Company reglstration number. 01605020 Charity registrallon number.. 284163 Exeter Canal & Quay Trust Limited IA company limited by guarantee) Annual Report and FinanrAal Statements for the Year Ended 31 March 2025 WESTCOTTS CHA*TeqED ACCOUNTANTS 1 OiISINE58 ADVISEThS Exater Canal & Quay Trust Limited Contents Reference and Administratlve Details Trustees, R8F**( 2to5 Independent Auditors. Report 6t09 statement of Financial Activllies 10 Bal8n¢e Sheet 11 Notes to th8 Financial Statements 12to27 Exater Canal & Quay Trust Limited Reference and Administrative Detalls Secretsry G Curry Company Ragistration Number 01605020 Charity Registration Number 284163 The charity is incorporated in England and Waks. Custom House The Quay Exeter EX2 4AN Registered Office Trustees: A M Jobson P M J Biatyk A Williamson {resigned 26 June 20251 T Read JDBell LCAWright M Snow R T Williams A J Wardk? (resigned 13 May 20251 R Johnson CLWyse M Williams (resigned 13 May 2025) G L Rolstone (appointed 13 May 20251 R A Foale (appointed 13 May 2025) Auditor West¢ots (SWI LLP Tallford House 38 Walliscole Road Vveston-super-mare Somersel BS23 1LP Bankers N8tion81 Westmlnster Bank Exeter 59 High Street Exeter Devon EX4 3DL Page 1 Exeter Canal & Quay Trust Limited Trustees. Report The trustees, who are directors for the purposes of company law, present the annual report together with the financial 5taEments and auditors, report of the charitable company for the yeaf ended 31 March 2025. Slructure, govemance arbd management Exeter Canal and Quay Trust Limited is a charitable company limited by guarantee, registered in England and Wales. number 01605020, governed under a Memorandurn and Articles of Association. 11 has the registered charity number 284163. The members of the Executive Committee are the directors of the Charitable company. The Executive Commttee is appointed in accordance with the Memorandum and Articles of Associ81ion of the charitable company and meets on a quartelly basis lo receive and reviw reports on propety matter5 and the financial status. Four of the Trustees are appointed by the Executive Committee and the remainder a￿ appointed by Exeter Ctty Council. The Twslees have undertaken a review of the re¢ruitment and induction procedures for new Trustees in order to ensure that the Executive Committee has an appropriate mix of skills. and that new Trustees fully understsnd - the aims and objectives of the Company - the provisions of the Memorandum and Artides of Association the accounts of the Company the dulles and responsibilities of a charity Trustee The daY-tr￿aY property management oFtr8tion of the chadtable company is undertaken by the Eslales Department of Exel8r City Council on the basis of a contract with the company, for which a management charge is mad8. The Trustees set and review from lime to time the financial parameters wllhin ￿lch the Estates Dep8rtmenl can make decisions. An decision that would be outside those parameters is referred to the Chair of the Trustees who decides if the matter must be referred to a full meeting of the Executive Committee. Other day-to-day financial 2nd administrative duties are undertaken by officers of Exeter City Coundl, who report lo the Chair of the Trustees and hence to the Executive Committee. Key management personnel remuneration The Trustees consicler the Board of Trustees as comprisiThJ the key management personnel of the charity In charge of directi￿ and controlling the charity and runnin9 and operating the charity on a day to day basls. AJI Trustees give of their Ilme freely and no Trustee remuneration was paid in the year. Risk management The Trustees have given consid8ralion to the pro¢esses needed lo assess and mitigate major risks to the charity. As the charity ha5 no employees of its own and relies for its adminislralion, propety and financial management upon employees of Exeter City Council provided under Contraclual arrangements. the Trustee5 are sa115fied that there are few. if any, major operational risks to which the charty is exposed. Pag8 2 Exeter Canal & Quay Trust Limited Trustees. Report During previous years, the Trustees engaged the services of Michael White, a consultant in risk management matters, ￿ carried out a comprehenswe risk review. The Trustees held a speclal meeting lo consider the report and fhe way fo￿ard. The process revealed possible risks In connection wth Trustee recnjitment, succession planning and complaints handling. The Trustees are taking further steps through the current year to address these issues. Obje¢tives and activitles Objocts and alms The objects for which the Cornpany is established, as adopted on 16 April 2007. are.. - the preservation of land, buildings and other features of beauty or historical or archf(eclural interest in Dr around the Exeter Canal and Quay Basin (the '￿ea.1- _ the promotion and encouragement of high standards of architecture, building and town planning and the promotion of civic pride in the Area- the promotion and support of musical, artistic, educational and other cultural activities within the Area.. the promotion and support of communty Participation in any fom) of healthy recreation involving waterbome 5POrts in the Area-, _ the eduoalion of the public about the historic trade passing through Exeter Canal and Quay and the preservation and conservation of buildlngs of historlc Interest connected with that trade, whether or not within the Area. The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewng the Trust's aims and objeGtives and in planning future activities. Achievements and pefft>rmance Maclaines Warehouse has been let in two parts with long temi agreements to facilitate major refurbishfflentlconservation wr)rk completed by Topsham Brewery as a Brewing Centre and Fomard space commencing conversion wJrk lo Studlo Offices. Exeter Canal and Quay Trust has continued preservation 2nd repair work to its premises by way of necessary repairs and fflaintenance. This year has seen cleaning and restorative work completed to the ceiling of the Grade1 listed Custom House. and the rearrangement of the visltor welcome arrangements lo provide gallery SP2¢e in the former shop. Wot1( continues to be programmed in accordance wilh the Quinquenni81 Maintenance Plan. The Trust continue5 to support the operation by the City Council of the Custom House. The Trust runs a comprehensive Gullural programrne, offering 3 year resitlencies to 2 organisations. Both secure additional grant funding to support thelr work and enhanc8 the offer at the Custom House. The Trusf s assets are considered adequate for its anticipated future obligations. The Trusfs ￿rk is not dependent on volunteer5. The Trust, on advice from its Brokers. continues to pla¢e ils property insurance with Ecclesiastical Life. Financial review The deficit for the year ￿ds £325,407 {2024'. £251.7871 which includes an vnfealised loss on the valuation of the investments totalling £6,23412024- £57,750). Page 3 Exeter Canal & Quay Trust Limited Trustees, Report Reserves pollcy The charity carries out both day-to-day maintenance and long term refurblshment work wthin the Exeter Canal and Quay area. The Tru5tee5 believe that free Tesetves, i.e. those unreslricled funds which are not invested in the fixed a55ets or otherwise committed, should be in the region of the charitys annual expenditure. Unrestri¢led funds at 31 March 2025 are £3,113,089 {2024.' £3,438,496) of which free reserves ar8 £258.013 12024.. £561,591}, which includes designated funds. The Trustees ankn'cipate that the level of free reseNes wll fall as the plans note(J below are implemented. Plans for future periods The charity has three maln practical functions in delivering Its aims and obSectives. namely the m8n8gement of the propety Portfolio, the determination of grant applications made to the Trust, and the co-ordination and promotion of a cultur21 programme in the Custom House and wider Quayside. There is a concentrated focus on our Heritsge Harbour designation and a keenness to ￿tUrn historic boats lo the area as well as promotlng our maritime heritage. The Trust operates se￿iCe level agreements vthh Exeter City Council in temis of financial requirements, as well as the day lo day management of the Custom House. Independent property valuations will conbnue to be supplied by Vid(ery Holm8n, Chartered Surveyors. We afft in Year 3 of our current cultural partners programme so will continue to develop wllh Lilerathre Works and Art Work Exeler. We are also pushing forward with plans to promote our Heritage Harbour designation. Statement of trustees, responsibilities The trustees Iwho are also the difeGtors of Exeter Canal & Quay Tnjst Limtted for the purposes ol company lawl are responsible for preparing the trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally AcGepled Accounting Praclicel, including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland.. Company law requires the Iruslees lo prepare financial 51alement5 for each financial year. Under company law the trustees must not approve the finan¢ial 51alements unless they are 531isfied that Ihey give a true and f8ir view of the slate of affairs of the ¢haritable wmpany and of the inGorlling resources and application of resour￿$, including ils income and expenditure. of the charitable company for that period. In preparing these financial statements. the trustees are required lo.. select suitable accounting OiGies and apply them consistenUy', observe the methods and principles in the Chan'tie5 SORP.. make judgements and estimatss that are reasonable and prudent,. State ¥thelher applicable accounting standards, comprising FRS 102 have been followed. subject to any material departures disclosed and explained in Ihe financial statements.. and prepa￿ the financial stalemenls on the going concern basis unless il is inappfopriale to presume that the ¢haritabl8 company will Gontinue in business. The trustees are responsible for keeping proper accounting records that can disclose with reasonable aGGuraGy al any time the financial position of the charitable company and enable them lo ensure that the financial ststemenls comply with the Companies Act 2006. They are also responsible for safeguarding the a55els of the charitsble company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 4 Exetsr Canal & Quay Trust Limited Trust•o8' Report The trustees ar8 responsibl8 for th8 maintenance and Integrfty of th8 corporats and financial Infomation included on the chanlablo companls websilo. Leglslation governing the pr8p8ration and disseminatlon of flnanclal $tat8mgnls may dlff8r fr(xn18glslaUon In othor lurf$dldton$. Dlsclosurè of Information to audltor Each trustee has taken steps that they ou9ht lo have taken a8 a tru8tee In order to make themselves aware of any relevant audlt infomiatlon and to establish that the charlty's Audltrjr is aware of that Inforniatirjn. The trLlStees confirm that there is no relevant infomiatlon thot they know of and of whlch they know the audltor Is unaware, Th8 annual reFyJ1 was approved by the tru8ts8s of the chartty on LS.... half by: and slgned on Its A M Jobso Pag8 5 Exeter Canal & Quay Trust Limited Independent Auditorfs Report to the Members of Exeter Canal & Quay Trust Limited Opinion We have audited the financlal statements of Exeter Canal & Qu8y Trust Limited (the 'charty'l for the year ended 31 March 2025, whith comprise the Statement of Financial Activities, Balance Sheet, and Notes to the Financial Statements. including a summary of significant ac¢ounting wlicies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting standards, comprising Charib"es SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and applicable law Iutbited Kingdom Generally Accepted Accounting Praclicel. In our opinion the financial statements.. give g true and fair view of the state of the charity's affairs as 8131 March 2025 and of its incoming resources and application of resources, including its income and expendilure, for the year then ended., have been propedy pwepared in accordance ￿th United Klngdom G6nerally Accepted Accounting Practice; and have been prepared in accordance with the requiremen15 of Ihe Companies Act 2006. Basis for opinion We conducted our audit in accordance wlth International Standards on Audtting (UK) IISAS IUKII and applicable law. Our responsibilities under those standard5 are further described in the auditor responsibilities for the audit of the financial slalemenls section of our report. We ale independent of the chartty in accordance wth 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 accorijance wth these fequiremen15. We believe that the audit evidence we have obtained is sufficient and appropriat8 to provide a basis foi Qui opinion. Conclusions relating to going ¢on¢em In audf(ing the financial statements. we have concluded Ihat the trustees use of the going concern basi5 of accounllng in the preparation of the financl81 statements is appropriate. Based on the work we have perfomied, we have not identified any material uncertainties relating to events or conditions that. individu811y or Collectively, may cast Significant doubt on the charity's ability to conkn'nue as a gDing concem for a period of at least tsvelve months from when Ihe original financial statements were authorised for issue. Our responsibilitie5 and the ffsponsibilities of the trustees with resreci lo going concem are described in the relevant sections of this report. other information The Iruslees are responsible for the other infomalion. The other infornialion comprises the information included In the annual report. other than the financial sl8lements and auditorfs report Ihorcon. Our opinion on the financial slalements d08s nct Cover the other infomialion and. except to the extent otherwise explicitly slated in our report. we do not express any form of assuran( conclusion theieon. Page 6 Exeter Canal & Quay Trust Limited Independent Audltor's Report to the Members of Exeter Canal & Quay Trust Limited In connection with our audit of the financial statements, our responsibility is lo read the other informatlon a￿1, In doing so, consider whether the other informallon is materially inconsistent with the financial statements or our knowledge obtained in the audit or Othe￿Se appears to be matedally isstated. If we Ident￿ such material inconsistencies or apparent material misslatemenls, we are required to deterrnine whether there is a material misslatemenl in the financial statements or a material misstatement of the other information. If. based on the work have performed, we cor)clude that there is a material misslalemenl of this other infotmalion, we are required to report that fact. W6 have nothing lo report in thi5 regard. Opinion on other matter 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 for the financial year for vh)ich the financlal statements are prepared is consistent with the financial slatements., and the Trustees, Report has b88n prepared In 8c¢ordan¢e vllh appli(8ble legal requirements. Matters on which we are required to report by exception In the light of our knowledge and understanding of the charity and Its envlronment obtained in the course of the audit, we have not identified material misstatements in the Trusle8s' Report. We have nothing lo report in respect of the followirhj matters where the Companies Act 2006 requires us to report lo if, in our opinion= adeguale accounting records have not been kept, or returns adequale for our audit have not ￿en received from branches not visited by us.. or the financial slalemenls are not in agreemeDI with the accounting records and returns,. or certain disclosures of trustees remuneration specified by law a￿ not made., c we have not received all the infomiation and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Statement of trustees, responsibiliti65 (s8t out on page 4 and 51. the Iruslees are responsible for the preparati(￿ of the financial statements and for being satisfied that they give a true 2nd fair view. and for such Intemal control as the trustees determine is necessary to enable the preparabon of financial statements that are f￿e from material misstatement. whether due to fraud or erfor. In preparing the financial statemen15, the trustee5 are responslble for 8ssessing the charlty's abllity to continue as a going c4)ncem, disdosing. as applicable. matters fflated lo going concern and using the going conGem basis of accounting unle55 the trustees either intend lo liquidate the charity or lo ￿aSe operatb)n5, or have no re8llsllc alternative but lo do so. Auditor responsibilitiès for the audit of the financial statements Our objectives are to obtain reasonable assurance about ￿ether the financial statements as a whole are free from material misstatement, whether due lo fraud or error, and lo issue an auditor's report that includes our opinion. Reasonable assLtrance is 8 high level of assurance. but is not a guarantee th81 an audit conduct8d in awordance with ISAS IUKI wlll atways delect a materi81 misstslement when it exists. Misststements can arise from fraud or error and are considered material rf. individually or in the aggregate. they could reasonably be expected to influenGe the ewnorniG decisions of users taken on the basis of these finawal statements. Page 7 Exeter Canal & Quay Trust Limited Independent Auditorfs Report to the Members of Exeter Canal & Quay Trust Limited The exlenl to which i)vr procedures are capable of delectlng irregularltles. including fraud is detailed below.. the engagement partner er)5ured that the engagement team collectively had Ihe appropriate competence, capabilities and skills to identify or recconise non-compliance with appliGable laws and regulatio￿S.. we identtfied the lav￿ and regulations applicable to the company through discussions with directors and other management. and from our commercial knowledge and experience of the sector- we focused on specific laws and regulalicjns which ￿ Gonsideied may have a direct materi81 effect on the financial statements or the operations of the ￿rnpany, including the Companies Act 2006. taxation legislation, data prolecllon, anti-bribery. employTnent, environmental an(J health and safety legislats'on. we assessed the extent of compliance wth the laws regulations identified above through making enquiries of management and inspecting legal corre5ponden¢e- and identified laws and regulations were communiixted within the audil team regularfy and the team remained alert to instances of non-co￿p1I8nGe throughout the audit. We assessed the susceptibility of the companvs financial statements to material misststemenl, including obtaining an understsnding of how fraud might occur. by.. making enquiries of management as lo where they considered there was susceptibility lo fraud, their knowiedge of actual. suspected and alleged fraud,. considering the intemal colltrols in pl81% to rnitlgale Tisks of fraud and non-comF4iance with laws and regulations,. and To address the risk of fraud through management bias and overrlde of controls. we: performed analytical procedure5 to identify any unusual or unexpected relationships,. tested journal entries to identify unusual transactions- assessed whether judgernents and assumptions made in detemiining the accounting estimates were indicative of potential blas- investigated the rationale behind significant or unu5u31 transactiC￿s. In response lo the risk of irregularities and non-compliance with laws and regulations, we desI￿ed proGedures which included, bul were not limited to: agreeing financial statement disclosures to underfwng supporting dC￿MentatIon. reading the minutes of meetlngs of thosè Charged with govemance.. enquiring of management as to actual and potential litigation and claims. reviewng correspondence wth HMRC, ￿levant regulalols and the ¢ompanYs legal advisors. There are inherent limitations in audit prcteduTes described above. The more removed that laws and regulations are from flnanclal transactions, the less likely it is that we would become aware of non-complian*. Auditing standafds also Ilmit the gudil proCedU￿S required to identify non-compliance with law5 and regulations to enquiry of the dire¢tor5 and other management and the inspection of regulatory 8nd legal correspondence. if any. Matsrial misstatements that arise due to fraud can be harder lo detect than those that arise from error as they may involve deliberate concealmenl or collusion. Page 8 Exeter Canal & Quay Trust Limited Independent Auditorfs Report to the Members of Exeter Canal & Quay Trust Limited Use of our report This report is made solely to the charitsble companls trustees, as a body, in accordan￿ with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we Might stale lo the charity'5 trustees those matters we 8re requlred to state to them In an auditors report and for no other purpose. To the fullest extent permitted bylaw, we do not 8ccept or assume responsibility to anyone other than the charitable company and its trustees as 8 body, for our audit work, for this rerK)rt, or for the opinions we have formed. Peter Lomax js For and on be statutory Auditor) If of Westcotts (SWI LLP. Statutory Auditor Tallford House 38 Walliscole Road Weston-super-mare Somerset BS23 1LP Page 9 Exeter Canal & Quay Trust Limited Statement of Flnanclal Activities for the Year Ended 31 March 2025 Ilncluding Income and Expenditure Account and Statement of Total Recognised Gains and Losses Unrestri¢ted funds Total 2025 Total 2024 Note Income and Endowments from: Charitable activities Other trading activitiès Investment In￿Me 87.358 67,358 35.986 22.540 294,421 309.222 309.222 Total income 376,580 376,580 352,947 Expenditure on,. Raising funds Charitable activities 1332,7071 346.094 {332.707) 346,094 (261,7441 (340,240 Total expenditure Gainslllossesl on investmenl assets (678,8011 123.186) 1678,801 } 123.186) 1325,4071 {601,9841 (2,7501 {251,7871 Nel expenditure 1325,407) Net movem8nt in fvnds 1325,407) 1325,407> {2S1,787) Reconciliation of funds Total funds brought forward Total funds Garried foThvard 3.43e,496 3.438.496 3.690,283 3,438,496 22 3,113.089 3.113,089 All of the Gharity's aclwities derive from continuing operations during the above two periods. All prior year fund balances are unrestricted. The notes on pages 12 to 27 fomi an integral part of tt)ese financial statements. Page 10 Exeter Canal & Quay Trust Limited (Registration number: 01605020) Balance Sheet as at 31 March 2025 2025 2024 Fixed assèts Intangible assèts Heritage assets Investments 13 14 15 10.560 508.736 2,612.780 3,132,076 15.840 516.393 2.625,672 3,157.905 Current a88•ts Debtors Cash al bank and in hand 16 17 84.609 213.120 162.143 698.792 297,729 860.935 Crodltors: Amounts falllng due within on• y•ar currgnt a$sets 18 (39.716 258,013 299,344 561,591 Total assets 19¥¥ current liibllitles 3.390.089 3,719,496 Crodltors: Amounts tslllng dua aft•r mar• than on• y•ar 19 Not ass•ts 1277,0001 3.113,089 {281,0001 3,438,496 Funds of the charity". Unrostrfct•d Incom• funds Unrestrictèd lunds 3.113.089 3,438.496 Total fvnds 22 3,113.089 3.438.496 The fin 31 statements on pages 10 to 27 were opproved by the In￿tee$. and authorised for issue Z5.. and signed on their behalf by.. AMJ Trustee on The not08 on page8 12 to 27 ft)rm an integral part of these financial 5tat¢m¢nts. Page 11 Exeter Canal & Quay Trust Limited Notes to the Flnanclal Statements for the Year Ended 31 March 2025 1 Charlty status The charity is limited by guarantee, incorporated in England and Wales. and consequently does not have share capital. Each of the trustees is liable to contribute an amount t￿t exceeding £10 iowards the assets of the charity in the event of liquid2110n. The address of its registered office is". Custom House The Quay Exeter EX2 4AN 2 Accounting policies Summary of significant accounting policies and key accounting estimates The principal accounting pdicies applied in the preparation of these financial statements are set out below. These policies have been consislenlly applied lo all the year5 presented, unless otherwise stated. Statement of cornpllance The financial stslemenls have been pT8pared in ac¢ordanc8 With Accounting 8nd Reporting by Charities.. Statement of Recommended Practice (applicable lo charlties preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ire12nd IFRS 10211 (issued in October 20191- (Charities SORP (FRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102}. the Charities Act 2011. the Companie5 Act 2006 and UK Generally Accepted Practice as il applies from 1 January 2019. Basis of preparation Exeter Canal & Quay Trust Limrted meets the d8finilK)n of a public benefit entity under FRS 102. Assets and liabilities are initially reccgnised at historical cost or Ifansaclion value unless Otherwise slated in ihe felevanl accounting policy notes. The financial statements are prepared in sleding which is the functional ¢urrenGy of the charity. Going concern trustees consideT that there are no material uncertainti&s about the charitys abilrty lo continue as a going concem nor any significant areas of uncertainty that affect th@ canyng value of assets held by the ch2rty. Page 12 Exet9r Canal & Quay Trust Limitsd Notes to the Flnancial Statements for the Year Ended 31 March 2025 Judgement$ The preparation of the financial statements requi￿5 management to make judgements, estimates and assumptions that affect the amounts ￿pOrted. These eslimales and judgements are continually reviewed and are based on experien¢e and other factors, including expectations of future events that are believed lo be reasonable under the fif¢umstan¢es. The judgements {apart from those involviro estimalionsl that management has made in the process of applying the entitys accounting polici8S 81)d Ilidl Iidve the most significant effect on the amounts recognised in the finanual statements are as follows-. Valuation of investment properties. which is calculated by management's expert, as described in note 18, based on open market conditions Income Income is included in the Slatemenl of Fin8ncial Activities ￿en entitlement has passed to the charity., it is probable that the economic benefits associated wtth the transaciion will flow lo the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income.. Donation5 and legacles Income from donalicfis or grants is recognised vthen there is e￿dence of ents'llement to the gift. re￿Ipl Is probable and its amount can be measured reliably. Other Income Legacy income is recognised when receipt is probable and entiuemenl is establishe(J. Income from donated goods Is measured al the fair value of the goods unless this is impractical to measure reliably. in which case the value is derived from the cost to the donor or the estimated resale value. t)onated facilities and services are recognised in the accounts ¥then received if the value be ￿liablY measured. No amounts are induded for the contribution of general volunteers. Income frcyn contracts for the supply of services is recconised wrth the delivery of the contracted Service. This 15 cla55ified as unreslricled funds unless there Is a contractual requirement for il to b8 spent on a particulai purpose and returned if unspent. in which case It may be regarded as reslricteij. Expenditurè Al expenditure is recognised On￿ there is a legal or constructive obligation lo that expenditure, il 15 probable sett18ment is required and the amount can be measured reliably. AJI costs are alloeAled lo the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attnbuled lo particular headings they have been allocated on a basis consistent wlh the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Other support ¢osts are alk)cated based on the spread of staff costs. Ralsing funds These are Gosls incurred in attracting voluiilary income, the management of investments and those inGurred in trading activities that raise funds. Page 13 Exeter Canal & Quay Trust Limited Notes to the Financial Statements for the Year Ended 31 March 2025 Charitable actlvltlos Charitable expenditure comprises those costs incurred by the charity in the delivery of its a¢tivities and services for ils beneficiaries. It includes both costs that can be allocated directly to such a¢tivrties and those costs of an indirect nature ne￿SSary lo support them. Grantprovlsions Provisions for graiits are In