**THE WEY & ARUN CANAL TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE)**
## **UNAUDITED FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 DECEMBER 2020**
## **COMPANY NO: 01094232**
**REGISTERED CHARITY NUMBER: 265331**
**THE WEY & ARUN CANAL TRUST LIMITED CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2020**
||Page|
|---|---|
|Reference and Administrative Details|1|
|Trustees’ Annual Report|2 to 7|
|Independent Examiner's Report|8|
|Consolidated Statement of Financial Activities|9|
|Consolidated and Charity Balance Sheets|10|
|Consolidated Statement of Cash Flows|11|
|Notes to the Financial Statements|12 to 21|
**THE WEY & ARUN CANAL TRUST LIMITED REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31ST DECEMBER 2020**
## **Registered Company Limited by Guarantee**
Registration Number 01094232 (England and Wales)
**Registered Charity number** 265331
## **Registered office**
The Granary Flitchfold Farm Vicarage Hill Loxwood Billingshurst West Sussex RH14 0RH
## **Trustees**
Tony Coles Margaret Darvill Giles Eyre (appointed 25 May 2020) Tony Ford Dennis Gillen Alan Johnson Julian Morgan Bill Nicholson (appointed 25 May 2020) Philip Oliver (resigned 25 April 2020) John Reynolds Sally Schupke John Talbot Tony Tyrrell (deceased 18 July 2020)
## **Company Secretary**
Jeremy Watts (resigned 7 July 2020) Giles Eyre (appointed 7 July 2020)
## **Independent Examiner**
John Speed FCA FCIE JS2 Limited One Crown Square Woking, Surrey GU21 6HR
## **Solicitors**
Lynn Murray & Co Solicitors Denning House 84 High Street Cranleigh Surrey GU6 8AH
## **Bankers**
CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling ME19 4JQ
1
**THE WEY & ARUN CANAL TRUST LIMITED TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31ST DECEMBER 2020**
The Wey & Arun Canal Trust Limited (“the Trust”) is a charity. The trustees are also directors of the Trust for the purposes of the Companies Act and present their report together with the financial statements of the Trust for the year ended 31st December 2020. They are also prepared to meet the requirements for a director’s report and accounts for Companies Act purposes.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Trust's governing document, the Charities Act 2011 and 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).
## **OBJECTIVES AND ACTIVITIES**
## **Objects and Activities**
The Trust’s objects and principal activities have continued to be the restoration, renovation and operation of the Wey & Arun Canal. The aim is to restore the whole 23-mile length of the canal to through navigation.
## **Aims, Objectives, Strategies and Activities for the Year**
The Trust’s strategy is to invest in multiple major restoration activities at the same time. This approach clearly presents challenges in terms of funding and resource allocation, but, if successful, will accelerate the achievement of the Trust’s objectives. Currently the sections that the Trust has chosen as priorities are (from north to south): (1) the Shalford/Bramley section, including reconnecting the canal to the national waterways network, (2) the Alfold/Dunsfold section, (3) the Ifold/Loxwood section and (4) the Arun Valley section near Wisborough Green.
## **Public Benefit**
When planning activities for the year, the trustees have considered the Charity Commission guidance on public benefit. The Trust’s activities benefit the public in ways including the following:
1. The Trust’s vision is to create a green corridor for recreational use and enjoyment by all, but most importantly by towpath users. The towpath beside the Loxwood operational section is accessible to the public at all times and is a public bridleway for part of its length. The Trust maintains the surface of the towpath to a standard which balances the wishes of horse-riders, walkers and cyclists.
2. Over a wider area, the Trust has promoted the Wey-South Path, a long-distance footpath recognised by the Ordnance Survey (OS) and following the route of the canal as closely as possible.
3. The Trust contributes to the local economy through the activities of its trading company and through its canal restoration activities. In both areas the Trust has created employment and spends significant sums with local businesses. The Loxwood section of canal is a tourist destination of developing importance, where the public can experience and learn about travel by canal.
4. The Trust is safeguarding the canal as a heritage asset with substantial educational value. The Trust preserves and consolidates surviving structures wherever this is possible; if the structures have deteriorated too much then the Trust plans sensitive rebuilding.
5. The Trust’s canal restoration activities promote biodiversity. While restoration work is in progress there can be temporary detriment to wildlife, but the restored habitat is always improved (and will sustain a broader range of wildlife) compared to what existed before.
## **Contribution of Volunteers**
The Trust is volunteer-led and largely dependent on volunteers for its day-to-day activities. Volunteer hours contributed during 2020 are estimated to be equivalent to 12 full-time staff. Work by volunteers not only benefits the Trust but also enriches the lives of the volunteers themselves. The Trust envisages that volunteers will continue to play a central role but nevertheless expects that, as its activities develop, more paid staff will be needed in order to ensure consistent administration and the continuity of core activities.
2
**THE WEY & ARUN CANAL TRUST LIMITED TRUSTEES’ ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 31ST DECEMBER 2020**
## **ACHIEVEMENTS AND PERFORMANCE**
## **Charitable Activities**
The Trust’s principal activities during 2020 on each of the sections identified as priorities were as follows:
1. In the Shalford/Bramley section, following public consultation, the planning application for Phase 1 of the Bramley Link (Gun’s Mouth Island to Tannery Lane) has been submitted and work continues on detailed planning of the new canal route. Work was commenced on construction of the new Hunt Nature Park Information Point. South of Bramley, on the Birtley Reach, work has been completed on the abutments for the new bridge which will facilitate the new circular walk using a section of new canal towpath and the existing Downs Link path and the bridge deck was constructed off site. It is planned to complete the bridge and open the circular walk during 2021. Planning permission for a second new lifting bridge to replace the causeway carrying a bridleway and utilities was obtained and further preparatory planning work proceeded with.
2. In the Alfold/Dunsfold section, planning permission was granted, subject to conditions, for the first phase of the new canal crossing of the Alfold-Dunsfold road in the Tickner’s Heath area, where the road currently blocks the canal route. The construction compound was completed and some preliminary work commenced. Dredging work on the summit pound was stopped by Covid restrictions and resumption was then delayed pending arrangements for disposal of silt. Further work was carried out at the Thriscutt Slipway to prepare it for the planned Trailboat Rally, which had to be postponed because of the Covid-19 pandemic.
3. In the Ifold/Loxwood section, Platipus ground anchors were installed to stabilise the lock walls at Drungewick Lock.
4. In the Arun Valley near Wisborough Green, the new canal bridge at Lee Place (Harsfold) was constructed replacing the causeway blocking the canal. Further south remedial work was carried out to Pallingham Bridge including reinstatement of the parapets and towpath under the bridge.
Other important activities included:
1. Provision of supplementary information for the planning application to Waverley Borough Council for a new section of canal at Rushett Farm, between Bramley and Cranleigh.
2. Submission of a planning application to replace the existing bridge on Elmbridge Road near Cranleigh which will provide navigable height. The Trust acquired a section of canal bed south of Elmbridge Road.
3. Planning to host the Inland Waterways Association (IWA) National Trailboat Festival on the Summit Level section near Dunsfold and Alfold, made possible by the creation of the Thriscutt Slipway. The festival was delayed by the Covid-19 pandemic and is now expected to take place in 2022.
4. The operation of the Loxwood Canal Centre as a central point for welcoming visitors and providing information about the canal.
5. Maintenance and improvement activities on both operational and non-operational sections of the canal.
6. Negotiations with landowners to secure land transfers, leases or permissions for sections of the canal route.
3
**THE WEY & ARUN CANAL TRUST LIMITED TRUSTEES’ ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 31ST DECEMBER 2020**
## **Fundraising**
The current priority projects have an estimated total cost of at least £3 million, meaning that fundraising on an increased scale is clearly required. The Milestone Club, a scheme to encourage members to contribute a monthly sum in addition to their subscriptions, is an extremely useful source of income.
During the year some of the most important sources of income were:
1. Grants from Charitable Trusts and local authorities;
2. Legacies from deceased members and supporters;
3. Membership subscriptions and donations from members;
4. Gift Aid;
5. Recycling, mainly of newspaper;
6. The Christmas Raffle and the Numbers Game (a monthly draw).
## **Trading company (W&A Enterprises Ltd)**
The Trust holds 100% of issued share capital (£12) in its trading subsidiary, W&A Enterprises Ltd. The principal activities of the trading company are to operate boats for private and public trips and the sale of merchandise. The whole of the company’s taxable profits are passed to the Trust. The company experienced extremely difficult trading conditions in 2020 owing to Covid-19 restrictions. No boat trips were possible for more than half the year; in periods when restrictions were relaxed capacity was severely reduced. The company decided to make the three part-time staff responsible for boat trip administration redundant and to close the Loxwood office (The Granary) permanently. (The Granary is still in use as the registered address for the Trust and its trading company and is being used for storage.) The Trust is however committed to supporting the company through this difficult period.
## **FINANCIAL REVIEW**
## **Financial position**
In summary, the Trust spent 2020 progressing restoration projects and planning future work. During the year the Trust’s expenditure (£788,877) exceeded income (£520,214).
The Trust relies very largely on the generosity of its members and supporters. Sponsorship and gifts in kind amounted to approximately £24,000 in 2020. The Trust currently pays no rent for its offices in Shalford or The Granary in Loxwood (currently in use for storage) and a sponsor provided a Land Rover for the Trust’s use until October 2020.
## **Reserves Policy**
The Trust’s policy is to assign funds to specific projects as soon as they are available, rather than building up substantial reserves. Membership subscriptions are only sufficient to cover core activities, such as staff salaries. Hence the Trust depends on continuous fundraising to support all its major restoration and maintenance activities.
## **Funds Available**
The total funds available to the Trust at the end of 2020 (net assets) are £1,333,862, which includes £426,897 restricted to specific projects. In accordance with the Trust’s policy of not holding substantial reserves, a further £501,383 has been assigned by the trustees to current projects. It is the Trust’s policy only to assign funds to projects that are in the implementation or planning phases, not for long-term contingencies. As a guideline, this means that assigned funds will normally be spent within 3-5 years; the Trust regularly reviews fund balances and takes action to close funds where the planned work is finished or changed circumstances mean that planned work will not go ahead.
|The project areas and the total funds assigned to current projects (including restricted funds) are:|The project areas and the total funds assigned to current projects (including restricted funds) are:|
|---|---|
|North (Shalford/Bramley)|£318,156|
|South (Ifold/Loxwood)|£82,169|
|Summit (Alfold/Dunsfold)|£391,486|
|Others|£49,185|
|Total|£840,996|
4
**THE WEY & ARUN CANAL TRUST LIMITED TRUSTEES’ ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 31ST DECEMBER 2020**
The trustees aim for the Trust to hold sufficient unrestricted funds not invested in tangible fixed assets (‘the free reserves’) to cover between three and six months’ running costs. This amounts to approximately £105,000£210,000. Funds invested in fixed assets at the end of 2020 amounted to £309,662, leaving free reserves of £183,204 which are considered an appropriate level.
## **Investments and Cash Deposits**
In order to minimise any risks, funds available are deposited in a number of financial institutions to maximise cover under the FSCS guarantee scheme. In addition £80,000 has been invested in managed portfolio services for charities.
## **Contract commitments**
The Trust has contracts with Peninsula Business Services to provide support on Human Resources and Health & Safety matters.
## **FUTURE PLANS**
Whilst the Covid-19 pandemic has impacted on the work of the Trust in reducing income and reducing the amount of work carried out by volunteers, and continued to impact in this manner into 2021, the Trust is confident that it holds sufficient funds to continue with its current plans in the event of a fall in income in the short to medium term. The Trust’s plans for each of the areas identified as priorities are as follows:
1. In the Shalford/Bramley area:
- a. To make amendments to the planning application for a new canal route between the River Wey and Gosden to address objections which have been registered.
- b. To complete construction of a new Information Point in the Hunt Nature Park.
- c. To open a new canalside walk in the Birtley area for the enjoyment of the public and continue work on reinstating bridges in place of causeways that currently block the canal.
- d. Planning for restoration of the canal in the Fanesbridge area, including reinstatement of a lock and a bridleway bridge,
## 2. In the Alfold/Dunsfold area:
- a. To obtain all remaining necessary permissions, construct the pedestrian footbridge (which will be alongside the new road bridge) and start work on construction of the new Tickner’s Heath canal crossing.
- b. To continue planning for the rebuilding of other structures that currently block the canal route along the Summit Level.
- c. To desilt and reprofile the section of canal between Compasses and Tickner’s Heath and enable operation of tripboats.
## 3. In the Ifold/Loxwood area:
- a. To complete restoration of Drungewick Lock to navigable condition by making good following installation of the ground anchors and repointing the lock wall joints.
- b. To continue planning for further extensions of the navigable section.
## 4. In the Arun Valley area:
- a. To complete remedial work to Pallingham Bridge including installation of anchors through the brickwork.
- b. To repair and bring back into working order Lordings Waterwheel.
- c. To continue planning for further extensions of the restored section.
5
**THE WEY & ARUN CANAL TRUST LIMITED TRUSTEES’ ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 31ST DECEMBER 2020**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing Document**
The Trust is a company limited by guarantee and was formed on 5th February 1973. It is governed by its Memorandum and Articles of Association.
## **Trustees**
Constitutionally, a third of the trustees stand down each year and normally offer themselves for re-election at the Annual General Meeting held in late April each year. New trustees are nominated by the members. Where there are more nominations than vacancies, an election by members present is held at the AGM. No other person, or body external to the Trust, is entitled to appoint any of the trustees. The trustees, at their next meeting after the AGM, then elect the post-holders such as the Chairman, Vice-Chairman and Secretary.
The trustees who served during the year are listed on page 1.
All trustees attend regular board meetings. At the first meeting after the AGM, each trustee is asked to fill one or more of the posts needed by the Trust. Newly appointed trustees are provided with an informal induction to the Trust and mentoring by established trustees.
## **Organisational Structure**
The trustees normally meet once per month. There were 8 meetings of the board (Council of Management) during 2020. The members of the board during that year and their attendance records were:
|Sally Schupke (Chairman)|8|Tony Coles|7|
|---|---|---|---|
|Margaret Darvill|8|Tony Ford|8|
|Dennis Gillen|8|Alan Johnson|8|
|Julian Morgan|8|John Reynolds|8|
|John Talbot|7|Tony Tyrrell (Hon. Secretary) 1||
|Giles Eyre|5|Bill Nicholson|5|
At the end of 2020, the Trust had two full-time and five part-time employees. These comprised:
- Two full-time staff dedicated to practical restoration and maintenance activities. One of these is largely assigned to project work in the Summit Level area and the other spent the majority of his time on the operational Loxwood Link section;
- Two part-time Accounts Assistants;
- A part-time Press & Publications Officer;
- Two part-time Administrators.
The day-to-day work of the Trust is carried out largely by volunteers. Key volunteer roles include project managers, working party leaders, publicity, publications, engineering and other specialist technical consultants, finance, membership and website administration and organisation of major fundraising events.
## **Related Parties**
The Trust is affiliated to The Inland Waterways Association and to two local wildlife trus ts, but is independent of all these bodies.
The Trust holds 100% of issued share capital (£12) in its trading subsidiary, W&A Enterprises Ltd, and approves the appointment of directors to that body.
6
**THE WEY & ARUN CANAL TRUST LIMITED TRUSTEES’ ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 31ST DECEMBER 2020**
## **Major Risks**
The major risks to which the Trust is exposed, as identified by the trustees, are reviewed annually. The containment of identified risks is a continuing task of the trustees. Some of the major risks identified, and the actions to mitigate them, are as follows:
|**Risk**|**Mitigation**|
|
|---|---|---|
|Perceived negligence by the Trust, its
volunteers or agents|Public Liability Insurance, close liaison with statutory bodies,
improved training for volunteers.||
|Failure of income streams|Careful financial management and a policy of not committing
to major work until funds are available. Overheads and
recurring expenses are minimised.||
|Decision by a landowner not to agree or
extend a lease|Other than for good reasons, Trust policy is not normally to
commit to major expenditure without ownership or a long
lease being in place.||
|Failure of canal structures|Other than where the Trust has agreed to accept
responsibility under a specific agreement with a local
authority, highway bridges are the responsibility of the local
authorities. Regular inspection of smaller structures.||
|Failure of water supply to operational section|Careful water management and monitoring.||
|Accidents to visitors, volunteers or general public|Risk assessments for all major activities. Health & Safety
Policy in place for working party volunteers. Restoration
Group reviews all incidents and takes appropriate action.||
## **Statement of Trustees’ Responsibilities**
The trustees (who are also directors of The Wey & Arun Canal Trust Limited for the purposes of company law) are responsible for preparing the trustees’ Annual Report and the group financial statements in accordance with applicable law and regulations.
Company law requires the trustees to prepare financial statements for each financial year. Under that law the trustees have elected to prepare the financial statements in accordance with the United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 company and the income and expenditure of the company 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 in the Charities SORP;
- Make judgements and accounting estimates that are reasonable and prudent; and
- Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in operation.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
ON BEHALF OF THE BOARD:
............................................. Sally Schupke Chairman and Director
Date: 20 July 2021
7
**THE WEY & ARUN CANAL TRUST LIMITED INDEPENDENT EXAMINER’S REPORT FOR THE YEAR ENDED 31ST DECEMBER 2020**
I report to the charity trustees on my examination of the accounts of the group and parent company for the year ended 31 December 2020 as set out on pages 9 to 21.
## **Responsibilities and basis of report**
As the charity’s trustees of the parent company (who are also the directors of the parent company for the purposes of company law), you are responsible for the preparation of the group accounts in accordance with the requirements of the Companies Act 2006 (“the 2006 Act”).
Having satisfied myself that the accounts of the group and parent Company are not required to be audited for this year under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your group accounts as carried out under section 145 of the Charities Act 2011 (“the 2011 Act”). In carrying out my examination, I have followed the Directions given by the Charity Commission (under section 145(5)(b)) of the 2011 Act.
This report is made solely to the parent charity's trustees, as a body. My work has been undertaken so that I might state to the parent charity's trustees those matters which 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 any party other than the parent charity and charity's trustees as a body, for my examination, for this report, or for the statement I have given below.
## **Independent examiner's statement**
The group’s gross income exceeded £250,000 and I am qualified to undertake the examination by being a qualified member of The Institute of Chartered Accountants in England and Wales.
I have completed my examination. I confirm that no material matters have come to my attention which gives me cause to believe that:
- accounting records were not kept in accordance with section 386 of the Companies Act 2006; or
- the accounts do not accord with such records; or
- the accounts do not comply with relevant accounting requirements under section 396 of the Companies Act 2006 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 Charities SORP (FRS102).
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.
## **JOHN SPEED FCA FCIE**
JS2 Limited One Crown Square Woking Surrey GU21 6HR
Date:
8
## **THE WEY & ARUN CANAL TRUST LIMITED**
## **CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (including income and expenditure account) FOR THE YEAR ENDED 31ST DECEMBER 2020**
|**Unrestricted**
**Funds**
**2020**
Note
**£**
**Income**
4
Subscriptions
**32,205**
Donations
**265,081**
Grants
**127,434**
Other trading activities
Fund-raising
5
**12,336**
Trading subsidiary income
6
**26,333**
Other income
5
**2,322**
Investment income
Bank interest
**16,045**
**Total Income**
**481,756**
**Expenditure**
Expenditure on raising funds
Costs of raising voluntary income
7
**38,312**
Trading subsidiary costs
6
**54,183**
Charitable activities
8
**461,741**
Total expenditure
**554,236**
**Net (expenditure) for the year**
**(72,480)**
Transfers between funds
**(91)**
**(72,571)**
**Gains on investment assets**
Unrealised investment gains
13
**1,473**
Net movement in funds
**(71,098)**
Reconciliation of funds
Total funds brought forward
**978,063**
Total funds carried forward
**906,965**
All amounts derive from continuing activities.
Donations, legacies
and similar income|**Restricted**
**Funds**
**2020**
**£**
**-**
**22,176**
**16,282**
**-**
**-**
**-**
**-**
**38,458**
**2,156**
**-**
**232,485**
**234,641**
**(196,183)**
**91**
**(196,092)**
**-**
**(196,092)**
**622,989**
**426,897**|**Total**
**Funds**
**2020**
**£**
**32,205**
**287,257**
**143,716**
**12,336**
**26,333**
**2,322**
**16,045**|_Total_
_Funds_
_2019_
_£_
_29,299_
_156,328_
_104,000_
_22,283_
_93,804_
_814_
_17,570_|
|---|---|---|---|
|||**520,214**|_424,098_|
|||**40,468**
**54,183**
**694,226**|_33,791_
_51,525_
_673,391_|
|||**788,877**|_758,707_|
|||**(268,663)**
**-**|_(334,609)_
_-_|
|||**(268,663)**
**1,473**|_(334,609)_
_2,074_|
|||**(267,190)**|_(332,535)_|
|||**1,601,052**|_1,933,587_|
|||**1,333,862**|_1,601,052_|
|||||
All gains and losses recognised in the period are included in the statement of financial activities.
The annexed Notes form part of these financial statements
9
## **THE WEY & ARUN CANAL TRUST LIMITED (a company registered by guarantee 01094232) CONSOLIDATED AND CHARITY BALANCE SHEETS AS AT 31ST DECEMBER 2020**
|Note
**Fixed assets**
Tangible assets
10
Investments
11
**Current assets**
Stocks
Debtors
12
Investments
13
Short-term deposits
Cash at bank and in hand
**Creditors: Amounts falling**
**due within one year**
14
**Net current assets**
**Total assets less current liabilities**
**The funds of the charity:**
Restricted income funds
15
Unrestricted income funds:
15
Designated funds
Other charitable funds
Total unrestricted funds
**Total charity funds**|**Consolidated**
**2020**
**£**
**309,662**
**-**
**309,662**
**5,770**
**97,294**
**79,699**
**252,733**
**627,160**
**1,062,656**
**(38,456)**
**1,024,200**
**1,333,862**
**426,897**
**723,761**
**183,204**
**906,965**
**1,333,862**|_Consolidated_
_2019_
_£_
_321,684_
_-_
_321,684_
_6,622_
_27,642_
_78,225_
_585,924_
_648,958_
_1,347,371_
_(68,003)_
_1,279,368_
_1,601,052_
_622,989_
_831,215_
_146,848_
_978,063_
_1,601,052_|**Charity**
**2020**
**£**
**309,662**
**12**
**309,674**
**-**
**134,174**
**79,699**
**252,733**
**615,566**
**1,082,172**
**(30,127)**
**1,052,045**
**1,361,719**
**426,897**
**723,761**
**211,061**
**934,822**
**1,361,719**|_Charity_
_2019_
_£_
_321,684_
_12_|
|---|---|---|---|---|
|||||_321,696_|
|||||_-_
_33,644_
_78,225_
_585,924_
_634,222_|
|||||_1,332,015_
_(59,603)_|
|||||_1,272,412_|
|||||_1,594,108_|
|||||_622,989_
_831,215_
_139,905_|
|||||_971,120_|
|||||_1,594,109_|
For the year ending 31 December 2020 the parent company and group were entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
The directors acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and for the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime. They were approved and authorised for issue by the directors on 20 July 2021 and signed on their behalf by:-
Sally Schupke - Chairman and Director
The annexed Notes form part of these financial statements
10
**THE WEY & ARUN CANAL TRUST LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31ST DECEMBER 2020**
|||**2020**||_2019_|_2019_|
|---|---|---|---|---|---|
||Note|**£**|**£**|_£_|_£_|
|**Net cash flow from operating activities**||||||
|Net (expenditure) for year||**(267,190)**||_(332,535)_||
|Adjustments for:||||||
|Interest receivable||**(16,045)**||_(17,570)_||
|Depreciation and impairment||||||
|of tangible fixed assets||**34,187**||_33,039_||
|(Gains) on investments||**(1,473)**||_(2,074)_||
|Decrease / (Increase) in stock||**852**||_(839)_||
|(Decrease) / increase in debtors||**(69,652)**||_278,391_||
|(Decrease) / increase in creditors||**(29,548)**||_20,614_||
|**Net cash (used in) operating activities**|||**(348,869)**||_(20,974)_|
|**Cash flow from investing activities**||||||
|Payments to acquire tangible fixed assets||**(22,165)**||_(116,450)_||
|Payments to acquire investments||**-**||_90,000_||
|Interest received||**16,045**||_17,570_||
|**Net cash flow from investing activities**|||**(6,120)**||_(8,880)_|
|**Net (decrease) in cash and cash equivalents**|||**(354,989)**||_(29,854)_|
|**Cash and cash equivalents brought forward**|||**1,234,882**||_1,264,736_|
|**Cash and cash equivalents carried forward**|||**879,893**||_1,234,882_|
|**Cash and cash equivalents consists of:**||||||
|Cash at bank and in hand|||**627,160**||_648,958_|
|Short-term deposits|||**252,733**||_585,924_|
|**Cash and cash equivalents carried forward**|||**879,893**||_1,234,882_|
The annexed Notes form part of these financial statements
11
**THE WEY & ARUN CANAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2020**
## **1. GENERAL INFORMATION**
The Wey & Arun Canal Trust is a company, limited by guarantee, incorporated in England and Wales under the Companies Act 2006 and Charities Act 2011. The address of the registered office is provided in Reference and administrative details. Details of the charity’s operations are provided in the Report of the trustees.
## **2. ACCOUNTING POLICIES**
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
## **2.1 Basis of preparation**
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared on a going concern basis under the historical cost convention and in accordance with 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) - (Charities SORP (FRS 102)), the Companies Act 2006 and the Charities Act 2011.
The trustees have given due consideration to the ongoing impact of the Covid-19 outbreak. Although there is the potential of some continued negative financial impact in the short term in the subsidiary trading company, the finances of the charity itself are largely unaffected by the situation.
The trustees have concluded that there is a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements.
## **2.2 Basis of consolidation**
The financial statements consolidate the results of W & A Enterprises Ltd, which is a wholly owned subsidiary undertaking of the charity, on a line by line basis. The accounting year ends are coterminous.
## **2.3 Parent company disclosure exemptions**
The parent charity has taken advantage of the disclosure exemption available in FRS 102 and has not presented a separate statement of cash flows. It has also taken advantage of section 408 of the Companies Act 2006 not to include an individual income and expenditure account for the parent company.
## **2.4 Income**
All income is included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:
- Related tax credit on donations received is accounted for on an accruals basis once the donation has been received.
- All subscriptions are accounted for on a receipts basis.
- Legacies are recognised when there is certainty of receipt and the amount can be measured with sufficient reliability.
- Donated assets and services are included at their estimated open market valuation.
12
**THE WEY & ARUN CANAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31ST DECEMBER 2020**
## **2. ACCOUNTING POLICIES (CONTINUED)**
## **2.5 Expenditure**
Expenditure is included when incurred, net of VAT. Costs which are identified as relating to restricted projects are allocated directly to those activities. Costs which relate to the general running of the charity are allocated against unrestricted funds, and within the statement of financial activities these expenses are shown as costs of generating funds, charitable activities, support costs and governance costs. An apportionment of staff wages and office costs between support costs and governance costs has been carried out on the basis of time spent by staff on the various activities.
The cost of charitable activities all relates to the charity's activities of canal restoration, renovation and operation. Support costs are expenditure incurred directly in supporting charitable activity. Restoration costs are generally not of a capital nature. The board is always considering opportunities for land purchases at strategic locations. When land is purchased for an amount exceeding nominal cost, the purchase is capitalised at cost.
Costs of generating funds include the costs to maintain the Trust’s profile with the general public and statutory authorities so as to retain regular financial support, together with the costs of keeping the membership informed of its ongoing activities.
Governance costs are those relating to the charity's compliance with constitutional and statutory requirements.
## **2.6 Restricted and designated funds**
Restricted funds are funds subject to specific conditions imposed by donors as to how they may be used. The purposes and uses of the restricted funds are set out in note 15 to the accounts.
Designated funds are allocated out of unrestricted funds by the trustees for specific purposes. The use of such funds is at the trustees' discretion.
## **2.7 Investments**
Investments are initially recognised at their transaction value and subsequently measured at their market value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.
## **2.8 Fixed Assets**
Where the directors consider it appropriate for the restoration and reopening of the canal, the Trust purchases freehold land. The cost of freehold land is capitalised but related costs of the purchase are written off when incurred. With certain exceptions, where the directors consider these appropriate, all structures (such as locks and bridges) other than the Canal Centre are either owned by the land owner, or are adopted by the local council or highway authority. The Canal Centre is being written off over its estimated useful life of 50 years.
Any items of plant and machinery purchased for restoration work costing less than £5,000 are written off in the year of acquisition as their useful life is normally less than one year. Items costing over £5,000 are written off over their expected life on a straight line basis between 5 and 10 years.
The canal boat _Wiggonholt_ is being leased to the charity's trading subsidiary and written off by equal annual instalments over its expected useful life of 20 years.
## **2.9 Stocks**
Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.
## **2.10 Pensions**
The charity operates a defined contribution pension scheme. Contributions are charged to the Statement of Financial Activities as they become payable in accordance with the rules of the scheme.
13
**THE WEY & ARUN CANAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31ST DECEMBER 2020**
## **3. FINANCIAL PERFORMANCE OF THE CHARITY**
The consolidated statement of financial activities includes the results of the charity’s wholly owned subsidiary, W & A Enterprises Limited. The summary performance of the charity alone is:
|Income
Profits made by subsidiary company and passed to the Trust
Other charges made to subsidiary company
Expenditure
Gains on investment assets
Net movement in funds|**2020**
**£**
**493,881**
**-**
**6,000**
**499,881**
**(733,744)**
**1,473**
**(232,390)**|_2019_
_£_
_330,294_
_35,294_
_6,000_|
|---|---|---|
|||_371,588_
_(706,197)_
_2,074_|
|||_(332,535)_|
## **4.**
## **DONATIONS, LEGACIES AND SIMILAR INCOME**
|**Member subscriptions**
**Donations**
General
Gift Aid receipts
Legacies
Milestone Club
Sponsorship
**Grants**
Chichester District Council
Fisherbeck Charitable Trust
Loxwood Parish Council
M J Camp Charitable Foundation
National Lottery Heritage Fund
The D'Oyly Carte Charitable Trust
Others|**Unrestricted**
**Funds**
**2020**
**£**
**32,205**
**44,059**
**14,254**
**168,312**
**14,695**
**23,761**
**265,081**
**11,334**
**3,000**
**100,000**
**13,100**
**127,434**|**Restricted**
**Funds**
**2020**
**£**
**-**
**7,383**
**-**
**14,793**
**-**
**-**
**22,176**
**-**
**-**
**5,000**
**-**
**4,000**
**7,282**
**16,282**|**Total**
**Funds**
**2020**
**£**
**32,205**
**51,442**
**14,254**
**183,105**
**14,695**
**23,761**
**287,257**
**11,334**
**3,000**
**5,000**
**100,000**
**13,100**
**4,000**
**7,282**
**143,716**|_Total_
_Funds_
_2019_
_£_|
|---|---|---|---|---|
|||||_29,299_|
|||||_93,575_
_17,560_
_4,700_
_14,567_
_25,926_|
|||||_156,328_|
|||||_-_
_3,000_
_-_
_100,000_
_-_
_-_
_1,000_|
|||||_104,000_|
During the year the Trust received donated goods and services valued at open market value of £23,761 (2019: £25,926).
14
**THE WEY & ARUN CANAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31ST DECEMBER 2020**
## **5. OTHER TRADING ACTIVITIES**
|**Fund raising**
Sales of waste paper etc
Sponsored walk receipts
Draws
Talks
**Other income**|**Unrestricted**
**Funds**
**2020**
**£**
**50**
**2,648**
**8,978**
**660**
**12,336**
**2,322**|**Restricted**
**Funds**
**2020**
**£**
**-**
**-**
**-**
**-**
**-**
**-**|**Total**
**Funds**
**2020**
**£**
**50**
**2,648**
**8,978**
**660**
**12,336**
**2,322**|_Total_
_Funds_
_2019_
_£_
_4,287_
_8,374_
_8,986_
_636_|
|---|---|---|---|---|
|||||_22,283_|
|||||_814_|
## **6. RESULTS FROM TRADING ACTIVITY OF SUBSIDIARY**
The charity The Wey & Arun Canal Trust Limited (by guarantee) has a wholly owned trading subsidiary which is incorporated in the U.K. W & A Enterprises Limited operates the Trust’s tripboats for public trips and hire under charter, together with the sale of merchandise to support the activities of the charity. A summary of its trading results is shown below. Accounts are filed with the Registrar of Companies.
|Turnover
Cost of sales
Operating and administrative expenses
Other operating income
Governance costs
The subsidiary paid the following to the charity:
Leasing charges
Donations
Net (loss) / profit|**2020**
**£**
**20,726**
**(45,618)**
**(24,892)**
**(8,565)**
**5,607**
**(950)**
**(28,800)**
**6,000**
**-**
**6,000**
**(34,800)**|_2019_
_£_
_93,804_
_(35,627)_|
|---|---|---|
|||_58,177_
_(15,898)_
_-_
_(985)_|
|||_41,294_|
|||_6,000_
_35,294_|
|||_41,294_|
||||
|||_-_|
15
## **THE WEY & ARUN CANAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31ST DECEMBER 2020**
## **7. COSTS OF RAISING VOLUNTARY INCOME**
|Staff costs
Fund-raising activities expenses
_Wey-South_magazine
Publicity and public relations
Sponsorship (Note 4)
Sponsored walk
_Wiggonholt_depreciation
Canal Centre depreciation|**Unrestricted**
**Funds**
**2020**
**£**
**23,448**
**3,050**
**6,228**
**1,000**
**-**
**63**
**4,523**
**-**
**38,312**|**Restricted**
**Funds**
**2020**
**£**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**2,156**
**2,156**|**Total**
**Funds**
**2020**
**£**
**23,448**
**3,050**
**6,228**
**1,000**
**-**
**63**
**4,523**
**2,156**
**40,468**|_Total_
_Funds_
_2019_
_£_
_13,027_
_4,232_
_4,706_
_3,099_
_2,000_
_49_
_4,523_
_2,155_|
|---|---|---|---|---|
|||||_33,791_|
**8. EXPENDITURE ON CHARITABLE ACTIVITIES**
|Restoration Expenses
Summit Level
North
Loxwood
Other
Training
Other expenses
Sponsorship (Note 4)
Staff costs
Canal operation
Insurance
Canal maintenance
Plant purchases
Plant maintenance
Plant & equipment depreciation
Support costs (see below)
Cost of charitable activities
**Support costs**
Staff costs
Office and other expenses
Legal fees
Affiliation fees
Sponsorship (Note 4)
Governance costs
Hall hire and meeting expenses
Independent examiner's fees|**Unrestricted**
**Funds**
**2020**
**£**
**25,823**
**63,409**
**45,844**
**31,119**
**5,121**
**11,700**
**69,787**
**11,339**
**7,475**
**92,160**
**2,466**
**9,112**
**27,508**
**402,863**
**58,878**
**461,741**
**2,118**
**10,486**
**29,782**
**1,461**
**12,061**
**270**
**2,700**
**58,878**|**Restricted**
**Funds**
**2020**
**£**
**189,984**
**31,494**
**3,944**
**7,063**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**232,485**
**-**
**232,485**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**|**Total**
**Funds**
**2020**
**£**
**215,807**
**94,903**
**49,788**
**38,182**
**5,121**
**11,700**
**69,787**
**11,339**
**7,475**
**92,160**
**2,466**
**9,112**
**27,508**
**635,348**
**58,878**
**694,226**
**2,118**
**10,486**
**29,782**
**1,461**
**12,061**
**270**
**2,700**
**58,878**|_Total_
_Funds_
_2019_
_£_
_108,314_
_188,326_
_23,955_
_41,624_
_5,568_
_12,000_
_64,763_
_9,179_
_11,311_
_44,816_
_10,243_
_18,684_
_26,361_|
|---|---|---|---|---|
|||||_565,144_
_108,247_|
|||||_673,391_|
|||||_1,988_
_10,723_
_79,970_
_781_
_11,926_
_224_
_2,635_|
|||||_108,247_|
16
**THE WEY & ARUN CANAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31ST DECEMBER 2020**
## **9. EMPLOYEE COSTS**
No trustees received remuneration during the year (2019 £nil). One trustee received a total of £126 for travel expenses (2019 one trustee received £652).
The costs of the remaining staff were:
|The costs of the remaining staff were:|||
|---|---|---|
|Wages and salaries
Social security costs
Pension costs
Redundancy|**2020**
**£**
**100,353**
**3,783**
**1,697**
**3,800**
**109,633**|_2019_
_£_
_94,624_
_3,410_
_1,632_
_-_|
|||_99,666_|
No employee earned more than £60,000 during the period. The average full time equivalent number of staff employed by the charity during the year was as follows:
|Average full time equivalent number of staff employed
Average number of staff employed (headcount)|**2020**
**No**
**4.4**
**9**|_2019_
_No_
_3.7_
_8_|
|---|---|---|
The charity relies substantially on its core team of volunteers. The work carried out covers:
|**2020**
**Visiting groups hours**
Skilled
**-**
Unskilled
**-**
Management
**-**
Admin/publicity
**-**
Estimated Totals
**-**|**2020**
**Total hours**
**11,578**
**3,418**
**3,951**
**1,796**
**20,743**|**2020**
**Value**
**£**
**138,936**
**41,016**
**47,412**
**35,920**
**263,284**|_2019_
_2019_
_Total hours_
_Value_
_£_
_14,566_
_174,792_
_10,150_
_121,800_
_3,486_
_41,832_
_3,395_
_67,900_
_31,597_
_406,324_|
|---|---|---|---|
In accordance with generally accepted accounting practice, these hours are not included as monetary equivalents in sponsorship.
17
## **THE WEY & ARUN CANAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31ST DECEMBER 2020**
## **10. TANGIBLE FIXED ASSETS**
|Cost
At 1st January 2020
Additions
Disposals
At 31st December 2020
Depreciation
At 1st January 2020
Charge for the year
Eliminated on disposals
At 31st December 2020
Net book value
At 31st December 2020
_At 31st December 2019_|**Freehold**
**Land**
**£**
**77,000**
**-**
**-**
**77,000**
**-**
**-**
**-**
**-**
**77,000**
_77,000_|**Canal**
**Centre**
**£**
**107,789**
**-**
**-**
**107,789**
**17,240**
**2,156**
**-**
**19,396**
**88,393**
_90,549_|**Plant &**
**Equipment**
**£**
**189,053**
**22,165**
**-**
**211,218**
**75,633**
**27,508**
**-**
**103,141**
**108,077**
_113,420_|**Wiggonholt**
**£**
**90,469**
**-**
**-**
**90,469**
**49,754**
**4,523**
**-**
**54,277**
**36,192**
_40,715_|**Subsidiary**
**owned**
**Boats**
**£**
**12,850**
**-**
**-**
**12,850**
**12,850**
**-**
**-**
**12,850**
**-**
_-_|**Total**
**£**
**477,161**
**22,165**
**-**|
|---|---|---|---|---|---|---|
|||||||**499,326**|
|||||||**155,477**
**34,187**
**-**|
|||||||**189,664**|
|||||||**309,662**|
|||||||_321,684_|
## **11. FIXED ASSET INVESTMENT**
|Wholly owned subsidiary (see note 3):-
W&A Enterprises Ltd: 12 ordinary shares of £1 each|**2020**
_2019_
**£**
_£_
**12**
_12_
**12**
_12_|
|---|---|
|**12. DEBTORS**
**Consolidated**
**2020**
**£**
Trade debtors
**5,339**
Legacies receivable
**50,000**
VAT refunds due
**26,039**
Due from subsidiary company
**-**
Prepayments
**13,085**
Income tax recoverable (gift aid)
**2,831**
**97,294**|_Consolidated_
_2019_
_£_
_1,881_
_-_
_24,642_
_-_
_-_
_1,119_
_27,642_|**Charity**
**2020**
**£**
**-**
**50,000**
**26,039**
**45,116**
**10,188**
**2,831**
**134,174**|_Charity_
_2019_
_£_
_-_
_-_
_24,651_
_7,874_
_-_
_1,119_|
|---|---|---|---|
||||_33,644_|
18
**THE WEY & ARUN CANAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31ST DECEMBER 2020**
## **13. CURRENT ASSET INVESTMENT**
|**Consolidated**
**2020**
**£**
**79,699**
Investments listed on
recognised stock exchanges|_Consolidated_
_2019_
_£_
_78,225_|**Charity**
**2020**
**£**
**79,699**|_Charity_
_2019_
_£_|
|---|---|---|---|
||||_78,225_|
|The historic cost of the investments on 31st December 2020 was £80,000 (2019: £80,000).
Market value brought forward
**78,225**
Transfers in year
**-**
Unrealised gain
**1,473**
Market value carried forward
**79,698**
**14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
**Consolidated**
_Consolidated_
**Charity**
**2020**
_2019_
**2020**
**£**
_£_
**£**
Trade creditors
**28,411**
_60,212_
**28,377**
Receipts paid in advance
**6,897**
_3,202_
**-**
Social security and other taxes
**448**
_1,955_
**-**
Sundry creditors and accruals
**2,700**
_2,634_
**1,750**
**38,456**
_68,003_
**30,127**|_166,151_
_(90,000)_
_2,074_|
|---|---|
||_78,225_|
||_Charity_
_2019_
_£_
_55,998_
_-_
_1,955_
_1,650_|
||_59,603_|
|**15. FUNDS**
**a)**
**Restricted Funds**
Canal Centre
Restoration funds:
Summit Level
North
Loxwood
General Restoration
Total Restricted Funds
**_2019_**
**_Restricted Funds_**
_New Canal Boat_
_Canal Centre_
_Restoration funds:_
_Summit Level_
_North_
_Loxwood_
_General Restoration_
_Total Restricted Funds_|**Balance at**
**1 Jan**
**2020**
**£**
**89,440**
**423,547**
**103,228**
**560**
**6,214**
**622,989**
_2,084_
_91,595_
_480,672_
_136,754_
_6,945_
_5,790_
_723,840_|**Income**
**£**
**-**
**-**
**14,793**
**5,500**
**18,165**
**38,458**
_-_
_-_
_-_
_20,607_
_-_
_12,359_
_32,966_|**Expenditure**
**£**
**(2,156)**
**(189,984)**
**(31,494)**
**(3,944)**
**(7,063)**
**(234,641)**
_(2,084)_
_(2,155)_
_(57,586)_
_(25,774)_
_(6,385)_
_(12,995)_
_(106,979)_|**Balance at**
**Fund**
**31 Dec**
**Transfers**
**2020**
**£**
**£**
**-**
**87,284**
**-**
**55**
**233,618**
**-**
**86,527**
**36**
**2,152**
**-**
**17,316**
**91**
**426,897**
_-_
_-_
_-_
_89,440_
_-_
_-_
_461_
_423,547_
_(28,359)_
_103,228_
_-_
_560_
_1,060_
_6,214_
_(26,838)_
_622,989_|
|---|---|---|---|---|
19
## **THE WEY & ARUN CANAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31ST DECEMBER 2020**
## **15. FUNDS (CONTINUED)**
|**b) Unrestricted Funds**
Designated Funds:
Fixed Assets
North
Loxwood
Summit
General Restoration
General Funds
Trading Subsidiary
Total Funds:
Retained in parent
Retained in subsidiary
**_2019_**
_Designated Funds:_
_Fixed Assets_
_North_
_Loxwood_
_Summit_
_General Restoration_
_General Funds_
_Trading Subsidiary_
_Total funds:_
_Retained in parent_
_Retained in subsidiary_|**Balance at**
**1 Jan**
**2020**
**£**
**232,244**
**77,842**
**161,914**
**335,525**
**23,690**
**831,215**
**139,905**
**6,943**
**978,063**
**1,601,052**
**1,594,109**
**6,943**
**1,601,052**
_144,594_
_194,663_
_224,129_
_304,743_
_53,383_
_921,512_
_281,292_
_6,943_
_1,209,747_
_1,933,587_
_1,926,644_
_6,943_
_1,933,587_|**Income**
**£**
**-**
**-**
**-**
**-**
**-**
**-**
**456,896**
**26,333**
**483,229**
**521,687**
**332,368**
**93,804**
**426,172**
_-_
_-_
_-_
_-_
_-_
_-_
_299,402_
_93,804_
_393,206_
_426,172_
_332,368_
_93,804_
_426,172_|**Expenditure**
**£**
**-**
**-**
**-**
**-**
**-**
**-**
**(499,103)**
**(55,133)**
**(554,236)**
**(788,877)**
**(706,197)**
**(52,510)**
**(758,707)**
_-_
_-_
_-_
_-_
_-_
_-_
_(599,218)_
_(52,510)_
_(651,728)_
_(758,707)_
_(706,197)_
_(52,510)_
_(758,707)_|**Fund**
**Transfers**
**£**
**(9,866)**
**153,787**
**(81,897)**
**(177,657)**
**8,179**
**(107,454)**
**113,363**
**(6,000)**
**(91)**
**-**
**41,294**
**(41,294)**
**-**
_87,650_
_(116,821)_
_(62,215)_
_30,782_
_(29,693)_
_(90,297)_
_158,429_
_(41,294)_
_26,838_
_-_
_41,294_
_(41,294)_
_-_|**Balance at**
**31 Dec**
**2020**
**£**
**222,378**
**231,629**
**80,017**
**157,868**
**31,869**|
|---|---|---|---|---|---|
||||||**723,761**
**211,061**
**(27,857)**|
||||||**906,965**|
||||||**1,333,862**|
||||||**1,261,574**
**6,943**|
||||||**1,268,517**|
||||||_232,244_
_77,842_
_161,914_
_335,525_
_23,690_|
||||||_831,215_
_139,905_
_6,943_|
||||||_978,063_|
||||||_1,601,052_|
||||||_1,594,109_
_6,943_|
||||||_1,601,052_|
20
**THE WEY & ARUN CANAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31ST DECEMBER 2020**
## **15. FUNDS (CONTINUED)**
## **Restricted**
The New Canal Boat and Canal Centre funds represent donations specifically received to fund the construction of the assets. Depreciation relating to the assets is being charged against the funds.
Detailed records of restoration funds received and expended are kept by the trust. These have been summarised this year into the geographical areas of the canal and miscellaneous funds.
## **Unrestricted**
The fixed assets fund represents the net book value of fixed assets owned by the charity not funded by restricted income.
The North, South and Summit funds represent the totals of general funds received assigned by the trustees to specific projects on these areas of the canal.
General Restoration Funds reflects the allocation of funds for minor specific projects currently in hand.
## **16. ANALYSIS OF NET ASSETS BETWEEN FUNDS**
|**2020**
Tangible fixed assets
Current assets
Creditors falling
due within one year
_2019_
_Tangible fixed assets_
_Current assets_
_Creditors falling_
_due within one year_|**Unrestricted**
**Funds**
**£**
**222,378**
**(718)**
**(38,456)**
**183,204**
_232,244_
_(17,393)_
_(68,003)_
_146,848_|**Designated**
**Funds**
**£**
**-**
**723,761**
**-**
**723,761**
_-_
_831,215_
_-_
_831,215_|**Unrestricted**
**Total**
**Funds**
**£**
**222,378**
**723,043**
**(38,456)**
**906,965**
_232,244_
_813,822_
_(68,003)_
_978,063_|**Restricted**
**Funds**
**£**
**87,284**
**339,613**
**-**
**426,897**
_89,440_
_533,549_
_-_
_622,989_|**Total**
**Funds**
**£**
**309,662**
**1,062,656**
**(38,456)**|
|---|---|---|---|---|---|
||||||**1,333,862**|
||||||_321,684_
_1,347,371_
_(68,003)_|
||||||_1,601,052_|
## **17. FINANCIAL COMMITMENTS**
At 31st December 2020, the Trust had committed to pay £55,000 in relation to Compasses Bridge and £66,021 in relation to Tickner's Heath.
21