Monmouthshire, Brecon & Abergavenny Canals Trust Ltd
Company limited by guarantee Unaudited financial Statement
31[st] December 2020
Company Registration number 01841029 Charity Registration Number 515879
The trustees, who are directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31[st] December 2020.
Registered Charity Name Monmouthshire, Brecon & Abergavenny Canals Trust Ltd
Charity Registration number 515879 Company Registration Number 01841029
Principle Office and Registered address
Fourteen Locks Canal centre, Cwm Lane, Rogerstone, Newport. NP10 9GN
Trustees Mr Richard J Dommett MBE
Mr Wyn L Mitchell Reverend John A Collier
Mr Bernard S Illman
Mr Ian Lewis
Independent Examiner
Dr Jayne B Collier
Structure, governance and management
The Monmouthshire, Brecon and Abergavenny Canals Trust (MBACT) is governed by a committee of Trustees that met quarterly in 2020 via Zoom due to the restrictions in place as a result of the COVID 19 pandemic. Directors meetings and sub committee meetings were also held in person when allowed, and otherwise by Zoom.
Richard Dommett continued as chair. There was no AGM held during the year because of the restrictions in place.
Fourteen Locks Centre Ltd and MBACT regeneration Ltd are companies set up by MBACT and wholly owned by it. This circumvents the ban on permanent trading which is enshrined in the MBACTs governing documents. Fourteen Locks Centre Ltd allows income from sales at the Fourteen Locks Canal Centre, and MBACT Regeneration Ltd allows profit from the selling of rights and boat trips. Both companies have an agreement with MBACT under which their profits are donated 100% to MBACT, enabling the companies to avoid tax liabilities.
The Directors MBACT Regeneration Ltd are Richard Dommett, Bernard Illman and Mike Rodd. The regeneration team of volunteers undertakes restoration and maintenance of the restored locks at Ty Coch and operate the trip boat at Goytre Wharf. No restoration/maintenance or boat trips were carried out for much of the year due to COVID restrictions.
The Directors of fourteen Locks centre are Richard Dommett, Kate Wickens and Reverend John Collier. The centre is run by a manager who works four days a week assisted by volunteers. The centre has had to be closed for much of the year due to the COVID restrictions in place.
Objectives and Activities
The objectives of MBACT are
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To promote the restoration of the Monmouthshire, Brecon and Abergavenny (Mon and Brec) canal to good navigable order and maintain and improve it for the benefit of the public.
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To promote the fullest use of the Mon and Brec by all forms of waterborne traffic and for all forms of water related commercial, local amenity, tourist and recreational activity for the benefit of the public
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To promote public education in the history and use of canals and waterways in general and the Mon and Brec in particular.
Activities in 2020 were restricted due to the COVID 19 pandemic restrictions. The centre at Fourteen Locks was open for a short time, and outdoor activities including trails, were very popular.
The Lord Raglan and Edith Elizabeth trip boats were moored at Goytre Wharf throughout the year, but activity was severely affected by lockdowns and other restrictions. Considerable maintenance was undertaken by volunteers to whom we are as always very grateful.
The canal and countryside volunteers activities have also been curtailed during the pandemic.
The annual duckrace could not be held. However we acknowledge with grateful thanks the resilience grant, rate rebates and other support which has enabled MBACT to continue its’ work despite the disruptions caused by the pandemic.
Reserves
MBACT keeps a reserve sufficient to maintain the wages and bills at Fourteen Locks for a period of 3 months, the directors have agreed to designate £18,000 for this purpose.
Small Company Provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
The Trustees’ annual report was approved on 29[th] June 2021 and signed on behalf of the board of Trustees by
Richard Dommett MBE Chairman / trustee
Revd John Collier
Trustee
Independent Examiner’s Report to the Trustees of Monmouthshire, Brecon and Abergavenny Canal Trust Ltd.
Year ended 31[st] December 2020
I report to the trustees on my examination of the financial statements of the Monmouthshire, Brecon and Abergavenny Canals trust Ltd for the year ended 31[st] December 2020.
I have completed my examination and I confirm that no matters have come to my attention in connection with the examination to cause me to believe that accounting records were not kept in respect of the charity, nor the financial statements do not accord with those records.
I believe that the statements comply with the accounting requirements of the 2006 act, and the financial statements have been prepared in accordance with financial reporting standards applicable in the UK.
I have no concerns and have come across no matters in connection with the examination to which attention should be drawn in this report.
Dr Jayne B Collier BDS (Wales) 1981
Statement of Financial Activities
| Income | Unrestricted funds |
Designated funds |
Restricted funds | total |
|---|---|---|---|---|
| Donations | 25213.45 | 25213.45 | ||
| Grants | 64805.09 | 64805.09 | ||
| Investment income |
5.53 | 5.53 | ||
| Total Income | 90024.07 | 90024.07 | ||
| Expenditure | 53136.15 | 53136.51 | ||
| Funds brought forward |
2,577.07 | 18,000.00 | 16,012.00 | 31434.93 |
| Funds carried forward |
34,310.49 | 18,000.00 | 16,012.00 | 68322.49 |
Breakdown of fixed assets
Assets as assessed for insurance purposes
| Assets as assessed for insurance purposes | |
|---|---|
| The Lord Raglan | 120,000.00 |
| The Edith-Elizabeth | 7,000.00 |
| Held at TyCoch | 3,700.00 |
| Held at Goytre | 1,555.00 |
| Held at fourteen locks centre | 10,555.00 |
| Total | 142,810.00 |
Monmouthshire Brecon and Abergavenny Canal Trust Ltd
| Monmouthshire Brecon and Abergavenny Canal Trust Ltd | Monmouthshire Brecon and Abergavenny Canal Trust Ltd | Monmouthshire Brecon and Abergavenny Canal Trust Ltd | Monmouthshire Brecon and Abergavenny Canal Trust Ltd | Monmouthshire Brecon and Abergavenny Canal Trust Ltd |
|---|---|---|---|---|
| Total funds brought forward at 01/01/20 |
Funds carried forward at 31/12/20 |
Profit/(-Loss) | ||
| Lloyds 1 | 6314.44 | 3425.9 | -2888.54 | |
| Lloyds2 | 15261.91 | 15267.44 | 5.53 | |
| Barclays | 9858.58 | 49629.15 | 39770.57 | |
| total | 31434.93 | 68322.49 | 36887.56 | |
| Income | ||||
| café | 7297.45 | |||
| Grants | 64805.09 | |||
| Donations | 1679.34 | |||
| membership | 3987 | |||
| interest | 5.53 | |||
| misc income | 197.51 | |||
| shop | 52.5 | |||
| from 14 locks | 11999.65 | |||
| Total | 90024.07 | |||
| Expenditure | ||||
| Centre expenses | 4657.66 | |||
| wages | 25045.46 | |||
| accounting | 1083.12 | |||
| other employee benefits | -351.9 | |||
| regeneration expenses | 1142.2 | |||
| grant expenditure | 6380 | |||
| miscellaneous spend | 2780.93 | |||
| rent/moorings | 1541.67 | |||
| insurances | 3592.62 | |||
| utilities | 3840.62 | |||
| shop expenses | 627.51 | |||
| hygiene | 581.22 | |||
| maintenance | 2215.4 | |||
| Total | 53136.51 | |||
| Profit | 36887.56 |