## **THE COTSWOLD CANALS TRUST**
**ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[st] MARCH 2021**
Company number: 01207787 Charity number: 269721
## **THE COTSWOLD CANALS TRUST**
## **YEAR ENDED 31[st] MARCH 2021**
## **CONTENTS**
|Page|1-9|Report of the Directors|
|---|---|---|
|Page|10-13|Report of the Independent Auditors|
|Page|14|Statement of Financial Activities|
|Page|15|Balance Sheet|
|Page|16|Cash Flow Statement|
|Page|17-30|Notes to the Financial Statements|
**THE COTSWOLD CANALS TRUST**
**REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31[st] March 2021**
## **1 INTRODUCTION**
The Cotswold Canals Trust Council submits its 46[th] Annual Report to members of the Trust for the year ending 31[st] March 2021, which is also prepared to meet the requirements for a Director’s Report & Accounts for Companies Act purposes.
The financial statements comply with the Charities Act 2011, the Companies Act 2006 and Accounting and Reporting for Charities: Statement of Recommended Practice applicable to Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and the Republic of Ireland (FRS102).
Please note that figures in brackets refer to the year ended 31[st] March 2020.
## **2 LEGAL AND ADMINISTRATIVE**
- Governing document: Memorandum & Articles of Association.
- Company limited by guarantee no: 01207787.
- Registered charity no: 269721.
- Registered office: Bell House, Wallbridge Lock, Stroud, GL5 3JS.
- Administration office: Bell House, Wallbridge Lock, Stroud, GL5 3JS.
- Bankers: Barclays Bank, Gloucester.
- Auditors: Burton Sweet Limited , The Clock Tower, 5 Farleigh Court, Flax Bourton BS48 1UR.
- Wholly owned subsidiary: Cotswold Canals Trust (Trading) Limited.
- The Trust is also one of four members of the Stroud Valleys Canal Company Limited (SVCC), a registered charity.
- The Trust is a partner in the Cotswold Canals Partnership (CCP).
- The Trust is a partner in Cotswold Canals Connected (also known as Phase 1B).
- Principal activity: the promotion, maintenance and restoration of the Stroudwater Navigation and the Thames & Severn Canal.
## **3 AIMS AND OBJECTIVES**
The objects of the Cotswold Canals Trust as set out in our Memorandum and Articles of Association are:
- (a) The preservation, maintenance in good order and improvement of canals, navigable rivers and inland waterways (hereinafter called “navigations”) for the use of the public;
- (b) To promote the use of the navigations for the benefit of the public;
- (c) To educate the public in the history, use of and wildlife associated with the navigations;
- (d) To provide recreational and leisure time activities on the navigation in the interests of social welfare for those who have need by reason of their youth, age, infirmity or disability, poverty or social and economic circumstances with a view to improving the conditions of life of such persons;
- (e) To further for public and environmental benefit, the enhancement of the natural features and wildlife habitats of the navigations landscape;
- (f) To further any purpose which is charitable under the law of England and Wales connected with the navigations.
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**THE COTSWOLD CANALS TRUST**
**REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31[st] March 2021 (continued)**
The Trustees confirm that they have referred to the information contained in the Charity Commissioner’s General Guidance on Public Benefit when reviewing the Trust’s objectives, activities and plans.
Full restoration of the Cotswold Canals will be phased dependent upon major funding. The Cotswold Canals Trust will be seizing every opportunity to raise funds to restore sections of the canals not within designated schemes.
## **4 TRUST COUNCIL**
CCT is both a charity and a company limited by guarantee. Trust Council members fulfil the dual roles of Trustees of the charity and Directors of the Limited Company. The following served as Trust Council members during the financial year ended 31[st] March 2021:
- Chair: Jim White
- Vice-Chairs: John Newton and Alan Jones
- Treasurer: Matthew Lee
- Engineering Director: Jim White
- Project Director: John Newton
- Western Division Construction: Alan Jones
- Environment Director: Nick Rowson
- Development Eastern Thames & Severn: John Allan
- Western Division Construction: Bob Ambury (resigned 2 August 2021)
- Director: Ken Burgin (appointed 3 December 2020)
- Health and Safety: Laurence Bryant
- Maintenance Director/Western Depot Manager: Reg Gregory
- Procurement: Steve Pickover
- Information Technology: Andy Binstead
- Legal Trustee: David Higgs (appointed 3 February 2021)
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**THE COTSWOLD CANALS TRUST**
**REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31[st] March 2021 (continued)**
## **4.1 Appointment of Trust Council Members**
At year end there were 13 members on Trust Council. The maximum number allowed by the Articles of Association is 15.
Additional or replacement members of the Cotswold Canals Trust Council are considered when it is necessary to strengthen the representation of a geographical region of the Cotswold Canals and/or if they have skills and expertise that is otherwise missing.
All candidates are made aware of the duties and responsibilities of the post and are given relevant documentation before final acceptance.
## **4.2 Appointments to Other Bodies**
Jim White and Matthew Lee are Directors of Cotswold Canals Trust (Trading) Limited.
Ken Burgin, is a Director of SVCC and a Director of the Company of Proprietors of the Stroudwater Navigation (CoPSN). Matthew Lee was appointed as CCT’s representative Director to SVCC on 2[nd] April 2020.
Jim White and John Newton are on the Cotswold Canals Connected (CCC) Project Board (with other major partners: Stroud District Council, Gloucestershire County Council, Canal & River Trust and SVCC).
## **4.3 Trust Council Matters**
Trust Council is responsible for governing the charity and directing how it is managed and run. Trust Council also aims to:
- Ensure all aspects of CCT’s activities are represented
- Improve communication, teamwork and project planning
- Strive for satisfaction among volunteers in their various roles
To assist in this responsibility, individual trustees/directors champion specific topics and/or functional aspects of the Trust. These aspects include engineering, operations, construction, environment, strategic development, fundraising, health and safety and procurement.
## **5 MEETINGS**
The Council of Management (Trust Council), which manages the business of the Trust, meets monthly except in January and August. An Executive Committee of Trust Council Officers also meets as necessary to conduct urgent business between Council meetings. This committee consists of the Trust Chair, one or both Vice Chairs, and/or the Treasurer and Company Secretary plus others as appropriate.
Directors of the Cotswold Canals Trust (Trading) Limited meet quarterly and are responsible for all trading activities and the staffing of the visitor centres.
The organisation of working groups at the western end (i.e. Phase 1A) continues under the leadership of CCT Directors and Team Leaders. These groups include project management, fundraising, operations, dredging and project commissioning. East end meetings, which includes the Inglesham boat team, are held monthly in Lechlade.
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**THE COTSWOLD CANALS TRUST REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31[st] March 2021 (continued)**
Cotswold Canals Trust representatives attend the following meetings for Cotswold Canals Connected (Phase 1B):
- Canal Project Board Meetings every two months
- NLHF Monitoring Meetings every two months
- Executive Management Team meetings every month
- Health and Safety Committee 2 to 3 times a year
## **6 STATEMENT OF DIRECTORS’ RESPONSIBILITIES**
## **6.1 Financial statements**
Company Law requires the Directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Trust and of the surplus or deficit of the Trust for that period. In preparing those financial statements, the Directors are required to:
- Select suitable accounting policies and then apply them consistently;
- Make judgements and estimates that are reasonable and prudent; and
- Prepare financial statements on a going concern basis unless it is inappropriate to presume that the Trust will continue in operation.
The Directors are responsible for:
- Keeping proper accounting records, which disclose with reasonable accuracy at any time the financial position of the company;
- Ensuring that the financial statements comply with the Companies Act 1985; and
- Safeguarding the assets of the trust and taking reasonable steps for the prevention and detection of fraud and other irregularities.
## **6.2 Identification of major risks**
The core work of the Cotswold Canals Trust is undertaken by volunteers, with support from the Trust Administrators.
It is the physical work associated with construction, restoration or reconstruction or maintenance where exposure to risk can be greatest. Health & Safety is an agenda item for every meeting of CCT Council. Method statements and risks assessments are in place for all work carried out by volunteers.
## VICE PRESIDENTS
Sir Geoffrey Clifton-Brown MP, Mr. Chris Coburn MBE, Dr. David Drew, Dr. David Fletcher CBE, Professor Mark Horton and the Rt. Hon. Sir Richard Needham continued to hold the office of Vice President. Ms Siobhan Bailey MP was appointed as Vice President on 22[nd] July 2020. The Trust thanks them for their active and encouraging support.
## **7 MEMBERSHIP**
Membership is vital to the success of the restoration as it demonstrates commitment to the project locally, nationally and even internationally.
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**THE COTSWOLD CANALS TRUST**
**REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31[st] March 2021 (continued)**
Trust membership at the year end was 7,113 (7,347). This included 606 (604) Joint Life Members and 532 (537) Life Members. Our largest membership class is Families with 3746 (3904) members.
Volunteers at the Visitor Centres at Saul Junction, Bonds Mill and Wallbridge Lock continue to lead CCT’s membership drive with support from our membership secretary.
## **8 DAY TO DAY MANAGEMENT AND ADMINISTRATION**
The Cotswold Canals Trust employs one full-time administrator, Lisa Mant. Additionally we employ two part-time administrators; Aurelia St-Clair (Membership Secretary) and Gemma Barton – Foreman (Trading Company Administrator). Diana Edwards our previous Membership Secretary retired in June 2020.
We employ a full time Fundraiser- Ambassador (Aimee Malcolm) who is funded by CCC to work on 1b fundraising.
Ken Burgin was employed as Chief Executive on a part-time basis (20 hours per week) until 30[th] November 2020. This was a role that Ken had held since 2008 and which was made redundant during the year. We are pleased to report that since ceasing to have an employed role with the Trust Ken has been elected as a Trustee
Matthew Lee is Honorary Treasurer and Lisa Mant Company Secretary.
## **9 RESERVES POLICY AND GOING CONCERN**
The Reserves of a charity are that part of a charity's income funds that are freely available for its general purposes. This excludes Restricted Funds (funds donated for a specific purpose). Designated Funds are funds which the Trust Council has earmarked for projects. In addition, The Trust is aware of the need to:
1. Secure the viability of the Trust beyond the immediate future
2. Absorb any setbacks and to take advantage of change and opportunities
The Balance Sheet of CCT on 31st March 2021 shows Total Funds of £803,159 (£3,230,078) of which £270,833 (£2,769,832) is Restricted.
This year, the Trust recorded a surplus before transfers in the general fund of £65,631.
The Trust’s Reserves are thus £532,326 (£460,246) which comprises:
- General Funds £180,461 (£175,521)
- Designated Funds £351,865 (£284,725))
The Trust’s Annual Budget incorporates planned expenditure matched by forecast income in respect of the day-to-day activities.
As a result of the impact of Covid 19 the trustees have reconsidered the level of funds needed to cover the risk of unforeseen emergency or other unexpected need for funds in connection with its maintenance and construction activities and to cover the risk of unforeseen administrative and operational costs and fund short-term deficits in the annual budget. Historically this was set at £40,000 but was increased in the year to £100,000.
Any general funds more than the £100,000 contingency may, from time to time, be designated to take account of unforeseen opportunities. The Trust Council will review its
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**THE COTSWOLD CANALS TRUST**
**REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31[st] March 2021**
## **(continued)**
Contingency Fund Policy once per year to ensure that funds are maintained at the agreed level.
At the outset of the pandemic we instigated a process of strict segregation of restricted and general funds. A monthly cashflow is prepared and monitored very closely to ensure that the Trust has sufficient liquidity to continue its work. The Trust Council Officers have considered regularly the ongoing financial position and have concluded that the Trust continues to be in good financial shape and can be considered to be a going concern. Since the year end our trading activities have resumed and have exceeded our expectations and forecasts.
## **10 GRANTS, LEGACIES AND DONATIONS**
CCT wishes to record thanks to all those organisations, members and individuals that have supported all the canal restoration activities this past year through grants, legacies and donations.
These include:
- Garfield Weston £200,000 for 1B
- Legacies from Susan Greenfield £50,000 to the restoration fund
- Stow legacy £49,998 for 1B
- Mr and Mrs Haddon £15,000 for a new membership and CRM system
- Peter Best £10,500 for the restoration of Weymoor Bridge
- Tarmac Ltd (Eysey Manor Quarry) for their annual amount of £5,000 (under an s106 agreement, Town and Country Planning Act 1990)
- Molson of Avonmouth for their continued long-term loan of an excavator, the latest being a new Kobelco SK17 SR delivered in December 2017
Due to the cessation of all trading activities in March 2020 we launched a “Stay Afloat” appeal and we would like to thank all those members who contributed so generously. After gift aid and other one off donations this raised £80,434 which has enabled us to enter the new financial year in good financial shape.
Special thanks to all those that have provided support of the Cotswold Canals Connected Phase 1B Restoration Appeal during the year amounting to £46,234. This includes regular donations, the Trow appeal and support from many organisations.
We are fortunate that both our Western and Eastern depots are leased to us free of charge by Gloucestershire County Council and Farmcare respectively. During the year we have been granted a lease over a field adjacent to the Western Depot by Mrs Prentice which is also free.
Our administration offices at Bell House are generously supported by our landlord Luciano Magalotti who has discounted our rent by £10,000 a year for several years.
## **11 THE TRUST’S ROLE WITHIN THE RESTORATION PARTNERSHIP**
## **11.1 The Cotswold Canals Partnership Board – CCPB**
The Cotswold Canals Partnership was formed in 2001 with the vision to restore the Cotswold Canals to full navigation in the interests of conservation, biodiversity and local quality of life, and to use the restoration as a catalyst for wider social, economic and environmental regeneration in areas neighbouring the canals.
The partnership comprises CCT and direct partners (e.g. Stroud Valleys Canal Company, Stroud District Council), Environment Agency, Canal & River Trust and Inland Waterways
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**THE COTSWOLD CANALS TRUST**
**REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31[st] March 2021 (continued)**
Association, along with all the riparian local authorities and many other organisations (17 in total).
CCT continued to play a key role in the Partnership by providing updates on restoration progress across all phases and opportunities of interest to the stakeholders and representatives attended the main Cotswold Canals Partnership Board meetings which were chaired by Stroud District Council.
## **11.2 Stroud District Council – SDC**
Stroud District Council has invested significantly in canal restoration over many years, including establishing their offices in the Industrial Heritage Conservation Area at Ebley Mill adjacent to the once infilled section of the Stroudwater Navigation. They were the lead partner in the Phase 1A project and continue to play a key role in the redevelopment of Brimscombe Port and its connection to the rest of the Phase 1A length.
Stroud District Council is the co-lead (with CCT) of the Cotswold Canals Connected (Phase 1B) NLHF Stage 2 (Delivery) project. This team comprises the Canal Project Manager and Volunteer Coordinators with administrative, communications and document production support.
Stroud District Council volunteer teams, led by Jon Pontefract and Ian Moody, are responsible for maintaining the restored sections of Phase 1A from Wallbridge Lower Lock to Bourne Lock.
## **11.3 Stroud Valleys Canal Company – SVCC**
Stroud Valleys Canal Company (SVCC) is the charity that has responsibility for the canal, either as a freehold owner in the case of the Thames & Severn Canal under its jurisdiction or, under its 999 year lease from the Company of Proprietors of the Stroudwater Navigation (CoPSN) in the case of the Stroudwater Navigation.
Maintenance and improvement work is also managed by the SVCC working with CCT volunteers (based at CCT’s western depot) who have capability in many areas including: the construction of landing stages, dredging, maintenance on land and in the water (boats team) and repairs to canal infrastructure and equipment (e.g. dredger refurbishment). SVCC purchases and owns major items of plant and equipment for use by the volunteer teams.
## **11.4 Inland Waterways Association - IWA**
CCT continues to be the lead partner in Phases 2 and 3 of the Cotswold Canals restoration projects (Brimscombe to Inglesham) and works closely with the IWA and the Waterway Recovery Group (WRG).
CCT has hosted IWA/WRG weekend and summer, week-long restoration camps in various locations along the length of the restoration but these were limited this year due to Covid restrictions.
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**THE COTSWOLD CANALS TRUST**
**REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31[st] March 2021 (continued)**
## **12 COTSWOLD CANALS CONNECTED (PHASE 1B)**
We are delighted to report that the project’s bid to NHLF for 1B funding was successful and a grant of £8.9m, matched by contributions from our partners as well as other donors and ourselves, was confirmed in October 2020.
Since the grant was announced work has started on the replacement of the railway bridge at The Ocean, which is scheduled for completion in early 2022, as well as the restoration of Blunder and Newtown locks. It is anticipated that the 1B project to connect Stroud with the national river and canal network will be completed within the next 4 years. Progress has been frustrated to some extent by Covid restrictions.
During the year despite some minor delays as a result of Covid 19 the A38 crossing aspect of the 1B project was completed. The works were undertaken on our behalf by Gloucestershire County Council.
## **12.1 The Project management team**
The CCC Development Stage Management Team was formed of volunteers and paid professionals representing the following organisations:
- Stroud District Council: `o` Co-lead and accountable body (including legal services, finance team, communications and administration)
- Canal Manager
- Canal Project Volunteer Manager
- Hosts the Canal Engineering Manager, commenced work in April 2019
- Land acquisition
- Cotswold Canals Trust:
- Co-lead
- Fundraising lead
- Hosts the Fundraiser –Ambassador
- Risk Adviser
- Engineering, Natural Environment and People Skills Volunteers theme leads
- Monitoring and Evaluation
- Administration
- Stroudwater Navigation Archives Charity (SNAC)
- Conservation and digitisation of the Company of Proprietors’ records
- Stroud Valleys Canal Company (SVCC):
- `o` Management and maintenance
- Land acquisition
- Gloucestershire Wildlife Trust:
- Hosts the Canal Environment Manager, started in November 2018
-
- Creative Sustainability CIC:
- Community engagement consultants, part of the Bid Submission and formally appointed for the Development Stage with approval from the National Lottery Heritage Fund
-
- Other Contributors
- Stroud Valleys Project, Environment Agency, Severn Rivers Trust
- Cotswold Canals Knowledge
- Museum in the Park
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**THE COTSWOLD CANALS TRUST**
**REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31[st] March 2021 (continued)**
## **13 ANNUAL REVIEW**
A comprehensive review of all aspects of our activities is set out in our Annual Review. This is available to all members in hard copy form and is also published on our website.
The review is a celebration of everything that our volunteers have achieved in what, once again has been a very important year for the Trust.
## **14 AUDITORS**
Burton Sweet Limited of Bristol were appointed as Auditors to the Trust in 2021.
## **15. SUMMARY**
This report demonstrates that the Trust is successfully delivering on the aims and objectives set out in paragraph 3.
This year started in April 2020 with a cessation of almost all activities due to the global pandemic. We are pleased to report that due to the successful “Stay Afloat” campaign, Government grants and restricted expenditure we have managed to maintain our reserves for what will prove to be a busy year. Despite the restrictions we managed to continue some book sales and a large level of log sales which boosted the results of our trading subsidiary and helped avoid a deficit for the year. In addition we have commenced the redevelopment of our Western Depot, created a new bookshop from an old joinery factory, and continued to maintain the restored sections of the canal.
The 1B project is now a reality and our attentions are now turning to phase 2 under the direction of John Allan and Ken Burgin.
Since the year end our commercial revenues have recovered strongly however the break has led to some volunteers deciding to retire and efforts are ongoing to swell the volunteer numbers needed in all our activities.
This Report was approved by Trust Council on 6 October 2021
Jim White Chair
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**THE COTSWOLD CANALS TRUST**
**INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE COTSWOLD CANALS TRUST FOR THE YEAR ENDED 31[st] March 2021**
## **Opinion**
We have audited the financial statements of The Cotswold Canals Trust (the “Charity”) for the year ended 31 March 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
This report is made solely to the Charity’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Charity’s members those matters we are required to state in them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity’s members as a body, for our audit work, for this report, or for the opinions we have formed.
In our opinion, the financial statements:
- give a true and fair view of the state of the Charity’s affairs as at 31 March 2021 and of its income and expenditure for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **Basis for opinion**
We conducted out audit in accordance with international Standards in Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
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**THE COTSWOLD CANALS TRUST**
**INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE COTSWOLD CANALS TRUST FOR THE YEAR ENDED 31[st] March 2021**
## **Other information**
The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained in the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## **Opinions on other matters prescribed by the Companies Act 2006**
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the trustees’ report (incorporating the directors’ report) for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the trustees’ report (incorporating the directors’ report) have been prepared in accordance with applicable legal requirements.
## **Matters on which we are required to report by exception**
In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report (incorporating the director’s report). We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or;
- the financial statements are not in agreement with the accounting records and returns; or
-
- certain disclosures of trustees’ remuneration specified by law are not made; or
- the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report.
## **Responsibilities of trustees**
As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to
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**THE COTSWOLD CANALS TRUST**
## **INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE COTSWOLD CANALS TRUST FOR THE YEAR ENDED 31[st] March 2021**
enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.
## **Auditor’s responsibilities for the audit of the financial statements**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the Charity through discussions with directors and other management, and from our knowledge and experience of the sector;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements of the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance through the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and
- understanding the design of the company’s remuneration policies.
To address the risk of fraud through management bias and override of controls, we:
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**THE COTSWOLD CANALS TRUST INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE COTSWOLD CANALS TRUST FOR THE YEAR ENDED 31[st] March 2021**
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates set out in the accounting policies were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC, relevant regulators and the company’s legal advisors.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/apb/scope/private.cfm This description forms part of our auditor’s report.
## **Joshua Kingston BSc, ACA (Senior Statutory Auditor)**
## **For and on behalf of Burton Sweet Limited and Statutory Auditor**
The Clock Tower 5 Farleigh Court Old Weston Road Flax Bourton Bristol BS48 1UR
Date: 6 October 2021
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## **THE COTSWOLD CANALS TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) YEAR ENDED 31 MARCH 2021**
|**Note**
**Income from:**
Donations, grants and legacies
**2**
Other trading activities
**3**
Investments
**4**
**Total income**
**Expenditure on:**
Raising funds
**5**
Charitable activities
**6**
**Total expenditure**
**Net income/(expenditure)**
**10**
Transfers between funds
**Net movement in funds**
**Total funds at start of year**
**20**
**Total funds at end of year**
**20**|**Unrestricted**
**Funds**
**£**
293,303
75,569
29,162
398,034
16,421
331,985
348,406
49,628
22,452
72,080
460,246
532,326|**Restricted**
**Funds**
**£**
306,848
5,530
-
312,378
-
2,788,925
2,788,925
(2,476,547)
(22,452)
(2,498,999)
2,769,832
270,833|**Total Funds**
**2021**
**£**
600,151
81,099
29,162
710,412
16,421
3,120,910
3,137,331
(2,426,919)
-
(2,426,919)
3,230,078
803,159|Total Funds
2020
£
Restated
4,405,627
100,360
54,080
4,560,067
23,469
2,099,713
2,123,182
2,436,885
-
2,436,885
793,193
3,230,078|
|---|---|---|---|---|
The Charity has no recognised gains or losses other than the results for the year as set out above.
All of the activities of the charity are classed as continuing.
**The notes on pages 17 to 30 form part of these financial statements See note 13 for fund-accounting comparative figures**
14
## **THE COTSWOLD CANALS TRUST**
## **BALANCE SHEET**
**----- Start of picture text -----**
AS AT 31 MARCH 2021 Company number: 01207787
2021 2020
Note £ £
Fixed assets
Tangible assets 14 178,095 177,753
Investments 15 1 1
178,096 177,754
Current assets
Stock - 1,000
Debtors 16 96,065 97,638
Cash at bank and in hand 545,068 4,400,077
641,133 4,498,715
Liabilities
Creditors : amounts falling
due within one year 17 (16,070) (1,446,391)
Net current assets 625,063 3,052,324
Net assets 803,159 3,230,078
FUNDS
Unrestricted funds
General funds 21 180,461 175,521
Designated funds 21 351,865 284,725
Restricted funds 21 270,833 2,769,832
Total funds 803,159 3,230,078
**----- End of picture text -----**
These financial statements have been prepared in accordance with the special provisions for small companies under part 15 of the Companies Act 2006.
These financial statements were approved by the Trustees on 6 October 2021 and are signed on their behalf by:
Jim White Chair
**The notes on pages 17 to 30 form part of these financial statements**
15
## **THE COTSWOLD CANALS TRUST**
## **CASH FLOW STATEMENT**
## **YEAR ENDED 31 MARCH 2021**
|**Note**
**Net cash inflow from operating activities**
**18**
**Non-operational cash flows:**
**Investing activities**
Payments for tangible fixed assets
Proceeds from sales of tangible fixed assets
Investment income
**Net cash inflow/(outflow) for the year**
**19**|**2021**
**£**
(3,852,242)
(33,404)
1,475
29,162
(2,767)
(3,855,009)|2020
£
3,814,025
(144,782)
-
54,080
(90,702)
3,723,323|
|---|---|---|
## **Cashflow Restrictions**
Charity law prohibits the use of net cash inflows on any endowed or other restricted fund to offset net cash outflows on any fund outside its own objects, except on special authority. In practice, this restriction has not had any effect on cash flows for the year.
**The notes on pages 17 to 30 form part of these financial statements**
16
**THE COTSWOLD CANALS TRUST**
**NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 31 MARCH 2021**
## **1 Accounting policies**
## **Accounting convention**
The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, and in accordance with the Charities Act 2011, the Financial Reporting Standard 102 (FRS102) and the requirements of the Charities Statement of Recommended Practice based thereon.
The charity is a public benefit entity as defined under FRS102. The Trustees consider that there are no material uncertainties affecting the ability of the charity to continue as a going concern, please see Trustees Report for further details.
## **Consolidation**
The charity has a wholly owned trading subsidiary company, Cotswold Canals Trust (Trading) Limited and an interest in an associated company, Stroud Valleys Canals Company. The charity has chosen not to prepare consolidated accounts on the basis that aggregate group income does not exceed the relevant threshold.
## **Income**
Income from donations is included in income when these are receivable, except as follows:
I. When donors specify that donations given to the charity must be used in future accounting periods, the income is deferred until those periods;
II. When donors impose conditions which have to be fulfilled before the charity becomes entitled to use such income, the income is deferred until the pre-conditions have been met.
Legacies are included on a receivable basis where charity is entitled to the income, it can be measured reliably and receipt is probable. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is not included in income but is treated as a contingent asset and disclosed if material.
Investment income is included on a receivable basis.
Donations in kind comprise donated services where the costs are measurable and the services would otherwise have to be paid for to maintain operational effectiveness.
## **Expenditure**
Expenditure is recognised in the period in which it is incurred. Expenditure includes attributable VAT which cannot be recovered.
## _**Raising funds**_
Raising funds expenditure include those costs incurred in seeking voluntary contributions, costs of goods sold and other costs which include the costs of running and participating in fundraising events and collections and cost of goods purchased for resale.
## _**Charitable Activities**_
Grants awarded are allocated to charitable activities.
Grants awarded are treated as expenditure and a liability in the accounts as soon as they become legal or constructive obligations. In the case of multi-year grant awards, the funding for all years is immediately recognised unless there are conditions which need to be met by the recipient to enable the release of subsequent years’ funding.
17
**THE COTSWOLD CANALS TRUST**
**NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 31 MARCH 2021**
## **1 Accounting policies** _**(continued)**_
## _**Governance costs**_
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and costs linked to the strategic management of the charity. Governance costs are included within support costs.
## _**Allocation and apportionment costs**_
Certain expenditure is directly attributable to specific activities and this has been included in those cost categories. Other costs, which are attributable to more than one category, are apportioned across cost categories on the basis of an assessment of workload carried out from time to time.
Overhead support costs have been allocated between fundraising and publicity costs, fundraising trading and charitable activities. The apportionment has been allocated on the basis of usage and is analysed in note 8.
## **Pension costs and other post-retirement benefits**
The charity contributes to defined contribution pension schemes. Contributions payable to the charity's pension schemes are charged to the Statement of Financial Activities in the period to which they relate.
## **Tangible fixed assets**
Fixed assets are held at cost less accumulated depreciation. Assets costing less than £500 are not capitalised. Depreciation is calculated so as to write off the cost of an asset, less its estimated ultimate residual value, over the useful life of that asset as follows:
Freehold land - not depreciated Plant and Machinery - 25% straight line Office Equipment - 33% straight line Boats - 10% straight line
## **Fixed asset investments**
Investments are included at market value at 31 March. The SOFA includes the net gains and losses arising on revaluations and disposals during the year.
## **Stock**
Stocks are valued at the lower of cost and net realisable value. Donated stock items are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objects at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Designated funds form part of unrestricted funds and have been identified as being for particular purposes by the Trustees. They are not restricted and can be transferred to general funds at any time at the discretion of the Trustees.
Further explanation of the nature and purpose of each fund is included in note of the financial statements.
18
**THE COTSWOLD CANALS TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 31 MARCH 2021**
## **2 Income from: Donations, grants and legacies**
|Grants and donations
Donations in Kind
Legacies
Furlough grants
Subscriptions|**Unrestricted**
**Funds**
**£**
176,060
20,000
18,922
20,101
58,220
293,303|**Restricted**
**Funds**
**£**
255,600
-
51,248
-
-
306,848|**Total Funds**
**2021**
**£**
431,660
20,000
70,170
20,101
58,220
600,151|
|---|---|---|---|
The charity has recognised a Donation in Kind for £20,000 this year and prior year for the use of premises rent free.
## **Prior year comparative**
|Grants and donations
Donations in Kind
Legacies
Subscriptions|**Unrestricted**
**Funds**
**£**
**Restated**
96,103
20,000
86,223
60,700
263,026|**Restricted**
**Funds**
**£**
4,138,601
-
4,000
-
4,142,601|**Total Funds**
**2020**
**£**
**Restated**
4,234,704
20,000
90,223
60,700
4,405,627|
|---|---|---|---|
## **3 Income from: Other trading activities**
|Staff recharges
Advertising, talks and events
Lottery income
Other income|**Unrestricted**
**Funds**
**£**
51,745
7,554
12,099
4,171
75,569|**Restricted**
**Funds**
**£**
-
-
-
5,530
5,530|**Total Funds**
**2021**
**£**
51,745
7,554
12,099
9,701
81,099|Total Funds
2020
£
67,325
9,183
11,235
12,617
100,360|
|---|---|---|---|---|
All income from other trading activities in the prior year was unrestricted.
19
**THE COTSWOLD CANALS TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 31 MARCH 2021**
## **4 Income from: Investments**
|Dividends
Interest received|**Unrestricted**
**Funds**
**£**
27,959
1,203
29,162|**Restricted**
**Funds**
**£**
-
-
-|**Total Funds**
**2021**
**£**
27,959
1,203
29,162|Total Funds
2020
£
29,564
24,516
54,080|
|---|---|---|---|---|
All income from investments in the prior year was unrestricted.
## **5 Expenditure on: Raising funds**
|Advertising & promotions
Prizes and costs
Event costs
Other costs|**Unrestricted**
**Funds**
**£**
11,656
4,800
(35)
-
16,421|**Restricted**
**Funds**
**£**
-
-
-
-
-|**Total Funds**
**2021**
**£**
11,656
4,800
(35)
-
16,421|Total Funds
2020
£
18,324
4,580
535
30
23,469|
|---|---|---|---|---|
All expenditure on raising funds in the prior year was unrestricted.
## **6 Expenditure on: Charitable activities**
|Phase 1B
A38 Project
Weymoor and Eisey
Grants to SVCC
Restoration and maintenance|**Direct**
**Costs**
**£**
8,816
-
-
-
69,104
77,920|**Grant funding**
**of activities**
**(Note 7)**
**£**
200,000
2,577,196
-
43,550
-
2,820,746|**Support**
**Costs**
**(Note 8)**
**£**
51,745
-
-
-
170,499
222,244|**Total Funds**
**2021**
**£**
260,561
2,577,196
-
43,550
239,603
3,120,910|Total Funds
2020
Restated
£
302,657
1,422,804
35,524
36,000
302,728
2,099,713|
|---|---|---|---|---|---|
20
**THE COTSWOLD CANALS TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 31 MARCH 2021**
## **7 Analysis of grants**
The total grants awarded to institutions during the year was as follows:
|Gloucestershire County Council
Stroud Valleys Canals Company (one-off grants)
Stroud Valleys Canals Company (regular payments)
**Total grants made in the year**
Cotswold Canals Connected|**2021**
**£**
2,577,196
20,250
23,300
200,000
2,820,746|2020
£
1,422,804
12,800
36,000
302,700
1,774,304|
|---|---|---|
## **8 Support costs**
Support costs, included in notes 5 & 6, are as follows:
|Salaries and wages
Vehicle expenses
Light and heat
Training, health and safety
Office rent and rates
Building maintenance
Telephone
Insurance
Travelling expenses
Office costs
Legal and professional
Bank charges
Governance costs
(Note 9)|**Total**
**2021**
**£**
136,472
5,374
5,319
2,468
36,027
5,047
349
11,797
-
6,987
3,017
207
9,180
222,244|Total
2020
£
Restated
105,264
10,137
5,867
3,512
36,539
4,582
1,239
14,666
1,820
7,713
1,349
1,072
8,160
201,920|
|---|---|---|
All support costs in the current and prior year have been allocated to charitable activities.
21
**THE COTSWOLD CANALS TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 31 MARCH 2021**
## **9 Governance costs**
**----- Start of picture text -----**
||||
|---|---|---|
|Total Funds|Total Funds|
|2021|2020|
|£|£|
|Auditor's fees - for audit services|6,300|6,625|
|- for other services|2,735|1,198|
|AGM expenses|145|337|
|9,180|8,160|
**----- End of picture text -----**
## **10 Net income/(expenditure) for the year**
This is stated after charging:
**----- Start of picture text -----**
|||||
|---|---|---|---|
|2021|2020|
|£|£|
|Auditor's remuneration|- for audit services|6,300|6,625|
|- for other services|2,735|1,198|
|Trustees' travel, meeting and training expenses|145|337|
|Depreciation|31,587|24,603|
**----- End of picture text -----**
During the year no trustees have been reimbursed for their out of pocket travel expenses (2020: Nil).
Aggregate donations from Trustees, key management personnel, and other related parties was £Nil (2020: £Nil).
## **11 Staff costs and numbers**
The aggregate payroll costs were:
**----- Start of picture text -----**
||||
|---|---|---|
|2021|2020|
|£|£|
|Wages & salaries|127,390|123,627|
|Social security costs|6,558|7,148|
|Pension contributions|2,524|2,489|
|136,472|133,264|
**----- End of picture text -----**
No employee received emoluments of more than £60,000.
The average number of employees during the year was 5 (2020: 6), calculated on the basis of average headcount. The total employment benefits received by key management personnel including employer national insurance and employer pension were £21,536 (2020: £Nil).
22
**THE COTSWOLD CANALS TRUST**
**NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 31 MARCH 2021**
## **12 Taxation**
The charity is exempt from corporation tax on its charitable activities.
## **13 Statement of Financial Activities comparative figures**
|**For the year ended 31 March 2020**
**Income from:**
Donations, grants and legacies
Other trading activities
Investments
**Total income**
**Expenditure on:**
Raising funds
Charitable activities
**Total expenditure**
**Net income/(expenditure) for the year**
**and net movement in funds**
**Total funds at start of year**
**Total funds at end of year**|**Unrestricted**
**Funds**
**£**
**Restated**
263,026
100,360
54,080
417,466
23,469
319,470
342,939
385,719
460,246
74,527|**Restricted**
**Funds**
**£**
**Restated**
4,142,601
-
-
4,142,601
-
1,780,243
1,780,243
407,474
2,769,832
2,362,358|**Total Funds**
**2020**
**£**
**Restated**
4,405,627
100,360
54,080
4,560,067
23,469
2,099,713
2,123,182
793,193
3,230,078
2,436,885|
|---|---|---|---|
23
## **THE COTSWOLD CANALS TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 31 MARCH 2021**
## **14 Tangible fixed assets**
|**Cost or valuation**
At 1 April 2020
Additions
Disposals
At 31 March 2021
**Depreciation**
At 1 April 2020
Charge for the year
Disposals
At 31 March 2021
**Net book value**
At 31 March 2021
At 31 March 2020
**15 Investments**
**_Subsidiary_**
Investment in subsidiary|**Freehold**
**Land**
32,586
-
-
32,586
230
-
-
230
32,356
32,356|**Plant and**
**Machinery**
**£**
160,860
28,201
(2,950)
186,111
140,202
16,334
(1,475)
155,061
31,050
20,658|**Office**
**Equipment**
**£**
19,145
5,203
-
24,348
19,056
1,403
-
20,459
3,889
89|**Boats**
**£**
212,982
-
-
212,982
88,332
13,850
-
102,182
110,800
124,650
**2021**
**£**
1|**Total**
**£**
425,573
33,404
(2,950)
456,027
247,820
31,587
(1,475)
277,932
178,095
177,753
2020
£
1|
|---|---|---|---|---|---|
The Cotswold Canals Trust owns 100% of the share capital of a subsidiary trading company, Cotswold Canals Trust (Trading) Limited. The subsidiary pays all of its profits to the Trust by deed of covenant.
## _**Associate**_
The Cotswold Canals Trust is deemed to have an interest in an associate, Stroud Valleys Canals Company, a charitable company limited by guarantee (company no. 06860375; charity no. 1130051), by virtue of its 25% membership and power to participate in financial and operating policy decisions.
24
**THE COTSWOLD CANALS TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 31 MARCH 2021**
|**16 Debtors**
Trade debtors
Amounts owed by group and associated undertakings
Prepayments
Other debtors
**17 Creditors: amounts falling due within one year**
Trade creditors
Other creditors
Accruals|**2021**
**£**
21,898
29,374
12,688
32,105
96,065
**2021**
**£**
5,727
383
9,960
16,070|2020
£
20,296
26,706
11,807
38,829
97,638
2020
£
8,548
564
1,437,279
1,446,391|
|---|---|---|
## **18 Reconciliation of net movement in funds to net cash inflow from operating activities**
|Statement of Financial Activities: Net movement in funds
Investment income
Depreciation
Increase in creditors: current liabilities
Decrease / (increase) in debtors
(Increase) / decrease in stock
**Net cash (outflow)/inflow from operating activities**
**19 Analysis of changes in cash during the year**
**Note**
Cash at bank and in hand
Cash at bank and in hand|**2021**
**£**
(2,426,919)
(29,162)
31,587
(1,430,321)
1,573
1,000
(3,852,242)
**2021**
**£**
545,068
**2020**
**£**
4,400,077|2020
£
4,400,077
2019
£
676,754|2020
£
2,436,885
(54,080)
24,603
1,428,599
(21,982)
-
3,814,025
**Change**
**£**
(3,855,009)
**Change**
**£**
3,723,323|
|---|---|---|---|
25
**THE COTSWOLD CANALS TRUST**
**NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 31 MARCH 2021**
## **20 Movement in funds**
## **For the year ended 31 March 2021**
|**At 1 Apr**
**2020**
**£**
**Restricted funds**
Whitminster Lock
71,888
Section 106 funding - Bonds Mill
25,000
Inglesham Lock
2,810
Fencing at Tunnel House
1,719
Phase 1B - restoration fund
40,604
New trip boat
4,679
Footpath Signage
3,134
Haddon Donation - CRM
-
Landing Stages
1,868
Stace Family
4,000
Entrust
32,934
Nineveh Trust
4,000
Highways England
2,577,196
2,769,832
**Unrestricted funds**
_Designated funds:_
Tangible fixed assets
177,753
General Reserve fund
40,000
Restoration Fund
16,972
Peter Snelson Legacy
50,000
_Total designated funds_
284,725
General funds
175,521
**Total funds**
3,230,078|**Income**
**£**
-
-
-
-
296,232
1,146
-
15,000
-
-
-
-
-
312,378
-
-
68,100
1,500
69,600
328,434
710,412|**Expenditure**
**£**
-
-
-
-
(208,817)
(119)
-
(28)
-
-
(2,765)
-
(2,577,196)
(2,788,925)
(33,061)
-
(24,547)
(27,995)
(85,603)
(262,803)
(3,137,331)|**Transfers**
**£**
-
-
-
-
5,002
-
(3,134)
(4,512)
(1,868)
-
(17,940)
-
-
(22,452)
33,403
60,000
-
(10,260)
83,143
(60,691)
-|**At 31 Mar**
**2021**
**£**
71,888
25,000
2,810
1,719
133,021
5,706
-
10,460
-
4,000
12,229
4,000
-
270,833
178,095
100,000
60,525
13,245
351,865
180,461
803,159|
|---|---|---|---|---|
26
**THE COTSWOLD CANALS TRUST**
**NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 31 MARCH 2021**
## **20 Movement in funds** _**(continued)**_
## **For the year ended 31 March 2020**
|**At 1 Apr**
**2019**
**£**
**Restricted funds**
Whitminster Lock
71,888
Section 106 funding - Bonds Mill
25,000
Inglesham Lock
2,810
Fencing at Tunnel House
1,719
Phase 1B - restoration fund
187,800
Mud barges
368
New trip boat
106,843
Footpath Signage
3,220
Notgrove Trust
1,958
Landing Stages
1,868
Stace Family - Eisey Lock
4,000
Entrust
-
Nineveh Trust
-
Highways England
-
Weymoor
-
407,474
**Unrestricted funds**
Tangible fixed assets
57,573
General Reserve fund
40,000
Restoration Fund
136,648
Future projects fund
8,585
Engineers fund
10,100
Peter Snelson Legacy
-
CHK
-
252,906
General Funds
132,813
**Total funds**
793,193|**Income**
**£**
-
-
-
-
83,461
-
4,200
-
-
-
-
29,940
4,000
4,000,000
21,000
4,142,601
-
-
-
336
5,000
50,000
50,000
105,336
312,128
4,560,065|**Expenditure**
**£**
-
-
-
-
(330,657)
(368)
(2,070)
(86)
(308)
-
-
-
-
(1,422,804)
(35,524)
(1,791,817)
(24,604)
-
153
(14,226)
(10,600)
-
(12,800)
(62,077)
(269,286)
(2,123,180)|**Transfers**
**£**
-
-
-
-
100,000
-
(104,294)
-
(1,650)
-
-
2,994
-
-
14,524
11,574
144,784
-
(119,829)
5,305
(4,500)
(37,200)
(11,440)
(134)
-|**At 31 Mar**
**2020**
**£**
Restated
71,888
25,000
2,810
1,719
40,604
-
4,679
3,134
-
1,868
4,000
32,934
4,000
2,577,196
-
2,769,832
177,753
40,000
16,972
-
-
50,000
-
284,725
175,521
3,230,078|
|---|---|---|---|---|
27
**THE COTSWOLD CANALS TRUST NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 31 MARCH 2021**
## **20 Movement in funds** _**(continued)**_
## **Restricted funds**
Whitminster Lock - funding for the restoration of Whitminster Lock. Section 106 funding - Bonds Mill - funding for the restoration of Bond Mills. Inglesham Lock - funding for the restoration of Inglesham Lock. Fencing at Tunnel House - funding for the fencing at Tunnel House. Phase 1B - restoration fund - funding for the Phase 1B restoration project. Mud barges - funding for the acquisition and maintenance of Mud barges. New trip boat - funding to acquire a new electric trip boat. Footpath signage - funding to improve signage on footpaths. Notgrove Trust - funding for the acquisition of fixed assets. Landing stages - funding for the restoration of landing stages. Stace Family - funding for the restoration work for 'Phase 2'. Entrust - funding for the acquisition of a telehandler. Nineveh Trust - funding for environmental work relating to Phase 1B. Highways England - funding for the A38 project. Weymoor - funding for the Weymoor bridge restoration project. Haddon Donation - CRM - funding for a membership and CRM system to be used by the Trust.
## **Designated funds**
Tangible fixed assets - the designation of reserves that are held within fixed assets. General reserve fund - relates to general reserves, designated as a buffer for future use. Restoration fund - funds held for restoration projects, generally. Future projects fund - funds held for 1A restoration projects; no longer in use. Engineers fund - funds designated for the purchase of equipment. Peter Snelson Legacy - an unrestricted legacy received from a long-time volunteer, to be spent on the refurbishment of the western depot.
CHK - funds received from CHK, designated to be spent on a grant for a tractor to SVCC, and the balance towards the electric trip boat.
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**THE COTSWOLD CANALS TRUST**
**NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 31 MARCH 2021**
## **21 Analysis of net assets between funds**
|**As at 31 March 2021**
Tangible fixed assets
Other net assets
**As at 31 March 2020**
Tangible fixed assets
Other net assets|**Unrestricted Unrestricted**
**Restricted**
**Designated**
**General**
**Total**
**Funds**
**Funds**
**Funds**
**£**
**£**
**£**
**£**
-
178,095
-
178,095
270,833
173,770
180,461
625,064
270,833
351,865
180,461
803,159
**Unrestricted Unrestricted**
**Restricted**
**Designated**
**General**
**Total**
**Funds**
**Funds**
**Funds**
**£**
**£**
**£**
**£**
-
177,753
-
177,753
2,769,832
106,972
175,521
3,052,325
2,769,832
284,725
175,521
3,230,078|
|---|---|
## **22 Operating lease commitments**
At 31 March 2021 the charity had total future minimum lease payments under non-cancellable operating leases as set out below:
|Within one year
Between two and five years|**2021**
**£**
13,470
41,436
54,906|**2020**
**£**
13,470
53,520
66,990|
|---|---|---|
## **23 Related party transactions**
There are no transactions with trustees or other related parties other than those disclosed as required by the SORP elsewhere in the financial statements.
The Cotswold Canals Trust is deemed to have an interest in an associate, Stroud Valleys Canals Company (company no. 06860375; charity no. 1130051), as disclosed in note 15. During the year, grants were paid to Stroud Valleys Canals Company totalling £43,550 (2020: £48,600). No amounts were owed between the entities at 31 March 2021 (2020: £Nil).
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## **THE COTSWOLD CANALS TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 31 MARCH 2021**
## **24 Comparative Figures**
The prior year accounts filed at Charity Commission were consolidated and this year charity a only set of accounts have been prepared, as such the comparative information in these financial statements relate to charity accounts only. Please see the subsidiary company's accounts and the associate charitable company at Charities Commission for comparatives.
## **25 Prior year restatement**
This year's accounts include a prior year adjustment in regards to the recognition of Donation in Kind of £20,000 for the use of premises rent free.
30