Charity reglstratlon number 514219 Company registralion number 017396591England and Wales DUDLEY CANAL TRUST (TRIPS) LIMITED ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 DUDLEY CANAL TRUST (TRIPS) LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Trustees CABenn8tt L Bradshaw Dr M C Clark J Deacon R l Langford H O'connor P T Smith A Truslove K J Williams (Appointed 20 February 2023) (Appointed 23 January 2023) L Head BEM Charlty number 514219 Company number 01739659 Principal address 501 Birmingham New Road Dudley Vvest Midlands DY14SB Roglstered office 501 Binningham New Road Dudley West Midlands DY14SB DUDLEY CANAL TRUST (TRIPS) LIMITED CONTENTS Page Trustees, report Independent examinerfs report ststement of financial actlvlties Balance sheet Notes to the financial ststements 6-12 DUDLEY CANAL TRUST (TRIPS) LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees present their annual report and financial statements for the year ended 31 December 2023. The financial statements have been prepa￿d in accordance with the accounting policies set out In note 1 to the financial statements and comply with the charity's governing document. the Companies Act 2006 and 'Accounting and Reporting by Charltles: Statement of Recommended Practice applicable to charities preparlng their accounls in aC￿rdanCe with th8 Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effectlve 1 January 2019)" Objectlves and activities In January 2018 the acllvities of the charity were transferred to Dudley Canal and Tunnel Trust and its subsidiary company. The aim was to merge this charity wtth Dudley Canal and Tunnel Trust: however. the legal complexltles and finandal costs have led to a change in direction. This charlty now continues as custodian of the Portal Building, upon which a loan is secured. This enables separation be￿en Dudley Canal and Tunnel Trust and the building asset, as good practlce. The Trustees are th8 same for both this charlty and Dudley Canal and Tunn81 Trust. enabllng no conflict bettveen the two charities. Public benefft The trustees have paid due regard to guldance issued by the Charity Commission in deciding what actlvltres the charity should undertake. Financial revlew Total incoming resources for the year amounted to £36.800 (2022 £141.000). Total resources expended were £26.099 (2022 -£66,821. Total funds at the end of the year amounted to £618,888 (2022 £608,187}. Major rlsks Th8 trustees have assessed the major rlsks to which the charity is exposed, and ar8 satisfied that systems are in place to mitigate exposure to the major risks. Structure• governance and managemenl The charity is a company limited by guarantee and hence there is no share capital. The trustees, vtho ar8 also the directors for the purpose of Company law, and who served during th8 year and up to the date of slgnature of the financial statements were: CA Benneti L Bradshaw Dr M C Clark I Collins J Deacon R l Langford H O'connor P T Smith A Truslove K J Williams D M Caunt L Head BEM (Resigned 22 November 2023) (Appolnted 20 February 2023) (Resigned 28 March 2023) {Appolnted 23 January 2023) Recrultment and appolntm8nt of tnistees New trustees are brlefed by the management regardlng the operatlons and their legal obllgallons under charlty and company law. Th8y are also given a tunn81 tour to obtain a better understanding of the ¢omp8ny history and operations. None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up. Organisation81 stmcture The board of twstees administer the Charity and meet annually. DUDLEY CANAL TRUST (TRIPS) LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees, report was approved by the Board of Trustees. P-TS_IL P T Smrth Trustee 30 May 2024 DUDLEY CANAL TRUST (TRIPS) LIMITED INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF DUDLEY CANAL TRUST (TRIPS) LIMITED I report to the trustees on my examination of the financial statements of Dudley Canal Trust ffrips) Limited (the charity) for the year ended 31 December 2023. Responsibilities and basis of report As the trustees of the charity (and also ts directors for the purposes of company law) you are ￿spOnSible for the preparation of the financial statements in accordance with the requirements of the Companies Act 21XJ6 (the 2006 Act). Having satisfied myself that the financial stst8m8nts of the charity are not required to be audited under Part 16 of Ihe 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity's financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carying out my examlnatlon I have followed all the applicable Directions given by the Charity Commlsslon under section 145{5)(b) of the 2011 Act. Independent examlnerfs statement I have compl8ted my examination. l Confirm that no matters have Come to my attention in Connection with the examlnatlon glving me cause to believe that in any material resp8Ct'. accounting records wer8 not kept In respect of the charity as required by section 386 of th8 2006 Act: or the financial statem8nts do not accord with those records; or the financial statements do not comply with the accounting requirements of section 396 of Ihe 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or the financial slatement5 have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by Gharities applicable to charities preparing their accounts in accordance wilh 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 underslanding of the financial ststernents to be reached. L/L Wendy Davies F Dated: 30 May 2024 DUDLEY CANAL TRUST (TRIPS) LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestrl¢ted Restrleted funds funds 2023 2023 Total Unrestricted Restrlcted funds funds 2022 2022 Total 2023 2022 Notes Income from: Charitable activities 6.992 29,808 36,800 141.000 141.000 Total incomé 6,992 29,808 38,800 141,000 141.000 Expenditure on: Charitable activities 7.262 18,837 26,099 58.421 8,400 66,821 Totsl expendlture 7,262 18,837 26,099 58.421 8.400 66.821 Net In¢om•l{expendfture) (2701 10.971 10.701 82,579 {8.400) 74.179 Transfers between funds (73.900) 73,900 Net movement in funds {270) 10.971 10,701 8,679 65,500 74,179 Reconclllation of funds: Fund balances at 1 January 2023 147.397 460.790 608,187 138,718 395,290 534,008 Fund balances at 31 December 2023 147.127 471,761 618.888 147.397 460.790 608,187 The statement of financial activities includes all gains and losses recognised in the year. All income and expendlture derive from continuing activities. The notes on pages 6 to 12 fonn part of these financial ststements. DUDLEY CANAL TRUST (TRIPS) LIMITED BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Not Flxed ass•ts Tangible assets Current assots 976.642 990,683 Credltors: amounts falllng due wlthln one year 10 (43,457) (44,284) Net current liabilities (43,457) {44.284) Total a$8ets less Current liabilities 933,185 946,399 Creditors: amounts falling due after more than one year 11 (314,297) {338,212) Net assets 618.888 608.187 Income funds Restricted funds Unrestricted funds 12 471.761 147.127 460.790 147,397 618.888 608,187 The company Is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006. for the year ended 31 December 2023. The directors acknowledge their responsibilities for complying with the requirements of Ihe Companies Act 2006 with respect to accounting records and the preparation of financial statements. The members have not required the company to obtsin an audit of its financial statements for the year in question in accordance with section 476. These financial statements have been prepared in accordance with the provisions applicable lo companies subject to the small companies regime. The financial statements were approved by the Trustees on 30 May 2024 PTSmith Truslee Company Reglstratlon No. 01739659 DUDLEY CANAL TRUST (TRIPS) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng poli¢i•s Charity Information Dudley Canal Trust {Trips) Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 501 Birmingham New Road, Dudley, West Midlands, DY14SB. 1.1 Accounting Gonventlon The financial 8tat8ments have been prepared in accordance with the charity's governlng document, the Companles Act 2006 and 'Accounting and Reporting by Charttles: Statemenl of Recommended Practi applicable to charities preparfng Ihelr accounts In accordance with the Financlal Reporting Standard appllcable in th8 UK and Republic of Ireland (FRS 102) (effectlve 1 January 2019). Th& charity Is a Public B8n8fit Entity as defined by FRS 102. The charity has tsken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Stat8ment of Cash Flows. The financlal statements are prepared in sterling. which is the functional currency of the Charity. Mon8tary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The prlncipal accounting pollcles adopted ar8 set out below. 1.2 Golng con¢•m At the tlme of approving the financial stat8ments, the trustees have a reasonable expectation that the charlty has ad8quat8 resources to contlnue In operational existence for the foreseeable luture. Thus the tTUSt88S contlnue to adopt the going conc8m basis of accounting In preparlng the financl818tstem8nts. 1.3 Charitable funds Unrestricted funds are available for use at the dlscretlon of the trustees in furth8rance of thelr charitable objectives. Restrict8d funds are subject to specific conditlons by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financlal statements. 1.4 Income Income is recognised when the ¢haiity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. 1.5 Expendlture Exp8nditure is recognis8d once there FS a legal or constructlV8 obligation to transfer economic benefit to a third party, it is probable that a transfer of eGonoml¢ benefits will be required in s8tt18ment, and the amount of the obligation can be measured reliably. Expenditur8 is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs. including support costs involved in undertaking each activity. Direct cosls attributable to a single adivlty are allocated directly to that activty. Shared costs which contribute to more than one activty and support costs which are not attributable to a single activity are apportioned betsveen those activities on a basis consistent with the use of re8ourc8s. Central staff wsts are allocated on the basis of time spent. and depreciation charges are allocated on the portion of the ass8fs use. All expenditure is accounted for on an accruals basis. Expendlture is recognised wh8r8 there is a legal or constructive obligation to make payments to third parties, it is probable that a settlement will be required and the amount of the obligation can be measured rellably. Support costs are those that assist the work of the charity but do not directly represent charitable activities and include governanc8 costs DUDLEY CANAL TRUST (TRIPS) LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng pollcles {Contlnued) 1.6 Tangible flxed assets Tangible fixed assets are initlally measured at cost and subsequently measured at cost or valuation, net of depreciation and any impainnent lo&ses. Depreciation is recognised so as to write off th8 Cost or valuatlon of assets less their residual values over their usefvl lives on the following bases: Portal Leasehold improvements Tunnel improvements Booking offic8 and shed straight Ilne over the term of the lease straight line over the tem of the lease 200/0 reducing balance 209h reducing balance The gain or loss arising on the disposal of an asset is detemiined as the difference between the sale proceeds and the carying value of the asset, and is recognised in the statement of financlal adlvltles. 1.7 Impalmient of fixed assets At each reporting end date, the charity reviews the carying amounts of its tanglble assets to detemiine whether there is any indication that those assets have suffered an impaiment loss. If any such indication exists, the recoverable amount of the asset is estlmated in order to determine the extent of the impairment loss (rf any). 1.8 Cash and cash equivalents Cash and cash equivalents include ¢8sh in hand. deposlts held at call with banks, other short-term liquid investments with original maturities of three months or less. and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. Basic finan¢lal ass•ts Basic financial assets, which indude debtors and cash and bank balances, are Initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arr8ngement constitutes a financing transaction, where the transaction Is measured at the present value of the future re￿iptS discounted at a market rate of interest. Flnancial assets dassified as receivable within one year are not amortised. 8asl¢ flnancial Ilabilities Basic financial liabilitles, induding creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financlng transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial Ilabilities classified as payable within one year are not amortised. Debt instruments a￿ subsequently carried at amortised cost. using the effective interest rate method. Trade creditors are obligations to pay for goods or Servi￿ that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities rf payment is due within one year or less. If not, they are present8d as non-current liabilities. Trad8 ¢￿dItorS are recognised initially at transaction price and subsequently measured at amortised cost uslng the effectiv8 interest method. Derecognition of fina￿la1 liabllltles Financlal liabilities ar8 d8recognised when the charity's ¢ontractual obllgations expire or are dlscharged or canc8118d. DUDLEY CANAL TRUST (TRIPS) LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Income from charitable activities Unrostricted Restrl¢ted funds fvnds 2023 2023 Total Unrestrlcted R081rfcted funds funds 2022 2022 Tolal 2023 2022 Rental income 6,992 29,808 36,800 141.000 141.000 Exponditure on charitable adlvltles Unrestricted Restrlcted funds funds 2023 2023 Total Total 2023 2022 Dlrècl costs Depreciation and Impairment Fund transferred to Dudley Canal and Tunnel Trust Release of capital grant Loan interest 5,641 8,400 14,041 14,408 3,375 (742) 49,764 (827) 2,448 {827) 12,885 10,437 7,262 18.837 26.099 66,805 Share of support and governance costs (see nole 4) Support 16 7.262 18,837 26,099 66.821 Support Gosls allocated to activities 2023 2022 Bank interest 16 Nfrt movement In funds 2023 2022 The net movement in funds is stated after chargingl