Charity Registration Number 1177483
SOUTH WEST HERTS NARROWBOAT TRUST CIO
ANNUAL REPORT AND ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2024
TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2024
The Trustees present the annual report and financial statements of the charity for the year ended 31 March 2023. The financial statements comply with current statutory requirements and the requirements of the Charity’s governing document.
OBJECTIVES AND ACTIVITIES
The charity’s objects are to provide mutual assistance training and education to users of a narrow boat which has been built to a specification laid down by the Trust management committee and to oversee the day-today running and organisation of the Trust, and to promote, without distinction of sex, sexual orientation, race, or of political, religious or other opinions, the advancement of education and the provision of facilities in the interests of social welfare for recreation and leisure time occupation with the object of improving the conditions of life of local residents.
The policies adopted in furtherance of these objects are to obtain finance by voluntary contributions, from users, and grants of sponsorship, and there has been no change in these during the year.
All the Trust’s Management/ Trustees/ Committee and workers are volunteers.
ACHIEVEMENTS AND PERFORMANCE
The Trust has maintained its RYA School Training & Moorings incomes. Unfortunately. There was a drop in hire income possibly due to a hangover from Covid & groups getting out of the habit of booking, & perhaps the boats being a bit run down looking after 2 years of inactivity.
Last July, we set up a weekly Wednesday morning workgroup of between 2 & 5 people, which has meant we have started to clear the base of old accumulated rubbish & getting prepared for new Training & workshop rooms. The old sheds being 30+ years old. We have worked hard on cleaning the boats more often inside & out & with it realising the need repaint & repair.
The annual RYA School inspections have given rise to the need for more work on the boats & hence higher costs in the year. Both engines have been overhauled by a different engineer giving a sparkling finish. We have stepped up the contingency on Dicks Folly by £8,000 as it will need replacing in next 10-15 years
FINANCIAL REVIEW
The organisation has generated income £5,160 in training and hirings £7,344 are down on last year, with an overall surplus of £4,857. Moorings are much the same at £5,789. This leaves our cash balance is over £89,050, which looks great until you realise we need £25,000 for boat & base (such as the tarmac in the car park!) repair contingency and £25,000 for the younger boat – Pickles Folly & we have stepped up the contingency for Dicks Folly to £33,000, leaving undesignated funds of just £453
We have re-examined our requirements now we are past Covid and see that some of our buildings are 30 years old & they are no longer fit for purpose, so we are looking to replace our outbuildings with a training room, a workshop & a new toilet & storage building. We hope to raise the funding from outside foundations and trusts.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The charity is governed by a constitution adopted on 8 March 2018. The charity’s activities are overseen by the committee and trustees. The committee meet up for a minimum of four meetings in any one year to monitor the efficient day-to-day running of the charity. There are no paid staff.
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS
South West Herts Narrowboat Trust CIO is an incorporated charity registered with the Charity Commission (number 1177483).
The principal operating address of the charity is:
1 Eastnor, Bovingdon, Herts HP3 0QL
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TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
The Trustees who served in the year and up to the date of this report were:
C West N Luff N Nieder M Wackett
Trustees are appointed at the Annual General Meeting. The trustees have assessed the major risks to which the charity is exposed and are satisfied that systems are in place to mitigate exposure to the major risks.
STATEMENT OF TRUSTEES’ RESPONSIBILITIES
The Trustees are responsible for preparing the accounts in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice.
Law applicable to charities in England and Wales requires the trustees to prepare accounts for each financial year which give a true and fair view of the charity’s financial activities during the year and of its financial position at the end of the year.
In preparing accounts giving a true and fair view, the Trustees should follow best practice and:
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select suitable accounting policies and then apply them consistently;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the accounts; and
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prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping accounting records that disclose with reasonable accuracy the financial position of the Charity and which enable them to ascertain the financial position of the charity and which enable them to ensure that the accounts comply with the Charities Act 2011 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
By order of the Trustees
Christopher West- Secretary & Trustee
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STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024
| 2024 | 2023 | ||||||
|---|---|---|---|---|---|---|---|
| £ | £ | ||||||
| Income | |||||||
| Charitable Income | |||||||
| Trainingcourses | 5,160 | 5,207 | |||||
| Hirings | 7,344 | 11,741 | |||||
| Other Income | |||||||
| Interest received | 1,525 | 60 | |||||
| Moorings | 5,789 | 5,920 | |||||
| Electricity | 785 | 20,603 | 952 | 23,880 | |||
| Expenditure | |||||||
| Insurance | 3,606 | 2,767 | |||||
| Business rates | 69 | 131 | |||||
| RYApacks & trainers day | 826 | 405 | |||||
| Licences | 1839 | 2,043 | |||||
| Light & heat | 1,348 | 1,442 | |||||
| Repairs & runningcosts | 7,295 | 3,297 | |||||
| Publicity& subscriptions | 185 | 407 | |||||
| Instructors expenses | - | 567 | |||||
| SundryExpenses | 518 | - | |||||
| Legal fees | - | 452 | |||||
| Bank charges | 60 | 15,746 | 48 | 11,559 | |||
| Net movement in funds | 4,857 | 12,321 | |||||
| Balance 31st March 2023 | 339,324 | 327,003 | |||||
| Funds introduced | - | ||||||
| Balance 31st March 2024 | 344,181 | 339,324 | |||||
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BALANCE SHEET FOR THE YEAR ENDED 31 MARCH 2024
| Notes | Notes | 2024 | 2023 | ||||
|---|---|---|---|---|---|---|---|
| £ | £ | £ | £ | ||||
| Fixed Assets | |||||||
| Tangible assets | 260,728 | 260,728 | |||||
| Current Assets | |||||||
| Prepayments | - | - | |||||
| Cash at bank and in hand | 89,060 | 83,564 | |||||
| 89,060 | 83,564 | ||||||
| Creditors: Amounts Falling Due | |||||||
| Within One Year | |||||||
| Deposits in advance | 5,607 | 4968 | |||||
| 5,607 | 4,968 | ||||||
| Net Current Assets | 83,453 | 78,596 | |||||
| Total Assets less Current Liabilities | 344,181 | 339,324 | |||||
| **Represented by: ** | |||||||
| Unrestricted Funds | 4 | ||||||
| Undesignated | 453 | 3,596 | |||||
| Designated | 83,000 | 75,000 | |||||
| Tangible Assets | 260,728 | 260,728 | |||||
| 344,181 | 339,324 | ||||||
Approved by the Trustees on 19 September 2024
Christopher West – Chair
The notes on pages 5 & 6 form part of these accounts.
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
1. Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.
The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) effective 1 January 2015.
The accounts have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved applying ‘Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) effective 1 January 2015’ rather than the version of the Statement of Recommended Practice referred to in the regulation but which has since been withdrawn.
The charity constitutes a public benefit entity.
The Trustee considers that there are no material uncertainties about the charity’s ability to continue as a going concern.
Income recognition
Income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Donations, legacies and other forms of voluntary income are recognised as incoming resources when receivable, except insofar as they are incapable of financial measurement. All other forms of income are recognised on a receivable basis. Income relating exclusively to future accounting periods is deferred.
Expenditure recognition
Expenditure is recognised when a liability is incurred.
Funds
Unrestricted funds represent funds that can be applies at the Trustees discretion within the general objects of the charity. Designated funds are unrestricted funds set aside by the Trustees for specific purposes.
2. Trustees remuneration and expenses
No trustee received any remuneration during the year.
3. Employees
- There were no employees during the year.
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4. Unrestricted funds
The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the Trustees for specific purposes:
| Balance at 1 April 2023 |
Incoming resources |
Resources expended |
Transfers | Balance at 31 March 2024 |
||
|---|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | ||
| Designated | 75,000 | - | - | 8,000 | 83,000 | |
Undesignated |
3,596 | 20,603 | (15,746) | (8,000) | 453 | |
Tangible Assets |
260,728 | - | - | - | 260,728 | |
| 339,324 | 20,603 | (15,746) | 0 | 344,181 | ||
Purpose of designated funds
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| General contingency fund | 25,000 | 25,000 |
Boat & base repairs |
||
Pickles Folly replacement fund |
25,000 | 25,000 |
20 year fund |
||
Dicks Folly replacement fund |
33,000 | 25,000 |
10-15 year fund |
||
| 83,000 | 75,000 | |
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