## **Friends of the Cromford Canal** (Registered charity, number 1164608) **Financial statements for the year ended 31 December 2024**
|**Page**|**Contents**|
|---|---|
|2 - 6|Trustees’ annual report|
|7|Independent examiner’s report|
|8|Receipts & payments account|
|9|Statement of assets & liabilities|
|10 - 12|Notes to the accounts|
# **Friends of the Cromford Canal Trustees’ annual report for the year ended 31 December 2024**
**Full name** Friends of the Cromford Canal
**Organisation type** Charitable incorporated organisation
**Registered charity number** 1164608
**Principal address** 12 Holymoor Road, Holymoorside, Chesterfield, Derbyshire, S42 7DX
**Trustees**
David Martin, Chair John Barker, Vice Chair & Treasurer Richard Handley, Executive Secretary Jack Brown MBE Ian Hooker LLB Michael Kelley Hugh Potter, Archivist and Portal Editor David Ratner Stephen Parish
## **Independent examiner**
John O’Brien, employee of Community Accounting Plus, Units 1 & 2 North West, 41 Talbot Street, Nottingham, NG1 5GL
## **Governance and management**
The charity is operated under the rules of its CIO – Association constitution adopted 30 November 2015 and most recently amended 20 April 2018.
We advertise in our quarter journal "Portal" for interested parties: any potential new Trustees are asked to write a short pen-profile and are then interviewed.
Our constitution requires a minimum of three and a maximum of twelve Trustees: we currently operate with nine, three of whom are standing down and opting to seek reappointment / re-election election at the 2025 AGM. We are always on the lookout for suitable candidates to be Trustees.
The Trustees operate the charity through core administration functions including Treasury, Membership, IT and two main sub-committees, covering Restoration & Trading operations.
Trustees met ten times during 2024 plus presented the 2023 annual report and accounts at the April 2024 AGM: Trustee meetings were held either in blended video conferencing / in-person format.
## **Objectives and activities**
The objects of the CIO are restoration, reconstruction, preservation and maintenance of the Cromford Canal, its associated buildings, towing path, structures and craft and the conservation of its natural character as a navigable inland waterway system for the benefit of the public.
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## **Friends of the Cromford Canal**
## **Public benefit statement**
The Trustees confirm that they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to the Charity Commission's general guidance on public benefit, 'Charities and Public Benefit'.
## **Summary of the main activities undertaken for the public benefit**
Strategic and tactical conservation and restoration work undertaken by volunteers, funded by in-house trading and grants & donations.
The public has expanded access to the 14.5 miles of the canal for walking and cycling, and we operate a trip boat on a short stretch of canal which carries around 5,000 passengers annually.
## **Operating the charity**
Our charity is operated 100% by volunteers and we have over 100 of them, covering Trading operations, Work Parties and specialist roles such as Engineering support.
## **Achieving the aims of the charity**
Trustees are mindful that the stated objective of the charity is “ _the restoration, reconstruction, preservation & maintenance of the Cromford Canal, its associated buildings, towing path, structures & craft & the conservation of its natural character as a navigable inland waterway system for the benefit of the public_ ”. Accordingly, we constantly direct and measure ourselves against these aims.
**Restoration** : work has continued at Beggarlee, with land drainage work being undertaken by volunteer work parties, with additional labour and mentoring provided by the Waterway Recovery Group (WRG).
Trustees have also approved funding of a detailed geo-technical survey of the Aqueduct Cottage to Gregory Tunnel stretch where there are known issues of bank instability. The consultant’s report has been presented to the canal owner (Derbyshire County Council) so that they can start to plan remedial work.
**Preservation & maintenance** : John Barker’s weekly work parties have been hard at work as usual litter picking, strimming vegetation, repairing and painting fences, planting hedges, repairing footpaths, digging out silt traps, rebuilding steps at many places along the canal including Pinxton Wharf, Lower Hartshay, High Peak Junction, Cromford, Whatstandwell, Jacksdale and Ambergate, including removing a dead deer from the canal at Ironville!
The above is only a short summary of the fantastic contribution the FCC work parties make to our charity’s objective – more detail can be found on our website.
## **Fund raising - Trading update**
Our Trading Operations (boat and merchandise sales) have generated another record surplus for the charity’s cash reserves: 73% of bookings for the boat were through online methods, and a total of 80% of the revenue was delivered by cashless means.
Our Trip Boat “Birdswood” started up a little later than we had planned due to an oil leak on the propulsion system, and ended public cruises on 3[rd] November: cruising was largely trouble free as our worries over the impact on water supply resulting from the commissioning of the Cromford Mills hydro-scheme were unfounded – in fact the auto-level controls have guaranteed us a high and consistent level of water.
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## **Friends of the Cromford Canal**
Additionally, we have funded a small amount of spot dredging and weed removal during the “off-season” as defined by Natural England.
The major cost of running our Trading Operations is our trip boat and the need to maintain our certifications with the Maritime & Coastguard Agency: in 2024 we had two successful MCA inspections (Domestic Safety Management and stability testing in April and Passenger Certification inspection in November) in addition to the costs of maintaining our Masters’ MCA certification. During 2025 we are required to make some additional technical changes to the boat due to new safety legislation.
We took the precaution of investing in some spare parts for the boat, which are on “hot standby” so that we can maintain our ability to offer public cruises should we have a failure of key parts of our propulsion system.
We have an active sub-committee of the charity that looks after the operation of the boat and shop and are now actively planning for the upcoming 2025 cruising season including developing relationships with other elements of the local visitor economy. Merchandise sales account for over 25% of our Trading Operations revenue, which is thanks to the three couples who manage the Weighbridge shop at Cromford, deliver wholesale sales, and fulfil online orders from our website.
## **Fund raising – Memberships**
Revenues raised from membership fees are the second largest source of our regular funding, and where members have consented, we also claim Gift Aid from the HMRC. Our membership records are in very good shape and are filed securely in a central “cloud storage” area: we have a largely stable membership base of 550 individuals (including joint and lifetime members) that we are looking to grow.
## **Fund raising – Strategic**
The charity’s two main means of generating funding have traditionally been through Trading, Membership fees and ad hoc donations and legacies. Trustees decided to end the contract with our external fund-raising partner for the last two years, and from February after a period of hand-over and mentoring a local FCC volunteer has been able to secure a handful of small grants based on the learnings from working them. In addition to donations made through our online portal, we have also been fortunate to receive several legacies from bequests in wills which have been added to our unrestricted cash reserves.
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## **Friends of the Cromford Canal**
## **Strategic relationships**
Trustees have taken time through 2024 to cement existing and develop new key relationships: examples of these include,
- Regular meetings with the CEO Arkwright Society.
- Regular formal (and informal) meetings with Derbyshire County Councils countryside services team.
- Ongoing working relationships with the Erewash Canal Development & Preservation Association.
- Ongoing contact with local Canal & River Trust staff.
- Involvement with the Northern Canals Association
- Significant input was provided to the Derwent Valley Milles World Heritage Site management plan.
- Liaison with the Cromford Canal & Codnor Park Reservoir Group.
## **Communications and publicity**
Keeping the charity in the public eye is key for us and this is done through a variety of means: we published four editions of our quarterly journal “Portal” in 2024 and contracted-out the posting out of hard copy editions – at no additional cost to FCC. This contracting out of the Portal distribution has had other benefits, including freeing up time of FCC volunteers and identification of a significant volume of phantom members.
We regularly send updates to our database of 1100 email contacts and use social media – mainly Facebook: our FCC Facebook group has grown 500% over the last five years to 4200 members. We constantly update and refresh content on our new website and we regularly supply content and articles to a range of partners including DVMWHS, Chesterfield Canal, IWA, Peak advertiser, ECP&DA, Derbyshire Times, Derbyshire Now, Waterways World, and Towpath Talk.
We also managed to get some national publicity through Birdswood being shown as part of the Cromford Mills Antique Roadshow event in May, and provided a significant contribution to the update to the Derwent Valley Mills World Heritage Site management plan.
## **Public and member engagement**
Trustees are acutely aware that we need to constantly engage with not only FCC members, but the wider interested public and we are constantly trying to expand this area of our operation. In 2024 we held a total of nine social events on a variety of subjects at the church hall at Ironville, with around 30-40 attendees at each (albeit mainly FCC members), and as planned held three other very successful events at Cromford’s Gothic Warehouse. Trustees continue to consider how best to deliver, promote and charge for future events.
In July 2024 a “thank you” buffet was also provided at the Great Northern Inn at Langley Mill for all the charity’s volunteers and partners - around 65 of whom attended.
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Friends of the Cromford Canal
Volunteers
We have a stable cohort of dedicated volunteers across the charity who are all well-
briefed on all activities of the charity, and all committed to working towards the charity's
strategic aims: without them we would really be unable to function. A total of around
11,500 hours of volunteer hours were delivered to FCC activities in 2024.
Summary
In summary. the FCC charity has had a very successful 2024: we've generated a
significant surplus from our trading activities, have secured som8 small and medium
sized grants for our ongoing tactical and strategic restoration work. Our public
visibility has increased dramatically, and we continue to be supported by our
wonderful cohort of volunteers. Wort( has continued on the Beggarlee extension. and
our regular work parties ensure that the canal is conserved for future generations.
Despite making some significant purchases of rtain assets, we have closed the
year with higher cash reserves (from £157.034 to £227,669) due to significant
contributions from Trading Operations and a notsble legacy donation.
The charity's pollcy on reseryes
In order to comply with their legal duties. the Charity Commission expects trustees to
decide upon. publish and monitor their charity's reserves policy as part of their end of
year accounts.
The level of reserves set by the Trustees reflects the FCC'S particular circumstances
and is monitored throughout the year as part of the normal monitoring and budgetary
processes. The Trustees propose to maintain reserves at a level which is at least
equivalent to threelsix months, operational expenditure.
Signed on behalf of the charity's trustees..
Signed
Richard Handley. Truste
Date
## **Independent examiner’s report to the trustees of Friends of the Cromford Canal for the year ended 31 December 2024**
I report to the trustees on my examination of the accounts of Friends of the Cromford Canal (the charity) for the year ended 31 December 2024.
## **Responsibilities and basis of report**
As the trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’). I report in respect of my examination of the charity’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent examiner’s statement**
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or
2. the accounts do not accord with those records.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Signed _________________________ Date ______________________ John O’Brien MSc, FAIA, FCIE Employee of Community Accounting Plus
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## **Friends of the Cromford Canal Receipts & payments account for the year ended 31 December 2024**
|_2023_
Total
Funds
£
**Note**
**Receipts**
2993
Bank interest
806
Fundraising
64146
Grants & donations
**2**
6368
Memberships
52593
Trip boat income (Trading Operations)
126906
**Total receipts**
**Payments**
781
Admin & accountancy
164
Bank charges
36069
Consultancy & planning
13048
Canal structure
52145
Beggarlee canal restoration
732
Events & room hire
1507
General insurance
1513
Gen. advertising, printing & FCC website
6111
Legal & professional fees
214
Memberships & subscriptions
712
Miscellaneous expenditure
3157
Printing & stationery
175
Speakers
1150
Telephone & postage
1039
Training
19408
Trip boat expenditure (Trading Operations)
**5**
528
Working party/WRG
11310
Tools & equipment
149763
**Total payments**
(22857)
**Net receipts/(payments)**
179891
Cash funds at start of this period
-
Transfers between funds
157034
**Cash funds at end of this period**|**Unrestricted**
**Funds**
**£**
4987
125
68711
5373
64248
**143444**
832
165
5405
-
-
566
2466
1334
-
313
2257
3483
463
98
-
25200
1270
32249
**76101**
67343
154969
1565
**223877**|**Restricted**
**Funds**
**£**
-
-
19415
-
-
**19415**
-
-
-
590
14753
-
-
-
780
-
-
-
-
-
-
-
-
-
**16123**
3292
2065
(1565)
**3792**|**_2024_**
**Total**
**Funds**
**£**
4987
125
88126
5373
64248|
|---|---|---|---|
||||**162859**|
||||832
165
5405
590
14753
566
2466
1334
780
313
2257
3483
463
98
-
25200
1270
32249|
||||**92224**|
||||70635
157034
-|
||||**227669**|
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Friends of the Cromford Canal
Statement of assets and liabilities
at 31 December 2024
2023
2024
Cash assets
Bank accounts
Cash in Ind
156984
50
157034
227619
50
227669
Other monetary assets
Stock
2225
2225
2798
2798
Assets rotained for the charity's own use
Trip boat'Birdswood' & its fixtures & fittiThJs,
purchased in JLAy2013. cost£61,683.
Dumper truck, purchased November 2016. cost £3,900.
LarKI at Cromford Canal Laryley Mill, purchase completed
Dember 2019. cost £9.697.
Land at Cromford Canal at Hartshay, 500 yards, dorted.
Welfare unit. purctrwsed February2023, cost£10.104.
Volw) Digger, purchased September 2024, cost £28,800.
General equipment.
Liabilities
Creditors
3445
(3445)
744
744
These finan
ial tatem
ts are accepted on behalf of the charity by:
Signed
John Barke
Date IL,
Tr
## **Friends of the Cromford Canal Notes to the accounts for the year ended 31 December 2024**
## **1. Receipts & payments accounts**
Receipts and payments accounts contain a summary of money received and money spent during the period and a list of assets and liabilities at the end of the period. Usually, cash received and cash spent will include transactions through bank accounts and cash in hand.
## **2. Grants & donations**
|Anonymous
Ardent
Cromford Parish Council
Derbsyhire County Council
Derbyshire Dales DC
Foundation Derbyshire
HMRC Gift Aid
Legacies
Mansfield Building Society
N Smith Charitable Settlement
Sundry grants & donations
Swire Charitable Trust|**Unrestricted**
**£**
-
750
500
-
350
-
3584
54553
-
750
8224
-
**68711**|**Restricted**
**Total**
**£**
**£**
2000
2000
-
750
-
500
3795
3795
-
350
1500
1500
-
3584
-
54553
1120
1120
-
750
3000
11224
8000
8000
**19415**
**88126**|
|---|---|---|
## **3. Funds analysis**
|**Unrestricted funds**
General
**Designated funds**
Restoration
Land purchase donations
**Restricted funds**
Lower Hartshay
Project - Lock Keepers
Beggarlee canal restoration|**Opening**
**balance**
**£**
105134
40000
9835
**154969**
500
1565
-
**2065**|**Receipts (Payments)**
**£**
**£**
143444
(76101)
-
-
-
-
**143444**
**(76101)**
2620
(590)
-
-
16795
(15533)
**19415**
**(16123)**|**Transfers**
**£**
1565
-
-
**1565**
-
(1565)
-
**(1565)**|**Closing**
**balance**
**£**
174042
40000
9835|
|---|---|---|---|---|
|||||**223877**|
|||||2530
-
1262|
|||||**3792**|
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## **Friends of the Cromford Canal**
The transfer from the Project – Lock Keepers fund to the General fund represents £815 expenditure allocated to General fund instead of this project fund in the prior year, and the remainder represents the release of any restrictions on the use of these funds. Unrestricted income funds are general funds that are available for use at the trustees' discretion in furtherance of the objectives of the charity.
Designated funds are unrestricted funds and resources set aside for specific purposes at the discretion of the trustees.
Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.
The specific purposes for which the restricted funds are to be applied are as follows: Lower Hartshay – repairs & maintenance of Lower Hartshay land. Project – Lock keepers – for the Lock keepers’ cottage garden at Ironville. Beggarlee canal restoration - for the Beggarlee Restoration project.
## **4. Creditors**
**£** Independent examination fee 744 **744**
## **5. Analysis of the costs of the trip boat ‘Birdswood’ (Trading Operations)**
|Advertising & website
Bank charges
Boat insurance
Boat repairs & maintenance
Crew costs
Maritime & Coastguard Agency
Miscellaneous boat costs
Refund to customers
Purchases for resale
Tripboat admin, office & shop|**£**
1249
291
988
5146
1311
1734
1888
1237
7055
4301|
|---|---|
||**25200**|
## **6. Trustees’ remuneration**
Trustees received no expenses, remuneration or benefits in this period.
## **7. Related party transactions**
- There were no related party transactions in this period.
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## **Friends of the Cromford Canal**
## **8. Glossary of terms**
- **Creditors:** These are amounts owed by the charity, but not paid during the accounting period.
**Restricted funds:** These are funds given to the charity, subject to specific restrictions set by the donor, but still within the general objects of the charity.
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