which was very well attended. Boat trips were offered along the canal, as well as boat handling demonstrdtions. Hot food and real ale were provided, with musical entertainment by several local bands. There was also a model boat display and cbildren's activities. It was a great opportLmity for local people to visit the basin. On 25th and 26th May, the Trust hosted the BCNS (Birniingham Canal Navigation Society) 24 hour challenge which was well received by all participants and used the opportunity to promote the "Fund Britain's Waterways campaign. In June, 60 pupils and staff from Olive Hill School visited the Basin over 2 days. They were entertained and educated on matters surrounding the waterways by volunteers. They have requested a return visit in 2025, having thoroughly enjoyed the experience. Page 5

Coombeswood Canal Trust Trusteesl Annual Report for Year ended 31 July 2024 (continued) Development, activities alld achievements this year (Continued) The tWA Waterways recovery group had a week long &amp at Coornbeswood during the summer in which they exposed the wash wall for some one hundred inetres beyond the Stank and reinoved rnany of the overhanging trees and debris. The IWA continues to hold its monthly winter social meetings at the basin. The Trust was instrumental in getting Coornbes Bridge repainted. Owned by Dudley MBC, it was in a poor decorative state and the Trust offered to colltribute 500/0 of the cost of the repainting. It was finally painted in the autumn of 2024 and reopened by Hilary Bills, the Mayor of Dudley, on 5th November. The Trust was also active ill the Coombeswood Green Wedge project to reinstate the old boat dock of Sluart and Lloyds tube works as well as with Halesowell in Bloons with our two planters in the shape of narrowboats on road islands in Halesowen. Future Plans The charity is continually aiming to raise our local profile and encourage more volunteering. We are also planning to undertake a recruitment process to employ additional staff to support the administration of the Trust. Slipway services were brought back in to the Trust on 1st August 2024 from the Coombeswood Canal Company Ltd. as provision of services such as this to canal users is very much part of the charity objects and the service is wholely provided by volunteers. The trustees are looking to produce a more detailed plan for the periodic maintenance of the site facilities as well as for future public outreach projects in pursuit of the objects of the charity. An open weekend is planned for 7th and 8th June 2025. A study by Moss Naylor Young has been cornmissioned to assess the feasibility of extending Ihe Dudley No 2 Canal beyond the stank or coffer dam up to Leasowes Park and further discussions are plaDned with the Friends of Leasowes and other stakeholders. The social club started doing Sunday lunches in October 2024, which will continue until the spring, as well as hosting event nights to raise rnoney for the Trust. The bar is also open orA certain nights. A meeting was held witb the new local MP Alex Ballinger on 16th October to explain the Trnst's activities and seek his support to obtsin adequate funding of Britain's waterways. Risk Management The trnstees regularly review the major risks the charity faces and believe that sufficient resources are held to keep the charity running through untoreseen adverse events. Systems have been put in place. whenever operational and business risks have bccn id¢ntifieiL to mitigate those risks. The management committee continues to keep risk management under review. Page 6

Coombeswood Canal Trust Trustees, Annual Report for Year ended 31 July 2024 (continued) Reserves Pojicy The Governing Council commits to retain sufficient reserves to cover winding-up costs, if necessary, including provisions for statutory redundancy payments and contract cancellation charges. Reserves are also being held for site maintenance, improvement of the site and facilllles and towards the proj ect to investigate extending the Dudley No2 Canal to Leasowes Park. Statement of Director's (Trustee's) Responsibilities The directors are required under Company Law to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the company and of its results for that period. In preparing those financial statements the diIectors are required to.. (a) select suitable accounting policies and apply them consistently. (b) make jud￿nents and estimates that are reasonable and prudeiit. (c) prepare the financial statements on an ongoing concern basis unless it is inappropriate to assurne that the company will continue in business. The directors are responsible for the keeping of proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity. They are also responsible for the safeguarding of the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and otlier irregularilAes. Approval This report was approved by the directors on I st February 2025 and signed on their behalf. Bob Fox Chair Page 7

Coombeswood Canal Trust Independent examiner's report to the trustees of the charitable company I report to the trustees Oll my examination of the accounts of the above charity for the year ended 31 st July 2024. Respective responsibilities of trustees and exajniner As the charitys trustees, you are responsible for the preparation of the accounts in accordance with the requiremeiits of the Charities Act 2011 ("the Act"). I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination, I bave followed all the applicable Directions given by the Charity Coininission under section 145(5)(b) OF the Act. Basis of independent examiners report I have completed my examination. I confirni that no n]aterial matters have come to my attention in collnection with the exarnination which gives me cause to believe that in, ally lllat￿la1 respect: • the accounting records were not kept in accordance with section 130 of the Charities Act; or . the accounts did not accord with the accounting records; or . Lhe accounts did nol COD]ply with the applicable requirements concerning the forn] and content of account5 set out in the Charities (Accounts and Reports) Regulations 2008 other thall any requirement that the accounts give a 'true and fair, view which is not a matter considered as part of an independent examination. 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. Name . Graeme Underhill Groundbreakers Ltd Shop l at 83 Higb Street Kinver Stourbridge DY7 6HD Date . 1st February 2025 Page 8

Coombeswood Canal Trust STATEMENT OF FINANCIAL ACTIVITIES Year ended 31st July 2024 ]Yote Unrestricted Funds 2024 Total Funds 2024 Total ri unds 2023 Tncome Donations Charitsble activities Bank Interest Receivable Dividends received 23,459 57,836 498 23.459 57.836 498 33,116 58,496 310 2b Total 81,804 81,804 91,922 Expendxture Charitable Activities Cjovernance Costs 100,280 750 101,030 100,280 750 101030 80,035 800 80,835 Total Net (Expenditure)/lneome (19,226) (19,226) 11,087 Total fund5 brought forward 661,882 661,882 650,795 Gains and losses on revaluation of fixed assels for the charitys 7 own use 601,000 601.000 Total funds carrled fonvard 1,243,656 1,243,656 661,882 Page 9

Coombeswood Canal Trust BALANCE SHEET As at 31st July 2024 Notes 2024 2023 Fixed Assets 985,000 384.897 Current Assets Stocks Sundry Debtorslprepayments Cash at Bank and in Hand Shares in group iindertakings Tnveslrnents 338 58,252 210,247 104,309 182,345 10 326 269.163 326 286,981 Currellt Liabilities Creditors due within one year 11 10.507 9,996 Net Current Assets 258,656 276,985 et Assets 1243 656 661882 Represented by: FUf4DS Unrestricted Funds Income & Expenditure account Surplusl Deficit for the year 12 347,539 (19,226 328,313 336,452 347,539 Designated Funds 12 915,343 314,343 1,243,656 661,882 The company was entitled to exemption from audit under s477 of the Companies Act 2006 relating lo sinall companies. The members have not required the company to obtain an audit in accordance with section 476 of the Con]panies Act 2006. The dii"ectors acknowledge their responsibilities for complying with the requirements of the Companies Act with respect to accounting records and the preparation of accounts. The accounts have been prepared in accordance with the provisions applicable to small companies subj ect to tbe sll]all companies regI￿e and in accoidallce with FRS102 SORP. Approved by the Directors and signed on their behalf on I st FebTuary 2025. Bob Fox, Director Page 10

Coombeswood Canal Trust Notes to the Accounts for year ended 31st July 2024 l. Accounting Policies These accounts have been prepared under the historical cost convention with items recognised at cost or transaciion value unless otherwise staled in the relevant note(s) to these accounts. The accounts have been prepared in accordance with the Statement of Recomtnended Practice: Accounting and Reporting by Charities, witb the Financial Reporting Stsndard (FRS102) issued 16th July 2014 and with the Charities Act 2011. The charity constitutes a public benefit entity as defined by FRS 102. No changes have been made to the accounts for previous years. The accounts present a trlle alld fair view and no changes have been made to the accounting pollcies. Going Concern The directors consider tbat the charity r￿aInS viable for the year ahead and the accounts are tberefore prepared on a going concern basis. Income Recognition Donations are recognised when received. Other income is recognised when the charity becomes entitled to the resources, it is more likely than not that the resources will be received and the monetary value can be measured with sufficient reliability. All incoming resources are accounled for gross. There is no offsetting of assets and liabilities unless required OT permitted by FRSI 02 SORP. Expenditure Reco%nitlon Liabilities are recognised where it is more likely than not there is a legal or constructive obligatioii conllnitting the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty. Volunteer Help The value of any voluntary help received is not included in the accounts but is described in the trustees report. Governance costs Governance costs comprise all costs involving public accountability of the charity aiid its compliance with regulation and good practice. Tan2Able fixed assets for use by charity Tangible ￿-￿ed assets are stated at valuation. Stocks Stocks are stated at the lower of cost and net realisable value. Pagell

Coombeswood Canal Trust Notes to the Accounts for year ended 31st July 2024 (continued) 2. Analysis of Income Received 2024 Unrestricted Funds 2024 2023 Total Total 2a Donations Charitable covenants from Coombeswood Canal Company Ltd Othei Donations 21,792 21,792 32,617 1,667 1,667 499 23,459 23,459 33,116 2b.Charfitable Actlvitles Mooring Fees Hardstanding Fees Electricity Open Weekend Social Club Membership subscriptions 46,759 27 4,351 4,255 1,042 1,402 46,759 27 4,351 4,255 1,042 1,402 51.719 534 3,149 3,094 57,836 57,836 58,496 3. Analysis of Resources Expended Charitable aetivities 2024 2023 Wages,NI and Pensions Electricity 24,399 l6,310 7,044 10,209 6,536 932 2,533 2,853 314 11,103 2,693 21,380 18,309 2,999 12,514 5,481 1,130 2,877 1,615 491 3.800 721 546 Rent and Rates Site seivices and Cleaning Telephone & Internei Licences and Tnsurances Office rLllming costs Sundry expenses Bookkeeping Legal & Professional fees Publicity expenses Social Club Open Weekend Youth Projects Site Maintenance Canal Gate Posts & Panels Heritage Boat expenses Workboat expenses Bank Charges 615 1,751 364 8,088 1,700 1,326 561 949 86 600 5,903 96 784 703 100.280 80,035 Page 12

Coombeswood Canal Trust Notes to the Accounts for year ended 31st July 2024 (continued) 4. Governance costs 2024 2023 Accountancy costs 750 750 800 800 5. Paid Employees Caretakers Costs 2024 2023 Gross Salaries & Employers Nl Pension Costs Total Staff Costs 24,098 301 24,399 21,191 189 21.380 6. Trustee's remuneration and expenses No trustees received any remuoeration during the year. 7. Fixed Assets Freehold Property Plant & Office Macbinery Equipment 2024 Total 2023 Total Valuation Balance as at start of year Revaluation Disposals Balance as at end of year 176,000 774,000 208,000 (173,000) 897 384,897 601,000 897 985,000 384,897 897 950,000 35,000 384 897 Fixed assets of £170,000 were Introduced in to the new charity, Coombeswood Canal Trust, in 2003. The freehold of the site was purchased in 2007/8, Tt has been decidcd to revalue the assets on a periodic basis at a valuation provided by the members of the Trust. There will therefore be no depreciation of tangible fixed assets as such. As much of the plant and machinery is now at the end of its working life, it has been revalued at its net realisable value. 8. Debtors 2024 2023 Prepayrnents Trade Debtors Owed by Coombeswood Canal Company Ltd Oived by Hawne Basin Social Club Ltd Accrued income 4,215 3,122 50,295 7,518 87,890 8,901 620 58,252 104,309 Page 13

Coombeswood Canal Trust Notes to the Accounts for year ended 31st July 2024 (eontinued) 9. Cash at bank and in hand 2024 2023 Current accounts Deposit acLount Building Society Accowit Cash in hand Funds in transit 125,718 30,391 50,000 500 3,638 210 247 123,087 59,258 182,-345 10. Llsted Investments 2024 2023 Shares 326 326 I l. Creditors due within one year 2024 2023 Accrued expenses Trade creditors Deposils held 3,489 5,259 1,450 309 750 9,246 9,996 12. Fund Movements Fund Balances Brought forward Fund Balanles carried forward Net movement in funds Restricted Funds Designated Funds Membership Reserve Revaluation Reserve 278,637 35,706 314,343 278,637 636,706 915,343 (Iyote 7) 601,000 601,000 Unrestrlcted Funds Income & Expenditure account 347,539 (19,226) 328,313 Total Funds 661,882 581,774 1,243,656 Page 14