REGJSfERED COfvIPAfiY YUMBER.. 010698611 (FttglaTrd and Wales) REGisfERED CHARITY NLMBER: 245875 REPORT OF THE TR . UNAIIDITED Fll%AliCIAL sfATEMENTS R ThE YEAR ENDED 31 . FOR SHROPSUIRE UNION CAN 41 ch￿￿1[¢ S¢reg¢ TF9 IPH SHROPSHIRE UNION CANAL SOCIETY LIMITED co.YrENTS OV THE FITh Af4CIAL SfATIIMEP*YS FOR T P*g¢ Report ofthtTruste¢y I to 3 Independent knminer's Report ststthent of FID*m¢l*l Atllvltk8 Balanee Shttt 6 to 7 Notrj to the Slxtwllmts 8 to 14 Detalied Ststement of FINaDcial Acknit 15 tt> 16 REPORT OF THE TRusfEFS R THE YEAR ICFMED 31 MARCH 2022 11)¢ truytees who aye also dir￿torS of the ch￿lty for the purym￿ of the c￿lES Act 2Q)6. their report with the fmhncia] state￿entS of the cknrty for thc Y￿ ended 31 March 2(122. The tsustees have adopted the provision8 of Accoutttin8 and Reporting by Charilics: Slaf¢tDcllt of Rttommended PtBctice applicable w clwities wepwing their aecounts in accordance with the FiJJatt¢ial Rwting Stslldtrd applicable ill the UK and R¢pubii¢ of Irelaud (FRS 102) {¢tTe￿1ve l Jaowry 2019). SlgnifKant #ctfvltleg The kniety is ¢ommitt¢d ¢0 that th¢ UDiOn C4J)al n¢iwrt ¢OVttll)g the Llangollen and M¢mtgomery Cattals &8 w611 as thv Shrop5bir¢ UDion Card itself includ￿g the Mi&llewicb BraDch, 15 maintaiti¢d and eithancod for the b￿$fil of all users And visitofs. We scek to iufiu¢nrK atKI CUGO￿the Colla] and Rivff Tr￿￿tt0 dtrect its efforts to the benefit of all wers through the matlltenatv and ext￿s1On of fwililies such a5 Visitor mooritigs, seats alld pi¢ui¢ table5 throughout the s1￿0p5hire Union ca￿￿ network Thc &Kiety h&8 CODtillued to ￿ involv¢d with and to support a numbcr of sister organis&ions within ow geogrnphical area of aGtivtty. whe￿ planning our activiti￿ for th¢ year. wc rotisider the Charity comm￿￿10￿.98￿ida[￿t on t￿b]icbe￿efil W¢ are acthv¢ly ¢ommitt¢d to the r¢storation of the Mowmoy Canal 8nd w¢ T￿nain fo¢used on the l¢llgth of the canal between PryceB Brid8e and Crickneath Bridg& The present known ￿ the Crickheath HLF Phase, ￿ been undeThvdy for 4 ycars with testored attd ¢omplded 5¢¢tio￿ at IM)th ¢nds of thc lffjth. Aitbough pl￿￿ed to be complet by th¢ end of 2021. the CONryd-19 palldemic h&% forced att &xtension of projrft to the ¢nd of 2022 and ow PaGti¢al contnThlltion in thc shape of * restoration wwk parti￿ to rcstorc the chauncl cO]Jtkn￿S. More d¢tsil of whot restordtion has bccn achiEV￿ra0 be f{￿jE)d￿ wcb5it&Thi¥wJhrop5hir¢wEion.or&uklc4tegoryAworkparty with regular suippets also ttow published thr￿8￿ g￿la1 media. We look frn¥aTd kn the eXte0s￿on of the oavigabl¢ Mon¢gotn C8tJal beyond GrOnWe￿ to Cri¢kheath. PlaDning and initial w to restore the ¢aDal south of Crickheath Bridge ultim*ly far &8 School HDU8¢ Bridge have progressed in p￿ll¢l with the CtKkheath HLF ProjecL A survey #nd wd evalu&tion work have b¢¢n undtttaken and aD approach th the resti)ratiott of Cri¢kheath Ivharf •le to ix)th Canal and River TNst heritage and engineerlljg S￿la]iSts b¢￿ agree4J. A lic¢llc¢ coV￿l￿g m05t of thc Sitc I￿S beell grdllted by Natt￿&1 Bngla]Ml for Grethr c￿led Newts a]tIK*ugh sotoe rfologi¢ai wotk ren1a1￿. This has allowed iti1ti￿ ¢05t ¢stitnat¢s to be pr¢par¢d Iiith a vi¢w to starting restoration work in the first qu8rter of 2023. This move away from a Canal and River Th￿mallag￿ projcd highlights a growing TKd for major fiDMkning activity ia the kn terlll to &void illyactin8 th¢ tEmpo of ￿5t￿￿tIOn on the Mont8omery. For this yearthe knis forthe Soci￿$ *)mot fu￿j￿)g tyG]o I￿ rethi￿{ desLTibod for th¢1&# 4 Ye￿.. with t￿ start of thr Critkheath HLF Ph&Ye for the Montgomery CAnal, restoraÉi(x) £4)5ts are met by the project thrnugh Cwwl and River Trust SO OUT work partics virtually ￿>s[ neutral. Agwnst this Society granted £60.IMM) to the Canal ond River Trust as parf of the fi￿￿Ing forthe proje¢L Neverth¢l¢ss donttiow from membets andthe genera] public rcmain an llnporlant ¢omponmt of th¢ ov¢Yail fimding of th¢ So¢i¢ty togethv with oth¢r activities and we thatlk all who have contributed ovcrthc w fi[￿￿1￿1 ye4r. This y¢Ar th¢ Soci¢ty$ ￿cOLEnts 88alli slK)wa healthy of £24,919 which illclud&5 a 8ratefithy r¢¢¢iv¢d gr￿t fro]n th¢ Lcul Postuth Whenthe revaluation of inv&stment is incl￿ the surplus ri￿ to £31,356 Page I SHROPSHtRE UNION CANAL SOCIETY LtMtrLfD REPORT OFTIIE T IfOR THK YEAR KNDED 31 MARCH 2￿2 FINANCIAL REVIEW Ittvestment policy and obje¢titr'eg The ￿en￿randu￿ gives th¢ trust￿ rrt)WC￿ to illvtst ordeal in the fi]nd8 of the knicty, immediately required for its purpiises, ih) such maDLer &s ill the discreSiM of the Society Jray d¢(ta￿ty1. Re5ervcs Th¢ OpeTaling Reserve creatrd Tll 2012 10 0)w 2 y¢4[3 aL*ivity ha8 ir•] rrvi¢wd to tDclude chattgth to iKJth the Socictys activiti¢3 and costs. This desi8nation is ID ￿litIon to Swh ￿erVeS they ¢onsidtt n*eswy to tlleet fOrthco￿l￿g obligations and comrniljncnts: Capital pmjeGts £ 31,IJKI SoGiety Dperatllig costs £ 8.IMXJ TtxiThing £ 5,000 Total Reserv¢: £ 44.IXXI Investments Th6 charity oFvatBs a low ri8k investmeDt ￿11¢Y to saf¢gutrd its ¢￿h holdi Risks The Truste￿ h&v¢ id¢niified thc major risks to Which Ihe Cjwity is A fornjal Health and Safety Policy documettt has been approvd. The risk5 policy are regul8Ay r¢vi¢wed aJKI aclion taken to rnitigate eX￿}sure and revise th¢ policy. additi￿ the Th]stees are rar¢ful to w)vid¢ ￿quate i]Jsuw¢¢ ¢over for both public and tnploy¢¢s {volunteers} liabiliti￿. Grnnts are onty D￿de towards pYoj¢¢ts oll the Shryhire unlo￿ S￿M of Canals . &s S￿ified iu th¢ knicles of A880ciation. Th¢ Trust¢¢s germlly seek to mak¢ gtants to 8￿￿￿te fisrthw fiuKltug, whether this is to release funds srRucfuRQ GOVKRNANCE Af*l) MANACEMENT GoYernTDg doeumeht The charity is controlled by its govming deed of trusL and o)nstitsJta¥ a limited ci)ttJP8Dy, limiteii by 8uarante4 as defi11￿ by th¢ compa￿ Act 2LKI6. Org4ntsalloDo1 itruetllre Th¢ Soci¢ty is regist￿￿ ￿ a Ciwity t￿. 245875 and 18 a compny limit￿1 by 8ugrante4 re￿ in EDglaDd and Walcs numb¢r 1069860. The governing dL*unKttt 1$ atld llrti¢les of aw¢latio￿ all attributable activitt6S of th¢ Society are appm¥¢d by a Cw¢il mctnbet5 (Trus*w}, listed at it￿￿ l abov¢, are id¢ntifi¢d by their intorest, life care¢r skills. They are appointed by UOllLitiatiOll at the A.G.M.. or Gan b¢ CO￿t¢d by CthLDcii duting the Y￿ and their initial intriNknoll utiiisss Cbarities Con￿13510￿ leafjet CC3. Where appropriate. Sp￿La]ist trall)ing (Skill ACCI￿ltatiO￿ Health and Safety, First Aid) is PTovid¢d for those tsking rArt ill Society a¢tiYiti¥. ThE registernl offi¢¢ is I{￿atr4 with our Acrwjlwts: B3￿i￿o￿ 41 ￿¢Shi￿ StreeE M8rtet Drayton Swtre TF9 IPH. Th¢ ChaTity$ baDkers are the NatioNI W¢stinintr BaDk pk HSBC. The bulk of the societys fimd8 ate held with Tr CCiA Inv¢slment Limited. Th¢ COIF ChaTitie5 Deposit Fund alld M&G8 Equitie5 Inv¢slln¢nt Fund for Cktitie5. cP￿ri￿￿. Ri8k m8llaEemeDt The Iru5tr¢$ haye a thity fo idenfify a￿d retri¢w the risks to vALith the charity is exposed and to ensure appropriate ¢olltrL)is are in place to provid¢ r¢wn8bl¢ wurdnce against fixud and ¢rror. REFERENCF. AND ADhf[NJSll￿TllVE DETAIIS Registcrcd CompAny number 010698d> IEn8lalld alld Waks) 24587$ 41 ¢he8bir¢ IYJC4tter R T AIIBW(k%8lRtyl. 9,322) (wDtht16322} THuB￿(￿¢s1￿1]5,l22l) P ARl¢hards P Gfol&t¢r RDFeelle¥ TFW. &t2z) S QC]eN¥{*WA)i￿ZLl22j sMPRknw(*n￿Ith13t.II2j AllLtrrwvfi1814wtstrA" 41 (¥vhiÈ MIPH qDKPE DEYL r F,XAMLYER'S K#PORT TO THE TRUSTE SE[RoPSHll￿ UNIO NAL SOCIETY LIMrrED OF rodeptndeDt ex*mlh¢r's report to tbe tr￿•￿$ ofshrnp5hire Can*l Society e¢hc ConLpany') I r¢port to the ¢harity tnL8fLu on my eXaIllit￿￿ of the a¢¢0￿￿ts of th Cowy for the ycar Mded 31 ￿t￿nh 2022. Reswbnslbilitleq and lJasLsvf r¢port A$ the charills tr￿￿te£S of th¢ Compglly (atyl also its dir￿10[5 forthe purposes of compauy law) you are responsible for the prepatationofthe ?￿l￿nts in ac¢wdw with the requir¢4neDts of the Cowies A¢t (Ibe 2006 Art?. Havijjg ￿tisfied myself that th¢ accounts of the Com￿lY are not requird trj ￿ audi*d urder Part 16 of th 2006 Act and are eligibl¢ for ind¢rKndellt exam1llthio￿ I tEp)rt in resped of ￿Y ¢xamiDthon of your charitys &¢¢ounts carried ollt undcr s¢¢tion 145 of the Charities A¢t 2011 ethe 2011 Acf). In WyiDg out my ewnittatiun J haye followd the Dire¢tioJJs giveu by the Charity Cwmi￿¢)ll uth settion 145{5) (b) of th¢20II Act. Indepelldent ¢xaminer'5 5tateoe&t I baye completed my exalnit￿￿oll. I confirtu that no mattus hav¢ come to my attelltion ilk ¢omx¢Aiott with tho exami￿￿lI)n giving m¢ believ¢: acGountingrec4)td5 not kqrt tll resp*t 0ftheC4NP￿ 88 reqvrd by 5rftion 386 ofth¢ 2006 Ac( or the accountsdo llot acc¢)rdwith th056 r￿. or the accounts do not cowly with th¢ ac￿)￿tiO8 Tquxrthllwts of %(4ion 396 of tTr¢e 2006 Act otEw thall ony requirement th8tth¢ a￿ollDts ￿ a true Atsd f8irviEwwhwh is not a ¢4>n8idued a5 ￿of$D itide1￿dent the %counts bave llot be¢n tryared ID wilh the 8nd priAciples of the Statsment of Recommended Praetirx ￿a￿Oll￿ting aad Y¢wtsD8 by dwitic6 (applicabl6 to charities prcptring their a¢￿unts In ac￿r￿an¢t with the Reporting Standard appliLzbl¢ in the UK aodRepublic of Ir¢l&nd (FRS 102)). Andr¢w Wi]sb&w FCA cfA Bartingtolls Limited 41 Cheshu¢ Stre Shropshi TF9 IPH 2210712022 SHROPSlItRE uf410N CAN srATEMETrIT OF FINANCIAL AcrivrtIES CORPORATLYG AN INCOIIE AND EXPENDITURE ACCOU FOR THE YEAR ENDED 31 MARCH 2022 2022 2021 fi￿d$ fjJnLts INCOME AND ENDOWMEIYTS FROM Donativn$ and legacies 23274 53.769 77.043 64,399 ChArltable 8Ctfvlties Grnnts paid 13.335 13.335 Other traditig È¢tiviti¢y Invatsnent incom¢ 3.081 3.081 1.952 1.033 Tot81 44236 $3.769 98,005 67,384 EXPENDITURE ON liaisiDg fimds 4,784 4.784 3,783 Ch*rtt8ble activitles Grants paid Cri¢kheath HLF Ph Crickheath South 11375 44,146 11227 1,324 53.769 64.996 1,324 1,982 1,896 Total 19317 53.769 73.086 622lX) NET INCOME 24.919 24.919 5,184 Other reeognnwj gaillsl(Its￿) Gains oll maiuation of awts 6.437 6,437 8.336 Ne¢ movement in fun 31,356 31.356 13.520 RECX)NCILIATION OF FUNDS Totsl funds brougbt forward 196253 32J70 228.623 215.103 227,009 32,370 259,979 228,623 SHROPSHIRE LNION C CIETY LI￿￿tIED BAL￿ryCE SHEEr 31 MARCH 2022 2022 2021 Totsl fi￿d& No¢¢s FIXED ASSETS 94,773 88,336 CURRYNT A&SETS Debtors C&th at knk 5,498 142,015 5,498 174J85 2,622 149.576 32,370 147.513 32.370 179,883 152,198 CREDITORS Amounts falling du¢ within one y 10 (5.137) (5.137) (2.571) NET CLRIIENf A&gErs 141376 32.370 174,746 149.627 LtABILrtIES 237,149 32.370 269J19 237,963 CRKDITORS (9.540) (9540) (9,340) NET A&SETS 227.009 32.370 259,979 228,623 l2 General fimd D&siwta Fu￿j 51,609 176,OlJO 70.253 126,000 227.609 196253 R&%tricted fimds 31370 32.370 TOTAL FUNDS 259,979 228,623 The charitable co]npany is wtitl&l to exeffjption from audit uDd¢r 477 of the Cowies Act 2006 for the year ended 31 Mar¢h2022. 31 March 2022 in ￿ordanCe with Se£¢ieDded related to the catwy. Wh¢re ¢0rt8 ¢aDllrt ￿ dirrftly attri￿ to headiDgs they have b¢erL allocatC41 Allo¢atlon oppTrrllonmeM¢ ofv)sts T#Dgible tlxed Dewrfiation is pmvid¢d at the followti18 rnt¢s in to write off ¢a¢h &8set over Ats e8tiThted useful life. Platlt and Dwbinery T&￿tiO The tharity is exetttprt from GortK)r&iontsX on itsclwithle activkti Fwid UDre8tricttyl finds callbe used in accordznLY Witbthe th&itabl¢ objgXi7rt5 at the disortiollof the trust￿. R￿tricted fil￿5 w ordy b6 ysed for p&rti¢ular restriCt￿pU[pOsry$ withill the objects of the charity. iiestrictioiis arise wh¢rL spccified by th¢ donor fi]tNls at¢ raisd forparticu]aT r¢striGted pwp0S￿. Further expiwttonofthe Datsf¢ 8lldpWN￿¢ of ea¢b fU￿d is included irtthe trjotrs to thc finwcial stffttsmetsts. P￿¢8 contiDued... NOTFSTO THE Fll4LYCIAL STATEMENIS- contiDMed FOR THE YEAR ENDED 31 MARCH 21122 2022 2021 Fundraising ¢Yents Sale of stamr6 CuttiDg3. advrrti5ing R¢-¢y¢littg 175 1254 148 85 1.014 28 3,081 1,952 2022 2021 Interest rtcefvabie. traditig 4,546 1,033 RAISING IIJNDS Ratslng donatlon$ amd i¢g•¢k• 20T2 2021 FwJdrai$illg CuttiDgs. printllw & pJstagE Support cl￿5 35 3.748 4.026 758 4.784 3.783 TRUSTEES, REMUNERATiof4 BENKms 31 March 2W21. Trust¢es' expenses During th¢ year 5 Inthes w&$ reimFAused fw travel at a total of £4,423 (2021. £3,745) and M trusle¢ w r¢imburs&l forGeneral ExpeLses12021. r￿￿). COMPARATIVFS FOR THE STATEhfENT OF FINANCIAL ACmqTIES u[￿estricted Restricted fimds Total INCOME AND ENtx>WKE￿rS FROM Dothations and legaci 26,955 37.444 64,399 Other trading a¢tiviti¢s Inv¢stsn¢nt incom¢ 1,952 ,033 1.952 l.033 37.444 67.384 ExPEND￿URE ON Rai8iDg futML8 3,783 3.783 Cknrit4ble •¢tlvltleJ Grdnts paid Crickheath HLF Plth 11375 37.444 12,375 44,146 6,702 SHROPSHIRE UNtor4 CANAL SOCIETY LIMITED NOTES TO TIIB FIPIANC VOR THE YEAR ENDED31 MARCH 21ll2 COMPARATIVFS FOR THE sfATEMENfoF FLNANCLIL Acfivi'i'iics. CO￿￿￿￿e￿ Untestricted Restricted fijnd Totsl 1,896 Total 12,381 49,819 62,200 NET INCOMEI(EXPEf4DITURE) 17,559 (12,375) 5,184 Other rtt•gDi4ed gF4in510(wes) Gaitts on revdluation of fixed &wts 8336 8J36 Net movement ID funds 25.895 (12375) 13520 REcof4CILIATION OFFIJNDS Total fuDds brought forw*rd 170,358 44.745 215.103 TOTAL FUNIK8 CARlitF.D FORWARD 196W3 3U70 228,623 TANGIBLK FIXED A&8ETS Plaut and COST At l April 21Y21 ard 31 Marth2022 12,427 DEPRECIATION A¢ l April 2021 atml 31 March 2tr22 12,427 NKT VALUE At 31 Marth 2022 At 31 March 2021 U￿19t¢d iIIV¢8ttnents MARKET VALUE At l April 2021 Revaluatio 88,336 6,437 At 31 March 2022 94,773 NET BOOK VALUE At 31 March 21J22 94,773 At3l ma￿2021 88,336 Poge 10 coDtittued... ANCIAL sfATEMwrs. FOR THE YEAR FNDKD 31 MAR FIXED INVLSTMKNYS. eiiDliTrued Cost orvaluation at 31 March 2022 is rewes¢ntsJ ty. UD]isted Valuation ID 2022 94.773 If fixed &%set illvesttnents Dot been r¢v8lw4J th¢ywouidl¥v¢ in¢lu&JJat the followinghistori¢al cost.. 2022 2021 Cost 80,000 80,000 FvKed ai*t illyE8tm￿ts Valu￿ on an Dwk¢¢ basi$4)th 3I March 2022 by Inves1m￿. Ori￿nal c05t of investrwit inthe 31 March 21r21 year £80.000 DEFfoRS: AMOUNfs FALLING DUK wrrHIN ONE YEAR 2022 2021 Othcr debtors PrnpaymEAts alld aCCr￿d inc4)me 2,539 254 5.498 2,622 Ith CREDITORS.. AMouf4TS FAILING DUE wifHIli O.YE YEAR 2022 2021 3,037 2.1(M) 1,071 1,500 AccnllL8 and (kferted InwrnE 5.137 2,571 CREDTfoRS: AMOUNTS FALLING DUE AFfER MORE THAN ONE YEAR 2022 2021 9,340 ntlnued... SHROPSHIRE UNION CANAL￿)ct￿Ty LIMtTED NOTES TO THE FINANCIAL sfATEM FOR AR ENDED 31 MARCH2022 -coDtiDued 11 MOVEMETrrr IN FUNJXS Net movenient At 31.3.22 At 1.421 Unrtstrleted fmnds General fi￿d 70253 (18,644) 50,IM)O 51.609 176,(MlO 196253 31 J56 227,609 Restrlthd Restricted Fund 32J70 32,370 TOTAL VUNDS 228.623 31.356 259,979 Net moYeJn¢ntiD inclth ID the abov¢ xe follows: GaiDs atyj Moyetllent ill filllds Unr¢strlcted f•nd¥ GM¢ral fjJDd 673 43.563 (19,3171 (18,644) 50,000 6,437 44236 (19Jl7) 6,437 31,356 Re5trided funds R¢8tricted Fund 53,769 {53.769) T(YTAL FUNDS 98.LKJ5 (73.086) 6.437 31.356 C¢)mparative8 for movement Ill funds Net mOv￿￿t At 31.321 At 1.4.20 Uttrestricted Gen¢rni fill D￿Jg￿￿ted Fund 46J58 124,OCM) 23.895 70253 126,000 170.358 25,895 196,253 R￿trIcted funds Re%tricted Fund 44,745 (12,375) 32.370 TOTAL FUNDS 215,103 13,520 228.623 Page 12 eontiuued... SHROPSHtRK U.YION CANALSOCIETY LIM￿ED NOTES TO THE F FOR THE YEAR E L StATEMENTS. ¢ontlD FJI 31 MARCH 2 11 MOVEMEPIT IN FUNDS- k>&Yes ID funds Unrestrleted funds General fund De5igDal&l Fuud (11381) 8336 23,895 2.000 29.940 (12,381) 8J36 25,895 Rw¢rictsd funds 37.444 (49.819) (12,375) 67J84 {622(K)) 8,336 13,520 A cumntyear 12 and priory¢￿ 12 MOD￿COmbin￿l￿Itlo￿ is ￿ frTriknvs'. N¢t At 31.3.22 At 1.4.20 in fw)ds UDTestricted G¢y]ernl thttd 46358 124,OOD 5251 52,IXM) 51,609 176,000 170,358 57251 227,609 Rtstrk¢¢d 44.745 (12J75) 32.370 215.103 44,876 259.979 A CUTrent year 12 mojth alld prilx year 12 ￿MbIned movan¢nt in iKtuded in above aTe as follows: Gal￿ and Movettient Unr¢strirt¢d funds GcDcrai fi]nd Ik5igtiated Fund 28.613 45.563 (31.698) &336 6.437 5251 52,0(KJ 74.176 (31.698) 14.773 57,251 Restricte41 fulld$ R65trICt￿ FUT 91213 {103588) {12,37S) TOTAL FUNDS 165.389 {135286) 14.773 44,876 Pwlj SHROPSHIRE UNION CANAL sociyry LIMITED .NOTES TO THE FINAIYCIALSTATKMEY FOR TH NDED 31 MARCH 21U2 Dtinued The Designated Trund r¢pro8ents finhjs set &side for the So¢i¢ty$ owatillg res¢rve, the Montgonwy C4Dal R¢s￿ratiOn and otherapproved So¢i¢ty co[Drri￿ts: 2022 2021 Authorised but not cont￿t￿ tr. CriGkh¢ath Futur¢ R&%toTatio Crickheath South OF¢rating K¢serye (see Page 3) 82,IHM) 118,000 Authoriscd & Contr8¢1￿1 f(r. CTickh¢ath South I4,(MMI Totals.. 176,¢MMI 126,000 R¢stri¢ted blmds comprise the elem￿1 of graots a￿1 donlltl￿s wived for specific proje¢ts ca￿led 2022 2021 Athoris&l but not eontract¢d for. Montgomery Slipway {Po*ys