bmk Waterway Park BEDFORD & MILTON KEYNES WATERWAY TRUST Company limited by guarantee No 05760839 (England and Wales) and r¢gistered charity No 1114294 Wesile httpJn)mkwaterway.org
BEDFORD & MILTON KEYNES WATERWAY TRUST DIRECTORS, REPORT FOR THE YEAR ENDING 31ST MARCH 2024 INDEX Page Company Infornll0n Directors, (Trustees,) Report Independent Examiner's Report Staiement of Financial activities Statement of Financial Position 10 Notes on Financial Activities 11 to 13
BEDFORD & MILTON KEYNES WATERWAY TRUST DtRECTORS' REPORT FOR THE. YEAR ENDING 31 ST MARCH 2024 COMPANY INFORMATION The charity is controlled by its governing documents. memorandum and articles of SOciatio and constitutes a limited company. limited by guarantee. as defined by the Companies Act 2(M)6. Company Number Charity Number 05760839 (England and Wales) Company Limited by Guarantee 1114294 Directors ffrustees) Donald Allison (r¢sAgned I l October 2023) Julian Arniitage Steph¢n Ashley James Barbour Beryl Bennett John Best Simon Clewlow Janet Goodland (appointed 6 June 2023) Jane Hamilton (resign¢d l August 2023) Chris Hil liard Andrew Marchant Paul Smith Leigh Willows Regislered oificc 9 Windmill Hill Biddenham Bedford MK40 4AG Banker CAF Bank Limited PO Box 289 West Malling Kent ME19 4TA Independent Examiner Rose Johnston FCA 4 Dickens Close Harrold MK43 7ER
BEDFORD & MtLTON KEYNES WATERWAY TRUST DIRECTORS, REPORT FOR THE YEAR ENDING 3 1ST MARCH 2024 The directors (trustees) present their annual report with the accounts for the company for the year ending 3 1st March 2024. The accounts comply with th¢ requirements of the Companies Act 2(X)6. the Financial Reporting Standard for Smaller Entities (effective April 2015) and follow the recommendations in -Ac¢ounting and Reporting by Charities: Statement of Rewmmended Practice" srRUCTURE, GOVERNANCE AND MANAGEMExr The Bedford & Milton Kcynes Waterway Trust is a company limited by guarantee (company number 05760839) and a r¢gist¢r¢d charity (Charity number 1114294). The governing inslrument of thc charitsble Company is the Articles of Association. The membership has the legal responsibilities in the governance of the charity for electing the directors (trustees). Its responsÉbililies also include: the admission and classification of members of the charity: agreeing procedures at 8en¢ral meetings and meetings of the trustees: receiving the annual report and a¢Unts of the directors (trustees): and app)intin8 an Ind¢Fndent Examiner. Being a company limited by guaranlee. there is a board of directors who also act the tnistees of the rcgist¢rcd charity. The mcmbcrs of the charity elect the tte. The trustees manage the business of the charity and are resnSIble for. ensuring that th¢ charity is solv¢nL Well-rU and (kliv¢Ting the charitsble outcomes for which it has been set up; ensuring that the charity complies with charity law. and with the rcquirements of thc Charity Commission, that the charity does not breach any of the requirements in its governing document and that it remains true lo the charitsbl¢ purw)se and objects set out there. acting with integrity. and avoiding any personal wnflicts of interest or misuse of the charity's funds or assets. and re8ulating the financial affairs of the Charity. The trustees may enter into Contrac appoint and employ sLqff, detemiine stsff pay and conditions of service. The trust¢¢s cndeavour to consult the memt¢rship and to inforni it of their decisions. The directors mea at least four times a y¢ar. Time is given within directors meetings to focus on the role and changes in legislation. Where requir. fornial training or advice from consultants is obtained. OWECTIVES AND AcrivrriES The Trust is a charity and company limited by guarantee, designed to promote and 8SSiSt in the provision and maintenance of a new waterway and ass(Kiated faciliti¢s and structures connexting the Grnnd Union Canal at Milton Keynes to the Great Ous¢ at Bedford, for the benefit of l(Kal inhabitants and visitors. The waterway will deliver recreation, l¢isurA ewnomi& ¢nvironm¢ntsl and "quality of life" benefits to inhabitants and visitors. The Tt sees ils prime role as an enabler, maximising partn¢r, volunteer and community involvement in the development of a-waterway for All" that is a source of pride now and for generations to come. Straiegie Aims of the Trust: To drive th¢ project fonwanl by securing the rout4 identifying Sou$ for the construction and maintenance. and establishing a delivery mechanism for creating the Waterway Park. To promote the Waterway Park as a potential transfonnational proje¢L essential to b)st the economy of the sub region and bring with it environmental and social benefits. To secure the support of ILKal partners and Convin regional and rxntral governm¢nt and private inv¢stors that the project is a strong Candidate for inveslment.
BEDFORD & MILTON KEYNES WATERWAY TRUST DIRECTORS, REPORT FOR THE YEAR ENDING 3 ISI" MARCH 2024 Achievements in 2023r21n4 include: Continuing to raise the profile of the FYoject at a stralegic level and promote the Waterway as Continuing to improve governance by reviewing Tn1 police& updating the risk register and delegating tssks in the Trusi's implemenlation plan to subgroups. Continuing to promote the Waterway with the B&MK Waterway Cons(Ktium Partners and work with the Consortium to improve governance. During 2023 the Consortium agreed to meet more regularly to increase momentum and work towards establishing a Special Purpose Vehicl¢ take on the delivery role. Contributing to the update of Local Plans to ensure the Waterway route is proted. Actively maintaining repres¢ntstion on two I1 Nature Pathetships. Maintaining representation on Water Resources East stakeholder group and ContrutIng to their regional water resources plan which now referenc¢s th¢ Wat¢rway as a project. Completing a landing stsge at Kempston Mill to open up the HeAd of Navigation to more Craft on the River Great Ouse. Continuing to work with and support Ix)th Electra on the Grand Union Canal and the John Bunyan b)at on the River Great Ous¢. Maintaining a range of memb¢r communication activiti¢s, including member's briefing evening& regular newsletters and emails. Continuing io work with a rang¢ of partners to leverage funding to help build the business case for the Waterway and for Ial projects. Having achieved a broad range of objectives set out in its previous business plans the Trust has substantialty review and updaloj its Business Plan and obJIlVe5 for the period up to 2026. Targets for 2024125 IDdude Keep under review the business plan fot 2023 to 2026 Str¢ngth¢n governanrx by recruiting new Truste¢s who Can bring additional exF%rtise to the project. Work with the BMK WateThvay Consortium to establish new governan including workin8 to set up SPV in order to strengthen the capacity to bid for significant filliDg. Continue lo work with the Environment Agency and Water Resourees FAst to identify flood risk and waler management potential of the Waterway. Work with external partners to progr initiatives which will secure funding for cycle routes and increased landscaping and biodiversity along the route. Seek new ways of widening Int¢St in th¢ Waterway and incrning the numlKrs of 5UPPOrters and volunteers including developing local community initiatives. Consider new ways of providing information aut the Waterway to mark the rout¢ of the Watcrway and to provid¢ an uptfrdate perspective on the proj¢cL maintain an uFx4ated w¢b5lte which promotes th¢ theme of putting vat where it's Wan and integrates Trust and comtnunity boats activities and infornlation. Maintain range of member communication activitie4 including an AGM. members, brief8 evenings. regular newsletters and emails. Continue to work with patthers to find new sources of funding for the project.
BEDFORD & MILTON KEYNES WATERWAY TRUST DIRECTORS, REPORT FOR THE YEAR ENDING 31 ST MARCH 2024 RISK REVIEW Th¢ Dir¢¢knrs undertsk¢ ca¢h year a wid¢ ranging appraisal in order to identify the major risks to which the charity ts ex. Steps are taken with a view to mitigating these risks as far as is reasonabty possible. Stsff and volunteer training and consctousness-raising is regarded seriously. Thc Dircctors arc awar¢ tha( to some cxtcnL our financial stability relies on contribulions from supporters. They believe that the time-frames for which such income is reasonably assured is satisfactory, and that expenditure linked to income is also managed along similar tim¢-fram¢4 so as lo mitigate these risks so far as possible. The Bedford & Milton Keynes Waterway Trust is aware of the implications of the full implementation of the Equality Act in all its activities. Trustees have been made awwE of. and are required to implem¢n4 th¢ Data ProtKtion Principles. NANcL REEw The results for the year. as given in the Statan¢nt of Financial Activiti¢& ar¢ considered v¢ry g(x)d by th¢ INVESTMENT POUCY & PERFORMANCE Th¢ Tnte¢s. policy is to retain any short-term surplus fund& including unrestricted and restricted funds. in the highest possible interest-bearing accounts Consistent with the obJts of the charity. Investment perforniance was considered satisfactory by the trust RESERVES POLICY It is the policy of the trtees lo ensu that the charity has adequate reserves to enable it to meet both its ongoin8 commitments in gard to general charitabl¢ activities. and its future funding requirements. The trustees require as reserves a minimum of three months. exFKnditure in order lo meet any contractual and winding-up costs. Th¢ trustees nSider the current l¢vel of rexrves to be sufficient for the present situation and requirements of the clwity, but will continue to review the overall position and wlicy at regular interVS. PUBLIC BENEFIT In setting our programme each year we have regard to both the Charity Commission's general guidance on public Ixn¢fil and prev¢ntion and relief of poverty for the public b¢n¢fit. The trustees always ensute that the programmes w¢ undertake ar¢ in line with our charitable objects and aims. STATEMENT OF DIREcfoRS' RESPONSIBILfnES Th¢ director8 who also act Is trustees, arc r¢sponsibl¢ for preparing the Directors, Report and fancial slatements in accordance with applicable law and regulations. Company law requires the directors (who are also trustees for the purpose of charity law) to prepare financial statements for each financial year. Und¢r ihat law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Prnciice (Unii¢d Kingdon) Accounting Standards and applicable law). Under Company law the directors must not approve the fjnancial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the incoming resour(xs and application of resour(%, including income and expenditure of the company for the Feriod.
BEDFORD & MILTON KF.YNES WATERWAY TRUST DtRECTORS' REPORT FOR THE YEAR ENDtNG 31 ST MARCH 2024 In preparing those financial statements the dirxtors - Select suiLqble x¢ountin8 policies and then apply them consistently. Make judgements and estimates that are reasonable and prudenL State whether applithle UK A¢ntIng Standards have bn followeiL subjeet to any material departure disclosed and explained in the financial statements. And pr¢pre the financRal statements on the going concern basis unless it is inapFropriat¢ to presume that the company will continue in business. The directors are resnSIble for keeping adequate a¢¢ounling recoThls that are sufficient to show and explain the Company's transactions and dI10$e with r¢asonabl¢ aCcuY at any time the financial position of the company and enable them to ensure that the financial statements fA)mply with the Companies Ad 2006. They are also responsible for safeguarding the assets of the company and hen for tsking reasonable steps for the pr¢vcntion and ddection of fra1 and other irregularities. STATEMENT AS TO DISCIsuRE OF INFORMATION TO INDEPENDENT EXAMINER So far &% th¢ diredots awar4 th¢r¢ is no r¢levant audil inforniation of which the company's independent examiner is unaware. The directors have taken all the steps that they ought to have laken in order to make themselves awa of any relevant audit inforniation and to establish that th¢ company's independent ¢xaminer is aware ol. the inforniation. This report has been prepad in accordance with the special provision5 of Part 15 of the Companies Act 2006 relating to Sm1 companies and Financial Reporting Standard l 02. On behalf of the Directors Ori8inal sl8ned St cLJ Date 3.tl Zol4.
BEDFORD & MILTON KEYNES WAI"ERWAY TRUST REPORT OF THE DEPENDENT EXAMtNER TO THE TRUSTEES FOR THE YEAR ENDING 31ST hfjARCH 2024 Independent eL9miDer's report lo the trustees of Bedford & Millon Keyne8 Waterny Tni$t ('th¢ Company,) I report to the charity trusttts on my emmination of the accounts of the eAmpany for the year ended 31 st March 2024. Re8poAsibilitie8 and bAryis of report As the charity's truslew of the Company (and also its direct(xs for the puTposcs of company law) you are respN)nsible for the preparation of the accounts in ac¢ordanee with the requirements of the Companies Aci 2006 ('the 2006 Act,). Having satisfied myself that the accounts of the Company nol reqUId to be audited under Part 16 of the 2006 Act and are cligible for indendent examination. I rewrt in resFKCt of my examination of your charity's accounts as carried out under section 145 of the Charities Acl 2011 ('the 201 l Act.). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 201 l Act. Indewdent examlnerfs statement I have rJ)mpleted my examination. I that no matters have come lo my attention in connection with the examination giving me cause to believe: accounting records were not kept in reSpt of the Company &s rquired by section 386 of the 2006 A¢L th¢ aUnts do not ad with those records; or the aOUnts do not comply with the arxountin8 wuirements of section 396 of the 2006 Act other than any requ1ment that th¢ accounts give a true and fair view which is not a matter considered as part of an independent examination; or the a(xx)unts have not been prepared in accordance with the m&hod8 and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to Charities preparing their counts in accor with the Finan¢i&l Rqjorting Standard applicable in the UK and Republic of Ireland (FRS102)]. I have no concerns and ILftve come across no other matters in connxtion with the examinalion to whi¢h attention should be drawn in this report in order to enable a proper understanding of the accounts to be reachd. Original signed ,£ 1)1. Rose JobJ)ston 4 Dickens Close Harrold MK43 7ER Date 619114
BEDFORD & MILTON KFYNF..S WATF.RWAY TRUST STATF.MF.NT OF FINANCIAI. ACTIVITY ST FOR THE YEAR ENDING 31 MARCH 2024 Notes 2024 2023 INCOMING RESOURCES Donations and fund raising Charitable activities Bank Inlerest received TOTAL INCOME 30,412 10237 32.124 53.078 3.568 341 6104 63,656 RESOURCES EXPEIYDED Cost of raising funds Furtherance of the charity's objcctives TOTAL RESOURCES EXPENDED 73 64,434 647 1269 40,480 41,749 NET KNCOMING RESOURCES I97 21907 BALANCE BROUGHT FORWARD I- APRIL 2023 335A51 31394 BALANCE BROUGwf FORWARD 31- MARCH 2024 337,048 33&451 All the above activities represent ongoing activities. All recognised gains and losses are reflected in the Statement of Financial Activities and therefore no separate Ststement of Total Recognised Gains and Losses is disclosed.
BEDFORD & MILTON KEYNES WATERWAY TRUST STATEMENT OF FtNANCIAL POSITION FOR THE YEAR ENDING 31 ST MARCH 2024 Notes 2024 2024 2023 2023 FIXED ASSETS 175,997 184,795 cuRREr ASSETS Debtors Bank 37.304 165,374 37.586 135.025 202,677 172,611 Amount due within one year (23.126) (3.455) Net Curr¢nt assets 355,548 353,951 NON4URRENT LIABILITIES (18.51)0) (18.500) TOTAL ASSETS LE&S LIABILITIES 337.048 335,451 FUNDS unStrICted fidS 10 337,048 335,451 TOTAL FUNDS 337,IM8 33S451 The charitable Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ending 31 March 2024. The members have not required the CL)mpany to obtain an audit of its financial statements for the year ending 31° March 2024. The trustees acknowledge their responsibilities for (a) Ensuring that the charitable company keeps accounting records that Comply with Section 386 and 387 of the Companies Act 2006 Preparing financial statements Nvhich give a true and fair view of the state of affairs of the charitsble company as at the end of each financial year and of its surylus or deficit for each financial year in accordance with the requirements of Section 394 and 395 and which otherwise comply with the requirements of the Con]panies Act 2006 relating to financial statements. so far as applicable to the charitable company. These financial staknnents have bccn prepared in accordance with the spe¢ial provisions of Part 15 of the Companies Act 2006 relatin8 to charitable companies. The financial statements were approved by the Board of Trustecs on and signed on its behalf by (b) Original signed Si cL(>&j 10
BF.DFORD & MILTON KEYNES WATERWAY TRUST NOTFS ON FINANCIAL ACTIVITIES FOR THE YEAR ENDING 31 ST MARCH 2024 I ACCOUNTING POLICIES Basis of preparing Ibe fiaMeial statements The financial ststements of the charitable company, which is a public benefit entity under FRSI 02, have been pr¢parcd in ac¢ordan¢¢ with the Charit5cs SORP (FRS 102) 'Accounting and Reporting by charitles: Statemcnt of Recotnmended Practic¢ applible to charities preparing their accounts in a¢Lx)rdanrx the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2015)., Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. Ineoming resourcu Grants and subscriptions are re]Sed in the Statement of Financial Activities in the periiyj which the income relates. All other income is r¢cognis¢d on an accruals basis. Any income restricted to future accounting periods is defenEd and recognised in those accounting F)eriod. Investment IDcome Investment income is recogni5 on the reIpts t&8is. Resollrce8 expended Exp¢nditur¢ is T¢CO8nised on an accruals basis as a liability is incurred. Charitable expenditure comprises those costs incurred by the charity in the d¢livery of its activities for ils beneftciaries. It includes IKrth Costs that can be allocated directly to such aclivities and those costs of an indirect nature necessary to support them. Costs are split between categories based on the nature of the expense. Govemancx costs include those eA)sts associated wtth meeting the tAstAtUtional and statutory management of the charity. Tangible fixed assets depretiAtioD Both the John Bunyan and Electra boats are depreciatsd on a straight line b&%is over 20 years. Funds Unrestricted funds are incoming reSoUrS r¢ttivablc or generat for the objects of the charity without further specified purpose and are available &$ general fund. Restricted funds are to be used for the specific purpos¢ as laid down by the donor. ExFndilure which meets these witeria is charged to the fund. tO8ether with a fair allocation of costs. Ch#rit*bk Aetiviliei Thi5 comprises all expenditure related to the objeclives of the charity. Cost ofGeDeratiDg Funds This comprises all expendibjre related to Taising funds. Casb Flow A cash flow statement has not been prepared as the Trustees have taken advantage of the exemption afforded by Financial Reporting Standards Number l (revised) as the charity is of similar size to a small Company. Income and Expenditure Aeeount As the Stat¢m¢nt on Financiat Activities reflects the infornlation required by the Q)mpanies Act in relation to income and expendithre, a separate Income and Exp}dItUTe ALXX)unt h&s not been PreFred. 11
BEDFORD & MILTON KEYNES WATERWAY TRUST NOTES ON FtNANCIAL ACTIVITIES ST FOR THE YEAR ENDING 31 MARCH 2024 NOTES The accountlng pollcies are detailed on pa8e 11 of the accounts for the year ending 31st March 2024 DONATIONS & FUNDRAISING Donations Gift Aid Grants TOTAL 2024 4,841 2023 8,642 1,595 25,494 30.412 10237 CHARITABLE AcnvrnES Membership BMKWEL surplus Lease receipts TOTAL 2024 1.965 13,514 16.644 31124 2023 3,123 36.955 13,(KX) 53.078 COSTS OF GENERATING FUNDS Administration Bank charges 024 13 1,197 72 1269 73 IN FURThERANCE OF THE CHARMES OBJEcfivES Newsletters 2,979 Meetings 1,083 Depreciatlon 16,169 Subscriptions 119 Computer software 912 Professional fees Publicity Insurance Project costs Asset WrIteff TOTAL 1,616 12.003 54 1.298 900 2,140 22.469 1,043 942 30,988 10,199 12
BEDFORD & MILTON KEYNES WATERWAY 'fRUST NOTES ON FINANCIAL ACTIVITIES FOR THE YEAR ENDING 3 1ST MARCH 2024 FIXED ASSETS At I. Aprll 2023 Additions Disposals Cost at 31" March 2024 Depreclation At I" April 2023 Charge for the year Depreciation on disposals At 31" March 2024 Net book value At 1° AprS12023 At 31" March 2024 249,096 17,569 {11,940) 254,725 64,31XI 16.169 (1,7411 78,728 184.795 175.997 DEBTORS Trade debtors Prepayments VAT to be reclalmed Amounts due from subsidiary TOTAL 2024 2,5 2,157 2,488 30,159 37,304 2023 631 36,9S5 37586 CURRENT UABIUTIES Trade creditors Performance lated donation5 TOTAL 2024 8,085 15.041 23.126 2023 420 3.035 3A55 NOKURRENT UABIUTIES Loans for Shore Unlt These loans are noTrlnterest bearin8. 2024 18,51Y) 2023 18.5(X) 10 FUNDS Balance at In¢omln8 Out8Oi I" April 2023 Resources Resources Balance at 3151 Marth 2024 Unrestricted fvnds Restricted funds 316,951 18,5CK) 40,605 39,(M)8 318.548 18.500 TOTAL FUNDS 335A51 39.CK18 337,048 Unrestricted funds are incoming resources recelvable or generated for the objects of the charity without further specified purpose and are avallable as general funds. The restrlcted furKls are for the completion of the Shore Unit meeting space In Campbell Wharf, Milton Keynes. 13
li TAXATION The Bedford & Mitton Keynes Waterway Trust is Conside to pass the tests set out In Paragraph I Schedule 6 Finan Act 2010 and thefore it meets the definition of a charitable company for corporation tax purposes. Accordingly. the charity is potentially exempt from taxatlon In respect of income or capital 8ains received within categories covered by Chapter 3 Part11 Q)rporatlon Tax Act 2010 or Section 256 of the Taxatlon of Chargeable Gains Act 1992, to the extent that such income or galns are applied exclusNely to charitsble purposes. 12 CAPITAL COMMrfMEKTS As at the year end the Trust estlmates that £2,CO) is needed to complete the fft out of the new Welcome cent in Campbell wharf. This work is expected to be complete by the end of April 2024. 13 TRUSTEES REMUNERATION No remuneration is due to any Trustee in respect of the year to 31st March 2024 14