STROUD VALLEYS CANAL COMPANY (Limited by Guarantee)
Trustees' Annual Report and Financial Statements for the period from 2 April 2020 to 31 March 2021 Company Number 06860375 (England & Wales)
Charity Number 1130051
STROUD VALLEYS CANAL COMPANY (Limited by Guarantee)
CONTENTS
| Page | |
|---|---|
| Directors'/Trustees' annual report | 3 to 9 |
| Independent Examiner's report | 10 |
| Statement of Financial Activities | 11 |
| Balance Sheet | 12 |
| Notes to the Financial Statements | 13 to 20 |
2
STROUD VALLEYS CANAL COMPANY (Limited by Guarantee)
DIRECTORS' REPORT For the period ended 31 March 2021
The Directors/Trustees submit their Annual Report together with the financial statements for the period 2 April 2020 to 31 March 2021 . The Trustees confirm that the Annual Report and financial statements of the company comply with the current statutory requirements, the requirements of the company's governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). As an incorporated charity this Trustees Annual Report also includes the Director's report as required by company law.
1 LEGAL AND ADMINISTRATIVE
| COMPANY NUMBER | 06860375 (England and Wales) |
limited by guarantee |
|---|---|---|
| CHARITY NUMBER | 1130051 | |
| REGISTERED OFFICE and | Bell House | |
| PLACE OF BUSINESS | Wallbridge Lock | |
| Wallbridge | ||
| Stroud | ||
| Gloucestershire | ||
| GL5 3JS | ||
| INDEPENDENT EXAMINERS | Randall & Payne LLP | |
| Chartered Accountants | ||
| Chargrove House | ||
| Shurdington Road | ||
| Cheltenham | ||
| GL51 4GA | ||
| SOLICITORS | BPE Solicitors LLP | |
| St James House | ||
| St James Square | ||
| Cheltenham | ||
| GL50 3PR | ||
| BANKERS | NatWest | |
| George Street | ||
| Stroud | ||
| GL5 3DT | ||
| TRUSTEES | As per list of Directors in Section 3 | |
| KEY MANAGEMENT PERSONNEL | Chair of the Board, plus Directors and | Company Secretary |
3
STROUD VALLEYS CANAL COMPANY (Limited by Guarantee)
DIRECTORS' REPORT (cont'd) For the period ended 31 March 2021
2 AIMS AND OBJECTIVES
The Stroud Valleys Canal Company’s aim is:-
To work with Stroud District Council, Gloucestershire County Council, the Cotswold Canals Trust and the Company of Proprietors of the Stroudwater Navigation to effect the restoration of the Cotswold Canals.
The objects of the Charity are to preserve, maintain and improve the Cotswold Canals and their surrounding areas for the benefit of the public.
y y
General Guidance on Public Benefit when reviewing the Board’s objectives, activities and plans for the future.
STRUCTURE, GOVERNANCE AND MANAGEMENT
3 THE BOARD
The Stroud Valleys Canal Company is both a charity and a company limited by guarantee. The Company was constituted under Memorandum and Articles of Association dated 1 March 2009 and amended in 2 resolutions dated 6 May 2009 and 13 December 2018 which sets out the Company's objects and how it may operate.
The Company was registered as a charity with the Charities Commission on 9 June 2009
The Board of Directors fulfils the dual role of Trustees of the Charity and Directors of the Limited Company. The Directors/Trustees who served during the year were:
Kenneth Burgin (resigned 2 April 2020, reappointed 30 November 2020) Geoffrey Dyer Neville Nelder (resigned 27 November 2020) John Beatty (appointed 9 November 2020) Colin Hygate (appointed 8 July 2020) David Groom John Twydell Paul Winstanley Michael Lambert Neil Cathie (resigned 15 June 2021) Peter Rogol (appointed 6 May 2020) Matthew Lee (appointed 2 April 2020)
Martin (Fod) Barnes was appointed to the Board after the year end.
4 MEETINGS
The Board of Directors/Trustees, which manages the business of the Charity, meets regularly, usually monthly.
5 MEMBERSHIP
The Company had 4 members at the Balance Sheet date: Stroud District Council The Cotswold Canals Trust Gloucestershire County Council The Company of Proprietors of the Stroudwater Navigation
4
STROUD VALLEYS CANAL COMPANY (Limited by Guarantee)
DIRECTORS' REPORT (cont'd) For the period ended 31 March 2021
6 DAY TO DAY MANAGEMENT AND ADMINISTRATION
Sheila Harris was Company Secretary during the year, and undertook day to day Management and Administration of the Charity.
This post is remunerated by an Honorarium which is fixed by the Board from time to time.
Advice and support has been provided by the Canal Project Team and the Asset
Management Team of Stroud District Council.
7 METHODS ADOPTED FOR RECRUITMENT AND APPOINTMENT OF TRUSTEES
Trustees who are appointed by member organisations are chosen by that organisation according to their own internal systems.
Independent Trustees are nominated by existing Trustees as having particular skills, expertise or knowledge which is considered useful to the Board as a whole.
The appointment of an independent Trustee must be agreed by all Members.
There are currently no personnel employed by the Charity.
8 INDUCTION AND TRAINING POLICY FOR TRUSTEES
Trustees are provided with copies of current business plans and project plans.
A tour of the geographical area of the Canals is provided, if required.
New Trustees are advised to read the Charity Commission guidance for Trustees.
9 ORGANISATIONAL STRUCTURE AND DECISION MAKING
The organisation consists of the Board of Directors/Trustees and a Company Secretary.
All decisions are made at the monthly Board meeting, with information and advice provided by the Canal Project Team and Asset Management Team, both of Stroud District Council, where appropriate.
Exceptionally, decisions may be agreed electronically, and in emergencies, one Director may make decisions and seek approval as soon as is possible.
5
STROUD VALLEYS CANAL COMPANY (Limited by Guarantee)
DIRECTORS' REPORT (cont'd) For the period ended 31 March 2021
10 IDENTIFICATION OF MAJOR RISKS
The Charity, Stroud Valleys Canal Company (SVCC), is involved with the restoration of the Cotswold Canals. It is responsible for the maintenance of a six mile stretch of recently restored canal (Phase 1A) and partnered with Stroud District Council (SDC), the Cotswolds Canal Trust (CCT), Gloucester County Council (GCC) and the Canal & River Trust (C&RT) in their successful bid to the National Lottery Heritage Fund (NLHF) for a £9 million grant to permit the restoration of a further 4.5 miles of canal (Phase 1B) which would provide a connection into the 2500 mile national canal network.
Currently the maintenance of Phase 1A is being predominately funded by annual grants from SDC and CCT augmented by self generated income. Until a connection into the national network is achieved there will be no substantial income from licence and mooring fees and reliance on the annual grants will be crucial. Maintaining close relations with SDC and CCT is therefore extremely important and both organisations work closely with the SVCC Board.
The SVCC Board comprises professional volunteers who bring a wide and comprehensive set of knowledge and commercial experience to the table. Each Director is allocated a specific aspect for attention and management. One Director has extensive experience in risk assessment and management. Whilst SVCC is not committed to contribute any cash to the Phase 1B work other than its restricted fund re Bonds Mill Bridge, they are a full Partner in the project. A major part of the grant application to NLHF is the SVCC Business Plan. This considers the twenty-five year operational period after connection to the national network is achieved. The plan has been subjected to extensive probabilistic risk assessment, the results of which provide great confidence in the future financial prospects of the Charity once Phase 1B is completed.
FINANCIAL REVIEW
11 MAJOR GRANTS AND DONATIONS
The Charity acknowledges the major grants received from the Heritage Lottery Fund (HLF), and from South West Regional Development Agency (succeeded by Homes & Communities Agency, now Homes England), Stroud District Council, Cotswold Canals Trust and others towards the canal project.
Without these funds and donations the Restoration project would be unable to proceed.
6
STROUD VALLEYS CANAL COMPANY (Limited by Guarantee)
DIRECTORS' REPORT (cont'd) For the period ended 31 March 2021
12 RESERVES POLICY
The Reserves of a charity are that part of a charity's income funds that is freely available for its general purposes. This excludes Restricted Funds (funds donated for a specific purpose).
The Balance Sheet of the Charity on 31 March 2021 shows Total Funds of £1,693,907 (2020 - £1,737,310) of which £146,153 (2020 - £146,153) is restricted.
The General fund at 31 March 2021 amounted to £1,509,680 (2020 - £1,584,245). Designated Funds are funds which the Board has earmarked for particular projects.
The Board has designated a fund for providing infrastructure to enable future income generation, for example, some of this has previously been used to build mooring and landing stages.
A further Designated Fund has been set up to mitigate against future costs which might be incurred at Dudbridge Hydro as a result of unrecoverable accidental losses.
A further Designated Fund has been established to build up reserves needed to cover the programme of lock gate replacements anticipated to be required until the mid 2060's.
Free Reserves are the amount of General Funds (including Designated Funds, but excluding Fixed Assets) which are available for the Board to spend. The Free Reserves at 31 March 2021 are £125,627 (2020 - £95,609)
The Board is aware of the need to:
- a. Secure the viability of the Charity beyond the immediate future.
b. Absorb any financial setbacks and to take advantage of change and opportunities.
c. Secure unrestricted funding for the longer term to cover the running costs of the Charity and provide reserves.
The Charity’s Annual Budget incorporates planned expenditure matched by reserves plus forecast income in respect of the day to day activities. The Board believes, however, that it is prudent to keep a minimum reserve of £20,000 in the General Fund to cover unforeseen eventualities.
The Board will review its Reserves Policy once a year and will do its best to ensure that reserves are maintained at the agreed level.
13 FINANCIAL POSITION AT YEAR END
Due to the Covid pandemic, the financial position of the Charity appears better than originally anticipated, but only because of severe constraints on the amount of work that could be undertaken by Cotswold Canal Trust volunteeers. As Covid restrictions are lifted, an expanded programme of activity will be introduced, which will inevitably absorb all the accumulated funds surplus achieved in this past year. Income was derived primarily from grants and donations from Stroud District Council (£50k) and Cotswold Canals Trust (£41k). Investment income has remained steady. £18k was spent on acquiring additional land, £21K on equipment and £8K on canal improvements in the form of winding holes, moorings and etc, as part of the programme of preparing the canal for its reconmnection to the National network.
14 GOING CONCERN
After making appropriate enquiries, the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies section. The effect of the Covid 19 Lockdown has been taken into account and is being closely monitored.
7
STROUD VALLEYS CANAL COMPANY (Limited by Guarantee)
DIRECTORS' REPORT (cont'd) For the period ended 31 March 2021
ACHIEVEMENTS AND PERFORMANCE
15 THE CHARITY’S ROLE WITHIN THE RESTORATION PARTNERSHIP
The Cotswold Canals Partnership comprises a large number of organisations including all the local authorities along the line of the canal, the Environment Agency, The Canal & River Trust, Natural England, the Inland Waterways Association and the Cotswold Canals Trust. The Charity continues to play an important role within the Partnership.
Phase 1A of the restoration programme is almost complete, and Phase 1B is being led by Stroud District Council and Cotswold Canals Trust.
The charity has continued to be actively involved in the Partnership’s work of making an application to the National Lottery Heritage Fund to enable the second phase (1B) of the project to go ahead. The bid was approved in principle in September 2020 and Permission to Start is expected Q3 of 2021.
The electronic Asset Register and Maintenance Plan has gone live and will prove over time to enable costed regular maintenance of the restored areas of canal to be included in future budgets as part of cost control measures. It provides an invaluable link between lengthsmen, volunteers and Managers from all organisations.
The Charity’s website has been updated to provide canal users with full and timely information on using the canal. We are indebted to volunteers for working on this and the Asset Register on our behalf.
16 SUMMARY
Over the year the Trustees have worked closely with our partners on the Heritage Lottery Fund grant application. Key areas of involvement include Management and Maintenance, Risk Evaluation and Land Acquisition.
Whilst the lottery bid has taken up a lot of time, the task of keeping the assets of the canal in good order and managing our resources has continued. Much good progress has been achieved. Two parcels of additional land have been purchased with a view to providing moorings and manoeuvring facilities. A joint mooring venture has been established with one landowner.
We are able to fund equipment and materials needed for canal preservation and maintenance, placing reliance on volunteers from CCT and SDC for the majority of the necessary work. Members of the Waterway Recovery Group also provide working parties and carry out valuable tree cutting work, contributing to the ongoing health of the waterway.
During the year the Board has been re-structured with a number of additional Directors. The team currently consists of 10 Directors plus our Company Secretary. Directors are drawn from appropriate backgrounds such that they can take responsibility for defined areas of activity. The Charity is thus well organised to take handle the challenges and take advantage of opportunities as they develop. This furthers long term viability and will lead to the ability to run the waterway successfully as it develops into an important addition to the national network.
The full effects of the Covid 19 lockdown will not be known for a considerable period. Essential maintenance work is being carried out in order to protect public rights of way. The Board is reviewing the situation regularly, and taking all steps to protect the volunteers and the public who use our canal.
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STROUD VALLEYS CANAL COMPANY (Limited by Guarantee) DIRECTORS, REPORT (cl'dI For the 'od whjed 31 March 2021 18 STATEMENT OF DIRECTORS RESPONSIBILlEs Company La41 reouires DireciOrslsteeS to pr finarKial slalements lor eath finartial year whid) ill give a true and fatr vtew ol Ihe &ate of affairs of Charity avj of the surplus or deficit of t Company for that year. The Trustees con&der tl)at the FInaKI Statements give a twe and farview of the state of affairs of the Charity for this peri(xl. In preparing tlY)se financk?I statements. DirectoSt8eS are required to." * sdect suitatAe accountir¥J wAities arKI then app4y trÉm cOn$teny". ' observe the methods and principles in Ihe ChaTibes SORP IFRS 102}'. . make judgements and estimate5 that are leasaLle ar¥J wvJEnt". . prepare finarrial statements on a concem bass unless it is in4)priwae to prewme that the Charity wll cthitinue in £$all. The DirectcrfSruslees are reS[tie for. . keeptTh3 proper a(LountiThJ recxmts, vthich th"sclose reag)natde at any time the finanry txjsition of the Company . ensuriw that the finanua 5tstement5 u)mply the Companie5 Ad 2(K6: feguarding the as%els of the Chatrty and rear steps for the preventi( arKI det.0 of fraud 8nd other irregularits. 19 ADVANTAGE HAS BEEN TAKEN OF EXEMPTIONS FOR SPAALL COMPANIE5 This report has been in acxudarKe *ith the prcNisions of part 15 of the Companies Act 20( relatir¥J to small C(panIeS. Chairman John Tvrydell Date: 5(9 lei
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STROUD VALLEYS CANAL COMPANY (Limited by Guarantee)
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING THE INCOME AND EXPENDITURE ACCOUNT for the period ended 31 March 2021
| Notes Income 2.5 Income and endowments from: Donations and legacies Charitable activities Other trading activities Investments Other Total Expenditure 5 Expenditure on: Raising Funds Charitable Activities Other Total Net income/(expenditure) before tax for the reporting period Net movement in funds Reconciliation of funds: Total funds brought forward Transfer of Funds Total funds carried forward |
2021 Period ended 1 April 2020 Unrestricte d funds Restricted income funds Total funds Total funds £ £ £ £ 72,165 31,250 103,415 362,813 8,573 - 8,573 20,911 26,146 - 26,146 29,334 1,335 - 1,335 1,650 1,500 - 1,500 16,896 |
|---|---|
| 109,718 31,250 140,968 431,604 |
|
| - - - 479 164,458 - 164,458 204,882 19,913 - 19,913 42,103 |
|
| 184,371 - 184,371 247,464 |
|
| (74,653) 31,250 (43,403) 184,140 |
|
| (74,653) 31,250 (43,403) 184,140 |
|
| 1,591,157 146,153 1,737,310 1,553,170 31,250 (31,250) - - |
|
| 1,547,754 146,153 1,693,907 1,737,310 |
11
STROUD VALLEYS CANAL COMPANY (Limited by Guarantee) as at 31 Marc 2021 1 Awil 2020 I)d$ 2021 Tc4a Total d lur FfAED ASSErs Tangible Ass¥s 6 1.4za126 86.153 1.W,279 1.561,701 Toial fixed assets 1,421126 153 1,S)8,279 1,581,701 CURRENT ASSETS Debtors Ca at bank and in haThY 21919 22.919 112.17 80.cm 172.507 135A25 ,4100 19&425 33,615 163.538 197.153 CREDITORS.. arnnts fdlbrg within fft yeaf 19.7531 I9.7} 141.5441 ET CURRENT ASSEfwi LLm£s) 12S627 60.1 185.627 155,809 FUNDS OF THE CHARITY Restricted Incomè Funts 13 146.1S3 148.1 148.153 1 547.754 1.591.157 Unrestrrled Funds 1.547.754 1.547.754 TOTAL FIJMDS 146.153 1.693.907 1.737,310 For the period erthd 31 Marth 2021 ts company %as entrde£l to eXnpti from au(tyt 11( 477 of th8 CompaTres Act 2(th rdatiro to companiès. Th8 m8rnb8r5 have require¢ Ihe cornp lo rthin a111 in ¥da1¥% iih sethon 476 of The Directorlstees thowledgE Ih¥"T wngblFty c£¥nng the rwuiremetts of the These acclxmts have tten with the 0vIOn$ apK4i¢Ae to 977all tX¥b¥W subiect lo ts 0[1 comrAnies fwe WKI in Iwth FRS102 SORP. Sign8d by trusteesJdire£lrKs (xi behal ot ail the tn&steegth.rectS Chairman J Date £S . /JoJ/ Twydell beiro to Cc¥npaThes Hcwe z8191ei 12
STROUD VALLEYS CANAL COMPANY
Notes to the financial statements for period ended 31 March 2021
1. Statutory
Stroud Valleys Canal Company is a private limited company, limited by guarantee, registered in England and Wales. The company’s registered number, registered office and principal place of business can be found on the legal and administrative page. The Director's/Trustee's report contains more information regarding the company's principal activities.
The presentation currency of the financial statements is in Pound Sterling (£).
2. Accounting policies
2.1 Basis of preparation
The financial statements of the charitable company, which is a public benefit entity under FRS102, have been prepared in accordance with the Charities SORP (FRS 102) ‘Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (issued in October 2019)’, Financial Reporting Standard 102 Section 1a for small entities. ‘The Financial Reporting Standard applicable to the UK and Republic of Ireland’ and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
2.2 Incoming resources
Grants and donations are recognised in the accounts when the Charity has the rights to those funds and all external conditions are met. Where funds are subject to external conditions which have not been met at year end these have been dealt with as deferred income.
Where the nature of the grant is in substance a loan, in that it is potentially repayable and carries interest, then it is accounted for as a loan.
Other income is accounted for on an accruals basis so far as it is prudent to do so.
Rental income is included in Incoming Resources on an accruals basis, and is recognised in the year to which it relates.
2.3 Restricted income
Where donors or funders specify that grants or donations, including capital grants are for a particular purpose, this income is included in incoming resources as restricted funds, and the relevant expenditure included in resources expended as restricted expenditure.
2.4 Donated Assets and Services
Donated Assets and Services received are included in the accounts at a reasonable estimate of their open market value provided by either the donor or the Trustees. The services provided by volunteers are not given a value or included in the accounts.
2.5 Income
The income shown includes assets donated to the Charity, such as canal structures which have been completed, e.g. new bridges. Transfers of freehold parcels of land are also included.
2.6 Expenditure
Expenditure is recorded on the accruals basis.
Governance costs are those costs incurred in the governance of the Charity and its assets and are primarily associated with administrative, constitutional and statutory requirements.
Grants made are recognised when payments are made to the recipient.
13
STROUD VALLEYS CANAL COMPANY
Notes to the financial statements
for period ended 31 March 2021
2.7 Tangible Fixed Assets
The freehold property owned by the Charity is considered to be a programme asset as it is held directly in pursuit of the organisation's charitable activities and is therefore included in the accounts at cost, or estimate of market value on acquisition where donated but not depreciated.
Where a value is provided in a funding agreement under which the asset is acquired, the asset is included in the accounts at that value.
Further purchases have been made using either funding grants provided by the Heritage Lottery Fund or the charity's own funds and are included at cost.
Dudbridge Hydro scheme is depreciated on a straight line basis at a rate of 10% per annum.
Assets which cost, or are valued at, in excess of £250 are capitalised where they are expected to have a useful life in excess of 1 year. However, items of expenditure to improve property which the Charity plans to demolish in the short to medium term will not be capitalised, and will instead be recognised as an expense in the year in which the costs are incurred. Equipment and Motors are depreciated on a straight line basis at a rate of 20% per annum. Boats are depreciated on a straight line basis at a rate of 10% per annum.
Canal structures are depreciated on a straight line basis over either 10 years in the case of mooring and landing stages or 25 years in the case of bridges.
Assets in the course of construction are not depreciated until brought into use.
2.8 Heritage Assets
The charitable company owns the line of the Thames and Severn Canal, from its junction with the Stroudwater Canal to the basin at Brimscombe Port, together with the towpath, locks and the fixed bridges which have primarily been in existence since the eighteenth century. These were gifted to the Charity at no cost, and it is considered that they should not be included as a Heritage Asset on the Balance Sheet. It is not considered that the cost of obtaining a valuation would be justified by the usefulness of this information to the users of the accounts. Our Heritage Assets are accessible to the public at all times.
It is our policy only to acquire Assets which are an integral part of the Canal system. We aim to preserve and maintain all our Assets in order to provide a functional Waterway for the use of the public.
However, those structures which are new-built or where costs are associated in a complete repair are capitalised according to the costs involved. Thus new bridges are depreciated over 25 years.
2.9 Taxation
As a registered Charity, the Company is generally exempt from Corporation Tax in connection with its direct charitable purpose, but not from VAT. The Charity is registered for VAT and relevant income and expenditure is included net of VAT. Where VAT is irrecoverable it is included within the expense item to which it relates.
2.10 Going concern
The trustees have considered the financial risks that are relevant to the going concern, which are considered to be: the inability to meet its maintenance covenants under a lease. The Trustees believe that the Charity should be able to meet its commitments as they fall due, having considered a period of at least one year from the date of approval of these accounts. Therefore the Trustees consider the going concern basis to be appropriate for the preparation of the accounts.
14
STROUD VALLEYS CANAL COMPANY
Notes to the financial statements for period ended 31 March 2021
2.11 Financial Instruments
Financial Instruments are classified by the trustees as basic or advanced following the conditions in FRS 102 Section 11. Basic financial instruments are recognised at amortised cost using the effective interest method.
2.12 Operating leases
Rentals paid under operating leases are charged to the statement of financial activities on a straight line basis over the year of the lease.
2.13 Capital Commitments
As at the balance sheet date there were no current Capital Commitments
| 2021 | 2020 | ||
|---|---|---|---|
| 3 | EXAMINATION OF ACCOUNTS | £ | £ |
| Net incoming funds are stated after charging: | |||
| Independent Examiners' remuneration | 2,600 | 2,600 |
4 JOINT ARRANGEMENTS
As disclosed in the Director's report, the Charity is part of the Cotswold Canals Partnership and has entered into funding agreements with the Heritage Lottery Fund (HLF) and South West Regional Development Agency (SWRDA), succeeded by Homes and Communities Agency (HCA), now Homes England, jointly with Stroud District Council for the purpose of restoring the Cotswold Canal. Funding has been received by the Charity in the form of freehold land from SWRDA under these arrangements, with the Charity taking joint responsibility for certain of the obligations to HLF and HCA.
15
STROUD VALLEYS CANAL COMPANY
Notes to the financial statements for period ended 31 March 2021
| 5 TOTAL RESOURCES EXPENDED Charitable activities Lease costs Canal repair & maintenance Depreciation in year Other Insurance Solicitors fees Examiners' remuneration Other Professional fees Administration services Other costs |
Period ended 1 April 2020 General Designated Restricted Total Total Funds Funds Funds Funds Funds £ £ £ £ £ 2,250 - - 2,250 2,292 41,280 - - 41,280 89,124 120,928 - - 120,928 113,466 2021 |
|---|---|
| 164,458 - - 164,458 204,882 |
|
| 5,034 - - 5,034 2,080 - - - - - 2,600 - - 2,600 2,849 949 - - 949 11,574 8,987 - - 8,987 8,704 2,343 - - 2,343 16,896 |
|
| 19,913 - - 19,913 42,103 |
No Trustees received remuneration during the period ended 31 March 2021 (2020: £nil). Details regarding reimbursement of expenses can be found within note 14.
6 TANGIBLE FIXED ASSETS Programme Assets
| Programme Assets | Assets in | Total | |||||
|---|---|---|---|---|---|---|---|
| the course | |||||||
| Dudbridge | of | ||||||
| Equipment & | Hydro | Land and | constructio | ||||
| Motors | Boats | Structures | scheme | Buildings | n | ||
| £ | £ | £ | £ | £ | £ | £ | |
| At cost or valuation | |||||||
| At 2 April 2020 | 108,576 | 65,580 | 1,535,000 | 264,834 | 91,153 | 37,528 | 2,102,671 |
| Additions | 21,244 | - | - | - | 18,000 | 8,263 | 47,507 |
| Transfers | - | - | 22,319 | - | - | (22,319) | - |
| Disposals | (4,435) | - | - | - | - | - | (4,435) |
| At 31 March 2021 | 125,385 | 65,580 | 1,557,319 | 264,834 | 109,153 | 23,472 | 2,145,743 |
| Accumulated | |||||||
| Depreciation at 2 April | (60,423) | (19,397) | (267,000) | (174,150) | - | - | (520,970) |
| 2020 | |||||||
| Depreciation in year | (25,616) | (5,198) | (63,631) | (26,483) | - | - | (120,928) |
| Eliminated on disposal | 4,435 | - | - | - | - | - | 4,435 |
| Total Depreciation | (81,604) | (24,595) | (330,631) | (200,633) | - | - | (637,463) |
| Net Book Value as at: | |||||||
| 31 March 2021 | 43,781 | 40,985 | 1,226,688 | 64,201 | 109,153 | 23,472 | 1,508,279 |
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STROUD VALLEYS CANAL COMPANY
Notes to the financial statements for period ended 31 March 2021
| 48,153 46,183 1,268,000 8 DEBTORS Trade debtors Prepayments and accrued income VAT 9 CREDITORS Amounts falling due within one year Accruals and deferred income Other creditors Deferred income Balance brought forward Released in the year Deferred in the year Balance carried forward 1 April 2020 |
48,153 46,183 1,268,000 |
90,684 91,153 |
37,528 1,581,701 |
|---|---|---|---|
| 2021 £ 5,618 12,515 4,785 22,919 8,945 853 9,798 7,545 (7,545) 5,282 5,282 |
Period ended 1 April 2020 £ 3,767 24,145 5,703 33,615 32,691 8,853 41,544 10,621 (10,621) 7,545 7,545 |
The deferred income relates to income received in the current financial year but which relates to the following financial year.
| 10 | FINANCIAL COMMITMENTS | 2021 | 2020 |
|---|---|---|---|
| Land & Buildings | Land & Buildings | ||
| £ | £ | ||
| The Charity had the following annual commitments under non cancellable operating | leases: | ||
| Expiring within one and five years | - | - | |
| Expiring after more than five years | 2,250 | 2,292 |
The Charity has an obligation to maintain the canal under the lease. The future minimum lease obligations amount to £1,970,000.
This valuation policy will be revisited once navigability has been restored.
11 MEMBERS’ LIABILITY
Each member of the Charitable Company undertakes to contribute to the assets of the Charitable Company in the event of it being wound up while they are a member, or within one year after they cease to be a member, such amount as may be required, not exceeding £10, for the debts and liabilities contracted before they ceased to be a member.
17
STROUD VALLEYS CANAL COMPANY
Notes to the financial statements for period ended 31 March 2021
12 CONTINGENT LIABILITIES
The Charity has entered into joint arrangements for funding with Stroud District Council as described in note 4 which subjects the Charity to joint and severable liability for obligations of and funds received by Stroud District Council in connection with these arrangements.
These liabilities are not quantifiable.
13 STAFF COSTS
The Charity does not employ any staff.
| 14 FUNDS General Fund Designated Funds Restricted funds contributions Restricted Property Fund Bonds Mill Bridge Fund Total Funds Represented by: General Fund Designated Fund Restricted Property Fund Bonds Mill Bridge Fund |
2021 As at 2 April 2020 Incoming resources for year Outgoing resources for year Funds transferred during year Funds as at 31 March 2021 £ £ £ £ £ 1,584,245 109,718 (184,371) 88 1,509,680 6,912 - - 31,162 38,074 - 31,250 - (31,250) - 86,153 - - - 86,153 60,000 - - - 60,000 |
|---|---|
| 1,737,310 140,968 (184,371) - 1,693,907 |
|
| 2021 Tangible Fixed Assets Current assets Current liabilities Total £ £ £ £ 1,422,126 97,351 (9,798) 1,509,679 - 38,074 - 38,074 86,153 - - 86,153 - 60,000 - 60,000 1,508,279 195,425 (9,798) 1,693,907 |
The Property Restricted fund arises from property which has been gifted to the Charity following acquisition using Heritage Lottery Funds.
The Bonds Mill Bridge Fund arises from income donated towards the future repair and maintenance costs of Bonds Mill Bridge.
The Board has three designated funds. The first is for providing infrastructure to enable future income generation, for example, for the building of moorings and landing stages. The second is for funds to mitigate against unrecoverable accidental losses at Dudbridge Hydro Scheme. The third, new this year, is a fund designed to build up sufficient funds over the next four decades to ensure the company has sufficient reserves to enable it to meet major outgoings on lock gate replacements. There was another designated fund in respect of repairs to Dudbridge Lower Lock, now completed.
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STROUD VALLEYS CANAL COMPANY
Notes to the financial statements for period ended 31 March 2021
15 TRANSACTIONS WITH DIRECTORS AND RELATED PARTIES
During the year, the company made reimbursements of £NIL to Neil Cathie for his directors' expenses. (2020 – £223)
Cotswold Canals Trust
Cotswold Canals Trust is a related entity by virtue of the appointment of Ken Burgin as a Director/Trustee while being an employee of the Cotswold Canals Trust.
The Trust is a Charitable organisation, and as such the Trustees do not gain from any transaction.
Voluntary services were provided by members of the Trust at no cost to the Charity, other than a small amount of petty cash expenditure required by volunteers which was reimbursed by Stroud Valleys Canal Company to the volunteers.
Company of Proprietors of the Stroudwater Navigation.
Ken Burgin and Neville Nelder were both Directors of the Company of Proprietors of the Stroudwater Navigation at some point during the year.
Ken Burgin is the only Trustee who benefited from employment through a related entity. This employment had ceased by the year end.
16 PUBLIC BENEFIT
The Charity is a public benefit in that it is restoring the Thames & Severn Canal and the Stroudwater Canal for the benefit of canal users and towpath users.
17 CONTROL
The charitable company is controlled by its Board of Trustees.
19