Charity registration number: 1182371
Tooley's Boatyard Trust
Annual Report and Financial Statements
for the Year Ended 31 October 2025
Tooley's Boatyard Trust
Contents (continued)
| Reference and Administrative Details | 1 |
|---|---|
| Trustees' Report | 2 to 5 |
| Independent Examiner's Report | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Financial Statements | 9 to 20 |
Tooley's Boatyard Trust
Reference and Administrative Details
Trustees Mr J R Madden Dr C Saffin Mr R D B Guard Mr J E Spratt Sir F J Davies CBE Dr C P F Okeke Mr P Rodgers Ms V Smith Mr J M Walton Mr A McHugh Charity Registration Number 1182371 Principal Office c/o Banbury Museum Heritage Centre Cafe Quay Spiceball Park Road Banbury Oxfordshire OX16 2PQ Independent Examiner Buzzard's Accountancy Limited 95 Sinclair Avenue Banbury Oxfordshire OX16 1BQ Bankers NatWest 1 Town Hall Buildings Bridge Street Banbury Oxfordshire OX16 5JS
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Tooley's Boatyard Trust
Trustees' Report
The trustees present the annual report together with the financial statements of the charity for the year ended 31 October 2025.
Objectives and activities
Objects and aims
The Trust's objectives are
1) To advance the education of the public by establishing Tooley's Boatyard as a working heritage centre of narrowboat maintenance and construction designed to enhance public understanding of narrowboats and canal life and the key role played by Banbury, and Tooley's Boatyard in particular, in the history of canals.
2) To preserve for the public benefit Tooley's Boatyard as a building of historic interest.
The Trust was formed in 2019, and initially commissioned a Project Viability Report part-funded by the Architectural Heritage Fund. A further grant from the same Fund, under their Cultural Recovery Programme, was used in part for a Refresh of that Viability Report, presented to the Trustees in October 2022. The balance was applied, with their full agreement, to marketing activities and to initial work on our restoration project, narrowboat Hardy.
Public benefit
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.
Achievements and performance
The year was overshadowed by extreme weather conditions: floods at the end of 2024, and severe drought throughout summer 2025. The latter, in particular, affected our income from boat trips which from the start of the financial year have been carried out by the trading subsidiary, and the complete closure of the Canal for several months also restricted our offering for the Banbury Canal Festival. However, and despite inclement weather on the Saturday of the Festival, the dry dock was packed with trader stalls and interested visitors, and 100s of people (some from as far away as Lowestoft) discovered our historic Boatyard for the first time.
Significant work was carried out on Hardy, partly supported by a grant from National Historic Ships UK.
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Tooley's Boatyard Trust
Trustees' Report (continued)
Financial review
The total income for the year was £25,873 (2024: £10,117) and the total expenditure was £6,477 (2024: £10,304). The unrestricted fund had a net surplus of £22,319 (2024 - £201 net surplus), whilst the restricted fund had a net deficit of £2,923 (2024: £388 net deficit). The resulting deficit in restricted funds was funded by a transfer from unrestricted funds. This resulted in an unrestricted fund balance of £43,231 (2024: £22,610), being the reserves of the charity. The restricted fund balance was £Nil at the year end (2024: £1,225).
Policy on reserves
It is the policy of the Trust that unrestricted funds (excluding illiquid investments) which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to 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 year.
Trustees and officers
The trustees and officers serving during the year and since the year end were as follows:
Trustees: Mr J R Madden Dr C Saffin Mr R D B Guard (appointed 3 December 2024) Mr J E Spratt Sir F J Davies CBE Dr C P F Okeke (appointed 3 December 2024) Ms A L Taylor (resigned 15 October 2025) Mr P Rodgers Ms V Smith Mr D H Clacher (resigned 30 November 2025) Mr J M Walton Mr A McHugh
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Tooley's Boatyard Trust
Trustees' Report (continued)
Structure, governance and management
Nature of governing document
The charity is registered with the Charity Commissioners for England and Wales under number 1182371 as a Charitable Incorporated Organisation (CIO), and is constituted under a constitution dated 4 March 2019.
Recruitment and appointment of trustees
All appointments subsequent to 19 March 2019 were approved by the existing Trustees at the time.
None of the Trustees has any beneficial interest in the company. In the event of the CIO being wound up, the Trustees have no liability.
Statement of Trustees' Responsibilities
The trustees 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 law applicable to charities requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008, and the provisions of the constitution. The trustees 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.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
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Tooley's Boatyard Trust
Trustees' Report (continued)
The annual report was approved by the trustees of the charity on 18 June 2026 and signed on its behalf by:
Mr J R Madden Trustee
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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 accounts of Tooley's Boatyard Trust for the year ended 31 October 2025.
Responsibilities and basis of report
As the charity trustees of Tooley's Boatyard Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the Tooley's Boatyard Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of Tooley's Boatyard Trust as required by section 130 of the 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 concerning the form and content 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 matter considered as part of an independent examination.
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.
Valerie Buzzard, FCCA Buzzard's Accountancy Limited
95 Sinclair Avenue Banbury Oxfordshire OX16 1BQ
14 July 2026
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Tooley's Boatyard Trust
Statement of Financial Activities for the Year Ended 31 October 2025
| Note Income and Endowments from: Donations and legacies 2 Charitable activities 3 Other trading activities 4 Total income Expenditure on: Charitable activities 5 Total expenditure Net income/(expenditure) Gross transfers between funds Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 14 |
Unrestricted funds £ 24,394 - 470 24,864 (2,545) (2,545) 22,319 (1,698) 20,621 22,610 43,231 |
Restricted funds £ 1,009 - - 1,009 (3,932) (3,932) (2,923) 1,698 (1,225) 1,225 - |
Total 2025 £ 25,403 - 470 25,873 (6,477) (6,477) 19,396 - 19,396 23,835 43,231 |
Unrestricted funds £ 1,679 5,924 424 8,027 (7,826) (7,826) 201 - 201 22,409 22,610 |
Restricted funds £ 2,090 - - 2,090 (2,478) (2,478) (388) - (388) 1,613 1,225 |
Total 2024 £ 3,769 5,924 424 |
|---|---|---|---|---|---|---|
| 10,117 | ||||||
| (10,304) | ||||||
| (10,304) | ||||||
| (187) - |
||||||
| (187) 24,022 |
||||||
| 23,835 |
All of the charity's activities derive from continuing operations during the above two periods.
The notes on pages 9 to 20 form an integral part of these financial statements. Page 7
Tooley's Boatyard Trust
(Registration number: 1182371) Balance Sheet as at 31 October 2025
| Note Fixed assets Investments 10 Current assets Debtors 11 Cash at bank and in hand 12 Creditors: Amounts falling due within one year 13 Net current assets/(liabilities) Net assets Funds of the charity: Restricted income funds Restricted funds 14 Unrestricted income funds Unrestricted funds Total funds 14 |
2025 £ 23,000 20,110 5,613 25,723 (5,492) 20,231 43,231 - 43,231 43,231 |
2024 £ 28,000 - 3,274 |
|---|---|---|
| 3,274 (7,439) |
||
| (4,165) | ||
| 23,835 | ||
| 1,225 22,610 |
||
| 23,835 |
The financial statements on pages 7 to 20 were approved by the trustees, and authorised for issue on 18 June 2026 and signed on their behalf by:
Mr J R Madden Trustee
The notes on pages 9 to 20 form an integral part of these financial statements. Page 8
Tooley's Boatyard Trust
Notes to the Financial Statements for the Year Ended 31 October 2025
1 Accounting policies
Statement of compliance
The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a ‘true and fair’ view and 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 following the 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 issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Basis of preparation
Tooley's Boatyard Trust meets the definition of a public benefit entity under FRS 102. The accounts (financial statements) 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 Trust has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements have been prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
Group accounts not prepared
The group qualifies as small and advantage has been taken of the exemption not to prepare group accounts.
Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
Key sources of estimation uncertainty
There were no key sources of estimation uncertainty made in the year.
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Tooley's Boatyard Trust
Notes to the Financial Statements for the Year Ended 31 October 2025 (continued)
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 and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably measured.
Cash donations are recognised on receipt. Other donations are recognised once the Trust has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Investment income
Interest on funds held on deposit and dividends from investments are included when receivable and the amount can be measured reliably by the charity.
Charitable activities
Income from charitable activities is recognised when the Trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
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.
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.
Governance costs
These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees meetings and reimbursed expenses.
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Tooley's Boatyard Trust
Notes to the Financial Statements for the Year Ended 31 October 2025 (continued)
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.
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.
Fixed asset investments
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
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.
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.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
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Tooley's Boatyard Trust
Notes to the Financial Statements for the Year Ended 31 October 2025 (continued)
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 funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
2 Income from donations and legacies
| Unrestricted funds Restricted General £ funds £ Donations and legacies; Donations and gifts 24,394 1,009 24,394 1,009 Unrestricted funds Restricted General £ funds £ Donations and legacies; Donations and gifts 1,679 2,090 1,679 2,090 3 Income from charitable activities Unrestricted funds General £ Boat trips 5,924 The charity received no income from boat trips in the year to 31 October 2025. |
Total 2025 £ 25,403 |
|---|---|
| 25,403 | |
| Total 2024 £ 3,769 |
|
| 3,769 | |
| Total 2024 £ 5,924 |
|
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Tooley's Boatyard Trust
Notes to the Financial Statements for the Year Ended 31 October 2025 (continued)
4 Income from other trading activities
| Sponsorships and social lotteries Sponsorships and social lotteries 5 Expenditure on charitable activities Note Boat trips Hardy narrowboat restoration Governance costs 6 Note Boat trips NLHF grants AHF grants Governance costs 6 |
Unrestricted funds General £ 93 - 2,452 2,545 Unrestricted funds General £ 2,116 - - 5,710 7,826 |
Unrestricted funds General £ 470 470 Unrestricted funds General £ 424 424 Restricted funds £ - 3,932 - 3,932 Restricted funds £ - 1,840 638 - 2,478 |
Total 2025 £ 470 |
|---|---|---|---|
| 470 | |||
| Total 2024 £ 424 |
|||
| 424 | |||
| Total 2025 £ 93 3,932 2,452 |
|||
| 6,477 | |||
| Total 2024 £ 2,116 1,840 638 5,710 |
|||
| 10,304 |
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Tooley's Boatyard Trust
Notes to the Financial Statements for the Year Ended 31 October 2025 (continued)
| Boat trips Hardy narrowboat restoration Boat trips NLHF grants AHF grants 6 Analysis of governance and support costs Governance costs Independent examiner fees Examination of the financial statements Insurance Computer software and maintenance costs |
Activity undertaken directly £ 93 3,932 4,025 Activity undertaken directly £ 2,116 1,840 638 4,594 Unrestricted funds General £ 1,680 162 610 2,452 |
2025 £ 93 3,932 |
|---|---|---|
| 4,025 | ||
| 2024 £ 2,116 1,840 638 |
||
| 4,594 | ||
| Total 2025 £ 1,680 162 610 |
||
| 2,452 |
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Tooley's Boatyard Trust
Notes to the Financial Statements for the Year Ended 31 October 2025 (continued)
| Independent examiner fees Examination of the financial statements Legal fees Insurance Subscriptions |
Unrestricted funds General £ 1,568 3,006 1,096 40 5,710 |
Total 2024 £ 1,568 3,006 1,096 40 |
|---|---|---|
| 5,710 |
7 Trustees remuneration and expenses
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.
No trustees have received any reimbursed expenses or any other benefits from the charity during the year.
8 Staff costs
There were no employees during the period or previous period.
No employee received emoluments of more than £60,000 during the year
9 Taxation
The charity is a registered charity and is therefore exempt from taxation.
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Tooley's Boatyard Trust
Notes to the Financial Statements for the Year Ended 31 October 2025 (continued)
10 Fixed asset investments
| 10 Fixed asset investments | ||||
|---|---|---|---|---|
| Shares in group undertakings and participating interests Shares in group undertakings and participating interests Cost At 1 November 2024 Disposals At 31 October 2025 Net book value At 31 October 2025 At 31 October 2024 |
2025 £ 23,000 Subsidiary undertakings £ 28,000 (5,000) 23,000 23,000 28,000 |
2024 £ 28,000 |
||
| Total £ 28,000 (5,000) 23,000 23,000 28,000 |
Details of undertakings
Details of the investments in which the charity holds 20% or more of the nominal value of any class of share capital are as follows:
| Country of | Proportion of voting | Principal | ||
|---|---|---|---|---|
| Undertaking | incorporation | Holding | rights and shares held | activity |
| 2025 2024 |
||||
| Subsidiary undertakings | ||||
| Tooley's Boatyard Limited |
England and Wales |
Ordinary | 100% 100% |
Repair and maintenance of boats |
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Tooley's Boatyard Trust
Notes to the Financial Statements for the Year Ended 31 October 2025 (continued)
Subsidiaries
On 1 March 2024 the charity acquired 100% of the share capital of Tooley's Boatyard Limited for £59,148. During the year to 31 October 2024 the Trust received dividends of £31,148 which in substance represented a return of their investment and as such reduced the addition value shown in the the 2024 accounts. The purchase price included £5,000 of deferred consideration payable 12 months after completion was provided for as a creditor and included as an addition in 2024. During the year to 31 October 2025 the Trust received a return of this investment by way of a dividend of £5,000, which has been shown as a reduction in the investment cost above.
11 Debtors
| 11 Debtors | ||
|---|---|---|
| Due from group undertakings 12 Cash and cash equivalents Cash at bank 13 Creditors: amounts falling due within one year Trade creditors Other creditors Accruals |
2025 £ 20,110 2025 £ 5,613 2025 £ - - 5,492 5,492 |
2024 £ - |
| 2024 £ 3,274 |
||
| 2024 £ 600 5,000 1,839 |
||
| 7,439 |
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Tooley's Boatyard Trust
Notes to the Financial Statements for the Year Ended 31 October 2025 (continued)
14 Funds
| Unrestricted funds General General funds Restricted funds Narrowboat Hardy Fund Total funds |
Balance at 1 November 2024 £ 22,610 1,225 23,835 |
Incoming resources £ 24,864 1,009 25,873 |
Resources expended £ (2,545) (3,932) (6,477) |
Transfers £ (1,698) 1,698 - |
Balance at 31 October 2025 £ 43,231 - |
|---|---|---|---|---|---|
| 43,231 |
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Tooley's Boatyard Trust
Notes to the Financial Statements for the Year Ended 31 October 2025 (continued)
| Unrestricted funds General General funds Restricted Architectural Heritage Fund (CRP) Narrowboat Hardy Fund Total restricted funds Total funds |
Balance at 1 November 2023 £ 22,409 638 975 1,613 24,022 |
Incoming resources £ 8,027 - 2,090 2,090 10,117 |
Resources expended £ (7,826) (638) (1,840) (2,478) (10,304) |
Balance at 31 October 2024 £ 22,610 - 1,225 |
|---|---|---|---|---|
| 1,225 | ||||
| 23,835 |
The specific purposes for which the funds are to be applied are as follows:
The Architectural Heritage Fund (AHF) CRP grant, awarded in December 2020, covered marketing, business planning and audience development. The fund was re-purposed in May 2022 as a refresh of the original Project Viability Grant.
The National Lottery Heritage Fund (NLHF) grant was awarded for work on The Future of Narrowboat Hardy.
During the year the deficit in the Narrowboat Hardy Fund was funded from a transfer of unrestricted funds.
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Tooley's Boatyard Trust
Notes to the Financial Statements for the Year Ended 31 October 2025 (continued)
15 Analysis of net assets between funds
| Fixed asset investments Current assets Current liabilities Total net assets Fixed asset investments Current assets Current liabilities Total net assets |
Unrestricted funds General £ 23,000 21,791 (1,560) 43,231 Unrestricted funds General £ 28,000 911 (6,301) 22,610 |
Restricted funds £ - 3,932 (3,932) - Restricted funds £ - 2,363 (1,138) 1,225 |
Total funds at 31 October 2025 £ 23,000 25,723 (5,492) |
|---|---|---|---|
| 43,231 | |||
| Total funds at 31 October 2024 £ 28,000 3,274 (7,439) |
|||
| 23,835 |
16 Related party transactions
During the year the charity made the following related party transactions:
Tooley's Boatyard Limited
(Tooley's Boatyard Limited is a 100% subsidiary of Tooley's Boatyard Trust) During the year the charity received a donation totalling £22,062 (2024 - £Nil) and received dividends totalling £5,000 (2024 - £31,148). The charity also received services totalling £3,932 (2024 - £3,880). At the balance sheet date the amount due from Tooley's Boatyard Limited was £20,110 (2024 - £600 due to Tooley's Boatyard Limited).
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