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← Stroud Valleys Canal Company

2024-04-01-accounts

STROUD VALLEYS CANAL COMPANY (Limited by Guarantee)

Trustees’ Annual Report and Financial Statements

for the year ended 31 March 2024

Company Number 06860375 (England & Wales)

Charity Number 1130051

STROUD VALLEYS CANAL COMPANY (Limited by Guarantee)

CONTENTS

Page
Directors'/Trustees' annual report 2to9
Independent Examiner's report 10
Statement of Financial Activities 11
Balance Sheet 12
NotestotheFinancialStatements 13to18

4

STROUD VALLEYS CANAL COMPANY (Limited by Guarantee) DIRECTORS' REPORT For the year ended 31 March 2024

The Directors/Trustees submit their Annual Report together with the financial statements for the year ended 31 March 2024 . 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 (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

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||||||||||| |---|---|---|---|---|---|---|---|---|---| |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|

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2

STROUD VALLEYS CANAL COMPANY (Limited by Guarantee) DIRECTORS' REPORT (cont'd) For the year ended 31 March 2024

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.

The Trustees confirm that they have referred to the information contained in the Charity Commission’s General Guidance on Public Benefit when reviewing the Board’s objectives, activities and plans for the

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 (died 8 March 2023) Geoffrey Dyer Martin (Fod) Barnes (resigned 31 December 2023) John Beatty (resigned 20 March 2024) Colin Hygate David Groom Nicholas Housden (resigned 11 April 2023) John Twydell (resigned 31 March 2024) Michael Lambert Robin Layfield Peter Rogo! Matthew Lee (resigned 6 March 2024) David Swinburne (resigned 13 December 2023) Stephen Davies (appointed 11 April 2023) Kevin Cranston (appointed 8 May 2023) Nicholas Rowson (appointed 6 March 2024) Keith Tibbitts (appointed 3 June 2023)

It is with considerable regret the Board announces the death of Kenneth Burgin on 8 March 2024. Robin Layfield and Stephen Davies resigned after the year end.

4 MEETINGS

The Board of Directors/Trustees, which manages the business of the Charity, meets regularly, usually

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

3

STROUD VALLEYS CANAL COMPANY (Limited by Guarantee)

DIRECTORS' REPORT (cont'd) ~~ee eee~~ For the ~~— OO~~ year ended 31 March 2024 6 DAY TO DAY MANAGEMENT AND ADMINISTRATION

Day to day management and administration of the Charity is undertaken by staff of Cotswold Canals Trust.

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.

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.

4

STROUD VALLEYS CANAL COMPANY (Limited by Guarantee) DIRECTORS' REPORT (cont'd) For the year ended 31 March 2024

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, 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.

5

STROUD VALLEYS CANAL COMPANY (Limited by Guarantee) DIRECTORS' REPORT (cont'd) For the year ended 31 March 2024

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 2024 shows Total Funds of £1,584,488 (2023 - £1,636,499) of which £136,163 (2022 - £146,153) is restricted.

The General fund at 31 March 2024 amounted to £1,448,325 (2022 - £1,490,346).

Designated Funds are funds which the Board has earmarked for particular projects.

The Board's Designated Infrastructure fund £4,482 (2023 - £4,482) is being applied to the investigation of opportunities to derive value from silt extracted from the canal.

A further Designated Fund has been set up to mitigate against future costs which might be incurred at Dudbridge Hydro as a result of irrecoverable accidental losses. [2024 - £7,500, 2023- £6,250]

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. [2024 - £92,000, 2023 - £69,000]

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 2024 are £152,091 (2023 - £165,462)

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.

6

STROUD VALLEYS CANAL COMPANY (Limited by Guarantee) DIRECTORS' REPORT (cont'd) For the year ended 31 March 2024

13 FINANCIAL POSITION AT YEAR END

Whilst the severe constraints caused by the Covid pandemic on work capable of being undertaken have largely disppeared, a combination of the reduced extent of available volunteer time coupled with increasing awareness of ecological limitations and increasing time being spent on Phase 1B work have all impacted on the amount of construction work capable of being undertaken on Phase 1A. As a result, the Charity's financial position at the year end looks comparatively healthy, but as the construction work is undertaken that is necessary to ensure a usable canal is ready by the time reconnection to the national waterways network occurs, such surpluses as are currently available to the Charity will be dissipated to some degree. Principal unrestricted income sources in the year comprise Stroud District Council grants (£62K), grants from Cotswold Canals Trust (36K), Surface Water discharge fees (£37K) and Hydro electric generation (£45k).

Principal expenditure items included equipment purchases (£86K), of which £19K was covered by way of restricted grants, and canal-related assets (£15K). Routine canal maintenance costs, including dredging, amounted to £99K.

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.

7

STROUD VALLEYS CANAL COMPANY (Limited by Guarantee) DIRECTORS' REPORT (cont'd) For the year ended 31 March 2024 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 was granted during the year.

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, and continues to be, 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 took up a lot of time, the task of keeping the assets of the canal in good order and managing our resources has continued.

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 significant number of changes. The team currently consists of 7 Directors, and there are skills gaps we still need to fill to ensure we can achieve the long term viability of the waterway.

Essential maintenance work continues to be 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.

As news of our work spreads, we receive an increasing number of enquiries regarding long term moorings availability. These we deal with as and when they occur. However, we have recently experienced issues with some boat owners who choose not to engage with us but simply to have their vessels craned in without permission. This is a problem we know we need to address going forward.

8

STROUD VALLEYS CANAL COMPANY (Limited by Guarantee) DIRECTORS' REPORT (cont'd) For the year ended 31 March 2024

18 STATEMENT OF DIRECTORS RESPONSIBILITIES

Company Law requires the Directors/Trustees to prepare financial statements for each financial year which will give a true and fair view of the state of affairs of the Charity and of the surplus or deficit of the Company for that year.

The Trustees consider that these Financial Statements give a true and fair view of the state of affairs of the Charity for this period.

In preparing those financial statements, the Directors/Trustees are required to:

The Directors/Trustees are responsible for:

19 ADVANTAGE HAS BEEN TAKEN OF EXEMPTIONS FOR SMALL COMPANIES

This report has been prepared in accordance with the special provisions of part 15 of the Companies Act 2006 relating to small companies.

The trustees declare that they have approved the trustees’ report above.

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Chairman : ;
David Groom
/ wd C cow Date: 244[9 QU
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9

.

;

STROUD VALLEYS CANAL COMPANY (Limited by Guarantee)

REPORT OF THE INDEPENDENT EXAMINERS

Independent Examiner's Report to the Trustees of Stroud Valleys Canal Company

I report to the Charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024 which are set out on pages 11 to 18.

Responsibilities and basis of report

As the Charity trustees of the Company (and also its directors for the purposes of Company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, | report in respect of my examination of your company’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination | have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

| have no concerns and have come across no other matters in connection with the examination to accountswhich attentionto be reached.should be drawn in this report in orderto enable a proper understanding of the

,

Ryan Moore CA (Independent Examiner) For and on behalf of Randall & Payne LLP

Chartered Accountants & Independent Examiners Chargrove House — Shurdington Road Cheltenham GL51 4GA

Date: 10 October 2024

10

STROUD VALLEYS CANAL COMPANY (Limited by Guarantee)

Registered number: 06860375

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING THE INCOME AND EXPENDITURE ACCOUNT for the year ended 31 March 2024

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||||||||| |---|---|---|---|---|---|---|---| |2024|2023| |Restricted| |Unrestricted|income| |Notes|funds|funds|Total|funds|Total|funds| |£|£|£|£| |Income| |Income|and|endowments|from:| |Donations|and|legacies|98,518|19,000|117,518|161,574| |Charitable|activities|95,016|1,400|96,416|44,948| |Investments|1,549|-|1,549|279| |0| |Total|195,083|20,400|215,483|206,801| |Expenditure|5| |Expenditure|on:| |Raising|Funds|-|-|-|-| |Charitable|Activities|230,920|1,400|232,320|194,755| |Other|35,174|-|35,174|32,330| |Total|266,094|1,400|267,494|227,085| |Net|income/(expenditure)|before|tax| |for the|reporting|period|(71,011)|19,000|(52,011)|(20,284)| |Net|movement|in|funds|(71,011)|19,000|(52,011)|(20,284)| |Reconciliation|of funds:| |Total|funds|brought|forward|1,500,336|136,163|1,636,499|1,656,783| |Transfer|of|Funds|19,000|(19,000)|-|-| |Total|funds|carried forward|1,448,325|136,163|1,584,488|1,636,499|

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11

STROUD VALLEYS CANAL COMP ANY (Limited by Guarantee) Registered number: 068603 7 5

BALANCE SHEET

as at 31 March 2024

Restricted
Unrestricted income
Notes funds funds 2024 Total funds 2024 Total 2023
£ £ £
FIXED ASSETS
Tangible Assets 6 1,296,234 86,153 1,382,387 1,411,037
Total fixed assets 1,296,234 86,153 1,382,387 1,411,037
CURRENT ASSETS
Debtors 7 41,067 41,067 45,486
Cash at bank and in hand 131,817 50,010 181,827 195,729
Total current assets 172,884 50,010 222,894 241,215
CREDITORS:amounts falling due
within one year 8 (20,793) (20,793) (15,753)
NET CURRENT ASSETS/( LIABILITIES) 152,091 50,010 202,101 225,462
TOT AL ASSETS LESS CURRENT LIABILITIES 1,448,325 136,163 1,584,488 1,636,499
FUNDS OF THE CHARITY
Restricted Income Funds 13 136,163 136,163 136,163
Unrestricted Funds 1,448,325 1,448,325 1,500,336
TOTAL FUNDS 1,448,325 136,163 1,584,488 1,636,499

For the year ended 31 March 2024 the company was entitled to exemption from audit under section 4 77 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The Directors/Trustees acknowledge their responsibility for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to small companies subject to the small companies regime and in accordance with FRS102 SO P.

_ (\ __ . Signed by two trustees/directors on behalf “.airma( 7(ud U1»9f11L,,, of all the trustees/directors 24¢/a/te David Groom Director/Trustee[• ] Date 'l. L/ / (\/ 2 4-

Signature of one director authenticating accounts Chairma being sent to Companies House Date

David Groom

12

STROUD VALLEYS CANAL COMPANY Notes to the Financial Statements Year ended 31 March 2024

  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 (FRS 102) (issued in October 2019)’, Financial Reporting Standard 102 Section 1a for small entities. ‘The Financial Reporting Standard applicable to the UK’ 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 substancea 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.

25 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 Year ended 31 March 2024

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 Year ended 31 March 2024

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

2024 2023
3 EXAMINATION OFACCOUNTS £ £
Net incoming funds are stated after charging:
IndependentExaminers'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.

5 TOTAL RESOURCES EXPENDEI 2024 2024 2023
General Designated Restricted Total Total
Funds Funds Funds Funds Funds
£ £ £ £ £
Charitable activities
Lease costs 2,250 - - 2,250 2,250
Canal repair& maintenance 98,809 - 1,400 100,209 65,024
Depreciation in year 129,859 - - 129,859 127,481
230,920 - 1,400 232,320 194,755
Other
Insurance 8,325 8,325 6,531
Solicitors fees 3,093 3,093 -
Examiners’ remuneration 2,600 2,600 2,600
Other Professional fees 8,716 8,716 -
Administration services 9,493 9,493 10,321
Other costs 2,947 2,947 12,878
35,174 - - 35,174 32,330

No Trustees received remuneration during the period ended 31 March 2024 (2023: £nil). Details regarding reimbursement of expenses can be found within note 14.

15

Notes to the Financial Statements

STROUD VALLEYS CANAL COMPANY

Year ended 31 March 2024

6 TANGIBLE FIXED ASSETS Programme Assets

Equipment & Dudbridge
Hydro		 Assetsinthe
course of		 Tahal
Motors Boats Structures scheme Land and Buildings construction
£ £ £ £ £ £ £
At cost or valuation
At 1 April 2023 118,050 139,300 1,620,137 264,834 109,153 11,886 2,263,359
Additions 79,985 6,030 9,653 - - 5,539 101,208
At 31 March 2024 198,035 145,330 1,629,790 264,834 109,153 17,425 2,364,567
Accumulated 88,900 42,365 467,456 253,600 - - 852,321
Depreciation in year 29,689 18,056 70,880 11,234 - - 129,859
Total Depreciation 118,589 60,421 538,336 264,834 - - 982,180
Net Book Value as at:
31 March 2024 79,446 84,909 1,091,454 - 109,153 17,425 1,382,387
31 March 2023 29,150 96,935 1,152,681 11,234 109,153 11,886 1,411,038
7 DEBTORS 2024 2023
£ £
Trade debtors 11,635 9,696
Prepayments and accrued income 26,825 26,474
VAT 2,607 9,316
41,067 45,486
8 CREDITORS
Amounts falling due within one year
Trade creditors 17,463 -
Accruals and deferred income 3,330 13,173
Other creditors - 2,580
20,793 15,753
Deferred income
Balance brought forward - 5,505
Released in the year - (5,505)
Deferred in the year 750 -
Balancecarriedforward 750 -

The deferred income relates to income received in the current financial year but which relates to the following financial year.

9 FINANCIAL COMMITMENTS

FINANCIAL COMMITMENTS 2024 2023 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 2,250

The Charity has an obligation to maintain the canal under the lease. The future minimum lease obligations amount to £1,966,000.

16

STROUD VALLEYS CANAL COMPANY Notes to the Financial Statements Year ended 31 March 2024

10 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.

11 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.

12 STAFF COSTS

The Charity does not employ any staff.

13 FUNDS 2024
As at 1 April 2023 Incoming
resources
foryear		 Outgoing
resources
foryear		 FURee cransrerre’
gy		 Funds as at
31 March
2024
£ £ £ £ £
General Fund 1,420,604 195,083 (266,094) (5,250) 1,344,343
Designated Funds 79,732 24,250 103,982
Restricted funds contributions - 20,400 (1,400) (19,000) -
Restricted Property Fund 86,153 - - - 86,153
Bonds Mill Bridge Fund 50,010 - - - 50,010
Total Funds 1,636,499 215,483 267,494 - 1,584,488
Tangible Fixed Current Current
Represented by: Assets assets liabilities Total
£ £ & £
General Fund 1,296,234 68,902 20,793 1,385,929
Designated Fund - 103,982 - 103,982
Restricted Property Fund 86,153 - - 86,153
Bonds Mill Bridge Fund - 50,010 - 50,010
1,382,387 222,894 20,793 1,626,074

The Property Restricted fund arises from property which has been gifted to the Charity following

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 has been designated for potential income generation from exploiting the value of extracted silt. The second is for funds to mitigate against unrecoverable accidental losses at Dudbridge Hydro Scheme. The third 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.

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STROUD VALLEYS CANAL COMPANY Notes to the Financial Statements Year ended 31 March 2024

14 TRANSACTIONS WITH DIRECTORS AND RELATED PARTIES

During the year, the company reimbursed expenses to directors as follows:

John Beatty £225.97 (2023 - £248.20) Keith Tibbitts £16.99 (2023 - ENil) Mike Lambert £14.96 (2023 - ENil) John Twydell ENil (2023 - £Nil)

Cotswold Canals Trust

Matthew Lee and Kenneth Burgin were both directors of Cotswold Canals Trust. Cotswold Canals Trust provides grants to the company to enable it to carry out its work.

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 was a Director of the Company of Proprietors of the Stroudwater Navigation until his demise.

15 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.

16 CONTROL

The charitable company is controlled by its Board of Trustees.

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