THE MONTGOMERY WATERWAY RESTORATION TRUST COMPANY NUMBER 1508017 REGISTERED CHARITY NUMBER 510448 STATE1￿lENT OF ACCOUNTS FOR THE YEAR ENDED 31" OCTOBER 2024 THE MONTGOMERY WATERWAY RESTORATION TRUST INDEX TO THE ACCOUNTS Pa Company Inforniation Trust Committee Report Consolidated Balance Sheet Consolidated Statement of Financial Activities Notes to the Accounts Montgomery Waterway Restoration Trust: Balance Sheet Statement of Financial Activities Llanymynech Canal Wharf: Statement of Financial Activitics 10 Friends of the Montgomery Canal: Balance Sheet statcrn￿t of Financial Activities 21 The Montgomery Triathlon: Statemcnt of Financial Activities 13 Independent Examiner's Report 14 THE MONTGOMERY WATERWAY RESTORATION TRUST COMPANY INFORMATION TRUSTEES Chainnan M.S.Limbrey MBE Vice-chairnian Mrs Y.K. Holyoak Secretary R.A.Dewey Treasurer N.S.G.Bostock DL, FCA Other Trustees Mrs C.E. Palin C. Bushnell M.A. Handford REGISTERED OFFICE 26 Bentley Drive Oswestry Shropshire SYI I ITQ BANKERS HSBC plc The Cross Osw¢stry Shropshire SYI12SR THE MONTGOMERY WATERWAY RESTORATION TRUST TRUST COMMITTEE REPORT 31$t OCTOBER 2024 The Trust Committee present their report and financial statements for the year ended 31" October 2024. Princi al Aetivi /Charitable Ob'ectives The principal activity of the Company in the year was promoting the restoration to good and navigable order and condition of the Montgomery ami of the Shropshire Union Canal running from Welsh Frankton in the county of Shropshire to Newtown in the county of Powys and any branches thereof, for the use and benefit of the public. Following the completion of Schoolhouse Bridge, Crickheath, in 2024, volunteers led by the SI￿opshIre Union Canal Society are continuing to restore the remaining 2 mile dry section in Shropshire to connect with the canal in water on the Welsh bordcr at Llanymynech. An appeal was launched in 2023 towards the first phase as far as Waen Wen where boats coming from Welsh Frankton will be able to wind. From Llanymynech to Macrdy Bridge in Powys work is being funded by a £14 million ant under the Governmcnt Lcvclling Up Fund. Dredging is partially complete and the reinstatement of two (tropped bridges will take place in 2025. Meanwhile, the Trust continues to organise a comprehensive programme of cornmunity events and activities. A notablc ¢vent is the annual Triathlon along the canal which is organised by The Friends of the Montgomery Canal, th¢ membership section of the Trust. In addition Llanymynech Canal Wharf, a visitor centre and operator of a passenger narrow boat cquipped with facilities for the disabled, became a member of the Trust in August 2024. Regular boat trips, on a short section ajrcady restored there, take place during the summ¢r months. In August 2022 a 550m section of the canal at Dolfor near N¢wtown was purchas from Hafr¢n Dyfrdwy Ltd for £1 plus purchase costs of £106. Repairs are planned, with possible assistance from a Welsh Government Access Improvem¢nt Grant. In deciding what activities to undertake, the Trustees have paid due regard to the Charity Commission guidance on public benefit. Reserves Polic The reserves in unrestricted funds will be maintained to cover a miniinum of two years activity. This deS1￿]atiOn is in addition to such reserves, including those in restricted funds, as the TTUStees consider necessary to meet forthcoming obligations and commitments. However, the reserve in restiicted funds is currently in deficit due to a loan outstanding from a supporter to enable completion of Schoolhouse Bridge. This loan has no repayment date, and the Trustees are assured that it will not be called until funds are available. ## Safeguarding Policies and Procedures The various policies and statements that apply to membership and volunteering with the Trust are in place anid are reviewed annually. These encompass health & safety, equal opportunities, equality and diversity, the environment, education & training, and young persons & vulnerable adult protection. ## Directors The Directors of the Company are defined as the Trustees (see company information). None of the Trustees have any beneficial interest in the Company. ## Small Company Exemption This report is prepared in accordance with the special provisions relating to small companies within Part 15 of the companies Act 2006. The Trustees consider that an audit is not required for this year under Section 43 (2) of the Charities Act 1993, but that an independent examination is needed. Approved by the Board of Trustees and signed on their behalf: M S Limbrey Chairman—_ 3 ## THE MONTGOMERY WATERWAY RESTORATION TRUST |||CONSOLIDATED|CONSOLIDATED||| |---|---|---|---|---|---| |BALANCE SHEETASAT||AT|31stOCTOBER2024||| ||Note||2024||2023| |Fixed Assets|||£||£| |Land and Buildings
Tangible FixedAssets|3
4||107
22,126||107
2,878| |Current Assets:|||||| |Stockandwork inprogress
Debtorsand Prepayments
Balances atBank
Cash in hand|5
6|||-|
69,039
194,753
69||
i|820,460!
182,098
407,663
61| |Current Liabilities:|||263,861 |||1,410,282| |Creditors:|||||| |Amounts falling due within|||||| |one year|7|I|56,719!||-155,166| |NetCurrentAssets|||207,142||1,255,116| |Creditors:|||||| |Amounts fallingdue afterone year|8||-272,325||-339,225| |Totai Net (Liabilities)Assets|||LA SSO||£918,876| |Represented by:|||||| |Restricted Funds
Unrestricted Funds|9||-112,309
69,359||863,078
55,798| |DirectorsStatementsonunauditedAccounts|||||| in preparing these Financial statements: For the year ending 31/10/24 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies. No members have required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for com plying with the requirements of the Act with respect to accounting records and for the preparation of accounts. The E iryancial Statements were approved by the Board of Trustees on { ¢ ALY 2025. M.S. Limbrey ~ Wi, N.S.G.Bostock Chairman Treasurer The notes on pages 6 to 7 form part of these financial statements. 4 THE MONTGOMERY WATERWAY RESTORATION TRUST CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31st OCTOBER 2024 Unrestricted Restricted Funds Funds 2024 Total 2023 Total Incoming Resources Voluntary Income Membership subscriptions Donations Gift Aid - Inland Revenue 2,563 9,042 2,468 2,563 116,056 125,098 9,640 12,108 2.523 140.446 13,024 Incoming Resources from Charitsble Activities and Fundraising 10.075 1,313 11,388 8,898 Other Income Bank interest 3,801 238 4,039 7,950 Total Incoming Resources 27,949 127,247 155,196 172,841 Resources Expended Costs of generating funds Goods for sale Charitable expenditure Grants Publicity Support costs 77 77 18 600 1.751 7.037 600 1,143 2,894 1,130,115 1,137,152 7,565 41,543 Total Resources Expended 9,388 1,131,335 1,140,723 49,126 Net Incoming Resources 18,561 -1,004,088 -985,527 123,715 Total Funds bought fonNard 55,798 863,078 918,876 795,161 Fund5 IntroduTrd Transfer Total Funds carried forward 23,701 5,000 23,701 -5,000 £69,359 .£42,95C £918.876 THE MONTGOMERY WATERWAY RESTORATION TRUST Notes forming part of the Consolidated Financial Statements for the year ended 31" October 2024 l. Accounting Policies In preparing these financial statements: For the year ended 31 October 2024 the company was entitled to exemption from audit under section 477 Companies Act 2006. No member of the company has deposited a notice, pursuant to section 476, requiring an audit of these financial statements under the requirements of the Companies Act 2006. The trustees acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 of the Act and for prep￿ing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit or loss for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the rcquirements of the Companies Act 2006 relating to accounts, so far as applicable to the company. Thesc financial statements have been prepared in accordance with provisions applicable to companies subject to the small companies regime within Part 15 of the Compani¢s Act 2006, with the Financial Reporting Standard for Smaller Entco)rises (effcctive April 2008), and with The Accounting and Reporting by Charities - Statement of Recommended Practice (SORP 2005). b) The accounts incorporate the results of Montgomery Canal Reconstruction Ltd, a wholly owned subsidiary company fornied on 30 May 2018, the Friends of the Montgomery Canal, a branch of the company set up in December 2001 as a membership section, and Llanymynech Canal Wharf. A volunteer group operating a Visitor Centre and passenger narrow boaL which joined the Trust on I st August 2024. 2. Share Capital The company is incorporated as a company limited by guarantee and does not have a wholly owned Share Capital. The liability of each member is fixed at an amount not to exceed £1. 3. Land and Buildings Montgomery Canal Reconstruction Ltd purchased 550m of the Montgomeryshire Canal, including Dolfor lock and bothie, in August 2022 at a cost of £1 07. 4. Tangible Fixed Assets Tangible fixed assets costing more than £500 were capitalised as at l November 2009 and included at cost less depreciation at 10 % per am]um on cost. Additions since are treated on the same basis, with the exception of the narrowboat, which was capitalised s( at £20,000 on l August 2024 and depreciated at 40/0 per annum on cost. st THE MONTGOMERY WATERWAY RESTORATION TRUST Notes forming part of the Consolidatod Flnancial Statemènts for the year to 31 st October 2024. 4 (cont) Cost At 1st November 2023 Additions At 31st October 2024 11,794 20,000 31,794 Depreciation At 1st November 2023 Charge for the year At 31 st October 2024 8.916 752 9,668 Net Book Value At 31 st October 2024 22.126 At 31 st October 2023 2.878 5 Stock and work in progress 2024 2023 Stocks of promotional goods for resale Work in progress: Schoolhouse Bridge 820,460 820,460 6 Debtors 2024 2023 Shropshire Council Performance Deposit Tax Recoverable Gift Aid recoverable Accrued inwme and prepayments 56,146 95 11,156 1,642 69,039 123,645 46,391 10,668 1.394 182,098 2024 2023 7 Creditors: amounts falling due wlthin one yéar Other creditors and accrued charges 56,719 155,166 2024 2023 8 Creditors.. amounts falling due after one year. Loan interest free and with no repayment date 272,325 339,225 9 Restricted funds These represent funds committed to restoration of the Montgomeryshire Canal. THE MONTGOMERY WATERWAY RESTORATION TRUST BALANCE SHEET AS AT 31st OCTOBER 2024 2024 2023 Fixed Assets: Equipment Cost Depreciation Net Book Value Investment Montgomery Canal Reconstruction Ltd 100 £1 Shares Loan 20257 457 19,800 257 -257 100 1,259.400 1,279,300 100 960,400 960,500 Current Assets Debtors Bank balances 12,126 155,978 11,380 390,441 168,014 401.821 Creditors: Amount falling within one year. Net Current Assets Creditors Amount falling due after one year -722 167,382 -1011 400.810 -272.325 -339.225 Total Net Assets £1,174,357 £1,022,085 Represented by: Restricted Funds -The Montgomery Waterway Restoration Trust - Llanyrnynech Canal Wharf 1,098,655 23.419 983,910 Unrestricted Funds -The Montgomery Waterway Restoration Trust 52,283 £1,174,357 38,175 £1,022,085 MONTGOMERY WATERWAY RESTORATION TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31st OCTOBER 2024 Unrestrictèd Funds Rèstrictad Funds 2024 Total 2023 Total Incoming Resources Voluntary Income Donations 8,783 2095 115,560 9,558 124,343 11,653 140,230 12,619 Gift Aid Charitable Activities and Fundraising Raffle Sundry Income 2,821 2,821 152 Other Income.. Bank Interest 3801 17,500 3,801 142,618 6,889 159,890 125,118 Resources Expended Charitable Expenditure Publicity Promotiona5 Materials 741 741 5.808 Support Costs Bank Charges Commission General Expenses Insurance Restoration Expenses Subscriptions 166 296 1,221 1,628 166 296 1,453 1,628 14,400 81 18.024 164 410 232 1,993 24,908 14,400 81 3,392 14,632 28,406 3,392 15,373 18,765 34,214 Net Incoming Resources 14,108 109,745 123,853 125,676 Total funds bought forward Transfer from Friends of the Montgomery Canal Triathlon Friends 38,175 983.910 1,022,085 885,409 2,000 3.000 2,000 3.000 4,500 6,500 Total funds carried forward £52,283 £1,098,655 £1,150.938 £1,022.085 Note: The Restricted Funds incorporate the "Restore The Montgomery Canal" account MONTGOMERY WATERWAY RESTORATION TRUST LLANYMYNECH CANAL WHARF STATEMENT OT FINANCIAL ACTIVITIES FOR THE PERIOD 1ST AUGUST TO 31ST OCTOBER 2024 Restricted Funds INCOMING RESOURCES Donations Gift Aid Charitable Activities and Fundraising Boat Takings Sale of Goods 496 82 1,212 101 1.313 1,891 RESOURCES EXPENDED Cost of Generating Funds.. Goods for resale Charitable Expenditure: Publicity . Promotional Materials Support Costs Boat repairs Boat license Insurance Professional fees Subscription Depreciation 77 402 431 236 77 700 50 200 1,694 2.173 Net Outgoing Resources Funds Introduced Total funds carried forward -282 23,701 £23,419 10 FRIENDS OF THE MONTGOMERY CANAL BALANCE SHEET AS AT 31st OCTOBER 2024 2024 2023 Fixed Assets: Equipment Cost: Depreciation 8,455 -7,756 8,455 -7.585 Net Book Value 699 870 Current Assets: Debtors & Prepayments Bank balances Cash in Hand 373 16,030 69 415 16,312 61 16,472 16,788 Current Liabilities: Creditors.. Amount falling due within one year -95 -35 Net Current Assets 16,377 16,753 Total Net Assets £17,076 £17,623 Represented by: Unrestricted Funds:_ Friends Triathlon 13,950 14.366 3,126 3,257 £17,076 £17,623 FRIENDS OF THE MONTGOMERY CANAL STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31st OCTOBER 2024 Incoming Resources Unrestrlcted Restricted Funds Funds 2004 Total 2023 Total Membership Subscriptions Donations Gift Aid 2,563 259 373 2,565 259 373 2,523 216 405 Charitable Activities and Fundraising: Canoe hire Sales of Merchandise Raffle 800 912 95 1,807 800 912 95 1,807 1,320 521 72 1,913 5.002 5,002 5,057 Resources Expended Cost of generating funds.. Goods for resale 18 Charitable expenditure: Grants Llanymynech Canal Wharf 600 600 Publicity Newsletter 1,171 1,171 1,187 Support Costs Bank Charges Commission General expenses Subscriptions Depreciation 61 28 376 30 152 647 61 28 376 30 152 647 76 27 69 30 86 288 2,418 2,418 1,493 Net Incoming Resources Total funds brought forward Transfer to Montgomery Waterway Restoratlon Trust Total funds carried forward 2,584 14,366 -3,000 £13,950 2,584 3.564 14,366 17,302 -3,000 -6,500 £13,950 £14,366 12 FRIENDS OF THE MONTGOMERY CANAL THE MONTGOMERY CANAL TRIATHLON STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31st OCTOBER 2024 2024 2023 unrestrict￿ Restricted Funds Funds Total Total Incoming Resources Donations Charitable Activities & Fundraising Triathlon entries 5,447 5,447 6,833 Total Incoming Resouces 5.447 5,447 6,833 Resources Expanded Charitable expenditura Publicity= Medallions Support costs Bank Charges Commission General expenses Hire of equipment Catering Depreciation 580 580 570 10 121 290 1,933 101 19 2,474 3,044 98 243 98 243 EllE 2,576 62 19 2,998 3,578 2.576 62 19 2,998 3,578 Net Incoming Resources 1.869 1.869 3,789 Total funds bought forward Transfer to Montgomery Watern￿aY Restoration Trust Total funds carried forward 3,257 -2,000 £3,126 3,257 -2,000 £3,126 3,968 4,500 £3,257 13 THE MONTGOMERY CANAL RESTOIL4TION TRUST+ Independent Examiner's Report. This report on the financial statements of The Montgomery Waterway Restoration Trust st for the year ended 31 October 2024: 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 ('%he Act"), as amended by Section 28 of the Charities Act 2006. Respective Responsibilities of the Trustees and the Examiner As Trustees you are responsible for the preparation of financial statements. YOU consider that the audit requirement of Section 43 (2) of the Act does not apply. It is my responsibility to issue the report on those financial statements in accordance with the tenns of the Regulations, and to state whether particular matters have come to my attention. Basis of the Report My examination was carried out in accordance with General Directions given by the Charity Commission under section 43 (7)b of the Act,. That examination includes a rcvi¢w of the accounting records kept by the Trustees and a comparison of the accounts with those records. It also includes considering any unusual items or disclosurc8 in the financial statements and seeking explanations from you as trustees concerning any such matters. The procedures und¢rtaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts. Independent ExAminer's Statement In conncction with my examination, no matter has come to my attention: Which gÈvcs me reasonable cause to belicve that in any materkal respect the requirements to keep accounting records in accordance with section 41 of the Act: and to prepare financial statements which accord with the accounting records and to comply with the requirements of the Act and Regulations have not been met; or to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached. 2) K. Palmer Roland House, Tixall Mews, Tixall, Stafford. ST18 OXT 2025 14