Ch•rlty reglstratlon number 1166460 {England •nd Wal•s) Company r•glStration nvmber 09784120 DUDLEY CANAL AND TUNNEL TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 DUDLEY CANAL AND TUNNEL TRUST LEGAL AND ADMINISTRATNE INFORMATION Tru$ts•s CAB•nn&tt R l Langford P T Smith J D&8¢0n L T Bradshaw K Wlllkqms A Truslovè LHead BEM Dr M C Clark LJBratt l G Walson {Appointed 18 S8ptembeT 2024 {Appoint8d 10 September 20241 Charlty numbor 1100460 Company number 09784120 Prfnclpal addr•ss 501 Blrmingham New RoBd Dudley Wèst Midlands DY14SB Audltor CKAudit No 4 Casue Court 2 Castleg8tè Way Dudloy Wèst Mldlands DY14RH DUDLEY CANALAND TUNNEL TRUST CONTENTS Pag• Trusts&$' r&F¢rt StatsmBnl of trustees, re8pon8ibilities Independ8nt 8udltorf8 report stalemenl of ffinancial actwilies Charty and $ubsSdlary balance shèèt 10 Charity balance sheet 11 St81emenl of cgsh flows 12 Notes to the financial statemonts 13-27 DUDLEY CANALAND TUNNEL TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 The tr￿ste￿$ Pr￿n1 their annual report and finand818t8tements for the year ended 31 December 2024. The finanaal ststements have been prepared in accordance with Ihe accountin9 polici¥s sèt out in not8 1 to the financial statgments ond ¢ompty wlh tho t*arItab￿ company govemin9 documènt. the Companles Act and 'Accounting and Rapxxting by Charittes.. Statement of Recommended Pra¢ti¢e applicable lo charitie$ prgparing their ACt￿nts in 8ccordance wllh the Financial Reporbng Standord applicable in the UK and Republic of Ireland IFRS 1021 leff￿l￿e 1 January 20191.. Objectlves and actlvltl•s principal activfjty of the charfty Is Ihg advancemènt of 8duc8tlon for the publi¢ beneflt, on the hbstory, social hlstory, heritage, economy. geology. geography. arch8•ology. aTthitectur8 and other features of thè Dudley canal tunnels, Inland Wate￿ayS, mlnes and Its working ly)ats,' and th6 protection. prasetvaoon. ¢onservaiion, maintenance, repair, improv&ment and devèlopment of the DUd￿Y Canal tunnels. Inland watèrways, rnines aThJ VKfknng boats lor the use And benefft ofthè wblt. The strategies empl￿ tts athievg the ¢hariV8 obiectNes are to.. Dèvalop an ambitious and 10￿rd400klng herftsge attra¢lion that ¢•1obrates its past achlevem&n18 whll$l lo grow ts infrastruclure, devetop Its offer. reach A wder 8udience and b8 a vibrant part of thg IL)cal community where it is situated. Off8r OPp￿UnItieS for a broad range of peoplo lo trrtomè Involved engaged with the history of the tunnels, cav8ms. waterways and thal are8. This will be through offering boat trlps Into the tunnels on open water along with exhibitions ÈrKI workshops, displays. events. talks, audio visu81 displays and hends on opportunlueg. Providè employm8nl and voluntser OPFQrtunibes and work with local community groups and n•iworks and makè our resOU￿e6 availabb lo help th8m d8llver their goo1$. Develop and doliver gr8at quality f￿Mal and infomial education actlvltles for all ages. Bei*me better known for our insighl and CTeative use of our hlstory, our ￿SourCes, Stories and our staff lo produce spedallsl Int8rprelve programs as ￿11 as family friendly and ¢urrN>Jlum supporhng workshops. Preserve the Covems. Tunnels, Mlnes and wate￿ay8 under our c8re to the hlghast levtrl. Developlng spec￿lISt knowledge and 8pwo8th0$ to this and sharing kno￿edg8 with thè wdar sector 08 be$1 practice. Developing a $Mngent health and safety approach that ensures the $afety of all who visit and work wthin th& promisos. To raise incom8 through our activities to ensure we stay a viable and sustainable business gnd cHn further invest in the business. This can be dona tsy sgllin9 tiip Ickels. CLxnm8rdal trade. promotirrfJ don8lOon8. gmt ald and fundraisiThJ for our actiwties. To develop mutually supportiva partnèrships. projéct work and build relationshlp5 vthl¢h adds to our offer, promoles what is so speclal oboul the a￿8 and help Ups￿11 our workforce, volunteers, operating approaches an($ actlvlles. To raise the profile and aw8ren098 of the Trust and ensure all See us as an eng8glng. productNe and professional organlsatb)n and heritage attraclion. To operate entraprengurial flair and creatmty and to trad& ethichlly 8nd f8lrfy In all we do. To put the vi$itor tyl the heart of everythiro we do. Public b0￿fft The twstees have pald due regard to guidance issued by the Charfty Commission in deciding ￿at athvil￿$ the charitable company should undertake. DUDLEY CANAL AND TUNNEL TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Achlov•mants and p•rfornianc• Ex•cullv• Summary 2024 mathgd a ￿ar of 8tsbdty and building upon foundation8 built in previous years. with a new CEO in th8 later part ofthè ytrar. In a positive sign. the Trust increased the number of bookings generated directly, with lèss r811￿c8 Qn wsitOT8 from Black County Llvlng fvluseLTh. The Introductlon and growih of online bookings contrfbuted to thbs. The 8￿claI èventg At Eastèr. Hallow6•n and Chrlstmas were wéll rècèlved. wllh 8 $ignifi¢anl incr￿e in bookings for tha Eastèr and Hallgwèèn &￿nts. Thi5 W8$ duè to Ihè èxc•ll•nt fèedback received for tsse gstablished events. The recent new event of paddlel)oarding days 8130 i￿re￿￿e￿ in popularity. The educattonal offer for sthools Gon￿nued, wlth exter￿1Ve work undertaken to ensure that thls mgt tha n￿15 ol the modem school ujrriculum. The onsli& café restaLfdnt Saw notieeablè Incr8ase in salès, whilst maintalnSng eontrol on sto¢k and w•Je costs. Wth the loss of the Catèrlng Man8gor. 8 r&strueturfNJ Ctf the eaterfn9 workforee le<1 to improvements in pèrform8nco. After a number of years of salès incrtasès. thè onsite shop B8W a drop In tumover. This was paruy due to fewer Museum vlsltors. the reduced Intsrest In Peaky BlSnders and Ihe cost of lfving whereby dlsposal incoma 1$ redLKed. This was also noticeable in the café reslaurant. vthere the average spend pertransaction rtsdue•d. Staffing remained at a steady 16v01. unlil the latter part of th• year. In NoVem￿r, a new CEO w88 appolnled, following the retirement of the popu18r CEO of over seven yeBrs standing. Unlinked to the CEO appoinlrnenl, a numbar of staff movad on to other èmployment 81 a $imilar Ilmg. Althwgh a short-tom h&8d8th8 for the CEO, this enablgd 8 slight r8-struduring of the ¥tsffing. During the year, we are awarded the Express and Star Hospitality, Leisure and Retail Buslness of thg Ygar. This was a great achievement and against some formidable organisations. We welcom•d a new Trust8•, Laura Bratt. who hlt th• ground running to assisl with commèrc￿1 a$pgct5 01 the O￿an1s8t10n. We also welcomed Corly Thomas os a new Director for our Enterprises ¢ompAny, who has been a rg9ul8r on sste assisting with oparations. Thls appointment Igd to a kI￿$tanding moM￿r of the team, lan Watsi)n. moving from Entèrprise& Dirèctorship tts a Trusteè. Vclunleers part a large part in the organisatK)n, and we ￿Uld not do all we do wthwt Ihem.. Ihanks were fomialty given al the annual volunteer party. One challeThJ8 moving forward is to assist tha n8w CEO in the role, although having workad lo￿llY in the heritBge sector. he was fully conversont wrf£h the workings ol the organisation before joining. Another ¢h8llènge i8 lo In¢rgase our presen￿ and offer to th9 publi¢, bulldlng upc*n an èxcellent t¢am arKI ¢ore offer that has been established over many years. Flnon¢lal rnvlew Total in¢om& for the ygar amountgd to £1.042.96612023 £1.074,203I. Total gxpgndituro amovntgd to £1,148,652 2023 £1.026.4321. This ￿sUIted in o net deficit for the year of £105,74412023 surplus £47,946). However, it IndUd￿ 8 £70.000 ovèrpayment of th8 mnt to a slstèr chadty, Dudlay CBnal Trust ITrfp81, onabllng a redudon in k)an rèpaym8nts by th• sistèr eharity, which wlll btr of lon*tèrm banèfit to our charity. Th8 2023 surplus included £98,119 movemènt of funds from anothèr slsler ¢harfty. whlch 1$ shown os A donafj¢n'. hen¢e the 2023 resurt was technically a £50.298 dgfi¢il1£1.421 dgfK(t aft$r GiflAid adjustrn¥ntl and th9 2024 rosult 8 £35,744 defiul. DUDLEY CANAL AND TUNNEL TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 R•s•r4*•S poIIcy Our unrèstricted funds are freety 8vail8ble to S￿nd on any of the charit*s purposes in deliverlng our alms keeplng our busire38 SU8tslnable. Reslrfcted lunds and tanglble flxed a83ets do ￿t fonn part of our reserves. are in FAace io protect the charity and its op8ralK)ns during down turns In busSness or oth&r major occurrence to ensure it can continue to protect and preserye the unique environment in its cara and gThJage the public wilh its historic importance. ReseNes are also used to support new projects ond activities which the Ttusl has 1dentffj￿d a5 part of its t￿sinesS developrnent and planning. The Trust aims to maintsSn a mlnlmum of £300,000 8$ r¢$grves. Th1$ 1$ based upon the Ihree highest 8xpandItu￿ months for 2024 for no￿discretIonary spending. Wh&r& funds fall bèlow this 8mount the Trust wlll rèview a "Zèro L&vel' approach. Identtfying the assoa8t8d risks arKI mitsg8ting them, bulldlng back rese￿eS and dlvèrsSfylng the fvndlng base. r readily 8v8ilable cash reserves are currenuy £331,208 wh￿h 1$ slighlFy above our pollcy of £300.OCK). We also have £40,000 on fixed terrn deposit_ Rlsk manag•m•nt The trust8&s have reviewed thè major risks to vthich th8 charity is 8xposed and confirm that systems have bo&n estatAished lo mitigatè those risks. ParUcul8r attèntlon has focusad on non-finanti81 risks arFslThJ from fire. health and safety of Staff, trfppétE and audlence$. A key element in the management of financial risk is ongoing eommitment to gain an increasing number of vi$ilors by offering de815 through various mediums. togelher wlh attending varrous wmmunity events. Governlng drKumont and constitutlon The company is limited by guarantee and hence there is no share capital. Dudley Canal and Tunnel Trust Is gov6mad by ts Momorandum and Artd8s 0fAGsoclal￿n datsd 18 September 2015. It is 8 registered charity whh th8 Charlty Commlsslon. Thg tru¥tg9¥, who are also the dirgclors for Ihg puTro89 of ¢pmpany law, and who served during the year and up to th6 dats of slgnalure of the financial statsments wertr: CA Bennett R l Langford PTSmith J Deacon L T Bradshaw K Wllliams A Tmslove H O'connor L Head BEM Dr M C Clark LJ Bratt l G Watson (Rgsigngd 24 Juty 20241 (Appointed 18 September 20241 (Appointed 10 Septernber 2024) Tru$t••$' Ind•mnlty The tharity h?$ TnJsle8s' indemnty insurance in place. DUDLEY CANAL AND TUNNEL TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Organlsatlonal structuro The board of trustèès, whts mèèt kA-monlhly adm[n￿r the tharity. A Chief Exe(thve 1$ appointed by the trustees to man89è th8 day to day operallon8 of Ihe charfty and attend the bl-monthly board meellngs to present Ihe Chief Executive's report on the day to day running of the business. A Finance and HR Manager looks after the Tr4Jsts finances and supports the Chigf Execuuve on all HR Issuès. A Programme & Events Manager leads the Tnjst's custom&r pro9ramme to align to its charitable purpos9¥. A Learn1￿ Errtjagement Officer is r•sponsibl8 for Trusfs edu¢3tion uffer. An Opw8tions Manager looks after the general day to day opergtion. wth focus on boats, standards and health & safety rnquirements. Commerclal Manager looks aftgr the operational and commerckgl perfomiance of the CAfé and the Shop. Part m& role5 in Volunteer Coordinator and Marketing EXe￿￿ve, suppcfft the Twsfs Vduntoers lunctSon ond Markètin9 fil￿tIon r¢$pedvely. All report to the Chief Executsve. Induction and tralnlng of n•w truSt￿S New trustees are briefed by the management regarding the oper8don$ and Ihelr legal oblwJations under chxrity company law. They aro also glven a lunn¢l tour lo obtain a btrtttr undtrrstanding of the company N810ry and operations. R•lAl•d partièa Th8 ch8rfty has 8 wholty-ovmed 8ubsldlary, Dudley Canal and Tunnel Trust Enterprf$es Limited. a limited Nnpany whose purpose is lo rais8 monies through comrnercAal enlerprise the aim of profrt making so that these profits may be grfted to Dudley Canal and Tunnel Trust to support their charit8blÈ purposes. Audltor In accordance with the company's artides. a resoluuon proptising Ihat CKALNJit bg reappointed as audltor ofthe company will be put at a General Meeting. The trustees. repori was approved by the Board of Truste•s. P T Smlth Trustee Dated.. 18 August 2025 DUDLEY CANAL AND TUNNEL TRUST STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees. who are also the ￿1￿CtOrS of Dudley Canal and Tunn81 Trust for thtr purpose ¢1 company law, are rgsponslble for prèp8ring the Tru$le¢s' Report and the financial s18lernenls In a¢¢tsrdanc8 with appllcable law and Unltad Kingdom Accounting Siandards Iunlled Klngdom GenerallyA¢cepted Accounting Pr8Ctwl. Company18w requlr8s the trustees to ptepare financial statements for each financial ￿$r whlch give a true and fa view of th8 slate of affalr5 of the charitable wmpany and of the incomln9 rosources and applicatlon of rosou￿￿8, Indudlng the irojme and expenditure, of thè chaiTtable company for that year. In preparing these fln8n¢Sal statem8nts, the trustees aro requlred to: sole¢t sultable 8e£ounllng p)Ilcle$ and then apply them consistèntly., - observe the mèthods and prineiplgs in the Charflies SORP-, - make judg9ments and estimat$$ that are reasonable and prUd￿t- stale whéthgr applicable UK Accountiro Stsndards have bèen foNowed. ¥ubjecl to any matedal departures di8closed ond explained in the financial statèmgnts., and wepare the financial gtst&m8nts on the gtring concem basis unless it 18 inappropfi8le to presume that the charitablè company will continue in opgr8b"on. Thé trustees ara rosponsible for keeplng adequate a¢ts)unting reeords that disclose with ￿a￿Dable acwracy al any Ome the financlxl position of the chantable ¢omp8ny and enable them to ensure that the fin8ncial statgrnents comply with the Companies Act 2006. They are also responsibl8 for safeguarding the as86ts of the charitable ¢ompany and ￿nc* foi laklrKJ roa50nable steps lor the prevention and detection of fraud and other Irrogularities. DUDLEY CANALAND TUNNEL TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF DUDLEY CANALAND TUNNEL TRUST Oplnlon We have audited the financial stAtomants of Dudley Can81 ond Tunnel TN$l {Ihe 'charitable ¢ompAny'l ènd its subsidiary group,) for the yoar &nded 31 DeGernber 2024 which comprise the statement of financial actiwlies, the balance sheet, the stètement of ¢8$h flow8 and notes to the financial statèmènts. induding signthcant accounting polld&s. Th& finan¢l81 ￿[M)rtIng framework that has been applied in their pr8P8r8tion Is appllcable 18W Unitad langdtsm Accounting Standards, including Financial Reporting standa￿ 102 The Finanual Reporting St8ndard 8ppliGal%e the UK8nd R8publlc of Ir&land{Unlled Kingdom Generally AccepledA¢Tr)unting Practice). In our opinKJn, the financial statemenls.. gNè a true and fair of the state of the goup's and charitabl& cLsmpany's Affalrs 8$ al 31 Decembar 2024 and of hs Incomlng resources and appllcation of resources. for tho year Ihen ended., hava b88n properly prepared in accordarsce United Kingdom GeneTBIty A¢ceple(l Accounting Practice., and havo bean preparad In aceordan¢e the rgquirements of the C¢Thpanles Act 2006. Basls for oplnlon We C￿nduCted our 8udll In acwrrlan¢& with Inlern3tlon81 Standards on Auditing IUKI (ISAS IUKI) al￿ applicable law. Our rtsponsibiltb¢s under Ihgse slandaTds are further described in the Audttorfs msponsI￿1￿1&g for the audif ol the finortclèl ststèm8nls $8¢tkJn ol our report. We are independent of the charitable company in 8¢¢ordance with th• elhlcal r¢quir&mtrnl8 that are relevant to our audit of the financ￿1 statements In the UK, Including the FRC'S Eth￿1 Stsndard, and we have fvifilled our other ethical responsibilities in accordanc• with Ihesg requirements. Wg bdlevg that the audit ewdence we have obtsined is sufficaent and appropriate to provide a bas1$ for our 0￿'nI0n. ConclusSons relatlng to golng eonc•rn In auditing the financial stslernents, we have concluded that th• truSt￿S, us• of going cO￿9M basb ol accountirvJ in the preparation of the financial statements is approwlate. Based on the work we have perfomed. we have not id¢rbtif*d any matgrkql uncertainties r8lating to •v•nts or o)ndltions thaL indivldually or ¢olle¢tlvely. m8y ¢ag18lgnffi¢anl doubl on Iho charllab18 compan￿$ ability to contlnue as a going concom for a pèriod of at 1&8st twalve months frgm when the financi81 slat8monts are auth￿ISed for Iss￿. Our responsibilibes and the r#3ponsibilitie3 of the trustees with resFect to going eoncèm Èrè describ•Y in tho rdevanl sections of this report. Other Snformatlon Th8 othèr inforrnation ¢omprises the information rnduded in the annual report other than Ihtr finar￿JaI statements and our audTtorfs report thereon. The trusl8es are responsible for the other information contained wlthln the annual report. OUT O￿nIOn on the financial ststements does not cover the other Informatk)n and we do r￿1 express any form of assurance conduslon thereon. Ou¥ responsibllty is to read th& othèr 5nf0M￿tI0n and, in dolng so, conslder whether the other information is materially Inconsistent wth financiol stslem8nts or our kn￿￿edge obtained in Ihe course of the audtt, or Othe￿Se appears lo be malerlally misstated. If we identwy such mate￿1 Ineonslstèn(ie8 or apparent malerlal mlsstst6ments, ￿ ar8 required to determing wh?thgr this gives rfse to o material misstatèment in the finane481 statements themselves. If, basèd on the work ￿ have performed. we toncludè that there 18 a motetsl mlsstatomont ol th1$ other lnfomial￿n, wo ars r¥quirgd lo report that fact. W& have nothlng lo report in this regard. Matter• whkh are required to report by exeeptlon We have nothiny to rèport in respect of the following matters in relatijn to which th• Choribgs (Accounts and Reports) Rggulatlws 2008 requlrès us lo reFrfJrt lo you rf, in our oplnlon: the Infomiatlon gSven In the ffinBnclHI slHternents 1$ In¢on8fstent In any matèrial respect wf(h th¥ trnJ$tge8' report-, or sufficient accounting records have not been kept: or thg fin8nci818tslem8nl8 are not in agreement wlth the accounting records,. or wè have not r8celv8d all the irformalion and explanatK)ns we requlre for our audlt. DUDLEY CANALAND TUNNEL TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF DUDLEY CANALAND TUNNEL TRUST Respon8ibllities of trust￿5 As oxpl8inèd more fully in the slatement of Iruslees. responsibilities, the trustee4 who are also tho direetors of the tharitsble ￿rnPanY for the purpose of company law. are responslble for the weparation of the financi81 st8tements and for bw'ng satisfied that they give a true and fair view. and for such inlemal control as the trustees determine 18 necessary to enable the preparation of finar￿la1 statements that are free from materfal mlsstalemenl, whether due to fraud or error. In preparing the financial statements, the trustees are responsible lor a$se$$ing the charKable companys ability to continue as B going concern. discloslng, as opplicAbl8. matt8rs related lo going concern and using Ihe going concem basis ol accounting unlèss thg trustees 8ithor Intand to Ilquldatè thg charrtable c4Jmpany or lo cease operations, or have M r881istic alternative but to dts so. Audltorf$ rnsptsn*lbl1ltl￿ for th• audtt of the Ilnanclal J5tatements We have b8&n appointeo as audltor undar sèctlon 144 of th& Charth8s Act 2011 and rsport in accordance ￿ the Acl and rèlevant re9ulation$ made or having thgrBuTrd8r. Our objectives are lo obtain reasonable assurance about whether the financAal slaiements as 8 wholg are frge from material misstalement, whether due lo fraud or error, and to issue on auditofs report that Includos tsur opinion. RoasonatAo assurance is a high level of assuranc8 but is not a guarantee that an audit eonduded in aca)rdan¢e wrfh ISAS {UK} will a￿ayS detect a moterial misstatement when it exists. Misstatemènts can arfse from fraud or error and are ￿)nsIdered material If, Indlvldualty or In th8 aggregat8, they could roasonabty be expected to Infiuence Ihe economic deas￿nS ol users taken on the basls of these financrdl ststements. Tha ¥xt¥nt to wh￿h wr pro¢odurgs ar¥ ¢ap8ble of dgtodirvj irrggu18riti95, inc4uding fraud, is dgtalFod below. Extent to whlch th• 4udlt was con$ldered capable 0¢ detectlng Irrogularltles. Includlng fraud We idenbfied and assessed the risks ol materi81 misstslement of the financi81 slalemenls, in respect of wreguladtles whothgr dug io fraud or orror, or non wmpliancg wth la￿ arKJ rggul8tion$ and then designed and pgrformad audlt procedu￿8 responsfve to those risks. including obtsining 8udtt èviden¢e that IS 8uffic￿nt and 8ppropri#t• to provide basis for our opinion. In ￿den￿fy1ng and assesslng rf$k$ of malgrtal ml$stat¢menl In rosp9¢1 of Irregularflw. including fraud aThJ K*n- eompliance wlth laws and regulations. our procttdu￿S induded the fdlowing= We obtsined ¥n understanding of the Iggal and rggulalrKy frameworks that are applicable to thg Charlty by dl$cu88kJn and enoulry wtth the Iru8tees and management team and our general kntythedge and exp8rf8nc• of the harity. We focusgd on $p8crfF¢ laws and wul8tlons which we con$i¢Jor&d may hav& a dirgct rnatsrial effect on the flnondal statements or the operation5 of the company. including the Compani8s kl 2006. Charitses SORP, logislatton, data prot￿tion. gmployment. and health and 8afvty legislation,. Wa assessed the exlant of com￿1￿nCe wlth the laws and ragulatk)ns klentlfied abova through makJng &nqulries of manag8manl, reviewing corr8¥x)nd8nc• wth r•l&vant regulators. Audit r•spon$g to rf$ks Idontifwd We assessed the susceptibilty of the Charfvs, flnandal statements to materfAI ml&st8temenL includlng how fraud might occur. Audit proc8dur8s perfomiad indud•d bul not limltsd to.. Discu83ion8 Wlth trustees and management as to where they considered thero was suscèptibility to fraud, their knowledge of actual, suspected and alleged fraud: Confirming our understandSng of conlrds by performing a walk through test or obsetvatksn and orff4uIw, Performing anatyiical procedures to identify any unusual or uneKpected relotionships; Challenging assumptions and judgements made by managem&nt in accountlng for long tem ￿nStru￿On contracts including reCOgn￿On ol incom8 aThJ 8stimalKJn of costs to compl•t8' Identifying and testing Iwrnal entries.. R6VIe￿ng unusual or unexpe¢ted Iran$adons' and Agreeing the finanL?al ststement disdosures to undetyirrfJ supptsrtirYJ dwmentstion. DUDLEY CANAL AND TUNNEL TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF DUDLEY CANALAND TUNNEL TRUST O¥￿ng to the inherent limilallc￿s ol an audit. there is an unavoidoble rtsk that we may r￿1 have detected sorne m8lerfal misstst8menl$ in the financial statements, even though we have properfy planned and perf0m￿￿ audr( in accordance with audibng standards. The more removed that law3 and ￿gula￿onS are from financial trsnsaciions the less likely it is that we woukl become gware of non-compliance. AUd￿'ng standard8 also limtt the audit procedures required to identify non<0mplian￿ with laws and ￿gulationS to enquiry of the trustees and other management and the inspection of regulatory and kgal corresFondence, rf any. M*erial mlsstalements that arise due to fraud can be harder to delect than th08e that arise from error as they may invotve deliberate con￿alment or co1￿￿On. A further desuiplion of our respon$ibilibe8 Is available on the Financial Rewiing Council's websrt8 atr htw.'Ii vMv.frc.OTg.uklauditorsresponsibilities. Thls doscription fonns part of our auditorf$ rewt. Ll8e of our report This report is made 8olety lo the charity's trustee5, as a body, in accordartt ￿1th Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might stsle to the charrty's Irustee8 those matters we are requireLI lo state to them In an audrtor's reF)Ort aThl for no other purpJ$o. To fhe fu118$1 extent pemiitted by law, w8 do not accept or assume responslbility to anyone other than the chaiity and the ¢hwrty'¥ trustees as a body, for our audit work. for this report. or for the 0[￿nIonS we have fomied. Blak• Morr18 (Senlor S￿￿tory Audltor) For and on behalf of CKAudiL SI8tLrtoryAuditc Chartered Accountsnls No 4 Castle Court 2 Casllegale Way Dudley West Midland8 DY14RH CK Audit is elrgible for appointment as auditor of the charitable company by vtrtue of its eligiblty for appointment as auditor of a company under Sedion 1212 of the CompaniesAd 2006. DUDLEY CANAL AND TUNNEL TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unrejtrlcted RKtrfct•d fund$ funds 2024 2024 Total Unr•strlct•d R•strf¢ted funds tunds 2023 2023 Total 2023 Notes In¢om• and •ndowm•nts from: Donations and legadas Charital￿e actNities othertradlng a¢tMlle8 Investments other income 81,560 802,867 144.612 11,938 1.989 81,560 802,867 144.612 11.938 1.989 134.547 761.923 160.295 10,439 3.126 4,000 138.547 761,923 160,295 10.439 3,126 Totsl in¢om• 1.042.968 1.042,966 1.070,330 4,O¢XI 1.074.330 Expondlture on., R8ising lunds Charl1ab￿ actlvities Other expenditure 64.835 1.078.535 64.835 4.437 1,082.972 70,482 954,469 935 70.482 955.015 935 546 15 T(*1 axp8ndltura 1.144.215 4.437 1.14B.652 1.025.886 1.026.432 Nat gainsllloss&sl on nvestrnents 13 {58) (581 48 48 N•t Incom•l{•xp•ndrtur•l and movement In funds 1101,3071 14.4371 1105.744) 44,492 3,454 47,946 R•eoneiliatl¢)n ol funds: FuThJ balances at 1 January 2024 477.235 6.334 483.569 432,743 2.880 435.623 Fund b41¥n￿ al 31 Docember 2024 375,928 1,897 3TT,825 477,235 6.334 483,569 The stètement of ffinancSal activities includes 811 gains And losses rectyJnised in y8ar. All ircome and expenditure derfve from conllnuing a¢lMtle$. Tho notes on pagas 13 to 27 form part of these flnan¢lal statements. DUDLEY CANAL AND TUNNEL TRUST CHARITY AND SUBSIDIARY BALANCE SHEET ASAT31 DECEMBER 2024 2024 2023 Noto8 Flxed as$•ts Tanyible assets Investments 16 18 50.251 11,494 45,067 11.552 61,745 56,619 Curr8nt a$sats stocks Debtors Investmants Cash at bank Bnd In hand 19 20 30.621 11.452 40.000 331.547 30,795 8.812 144,445 344,321 413.620 528,373 Creditorn= #mounts falllng duè withln ono yoar 23 173.0231 165,805) Net current assets 340,597 462.568 Total ass•ts 1088 ¢urr•nt Ilabllltl•s 402.342 519.187 C￿dItOrS. amounts falling due •fter more than on• ygar 24 124,517 135.8181 377,825 483,569 The funds of tho ¢harltabl• company Reslrtctèd In¢omè funds Unrestricted funds 1.897 375,928 6.334 477,235 377,825 483.569 The notes on pages 13 to 27 fom part of Ihese finarrial ststemenls. Tho company Is endlgd to the exemptlon from the audlt requirement contained in sedon 477 ofthè Companios Act 2006, for the year ended 31 December 2024. athough an audit has been carried out under Se￿an 144 of the Ch8rf11è8 Act 2011. The dire¢t¢rs acknowledgè theor regpcffi$bfiI￿ey for (xjmplylng with the requSrements of the CompaThe8 Act 2006 with respect lo> accounting records and thg preparalion of fin8nGial stalem9nts. These financial statements have been prepar8d in accord8nce with thts prowsions applicable to componles subjecl to thg small CoMpan￿S regime. The flnanciol stat&ments were approved by the trustees on 18August 2025 A Truslove Trustè• Company regi$lr3tion number 09784120 IEnglaThJ and Walas) 10- DUDLEY CANAL AND TUNNEL TRUST CHARITY BALANCE SHEET AS AT31 DECEMBER 2024 2024 2023 Notes Flx•d 4ss•ts Tangible assets Investm¢nts 40,947 11.551 16 18 46.893 11.493 58.386 52,498 Currènt •ss•ts stock8 19 20 6,720 16,769 40.000 288.944 8,378 5,778 144,445 288,381 Investments Cash at bank and in hand 352,433 446,982 Cr8dltoYs'. amounts falling du• wlthin ono y•*r (68.147) 23 (63.0541 289.379 378,835 N&t ujrrent assets 347.785 431,333 Total assttts less curnnt IlabllSti•* In¢omo funds RestrKled funds UDTtstricied fvnds l.B97 345.868 6,334 424.999 26 347.785 431.333 The notes rm pages 13 to 27 fomi part ofthos0 finandal st¥temgnts. The ngl resuh r8POrted In the Ststemeni of Hnancial Ac￿￿1￿ of the parent tharity for the year was a loss ol £89,09B12023.. £61.528 profit). The finand81 statements wer8 approved by the TNste05 on 18 August 2025 A TNslove Trusteè C¢)mpJny reglstrauon number 09784120 11 DUDLEY CANAL AND TUNNEL TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Not•s C•$h flt)ws from oper•ting •¢tivitie$ C¥5h (absorbed byygengratfjd frT)m operatK*ns {107.9861 119.756 Investing •¢tlviti¢s Purcha$¢ of tanglble fixgd as8gts Transfer linvout of short temi investments Investrnent income recelved 115.6221 104,445 11.938 19,9021 17,555 10,439 Not ush genernted from Inv•$tlng aetlvltl•s 100,761 18,092 Flnan¢lng a¢tlvltl•s Repayment of bank loans 15,5491 15,5851 N•¢ ¢a$h u$ed In finan¢lng a¢tMtI•s 15.549) 15,5851 N•t IdKr•ag•Vlncr•as• In cash and cash equl¥alents 112.774) 132,263 Cash and eash equivalents ot beginning of year 344,321 212.058 ¢￿h and c•*h •qulvalents at enql of year 331,547 344.321 Th& note8 on pages 1310 27 lonn part of these financial statements. 12- DUDLEY CANALAND TUNNEL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Aeeountlng pollcles Charity inforniatlon DudlBy Cana and Tunnel Trttsl is a charitable company incorporated In England and Wale$. In thè evenl of the charity being wound up, the liability In respect of the guarantee is limhed to £1 per membèr of the chaylty. The addres8 of th• r8glster8d oifice is $01 Blmlngham New Road. Dudby. West Midlands DY14SB. 1.1 Accountlng ¢onYentlon The finandal stat&monts have boen prepared In accordance ￿th th¢ tharrtable cthnpany govemlng thcument, the Ctsmpanigs Act 2006 and "Accounting and Reportlng by Charmiès: Siatement of Recornm8ndad Pradce appllcable to charlJ¢¥ preparin9 their acLounts in accordan¢e with the Flnonclal Reporting StarKlard applicable in ihe UK 8nd Republic of IrelaThJ IFRS 1021 {effectNe 1 January 2019)" Thè charttsble company is a Public Benèfii Entity Ès defined by FRS 102. The financial xtalerrenls are prépared in slerfiro, whlch is the fvnctional ￿rr￿neY ot the charitaNe wmpany. Monet8ry amounts in Ihese flnandal stslements are roundèd tr) th8 nearest £. The financial statemantg hav8 been prepared under the histor￿1 o)st CL)nvonllon, modffl8d to iniaude certain fair value inv&stm&nts.The princlpal accounting policie¥ adopted are set OLrt bèlow. 1.2 GoSng conc•rn At Ihe time of approving Ihe fin8ncAal statom¥nts. the trustees have 8 reasonabl8 expgCtat1c￿ that the tharitable company h•¥ adequate resources to ¢ontinue in operational éxistence for ffftseeable futurg. Thvs the trust&8s Continue to adopt going concem basis of A￿U￿tIre￿ In prepsring the )In8nd81 statements. 1.3 Charitable funds un￿St￿Cled funds are availoblg br use al the dlscretbn of the trustees in furthsranc• of Iholr (*aiitable oblectiv￿. Restricted funds are subject lo spe¢ifi¢ conditions by donors or grnntors as lo how they may be used. The putposès and uses of the restrfrted funds 8re set out in the notes to the finanaal statsments. 1 A Incorne Income is recognls•d whgn the charTiable company Is legally entFtled lo It aftèr any perfom)ance C￿dItionS have been met. the amounts can be measured r&ll8bly, and rt is probable thpl income VAII bè ffjcefved. Cash donat￿n$ are recognisgd on receipt. Other donalion$ arg recognlsed one• the charttable wnpany has boèn not￿led of the donalbon. unless perf0m￿nCe condMion$ require defèrr81 of the amount. Income tax rewverabje in relation to don¥1rons ￿ceIved undar GiftAid or deeds of coven8nt is recognised at the time ol the donatsjn. No amount is includ8d in Iha finan¢i¥l stalemerbts for volunlg¢r lime in line SORP IFRS1021- Grwts arg induded in in￿ming resources when they are receivable. PerfoThnanc& relatsd grants 8r& d&fvrred and r•l•asgd after any p8rfomiancè trJnditions are met. 13- DUDLEY CANALAND TUNNEL TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollelgs {Contlnu•dl 1.5 Exp•nditure Exp8nditure i8 re¢oynts￿ on¢¢ Ih$re is a legal or construct￿9 obli9allon to transfer economlc benofrt third porty. it is probable th81 a transfer of econorn￿ benefits Mll bts required in settlement. and the amount of tho obligathon Can be measured reliably. Expendllure 1$ class￿ed by activity. The costs of 8ach are made up of the total tsf dir￿1 costs and sharèd costs, inrludlro support costs Involvod in Und9rta￿Ag éach x¢tivty. Direct costs atlribulat4e to a sing actmty a￿ 811o¢aled directly to that activty. Shared costs wh￿h contribut& to more than one artmty and gJPPOrt costs which are not attribLrtable to a slngle acliwty are apportioned beNveen those a¢tsvitss on a basi5 Lx)n8islenl with the us& ol resources. Central staff costs are allocated on the basis of tFme spent. an depreciation charges ore allocated on the portlon of the asser8 Llse. AJI ?xpendilure is accounted for on an accru81$ ba$is. Expenditwe is recognlsed wh•rs there Is a legal or construdve obligation to make payments to Ihlrd partles. It Is probable that 8 setU$mgnl will be requirad and the amount of the oNlgation bfy mga$urtrd reliably. SupFK*rt costs are those that a88isI Ihe work of the chanty but do not direcuy represent charitsble activities and includ8 office wsts, governar￿¢ ¢o$ts and administrative pByroll costs. They 8re incurred diredy in supporl of expendlbJr8 on the objects of th8 tharity and fjidud8 prO1￿t managtsmgnt cyrrigd out at Headquarters. 1.6 Tanglble fixed as￿$ Tanglble fixed 8s8613 are Initially rneasured at ¢ost and $ub88quontty me88ured at cost or valuation. n8t of dèpreciation and any impalrment losses. Deprgclatbn Is tpc(KJnised 80 as lo writs off the cost or valuabon of 88sets less their reskluol v81ue8 over their usèful li￿$ on the following bases.. Leasehold tsjlldlngs Foyer imwovemenis 8o8ts 8nd equlpment Office furr￿lure and equipment Computers 10% str8wJht line 25% stralghl Ilne 20% reducing bplance and at vaw.ng ratès on cost 20% reducing balanc8 110% straight line 25% straight line The gain or loss arising on the dlsposal of an asset Is dtrtonnlnad as the diff8f$3ncs ￿tween the sale proeeed$ and the cerrying value of the ass8t. 8nd is r•LY)gnised in the statement of finandal actlvltle5. 1.7 Flx¢d a$$•t investments F￿&d as591 invoslrngnls are Inth81ty measured at transaction price *xcluding transaction eosls, and are wbsequgnuy mè8sured at fair value at each reporting date. ChaNJ¥$ in lair value are Iocognised in nel Sncomellexponditure) for the year. Transaction costs are expensed 8$ in¢urred. 1.8 Impalrniont of fixod as$•ts At èach reporling end date. the Charft8b￿ ¢omp8ny reviews the carrying amounts of 118 tangible a6sets lo deterrnong whether there is any Indlcation that those assets have suffered an imp8lrmenl loss. If any such indication exists, the recov8r8bb amount of the a35el is estimated in order to dotgfmhe the exient of tho impairment loss IM any)- 1.9 Stock$ Stocks art stated 81 the loweT ol cost and estlm8t&d sellSng prl¢è le$$ ¢osts lo complete and sell. Cost comprlses dirt¢t materials and, where applicable, direct labour costs and those overheads that have been Incurred In bringing the stocks lo Ihelr present locatlon and condition. Items held for dlstrfbulion at no or nomln81 ¢on$iderats'on are measured the lower ol replacement wsl 8nd cost. 14- DUDLEY CANAL AND TUNNEL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcF•s (Continued) 1.10 Cash and cash equfvalents Cash and cash equivalents inclLrd9 cash in hand, d&poslts held at call wtth banks, other short-temi liquid invastmenls ￿th original rnalurtues ol three months or less. and bank overdrafts. Bank overdrafts are Shown within borrowings in current Ilabl1￿08. 1.11 Flnanclal Instrum8nts Th8 ch￿table company h8$ el8¢tsd lo apply the provisSons of Se¢tlon 11 'Basic FinanrAal Instrumants, and Section 12 '01her Financlal Instruments Issues. of FRS 102 to all of its finendal Instmmonts. Finandal Instruments ar& rèctrjnlsed in the charflabl8 companys balan￿ sh8at when thè Char￿able company becomes party to the ¢ontractual provisb)ns of the instrument. Finanaal assèts and liabl1￿e6 we offseL ￿th th8 nel arnounts presented In the financial st8tèments. when there is a legally enforceable rvJht lo set off the recognised amounts and ther¢ is an Inten￿￿ to setue on a net basis or to rsalrsè the asset and settle the liabillty simulianeously. 8ask ffnancl•l assets Basic financlal assets. which include d•bttys and cash and bank balances, arg Inltfally measured 81 transaction price induding tranSact￿n ￿919 and are 8ub88quentty CBrrl8t181 amortised cost U51ng the effect￿8 interest mgthod unless the arrangarnent ￿nStitUteS a ffinancAng tr8nsacthon, where the transaction Is measured al the present volue of th8 futu￿ receipts discounted at 8 market rat8 of intsrost. FinancFal osssts d8$stfio(l as receivable within ong yoar are not amorbsed. B#slc *ln•nclal Ilabllltles Baslc finan￿al li8bilibes, including ¢redilors and bank loarts are initialty rg¢ognis8d at transadion prfcg unl6s8 th9 arrangement constrtutès a fin8nciThJ tran8actiDn. where the debt in3lrument is mea8ur&J at the pr•senl vAluè of the future payments di$wunted al a mark8t rat• of intglgsl. Financial liabilFti"¥s dassified As payaUe vllhln Or￿ year are not BnK*lsed. D8bt instruments are Su￿qUen1]Y carrièd al amortis8d tt)st. using the effectiva intsrgst rats method. Trade Creditors are obligatic￿9 lo pay lor goods or seNc¢$ that have been acquired in the ordln8ry COUfSt of operatKJrts from suppllers. Amounts payable a￿ ¢lasslfled as currenl liabilitles rf payment is duè ￿thIn one year or l•ss. If not. Ihey are presented as non. This assi$ts payrronls of a loan by thi8 Sister tharity. Net movem•nt In fun 2024 2023 Tho nel movement in funds 59 ststed after chargingllcr8dibng1: Fees payable for audit of the chartys financ¥al slalements Depre(aalDn of owneil tangible fLxed assots 8.500 10.442 7.450 9.171 18- DUDLEY CANALAND TUNNEL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 10 Truste•8 None of the trustees lor any persons connected th&nl recaved any remunarntitsn or benefits frorn the ¢hadtable Company during th& year. 11 Employ••* The averago nv)n1hly number of employ098 during th8 ye8rwas.' 2024 Numb•r 2023 Number Administration Operatsonal 29 30 Tolal 37 37 Employment costs 2024 2023 Wages and $818ri98 Social security ¢osts Other pgn$l¢)n costs 562,437 37.469 11.820 528.731 34.951 10,136 611,726 S73,818 The number of employees wtrthe annu81 remuneration was more than £60.OC(S Is BS fdlows.. 2024 Numbor Number £60,001 tr* £70,000 Remuneration of kgy mana98ment personnel 2024 2023 Aggrfjgatg conwensation 63,830 67,834 The Trust consklgrs its key management per80nnel to bg Chlef Execu¢ive. 19- DUDLEY CANALAND TUNNEL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 12 Support costs Support G0￿MonCe costs Osts 2024 Support Governane• sts 2023 Staff c03ts Depreciation ServlcB costs Diradors expenses Motor travel and entsrt¥ining Legal an¢J prof888K)nal 97,118 4,858 23.743 438 97.118 4.858 23,743 438 86,390 1,775 31,321 574 66,390 1.775 31.321 574 341 273 273 2,189 2,189 969 2.163 2.163 Bad d•bt chargès Bank and ¢r8dlt card ¢h8rges Audit fèes Legal and profgsspMal A￿)UntanCY an¢J payroll Services 19,941 19,941 23.500 23.51Y) 7,450 1,661 8.500 1.864 7,450 1,661 1,864 3,250 3.250 3.225 3225 149,597 13.614 163.211 145,996 12,336 158.332 Anatysed belween Charit8trAe aclwrfies 149.597 13,614 163.211 145,996 12,336 158.332 13 Galns and10$8es on Inv•$tsn•nts Unr•stricted Unr•strf¢tod fund fund$ 2024 2023 Gainsl{losses} arising on.. Revaluation of ti)vestments (58) 48 14 Taxation The tharty is exempt from laxalion on its advlt*s because all ts in¢cth8 is ap￿I&d for charltablg purposes. 15 Oth•r *Xpend￿re Unrestslet¢d Unr•strlet funds funds 2024 2023 Finanang costs 845 935 935 DUDLEY CANAL AND TUNNEL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 16 Tangible Fixed Ag9•ts - Charfty and Subsldlary L•asehold F•yqr Boats 4nd bulldlrtots lryrov•rn•Thts u*•m•nt fumftuvè and ¢4ulprn•nt Tolal Cost Al 1 January 2024 Addtbons 11,653 236,436 2.071 34,171 3.468 282.260 15.622 10,083 Al 31 December 2024 11,653 10,083 238,507 37,639 297.882 D•pre¢iation and impairment Al 1 January 2024 Depreciation Cha￿ in the year 682 235 205.411 6.856 31.100 1.030 237.193 10.442 2,521 At 31 D￿ember 2024 917 2.$21 212.067 32,126 247,631 Carrying amount At 31 De¢ember 2024 10,736 7,562 26,440 5,513 50,251 At 31 December 2023 10,971 31.026 3,070 45.067 Tfjngiblo Fix•d A8s0ts- Charlty Foy•r buRdithgs Improvem•nt¥ Boatj and ¢quipm•nt furnlturn and •quipm•nt 701•1 Cost At 1 January 2024 AddilKJns 11.853 229,393 2,071 33,613 3,468 274,659 15.622 10,083 At 31 December 2024 11.653 10.083 231,464 37.081 290,281 O•prBCiatlon and ImpAlmient Al 1 January 2024 Dekye¢Sali(￿ charg8d in th8 year 682 235 201,985 5.947 31.045 974 233,712 9.677 2.521 At 31 De¢ern￿r 2024 917 2.521 207,932 32.019 243.389 Carrylng amourrt At 31 December 2024 10.736 7,562 23,532 5.Q62 46.892 At 31 December 2023 10,971 27.408 2.568 40,947 -21- DUDLEY CANAL AND TUNNEL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 17 Flnanclal Instrumonts 2024 2023 Corying #mount of financial assèts Instruments mèA5ured al lair value through profft or loss 40,000 144.445 18 Flxed *$$¢t Inveskn•nts. Chartty and ¥ubsldlary Ll$ted Invostments Cost or valuatlon At 1 January 2024 alualion Changes 11.552 1581 Al 31 December 2024 11,494 Carrying amount At 31 December 2024 11,494 Al 31 D8¢ember 2023 11,552 2024 2023 other Investmants (Charfly ontyl comprise.. Nottrs Investmgnts in subsidlaiiè The Charty holds 100% of the issu8d Ordlnary Shares of Dudley Canal and Tunnel Trust Enlerprlsg$ Llmlied. Thls wholly-owned subsidiory undertak* on-8lle tradlng lo support the charitsble acbvitie8 of thè Charity- At 31 December 2024. its net assats and $h8rehdderfs funds amounted to £30.06112023- £52,234}. 19 Stocks 2024 2023 Charfty and charlty and Subsldiary Subsldlary 2024 Charfty 2023 Charlty Finish8d goods and goods for r8saLg 30.621 30.795 6,720 8.378 DUDLEY CANAL AND TUNNEL TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 20 D•btors 2024 2023 Charlty and Charlty and Subsldlary Sub$ldl•ry 2024 Charfty 2023 Charlty Amounts falllng du• wlthln on• y•ar. Traée debtors Amounts owed by subsldiory undortakings Olh8r debtors Propaym8nts and accrued irbceme 5.573 4,877 2.762 919 3,016 5,B79 5.879 3,016 11.452 8.812 16,769 5.778 21 Loan8 and overdrafts 2024 2023 Bank k)ans 30,073 35.618 Payable within one yeor Payable aftgr one yoar 5.556 24.517 35,618 22 Current asS•t Invoskn•nts 2024 2023 Fixed term bonds 40.000 144.445 23 Cr•dltor8'. •mounts falling due wlthln on• y•ar 2024 2023 Charity and Charlty and Subsldiary Sub¥ldlary 2024 Charlty 2023 Charlty Notss Bank108ns Other taxouon and soclal curity Trade credilors Amounts owed to 8ubskliary undertakings Other c￿￿1101$ Accruals anfl d&f8rwd In¢ome 33,601 8,904 36,353 11,100 31,418 8.790 33,878 10.750 7.453 2.027 14,039 4,514 20.448 2,713 15,839 4,148 18.698 73,023 65,805 63.054 68,147 DUDLEY CANALAND TUNNEL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 24 Creditors.. amounts falling dye aft•r mor• than on• y•ar 2024 2023 Charlty and Charity and Subsldlary Sub6ldlary 2024 Charfty 2023 Charfty Notes Bank loans 21 24.517 35.618 25 Retir•m•nt b•n•fft s¢homt8 2024 2023 Dthned ￿ntribUtIOn sch•m•$ Charge to profil or loss In respect of defined contrlbuNon ￿h¥m$S 11.820 10.136 The charitable company orwat65 a defined contribution pen$lon s¢heme for all qualKying emplO￿s. The assets of 1ho schtrmè are held separately from Iho$$ of the chantable company In an independent administèred fund. Restrletsd fvnd¥ The restrrcted funds of tha charfty ¢omprise the unexp&nded balances of donations and gran18 held on trust 8utyect lo speclfic conditlons by donors as to how they may b8 usad. At 1 J•nuAry 2024 Incomlng Resou￿8$ resour¢g8 •xpended At31 D•¢*rnber 2024 Richardsoft FourKlalion Historfc England 4,000 2.334 {4.000) 14371 1,897 6,334 14,4371 1,897 Pmvlous y•ar At 1 January 2023 IrKoming Re80urcoS r•soureo$ 9X￿nd•d At31 De¢•mb•r 2023 RichardBon Foundation Hlstorie England 4,CilO 15461 2,334 4.000 {546} The balancg on th& Htst(>ric England restrfcted fund Includes £1.62012023'. £2.0571 relaung to fixed a¥8et3 which are bèiro dÈprecthd on a 20% raducing balan￿ basis. -24- DUDLEY CANAL AND TUNNEL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 27 Analysi$ ol n•t a88•t8 I)•twe￿ fund¥ Unr•strl¢tsd funds 2024 Restrlct•d lund8 2024 Total 2024 At 31 Dée•mb8r 2024: Tangible assèts Inv8stments Current assetsllliabilrties) Long tsm liabilities 49,177 11.494 339.774 124.5171 1,074 50.251 11.494 340,597 124.5171 823 375.92B 1,897 377,825 Uni•$tsicted funds 2023 R•strlet¢d fund5 2023 Total 2023 At 31 D•e•mber 2023: Tangible ossets Investments Curr8nt as8etsl{liabilitiosl Long twm Ilabilities 43.556 11,552 457.745 135.6181 1,511 45,067 11.552 462.568 135,6181 4.823 477.235 483.569 28 Unr•Jtrict•d funds The Lmrfjsld¢tg(l fvrKIs L)f the charity Compr￿ th& unexpended ba￿nCeS ol donations and grants which are not subject to sp*afi¢ conditions by donors and grantors a5 to how thgy may b& used. These de5ignatad funds which have bean set 8slde out of unrestiicted funds by thè trustees for sp8cific purposes. At l January 2024 1ft￿mIng rnsource$ Resgur¢•s expended Gains and losses At31 D•e•mber 2024 General funds 477,235 1.042.9e6 (1,144.2151 158) 375,928 Prevlous ygar At 1 January 2023 In¢omlng resou￿?¥ Resourcos expended G•in$ and 10s$95 At31 De¢•mber 2023 General funds 432,743 1,070.330 (1.025,886} 48 477,235 25- DUDLEY CANALAND TUNNEL TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 29 Optr4ting l•u• commltm•nts L•ss At th6 reporting end date the charitable company had outstandlng eommllmenls for fuiure mlnlmum kg88e payments under non-cancellable 0￿rating18a$•s. whleh fall du• as folk￿$= 2024 2023 Within c￿e year Befv￿en and five ygars 5,240 13.403 5,778 16,283 18,643 22,C61 30 R¢lated party transactlons Transactlons wlth r¢latèd partl•s During the year the charftable company enlgred into tho followSng transactions with related partle8.' Durlng tho y08r a trustee of the tharity gained incxjme from the chartty through hèr professiorbal *rvices and woros amountiro to £1,07512023.' £804). During the year the wrfe of a truste8 of the chBrfty galned an￿me from the Charity Ihrough selllr¥J her wares amounting to £70812023.. £996}. 31 Rosults of tho Charttys 8ubsldlary Tradlng Company The Charity (parent) wholly owns o tradlng ￿bs￿dIary whl¢h Is In¢orporatsd in the UK and has the $8m8 regisiered offlce as the Chartty. Thg subsidiary undertaking, Dudley Canal and Tunnel Tru8t Enlerr*6ès Limited Icompany Regk8tration No. 102999961 operate$ the ancillory wmmercial actiwti8s conn8Ct•d to the activ￿oS of Dudley Canal and Tunnel Trust. Thè trading company donates its, taxable proffit lo Ihe Trust a8 unrestrictsd funds. A summary of the results 1$ s9t out below. Separate unaudtt9d a¢¢ounts have been filed wilh thè R￿￿￿trar ol Cornpanie8. with the 8am8 accounfjng referencE date Bs the Charty. Proflt & Lo¥• Account 2024 2023 Tumovor Cost of sales Gr059 profft Administrativ& expenses Operating profit Interest payabWro¢eivable Profft for year ￿ft)re and aftgr lax3tll)n 158.273 161,3691 96,904 171.4ni 25.427 15051 24,922 185.028 170,4821 114.546 168,462 46.084 {4491 45,635 28- DUDLEY CANALAND TUNNEL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 32 Cash g•n•ratsd from operallon8 2024 2023 {Deficltysurplus for the year {105,744} 47.946 A(ljuslments for Inv8Stmènt ineome recognL£ed In ststement of financtal aclivilies Fair value gains 8nd10$8es on invethent9 Depracialion and impolmènt of tangib￿ fixed assets 111.9381 58 10,442 110.4391 (481 9,171 Movements in wothn9 Capital.. Decrea3ellincr8asel In siock$ llncrga5eyd￿rease In dot*tors Increase In Crgdilors 174 (2.6401 1,862 112.0061 69.208 15,924 Cash labsorb•d byVg•n•rat•d from operations 1107,986) 119,756 Pèr cash flow s18tem&nt pag• 1107,986) 119.756 27-