OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2022-12-31-accounts

Charity registration number 1166460

Company registration number 09784120 (England and Wales)

DUDLEY CANAL AND TUNNEL TRUST

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

DUDLEY CANAL AND TUNNEL TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees C A Bennett
D M Caunt
R I Langford
P T Smith
J Deacon
L Bradshaw
K WIlliams (Appointed 20 February 2023)
A Truslove (Appointed 21 September 2022)
H O'Connor (Appointed 1 October 2022)
L Head (Appointed 23 January 2023)
I Collins (Appointed 23 November 2022)
Dr M C Clark (Appointed 25 September 2022)
Charity number 1166460
Company number 09784120
Principal address 501 Birmingham New Road
Dudley
West Midlands
DY1 4SB
Independent examiner CK Audit
No 4 Castle Court 2
Castlegate Way
Dudley
West Midlands
DY1 4RH
Solicitors Higgs LLP
3 Waterfront Business Park
Brierley Hill
West Midlands
DY5 1LX

DUDLEY CANAL AND TUNNEL TRUST

CONTENTS

Page
Trustees' report 1 - 4
Independent examiner's report 5
Statement of financial activities 6
Balance sheet 7
Notes to the financial statements 8 - 18

DUDLEY CANAL AND TUNNEL TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2022

The trustees present their annual report and financial statements for the year ended 31 December 2022.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charitable company governing document, the Companies Act 2006 and "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) (effective 1 January 2019)".

Objectives and activities

The principle activity of the charity is the advancement of education for the public benefit, on the history, social history, heritage, economy, geology, geography, archaeology, architecture and other features of the Dudley canal tunnels, inland waterways, mines and its working boards; and the protection, preservation, conservation, maintenance, repair, improvement and development, to a navigable standard, of the Dudley canal tunnels, inland waterways, mines and working boats for the use and benefit of the public.

The strategies employed to achieve the charity's objectives are to:

Public benefit

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the

charitable company should undertake.

DUDLEY CANAL AND TUNNEL TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

Achievements and performance

Despite starting 2022 with warnings of economic downturns, supply issues and the ongoing impact of Covid-19 the Trust had a very productive if not at times challenging year. Like many businesses we had to cut our costs and usage in terms of energy supplies and purchase of materials to make every saving we could whilst maintaining our offer, safety levels and improvements on site.

Staffing

Pleasingly we were able to grow our staff levels and retain the skills and experiences within the teams. New Skippers and crew joined the team at the start of the season along with a new Commercial Manager at the start of the year. A couple of existing roles were developed including support for marketing and promotion.

2022 saw the start of giving out long service awards and twenty-two commendation cards were sent out to those recognised by our visitors for exceptional service.

Boat Trip sales

Our Underground Experience trips sold ahead of budget albeit with a slight change to our normal sales pattern. We have invested in this trip with new displays in the caverns, improved speaker systems onboard and improved lighting. This is our core offer and main income generator, so it is important it delivers to all our visitors. Our customer service reviews are excellent with 98% of reviews stating our offer is very good or excellent.

The open water trips performed a little behind budget, however for 2022 early season additional trips had been added which proved difficult to offer due to poor weather and slow take up – our main season trips remained popular and booking numbers did increase on previous years.

The prices for the trips was increased from the start of the year but still represents excellent value, especially when tied in with Gift Aid.

We also benefitted from launching a new online booking system through our website in May which proved to be very popular.

Governance

Mid-year our Chair announced his plans to retire, and we set about recruiting which was completed in December with the appointment of Mr Ian Collins a local business professional and engineer who is dedicated to raising the profile of the area.

In addition, we were able to recruit a number of new Trustees with a range of skills and experience, including canal society operations, data analysis, digital and cultural inclusion and community health and well-being. This has further strengthened our board as well as diversifying its demographic.

Engagement & Learning

We are seeing a return of school bookings which has seen the department perform well above budget. The new system of delivering workshops via supply teachers and having Sagitta our working boat available to supplement the lessons works very well. For 2022 we reduced our Outreach work so we could concentrate on the onsite learning programme but we will return to this in due course.

Again, prices for the offer were reviewed and benchmarked against similar offers. A small increase per booking was brought in from the beginning of the year.

Volunteering

Our volunteers gave just under 9,000 hours of support for the Trust across many departments. Though our number of volunteers are a little reduced for the year, those on site are far more active and come regularly. At the end of 2022 we heard that one of our stalwart volunteers and Trustees had been awarded the British Empire Medal in the New Years Honours List for the amazing work she does for the Trust.

DUDLEY CANAL AND TUNNEL TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

Promotion and Public Awareness

We were pleased to be part of the Birmingham 2022 Commonwealth Games initiative in a number of activities. Bringing the new Commonwealth Games medals along with their designers from the Birmingham School of Jewellery to the start of the games. Filming with the UK Hurdles Team, providing trips for the Paralympians, welcoming the Queen’s Baton onboard at Stourbridge and at the end of the games taking the VIP’s and Queen’s baton out of the region amid an amazing waterfront ceremony.

In support of the Jubilee in May we launched a range of offers which included a discounted ticket for local children. The weekend included a free art competition, a “Best of British Menu” and special jubilee boat trips and Queen’s High Tea’s. Take up was good for all activities and the initiative helped raise public awareness at the beginning of the season.

We also appeared on Antiques Road Trip and Four in a Bed in late February.

Towards September the Trust secured funding from Creative Black Country to develop and produce an art installation celebrating its 60[th] anniversary of when a message was put in a bottle as a call to arms to protect the tunnels and caverns from threat of closure. The project saw three canal cleans ups take place and sixty bottles removed and cleaned and incorporated into the piece. Local children and families took part in the clean ups and members of the local community wrote a range of messages for inclusions in the bottles all highlighting what was special about the place and the people of Dudley.

Financial review

Total income for the year amounted to £708,162 (2021 £757,651). Total expenditure amounted to £653,304 (2021 £577,380). This resulted in a net surplus for the year of £54,348 (2021 net surplus £180,284).

Reserves policy

Our unrestricted funds are freely available to spend on any of the charity’s purposes in delivering our aims and keeping our business sustainable. Restricted funds and tangible fixed assets do not form part of our reserves. They are in place to protect the charity and its operations during down turns in business or other major occurrence to ensure it can continue to protect and preserve the unique environment in its care and engage the public with its historic importance. Reserves are also used to support new projects and activities which the Trust has identified as part of its business development and planning.

The Trust aims to maintain a minimum of £250,000 as reserves. This is calculated using the predicted three highest expenditure months for 2022 for non-discretionary spending. Where funds exceed this amount by more than £50,000 the Trust will review the reserve policy and either amend it or identify a way of using the funds to support the charity’s objectives. Where funds fall below this amount the Trust will review a “Zero Level” approach, identifying the associated risks and mitigating them, building back reserves and diversifying the funding base.

Our readily available cash reserves are currently £224,000, which is slightly below our policy, however, we are expecting a significant Gift Aid claim payment that will take the reserves over the minimum. Also, we have £162,000 on fixed term deposit with £70,000 of this maturing within 2023.

Risk management

The trustees have reviewed the major risks to which the charity is exposed and confirm that systems have been established to mitigate those risks. Particular attention has focused on non-financial risks arising from fire, health and safety of staff, trippers and audiences. A key element in the management of financial risk is the ongoing commitment to gain an increasing number of visitors by offering deals through various mediums, together with attending various community events.

DUDLEY CANAL AND TUNNEL TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

Governing document and constitution

The company is limited by guarantee and hence there is no share capital.

Dudley Canal and Tunnel Trust is governed by its Memorandum and Articles of Association dated 18 September 2015. It is a registered charity with the Charity Commission.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

C A Bennett D M Caunt R I Langford W J Luesley (Resigned 1 October 2022) P T Smith J Deacon L Bradshaw K WIlliams (Appointed 20 February 2023) A Truslove (Appointed 21 September 2022) H O'Connor (Appointed 1 October 2022) L Head (Appointed 23 January 2023) I Collins (Appointed 23 November 2022) Dr M C Clark (Appointed 25 September 2022)

Trustees' indemnity

The charity has Trustees' indemnity insurance in place.

Organisational structure

The board of trustees, who meet bi-monthly administer the charity. A Chief Executive is appointed by the trustees to manage the day to day operations of the charity and attend the bi-monthly board meetings to present the Chief Executive's report on the day to day running of the business.

A Finance and HR Manager looks after the Trusts finances and supports the Chief Executive on all HR issues. A Heritage Engagement Officer is responsible for the Trusts education offer as well as its volunteer programme. The Operations manager looks after the boat trips and health and safety requirements. All report to the Chief Executive.

Induction and training of new trustees

New trustees are briefed by the management regarding the operations and their legal obligations under charity and company law. They are also given a tunnel tour to obtain a better understanding of the company history and operations.

Related parties

The charity has a wholly-owned subsidiary, Dudley Canal and Tunnel Trust Enterprises Limited, a limited company whose purpose is to raise monies through commercial enterprise with the aim of profit making so that these profits may be gifted to Dudley Canal and Tunnel Trust to support their charitable purposes.

The trustees' report was approved by the Board of Trustees.

I Collins

Trustee Dated: 25 April 2023

DUDLEY CANAL AND TUNNEL TRUST

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF DUDLEY CANAL AND TUNNEL TRUST

I report to the trustees on my examination of the financial statements of Dudley Canal and Tunnel Trust (the charitable company) for the year ended 31 December 2022.

Responsibilities and basis of report

As the trustees of the charitable company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

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

Independent examiner's statement

Since the charitable company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

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:

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 financial statements to be reached.

Wendy Davies FCA

No 4 Castle Court 2 Castlegate Way Dudley West Midlands DY1 4RH

Dated: 25 April 2023

DUDLEY CANAL AND TUNNEL TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2022

Unrestricted
Restricted
funds
funds
2022
2022
Notes
£
£
Income and endowments from:
Donations and
legacies
2
282,379
9,866
Charitable activities
3
407,486
-
Other income
4
7,431
-
Total income
697,296
9,866
Expenditure on:
Charitable activities
5
638,661
14,643
Net gains/(losses) on
investments
9
(510)
-
Net movement in funds
58,125
(4,777)
Fund balances at 1 January
2022
308,676
7,657
Fund balances at 31
December 2022
366,801
2,880		 Total
Unrestricted
Restricted
funds
funds
2022
2021
2021
£
£
£
292,245
408,763
55,916
407,486
289,038
-
7,431
3,934
-
707,162
701,735
55,916
653,304
527,121
50,259
(510)
13
-
53,348
174,627
5,657
316,333
134,049
2,000
369,681
308,676
7,657		 Total
2021
£
464,679
289,038
3,934
Donations and
legacies
2
Charitable activities
3
Other income
4
Total income
Expenditure on:
Charitable activities
5
Net gains/(losses) on
investments
9
Net movement in funds
Fund balances at 1 January
2022
Fund balances at 31
December 2022
757,651
577,380
13
180,284
136,049
316,333

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

DUDLEY CANAL AND TUNNEL TRUST

BALANCE SHEET

AS AT 31 DECEMBER 2022

Notes
Fixed assets
Tangible assets
11
Investments
12
Current assets
Debtors
14
Investments
15
Cash at bank and in hand
Creditors: amounts falling due within
one year
16
Net current assets
Total assets less current liabilities
Income funds
Restricted funds
17
Unrestricted funds		 2022
£
75,485
162,000
131,935
369,420
(50,700)		 £
39,456
11,505
50,961
318,720
369,681
2,880
366,801
369,681		 2021
£
63,728
-
213,324
277,052
(11,444)		 £
48,711
2,014
50,725
265,608
316,333
7,657
308,676
316,333

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2022.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 25 April 2023

P T Smith

Trustee

Company registration number 09784120

DUDLEY CANAL AND TUNNEL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting policies

Charity information

Dudley Canal and Tunnel Trust is a charitable company incorporated in England and Wales. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is 501 Birmingham New Road, Dudley, West Midlands DY1 4SB.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charitable company governing document, the Companies Act 2006 and "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) (effective 1 January 2019)". The charitable company is a Public Benefit Entity as defined by FRS 102.

The charitable company has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charitable company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Income

Income is recognised when the charitable company is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charitable company has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charitable company has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

No amount is included in the financial statements for volunteer time in line with SORP (FRS102).

Grants are included in incoming resources when they are receivable. Performance related grants are deferred and released after any performance conditions are met.

DUDLEY CANAL AND TUNNEL TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

All expenditure is accounted for on an accruals basis. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that a settlement will be required and the amount of the obligation can be measured reliably.

Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs and administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity and include project management carried out at Headquarters.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold buildings 10% straight line Boats and equipment 20% reducing balance and at varying rates on cost Office furniture and equipment 20% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

A subsidiary is an entity controlled by the charitable company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8 Impairment of fixed assets

At each reporting end date, the charitable company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

DUDLEY CANAL AND TUNNEL TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting policies

(Continued)

1.10 Financial instruments

The charitable company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charitable company's balance sheet when the charitable company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charitable company’s contractual obligations expire or are discharged or cancelled.

1.11 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charitable company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

DUDLEY CANAL AND TUNNEL TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

2 Donations and legacies

Unrestricted
Restricted
funds
funds
2022
2022
£
£
Donations and gifts
274,087
9,866
Grants received
8,292
-
282,379
9,866
Donations and gifts
Donations
1,361
31
Donations from Dudley
Canal Trust
10,168
9,835
Donation from Dudley
Canal Trust (Trips)
Limited
3,375
-
Gift aid
76,259
-
Gift aid from subsidiary
182,924
-
Other
-
-
274,087
9,866		 Total
Unrestricted
Restricted
funds
funds
2022
2021
2021
£
£
£
283,953
117,417
7,035
8,292
291,346
48,881
292,245
408,763
55,916
1,392
19,538
-
20,003
-
-
3,375
-
7,035
76,259
71,322
-
182,924
23,804
-
-
2,753
-
283,953
117,417
7,035		 Total
2021
£
124,452
340,227
464,679
19,538
-
7,035
71,322
23,804
2,753
124,452

DUDLEY CANAL AND TUNNEL TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

2
Donations and legacies
Grants receivable for
core activities
Culture recovery grant
Furlough grant
Historic England
Other		 -
-
-
8,292
8,292		 -
-
-
-
-		 -
-
-
8,292
8,292		 274,593
16,753
-
-
291,346		 (Continued)
-
274,593
-
16,753
48,881
48,881
-
-
48,881
340,227		 (Continued)
-
274,593
-
16,753
48,881
48,881
-
-
48,881
340,227
340,227

3 Charitable activities

Boat income
Workshop income
Admissions and booking fees
Membership
Rental income		 2022
£
382,360
12,673
6,812
829
4,812
407,486		 2021
£
272,808
4,102
6,672
1,971
3,485
289,038

4 Other income

**Unrestricted ** Unrestricted
funds funds
2022 2021
£ £
Other income 7,431 3,934

DUDLEY CANAL AND TUNNEL TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

5 Charitable activities

Staff costs
Depreciation and impairment
Electric, gas, telephone and water
Professional fees
Maintenance and upkeep
Marketing advertising and PR
Service contracts
Heritage activities
Health and safety
Consumables
Volunteer expenses
Activities and events
Accommodation recharge to Enterprise and rent
Commission
Rent rates and insurance
Specific Culture recovery spend
Specific Historic England spend
Share of support costs (see note 6)
Share of governance costs (see note 6)
Analysis by fund
Unrestricted funds
Restricted funds		 2022
£
209,740
7,729
42,670
21,899
49,603
21,062
5,898
8
1,896
1,812
121
443
(40,000)
63,852
142,872
-
42
529,647
118,723
4,934
653,304
638,661
14,643
653,304		 2021
£
209,439
11,396
40,900
17,574
54,909
34,156
19,831
22
2,012
1,658
3,884
91
(40,000)
38,703
4,418
25,247
36,636
460,876
112,170
4,334
577,380
527,121
50,259
577,380

Rent, rates and insurance for 2022 includes rent paid to Dudley Canal Trust (Trips ) Limited amounting to £141,000 (2021 - nil).

DUDLEY CANAL AND TUNNEL TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

6 Support costs

Staff costs
Depreciation
Service costs
Directors expenses
Motor travel and
entertaining
Legal and professional
fees
Bank charges
Legal and professional
Accountancy and payroll
services
Analysed between
Charitable activities		 Support
costs
Governance
costs
£
£
81,227
-
1,527
-
18,418
-
1,975
-
224
-
2,140
-
13,212
-
-
2,184
-
2,750
118,723
4,934
118,723
4,934		 2022Support costs Governance
costs
£
£
£
81,227
80,804
-
1,527
1,135
-
18,418
15,719
-
1,975
286
-
224
457
-
2,140
4,516
-
13,212
9,253
-
2,184
-
884
2,750
-
3,450
123,657
112,170
4,334
123,657
112,170
4,334		 2021
£
80,804
1,135
15,719
286
457
4,516
9,253
884
3,450
116,504
116,504

7 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charitable company during the year.

8 Employees

The average monthly number of employees during the year was:

Administration
Operational
Total
Employment costs
Wages and salaries
Social security costs
Other pension costs		 2022
Number
4
28
32
2022
£
269,577
17,760
3,630
290,967		 2021
Number
6
21
27
2021
£
269,884
13,937
6,422
290,243

DUDLEY CANAL AND TUNNEL TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

8
Employees
The number of employees whose annual remuneration was more than £60,000
is as follows:
£60,001 to £70,000
9
Net gains/(losses) on investments		 (Continued)
2022
2021
Number
Number
1
-		 (Continued)
2022
2021
Number
Number
1
-
Unrestricted Unrestricted Unrestricted Unrestricted
funds funds
2022 2021
£ £
Revaluation of investments (510) 13

10 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

11 Tangible fixed assets

Leasehold
buildings
Boats and
equipment
Office
furniture and
equipment
£
£
£
Cost
At 1 January 2022
2,350
229,393
33,014
At 31 December 2022
2,350
229,393
33,014
Depreciation and impairment
At 1 January 2022
212
186,158
29,675
Depreciation charged in the year
235
8,353
668
At 31 December 2022
447
194,511
30,343
Carrying amount
At 31 December 2022
1,903
34,882
2,671
At 31 December 2021
2,137
43,235
3,339		 Total
£
264,757
264,757
216,045
9,256
225,301
39,456
48,711

12 Fixed asset investments

DUDLEY CANAL AND TUNNEL TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

12 Fixed asset investments (Continued)
Listed Other Total
investments investments
£ £
Cost or valuation
At 1 January 2022 2,013 1 2,014
Additions 10,001 - 10,001
Valuation changes (510) - (510)
At 31 December 2022 11,504 1 11,505
Carrying amount
At 31 December 2022 11,504 1 11,505
At 31 December 2021 2,013 1 2,014
2022 2021
Other investments comprise: Notes £ £
Investments in subsidiaries 20 1 1
13 Financial instruments
2022 2021
£ £
Carrying amount of financial assets
Instruments measured at fair value through profit or loss 162,000 -
14 Debtors
2022 2021
Amounts falling due within one year: £ £
Trade debtors 7,519 3,696
Amounts owed by subsidiary undertakings - 11,180
Other debtors 65,681 46,952
Prepayments and accrued income 2,285 1,900
75,485 63,728

Other debtors in 2022 relates to gift aid claims for 2022 yet to be received.

DUDLEY CANAL AND TUNNEL TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

15
Current asset investments
Fixed term bonds
16
Creditors: amounts falling due within one year
Other taxation and social security
Trade creditors
Amounts owed to subsidiary undertakings
Other creditors
Accruals and deferred income		 2022
£
162,000
2022
£
11,318
6,407
25,175
1,813
5,987
50,700		 2021
£
-
2021
£
-
5,834
-
612
4,998
11,444

17 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Movement in funds Movement in funds Movement in funds Movement in funds
Balance at Incoming Resources Balance at Incoming Resources Balance at
1 January 2021 resources expended 1 January 2022 resources expended 31 December
2022
£ £ £ £ £ £ £
Richardson
foundation 2,000 - - 2,000 - (2,000) -
Harry Payne - 31 (31) - 31 (31) -
Dudley No. 2
Canal Project - 7,004 (7,004) - 9,835 (9,835) -
Historic
England - 48,881 (43,224) 5,657 - (2,777) 2,880
2,000 55,916 (50,259) 7,657 9,866 (14,643) 2,880

The balance on the Historic England restricted fund includes £2,571 relating to fixed assets which are being depreciated on a 20% reducing balance basis.

DUDLEY CANAL AND TUNNEL TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

18
Analysis of net assets between funds
Unrestricted
funds
Restricted
funds
2022
2022
£
£
Fund balances at 31
December 2022 are
represented by:
Tangible assets
36,885
2,571
Investments
11,505
-
Current assets/(liabilities)
318,411
309
366,801
2,880		 Total Unrestricted
funds
Restricted
funds
2022
2021
2021
£
£
£
39,456
45,299
3,412
11,505
2,014
-
318,720
261,363
4,245
369,681
308,676
7,657		 Total
2021
£
48,711
2,014
265,608
316,333

19 Related party transactions

Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2022 2021
£ £
Aggregate compensation 61,138 52,137

The Trust considers its key management personnel to be the Chief Executive.

Transactions with related parties

During the year the charitable company entered into the following transactions with related parties:

At 31st December 2022 an amount of £0 was due from Dudley Canal Trust (Trips) Limited (2021 £1,998).

20 Subsidiaries

These financial statements are separate charitable company financial statements for Dudley Canal and Tunnel Trust.

Details of the charitable company subsidiaries at 31 December 2022 are as follows:

Name of undertaking Registered Nature of business Class of % Held
office shares held Direct Indirect
Dudley Canal Trust England and Preservation and development
Ordinary		 100.00
Enterprises Limited Wales of the Dudley Canal Network