ChArity regl$tration numbar 1166460 Company regl*tration number 097B4120 (England and Wal0$1 DUDLEY CANAL AND TUNNEL TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
DUDLEY CANAL AND TUNNEL TRUST LEGAL AND ADMINISTRATIVE INFORMATION Tntste•s CABennett R l Langford pTsth J Dèacon L Bradshaw K Wllliams A Twslove H O'connor L Head BEM Dr M C Clark (Appointed 20 February 2023) (Appointed 23 January 20231 Charity numb•r 1166460 Company nUMr 09784120 Prlnclpal addres$ 501 Blrmlngham New Road Dudley West Midlands DY14SB Audltor CK Audit No 4 Castle Court 2 Castlegat8 Way Dudley Wesl Midlands DY14RH
DUDLEY CANAL AND TUNNEL TRUST CONTENTS P•ge Trustees, report Stalemenl of trustees, re$pon&bililies Independent suditorfs report statement of financial actmlles Group balance shaet 10-11 Parent Charty balance sheèt Notes to the financlal ststements 13-28
DUDLEY CANAL AND TUNNEL TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 The trustges prtrsenl their annual report and financial statements for th8 year endad 31 December 2023. The financial statements have beèn prepared in accordance with the aLYounting policles sel out in rkolg 1 to lh financi81 stslemenls and comply with the charttable company governing document. the Companies Act 2006 and 'A¢counting and ReportSng by Charities.. Statement of Recommended Praclke appli¢abl8 to charities preparing their accounts in 8ccord8nce with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland {FRS 102) leffectNe 1 J8nuary 2019)". ObJKllv•s and a¢tlvftlo$ The princAple adivity of the charity is the advancement of educ811on for the public benefit. on the history, Social history. heritage, economy, geology. gecgraphy, archaeology, 8rchilecture and other features of the Dudley ¢8ft01 tunnels, Inland waterways. mSn8s and Its working boards; and the proteclion, preservotlon. con88ryalion. maintenance, repair. improvement and developmenL to a navlgable standard, of the Dudley canal tunnels, Inland waterways. mines and working boats for the usa and b8n8fit of th& public. Th& strat6gi68 employed to achieve the charitys obie(ves are lo.. Develop an ambitious and forward-kjoking h8ritag8 attraction that celebrates Ils past achlovemonts whllsl lookbng lo grow Ils Infrastructure, devel¢JP its offer. reach a wider audience 8nd be a vibrant part of th& local communlty where It Is Sillted. Offer Opportuniti for a broad rangg of people to become involved and engagad wtth the history of the tunnels. cav&ms. waterways and local area. This will be through offering boat trip$ into the tunnels on open water along wth exhibitions and workshops, dlsplays. events. talks. audio visual dispLqys and hands on opportunities. Provide 8mployment and voluntser opportuniti6s and work wth local ¢x)mmunity groups and notyrks and make our resources available lo help Ihem deliver their goals. Develop and deliver great quality formal and infornial 8du¢ation activitses for 811 ag88. Become better known for our insight and creative use of our history. our resources. stOri8s and our staff to produce sp8c¢alist int•rpretfft programs as well as famity friendly and {UluM Supporting workshops, Preserve the Coverr, Tunnds, Mlnas and Waterways und6r our care to the highest level. Developing speciaFist knadge and approaches to this and sharfng knowledge the wider sector as best practic8. Developing a stringanl hoallh and safety appro*1 that ensures the Safety of all who vlsil and within the prenNses. To raise incorne through our activities to ensure we stay 8 viable and suslainaNe business and can further invest in the Siness. This can be done by selling trip tickets, commerual trade. promoting dOnatn5, gift aid and fundraising for our activities. To devebp mutually SupVe partnerships. prciect Work and build relationships whlch adds to our offer, pronwtes what Is so spec181 about the 8rea 8nd help upskill our workforce. volunteers, operating approach8s and activities. To raise the profile and 8wareness of the Twst and ensure 811 see us as an engaging, productive and professK•nal orgonisation and heritsge attraction. To operate wth entrepreneurial fl8ir ¢¥tIVity and lo trade ethically and fairfy in all we t. To put the vfsltor al the heart of everythlng we do. Public b•nefit The twslees have pakl due regard to guidance issued ty the Charity Commission in deciding what adiviti&$ the charSt8bl8 wmpany should und6rtak6.
DUDLEY CANALAND TUNNEL TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 AGhlg¥omonts and p•rfomce Exècutlvè Summary: 2023 marked 8 year of slgnmeaftt adaptalhjn and growth for the Trust. Eslabli8hing new operational norms post-pandernio, th8 Trust successfully navigatod th9 recovery phase. locusing on enharKing service offerings and depathientsl reposrtlonlng. Stratsgic investments in me and r8sources were made to Improve porforrnance and undgrstand argas needing ènhancement. Op•ratlonal Hlghllghts: Sp•¢lal Evenls- The introduction of thg Easter went signtficanlly incrgased slle fcotfall. marking a strong start lo the season. The retum of'cards in the C8v8m° and the early sell-OLrt of Santa Boat Trips prowded substantial boosts. Paddl• Boardlng Inttlatlv•". Allgning wth our mission. the new paddle boardlng èxperlance emphaslzed the heritage of the tunn8ls 8nd ¢av8ms. ¢)ffering a uniqu8 8ngagement wlth our history. Gon900Or Café R8fvrbl$hm•nt: Th& rebrandiro and refurbrshmenl of the Gor4Jo0Zr Café Restsurant were well-re1V9. integratirKJ it more closety vAth our visitor engagement strategy. Product Development: The "Crafted in the 81a¢k Countrf range significantty enhanod our gift shop, emph8song our themes. stories. and herilage. Flnanclal Performanc•: Onlln• Booklng System: The implementation of an onlin8 booking system for UndergrourKI Discovery Trips proved successful. iMpron9 operntional effi(4ency and securing income. Tlck•t Prl¢lng: Desplle a Ilcket price increase. the Trust moinlaingd ¢x)mpetilivè prin9. conlrfbuUng to robust direct sal8s for boat trips. Awards and Rocognhlon: Community Awrds: The Trust was honoured Yth the Dudley Borough Communty Awards for Best Environmental Project and Business of the Year. Indlvldual Re¢¢gnition: Trustee Lyn Head re¢elvgd the Brfosh Empire mgdal, a¢knovAedging her exceptional Contrfbullons lo the Trust. Rebrandlng and Markfjtlng: 2023 saw a re81 increase in rolling out our new contemporary br8ndi and messaging and the retums for this with increased sodal madi8 reach. fllming enqulrfe8 and Increased online sales. Gov•rn¥nce: Chalr.. Due to unexpected work CDmmilments our Chair had lo step down, bul the position was filled by a lonstsndlng member of the Board, Mr Paul Smith who has a strong business and boallng background. Challenges: Supply and Cost Managoment: The Trust faced Supp chaln issues and rising costs, particularfy withln hospi181ity antl maintenance departments. st•fflng: Addr•ssing increasing staff costs and minimum way requirements rgmains challenging. However, the Trust's commllmenl to training and development is unwavering, rognIZIng th8 team's passion and the Invaluable support of volunteers contributing approximately 10.000 hours annually. Glft Ald: Due to ¢Jperational drfficulties the new till system th8 Trust SLrfered a shortfall In Gift Al Income. Conclu$lon: The Twsl's dedication lo its mission. innovallva servicè offerings, and community engagement has led to a year of notabk achievements amidst challenges. The colle¢live efforts of staff and voluntaers have been Instrumental in the Twst's success, settlng a positive trajectory for the fuluro.
DUDLEY CANAL AND TUNNEL TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Fln•n¢l•l revlew Total income for th8 yaar amounted lo £1,074,203 (2022 £978.383). Totsl exPendIre amounted to £1,026.432 12022 £1,048.8601. This resulted In a nel surplus for the year of £47.81912022 nel deficit £70,987). Rosorves pollcy Our unrnslrided fund$ are freety available to spend on any of tho charlty's purposes in deliverSng our alms and keeping our business sustalnable. Restricted funds and tangible fixed assets do not fomi part of our reserves. Thgy Ore in place to protect the charlty and Its operatM)ns during down lums in business or other major occurrence lo gnsurg it Can contlnue lo protsct and preserve the unique envir(MertI In Its care and eng8ge the public its histori¢ importance. Reserves are also used to support new prclgcts and aCtiVe8 which the Trust has identified 0$ part of lis business dwèlopmenl and ptanning. The Trust aims to maintain a minimum of £300,000 as reserves. Thls Is calculatsd using the predlcled three highèst expenditure months for 2023 for non-discretionary spending. Where funds oxcegd this amount by morg than £S0.000 the Trust w¢ll reviaw the r8seNe pollcy and eblher amend it or identrfy a way of using the funds to support the charfty's objectives. Wherg funds fall b8k)w Ihls amount the Twst will reVW a "Zero Level" approoch, enltfying th8 associated rf$ks and mlllgatlng them, buikilng b8ck res8Nes and divers1n9 th8 funding base. Our readlly avallable &qsh reserves are currentty £327,201 which 18 slighty abovè our policy of £300,OIX). We also have have £144.445 on fixed lenn deposf(. Risk m•nag9m•nl The trustee5 have reviewgd tho major risks to which the ¢harity is exposed and confirm that systems have estsblished lo mllSgate those ri8ks. Particular attention has lowsed on non-financial risks arising from fire. health and safety of staff. trippers and audiences. A key element in the management of financial risk is the ongoing commiimenl lo gain an increasing numbgr of visitors by offering deals through vartQU6 mediums. together wilh attending v8ri0us community events. Governing docum•nt and ¢onstitutlon The Company is limrted by guarantee and hon there is no share capital. Dudlay Canal and Tunnel Trust is governed by ils Mgmorandum and Artic8 of AssrKiation dated 18 September 2015. 11 is a registered tharity with thg Charity Commlsslon. The trustees, who are also the directors for the purpose of company law. and who solved during the ygar and up to the date of swJnalure of the financial slatements were.. C A Bennett D M Caunt R l Langford P T Smith JDoa L Bradshaw K Wllliams A Truslove H O'Connc* L Haad BEM I Collins Dr M C Clark {Resigned 28 March 20231 14spolnted 20 February 2023) {Appolnled 23 January 20231 {R8SIgn 22 Nov&mbor 2023) Trustees. Indemnlty The charity has TNstees' indemnity insurance In place.
DUDLEY CANAL AND TUNNEL TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Oryaniiatlon•l structure The board of trustees, who mèet bi-monthly administer the charity. A Chiof ExeculNe is appoint0d by the trustees to manage th8 d8y lo day operations of the charity and attend the bi-monthly board meetings to pr8sènt the Chief Executive'$ report on the day to day running of Ihe busine$$. A Flnance ané HR Manager IcM)ks 8fter the Trusts finances and supports the Chlef Executive on all HR is¥ue3. A Herftage Engagemant Officer Is responsitAe for the Tnjsts educalion offer as well as Its volunteer programme. The Operations managgr looks after the boat trips and health and safety roqulromants. All report to the Chlef ExeculNe. Inducllon and tralnlng of new trustees New trustegs arg briefed by th& ManaMent regardlng the operalions 8nd Ihelr legal obligations urKler charlty and company law. Th$y are also given a tunnel lour to oblaln a batter undgrstsnding of the company hlstory and ¢werations. Rolat partles Thfr charlty has a wholly-owned subsidiary, Dudlèy Canal and Tunnel Trugl Enterprfse8 Llmlted. a Ilmiled company whos8 purposg 1$ to Taise monies through comme1¥1 entgrprlse whh the 85m of profit maklng so that these profits may b& giftgd to DlleY Canal 8nd Tunnel Trust to support Ihair charitable purpose5. Audltor In accordance wth the companvs 8rb¢los, a resolulion proposing that CKAudit reappointed as audttor of the company will be put at a General Meeting. The trusl86s' f8p¢Jrt was approved by the B08rd of Twsl8es. PTSmSth Trustee Dated.. 30 May 2024
DUDLEY CANAL AND TUNNEL TRUST STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees, who are also tho directors of Dudley Canal and Tunnel Trust for the purFKJse of MpanY law, are responsible for preparing the Tmstees, Rewrt and the financial statsments in a¢cord8nce with appllcable law and Unitsd Klngdom Aceounting Standard$ (United Kingdom Generalty Accepted Accounting Praclicel. Comp8ny Law requires Ihe trustges to propare flnancial statements for each finanaal year which gwe a true 8nd fair view of the st8le of affairs of the charitab16 MpanY and of the incoming resources and application of resource8, including the Income and expenditure. of the charitsbl¢ comp8ny for that year. In pr9parfng thgse financlal statements. the trustee$ ore requlred to: - select suitablè a¢counling policies arKI thon appty th8m consistenuy; - observe tho melhods and pdnclples In the Chariti68 SORP., - make judgets and 8stimatss thal are reasonable and prudgnt" state whether applicable UK ArOUntIng StsTrJard8 have been folh)wed. subject lo any material dopartures dlsdosed and explain8d in the flnanci81 ststements: and propare the financFal slatem8nts on the going con¢$m basis unless it is inapproprfate to presume that the charltable company wlll contlnue In operation. Thg trustegs are responsible for keeping ad8qUBte accountsng records that disdose with reasonable acCUcY at any tim• th8 financial position of the charitable CorJanY and gnable them lo ensure that tha financial statements comply with the Compani8s Act 2006. They are also responsibl8 for safeguarding the assets of the charitablg company and henoe for laking reasonable Steps for the prevention and dete¢tion of fraud and other irregularities.
DUDLEY CANAL AND TUNNEL TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF DUDLEY CANALAND TUNNEL TRUST Opinion We h8ve audrted the financlal slatemonts of Dudlay Canal and Tunnel Trust (the 'tharftablo compan) and its $ub$idi8ry Ilhe group.) for the year ended 31 De¢embgr 2023 which comprise the statement of flnancial actlvitie$. the baknce sheet, the statement of cash flows and nolgs to the financial statsmenls. including significant accounting wllues. The finandal reporting framework that has bgen applled In thelr preparation Is 8pplicable law and Unlled lQngdom A(tounting Standards. including Financial Reporbng Stsnilard 102 The Financlal Repothng stBndord applicabl8 in the UK 8nd RepublAC of Ireland (Unlted lQngdom GenarallyAccepted Accounting Pracucel. In our oplnlon, the flnanclal sLments'. givg a two and falr view of th8 State of the goup's and charllabk comPanS affalrs as at 31 Decgmber 2023 and of its incoming resources 8nd appliCatn of resources. for the year then ended; have been properly prepared in ac¢ord8nce Vth Unried Ffjngdom Generally Accepted Accounting Practice.. and have been prepare(l in accordance wilh the requirements of Companles Act 2006. Basis for opinion Wa conductad our audit in accordance with Inlemational Standards on Auditing (UK} IISAS IUK)} and applicable law. Our responsibilitie$ un¢Jer those standards are further described In thg Audttors rgspon&bilities for the aLrt of the finanual statemenls seclK)n of our report. We are independent of th8 charitablo Company in accordance with the ethical reqUIrnents that ore relevant to our audh of the fin8nckg1 slalemenls in the UK. including the FRC'S Ethical Standard, and we have ftjlfilled our other elhlcal responsibilities in accordance with these requlremenls. We believ• that the audit evbjence we have ¢)btalnod is sUfficnI 8nd appropriate lo provide a bags for our oplnion. Conclusions r•latlng to galng ¢on¢em In audiling the financial statements. we hav8 concluded that the twsleos, use ot the gdng ncern basis of accounting in the preparation of the financial stal8m&nts 1$ aFpropriate. Based on the work w8 have p8rformed. we have not identified any material uncertalnties relating to events or condltion$ Ihal, individually or collèctively, may cast significant doubl on the charftable company's abilty to contlnue as a going con¢am for a poriod of at least tsvelve monlhs from whgn th9 finar181 ststsmènls Bre authorfsed for issue. Our responslbilities and Ihg responslblllues of the truste88 with rèspect to going concem are described in tho relevant sections of thls rgport. oth•r Irrforniatlon The other infoimation Gomprises the Informatlon Included In the annual report olher than the financlal statements and our auditorfs report Ihereon. Th8 trustees arè responsiblg for the other information conlalned wllhin 1he annual report. Our oplnlon on the flnanclal slalements does not COV8r the 011 Information and w8 do not express any fo of assurance nclusion thereL. OUT responsibility is lo re8d the olher iftfomiatlon and. in doing so, consider whglher the other infom)ation is matarial inconsistent with the financial stalem8nts or our knowledg& obtained In th8 ¢ourse of the audit, or olherwse appears lo be matsrially mlsslaled. If we Idgntify such materiel inconslstenaes or apparent material misstst$m8nls, we are required to detemiin8 whather this give$ rise lo a malerlal misstslemenl in the financial statements themselvès. If, based on the work we have perfom)ed, we conclude that Ihero is a material misstatement of this other Infomatlon, we are required to report that fact. We have nothing to rewt in this regard. Matters on whlch we are requlr¢d to report by exceptlon We have nothing to report in respect of the followiThJ mtors in relation lo.vthith the Charffjos (Accounts and Reports) Regulations 2008 iequlre us lo report to you rf, in our opinion: the information givan in the financial Statements is inconsistent in any matedal respect with the trustees. report- or 5uffi¢ienl a¢counling records have nol boen kept., or the financial stslemenls are not In agreement with the accounllng reco$., ( we have not received all the information and 8xplanalions we require fcf our audit.
DUDLEY CANAL AND TUNNEL TRUST INDEPENDENT AUDrroR'S REPORT (CONTINUED) TO THE TRUSTEES OF DUDLEY CANALAND TUNNEL TRUST Respon8lblli1i of trustQOS As explained more fully in the statement ol trustees, respon5ibilib8s, the trustees, who are also the diractors of the Charitable company for the purpose of compary law. are responsible for the preparation of ihe financial statements arKI for being satisfied th81 they glve a true and fBir vlew, and for such Intsmal control as the Irusloes detemiSne Is nec&ry to enable the preparation of financial stslemenls that are fr88 from matsrial misststemenl, whether due lo frauij or error. In Pfeparing the finandal $tatom8nts, the trustees arg responsible for assessing the charitablè mpany's ability lo contlnue as a golng concern. disclosing, as applicabl8, matters relatsd to going concem and using th$ going concem basis of accounting Un$8 the truslg08 elther Intend to Ilquidata the charitable company or to cease operations, or havg no realistlc altemativ8 bul lo do 80. Audltorfs rnsponslbllltles for the audlt of the financlal $talem•nts We hav8 been appointèd as auditor under secllon 144 of the Charmes Act 2011 and report In accordance whh th Act and relevant regulations made or having &ffoCt thereundgr. Our obleclive5 afe to oblaln raasonable assurance aboLrt whetr*r the financial statements as a whole ai8 free from mat8rial ml$stalern8nl, whèther due lo fraud or error, and to Sssue an auditoV$ report that indudgs our opinion. Reasonable assuranca is a high level ol assurance bul is not a guarantee Ihot an audll conducted in ae¢ordanc8 with ISAS {UKI wlll aayS d$teGI a matarial misslalemenl when It exists. Mi$stalem8nls can arlse from fraud or error and are considered material if, IndIduallY or In the aggregate, they could reasonably bg expected Eo influence the economlc dedsions of users tak&n on the basis of these financial statements. The extent to whlch our prcthdures are capable of detecting irregularlties. indudlng fraud. Is detailed balow. Ext•nt to whl¢h tho audlt was consIdor ¢ap•bl• of dot•ctlng irrryularlllos. includlng fraud We idenlffied and assessed risks of mat8rial misstatement of the financial statements. In respect of irregularrties whether lo fraud or error, or non complianc8 VAth laws and regulations and then designed and performed audit procedures Tgspon8ive to those rfsks, includlng obtaining audit evid8n¢e that is sufficlent and appropriate to provide a basis for our oplnlon. In identifying and assessing risks of material misststement in respect of irregularltles. induding fraud and non- mpliance with laws and wulations, our procedures included th8 folbwing.. Wo obtained an understsndrng of the legal and règulatory frameworks that are appllcable lo Ihe Charity by discussion and enquiry with th8 trustee5 and management team and our general knowledgo and experl8nce of the tharity. We fo¢usod on specffic laws 8ntl regulallons whlch we c(Slered may have a dSrect material effèct on the flnancial stal•ments CK the operations of the company, inddIng the Companles Act 2006, Charities SORP, 18gislaWon, data proteclion, employment, and health and saf8ty1ogislalion' We assessed lh8 extont of complian¢9 th the laws and regulations identified above through makiro $nquiries of management, reviewing ¢orrespondenc8 wf(h rdovanl regulators. Audlt r•spon$• lo rlsks Identified We assessed the susceplibility of the Charity's, financial statements lo material ml8Stal8menL including how fraud Mh1 occur. Audit prdreS perfomed included but were nol limitgd lo.. Dls¢usslons wilh twstees and management as to whgrg they considerod there was su8P11b1lItY to fraud, Ihelr knowledge of a¢ttAal, 8uspecled and alleged fraud.. Confim)ing our und9rslandlng of controls by performing a walk through t8st or observallon and enqulry,. Perfom)ing analytical procedures lo Ident any unusual or unexpected relationships., Challanging assumptions and judgem&nts made by manag&menl In accounting for long tern construction contracts includlng recognition of incom• and aslimation of $ts to completo". Identlfying and testing joumal enlrles,. Reviewing unusual or unexpooted transactions. and Agreeing tha financial slalement dlsclosures to undetylrKJ 8UPPOrting documentation.
DUDLEY CANAL AND TUNNEL TRUST INDEPENDENT AUDrroR'S REPORT (CONTINUED) TO THE TRUSTEES OF DUDLEY CANALAND TUNNEL TRUST Owing to th8 inhèronl limitations of an aLKlil. there L8 an Unavo1dab risk that we may not h8ve detected $ome materlal misstatements In the financial statements, gvon though we have prOpeY planned and perfom)&Y our audit In accordance wilh auditing standards. The mre removed that laws and reguLetions are from financ1 transadions, the less likely it 1$ that we would become awaro of non-compliance. Audltlng $landards also limit the audit procedures reqLNred lo idenlfy non-u)mpliance with laws and regulations 10 6nquiry of the trustees and ¢)ther management 8rKI the inspaclion of regulatory and legal correspondgnce, If any. Material misstatements that ase due to Iraud can bg harder to detect than those that arise from error as they may Invofve deliberate concaalmènt or llUSIon. A further d8scrfpUon of our responslbi1611es Ls avallable on the Flnancl81 Reporting Council's webstte al: https.'Il v.frc.org.uklauditorsr8swnsibiliti88. This description forms part of our auditorfs reporL Use of out report This report 1$ made solely lo the charlty's tnlees. a$ a body. In accordance wlth part 4 of the Charities IAcGounts and Reporls} Regulalk)ns 2008. Our audit work has bggn urKlertak9n 80 that we might slate to the charivs trustees those matters we are requir8d to 8tat6 lo them in an auditOf'$ report and for no other putP03e. To thg fles1 extent pemitted by law. we do Th)18ccept or assume responsibilty 10 8nyone otller than the charlty and the charTty's tru8tee8 as a bc*Jy, lor our audll work, for thls report, or for the oplnlons have fonned. Wgndy Davles (Senlor SL•tulory Audltorl for and on b•hall of CK Audll 3 June 2024 Chartered AGcountsnt8 StatOry Audilor No 4 Castle Court 2 Castlegale Way Dudley Wesl Midland5 DY14RH CK Audtt is eligible for appointrnent as auditor of the charitable company by vlrtue of its eligibNIty for appointmènt as auditor of 8 company under section 1212 of the Companies Act 2006.
DUDLEY CANALAND TUNNEL TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOMEAND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Unre$trl¢tod Ro$trl¢t funds lunds 2023 2023 Total Unrestrlcted Rgstrlctod funds funds 2022 2022 T¢)tsl 2023 2022 Ineomo and 0ndonts from: Donalions and legacie¥ Charitsble activities Olher Iradlng a"v.?$ Investments Olher income 134,547 761,923 160,295 10,439 3,126 4,000 138,547 761,923 160.295 10.439 3,126 101,858 711,792 147,172 264 7.431 9,866 111.724 711,792 147,172 264 7,431 Total In¢om• 1,070,330 4,000 1.074.330 968,517 9,866 978,383 Expendlture on.. Raising fvnds Charitable odivrf(ies Other expendllure 70,482 954,469 935 70.482 955,015 935 72,350 960.764 1,103 72,350 975,407 1,103 14,643 14 Total expenditure 1.025,886 546 1,026,432 1.034.217 14,643 1.048.860 Nel gainslllossesl on inveslmerbts 13 48 48 (510} 1510} Not In¢¢mo1{•xp•ndltur•) and mov¢mont In fvnds 44,492 3.454 47.946 186,2101 4,777} (70.987} Reconclllatlon of tunds: Fund balaneas al l January 2023 432,743 2.880 435,623 498.953 7.657 506,610 Fund bal8n¢•8 at 31 December 2023 477.235 6.334 483,569 432,743 2,880 435.623 The statement of financlal advities includes all gains and losses recognised in the year. Ml income and expgndituro derlve from condnulng 8cllvitle8. The Th)tes on pages 13 to 28 form part of Ilnan¢ial statgments.
DUDLEY CANAL AND TUNNEL TRUST BALANCE SHEET ASAT31 DECEMBER 2023 2023 2022 Notes Flxed asuts Tangible assgts Investfflonts 16 17 45,067 11,552 44,337 11,504 56,619 55,841 Currènt ass•ts Slo¢s D8btors Investments Cash al bank and in hanij 19 30,795 8,812 144,445 344.321 18,789 78,020 162,000 212,058 21 528.373 470.887 CY•dltors: amounts falllng du• wlthln ono year 23 {65.8051 (49,881 > Net current assets 462,568 420,986 Total a5SOts less curr•nl Ilablllti 519.187 476.827 Crndltors.. amounts falllng du¢ aft•r more than one year 24 135,618} 141.2041 Not ass•ts oxcludlng pemion liablllty 483.569 435.623 Not a88ots 483,569 435.623 The funds of th• charftabl• comp•ny Restrlcted income funds Unrestricted funds 8,334 477,235 2,880 432,743 483,569 435.623 The notes on pages 13 to 28 form part of these fin8n¢ial statements. The company is enlitled to the exemption from the audit requirèment contsined in sectlon 47T ol the Companies AL 2006, for the year ended 31 December 2023. although an audit has been carried out under Wlion 144 of the Charrties Act 2011. Tha directors acknowledge their resp0nslbil1S3 for eomplying with the requirements of the Compani05 Act 2())6 with respect lo accounting records and the preparation oi financial statements. The$e financial statements have been wepared In accordance with the prowsions opplicable to compantes subject lo the small companios regime. 10.
DUDLEY CANAL AND TUNNEL TRUST BALANCE SHEET (CONTINUED) ASAT31 DECEMBER 2023 The financial statements were approved by the trustees 31 May 2024 PTSmth Trusteè Company registration numb8r 09784120 IEngland and Wal88) 11
DUDLEY CANAL AND TUNNEL TRUST PARENT CHARITY BALANCE SHEET AS Af31 DECEMBER 2023 2023 2022 Not•s Fixod assets Tangible assets Inveslmerrts 16 17 40.947 11.551 39,456 11,503 52,498 50,959 Currnnt a¥s•ts Stocks Debtors Investments C85h at bank and In hand 19 20 21 8.378 5.778 144,445 288,381 75.485 162.000 131,935 446.982 369.420 Cr•dltor$: amounts falllng duo wSthln one year 23 168.147} 150,700> Nel Current assets 378,835 378,720 Total assets less Gurr•nt Ilabllltles 431.333 369.679 Incom• funds Restricted funds Vnrestrlcted funds 26 6,334 424.999 366,799 431,333 369,679 The notes on pages 13 to 28 form part ol these finan¢ial statements. The net rgsult reported in the Ststemenl of Flnanc181 Activllies of the paronl charfly for the year wa5 £61,528 (2022.. £53.3481. The finanaal Statements were 8ppmved by the Trustees on 31 May 2024 PTSmith Twustee Company r•gl$tration numbor Q9784120 12-
DUDLEY CANALAND TUNNEL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 A¢¢ountlng pollcles Charlty Informatlon Dudley Can81 and Tunnel Trust a diarftsble compony irKorporaled in England and Wales. In the event of the charfty baing wound up, the liability in respect of the guarantee is limiled lo £1 per member of the charity. The addr8$s of Ihg rgglslered office 1$ 501 Blmiingham New Road, Dudley. Wgst Midlands DY14SB. 1.1 AountIng ¢onventl•)n Tha fi'nancial statement$ hav$ been prepared in accordance with Ihg chamtable company govemiThJ document, the Companiès A¢1 2006 8nd 'Accounling and Rotir by Charities.. Statemgnl of Recommended Practice applicable to charities pr&parlng thelr accounts in accordance wrth the Finarbcial Reporting Stsndard oppIic8trAe in the UK and Republlc of Ireland IFRS 1021 {effeGlive 1 January 20191" The charitable company is a Public Benefrt Enuty as deflngd by FRS 102. The charttab conwany has taken advantage of the prowsion$ in the SORP for charitias applylng FRS 102 Updats Bulletln 1 not to prepare a Slatsment of Cash Flows. The financial statemen15 arg prepared In sterflng, whlch Is tho funcllonal currency of the charftable company. Monetary amounts in Ihes8 financral statements are rounded lo Ihe near8$1 £. The financlal stotements have been prep8red under the hlslortcal cost convenb'on. The principal Bccounling policies adoplgd are $gt out below. 1.2 Going concwn Al the time of approviThJ the finanTr81 statgmenls, the trustees have a rèasonabl8 èxpectation that the charitable company has adequate r9s0urces to ConnUe In operatlonal ex151ence for thg foreseeab futuré. Thus the trustees continue to adopt lh& going concern basis of accounting in preparfng the flnanaal statements. 1.3 Charitabl• fund¥ Unreslrfcted fund5 ar& 8vai18bl8 for use at the dS8crelion of the trustees in fvrtherance of Ihèir Charitable objectives. Restrlcted funds are subject to specffic conditions by donors or grantoTr as to how they may be used. The purposes and uses of the restricled funds are sel out in the not&s lo the financial statements. 1.4 Incom• Income is rwnised when the charitat4e company Is legally enllied to ri after any performance conditions have been met, the omounts c8n be measured re118bly, and It Is prob8ble that Inco wlll be recelved. Cash donations are recognrsed on roGolpL Olhgr donatlons are recognlsed once the charitable company has been notified of the donation. unless perfomianc8 conditions r8quir8 dofgrral of the amount. Income tax recoverable in relation lo donallons received under Grft Aid or deeds of covenant is recognis8d at tha time of the donatlon. Lggaags arg rgcognisgd on recelpt or otherwse if the ch8ritable company has been not8 of an impendin9 distribution. the amount is known, and receipt is expe¢led. If the 8mount is not known. the legacy is treated as a Conngent asseL No amount Is Includèd ir) the financial statements for volunt88r time In Ilne wlth SORP {FRS1021. Grants are included In Incoming resources when they are receivoble. Perfom)ancè rolated grants are deferred ond r•l88sed after any performance condrtions are mel. 13-
DUDLEY CANAL AND TUNNEL TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 A¢¢ountlng pollcles {ContIndI 1.5 Exp•ndllure Exp8ndilure is recognised once thar8 is a legal or constructive oblbgation to transfer economic benefit lo third paty. it is probable that a transfer of gconomic berfits wlll be required in settlement. and the amount of the obligalion can be measured reliably. ExperKliture Is dasslfied by activity. The costs of each 8Ctivty are made up of the total of direct costs and shared costs. including support costs involved Sn undertaking each actNity. Dlrect costs ottribLrtable lo a singl¥ 8cllvity are allocated diwlly lo that actThity. Shareé wsts wlmch contrlbutg lo more than one 8Ctiwty and SLtppct costs which are not attrlbutable lo a single activty are apporttoned between those activrtias on a basis consistent with the use of resources. Central staff costs are 8llocled on the basis of time spent. and depcIatiOn charggs are allocated on the FQrtion of the asseys u80. All exFwdRure 15 accounted lor on an accruals basis. Expgndfture is recognised whare there is a legal or con$tru¢tlve obllgatlon lo make payments to third parties, it is probable that a 59tt1gment will bg requlred and the amount of the obligation can be measureLI lIably. Support costs 8re those that assist the work of the tharity but do not direcuy represent Charftsb acllvitiès and include office costs, governanco costs and administrative payroll Costs. They are Incurred tJlrectly In support of expendlture on the objects of the charity and Include project management carried out at Headquarters. 1.6 Tangib flxed ass•ts Tangible fixed assets are initially measured al cost and subsequenlly measured at cost or voluation, net of depreciation and any Impalmient losses. Depreciation Is rgcognlsed so as lo wr5t8 off the cost or valuatlon of assets les8 their rasidual values ov9r Ihelr Useful lives on the followlng bases- Leasehdd buildings Boats and equipment Offlc6 fumiture and equ¢)menl 10% slralght line 20% reducing b8lance and at varying rates cost 20% reducing balance The gain or loss arising on the dlsposal of an asset is determin8d as the differen( between tho Sab proceeds and thts Cafrying value of the asset, and is recognised in tho ststemenl of financial aclivhles. 1.7 Flx•d ass•t Inve¥thnts Fixed asset invgsknenls are initially moasured at transaction price excluding transactlon $ts, aThJ 8r8 subsequenly measured al falr value at each reportlng date. Changes in fair value arg renISed In nel inu)mel{expendlbJre) for the yoar. Transaction Costs ar8 expensed as incurred. 1.8 Impalrni•nt of flxed assets At each reporting end date, the Gharitable company reviews the carrylng amwnl$ of Its tangible ossels to delemiine whether there is any IndScalion that those as8et5 have suffér8d an irnpairment loss. 11 any Such indication exists. the recoverable amount of the asset is estimated in order lo determine the exlenl of the impairment105s lif any). 1.9 Sto¢k8 stocks stated at the lower of cost 4r gstimated selling price less costs to com81e and sell. Cost comprise5 direcl malerfals and. where 8pplicabl8, dlrect labour eosts and those overheads that have b88n incurred In brfnglng thè stocks lo ther present locatlon and condition. Items held for distribution al no or nominal consideration are measured the lower of r8pla¢emenl c(Jsl Bnd Cost. Nel re81Ssable value is the estimated Selling price 1gs$ all estimated w51$ of completicfi and costs to be Incurred In m8rketing. selling and di8tdbutlon. 14-
DUDLEY CANAL AND TUNNEL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng pollcies IContlnu8dl 1.10 Cash and cash equlval•Thts Cash and cash 8quival8nls indude cash in hand, deposits hekl at call with banks, other short-lemi liquid invgslmenls with original malurtti8s of thieg month$ or bss. and bank overdrafts. Bank overdrafts are shown thin borrowings In rrent liabilities. 1.11 Flnanclal Instruments The charitsble company has elected lo apply the provtsions of Section 11 'Basic Finanoal Instruments, and Section 12 '0ther Finandal Instruments Issuès. of FRS 102 to all ot ils financ4al Instruments. Financial instruments are re¢ognised In the ¢haritable companys balanc8 sheet when the Gharkabl8 company becomès paty to the contractual provisicns of Ihe instrumenL Finaneial assets and liBbiltties are offseL wllh th& nel amounts presented in th8 financlal statements. when there 1$ a legally enforceable rfght to sel off the recognised arrb)unls and there is an Intenllon lo settle on 8 n81 basis or to realise the asset and setuo the liability simullaneously. Bask flMn¢ial assets Basic financial assets, which include debtors and cash 8nd bank balances. ara initially measured at transaotion price including Ir8nsaction costs and are sub$oqvenUy carried at amortised $1 using the effective interest metho¢J unless the arrangement ctsnslTtutes a financing transactlon, where the transaction is measured at the prasenl value of the future receipts discounted at a market ratè of interest. Financ181 assets dassified as receivable within one year are not amortised. Baslc IlnJn¢l•l 114bllltles Basic financial liabilities, indudin9 ¢reditors and bank loans are InIallY racognlsed al Iransaotlon prke un1688 the arrangement constitutes a finan¢Sng tran$actw)n, where the debt instNmgnt is measured at tha pr8$ent Value of the luture payments discounted 8t a market rate of interest. Financk?I liabl1e5 classified as payable withln one yèaf are not omortised. Debt Instruments are $ub5equenlty carri8d at amortisod cost, usirig the effective Intgrost rate mèthod. Tr8de credllor8 are obllgatlons to pay for goods or serViS that have been acquirèd in lh8 ordinary course of opgratlons from suppli8rs. Amounts payable are classrfied 88 wrrent Ilabllrtles rf payment is due wrthln one year or less. If not, Ihey ar9 presented as non-current Ilabilltlgs. Trade credrtors are regnISed InKially at transaction price and subsequently measured at arnortised cost usirKJ th• affective interest mgthod. D8re¢oqnlflon of flnan¢lal118bllltle8 Financial liabilities are derecognis$d when the chafitable companrfs contractual obligations gxplre or aro dt8ch8rged or cancelled. 1.12 Employ99 bgnoflts Th6 cost of 8ny unused holiday entitlement is recognlsed In the period n which the employee's sarvices ar¥ recelved. TeminAtion benefits are recognised immedialaty as an &xp8nse when the tharilable company is demonstrably cx)mmiited to lerminale the employment of on employee ¢y to provide temiination benefits. 1.13 Retlrement beneflts Payments to defined contribution retirement benefit sd)emes are charged 0$ an expense as they fall due. 15-
DUDLEY CANAL AND TUNNEL TRUST STATEMENTOF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Not0$ Cash flows from op•rating activities Cash 9gnerat8d froml(absorb8d by) operations 31 119,756 (57,4981 Invasllng a¢tlvFtle$ Purchase of tangib fixed ass&ts Pur(4)ase of Investments Transfer linyout of short tem7 Inve8trnents Investment incomg received (9.9021 110,OIJ41 (162,0001 264 17,555 10.439 N•t cash gen¢rat•d froml{used In) Inv•$ting activiti0$ 18,092 {171,7401 Flnan¢lng actlvities R8paymenl of bank loans {5,5851 (5.5551 Net cash used In flnan¢lng actlvltles {5,585) (5,5551 Net In¢roasolldo¢reasel In $h and ¢h •quival•nts 132.263 {234,7931 C8$h and cash 8quiv8lenls at beginnlng of year 212,058 446.851 Cash and cash •quival•nts at •nd of yoar 344.321 212,058 The Th)tes on pagos 13 to 28 form part of these finanrial statements. 16-
DUDLEY CANAL AND TUNNEL TRUST STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Oonation8 and l•g•¢i•$ Unr•$trictsd R•strl¢tsd funds funds Total Unre8tdcl6d Restricted fvnds funds Totsl 2023 2023 2023 2022 2022 2022 Donations and gifts Grants recewed 134,$47 4,000 138.547 90,899 10.959 9,866 100,765 10,959 134.547 4,000 138,547 101.858 9.866 111,724 Donat10 and glfts Donations Donaon$ from Dudley Canal Trust Donation Irom Dudley Canal Trust (Trips) Limited Gfft ald other 11,631 4,WO 15,631 1,097 31 1,128 98,119 98,119 10,168 9,835 20.003 3,375 76.259 3,375 76259 24.670 127 24.670 127 134,547 4,000 138,547 90,899 9.866 100,765 17-
DUDLEY CANAL AND TUNNEL TRUST STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Donatlons and Itgaehs (Contlnugd) Grants re¢elvablo for ¢or¢ a¢tlvltlè$ Other 10.959 10.959 10,959 10,959 In¢om• from other tradlng actlvltles Unr•$trl¢tod Unrestrictod funds fund$ 2023 2022 Shop inwmg Letting and li¢en$ing arrangoments Catering 135.188 7,025 18.082 129.609 5.751 11,812 Olhar IradiNJ activities 160,295 147,172 In¢ome from charltable actlvltles Unrnstricted nd# 2023 Unr•strl¢t•d fund8 2022 Boat in¢csme Workshop incgrne Admlsslong and booking fees Membership Rental incom8 Event income Cruises Cofe 404,961 13,438 10,978 918 1,880 137,031 5,4L)1 187,316 382,359 12,673 6.812 829 4.812 137,781 3,722 162.804 761.923 711,792 18-
DUDLEY CANAL AND TUNNEL TRUST STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Income from Investments Unr•strictad Unre$tri¢t•d funds funds 2023 2022 Income from listed invaslm8nEs Interest receivable 549 9,890 10.439 264 Other income Unro$trl¢ted Unrestricted funds fund$ 2023 2022 Other income 3.126 7,431 Exp•ndltur• on ralslng fund$ Unro$tri¢tsd Unrestrlcted funds funds 2023 2022 Trading costs Direct costs 70,482 72,350 19-
DUDLEY CANAL AND TUNNEL TRUST STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Expandlturo on ¢harltable activities Dlrect costs Dlre¢t cos18 2023 2022 Staff o35ts DePClaI10n arKI irnpainnant Elethc, gas, tdephon8 and water Insurance Maintenance and upkeep Markglng advertising and PR SeNice contracts H9rage activibes and d(atiOnS Hath and safety C¢)n8umables Volunteer expenses Adivthes and events Events Comml$sion Rent Cruisès Spgcrfic Historic England spend Cafg 487.428 7.396 49.771 23,823 30.027 18,326 7,7t)Q 626 2,460 2,016 426.877 7,729 42,671 21.899 53.512 17,793 8.712 1,896 1,812 121 443 22,204 24,068 142,872 1.867 42 68.507 213 25.000 24,520 39.400 1.509 76.468 796,683 841,033 Sharo of support and governan ¢osts (see note 10) Support Govemanco 145,996 12.336 125.808 8.566 955,015 975.407 Anatysis by fund Unrestricted funds Restricted funds 954,469 546 960,764 14.643 955.015 975.407 Rent, rates and insurance for 2023 indudes rent paid to Dudley Canal Trust (Trips) Limited amounting lo £36,80012022- £141.CQO). Net mov•m•nt In funds 2023 2022 The net movement in funds is $toled after Cha1n(Crodilingl'. Fees payable for the audlt of the charlty's fin8ncial sts¢ements Depreclallon of owned tangible fixed 8$s8ts 7.450 9.171 10.010 -20-
DUDLEY CANALAND TUNNEL TRUST STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 10 Support ¢08ts Support Gowm8nc• Costs 2023Support costs Govwnance costs 2022 Staff costs Depreciation Servlce costs Directors expenses Motor Iravd and entertaining Legal and professlonal 86.390 1.775 31,321 574 86,390 1,775 31.321 574 81.567 2,282 19,650 1,975 81,567 19,650 1.975 273 273 237 237 2,163 2.163 2,140 79 17.878 2.140 79 17,878 Audit and o¢o)untsn Bank charges Audit fees Legal and profoswonal Accountancy and payrom 23,500 23,500 7.450 1,661 7,450 1,661 4,639 4.639 3.225 3.225 3.927 3,927 145,996 12,336 158,332 125.808 8,566 134.374 Anelysed b&fvveen Charitable activities 145.996 12,336 158,332 125,808 8,566 134.374 11 Trustees None of the Iru81ees lor any persons connected with them) reIved any remuneration or benefits from the charitsble company dudng thè year. 12 Employ••s The average mon1hly numb8r ofemployees during the yèar was.. 2023 Number 2022 Numbor Administration Operational 30 28 Total 37 32 Employm•nt costs 2023 2022 Wages and salarles Social security costs Other pension costs 528.731 34,951 10,136 469,819 31.863 6,762 573,818 508,444 21
DUDLEY CANAL AND TUNNEL TRUST STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 12 Employees {Contlnuedl Th8 number ofemployees whose annual remuneraln was more than £60,IKJo Is as follws.. 2023 Number 2022 Nvmbor £60,001 to £70.000 Remungratlon of key management personnel 2023 2022 Aggregate compensation 67,834 61.138 The Trust considers its kay management personnel to bg the Chlef Executive, The empknyeè benefits of key rndnaMenI personnel 8mounled lo £67.834 (2022.. £61,138). 13 Galns and10s$os on Invo8lmonts ilnr•strf¢t¢d Unrostrlcted fund4 funds 2023 2022 Gainsjllossesl arising on.. Revaluation of investsMents 48 {5101 14 oth•r•xnd1tUr• Unrestri¢tod Unrg$trl¢tod funds funds 2023 2022 Finanang costs 935 1.103 935 1,103 15 Taxatien The ¢h8rity is exempt from tsx81ion on its actwities beGause all its Income is applied for charftable purposes. -22-
DUDLEYCANALAND TUNNEL TRUST STATEMENT OF CASH FLOWS {CONTINUED) FQR THE YEAR ENDED 31 DECEMBER 2023 16 Tanglbl• Flx•d As$•ts- Group Leasehold bulldln B>ts and OffiG• •quSprrwrt lurnhur8 •qulpm•n¢ Cost Al 1 January 2023 Additions 2,350 9,303 236,436 33.572 599 272,358 9,2 At 31 Decèmber 2023 11.653 236,436 34,171 282.260 Depr•clatlon and impairment Al 1 January 2023 Depreaatkjn charged In the year H7 235 197,232 8,178 30,343 758 228,022 9,171 At 31 Oecember 2023 205,410 31,101 237.193 Carrying amount At 31 December 2023 10.971 31,026 3,070 45.067 Al 31 December 2022 1.903 39.390 44,337 Tanglble Flxtd Assots- Charfty LM¥¢lwld bylldkngs Bogts and •quSpm8nt furnlture and •qulpm0nt Cost At 1 January 2023 Addrtlons 2.3 9.303 229.393 33,014 264,757 9,902 At 31 December 2023 11,653 229,393 33,613 274.659 D*pr¢¢iation and impairment At 1 January 2023 Depredation chargèd in the year 447 235 194.511 7,474 30,343 702 225.301 8,411 Al 31 De¢embor 2023 682 201,985 31,045 233,712 Carrylng amount At 31 Decembor 2023 10.971 27,408 40,947 Al 31 Decembar 2022 1,903 34.882 2,671 39,456 -23-
DUDLEY CANAL AND TUNNEL TRUST STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 17 Fix•d a$$et Investments Group •nd paronl Usted InVtMonts Cost or valuation Al 1 January 2023 Valuation changes 11,504 At 31 December 2023 11,552 Carrying amount At 31 December 2023 11.552 At 31 Decembèr 2022 11.504 2023 2022 Other Snvestrnents Icharity only) compris6'. Investments In Subsldlades Thg Charity holds 100% of the Issued Ordlnary Shares of Dudley Canal arKI Tunn81 Trust Enterprfses Limited. This wholly-owned subsidiary und&rtakes oTrsile trading to Support the charitable a'VleS of the Charity. At 310eGfrmber 2023, rts net assets and shareholderfs funds 8mounted to £52234 {2022: £65,942). 18 Flnan¢lal Instruments 2023 2022 Carrylng amount of financial as$etS Instruments measured at falr value throu9h profft or loss 144,445 162,000 19 Stocks 2023 Grnup 2022 Group 2023 Charlty 2022 Charfty Flnlshed goods and goods for resale 30.795 18,789 8.378 -24-
DUDLEY CANAL AND TUNNEL TRUST STATEMENT OF CASH FLOWS (CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 20 Debtors 2023 Group 2022 Group 2023 Charlty 2022 Chartty Amounts falllng due wllhln one year: Trado debtors Other debtors Prepayments and 8cc¥u8d income 4,877 919 3,016 9,135 66,600 2,285 2,762 7,519 65,681 2,285 3,016 8,812 78.020 5,778 75.485 Other debtors in tha charity relales to gift 8id claims yel to be received. 21 Current a¥set investments 2023 2022 Fixed tern ndS 144,445 162,000 22 Loans and overdrafts 2023 2022 Bank loans 35,818 41.204 Payable after one year 35,618 41.204 23 Cr•ditors: amounts falllng du¢ wlthln one year 2023 Group 2022 Group 2023 Charlty 2022 Charlty Othor taxation and soclal security Trade creditors Amounts owed to subsidiary urKlertakings Other credltors Accruals and daferred income 36.353 11,100 34,847 6.407 33.878 10,750 11,318 6.407 7,453 2.027 14,039 25,175 1,813 5,987 2.713 15,639 1.840 6.787 65,805 49,881 68,147 50.700 .25-
DUDLEY CANAL AND TUNNEL TRUST STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 24 Crnditors: amounts falling due after more than onè y•ar 2023 Group 2022 Group 2023 Charlty 2022 Gharfty Notès Bank loans 35,618 41,204 25 R•tlrgmgnt bgn•fit schemes 2023 2022 Defined contrlbutlon schemes Charge lo profit or bss in respect of dgfineij contribution 8Ghemes 10.136 6.762 The charitable comp8ny operates a defined Contribution pension schemo for all qualifying employees. The assets of the scheme are hdd separately from those ol th9 chatable company in an independently odminister8d fund. 26 Rè8trlcted fund8 The restricted funds of th9 charity comprlse the unexponded balances of dcTritions and grants hèld on trust subiect to specthc conditions by donors as to how th&y may be usod. Al 1 January 2023 Incomlng sources R¢source8 exnded At31 December 2023 Richardson Foundation Historic England 4.000 2,334 2,880 5481 2.880 4.000 1546 6,334 Pr•vlous year. At 1 January 2022 In¢omlng R•sourc•s rosourc•s •xpend•d At31 Dgumber 2022 Richord$on foundafjon Harry Payne Dudley No. 2 Canal Project Hi$tori¢ En9land 2,000 {2,000) 1311 19,8351 {2,7771 31 9.835 5.657 2.880 7,657 9,866 114,643) 2.880 The balance on the Historic England restricted fund indudes £2,057 relating to ffixed assets lch are belng depreciated on a 20% reduclng balance basss. -26-
DUDLEY CANAL AND TUNNEL TRUST STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 27 unMtr1d funth The unrestrlded fijnds of the charity mprIse the uneXnded balances of donations and grants which are not gubiticl to specific condf(ions by donors and grantors as lo how they may be used. These include dèsignated funds which have been sel aside (xrt of unrestricted funds by the trustees for specrfic purposes. At 1 January 2023 Incoming i•$ources R•sourc&s expend• Galns and loBses At31 D•c•mbor 2023 General funds 432,743 1.070,330 {1,025,8861 48 477,235 Provious y8ar. At 1 J•nuary 2022 Incoming RoUrceS rosources expendgd Galns and 1088es At31 Dec•mb•r 2022 General fvnd8 498,953 968,517 11,034,217> 1510) 432,743 28 Analysls of n•¢ ass•t$ b•twn funds Vnr•$lrl¢ted funds 2023 Rgslrlded funds 2023 Total 2023 At 31 December 2023: Tangib16 assets Investrnents Current assetslllkgbilltiesl Long temi liabi1it18S 43,010 11.552 457,745 (35,618} 2.057 45,067 11,552 462.568 135.6181 4,823 476.689 6.880 483,569 Per balance $hMt Balan¢e to allocale 477,235 546 6.334 15461 483,569 Unr•strictod fund8 2022 R•$trl¢ted funds 2022 Total 2022 Al 31 Decembw 2022: Tangible assets Investments Curront assetsllliabilities} Long temi liabilitigs 41,766 11,504 420.677 141.2041 2,571 44.337 11, 420.986 141,204} 432,743 2,880 435,623 -27-
DUDLEY CANAL AND TUNNEL TRUST STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 29 R•latod party tran8actlon$ Tran¥•¢llons wlth rnlatsd partles During the year the charitabl• company entersd into the folowing trans4n$ wllh related parties.. Durlng the year a trustee of the charty gained income from the charity through har professlonal services and wares amounllng to £804. Durlng the year the wife of a truste8 of the rthgrity gained Incom8 from the charity through selllNJ her wares amounting to £996. Results of th• CharW$ Sub¥idi4ry Trading Company The Charity (parent) wholly owns B trading subsidi8ry which is incorporated In the UK and has the same registered offlce as the Charity. The subsidiary undertaking. Dudley Canal and Tunnel Trust Enterprises Limited (Company R8gistration No. 10299996} Dp¢ratgs the ancillary commercial activities connected lo the activities of Dudley C8n818nd Tunnel Trust. The trading company donatgs its, tsxable profit lo the Trust 88 unrestricted funds. A summary of the re5uItS 15 set out below. Separate unaudited accounts hav8 fi18d %wth Ihg Registrar of Companles, wlth the game accounliryJ rèfèrence date as the Charity. Profft & Loss Account 2023 2022 Turnover Cost of sale8 Gross profit Administralve expenses Oporaling profit Intgrgst payablelrecelvable Profft for year before and after taxaloon 185,028 491.262 170,482 115,032 {68.462} 46.570 1164,928) 326.334 1269,309) 59,692 14491 {1,103) 45.635 58.589 31 Cash gon•ratod from op•ratlons 2023 2022 Surpluslldfyftclt) for the year 47,946 170,9871 Adluslments for. Investment income recognised Sn ststem8nt offinan¢ial athlt19S Fair value gains and losses on inveskngnts Depreclalion and Impalmienl of tangible fixed assets 110.4391 (481 9,171 12641 510 10.011 Movemants in workirvJ capitsl: Ilncreaselldecrease in stocks De(aSe1<InCr@aSéI in dabtors In¢rea8e in credllors 112,008) 69,208 15.924 1,766 111,875) 13.341 Cash g•n•rat•d fron(ab80rb•d by) 0ratIOnS 119,7S6 157,4981 Per cash flow Statement page 119,756 157,4981 -28-