REGIsfERED C014PANY NUM8ER: 02267719 (England and Wales) REGisfERED CHARrrf MUMBER: 299595 LTS & BERKS CANAL TRUST UNAUDITED FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 MARCN 2023 'ACHXÉU4J* w12123 COMPANIES HOUSE
WILTS & BERKS CANAL TRusr CONTENTS OF THE FXIIANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Page Report of the Tne¢S I t(> 7 Ind•p•ndent Examinerfs Report ststement of finan¢i•l Artiviti¢s Statement of nanCial Position io to li 14ot¢s to the Financial Ststements 12 to 20
WILTS & BERKS C4NAL TRUST (REGisreRED NUMBER: 02267719) REPORT OF THE TRusfEES FOR THE YEAR ENDED 31 MARCH 2023 The trustees who a also dirertors of the charity for the purposes of the Companies Act 2006. present their report wlth the finanoal statements of the charity for the year ended 31 Marth 2023. The tnjstees have adopted the provisions of Accounling and Reporting by Charibe5'. Statement of Recommended Practice applicable to ChatIeS preparlng thelr actounts in accordan with the Fmwncial Reporting Standard applicable in the UK Jnd RepublTrc of Irdand (FRS 102) (effective I lanuary 2019). OBJEcfivES AND AcrIvrriES Objectives and aims To protect, conserve and Improve the route of the Wilts & Berk5 and North Wbts Can•ls. and branches, for the benefit of the community and environmenL wrth the uttimate goal of restorirwj a conb"nLWS navigable waterway linkin9 the Kennet and Avon Canal near Mdksham. Wiitshire. the River Thames near Abingdon, Oxfordshire arKI the Thames and Sevem Canal near Crfcklade. wIh1re. The Trust bs Involved In the pmmob.on of the beneftt5 of restorntj.on through increasingly actrve links wtth the local communityes. It ¥vorks c105dy with the Wlltshwe. Swindon and Oxfordshfj Canal Partnership to further restoratlon. The Trust carries out physical restoration suth as restorfng bridges and k>cks. dredging of the unal, and construction of the towpath of the canal 35 J walkway and nature torridor. The Trust is attively engaged in the development of restoration projects, including the prepardtion of plan5 and drawin95. etologital and envSronmentsl studies. and ap1(atiOnS for annIng pemission. Some of these projects are then carrled out by Trust volunteers, others are caffjed out by contrartors. The Trust encourages communty gageM¢Tht with the adjacent communths along the canal restot7tion route, promotifig health and wdlb&ng and rai&n9 awarene55 of the work of the Trust e.g., via work-parties, tslks and guided walks and via various med5 of communication induding email updates. %Kial media. and the Trust websSte. The TnJ# also seeks to maxlmise the publi¢ benefits of canal restoration In a wider context SLKh as Water management, open access for pub15c leisure. conservirvj our industrial legacy. PronrIng wlldllfe diverslty and improvin9 economic opportunibe5 along the line of the canal route. Page I
WILTS & BERKS CANAL TRusf (R£GIsfERED NUMBEL 02267719) REPORT OF THE TRusfEES FOR 7HE YEAR ENDED 31 MARCH 2023 ACHIEVEMENT AND PERFORMANCE Charitsble artivities While the Trust's charitable al5 are Intentionally broad (to enable a wide wge of attivity), a substanti41 amount of actyvity (s b'ng conducted in areas.. - Restoration of our canal. towpath and Sts structures: In£aSing public and community engagerrnL' - Delivering Strong wbvironmental benefits and increasing biodiversty The range of restorauon vIty is too larye to highlight specific projects. but Trustees wish to highllght rha¢ there is significant and growing Jttivity right along the canal 14ne. The frust reco9nises that physical restoration of our historic canal ts not enough in Itself. Support for thls, the UK'S largest canal restoraty.on projert, will only deepen if 51gnificant local benefits are delIVed. Our aim is to ensure that a growing proportion of our I¢Kal CDmmunitr"es become actively engaged with our heritage projert, whether by volunteering or by exwencing our canavtowpath environment as a visitor. In 1Sne with our charitable aims. we are dear that thtre is little point in canavtowpath restoration unless it brin9s substantial benefrt to each and every local communty along its rttute. Wbth lanje numbers of people of all agès. ethniaties and walks of lives visltyng the canalltowpath. espKialty where thls is for the first time t their lives. This equates to a sub#antr"al intrease in local engagement. Example5 of the type of artivty we aim to encourage a educa¥onal and trnining vtsits from hool/college/university pupi15, youth dubs and historylheritage groups. focusing on naturelbiodiverslty, hlstory/her4tage and engineering. This Trs in addition to feedback from a large number of people that a tored canalltowpath would provide a rth¥ and unique letsuré and wellbeing resource. Embedded across and within all our activity 15 absolute commitsiient to "Safety Flrstr. Our Health & Safety ptsIiLy and procedures have been reviewed and significanyy updated, and our Chief Operating Officer is responslble for ensuring that our Health & Safety polity and procedures are followed. The Trustees wish to thank Jon Coates, our Chief Engineer. and Peter Thomas. our Chief Optrating Officer, for their unstintyng work in thi5 area. Page 2
WILTS & BERKS CAIIAL TRUST (REGzsf£RED NUMOER: 02267719) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023 ACHIEVEMENT AND PERFORMANCE Fundraisin9 artivities Fundraisin9 throu9h the year is cruclal both to cover our core operaUn9 costs but also to provide fvnding for our restoration artivities. By its very nature there be a time lag from aPIcation to receipt and particular expertise 50 finding the right source of funds is important. With this in mind the Trust employs thè services of an external consultant. the Marsha Mlles Consultsncy, to explo and apply for grant funding on our behalf. Our Branch Chalrs are encouraged to en9a9e wth the consultants when'seekln9 fvnds for party"cuiar projerts. An overall vlew is kept on the relationship by the CEO. . Our most impottsnt sources of IrKome kn.ng the year were: l. Grants from Y0S sources (largest source by a lorfj way) 2. Donations 3. SubsCriPtlon5 4. Tradlng athvlties 5. Rent recèived 6. Glft Aid 7. Legacies The Trustees would like to thank all our donors and all those who helped prvduce our income suppon9 our ttivities in whatever way, with special thanks to: Awards for All Chippenham Bomugh Lands Charity Garfield Weston Foundation Inland Watetways Assooation Steel Trust - The D'oyly Carte Charitsble Trust - The Undenvood Trust - The Worshipful Company of Groors Wiltshire Community Fund FINANCIAL REVIEW Financial position With total income for the year to 31 March 2023 at £313,313 (dovm from £388.533), the Acttsunts show a small SurU$ of £1,382. Whilè grants increased slightly over the year. the main cause of the drop in intome was a substanb.al fall in donab.ons and Gift Aj'd. In very large part, this is the inevitsble 1¢ of the generosity of many Loan Note Holders agreeing during 2021122 to convert £IIO.000 ol Peterborough Am)s loan notes into donations whSch, in many instanos, also aitratted Gift Aid. SubscrikWlS in the year v•e broadly stable and remain a srgnificant dement of our income mix. Our totsl expenditure was £311.931 (up from £279.068) but it should be note(l that this Includes a £71,403 provlsion for fees payable to the Health & Safety Exeojiive relating to the acc1dt in 2016. Further provisions may be requfjd. The Trustees wish to thank all th05e TNho contribute to generatfjn9 income for the Trust, whether by fundrai51ng, grant findintygiving, boat#l9, events, donatr.ons or subscriptions. Of fvrther note is the very successful fvndrnlsing campaKJn which allowed us to purchase the Uffington Gorse wtsodland and sectyon of canal in 2022. The Trustees thank all those who donated to thjt cause, and to all who contributed to our 2023 Core Funding Appeal. The Trustee5 recognise and thank the whole finan Wm for thtyr and attention to detall over the finan¢ial year. Le(1 by Brian Stovold, Trustee TreasLbrer, and Peter Wilkinson. Finance Dirthr. the Finan Management Group met throughout the year, provided wular finanoal updates, assessed new and on90ing financial issues, and consistentty delivered sound athl1 to the Trustee5 vr4 the CEO and Twsurer. Page 3
LTS & 8ERKS CAIIAL TRUST (REGISTEAED IIUMBER: 02267719) REPORT OF THE TRusfEES FOR THE YEAR ENDED 31 MARCH 20Z3 FINANCIAL REVIEW Investment policy and obje¢bv•s Wlthin the context of the Trust's resetrves policy we have no need for long term invested funds. frlowever, we do use the COIF Charities Deposit Fund to hold restrirted funds for the short temi. In detemlining where to hold short term funds the principle of immediate acces5 to funds 15 important alongside a cautious approach to risk taking and ethical investment. Mindful of the need to spread Sk. the Trust has Oped a separate interest-bearln9 account at Natwest, alongside the exisb.ng ¢urrffit atttsunL to hold part of our resknded funds. R¢serv*s policy As part of ptudent fknancial managiynent. the Trusvs pglicy on reserves e#abli5he5 e15 and type5 of reserves that are approprfate to the needs of the Trust. The policy provides ftjr good stewardship and ècb.ve finanual management to en5 the stabbe finanaal back9rtyJnd to the Trust as il works to deliver its charitable objethves. Going concern Thè Trust has an establishèd policy to covtr unforeseen financial needs which is kept under wiew by the Trustees In conjunrtion with the policy on reserves. The Trust ensures that its restritted funds are clearly separatel1 from other monles and that these fvnds are only used for the purpose for which they have been provided. Expendire ¢oMMitrnts Jre managed in a way that ensures that we always have funds to meet them. The Trust alms to devdop a range of revenuè streams to support tht funding of ihe Trust's activities, includin9 being able to ensure that the Trust can repay the outstsnding loans tsken out to finance thè purchase of the Peterbornugh Arn public house when repayment becomes due. Contractual commitments The TrLJSt has a contrart wrth the Marsha Miles Cortsufrancy for the rC1ft9 and applications for fundraisirrfj ources. IuRE PLANS The Trusvs strategy for restoration continues to be focused on the de14very of stratsgic stretthes tsf canal (porticulady the Melk8ham Link from the Knet and Avon Canal to Melksham. and from Royal Wootton Bassett to Swindon which Includes the ryutial M4 Crossing). This will require a sS9nificant amount of planning, fundrnising and restoration as well as a Sustainable core fvnding strate9y. Other important Canal stretches include that westsyards from Jubilee Junction on the River Thames at Abingdon towards Gmve and Wantage. although progress and the actual line wdl be strongly influenced by whether or not the SESRO reservoir is bullt. The Trust 15 aiming to bring signlfirant stretches of towpath into Use as a public footpathicycleway even before restoration of the canal tself Is undertaken. the aim being to pmvide local communibes with a leisure resQUrte that showeases the proposed canal line and raise5 lool interest and engagement with our heritsge restoratlon project. The Trust will look to maximise the influence of the Wlttshire, Swindgn and Qxfordshire Canal Partnership (WSOCPI, an important bo(ty made up of l(Kal COU1$ and other interested stakeholders. As the Trust increases its adivity, a key thallenge is to aitrart signffitantyy more volunteers, bringlng a wide range of skSlls. Several volunteerin9 Opportunities exisL both for "muddy boots" and "clean shoes roles, and the Trust is especlally keen for volunteers to become actively involved in 5ubJectslskills/areas about which they are deeply enthused. We alm to Increase the sizp of the Truses membership from its curftt baseline of 2300 members So beyond 3000, and to Increase the proportiort that artively contdbute to the restoration by Volunteering thebr time. STRUrnIRE, GOVERIIANCE AND MANAGEMENT Governin9 docunnt The charity is controlle(I by its governing documen¢ a deed of trusr and constite5 a limited comp)ny, limited by guarantee. as defined by the Companies Art 2006. Page 4
LYS & BERKS CANAL TRUST (REGISTERED NUMBEL. 02267719) REPORT OF THE TRusfEES FOR THE YEAR ENDED 31 MARCH 2023 srRUCTUR4 GOVERNANCE AMD MANAGEMENT Trustees As at 31 March 2023. the Trusi had 7 Trustees, some of whom have speofic areas of responsibllity (Chair, Company Secretsry, Treasurer. Hearth & Safety. sk}. To encourage independence and ChallgIn9-but-pO5Sty"ve mindset. Trustees are encouraged to ask for any Informatlon and clarificab.ons they feel would be helpful. . New trustees are co-opted by the ¢urrEnt Trustees arKI subsequ•)ty confimied through election by members at a general meeting. Tnduction of new tnjstees is managed by the Chair. due diligen having previously bea) undertaken. They are giv documentabon mandate(I by the Chanty Commission alon9 with other important documents and access to the W8 information management System. Afi Trustees (new ant1 exlsting) a reqUId to complete and sign a Declarnb"on of Interests forn) eath year. Organisational slrurture Ovefall pOnsIbIlity for the mana9unent of the Trust lies with the Tnjst CoLrriI (formedy known a5 Board of Trustee5), whose members are tonfirmed at the next weral meebng following Co-optionlappointment and then re-elected in rotstr"on. Officer5 of the Trust Counol include a Chair. and TreaSUr. Thrèe organisations namdy- The Inland Waterways Atyociatitin, Canal & River Trust and The wiltsh1. Swindon & Oxfordshlre Canal Partnership IWSOCP) have the righf under the Trust's AcleS of Asso¢iation to nominate person to become a trustee. During this year the CRT have taken up that rlghL A senior mernber of the IWA slts gn Trust Council and provides Jn invaluable link into the IWA. The WSOCP Is a polltal and Itsc authority forum to pmmote the restoratson of local abandoned can41s. The Trust maintsins close links and regular contart with thè WSOCP. Chair to Chalr and throu9h Ken Olivw, our part-time employed Partrership Officer. whose role is to deepen links beiween the Trust, Councils and other partners, and to stimulate canal and towpath $toratiOn activ right along our canal line. Generalty meeting bi-monthly (or more often as required). Ihe Trust Council hJ5 speafic responsibility in 3 areas, namely Overarthlng Strategy. Governan (especially regarding the Chadty Commission, Companies House, Flnance. Health & Safety. Pisk and transparent deci5ion-maknng). and Public Advocacy amon9St nation4l/regional bodles. Reporting to the Trust Counal is our Board of Direttors. Led by our Chlef Executive Officer. thi5 is a group of 6-8 pe)ple each having daC funrtfjona11departrrta1 reSponsilIe$ {e.g. CEO, COO, Pinance, Engineering. Developmen¢ Marketin9. Adfflin & Govemance). Fomied during eatly 2023, the key aim being to separate Govemante from operational matters. the Board of Directors is collectively charged with making the Trusys operatitsnal decisions. The Trustees w15h espeoally to thank Mike Gibbln. our Chief Execl¥e Officer who Joined us th January 2023, for hls eneryy. deterrn1natn and leadership. We also have a knowledgshare forum. our Executive Committee, a group of 2fv25 people from right across our canal Ilne that meets monthly. WherÈ need arises. subgroups are fom)ed comprisin9 members from the Trust Counol. Board of Directors ant1 ExeCuWe Committee to tsckle Spfir issue5. In addltion to the Central rnanè9ent of the Trust thtre art S hxal bronches sKtuated along the canal route, each of whlch has a Chair and Treasurer. All actyvities of the Trust arÈ organisÈd and lar9* managed by volunteer5. The Trust has three part-time employees aSSb5ting with administraty"on. The Trust Is affiliated with. and is a Member of. the Inland Waterways Association. The Trust has a150 joined the IWA'S "Fund Britsin's Waterways. campaign. to lobby Government and other public bodles to increase (not cut) lunding of maintenance and restorntion of the canal network.
WILTS & BERKS CANAL TRUST {REGisfERED NUMBEIL. 02267719) REPORT OF THE TRusfEES FOR THE YEAR ENDED 31 MARCH 2023 srRucfuR¢ GOVERNANCE AND 14ANAGEMENT Risk management The Trust Council conducts its own reviews of the major risks to whith the dwr6ty is exposed and systems have been estsblished to mitigate those rfsks. The TNst Counol revlews and agrees periodically the Risk Register. A thorough revlew of the Risk Re9iSter is currently being undertsken by Nahom Russom, our Risk Manager, supported by Oliver Mackie a recently co-opted Trustee- both are risk professionals. REFERENCE AND ADMINIsfRATIVE DETAILS Re9iStered Company number 02267719 (England and Wales) Registered Charlty number 299595 R¢gist•red office Dauntsey Lock Canal C* Dauntsey Lock CHIPPENHAM Wiltshire SN15 4HO Trurtees Current and appointed in the period Stephen Bacon John Henn Martin Ho11155 Justin Lewis Chades Nettlefold - Resigned 10111122 Brfan Stovold Jennlfer Str4tton Toby Green - Appointed 18104122. Resigned 02IOV23 Gordon Olson - Appointed 01109122. Re5i9ned 31112122 Mark Evans - Appointed 13112122 Company Secretary Stephen Bacon Independent Examiner Morris Owen Chartered Accountants 43-45 Devizes Road SWINDON Wiltshire SNI 48G Page 6
WILTS a BERKS C414AL TRusf (REGXSTeRED NUMBER: 02267719) REPORT OF ThE TRusfEES FOR THE YEAR ENDED 31 MARCH 2013 REFERENCE AND ADMINISTRATIVE DETAILS Bankers Uoyds Bank Pl¢ 5 High Street Swindon SNI 3EN Not West pk 45149 Broadmead Bristol BSI 3EU CCLA Investment Managers Senator Housè 85 Queen Victorfja St London EC4V 4Lr Approved by order of the board of trustees on 18 August 2023 and signed on its behalf by.. Mr M C Holllss - Trustee Page 7
INDEPENDENT EXAMZNER'S REPORT TO THE TRusfEES OF LTS & BERKS CANAL TRUST Ind•pendtnt •xam1MS report to th• trustees of Wilts & Be Canal Tnt ('the Companv.) I report to the charity trustees on my examination of the ac¢ounts of the Company fvr the year ended 31 March 2023. Responslbilities and b•sbS of report As the charfty's trustees of the Company (and also ts direrttsrs for thè purposes of company law) you a responsible for the preparation of the accounts in accordance with requioments of the Companle5 Act 2006 {'the 2006 ACV). Having 5Jtlsfled mFelf that the atrounts of the Coffwny are not required to be auditsd under Part 16 of the 2006 Att and a eligible for Sndepentlent examination. I report in respect of my examination of your charity's accounts as ¢arried out under Secbon 145 of the chadty.es Art 2011 ('the 2011 Act,). In caryln9 Out my examinat5on I have followed the reCtIonS 9iven by the Charity Commission under Se¢tir*n 145(5) Ib) of the 2011 Art. Independent examlner's ststement Since your chaty,5 gross income exceeded £250.000 your exarThner be a member of a listed body. can CLinfimi that l am qualified to undertake the examination because I am a mber of the Association of Chartered Cerbfied Accountants, whith is one of the Ilste(I tlies. I have completed my exanaU0n. I confim that no matteTS have come to my attention in connection with the exarnMwDon giving me cause to belleve: accounting records were not kept In respett of the Company as reQUd by Section 386 of trt 2006 Art,. or the accounts do not accord with those records: or the accounts do not comply with the accountin9 requirements of Se¢bon 396 of the 2006 Att Other than any requSrement that the accounts 9Nè a true and fair view whlch is not a matter considered as part of an independent examinaty"on; or the accounts have not been prepared in accordance with the rnethods ond principles of the Statement of Recommended Pracbce for accountyng and reporting by charibes (applicable to chartties pParIng their accounts in accordance with the Pinanoal Rep)ng Standard applicable in thè UK and Republic of Irdand (FR5 1021). I have no concerns and have come across no other matters in connertion with the examinabon to which attenbon Should be drawn in thls report in order to enable a proper understsndin9 of the accounts to be reached. lan Sumbler FCCA Morris Owen Chartered Accountants 43-45 Devizes Road SWINDON Wiltshire SNI 4BG Page 8
WILTS & BERKS CANAL TRvsr srATEMENT OF FZNANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023 2023 Total funds 2022 Totsl fvnds fvnds fijnds INCOME AND ENDOWMEIITS FROM Donats"ons and legaoe5 159.187 107.372 266,559 355,672 Other tradlng acknvitle5 Investment income 29.086 1668 29.086 17,668 21,833 11.028 15,000 Total 190,941 121372 313,313 388,533 EXPENDITURE ON Raising lunds 6.951 738 7,800 Chaptable actlvities Restorats"on Fundr4i5ing & publicity Managernent and admin 57,648 3.582 230,875 64,094 3,582 236,566 74.757 1,608 194,903 5.691 Total 299,056 11875 31¥931 279,068 NET INCOMÉ/(EXPENDITURE) other rowgnised gainsl(losses) Gains on revaluauon of fixed assets (108.XlS) 109,497 1.382 109,465 142,319 Net movem¢nt in fvnd$ (108,115) 109,497 1,382 2SI,784 RECONCILIATION OF FUNDS Total fvnds brought forward 645.681 249.919 895,600 643.816 TOTAL FUNDS CARIUED FORWARD 537.566 359rt16 896,982 895,600 The notes form part of these finanoal 5tstements Page 9
WILTS & BERKS CANAL TRusf (REGrsrERED NUMBER: 02267719) srATEMENT OF FINANCIAL POSIT1014 31 MARCH 2023 2023 Total funds 2022 Total funds funds fvnds FIXED ASSETS Tangible assets li 633.820 116.313 750,133 683.231 CURRENT ASSErs Stocks Debtors Lnvestments Cash at bank 12 13 14 1.937 19.997 L937 19.997 101,415 213,731 1,937 60,467 105,116 202,075 101,415 141,688 7I043 93.977 243.103 337.080 369.595 CREDITORS Amounts falling due wlthln one year 15 (25.828) (25.828) {53,7261 NET CURRENT ASss 149 243.103 311.252 315,869 TOTAL ASSETS LESS CURRENT UABILMES 70L969 359.416 1.061.385 999.100 CREDLTORS Amo¢Jnts falling due after more one vear 16 (93.000) (93.000) 1103,5001 PROVISIONS FOR UABILMES (71.403) {71.403) 537.566 359,416 896,982 895.600 FUNDS Unrestrirtad funds: General fund Revaluation 19 395,247 142,319 503,362 142,319 537,566 645,681 Restricted funds 359.416 249,919 TOTAL FUMDS 896,982 895,600 The charitable company Is entiued to exmption from audbt Section 477 of thè Companies Act 26 for the year ended 31 Marth 2023. The member5 have not required the company to obtairt an audit of its finanoal ststements for the year ended 31 March 2023 in accordance with Seclion 476 of the Companies Art 2006. The notes form part of these ftnanaal 51atarnts Page 10 ¢oniinued..-
WILTS & BERKS CANAL TRUST (REGrsrERED NUMBÉR: 02267719) srATEMElff OF FIP4ANCIAL POSThIOII- continued 31 MARCH 2023 The trustees acknowledge their responsibilib.es for ensurin9 that the charitsble tompany keeps accounting records that compty wlth SeCons 386 and 387 ofthe Companies Att 2006 and preparing financial 5tstements which give a true and fair vieY• of the stste of affairs of the charitsble ¢tsmpany as at the end of each financ4al year and of its surplvs or deficit for each fjnantial year in attordance with the requirements of Sectitsns 394 and 395 and which otherwise comply with the requlrements of the Companies Art 2006 relating to financial skments. so far as applicable to the chaitable Company. Ib) The financial ststements were approved by the Board of Trustees and authorfsed for issue on 18 August 2023 nd were Signed on Its behalf by: Mr M C Holl1 - Trustee The norts ftsm part of these finala1 staterrnts Page 11
WZLTS & BERKS CANAL 7RUSr NOTES TO THE FINANCIAL sfATEMENTS FOR TME YEAR E14DED 31 MARCH 2023 CHARITY JNFORMA710M Wilts & Berks Canal Trust is a company limlted by guarnnteè and incorporated in England and Wales. and a registered charity with the Charity Cornmission in England and Wales. The registered office a¢Jdress is Dauntsey Lock Canal Centre. Dauntsey Lock. Chippenham. Wiltshire, SNIS 4HD. These nnancial statements are prewted In 8ritssh Pounds (GBP), which 4$ the chartty's fvnctional and pre$tational currency. ACCOUNTING POLICIES oasis of preparin9 the finan¢ial Statements The financial statements of the charitable company. whlch i5 a public benefit entity under FRS XO2. have been prepared in accordance with the Charithe5 SORP {FRS 102) 'Accounting and Repon9 by Charitiès.. Ststement of Reeomment1ed Pracb"ce applicable to charitie5 preparing their occounts in accordance 4yith the Financial Reportrng Standard applieable In the UK antl Republic of [land (FRS 102) (effective l Januwy 2019).. Financial Reporting Standard 102 The Financial Reporting stsndard applicable in the UK and Republic of Ireland, and the Companies Art 2006. The financial ststements have been prepared undw the historical cost convenbon. as modified by the ValUation of certsin assets. Incom• All income 15 recogni5ed In the statwftt of Finanoal Activrtles once the charity has entiyement to thè funds. it is probable that the income will be rKeived and the attunt can bt measured reliably. Expendire abllities are recognised as expenditure a5 5wn as there is a legal or constnbctive obligation commltting the (rity to that expenditure. it is pmbable that a transfer of economic bÈnefits will be required settleff*nt and the amount of the obligation can be rneasud rellably. Expenditu i a¢count¢d for on accruals basis and has been da5sifiÈd under headings that a99gate all cost lated to the category. Where costs cannol be direttly attributed to parbculjr headings they have been allocated to activities on a basis consistent with the use of resources. Tangible frAed assets Depreciation is provided at the followlng annual ratss in order to write off each asset over its estymated useful life. Plant and machinery Fixtures and fith'ngs on cost 21Y/o on cost Included within Freehold Property 15 land. buildings and locks. The bU11n9$ and lock5 will be depreclated once fvll restoration is complete. Stocks Stocks are valued at the lower of c05t and net rEalisable value. alter making due allowance for obsolete and slow moving items. Taxation The Charfty Is exempt ITn corporation tax on its charirable artivlb"es. Fund attounting Unrestricted funds tan be used in accordance with the ¢h•rttable objectives at the tthscretion of the trustees. Pa9e 12 continued...
LTS & BERKS CAt4AL TRusr NOTES TO THE FINAMCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2023 ACCOUNTING POLICIES- ¢•ntinyed Fund ateountin9 Restricted funds can only be used for particular rtskncted purrM)ses within the objects of the ¢harity. Restrittions arise when spedfied by the donor or when fvnds are raised for particular restri¢red purpos&%. Further expknation of the nature and purpose of each fvnd is inclLKled in the notes to the financial statements. Hire purchase and leasing commitments Rentals paid under operaung leases are tharyed to the Statement of Finartaal A¢b¥itie5 on a straight Ilne basis over thè period of thè lease. Pension costs and other post-retirement benefits The charitable cornpany operates a defined ¢ontribution pension schame. Contribuuons payable to the charitable company's pension scheme a char¢Jed to the Ststement of Finantial Activsties in the perfjod to whith they rdate. DoThat¢d goods Donated 9oods are rne4su * fair value (the amount for whlch the asset could be exchanged) unle$5 imprattical to do so. Goots donated for on-going use by the charity are reco9nised as tangible fixed assets and included in the SOFA as incomSng resources when receivable. Gifts IA kind for use by the charity a included in the SOFA as income from donations when receivatAe. Pinancial instruments Short term debtors are measijred at trarb5artion price. les5 any inpaiment. Loans receivable are measured inibally at fair value, net of transaction costs, and aré measurtd subsequently at amortised cost usin9 the effecty.ve interest method. less any impaimienL Short tem trade credirS are measured at the transaction price. Other financial liabilities, includin9 loans. a measured initièlty ?t fair valve. net of trènsaction costs. and are mebsurtd 5ubstquently at amortbsed cost usSng the effectyve intwest method. DONATIOPIS AND LEGACIES 2023 2022 Donations Gift aid Legacies Grants Subxriptions 67.219 11,981 10.561 134,944 41,854 143,729 23.724 14.870 129,906 43.443 266,559 355.672 Grants received. induded irb the atjove. are as follows: 2023 2022 Other grants 134,944 129.906 Page 13 conts"nued...
WILTS & BERKS CAMAL YRUST
NOTES TO THE FINANCIAL STATEMEP4TS- continued
FOR THE YEAR ENDED 31 MARCH 2023
OTHER TRADING ACllViTIES
2023
2022
Fundraisln9 events
Fishing licence
Boat receipts
Sales of stock
7,224
5.044
1,365
10,629
4.795
11701
9,161
29,086
21,833
INVEsfMEIIT INCOME
2023
2022
Rents re¢èived
Interest reCvable
15,918
1.750
10,983
45
17.668
11,028
NET INCOMEI(EXPENDtfURE)
Net lncomellexpendlre) is Stated after tha1n(Cre
LTS & BERKS CAIIAL TRusr NOTES TO THE FrtlANCIAL sfATEMENTS- continu•d FOR THE YEAR ENDED 31 MARCH 2023 INDEPENDENT EXAMINATION FEES 2023 2022 Statutory accounts prodKtlon & extern)l scrubny 1,425 1,350 1,425 1,350 10. COMPARATIVES FOR ThE sfATEMENT OF FINANCIAL ACTIVMES Unrestritted funds Resrritted funds Total fund5 INCOME AND ENDOWMEpifs FROM Donations and legacies 301.568 54.104 355,672 Other trading artivities Investment Sncome 21.833 11.028 21.833 11,028 Tolal 334.429 54,104 388.533 EXPENDITURE ON Raising funds 7.800 7,800 Charltable activltles Restoration Fundraising & publlchty Management and admin 48,993 1.608 193.225 25.764 74,757 1,608 194,903 1.678 Total 251.626 27,442 279,068 NEf INCOME Tnnsfers between funds Other recognised gainsl(losses) Galns on revaluatrjn of fixed assets 82.803 (1,935) 26.662 1.935 109.465 142.319 142.319 Net movement in funds 223.187 28.597 251,784 RecoNczLZATION OF FUNDS Total funds brought forward 422.494 221.322 643.816 TOTAL FUNDS CARIUED FORWARD 645.681 249.919 895.600 Page 15 corttinued...
LTS & BERKS CANAL TRusr NOTES TO THE FINANCZAL sfATEMENTS- Continued FOR THE YEAR ENDED 31 MARCH 2023 11. TANGIBLE FIXED ASSETS FiXtuS and fittings Freehokl property Plant and machinery Totals COST OR VALUATION At l April 2022 Addrtions Impalments 640,648 51130 {1&388) 213,907 41.902 7.065 861,620 94.032 (18,388) At 31 March 2023 674,390 255.809 7,065 937.264 DEPRECIAnON At l April 2022 Charye for year 173,050 8,742 5,339 178,389 8,742 At 31 March 2023 181.792 5,339 187,131 NET BOOK VALUE At 31 March 2023 674.390 74.017 1,726 750,133 At 31 March 2022 40,857 1,726 683,231 Cost or valuatfjon at 31 Marth 2023 is represented by: Pixtures and fittings Freehold Plant and propeity mKhlnery Totals Valuatlon in 2022 Cost 44,431 629,959 44,431 892,833 2S5.809 7.065 674.390 255,809 7.065 937,264 12. sfocKS 2023 12022 Stocks 1.937 1,937 13. DEBTORS: AMOUNTS FALUNG DUE 114 ONE YEAR 2023 .,2022 Trade debtors Other debtors Prepayments and a¢¢rued irKome 6.158 9,148 4,691. 22,000 13,420 25,047 19,997 60,467 Page 16 continued.
LTS & BERKS CAIIAL TRLisr NOTES TO THE FINANCIAL sfAYEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2023 14. CURRENT ASSEf XNVEsfMENTS 2023 2022 other. 101,415 105.116 The above relates to an amount held on deposlt with a COIF investrnent fund. 15. CREDITORS: AMOUNTS FALUNG DUE WITHJII ONE YEAR 2023 2022 other credrtors 25,828 53.726 16. CREDITORS: AMOUNTS FALLING DU£ AFfER MORE THAM ONE YEAR 2023 2022 Other loans (see note 17) 93,000 103,500 17. LOANS An analysls of the maturity of loans is 9lven below: 2023 2022 Amounts falllng due In rn0 than five years: Repayable otherwise thèn by insialments: Other loans more 5yrs non-lnst 93.000 103,500 The al)ove loans are measured at cost In accordan wlth FRS 102 section 34.90. 18. PROVISIONS FOR LIABILMES 2023 2022 Provisions 71,403 En August 2016 a volunteer of the TrLt died as the result of a tragic accldent at one of our sites. A5 prevlou51y reported. the HSE investigations knto the event remain 0rt90in9. At the Balano Sheet date, the trustees a aware of ongoing costs owin9 to the HSE to cover the InvestigaOn currently stsnd at £71.403. The length of the inve5b"gation remain5 unknown, as does the everbtual total costs, so a provision has bew made equal to the current known amounL Future escalations in costs arè expected and Y4ill be provided until such brne a5 the investigation is Concluded and the final setuement is known. Page 17 continued...
LTS & BERKS CANAL TRU NOTES TO THE FINANCIAL sfATEMENfs - continued FOR THE YEAR ENDED 31 MARCH 2023 19. MOVEMENT IN FUNOS Net movemeni in Funds At 31.3.23 At 1.4.22 Unrestricted fvnds General ftjnd Revaluation S03.362 141319 (108,IlS) 395,247 142,319 645,681 (108,115) 537.566 Restricted funds Restrirted 249.919 109.497 359,416 TOTAL FUNDS 895.600 1.382 896,982 Net movement In fvnds. induded in the above a as follows: Incoming Resources expended Movement in fund5 Unrestrirted funds Gtrteral fund 190.941 (299,056) (108,115) R¢#rict•d funds Restricted 122,372 {12.875) 109.497 TOTAL FUNDS 313,313 (311,931) 1.382 Comparatsves for movèment in funds Net movement in fvnd5 Transfers btheen funds At 1.4.21 31.3.22 Unrestricted funds General fiJnd Revaluation 422.494 82.803 142,319 (1,935) 503,362 142.319 422.494 225.122 {1,935) 645,681 Restrict•d funds Restricted 221.322 26.662 1,935 249.919 TOTAL FUNDS 643,816 251.784 895,600 Page 18 ¢tsntinued.-.
WZLTS & BERKS CANAL TRusr NOTES TO THE FINANCIAL sfATEMEIITS- continued FOR THE YEAR ENDED 31 MARCH 2023 19. MOVEMEIIT IN FUNOS- continued Comparative net mo¥ent In funds. induded in the above are a5 foliow5'. Incoming resources Resourtes expended Gains and losse5 Movement in fijnds Unrestri¢thd funds General fund Revaluation 334,429 (251.626) B2,803 142.319 142,319 334,429 {251.626) 142.319 225.122 Restrirted ffunds 54.104 (27.442) 26,662 TOTAL FUNDS 388,533 1279,068) 142,319 251,784 A current year 12 months and prior year 12 ff#>nths combined position is a5 follows.. Net movement in fvnds Transfers between fvnds At 31.3.23 At 1.4.21 Unrestricttd funds General fund Revaluation 422.494 (25,312) 142,319 (1.935) 395.247 142,319 422.494 117.007 (1.935) 537,566 Re5fri¢ted lunds Restrirted 221.322 136.159 1.935 359.416 TOTAL FUNDS 643.816 253,166 896.982 A turwt year 12 months and prior year 12 months combine(I net movement in funds, induded in the above are as follows.. Incoming Gains and losse5 Movement in funds eXdeI Unrestrirted fynds General fund Revaluation 525.370 (550,682) {25,312) 142.319 142,319 525,370 (550.682) 142,319 117.007 Re5trirted fvnds Restricted 176.476 (40.317) 136.159 TOTAL FUNDS 701.846 {590,999) 142,319 253,166 Page 19 continued...
LTS & BERKS CANAL TRUST NOTES TO THE FINANCIAL sfATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023 19. MOVEMENT 114 FUNDS- continued Fund n4m• Purpose and re51rictio Rèstricted fund This relate5 to furKts which facilitste specific restoration projects. 20. RELATED PARTY DISCLOSURES There We no related party trJn5actions for the year ended 31 Marth 2023. Page 20