Company registration number: 10773197 Charity registration number: 1176252
Nottingham Narrow Boat Project Limited
Trading as
Meganandtinks
(A company limited by guarantee) Annual Report and Financial Statements for the Year Ended 31 December 2021
Community Accounting Plus Units 1 & 2 North West 41 Talbot Street Nottingham NG1 5GL
Nottingham Narrow Boat Project Limited
Trading as Meganandtinks
Contents
| Reference and Administrative Details | 1 |
|---|---|
| Trustees' Report | 2 to 5 |
| Independent Examiner's Report | 6 |
| Statement of Financial Activities | 7 to 8 |
| Balance Sheet | 9 |
| Notes to the Financial Statements | 10 to 17 |
Nottingham Narrow Boat Project Limited
Trading as Meganandtinks
Reference and Administrative Details
Trustees Patrick Emmerson Gerald Mulvaney Gary Bramley James Murray Caroline Greaves James Barron Amber Tipper Secretary Patrick Emmerson Charity Registration Number 1176252 Company Registration Number 10773197 Registered Office 23 Richmond Drive Nottingham NG3 5EL Independent Examiner John O'Brien, employee of Community Accounting Plus Units 1 & 2 North West 41 Talbot Street Nottingham NG1 5GL
Page 1
Nottingham Narrow Boat Project Limited
Trading as Meganandtinks
Trustees' Report
The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 31 December 2021.
Trustees and officers
The trustees and officers serving during the year and since the year end were as follows:
Trustees: Patrick Emmerson Gerald Mulvaney Gary Bramley James Murray Caroline Greaves James Barron Amber Tipper (appointed 31 March 2021)
Secretary: Patrick Emmerson
Structure, governance and management
Nature of governing document
The charity is a company limited by guarantee and registered charity. It is operated under the rules of its memorandum and articles of association dated 26/11/2017. It has no share capital and the liability of each member in the event of winding-up is limited to £10.
Recruitment and appointment of trustees
The Trustees have agreed a skill set, or sets, that we believe we need to enhance the effectiveness of the Board of Trustees. The Chairman and another Trustee will meet the potential new Trustee and if both parties wish to continue, the potential new trustee will need to have a relevant skill set and desire to be involved in our activities. They would then be invited to sit in on a number of Board meetings where we encourage them to participate. If, after this, both parties wish to proceed the new Trustee will be appointed.
Page 2
Nottingham Narrow Boat Project Limited
Trading as Meganandtinks
Trustees' Report
Objectives and activities
Objects and aims
To provide or assist in the provision of facilities, in the interest of social welfare, for recreation or other leisure time occupation, of individuals who have need of such facilities by reason of their youth, age or infirmity or disability, financial hardship or social circumstances with the object of improving their conditions of life.
The charitable Company will operate 2 x 70 ft narrow boats, one specially equipped with disabled access and amenities, providing facilities for charitable organisations and groups to operate day and residential recreational trips for their service users and clients, on the local Nottinghamshire waterways to improve the conditions of life for the participants.
The narrow boats will be operated by experienced qualified volunteer crews, who enable groups, of up to twelve people in each boat, to gain experience of working as a team, to support less able or less mobile colleagues, improving social contact and friendship, to provide comfort to the elderly and to promote multi-cultural and multi-racial contacts. The volunteer crew will do this by encouraging and helping the participants to engage in the operation of the boats and canal infrastructure, such as locks and bridges, experience a new environment and engage with the waterway community at large.
Objectives, strategies and activities
The Covid Pandemic has again been the dominant theme in 2021. We have been hugely restricted by the various lockdowns and restrictions. Narrowboats by their very nature are not conducive to social distancing, so both our trips for community groups and training for our volunteers were limited to a short window from June until September when restrictions were lifted such as to make our activities viable again. We have taken the opportunity to strengthen our Trustee Board and add to our volunteer numbers during the year. The laying up of the boats for a long period of time has had a detrimental effect on their condition and we have had to spend more than budgeted on maintenance. The Trustees have used the time and resources available in 2021 to look closely at our future strategy and planning. We have looked at current resources and funding, future needs, including replacement boats and ways of measuring the impact we are having in our local communities. Several volunteers assisted in this process, and we are very grateful for their contributions.
Public benefit
The charitable company will operate narrow boats providing facilities for charitable organisations and groups to deliver day and residential recreational trips for their service users and clients, on the local waterways to improve the conditions of life for their participants. These facilities are provided at nominal cost to ensure access to the facilities by all members of the community.
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
Financial review
During the year we had our last 2 tranches of funding from the Big Lottery - Reaching Communities Fund. We are currently applying again for a continuity grant. Additionally we had significant Covid related grants and, again, a Grant from the The Jones 1986 Charitable Trust, for which we were very grateful. Due to the boats inactivity we had to undertake significant maintenance and this can be seen in the accounts. However we still have significant funds in the bank which should see us through 2022.
Page 3
Nottingham Narrow Boat Project Limited
Trading as Meganandtinks
Trustees' Report
Policy on reserves
We have a Reserves Policy which aims to cover a seasons expenditure.
Principal risks and uncertainties
We have been very reliant on Lottery Funding and we have applied for another 3 years funding. If we are unsuccessful we can still carry on this year. After that we would need to, and have, put a fund raising group together.
Page 4
Nottingham Narrow Boat Project Limited
Trading as Meganandtinks
Trustees' Report
Statement of Trustees' Responsibilities
The trustees (who are also the directors of Nottingham Narrow Boat Project Limited for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations. The report and accounts have been prepared in accordance with the provisions in the Companies Act 2006 relating to small companies.
Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The annual report was approved by the trustees of the charity on .................... and signed on its behalf by: 23/03/2022
......................................... Patrick Emmerson Company secretary and trustee
Small companies provision statement
This report has been prepared in accordance with the small companies regime under the Companies Act 2006.
Page 5
Nottingham Narrow Boat Project Limited
Trading as Meganandtinks
Independent Examiner's Report to the trustees of Nottingham Narrow Boat Project Limited
Independent examiner’s report to the trustees of Nottingham Narrow Boat Project Limited ('the Company')
I report to the charity trustees on my examination of the accounts of the company for the period ended 31 December 2021.
Responsibilities and basis of report
As the charity's trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner’s statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
......................................
John O'Brien MSc, FCCA, FCIE, employee of Community Accounting Plus Fellow of the Association of Charity Independent Examiners
Units 1 & 2 North West 41 Talbot Street Nottingham NG1 5GL
5/4/22 Date:.............................
Page 6
Nottingham Narrow Boat Project Limited
Trading as Meganandtinks
Statement of Financial Activities for the Year Ended 31 December 2021 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)
| Note Income and Endowments from: Donations and legacies 2 Charitable activities 3 Total income Expenditure on: Charitable activities 5 Total expenditure Net income/(expenditure) Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 14 |
Unrestricted funds £ 29,994 3,471 33,465 (4,316) (4,316) 29,149 29,149 35,611 64,760 |
Restricted funds £ - 20,115 20,115 (53,743) (53,743) (33,628) (33,628) 45,264 11,636 |
Total 2021 £ 29,994 23,586 |
|---|---|---|---|
| 53,580 | |||
| (58,059) | |||
| (58,059) | |||
| (4,479) | |||
| (4,479) 80,875 |
|||
| 76,396 |
All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for the period is shown in note 14.
The notes on pages 10 to 17 form an integral part of these financial statements. Page 7
Nottingham Narrow Boat Project Limited
Trading as Meganandtinks
Statement of Financial Activities for the Year Ended 31 December 2021 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)
| Note Income and Endowments from: Donations and legacies 2 Charitable activities 3 Total income Expenditure on: Charitable activities 5 Total expenditure Net income Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 14 |
Unrestricted £ 12,413 1,075 13,488 (3,689) (3,689) 9,799 9,799 25,812 35,611 |
Restricted £ - 61,188 61,188 (36,652) (36,652) 24,536 24,536 20,728 45,264 |
Total 2020 £ 12,413 62,263 |
|---|---|---|---|
| 74,676 | |||
| (40,341) | |||
| (40,341) | |||
| 34,335 | |||
| 34,335 46,540 |
|||
| 80,875 |
The notes on pages 10 to 17 form an integral part of these financial statements. Page 8
Nottingham Narrow Boat Project Limited
Trading as Meganandtinks
(Registration number: 10773197) Balance Sheet as at 31 December 2021
| Note Current assets Debtors 7 Cash at bank and in hand Creditors: Amounts falling due within one year 8 Net assets Funds of the charity: Restricted income funds Restricted funds 14 Unrestricted income funds Unrestricted funds Total funds 14 |
2021 £ 996 75,892 76,888 (492) 76,396 11,636 64,760 76,396 |
2020 £ 1,339 80,028 |
|---|---|---|
| 81,367 (492) |
||
| 80,875 | ||
| 45,264 35,611 |
||
| 80,875 |
For the financial year ending 31 December 2021 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476; and
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
The financial statements on pages 7 to 17 were approved by the trustees, and authorised for issue on .................... and signed on their behalf by: 4/4/2022
......................................... Gerald Mulvaney Trustee
The notes on pages 10 to 17 form an integral part of these financial statements. Page 9
Nottingham Narrow Boat Project Limited
Trading as Meganandtinks
Notes to the Financial Statements for the Year Ended 31 December 2021
1 Accounting policies
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Basis of preparation
Nottingham Narrow Boat Project Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
Going concern
The financial statements have been prepared on a going concern basis.
The trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees make this assessment in respect of a period of one year from the date of approval of the financial statements.
Exemption from preparing a cash flow statement
The charity opted to adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements.
Income and endowments
Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.
Donations and legacies
Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.
Page 10
Nottingham Narrow Boat Project Limited
Trading as Meganandtinks
Notes to the Financial Statements for the Year Ended 31 December 2021
Grants receivable
Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
Charitable activities
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Government grants
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.
Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Tangible fixed assets
On 1 July 2018 the charity took ownership of two narrow boats, Megan and Tinkers Leen. The boats were transferred from Nottingham City Council for the sum of £1, and are to be used for the general charitable purposes of the charity. The boats will not be capitalised or depreciated within the financial statements.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.
Page 11
Nottingham Narrow Boat Project Limited
Trading as Meganandtinks
Notes to the Financial Statements for the Year Ended 31 December 2021
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Fund structure
Unrestricted income funds are general funds that are available for use at the trustees' discretion in furtherance of the objectives of the charity.
Restricted income funds are those grants for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.
Pensions and other post retirement obligations
The charity operates a defined contribution pension scheme which is a pension plan under which fixed contributions are paid into a pension fund and the charity has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised in the Statement of Financial Activities when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
2 Income from donations and legacies
| Donations and legacies; Donations from companies, trusts and similar proceeds Donations from individuals Grants, including capital grants; Government grants Grants from other charities |
Unrestricted funds General £ 8,000 9 21,985 - 29,994 |
Total 2021 £ 8,000 9 21,985 - 29,994 |
Total 2020 £ - - 6,413 6,000 |
|---|---|---|---|
| 12,413 |
Page 12
Nottingham Narrow Boat Project Limited
Trading as Meganandtinks
Notes to the Financial Statements for the Year Ended 31 December 2021
3 Income from charitable activities
| Sales and fees Grants and donations Sundry |
Unrestricted funds General £ 3,391 - 80 3,471 |
Restricted funds £ - 20,115 - 20,115 |
Total 2021 £ 3,391 20,115 80 23,586 |
Total 2020 £ 1,075 6,188 - |
|---|---|---|---|---|
| 7,263 |
4 Grants & donations
| National Lottery Community Fund - Reaching Communities (Meganandtinks) The Jones 1986 Charitable Trust HMRC (JRS) Nottingham City Council Sundry |
Unrestricted funds £ - 8,000 4,136 17,669 9 29,814 |
Restricted funds £ 20,115 - - - - 20,115 |
Total £ 20,115 8,000 4,136 17,669 9 |
|---|---|---|---|
| 49,929 |
5 Expenditure on charitable activities
| Boat & trip expenses Training Advertising Salaries Staff expenses Office and administration Volunteer expenses |
Unrestricted funds General £ - - - 4,316 - - - 4,316 |
Restricted funds £ 28,444 - - 16,782 - 8,308 209 53,743 |
Total 2021 £ 28,444 - - 21,098 - 8,308 209 58,059 |
Total 2020 £ 12,576 1,018 1,331 19,326 34 5,186 870 |
|---|---|---|---|---|
| 40,341 |
Page 13
Nottingham Narrow Boat Project Limited
Trading as Meganandtinks
Notes to the Financial Statements for the Year Ended 31 December 2021
6 Staff costs
The aggregate payroll costs were as follows:
| Staff costs during the year were: Wages and salaries Pension costs |
2021 £ 20,913 185 21,098 |
2020 £ 19,326 - |
|---|---|---|
| 19,326 |
The monthly average number of persons (including senior management team) employed by the charity during the year was as follows:
| Average number of employees | 2021 No 1 |
2020 No 1 |
|---|---|---|
1 (2020 - ) of the above employees participated in the Defined Contribution Pension Schemes.
Contributions to the employee pension schemes for the year totalled £185 (2020 - £Nil).
No employee received emoluments of more than £60,000 during the year.
7 Debtors
| 7 Debtors |
||
|---|---|---|
| Prepayments Other debtors 8 Creditors: amounts falling due within one year Other creditors |
2021 £ 996 - 996 2021 £ 492 |
2020 £ 1,258 81 |
| 1,339 | ||
| 2020 £ 492 |
Page 14
Nottingham Narrow Boat Project Limited
Trading as Meganandtinks
Notes to the Financial Statements for the Year Ended 31 December 2021
9 Fees payable to independent examiner
During the period, the fees payable (excluding VAT) to the charity’s independent examiner Community Accounting Plus are analysed as follows:
| Independent examination Other financial services |
2021 £ 410 381 791 |
2020 £ 410 273 |
|---|---|---|
| 683 |
10 Taxation
The charity is a registered charity and is therefore exempt from taxation.
11 Trustees remuneration and expenses
During the year the charity made the following transactions with trustees:
Gerald Mulvaney
£8 (2020: £Nil) of expenses were reimbursed to Gerald Mulvaney during the year.
Gary Bramley
£Nil (2020: £285) of expenses were reimbursed to Gary Bramley during the year.
James Barron
£Nil (2020: £55) of expenses were reimbursed to James Barron during the year.
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.
No trustees have received any other benefits from the charity during the year.
12 Related party transactions
There were no related party transactions in the year.
Page 15
Nottingham Narrow Boat Project Limited
Trading as Meganandtinks
Notes to the Financial Statements for the Year Ended 31 December 2021
13 Charity status
The charity is a company limited by guarantee and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £10 towards the assets of the charity in the event of liquidation.
14 Funds
| Unrestricted funds General General fund Restricted funds Building Capabilities Meganandtinks (Reaching Communities) Total restricted funds Total funds Unrestricted funds General General fund Restricted Building Capabilities Meganandtinks (Reaching Communities) Total restricted funds Total funds |
Balance at 1 January 2021 £ 35,611 8,431 36,833 45,264 80,875 Balance at 1 January 2020 £ 25,812 9,956 10,772 20,728 46,540 |
Incoming resources £ 33,465 - 20,115 20,115 53,580 Incoming resources £ 13,488 - 61,188 61,188 74,676 |
Resources expended £ (4,316) - (53,743) (53,743) (58,059) Resources expended £ (3,689) (1,525) (35,127) (36,652) (40,341) |
Balance at 31 December 2021 £ 64,760 8,431 3,205 |
|---|---|---|---|---|
| 11,636 | ||||
| 76,396 | ||||
| Balance at 31 December 2020 £ 35,611 8,431 36,833 |
||||
| 45,264 | ||||
| 80,875 |
Page 16
Nottingham Narrow Boat Project Limited
Trading as Meganandtinks
Notes to the Financial Statements for the Year Ended 31 December 2021
The specific purposes for which the funds are to be applied are as follows:
Meganandtinks(Reaching Communities) The Big Lottery has awarded £134,588 over three years to the Meganandtinks Project, including an initial £12,000 for Building Capabilities. The funding is for salaries and running costs.
15 Analysis of net assets between funds
| Current assets Current liabilities Total net assets Current assets Current liabilities Total net assets |
Unrestricted funds General £ 64,760 - 64,760 Unrestricted funds General £ 35,611 - 35,611 |
Restricted funds £ 12,128 (492) 11,636 Restricted funds £ 45,756 (492) 45,264 |
Total funds at 31 December 2021 £ 76,888 (492) |
|---|---|---|---|
| 76,396 | |||
| Total funds at 31 December 2020 £ 81,367 (492) |
|||
| 80,875 |
Page 17