THE WEY & ARUN CANAL TRUST LIMITED IA COMPANY LIMITED BY GUARANTEEI UNAUDITED FINANcL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 COMPANY NO: 01094232 REGISTERED CHARifi NUMBER: 265331
THE WEY & ARUN CANAL TRUST LIMITED CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023 Page Reference and Administrative Details Trustees, Annual Report 2107 Independent Examiner's Report Consolidated Statement of Financial Activities Consolidated and Charity Balance Sheets 10 Consolidated Statement of Cash Flows 11 Notes to the Financial Statements 121022
THE WEY & ARUN CANAL TRUST LIMITED REFERENCE ANO ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31ST DECEMBER 2023 Registered Company Limited by Guarantee Registration Number 01094232 (England and Wales) Registered Charlty number 265331 Registered office The Gianary Flitchfold Farm Vicarage Hill Loxwood Billingshursl Wesl Sussex RH14 ORH Trustees Tony Coles Margaret Datvill Giles Eyre Tony Ford Dennis Gillen Robin Hirsch (appointed 20 June 20231 Alan Johnson Julian Morgan Bill Nicholson John Reynolds Sally Schupke John Thorp lappoinled 17 January 20231 Company Secretary Giles Eyre Independent Examiner John Speed FCA FCIE JS2 Limited One Crown Square Woking, Surrey GU21 6HR Sollcitors Lynn Murray & Co Solicitors Denning House 84 High Street Cranleioh Surrey GU6 8AH Glanvilles Anderson Rownlree Solicitors Wisteria House Petworth West Sussex GU28 OAJ Bankers CAF Bank Ltd 25 Kings Hill Avenlte Kings Hill West Mallir¢g ME194JQ
THE WEY & ARUN CANAL TRUST LIMITED TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31ST DECEMBER 2023 The Wey & Arun Canal Trust Limited I'the TrusVI is a charity. The trustees are also directors of the Trust for the purF)oses of the Companies Ael and present their report together with the financial slalemenls of the Trust for the year ended 31 sl December 2023. The report is also prepared lo meet the requirements for a directors, report and accounts for Companies Act purposes. The financial statements have been prepared in accordance with the accounting policies sel out In note 2 to the financial statements and comply with the Trust's governing document, the Charities Act 2011 and Aecounting and Reporting by Charities. Slalemenl of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. OBJECTIVES AND ACTIVITIES Objects and ActivÉties The Trust's objects were amended on 22nd April 2023 and together with the principal activities continue lo be the resloralion, renovation and operation of the Wey & Arun Can81 and also the promotion of the canal for navigation and recreation, the preservation, conservation and improvement of the natural environment of the canal and adjacent land and conservation and research into the associated heritage, structures and siles The aim remains eventually to restore the whole 23-mile length of the canal lo through navigation, and also to in¢rease public benefits for those in the area as described below. Aims, Objectives, Stratogios and Activitios for tho Year The Tnjsl's strategy is to invest in multiple major restoration activities at the same lime. This approach clearly presents challenges in terms of funding and resource allocation, but, if successful, will accelerate the achievement of the Trust's objectives. In 2023 the Trust chose 4 sections as priorities for the next 3 years (from north to southl. 111 the extension of the Bramley section soulhwards,121 opening up the canal lo cross under the Elmbridge Road into Cranleigh, 131 extending anol Improving the fully navigable 2km Dunsfold seclitsn including a road crossing at Ticknerfs Heath. and 141 the AlfoldllfoldlLoxwood section. with a substantial Improvement in the lowpalh along Bonfire Hanger south of Rosemary Lane (for which a substantial grant has in principle been agreed) and a re- opening of the navigable secb'on as far as Drungewick lock. Publlc BenefFt 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 important 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 towpath to a standard which balances the wishes of horse-riders, walkers and cyclists We also provide permissive paths as a public amenity.. in the Hunt Nature Park in Shalford, Surrey,. al Birtley (near Bramley, Surrey - opened in 2021 and 20231,. under Loxwood High Street". and from Drungewick Lane to Long Meadow. 2. This green corridor is already providing subslanlial biodiversity benefits, with more wildlife than ever before.. dragonflies, mayflies, herons, kingfishers and other water~based fauna and flora. Restoration work in progress can create 8 temporary delrimenl to wildlife, but the restored habitat is aayS beller than that which existed before. The Trust encourages the involvement of members of the public, in particular school groups and young people in activities contributing to the natural environment of the canal. 3. Over a wider area, the Trust has promoted the Wey-south Path, a long-dislance footpath recognised by the Ordnance Survey IOS) and following the roule of the canal as closely as possible. 4. The Trust encourages water-based activities for 811 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 organisats'ons providing similar activib'es for members of the public or for their community groups.
THE WEY & ARUN CANAL TRUST LIMITED TRUSTEES, ANNUAL REPORT {CONTINUED) FOR THE YEAR ENDED 31ST DECEMBER 2023 5. The Trust conlribules to the local economy through the activities of its trading company and through Ils canal resloralion activities In both aspects the Trust has created employment and spends significant sums with local businesses. The Loxwood section of canal is a tourist desbnalion of developing importanee, where the public can experience and learn about travel by canal. 6. The Trust is safeguarding the canal as a heritage assetwith substsntial educational value. The Trust preseNes and consolidates suNiving structures wherever this is possible," if the structures have deleTiorated loo much then the Trust plans sensitive repair. Contribution of Volunteers The Trust is volunteer-led and largely dependent on volunteers for its day-to-day activities. Volunteer hours contributed during 2023 are estimated to be equivalent to al least 13 full-time staff. Woth by volunteers not only benefits the Trust bul also enriches the lives of the volunteers themselves. The Trust envisages that volunteers will Continue lo play a central role bul nevertheless expects that, as its activities develop, more paid staff will be needed in order to ensure consistent administration and the conts'nuity of core activities. ACHIEVEMENTS AND PERFORMANCE CharStable Activities The Trust's principal actrvities during 2023 on each of the sections then idenb'fied as priorities were as follows.. 1. South of Bramley, on the Birtley Reach. 1 km of canal was restored, new lifting bridges were constructed and a Ci,'eular bridleway created, connecting with the Downslink way and providing public access lo the canal which was previously ina¢SSible. An archaeological assessment of the original swing bridge was also carried out. Al Rooks Hill and Fanesbridge further south of Bramley, the planning application is progressing. and at Rushett Common a review and redesign of the scheme is being carried out following the Tefusal in January 2022 of our previous planning application. 2. At Rye Fami. our planning applicab'on has been approved and a Bridleway Diversion Order is being progressed. At Elmbridge Road the Trust has identified improvements to the scheme which are being progressed. Dialogue continues with Suriey County Council in relation to them replacing the current single lane road section with a new wider bridge with navigable clearance, bul as yet wilhoul a binding commitment by them to proceed. An initial design for the heme at the A281 at Faslbridge, Dunsfold was developed in cooperation with landowners. Al Tickner's Heath ISt8ge 11 the Trust has continued with the new canal cul and work is now being done lo identify and Te-route the water main, bul otherwise the scheme continues to be on hold pending technical and legal agreement with Surrey County Council. For Tickner's Heath (Stage 21, Common Land Consent has been granted and the planning application is progressing. 3. In the IfoldlLoxwood secb'on, work has continued on the refurbishment of Drungewick Lock and Long Meadow.. a large number of unsafe ash trees have been removed. with associated replanting, bul work is still being done to repair the leaks in the canal partly due to very wel weather. The opportunity has been taken, following extensive criminal damage to the back-pumping systems on the navigable section, to repla and upgrade the pumps and control systems and their housing. Other important activities included.. The operation of the Loxwood Canal Centre and Shalford Information Point {opened in 20211 as central points for welcoming visitors and providing information about the canal. Maintenance and improvement activities on both operational and non-operalional sections of the ¢anal. Negotiations with landowners to secure land transfers, leases or permissions for sections of the canal route. Operation of a Mobile Display Vehicle and publicity unit at publi¢ events in SUeY and Wesl Sussex to raise awareness of the Trust's work.
THE WEY & ARUN CANAL TRUST LIMITED TRUSTEES, ANNUAL REPORT ICONTINUEDI FOR THE YEAR ENDED 31ST DECEMBER 2023 Fundraislng The current priority projects are estimated lo cost at least £3 million, meaning that fundraising on an increased scale is clearly required. The Trust has appointed experts lo advise on new ways to adopt a more proactive approach lo fundraising and is identifying the availability of grants and applying ft)r them, some of which have already been received and some even more subslanlial grants have been agreed in principle. Measures are being taken lo enable the Trust to sel clearer tsrgels and plans for fundraising in 2024. During the year some of the Trst important sources of income were.. l. Donations from Charitsble Trusts and rnany individuals, together with the associated Gift Aid,. 2. Grants from local authorities,. 3. Legacies from deceased members and supporters", 4. Membership subscriptions and donab'ons from members., 5. The Christmas Raffle and the Numbers Game {a monthly drawl. 6. The Poddle sponsored walk. Trading company IW&A Enterprises Ltd The Trust holds 100Q/o of issued share capital (£121 in ils 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 2023 bul as in the previous year, boat trips were limited due to lack of water during the long dry spell and this was aggravated by criminal damage to the back-pumping systems and locks in the navigable section. FINANCIAL REVIEW Financial position During the year the Trust's expenditure1£695kl was only marginally greater than income1£6 80kl, as the result in large part of a very generous donation from the M J Camp Charitable Foundation. The Trust achieved a 320/0 increase in charitable expenditure from £501 k in 2022 to £661 k in 2023. A further £85k was capilalised in 2023 for a land purchase at Gennets Farm which, together with a gift of land al Bonfire Hanger, increased the length of canal in the Trust's ownership by 1.3 km. The Trust continues lo rely very largely on the generosity of ils members, donors and other supporters. Sponsorship and gifts in kind amounted to approximately £22 k. The Trust currently pays no rent for ils offices in Shalford or The Granary in Loxwood Icurrenlly in use for storage). Reserves Pollcy The Trust's general policy is to assign funds lo specific projects as soon as they are available, rather than building up subslanlial reserves. An exception is the Propety Fund which is intended lo 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 lundraising to support all its major restoration and maintenance activities. Funds Available The nel current assets available to the Trust al the end of 2023 were £797k, which includes £159k restricted lo specific projects and another £402k assigned by the Board to planned eurrenl projects. It is the Trust's policy only to assign funds lo projects that are in the implemenlalion or planning phases, not for long-lerm conts'ngencies. As a guideline, this means that assigned funds will normally be spent within 3-5 years., the Trust regularly reviews fund balances and closes such funds where the planned work is finished or where changed circumstances mean that planned work will not go ahead, or costs are less than budget, or additional funds are obtained from grants spe¢ifi¢ to those projects.
THE WEY & ARUN CANAL TRUST LIMITED TRUSTEES. ANNUAL REPORT {CONTINUEDI FOR THE YEAR ENDED 31ST DECEMBER 2023 The project areas and total nel current assets assigned lo current projects (excluding reslricled funds) are.. North {ShalfordlBramleylRushettlRun Common} Summit Level (Rye FarmlCranleighlDunsfoldl South (Bonfire H8ngeilLoxwoodlDrungewickl Others Total Ring-Fend Funds (excluding Fixed Assets) Consisting of.. Assigned Funds Restricted Funds £ 143,797 £ 69,632 £ 70,781 £277219 £ 561,429 £402,192 £ 159,237 Additional funds held at the year end were.. Funds invested in Fixed Assets Free reserves £ 588,674 £ 235 072 TOTAL FUNDS AT 31 DECEMBER 2023 It is the aim of the Trust to hold sufficient unreslricled funds not invested in tangible fixed assets {'the free reserves, or 'General Fund"} lo eover beeen three and six months, operational running eosls. This amounts lo approximately £75,000 - £150,000. Funds invested in fixed assets at the end of 2023 amounted lo £588k, leaving free reserves of £235k, which are considered an appropriate level. Investments and Cash Deposits In order to minimise any risks, fvnds available are deposited in a number of financial institutions to maximise cover under the FSCS guarantee scheme. Contract commitments The Trust has contracts with Peninsula Business Services lo provide support on Human Resources and Health & Safety mallers. On 9 December 2023, the Board voted lo contract Trevor Craggs of Absolute Health & Safety Services lo provide Health & Safety ¢on5ultancy from January 2024. FUTURE PLANS The Trust's plans for each of the are8s identified as priorities are as follows.. In the Bramley area.. Extension of the Birtley secb'on and new footpaths, including links lo the Greensand Way. b, Planning for restoration of the canal in the Fanesbridge l Rooks Hill area, including a new bridleway bridge and cul. Completing the lock on the Rooks Hill section and ntInuing south. In the CianleighlDunsfold area.. Moving the bridleway in Rye Farm north of Elmbridge Road b. To collaborate with Surrey County Council to remove the current single track road section and achieve a new full width road bridge and a Crossing with navigable height for the canal. c. To obtain all remaining necessary permissions and start work on construction of the new Tickner's Heath canal crossing. d. To continue planning for the rebuilding of other structures that currently block the canal route along the Summit Level. In the AlfoldlLoxwood area.. To resurface the Bonfire Hanger section south of Rosemary Lane, Alfold. b. To complete the replacement of pumps on the locks in the Loxwood section c. To re-eslablish the navigable section southwards as far as Drungewick Lock.
THE WEY & ARUN CANAL TRUST LIMITED TRUSTEES, ANNUAL REPORT ICONTINUEDI FOR THE YEAR ENDED 31ST DECEMBER 2023 STRUCTURE, GOVERNANCE AND MANAGEMENT Governing Document The Trust is a company limited by guarantee 2nd was formed on 5th February 1973 It is governed by the new Articles of Association which were adopted at the 2023 AGM in order to update the charity objects and the governance provisions previously contained in the Memorandum and Articles of Association as amended in 2018. Trustees Constilulionally, a third of the trustees stand down each year and normally offer themselves for re-election al the Annual General Meeting held in late April each year. New Iruslees are nominated by the members. Where there are more nominations than vacancies, an election by members present is held al the AGM. No other person, or body external to the Trust. is entitled to appoint any of the trustees. The Iruslees, al their next meeting after the AGM, then elect the posl-holders such as the Chairman, Vi¢e-Chairman and Secretary. The trustees who served during the year are listed on page 1. All Iruslees attend regular board meetings. At the first meeting after the AGM, eaeh 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 Iruslees. Organisational Structure The trustees normally meet once per month. There were 11 meetings of the board during 2023. The members of the board during that year and their attendance records were". Sally Schupke (Chairman) Tony Coles Margaret Darvill Tony Ford Dennis Gillen Alan Johnson Julian Morgan John Reynolds Giles Eyre Bill Nicholson Robin Hirs¢h (appointed 20 June) 7 John Thorp 11 10 At the end of 2023, the Trust had full-time and four part-time employees. These comprised.. Two full-time staff dedicated to practical $tOratIOn and maintenance aclivrties., Two part-lime Accounts Assistsnts, Two part-time Adminislralors. 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 organisalion of major fundraising events, Related Parties The Trust is affiliated lo The Inland Waterways Association, tsvo local wildlife trusts and Surrey Hills Enterprises, but is independent of all these bodies. The Trust holds 1000/0 of issued share capital1£12) in its trading subsidiary, W&A Enterprises Ltd, and approves the appointment of directors to that body. Major Risks The major risks lo which the Trust is exposed, as identified by the trustees, are reviewed annually. The containment of identified risks is a conbnuing task of the trustees. Some of the major risks identified, and the actions to miligale them, are as follows".
THE WEY & ARUN CANAL TRUST LIMITED TRUSTEES. ANNUAL REPORT {CONTINUEDI FOR THE YEAR ENDED 31ST DECEMBER 2023 Risk Perceived negligence by the Trust, ils volunteers or agents Failure of income streams Miti ation Public Liability Insurance, close li8ison with slatulory bodies, improved toining for volunteers. Careful financial management and a policy of not commith'ng lo major work until funds are available. Overheads and recurring expenses are minimised. Opportunities lo apply for grants are being maximized. A new fundraising consultant was appointed in 2024. Other than for good reasons, Trust policy is normally not t commit to major expenditure without ownership or a long lease being in pla. Other than where the Trust has agreed to accept responsibility under a specific agreement with a local authority, highway bridges are the iesponsibility of the local authoribes. Regular inspection of smaller structures. Reinforcement of banks with robust materials. Potential remote monitoring of water levels, indudin alarm s stems. Reconstruction of housing ftsr punips and electronics with improved reinfOrment and security. Careful water management with improved electroni monitoring. Risk assessments for all major aclivilies. Health & Safe Policy in place for working paty volunteers. Resloralio Group reviews all incidents and lakes appropriate action. Decision by a landowner not to agree or extend a lease Failure of eanal structures - natural Failure of canal structures- criminal vandalism Failure of water SLtpply to operational section Accidents to visitors, volunteers or general public ststement of Trustees. Responsibilities The trustees (who are also directors of The Wey & Arun Canal Trust Limited for the purposes of company lawl are responsible for preparing the Trustees, Annual Report and the group financial statements in accordance with appli¢able law and regulations. Company law requires the Iruslees lo prepare financial statements for each financial year Under that law the trustees have elected lo prepare the financial statements in accordance with the United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable lawl. Under Company law the trustees musl not approve the financial statements unless they are satisfied that they give a true and fair view of the slate of affairs of the company and the in¢ome and expenditure of the company for that period. In preparing these financial stslemenls, 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 pwdent. Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will conts'nue in operats"on. 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 al 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 tsking reasonable steps for the prevention and detection of fraud and other Irregularities. The trustees, annual report was approved by the trustees on 18 June 2024, and is signed on their behalf by.. Margaret Darvill Chairman and Director
THE WEY & ARUN CANAL TRUST LIMITED INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31ST DECEMBER 2023 I report to the charity trustees on my examination of the accounts of the group and parent company for the year ended 31 December 2023 as sel out on pages 9 10 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 lawl. you are responsible for the preparation ofthe group accounts in accordance with the requirements of the Companies Aet 20061"the 2006 Acl'l. Having satisfied myself that the aecounts 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 respeel of my examination of your group accounts as carried out under section 145 of the Charities Act 20111 the 2011 Ael'l. In carrying out my examination, I have followed the Directions given by the Charity Commission lunder section 145{5llbll of the 2011 Act. This report is made solely lo the parent charity's trustees, as a body. My work has been undertaken so that I might slate lo the parent charity's trustees those mallers which l am required to slate lo 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 lo any paty other than the pant charity and charity's trustees as a body. for my examination, for this report, or for the ststement I have given below. Independent examinels statement The group's gross income exceeded £250,000 and l am qualified lo 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 lo my attention whieh gives me cause to believe Ihal.. accounb'ng 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 IFRS1021. I have no concerns and have come across no other matters in connection with the examination lo 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 GU216HR Date.. a5 5 2oali
THE WEY & ARUN CANAL TRUST LIMITED CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (including income and expenditure aceounti FOR THE YEAR ENDED 31ST DECEMBER 2023 Unrestri¢t8d Funds 2023 Restricted Funds 2023 Total Funds 2023 Total Funds 2022 Note Income Donations, legacies and similar income Subscriptions Donations and legacies Grants Other trading activib'es Fund-raising Trading subsidiary income Other income Investment income Bank interest 28,438 418,052 5,784 28,438 518,583 31,247 28,892 309,427 84,322 100,531 25.463 22,471 45,075 10.358 65 22,536 45,075 10.358 19,533 52,443 16,474 23.704 23,704 7,949 Total Income 553,882 126,059 679,941 519,040 Expendlture Expenditure on raising funds Costs of raising voluntary income Trading subsidiary costs Charitable activities 19.821 12,341 551.127 2.156 21,977 12,341 660,947 35, 764 19, 752 501,013 109.820 Total expenditure 583,289 111.976 695,265 556,529 Net lexpgnditurel I Income for the year 129,407) 14,083 {15,3241 (37,489) Transfers beeen funds 15 85000 55.593 (70.9171 115.3241 (37,489) {Lossl on inve5tm8nt assgts (2,222) Net movement in funds 55,593 70.9171 (15.324) (39, 711) Reconciliation of funds Total funds brought forward 1.089,529 310.970 1.400.499 7,440,210 Total funds carried forward 1,145,122 240.053 1,385.175 1,400,499 All amounts derive from continuing activities. All gains and losses recognised in the peri¢)d are included in the statement of financial aclivilies. The annexed Notes form part of these financial statements
THE WEY & ARUN CANAL TRUST LIMITED (a ¢ompany regi$tered by guarantee 010942321 CONSOLIDATED AND CHARITY BALANCE SHEETS AS AT 31ST DECEMBER 2023 Consolidatod 2023 Consolidated 2022 Charty 2023 Charity 2022 Note Flxed assets Tangible assets Investments 10 11 588,674 524,416 588,674 12 588 686 524,416 12 524,428 588 674 524,416 Current assets Stocks Debtors Investments Short-lerm deposits Cash at bank and in hand 3,713 55,335 3,960 49,256 12 13 63,526 50, 789 551.055 209 196 819,299 617,931 244.053 975,200 551,055 192 573 807.154 617,931 234, 790 903,510 Credttors: Amounts falllng due withln one year 22,798 39,117 21.302 35,913 Net current assets 796,501 876,083 785.852 867.597 Total assets less current liabilities 1.385.175 1,400,499 1,374,538 1,392.025 The funds of the charity: Restricted income funds Unrestricted income funds.. Designated funds Other charitable funds Total unrestricted funds 240.053 370,970 240,053 310.970 15 910.050 235,072 1,145.122 743.932 345.597 1,089, 529 910.050 224,435 1,134.485 743,932 337,123 1, 081,055 Total charlty funds 1.385.175 1,400,499 1.374.538 1,392,025 For the year ending 31 Dernber 2023 the parent company and group were entitled to exemption from audit under section 477 of the Companies Act 2006 relatin9 to small companies. The members have not fequired 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 ppared in a¢cordan¢e wth the provisions applicable lo companies subject to the small companies, regime. They were approve(l and authorised for issue by the directors on 18 June 2024 and signed on their behalf by'.- Margaret Darvill - Chairman and Director The annexed Notes fom) part of these financial statements 10
THE WEY & ARUN CANAL TRUST LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31ST DECEMBER 2023 2023 2022 Net cash flow from operatlng a¢tivities Nel lexpenditurel for year Adjuslmenls for.. Interest receivable Depreciation and amortisation Losses on investments Decrease in stock {Increasel I decrease in debtor3 {Decreasel l increase in creditors Net cash (used inl l from operatlng activities 115,3241 {39, 711) {23,7041 52,122 (7, 949) 53,885 2,222 1,348 79.582 16.013 247 {6.0791 19,0571 105,390 Cash flow frorn investing activities Payments lo acquire tangible fixed assets Proceeds from the sale of investments Interest received Net cash flow lused inl investlng activities 1116,380) (96,620) 77.099 7.949 11,572 Net Idecreasel l increase in ¢ash and cash equlvalents (101.733) 93,818 Cash and ¢ash equivalents brought forward 861.984 768,166 Cash and cash equivalents carrled forward 760.251 861,984 Cash and cash equivalents consists of: Cash at bank and in hand Short-temi deposits 209,196 551.055 244,053 617,931 Cash and cash equivalents carrled forward 760,251 861.984 The annexed Notes form part of these finan¢ial statements
THE WEY & ARUN CANAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023 1. GENERAL INFORMATION The Wey & Arun Canal Trust is a company, Iimiled 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 operatsons are provided in the Report of the trustees. 2. ACCOUNTING POLICIES The principal accounting policies adopted, judgements and key sources of esb'mation 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 lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 (Charities SORP {FRS 102}I, the Companies Act 2006 and the Charities Act 2011. The trustees have ¢oncluded that there is a reasonable expectation that the charity has adequate resources lo continue in operational existence for the foreseeable future. The charity therefore continues to adopt the going conrn basis in preparing its financial stalemenls. 2.2 Basls of consolidation The financial statements consolidate the results of W & A Enterprises Ltd, which is a wholty 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 disdosure exemption available in FRS 102 and has not presented a separate statement of cash flows. 11 has also taken advantage of section 408 of the Companies A¢t 2006 not to include an individual income and expenditure account for the parent company. 2A Income All income is included in the ststement of financial actrvilies when the charity is entitled lo the income and the amount can be quanb'fied wath reasonable accuracy. The following specific policies are applied to particular categorie5 of Income.. Related tax credit on donations reiVed 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 seNices are included at their estimated open market valuation where a reliable valuation is available. 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 lo the general running of the charity are allocated against unrestricted funds, and within the ststement of financial activities these expenses are shown as costs of generating funds, charitable activities, support costs and govemance costs. An apportionment of staff wages and office costs beeen support costs and governance costs has been carried out on the basis of lime spent by staff on the various activities. The cost of charitable activities all relates to the charity's acb'vities of Canal restoration, renovation and operation. Support costs are expenditure incurred dIreCY in supporting charitable activity. Restoration costs are generally not of a capital nature. The board is always considering opportunities for land purchases at strategic locab'ons. When land is purchased for an amount eXeding 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 2023 2. ACCOUNTING POLICIES ICONTINUEDI 2.5 ExpendItU {continuedl Costs of generating funds include the costs lo maintain the Trust's profile with the general public and slalutory authorities so as to retain regular financial support. together with the costs of keeping the membership informed of its ongoing activities. Governance costs a those relating lo the charity$ compliance with conslitulional and stslutory requirements. 2.6 Restricted and designated funds Restricted funds are funds subject to speciffc conditions imposed by donors as lo 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 unreslricled funds by the Iruslees for specific purposes. The use of such funds is al the trustees. discretion. 2.7 Investments Investments are initially recognised at their transaction value and subsequentty measured al their market value as al the balance sheet dale using the ¢losing 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 il appropriate for the restoration and reopening of the canal, the Trust purchases freehold land. The cost of freehold land is capitalised bul related costs of the purchase are written off when incurred Vvilh certain exceptions, where the Iruslees 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 coun¢il or highway aulhofity. The Loxwood Canal Centre is being written off over an eslimaled 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 lo the charity's trading subsidiary and written off by equal annual instalmenls over ils expe¢ted useful life of 20 years. 2.9 Stocks stock is valued al 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 anb'cipaled costs to completion and selling costs. 2.10 Pensions The charity operates a defined conlribub'on 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 ICONTINUEDI FOR THE YEAR ENDED 31ST DECEMBER 2023 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.. 2023 2022 Income Profits made by subsidiary company and passed lo the Trust Other charges made to subsidiary company 634.866 23,531 466,597 24.000 6.000 496,59T (535,617) (2,222) 664,397 (681,8841 Expenditure (Lossl on investment assets Nel movement in funds {17,4871 (41,242) 4. DONATIONS, LEGACIES ANO SIMILAR INCOME Unrestricted Funds 2023 Restricted Funds 2023 Totsl Funds 2023 Total Funds 2022 Member subscriptions 28,438 28.892 Donation$ and legacies General Gift Aid receip15 Legacies Milestone Club Donated land Sponsorship 294,579 53,583 15.236 15,824 16,280 22,550 418,OS2 90.131 10.000 384,710 63.583 15.236 16.224 16.280 22.550 518.583 196,777 32,198 43,675 15,252 400 21,525 309.427 100 531 Grants 5,784 25.463 31.247 84,322 During the year the Trust received donated goods and services valued at open market value of £22,500 12022.. £21,525) 5. OTHER TRADING ACTIVITIES Unrestricted Funds 2023 Restricted Funds 2023 Totsl Funds 2023 Total Funds 2022 Fund ralslng Sponsored walk receipts Draws Talks 12,263 8,545 1,663 12.263 8.545 1.728 9,338 8,364 1,831 65 22.471 65 22,536 19,533 Other income 14
THE WEY & ARUN CANAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDEO 31ST DECEMBER 2023 RESULTS FROM TRADING ACTIVITY OF SUBSIDJARY The charity The Vvey & Arun Canal Trust Limited (by guarantee) has a wholty owned trading subsidiary which is incorporated in the U.K. W & A Enterprises Limited operates the Trust's Iripboats for public trips and hire under charter, together with the sale of merchandise to support the activities of the charity. A summary of ils trading results is shown below. A¢counls are filed with the Registrar of Companies. 2023 2022 Turnover Cost of sales 45.075 52.443 19,752 32,697 (1, 160) 32,734 11,040) Governance costs 31,694 31,531 The subsidiary paid the followng to the charity.. Leasing charges DonatDns 6,000 6,000 24,000 30,000 29,S31 Net profit 2,163 1.531 7. COSTS OF RAISING VOLUNTARY INCOME Unrestricted Funds 2023 Restrlcted Funds 2023 Totsl Funds 2023 Total Funds 2022 Stsff costs Fund-raising activities expenses Wey-soulh magazine Publicity and public relations Sponsored walk Wiggonholt depreciation Loxwood Canal Centre depreciation Shalford Information Centre depreciation 14,085 2,374 5,976 5,751 20 4,523 2,156 1,479 2,007 8,744 3,000 68 4,523 2.007 8,744 3.000 68 4,523 2,156 1,479 2,156 1.479 35. 764 15
THE WEY & ARUN CANAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31ST DECEMBER 2023 EXPENDITURE ON CHARITABLE ACTIVITIES Unrestricted Funds 2023 Re$trict Funds 2023 Total Funds 2023 Total Funds 2022 Restoration Expenses Summit Level North Loxwood Other Training Other expenses Sponsorship (Note 41 Staff costs Canal opeotion Insuonce Canal maintenan Plant purchases Plant maintenan Plant & equipment depreciation 2,628 135,620 260 7.928 4,442 2,628 194,859 260 7.928 4,442 37,000 95, 793 6,010 3,431 4,226 59,239 11,550 69,229 16,333 13.540 113.421 4.841 27.001 43.964 450,7S7 11,550 69.229 16.333 13.540 164.002 4.841 27,001 43.964 560,577 11,025 66,857 16,333 10,162 102.895 2, 743 24, 794 45.727 426,996 50,581 109,820 Support costs Isee below) 100,370 100,370 74,017 Cost of charitable activities 551,127 109.820 660,947 501,013 Support costs Staff Costs Office and other expenses Legal fees Payment to discharge a land covenant Affiliab'on fees Sponsorship INote 41 Govemance costs Hall hire and meeting expenses Independent examinels fees 26,374 20,999 15,177 23,000 256 11.000 26,374 20,999 15,177 23,000 256 11,000 20, 700 29,449 9.881 187 10,500 439 3.125 439 3,125 200 3,100 100,370 100.370 74,077 16
THE WEY & ARUN CANAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31ST DECEMBER 2023 9. EPJIPLOYEE COSTS AND KEY MANAGEMENT PERSONNEL The trustees make up the key management personnel of the charity. No trustees received remuneration during the year12022'. £nill. No trustees were reimbursed for personal expenses during the year12022." None). The total donations received from all trustees during the year were £26,261. There were no conditions associated with these donations. The costs of the remaining staff were.. 2023 2022 Wages and salaries Social security costs Pension costs 94,389 1,329 1,536 99, 832 1,937 1.351 97.254 103,120 No employee eamed more than £60,000 in the year. The average full time equivalent number of staff employed by the charity during the year was as follows.. 2023 No 2022 No Average full time equivalent number of staff employed Average number of staff employed {headcountl The ¢harity relies substantially on its core team of volunteers. The work carried out covers.. 2023 Vlsiting groups hours 2023 Total hours 2023 Value 2022 Total hou 2022 Value Skilled Unskilled Managernenl Admin/publicity 6,408 13,231 172 1.135 7,172 13,968 3,197 2,676 96.822 188.568 43.160 58,872 9,231 9,82T 4,173 2,083 110, 772 117,924 50,076 41,660 Esb'mated Totals 20.946 27.013 387,422 25,314 320,432 In accordan with generally accepted a¢unting 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 2023 10. TANGIBLE FIXED ASSETS Loxwood Shalford Canal Information Plant & Centre Centre Equipment Wiggonholt Subsldlary owned Boats Freehold Land Total Cost At 1 st January 2023 Additions Disposals At 31st December 2023 246,000 101,280 107,789 29,580 293,338 15,100 90,469 12.850 780,026 116,380 347,280 107.789 29.580 308.438 90,469 12,850 896,406 Depreciation At 1 sl January 2023 Charge for the year Eliminated on disposals Al 31st December 2023 23,708 2,156 2,958 1,479 152.771 43.964 63.323 4.523 12,850 255,610 52,122 25,864 4,437 196.735 67,846 12,850 307,732 Net book value Al 31st December 2023 347.280 81.925 25,143 111,703 22,623 588,674 At 31$1 December 2022 246,000 84,081 26,622 140,567 27, 146 524,416 Freehold Land The Trust owns approximately 6 kilometres of freehold land containing the canal and some freehold land adjoining the canal, split over various locations. Ffeehold land is included within tangible fixed assets at historic cost where purchased. Donated land is included within tangible fixed assets at estimated open market valuation where a reliable valuation is available. 11. FIXED ASSET INVESTMENT 2023 2022 Whtslly owned subsidiary Isee Note 61'.- W&A Enterprises Ltd.. 12 ordinary shares of £1 each 12 12 12 12 18
THE WEY & ARUN CANAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31ST DECEM8ER 2023 12. DEBTORS Consolidated Consolidated 2023 2022 Charity 2023 Charity 2022 Trade debtors VAT refunds due Due from subsidiary company (see Note 61 Prepayments Other debtors Income lax recoverable {gift aid) 1.956 25.262 1,056 25.262 10,638 20,153 23.055 23,Q55 3, 195 11,541 2,969 70,029 21,700 13,203 2,969 10,029 6.417 6.417 55.335 49,256 63,526 50, 789 13. CURRENT ASSET INVESTMENT Consolidated Consolidated 2023 2022 Charity 2023 Charity 2022 Investments listed on recognised stock exchanges Market value brought forward Ilossl in the year Sales proceeds 79,321 (2,222) (77,099) Market value carried fOard 14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Consolidated Consolidated 2023 2022 Charfty 2023 Charity 2022 Trade creditors Receipts paid in advance Social security and other taxes Sundry creditors and accruals 17.984 33,350 t,338 1,274 3,155 17.984 32,960 1,589 3,225 1.233 2.085 1,013 1,940 22.798 39,117 21.302 35.913 19
THE WEY & ARUN CANAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31ST DECEMBER 2023 15. FUNDS Balance at 1Jan 2023 Balance at 31 Dec 2023 Fund Transfers Income Exponditure al Restrlcted Funds Loxwood Can21 Centre Restoration ftjnds.. Summit Level North Loxwood General Restorab'on 82.972 12,1561 80,816 355 126,240 525 100,878 (1001 161,6591 147,923} 11381 255 119,168 12,911 26,903 54,587 60,309 11,163 185,0001 Total Restricted Funds 310,970 126,059 {111.9761 185,0001 240,053 The transfer of £85,000 out of the General Restofftlion restricted fund represents the costs of a land purchase which was paid through the restricted fund in the year and capilalised. Balance at lJan 2022 Balance at 31 Dec 2022 Fund Transfers In¢ome Expenditure 2022 Restrleted Funds Loxwood Canal Centre Restoration funds.. Summit Level North Loxwood General ReStOtIon 85,128 (2, 156) 82,972 10, 190 95,613 1,863 61,804 {9,835) (28,019) {7,938) {8,519J 355 126,240 525 100,878 48,819 6, 6(k) 47,593 9,827 Total Restricted Funds 254,598 103,012 (56,467) 9,827 310,970 Balance at 1Jan 2023 Balance at 31 Dec 2023 Fund Transfers Income Expenditure bl Unrestricted Funds Designated Fund5'. Fixed Assets North Loxwood Summit General Restoration 441.444 44.637 22.853 74.238 160 760 743,932 337,123 66,414 (20,0081 35,017 14,8611 507,858 24,629 57,870 69,377 250 316 910.050 224.435 166,118 (51,5871 29,531 85,000 General Funds Trading Subsidiary 508.807 1569,9081 13,381 1583,2891 1,089,529 553.882 1.145.122 1,400,499 679.941 695.265 1.385.175 Total Funds.. Retsined in parent Retained in subsidiary 1.392.025 8,474 634,866 45,075 {681,884) 113,381) 29,531 129,5311 1,374,538 10,637 1.400,499 679,941 695.26S 1.385,175 20
THE WEY & ARUN CANAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31ST DECEMBER 2023 15. FUNDS {CONTINUED) Balance at lJan 2022 Balance at 3f Dec 2022 Fund Transfers Income E¥penditure 2022 Designated Funds.. FixedAssets North Loxwood Summit General Restoration 396,553 161,294 30,014 125.987 84, 165 798,073 380,596 6,943 t, 185,612 44,891 (116,657J (7,227J (51, 749) 76,595 (54, 141) 74.314 30, 000 (9,827) 441,444 44,637 22,853 74.238 160. 760 743,932 337,123 8,474 1, 089,529 General Funds Trading Subsidiary 361,363 52,443 413,806 (479, 150) 2Q.912 (500,062) 1,440,210 516,818 556,529) 1,400,499 Total funds.. Retained in parent Retained in subsicliary t,433,267 6,943 464,375 52,443 (535,617) (20, 912) 30,000 (30,OOOJ 1,392,025 8,474 1,440,210 516,818 (556,529) 1,400,499 Restrictgd The Loxwood Canal Centre fund represents donations specifically received lo fund the construcb'on of the asset. Depreciation relating lo 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 into the geographical areas of the ¢anal 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 Iruslees lo specific projects on these areas of the canal. General Restoratron Funds reflects the allocation of funds for minor specific projects currently in hand. 21
THE WEY & ARUN CANAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31ST DECEMBER 2023 16. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted Total Funds Goneral Designated Funds Funds Restricted Funds Total Funds 2023 Tangible fixed assets Current assets Creditors falling due within one year 507.858 402,192 507,858 660,062 80,816 159,237 588.674 819,299 257.870 122.798) {22,798} 122.7981 235.072 910,050 1,145,122 240,053 1,385.175 2022 Tangible fixed assels cUrt assets Creditors falling due within one year 441,444 302,488 441,444 687,202 82,972 227,998 524,416 915,200 384,714 (39,117) (39,117) (39,1IT) 345.597 743,932 1,089,529 310,970 1,400,499 17. FINANCIAL COMMITMENTS Al 31 st December 2023, the Trust had committed to pay £64,000 in relation to Compasses Bridge and £27,500 in relation to access works at Northlands Farm. 22