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:
- A programme of continued repairs and maintenance to ensure that the boats are maintained in a satisfactory condition to enable them to be shown off to the public at events.
- Enabling the public to visit the boats at events to learn about how the boats operate and the working lives of people who operated working boats in the days before transport by canal was superseded by rail and road.
- By carrying on with its commercial carrying activities, thereby preserving the trading activities of the canal network and also enabling the public to see historic working boats throughout the canal network.
- By seeking new members to join the Trust so that they can crew the boats if they wish to, thereby gaining a better understanding of how historic working boats are operated.
- Subscriptions for memberships are kept at modest levels so that the cost of joining the Trust should not be a bar to membership. Adult subscriptions are currently £22 or £33 for a family, £12 for seniors over 60, or the unemployed. Life membership is available for £275.
## **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:
- Select suitable accounting policies and apply them consistently.
- Make judgements and estimates that are reasonable and prudent; and
- Prepare the financial statements on the going concern basis unless it is not appropriate to assume that the company will continue on that basis.
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:
- Coal sales exclude VAT and are recognized after the coal has been delivered.
- Annual subscriptions and one off donations are included on a cash received basis. Life subscriptions are amortized over a period of 10 years.
- Gift aid is recognized on a cash received basis due to the fact that the amount of gift aid receivable is uncertain until the claim had been prepared and submitted to HMRC for each year.
- **1.4 Resources expended**
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.