# **Monmouthshire, Brecon & Abergavenny Canals Trust Ltd Company limited by guarantee Unaudited financial Statement** # **31[st] December 2021** **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 2021. **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 Mr Paul Thomas (from 2021) Dr Jayne Collier (from 2021) ## **Structure, governance and management** The Monmouthshire, Brecon and Abergavenny Canals Trust (MBACT) is governed by a committee of Trustees that met quarterly in 2021 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. Reverend John Collier replaced Richard Dommett MBE as chair following the AGM held in October 2021. This meeting was held by Zoom 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. Restoration/maintenance and boat trips were carried out as and when COVID restrictions allowed. The Directors of fourteen Locks centre are Richard Dommett, Kate Wickens (until July 2021) 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 some of the year due to the COVID restrictions in place. ## **Objectives and Activities** The objectives of MBACT are - 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. - 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 - To promote public education in the history and use of canals and waterways in general and the Mon and Brec in particular. Activities in 2021 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 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 were also 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. ## **Accounting** During 2021 MBACT moved to using Xero for accounting purposes. All transactions are allocated to cost centres, but there has been several issues with this coding, and as such the accounts were prepared from bank statements as source documents. ## **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 20[th] September 2022 and signed on behalf of the board of Trustees by Reverend John Collier Chairman / trustee ## **Statement of Financial Activities** |**Income**|**Unrestricted**
**funds**|**Designat**
**ed funds**|**Restricted**
**funds**|**total**| |---|---|---|---|---| |**Donations**|**15443**|||**15443**| |**Grants**|**43795**|||**43795**| |**Investment**
**income**|**2**|||**2**| |||||| |**Total**
**Income**|**59240**|||**59240**| |||||| |**Expenditure**|**59881**|||**59881**| |||||| |||||| |**Funds**
**brought**
**forward**|**33913**|**18,000.0**
**0**|**16,012.00**|**67925**| |**Funds**
**carried**
**forward**|**33270**|**18,000.0**
**0**|**16,012.00**|**67282**| |||||| |||||| |||||| ## **Breakdown of restricted and designated funds** |Designatedforcontingency|18,000| |---|---| |Community boat|8,000| |NewportCityhomes|986| |Allt-yr-yn|7026| ||| ## **Breakdown of fixed assets** Assets as assessed for insurance purposes |TheLordRaglan|120,000.00| |---|---| |TheEdith-Elizabeth|7,000.00| |Held at Ty Coch|3,700.00| |Held atGoytre|1,555.00| |Held at fourteen locks centre|10,555.00| ||| |Total|142,810.00| Monmouthshire, Brecon and Abergavenny Canals Trust Statement of Income and expenditure 2021 |Monmouthshire,BreconandAbergavenny CanalsTrust|Monmouthshire,BreconandAbergavenny CanalsTrust|Monmouthshire,BreconandAbergavenny CanalsTrust|Monmouthshire,BreconandAbergavenny CanalsTrust|Monmouthshire,BreconandAbergavenny CanalsTrust| |---|---|---|---|---| |Statement of Income and expenditure2021||||| |||||| ||In Bank 1/1/21|||31/12/2021| |||||| |Lloyds 1|3426|||11494| |Lloyds 2|15267|||15269| |Barclays|49231|||40519| |||||| |total|67925|||67282| |||||| |||||| |income|||expenditure|| |||||| ||||advertising|10| ||||audit / accounting|2360| |grants|33795||bank fees|95| |interest|2||hygiene|365| |other revenue|30||centre expenses|7007| |rate rebate|10000||wages|27892| |café rent|6000||entertainment|360| |shop profit|5000||HMRC|2587| |subscriptions|3494||Training|660| ||||rate support to café|7500| |donations|124||Pension|1349| |donations|750|||| ||||IT/coms|240| ||||rent andrates|1800| ||||misc exp|163| |||||| |regeneration|45||subscriptions|32| ||||utilities|7459| |||||| |Total income|59239||Total expenses|59881| |||||| |in bank 1/1/21|67925||in bank 31/12/21|67282| |||||| ||127164|||127164| ## Notes to accounts Insurances have been allocated to regeneration expenditure and appear in their accounts. The £45 assigned to regeneration income is the balance of items allocated to regeneration within the MBACT account. Details of these incomes and expenditures appear in regeneration accounts. Closing balance from 2020 did not equal the opening balance for 2021 because of a payment processed on 31[st] December which should have been included in the accounts for 2020. No depreciation has been applied to the fixed assets because significant work has been undertaken which maintains the vales of the assets. An independent valuation of the Lord Raglan confirm the valuation stated. # **Monmouthshire, Brecon & Abergavenny Canals Trust Ltd Company limited by guarantee Unaudited financial Statement** # **31[st] December 2021** **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 2021. **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 Mr Paul Thomas (from 2021) Dr Jayne Collier (from 2021) ## **Structure, governance and management** The Monmouthshire, Brecon and Abergavenny Canals Trust (MBACT) is governed by a committee of Trustees that met quarterly in 2021 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. Reverend John Collier replaced Richard Dommett MBE as chair following the AGM held in October 2021. This meeting was held by Zoom 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. Restoration/maintenance and boat trips were carried out as and when COVID restrictions allowed. The Directors of fourteen Locks centre are Richard Dommett, Kate Wickens (until July 2021) 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 some of the year due to the COVID restrictions in place. ## **Objectives and Activities** The objectives of MBACT are - 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. - 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 - To promote public education in the history and use of canals and waterways in general and the Mon and Brec in particular. Activities in 2021 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 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 were also 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. ## **Accounting** During 2021 MBACT moved to using Xero for accounting purposes. All transactions are allocated to cost centres, but there has been several issues with this coding, and as such the accounts were prepared from bank statements as source documents. ## **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 20[th] September 2022 and signed on behalf of the board of Trustees by Reverend John Collier Chairman / trustee ## **Statement of Financial Activities** |**Income**|**Unrestricted**
**funds**|**Designat**
**ed funds**|**Restricted**
**funds**|**total**| |---|---|---|---|---| |**Donations**|**15443**|||**15443**| |**Grants**|**43795**|||**43795**| |**Investment**
**income**|**2**|||**2**| |||||| |**Total**
**Income**|**59240**|||**59240**| |||||| |**Expenditure**|**59881**|||**59881**| |||||| |||||| |**Funds**
**brought**
**forward**|**33913**|**18,000.0**
**0**|**16,012.00**|**67925**| |**Funds**
**carried**
**forward**|**33270**|**18,000.0**
**0**|**16,012.00**|**67282**| |||||| |||||| |||||| ## **Breakdown of restricted and designated funds** |Designatedforcontingency|18,000| |---|---| |Community boat|8,000| |NewportCityhomes|986| |Allt-yr-yn|7026| ||| ## **Breakdown of fixed assets** Assets as assessed for insurance purposes |TheLordRaglan|120,000.00| |---|---| |TheEdith-Elizabeth|7,000.00| |Held at Ty Coch|3,700.00| |Held atGoytre|1,555.00| |Held at fourteen locks centre|10,555.00| ||| |Total|142,810.00| Monmouthshire, Brecon and Abergavenny Canals Trust Statement of Income and expenditure 2021 |Monmouthshire,BreconandAbergavenny CanalsTrust|Monmouthshire,BreconandAbergavenny CanalsTrust|Monmouthshire,BreconandAbergavenny CanalsTrust|Monmouthshire,BreconandAbergavenny CanalsTrust|Monmouthshire,BreconandAbergavenny CanalsTrust| |---|---|---|---|---| |Statement of Income and expenditure2021||||| |||||| ||In Bank 1/1/21|||31/12/2021| |||||| |Lloyds 1|3426|||11494| |Lloyds 2|15267|||15269| |Barclays|49231|||40519| |||||| |total|67925|||67282| |||||| |||||| |income|||expenditure|| |||||| ||||advertising|10| ||||audit / accounting|2360| |grants|33795||bank fees|95| |interest|2||hygiene|365| |other revenue|30||centre expenses|7007| |rate rebate|10000||wages|27892| |café rent|6000||entertainment|360| |shop profit|5000||HMRC|2587| |subscriptions|3494||Training|660| ||||rate support to café|7500| |donations|124||Pension|1349| |donations|750|||| ||||IT/coms|240| ||||rent andrates|1800| ||||misc exp|163| |||||| |regeneration|45||subscriptions|32| ||||utilities|7459| |||||| |Total income|59239||Total expenses|59881| |||||| |in bank 1/1/21|67925||in bank 31/12/21|67282| |||||| ||127164|||127164| ## Notes to accounts Insurances have been allocated to regeneration expenditure and appear in their accounts. The £45 assigned to regeneration income is the balance of items allocated to regeneration within the MBACT account. Details of these incomes and expenditures appear in regeneration accounts. Closing balance from 2020 did not equal the opening balance for 2021 because of a payment processed on 31[st] December which should have been included in the accounts for 2020. No depreciation has been applied to the fixed assets because significant work has been undertaken which maintains the vales of the assets. An independent valuation of the Lord Raglan confirm the valuation stated. xla aiinf 'yodaJ slyl U! uM￿p aq pinous uoiiuaJJp iIJIIIM oi uoiieu!WEXa aui UIM U(MuauuoJ u15Jauew ou ss0￿e awo) aAey PUE SWaJUO3 OU aAEII I 'xn a41 Ul alqEJ!IddE swepuejs 3u!JJodaJ ienuEUy yJ.IM aJuEW0￿e u! paJeOaJd uaaq aAeu siuawèjeis IE!JueuiJ a41 pue'ye 9fKJi ayj Jo 8uewaJ!nbaJ SU4un￿)E a41411.M fydwoJ Swawale￿ ?41 Jeyi aAaiiaq I 'SPJO)aJ aSO41 LIJIM pJoJJe Jou op gUa￿￿e15 IE!)UEUU a4J Jou'A¥.Jey) auiio padsaj ui id?¥ iou ajam spjwaj 8u1juno￿r ie41 aAa!iaq oi Biu aSn￿ oi uo!ieu!wexa a41 yilm UQIPèUUO) UI UOIIUaJlE Aw oi èwo) aAe4 sJaJJEw ou JE4J UUIJUO) I PUE UO!ieuiwExa paiaidwoj I 'Tzoz Jaqwa)aa JSTE ￿pu• JpaA aui JOJ pii ￿nJI SIEUWJ AuuaAeSJaqy pup uo)aJg 'aJiusuJnowuow aui w &uawaJeJs IE!)ueuy ayi io uo!iEU!WEXa Aw uo sèaJsnJi aui oi yodaj I i£oc Jaqwajao ISTE Papua JE?A -pJi ]snJi iÈuwJ AuuaAeSJaqy pup uojajg 'aJ!yswnowuoy4 10 sawnji a41 ol yoda¥ 5Aau!uJex3 iuapuadapui xla è!Inr 'yoJaJ siui ui umejp aq pinoys uo!iuèi3e IJ)ILIM 01 UOIIEuiwex? 441 4ibM utypaUU￿ U15JauEw ou ssoJ)e aAE4 PUE SUJ￿u0) OU aAEy I aiqe)!IddE spJEpu45 8uwodaJ IE!)UEUy WJuepj￿?E UI ￿)￿dajd uaaq ar4ey SiUaLUaiEIS IEIJUEUIJ èyl pue'yp 9￿z ayJ Jo guawaJ!nbaJ 9uuuno))e a41 y¥.M Swawalp￿ auj IEYJ aAaiiaq I 'spJoJaJ aso4141!M pJoyJe Jou op sJuawaje￿ IE!XIEUy •41 Jou 'M!Jey) aul 40 1)adsèJ ui ida¥ Jou aJaM SPJ(naJ 8u!JUno￿e ieuj aAalaq Oi aw asnt) ol uoiieulwexa a41 YIIM UO!lJaUUO) u! uoiiuaue Aw oi awo? aAE4 sJauEW ou ieyi I pue uo!ieu!uJoxa Aw poiaidww aAP41 'zzoz Jaquia)aa JSTE papua a41 Joj pli Jsnji sieue) AuuaAE8Jèqy pup uo)aJq 'aJ14s4inowuoy4 ￿¥40 guaU5aJ￿ ielweuy a4140 uo!ieu!wexo Aw uo se8￿￿J4 041 oi ¥odaJ I zzoz Jaqiua3aa isT£ papua JpaA -Pll 15nJi AuuaAE3Jaqy pue uoJaJg 'aJ!4swowu0￿ 40 saajsnji ayi ￿ yoda¥ sHau!wtX3 iuapuadapui Independent Examinerfs Report to the Trustees of Monmouthshire. Brecon and Abergavenny Canal Trust Ltd. Year ended 31st December 2021 I report to the trustees on rny examination of the financial ststements of the Monmourhshlre, Srecon and AberEavenny Canals trust Ltd for the year ended 31st December 2021. I have completed my examlnation and I confirm that no matters have come to my attention In connectlon with the examination to cause me to believe thar accounting records were not kept in respect of the charity, nor the financlal ststements do not aecord with those rewrd5. I believe that the ststements comply with the accounting requlrements of the 21J)6 act, and the financial statements have been prepared in accordance with financial reporting standards applicable in the UK. I have no concèrns and have come across no matters in connertion with the examinatlon to whlch attention should be drawn in this report. Julie Dix Independent Examinerfs Report to the Trustees of MOn￿￿Uth$h1fe. Brecon and Aber8avenny Canal Trust Ltd. Year ended 31st December 2022 I reFKtrrt to the tru5tee5 on my examination of the financial ststements of the Monmouthshire, Brecon and Abergavenny Canals trust Ltd ft)r yearended 31st December 2022. I have completed my examination and I confinn that no matters have come to my attèntioll in connection wwth 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 compty with the accountirg requirements of the 2(I)6 act. and the financial statements have t)een prepared in acCOrdar￿ with financial reporting standards applicable in the UK. I have no concerns and have come across no matter5 in connection wrth the examination to which ttention should be drawn in thÈs rep)rt. Julie Dix