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 te￿n
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 c1￿UlatIon 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 AC￿pted 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 ex￿eded £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 I￿acleS
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 acknO￿edge 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 re￿iVed 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 dee￿ase 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