THE MONTGOMERY WATERWAY RESTORATION TRUST COMPANY NUMBER 1508017 REGISTERED CHAIUTY NUMBER 510448 STATEMENT OF ACCOUNTS FOR THE YEAR ENDED 31" OCTOBER 2022 •AC87PGWZ* 21107r2023 COMPANIES HCiJSE A16
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THE MONTGOMERY WATERWAY RESTORATION TRUST INDEX TO THE ACCOUNTS Company tnforniation Tntst Committee Report Consolidated Balance Sheet Consolidated Statement of Financial A1VitieS Notes to the Accounts Montgomery Waterway Restoration Trust: Balance Sheet Statement of Financial Adivities Friends of the Montgomery Canal: Balance Sheet Statement of Financial Activities io The Montgomery Triathlon: Balance Sheet Statement of Financial Activities 12 13 Independent Examiner's Rq)ort 14
THE MONTGOMERY WATERWAY RESTORATION TRUST COMPANY INFORMATION TRUSTEES Chainnan M.S.Limbrey MBE Vice-chainnan Mrs Y.K. Holyoak Secretary R.A.Dewey Treasurer N.S.G.Bostock DL. FCA Other Trustees D.J.P.Farn]¢r (Died 21/102) Mrs C.E. Palin C. Bushnell M.A. Handford REGISTERED OFFICE 26 Bentley Drive Oswestry Shropshire SYII ITQ BAINKERS HSBC plc The Cross Oswesty Shropshire SYI12SR
THE MONTGOMERY WATERWAY RESTORATION TRUST TRUST COMMITTEE REPORT 31st ooBER 2022 The Trust Committee present their report and financial statements for the year ended 31# October 2022. Prin¢1 al Activi Icharitable Ob'ectives The principal activity ofthe Company in the year was promoting the restoration to good and navigable order and condition of the Montgomery arni of the Shropshire Union Canal running from Welsh Frankton in the county of Shropshire to Newtown in the (x)unty of Powys and any brdnches thereof, for the use and benefit of the public. Following the launch of a further appeal this year to fund the reinstatement of Schoolhouse Bridge. criCkhea over £1 rnillion has been rdiscd in donations and promises. This is the last public road bridge blockage in Shropshire. and work began in 2020 with completion in 2023. This will continue the restoration of the ¢anal beyond the already completed section to Crickheath. Planning is in progress for the restoration of the remaining 2 mile dry section in Shropshire to connect with the canal in water on the Welsh border at LIanJinCch. From here to Maerdy Bridge WOTk is in progress to restore the canal, including the reinstatement of two dropped bridges, with £15 ¼ million grant under the Government tEvelling Up Fund. Meanwhile, the Trust continues to organise a comprehensive proarnMe of Mmunity events and activities. A notable event is the annual Triathlon along the canal which is organised by The Friends of the Montgomery Canal, an OTganization of local pp]e affiliated to the Trust. In Augusl 2022 a 550m section of the Canal at Dolfor near Newtown was purchased from Severn Trent Water Authority for £1 plus purchase costs of £106. Repairs are planned, with possible assistance from a Welsh Government Access Improvement Grant. tn deciding what activities to undertake, the Trustees have paid due Tegard to the Charity Commission guidance on public benefit. Reserves Poli The reserves in unrestricted funds will be Maintain to wver a minimum of two years activity. This designation is in addition to such reserves. including those in restricted funds, &$ the Tnte¢S consider ne¢ to med forthcoming obligations and commitments. Safe arditi Polieie5 and Procedures The various policies and statements that apply to membership and volunteaing with the Trust are in place and are reviewed annually. These encompass health & safety, equal opportunities, equality and diversity, the environment, education & training, and young persons & vulnerdble adult protection.
Directors The Directors of the Company are defined as the TnLStees (sce company infonnation). None of th¢ Trustees hav¢ any beneficial interest in the Company. SD]all Com tion This report is prepared in accordance with the special provisions relating to small companies within Part 15 of the companies Act 2006. The Tnte¢S considw that an audit is nol required for this year under Section 43 (2) of the Charities Act 1993. but that an indq)endent examination is need. Approvd by the Board of Trusttts and Sied on their behalf: M S Limbrey Chairman 2023
THE MOlffGOMERY WATERWAY RESTORATION TRUST CONSOLIDATED BALANCE SHEET AS AT 31st OCTOBER 2022 Note 2022 2021 Fixed Assets Land and Buildings Tan9ible Fixed Assets 107 4,055 Currant Assets: Stock and work in progress Debtors and Prepayments Balances at Bank 179.315 37.635 1.(9,(XIl 475,889 Cash in hand 37 518.426 1,295,278 Current Liabiliiies: Creditors.. Amounts falling due within one year -159.963 -2.140 Nel Current Assets 1.135.315 516,286 Creditors.. Amounts falling due after one year -343.625 Total Net Assots £795,161 £520.341 Represented by. Reslri¢led Funds Unrestricted Funds 759.291 35,870 £795.161 505.196 15.145 £520.341 Dlreclors Staternents Ited Accounts In prepariro these Financial statements: For the year endww 31110122 the tompany vras entitled lo exempts'on under section 477 of the Companies Act 2006 rdaliry lo srnall Comples. No members have fequired the company to obtsin an audit of its accounts for the in question in accordance with section 476 of the Compan$ Acl 2(M)6. The directors aCknOedge their resportsibdrties fcrf ¥*ryth the requirements of the Act with wpect lo accounting records and for the preparation of xcounts. The Fi I Stsiemepts Vre approved by the Board of Tru$lees on 2 1 IL-2023. Chaimian Treasurer The notes on pages 6 to 7 fomi part of these statements.
THE MONTGOMERY WATERWAY RESTORATION TRUST CONSOLIDATED STATEMENT OF FINANCIAL ACTlVtfiES FOR THE YEAR ENDED 31st OCTOBER 2022 unrtr18d R09trict•d 2022 Funds Funds Totsl 2021 Total Incomlng Rgsourcos Voluntary Incomo Membership subscriptions Donations Grft - Iand Revenue 2.699 19,854 428 2.699 261,430 281.284 20.9)4 21.332 2,305 148.501 3.227 Incoming Resources from Charitsbie Aclivili8S and Fundraising 13.861 20,229 6.318 Other InGome Bank interest 142 178 320 29 Total Incoming Rosourcos 29.491 296,373 325,864 160,380 Resources Expended Costs of generating funds Goods for sale Charitable expenditure Publiuty Support costs 312 312 110 1,589 3.707 39.571 5,296 45,436 1.759 54,875 Totsl R•sourc•s ExpMded 7.766 43.278 51,044 56,744 Net Incomlng Resources 21.725 253.09S 274.820 103.636 Total Funds l)ought forward 15.145 505.196 520,341 416,705 Transfer to R•stricted Fund$ 1.0(Kl Total Funds ¢arried forward £35.870 £759.291 £795,161 £520,341
THE MoNfGOMERY WATERWAY RESTORATION TRUST Note5 forming part of the Con$olidAted Financial Ststements for the year ended 31# October 2022 l. AeeouDting Polieies In pr¢paring these financial statements: For the year ended 31 October 2022 the company w&$ entitled to exemption from audit under section 477 Companies Act 2006. No member of the company has deposit a notic4 pursuant to section 476. wuiring an audit of these financial ststements under the requirements of the Companies Act 2(Kl6. The tnteeS acknowledge their responsibilities for ensuring that the a)mpany keeps accounting records which comply with section 386 of th¢ Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the fmancial year and of its profit or loss for the fmancial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to acunts. so far &s applicable to the company. These financial statements have been prepared in accordance with provisions applicable to companies subject to the small companies regime within Part 15 of the Companies Act 2006. with the Financial Reporting Standard for Smaller Enterprises {effective April 2(K)8). and with The Accounting and RetK)rting by Charities- Statement of Reconunended Practice (SORP 2(KI5). b) The accounts incorpM)rate the Tesults of Montgomery Canal RenstrUCtion Ltd. a wholly owned subsidiary company fornied on 30 May 2018. and The Friends of the Montgomery Canal. a branch of the company set up in December 2001 as a membership section. 2. Share Capitsl The CmPanY is incorporated as a company limited by guarantee and does not have wholly owned Share Capital. The liability of each member is fixed at an amount not to exeAed £1. 3. Land and Buildings Montgornery Canal Reconstruction Ltd purchased 550m of the m0ntgomerys.re Canal, including Dolfor lock and bothie, in August 2022 at a cost of £107. 4. TaDgible Fixed Assets Tangible fixeAJ assets costing more than £500 were capitslised as at I" November 2009 and included at st less dqCClation at I/4 per annum on cost. Additions since are treated on the same basis.
THE MoKfGOMERY WATERWAY REStORATION TRUST Notes forming part of th• Conx)lidal•d Flnancial SLitwn•nts for th• y•ar lo 31st octo1r 2022. 4 (cont) At 1st November 2021 Additions At 31st October 2022 11.794 11,794 D¢preciallon At 1st November 2021 Chargg for the year At 31 st October 2022 7.739 691 8,430 Not Book Valu• At 31st O¢tober 2022 At 31 st October 2021 4,055 5 Stock and work In progress 2022 2021 Slo¢ks of FKomotional g(KMJs for resale Work in progress.. SchxAhouse Bridge 110 37,525 37,635 179,306 179.315 6 Debtor8 2022 2021 Tax Recoverable Grft Aid recoverable Accrued income and prepayments 27.402 18.555 952 2,670 2.195 4.865 2022 2021 7 Cr•ditors: amounts falllng due wlthln one year Tax Other cxeditors and actual ch*ges 1,476 159.963 159.963 2.140 2022 2.021 8 Creditors: amounts falling due after one year. Loan interest free and with no repayThent date 343,625 9 R•slrlcted funds These represent fvnds mMted to restoration of the Monlgomeryshire Cana.
THE MONTGOMERY WATERWAY RESTORATION TRUST BALANCE SHEET AS AT 31st OCTOBER 2022 2022 2021 Flxed Assots: Equipment Cost Depreciation Nel Book Value Investment Montgomery Can81 Reconstruction Ltd 100 £1 Shares Loan 257 -257 257 -257 100 486,400 486.500 100 411.400 411,500 Current As$0ts Debtors Montgomery Canal Triathlon Bank balances 18.513 3.087 694 172.824 725.255 743.768 176.605 Creditors: Amount falling within one year. Montgomery Canal ReconslructKJn Ltd -261 -973 -1,234 742,534 -92 -92 176,513 Not Curr•nt As$•ts Creditors . Amount falling due after one year -343.625 Total Nèt Assets £885,409 £588.013 Represented by. Restricted Funds Unreslricled Funds 866,311 19.098 £885.409 588.012 £588.013
MONTGOMERY WATERWAY RESTORATION TRUST STATEMENT OF FINANCIAL ACTMTIES FOR THE YEAR ENDED 31st OCTOBER 2022 Unrnstri¢#ed Restricled Funds FurKIs 2022 Total 2021 Tolal In¢omlng Resourc•s Voluntary Income Donations 19.566 261.430 280.996 20,904 147,941 2.820 Grft Aid Charitable Activities and Fundraising Sundry Income 156 156 63 Other Income.. Bank Inleresl 142 19,864 142 302,198 282.334 150,844 Resources Expended CharItae Expenditu Publicity Promolional Materials 3,707 3.707 Support Costs Bank Charges Commission General Expenses Insuran Professional fees Restoration Expenses Subscriptions 173 173 564 1.229 1,362 139 302 1,981 1.178 1.362 51 0000 4CKI 2,813 400 2,813 54 6.s95 2.520 2.767 3.828 5.496 2.767 7.53S 10.302 5,496 Net Incomlng (Outgolng) Resources 17.097 274.799 291.896 145,348 Total funds bought forward Transfér from Friends of the Montgomery Canal Triathlon Other 588.012 588.013 436,971 2.000 3.$00 694 s.o Tolal funds carried forward £19,098 £866.311 £885.409 £588,013 Note.. The Restricted Funds inccryrate the"R85tore The Monlgomery Canal. account
FRIENDS OF THE MONTGOMERY CANAL BALANCE SHEEf AS AT 31st OCTOBER 2022 2022 2021 Fixed Assets: Equlpment Cost= Depreciation 8,267 -7.075 8,267 -7.075 Net Book Value 1.192 Curront Ass•ts: Siod( Debtors & Prepayments Bank balances Cash in Hand 110 683 16.275 37 439 16.384 53 16.885 17.105 Curr•nt Liabllitles: Creditors.. Amount falling dug within one ye¥ Montgomery Canal Reconstructn Ltd -20 -59 -79 Nel Current Assets 16,402 17,026 Totsl Nèt Ass•ts £17,302 £18,218 R•presented by: Restricted Funds Unrestricted Funds 7.000 12.802 11,218 £17.302 £18,218 10
FRIENDS OF THE MONTGOMERY CANAL STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31st OCTOBER 2022 Incomlng Rer¢¢8 Unrestrlcted Restricted Funds Funds 2022 Total 2021 Total Membership Subscriptions Donations Gift Aid 2,699 2,305 506 407 428 428 Charilable AGlivities and Fundraising-. can hire Sales of MerchaTrJise 740 740 1.410 690 2.100 1,706 1.706 5,121 5.121 5.318 Resources Expended Cost of generating funds.. Goods for resale 312 312 110 Charitable expenditure.. Publicity Promotional materials Newsletter 37 1.251 1.288 1.192 1.192 1.192 1,192 Support Costs Bank Charges Commission General expenses Insurance Repairs lo Equipment Subscriptions Depreciation 109 44 375 128 55 19 297 467 375 128 55 25 424 1.232 292 1.033 292 1.033 2,630 2.537 2.630 Net Incoming Re8OUfces Total funds brought fOard Transferred to Montgomery Wat•nvay Rotoraiion Trust For Schoolhouse Brldge Transfer lo fund Mid-woles Growth D•al EconorniG Impacts Study Total funds carrled forward 2.688 20.530 11,218 7,000 18,218 -5.000 -2.500 -2,500 £4,500 £17.302 £18.218 £12.802 11
THE MONTGOMERY CANAL TRIATHLON BALANCE SHEEf AS AT 31s1 OCTOBER 2022 2022 2021 Flxed Assets: Equipment Cost Depreciation Nel Bk Vaue -113 75 Current Assets: Debtors Bank Balance 15 5.063 5,078 3,923 3.923 Current Liabiliti•s: Creditors." Amounts falling due within one year Montgomery Waterway Restoration Trust -552 -1.246 3.832 Nel crent Assets 3.893 Total Not Assets £3,968 £3.926 Repregented by: Restricted Funds Unrestricted Funds 3,926 £3.968 3,926 £3.926 12
THE MONTGOMERY CANAL TRIATHLON STATEMENT OF FINANCIAL ACTMTIES FOR THE YEAR ENDED 31st OCTOBER 2022 2022 2021 Unmtri¢t•d R•stricted Funds Funds T Total In¢oming Regources Donations Charitable Actlvltl8s & Fundrnlsing Triathlon entries 4,155 Total Incoming Resouces 4.506 Resources Expanded Charltable expenditure Publicity.. Promotional materials Medallions 113 358 471 397 397 397 397 Support costs Bank Charges Commission General expenses Hire of equipment Catering Depreualion 50 81 208 1,670 39 19 2.067 2.464 81 289 1.810 1.670 39 19 2.067 2.464 19 2.138 Not Incoming Resour5 2.042 2.042 1,600 Total funds bought forward Transfer lo Montgomery Waler4vay Restoration Trust Total fund6 carried forward 3.926 -2,000 £3.968 3.926 -2.000 £3.968 3,020 £3,926 13
THE MONTGOMERY CAIYAL RESTORATIOIY TRUST+ IDd¢pendeDt Examiner's Report. This r¢rt on the financial statements of The Montgomery Water4vay Restoration Trust for th¢ year endcd 31. October 2022, which are set out on pages I to 12, is in respect of an examination carried out in accordance with s.43 of the Charities Act 1993 ('Ihe Act"), as amended by Section 28 of the Charities Act 2006. Respective Responsibllltieg of the Trustees and the Examiner As Tnt8 you are reswnsible for the preparation of financia] statements. you consider that the audit requirement of Section 43 (2) of the Act docs not apply. It is my responsibility to issue the report on those financial statements in accordance with the ternis of the Regulations. and to state whether particular matters have com¢ to my attention. Basis of the Report My examination was carried out in accordance with General Directions given by the ChaTity Commission under section 43 (7)b of the ACL. That examination includes a T¢Vi¢W of the accounting records kept by the TnLStees and a compartson of the accounts with those records. It also includes considering any unusual items or disclosures in the financial statements and seeking explanations from you &s trust5 concerning any such matters. The procedures undcrtakcn do not provide all the evidence that would be required in an audit. and consequently I do not expre&s an audit opinion on the view given by the accounts. IDdepeDdent Examiner's Statement In comiection with my exarninati0 no rnat has ¢om¢ to my attention: i) Ivhich V&S me reasonable cause to believe that in any material respect the to keep accounting records in accordancc with section 41 of th¢ Act". and to prepare financial statements which accnrd wtth the accounting records and to comply with the Tequirements of the Act and Regulations have not be£n met. or to which. in my Opinio attention slK)uld be drawn in order to enable a proper und¢rstanding of th¢ financial statements to Teach. 2) K. Palm Roland House. Tixall Mews. Tixall, Stafford. ST18 OXT 20/&/ 2023 14