THE SALTISFORD CANAL TRUST LIMITED (ALSO KNOWN AS THE SALTISFORD CANAL CENTRE> (A COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st OCTOBER 2024 Company No: 01772423 (England and Wales) Charity No: 514613
THE SALTISFORD CANAL TRUST LIMITED Page 2 CONTENTS Page Legal and Administrative Information Report of the Directors Independent Examiner's Report Statement of the Financial Activities - 2024 Comparative Statement of the Financial Activities - 2023 Balance Sheet 10 Notes forming part of the Financial Statements
THE SALTISFORD CANAL TRUST LIMITED Page 3 LEGAL AND ADMINISTRATIVE DETAILS Charlty registration number 514613 Company registration number 01772423 (England and Wales) Trustees and Directors J Cammaerts (Chairman from 2nd July 2024) S Brittain (Vice Chairman from 2nd July 2024) V Harris J Lodge P H Carter C Wightman (Appointed 13th August 2024) C King (Appointed 13th August 2024) th E Welstead (Appointed 25 September 2024) M F Dutton (Resigned 21 ¥1 June 2024) D Clarke (Resigned 23r4 June 2024) B l Baker (Resigned 14" July 2024) Company Secretsry and Admlnlstrator J M Priest Prlnclpal and Reglstered Offlce Budbrooke Road Warwick CV34 5RJ Independent Examlner Mark Harwood FCA BFP FMAAT Michael Harwood & Co Chartered Accountants Greville House 10 Jury Street Warwick Warwickshire Bankers Lloyds Bank plc. 12 Swan Street Warwick Warwickshire CV34 4BJ
THE SALTISFORD CANAL TRUST LIMITED Page 4 DIRECTOR'S REPORT FOR THE YEAR ENDED 31ST OCTOBER 2024 The Trustees present their report and the financial statements of the charity for the year ended 31st October 2024. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities. (FRS 102) in preparing the annual report and financial statements of the charity. Structure, governance and management The charity has an executive committee of 8 Trustees who meet about every 618 weeks throughout the year and are responsible for the strategic direction and policy of the charity. The Trustees have delegated day to day responsibility for administration of the charity with the Company Secretary. The Saltisford Canal Trust Limited is a charitable company limited by guarantee and without share capital. The governing documents are the Memorandum and Articles of Association, The company was incorporated on 23rd November 1983. The Directors, who are also the Trustees of the charitable company, who served in the reporting period are listed on page 3. Appointment of Trustees is governed by the Articles of Association of the charitable company. The Board of Trustees is authorised to appoint new Trustees to fill vacancies arising through resignation or death of an existing Director. Only members of the charitable company are eligible for appointment as Director. The induction of a new Trustee involves being made aware of a Trustee's responsibilities, the governing document, the administrative procedures, the history and philosophical approach of the charity. Objective and activities The object of the Trust is the promotion of the use by the public of the Saltisford Canal arm of the Grand Union Canal at Warwick. This includes the provision of facilities for recreation or other leisure time occupation at or near to the Saltisford canal by promoting the restoration and improvement of the Saltisford canal and its use by all appropriate forms of waterborne traffic through the provision of moorings and, to safeguard and improve the navigation and canal heritage for all visitors by providing facilities for boaters and visitors of the waterside gardens. To advance education of adults and children about the heritage and environment of canals through the provision of a range of media and resources. Financial review The results of the Trust for the year ended 31st October 2024 are set out on page 8 of the attached financial statements. There was a deficit of income over expenditure in the year of £1,728 (2023.. £16,085 surplus). We have continued to maintain financial stability. At 31st October 2024 the Trust held unrestricted general reserves of £100,618 (2023: £94,200) and designated reserves of £34,257 (2023. £42,343). The Trust aims to hold at least £45,000 in general reserves to cover the operating costs should any catastrophic events cause the Trust to have reduced income for a period of time.
THE SALTISFORD CANAL TRUST LIMITED Page 5 DIRECTOR'S REPORT FOR THE YEAR ENDED 31ST OCTOBER 2024 Achlevements and performance This year has been quite extraordinary for the Trust in many ways. Three new Trustees joined the Board and have brought with them additional skills which have been much welcomed by the existing Trustees. Maria Freeman and Simon Brittain continued to work extremely well as co-site managers, We have benefitted hugely from volunteer hours, both from our moorers, and our corporate supporters who have put in hours of work on the site. The Trust's finances have been very carefully managed by Jacky Priest who does a sterling job (pun intended) controlling both income and expenditure. The Trust has received excellent feedback from new and existing customers regarding the management of the site as a whole. Reserves Pollcy It is the policy of the charitable company to maintain unrestricted funds at a level which equate to approximately 9 months unrestricted expenditure. This provides sufficient funds to cover management and administration and support costs. Unrestricted funds are maintained at least at this level throughout the year. Rlsk Revlew The Directors actively review the major risk which the Charity faces on a regular basis and believe that maintaining reserves at current levels, combined with an annual review of the controls over key financial systems, will provide sufficient resources in the event of adverse conditions. The Directors have also examined other operational and business risks faced by the Charity and confirm that they have established systems to mitigate the significant risks. Publlc beneflt The Trustees have applied the guidance from the Charities Commission relating to the public benefit. Public benefit is inherent in the objectives of the Trust. Future Plans The trustees will continue to develop the site to provide facilities to educate adults and children about the heritage and development of canals.
THE SALTISFORD CANAL TRUST LIMITED Page 6 DIRECTOR'S REPORT FOR THE YEAR ENDED 31ST OCTOBER 2024 Director's responsibilities Company Law requires the Directors to prepare financial statements for each financial period that gives a true and fair view of the state of affairs of the charitable company and the surplus or deficit for that period. In preparing these statements, the Directors are required to: Select suitable accounting policies and then apply them consistently., Observe the methods and principles in the Charities SORP 2019 (FRS 102)., Make judgements and estimates that are reasonable and prudent; State whether applicable Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements., Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in operation. The Directors are responsible for maintaining proper accounting records that 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The report of the directors has been prepared having taken advantage of the small companies, exemption in the Companies Act 2006. Approval This report was approved by the Trustees on .and signed on their behalf. ae Director
THE SALTISFORD CANAL TRUST LIMITED Page 7 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES I report to the charity trustees on my examination of the accounts of the company for the year ended 31 St October 2024, which are set out on pages 8 to 17. Responsibilitles and basis of report As the charity 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 company'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 Examlner's statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect.. accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or the accounts do not accord with those records., or 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 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. Mark Harwood FCA BFP FMAAT Michael Harwood & Co Chartered Accountants Greville House 10 Jury Street Warwick CV34 4EW Date: Ir
THE SALTISFORD CANAL TRUST LIMITED Page 8 STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST OCTOBER 2024 (INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT) Unrestricted Designated Funds Funds Total 2024 Total 2023 Income from: Donations and subscriptions 2,682 2,682 13,483 Charitable activities: Moorings Pumpout Shop sales Shed rental Car parking Waste contribution Sale of engines 91,205 3,363 29,138 91,205 3,363 29,138 82,557 3,854 29,704 200 556 450 2,409 955 450 955 450 Other trading activlties: Shop sales Room hire 2,353 14,117 2,353 14,117 1,254 22,866 Investment income 422 422 244 Total income £144,685 £144,685 £157,577 Expenditure on: Charitable Activities Other Costs (124,174) (19,124) (3,115) {127,289) (137,253) (19,124) (4,239) Total expendlture £ (143,298) £ (3,115) £ (146,413) £ (141,492) Net {expendlture) I Income 1,387 {3,115) (1,728> 16,085 Transfers between funds Net movement in funds 1,387 (3,115) (1,728) 16,085 Total funds brought forward 15 £94,200 £42,343 £136,543 120,458 Total funds carried forward 15 £95,587 £39,228 £134,815 £136,543 All income and expenditure derive from continulng activities. The notes on pages 11 to 17 form part of these financial statements Company registration number.. 01772423 (England and Wales)
THE SALTISFORD CANAL TRUST LIMITED Page 9 STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST OCTOBER 2023 (INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT) Unrestricted Designated Funds Funds Total 2023 Total 2022 Income from: Donations and subscriptions 13,483 13,483 1,966 Charitable actlvities: Moorings Saltie rent and takings Pumpout Shop sales Shed rental Car parking Waste contribution Sale of engines 82,557 82,557 71,686 7,053 2,580 25,498 200 1,062 3,854 29,704 200 556 450 2,409 3,854 29,704 200 556 450 2,409 Other tradlng activitles: Shop sales Room hire 1,254 22,866 1,254 22,866 891 18,118 Investment income 244 244 Total Income £157,577 £157,577 £129,063 Expenditure on: Charitable Activities Other Costs (134,138) (4,239) (3,115) (137,253) (136,278) (4,239) (2,510) Total expendlture £ (138,377) £ (3,115) £ (141,492) £ (138,788) Net (expenditure) l income 19,200 {3,115) 16,086 {9,725) Transfers between funds Net movement in funds 19,200 (3,115) 16,085 (9,725) Total funds brought forward 15 75,000 45,458 120,458 130,183 Total funds carried forward 15 £94, 200 £42,343 £136,543 £120,458 All income and expenditure derive from continuing activities. The notes on pages 11 to 17 form part of these financial statements Company registration number.. 01772423 (England and Wales)
THE SALTISFORD CANAL TRUST LIMITED Page 10 BALANCE SHEET AS AT 31ST OCTOBER 2024 Note 2024 2023 Fixed Assets Tangible assets 76,561 82,751 Current Assets Stock Debtors Cash at bank and in hand 3,687 1,139 73,740 3,104 3,268 62,889 78,566 69,261 Creditors Amounts falling due within one year 10 (20,312) (15,469) Net current assets 58,254 53,792 Total Assets Less Current Llabllltles £134,815 136,543 Net Assets £134,815 £136,543 Charity funds Unrestricted - General fund Designated fund 15 15 £100,618 £34,257 94,200 42,343 Totsl Charity funds 15116 £134,875 £136,543 For the year ending 31st October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors, responsibilities., The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476 of the Companies Act 2006,. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. The financial statements have been prepared in accordance with the provisions applicable to companies, subject to the small companies, regime. Appr the Trustees on zi:trJJi nd signed on their behalf. li Trustee The notes on pages 11 to 17 form part of these financial statements Company registration number.. 01772423 (England and Wales)
THE SALTISFORD CANAL TRUST LIMITED Page11 NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST OCTOBER 2024 1. Accounting Policies Charity infomiation The Saltisford Canal Trust Limited is a private company limited by guarantee incorporated in England and Wales and a registered charity. The registered office is Budbrooke Road, Warwick, CV34 5RJ. Account Convention The charity constitutes a public benefit entity as defined by FRS 102. 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies 2006 and UK Generally Accepted Accounting Practice. The accounts do not include a cash flow statement on the grounds that it is applying FRS102 Section 1A. The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £. Golng concern The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern. Depreciatlon of tangible fixed assets Depreciation has been computed to write off the costs of tangible fixed assets over their expected lives using the following rates on a straight-line basis.. Plant and machinery - 100/0 Equipment - depreciated at 100/0 or 33.33 % Fixture & Fittings - depreciated at 200 Buildings - depreciated over 21 years Income recognition Donations are recognised on receipt. Other incoming resources are recognised when the charity is legally entitled to if after any performance condition have been met, the amounts can be measured reliable, and it is probable that the income will be received.
THE SALTISFORD CANAL TRUST LIMITED Page 12 NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST OCTOBER 2024 Expenditure recognition All expenditure is accounted for on an accruals basis. Charitable grants made to organisations for improvements and maintenance of the canal and moorings are charged to the Statement of Financial Activities in the year in which the Expenditure is incurred. Resources expended include VAT in the instances that it cannot be recovered. Support costs are allocated between the expenditure categories of the Statement of Financial Activities on a basis designed to reflect the use of the resources. Costs relating to a particular activity are allocated directly. Stock Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and those overheads in that have been incurred in bringing the stocks to their present location and condition. Net realisable values are the estimated selling price less all estimated costs to completion. Funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund are set out in the notes to the financial statements. Restricted funds comprise of donations given for a specific purpose. Donations and subscriptions 2024 2023 Donations Trust members subscriptions 1,260 1,422 1,801 1,302 Total donations and subscriptions from indlvlduals £2,682 £3,103 Severn Trent Water Warwick Mayor's Fund 9,880 500 Total revenue grants £10,380 Total donations and subscrlptions £2,682 £13,483
THE SALTISFORD CANAL TRUST LIMITED Page13 NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST OCTOBER 2024 Investment income 2024 2023 Bank interest £422 £244 Charitable activities Unrestricted Funds Designated Funds Total 2024 Total 2023 Wages Pension contributions Subscriptions Pumpout expenses Shop purchases Site Improvements Rent, rates and water Heat and light 30,760 335 61 240 26,561 18,069 18,295 2,536 30,760 335 61 240 26,561 18,069 18,295 2,536 42,268 406 58 770 22,025 20,072 18,425 3,148 Other tradin costs Shop purchases Room hire expenses 1,121 2,087 1,121 2,087 1,202 2,606 ort costs Note 5 24,109 3,115 27,224 26,273 £124,114 £3,115 £127,229 £137,253 Support costs Unrestricted Funds Designated Funds Total 2024 Total 2023 Wages Pension contributions Insurance Post and stationery Telephone and internet Advertising Computer and software Bank charges Miscellaneous Travelling Depreciation 3,418 37 4,013 1,973 2,006 200 2,003 830 764 330 8,535 3,418 37 4,013 1,973 2,006 200 2,003 830 764 330 11,650 4,696 45 3,928 1,929 1,138 125 1,154 790 682 847 10,939 3,115 £24,109 £3,115 £27,224 £26,273
THE SALTISFORD CANAL TRUST LIMITED Page 14 NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 318T OCTOBER 2024 Other costs 2024 2023 Trustee Remuneration (Note 18) Legal and professional fees Independent Examiner's fee Accountancy fees HMRC interest & penalties 16,902 1,200 1,249 997 793 1,182 968 72 £19,124 £4,239 Staff salaries 2024 2023 Salaries Employer's National Insurance £34,178 46,964 £34,178 £46, 964 Pension £372 £451 The number of full and part-time employees was as follows: Administration No employee received emoluments over £60,000 in the year Tangible fixed assets Fixture & Flttings & Equipment Plant & machlnery Buildlngs Total Cost At 1 November 2023 Additions Disposal £57,879 £53,139 £67,249 £5,460 £178,267 £5,460 At 31 October 2024 £57,879 £53,139 £72,709 £183,727 Depreclatlon At 1 November 2023 Written back Charge for year £20,507 £14,692 £60,317 £95,516 £3,115 £5,314 £3,221 £11,650 At 31 October 2024 £23,622 £20,006 £63,538 £107,166 Net book value At 31 October 2023 £37,372 £38,447 £6,932 £82,751 At 31 October 2024 £34,257 £33,133 £9,171 £76,561
THE SALTISFORD CANAL TRUST LIMITED Page 15 ST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 OCTOBER 2024 Debtors 2024 2023 Prepayments Other debtors 1,139 3,241 27 £1,199 £3,268 10. Creditors - Amounts falllng due withln one year 2024 2023 Accruals and deferred income Taxation and social security 14,391 5,921 11,535 3,934 £20,312 £15,469 11. Taxation There were no Corporation tax liabilities as at 31 $1 October 2024. (2023,. £NIL) 12. Share Capital The Trust is a charitable company, limited by guarantee with no share capital. The TrusteeslDirectors of the company may register such persons as they agree as members of the company and the liability of each member on a winding up towards the liability of the company is limited to £1. 13. Designated funds At 31st October 2024 there were designated funds of £34,257 (2023.. £42,343), These funds relate to the recognition of the deferred capital grant income, which had been transferred from Saltisford Canal Trading to Trust. The capitals grant was used to construct the Pod building and its contents, which were also transferred from Saltisford Canal Trading to Trust. The depreciation charged each year on the Pod building and its contents will be set against the designated funds to reflect the net book value of the assets. 14. Restricted funds There were no restricted funds in 2024 (2023: £NIL).
THE SALTISFORD CANAL TRUST LIMITED Page16 NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST OCTOBER 2024 15. Funds Deslgnated Fund General Fund Total Balance at 1 November 2023 Income in year Fund transfers in the year Expenditure in year £42,343 £94,200 144,685 4,971 (143,238) (146,353) £136,543 144,685 (4,971) (3,115) Balance at 31 October 2024 £34,257 £100,618 £134,875 Designated Fund General Fund Totsl Balance at 1 November 2022 Income in year Expenditure in year £45,458 £75,000 157,577 (138,377) £120,458 157,577 (141,492) (3,115) Balance at 31 October 2023 £42,343 £94,200 £136,543 16. Analysis of net assets between funds Designated Fund 2024 General Fund 2024 Total 2024 Fixed assets Current asset8 Current liabilities 34,257 42,304 78,626 (20,312) 76,561 78,626 (20,312) £34,257 £100,618 £134,875 Designated Fund 2023 General Fund 2023 Total 2023 Fixed assets Current assets Current liabilities 42,343 40,408 69,261 (15,469) 82,751 69,261 (15,469) £42,343 £94,200 £136,543
THE SALTISFORD CANAL TRUST LIMITED Page 17 NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 315T OCTOBER 2024 17. Related party transactions During the year, trustee and director Simon Brittain was paid £16,902 {2023'. £1,200) for work carried out to support staffing requirements, in line with the Articles of Association. 18. Trustees, remuneration and expenses During the year, trustee Simon Brittain was paid £16,902 (2023.. £1,200) for work carried out to support staffing requirements, in line with the Articles of Association. One trustee was reimbursed for travel expenses totalling £330 (2023.. £660)