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2021-12-31-accounts

REGISTERED COMPANY NUMBER: 00726331 (England and Wales) REGISTERED CHARITY NUMBER: 209206

Report of the Trustees and Consolidated Financial Statements for the Year Ended 31 December 2021 for Kennet and Avon Canal Trust (The)

MHA Monahans Chartered Accountants Fortescue House, Court Street Trowbridge Wiltshire BA14 8FA

Kennet and Avon Canal Trust (The)

Contents of the Consolidated Financial Statements for the Year Ended 31 December 2021

Page
Report of the Trustees 1 to 10
Independent Examiner's Report 11
Consolidated Statement of Financial Activities 12
Consolidated Balance Sheet 13
Charity Balance Sheet 14
Consolidated Statement of Cash Flows 15 to 16
Notes to the Consolidated Financial Statements 17 to 28
Detailed Statement of Financial Activities 29 to 30

Kennet and Avon Canal Trust (The)

Report of the Trustees for the Year Ended 31 December 2021

The trustees who are also directors of the charity and its subsidiary for the purposes of the Companies Act 2006, present their report with the financial statements of the charity and its subsidiary for the year ended 31 December 2021. The trustees have adopted the provisions of 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) (effective 1 January 2019).

2021 in summary

Introduction

The Trustees present their annual report together with the consolidated financial statements of the charity and its subsidiary for the year ending 31 December 2021 which are also prepared to meet the requirements for a Directors’ report and accounts for Companies Act purposes.

The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Trust’s Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice (FRS102).

Our Vision and Strategy

The charitable objects of the Trust, as set out in its Articles of Association, are to:

In November 2020, following a review of the Trust’s future priorities, the Trustees agreed a new Vision and Strategy statement, taking full account of Charity Commission guidance on public benefit from charitable activities.

This statement included the following aims:

Page 1

These aims guide the priorities for the Trust, as a basis for ensuring that it continues to meet its objects for the public benefit. The Trust will seek to achieve this in the following way:

Page 2

Kennet and Avon Canal Trust (The)

Report of the Trustees for the Year Ended 31 December 2021

Review of 2021

(a) Overview

At the end of 2021, the Group employed three members of staff, one at Crofton and two managing administration and finance. The Trust’s achievements are therefore heavily reliant on the contribution of the time and expertise of about four hundred volunteers, who mainly operate through the Trust’s eight Branches. Our boats are exclusively crewed by volunteers, Crofton opening days are almost entirely run by volunteers, and our events and support for canal side work are delivered by volunteers. The safety and wellbeing of our volunteers and staff is therefore a priority for Trustees.

Our plans for 2021 were again affected by the Covid-19 pandemic. These delayed the planned start date for 2021 activities, with Crofton Beam Engines reopening on 22 May and trip boat operations restarting around the same time.

Our café licensees were also impacted severely by Covid restrictions in the early part of the year. The Enterprise Board agreed to share the financial impact by waiving rents in February 2021.

Trust Council reviewed updated financial projections for 2021 and for the five years to 2026 at its meeting in July. These showed that with an expected recovery in visitor income, coupled with the changes in staffing structures and other cost saving measures agreed in 2020, the Group would continue to generate surpluses, although Crofton Beam Engines would probably not achieve its cash neutral target by 2025. However, it was unlikely that the Trust would be able to progress all the projects identified by Branches without significant external fundraising.

(b) Trust

The Trust operates mainly through its eight Branches.

Crofton Branch is responsible for running Crofton Beam Engines, a Grade 1 listed site housing the oldest beam engine in the world still in its original location and still able to perform its original task. 2020 saw the formal completion of a major project to tell 'Our Crofton Story: Its Buildings and Its People'.

The site has continued to be managed in 2021 by a volunteer Site Manager with support from a full-time Assistant Site Manager, volunteer members of the Branch Committee, as well as about forty other regular volunteers. In 2021, the focus at Crofton has been opening to visitors, including seven steaming days, and taking steps to ensure that the engines can continue to operate. Limited progress has been made in developing the learning programme, in part because of Covid and in part because of the resignation of the part-time Learning and Community Engagement Officer in August when her other part-time role at the University of Bath was made full-time.

The site was open to visitors from 22 May for a total of 40 days, with the engines steamed on seven of those days. In order to manage visitor flow around the station on steaming days, all visitors to the site required a timed ticket, and were encouraged to purchase this in advance through the Art Tickets platform. Total visitor numbers were 881 (including 125 children) on steaming days and with 2,347 on non-steaming days. On non-steaming days, site entry was free, with a charge to tour the station itself; 879 visitors (including 81 children) toured the station.

Following a full boiler survey during the year, repair work to the boiler has been agreed costing around £30K. Subject to any unforeseeable issues arising, this work should enable the boiler to operate for a further ten years with only normal annual maintenance. H A McEwen, who carried out the previous boiler repairs in 2017, have been commissioned to undertake the work, which started in January 2022. To fund the work, a Boiler Appeal was launched at the end of August 2021; this is already more than half way to the target level of £30K.

Also during the year, cracks were identified in the pump-end parallel motion of No 2 engine (the 1846 Harvey & Co. engine). Following disassembly, the affected parts have been subject to further assessment, and remedial steps – consistent with the Grade 1 listed status of the engines – is being developed. In the meantime, only No 1 engine can be steamed.

In November, Crofton Branch secured grant funding for a Collection Care audit. This was carried out in December by Peter Meehan, a qualified conservator. His report will form an important input to the procedures and documentation being developed to support Crofton’s planned application for accreditation under the Arts Council scheme for museums. Earlier in the year, Peter had carried out conservation work on the Archimedes Screw Pump exhibited at Crofton, largely funded by grants from the Association of Independent Museums/Pilgrim Trust and the Wiltshire Community Foundation.

The Canal and River Trust has agreed in principle to transfer ownership of the Smithy at Crofton – the only building retained by the then British Waterways Board when the Trust purchased the site in 1968 – and detailed proposals are awaited.

Page 3

Kennet and Avon Canal Trust (The)

Report of the Trustees for the Year Ended 31 December 2021

Some of the other Branches, such as Reading, have continued with their programme of talks, although these were mainly held electronically. The Reading Branch was also involved in organising the Reading Waterfest held on 19 June, a joint venture with Reading Borough Council. Visitor numbers and admission times were restricted in accord with applicable regulations.

Trust central staff continued to work mainly from home, with the Devizes office generally open only one day a week. To enable Trust Council to determine the long term future of the building, a survey was commissioned in the summer, which identified a number of issues which could require major expenditure in the medium term, as well as some urgent short term work such as a full rewiring. This work is now being carried out, and Trust Council has commissioned further studies to allow a firm decision to be reached during 2022 on whether to enter into a new lease of the building, which is owned by Wiltshire Council.

The Trust Museum at Devizes reopened in June, with a volunteer on hand to welcome visitors and to ensure that Covid protocols were met. However, it closed again in November, to allow for the rewiring to proceed.

Two editions of the Trust’s magazine The Butty were published although many members opted to receive the Autumn edition in digital form only. In line with the new membership rules introduced in 2021, only members ‘opting in’ to receive a hard copy will receive one from Spring 2022 onwards. During 2021, the transfer of membership information to Donorfy was completed, and, from 4 January 2022 direct debits were transferred from Lloyds Teledebit to GoCardless. These new arrangements simplify the management of the membership system, and will also integrate better with the new Trust website which is currently being developed.

(c) Enterprise

The Trust’s trading subsidiary, The Kennet and Avon Canal Trust (Enterprise) Ltd, operates public boat trips, holiday hire of adapted for use by disabled passengers, and a boat for use by community groups. It also licenses cafés at Bradford on Avon, Devizes Newbury and Aldermaston. These activities directly support delivery of the Trust’s charitable objects, in particular by promoting recreational use of the canal by a wide range of the public. In addition, by paying profits to the Trust, the scope of the Trust’s activities can be expanded, so that Enterprise also supports the public benefit indirectly.

In a normal year, trip boats and holiday hire activities run from Easter to October, with additional public services at Christmas. All the trip boats operated in 2021, although trips generally did not start until late May. As in 2020, capacity was reduced in order to ensure social distancing between different households. Bruce Boat holiday hires also restarted in the late Spring.

Because of the pandemic, and also river conditions at the eastern end of the canal, the Reading trip boat, Matilda, was only able to operate a very limited service. As it was not possible to negotiate terms for the continued lease of the boat which would enable it to make profits, the lease was terminated in October and the boat returned to its owner.

The remaining four trip boats were all able to operate Christmas services.

Maintaining the boat fleet owned by Enterprise involves significant fixed costs, for example in respect of licences, inspection by the MCA, mooring and insurance. [As a consequence of lower income, boat activities therefore made a significant loss in 2020.] Following agreement to a loan facility of £100K from Trust in 2020, Enterprise drew down a further £20K during 2021, and is expected to require a further draw-down in Spring 2022. The Directors of Enterprise remain confident that the loan can be repaid by the latest date in the loan agreement of December 2025. However, as a condition of agreement to 2022 budget bids, Trust Council has asked the Enterprise Board to carry out a strategic review, with external commercial input, to be completed by the end of June 2022.

The four licensed cafés continued to make a positive contribution to Enterprise, although with a rent waiver in February (reflecting the continued impact of Covid) and some additional building maintenance costs this was much smaller than in previous years. Given various operational issues, the licence to operate the café at Devizes Wharf was terminated on 31 October 2021; future café operations there will depend on Trust Council’s decision on the future of the site. Terms for a new 15 year lease from the Canal and River Trust of the tea room at Bradford on Avon, which formally expired in December 2021, have now been agreed, and a new licence agreement will be put in place with the current operators once the lease has been signed. A formal sub-lease with the operator of the tea room at Aldermaston is also close to being finalised.

Page 4

Kennet and Avon Canal Trust (The)

Report of the Trustees for the Year Ended 31 December 2021

(d) Administration and governance

The arrangements for administration of the Trust put in place in 2020 have continued to operate effectively.

Two Trustees were co-opted during the year, and they will be putting themselves forward for election at the 2022 AGM. One Trustee stood down during the year. Trust Council has agreed that it should recruit an additional trustee with particular experience of fundraising; this will be done by external recruitment.

Portfolio role descriptions are being developed for all Trustees. Those for the Chairman and Treasurer have already been agreed.

Further policies have been developed or updated during the year, and are published on the Trust’s website. This included a full review of the Health and Safety policy and supporting Safety Instructions. Health and Safety continues to be reviewed at all meetings of Trust Council and the Enterprise Board, including both accidents and near misses. Given the particular safety issues at Crofton Beam Engines, a separate Safety Management System is being developed to document procedures there. This mirrors the Boat Safety Management Manual, which each trip boat maintains as a condition of licensing by the Maritime and Coastguard Agency.

Plans for 2022 and beyond

(a) Trust

At its January 2022 meeting, Trust Council agreed its priorities for 2022. These include:

In addition to these central initiatives, Branches will continue to deliver activities on a local basis, in particular through operation of the Crofton site and other Branch activities including supporting water festivals at Reading and Newbury.

(b) Enterprise

Operating plans for the company’s trip boat and holiday hire fleet in 2022 are based on Covid restrictions having only a limited impact. This should allow the company to return to more normal levels of profit, so that it can repay the loan from Trust and in due course resume making payments of its profits to support the charitable work of the Trust.

No major expenditure on boats is anticipated in 2022 apart from planned repainting of Kenavon Venture. In line with its general policy on the funding of major projects, Trust Council approved the budget for this work on condition that the Devizes Branch sought to raise 50% of the total cost of £10K locally.

As part of the strategic review requested by Trust Council, the cost and operating implications of replacing a trip boat and/or one of the Bruce Boats with a new boat with hybrid or all-electric engine will be investigated. Such a boat would reduce noise and emissions.

Bruce Branch is also planning to introduce new Discovery Trips from Bedwyn to Crofton in partnership between with Crofton Branch, delayed from 2021 because of the pandemic.

(c) Administration and governance

Apart from recruitment of at least one additional Trustee, the main priority in respect of governance will be to agree Trust policies in respect of safeguarding and conservation, and continue to review and update existing policies in particular the environmental policy. It is also planned to update the Trust’s Volunteer Handbook in 2022. Branch constitutions will also be reviewed to ensure that they reflect current good practice.

Page 5

Kennet and Avon Canal Trust (The)

Report of the Trustees for the Year Ended 31 December 2021

Financial Review

At Group level (Trust and Enterprise), net expenditure in 2021 was £31,960 (2020: £116,885). These figures are after charging depreciation on fixed assets of £46,185 (2020: £46,961).

There was a significant increase in income from commercial trading activities from £54,912 in 2020 to £164,476, although this was still well below the 2019 level of £311,308. However, this was partially offset by a reduction in donations, grants and legacies from £257,049 in 2020 to £132,739. Although some further local authority grants to leisure businesses were received in 2021, 2020 figures also included receipts under the Coronavirus Job Retention Scheme (‘furlough’) and grants from the Wolfson Foundation (£35,000, which was unrestricted) and the Wiltshire Community Foundation (£15,000).

Trading results for our trading subsidiary, Enterprise, show that the company returned a net loss, after depreciation, of £36,162 (see note 11), although this was significantly less than the loss in 2020 of £145,663. 2022 budgets envisage a return to profitability for trading activities.

Under the terms of the Deed of Covenant entered into in 2019, Enterprise pays up to the Trust the lower of its taxable and distributable profits. As no profits were made in 2021, no payment will be made, and indeed a further drawdown of the loan facility from Trust agreed in 2020 was required. Enterprise Directors have confirmed that they still expect the company to be able to repay the loan by the end of 2025.

As a result of lower losses by Enterprise, and capital expenditure below the level of the depreciation charge, cash balances increased during the year, from £457,067 to £504,582. On the basis of commitments made in 2021, in particular for the repair of the boiler at Crofton and for rewiring of the Devizes Wharf building, Trustees expect reserves to fall in 2022. Additional projects approvals will only be given if Trustees are satisfied that reserves will in excess of the target level of reserves set under the Reserves Policy.

Risk management

Trustees are continuing to develop a more formal risk management framework for Trust and Enterprise activities. Trustees agreed a Risk Management policy in January 2022. To support this, a draft corporate risk register has been prepared, and will be further developed and then reviewed on a regular basis. A risk register has already been developed for Crofton Beam Engines, and health and safety risk assessments are in place for all activities involving volunteers, employees and members of the public which have been updated during the year to reflect changes in Covid risks.

Risks relating to Trust and Enterprise activities fall under three main headings:

Page 6

Kennet and Avon Canal Trust (The)

Report of the Trustees

for the Year Ended 31 December 2021

Following the development of a formal Reserves Policy in 2019, Trustees have reviewed regularly the financial risks facing the Trust, and in particular the impact of the pandemic. Trustees agreed in July 2021 that the target level of free reserves, which had been increased to £200K in July 2020, should revert to the previous level of £150K. This will be reviewed again in July 2022.

On the basis of the most recent projections, Trustees are satisfied that the Trust has sufficient balances to maintain current activities in 2022. Major projects will be approved only to the extent that free reserves in excess of the target minimum level are available, or external grant funding has been committed.

Trustees agreed a further update to the Finance Manual in 2021, and this will be reviewed again in 2022 in the light of any issues identified following the annual assessment of internal financial controls.

Page 7

Kennet and Avon Canal Trust (The)

Report of the Trustees for the Year Ended 31 December 2021

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

The Trust was created by memorandum on 6th June 1962. It is governed by Articles of Association that were updated at the AGM in 2020 in particular to confirm that General Meetings may be held by electronic means. This document is the governing document of the charity which is a private company limited by guarantee without share capital.

Trustees are required to declare ‘Persons of Significant Control’ in the Companies House register. For the Trust there are no persons of significant control other than the Trustees listed. For our Enterprise trading company, the Trust has been listed as a legal entity with significant control. The declarations are available on the Companies House website.

There is currently no formal process for recruiting new Trustees. New Trustees are generally recommended by existing Trustees, and are then co-opted onto Trust Council ahead of standing for election at the following AGM. New Trustees may also be nominated by members for election at the AGM. Each year one third of Trustees stand down or offer themselves for re-election at the AGM. One of the recommendations of the strategy review was that a more formal process should be adopted to define portfolios for Trust Council members, with open recruitment in order to refresh membership. Portfolio specifications are now being developed, and it is intended generally to use open recruitment for future appointments.

The Trust Council (which is the Board of Directors of the company) currently comprises ten Trustees. It meets bi-monthly to review Health and Safety issues, consider overall Trust strategy and policy, in particular in the light of reports on the management accounts, and to take decisions on matters which are reserved to Trust Council such as major expenditure commitments. The Trust is not required to appoint a Company Secretary and the Treasurer also takes responsibility for governance matters.

The Enterprise Board currently comprises nine Directors (only three of whom are also Trustees, so that the majority, including the Chairman, are non-conflicted). It also meets bi-monthly to review in more depth health and safety issues and operational matters relating to the passenger boats, the Bruce boats, and the three cafés, and financial performance. As a commercial trading company, the Enterprise Board focusses particularly on budgets, financial performance, risk management and commercial viability. The Board provides regular reports to Trust Council.

The Trust’s eight branches (Bath & Bristol, Bradford on Avon, Devizes, Crofton, Bruce, Hungerford, Newbury and Reading) are each run by a Branch Committee which is formally a sub-committee of the Trust Council and usually selected by a meeting of local members, but subject to veto by Trust Council. Branches undertake the Trust’s work in their area and often have practical control of a boat (or boats) or other operations. Branches submit annual budget bids to Trust and Enterprise as appropriate and then have spending freedom within the approved budget subject to the provisions of the Finance Manual.

In addition, two members of staff provide a headquarters function supporting Trustees, Directors and branches, with a particular focus on Trust administration including matters such as insurance, managing boat booking, undertaking payments and banking, and ensuring compliance across a range of responsibilities.

REFERENCE AND ADMINISTRATIVE DETAILS

The Trust’s name is Kennet and Avon Canal Trust (The) and it is registered with Companies’ House with the reference 00726331, and with the Charity Commission for England and Wales with the reference 209206.

The Trust’s trading company is called The Kennet and Avon Canal Trust (Enterprise) Limited and is registered with Companies’ House under the reference 02679756.

The principal and registered office for the Trust is Devizes Wharf, Couch Lane, Devizes, SN10 1EB and for Enterprise is Canal Visitor Centre, Couch Lane, Devizes, Wiltshire, SN10 1EB.

Page 8

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Kennet and Avon Canal Trust (The)

Report of the Trustees for the Year Ended 31 December 2021

Statement of Trustees' responsibilities

The Trustees (who are also directors of The Kennet & Avon Canal Trust for the purpose of company law) are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law 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 charitable company and the group, and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and which 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 the group 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 in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

On behalf of the board

C D Sims Director

Date: 18 March 2022

Page 10

Independent Examiner's Report to the Trustees of Kennet and Avon Canal Trust (The)

Independent examiner's report to the trustees of Kennet and Avon Canal Trust (The) ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year 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

Since the company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountant in England and Wales.

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:

  1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or

  2. 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

  3. 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.

James Gare FCA DChA The Institute of Chartered Accountants in England and Wales MHA Monahans Chartered Accountants Fortescue House, Court Street Trowbridge Wiltshire BA14 8FA

Date: ….......................................... 6 April 2022

Page 11

Kennet and Avon Canal Trust (The)

Consolidated Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the Year Ended 31 December 2021

Unrestricted
funds
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
132,796
Other trading activities
Commercial trading operation
3
11
25,810
164,476
Investment income
4
1,487
Other income
1,609
Total
326,178
EXPENDITURE ON
Raising funds
4,006
Charitable activities
Charitable activities
Commercial trading operations
135,424
199,708
Total
339,138
NET INCOME/(EXPENDITURE)
(12,960)
RECONCILIATION OF FUNDS
Total funds brought forward
1,120,919
TOTAL FUNDS CARRIED FORWARD
1,107,959		 2021
2020
Restricted
Total
Total
funds
funds
funds
£
£
£
-
132,796
257,049
-
-
25,810
164,476
14,073
54,912
-
1,487
1,566
-
1,609
9,298
-
326,178
336,898
-
4,006
7,891
19,000
-
154,424
199,708
236,224
209,668
19,000
360,138
453,783
(19,000)
(31,960)
(116,885)
79,919
1,200,838
1,317,723
60,919
1,168,878
1,200,838

The notes form part of these financial statements

Page 12

Consolidated 31 December 2021 2021 Total 2020 Total funds Unreslr¢W Re5trhaad fuTrJ5 FIXED ASSETS TWry1b￿ assets 60.419 675.428 615.fX17 60,419 675.428 714.661 CURRE1￿ ASSErs DebtOF5 Cash 01 bank in haNI 12 55.739 513.411 513,911 512.8C6 IEDITORS AmrJnts falling due within on•y•ar 13 1102041 1102041 {16.3741 CURRENT A&SETS TOTALASSETS LESS CURRENT LIABtLmES 1.118214 &J.919 1.179.133 1.211.093 PROVISIONS FOR LLABILMES 1102551 110.2551 110.2551 NEf ASSETS 60 919 1168 878 1200 838 FUNDS 14 761.6n 346.281 60.919 n8,476 382,443 79.919 Charitat subskary fuThJs Restricted funds TOTAL FUNDS 1 168 878 The Ctharitab￿ company B entttbj to ex&nth fmm a￿jrf< SeL#K)n 477 ￿ the Acl 2W6 for the year ended 31 t)8￿ter 2021. The members ha¥e not lh8 obta•i an ts fir4nuJ stknert8 for Ihe sar •rthd 31 D8cmter2021 in acLYj￿atte with Sthn 476 ofth8 cr￿pan￿￿12(K6. The trustees a¢n¢ywdge ther res￿n$￿"￿t￿ for lal ensurity that the charitabl& ￿MpanY kaeps Tr4)Jd5 that Tlh 386 arvj 3B7 of the compan￿ Act 20l￿ aTrJ preparing ffianaal s18temerts gp4e a 3TrJ tsrvvm ofthe slaLe of affrs ofthe charitab company a5 at Ihe end d eath fffjanLa& year aryj of its Surplus crf de￿ for exh financ4al yeai in awAr[Sdn￿ with thtr requwerrents of S¢GbMs 3Yq and 395 ar￿ c(Mnply with the requyements ofthe Compart￿ Acl 2¢X6 lo firortw?l statwnents. ￿tsr¥s apFA￿ toth? thritaLl• ttmpany. (bl Th￿e fin•n+xI $t4lernenb have L¢en prepwed kn awdwLX wlh the prowiiiw¥ aFpl8bkn to ¢harAabl8 o)mpani•o ¥ubJ"ect ¢0 the small crmpanies regwne. *re s¥JtW on Is WoWtty: P•Je 13

Kenn8t aThl Avon Canal Trust 21 J20 Total fu￿15 FIXED ASSETS Tangle 88s818 Inve5tmertts 205,6S6 60,419 .115 273.841 10 2C6. .419 267.115 274.841 CURREMf ASSErs Debtors Cash al b8rth and in ￿[￿1 12 102.272 102.2r2 118.160 559.X17 se￿,1x$7 CREDITORS Amwnts tsming due withri on&y•8r 13 14.5251 14,525) 15.9691 NET CURRENT ASSETS TOTALASSETS LESS CURREKf UABILMES 761.678 60,919 818,395 ASSErs 761.678 818.395 FUNDS Unreslficted funds Restnrled funds 14 761.678 60.919 rJ8,476 79.919 TOTAL FUNDS Th& tharitab￿ comp8ry B entitkd to ￿em￿￿k)n frrm Sedb)n 477 of thè Ccfflpath$ Art 2CKfj for the yaar ended 31 2021. The members ha¥e not rBquwed Ihe c1a￿ an its stat￿)e￿ for the ¢nded 31 Do¢mtr￿ 2021 tn acojfdarts wth sect￿ 476 offv Ctynpani&sAct2(th. The trl￿teeS a<kntr•AÈdge th8w reSp)￿￿"￿t￿5 for lal en5Uriry that the ￿¢paIry ke8ps ¥￿ts that TAh S&xon$ 386 and 387 of the CoMpan￿ACt 20(6 a preparing finanaal statemerts gr￿ ¥ and fair viv Oft￿ state of afvts ofthe Charitab￿ comp8ny at Ihe ¢n¢J of each finan0¥ year and rf d5 suryALts or d￿￿t for each finwri81 year in accordanee wrth the r8quiremenls of SectbX5 394 and 396 arxl comtty ￿th the r4uir￿6nts Oft￿ Comp8nies Aci 2(Th reiqtirffJ to finartAI stat&neftts, so faras aWK8tAe to ths ¢hantat48 company. Ibl These fin4n¢i41 statements have t¢en prepar•J in •rKryd•nc tAh th& F¥0YN.K￿ ppl¢•bb to eharitable compar subJ"6ct to the sm811 c(mpanie5 wme. Thefirrancial statsrnerts￿e apprfftd g¢¢Td OfTl￿tee5 aLthOwdkn￿UeQ￿............. and ¢)n its t)eh4tt by". C D Sin45-Tru5tee LL P•Ja 14

Kennet and Avon Canal Trust (The)

Consolidated Cash Flow Statement
for the Year Ended 31 December 2021
2021
Notes
£
Cash flows from operating activities
Cash generated from operations
1
52,978
Net cash provided by operating activities
52,978
Cash flows from investing activities
Purchase of tangible fixed assets
(6,949)
Sale of fixed assets
-
Interest received
1,487
Net cash provided by investing activities
(5,462)
Change in cash and cash equivalents in
the reporting period
47,515
Cash and cash equivalents at the
beginning of the reporting period
457,067
Cash and cash equivalents at the end of
the reporting period
504,582		 2020
£
(103,926)
(103,926)
(4,591)
1,250
1,658
(1,683)
(105,609)
562,676
457,067

The notes form part of these financial statements

Page 15

Kennet and Avon Canal Trust (The)

Notes to the Consolidated Cash Flow Statement for the Year Ended 31 December 2021

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
2021 2020
£ £
Net income for the reporting period (as per the Statement of Financial
Activities) (31,960) (116,885)
Adjustments for:
Depreciation charges 46,185 46,961
Loss on disposal of fixed assets - 900
Interest received (1,487) (1,658)
Decrease/(increase) in debtors 46,410 (15,785)
Increase/(Decrease) in provisions for liabilities (2,912)
Increase/(Decrease) in creditors (6,170) (14,547)
Net cash provided by operations 52,978 (103,926)
2. ANALYSIS OF CHANGES IN NET FUNDS
At 1.1.21 Cash flow At 31.12.21
£ £ £
Net cash
Cash at bank and in hand 457,067 47,516 504,582
457,067 47,516 504,582
Total 457,067 47,516 504,582

Page 16

continued...

Kennet and Avon Canal Trust (The)

Notes to the Financial Statements for the Year Ended 31 December 2021

1. ACCOUNTING POLICIES

Charity information

Kennet and Avon Canal Trust (The) is a private limited company limited by guarantee and incorporated in England and Wales. The registered office is Devizes Wharf, Couch Lane, Devizes, SN10 1EB.

Kennet and Avon Canal Trust (The) and its group meet the definition of a public benefit entity under section 34 of FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value, unless otherwise stated in the relevant accounting policy.

The principal objectives of the charity are detailed in the Trustees report.

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) ‘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) (effective 1 January 2019)’, Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Companies Act 2006.

The financial statements are presented in sterling which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

Basis of consolidation

The accounts of the trading subsidiary, The Kennet & Avon Canal Trust (Enterprise) Ltd, are consolidated with the accounts of Kennet and Avon Canal Trust (The) in accordance with current legislation. Inter group income and expenditure is eliminated and all income and expenditure relates to external transactions only. A separate Statement of Financial Activities, or income and expenditure account, for the charity itself is not presented because the charity has taken advantage of the exemptions afforded by section 408 of the Companies Act 2006 and section 24 of SORP 2019.

Income

All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:

Voluntary income is received by way of grants, donations and gifts and is included in full in the statement of financial activities when receivable.

Donated services and facilities are included at the value to the charity where this can be quantified. The value of services provided by volunteers has not been included.

Grants are recognised in full in the statement of financial activities in the year to which they relate. Subscriptions are included in the statement of financial activities when received.

Legacies are included when the charity is advised by the personal representative of an estate that payment will be made or property transferred and the amount involved can be quantified.

Expenditure

Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates. Fundraising and publicity costs comprise the costs actually incurred in producing materials for promotional purposes and of raising funds through various fund raising events. Support costs include governance costs which are costs associated with the governance arrangements of the charity and relate to the general running of the charity as opposed to those costs associated with fundraising or charitable activity. These costs have been allocated between cost of raising funds and expenditure on charitable activities.

Page 17

continued...

Kennet and Avon Canal Trust (The)

Notes to the Financial Statements for the Year Ended 31 December 2021

1. ACCOUNTING POLICIES – continued

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property - is not depreciated Freehold buildings - 2% on straight line basis - Long leasehold & Boats 5% on a straight line basis - Plant and machinery 25% on straight line basis Fixtures and fittings - 15% on reducing balance Computer equipment - 20% on a straight line basis

Boats are included in the accounts at deemed cost, based on historic valuations. This is a change from the previous accounting policy which was that the boats were revalued by the Directors based on current trading value.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Termination benefits

The charity recognises a liability for termination benefits at the point where the charity is committed to making the payments in return for employee redundancy.

Financial instruments

The charity has only financial assets and financial liabilities of a kind that qualify as basic financial instruments, as defined by FRS102. The financial assets and liabilities and their measurement basis are as follows:

Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments.

Cash at bank - is classified as a basic financial instrument and measured at fair value.

Financial liabilities - trade creditors, accruals and other creditors are financial instruments and are measured at amortised cost. Taxation and social security are not included in the financial instrument disclosure definition. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company’s pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Going concern

There are no material uncertainties related to events or conditions that may cast significant doubt upon the charity’s ability to continue as a going concern.

Page 18

continued...

Kennet and Avon Canal Trust (The)

Notes to the Financial Statements for the Year Ended 31 December 2021

2. DONATIONS AND LEGACIES

Group and charity

Group and charity
Grants and donations
National Lottery Heritage Fund
Coronavirus Job Retention Scheme
Legacies
Gift Aid Reclaims
Subscriptions
Fundraising
3.
OTHER TRADING ACTIVITIES
Group and charity
Admissions
Crofton car park
Rent received		 2021
£
81,734
-
-
18,396
9,555
23,111
-
132,796
2021
£
12,371
860
12,579
25,810		 2020
£
105,354
55,681
11,232
50,000
6,268
24,473
4,041
257,049
2020
£
3,241
645
10,187
14,073

Page 19

continued...

Kennet and Avon Canal Trust (The)

Notes to the Financial Statements – continued

for the Year Ended 31 December 2021

4. INVESTMENT INCOME

Group and charity

Bank interest receivable
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
Independent examiner’s remuneration (excluding VAT)
Examination and preparation of the Group Accounts
Preparation of accounts for the trading subsidiary
Other services
Depreciation – owned assets
Hire of plant and machinery
Deficit on disposal of fixed assets		 2021
£
1,487
2021
£
3,400
1,200
1,450
11,380
670
-		 2020
£
1,566
2020
£
3,900
1,250
265
11,097
669
900

5. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

6. TRUSTEES’ REMUNERATION AND BENEFITS

There were no trustees’ remuneration or other benefits for the year ended 31 December 2021 nor for the year ended 31 December 2020.

Trustees’ expenses

There were no trustees’ expenses paid for the year ended 31 December 2021 (2020: One Trustee was reimbursed for travel expenses totalling £56).

7. STAFF COSTS

Wages and salaries
Social security costs
Pension
Other costs
The average monthly number of employees during the year was as follows:		 2021
£
37,146
-
423
147		 2020
£
79,668
1,859
1,056
801
37,716
2021
2		 83,384
2020
2

The average monthly number of employees during the year was as follows:

No employees received emoluments in excess of £60,000 (2020: None).

No employees recevied termination benefits during the year. (2020: £16,000)

Page 20

continued...

Kennet and Avon Canal Trust (The)

Notes to the Financial Statements – continued for the Year Ended 31 December 2021

8. COMPARATIVES FOR THE STATEMENT OF CONSOLIDATED FINANCIAL ACTIVITIES

Unrestricted
funds
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
169,736
Other trading activities
Commercial trading operations
14,073
54,912
Investment income
1,566
Other income
9,298
Total
249,585
EXPENDITURE ON
Raising funds
Commercial trading operations
7,891
209,668
Charitable activities
Charitable activities
148,964
Total
366,523
NET INCOME
Transfer between funds
Net movement in funds
(116,938)
(1,877)
(118,815)
RECONCILIATION OF FUNDS
Total funds brought forward
1,239,734
TOTAL FUNDS CARRIED FORWARD
1,120,919		 Restricted
Total
funds
funds
£
£
87,313
257,049
-
-
14,073
54,912
-
1,566
-
9,298
87,313
336,898
-
-
7,891
209,668
87,260
236,224
87,260
453,783
53
1,877
1,930
(116,885)
-
(116,885)
77,989
1,317,723
79,919
1,200,838

Page 21

continued...

Kennet and Avon Canal Trust (The)

Notes to the Financial Statements – continued for the Year Ended 31 December 2021

9. TAXATION

All of the charity’s income is applied for charitable purposes and therefore the charity is exempt from corporation tax. The charity’s trading subsidiary had a corporation tax liability of £Nil for the year ended 31[st] December 2021 (2020: £Nil).

9. TANGIBLE FIXED ASSETS

Group

COST
At 1 January 2021
Additions
At 31 December 2021
DEPRECIATION
At 1 January 2021
Charge for year
At 31 December 2021
NET BOOK VALUE
At 31 December 2021
At 31 December 2020		 Freehold
property
£
297,204
-
297,204
59,735
4,004
63,739
233,465
237,469		 Long
leasehold
£
65,302
-
65,302
45,253
1,568
46,821
18,481
20,049		 Plant and
machinery
£
174,954
3,730
178,684
109,327
13,235
122,562
56,122
65,627		 Fixtures
and
fittings
£
54,804
3,219
58,023
45,288
2,027
47,315
10,708
9,516
COST
At 1 January 2021
Additions
At 31 December 2021
DEPRECIATION
At 1 January 2021
Charge for year
At 31 December 2021
NET BOOK VALUE
At 31 December 2021
At 31 December 2020		 Boats
Totals
£
£
507,000
1,099,264
-
6,949
507,000
1,106,213
125,000
384,603
25,350
46,184
150,350
430,787
356,650
675,426
382,000
714,661

Page 22

continued...

Kennet and Avon Canal Trust (The)

Notes to the Financial Statements - continued for the Year Ended 31 December 2021

9. TANGIBLE FIXED ASSETS - continued

Charity

COST
At 1 January 2021
Additions
At 31 December 2021
DEPRECIATION
At 1 January 2021
Charge for year
At 31 December 2021
NET BOOK VALUE
At 31 December 2021
At 31 December 2020
COST
At 1 January 2021
Additions
At 31 December 2021
DEPRECIATION
At 1 January 2021
Charge for year
At 31 December 2021
NET BOOK VALUE
At 31 December 2021
At 31 December 2020		 Freehold
property
£
297,204
-
297,204
59,735
4,004
63,739
233,465
237,469
Totals
£
458,642
3,654
462,296
184,801
11,380
196,181
266,115
273,841		 Long
leasehold
£
65,302
-
65,302
45,253
1,568
46,821
18,481
20,049		 Plant and
machinery
£
41,332
435
41,767
34,525
3,781
38,306
3,461
6,807		 Fixtures
and
fittings
£
54,804
3,219
58,023
45,288
2,027
47,315
10,708
9,516

10. FIXED ASSET INVESTMENTS

Charity

Charity
Unlisted
investment
£
MARKET VALUE
At 1 January 2021 and 31 December 2021 1,000
NET BOOK VALUE
At 31 December 2021 1,000
At 31 December 2020 1,000

There were no investment assets outside the UK. Investments represent 100% of the issued share capital in The Kennet and Avon Canal Trust (Enterprise) Limited.

Page 23

continued...

Kennet and Avon Canal Trust (The)

Notes to the Financial Statements - continued for the Year Ended 31 December 2021

11. SUBSIDIARY COMPANY

The charity has a wholly owned trading subsidiary, The Kennet & Avon Canal Trust (Enterprise) Ltd, company number 02679756, which is incorporated in the United Kingdom. The principal activity of The Kennet & Avon Canal (Enterprise) Ltd is to operate boat trips and sales of gifts and souvenirs.

A summary of the financial performance of the subsidiary is shown below:

Turnover
Total expenditure
Other income
Profit / (loss)		 2021
£
164,476
200,638
-
(36,162)		 2020
£
54,870
(210,575)
10,042

(145,663)

The assets and liabilities of The Kennet & Avon Canal Trust (Enterprise) Ltd were:

Current assets
Current liabilities
Total net assets
Share capital and reserves		 2021
£
460,392
(113,111)
347,281
347,281		 2020
£
474,126
(90,683)
383,443
383,443

Expenditure includes interest payable to the parent charity of £930. This transaction has been eliminated on consolidation in the group Statement of Financial Activities.

Page 24

Kennet and Avon Canal Trust (The)

Notes to the Financial Statements - continued for the Year Ended 31 December 2021

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


Trade debtors
Other debtors
Amounts owed by group undertakings
Prepayments and accrued income		 Group
2021
2020
£
£
-
2,216
-
42,221
3,989
-
7,113
9,529
9,329
55,739		 Charity
2021
£
-
-
97,177
5,095
102,272
2020
£
40,819
685
70,023
6,633
118,160

Included within amounts owed by group undertaking is an amount of £97,177 (2020: £70,023) that is falling due after more than one year.

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


Trade creditors
Social security and other taxes
Accruals and deferred income		 Group
2021
2020
£
£
3,608
11,224
866
-
5,730
5,150
10,204
16,374		 Charity
2021
£
202
243
4,080
4,525		 2020
£
2,069
-
3,900
5,969

Page 25

continued...

Kennet and Avon Canal Trust (The)

Notes to the Financial Statements - continued for the Year Ended 31 December 2021

14. MOVEMENT IN FUNDS

Unrestricted funds
General fund
Trading subsidiary
Restricted funds
Our Crofton Story (NLHF Project) Fund
Bradford on Avon Projects Fund
Bedwyn Wharf Development Fund
Archimedean Screw Conservation Fund
President’s Fund
TOTAL FUNDS		 At 1.1.21
£
738,476
382,443
60,419
5,000
5,000
9,000
500
79,919
1,200,838		 Net
movement

in funds
£
23,202
(36,162)
-
(5,000)
(5,000)
(9,000)
-
(19,000)
(31,960)		 Transfers

between
funds
£
60,419
-
(60,419)
-
-
-
-
(60,419)
-		 At
31.12.21
£
822,097
346,281
-
-
-
-
500
500
1,168,878

The transfer between Our Crofton Story (NLHF Project) Fund of £60,419 to the unrestricted fund was deemed appropriate because Kennet and Avon Canal Trust (The) had satisfied the restriction through completion of the project.

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Trading subsidiary
Consolidation adjustments
Restricted funds
Bradford on Avon Projects Fund
Bedwyn Wharf Development Fund
Archimedean Screw Conservation Fund
TOTAL FUNDS		 Incoming
resources
£
162,632
164,476
(930)
-
-
-
-
326,121		 Resources
Movement
expended
in funds
£
£
(139,430)
(200,638)
930
23,202
(36,162)
-
(5,000)
(5,000)
(5,000)
(5,000)
(9,000)
(9,000)
(19,000)
(19,000)
(358,081)
(31,960)

Purposes of restricted funds

Crofton houses the world’s oldest fully working beam engine. Our Crofton Story (NLHF Project) fund was created to conserve Crofton whilst developing out interpretation, activities and visitor facilities and secure Crofton for future generations. The project was accepted as complete by NHLF in December 2020.

The Bradford on Avon Projects Fund, Bedwyn Wharf Development Fund and Archimedean Screw Conservation Fund were established following receipt of restricted grants in 2020, and the associated work was completed in 2021.

The President’s fund was set up by a donation from the Trust President to fund volunteer’ travel expenditure, to be used at the discretion of the Trust Chairman.

Page 26

continued...

Kennet and Avon Canal Trust (The)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2021

14. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds
General fund
Trading subsidiary
Restricted funds
Marina Project
Our Crofton Story (NLHF Project) Fund
Bradford on Avon Projects Fund
Bedwyn Wharf Development Fund
Archimedean Screw Conservation Fund
Crofton Donation Box Fund
President’s Fund
TOTAL FUNDS		 At 1.1.20
£
711,628
528,106
1,220
76,269
-
-
-
-
500
77,989
1,317,723		 Net
movement

in funds
£
28,725
(145,663)
-
(20,347)
5,000
5,000
9,000
1,400
-
53
(116,885)		 Net
Transfers

between
funds
£
(1,877)
-
(1,220)
4,497
-
-
-
(1,400)
-
1,877
-		 At
31.12.20
£
738,476
382,443
-
60,419
5,000
5,000
9,000
-
500
79,919
1,200,838

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Trading subsidiary
Consolidation adjustments
Restricted funds
Marina Project
Our Crofton Story (NLHF Project) Fund
Bradford on Avon Projects Fund
Bedwyn Wharf Development Fund
Archimedean Screw Conservation Fund
Crofton Donation Box Fund
Coronavirus Job Rentention Scheme Grant
TOTAL FUNDS		 Incoming
resources
£
195,581
64,912
(10,908)
-
55,681
5,000
5,000
9,000
1,400
11,232
87,313
336,898		 Resources
Movement
expended
in funds
£
£
(166,856)
(210,575)
10,908
28,725
(145,663)
-
-
-
(76,028)
(20,347)
-
5,000
-
5,000
-
9,000
-
1,400
(11,232)
-
(87,260)
53
(453,783)
(116,885)		 Resources
Movement
expended
in funds
£
£
(166,856)
(210,575)
10,908
28,725
(145,663)
-
-
-
(76,028)
(20,347)
-
5,000
-
5,000
-
9,000
-
1,400
(11,232)
-
(87,260)
53
(453,783)
(116,885)
53
(116,885)

15. CHARGES

The Trustees of the National Lottery Heritage Fund hold a legal charge over the freehold property known as The Old Pumping Station, Crofton, Marlborough, Wiltshire, SN8 3DW.

16. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 December 2021.

17. ULTIMATE PARENT UNDERTAKING

The ultimate controlling party is the Board of Trustee Directors.

Page 27

Kennet and Avon Canal Trust (The)

Notes to the Financial Statements - continued for the Year Ended 31 December 2021

18. COMPANY LIMITED BY GUARENTEE

Kennet and Avon Canal Trust (The) is a company limited by guarantee and accordingly does not have a share capital.

Every member of the company undertakes to contribute such amount as may be required not exceeding £1 to the assets of the charitable company in the event of it being wound up while he or she is a member, or within one year after he or she ceases to be a member.

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Kennet and Avon Canal Trust (The)

Detailed Statement of Financial Activities for the Year Ended 31 December 2021

INCOME AND ENDOWMENTS
Donations and legacies
National Lottery Heritage Fund
Grants and donations
Gift aid
Legacies
Subscriptions
Coronavirus Job Retention Scheme
Fundraising
Other trading activities
Admissions
Crofton car park
Rent received
Investment income
Bank interest receivable
Interest from trading subsidiary
Commercial trading operations
Commercial trading operations
Grant from trading subsidiary
Other income
Sundry income
Total incoming resources
EXPENDITURE
Raising funds
Butty costs
Advertisement & Publicity
Fundraising costs
Commercial trading operations
Costs of trading subsidiary
Interest on loan paid to parent
Total costs of raising funds
Charitable activities
Wages
Social security
Pensions
Hire of plant and machinery
Rates and water
Insurance
Light and heat
Telephone
Postage and stationery
Sundries
Bank charges
Grants payable
Carried forward		 2021
£
-
81,734
9,555
18,396
23,111
-
-
132,796
12,371
860
12,579
25,810
2,417
(930)
164,476
-
1,609
326,178
2,489
524
993
4,006
200,638
(930)
203,714
37,146
-
423
670
752
9,874
2,258
4,381
149
838
1,161
-
57,652		 2020
£
55,681
105,354
6,268
50,000
24,473
11,232
4,041
257,049
3,241
645
10,187
14,073
2,474
(908)
64,912
(10,000)
9,298
336,898
3,018
1,769
3,104
7,891
210,576
(908)
217,559
79,668
1,859
1,056
669
2,045
8,402
5,841
3,966
638
725
1,150
1,684
107,703

This page does not form part of the statutory financial statements

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Kennet and Avon Canal Trust (The)

Detailed Statement of Financial Activities
for the Year Ended 31 December 2021
Charitable activities
Brought forward
Health & safety
Staff training
Recruitment
Rent
Repairs & maintenance
Depreciation
Coal
NLHF project costs
Computer costs
Travel costs
Support costs
Governance costs
Independent examiner’s remuneration
Accountancy fees
Other professional costs
Total resources expended
Net income		 2021
£
57,652
7,667
72
75
1,200
56,602
11,381
5,301
-
4,513
-
144,463
1,200
4,050
4,711
9,961
358,138
(31,960)		 2020
£
107,703
4,526
561
240
1,200
36,146
11,097
528
66,047
1,209
448
229,705
1,200
3,048
2,272
6,520
453,784
(116,885)

This page does not form part of the statutory financial statements

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