Registered number: 00959890 Charity number: 259370
BRAYFORD TRUST LIMITED (A Company Limited by Guarantee)
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
BRAYFORD TRUST LIMITED
(A Company Limited by Guarantee)
CONTENTS
| Page | |
|---|---|
| Reference and Administrative Details of the Charity, its Trustees and Advisers | 1 |
| Chairman's Statement | 2 |
| Trustees' Report | 3 - 7 |
| Independent Examiner's Report | 8 |
| Statement of Financial Activities | 9 |
| Balance Sheet | 10 - 11 |
| Notes to the Financial Statements | 12 - 25 |
BRAYFORD TRUST LIMITED
(A Company Limited by Guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 29 FEBRUARY 2024
| Trustees | R A Costall |
|---|---|
| K W Darwin OBE | |
| Cllr R J A Metcalfe (resigned 28 May 2024) | |
| S Jackson | |
| J Free CBE | |
| Cllr N Tweddle (appointed 4 June 2024) | |
| G T Hewson | |
| D M Wellman | |
| J C Latham | |
| Company registered number 00959890 Charity registered number 259370 Registered office Cygnet Wharf Campus Way Lincoln LN6 7GA Company secretary D G Rossington Accountant Linda Lord BSc BFP FCA TEP Tower House Lucy Tower Street Lincoln Lincolnshire LN1 1XW |
Page 1
BRAYFORD TRUST LIMITED
(A Company Limited by Guarantee)
CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 29 FEBRUARY 2024
The chairman presents his statement for the year.
Routine maintenance continued over the year with no major project expenditure. I am pleased to say that wildlife continued to thrive, although as reported previously the swan population has never recovered to the level of their historic numbers for reasons clearly beyond our direct control. There was however some evidence of increasing numbers with two pairs nesting successfully producing a total of 10 cygnets.
The work undertaken by the Lincolnshire Rivers Trust continued to be well received by the public, adding a softer more natural look to the otherwise bare walls of the Pool’s eastern wall. The Rivers Trust hope to obtain funds to extend the planting along the northern wall.
Balancing the number of moorings for Narrow Boats with those for Cruisers keeps the Harbour team busy, as does ensuring the quality of the moorings and clearing rubbish from the Pool…an unfortunate consequence of our City Centre location. We have detected a general reduction in enquiries for cruiser moorings, an issue shared with other nearby locations with a feeling (but no direct evidence at this stage) that boating is becoming less popular with younger generations than was previously the case. Demand for narrowboat moorings has been maintained.
Demand for Visitor Moorings increased over the year, showing the popularity of a City Centre location.
The team has continued to deal with isolated incidents of anti-social behaviour, but only one of any real consequence. In this case the Trust was a victim of crime when someone removed one of the steps on the Viewing Platform between the upper and lower levels resulting in an individual who had climbed down during hours of darkness (early morning) past the ‘No Entry’ signs to the lower level, missing her step and falling through into the water.
Work continued with the University to produce a new independent Web Site.
The Trustees continued to meet four times a year along with meetings of the Finance Committee and work started on the development of a new Five-Year Plan to run from 24/25.
Cllr N Tweddle Date: 24 September 2024
Page 2
BRAYFORD TRUST LIMITED
(A Company Limited by Guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 29 FEBRUARY 2024
The Trustees present their annual report together with the financial statements of the Charity for the year 1 March 2023 to 29 February 2024.The Annual Report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the Charity qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Objectives and activities
a. Policies and objectives
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
The directors attempt to work closely with all other interested parties to ensure the preservation of Brayford Pool for the benefit of the public.
The Trust collect mooring fees, commerical rents and leases and use these resources for the general maintenance and preservation of Brayford Pool.
b. Activities undertaken to achieve objectives
Routine repairs and maintenance to the moorings and other parts of the area leased by the Trust from the City Council have been carried out where required. Health and safety advisers have been retained on a permanent basis and their recommendations have been implemented, ensuring that the safety of the public is protected.
Achievements and performance
a. Main achievements of the Charity
The 2022/2023 Operational Year continued to be a period of consolidation following major capital projects of previous years. The day to day objectives of maintaining the Brayford Pool for the people of Lincoln, and as a major tourist attraction were met and all the moorings continued to be at a high standard with only routine maintenance required during the period of the current Business Plan, along with making sensible provisions for rolling replacement over future years.
No major dredging proved to be required during the period, but the need was kept under review.
The Trust continued to work with the university to ensure that sufficient car parking spaces remained available as the University’s redevelopment plans were implemented.
The regular ‘litter pick’ operation (by boat) continued to help maintain the good appearance of the Pool which, because of its location, is unfortunately seen as a place to discard bottles, cans, plastic etc.
Page 3
BRAYFORD TRUST LIMITED (A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024
Achievements and performance (continued)
Mooring Fees had been increased to keep in line with other commercial locations. It should be noted that Mooring Fees continue to be by far the main source of income for the Trust and are essential for the preservation of the Pool. Fees are reviewed on an annual basis to keep them broadly in line with similar facilities in the area/region.
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
b. Reserves policy
The Brayford Harbour is a natural water feature with two incoming waterways, the River Witham and the Fossdyke Canal. The day to day income and expenditure of the Trust can be predicted with reasonable accuracy and covered by contracted income. We are however at the mercy of ‘mother nature’ when it comes to keeping the waterway open and sufficiently free of silt to permit unobstructed movement in, out and around the moorings. There is no doubt that Climate Change is playing a part in continuing high water levels that add to the silting problem.
The directors consider that the level of reserves is currently sufficient to enable the uninterrupted continuation of the charity’s work. After eliminating the reserves tied up in fixed assets (by far the major element in the reserves) the cash reserves (which represent much less than one year’s income) are expected to ebb and flow in line with required expenditure on dredging. The charity’s latest 5 year plan (2024/25 to 2028/29) sees the cash reserves building year by year to a total of £1.005 million by 2028/29, unless expenditure on dredging is required earlier. Long term depreciation of the moorings provides an estimated £20,000 pa to the cash reserves.
The Trust has undertaken a £95,539 loan as detailed in note 15 of these accounts. To ensure that this loan can be fully repaid at the redemption date a separate bank account has been set up and an adequate provision is set aside each year until after the full amount has been raised.
The Trust made a surplus for the year of £78,015 compared to £45,202 in 2023. The charity’s reserves amounted to a total of £1,155,213 at the year end (2023: £1,077,198). Of this, unrestricted reserves amount to £1,077,513 (2023: £993,898). Reserves excluding fixed assets and long term liabilities amount to £247,570 (2023: £211,924). The charity continues to work towards a minimum reserves level of £240,000 by 2023/2024.
Page 4
(A Company Limited by Guarantee)
BRAYFORD TRUST LIMITED
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024
Structure, governance and management
a. Constitution
Brayford Trust Limited is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 8th August 1969. Revised Articles of Association were adopted on 2nd November 2012.
The principal objects of the charity are to maintain and preserve the Brayford Pool for the benefit of the public and to protect from disfigurement or injurious affectation. To preserve and maintain and to assist in the preservation and maintenance of footpaths, commons and right of way in the vicinity of the Brayford Pool.
There have been no changes in the objectives since the last annual report.
b. Methods of appointment or election of Trustees
The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Memorandum of Association.
c. Policies adopted for the induction and training of Trustees
All current trustees are directors or have previously been of other companies, and the majority are also trustees of other charities. Minutes of the Trust's committees and working groups are circulated to all board members.
d. Pay policy for key management personnel
The trustees consider the board of trustees as comprising the senior staff of the charity in charge of directing and controlling the charity. All trustees give their time freely and no trustee remuneration was paid in the year.
e. Related party relationships
The representative members of the Board, together with the organisations they represent are shown below:
City of Lincoln Council Councillor R Metcalfe Councillor G Hewson
Investors in Lincoln Mr K Darwin OBE Mr S Jackson
University of Lincoln Mr J Latham Mr J Free CBE
Brayford Trust Mr R Costall Mr D Wellman
The Trust's full Board met four times during the financial year The Finance and Audit Committee met twice as a separate committee. Trustees have not received any individual expenses for services provided by the charity during the year.
Page 5
BRAYFORD TRUST LIMITED
(A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024
Structure, governance and management (continued)
f. Financial risk management
The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
Plans for future periods
In the short term
-
the Trust will continue to work with the Environmental Group established by the University of Lincoln
-
the sinking fund to meet the costs of future dredging will be re established as and when the financial position allows.
-
a strategy for the permanent re instatement of the eroding south bank of the Pool will be developed, in consultation with any partners and stakeholders willing to participate.
In the medium term
- no substantial investment in the Pool and its surrounds is likely.
In the longer term
-
further dredging will be carried out as required.
-
the permanent reinstatement of the south bank will be undertaken, subject to agreement with other partners and stakeholders, and to the availability of finance.
-
pedestrian circulation around the Pool will be improved, subject to the availability of finance.
Members' liability
The Members of the Charity guarantee to contribute an amount not exceeding £1 to the assets of the Charity in the event of winding up.
Page 6
BRAYFORD TRUST LIMITED (A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024
Statement of Trustees' responsibilities
The Trustees (who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Trustees' 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 . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles of the Charities SORP (FRS 102);
-
make judgments and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
-
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 adequate accounting records that are sufficient to show and explain the Charity's transactions and 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 Companies Act 2006. They 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.
Approved by order of the members of the board of Trustees and signed on their behalf by:
................................................
Cllr N Tweddle Chairman Date: 24 September 2024
Page 7
BRAYFORD TRUST LIMITED (A Company Limited by Guarantee)
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 29 FEBRUARY 2024
Independent Examiner's Report to the Trustees of Brayford Trust Limited ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the Year ended 29 February 2024.
Responsibilities and Basis of Report
As the Trustees of the Charity (and 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 Charity 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 the Charity's accounts 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 Charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of Institute of Chartered Accountants in England & Wales, which is one of the listed bodies.
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:
-
accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
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
-
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.
This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.
Signed:
Dated:
Linda Lord BSc BFP FCA TEP
Tower House, Lucy Tower Street, Lincoln, Lincolnshire, LN1 1XW
Page 8
BRAYFORD TRUST LIMITED
(A Company Limited by Guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 29 FEBRUARY 2024
| Note Income from: Donations and legacies 4 Other trading activities 5 Investments 6 Total income Expenditure on: Charitable activities 7 Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2024 £ 34,949 273,629 2,899 311,477 227,862 227,862 83,615 993,898 83,615 1,077,513 |
Restricted funds 2024 £ - - - - 5,600 5,600 (5,600) 83,300 (5,600) 77,700 |
Total funds 2024 £ 34,949 273,629 2,899 311,477 233,462 233,462 78,015 1,077,198 78,015 1,155,213 |
Total funds 2023 £ 29,150 229,627 367 259,144 |
|---|---|---|---|---|
| 213,942 213,942 |
||||
| 45,202 | ||||
| 1,031,996 45,202 1,077,198 |
The Statement of Financial Activities includes all gains and losses recognised in the Year.
The notes on pages 12 to 25 form part of these financial statements.
Page 9
BRAYFORD TRUST LIMITED (A Company Limited by Guarantee) REGISTERED NUMBER: 00959890
BALANCE SHEET AS AT 29 FEBRUARY 2024
| Note Fixed assets Tangible assets 12 Current assets Debtors 13 Cash at bank and in hand Creditors: amounts falling due within one year 14 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 15 Net assets excluding pension asset Total net assets |
11,110 379,444 390,554 (56,998) |
29 February 2024 £ 917,196 917,196 333,556 1,250,752 (95,539) 1,155,213 1,155,213 |
4,048 269,114 273,162 (61,238) |
28 February 2023 £ 960,813 960,813 211,924 1,172,737 (95,539) 1,077,198 1,077,198 |
|---|---|---|---|---|
Page 10
BRAYFORD TRUST LIMITED (A Company Limited by Guarantee) REGISTERED NUMBER: 00959890
BALANCE SHEET (CONTINUED) AS AT 29 FEBRUARY 2024
| Note Charity funds Restricted funds 16 Unrestricted funds 16 Total funds |
29 February 2024 £ 77,700 1,077,513 1,155,213 |
28 February 2023 £ 83,300 993,898 |
|---|---|---|
| 1,077,198 |
The Charity was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the Year in question in accordance with section 476 of Companies Act 2006.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees on 24 September 2024 and signed on their behalf by:
................................................
Cllr N Tweddle Chairman
The notes on pages 12 to 25 form part of these financial statements.
Page 11
BRAYFORD TRUST LIMITED (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024
1. General information
As set out in the trustee's report, Brayford Trust Limited is an incorporated charity limited by guarantee registered in England and Wales. The adress can be found on page 1 of these financial statements.
The principal objective of the charity is to ensure the preservation of Brayford Pool for the benefit of the public. The Trust collect mooring fees, commercial rents and leases and use these resources for the general maintenance and preservation of Brayford Pool.
The Board of Trustees is aware of the need for the charity to provide public benefit and has paid due regard to the guidance on public benefit issued by the charity commission.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements 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 2015) as amended by Update Bulletin 2 (effective January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Brayford Trust Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
The financial statements are prepared in sterling, which is the functional currency of the charity.
2.2 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
Page 12
BRAYFORD TRUST LIMITED (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024
2. Accounting policies (continued)
2.3 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Grants are included in the Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
2.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
2.5 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
2.6 Tangible fixed assets and depreciation
Tangible fixed assets costing £250 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Page 13
(A Company Limited by Guarantee)
BRAYFORD TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024
2. Accounting policies (continued)
2.6 Tangible fixed assets and depreciation (continued)
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, .
Depreciation is provided on the following bases:
- Leasehold property 80.5 years straight line - Floating moorings 4% straight line - Office and computer equipment 33% straight line
2.7 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.8 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.9 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.
2.10 Financial instruments
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.11 Pensions
The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.
Page 14
BRAYFORD TRUST LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024
3. Critical accounting estimates and areas of judgment
Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical accounting estimates and assumptions:
The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
4. Income from donations and legacies
| Unrestricted funds 2024 £ Donations and subscriptions 4,165 Government grants 30,784 Total 2024 34,949 Total 2023 29,150 |
Total funds 2024 £ 4,165 30,784 34,949 29,150 |
Total funds 2023 £ 4,150 25,000 29,150 |
|---|---|---|
Government grants relate largely to the City of Lincoln annual grant amounting to £30,784 (2023: £25,000). The remainder of Government grants comprise amounts received under the coronavirus job retention scheme as well as sundry business support grants in the wake of the Covid-19 pandemic.
Page 15
BRAYFORD TRUST LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024
5. Activities for generating funds
Income from fundraising events
| Unrestricted funds 2024 £ Mooring fees 222,326 Rents and Leases 51,303 Total 2024 273,629 Total 2023 229,627 Investment income Unrestricted funds 2024 £ Investment income - local cash 2,899 Total 2023 367 |
Total funds 2024 £ 222,326 51,303 273,629 229,627 Total funds 2024 £ 2,899 367 |
Total funds 2023 £ 187,918 41,709 229,627 |
|---|---|---|
| Total funds 2023 £ 367 |
||
6. Investment income
Page 16
BRAYFORD TRUST LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024
7. Analysis of expenditure on charitable activities
Summary by fund type
| Unrestricted funds 2024 £ Maintain and preserve the Brayford Mere 227,862 Total 2023 208,342 |
Restricted funds 2024 £ 5,600 5,600 |
Total 2024 £ 233,462 213,942 |
Total 2023 £ 213,942 |
|---|---|---|---|
8. Analysis of expenditure by activities
| Maintain and preserve the Brayford Mere Total 2023 |
Activities undertaken directly 2024 £ 233,462 213,942 |
Total funds 2024 £ 233,462 213,942 |
Total funds 2023 £ 213,942 |
|---|---|---|---|
Page 17
(A Company Limited by Guarantee)
BRAYFORD TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024
8. Analysis of expenditure by activities (continued)
Analysis of direct costs
| Direct Costs 2024 £ Staff costs 77,297 Metered water 9,463 Electricity 35,262 Maintenance 50,104 Insurance 5,252 Printing, postage and stationary 383 Telephone 1,247 Misc expenses 758 Legal and professional 5,439 Bank charges 3,841 Depreciation 44,416 Total 2024 233,462 Total 2023 213,942 |
Total funds 2024 £ 77,297 9,463 35,262 50,104 5,252 383 1,247 758 5,439 3,841 44,416 233,462 213,942 |
Total funds 2023 £ 71,291 13,238 20,639 39,541 2,417 491 933 1,182 15,469 3,624 45,117 213,942 |
|---|---|---|
9. Independent examiner's remuneration
The independent examiner's remuneration amounts to an independent examiner fee of £3,100 ( 2023 - £2,950 ).
10. Staff costs
| Wages and salaries Social security costs Contribution to defined contribution pension schemes |
2024 £ 75,482 451 1,364 77,297 |
2023 £ 69,970 - 1,321 |
|---|---|---|
| 71,291 |
Page 18
BRAYFORD TRUST LIMITED (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024
10. Staff costs (continued)
The average number of persons employed by the Charity during the Year was as follows:
| 2024 | 2023 | |
|---|---|---|
| No. | No. | |
| Average number of employees | 4 | 3 |
No employee received remuneration amounting to more than £60,000 in either year.
11. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2023 - £NIL) .
During the year, no Trustee expenses have been incurred (2023 - £NIL) .
Page 19
BRAYFORD TRUST LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024
12. Tangible fixed assets
| Leasehold property £ Cost or valuation At 1 March 2023 253,000 Additions - At 29 February 2024 253,000 Depreciation At 1 March 2023 29,947 Charge for the Year 3,143 At 29 February 2024 33,090 Net book value At 29 February 2024 219,910 At 28 February 2023 223,053 Debtors Due within one year Prepayments and accrued income |
Floating moorings £ 1,022,292 - 1,022,292 284,897 40,893 325,790 696,502 737,395 |
Fixtures and fittings £ 3,892 - 3,892 3,870 22 3,892 - 22 |
Office equipment £ 1,797 799 2,596 1,454 358 1,812 784 343 29 February 2024 £ 11,110 11,110 |
Total £ 1,280,981 799 1,281,780 |
|
|---|---|---|---|---|---|
| 320,168 44,416 364,584 |
|||||
| 917,196 | |||||
| 960,813 | |||||
| 28 February 2023 £ 4,048 4,048 |
13. Debtors
Page 20
BRAYFORD TRUST LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024
14. Creditors: Amounts falling due within one year
| Trade creditors Other taxation and social security Accruals and deferred income |
29 February 2024 £ 1,436 7,279 48,283 56,998 |
28 February 2023 £ 198 10,448 50,592 |
|---|---|---|
| 61,238 |
15. Creditors: Amounts falling due after more than one year
| 29 | February | 28 | February | |
|---|---|---|---|---|
| 2024 | 2023 | |||
| £ | £ | |||
| City of Lincoln loan | 95,539 | 95,539 |
The £95,539 loan from the City of Lincoln Council is repayable by a single payment on 31 December 2034. An annual interest rate of 2.75% applies and it due for payment on 1 January of each year. The loan is secured by a legal charge against the leasehold property.
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BRAYFORD TRUST LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024
16. Statement of funds
Statement of funds - current Year
| Unrestricted funds General Funds Restricted funds Brayford Mooring Development Total of funds |
Balance at 1 March 2023 £ 993,898 83,300 1,077,198 |
Income £ 311,477 - 311,477 |
Expenditure £ (227,862) (5,600) (233,462) |
Balance at 29 February 2024 £ 1,077,513 |
|---|---|---|---|---|
| 77,700 | ||||
| 1,155,213 |
Unrestricted Funds
The unrestricted reserves of the charity are expendable at the discretion of the charity Trustees in the furtherance of the charitable objectives.
Restricted Funds
Brayford Moorings Development:
This fund represents funding received from Lincolnshire County Council in respect of the Phase 2 and Phase 3 moorings development; the relevant apportionment of the asset depreciation will decrease this fund value to nil over the next 25 years.
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BRAYFORD TRUST LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024
16. Statement of funds (continued)
| Statement of funds - prior Year Balance at 1 March 2022 £ Unrestricted funds General Funds 940,639 Restricted funds Brayford Mooring Development 91,357 Total of funds 1,031,996 |
Income £ 259,144 - 259,144 |
Expenditure £ (208,342) (5,600) (213,942) |
Transfers in/out £ 2,457 (2,457) - |
Balance at 28 February 2023 £ 993,898 |
|---|---|---|---|---|
| Unrestricted funds General Funds Restricted funds Brayford Mooring Development Total of funds |
||||
| 83,300 | ||||
| 1,077,198 |
17. Summary of funds
Summary of funds - current Year
| General funds Restricted funds |
Balance at 1 March 2023 £ 993,898 83,300 1,077,198 |
Income £ 311,477 - 311,477 |
Expenditure £ (227,862) (5,600) (233,462) |
Balance at 29 February 2024 £ 1,077,513 77,700 1,155,213 |
|---|---|---|---|---|
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BRAYFORD TRUST LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024
17. Summary of funds (continued)
Summary of funds - prior Year
| Balance at | Balance at | Balance at | |||||||
|---|---|---|---|---|---|---|---|---|---|
| 1 March | Transfers | 28 February | |||||||
| 2022 | Income | Expenditure | in/out | 2023 | |||||
| £ | £ | £ | £ | £ | |||||
| General funds | 940,639 | 259,144 | (208,342) | 2,457 | 993,898 | ||||
| Restricted funds | 91,357 | - | (5,600) | (2,457) | 83,300 | ||||
| 1,031,996 | 259,144 | (213,942) | - | 1,077,198 | |||||
| Analysis of net assets between funds | |||||||||
| Analysis of net assets between funds - current period | |||||||||
| Unrestricted | Restricted | Total | |||||||
| funds | funds | funds | |||||||
| 29 February | 29 February | 29 February | |||||||
| 2024 | 2024 | 2024 | |||||||
| £ | £ | £ | |||||||
| Tangible fixed assets | 839,496 | 77,700 | 917,196 | ||||||
| Current assets | 390,554 | - | 390,554 | ||||||
| Creditors due within one year | (56,998) | - | (56,998) | ||||||
| Creditors due in more than one year | (95,539) | - | (95,539) | ||||||
| Total | 1,077,513 | 77,700 | 1,155,213 | ||||||
| Analysis of net assets between funds - prior period | |||||||||
| Unrestricted | Restricted | Total | |||||||
| funds | funds | funds | |||||||
| 28 February | 28 February | 28 February | |||||||
| 2023 | 2023 | 2023 | |||||||
| £ | £ | £ | |||||||
| Tangible fixed assets | 877,513 | 83,300 | 960,813 | ||||||
| Current assets | 273,162 | - | 273,162 | ||||||
| Creditors due within one year | (61,238) | - | (61,238) | ||||||
| Creditors due in more than one year | (95,539) | - | (95,539) | ||||||
| Total | 993,898 | 83,300 | 1,077,198 | ||||||
18. Analysis of net assets between funds
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BRAYFORD TRUST LIMITED (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024
19. Pension commitments
The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £1,364 (2023: £1,321). Contributions totalling £Nil (2023: £Nil) were payable to the fund at the balance sheet date and are included in creditors.
20. Related party transactions
Four of the charity's trustees (being K Darwin, S Jackson, Cllr R Metcalfe and John Latham) are also directors of Investors in Lincoln. Investors in Lincoln lease a mooring from the Brayford Trust for a value of £15,604 per annum. This is undertaken on an arms length commercial basis.
Trustees Cllr Metcalfe and Cllr Hewson are elected as members of the City of Lincoln Council. The City of Lincoln Council has provided a loan to Brayford Trust totalling £95,339. This is undertaken on an arms length commerical basis. An annual interest of 2.75% is charged on this loan and the redemption date of the loan is 31 December 2034.
During the year there were no further related party transactions that are required to be disclosed under SORP 2019.
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