Charlty Registration No. 1182371 TOOLEY'S BOATYARD TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 6 SEPTEMBER 2020 TOOLEY'S BOATYARD TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr J R Madden Mr R Langton Mr D Clacher Mr J Sprall Dr C Saffin Mr R Oddy Mr M Phillips Mr O Kyffin Ms Y Kaduji (Appointed 19 March 20191 IAppoinled 19 March 20191 IAppoinled 19 March 20191 (Appointed 19 March 20191 IAppoinled 27 March 20191 IAppoinled 10 Seplember 20191 (Appointed 30 September 20191 IAppoinled 27 November 20191 IAppoinled 18 August 20201 Charity number 1182371 Prlnclpal address 47 South Street Middle Barton Chipping Norton OX7 78U Indopondant axamingr Ella¢otts LLP Countrywide House 23 Wesl Bar Banbury Oxfordshire England OX16 9SA Bankers Nalwesl 1 Town Hall Buildings Bridge Street Banbury Oxfordshire OX16 5JS TOOLEY'S BOATYARD TRUST CONTENTS Page Trustees. report Independent exarniner's report Slalemenl of financial activities Balance sheet Notes lo the f1nancial statements 6-10 TOOLEY'S BOATYARD TRUST TRUSTEES, REPORT FOR THE PERIOD ENDED 6 SEPTEMBER 2020 The Trustees present their report and financial slalemenls for the period ended 6 September 2020. The financial sialemenls have been prepared In accordanee with the accounting policies sel out in note 110 the financial statements and comply with the Trust's governing document. the Charilitts Act 2011 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordan￿ with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeelive 1 January 20191" Objectives and a¢tivttie8 The Trust's objectives are 11 To advance the education of the public by establishing Tooley's Boatyard as 8 working heritage centre ol narrowboal mainlenanee and construction designed lo enhance public understanding of narrowboals and canal life and the key role played by Banbury, and Tooley's Boatyard In particular, in the history of canals. 21 To preserve for the public benefit Tooley's Boatyard as a building DI historic interest. The Trust was formed in March 2019 and raised funds, half from the Architectural Heritage Fund and hall from local donors, lo commission a Project Viability Study. The Trustees have paid due regard lo guidance iSSLied by the Charity Commission in deciding what activities the Trust should undertake. Achievements and performance The major achievement of the Trust's first year was the Project Viability Report, a 50(kpage document produced by a team of well-established consultants and selling out several options for the way Iofward. The Report was presented lo the Trustees shortly before the first Lockdown and as a result had lo be put on hold until the opportunities for major fLJnd-raising become available again. The Report's recommendats'ons will form the basis of the Trust's activities posl-covid. Financial rgvigw It Is the policy ol the Trust Ihal unreslricled funds which have not been designated for a specific use should be maintained al a level equivalent lo between three and six month's expenditure. The Trustees considers that reserves al this level will ensure that, in the event of a significant drop In funding. they will be able lo continue the Trust's Current activities while Consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the period. The Trustees have assessed the major risks to which the Trust is exposed. and are sats'sfied that systems are in place lo mitigate exposure to the major risks. TOOLEYS BOATYARD TRUST TRUSTEES. REPORT (CONTINUED) FOR THE PERIOD ENDED 6 SEPTEMBER 2020 Structure. governance and management The Tru51 is a Charitable Incorporated Organisalion ICIOI. The Trustees who served during the period and up to the dale of signature of the financial siatemenls w8r8'. Mr J R Madden (Appointed 19 Marth 20191 Mr R L8ngton (Appointed 19 March 20191 Mr D Clacher IAppointed 15 March 20191 Mr J Spratt (Appointed 19 March 20191 Ms J Muskett (Appointed 19 March 2019 and resigned 1 SeptembeT 20191 Mr N Pool¢ (Appointed 19 March 2019 and resigned 10 September 20191 Mr R Slevon$ (Appointed 19 March 2019 and resigned 25 November 20191 Dr C Saffin (Appointed 27 March 20191 Mr R Oddy (Appointed 10 September 20191 Mr M Phillips IAppointed 30 September 20191 Ms L Lake (Appointed 25 November 2019 and re8igned 11 April 20201 Mr O Kyffin (Appointed 27 November 20191 Ms Y Kaduji (Appointed 18 August 20201 All appointment$ subsequent to 19 March 2019 were approved by the èxisting Trustees at the lime. None of tho Trustees has any beneficial interest In the company. In the event of the CIO being wound up, the Trustees have no liability. The TNstees' report was approved by the Board of Trustee5. Mr J R Madden Trustee Dated,. . TOOLEY'S BOATYARD TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF TOOLEY'S BOATYARD TRUST I report lo the Trustees on my examination of the financial 5talemenls of Tooley's Boatyard Trust Ithe Trust) lor the period ended 6 September 2020. Responsibilities and basis of report As the Trustees of the Trust you are responsible for the preparation of the financial stalemenls In accordance with the reqU1￿MeNtS of the Charities Act 2011 Ilhe 2011 Act). I report in respect of my examination of the Trust's financial slalements Carried out Ljnder section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the 2011 Act. Independent examiner's statement Your allenlion is drawn lo the lacl that the cttarily has prepared financial slalemenls in accordance with Accoun11ng and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 in preference lo the Accounting and Reporting by Charities". Statement of Recommended Practice issued on 1 April 2005 whieh is refer￿d lo in the extant regulations bul has now been withdrawn. understand that this has been done in order for financial slalemenls lo provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. I have completed my examination. I confirm that no mallers have come lo my allenlion in connection with the examination giving me cause lo believe that In any material respect.. accounting records were not kept in respect of the Trust as required by section 130 of the 2011 Act", or the financial slalemenls do not accord with those records., or the financial slalemenls do not comply with the applicable requirernenis Concerning the fom and conlenl of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a maller considered as part ol an independent examination. I have no con￿rnS and have come across no other matters in connection with the examination lo which attention should be drawn in this report in order lo enable a proper understanding of the financial slalemenls lo be reached. Charlotte Toemae$ Bsc FCA Ellacotts LLP Countrywide House 23 Wesl Bar Banbury Oxfordshire OX16 9SA Dated. .051.08121 TOOLEY'S BOATYARD TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE PERIOD ENDED 6 SEPTEMBER 2020 Unrestricted Rg$tricted funds funds 2020 2020 Total 2020 Notes Donations and legacies Other trading activities 16,461 1,203 14,723 31.184 1,203 Total income 17,664 14,723 32,387 Charitable activities 5,846 26.446 32,292 Net in¢ominglloutgoingl re80urces before transfers 11.818 111,7231 95 Gross transfers between funds 111,7231 11,723 Net income for the yearl Net movement In funds 95 95 Fund balances at 7 March 2019 Fund balances at 6 September 2020 95 95 The statement of financial activities includes all gains and losses recognised in the period. A15 income and expenditure derive from continuing activities. TOOLEY'S BOATYARD TRUST BALANCE SHEET AS AT 6 SEPTEMBER 2020 2020 Not9$ Current ass&ts Cash at bank and in hand 2,256 Credltors- arnounts falling due wlthln on• y¥4r 12.1611 Nel current assets 95 Income funds Unrestricted funds 95 95 The fin8noal statements were apwoved by the Trnslees on .. Mr J R Madden Trustee TOOLEY'S BOATYARD TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 6 SEPTEMBER 2020 Accounting policies Charity inforniation Tooley's Boatyard Trust is a Charitable incorporated organisalion. The financial slalements for Tooley's Boatyard Trust have been prepared lor the 18 month period 7 March 2019 to 6 September 2020. 1.1 Accounting convention The financial statements have been prepared in accordance with the Trust's Igoverning documentl, the Chanlies Act 2011 and Accounting and Reporting by Charities. Slalemenl of Recommended Practice applicable to charities preparing their accounts In accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191 The Tiusl is a Public 8enelil Entity as defined by FRS 102. The Trust has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not lo prepare a Slalemenl of Cash Flows. The financial slalernenls have departed from the Charities (Accounts and Reportsl Regulations 2008 only lo the extent required lo provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Slalemenl of Recommended Practice which is referred lo in the Regulations bul which has since been withdrawn. The financial statements are prepared in sterling, which Is the functional currency of tha Trust. Monetary amoun15 in these financial slalemenls are rounded lo the nearest £. 1.2 Going concern At the lime of approving the financial slatemenls, the Trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence lor the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charitable funds Unreslricled funds are available for use al the discretion of the Trustees in furtherance of their charitable objectives. Restricted funds are subject lo specific conditions by donors as lo how they may be used. The purposes and uses of the restricted funds are sel out in the note5 to the financial slalemenls 1.4 Income Income is recognised when the Trust is legally enlilled to il after any performance Conditions have been mel. the amounts can be measured reliably, and it Is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised Dnce the Trust has been notified of the donation. unless perforrnance conditions require deferral of the amount. Income tax iecoverable in relation lo donations received under Gift Aid or deeds of covenant is recognised al the lime of the donation. 1.5 Expenditure Expenditure is accounts for on an accruals basis and has been classified under headings that aggregate all cost relalecl to the category. Where costs cannot be directly allribuled lo particular headings. they have been allocated lo activities on a basis consislenl with the use of resources. TOOLEY'S BOATYARD TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUEDI FOR THE PERIOD ENDED 6 SEPTEMBER 2020 Accounting policies Icontinuedl 1.6 Cash and Cash equivalents Cash and cash equivalents include cash in hand. deposits held at call with banks, other short-lerm liquid nveslmenls with original malurilies of three months or less. and bank overdrafts. Bank overdrafts are shown within borrowing5 in current liabilities. Basic financial assots Basic financial assets, which Include debtors and cash and bank balances. are initially measured al transaction price illcluding transaction costs and are subsequently carried al amortised cost using the effective interest method unless the arrangement conslilules a financing transaction, where the IransactlDn is measured al the present value of the future receipts discounted al a market rate of Interest. Financial assets classified as receivable within one year are not amorlised. Basic financial liabilities Basic financial liabilities. including creditors and bank 102ns are initially recognised al transaction price unless the arrangement conslitules a financing transaction, where the debt instrument is measured al the present value of the future payments discounted al a market rale of inte￿$1. Financial liabilities classified as payable within one year are llol amortised. Oebl instruments are subsequently carried al amortised cost. using the effective interest rale method. Trade creditors are obligations lo pay for goods or services that have been acquired in the Ordinary course of operations from suppliers. Amounts payable are ¢lassified as current liabilities if payment is due within one year or less If not, they are presented as non-currenl liabilities. Tode creditors are recognised Initially al Irans2Ction price and subsequonlly meaSU￿d at amortised cost using the effective interest method. Derecognition of financial liabilltles Financial Iiabililies are derecognised when the Trust's conlraclual obligations expire or are discharged or cancelled. 1.7 Taxatlon The ¢harily is exefnpl from lax on ils charitable activities. Tooley's Boatyard Trust was not registered for Value Added Tax during the year. In these financial statements, where applicable, expenditure is shown inclusive of VAT. Critical accounting estimates and judgemgnts In the application of the Trust's accounting policies, the Tru51ees are required lo make judgements eslimales and assumptions about the carrying amount of assets and liabilities that are not readily apparent frorn other sources The eslimales and associated assumptions are based on historical experience and other factors that are considered lo be relevant. AclLJal results may differ from these estimates. The estimates and undertying assumptions are reviewed on an ongoing basis. Revisions lo accounting eslimales are recognised in the period in which the estimate is revised where the revision affects only that period. or in the period of the revision and future periods where the revision affects both current and future periods. TOOLEY'S BOATYARD TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUEDI FOR THE PERIOD ENDED 6 SEPTEMBER 2020 Donation$ and legacie$ Unrestrictgd Restricted funds funds Total 2020 2020 2020 Donations and gifts Gift aid 15,075 1,386 14.723 29,798 1,386 16,461 14.723 31,184 Other trading a¢tivities Unre$tri¢ted funds 2020 Sponsorships and social lotteries 1,203 Charitable activities 2020 Professional fees 29,406 Share of support costs Isee note 61 Share of governance costs Is&e note 61 1.886 1.000 32,292 Analysls by fund Unreslricled funds Reslricled funds 5,846 26,446 32.292 TOOLEY'S BOATYARD TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 6 SEPTEMBER 2020 Support costs Support Govarnance costs costs 2020 Professional fees Advertising 1.719 167 1,719 167 Accountancy fees 1.000 1,000 1,886 1,000 2,886 Analysed between Charitable activities 1,886 1,000 2,886 Truste&s None of the Trustees lor any persons connected with Iheml received any ￿Muneration or benefits from the Trust during the pèriod. Employ•¢s There were no employees during the period. Creditors.. amount$ falling due within one year 2020 Trade creditors Accruals and deferred ineome 1.161 1.000 2.161 10 Rostrictgd funds The income funds of the charity include restricted funds comprising Ihe following unexpended balances of donations and giants held on trust for specific purposes.. Movement in funds Incoming re8ourees Resources exppnded Transfers Balance at 6 September 2020 Archileclural Heritage Fund 14.723 126,4461 11,723 The archileclural heritage fund was sel up lo contribute lo the charities project viability study. TOOLEY'S BOATYARD TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 6 SEPTEMBER 2020 11 Analysis of not assgts betw&en funds Unrestricted Restrictfyd funds funds 2020 2020 Total 2020 FLJnd balances al 6 September 2020 are represented by.. Current asse1￿{113blliIieSI 95 95 95 95 12 Rglated party transactions During the period the Trust received donations of £5.000 from trustee individuals and £5,000 from companies that trustees are connected lo. 10-