**THE WEY & ARUN CANAL TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE)**
## **UNAUDITED FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 DECEMBER 2021**
## **COMPANY NO: 01094232**
**REGISTERED CHARITY NUMBER: 265331**
**THE WEY & ARUN CANAL TRUST LIMITED CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2021**
||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 22|
**THE WEY & ARUN CANAL TRUST LIMITED REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31ST DECEMBER 2021**
## **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 Tony Ford Dennis Gillen Alan Johnson Julian Morgan Bill Nicholson John Reynolds Sally Schupke John Talbot
**Company Secretary** Giles Eyre
## **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
Anderson Rowntree Solicitors Wisteria House Petworth West Sussex GU28 0AJ
## **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 2021**
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 2021. They are also prepared so as 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 many 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. The Trust also provides permissive paths as a public amenity at Birtley (near Bramley, Surrey – opened in 2021) and in the Hunt Nature Park in Shalford, Surrey.
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 encourages water-based activities for all and provides appropriate infrastructure on restored sections of the canal both for private individuals using small unpowered boats (including paddleboards, canoes and kayaks) and for private and community organisations providing similar activities for members of the public or for their community groups.
4. The Trust contributes to the local economy through the activities of its trading company and through its canal restoration activities. In both aspects 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.
5. 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.
6. 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 that which existed before. The Trust encourages the involvement of members of the public and in particular school groups and young people in activities which contribute to the natural environment of the canal.
2
**THE WEY & ARUN CANAL TRUST LIMITED TRUSTEES’ ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 31ST DECEMBER 2021**
## **Contribution of Volunteers**
The Trust is volunteer-led and largely dependent on volunteers for its day-to-day activities. Volunteer hours contributed during 2021 are estimated to be equivalent to at least 13 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.
## **ACHIEVEMENTS AND PERFORMANCE**
## **Charitable Activities**
The Trust’s principal activities during 2021 on each of the sections identified as priorities were as follows:
1. In the Shalford/Bramley section, following submission of the planning application for Phase 1 of the Bramley Link (Gun’s Mouth Island to Tannery Lane) work continues on detailed planning of the new canal route. The Shalford Information Centre was completed and opened to the public alongside the Downs Link and adjacent to Hunt Nature Park. South of Bramley, on the Birtley Reach, a new circular walk for public use using a section of new canal towpath and the existing Downs Link path and a temporary bridge over the canal was opened. Preparatory work has continued on a new lifting bridge to replace this temporary bridge and on a second new lifting bridge to replace the causeway carrying a bridleway for which planning permission has been given. Canal bed and ancillary land was acquired at Rooks Hill and Fanesbridge near Bramley, Surrey.
2. In the Alfold/Dunsfold section at Tickner’s Heath, a new bridge has been installed to carry pedestrians and a bridleway over a new canal route, and part of that route from the line of the existing canal up to the bridge has been cut. Preparatory work on a temporary re-routing of the road pending construction of a new bridge was commenced. Preparatory work on plans for replacement of a causeway carrying the A281 at Fastbridge, Dunsfold continued.
3. In the Ifold/Loxwood section, at Gennets Farm a lease was taken on a further section of canal and clearance work carried out. Further work was carried out to deal with leaks on the canal at Long Meadow, Drungewick.
4. In the Arun Valley a section of in-water canal at Northlands Farm was acquired and work carried out to manage vegetation on the canal side. Restoration of the Lordings Waterwheel has been progressed. Restoration work at Pallingham Bridge was completed and an archaeological desk-based assessment of Pallingham Docks was carried out.
Other important activities included:
1. Continuing work on the planning application to Waverley Borough Council for a new section of canal at Rushett Farm, between Bramley and Cranleigh.
2. Continuing detailed work on the project to replace the existing bridge on Elmbridge Road near Cranleigh which will provide navigable height.
3. The operation of the Loxwood Canal Centre and Shalford Information Centre (opened in 2021) as central points for welcoming visitors and providing information about the canal.
4. Maintenance and improvement activities on both operational and non-operational sections of the canal.
5. Negotiations with landowners to secure land transfers, leases or permissions for sections of the canal route.
6. Operation of a Mobile Display Vehicle and publicity unit at public events in Surrey and West Sussex to raise awareness of the Trust’s work.
7. The addition of a wheelchair-accessible vessel, Walter Grove, to the Trust’s fleet of passenger-carrying boats.
3
**THE WEY & ARUN CANAL TRUST LIMITED TRUSTEES’ ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 31ST DECEMBER 2021**
## **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, although the recycling of newspaper became financially non-viable and ceased in the spring of 2021;
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 improved trading conditions in 2021 as the country adapted to Covid-19 restrictions. Capacity on boat trips continued to be reduced as a result.
## **FINANCIAL REVIEW**
## **Financial position**
In summary, the Trust spent 2021 progressing restoration projects and planning future work. During the year the Trust’s expenditure (£681,386) was less than income (£788,112).
The Trust relies very largely on the generosity of its members and supporters. Sponsorship and gifts in kind amounted to approximately £20,500 in 2021. The Trust currently pays no rent for its offices in Shalford or The Granary in Loxwood (currently in use for storage).
## **Reserves Policy**
The Trust’s general policy is to assign funds to specific projects as soon as they are available, rather than building up substantial reserves. An exception is the Property Fund which is intended to support significant purchases in the future. Membership subscriptions and regular donations are only sufficient to cover core spending, 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 2021 (net assets) are £1,440,210, which includes £254,598 restricted to specific projects. In accordance with the Trust’s policy of not holding substantial reserves, a further £401,520 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)|£256,907|
|South (Ifold/Loxwood)|£31,937|
|Summit (Alfold/Dunsfold)|£136,177|
|Others|£145,969|
|Total|£570,990|
4
**THE WEY & ARUN CANAL TRUST LIMITED TRUSTEES’ ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 31ST DECEMBER 2021**
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 2021 amounted to £481,681, leaving free reserves of £387,539 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**
The impact of the Covid-19 pandemic has reduced during the year and is not expected to impact significantly in 2022. 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 comments which have been received.
- b. In the Birtley area to continue work on reinstating bridges in place of causeways that currently block the canal.
- c. 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 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 continue planning for further extensions of the navigable section.
4. In the Arun Valley area:
- a. To complete work necessary to bring back into working order Lordings Waterwheel.
- b. 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 2021**
## **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 9 meetings of the board (Council of Management) during 2021. The members of the board during that year and their attendance records were:
|Sally Schupke (Chairman)|9|Tony Coles|7|
|---|---|---|---|
|Margaret Darvill|9|Tony Ford|8|
|Dennis Gillen|9|Alan Johnson|9|
|Julian Morgan|9|John Reynolds|8|
|John Talbot|9|Bill Nicholson|8|
|Giles Eyre|7|||
At the end of 2021, the Trust had two full-time and five part-time employees and one apprentice. 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;
- A Water Environment Worker apprentice
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, two local wildlife trusts and Surrey Hills Enterprises, 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 2021**
## **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.
The trustees’ annual report was approved by the trustees on 19 April 2022, and is signed on their behalf by:
............................................. Sally Schupke Chairman and Director
7
**THE WEY & ARUN CANAL TRUST LIMITED INDEPENDENT EXAMINER’S REPORT FOR THE YEAR ENDED 31ST DECEMBER 2021**
I report to the charity trustees on my examination of the accounts of the group and parent company for the year ended 31 December 2021 as set out on pages 9 to 22.
## **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 2021**
|**Unrestricted**
**Funds**
**2021**
Note
**£**
**Income**
4
Subscriptions
**31,538**
Donations and legacies
**334,596**
Grants
**113,500**
Other trading activities
Fund-raising
5
**26,554**
Trading subsidiary income
6
**53,932**
Other income
5
**5,521**
Investment income
Bank interest
**7,139**
**Total Income**
**572,780**
**Expenditure**
Expenditure on raising funds
Costs of raising voluntary income
7
**34,748**
Trading subsidiary costs
6
**25,200**
Charitable activities
8
**347,510**
Total expenditure
**407,458**
**Net income / (expenditure) for the year**
**165,322**
Transfers between funds
**113,703**
**279,025**
**(Loss) / gain on investment assets**
13
**(378)**
Net movement in funds
**278,647**
Reconciliation of funds
Total funds brought forward
**906,965**
Total funds carried forward
**1,185,612**
All amounts derive from continuing activities.
Donations, legacies
and similar income|**Restricted**
**Funds**
**2021**
**£**
**-**
**117,848**
**97,484**
**-**
**-**
**-**
**-**
**215,332**
**2,156**
**-**
**271,772**
**273,928**
**(58,596)**
**(113,703)**
**(172,299)**
**-**
**(172,299)**
**426,897**
**254,598**|**Total**
**Funds**
**2021**
**£**
**31,538**
**452,444**
**210,984**
**26,554**
**53,932**
**5,521**
**7,139**|_Total_
_Funds_
_2020_
_£_
_32,205_
_287,257_
_143,716_
_12,336_
_26,333_
_2,322_
_16,045_|
|---|---|---|---|
|||**788,112**|_520,214_|
|||**36,904**
**25,200**
**619,282**|_40,468_
_54,183_
_694,226_|
|||**681,386**|_788,877_|
|||**106,726**
**-**|_(268,663)_
_-_|
|||**106,726**
**(378)**|_(268,663)_
_1,473_|
|||**106,348**|_(267,190)_|
|||**1,333,862**|_1,601,052_|
|||**1,440,210**|_1,333,862_|
|||||
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 2021**
|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**
**2021**
**£**
**481,681**
**-**
**481,681**
**5,308**
**128,838**
**79,321**
**176,474**
**591,692**
**981,633**
**(23,104)**
**958,529**
**1,440,210**
**254,598**
**798,073**
**387,539**
**1,185,612**
**1,440,210**|_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_|**Charity**
**2021**
**£**
**481,681**
**12**
**481,693**
**-**
**130,436**
**79,321**
**176,474**
**581,912**
**968,143**
**(16,569)**
**951,574**
**1,433,267**
**254,598**
**798,073**
**380,596**
**1,178,669**
**1,433,267**|_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_|
For the year ending 31 December 2021 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 19 April 2022 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 2021**
|||**2021**||_2020_|_2020_|
|---|---|---|---|---|---|
||Note|**£**|**£**|_£_|_£_|
|**Net cash flow from operating activities**||||||
|Net income / (expenditure) for year||**106,348**||_(267,190)_||
|Adjustments for:||||||
|Interest receivable||**(7,139)**||_(16,045)_||
|Depreciation and amortisation||**34,561**||_34,187_||
|Losses / (gains) on investments||**378**||_(1,473)_||
|Decrease in stock||**462**||_852_||
|(Increase) in debtors||**(31,544)**||_(69,652)_||
|(Decrease) in creditors||**(15,352)**||_(29,548)_||
|**Net cash from / (used in) operating activities**|||**87,714**||_(348,869)_|
|**Cash flow from investing activities**||||||
|Payments to acquire tangible fixed assets||**(206,580)**||_(22,165)_||
|Interest received||**7,139**||_16,045_||
|**Net cash flow (used in) investing activities**|||**(199,441)**||_(6,120)_|
|**Net (decrease) in cash and cash equivalents**|||**(111,727)**||_(354,989)_|
|**Cash and cash equivalents brought forward**|||**879,893**||_1,234,882_|
|**Cash and cash equivalents carried forward**|||**768,166**||_879,893_|
|**Cash and cash equivalents consists of:**||||||
|Cash at bank and in hand|||**591,692**||_627,160_|
|Short-term deposits|||**176,474**||_252,733_|
|**Cash and cash equivalents carried forward**|||**768,166**||_879,893_|
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 2021**
## **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 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.
## **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.
12
**THE WEY & ARUN CANAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31ST DECEMBER 2021**
## **2. ACCOUNTING POLICIES (CONTINUED)**
## **2.5 Expenditure (continued)**
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 trustees 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 trustees consider these appropriate, all structures (such as locks and bridges) other than the Loxwood Canal Centre are either owned by the land owner, or are adopted by the local council or highway authority. The Loxwood Canal Centre is being written off over an estimated useful life of 50 years. The Shalford Information Centre is being written off over an estimated useful life of 20 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 2021**
## **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
Interest charged to subsidiary company (see Note 6)
Other charges made to subsidiary company
Expenditure
(Loss) / gain on investment assets
Net movement in funds|**2021**
**£**
**734,180**
**474**
**574**
**6,000**
**741,228**
**(669,302)**
**(378)**
**71,548**|_2020_
_£_
_493,881_
_-_
_6,000_|
|---|---|---|
|||_499,881_
_(733,744)_
_1,473_|
|||_(232,390)_|
## **4. DONATIONS, LEGACIES AND SIMILAR INCOME**
|**Member subscriptions**
**Donations and legacies**
General
Gift Aid receipts
Legacies
Milestone Club
Donated land
Sponsorship
**Grants**
Chichester District Council
The D'Oyly Carte Charitable Trust
Fisherbeck Charitable Trust
Loxwood Parish Council
M J Camp Charitable Foundation
National Lottery Heritage Fund
The Royal Oak Foundation
Sussex Industrial Archaeology Society
Others (including grants from donors
who wish to remain anonymous)|**Unrestricted**
**Funds**
**2021**
**£**
**31,538**
**75,683**
**19,281**
**160,516**
**14,616**
**44,000**
**20,500**
**334,596**
**-**
**-**
**3,000**
**-**
**110,000**
**-**
**-**
**500**
**-**
**113,500**|**Restricted**
**Funds**
**2021**
**£**
**-**
**22,848**
**-**
**95,000**
**-**
**-**
**-**
**117,848**
**10,096**
**-**
**-**
**-**
**-**
**-**
**37,388**
**-**
**50,000**
**97,484**|**Total**
**Funds**
**2021**
**£**
**31,538**
**98,531**
**19,281**
**255,516**
**14,616**
**44,000**
**20,500**
**452,444**
**10,096**
**-**
**3,000**
**-**
**110,000**
**-**
**37,388**
**500**
**50,000**
**210,984**|_Total_
_Funds_
_2020_
_£_|
|---|---|---|---|---|
|||||_32,205_|
|||||_51,442_
_14,254_
_183,105_
_14,695_
_-_
_23,761_|
|||||_287,257_|
|||||_11,334_
_4,000_
_3,000_
_5,000_
_100,000_
_13,100_
_-_
_-_
_7,282_|
|||||_143,716_|
During the year the Trust received donated goods and services valued at open market value of £20,500 (2020: £23,761).
14
**THE WEY & ARUN CANAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31ST DECEMBER 2021**
## **5. OTHER TRADING ACTIVITIES**
|**Fund raising**
Sales of waste paper etc
Sponsored walk receipts
Draws
Talks
**Other income**|**Unrestricted**
**Funds**
**2021**
**£**
**5,430**
**10,596**
**9,690**
**838**
**26,554**
**5,521**|**Restricted**
**Funds**
**2021**
**£**
**-**
**-**
**-**
**-**
**-**
**-**|**Total**
**Funds**
**2021**
**£**
**5,430**
**10,596**
**9,690**
**838**
**26,554**
**5,521**|_Total_
_Funds_
_2020_
_£_
_50_
_2,648_
_8,978_
_660_|
|---|---|---|---|---|
|||||_12,336_|
|||||_2,322_|
## **6. RESULTS FROM TRADING ACTIVITY OF SUBSIDIARY AND INTERCOMPANY BALANCE**
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
Government grant: Job retention scheme
Grants from parent charity (see Note 15)
Governance costs
The subsidiary paid the following to the charity:
Leasing charges
Interest payable to parent company (see below)
Donations
Net profit / (loss)|**2021**
**£**
**53,932**
**(25,200)**
**28,732**
**-**
**14,096**
**(980)**
**41,848**
**6,000**
**574**
**474**
**7,048**
**34,800**|_2020_
_£_
_20,726_
_(54,183)_|
|---|---|---|
|||_(33,457)_
_5,607_
_-_
_(950)_|
|||_(28,800)_|
|||_6,000_
_-_
_-_|
|||_6,000_|
||||
|||_(34,800)_|
The activities of the subsidiary company were significantly curtailed due to impact of the Covid-19 outbreak, and a balance of £45,116 was due from the subsidiary to the parent company at 31 December 2020 (see Note 12). From that date, the trustees of the parent charity formally agreed with the directors of the subsidiary company that interest would be payable at 2% per annum on the outstanding intercompany balance until it is settled. The balance is to be settled in full no later than 31 December 2022. The interest charge in 2021 from the parent charity to the subsidiary company was £574.
More subsidiary activities were possible in 2021 than in 2020, with the year end intercompany balance reducing to £7,189 on 31 December 2021.
15
## **THE WEY & ARUN CANAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31ST DECEMBER 2021**
## **7. COSTS OF RAISING VOLUNTARY INCOME**
|Staff costs
Fund-raising activities expenses
_Wey-South_magazine
Publicity and public relations
Sponsored walk
_Wiggonholt_depreciation
Loxwood Canal Centre depreciation
Shalford Information Centre depreciation|**Unrestricted**
**Funds**
**2021**
**£**
**13,930**
**2,864**
**6,085**
**5,840**
**27**
**4,523**
**-**
**1,479**
**34,748**|**Restricted**
**Funds**
**2021**
**£**
**-**
**-**
**-**
**-**
**-**
**-**
**2,156**
**-**
**2,156**|**Total**
**Funds**
**2021**
**£**
**13,930**
**2,864**
**6,085**
**5,840**
**27**
**4,523**
**2,156**
**1,479**
**36,904**|_Total_
_Funds_
_2020_
_£_
_23,448_
_3,050_
_6,228_
_1,000_
_63_
_4,523_
_2,156_
_-_|
|---|---|---|---|---|
|||||_40,468_|
**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**
**2021**
**£**
**24,911**
**36,138**
**5,750**
**35,549**
**5,782**
**10,500**
**78,217**
**6,483**
**11,411**
**24,342**
**7,697**
**10,932**
**26,403**
**284,115**
**63,395**
**347,510**
**17,195**
**16,364**
**16,274**
**218**
**10,000**
**564**
**2,780**
**63,395**|**Restricted**
**Funds**
**2021**
**£**
**229,810**
**31,334**
**500**
**10,128**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**271,772**
**-**
**271,772**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**|**Total**
**Funds**
**2021**
**£**
**254,721**
**67,472**
**6,250**
**45,677**
**5,782**
**10,500**
**78,217**
**6,483**
**11,411**
**24,342**
**7,697**
**10,932**
**26,403**
**555,887**
**63,395**
**619,282**
**17,195**
**16,364**
**16,274**
**218**
**10,000**
**564**
**2,780**
**63,395**|_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_|
16
**THE WEY & ARUN CANAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31ST DECEMBER 2021**
## **9. EMPLOYEE COSTS**
No trustees received remuneration during the year (2020: £nil). No trustees were reimbursed for personal expenses during the year (2020: one trustee reimbursed £126).
The total donations received from all trustees during the year were £17,203. There were no conditions associated with these donations.
The costs of the remaining staff were:
|Wages and salaries
Social security costs
Pension costs
Redundancy|**2021**
**£**
**107,538**
**3,087**
**1,769**
**-**
**112,394**|_2020_
_£_
_100,353_
_3,783_
_1,697_
_3,800_|
|---|---|---|
|||_109,633_|
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)|**2021**
**No**
**3.8**
**8**|_2020_
_No_
_4.4_
_9_|
|---|---|---|
The charity relies substantially on its core team of volunteers. The work carried out covers:
|**2021**
**Visiting groups hours**
Skilled
**7,534**
Unskilled
**9,126**
Management
**266**
Admin/publicity
**309**
Estimated Totals
**17,235**|**2021**
**Total hours**
**9,777**
**10,298**
**4,625**
**1,899**
**26,599**|**2021**
**Value**
**£**
**117,324**
**123,576**
**55,500**
**37,980**
**334,380**|_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_|
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 2021**
## **10. TANGIBLE FIXED ASSETS**
|Cost
At 1st January 2021
Additions
Disposals
At 31st December 2021
Depreciation
At 1st January 2021
Charge for the year
Eliminated on disposals
At 31st December 2021
Net book value
At 31st December 2021
_At 31st December 2020_|**Freehold**
**Land**
**£**
**77,000**
**169,000**
**-**|**Loxwood**
**Canal**
**Centre**
**£**
**107,789**
**-**
**-**|**£**
**-**
**29,580**
**-**
**Shalford**
**Information**
**Centre**|**£**
**211,218**
**8,000**
**-**
**Plant &**
**Equipment**|**£**
**90,469**
**-**
**-**
**Wiggonholt**|**£**
**12,850**
**-**
**-**
**Subsidiary**
**owned**
**Boats**|**Total**
**£**
**499,326**
**206,580**
**-**|
|---|---|---|---|---|---|---|---|
||**246,000**|**107,789**|**29,580**|**219,218**|**90,469**|**12,850**|**705,906**|
||**-**
**-**
**-**|**19,396**
**2,156**
**-**|**-**
**1,479**
**-**|**103,141**
**26,403**
**-**|**54,277**
**4,523**
**-**|**12,850**
**-**
**-**|**189,664**
**34,561**
**-**|
||**-**|**21,552**|**1,479**|**129,544**|**58,800**|**12,850**|**224,225**|
||**246,000**|**86,237**|**28,101**|**89,674**|**31,669**|**-**|**481,681**|
||_77,000_|_88,393_|_-_|_108,077_|_36,192_|_-_|_309,662_|
## **11. FIXED ASSET INVESTMENT**
|**11. FIXED ASSET INVESTMENT**||||
|---|---|---|---|
|Wholly owned subsidiary (see Note 6):-
W&A Enterprises Ltd: 12 ordinary shares of £1 each
**12. DEBTORS**
**Consolidated**
**2021**
**£**
Trade debtors
**3,914**
Legacies receivable
**79,865**
VAT refunds due
**15,650**
Due from subsidiary company (see Note 6)
**-**
Prepayments
**13,960**
Other debtors
**1,741**
Income tax recoverable (gift aid)
**13,708**
**128,838**|_Consolidated_
_2020_
_£_
_5,339_
_50,000_
_26,039_
_-_
_13,085_
_-_
_2,831_
_97,294_|**2021**
**£**
**12**
**12**
**Charity**
**2021**
**£**
**-**
**79,865**
**15,650**
**7,189**
**12,283**
**1,741**
**13,708**
**130,436**|_2020_
_£_
_12_|
||||_12_|
||||_Charity_
_2020_
_£_
_-_
_50,000_
_26,039_
_45,116_
_10,188_
_-_
_2,831_|
||||_134,174_|
18
**THE WEY & ARUN CANAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31ST DECEMBER 2021**
## **13. CURRENT ASSET INVESTMENT**
|**Consolidated**
_Consolidated_
**Charity**
**2021**
_2020_
**2021**
**£**
_£_
**£**
**79,321**
_79,699_
**79,321**
The historic cost of the investments on 31st December 2021 was £80,000 (2020: £80,000).
Market value brought forward
**79,699**
Unrealised gain
**(378)**
Market value carried forward
**79,321**
**14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
**Consolidated**
_Consolidated_
**Charity**
**2021**
_2020_
**2021**
**£**
_£_
**£**
Trade creditors
**15,321**
_28,411_
**14,769**
Receipts paid in advance
**4,777**
_6,897_
**-**
Social security and other taxes
**226**
_448_
**-**
Sundry creditors and accruals
**2,780**
_2,700_
**1,800**
**23,104**
_38,456_
**16,569**
Investments listed on
recognised stock exchanges|_Charity_
_2020_
_£_|
|---|---|
||_79,699_|
||_78,225_
_1,473_|
||_79,698_|
||_Charity_
_2020_
_£_
_28,377_
_-_
_-_
_1,750_|
||_30,127_|
19
**THE WEY & ARUN CANAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31ST DECEMBER 2021**
## **15. FUNDS**
|**a)**
**Restricted Funds**
Loxwood Canal Centre
Restoration funds:
Summit Level
North
Loxwood
General Restoration
Subsidiary company support
Total Restricted Funds|**Balance at**
**1 Jan**
**2021**
**£**
**87,284**
**233,618**
**86,527**
**2,152**
**13,316**
**4,000**
**426,897**|**Income**
**£**
**-**
**1,620**
**70,000**
**-**
**133,616**
**10,096**
**215,332**|**Expenditure**
**£**
**(2,156)**
**(229,810)**
**(31,334)**
**(500)**
**(10,128)**
**-**
**(273,928)**|**Balance at**
**Fund**
**31 Dec**
**Transfers**
**2021**
**£**
**£**
**-**
**85,128**
**4,762**
**10,190**
**(29,580)**
**95,613**
**211**
**1,863**
**(75,000)**
**61,804**
**(14,096)**
**-**
**(113,703)**
**254,598**|
|---|---|---|---|---|
The subsidiary company support fund represents voluntary income which is received by the charity, but is restricted towards supporting the activities of the subsidiary company (see Note 6). The transfer out of the fund represents that income being passed from the parent to the subsidiary in accordance with the original restrictions.
Transfers out of other restricted funds and into the general fund represent the costs of fixed asset purchases which were paid through restricted funds in the year and capitalised.
|**_2020_**
**_Restricted Funds_**
_Loxwood Canal Centre_
_Restoration funds:_
_Summit Level_
_North_
_Loxwood_
_General Restoration_
_Subsidiary company support_
_Total Restricted Funds_|_Balance at_
_1 Jan_
_2020_
_£_
_89,440_
_423,547_
_103,228_
_560_
_6,214_
_-_
_622,989_|_Income_
_£_
_-_
_-_
_14,793_
_5,500_
_14,165_
_4,000_
_38,458_|_Expenditure_
_£_
_(2,156)_
_(189,984)_
_(31,494)_
_(3,944)_
_(7,063)_
_-_
_(234,641)_|_Balance at_
_Fund_
_31 Dec_
_Transfers_
_2020_
_£_
_£_
_-_
_87,284_
_-_
_55_
_233,618_
_-_
_86,527_
_36_
_2,152_
_-_
_13,316_
_-_
_4,000_
_91_
_426,897_|
|---|---|---|---|---|
20
## **THE WEY & ARUN CANAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31ST DECEMBER 2021**
## **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
**_2020_**
_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**
**2021**
**£**
**222,378**
**231,629**
**80,017**
**157,868**
**31,869**
**723,761**
**211,061**
**(27,857)**
**906,965**
**1,333,862**
**1,361,719**
**(27,857)**
**1,333,862**
_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_|**Income**
**£**
**-**
**-**
**-**
**-**
**-**
**-**
**504,374**
**68,028**
**572,402**
**787,734**
**719,706**
**68,028**
**787,734**
_Income_
_£_
_-_
_-_
_-_
_-_
_-_
_-_
_456,896_
_26,333_
_483,229_
_521,687_
_495,354_
_26,333_
_521,687_|**Expenditure**
**£**
**-**
**-**
**-**
**-**
**-**
**-**
**(381,278)**
**(26,180)**
**(407,458)**
**(681,386)**
**(655,206)**
**(26,180)**
**(681,386)**
_Expenditure_
_£_
_-_
_-_
_-_
_-_
_-_
_-_
_(499,103)_
_(55,133)_
_(554,236)_
_(788,877)_
_(733,744)_
_(55,133)_
_(788,877)_|**Fund**
**Transfers**
**£**
**174,175**
**(70,335)**
**(49,943)**
**(31,881)**
**52,296**
**74,312**
**46,439**
**(7,048)**
**113,703**
**-**
**7,048**
**(7,048)**
**-**
_Fund_
_Transfers_
_£_
_(9,866)_
_153,787_
_(81,897)_
_(177,657)_
_8,179_
_(107,454)_
_113,363_
_(6,000)_
_(91)_
_-_
_6,000_
_(6,000)_
_-_|**Balance at**
**31 Dec**
**2021**
**£**
**396,553**
**161,294**
**30,074**
**125,987**
**84,165**|
|---|---|---|---|---|---|
||||||**798,073**
**380,596**
**6,943**|
||||||**1,185,612**|
||||||**1,440,210**|
||||||**1,433,267**
**6,943**|
||||||**1,440,210**|
||||||_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_|
||||||_1,361,719_
_(27,857)_|
||||||_1,333,862_|
21
**THE WEY & ARUN CANAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31ST DECEMBER 2021**
## **15. FUNDS (CONTINUED)**
## **Restricted**
The Loxwood Canal Centre fund represents donations specifically received to fund the construction of the asset. Depreciation relating to the asset is being charged against the fund.
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**
|**2021**
Tangible fixed assets
Current assets
Creditors falling
due within one year
_2020_
_Tangible fixed assets_
_Current assets_
_Creditors falling_
_due within one year_|**Unrestricted**
**Funds**
**£**
**396,553**
**14,090**
**(23,104)**
**387,539**
_222,378_
_(718)_
_(38,456)_
_183,204_|**Designated**
**Funds**
**£**
**-**
**798,073**
**-**
**798,073**
_-_
_723,761_
_-_
_723,761_|**Unrestricted**
**Total**
**Funds**
**£**
**396,553**
**812,163**
**(23,104)**
**1,185,612**
_222,378_
_723,043_
_(38,456)_
_906,965_|**Restricted**
**Funds**
**£**
**85,128**
**169,470**
**-**
**254,598**
_87,284_
_339,613_
_-_
_426,897_|**Total**
**Funds**
**£**
**481,681**
**981,633**
**(23,104)**|
|---|---|---|---|---|---|
||||||**1,440,210**|
||||||_309,662_
_1,062,656_
_(38,456)_|
||||||_1,333,862_|
## **17. FINANCIAL COMMITMENTS**
At 31st December 2021, the Trust had committed to pay £55,000 in relation to Compasses Bridge and £22,000 in relation to access works at Northlands Farm.
22