Charty Rogi$tralion No. 1182371 TOOLEY'S BOATYARD TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2021 TOOLEY'S BOATYARD TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr J R Madde Mr R Langton Mr D Clacher Mr J Spratt Dr C Saffin Mr R Oddy Mr M Phillips Mr O Kyffin Ms Y Kaduji Ms L Mallier {Appointed 28 September 2021) (Appointed 28 September 2021 Ms V Smith Charity number 1182371 Independent examiner Ellacotts LLP Countrywide House 23 West Bar Banbury Oxfordshire England OX16 9SA Bankgrs Natwest 1 Town Hall Buildings Bridge Streel Banbury Oxfordshire OX16 5JS TOOLEY'S BOATYARD TRUST CONTENTS Page Trustees, report Independent examinerfs rewrt Statement of finanual activities Balance sheet Notes to the financial ststements 6-12 TOOLEY'S BOATYARD TRUST TRUSTEES. REPORT FOR THE PERIOD ENDED 30 SEPTEMBER 2021 The Trustees present their annual report and finanaal ststements for the Period ended 30 September 2021. The financial statements have been prepared in acwrdan¢e with the accounting poliaes set out in note 1 to the financial stalernenls and comply wrth the Trusvs goveming document, the Charities Act 2011 and 'Accounting and Reporting by Charities.. Sialement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Finanual Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191". Objectives and activities The Trust's objectives are 11 To advance the education of the public by establishing Tooleys Boatyard as a working heritage centre of narrowboat Maintenan￿ and construction designed to enhan￿ public understsnding of narrowboats and canal life and the key role played by Banbury, and Toolevs Boatyard in particular, in the history of canals. 21 To preserve for the publi¢ benefit Toole￿$ Boatyard as a buikling of historic interest_ The Trust was fomied in March 2019 and raised funds. half from Ihe Archilectural Heritage Fund and half from local donors, lo commission a Project Viability Study. The Trustees have paid due regard to guidance issued by the Charity Commission in deryding what acty'vilies the Trust should undertake. Achievements and perforniance The scope for fundraising a¢tivilies was severely restrided owing to Covid-19. Notsvithstanding that, the Trust applied for, and was awarded, a grant from Historic England's Heritage at Risk fund for much-needed repairs to the Old Forge. The work was carried out by local fimi P.R.Acock & Sons using only materials appropriate to the historic building. Starting in July 2021, as soon as Ihe Covid restrictions were relaxed. the Tnjst operated regular Saturday boat trips and guided tours, which proved very wpular. arKI irrtroduced T¢Joley's lo a much wider range of people. A further grant was obtsined from the Ar¢hiteclural Heritage Fund, under their Cultural Recovery Programme, for arketing, planning and audience development. and sorne initial work was done in the period on marketing the boat trips. The bulk of this grant will be spenl in the following year. Flnanclal revlew It is the policy of the Trust that unrestrided fvnds which have not been designated for a specific use should be maintained al a level equivalent to belween three and six month's expenditure. The Trustees consider that reserves at this level will ensure that, in the evenl of a signfficant drop in funding, they will be able to continue the Trust's current activities while Consideration is given to ways in which additional fvnds may be raised. This level of reserves has been maintsined throughout the Period. The Trustees have assessed the major risks to whith Ihe Trust is exposed. and are satisfied that systems are in place lo mitigate exposure to the major risks. Structure. governance and management The Trust is a Charitable Incorporaled Organisation {ClO)- TOOLEYS BOATYARD TRUST TRUSTEES, REPORT (CONTINUED) FOR THE PERIOD ENDED 30 SEPTEMBER 2021 The Trustees ￿ wvwj during lh8 Perl¢wJ and up to the date of ofthe fmnc4al stslements were.. MrJ R Madden Mr R Langton Mr D Clath MrJ Swatt Dr C Saffin Mr R Oddy Mr M Phillips Mro Kyffin M5 Y Kaduji Ms L Mallier Ms V Smrth (AFW'nbJ 28 Septemtw 2021) (AFpointed 28 S*nber 20211 appointmwts sub5equerrt to 19 March 2019 *we aFV0￿￿ by Ihe exsting Trustees al the time. None of the Trustees hos bene￿ wttwe5t in the ccrfnpfiny. In the e￿nI of the CIO being wouTrJ up, the TrLbStees have no ￿'8￿.11ty. The T￿$￿e$. reF*yI was a￿V0ved ty Ihe Board ofTnthe& MrJ R Madden Tn￿le+ TOOLEY'S BOATYARD TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF TOOLEY'S BOATYARD TRUST I report to the Trustees on my examination of the financial statements of Toolevs Boatyard Trust Ithe Trust) for the Period ended 30 September 2021. Responslbllities and basis of report As the Trustees of the Trust you are ￿sponsible for the preparation of the finanaal slalemenls in accordance wth the requirements of the Charities Act 2011 (the 2011 Acti. I report in respect of my examination of the Tnjst's financial statements carried out under 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 145151{bl of the 2011 Act. Independent examinefs 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= accounling r￿ordS were nol kept in respect of the Tnjst as required by section 130 of the 2011 Act- or the financial statements do not accord with those records". or the financial ststements do not comply with the applicable requirements Concerning the fomi and content of accounts set out in the Charitie5 (Accounts and Reports) Regulations 2008 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. I have no concems 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 financial statements to be reachetj. Charlotte Toemaes BS¢ FCA Ellacotts LLP Chartered Accountants & Registered Auditors Countrywide House 23 West Bar Banbury Oxfordshire OX16 9SA Dated.. 13107122 TOOLEY'S BOATYARD TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE PERIOD ENDED 30 SEPTEMBER 2021 Unrestricted Restricted funds funds 2021 2021 Total Unrestricted Restricted funds funds 2020 2020 Total 2021 2020 Notes Income from- Donations and legacies Other trading activib'es 18,622 938 S4.(￿6 72.688 938 16,461 1.203 14,723 31,184 1,203 Total income 19.560 54.066 73.626 17,664 14.723 32,387 enditure on.. Charitable aclimties 1.5(M) 39.045 40.545 5,846 26.446 32,292 Net incoming resources before transfers 18,060 15,021 33.081 11.818 111,7231 95 Gross transfers between funds {4.679) 4.679 (11.7231 11.723 Net income for the Periodl Net movement in funds 13,381 19.700 33.081 95 95 Fund balances at 7 September 2020 95 95 Fund balances at 30 September 2021 13.476 19,700 33.176 95 95 The slalemenl of finanlial activities includes all gains and losses recognised in the Perici. All income and expenditure derive from continuing activities. TOOLEYS BOATYARD TRUST BALANCE SHEEr AS AT 30 SEPTEMBER 2021 20 2020 Curr•nt a$sets Debtors Cash at bar* and in haThd 24.800 11,070 2,256 35,870 2,256 Credltorn: •mounts falllng due wlihln one year 10 12.6941 12.1e11 Net curTent assets 33,176 95 Incom• fund¥ Restricted funds Unrestricted fvnds 11 19.700 13.476 95 33.178 95 Mr J R Madden Trust•• TOOLEY'S BOATYARD TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2021 Accounting policies Charity information Tooley's Boatyard Trust is a Charitable incorporated organisation. The financial statements for Tooley's Boatyard Trust have been prepared for the period 7 September 2020 to 30 September 2021. 1.1 Accounting convention The financial statements have been prepared in accordan￿ with the Trusfs goveming document, the Charities Act 2011, FRS 102 "The Financial Rep)rting Standard applicable in the UK and Republic of Ireland" I"FRS 102,1 and the Charities SORP "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 IFRS 1021. (effective 1 January 20191. The Trust is a Public Benefit Entity as defined by FRS 102. The Trust has taken advantage of the provisions in the SORP for charities not lo prepare a Statement of Cash Flows. The financial statements are prepared in sterfing, which is the functional currency of the Trust. Monetary amounts in these financial statements are rounded to ihe nearest £. 1.2 Going concem At the lime of appromng the financial statements. the Trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existen￿ for the foreseeable future. Thus the Trustees continue to adopt the going COn￿M basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the TNstees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors as lo how they may be used. The PUTposes and uses of the restri¢led funds are set out in the notes lo the ffinancial slalements. 1.4 Income Income is ￿COgnised when the Trust is legally entitled to it after any perfom)ance conditions have been met, the amounts can be measured reliably. and it is probable that income will be re￿ived. Cash donations are recognised on receipt. Other donations are recognised On￿ the Trust has been notified of the donation. unless perf0mlan￿ Conditions require deferral of the amount. Inwme tax recoverable in relation lo donations received under Gtft ￿"d or deeds of covenant is recognised al the lime of the donation. 1.5 Expenditure Expenditure is recognised once there is a legal or constrnctive obligation lo transfer economic benefit lo a third party. il is probable that a transfer of economic beneffits will be required in setuemenl, and the amount of the obligation can be measured reliably. Expenditu￿ is classrfied by activity. The costs of each activity are made up of the lolal of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs allributable lo a single aclivity are allo￿ted directly io Ihat activity. Shared ￿$t$ which contribute to more than one activity and support costs which are not attributable lo a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the wtion of the asset's use. TOOLEY'S BOATYARD TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 30 SEPTEMBER 2021 Accounting policies {Continued) Expenditure is accounts for on an accruals basis and has been dassified under headings that aggregate all cost related to the category, Where costs cannot be directly attributed to particular headings, they have been allocated to acliwties on a basis consisterbt with the use of resources. 1.6 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks. other short-term liquid investments with original maturities of three months or less. and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.7 Financial instruments The Trust has elecled lo apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Olher Financial Instruments Issues, of FRS 102 to all of its financial insttumenls. Financial instruments are recognised in the Trusl's balan￿ sheet when the Trust becomes paty to the contractual prowsions of the instrument. Financial assets and liabilities are offset. with the net amounts presented in the financial ststemenls. when there is a legally enfor￿able right to sel off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured al transaction pri￿ including transaction costs and are subsequently carried al amortised cost using the effective interest method unless the arrangement constittjtes a finanang Iransaction, where the transaction is measured al the present value of the future receipts dI￿VnIed al a market rale of interest. Finan¢ial assets dassified as receivable within one year are nol amorbsed. Basic financial liabilities Basic financial liabililies. including credilors and bank loans are initially recognised at transaction pri unles5 the arrangement conslilules a financing transaction. where the debt instrument is measured at the present value of the ftjture payments discounted at a market rate of inlerest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequendy carried at amorbsed cosl. using the effective interest rate method. Trade creditors are obligab'ons to pay for goods or services that have been aCqUi￿d in the ordinary course of operalions from suppliers. Amounts payable are dassified as ¢urrent1iabililies if payment is due wilhin one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction pri￿ and subsequently measured at amortised cost using the effective interest method. Derecognltlon of flnanclal Ilabllltles Financial liabilities are derecognised when the Trust's contractual obligations expire or are discharged or cancelled. 1.8 Taxation The charity is exempt from tax on its charitable activities. Tooley's Boatyard Trust was not registered for Value Added Tax during the year. In these financial stslemenis, where applirable. expenditure is shown indusive of VAT. TOOLEY'S BOATYARD TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 30 SEPTEMBER 2021 Critical accounting estimates and judgements In the application of the Trust's accounting policies, the Trustees are required to make judgements, eslimales and assumptions about the Carrying amount of assets and liabilities that are not readily apparent from other SoU￿s. The estimates and ass(Kialed assumptions are based on historical experience and other factors that are considered lo be relevant. Actual resulls may differ from these estimates. The estimates and underfying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in whi¢h 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. Donation$ and legacie$ Unrestricted Rastricted funds funds Total Unrestricted Restricted funds ftjnds Total 2021 2021 2021 2020 2020 2020 Donations and gifts Gift aid 16.122 2,500 54.066 70,188 2.500 15,075 1,386 14.723 29,798 1,386 18.622 54.066 72,688 16,461 14,723 31,184 Other trading activities Unrestrlcted Unrestricted funds funds 2021 2020 Sponsorships and social lotteries 938 1.203 TOOLEY'S BOATYARD TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 30 SEPTEMBER 2021 Charitable activities 2021 2020 Professional fees Forge repairs 5,100 33,945 29,406 39,045 29,406 Share of support costs (see note 6) Share of governance costs {see note 6) 100 1.400 1,886 1,000 40,545 32,292 Analysis by fund Unrestricted funds Restricted funds 1,500 39,045 5,846 26,446 40,545 32,292 Support costs Support Governance costs Costs 2021 2020 Professional fees Advertising 1,719 167 100 100 Accountancy fees Under prowsion of 8ccountan¢y fees 1,200 200 1,200 200 1,000 100 1,400 1.500 2,886 Analysed between Charitable activities 100 1,400 1,500 2,886 Trustees None of the Trustees lor 8ny persons connected with them) received any remuneration or benefits from the Trust during the Period. TOOLEY'S BOATYARD TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 30 SEPTEMBER 2021 Employees 2021 Number 2020 Number Total There were no employees during the period. There were no employees whose annual remuneration was more than £60,000. Debtors 2021 2020 Amounts falling due Mthin one year. Prepayments and accrued in￿rne 24,800 10 Creditors: amounts falling due within one year 2021 2020 Trade creditors Accruals and deferred income 1,161 1,000 2,694 2,694 2,161 10- TOOLEY'S BOATYARD TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE PERIOD ENDED 30 SEPTEMBER 2021 11 Restrtcled fvnds The Income funds of Ihe ¢h8rlty Include iestilcted fund5 comprisino ihe lollowlng unexpended balantts oldonatlons and giants h￿￿ on trust forspeclflc purposes. MovemÈnt In funds Movement In fund9 ¢omlm$ *s¢uYc•s qxwndBd Tr￿1•￿$ 8alam¢•it 7Sqptembo1 2020 8alanu at 30 $0fvbor 2021 0xpBndB Arthitectural Heritag& Fund IPVRI Archrfectvr81 Heritsgo Fund I¢RPI 14,723 126,4461 11.723 24.800 29.268 15.1001 133.9451 19,700 4,879 14,723 126.4481 11.723 .06 129.0451 4.679 19,700 Th8ArChii8C￿r8l Heritage Fund PVR grant was awardod forth8 charitys Projoctviability R8port. cornplét8d In March 2020. The Archiiecwr81 Heril8ge Fund CRP gr8nl, awarded in December2020, covered matheung, business planning 8nd audience dwelopmenl. The Trust obleined a grant fri)rn Historic England's Heritage Al Risk Fur￿ lo cover badly needed repairs lo the Old Forge, some of which had been Caus￿ by Ire5passersduring the 2020 lockdowns Three quotes w&re obtained and the contract awarded lo Ic￿1 fitm pR.￿￿OCk & Sons with the lowestlender. The WQTk was sup8tWS8d byth8 chstib8sArchit8cts and cotnplétéd in April 2021 T￿1￿¥S Forg8 made a rnajor Eonknbution to tho works. building tho improv8d railings overlooking the Forge. TOOLEY'S BOATYARD TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 30 SEPTEMBER 2021 12 Analysis of net assets between funds Unrestricted Restricted funds fvnds 2021 2021 Total Unrestricted Restricted fvnds funds 2020 2020 Total 2021 2020 Fund balances at 30 Septernber 2021 are represented by.. Current assetsl 33.176 33.176 95 95 33.176 33.176 95 95 13 Related party transa¢tlons There were no disclosable related party transa¢bons during Ihe pericMJ12020= £10,000). 12-