REGISTERED COMPANY NUMBER: 02267719 (England and Wales) REGISTERED CHARITY NUMBER: 299595 LTS & BERKS CANAL TRUST UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
WILTS & BERKS CANAL TRUST CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Page Report of the Trustees Independent Examiner's Report io Statement of Flnancial A¢tivities li statement of Flnancial Position 12 to 13 Notes to the Flnancial Statements 14 to 23
WILTS & BERKS CANAL TRUST (REGISTERED NUMBER: 02267719) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of Accounting and Fieporting by Charitles-. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard appllcable in the UK and Republlc of Ireland (FRS 1021 {effective l January 2019). OBJECTIVES AND ACTIvrrIES ObJe¢tives and aims The aim of the Trust is to protert, conserve and improve the route of the Wilts & Berks and North Wllts Canals, and branches, for the benefit of the community and environment. The Trust's flrst value and most Important prlority is 'Safety First,. The Trust 15 determined to do everything possible to ensure the safety of all volunteers, employees and visitor5. The Trust's key goal is to restore a continuou5 navigable waterway Ilnking the Kennet and Avon Canal near Melksham, Wiltshire, the River Thame5 near Ablngdon, Oxfordshire and the Thames and Sevem Canal near Cricklade, Wiltshi. While most of the restored canal will follow its hlstoric line, in some instances le.g. at Melksham and Swindonl new canal lines are required due to development having occurred on top of the historic line. The Trust is involved in the promotion of the benefits of restoration through increaslngly active links wlth local communities and local councils. It also works closely with the Wiltshire, Swindon and Oxfordshire Canal Partnershlp to further restoration. The Trust carrles out physbcal restDratlon such as restoring bridges and lock5, dredging of the canal, and construction of the towpath of the canal as a walkway and nature corrldor. The Trust is actively engaged in the development of restoration projects, Sncluding the preparation of plans and drawing5, ecological and environmental studies, and applicatic)ns for planning permission. Currentlyi the majority of projects are carried out by Trust volunteers, while some are carried out by contractors. When the Trust has larger and more complex projerts, this balance will change. The Tnjst encourages community engagement wlth the adjacent communltles along the canal restoration route, promoting health and wellbeing and raising awareness of the work of the Trust e.g. via work-parties, talks and gulded walks and via varlous methods of communicatlon including emall updates, soclal media, and the Trust web51te. The Tnjst also seeks to maximise the public benefit5 of canal restoration in a wider context such a5 water management, open acces5 for public leisure, conserving our Industrial legacy, promoting wildlife diversity and improving economic opportunities along the line of the canal route. Royal Patronage We are dellghted to have received confirmation from Bucklngham Palace that Her Majesty the Queen has decided to retain the Patronage of the Wilts & Berks Canal Trust. The announcement of this decislon was timed to mark the first annlversary of their Majestles, Coronation on 6 May 2023, and follows a thorough revlew Df more than 1000 charities wlth whom Her Majesty has been associated. We are honoured and deeply grateful that Her Majesty has chosen to continue supporting u5 as our Patron. Page I
WILTS & BERKS CANAL TRUST (REGISTERED NUMBER: 02267719) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 ACHIEVEMENT AND PERFORMANCE Charltable activities While the Trust's charitable alms are intentlonally broad (to enable a wide range of activity), substantial amount of activity is being conducted In three areas: Kle5toration of our canal, towpath and It5 Structures. Increasing public and community engagement; Delivering strong environmental benefits and increasing biodlverslty The range of Trust activity is too large to highlight specific projerts, but Trustees wish to hlghllght that there is signlflcant and growing activity right èlong the canal line. This activity is bebng focused by our CEO towards 6 prlority Objectives l. Safety: Ensurlng that all our policles and procedures are In line with legal obligatlons, growing/deepening a safety culture to ensLJre that they are belng followed,. 2. OrganÉsation: Increasing the number of volunteers with speclfic expertise, and buildlng teams to manage a function rather than relying on one or two very hard-worklng individuals; 3. Community: Growlng programme of community awareness and enthusiasm towards, engagement with, our canal restoration project. 4. External advo¢a¢y: Building a team of senior-level championsladvocates who will influential and nation al decision-makers to support our canal restoratlon project; 5. Project$: Increasing artivity in the preparation stages and actual delivery of live projects; 6. Towpath Challenge: Obtalning agreement to the route and opening of a towpath/footpath/cycleway along Dur canal line e ven before the canal is restored. and and convince Embedded across and withln all our activity Is an absolute tommitment to 'Safety First,. Our Health & Safety pollcy and procedure5 have been reviewed and significantly updated, and our Chief Operating Officer Is responsible for ensuring that our Health & Safety policy and procedures are followed. The Trustees wlsh to highlight the work that Peter Thomas, our Chief Operating Officer, has done during the last year to etnbed the "Safety First" message, alongsbde all Branch Chairs and Branch Health & Safety Officers. The Trust recognlse5 that physlcal restoration of our hlstoric canal is not enough In Stself. Support for this, the UK'S largest canal restoration project, will only deepen if significant local benefits are delivered. Our aim is to ensure that a growing proportion of our local communlties become actively engaged wlth our heritage project, whether by volunteering or by experiencing our canalltowpath environment as a visitor. In line wlth our charitable aim5, we are clear that there is little polnt in canal/towpath restoration unless it brings substantial benefit to each and every local community along it5 route, wlth large number5 of people of all ages, ethnicities and walk5 of lives vlslting the canal/towpath, especially where this is for the first time in thebr lives. To achieve thls, our aim is to slgnificantly Increase our community engagement activitles. Examples of the type of activity we aim to encourage are educatlonal and training visits from school/college/university pupil5, yout clubs and hlstory/heritage groups, focusing on nature/biodiversity, historylheritsge and engineering. Thls is In addition to feedback from a large number of people that a restored canal/towpath would provide a new and unique leisure and wellbeing resource. In line with this aim, the Trust now has In excess of 8,000 social media followers and a reach of 40,000 on many posts, a near doubling year-on-year, and growing actbvity on Facebook and YouTube. Trustees would like to thank the Trust's Comm5 Team, led by Chloe Ford, for this hugely positive result. When completed, the Wllts & Berks canal will bring huge wellbeing benefit due to our canal and its towpath being used for leisu activities (estimated to be £IOOm per annum), slgnificant economlc beneflt le5titnated to be E54m per annuiTT wheii coinpletod), saviiigs to 11)e Nl IS lestimated to be £38m per annum) due to our local populations taking more exercise. OLJr 750 acres of linear blue-green country park will also deliver enormous biodiversity benefit within the 1900 habitats of principal mportance that our canal and towpath pass through. Page 2
WILTS & BERKS CANAL TRUST (REGISTERED NUMBER: 02267719) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The Trust now runs four trip boats, covering Swindon, Royal Wootton 8as5ett, Chippenham, Pewsham and Melksham. Boat trips are an excellent means of communicating the benefits of having a live waterway and are an important community engagement activity. The Peterborough Arms, the Trust'5 publlc house at Dauntsey Lock, has had a difficult year. Not only has the B4069 (the pub's maln connection to Lyneham and Royal Wootton Bassett) been closed for the whole year due to a landslip at Lyneham Banks but Significant floodlng has occurred due to blocked road drains. Trustees would like to thank our tenants, Kevin and Holly, for their determination to make a success in difflcult times and to the Trust's team of volunteers (led by Dave Maloneyl who have found solutions to each issue in turn. Work has now started on repairing the landslip and we are hopeful that 2025 w511 prove to be a good year for the pub. Fundraislng a¢tlvities Fundraising through the year Is crucial both to cover our core operating costs but also to provide funding for our restoration activities. By Its very nature there can be a time lag from appllcatlon to receipt and particular expertise in finding the right source of funds is Important. During 2023124 the Trust employed the servlces of an external consultant, the Marsha Mile5 Consultancyt to explore and apply for grant funding on our behalf. The Marsha Mlles Consultancy contract has now ended since the Intention is to grow our In-htsuse fundraisino team, led by Ali Arnold, Fundlng Dirertor. Our Branch Chairs are encouraged to engage with our fundino team when seeking funds for particular projerts. An overall view Is kept on the relationship by the CEO. Sources of Income during the year were, In order of Importance.. l. Grants (largest Source by a long way) 2. Donations 3. Trading activitles 4. Subscriptions 5. Legacies 6. Gift Ald 7. Rent received 8. Interest received The Trustees would like to thank all our donors and all those who helped produce our Income supporting our artlvitie5 in whatever way. In addition to a large number of individual donors, we extend special thanks to: Aviva Tree Planting Champ Charltable Trust Chippenham Town Council Cumber Family Charitable Trust Headley Trust Lord Faringdon Charitable Tnjst Noore Charitable Trust Reekie Charitable Trust RWE Generation Steele Charitable Trust Strategic Solutions Swindon Borough Council - The Underwood Trust Walter Guinness Trust Weinstock Fund Wiltshire Councll Page 3
WILTS & BERKS CANAL TRUST (REGIsfERED NUMBER: 02267719) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 ACHIEVEMENT AND PERFORMANCE Health & Safety Executlve Prosecutlon In 2016 a valued volunteer, Peter Konitzer, died in a tragic accident at one of our worksites. We wish to express our heartfelt condolences to hbs famlly. Nearly 8 years later, the Health & Safety Executive IHSE) brought Court proceedings In June 2024 Iso shortly after the end of our 2023124 financial yearl for a breach of Health & Safety legislation. The Trust pleaded guilty, was ordered to pay a £30,000 fine and funeral expenses and is also liable for signlf1cant HSE Investigation costs. While the funeral expenses are belng paid by the Trust's insurers, Trustees intend to pay the Court fine and HSE investigation costs over several years. Trustees have therefore made allowance in the 2023124 accounts for paying these costs on that basis. The intention 15 that these amounts will be paid from operating profit (largely PeterboroLJgh Arms pub rental and boat trip51. Trustees can therefore assure Member5, Grant Funders and Donors that the Intention is that no membership subscriptions, grants or donatlDns will be used to pay the Court fine or HSE investigation costs. The intention is that the full amount of all these income types will go towards the Trust's charitable activities. Since the tragSc accldent, the Trust has completely overhauled and improved every aspect of Its organisatlon, particularly with regarcl to Health & Safety and temporary works measures, extensive work that was acknowledged by both the Judge and the HSE. With the Trust's first value being '5afety First,, nothlng Is more important to us than the continued safety of our volunteers, employees and visitor5. Trustees are confident that the Trust is now being managed correctly with regard to Health & Safety, and In line with all other legal and charitable requlrements. FINANCIAL REVIEW Finan¢ial p051tion Total income for the year to 31 March 2024 wa5 £3DI,945 (down from £3 13,312 in 2022123). Our total expenditure was £262,229 (down from £3 11,930 in 2022123). The Accounts show a surplus of £39,716, reflectlng a £19,885 fall Sn unrestricted ndS (l.e. avallable cash) and a £59,601 Increase In restrlcted funds (i.e. dornated/ringfenced for very specific projects). While grants Increased sllghtly over the year, the maln cause of the drop in income was a substantlal fall in grant5 and donatlons. Subscrbptlons In the year were Stable and remain a significant element of our income mix. A £115,000 provision for future liabilities lup from £71,403 In 20221231 has been made to cover the Court fine and fees payable to the Health & Safety Executive relating to the tragic accident in 2016. Further provisions may be required. The Trustees wish to thank a11 those who contribute to generating income for the Trust, whether by fundraisingi grant finding/glving, boating, events, donatbons or subscriptlons. The Trustees recognlse and thank the whole flnance team for their work and attentlon to detail over the financial year. Led by Brian Stovold, Trustee Treasurer, and Peter Wilkinson, Finance Director, and Jon Gregoryi Head of Accounts, the Finance Management Group met throughout the year, provided regular financial updates, assessed new and ongolng fbnanclal issues, and consistently delivered sound advice to the Trustees via the CEO and Treasurer. As part of the Finance Management Group's work, a detailed revlew was ctsnducted durfng the year Into the detailed contentlformat of the Trust's Profit & Loss Statement. This resulted in a new P&L content/format being ad(>pted that better reflect5 {and provides better insight intol the activities of the Trust. Page 4
WILTS & BERKS CANAL TRUST (REGISTERED NUMBER: 02267719) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 FINANCIAL REVIEW Investment policy and objectives Within the context of the Trust's reserves policy, we have no current need for long term Invested funds. Instead, we use the Interest-bearing COIF Charlties Deposit Fund to hold restricted funds for the short term. In determining where to hold Short term funds the principle of immediate access to funds is irnportant alongside a cautious approach to risk tsking and ethical investment. Mindful of the need to spread risk, the Trust also holds a separate interest-bearing account at Natwest alongside the existing current account, to hold part of our restricted fLJnd5, and will open other accounts as needed to ensure that our charitable funds are secure. Reserves poll¢v A5 part of prudent artlve financial management, the Trust's reserves policy defines a mlnlmum level of reserves that is approprlate to the needs of the Trust. The Policy provides for good stewardship and ensures a stable financial background as the Trust delivers on its charltable obJertive5. It also helps to ensure job securlty to our employee5. Golng ¢oncern The Trust ensure5 that it5 restricted funds are clearly separated from other monles and, in line with Charity Law, that these funds are only used for the purpose for which they have been provided. Expenditure commitments are managed in a way that ensures that we always have funds to meet them. The Trust aims to develop a range of revenue streams to support the ftjnding tsf the Trust's activities, including being able to ensure that the Trust can repay the outstanding loans taken out to finance the purchase of the Peterborough Arms public house when they become due In 2034. Contrartual commitments The Trust has no ongoing commercial contrattual commitments that require disclosure. With c.200 landowners along our 70 mlle canal line, the Trust has a variety of land-related contractual commltments (mostly leases and often wlth minimal/peppercorn rent). Page 5
WILTS & BERKS CANAL TRUST (REGISTERED NUMBER: 02267719) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 FUTURE PLANS The Trust's strategy for restoration continues to be focused on the delivery of strategic stretches of canal (particularly the Melksham Link from the Kennet and Avon Canal to Melksham, and from Royal Wootton Bassett to Swindon which includes the crucial M4 CrDssing). This will require a significant amount of planning, fundraising and restoration as well as a sustalnable core funding strategy. Other important canal stretches that we are plannlng include a c.14km blue-green canal corridor westward from Jubilee Junciion on the River Thames at Abingdon towards Grove and Wantage, although progress on this will be strongly influenced by whether or not the SESRO reservoir is bullt. The Trust Is currently engaged In a campaign to persuade Thames Water, local COLJncils, the Government and local residents that, should the reservoir be built, the SESRO consortium should restore the Wilts & Berks canal from Jubilee Junrtion, under the A34, alongside the reservoir and back to Wantage. As explained previously, signlflcant economic, wellbeing and biodiversity benefit wlll accrue. The Trust is developlng a growing number of relatlonshbps wbth developers, the aim being for canal restoration to be Included as an integral part of developer plans, delivering significant additional benefit to local communities. The Trust Is aiming to bring significant stretches of towpath into Use as a public foDtpath/cycleway even before restoratlon of the canal itself is undertaken, the aim being to provide local communities with leisure resource that showcases the proposed canal line and raise5 local interest and engagement with our heritage restoration project. We are encouraged that councils along our canal/towpath line 5UPPOrt this initiative, including Wiltshire Council, Swlndon Borough Council, Oxfordshire County Council and the Vale of White Horse District Council. The Trust w511 look to maximise the influence of the Wlltshlre, Swlndon and Oxfordshire Canal Partnership (WSOCP), an increasingly-important body made up of local councils and other interested stakeholders. As the Trust Increase5 Its activity, a key challenge is to attract sbgnlficantly more volunteer5, bringing wide range of skllls. Several volunteering opportunities exist, both for 'muddy btsot5" and 'clean shoes. roles, and the Trust is especially keen for volunteers to become actively Involved in sublectslsklllslareas about which they are deeply enthused and for which they have experience/expertise. We alm to Increase the size of the Trust's membership from its current basellne of 2300 members to beyond 3000, and to increase the number of people that actively contribute to the restoration by volunteering their time. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by Its governing document, a deed of trust, and constitutes a limited companyft limited by guarantee, as defined by the Companies Act 2006. Trustees As at 31 March 2024, the Trust had 11 Trustees, many Df whom have speciflc areas of responslblllty Ichalr, Company Secretaryi Treasurer, Health & Safetyi Risk, Strategyft Governance, Herltagel. The Trust extends a warm welcome to two new Trustees.. Laurence Oavis la Health & Safety Professional) and Ron Crook la retired Chartered Civil Eng1neer with slgnificant Local Government experience). To encourage Independence and a challenging-but-posltive mindset, Trustees are encouraged to ask for any information and clariflcations they feel would be helpful. New trustees are co-opted by the current Trustees and subsequently confirmed through election by member5 at a general meetlng. Induction of new trustees is managed by the Chair, due diligence having prevlously been undertaken. They are glven documentation mandated by the Charity Commission alonq with other important documents and acccss to the WBCT infoi'motloii Inanagement system. All Trustees (new and existing) are required to complete and sign a Declaration of Interests form each year. Page 6
WILTS & BERKS CANAL TRUST {REGISTERED NUMBER: 02267719) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Organlsatlonal structure Overall responsibility for the management of the Trtjst lies with the Trust Council, whose members are confirmed at the next general meeting following co-option/appointment and then re-elected In rotation. Officers of the Trust Counc11 Include a Chair, Vice-chair (position currently vacantl, Company Secretary and Treasurer. Three organisatlons namely.. The Inland Waterways Association IIWA}, Canal & Rlver Trust (CRT) and the Wiltshire, Swindon & Oxfordshire Canal Partnership IWSOCP) have the right under the Trust's Artlcles of Association to nominate a person to become a trustee. During this year a senior member of the IWA sits on Trust Counc11 and provides an invaluable link into the IWA. The Trust Chair and IWA representatlve also sit on the WSOCP. The Trust Chalr ha5 regular Director-level discussions with CRT. The WSOCP Is a political and local authority forum to promote the restoration of local abandoned canals. The Trust malntains c105e links and regular contact with the WSOCP, Chair to Chair and through Ken Ollver, our part-time employed Partnership Officer, whose role is to deepen links between the Trust, CoLJncils and other partners, and to stimulate canal and towpath restoratlon activity rlght along our canal Ilne. Generally meetlng bi-monthly (or more often as required), the Trust Councll ha5 specific responsibility in 3 areas, namely Overarching Strategyi Governance le5pecially regarding the Charlty Commisslon, Companles House, Flnance, Health & Safetyi Risk and transparent decision-making), and Publlc Advocacy amongst national/regional bodies. During the last year, two trustee Working Groups have been established. Each Working Group provldes speclallst advice to all Trustees to ensure that Trust Council decisions are fully researched and approprlate. Governance Worklng Group: The primary role of all trustees being governance, trustees are actively engaged in a review of the Trust'5 governance to ensure that our governing document, scheme of delegation and pollcies are all fit for purpose. Trustees are aware that the Trust's Artlcles do not currently permit delegatio n of management or other responsibilities to a commlttee that does not contain a Trustee las Ss the case for the Executive Board). While Trustees are briefed regulady on Executive Board business, the Trust. s Articles need to be revised. Strategy Worklng Group: A hlgh-level review is belng conducted to understand and document the focus and interests of large-scale grant funder5. This will enable the Trust to focus future fundraising efforts towards grant funders who are most likely to support our actlvltie5. Trustees are also Considering the scale of income and likely expenditure that will be needed once the canal ha5 been restored. This will feed into the development of a Commerclal Strategy that, over the next 20+ years, will assure the financlal and operationa I viability of the canal. Reportlng to the Trust Council Is our Executive Board. Led by Mike Gibbin, our CEO, this group has classic functionalldepartmental responsibilities le.g. CEO, COO, Finance, Englneeringi DevelDpment, Marketingi Funding, Nature & Biodiversity, Admin & Governance). Formed during early 2023, the key aim being to separate Governance from operational matter5, the Executive Board is collectively charged with making the Trust's operational decisiDns. We also have a senlor-level knowledge-share forum, our Senlor Leadership Team, a group of 20-25 people from right across our organisation and canal line that meets monthlyi and which is chaired by our CEO. Where need arises, subgroups are formed comprising members from the Trust Council, Executive Board and Senlor Leadership tg tackle speciflc issues. The Trustees wish to thank all members of the Executive Board and Senlor Leadership Team for their enthusiasm, commitment and wide-ranging contributlons. The Trustees also wish to thank Mike Gibbin, our CEO, for hls energy and determination. Under Mlke's leadershipi the Trust Is Sncreasingly focused on addressing the most important 155ues and cliallenges. In addition to the central management of the Trust there are 5 local branches situated along the cana5 route, each wlth a Chair and Treasurer, and a Boat Team (with a Head of Boats) that runs the Trust's boats. Page 7
WILTS & BERKS CANAL TRUST (REGISTERED NUMBER: 02267719) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT All activities of the Trust are organised and largely managed by Volunteers. The Trust has three part-time employees covering a range of administration roles. Their work in invaluable and the Trustees extend sincere thanks for everything they do. The Trust Is affiliated with, and is a Member of, the Inland Waterways Assoclation. The Trust has also joined the IWA'S 'Fund Britain's Waterways campaign, to lobby Government and other public bodles to increase (not cutl funding of maintenance and restoration of the canal network. Risk mana9ement The Trust Council conducts its own revlews of the major risks to which the charity Is exposed, and systems have been established to mitigate those risk5. The Trust Council reviews and agrees periodlcally the Risk Register. A thorough review of the Rlsk Register is currently being undertaken by Mlke Glbbin ICEOI, Nahom Russom (Fiisk Manager), and Oliver Mackie {Trustee}. Both Nahom Russom and Ollver Mackie are risk professionals. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 02267719 (England and Wales) Reglstered Charity number 299595 Registered office Dauntsey Lock Canal Centre Daunt5ey Lock CHIPPENHAM Wlltshbre SN154HD Trustees Current and appolnted In the period Steve Bacon Company Secretary Ron Crook Council Engagement (co-opted during 2023124,. seeklng election) LaLJrence Davls Jo Douty Health & Safety (co-opted during 2023124. seeking election) Particular interest in Governance Johnnie Graham strategy John Henn Heritage (retiring by rotatlon; seeking re-election} Martin Holliss Chalr Justin Lewis Strategy Oliver Mackie Risk Brian Stovold Treasurer Jenny Stratton Council Engagement Company Secretary steve Bacon Independent Examiner Morris Owen Chartered Accountants 43-45 Devizes Road SWINDON Wiltshlre SNI 4BG Page 8
WILTS & BERKS CANAL TRUST (REGISTERED NUMBER: 02267719) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 REFERENCE AND ADMINISTRATIVE DETAILS Bankers Lloyds Bank PIC 5 High Street Swindon SNI 3EN Nat West PIC 45149 Broadmead Bristol BSI 3EU CCLA Investment Managers Senator House 85 Queen Victorla St London EC4V 4LT Approved by order of the board of trustees on 15 August 2024 and signed on its behalf by.. Mr M C Holllss - Trustee Page 9
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF WILTS & BERKS CANAL TRUST Independent exarniner's report to the trustees of Wilts & Berks Canal Trust ('the Company,) I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024. Responsibilltles and basls of report As the charity's trustees of the Company (and also its directors for the purposes of company lawl you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act,). Havlng satisfied myself that the account5 of the Company are not requlred to be audlted under Part 16 of the 2006 Act and are eligible for Independent examination, I report in respect c>f my examination of your charity's accounts as carrled out under Section 145 of the Charities Art 2011 I'the 2011 Act'l. In carrying out my examination I have followed the Directlons glven by the Charlty Comrnission under Section 14515} Ib) of the 2011 Art. Independent examiner'$ statement Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that l am qualified to undertake the examination because l am a member of the Association of Chartered Certified Accountants, which is one of the listed bodles. I have completed my examinatlon. I confirm that no matters have come to my attention in connertlon with the examination giving me cause to believe: accounting records were not kept in respect of the Company as requlred by Section 386 of the 2006 Act,. or the accounts do not accord wlth those records- or the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination,. or the accounts have not been prepared In accordance with the methods and princlples of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charitles preparing their accounts in accordance wlth the Financial Reporting Standard appllcable In the UK and Republic of Ireland IFRS 1021}. 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. lan Sumbler FCCA Morris Owen Chartered Accountants 43-45 Devizes Road SWINDON Wbltshire SNI 48G Date: Page 10
WILTS & BERKS CANAL TRUST STATEMENT OF FINANCIALACTXVITIES FOR THE YEAR ENDED 31 MARCH 2024 2024 Total funds 2023 Total funds Unrestricted funds Restrlcted fund5 Notes INCOME AND ENDOWMENTS FROM Donations, Grant5 and legacles 145,941 100,407 246,348 266,558 Community Operations Investment income 37,737 7,117 10,743 48,480 7,117 45,004 1,750 Total 190,795 111,150 301,945 313,312 EXPENDITURE ON Raising funds 28,217 28,217 42,689 Charltable artlvltles Restoration & Maintenance of Canals Community Engagement Community Operations General Staff and Volunteer Costs Depreclation and Asset Related Costs Provlsion5 31,658 3,274 14,840 47,563 34,278 7,253 43,597 30,126 296 4,713 6,544 61,784 3,570 19,553 54,107 34,278 17,123 43,597 64,443 4,521 7,400 58,995 35,699 26,780 71,403 9,870 Total 210,680 51,549 262,229 311,930 NET INCOME/{EXPENDrruRE) Transfers between funds (19,885) 4,000 59,601 (4,000) 39,716 1,382 21 Net movement in funds {15,885) 55,601 39,716 1,382 RECONCILIATJON OF FUNDS Total funds broijght forward 537,566 359,416 896,982 895,600 TOTAL FUNDS CARRIED FORWARD 521,681 415,017 936,698 896,982 The notes fomi part of these financial statements Page 11
WILTS & BERKS CANAL TRUST (REGISTERED NUMBER: 02267719) STATEMENT OF FINANCIAL POSITION 31 MARCH 2024 2024 Total funds 2023 Total funds Unrestricted funds Restricted funds Notes FIXED ASSETS Tangible assets 13 646,978 183,248 830,226 750, 133 CURRENT ASSErs Stocks Debtors Investments Cash at bank 14 15 16 1,937 23,706 1,937 23,706 106,295 207,774 1,937 19,997 101,415 213,731 106,295 125,473 82,301 107,944 231,768 339,712 337,080 CREDITORS Amounts falling due within gne year 17 (35,741) (35,740) {25,828) NET CURRENT ASSETS 72,203 231,769 303,972 311,252 TOTAL ASSETS LESS CURRENT LIABILMES 719,181 415,017 1,134,198 1,061,385 CREDXTORS Amounts falling due after more than one year 18 (82,500) (82,500) (93,0001 PROVISIONS FOR LIABEUTIES 20 (115,000) (115,000) 171,4031 NET ASSETS 521,681 415,017 936,698 896,982 FUNDS Unrestrirted fund5'. General fund Revaluation 21 379,362 142,319 395,247 142,319 521,681 537,566 Restricted fund5 415,017 359,416 TOTAL FUNDS 936,698 896,982 The charitable CL7mpany is entitled to exemptlon from audit under Section 477 of the Companles Act 2006 for the year ended 31 March 2024. The members have not required the company to obtain an audit of Its financial Statements for the year ended 3 1 March 2024 in accordance with Sectlon 476 of the Companies Act 2006. The trustees acknowledge their responsibillties for lal ensuring that the charitable company keeps accountlng records that comply wlth Sections 386 and 387 of the Companie5 Act 2006 and preparing financial staterrients whlch give a true and fair view of the state of affairs of the charitable company as at the end of each flnancial year and of its surplus or defficit for each flnancial year in accordance with the requlretnonts of Sectio1)5 39¢1 aiid 39J and whlch otherwlse comply wlth the requirements of the Companies Act 2006 relating to ffinancial staterrients, so far as applicable to the charitable company. Ib) The note5 form part of these flnancial statements Page 12 continued...
WILTS & BeRKS CANAL TRUST (REGIsfERED NUMBER: 02267719) STATEMENT OF FINANCIAL POSITION- continued 31 MARCH 2024 The flnanclal statements were approved by the Board of Trustee5 and authorised for issue 15 August 2024 and were signed on its behalf by.. on Nr M C Holllss - Trustee The notes form part of these flnanclal statements Page 13
WILTS & BERKS CANAL TRUST NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 CHARITY INFORMATION Wilts & Berks Canal Trust Is a company limited by guarantee and incorporated in England and Wales, and a registered charlty with the Charity Commission In England and Wales. The reglstered office addre55 15 Dauntsey Lock Canal Centre, Dauntsey Lock, Chippenham, Wiltshlre, SN15 4HD. These f1nancial statements are presented in British Pounds {GBP), which is the charlty's funct1ona1 and presentational currency. ACCOUNTING POUCIES Basis of preparing the flnanclal Statements The financial statements of the charitable companyi which is a public benefit entity under FRS 102, have been prepared in accordance wlth the Charities SORP IFRS 102) 'Accounting and Reporting by Charities.. Statement of Recommended Practlce applicable to charities preparing their accounts in accordance wlth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 (effective l January 2019)., Financial Keporting Standard 102 'The Fbnanclal Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financlal Statements have been prepared under the historical cost conventlon. Income All income is recognised in the Statement of Flnancial Actlvltles once the charlty has entltlement to the funds, it is probable that the income will be received and the amount can be measUd reliably. Exp¢nditure Liabilities are recognised as expendltLJre as soon as there is a legal or constructive obligation committing the charity to that expenditure, It Is probable that a transfer of economic benefits wlll be required in settlement and the amount of the obllgation can be measured rellably. Expendlture is accounted for on an accruals basis and has been classifled under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Tanglble flxed assets Depreciation is provided at the followlng annual rates in order to wrlte off each asset over Its estimated useful life. Plant and machlnery Fixtures and fittings 20Q/o On Cost 2001ty on cost Included withln Freehold Property Is land, bulldlngs and locks. The buildlngs and locks will be depreclated once full restoration is complete. Stocks Stocks are valued at the lower of cost and net reallsable value, after making due allowance for ob501ete and slow moving items. Taxation The charity is exempt from corporatlon tax on it5 charitable activitles. Fund accounting Unrestricted funds can be used In accordance wlth the charitable objectives at the discretion of the trustees. Restricted funds can only be used for. particular" I"e5ti"icted purposes witliin the objects of the charity. Restrictions arise when specifled by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund Is included in the notes to the financial statements. Page 14 contlnued...
WILTS & BERKS CANAL TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES- continued Hire purchase and leas¥ng commltments Rentals paid under operating leases are charged to the Statement of Financial Activltles on a Straight line basss over the period of the lease. Pens¥on costs and other post-retlrement benefits The charltable company operates a defined contributlon penslon scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. Donated goods Donated goods are measured at fair value (the amount for which the asset could be exchanged) unless impractlcal to do 50. Goods donated for on-goin9 Use by the charity are recognised as tanglble fixed assets and included in the SOFA as incoming resources when receivable. Gift5 in kind for use by the charity are included in the SOFA as income from donatlons when ceivable. Fln•n¢ial instruments Short term debtors are measured at transaction price, less any Smpairment. Loan5 receivable are measured initially at fair value, net of transactlDn costs, and are measured subsequently at amortised cost Ljslng the effective interest method, less any Impairment. Short term trade creditors are measured at the transactlon price. Other financial liabilities, inclLJding loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amort15ed cost Using the effectlve Interest method. DONATIONS, GRANTS AND LEGACIES 2024 2023 Donatlons Gift aid Legacies Grants Subscrlptions 56,076 13,460 15,500 119,613 41,699 67,218 IL,981 10,561 134,944 41,854 246,348 266,558 Grants recelved, included in the above, are as follows: 2024 2023 other grants 119,613 134,944 COMMUNITY OPERATIONS 2024 2023 Fundraislng events Boat receipts Sales of stock Rent received 14,304 16,828 6,639 10,709 7,224 12,701 9,161 15,918 48,480 45,004 Page 15 continued...
WILTS & BERKS CANAL TRUST NOTESTO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 INVESTMENT INCOME 2024 2023 Interest receivable 7,117 1,750 CHARITABLE ACTIVITIES COSTS Support costs (see note 71 Dbrect Costs Totals Restoration & Maintenance of Canals Communlty Engagement Community Operations General Staff and Volunteer Costs Depreciation and Asset Related Costs Provision5 61,784 3,570 19,553 61,784 3,570 19,553 54,107 34,278 54,107 34,278 17,123 43,597 17,123 43,597 84,907 149,105 234,012 SUPPORT cosrs Governance costs Administration Totals General staff and Volunteer Costs Depreciation and Asset Related Costs Provisions 29,359 34,278 17,123 43,597 24,748 54,107 34,278 17,123 43,597 124,357 24,748 149,105 Support costs, included in the above, are as follows: DepreclatlDn and A55et Related Costs Staff and Volunteer Costs General Wages Pension5 Maintenan Rent and rates Travel and subsistence Telephone Postage and statlonery Sundries Bank charges Credit charges Insurance Depreciation of tangible fixed assets Loss on sale of tanglble fixed assets Impairment losses for tangible fixed assets Interest payable and simblar charges 33,564 714 1,072 127 418 4,084 4,535 225 1,633 13,231 17,123 4,034 Carried forward 29,359 34,278 17,123 Page 16 contlnued...
WILTS & BERKS CANAL TRUST NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 31 MARCH 2024 SUPPORT COSTS- contlnued Depreciation and Asset Related Costs Staff and Volunteer Costs General Brought fotward HSE provision Accountancy and legal fees Consultancy RecNitment Costs 29,359 34,278 17,123 6,949 17,799 54,107 34,278 17,123 2024 Total activities 2023 Total activities Provisions Wages Pensions Maintenance Rent and rates Travel and subslstence Telephone Postage and stationery Sundries Bank charges Credit charges Insurance Depreciation of tangible fixed assets Loss on sale of tangible fixed assets Impairment losses for tangible fixed assets Interest payable and similar charges HSE provision Accountancy and legal fees Consultancy Recruitment Costs 33,564 714 1,072 127 418 4,084 4,535 225 1,633 34,985 714 293 538 934 4,451 5,241 399 1,626 233 13,252 8,742 (350) 13,231 17,123 18,388 337 71,403 14,277 9,914 7,500 4,034 43,597 6,949 17,799 43,597 43,597 149,105 192,877 NET INCOMEI(EXPENDITURE) Net Sncome/{expenditure} is stated after charglng/(credltlng}'. 2024 2023 Depreciatlon - owned assets Hlre of plant and machinery Other operating leases Surplus on disposal of fixed assets 17,123 4,477 8,733 8,742 3,922 6,519 (350) Page 17 continued..
WILTS & BERKS CANAL TRUST NOTESTO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 31 MARCH 2024 TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 Marth 2023. Trustees. expenses There were no tru5tees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023. 10. STAFF COSTS 2024 2023 Wages and salaries Other pension costs 33,564 714 34,985 714 34,278 35,699 The average monthly number of employees durlng the year was a5 follows.. 2024 2023 Administration No employees recelved emoluments In excess of £60,000. ii. INDEPENDENT EXAMINATION FEES 2024 2023 statutory accounts production & external scrutiny 1,500 1,425 1,500 1,425 12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL AcfIvITZES Unrestrirted funds Restrltte funds Total funds INCOME AND ENDOWMENTS FROM Donations, Grants and legacies 159,186 107,372 266,558 Communlty Operations Investrnent Income 30,004 1,750 15,000 45,004 1,750 Total 190,940 122,372 313,312 EXPENDITURE ON Raising funds 41,951 738 42,689 Charitable actSvitles Restoration & Maintenance of Canals Community Engagement Community Operations General Staff and Volunteer Costs Depreclation and Asset Related Costs Provisions 57,997 4,521 7,400 57,948 35,699 22, 136 71,403 6,446 64,443 4,521 7,400 58,995 35,699 26,780 71,403 1,047 4,644 Total 299,055 12,875 311,930 Page 18 continued...
WILTS & BERKS CANAL TRUST NOTES TO THE FINANCIAL STATEMENTS- ¢ontinued FOR THE YEAR ENDED 31 MARCH 2024 12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES- continued Unrestricie Restricted funds nds Total ftjnds NET INCOME/(EXPENDITURE) 1108,1151 109,497 1,382 RECONCIUATION OF FUNDS Total funds brought forward 645,681 249,919 895,600 TOTAL FUNDS CARRIED FORWARD 537,566 359,416 896,982 13. TANGIBLE FIXED ASSETS Flxtures and fittings Freehold property Plant and machinery Totals COST OR VALUATION At l April 2023 Additions 674,390 30,190 255,809 60,917 7,065 6,109 937,264 97,216 At 31 March 2024 704,580 316,726 13,174 1,034,480 DEPRECIATION At l April 2023 Charge for year 181,792 17,123 5,339 187,131 17,123 At 3 1 March 2024 198,915 5,339 204,254 14ET BOOK VALUE At 3 1 March 2024 704,580 117,811 7,835 830,226 At 3 1 March 2023 674,390 74,017 1,726 750, 133 Cost or valuation at 31 March 2024 is represented by: Flxtures and fittings Freehold propertv Pl?nt and ma¢hlnery Totals Valuation in 2022 Cost 44,431 660,149 44,431 990,049 316,726 13,174 704,580 316,726 13,174 1,034,480 Page 19 continued...
WILTS & BERKS CAP4AL TRUST NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 31 MARCH 2024 14. STOCKS 2024 2023 Stocks 1,937 1,937 15. DEBTORS. AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade debtors Other debtors Prepayments and accrued income 615 19,912 3,179 6,158 9,148 4,691 23,706 19,997 16. CURRENT ASSET INVEsfMENTS 2024 2023 other 106,295 101,415 The above relates tts an amount held on deposit with a COIF investment fund. 17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Other creditors 35,740 25,828 18. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2024 2023 Other loans (see note 19) 82,500 93,000 19. LOANS An analysis of the maturlty of loan5 15 given below: 2024 2023 Amount5 falling due In more than five years.. Repayable otherwise than by instalments.. Other loans more 5yrs non-lnst 82,500 93,000 The above loans are measured at cost in accordance wlth FRS 102 section 34.90. Page 20 continued...
WILTS & BERKS CANAL TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 20. PROVISIONS FOR LIABILITIES 2024 2023 Provislons 115,000 71,403 In 2016 a valued volunteer, Peter Konltzer, died Sn a tragic accident at one of our worksites. We wish to express our heartfelt condolences to hfs famlly. Over the intervening years a provision has been made to cover the eventual anticipated cost of the investigation. Nearly 8 years later, the Health & Safety Executive {HSEI brought Court proceedings In June 2024 for a breach of Health & Safety leglslation. The Trust pleaded gulltyi was ordered to pay a £30,000 fine and funeral expenses and is also liable for significant HSE investigation costs. 21. MOVEMENT IN FUNDS Net movement in fiJnds Transfers between funds At 31.3.24 At 1.4.23 Unrestrlrted funds General fund Revaluation 395,247 142,319 (19,885) 4,000 379,362 142,319 537,566 (19,885) Restricted funds Restrirted 4,000 521,681 359,416 59,601 (4,000) 415,017 TOTAL FUNDS 896,982 39,716 936,698 Net movement Sn funds, included in the above are as follows.. Incoming resources Resources expended Movement In funds Unrestricted fund$ General fund 190,795 {210,680) (19,885) Restricted funds Restricted 111,150 (51,549) 59,601 TOTAL FUNDS 301,945 {262,229) 39,716 Page 21 contlnued...
WILTS & BERKS CANAL TRUST NOTESTO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 31 MARCH 2024 21. MOVEMENT IN FUNDS- continued Comparative5 for movernent in funds Net movement in funds At 31.3.23 At 1.4.22 Unrestrlcted funds General fund Revaluation 503,362 142,319 {108,1151 395,247 142,319 645,681 {108,1151 537,566 Restricted funds Restricted 249,919 109,497 359,416 TOTAL FUNDS 895,600 1,382 896,982 Comparative net movement in funds, included in the above are as follows: Incoming resources Resources expended Movement n funds Unrestrlcted funds General fund 190,940 (299,0551 1108,115) Restrl¢ted funds Restrirted 122,372 (12,8751 109,497 TOTAL FUNDS 313,312 1311,930) 1,382 A current year 12 months and prtor year 12 months combined posltlon is as follows: Net movement in funds Transfers between funds At 31.3.24 At 1.4.22 Unrestrlcted funds General fund Revaluation 503,362 142,319 {128,0001 4,000 379,362 142,319 645,681 1128,000) 4,000 521,681 Restrlcted funds Restricted 249,919 169,098 14,0001 415,017 TOTAL FUNDS 895,600 41,098 936,698 Page 22 continued...
WILTS & BERKS CANAL TRusr NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 21. MOVEMENT IN FUNDS- continued A current year 12 months and prior year 12 months combined net movement in funds, included In the above are as follow5: Incoming resources Resources expende Movement n funds Unrestrlrted fund5 General fund 381,735 1509,735) (128,0001 Restrl¢ted fund5 Restrfrted 233,522 164,424) 169,098 TOTAL FUNDS 615,257 (574,159) 41,098 Fund name Purpose and restrSctions Restricted fund Thls relates to fund5 whlch facilltate specific restoration projects. 22. RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 31 March 2024. Page 23