Registered number.. 00959890 Charity number- 259370 BRAYFORD TRUST LIMITED (A Company Limited by Guarantee) UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
BRAYFORD TRUST LIMITED IA Company Limited by Guarantee) CONTENTS Page Reference and Administrative Details of the Charity. its Trustees and Advisers Chairman's Statement Trustees, Report Independent Examiner's Report statement of Financial Activities Balance Sheet 10-11 Notes to the Financial Statements 12-25
BRAYFORD TRUST LIMITED IA Company Limited by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 28 FEBRUARY 2025 Trustees R A Costall K W Darwin OBE Cllr R J A Melcalfe (resigned 28 May 20241 S Jackson J FreeCBE Cllr N Tweddle (appointed 4 June 20241 Cllr G T Hewson D M Wellman G P Anderson (appointed 12 October 20241 J C Latham Iresigned 3 September 2024} Company registorod number 00959890 Charity registered number 259370 Registgred offico Cygnet Wharf Campus Way Lincoln LN6 7GA Company secretsry D G Rossington Accountants Streets LLP Tower House Lucy Tower Street Lincoln Lincolnshire LN1 1XW Page 1
BRAYFORD TRUST LIMITED IA Company Limited by Guarantee) CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 28 FEBRUARY 2025 The chairman presents their statement for the year. Routine maintenance continued over the year with no major project expenditure. The work undertaken by the Lincolnshire Rivers Trust continued lo be well received by the public, adding softer more natural look to the otherwise bare walls of the Pool's eastern wall. The Rivers Trust still hope lo obtain funds lo extend the planting along the northern wall...something of a 'Walching Brief for grants. Balancing the number of moorings for Narrow Boats with those for Cruisers continues lo keep 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. Demand for Visitor Moorings again increased over the year continuing to show the popularity of a City Centre location. The team has continued to deal with isolated incidents of anti social behaviour. The new website was successfully completed. The Trustees conb'nued lo meet four times a year. Cllr N Tweddle Dale.. 1611012025 Page 2
BRAYFORD TRUST LIMITED IA Company Limited by Guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 28 FEBRUARY 2025 The Trustees present their annual report together with the financial statements of the Charity for the year 1 March 2024 10 28 February 2025. The Annual Report setves the purposes of both a Trustees, reFlOrt 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 slatulory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice ISORPI applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 (effective 1 January 20191. Since the Charity qualifies as small under section 382 of the Companies Ael 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 IPB21'. The Trustees attempt to work closely with all other interested parties to ensure the presetvation of Brayford Pool for the benefit of the public. The Trust collect mooring fees, commerical rents and leases and use these resources for the geneml 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 performanee a. Main achievements of the Charity The 202412025 Operational Year eontinued lo 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 eurrent Business Plan, along with making sensible provisions for rolling replacement over future years. No major dredging proved lo be required during the period, but the need was kept under review. The Trust Continued lo work with the university lo ensure that sufficient car parking spaces remained available as the University's redevelopment plans were implemented. The regular 'litter pick, operation Iby boat) continued to help maintain the good appearance of the Pool which, because of its location, is unfortunately seen as a place to discard bollles, cans, plastic etc .Mooring Fees had been increased to keep in line with other commercial locations. 11 should be noted that Mooring Fees continue lo 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 arealregion. Page 3
BRAYFORD TRUST LIMITED IA Company Limited by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 28 FEBRUARY 2025 Achievements and performanee leontinuedl Financial review a. Going coneem 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 lo adopt the going concern basis in preparing the financial statements. b. Reserves policy The Brayford Harbour is a natural water feature with two incoming waterways, the River Witham and the Fossdyke Canal. The day-lo-day income and expenditure of the Trust can be predicted with reasonable accuracy and covered by contracted income. We are however al the mercy of 'mother nature, when it comes lo keeping the waterway open and sufficiently free of silt to permit unobslrucled 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 Trustees 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 lo be and flow in line with required expenditure on dredging. The charity's latest 5 year plan12024125 10 20281291 sees the cash reserves building year by year to a total of £1.005 million by 2028129, unless expenditure on dredging is required earlier. Long tem depreciation of the moorings provides an estimated £20,000 pa to the eash 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 £101,487 compared to £78,015 in 2024. The charity's reserves amounted lo a total of £1,256,700 at the year end12024.. £1,155,213). Of this, unrestricted reserves amount lo £1,184,60012024". £1,077,513). Reserves excluding fixed assets and long term liabilities amount to £452,548 12024". £333,556). The charity continues lo work towards maintaining a minimum reserves level of £240,000. Page 4
BRAYFORD TRUST LIMITED IA Company Limited by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 28 FEBRUARY 2025 Structurey governance and management a. Constitution Brayford Trust Limited is registered as a charitable company limited by guarantee and was sel 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 lo protect from disfigurement or injurious affectation. To preserve and maintain and to assist in the preservation and maintenance of foolpalhs, commons and right of way in the vicinity of the Brayford Pool. The have been no ehanges 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 eompanies, 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. Al 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 Councillor Naomi Tweddle Investors in Lincoln Mr K Datwin OBE Mr S Jackson University of Lineoln Mr J Latham Mr J Free CBE Brayford Trust Mr R Coslall Mr D Wellman The Trust's full Board met four times during the financial year. Trustees have not received any individual expenses for services provided by the charity during the year. Page 5
BRAYFORD TRUST LIMITED IA Company Limited by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 28 FEBRUARY 2025 Structurey governance and management Icontinuedl f. Financial risk management The Trustees have assessed the major risks to which the Charity is exposed, in particular those related lo the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate exposure lo the major risks. Plans for future periods In the short term the sinking fund lo meet the costs of future dredging will be re established as and when the financial position allows. a strategy for the permanent re instatemenl 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 ten 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 c1UlatIon around the Pool will be improved, subject to the availability of finanee. MembeTS' liability The Members of the Charity guarantee to eontribule an amount not exceeding £1 to the assets of the Charity in the event of winding up. Page 6
BRAYFORD TRUST LIMITED IA Company Limited by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 28 FEBRUARY 2025 Statement of Trustees. responsibilities The Trustees (who are also the directors of the Charity for the purposes of eompany lawl are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Aceounling Standards (United Kingdom Generally ACpted Accounting Practicel. 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 stale of affairs of the Charity and of its incoming resources and application of resources, including its ineome 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 IFRS 1021", make judgments and accounting eslimales that are reasonable and prudent", state whether applicable UK Accounting Standards IFRS 1021 have been followed, subject lo 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 lo show and explain the Charity's transactions and disclose with reasonable accuracy al 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 Dale.. 1611012025 Page 7
BRAYFORD TRUST LIMITED IA Company Limited by Guarantee) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 28 FEBRUARY 2025 Independent Examiner's Report to the Trustees of Brayford Trust Limited I'the Charity'l I report lo the charity Trustees on my examination of the accounts of the Charity for the Year ended 28 February 2025. Responsibilities and Basis of Report As the Trustees of the Charity {and its directors for the purposes of company lawl you are responsible for the preparation of the accounts in accordan with the requirements of the Companies Act 20061'the 2006 Act'i. 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 I'lhe 2011 Acl'l. In carrying out my examination I have followed the Directions given by the Charity Commission under section 14515llbl of the 2011 Act. Independent Examiner's Statement Since the Charity's gross income exeded £250,000 your examiner musl be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am a member of Institute of Chartered Accountants in England & Wales, which is one of the listed bodies. I have completed my examination. I confimi that no matters have come to my attention in connection with the examination giving me cause lo 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 aceounls do not comply with the aeeounting requirements of section 398 of the 2008 Act other than any requirement that the accounts give a 'true and fairf 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 lapplicable to charities preparing their accounts in accordance wrth the Financial Reporting Standard applicable In the UK and Republic of Ireland IFRS 10211. I have no concems and have come across no other mallers in connection with the examination to which attention should be drawn in this report in order lo enable a proper understanding of the accounts lo 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 stale lo the Charity's Trustees those matters l am required to slate lo them in an Independent Examiner's Report and for no other purpose. To the fullest exlenl permitted by law, I do not accept or assume responsibility lo anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report. Signed.. U Linda Lord Bsc BFP FCA TEP Dated.. 0511112025 streets LLP, Tower House, Lucy Tower Street, Lincoln, Lincolnshire, LN1 1XW Page 8
BRAYFORD TRUST LIMITED IA Company Limited by Guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 28 FEBRUARY 2025 Unrestricted funds 2025 Restricted funds 2025 Total funds 2025 Total funds 2024 Note Income from: Donations and IacleS other trading activities Investments 34.914 289.831 3,492 34.914 289.831 3,492 34,949 273,629 2,899 Totsl incomo 328.237 328.237 311,477 Expenditure on: Charitsble activities 221.150 5.600 226.750 233,462 Totsl expenditure 221,150 5,600 226,750 233,462 Net movement in funds 107.087 {5.6001 101.487 78,015 Reconciliation of funds: Total funds brought forward Nel movement in fvnds 1,077,513 107,087 77,700 {5,6001 1,155,213 101,487 1,077,198 78,015 Total funds carried forward 1,184.600 72.100 1,256.700 1,155,213 The Statement of Financial Activities includes all gains and losses reeognised in the Year. The notes on pages 12 to 25 form part of these financial statements. Page 9
BRAYFORD TRUST LIMITED IA Company Limited by Guarantee) REGISTERED NUMBER: 00959890 BALANCE SHEET AS AT 28 FEBRUARY 2025 28 February 2025 29 F8bruary 2024 Note Flxed assets Tangible assets 12 899,691 917,196 899.691 917,196 Current assets Debtors Cash al bank and in hand 13 7.462 501.751 11,110 379,444 509,213 390,554 Current liabilities Creditors.. amounts falling due within one year 14 156.665) (56,998) Net current assets 452,548 333,556 Total assets less current liabilities 1,352,239 1,250, 752 Creditors.. amounts falling due after more than one year 15 {95.539} (95,539) Net assets excludlng penslon asset 1.256,700 1, 155,213 Total net assets 1,256,700 1, 155,213 Page 10
BRAYFORD TRUST LIMITED IA Company Limited by Guarantee) REGISTERED NUMBER: 00959890 BALANCE SHEET ICONTINUED) AS AT 28 FEBRUARY 2025 28 February 2025 29 F8bruary 2024 Note Charity funds Reslricled funds Unrestricted funds 16 72,100 1.184,600 71,700 1, 077,513 16 Total funds 1.256.700 1, 155,213 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 acknOedge their responsibilities for complying with the requirements of the Act with respect lo accounting records and preparation of financial statements. The financial ststemenls have been prepared in accordance with the provisions applicable to entities subject lo the small companies regime. The financial statements were approved and authorised for issue by the Trustees on 16 October 2025 and signed on their behalf by". Cllr N Tweddle The notes on pages 12 to 25 form part of these financial statements. Page11
BRAYFORD TRUST LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 General information As sel out in the Iruslee'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 slatemenls. The principal objective of the charity is lo 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 lo the guidance on public benefit issued by the charity commission. Accounting policies 2.1 Basis of preparation of financial Statements The financial statements have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charities.. Stslement of Recommended Practice applicable to charities preparing their accounts in accordan wth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20151 as amended by Update Bulletin 2 (effective January 20191, the Financial Reporting Stsndard applicable In the UK and Republi¢ of Ireland IFRS 1021 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 olhenmse stated in the relevant accounting policy. The financial statements are prepared in sterfing, 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 lo be used in accordance with specifi¢ 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 lo the financial statements. Investment income, gains and losses are allocated to the appropriate fund. Page 12
BRAYFORD TRUST LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 Accounting policies Icontinuedl 2.3 Income All income is recognised once the Charity has enlillemenl lo 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 Slalement of Financial Activities on a receivable basis. The balan of income received for specific purposes bul not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entillemenl of receipt, ils 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 lo investment income is recognised at the lime the investment income is receivable. 2.4 Expenditure Expenditure is recognised On there is a legal or constructive obligation lo transfer economic benefit lo 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 lo a single activity are allocated directly lo 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 direct 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 capilalised 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 ils intended working condition should be included in the measurement of cost. Page 13
BRAYFORD TRUST LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 Accounting policies Icontinuedl 2.6 Tangible fixed assets and depreciation Icontinuedl 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 propety 80.5 years slraighl line Floating moorings 4Qkn straight line Office and computer equipment 33D/o slraighl line 2.7 Debtors Trade and other debtors are recognised at the selllemenl amount after any trade discount offered. Prepayments are valued al the amount prepaid nel 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 dale of acquisition or opening of the deposit or similar account. 2.9 Liabilities and provisions Liabilities are recognised when there is an obligation al the Balance Sheet dale as a result of a past event, il is probable that a transfer of economic benefit will be required in selllemenl, and the amount of the settlement can be eslimaled reliably. Liabilities are recognised al the amount that the Charity anlicipales il will pay lo settle the debt or the amount il has reiVed 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 lime value of money is material, the provision is based on the present value of those amounts, discounted al the pre-tax discount rale that reflects the risks specific lo 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 al their settlement value with the exception of bank loans which are subsequently measured al 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 lo the fund in respect of the year. Page 14
BRAYFORD TRUST LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 Critical accounting estimates and areas of judgment Eslimales and judgments are Continual evaluated and are based on historical experien and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Critical accounting eslimales and assumptions.. The Charity makes eslimales and assumptions concerning the future. The resulting accounting eslimales and assumptions will, by definition, seldom equal the related actual results. The eslimales and assumptions that have a significant risk of causing a material adjustment lo the carrying amounts of assets and liabilities within the next financial year are discussed below. Income from donations and legacies Unrestricted funds 2025 Total funds 2025 Total funds 2024 Donations and subscriptions Government grants 4,130 30,784 4.130 30,784 4,165 30, 784 Totsl 2025 34,914 34.914 34,949 Total 2024 34,949 34,949 Government grants relate largely lo the City of Lincoln annual grant amounting to £30,784 12024.. £30,784). Page 15
BRAYFORD TRUST LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 Activities for generating funds Income from fundraising events Unrestricted funds 2025 Total funds 2025 Total funds 2024 Mooring fees Rents and Leases 235,885 53,946 235,885 53,946 222,326 51,303 Total 2025 289,831 289.831 273.629 Total 2024 273,629 213, 629 Investment income Unrestricted funds 2025 Total funds 2025 Total funds 2024 Investment income 3,492 3,492 2,899 Total 2024 2, 899 2,899 Page 16
BRAYFORD TRUST LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 Analysis of expenditure on charitable activities Summary by fund type Unrestricted Restricted funds funds 2025 2025 Total 2025 Total 2024 Maintain and preserve the Brayford Mere 221,150 5,600 226,750 233,462 Total 2024 227,862 5,600 233,462 Analysis of expenditure by activities Activities undertaken directly 2025 Total funds 2025 Total funds 2024 Maintain and preserve the Brayford Mere 226,750 226,750 233,462 Total 2024 233,462 233,462 Page 17
BRAYFORD TRUST LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 Analysis of expenditure by activities Icontinuedl Analysis of direct costs Total funds 2025 Total funds 2024 Direct Costs 2025 Staff costs Metered water Electricity Maintenance Insurance Printing, FX)Stage and stationary Telephone Misc expenses Legal and professional Bank charges Depreciation 83,767 11,571 26,761 34,932 6,418 863 83,767 11,571 26.761 34.932 6,418 863 77,297 9,463 35,262 50,104 5,252 383 1,428 5,900 6,376 3,879 44,855 1.428 5.900 6,376 3,879 44.855 1,247 758 5,439 3,841 44,416 Total 2025 226,750 226,750 233,462 Total 2024 233,462 233,462 Independent examlnerfs remuneratlon The independent examinevs remuneration amounts to an independent examiner fee of £3,410 12024 £3, 7001. 10. Staff costs 2025 2024 Wages and salaries Social security costs Contribub'on to defined contribution pension schemes 81,665 647 1,455 75,482 451 1.364 83,767 77,297 Page 18
BRAYFORD TRUST LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 10. Staff costs {continued) The average number of persons employed by the Charity during the Year was as follows.. 2025 No. 2024 No. Average number of employees 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 (2024- £NIL). During the Year ended 28 February 2025, no Trustee expenses have been incurred {2024 - £NIL). Page 19
BRAYFORD TRUST LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 12. Tangible fixed assets Leasehold property Floating Fixtures and moorings fittings Office equipment Total Cost or valuation At 1 March 2024 253,000 1,022,292 22.459 3,892 4.891 2,596 1,281,780 27.350 Additions At 28 February 2025 253.000 1,044.751 8.783 2.596 1.309.130 Depreciation At 1 March 2024 Charge for the Year 33,090 3,143 325.790 41,357 3,892 1.812 355 364,584 44,855 At 28 February 2025 36.233 367.147 3.892 2.167 409.439 Not book valuo At 28 February 2025 216,767 677,604 4,891 429 899,691 At 29 February 2024 219.910 696.502 784 977,796 13. Debtors 28 February 29 February 2025 2024 Due within one yoar Prepayments and accrued income 7,462 11.110 7,462 11,110 Page 20
BRAYFORD TRUST LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 14. Creditors: Amounts falling due within one year 28 February 29 February 2025 2024 Trade creditors other laxalion and social security Accruals and deferred income 124 1,436 7,279 48,283 10,917 45,624 56,665 56,998 15. Creditors: Amounts falling due after more than one year 28 February 29 February 2025 2024 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 2.750/0 applies and il due for payment on 1 January of each year. The loan is secured by a legal charge against the leasehold property. Page 21
BRAYFORD TRUST LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 16. Statement offunds statement offunds- currentyear Balance at 28 February 2025 Balance at 1 March 2024 Income Expenditure Unrestricted funds General Funds 1,077.513 328.237 {221.1501 1,184.600 Restrlcted funds Brayford Mooring Development 77.700 15.6001 72.100 Total of funds 1,155.213 328,237 {226.7501 1,256.700 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 apporbonmenl of the asset depreciation will deease this fund value to nil over the next 25 years. Page 22
BRAYFORD TRUST LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 16. Statement of funds Icontinuedl statement of funds - prior Year Balance al l March 2023 Balance al 29 February 2024 Income Expenditure Unrestricted funds General Funds 993,898 311,477 (227,862) 1,077,513 Restrlcted funds Brayford Mooring Development 83,300 (5,6(X)) 77,700 Total of funds 1,077, 198 317,477 (233,462) 1, 155,213 17. Summary of funds Summary of funds- current Year Balance at 28 February 2025 Balance at 1 March 2024 Income Expenditure General funds Reslricled funds 1,077.513 77,700 328.237 {221.1501 15,6001 1.184.600 72.100 1,1 $5,213 328,237 {226,7501 1,256,700 Page 23
BRAYFORD TRUST LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 17. Summary of funds Icontinuedl Summary of funds- prior Year Balance al l March 2023 Balance al 29 February 2024 Income Expenditure General funds Reslricled funds 993,898 83,300 311,47T {227,862) {5,6(X)) 1,071,513 77,700 1,077, 198 311,477 (233,462) 1, 155,213 18. Analysis of net assets between funds Analysis of net assets between funds - current year Unrestricted Restricted Total funds funds funds 28 February 28 February 28 February 2025 2025 2025 Tangible fixed assets Current assets Creditors due within one year Creditors due in more than one year 827,591 509,213 156,6651 195,5391 72,100 899.691 509.213 156.6651 195,5391 Total 1, 184,600 72,100 1,256.700 Analysls of net assets between funds - prlor year Unrestricted Reslricled Total funds funds funds 29 February 29 February 29 February 2024 2024 2024 Tangible fixed assets Current assets 839,496 390,554 {56,998J (95,539) 77, 700 91 7,196 390,554 (56,998) (95.539) Creditors due within one year Creditors due in more than one year Totsl 1,077,513 77, 700 1, 155,213 Page 24
BRAYFORD TRUST LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 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 lo the fund and amounted to £1,455 12024.. £1,364). Contributions lotalling £Nil 12024.. £Nill were payable lo the fund at the balance sheet date and are included in creditors. 20. Related party transactions Four of the charity's Iruslees (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 Melcalfe 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 lotalling £95,339. This is undertaken on an arms length commerical basis. An annual interest of 2.75Q/o is charged on this loan and the redemption dale 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. Page 25