**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<br>start of this accounting period<br>**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<br>Goody|1/4/22|Finance Manager|
|Mrs Frances Hilda Mary<br>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<br>**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: 

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

2. the accounts do not accord with those records; or 

3. the accounts do not comply with the 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 

4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [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**<br>**Income and Endowments from:**<br>Donations and legacies<br>2<br>Charitable activities<br>3<br>Investment income<br>4<br>Total income<br>**Expenditure on:**<br>Charitable activities<br>5<br>Total expenditure<br>Net income/(expenditure)<br>Net movement in funds<br>**Reconciliation of funds**<br>Total funds brought forward<br>Total funds carried forward<br>11|**Unrestricted**<br>**£**<br>67,740<br>31,975<br>12<br>99,727<br>(30,956)<br>(30,956)<br>68,771<br>68,771<br>93,338<br>162,109|**Restricted**<br>**£**<br>-<br>10,745<br>-<br>10,745<br>(7,773)<br>(7,773)<br>2,972<br>2,972<br>8,596<br>11,568|**Total**<br>**2023**<br>**£**<br>67,740<br>42,720<br>12<br>110,472<br>(38,729)<br>(38,729)<br>71,743<br>71,743<br>101,934<br>173,677|**Total**<br>**2022**<br>**£**<br>30,345<br>29,476<br>-|
|---|---|---|---|---|
|||||59,821|
|||||(79,654)|
|||||(79,654)|
|||||(19,833)|
|||||(19,833)<br>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**<br>**Income and Endowments from:**<br>Donations and legacies<br>2<br>Charitable activities<br>3<br>Total income<br>**Expenditure on:**<br>Charitable activities<br>5<br>Total expenditure<br>Net expenditure<br>Net movement in funds<br>**Reconciliation of funds**<br>Total funds brought forward<br>Total funds carried forward<br>11|**Unrestricted**<br>**funds**<br>**£**<br>30,345<br>29,476<br>59,821<br>(71,375)<br>(71,375)<br>(11,554)<br>(11,554)<br>104,892<br>93,338|**Restricted**<br>**funds**<br>**£**<br>-<br>-<br>-<br>(8,279)<br>(8,279)<br>(8,279)<br>(8,279)<br>16,875<br>8,596|**Total**<br>**2022**<br>**£**<br>30,345<br>29,476|
|---|---|---|---|
||||59,821|
||||(79,654)|
||||(79,654)|
||||(19,833)|
||||(19,833)<br>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**<br>**Fixed assets**<br>Tangible assets<br>6<br>**Current assets**<br>Stocks<br>7<br>Debtors<br>8<br>Cash at bank and in hand<br>**Creditors: Amounts falling due within one year**<br>9<br>**Net current assets**<br>**Net assets**<br>**Funds of the charity:**<br>**Restricted income funds**<br>Restricted funds<br>11<br>**Unrestricted income funds**<br>Unrestricted funds<br>**Total funds**<br>11|**2023**<br>**£**<br>33,993<br>1,493<br>-<br>138,890<br>140,383<br>(699)<br>139,684<br>173,677<br>11,568<br>162,109<br>173,677|**2022**<br>**£**<br>40,681<br>1,275<br>4,423<br>56,090|
|---|---|---|
|||61,788<br>(535)|
|||61,253|
|||101,934|
|||8,596<br>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<br>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;<br>Donations from individuals<br>**3**<br>**Income from charitable activities**<br>**Unrestricted**<br>**funds**<br>**Designated**<br>**£**<br>Subscriptions<br>13,633<br>Sales & events<br>7,547<br>Donations & gift aid<br>-<br>Sundry income<br>-<br>Three Shires income<br>10,795<br>31,975<br>**4**<br>**Investment income**<br>Interest receivable and similar income;<br>Interest receivable on bank deposits|**Unrestricted**<br>**funds**<br>**General**<br>**£**<br>67,740<br>67,740<br>**Restricted**<br>**funds**<br>**£**<br>-<br>-<br>10,745<br>-<br>-<br>10,745|**Total**<br>**2023**<br>**£**<br>67,740<br>67,740<br>**Total**<br>**2023**<br>**£**<br>13,633<br>7,547<br>10,745<br>-<br>10,795<br>42,720<br>**Unrestricted**<br>**funds**<br>**General**<br>**£**<br>12|**Total**<br>**2022**<br>**£**<br>30,345|
|---|---|---|---|
||||30,345|
||||**Total**<br>**2022**<br>**£**<br>13,174<br>4,195<br>5,341<br>398<br>6,368|
||||29,476|
||||**Total**<br>**2023**<br>**£**<br>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<br>Boat maintenance & diesel<br>Small tools maintenance<br>Cost of sales<br>Depot & utilities<br>Administration, accounts & training<br>Events<br>PR & Communications<br>Projects<br>Sundry payments<br>Three Shires costs<br>Depreciation|**Unrestricted**<br>**funds**<br>**General**<br>**£**<br>4,771<br>3,742<br>2,259<br>-<br>938<br>3,543<br>280<br>1,962<br>3,555<br>200<br>3,018<br>6,688<br>30,956|**Restricted**<br>**funds**<br>**£**<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>7,773<br>-<br>-<br>-<br>7,773|**Total**<br>**2023**<br>**£**<br>4,771<br>3,742<br>2,259<br>-<br>938<br>3,543<br>280<br>1,962<br>11,328<br>200<br>3,018<br>6,688<br>38,729|**Total**<br>**2022**<br>**£**<br>5,546<br>1,949<br>2,078<br>122<br>959<br>2,003<br>63<br>868<br>58,049<br>120<br>1,209<br>6,688|
|---|---|---|---|---|
|||||79,654|



## **6 Tangible fixed assets** 

|**Cost**<br>At 1 April 2022<br>At 31 March 2023<br>**Depreciation**<br>At 1 April 2022<br>Charge for the year<br>At 31 March 2023<br>**Net book value**<br>At 31 March 2023<br>At 31 March 2022|**Furniture and**<br>**equipment**<br>**£**<br>27,997<br>27,997<br>17,062<br>2,363<br>19,425<br>8,572<br>10,935|**Motor vehicles**<br>**£**<br>8,394<br>8,394<br>2,098<br>2,098<br>4,196<br>4,198<br>6,296|**Boats**<br>**£**<br>44,555<br>44,555<br>21,105<br>2,227<br>23,332<br>21,223<br>23,450|**Total**<br>**£**<br>80,946|
|---|---|---|---|---|
|||||80,946|
|||||40,265<br>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**<br>**Stock**|||
|---|---|---|
|Stocks<br>**8**<br>**Debtors**<br>Trade debtors<br>VAT recoverable<br>**9**<br>**Creditors: amounts falling due within one year**<br>Other taxation and social security<br>Other creditors|**2023**<br>**£**<br>1,493<br>**2023**<br>**£**<br>-<br>-<br>-<br>**2023**<br>**£**<br>21<br>678<br>699|**2022**<br>**£**<br>1,275|
|||**2022**<br>**£**<br>623<br>3,800|
|||4,423|
|||**2022**<br>**£**<br>-<br>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**<br>**_General_**<br>General fund<br>**Restricted funds**<br>Lock 13<br>Training<br>Woolsthorpe Slipway<br>Western Depot<br>**Total restricted funds**<br>**Total funds**<br>**Unrestricted funds**<br>**_General_**<br>General fund<br>**Restricted**<br>Lock 13<br>Training<br>Woolsthorpe Slipway<br>**Total restricted funds**<br>**Total funds**|**Balance at 1**<br>**April 2022**<br>**£**<br>93,338<br>-<br>1,605<br>6,991<br>-<br>8,596<br>101,934<br>**Balance at 1**<br>**April 2021**<br>**£**<br>104,892<br>390<br>2,000<br>14,485<br>16,875<br>121,767|**Incoming**<br>**resources**<br>**£**<br>99,727<br>8,725<br>-<br>1,020<br>1,000<br>10,745<br>110,472<br>**Incoming**<br>**resources**<br>**£**<br>59,821<br>-<br>-<br>-<br>-<br>59,821|**Resources**<br>**expended**<br>**£**<br>(30,956)<br>(972)<br>-<br>(6,801)<br>-<br>(7,773)<br>(38,729)<br>**Resources**<br>**expended**<br>**£**<br>(71,375)<br>(390)<br>(395)<br>(7,494)<br>(8,279)<br>(79,654)|**Balance at 31**<br>**March 2023**<br>**£**<br>162,109<br>7,753<br>1,605<br>1,210<br>1,000|
|---|---|---|---|---|
|||||11,568|
|||||173,677|
|||||**Balance at 31**<br>**March 2022**<br>**£**<br>93,338<br>-<br>1,605<br>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<br>Current assets<br>Current liabilities<br>Total net assets<br>Tangible fixed assets<br>Current assets<br>Current liabilities<br>Total net assets|**Unrestricted**<br>**funds**<br>**General**<br>**£**<br>33,993<br>128,815<br>(699)<br>162,109<br>**Unrestricted**<br>**General**<br>**£**<br>40,681<br>53,192<br>(535)<br>93,338|**Restricted**<br>**funds**<br>**£**<br>-<br>11,568<br>-<br>11,568<br>**Restricted**<br>**£**<br>-<br>8,596<br>-<br>8,596|**Total funds at**<br>**31 March**<br>**2023**<br>**£**<br>33,993<br>140,383<br>(699)|
||||173,677|
||||**2022**<br>**Total funds**<br>**£**<br>40,681<br>61,788<br>(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**<br>**£**<br>565<br>565|**2022**<br>**£**<br>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: 

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

2. the accounts do not accord with those records; or 

3. the accounts do not comply with the 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 

4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [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**<br>**Income and Endowments from:**<br>Donations and legacies<br>2<br>Charitable activities<br>3<br>Investment income<br>4<br>Total income<br>**Expenditure on:**<br>Charitable activities<br>5<br>Total expenditure<br>Net income/(expenditure)<br>Net movement in funds<br>**Reconciliation of funds**<br>Total funds brought forward<br>Total funds carried forward<br>11|**Unrestricted**<br>**£**<br>67,740<br>31,975<br>12<br>99,727<br>(30,956)<br>(30,956)<br>68,771<br>68,771<br>93,338<br>162,109|**Restricted**<br>**£**<br>-<br>10,745<br>-<br>10,745<br>(7,773)<br>(7,773)<br>2,972<br>2,972<br>8,596<br>11,568|**Total**<br>**2023**<br>**£**<br>67,740<br>42,720<br>12<br>110,472<br>(38,729)<br>(38,729)<br>71,743<br>71,743<br>101,934<br>173,677|**Total**<br>**2022**<br>**£**<br>30,345<br>29,476<br>-|
|---|---|---|---|---|
|||||59,821|
|||||(79,654)|
|||||(79,654)|
|||||(19,833)|
|||||(19,833)<br>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**<br>**Income and Endowments from:**<br>Donations and legacies<br>2<br>Charitable activities<br>3<br>Total income<br>**Expenditure on:**<br>Charitable activities<br>5<br>Total expenditure<br>Net expenditure<br>Net movement in funds<br>**Reconciliation of funds**<br>Total funds brought forward<br>Total funds carried forward<br>11|**Unrestricted**<br>**funds**<br>**£**<br>30,345<br>29,476<br>59,821<br>(71,375)<br>(71,375)<br>(11,554)<br>(11,554)<br>104,892<br>93,338|**Restricted**<br>**funds**<br>**£**<br>-<br>-<br>-<br>(8,279)<br>(8,279)<br>(8,279)<br>(8,279)<br>16,875<br>8,596|**Total**<br>**2022**<br>**£**<br>30,345<br>29,476|
|---|---|---|---|
||||59,821|
||||(79,654)|
||||(79,654)|
||||(19,833)|
||||(19,833)<br>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**<br>**Fixed assets**<br>Tangible assets<br>6<br>**Current assets**<br>Stocks<br>7<br>Debtors<br>8<br>Cash at bank and in hand<br>**Creditors: Amounts falling due within one year**<br>9<br>**Net current assets**<br>**Net assets**<br>**Funds of the charity:**<br>**Restricted income funds**<br>Restricted funds<br>11<br>**Unrestricted income funds**<br>Unrestricted funds<br>**Total funds**<br>11|**2023**<br>**£**<br>33,993<br>1,493<br>-<br>138,890<br>140,383<br>(699)<br>139,684<br>173,677<br>11,568<br>162,109<br>173,677|**2022**<br>**£**<br>40,681<br>1,275<br>4,423<br>56,090|
|---|---|---|
|||61,788<br>(535)|
|||61,253|
|||101,934|
|||8,596<br>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<br>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;<br>Donations from individuals<br>**3**<br>**Income from charitable activities**<br>**Unrestricted**<br>**funds**<br>**Designated**<br>**£**<br>Subscriptions<br>13,633<br>Sales & events<br>7,547<br>Donations & gift aid<br>-<br>Sundry income<br>-<br>Three Shires income<br>10,795<br>31,975<br>**4**<br>**Investment income**<br>Interest receivable and similar income;<br>Interest receivable on bank deposits|**Unrestricted**<br>**funds**<br>**General**<br>**£**<br>67,740<br>67,740<br>**Restricted**<br>**funds**<br>**£**<br>-<br>-<br>10,745<br>-<br>-<br>10,745|**Total**<br>**2023**<br>**£**<br>67,740<br>67,740<br>**Total**<br>**2023**<br>**£**<br>13,633<br>7,547<br>10,745<br>-<br>10,795<br>42,720<br>**Unrestricted**<br>**funds**<br>**General**<br>**£**<br>12|**Total**<br>**2022**<br>**£**<br>30,345|
|---|---|---|---|
||||30,345|
||||**Total**<br>**2022**<br>**£**<br>13,174<br>4,195<br>5,341<br>398<br>6,368|
||||29,476|
||||**Total**<br>**2023**<br>**£**<br>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<br>Boat maintenance & diesel<br>Small tools maintenance<br>Cost of sales<br>Depot & utilities<br>Administration, accounts & training<br>Events<br>PR & Communications<br>Projects<br>Sundry payments<br>Three Shires costs<br>Depreciation|**Unrestricted**<br>**funds**<br>**General**<br>**£**<br>4,771<br>3,742<br>2,259<br>-<br>938<br>3,543<br>280<br>1,962<br>3,555<br>200<br>3,018<br>6,688<br>30,956|**Restricted**<br>**funds**<br>**£**<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>7,773<br>-<br>-<br>-<br>7,773|**Total**<br>**2023**<br>**£**<br>4,771<br>3,742<br>2,259<br>-<br>938<br>3,543<br>280<br>1,962<br>11,328<br>200<br>3,018<br>6,688<br>38,729|**Total**<br>**2022**<br>**£**<br>5,546<br>1,949<br>2,078<br>122<br>959<br>2,003<br>63<br>868<br>58,049<br>120<br>1,209<br>6,688|
|---|---|---|---|---|
|||||79,654|



## **6 Tangible fixed assets** 

|**Cost**<br>At 1 April 2022<br>At 31 March 2023<br>**Depreciation**<br>At 1 April 2022<br>Charge for the year<br>At 31 March 2023<br>**Net book value**<br>At 31 March 2023<br>At 31 March 2022|**Furniture and**<br>**equipment**<br>**£**<br>27,997<br>27,997<br>17,062<br>2,363<br>19,425<br>8,572<br>10,935|**Motor vehicles**<br>**£**<br>8,394<br>8,394<br>2,098<br>2,098<br>4,196<br>4,198<br>6,296|**Boats**<br>**£**<br>44,555<br>44,555<br>21,105<br>2,227<br>23,332<br>21,223<br>23,450|**Total**<br>**£**<br>80,946|
|---|---|---|---|---|
|||||80,946|
|||||40,265<br>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**<br>**Stock**|||
|---|---|---|
|Stocks<br>**8**<br>**Debtors**<br>Trade debtors<br>VAT recoverable<br>**9**<br>**Creditors: amounts falling due within one year**<br>Other taxation and social security<br>Other creditors|**2023**<br>**£**<br>1,493<br>**2023**<br>**£**<br>-<br>-<br>-<br>**2023**<br>**£**<br>21<br>678<br>699|**2022**<br>**£**<br>1,275|
|||**2022**<br>**£**<br>623<br>3,800|
|||4,423|
|||**2022**<br>**£**<br>-<br>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**<br>**_General_**<br>General fund<br>**Restricted funds**<br>Lock 13<br>Training<br>Woolsthorpe Slipway<br>Western Depot<br>**Total restricted funds**<br>**Total funds**<br>**Unrestricted funds**<br>**_General_**<br>General fund<br>**Restricted**<br>Lock 13<br>Training<br>Woolsthorpe Slipway<br>**Total restricted funds**<br>**Total funds**|**Balance at 1**<br>**April 2022**<br>**£**<br>93,338<br>-<br>1,605<br>6,991<br>-<br>8,596<br>101,934<br>**Balance at 1**<br>**April 2021**<br>**£**<br>104,892<br>390<br>2,000<br>14,485<br>16,875<br>121,767|**Incoming**<br>**resources**<br>**£**<br>99,727<br>8,725<br>-<br>1,020<br>1,000<br>10,745<br>110,472<br>**Incoming**<br>**resources**<br>**£**<br>59,821<br>-<br>-<br>-<br>-<br>59,821|**Resources**<br>**expended**<br>**£**<br>(30,956)<br>(972)<br>-<br>(6,801)<br>-<br>(7,773)<br>(38,729)<br>**Resources**<br>**expended**<br>**£**<br>(71,375)<br>(390)<br>(395)<br>(7,494)<br>(8,279)<br>(79,654)|**Balance at 31**<br>**March 2023**<br>**£**<br>162,109<br>7,753<br>1,605<br>1,210<br>1,000|
|---|---|---|---|---|
|||||11,568|
|||||173,677|
|||||**Balance at 31**<br>**March 2022**<br>**£**<br>93,338<br>-<br>1,605<br>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<br>Current assets<br>Current liabilities<br>Total net assets<br>Tangible fixed assets<br>Current assets<br>Current liabilities<br>Total net assets|**Unrestricted**<br>**funds**<br>**General**<br>**£**<br>33,993<br>128,815<br>(699)<br>162,109<br>**Unrestricted**<br>**General**<br>**£**<br>40,681<br>53,192<br>(535)<br>93,338|**Restricted**<br>**funds**<br>**£**<br>-<br>11,568<br>-<br>11,568<br>**Restricted**<br>**£**<br>-<br>8,596<br>-<br>8,596|**Total funds at**<br>**31 March**<br>**2023**<br>**£**<br>33,993<br>140,383<br>(699)|
||||173,677|
||||**2022**<br>**Total funds**<br>**£**<br>40,681<br>61,788<br>(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**<br>**£**<br>565<br>565|**2022**<br>**£**<br>535|
|||535|



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