Information required for your annual report This is for Charities not subject to full Audit
This information is required in order for you to comply with reporting requirements under the Charities Act. Please write your responses exactly as you want them to appear in your accounts. Use your mouse or tab key to move from grey box to grey box to complete this form. Once completed, save it and email it back to us. This is your chance to tell people what you do. Feel free to write as much as you like and we will put this into the report and accounts.
Group’s full name: The Grantham Canal Society
Other names by which you are known:
The main contact address for the organisation: Registered office, but for day to day contact Jane Grylls, 340 Harlaxton Road, Grantham, Lincs, NG31 7JY, email treasurer@granthamcanal.org
Your charity registration number: 507337 And (if applicable) Your company registration number: 1351149
| Names of all current trustees, (directors) | Names of all current trustees, (directors) | Names of all current trustees, (directors) |
|---|---|---|
| Name | Start date if not serving since the start of this accounting period dd/mm/yy |
Office held (if applicable) |
| Mr Michael Anthony Stone | Chairman | |
| Mr Anthony James Osbond | General Manager | |
| Ms Ashley Mather | Company Secretary | |
| Miss Jane Elizabeth Grylls | Treasurer | |
| Mr Anthony Christopher Goody |
1/4/22 | Finance Manager |
| Mrs Frances Hilda Mary Noble |
||
| Mr Roderick Steven Gordon | ||
| Ms Michelle Storer | ||
| Ms Rosemary Jane Gibson |
Names of other trustees, (directors) who have served during the period covered by the accounts but are not currently serving. (Continue on a separate sheet if necessary)
| necessary) | |
|---|---|
| Name | Date of resignation/departure dd/mm/yy |
| Mr Mark Nicholas Hubbard | 23/11/22 |
The names, job titles and remuneration & benefits paid to your senior management staff All members of the Grantham Canal Society are volunteers and no remuneration is paid.
The methods adopted for the recruitment and appointment of new trustees (How are your trustees appointed?):
At AGM by proposal/seconding and voting membership vote
Objectives and activities
What are the formal purposes (objectives) of your charity, as set out in your governing document? To advocate the use, maintenance and development of inland waterways and particularly the Grantham Canal, to advocate and promote the restoration and maintenance in good order and condition of the Grantham Canal and other waterways and to promote the use of such waterways
What are your main activities? (the things you do in order to achieve the objectives) Promote, assist financially and otherwise support any measure or proposal for restoring, maintaining or improving the Grantham Canal or other inland waterways; oppose the abandonment, neglect, pollution, obstruction, inappropriate development or closure of inland waterways or their infrastructure, environment and facilities; create and promote by publicity and education the value and importance of inland waterways to the community; promote by meetings, lectures, exhibitions, publications and other activities the collection and dissemination of knowledge about the Grantham Canal and other inland waterways; lend and advance money to any body established for charitable objects similar to those of the Society; borrow or raise money for the purposes of the Society; sell goods, articles, services or things in connection with the promotion of the Society's objects; do all such oher lawful things as are necessary or desirable for the attainment of the Society's objects and which may lawfully be done by a body established for chatitable purposes
How do these activities benefit the public?
Education and training of the Society's volunteers in heritage and building skills; provision of "hands on" experience and involvement in the restoration, repair, maintenance, and management of canals and waterways; the restoration, repair, maintenance and management of the Grantham Canal as a navigable canal; the provision of a multi-use leisure facility for the community both on and off the water (e.g. boating, fishing, walking, running, cycling, bird and wildlife watching and relaxation); the provision of a wildlife environment along the line of the canal for the enjoyment of all; the promotion of the canal and its wildlife and leisure facilities to the community and the encouragement of the community to use and enjoy the canal and its facilities, the provision of education and involvement opportunities for children and young persons in the flora, fauna and wildlife found in, on, and around the canal; the provision of boat trips and other events on and around the canal for the enjoyment of the public; the maintenance of an archive about the history and heritage surrounding the Grantham Canal and the dissemination of such information to the public
Please confirm that you have considered the charity Commission’s guidance on ‘public benefit’. Click here for a link to this guidance.
Confirmed
Summary of the main achievements during the period
What did you actually do? (You could add some statistics if you like, and give more detail of your activities):
Society volunteers have been engaged in:-
-
Increasing numbers of new members
-
Communicating with members, supporters, stakeholders and others about the health of the
-
Society.
• Meeting with Local Authorities to request a variation in the currently ‘Protected Route’ to link the canal with the River Trent.
• Receiving positive information from National Highways that they would support the reconstruction of the canal under the A52 trunk road.
• Selling and delivering cruises on the society’s passenger boat – which is our main source of funds received from the community.
- Working to maintain the navigability of the 5 miles of canal already restored.
• Re-constructing a substantial slipway to enable society craft, used for cruises or maintenance purposes, to be removed from the water for servicing.
-
Enhancing the environmental image of the waterway where necessary.
-
Undertaking tasks on behalf of the landlord, Canal & River Trust, to prevent leaks and
-
restrict water loss.
-
Training of all new volunteers in Health & Safety requirements.
Financial review
Please comment on your financial position at the end of the reporting period (You might for example, refer to the surplus or deficit you’ve made, or the movement in the fund balances. Are you happy? – the choice is yours. )
The Society has been in receipt of some recent legacies, which together with fundraising during the past few years has placed us in a position where we are able to consider some more expensive projects, including purchase of machinery and preliminary work on restoring the next lock in the Woolsthorpe flight. We have also started to make arrangements to ensure the safety of our funds in case of bank failure, by moving sums to other institutions which offer charity savings accounts and interest.
What is your policy on reserves? (Your policy should include: why you need reserves, the target level, your current position, your plans to increase or use your reserves and how often you review this policy. If you do not need reserves you should explain the reason.)
We hold an annual reserve balance of £5000 to cover Insurance, Licences, necessary inspections and training, maintenance and repair costs and general running costs. This is considered by the Committee to be adequate at the present time bearing in mind that the Society has no paid employees and all the work of the Society is undertaken by unpaid volunteers.
What financial risks do you face?
We do not have any major financial commitments at present.
If any of your funds are in deficit, what are you planning to do about it? Current bank balance remains healthy and none of the funds are in deficit.
Detailed information if you hold funds for 3rd parties (other groups or individuals): names and their main objects, a description of the assets held, opening balances/ in/ out/ closing balances We hold funds of £5,645.95 raised by GCRS SLOW for work on the Kinoulton/Hickling dry areas. This money will be used by GCS to undertake specific works agreed by GCRS SLOW.
Funds
If your accounts include any designated or restricted funds, the notes to the accounts need to include a short explanation of the purpose and of each fund.
For example:
Name of fund: “ The vehicle replacement fund ” Purpose: “ To build up sufficient funds to replace vehicles on a 5 year schedule ”
For each fund you hold, please give the details:
Lincolnshire Community Grant Fund £1,801.25 for the trolley and winch for the new slipway IWA lock restoration fund £1,000.00 Dredging fund £1,735, contributions to cost of future dredging Lock 13 funds, donations received £9303.01 Training fund £2,908.00 historic fund to be used as decided by the Committee Training for operators of Mudlark, £1,000.00 donation received
Additional information
This is a chance to add any other information to your report.
For example: if you give grants, what is your policy? Do you want to say anything about your funders or supporters?
Our membership, supporters, and the wider general public have generously donated money, materials and time to allow us to make progress. The Canal and River Trust and the Waterways Recovery Group have also helped us to maintain and restore this beautiful canal.
Company registration number: 01351149 Charity registration number: 507337
The Grantham Canal Society
(A company limited by guarantee)
Annual Report and Financial Statements
for the Year Ended 31 March 2023
Community Accounting Plus Units 1 & 2 North West 41 Talbot Street Nottingham NG1 5GL
The Grantham Canal Society
Contents
| Reference and Administrative Details | 1 |
|---|---|
| Trustees' Report | 2 to 5 |
| Independent Examiner's Report | 6 |
| Statement of Financial Activities | 7 to 8 |
| Balance Sheet | 9 |
| Notes to the Financial Statements | 10 to 17 |
The Grantham Canal Society
Reference and Administrative Details
Honorary Patron His Grace The Duke of Rutland Honorary President John Brydon Trustees Rosemary Gibson Rod Gordon Jane Grylls Mary Noble Anthony Osbond Michael Stone, Chairman Michelle Storer Anthony Goody Secretary Ashley Mather Registered Office Unit 2 Sherbrook Enterprise 100 Sherbrook Road Daybrook Nottingham NG5 6AB Company Registration Number 01351149 Charity Registration Number 507337 Independent Examiner John O'Brien, employee of Community Accounting Plus Units 1 & 2 North West 41 Talbot Street Nottingham NG1 5GL
Page 1
The Grantham Canal Society
Trustees' Report
The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 31 March 2023.
Trustees and officers
The trustees and officers serving during the year and since the year end were as follows:
Trustees: Rosemary Gibson Rod Gordon Jane Grylls Mary Noble Anthony Osbond Michael Stone, Chairman Michelle Storer Anthony Goody (appointed 1 April 2023) Mark Hubbard (resigned 21 November 2022)
Secretary: Ashley Mather
Structure, governance and management
Nature of governing document
The charity is a company limited by guarantee and registered charity. It is operated under the rules of its memorandum and articles of association dated 02/02/1978 and most recently amended 04/11/2008. It has no share capital and the liability of each member in the event of winding-up is limited to £1.
Recruitment and appointment of trustees
Trustees are appointed at the AGM by the voting membership.
Objectives and activities
Objects and aims
To advocate the use, maintenance and development of inland waterways and particularly the Grantham Canal, to advocate and promote the restoration and maintenance in good order and condition of the Grantham Canal and other waterways and to promote the use of such waterways.
Page 2
The Grantham Canal Society
Trustees' Report
The aims include:
• To promote, assist financially and otherwise support any measure or proposal for restoring, maintaining or improving the Grantham Canal or other inland waterways;
• To oppose the abandonment, neglect, pollution, obstruction, inappropriate development or closure of inland waterways or their infrastructure, environment and facilities;
• To create and promote by publicity and education the value and importance of inland waterways to the community;
• To promote by meetings, lectures, exhibitions, publications and other activities the collection and dissemination of knowledge about the Grantham Canal and other inland waterways;
- To lend and advance money to anybody established for charitable objects similar to those of the Society;
• To borrow or raise money for the purposes of the Society; sell goods, articles, services or things in connection with the promotion of the Society's objects;
• To do all such other lawful things as are necessary or desirable for the attainment of the Society's objects and which may lawfully be done by a body established for charitable purposes.
Objectives, strategies and activities
Promote, assist financially and otherwise support any measure or proposal for restoring, maintaining or improving the Grantham Canal or other inland waterways; oppose the abandonment, neglect, pollution, obstruction, inappropriate development or closure of inland waterways or their infrastructure, environment and facilities; create and promote by publicity and education the value and importance of inland waterways to the community; promote by meetings, lectures, exhibitions, publications and other activities the collection and dissemination of knowledge about the Grantham Canal and other inland waterways; lend and advance money to any body established for charitable objects similar to those of the Society; borrow or raise money for the purposes of the Society; sell goods, articles, services or things in connection with the promotion of the Society's objects; do all such oher lawful things as are necessary or desirable for the attainment of the Society's objects and which may lawfully be done by a body established for chatitable purposes
Public benefit
-
The education and training of the Society's volunteers in heritage and building skills;
-
The provision of "hands on" experience and involvement in the restoration, repair, maintenance, and
-
management of canals and waterways;
• The restoration, repair, maintenance and management of the Grantham Canal as a navigable canal;
• The provision of a multi-use leisure facility for the community both on and off the water (e.g. boating, fishing, walking, running, cycling, bird and wildlife watching and relaxation);
• Provision of access for the public to exercise in the open, in a safe and traffic free green environment, to promote mental and physical health and wellbeing;
• The provision of a wildlife environment along the line of the canal for the enjoyment of all; the promotion of the canal and its wildlife and leisure facilities to the community and the encouragement of the community to use and enjoy the canal and its facilities;
• The provision of education and involvement opportunities for children and young persons in the flora, fauna and wildlife found in, on, and around the canal;
• The provision of boat trips and other events on and around the canal for the enjoyment of the public;
• The maintenance of an archive about the history and heritage surrounding the Grantham Canal and the dissemination of such information to the public.
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
Page 3
The Grantham Canal Society
Trustees' Report
Achievements and performance
Society volunteers have been engaged in:-
-
Increasing numbers of new members;
-
Communicating with members, supporters, stakeholders and others about the health of the Society;
-
Meeting with Local Authorities to request a variation in the currently ‘Protected Route’ to link the canal with
-
the River Trent;
-
Receiving positive information from National Highways that they would support the re-construction of the
-
canal under the A52 trunk road.
-
Selling and delivering cruises on the society’s passenger boat – which is our main source of funds received
-
from the community;
-
Working to maintain the navigability of the 5 miles of canal already restored;
Our membership, supporters, and the wider general public have generously donated money, materials and time to allow us to make progress. The Canal and River Trust and the Waterways Recovery Group have also helped us to maintain and restore this beautiful canal.
-
Re-constructing a substantial slipway to enable society craft, used for cruises or maintenance purposes, to be
-
removed from the water for servicing;
-
Enhancing the environmental image of the waterway where necessary;
-
Undertaking tasks on behalf of the landlord, Canal & River Trust, to prevent leaks and restrict water loss;
-
Training of all new volunteers in Health & Safety requirements.
Financial review
The Society has been in receipt of some recent legacies, which together with fundraising during the past few years has placed us in a position where we are able to consider some more expensive projects, including purchase of machinery and preliminary work on restoring the next lock in the Woolsthorpe flight. We have also started to make arrangements to ensure the safety of our funds in case of bank failure, by moving sums to other institutions which offer charity savings accounts and interest.
Policy on reserves
We hold an annual reserve balance of £5,000 to cover Insurance, Licences, necessary inspections and training, maintenance and repair costs and general running costs. This is considered by the Committee to be adequate at the present time bearing in mind that the Society has no paid employees and all the work of the Society is undertaken by unpaid volunteers.
Page 4
The Grantham Canal Society
Trustees' Report
Statement of Responsibilities
The trustees (who are also the directors of The Grantham Canal Society for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". The report and accounts have been prepared in accordance with the provisions in the Companies Act 2006 relating to small companies.
Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including its income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards, comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Small companies provision statement
This report has been prepared in accordance with the small companies regime under the Companies Act 2006.
The annual report was approved by the trustees of the charity on .................... and signed on its behalf by:
......................................... Michael Stone Trustee
Page 5
The Grantham Canal Society
Independent Examiner's Report to the trustees of The Grantham Canal Society ('the Company')
Independent examiner’s report to the trustees of The Grantham Canal Society ('the Company')
I report to the charity trustees on my examination of the accounts of the company for the year ended 31 March 2023.
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 that in any material respect:
-
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
-
the accounts do not accord with 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 principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
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.
......................................
John O'Brien MSc, FAIA, FCCA, FCIE, employee of Community Accounting Plus Fellow of the Association of Charity Independent Examiners
Units 1 & 2 North West 41 Talbot Street Nottingham NG1 5GL
Date:.............................
Page 6
The Grantham Canal Society
Statement of Financial Activities for the Year Ended 31 March 2023 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)
| Note Income and Endowments from: Donations and legacies 2 Charitable activities 3 Investment income 4 Total income Expenditure on: Charitable activities 5 Total expenditure Net income/(expenditure) Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 11 |
Unrestricted £ 67,740 31,975 12 99,727 (30,956) (30,956) 68,771 68,771 93,338 162,109 |
Restricted £ - 10,745 - 10,745 (7,773) (7,773) 2,972 2,972 8,596 11,568 |
Total 2023 £ 67,740 42,720 12 110,472 (38,729) (38,729) 71,743 71,743 101,934 173,677 |
Total 2022 £ 30,345 29,476 - |
|---|---|---|---|---|
| 59,821 | ||||
| (79,654) | ||||
| (79,654) | ||||
| (19,833) | ||||
| (19,833) 121,767 |
||||
| 101,934 |
All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for the period is shown in note 11.
The notes on pages 10 to 17 form an integral part of these financial statements. Page 7
The Grantham Canal Society
Statement of Financial Activities for the Year Ended 31 March 2023 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)
These are the figures for the previous accounting period and are included for comparative purposes
| Note Income and Endowments from: Donations and legacies 2 Charitable activities 3 Total income Expenditure on: Charitable activities 5 Total expenditure Net expenditure Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 11 |
Unrestricted funds £ 30,345 29,476 59,821 (71,375) (71,375) (11,554) (11,554) 104,892 93,338 |
Restricted funds £ - - - (8,279) (8,279) (8,279) (8,279) 16,875 8,596 |
Total 2022 £ 30,345 29,476 |
|---|---|---|---|
| 59,821 | |||
| (79,654) | |||
| (79,654) | |||
| (19,833) | |||
| (19,833) 121,767 |
|||
| 101,934 |
The notes on pages 10 to 17 form an integral part of these financial statements. Page 8
The Grantham Canal Society
(Registration number: 01351149) Balance Sheet as at 31 March 2023
| Note Fixed assets Tangible assets 6 Current assets Stocks 7 Debtors 8 Cash at bank and in hand Creditors: Amounts falling due within one year 9 Net current assets Net assets Funds of the charity: Restricted income funds Restricted funds 11 Unrestricted income funds Unrestricted funds Total funds 11 |
2023 £ 33,993 1,493 - 138,890 140,383 (699) 139,684 173,677 11,568 162,109 173,677 |
2022 £ 40,681 1,275 4,423 56,090 |
|---|---|---|
| 61,788 (535) |
||
| 61,253 | ||
| 101,934 | ||
| 8,596 93,338 |
||
| 101,934 |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
The financial statements on pages 7 to 17 were approved by the trustees, and authorised for issue on .................... and signed on their behalf by:
......................................... Jane Grylls Trustee
The notes on pages 10 to 17 form an integral part of these financial statements. Page 9
The Grantham Canal Society
Notes to the Financial Statements for the Year Ended 31 March 2023
1 Accounting policies
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Basis of preparation
The Grantham Canal Society meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
Going concern
The financial statements have been prepared on a going concern basis.
The trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees make this assessment in respect of a period of one year from the date of approval of the financial statements.
Exemption from preparing a cash flow statement
The charity opted to early adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements.
Income and endowments
Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.
Donations and legacies
Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category.
Page 10
The Grantham Canal Society
Notes to the Financial Statements for the Year Ended 31 March 2023
Charitable activities
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Tangible fixed assets
Individual fixed assets costing £200.00 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation and amortisation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
| Asset class | Depreciation method and rate |
|---|---|
| Furniture and equipment | 25% straight line |
| Boats | 10% straight line to leave a residual value of 50% of the cost |
| Motor vehicles | 25% straight line |
Stock
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell, after due regard for obsolete and slow moving stocks. Cost is determined using the first-in, first-out (FIFO).
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Fund structure
Unrestricted income funds are general funds that are available for use at the trustees' discretion in furtherance of the objectives of the charity.
Page 11
The Grantham Canal Society
Notes to the Financial Statements for the Year Ended 31 March 2023
Restricted income funds are those grants for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.
2 Income from donations and legacies
| Donations and legacies; Donations from individuals 3 Income from charitable activities Unrestricted funds Designated £ Subscriptions 13,633 Sales & events 7,547 Donations & gift aid - Sundry income - Three Shires income 10,795 31,975 4 Investment income Interest receivable and similar income; Interest receivable on bank deposits |
Unrestricted funds General £ 67,740 67,740 Restricted funds £ - - 10,745 - - 10,745 |
Total 2023 £ 67,740 67,740 Total 2023 £ 13,633 7,547 10,745 - 10,795 42,720 Unrestricted funds General £ 12 |
Total 2022 £ 30,345 |
|---|---|---|---|
| 30,345 | |||
| Total 2022 £ 13,174 4,195 5,341 398 6,368 |
|||
| 29,476 | |||
| Total 2023 £ 12 |
Page 12
The Grantham Canal Society
Notes to the Financial Statements for the Year Ended 31 March 2023
5 Expenditure on charitable activities
| Insurances & licenses Boat maintenance & diesel Small tools maintenance Cost of sales Depot & utilities Administration, accounts & training Events PR & Communications Projects Sundry payments Three Shires costs Depreciation |
Unrestricted funds General £ 4,771 3,742 2,259 - 938 3,543 280 1,962 3,555 200 3,018 6,688 30,956 |
Restricted funds £ - - - - - - - - 7,773 - - - 7,773 |
Total 2023 £ 4,771 3,742 2,259 - 938 3,543 280 1,962 11,328 200 3,018 6,688 38,729 |
Total 2022 £ 5,546 1,949 2,078 122 959 2,003 63 868 58,049 120 1,209 6,688 |
|---|---|---|---|---|
| 79,654 |
6 Tangible fixed assets
| Cost At 1 April 2022 At 31 March 2023 Depreciation At 1 April 2022 Charge for the year At 31 March 2023 Net book value At 31 March 2023 At 31 March 2022 |
Furniture and equipment £ 27,997 27,997 17,062 2,363 19,425 8,572 10,935 |
Motor vehicles £ 8,394 8,394 2,098 2,098 4,196 4,198 6,296 |
Boats £ 44,555 44,555 21,105 2,227 23,332 21,223 23,450 |
Total £ 80,946 |
|---|---|---|---|---|
| 80,946 | ||||
| 40,265 6,688 |
||||
| 46,953 | ||||
| 33,993 | ||||
| 40,681 |
Page 13
The Grantham Canal Society
Notes to the Financial Statements for the Year Ended 31 March 2023
7 Stock
| 7 Stock |
||
|---|---|---|
| Stocks 8 Debtors Trade debtors VAT recoverable 9 Creditors: amounts falling due within one year Other taxation and social security Other creditors |
2023 £ 1,493 2023 £ - - - 2023 £ 21 678 699 |
2022 £ 1,275 |
| 2022 £ 623 3,800 |
||
| 4,423 | ||
| 2022 £ - 535 |
||
| 535 |
Page 14
The Grantham Canal Society
Notes to the Financial Statements for the Year Ended 31 March 2023
10 Charity status
The charity is a company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.
11 Funds
| Unrestricted funds General General fund Restricted funds Lock 13 Training Woolsthorpe Slipway Western Depot Total restricted funds Total funds Unrestricted funds General General fund Restricted Lock 13 Training Woolsthorpe Slipway Total restricted funds Total funds |
Balance at 1 April 2022 £ 93,338 - 1,605 6,991 - 8,596 101,934 Balance at 1 April 2021 £ 104,892 390 2,000 14,485 16,875 121,767 |
Incoming resources £ 99,727 8,725 - 1,020 1,000 10,745 110,472 Incoming resources £ 59,821 - - - - 59,821 |
Resources expended £ (30,956) (972) - (6,801) - (7,773) (38,729) Resources expended £ (71,375) (390) (395) (7,494) (8,279) (79,654) |
Balance at 31 March 2023 £ 162,109 7,753 1,605 1,210 1,000 |
|---|---|---|---|---|
| 11,568 | ||||
| 173,677 | ||||
| Balance at 31 March 2022 £ 93,338 - 1,605 6,991 |
||||
| 8,596 | ||||
| 101,934 |
Page 15
The Grantham Canal Society
Notes to the Financial Statements for the Year Ended 31 March 2023
The specific purposes for which the funds are to be applied are as follows:
The Training fund is to cover occasional training for volunteers. Lock 13 is for additional renovations.
Woolsthorpe Slipway is towards the restoration of the slipway. Western Depot is towards restoration works.
12 Analysis of net assets between funds
| 12 Analysis of net assets between funds | |||
|---|---|---|---|
| Tangible fixed assets Current assets Current liabilities Total net assets Tangible fixed assets Current assets Current liabilities Total net assets |
Unrestricted funds General £ 33,993 128,815 (699) 162,109 Unrestricted General £ 40,681 53,192 (535) 93,338 |
Restricted funds £ - 11,568 - 11,568 Restricted £ - 8,596 - 8,596 |
Total funds at 31 March 2023 £ 33,993 140,383 (699) |
| 173,677 | |||
| 2022 Total funds £ 40,681 61,788 (535) |
|||
| 101,934 |
13 Benefits in kind
The charity benefits from considerable input from many volunteers. The value of this contribution is not included within the financial statements.
14 Taxation
The charity is a registered charity and is therefore exempt from taxation.
Page 16
The Grantham Canal Society
Notes to the Financial Statements for the Year Ended 31 March 2023
15 Trustees remuneration and expenses
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.
No trustees have received any other benefits from the charity during the year.
16 Related party transactions
There were no related party transactions in the year.
17 Fees payable to independent examiner
During the period, the fees payable (excluding VAT) to the charity’s independent examiner Community Accounting Plus are analysed as follows:
| Accounting Plus are analysed as follows: | ||
|---|---|---|
| Independent examination | 2023 £ 565 565 |
2022 £ 535 |
| 535 |
Page 17
Company registration number: 01351149 Charity registration number: 507337
The Grantham Canal Society
(A company limited by guarantee)
Annual Report and Financial Statements
for the Year Ended 31 March 2023
Community Accounting Plus Units 1 & 2 North West 41 Talbot Street Nottingham NG1 5GL
The Grantham Canal Society
Contents
| Reference and Administrative Details | 1 |
|---|---|
| Trustees' Report | 2 to 5 |
| Independent Examiner's Report | 6 |
| Statement of Financial Activities | 7 to 8 |
| Balance Sheet | 9 |
| Notes to the Financial Statements | 10 to 17 |
The Grantham Canal Society
Reference and Administrative Details
Honorary Patron His Grace The Duke of Rutland Honorary President John Brydon Trustees Rosemary Gibson Rod Gordon Jane Grylls Mary Noble Anthony Osbond Michael Stone, Chairman Michelle Storer Anthony Goody Secretary Ashley Mather Registered Office Unit 2 Sherbrook Enterprise 100 Sherbrook Road Daybrook Nottingham NG5 6AB Company Registration Number 01351149 Charity Registration Number 507337 Independent Examiner John O'Brien, employee of Community Accounting Plus Units 1 & 2 North West 41 Talbot Street Nottingham NG1 5GL
Page 1
The Grantham Canal Society
Trustees' Report
The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 31 March 2023.
Trustees and officers
The trustees and officers serving during the year and since the year end were as follows:
Trustees: Rosemary Gibson Rod Gordon Jane Grylls Mary Noble Anthony Osbond Michael Stone, Chairman Michelle Storer Anthony Goody (appointed 1 April 2023) Mark Hubbard (resigned 21 November 2022)
Secretary: Ashley Mather
Structure, governance and management
Nature of governing document
The charity is a company limited by guarantee and registered charity. It is operated under the rules of its memorandum and articles of association dated 02/02/1978 and most recently amended 04/11/2008. It has no share capital and the liability of each member in the event of winding-up is limited to £1.
Recruitment and appointment of trustees
Trustees are appointed at the AGM by the voting membership.
Objectives and activities
Objects and aims
To advocate the use, maintenance and development of inland waterways and particularly the Grantham Canal, to advocate and promote the restoration and maintenance in good order and condition of the Grantham Canal and other waterways and to promote the use of such waterways.
Page 2
The Grantham Canal Society
Trustees' Report
The aims include:
• To promote, assist financially and otherwise support any measure or proposal for restoring, maintaining or improving the Grantham Canal or other inland waterways;
• To oppose the abandonment, neglect, pollution, obstruction, inappropriate development or closure of inland waterways or their infrastructure, environment and facilities;
• To create and promote by publicity and education the value and importance of inland waterways to the community;
• To promote by meetings, lectures, exhibitions, publications and other activities the collection and dissemination of knowledge about the Grantham Canal and other inland waterways;
- To lend and advance money to anybody established for charitable objects similar to those of the Society;
• To borrow or raise money for the purposes of the Society; sell goods, articles, services or things in connection with the promotion of the Society's objects;
• To do all such other lawful things as are necessary or desirable for the attainment of the Society's objects and which may lawfully be done by a body established for charitable purposes.
Objectives, strategies and activities
Promote, assist financially and otherwise support any measure or proposal for restoring, maintaining or improving the Grantham Canal or other inland waterways; oppose the abandonment, neglect, pollution, obstruction, inappropriate development or closure of inland waterways or their infrastructure, environment and facilities; create and promote by publicity and education the value and importance of inland waterways to the community; promote by meetings, lectures, exhibitions, publications and other activities the collection and dissemination of knowledge about the Grantham Canal and other inland waterways; lend and advance money to any body established for charitable objects similar to those of the Society; borrow or raise money for the purposes of the Society; sell goods, articles, services or things in connection with the promotion of the Society's objects; do all such oher lawful things as are necessary or desirable for the attainment of the Society's objects and which may lawfully be done by a body established for chatitable purposes
Public benefit
-
The education and training of the Society's volunteers in heritage and building skills;
-
The provision of "hands on" experience and involvement in the restoration, repair, maintenance, and
-
management of canals and waterways;
• The restoration, repair, maintenance and management of the Grantham Canal as a navigable canal;
• The provision of a multi-use leisure facility for the community both on and off the water (e.g. boating, fishing, walking, running, cycling, bird and wildlife watching and relaxation);
• Provision of access for the public to exercise in the open, in a safe and traffic free green environment, to promote mental and physical health and wellbeing;
• The provision of a wildlife environment along the line of the canal for the enjoyment of all; the promotion of the canal and its wildlife and leisure facilities to the community and the encouragement of the community to use and enjoy the canal and its facilities;
• The provision of education and involvement opportunities for children and young persons in the flora, fauna and wildlife found in, on, and around the canal;
• The provision of boat trips and other events on and around the canal for the enjoyment of the public;
• The maintenance of an archive about the history and heritage surrounding the Grantham Canal and the dissemination of such information to the public.
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
Page 3
The Grantham Canal Society
Trustees' Report
Achievements and performance
Society volunteers have been engaged in:-
-
Increasing numbers of new members;
-
Communicating with members, supporters, stakeholders and others about the health of the Society;
-
Meeting with Local Authorities to request a variation in the currently ‘Protected Route’ to link the canal with
-
the River Trent;
-
Receiving positive information from National Highways that they would support the re-construction of the
-
canal under the A52 trunk road.
-
Selling and delivering cruises on the society’s passenger boat – which is our main source of funds received
-
from the community;
-
Working to maintain the navigability of the 5 miles of canal already restored;
Our membership, supporters, and the wider general public have generously donated money, materials and time to allow us to make progress. The Canal and River Trust and the Waterways Recovery Group have also helped us to maintain and restore this beautiful canal.
-
Re-constructing a substantial slipway to enable society craft, used for cruises or maintenance purposes, to be
-
removed from the water for servicing;
-
Enhancing the environmental image of the waterway where necessary;
-
Undertaking tasks on behalf of the landlord, Canal & River Trust, to prevent leaks and restrict water loss;
-
Training of all new volunteers in Health & Safety requirements.
Financial review
The Society has been in receipt of some recent legacies, which together with fundraising during the past few years has placed us in a position where we are able to consider some more expensive projects, including purchase of machinery and preliminary work on restoring the next lock in the Woolsthorpe flight. We have also started to make arrangements to ensure the safety of our funds in case of bank failure, by moving sums to other institutions which offer charity savings accounts and interest.
Policy on reserves
We hold an annual reserve balance of £5,000 to cover Insurance, Licences, necessary inspections and training, maintenance and repair costs and general running costs. This is considered by the Committee to be adequate at the present time bearing in mind that the Society has no paid employees and all the work of the Society is undertaken by unpaid volunteers.
Page 4
The Grantham Canal Society
Trustees' Report
Statement of Responsibilities
The trustees (who are also the directors of The Grantham Canal Society for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". The report and accounts have been prepared in accordance with the provisions in the Companies Act 2006 relating to small companies.
Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including its income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards, comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Small companies provision statement
This report has been prepared in accordance with the small companies regime under the Companies Act 2006.
The annual report was approved by the trustees of the charity on .................... and signed on its behalf by:
......................................... Michael Stone Trustee
Page 5
The Grantham Canal Society
Independent Examiner's Report to the trustees of The Grantham Canal Society ('the Company')
Independent examiner’s report to the trustees of The Grantham Canal Society ('the Company')
I report to the charity trustees on my examination of the accounts of the company for the year ended 31 March 2023.
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 that in any material respect:
-
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
-
the accounts do not accord with 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 principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
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.
......................................
John O'Brien MSc, FAIA, FCCA, FCIE, employee of Community Accounting Plus Fellow of the Association of Charity Independent Examiners
Units 1 & 2 North West 41 Talbot Street Nottingham NG1 5GL
Date:.............................
Page 6
The Grantham Canal Society
Statement of Financial Activities for the Year Ended 31 March 2023 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)
| Note Income and Endowments from: Donations and legacies 2 Charitable activities 3 Investment income 4 Total income Expenditure on: Charitable activities 5 Total expenditure Net income/(expenditure) Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 11 |
Unrestricted £ 67,740 31,975 12 99,727 (30,956) (30,956) 68,771 68,771 93,338 162,109 |
Restricted £ - 10,745 - 10,745 (7,773) (7,773) 2,972 2,972 8,596 11,568 |
Total 2023 £ 67,740 42,720 12 110,472 (38,729) (38,729) 71,743 71,743 101,934 173,677 |
Total 2022 £ 30,345 29,476 - |
|---|---|---|---|---|
| 59,821 | ||||
| (79,654) | ||||
| (79,654) | ||||
| (19,833) | ||||
| (19,833) 121,767 |
||||
| 101,934 |
All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for the period is shown in note 11.
The notes on pages 10 to 17 form an integral part of these financial statements. Page 7
The Grantham Canal Society
Statement of Financial Activities for the Year Ended 31 March 2023 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)
These are the figures for the previous accounting period and are included for comparative purposes
| Note Income and Endowments from: Donations and legacies 2 Charitable activities 3 Total income Expenditure on: Charitable activities 5 Total expenditure Net expenditure Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 11 |
Unrestricted funds £ 30,345 29,476 59,821 (71,375) (71,375) (11,554) (11,554) 104,892 93,338 |
Restricted funds £ - - - (8,279) (8,279) (8,279) (8,279) 16,875 8,596 |
Total 2022 £ 30,345 29,476 |
|---|---|---|---|
| 59,821 | |||
| (79,654) | |||
| (79,654) | |||
| (19,833) | |||
| (19,833) 121,767 |
|||
| 101,934 |
The notes on pages 10 to 17 form an integral part of these financial statements. Page 8
The Grantham Canal Society
(Registration number: 01351149) Balance Sheet as at 31 March 2023
| Note Fixed assets Tangible assets 6 Current assets Stocks 7 Debtors 8 Cash at bank and in hand Creditors: Amounts falling due within one year 9 Net current assets Net assets Funds of the charity: Restricted income funds Restricted funds 11 Unrestricted income funds Unrestricted funds Total funds 11 |
2023 £ 33,993 1,493 - 138,890 140,383 (699) 139,684 173,677 11,568 162,109 173,677 |
2022 £ 40,681 1,275 4,423 56,090 |
|---|---|---|
| 61,788 (535) |
||
| 61,253 | ||
| 101,934 | ||
| 8,596 93,338 |
||
| 101,934 |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
The financial statements on pages 7 to 17 were approved by the trustees, and authorised for issue on .................... and signed on their behalf by:
......................................... Jane Grylls Trustee
The notes on pages 10 to 17 form an integral part of these financial statements. Page 9
The Grantham Canal Society
Notes to the Financial Statements for the Year Ended 31 March 2023
1 Accounting policies
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Basis of preparation
The Grantham Canal Society meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
Going concern
The financial statements have been prepared on a going concern basis.
The trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees make this assessment in respect of a period of one year from the date of approval of the financial statements.
Exemption from preparing a cash flow statement
The charity opted to early adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements.
Income and endowments
Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.
Donations and legacies
Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category.
Page 10
The Grantham Canal Society
Notes to the Financial Statements for the Year Ended 31 March 2023
Charitable activities
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Tangible fixed assets
Individual fixed assets costing £200.00 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation and amortisation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
| Asset class | Depreciation method and rate |
|---|---|
| Furniture and equipment | 25% straight line |
| Boats | 10% straight line to leave a residual value of 50% of the cost |
| Motor vehicles | 25% straight line |
Stock
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell, after due regard for obsolete and slow moving stocks. Cost is determined using the first-in, first-out (FIFO).
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Fund structure
Unrestricted income funds are general funds that are available for use at the trustees' discretion in furtherance of the objectives of the charity.
Page 11
The Grantham Canal Society
Notes to the Financial Statements for the Year Ended 31 March 2023
Restricted income funds are those grants for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.
2 Income from donations and legacies
| Donations and legacies; Donations from individuals 3 Income from charitable activities Unrestricted funds Designated £ Subscriptions 13,633 Sales & events 7,547 Donations & gift aid - Sundry income - Three Shires income 10,795 31,975 4 Investment income Interest receivable and similar income; Interest receivable on bank deposits |
Unrestricted funds General £ 67,740 67,740 Restricted funds £ - - 10,745 - - 10,745 |
Total 2023 £ 67,740 67,740 Total 2023 £ 13,633 7,547 10,745 - 10,795 42,720 Unrestricted funds General £ 12 |
Total 2022 £ 30,345 |
|---|---|---|---|
| 30,345 | |||
| Total 2022 £ 13,174 4,195 5,341 398 6,368 |
|||
| 29,476 | |||
| Total 2023 £ 12 |
Page 12
The Grantham Canal Society
Notes to the Financial Statements for the Year Ended 31 March 2023
5 Expenditure on charitable activities
| Insurances & licenses Boat maintenance & diesel Small tools maintenance Cost of sales Depot & utilities Administration, accounts & training Events PR & Communications Projects Sundry payments Three Shires costs Depreciation |
Unrestricted funds General £ 4,771 3,742 2,259 - 938 3,543 280 1,962 3,555 200 3,018 6,688 30,956 |
Restricted funds £ - - - - - - - - 7,773 - - - 7,773 |
Total 2023 £ 4,771 3,742 2,259 - 938 3,543 280 1,962 11,328 200 3,018 6,688 38,729 |
Total 2022 £ 5,546 1,949 2,078 122 959 2,003 63 868 58,049 120 1,209 6,688 |
|---|---|---|---|---|
| 79,654 |
6 Tangible fixed assets
| Cost At 1 April 2022 At 31 March 2023 Depreciation At 1 April 2022 Charge for the year At 31 March 2023 Net book value At 31 March 2023 At 31 March 2022 |
Furniture and equipment £ 27,997 27,997 17,062 2,363 19,425 8,572 10,935 |
Motor vehicles £ 8,394 8,394 2,098 2,098 4,196 4,198 6,296 |
Boats £ 44,555 44,555 21,105 2,227 23,332 21,223 23,450 |
Total £ 80,946 |
|---|---|---|---|---|
| 80,946 | ||||
| 40,265 6,688 |
||||
| 46,953 | ||||
| 33,993 | ||||
| 40,681 |
Page 13
The Grantham Canal Society
Notes to the Financial Statements for the Year Ended 31 March 2023
7 Stock
| 7 Stock |
||
|---|---|---|
| Stocks 8 Debtors Trade debtors VAT recoverable 9 Creditors: amounts falling due within one year Other taxation and social security Other creditors |
2023 £ 1,493 2023 £ - - - 2023 £ 21 678 699 |
2022 £ 1,275 |
| 2022 £ 623 3,800 |
||
| 4,423 | ||
| 2022 £ - 535 |
||
| 535 |
Page 14
The Grantham Canal Society
Notes to the Financial Statements for the Year Ended 31 March 2023
10 Charity status
The charity is a company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.
11 Funds
| Unrestricted funds General General fund Restricted funds Lock 13 Training Woolsthorpe Slipway Western Depot Total restricted funds Total funds Unrestricted funds General General fund Restricted Lock 13 Training Woolsthorpe Slipway Total restricted funds Total funds |
Balance at 1 April 2022 £ 93,338 - 1,605 6,991 - 8,596 101,934 Balance at 1 April 2021 £ 104,892 390 2,000 14,485 16,875 121,767 |
Incoming resources £ 99,727 8,725 - 1,020 1,000 10,745 110,472 Incoming resources £ 59,821 - - - - 59,821 |
Resources expended £ (30,956) (972) - (6,801) - (7,773) (38,729) Resources expended £ (71,375) (390) (395) (7,494) (8,279) (79,654) |
Balance at 31 March 2023 £ 162,109 7,753 1,605 1,210 1,000 |
|---|---|---|---|---|
| 11,568 | ||||
| 173,677 | ||||
| Balance at 31 March 2022 £ 93,338 - 1,605 6,991 |
||||
| 8,596 | ||||
| 101,934 |
Page 15
The Grantham Canal Society
Notes to the Financial Statements for the Year Ended 31 March 2023
The specific purposes for which the funds are to be applied are as follows:
The Training fund is to cover occasional training for volunteers. Lock 13 is for additional renovations.
Woolsthorpe Slipway is towards the restoration of the slipway. Western Depot is towards restoration works.
12 Analysis of net assets between funds
| 12 Analysis of net assets between funds | |||
|---|---|---|---|
| Tangible fixed assets Current assets Current liabilities Total net assets Tangible fixed assets Current assets Current liabilities Total net assets |
Unrestricted funds General £ 33,993 128,815 (699) 162,109 Unrestricted General £ 40,681 53,192 (535) 93,338 |
Restricted funds £ - 11,568 - 11,568 Restricted £ - 8,596 - 8,596 |
Total funds at 31 March 2023 £ 33,993 140,383 (699) |
| 173,677 | |||
| 2022 Total funds £ 40,681 61,788 (535) |
|||
| 101,934 |
13 Benefits in kind
The charity benefits from considerable input from many volunteers. The value of this contribution is not included within the financial statements.
14 Taxation
The charity is a registered charity and is therefore exempt from taxation.
Page 16
The Grantham Canal Society
Notes to the Financial Statements for the Year Ended 31 March 2023
15 Trustees remuneration and expenses
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.
No trustees have received any other benefits from the charity during the year.
16 Related party transactions
There were no related party transactions in the year.
17 Fees payable to independent examiner
During the period, the fees payable (excluding VAT) to the charity’s independent examiner Community Accounting Plus are analysed as follows:
| Accounting Plus are analysed as follows: | ||
|---|---|---|
| Independent examination | 2023 £ 565 565 |
2022 £ 535 |
| 535 |
Page 17