Charlty reglstratlon numbor 514219 (England and Wales) Company registration number 01739659 DUDLEY CANAL TRUST (TRIPS) LIMITED ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
DUDLEY CANAL TRUST (TRIPS) LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Trustees CA Bennett L T Bradshaw Dr M C Clark J Deacon R l Langford PT Smith A Truslove K J Williams L Head BEM l G Watson LJBratt {Appolnted 10 September 2024) (Appolnted 18 September 2024) Charfty numbor 514219 Company number 01739659 Prlnclpal addross 501 Birmiwham New Road Dudley West Mldlands DY14SB Roglstered offl¢e 501 Birmingham New Road Dudley West Midlands DY14SB Independent examiner CK Accounting Servic8$ No 4 Castle Court 2 Castlegate Way Dudley West Midlands DY14RH
DUDLEY CANAL TRUST (TRIPS) LIMITED CONTENTS Pago Trustees, report Irmjependent examin8rfs r8tK)rt Statement of financial activitiès Balance sheet Notes to the financial statements 6-11
DUDLEY CANAL TRUST (TRIPS) LIMITED TRUSTEES. REPORT {INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees present thelr annual report and financial statements for the year ended 31 December 2024. The financial ststements have been prepared in acc¢)rdance with the accounting policies set out in note 1 to the financial statements and comply with the charitys goveming document. the Companies Act 2006 and 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to tharities preparing their a¢Unts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) {effective 1 January 2019)". Objectlves and actlvltles In January 2018 the activities of the charity were transferred to Dudley Canal a1 Tunnel Trust and its subsidiary ompany. The aim vms to merge this charity with Dudley Canal and Tunnel Tnjst: however. the legal complexities and financial costs have led to a change in direction. This charity now continues as custodian of the Portal Building. upon which a loan is secured. This enables separation belween Dudley Canal and Tunnel Trust and the building asset. as good praclice. The Trustees are the same for both this charity and Dudley Canal and Tunnel Trust. enabling no conflict between the 0 charities. Publlc benefit The trustees have paid due regard to guidance issued by the Charity Commlsslon in deciding what actlvlties the harity should undertake. Flnanclal revl¢w Total incomlng resources for the year amounted to £104,850 {2023 £36.800}. Total resources expended were £24,365 (2023 £26,099). Total funds at th8 ènd of thè yèar am¢)unted to £699.373 (2023 £618.888). Major rfsks The trustees have assessed the major risks to which the charity is 8xposèd. and are satisfied that systems are in place to mitigate exposure to the major risks. Structure, governan¢e and management The charlty is a company limited by guarantee and hence there is no shar8 capital. The trustees. who are also the diredors for the purpose of company law. and who served during the year and up to the date of slgnature of the financial statements were: C A Bennett L T Bradshaw Dr M C Clark J Deao)n R l Langford H O'connor PT Smith A Truslove K J Williams L Head BEM l G Watson LJBratt (Resigned 1 August 2024) (Appointed 10 September 2024} {Appointed 18 September 2024} Recnirfment and appointment of trustees New trustees are briefed by the management regardlng the operations and their legal obllgatlons under charlty and company law. They are also given 2 tunnel tour to obtain a better understanding of the company histcry and operations. None of the trustees has any benefiGial interest in the company. All of the trustees are m8mb8rs of the company and guarantee to contribute £1 in the evant of 8 winding up. Organisational structur8 The board of trustees admlnlster the Charity and meet annually.
DUDLEY CANAL TRUST (TRIPS) LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees, report was approved by the Bo8rd of Trustees. P T Smith Truste• 18 August 2025
DUDLEY CANAL TRUST (TRIPS) LIMITED INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF DUDLEY CANAL TRUST (fRIPS) LIMITED I report to the trustees on my examlnatlon of the flnanclal statements of Dudley Canal TNSI ITrips) Limlt8d (the charlty) for the year ended 31 December 2024. Responsibilltl•8 and basls of r•port As the trustees of the charlty land also Its dlre¢tors for the purposes of company law), you are responsibl8 for th6 preparatlon of the financial statements in accordance wilh the requirements of the Companies Act 2006. Having satisfied myself that th8 financial statements of the charity are not r8qulred to be audited under Part 16 of the 2006 Act and are eligible for Independent examlnation. I report in respect of my examination of th8 charitys financlal statemenls ¢arrled out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed 811 the applicable Directions given by the Charlty Commission under sedlon 14515)(b) of the 2011 Act. Independent examlnerfs Statement I have completed my 8xamination, l Confirm that no matters have come to my attention in conne¢lion with the examination giving m8 cause to b81iev8 that In any material respect: accounting records were not kept in respe¢t of the charity as required by section 386 of the Compani8s Act 20(. the financial statemènts do not accord with those records: or the financial stal8ments do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair vi8w, which is n(rt a mattér consldered as part of an independent examination. or the financlal statements have not been prepared in accordance th thè methods and prlnciples of the ststement of Recommend8d Practicè for accounting and reportlng by charitles applicable to charities pr8paring their financial statements In accordance wlth the Flnancial Reporting Standard applicable in th8 UK and Republic of Ireland (FRS 102). I have no nrn$ and have come across no other mattèrs in connection with the examlnallon to which attention should be drawn In this report in order to enable a proper understandlng of the financial stslem8nts to be reached. Blake Morris (FCA) CK Accounllng Sorvlce$ No 4 Castle Court 2 Casllegate Way Dud16y W8st Mldlands DY14RH 18August 2025
DUDLEY CANAL TRUST (TRIPS) LIMITED STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITUREACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestrlcted Restricted lund$ funds 2024 2024 Total Unrestrlcted Restrlcted funds fiinds 2023 2023 T¢)tal 2024 2023 Notes Income from: Charitablé activities 19,921 84,929 104.850 8,992 29,808 36.800 Total Income 19.921 84.929 104,850 6.992 29,808 36,800 Expenditure on: Charitable activities 6,695 17.670 24.365 7.262 18.837 26.099 Total expendlture 6,695 17,670 24.365 7,262 18.837 26.099 Net Income and mov8m•nt In funds 13,226 67,259 80.485 {270) 10.971 10.701 Reconciliation of funds: Fund balances at 1 January 2024 147,127 471.761 618,888 147.397 460,790 608.187 Fund balances at 31 December 2024 160.353 539.020 699,373 147,127 471.761 618.888 The statement of financlal activities includes all gains and Fosses recognised in the year. All income and expenditure derive from ¢onlinuing activities. The notes on pag8s 6 to 11 fom part of these financial statements.
DUDLEY CANAL TRUST (TRIPS) LIMITED BALANCE SHEET AS A T 31 DECEMBER 2024 2024 2023 Notes Fixed assets Tangible assets 962,895 976.642 Current as$ets Creditrxs: amounts falling due wlthln onè yèar {34,830) (43.457) Net curront liabilities (34,830} {43,457) Total assots less current liabilitles 928.065 933.185 Credltors: amounts falllng dua aftèr more than one yèar 10 (228,692) (314.297) Net assets 699,373 618.888 The funds of the charity Restricted income fvnds UnreslriGted funds 11 12 539,020 160,353 471.761 147.127 699,373 618,888 Th8 notes on pages 6 to 11 form part of these financial statements. The company Is entitled to the exemption from thè audrt requirement contsined in section 477 of the Companies Act 2006. for the year end8d 31 Dècember 2024. The dlre¢tors acknowledge their responsibilrf(ies for complying with the requirements of the Companies Act 2006 with respect to accounting records and th8 preparation of financial statements. Thè members have not requlred the ¢ompany to obtain an audit of its financial ststements for the year in questlon in accordance wlth sedion 476. These financial stat8m8nts have been prepared in ac¢ordance with the provisions applicable to companies subject to th8 small companies regime. The financial statements were approved by th8 trust88s on 18 August 2025 P-TS_ PTSmith Trustee Company registration numIr 01739659 (England and Wales)
DUDLEY CANAL TRUST (TRIPS) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Ac¢ountlng policios Charlty informatlon Dudley Canal Trust (Trips) Limit8d is a prlvate company limited by guarantee incorporaled in England and Wales. The r6gistered officè is 501 Blrmlngham New Road. Dudley. West Midlands, DY14SB. 1.1 Accounting convention The flnan¢ial statements have b8en prepared in accordance with the charlty's goveming document. the Companies Act 2006 and "Accountlng and Reporting by Charities: Statement of Recommended Practlcè applicable to charities preparing thelr accounts in accordan¢e with the Financial Reporting Stsndard applicablè in the UK and Republic of Ireland (FRS 102) (effective 1 January 20191" The charity is a Public Benefit Entlty as defined by FRS 102. The charity has taken advantage of the provisions in th8 SORP for charities applying FRS 102 Update Bulletin 1 not to prapare a Statement of Cash Flows. The financial statements are prepared In sterling, which is the functional currency of the charity. Monetsry amounts in these financial Statements are rounded to the nearest £. The financlal statements have been pr8pared under the historical CA)St conventlon. The principal acwunting pollcles adopted are Set out b81ow. 1.2 Going concern At the time of approving the financial statements, the truste8s have a reasonable expectation that the charlty has adequate resources to continue in operational existence for the foreseeable future. Thus th8 trlee8 continue lo adopt th8 going conc8m basis of accounting In preparing the financlBI stat8m8nts. 1.3 Charftsble funds Unrestrlcted funds 8r8 8vailable for use at the discretion of the trustees in furtheranc8 of their charltable objectives. Restricted funds are subj8ct to speclfl¢ conditions by donors or grantors as to how they may b8 used. Th8 purposes and usès of the restricted funds are set out in the notes to the financial slat8ments. 1.4 In¢ome Income is recognlsèd when the charity is legally entrtlèd to it after any performance conditions have be&n met, the amounts can be measured rellably, and it Is probable that inci)me will be r8cèived. 1.5 Expendituro Expenditurè is recognlsed once therè is a 18gal or constructlve obligation to transfer economic beneffl to thlrd party. It Is probable that 8 transfer of economlc benefrts wlll be requir8d in s8ttlemenl, and the amount of the obllgation can be measured rèliably. Expenditure is classified by activity. Thè costs of èach actlvfty are made up of tha total of dIrt Costs and shar8d costs, includlng support costs involvèd in undertaking each activity. Dirèct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activty and support costs which are not attributable to a single a1vty ar8 apporboned beeen those activilies on a basls consistent wth th8 use of resources. Central staff costs are allocated on the basis of tlme spent, and depreciation ¢harges are allocated on the portion of the asset's use. All expenditure is accounted for on an accru818 basis. Expenditure Is recognised wh8r8 there Is a legal or constructive obligation to make payments to third parties. it Is probable that a settlement wlll be required and th8 amount of the obligation cgn be measured rellably, Support Costs ar8 those that assist the work of the charity but do not directly represent charitabl8 a[VitieS and include govémanc8 ¢OSts .
DUDLEY CANAL TRUST {TRIPS) LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting pollclos (Continued) 1.6 Tangible flxed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation. net of depreciation and any impairment losses. Depreciation is recognised so as to WTite off the st or valuation of assets less their residual values over their useful lives on the following bases.. Portal Leasehold improvements Tunnel improvements Booking office and shed straight lin8 over the temi of the lease straight line over the tem) of the leas8 20% reduryng balance 20% redu¢ing balance The gain or loss arising on the disposal of an asset is detsrynined as the difference bet¥veen the sal8 proceeds and the carrying value of the asset. and is recognised in the statement of financial activities. 1.7 Impairn70nt of fixed assets At each reporting end date. the charity reviews the carying amounts of its tangible assets to determine whether there is any indl¢ation that those assets have suffared an Impainnent loss. If any such indication exists. th8 recoverable amount of the asset is estimated in ordar to detern)in& the extent of the impairmènt loss Irf any). 1.8 Cash and cash equlvalents Cash and cash equivalents include cash In hand, deposits held at call with banks. oth&r short-tenn liquid investments with original maturtties of three months or less. and bank overdrafts. Bank overdrafts are shown thin bom)wings in current Ilabilities. Baslc flnanclal Ilabllitles Basic financial liabilities. induding creditors and bank loans are initially recognised at transaction pri unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rale of interest. Financial liabilities classwfied as payable wiMin one year are not amortised. Debt instruments are subsequently carried at amortised cost. using the effectrve interest rate method. Derecognltion of flnanclal lia111•eS Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or Canlled. Income trom charltable a¢tivltlos UnroStrl¢ted Reslrlcted funds funds 2024 2024 Total Unrostrletsd Restrfctsd funds funds 2023 2023 Total 2024 2023 Rent81 income 19,921 84,929 104.850 6.992 29,808 36.800
DUDLEY CANAL TRUST (TRIPS) LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Expenditure on charitablo actlvltles Unre8trlcted R88trlctèd funds funds 2024 2024 Total Unrestrlctod Restricted funds funds 2023 2023 Totsl 2024 2023 Direct costs Depreclation and impairment Release of capltal grant Loan interest 5,347 {827) 2,175 8.400 13.747 (827) 11.445 5,841 1827) 2,448 8,400 14.041 (827) 12,885 9.270 10,437 6,695 17,670 24,365 7.262 18.837 26.099 Net movomont In funds 2024 2023 The nèt movement in funds is ststed after chargingl(creditlng}: Fees payable ft)r the independent examination of th8 charitys financial statements Depreciation of owned tangible fixed assets 900 13,747 900 14.041 Trustees None of th8 Irustees (or any persons connected with th8m} re¢elved any remuneration or benefits from the charity during th8 year. Taxotion The charity is exempt from taxation on its actNiti8s b8cause all its income is applred for charitable purposes. Tangible red a990ts Portal L•as•hold Tunnel Booklng ¢)ffl improv•m•nts Srnprov•m•nts and shed Total Cost At 1 January 2024 3.599,859 97,226 42,754 50,268 3,790,105 At 31 Dernber 2024 3.599,859 97,226 42,754 50,266 3.790.105 Depreciation and impairnient At 1 January 2024 Depreciation charged in the year 2.666.338 10,370 59,986 2,200 41,231 305 45.908 872 2,813.463 13,747 At 31 Decernr 2024 2.676.708 62,186 41.536 46,780 2.827.210 Carrying amount At 31 December 2024 923.151 35,040 1,218 3,486 962.895 At 31 December 2023 933.521 37.240 1,523 4,358 976,642
DUDLEY CANAL TRUST (TRIPS) LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Loans and ovordrafts 2024 2023 Other loans 257,692 351.097 Payable within one year Payable after one year 29,000 228.692 36.800 314.297 The long-tem loan is from the Local Enterprise Partnership and is secured against the Portal bullding. Credltors: amounts falllng due wlthin One year 2024 2023 Borrowings Other creditors 29,000 5,830 36,800 6,657 34,830 43,457 Other creditors are the deferr8d r8leas8 of a capitsl 9rant from Advantage West Midlands in 2001, èxpiring in 2031. 10 Creditors: amounts falllng due after more than one year 2024 2023 Borrowlros 228,692 314,297 A fixed charge dated 13 February 2014 was Created between Dudley Canal Trust (Trips) Limited and The Metropolitan Borough Council of Dudley. The charge is over the leasehold land registered at H M Land Registy under title MM20235 being Todds End Field. Birmingham New Road, Dudley together will all the buildings and fixtures from time to time and the benefft of all rights. easements and privileges apwrtenant to or benefiting from the same. The creation of the charge related to the European Regional Developmeni grant. A further three ¢harge$ dated 19 February 2015 were created between the charity and the National Heritage Memorial Fund, Th8 Metropolitan Borough Council of Dudley and thè Metropolitan Borough Council of Sandwell. The charges are over the bulldlngs and fixtures.
DUDLEY CANAL TRUST (TRIPS) LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 11 Restrlcted funds The restricted fijnds of the charity comprise the unexperKled balances of donatrons and grants hekl on trust subject to specific conditions by donors as to how they may bè us8d. Movement In funds In¢oming Resource8 Balance at r•sourc•s •xp•nd•d1 January 2024 m0Ment in funds Incorning R¢)UrCeS Balan 4¢ expend•d 31 Doumbor 2024 Balan¢0 at 1 January 2023 The Portal Fund 460.790 29,808 (18,837) 471,761 84.929 (17.670) 539.020 12 Unrostrlcted fund8 The unrestrided funds of the charity comprise the unexpended balances of donations and grants which ar8 not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. At 1 January 2024 Incomlng rosourcos Resources expended At31 Decembor 2024 General funds 147,127 19.921 (6,695) 160,353 Previous year: At 1 January 2023 Incoming resources Resources expended At31 December 2023 General funds 147.397 6,992 {7,262) 147,127 13 Analysis of net assets betwèen funds Unrestrlctéd funds 2024 Restrfcted funds 2024 Total 2024 At 31 De¢ember 2024: Tangible assets Current assetsl(liabiliti8s> Long tem) liabililies 215,144 (5.526) (49,265) 747,751 (29.304) (179,427) 962.895 {34,830) {228.692} 160,353 539,020 699,373 10-
DUDLEY CANAL TRUST (TRIPS) LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 13 Analysis of net assets between funds (Continued) Unrestrictod funds 2023 R•$trfctod funds 2023 Total 2023 At 31 Dècèmber 2023: Tangibl8 assets Current assetsl(liabilities) Long temi liabilit18S 220,491 (13,649} <59,715) 756.151 (29,808) (254.582) 976,642 {43.457) (314.297) 147,127 471,761 818.888 14 Operating lease commftments Le$so0 A lease Is in Pl relating to land at Todd's end. The rental payments are mad8 by Dudley Canal and Tunnel Trust. At the reporting end date the charity had outstanding commriments for future minimum lease payments under non-cancellable operating leases. which fall due as follows: 2024 2023 withln one year Belween two and five years In over five years 2.600 10,400 214.067 2.600 10,400 216.667 227,067 229,667 11