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2021-03-31-accounts

The Narrow Boat Trust Limited

(A company limited by guarantee)

Report and Financial Statements

For the year ended 31 March 2021

Company Number 1724935 Charity Number 288243

The Narrow Boat Trust Limited Company Information 31 March 2021

Chair Kirk Martin Secretary Charlotte Fleming Treasurer Henry Rayment

Independent Examiner Caron Webster Bankers NatWest Bank, 34 Henrietta Street, London WC2E 8NN Reg. Office 23 Redway Drive, Twickenham, Middlesex TW2 7NT Company Number 1724935 Charity Number 288243

The Narrow Boat Trust Limited

Report and Financial Statements

31 March 2021

Contents Report of the Council of Management 1- 4 Independent Examiner’s Report 5 Statement of Financial Activities 6 Balance Sheet 7 Notes to the Financial Statements 8 - 9

The Narrow Boat Trust Limited

Trustees Report for the year ended 31 March 2021

The Trustees who are also directors of the company present their report and financial statements for the year ended 31 March 2021

The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and have been prepared in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland ( FRS 102 ).

Objectives and activities

The main objects of the charitable company are to restore and preserve canal narrow boats and exhibit them for the benefit of the public and where possible to promote the use of such boats in commercial carrying in order to enhance the character of the inland waterways of the United Kingdom and as examples of the tradition of canal carrying and the way of life associated therewith.

The Charities Act 2011 describes a number of charitable purposes, one of which is the advancement of heritage, clearly the objectives of the charitable company meet this purpose.

The 2011 Charities Act includes a requirement that all charities’ aims must be for the public benefit. The trustees confirm that they have complied with the duty in Section 4 of the Charities Act 2011 to have due regard to the Charity Commission’s general guidance on public benefit. The trustees believe that The Trust benefits the public in a number of ways:

The Narrow Boat Trust Limited

Achievements and performance

During the year, work on Nuneaton’s hull continued at Brinklow while the 2020 solid fuel run to the Thames, Kennet & Avon and river Wey was completed thanks to the loan, once again, of Nutfield by the Friends of Raymond together with our butty Brighton.

At the same time a great deal of additional work was carried out on Nuneaton by Nick Lake, Howard Williams and several NBT members who were able to get to Brinklow to complete jobs that were easier while the boat was out of the water. At the year-end these were not fully completed but included thoroughly cleaning and painting the engine room before the fuel tanks and the refurbished engine were fitted. In addition to a great deal of general preparation and painting, arrangements were made for the fitting of the side cloths and replacement deckboards for both Nuneaton and Brighton.

At the year-end Brighton was scheduled to be docked at Grendon with further work by members to get it ready for the 2021 solid fuel run including blacking the hull and painting which would include putting the name on the stern. The pair will look smarter than they have for many years.

Because of additional work to Nuneaton and delays caused by the pandemic, it became obvious that several events we had planned to attend in 2021 were no longer possible. However, it was anticipated that all the work would be completed in time for our combined solid fuel run in September. During the year the Chair’s occasional newsletters, illustrated with photographs of work in progress, kept our membership informed of progress.

During the year 41 members were involved in 45 work party days, 14 loading (and assisting with unloading) days, 170 days on the boats (mainly the solid fuel run) and 4 additional lock wheeling days making a total of 233 volunteer days contributed. Many thanks to them all and thanks also to those who are unable to be involved but support us through their membership and donations.

An untold number of days were also devoted to administrative duties by Council and other officers.

Financial Review

The operations of the Trust produced a loss of £20,155 this year (2020 surplus of £24,281). This was entirely as anticipated as the Trust spent much of its previous operational surplus on the continuing restoration of Nuneaton. At the year end the outstanding commitment towards Nuneaton was estimated at around £9,400.

Sales and profits from the single coal run were slightly down on the double run the previous year which is very commendable. Subscriptions were slightly above the previous year following the switch to life membership of three members.

The legacy of £3,000 left to the Trust by Tom Henshaw is in a separate reserve to ensure it is used for a specific project that will be of lasting benefit to the Trust and it is currently earmarked for a set of new cloths for Nuneaton. All other reserves are available for use at the discretion of the Trustees/Council of Management, and we aim to maintain those reserves at a level which will enable the Trust to pay for any unexpected repairs so that the activities of the Trust can be maintained.

The Narrow Boat Trust Limited

In accordance with the accounting policy that has been adopted for many years, Nuneaton and Brighton are included in the balance sheet at cost less depreciation and both Nuneaton and Brighton have had a book value of £1 each since 31[st] March 2017. The Council of Management have considered including the boats at valuation in the balance sheet but have decided against doing so on the grounds of the cost of obtaining formal valuations that could be used for accounting purposes. However, the boats were revalued in 2015 at £70,000 for insurance purposes and this is considered to still be appropriate.

We are very sorry to have to report that our former Treasurer, Peter Lovett, sadly died on 9[th] February 2021. Peter will be greatly missed, and the Trust was represented at his funeral.

Structure, governance and management

The company is limited by guarantee. There is no share capital and the liability of each member is limited to £1. The company is also a registered charity.

The Narrow Boat Trust was formed in 1970 and was reconstituted as a company limited by guarantee in April 1983. The company registered as a charity with the Charity Commission in March 1984.

The objects and powers of the company are set out in its Memorandum of Association and it is governed by the Articles of Association. The activities of the Trust are managed by the Trust's Council of Management which presently consists of 5 members.

The following Trust members, who are also trustees and directors, served on The Council of Management during the year:

Kirk Martin Chair Charlotte Fleming Company Secretary Henry Rayment Treasurer Howard Williams Maintenance Manager until 31[st] January 2021 Nick Lake Maintenance Manager since 1[st] February 2021 .

In addition to the Trust members who served on the Council of Management, the Trust also has members who undertake specific roles:

John Fevyer Coal run Coordinator Ian Johnson Membership Secretary Barry Adams Crewing Coordinator Trevor Winterbottom Webmaster

All members of The Council of Management give their time voluntarily and receive no benefits from the charity.

The Narrow Boat Trust Limited

Trustees’ Report for the year ending 31 March 2021

Company law requires the Council of Management to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the company as at the balance sheet date and of its incoming resources and the application of resources, including income and expenditure, for the financial year. In preparing those financial statements, the Council of Management should follow best practice and:

The Council of Management is responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006.

The Council of Management also have a responsibility to identify and review the risks to which the charitable company is exposed and to ensure appropriate controls are in place to reduce the risk of fraud, error or unsafe acts.

The Council of Management consider that the charitable company is entitled to exemption from the requirement to have an audit under the provisions of section 477(1) of the Companies Act 2006.

Members have not required the charitable company under section 476(1) of the Companies Act 2006 to obtain an audit for the year ended 31 March 2021.

Approved by the Council of Management on 27[th] November 2021 and signed on its behalf by:

Charlotte Fleming Secretary

Independent Examiner's Report to the trustees of

The Narrow Boat Trust Charitable Company ("the Company")

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2021.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act')

Having satisfied myself that the accounts of the Company are not required to be audited under part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

(1) accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or

(2) the accounts do not accord with those records; or

(3) the accounts do not comply with the requirements of section 396 of the 2006 Act other than the requirement that the accounts give a 'true and fair view' which is not a matter considered as part of an independent examination; or

(4) the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Caron Webster c/o 12 Park Street, Pickering, North Yorkshire, YO18 7AJ

The Narrow Boat Trust Limited

Statement of Financial Activities (including Income and Expenditure Account) For year ending 31 March 2021

2021 2020
Total Total
un-restricted un-restricted
funds funds
£ £
Incoming resources
Coal sales 18240 19,301
Subscriptions 2,025 1,787
Donations 4919 29,053
Gift aid 1036 0
Interest receivable 13 65
Total incoming resources 26,233 50,206
Resources expended
Coal purchases 14359
15,416
Repairs and maintenance 28,022
4,287
Boat running costs 272 872
Hire of Motors 750
1,185
Tolls and licences 517
1,395
Insurance 1,513
1,295
Travel costs 0 30
Training 0 420
Independent examination of accounts 100 200
Postage and stationery 2 344
Steerer printing 470 257
Web site 0 0
IWA, CBOA, Zoom & Mojo subscriptions 296 114
Sundry expenses 87 110
Total resources expended 46,388
25,925
Net movement in funds -20,155

24,281
Balance transferred to unrestricted funds -20,155 24,281
Balance unrestricted funds brought forward 37,248
12,967
Balance unrestricted funds carried forward 17,093
37,248

The notes on pages 8 - 9 form part of these financial statements

The Narrow Boat Trust Limited Company Number 1724935 Balance Sheet as at 31 March 2021


Fixed assets
Notes
Tangible assets
5
Current Assets
Stock
6
Debtors and prepayments
7
Cash at bank and in hand
Creditors: amounts falling due
within one year
8
Net current assets
Total assets less current liabilities
Provision for liabilities
9
Net assets
Financed by:
The funds of the Charity
Unrestricted funds brought forward
Surplus/(Deficit) for the year
Unrestricted funds carried forward
Tom Henshaw Legacy Fund
Accumulated funds		 2021
£
823
1,527
18,761
21,111
0
37,248
-20,155
17,093
3,000		 2021
£
823
1,527
18,761
21,111
0
37,248
-20,155
17,093
3,000
£

2
21,111
21,113
(1,020)		 2020
£
£

369
2,533
38,044
40,946
0
12,967
24,281
37,249
3,000		 2020
£
£

369
2,533
38,044
40,946
0
12,967
24,281
37,249
3,000		 2
40,946
40,948
(700)
40,248
20,093
20,093
40,248

The directors consider that the charitable company is entitled to exemption from the requirement to have an audit under the provisions of section 477(1) of the Companies Act 2006.

Members have not required the company, under section 476(1) of the Companies Act 2006, to obtain an audit for the year ended 31 March 2021.

The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 of the Companies Act 2006, and for preparing accounts which give a true and fair view of the state of affairs of the charitable company as at 31 March 2021 and of its income and expenditure for the year then ended in accordance with the requirements of section 394, and which otherwise comply with the requirements of the Companies Act 2006 relating to the accounts, so far as applicable to the company.

The financial statements which have been prepared in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and were approved by the Council of Management on 27[th] November 2021 and signed on its behalf by:

Henry Rayment, Treasurer

The Narrow Boat Trust Limited

Notes to the financial statements for the year ending 31 March 2021

1 Accounting policies

The principal accounting policies are summarized below. The accounting policies have been applied consistently throughout the year and in the preceding year

1.1 Basis of accounting

The financial statements are prepared under the historical cost convention and in

accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015), the Companies Act 2006, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102) and the Charities Act 2011.

1.2 Fund Accounting

All funds are unrestricted, except for the Tom Henshaw Legacy Fund, and are available for use at the discretion of the trustees in furtherance of the general objectives of the charity.

1.3 Incoming resources

All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following policies are applied to particular categories of income:

Expenditure is recognized on an accruals basis as the liability is incurred.

1.5 Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation.

Depreciation is provided at rates calculated to write off the cost of fixed assets, less their residual value, over their expected useful lives on the following bases:

Narrow Boats - 5% per annum straight line basis

1.6 Stocks

Stocks are valued at the lower of cost and net realizable value.

2 Staff costs

No staff were employed during the year. (2020 nil)

3 Trustee remuneration and related party transactions

No trustee received any remuneration during the year.

No trustee or other person related to the charity had any personal interest in any contract or transaction entered into by the charity during the year.

The Narrow Boat Trust Limited

Notes to the financial statements for the year ending 31 March 2021

4 Taxation

As a charity the company is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen in the Charity.

5 Tangible fixed assets

Narrow Boats Narrow Boats
Brighton Nuneaton Total
Cost £ £ £
As at 1 April 2020 7,739 9,428 17,167
Additions
As at 31 March 2021 7,739 9,428 17,167
Depreciation
As at 1 April 2020 7,738 9,427 17,165
Charge for the year
As at 31 March 2021 7,738 9,427 17,165
Net book value
At 31 March 2020 1 1 2
At 31 March 2021 1 1 2

6 Stock

Coal for re-sale
7 Debtors and Prepayments
VAT
Prepayments
Coal sales debtors
8 Creditors : Amounts falling due within one year
Trade Creditors
Accruals

9 Provisions for liabilities
Balance of life membership subscriptions		 2021
2020
£
£
823
369
187
673
1,340
1,336
0
524
1,527
2,533
0
0
0
0
0
0
1020
700

10 Company limited by guarantee

The company is limited by guarantee and consequently does not have share capital. At 31 March 2021 131 members had guaranteed £1 each in the event of the winding up of the company.