REGJSTERfD COMPANY NUMBER: 04525876 (EDg14Dd WAl¢s) REGISTERED CHAIUTY f4uMBER: 1094873 Rt rt of tbe Trustees and ent forthe Y Et]ded 31 D 2021 Robert Sadler & Company Ltd Chthered Accowitants 30B Southgate Chichester West Sussex P019 JDP
Chichester Canal T Contents of tbe Fitt nded31 D Pa8e Report of the Trustees Independent Examinees Rew)rt Statetnent of Firwneial Activiti& Balance Sheel Notes to the Financtal Stat¢m•Jts 7 to 12 D¢tail¢d Stat¢ment of FinaDciai A¢tiviti¢s 13
CaDal TTUSt Re rthe Trustees Year Ended The trustees are tho directors of ihe charity for the PuoSe& of the Companies Act 2006, PTes¢nt their re[ with the finon¢ial stat¢ments of tbe charity for the year ended 31 Decemb¢r 2021. The trustees have adopted the provisioN of AoUnting and Reporting by Charities.. Ststemeot of Re¢ommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS E02) (effective I lanllary 2019). OBJECTIVES AND AcfiviTIES The principal obiLXtives of the Tnjst are the preservation, mainteDanc¢ and ijnprovement of canals, navigable rivers and inland waterways for tbe public bellefit. in particular the navigation bettveen Chiehester and the harbour. Chichester Ship Canal and the Portsnth al Arullthl CaDal. The policies 2dopted to ¢nsur¢ the ob3lIVeS of the Trnst att met inGlud¢ th¢ manag¢meDt and PT¢s¢rvation of the Cbichester CaDO1. The headquarters of the Trust are situated at the Cbich¢st¢T Callal Basin. All corresw)2Jdence should be fOarded to the Chainnan, Chicbester Ship Canal TnLSt, Canal Basi Canal Wharf, Chichester. P019 8DT. The day to day operdtion of tho Trust is ov¢e¢ll by the Trust Board. There is a wholly ovmed trading subsidiary, wbich operates a cafe. shop, tripboat and other setvices. Its t&xablc profjts are trallsftrred by GiftAid to the Cbichester Ship Callal TTr]sL The Trust Board Consists of a n)aximum of nin¢ members of the trust. Three m¢mbers of th¢ Tntst Board are elected at eacb Annual General Meeting aud r¢tire afteT thr yeats by Iotation. The officers aTe elected by the Tnt Board from amongst their number. Members may be ctropted to fill arty C2wal Wd¢an¢ies, but hold otTice only until the next Annual General Mttting. The Eld Directoys then elect Directors of our subsidiary Trnding Cornpany. Michael tambert is the Trllrer. The TDJSt Board meet r¢gu]arly to review Callal TnLSt and Trnding Activiti¢5, to delitwate on curEent issues alld to d¢Gide upoll actioDS. No nwmber of the TNst reeeiyes & galary ftsr tbe services they undertak< but reasonable travellirtg and out of p(tht expenses, solely forwoth for the incuTredby the Trustees are re2mbursed. The Risk A&sessmettt and Reserves Policies relating to the Cana] bave beett agreeAI by the Tn Boar Fun(ts not required foT the cwrettt te&S of the Tw5t may be invested in investtn¢nts of any kind at tbe absolute discretion of the Tnjst BoaT The Board of Trusteeg wish to thank a]1 M¢mbers and particulady Voluttteer Mernbers past alld present who enjoy Participating in the Colltiouityg development of the Tru5L STRUCTURE, GOVERNANCE AND MANAGEMENT GoverDIDg document The charity is incojpornted a5 a limited company and is governed by its articles of a&sociation' it is registered in England and Wales as a priwdte company linjited by gi]arantee. REFERENCE ATr4D ADMtr41STRATIVE DETAILS Registered Compally Mllber 04525876 (England ST Wales) Registered Ch417ty uwuber 1094873 Pag¢ I
iehester Shi l December 2 21 Registered 0(re Canal Headquartet5 Canal Basi Canal Wh8rf Chich¢ster West Sussex P019 8DT Trnstees R M J Ke)ryvorth Mrs D Cox (appointed 162.21) Ms C M Cannon M Ston¢bam Company Se¢retary R M J Keyworth Independent Examiner Mr Robert Alistait Sadler Robert Sadltt & Company Ltd Chthered Accountants 30B Soutbgate Chschester West Sussex P019 IDP Sollcitors Wannop Fox Stsffith and Brny York Road Cballthers York Road Bognor Regis W¢st Sussex P021 ILT Apptovedby order of the board of Sle¢S ou... . and signed on its behalf by: M Stoneha]n- Truste¢ Page 2
endent Ex CbÉchest Independent examlner's report to the trustees of Chlchester Shlp Canal Trust ('the Company I report to tbe chlty trustees on my exarrtinatÉon of the a¢counts ofthe Company for the year ¢nded 31 DeeeEllbeT2021. RespoD3ibiliti¢s knd basis of report AS the charity's tThstees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of tbe accouuts iti accoidance the requirements of the Compani¢s Act 2(K)6 ('the 2(X)6 Ace). Having satisfied myself that the accollnts of the Company ar¢ not required to be audtted und¢r Part 16 of the 2006 A alld are eligible for independent examinatio l ry)ort in respect of my exon)inatiou of your charity's accotmts as carried out under section 145 of the Charities Ad 2011 Cthe 2011 Act'l. In ca]ng out my examination I have followed the Directious given by the Chlty cornEn11ll u]Mler sectioll L45{5) (b) of tbe 2011 Act. Independent examiner's statement I have completed my examiDation. I confirm tIt no matters have to my attention in (x)nne¢ti¢)n with the examination gIg me cause to b¢lteve.' a)nI]ng redS w¢r¢ not k¢pt in r¢sp¢¢t of the Conhpany as required by section 386 of the 2006 Act. or thc accounts do not accord with those Te¢ords,' oi the accounts do not comply with the aOUnting requirements of section 396 gf the 2006 Aet other than any requirement that the accounts give a tsue and fair which 18 not a matter considered as port of an independent exarnitiation. or the accounts have not been prepared itt accordance vlith the method& and principles of the Sratement of Reconllnended Practice for ac¢ounling and reporting by charitios (applicable to charities preparing their aecounts ill accordance with the FiDancial R¢portiDg Standard appjicable inthe UKand Republic of treland (FRS 102)). I have no concerns and have c4)me across no other matters irt conTtiOn with th¢ ¢xamiDatioll to which att¢ntioD SIll[d be dravrn in this retth in orderto enable aprop¢rw¢rstandlng of the accounts to be Yeache Mr Rob¢rt Alistair Sadler Robert Sadler & Company Ltd C11ered Accountants 30B Southgate Cbichester West Suss¢K P019 IDP Date.. Page 3
hichester Shi t of Financial Activities the Year E l Decem 31.12.21 Total 31.12.20 Total Unr¢stTiCted Re8trieted Notes LNCOME AM) ENDOIVMENfs FROM Doti&Èions al legaci S9,097 4,863 63.960 18,581 Charitable activlties Revenuelcosts r¢ activities ill furtberanee of the charity's objectives 11,018 32,626 43.644 25,278 Othertrading activities Inve5trnent inc(*me 3,630 20,423 3,630 20.423 3,896 20.456 Total 94,168 37,489 131,657 68.211 EXPEI4DITURE ON Charitable activities Rev¢nuelcosts re activities in furttLeMice of the charity's objectives 31,388 33.052 45.163 F4ET INCOME 62,780 35,825 98,605 23,048 RECONCILIATION OF FUNDS Total fllnds brnught forward 377,802 124,102 501,gM 478,856 TOTAL FUNDS CAJUUED FORWARD 440.582 159,927 ()iX),509 501,904 The notes fomi part of these fit¢1 statements Page 4
Chic Balan l Decernb¢r 2021 31.12.21 Tots] 31.12.20 Total UnTestri¢t fulld Restricted FLiTD ASSETS Tangible &gsets Investments 292,625 97,534 3g),159 397338 292,627 97.534 39Y).161 397,340 CURRENT ASSETS Debtors Cash at battk 10 56,845 96,501 56,845 159,410 6,954 107,730 153,346 62,909 216255 114,684 CREDITORS Amounts falling due withm one year {2 J74) (2,3731 (3J09) NET CURRENT ASSETS 150.972 62,910 213,882 111,375 TOTAL ASSETS LESS CURRwr LIABILITIES 443,599 160.444 604,043 508,715 ACCRUALS AND DEFERRED INCOME 12 (3,017) (517) (3534) (6.811) NET ASSETS 440582 159.927 600,509 501,904 FUNDS Unrestricted Restricted fullds 13 440,582 159,Y27 377,802 124,102 TOTAL FtJNDS 600,509 501,904 The charitable company ts ¢ntiiled to eKemptiott from audit under Section 477 of tbe Companies Act 2006 for the year ellded 31 Deeember2021. The memb¢rs have not required the cornpany to obtsin an audit of its financial ststements for the yw ¢tthd 31 D¢cemb¢r 2021 irA accordance with Section 476 of th¢ Cottipatti¢s A¢t 2006. The tNstees acknowledge tbeirresponsibilities for {a) ensuring that the charitable eompally keeps accounting rerdS that comply with Sections 386 and 387 of the COpaUL&s Act 2006 2nd pryTing financial statemellts which give a true and fair view of the state of affaiffd of the Charitable eojnpany at the end of each financial year and of its sUlUS or deficit for each fllRtKÉal year ill accordallee with the reqUireTtt5 of Sections 394 and 395 and whickn otheTh¥ise comply with the requirernents of the Cornpallies A 2006 relating to fw8ncÉal ststements so far as applicable to the ¢11table company. {b) The notes forni part of these flnancial statement5 Page S eontinutd...
Chichester S a]aEce Sheet- contittue These financial statements have bEeD pf¢paTed in accordallce with the provisions applicable to charitable companies subject io the small compani¢s regime. ¢nts were approved by the Board of TTUSt¢¢$ alld authori$ed for . and were signed on its b¢half by.. M Stoneham- Trustee The notes fornpan of these finala[ ststements
hiches rshi Canal T No to the Finan¢ia or eYearE 31 temen ACCOUNTJNG POLICIES of preparing the financial ststements The financial statements of the charitablt COEllpany, which is a public benefit entity under FRS 102, have bee prepaTcd ITh accordauce with the Charities SORP IFRS 102) 'Ac¢ountitig alld Reporting by Charities.. Statement of ReeoTnTnended Practice applicable to chaTiti¢s preparing their a¢coLmts in accordance with the Financial Reporting Standard applicable in the UK and Republic of trelaJLd (FRS 102) (effective l January 2019),. Finallcial Reporting Standard 102 The Finaneial Reportillg Sthndard applicabl¢ io the UK and Republic of Irdand, and the Companies Act 2006. The financial ststejnents have been prepared Und the bistOriC81 cost nvention, with the exception of invcstments which are included at market va]ue. Income All iUCOEne is recognised in Statement of FInala1 A¢tivities once the clMTity has Cutide¢nI the funds. it is prohbl¢ that the inc(Mne will be reeeivedandthe arnot callbe Meas reliably. Expendlthre Liabihtses are reColSed 35 expenditure a5 soon as there is a legal or constructive obligation committing the charity to expenditure. it is probable that a transfer (Trf economic benefits will be zequired in s¢ttlement and the aOUnt of the obligatiojj can be nKasuTed ffl?ably. Expenditur¢ is accounted for on aTh #cenmis basis alld ha been classified under headings that aggregate all ¢ost related to the category. Where c05t5 cannot be directly 81tribut¢d to particular headmg5 they bave been allocated to activities on a basis Consistent wiib the use of Tanglble fixed Assets DepTeci8ti0tt 1$ Ptt>vided at the followitig annual r*s in order to write off wh &55el ovw its estimated useful life. Plant and machinery Fixtures and fittings 25•A ¢)n cost, on cost and IOYO on cost IOts/o on Cost T#tion The chartty 15 exempt from COrdti0tt tax on its cl)aritable activities. Fulld accountin8 UDrestrid¢d canbe used iti accoTdance with the tharitable obj'ectives at tbe discretion of the trustee8. Restricttd fiuids call only be used for particulat restrided pwposes within tbe obje¢ts of tb¢ charity. Restrictions arise when specified byth¢ donor or when fimds are raised forp8rticular restrictedputpose& Further explanation of the Thature and purpose of each fimd is iticluded in the notes to the fllwi¢ial statements. OTHER TRADING ACTIVTfiES 31.12.21 31.12.20 Subscriptii)ns 3,630 3,896 Page 7
Chichester Financial Stateme nded ts- continued f(>r the IVESTMENT INCOME 31.12.21 31.12.20 Rents received Deposit aec4>unt interest 20,0(X) 423 20,(M)O 456 20,423 20,456 SUPPORT COSTS Grkv¢rnan¢e Management Totals Revenuel¢osts re activities in furtherdn¢e of the charity's objectives 4277 2.242 6,519 IYET INCOMEI(EXPENDITUREI Net in¢omellexpenditur¢) is stated after tharginglcrediting): 31.12.21 31.12.20 Depreciation- owned aets 10.179 12,171 TRUSTEES, REMUNERATION AND BENEFITS There were no ttee8, remulleration or other benefits for the year ended 31 De)ber 2021 Dor for the year ended 31 Decernber2020. Trnstees expenses There were no trust¢¢s' expenses pald for th¢ year ended 31 D¢rnb¢r 2021 nor for the year ertded 31 De¢ernber 2020. COMPAIL4TIVES FOR THE STATEMENT OF FINATr4CIAL ACTIVITIES UDrestEiCted fvnd Restricted Total INCOME AND ENDOWMENTS FROM Donations and lega¢ies 3,496 15.085 18,581 Charitable aedvfiti¢s Revenuc9Sts re a¢tivities in fiterance of the ¢harity$ obj¢etives 13,019 12.259 25.278 Othertrading a¢tivities Envestment it)come 3.896 20.456 3,896 20,456 Total 40,867 27.344 68,211 EXPENDITURE ON Charltable a£tfiTr4tle$ Revenuelcosts re a¢¢iNryties in furtherdnce of th¢ charity's objectives 44.904 259 45,163 Page 8 CODtillued...
h chester Shi Canal Tnt otes to the Fi for tbe Year al Ststetnents- cottt coNtPAIL41IVES FOR THE STATEMENT OF FINAI¥CIAL ACTIVITIES. contitill¢d Unrestricted Restricted fund Totsl funds NET INCOMFJ(EXPENDITURE) (4,037) 27,085 23,048 RECONCILIATION OF FUNDS Totsi funds brought forw4rd 381,839 97.017 478,856 TOTAL FUNDS CARRIED FORWARD 377,802 124,102 501.904 TANGIBLE FIXED ASSETS Fixtw Fr¢¢hold prop¢ty Plant and machinery fittings Totals COST At l January 2021 Additions 359J92 132,892 3,000 63,066 555J50 At 31 De¢embeF 2021 359,392 135.892 63,066 558,350 DEPRECIATION At l January 2021 Charge foryear 118.716 4,142 39,296 6,037 158,012 10,179 At 31 Decejllber 2021 121858 45,333 168,191 NET BOOKVALUE At 31 December 2021 359,392 13,034 17.733 390.159 At 31 D¢c¢2nb¢r 2020 359,392 14.176 23,770 397.338 FIXED ASSET INVESTMENrs The Chithester Ship Caual Trust bolds of th¢ issued share ¢apitsl {arnounting to two ordinary slwes of £1 each) of ChÉchester Carwl Trading L lited, a conwany incorpornted in England and Wa1¢5. The taxable profits of Ch5ch¢st¢r Calla] Trading Lirnited ar¢ wd to the Chichester Ship Canal Tntst by Gift Aid after allowing for any amoullt pemiitt&J to be retained foruse &8 worknng wital. The subsidiary compatjy pays rent to Chichester Ship Canal TnLSt for thewe of premises and equip]nenL SullL8 re1Vable by the Trll from the subsidiary in the period were as follows: 31.12.21 31.1220 GiftAid donatioll Rent 47,132 20,000 20,0( 67,132 20.0(M) The results of Chich¢$ter Canal Trading Limit ¢xtra¢ted from its COUnts for tIL¢ y¢ar ¢nded 31st Deeember 2021 are foliows: 31.12.21 31.12.20 Page 9 Contitiued...
Chichester Sh" e Financial Statements- continued End ecc r20 for ibe FIXED ASSET tNVESTMENTS- contillued Thrnover Other op¢ratiTrg Interest recEivable 224,448 26,009 114,374 15,418 250,457 129,796 Totsl Income Cost of sales Otheroperatillg costs 119,809 91806 85,948 96,5(M) Total EAp¢Ds¢s 212,615 182,448 Net profiV{loss) for the yearbefore charges Amount covenat)t¢d to the Trust under atd Corporation tax {Wdyablellrq)ayable (InCreaseYd in provision for deferred taxalion 37,842 (47,132) (52,652) 6,299 4,239 3227 ProfiV(10ss) rdained forthe y¢ar 16.063) (42.114) DEBTORS: AMoiINfs FALLING DUE WITHIN ONE YEAR 31.12.21 31.12.20 Ajnounts owed from CCT Ltd VAT 56,597 248 6,954 56.845 6.954 ii. CREDrroRS: AMouNfs FALLING DUE WITHtN ONE YEAR 31.12.21 31.12.20 Trnde creditots VAT Accrued expenses (2) (2) 511 2,800 2,375 2J73 3,3119 12. ACCRUALS AND DEFKRRED CoME 31.12.21 31.12.20 DeferTed governn)ent Deferred grants (non 8ov%) 517 3.017 776 6,035 3.534 6,811 Page 10
Chiche ter Canal Trust e Financ ar Ended 3 en nued 13. MOVEMENf IN FUNDS REVENUE RESERVE- UNRESTRICTED FUNDS 31.12.21 31.12.20 Balance brought foThvard Net mov¢m¢nt irA fiu Transf¢T5 t(Tr R¢stricted Revemie Reserve Trall$fers tol(from) Capitsl R¢serve- Unr¢sttieted 78,254 98.605 135.825) 6,921 70,379 23,048 (27,085) 11,912 BalaKe carried fotwanl 147,955 78,254 This equals the value of the net CUTrent assets held at the elld being the cash ai baDL debtors and 8tsKk less outstanding creditors due within one year, accEuals and deferred it)Me and excluding the restiicted revenue reserve balance REVENUE RESERVE. TluerED 31.12.21 31.12.20 Restricted fitnds held at bank 62,909 27,085 This r¢pr¢s¢nts fi]nding received it] the year for the repair of eanal baDks. CAPITAL RESERVE- UYRESTRICTED 31.12.21 31.12.20 This ryresents the value of uorestrlcted bJTMls tUV¢Sted in freehold premis fixtrjres. fittings and plant 292,627 299,548 CAPTTAL RESERVE- RESTRICTED 31.12.21 31.12.20 This rewesents the wolue of reStr1d fi]llds obtsioed via 8rwts that have been itivested in the freehold pren]ises and acIated fixtures al fittings and maybe repayable rftbe ptoperty was 501d or the &8sets not us¢d as p¢r th¢ conditions of the gratrts 97,018 97.017 TOTAL FUNDS 31.12.21 31.12.20 Totsl uttttstri¢ted fijnds 440,S82 377,802 Totsl restricted fimds 159.927 124.102 Pagell ¢ontinued...
bichtsteT Shi Notes to rtheye cial StAternents- coniinlled ece I& RELATED PARTYDISCLOSiIRES There war no related paty traltsactiolls for th¢ y¢ar ended 31 DeCeber 2021. 15. OTHER INFORMATION Grant income recogmsed alld released to iDcom¢ in the year was as follows:. 31.12.21 31.12.20 WSCC- of this m is r¢ka8¢d io ttLe Ststem¢nt of Financial Activities in line with the asset's d¢pR¢iation liCy1£2,585 x IOO/0= £259). Lead¢r- IOQ/¢ of this wt is released to th¢ stat¢etti of Finan¢iai A¢tsvities in line with the assets depcIatiOn p)licy (£3Q,175 x I/= £5,018). 259 259 3,018 3,018 Totsl grants received 3,277 3,277 io. RKSTRICTED YUNDS Restricted fijllds received ¢Juring the year ended 3 1st D&ember 2021 c¢)nsisted of the following.. 31.12.21 31.12.20 GIts.. Chichester City Council- ReiuvenatioD of calwl baDks West Sussex County Council- Rejuvenation of canal banks Portwioutb Water- E¢ology SuThey Nineveh TNst- Rejuvenation of &lTLal ba D Oyly Carter Charitsble Tnt- Rejuvenation of canal bgmks ChapmaD Charitable Tntst- Rejuv¢notion of canal banks Tbe Swir¢ Chwitsble TnLSt- Rejuvenation of cath balS DotsatioDs lo,0> 2.000 2,867 4.(0 3,500 20.0(M> 4,862 15,085 37229 27.085 P8g¢ 12
Chic Callal Trust Det 'led Statement of F" l.1)gce_2lL 31.12.21 31.12.20 INCOME AND ENDOWMENTS Donathns and legacies DO]tIOnS attd gtft akd reclai Cbichester CaTl TradIg Ltd Profits covenanted via gift aid 16,828 18,581 47,132 63.960 18.581 Other tradlng a¢dYldes Subscriptions 3,630 3,896 Jnvestment in¢ome Rents received Deposit acCOt interest 20.000 423 20.0(X) 456 20,423 20.456 Charitsble aetiiities GEants received 43,644 25278 Total In£omlDg resources 131,657 68211 EXPENDITURE Charitable actIlRe$ Insurallce Licences cal Works Maintenanrx and Equip repairs Printin& Postage,Stationery Depreciation 5,462 8,554 347 1,990 10.180 10,768 9,714 522 12,171 26,533 36235 Support costs Management Rates, water & ¢ltsIllg Light atsd h¢at Advertising Sutthies 1,254 794 90 2,139 1,197 821 1.143 4277 3,161 Governattee costs A¢counialley Legal fees 2242 3.100 2,667 2242 5,767 Total resources eApettded 33,052 45.163 Net iM¢ome 98,605 23,048 This ptge does not form part of the statllry fillallcial stateents Page 13