Monmouthshire, Brecon & Abergavenny Canals Trust Ltd Company limited by guarantee Unaudited financial Statement
31[st] December 2022
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 2022.
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 (Until 2022)
Mr Wyn L Mitchell
Reverend John A Collier
Mr Bernard S Illman
Mr Ian Lewis (until 2022)
Mr Paul Thomas
Dr Jayne Collier
Ms Dianne Wilkinson (from 2022)
Mr Glyn Williams (from 2022)
Structure, governance and management
The Monmouthshire, Brecon and Abergavenny Canals Trust (MBACT) is governed by a committee of Trustees that met quarterly in 2022 at hybrid meetings via Zoom and in person. Directors meetings and sub committee meetings were also held as hybrid, both in person and by Zoom.
Reverend John Collier remained as Chairman.
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.
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.
The annual duckrace was not be held. However we acknowledge with grateful thanks the Newport City Council GAVO and WCVA grants which enabled MBACT to maintain it’s activities.
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 conforming to enhanced guidelines following COVID.
The Lord Raglan and Edith Elizabeth trip boats were moored at Goytre Wharf throughout the year. Considerable maintenance was undertaken by
volunteers to whom we are as always very grateful. The Lord Raglan was inspected by MCA and reawarded a certificate of seaworthiness.
Volunteers have been identified to undergo training as helmsmen and crew. It is planned for a trainer to be identified and delivery of this training currently outsourced, to be carried out inhouse.
The canal and countryside volunteers activities have continued maintaining the Ty Coch area of the canal.
The Directors of Fourteen Locks Centre Ltd are Paul Thomas and Jayne Collier, appointed during 2022, with a vacancy for an independent director. Following Covid the centre reopened with enhanced guidelines.
Fourteen Locks Canal Centre continues to be a hub for community activity with trails continuing, and other events held during school holidays. The museum is popular, and the shop selling local crafters and artists work continues to be well supported. Volunteers are responsible for staffing the centre under the supervision of the centre manager and assistant. A collaboration with Coleg Gwent saw Duke of Edinburgh award candidates using the centre as a base for environmental work as part of their service requirement.
Accounting
The use of Xero continues to be improved, and was used in conjunction with bank statements to prepare these accounts.
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 27[th] September 2023 and signed on behalf of the board of Trustees by
Reverend John Collier
Chairman / trustee
Statement of Financial Activities
Breakdown of restricted and designated funds
| At start of year |
added | used | At year end |
|
|---|---|---|---|---|
| Designated for contingency |
18,000 | 18,000 | ||
| Community boat | 8,000 | 8,000 | ||
| Newport City homes |
986 | 986 | ||
| Allt-yr-yn | 7026 | 7,026 | ||
| WCVAgrant | 28000 | 18914.39 | 9085.61 |
Total designated £18,000
Total restricted £25097.61
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 |
| Balance sheet 2022 | Balance sheet 2022 | Balance sheet 2022 | Balance sheet 2022 | Balance sheet 2022 | Balance sheet 2022 | Balance sheet 2022 | Balance sheet 2022 | |
|---|---|---|---|---|---|---|---|---|
| Start of Year Lloyds 1 | 11493.91 | |||||||
| Start ofyear Lloyds 2 | 15268.98 | |||||||
| Start ofyear Barclays | 40519.45 | |||||||
| 67282.34 | ||||||||
| Income | Expenditure | |||||||
| membership | 3831.00 | general account | 8525.05 | |||||
| grants | 35849.00 | grant expenditure | 2914.39 | |||||
| Café | 6558.24 | wages | 32313.81 | |||||
| regeneration | 11773.41 | regeneration | 12469.18 | |||||
| Event | 824.43 | event expenditure | 427.00 | |||||
| accomodation costs | 2531.59 | |||||||
| 58836.08 | 59181.02 | |||||||
| income from centre | 23352.81 | centre expenditure | 1807.43 | |||||
| transfers | 47258.00 | Centre transfers | 53352.81 | |||||
| interest | 25.50 | |||||||
| End ofyear Lloyds 1 | 8406.97 | |||||||
| End of Year Lloyds 2 | 65294.48 | |||||||
| End ofyear Barclays | 8712.02 | |||||||
| 82413.47 | ||||||||
| 196754.73 | 196754.73 | |||||||
Notes to accounts
Insurances memberships and fees are included in general account.
Restricted funds includes WCVA grants as required in the terms of the grant. Expenditure against this grant has been noted and includes 50% of wage bill and other project expenses.
Barclays bank centre account is planned to close as it was set up as an MBACT account. Funds were transferred to MBACT and the Fourteen Locks Centre Ltd who will be responsible for the centre expenses.
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 2022
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 2022.
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 (Until 2022)
Mr Wyn L Mitchell
Reverend John A Collier
Mr Bernard S Illman
Mr Ian Lewis (until 2022)
Mr Paul Thomas
Dr Jayne Collier
Ms Dianne Wilkinson (from 2022)
Mr Glyn Williams (from 2022)
Structure, governance and management
The Monmouthshire, Brecon and Abergavenny Canals Trust (MBACT) is governed by a committee of Trustees that met quarterly in 2022 at hybrid meetings via Zoom and in person. Directors meetings and sub committee meetings were also held as hybrid, both in person and by Zoom.
Reverend John Collier remained as Chairman.
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.
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.
The annual duckrace was not be held. However we acknowledge with grateful thanks the Newport City Council GAVO and WCVA grants which enabled MBACT to maintain it’s activities.
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 conforming to enhanced guidelines following COVID.
The Lord Raglan and Edith Elizabeth trip boats were moored at Goytre Wharf throughout the year. Considerable maintenance was undertaken by
volunteers to whom we are as always very grateful. The Lord Raglan was inspected by MCA and reawarded a certificate of seaworthiness.
Volunteers have been identified to undergo training as helmsmen and crew. It is planned for a trainer to be identified and delivery of this training currently outsourced, to be carried out inhouse.
The canal and countryside volunteers activities have continued maintaining the Ty Coch area of the canal.
The Directors of Fourteen Locks Centre Ltd are Paul Thomas and Jayne Collier, appointed during 2022, with a vacancy for an independent director. Following Covid the centre reopened with enhanced guidelines.
Fourteen Locks Canal Centre continues to be a hub for community activity with trails continuing, and other events held during school holidays. The museum is popular, and the shop selling local crafters and artists work continues to be well supported. Volunteers are responsible for staffing the centre under the supervision of the centre manager and assistant. A collaboration with Coleg Gwent saw Duke of Edinburgh award candidates using the centre as a base for environmental work as part of their service requirement.
Accounting
The use of Xero continues to be improved, and was used in conjunction with bank statements to prepare these accounts.
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 27[th] September 2023 and signed on behalf of the board of Trustees by
Reverend John Collier
Chairman / trustee
Statement of Financial Activities
Breakdown of restricted and designated funds
| At start of year |
added | used | At year end |
|
|---|---|---|---|---|
| Designated for contingency |
18,000 | 18,000 | ||
| Community boat | 8,000 | 8,000 | ||
| Newport City homes |
986 | 986 | ||
| Allt-yr-yn | 7026 | 7,026 | ||
| WCVAgrant | 28000 | 18914.39 | 9085.61 |
Total designated £18,000
Total restricted £25097.61
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 |
| Balance sheet 2022 | Balance sheet 2022 | Balance sheet 2022 | Balance sheet 2022 | Balance sheet 2022 | Balance sheet 2022 | Balance sheet 2022 | Balance sheet 2022 | |
|---|---|---|---|---|---|---|---|---|
| Start of Year Lloyds 1 | 11493.91 | |||||||
| Start ofyear Lloyds 2 | 15268.98 | |||||||
| Start ofyear Barclays | 40519.45 | |||||||
| 67282.34 | ||||||||
| Income | Expenditure | |||||||
| membership | 3831.00 | general account | 8525.05 | |||||
| grants | 35849.00 | grant expenditure | 2914.39 | |||||
| Café | 6558.24 | wages | 32313.81 | |||||
| regeneration | 11773.41 | regeneration | 12469.18 | |||||
| Event | 824.43 | event expenditure | 427.00 | |||||
| accomodation costs | 2531.59 | |||||||
| 58836.08 | 59181.02 | |||||||
| income from centre | 23352.81 | centre expenditure | 1807.43 | |||||
| transfers | 47258.00 | Centre transfers | 53352.81 | |||||
| interest | 25.50 | |||||||
| End ofyear Lloyds 1 | 8406.97 | |||||||
| End of Year Lloyds 2 | 65294.48 | |||||||
| End ofyear Barclays | 8712.02 | |||||||
| 82413.47 | ||||||||
| 196754.73 | 196754.73 | |||||||
Notes to accounts
Insurances memberships and fees are included in general account.
Restricted funds includes WCVA grants as required in the terms of the grant. Expenditure against this grant has been noted and includes 50% of wage bill and other project expenses.
Barclays bank centre account is planned to close as it was set up as an MBACT account. Funds were transferred to MBACT and the Fourteen Locks Centre Ltd who will be responsible for the centre expenses.
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! uMp aq pinous uoiiuaJJp iIJIIIM oi uoiieu!WEXa aui UIM U(MuauuoJ u15Jauew ou ss0e awo) aAey PUE SWaJUO3 OU aAEII I 'xn a41 Ul alqEJ!IddE swepuejs 3u!JJodaJ ienuEUy yJ.IM aJuEW0e 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 gUae15 IE!)UEUU a4J Jou'A¥.Jey) auiio padsaj ui id?¥ iou ajam spjwaj 8u1junor 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 SUJu0) OU aAEy I aiqe)!IddE spJEpu45 8uwodaJ IE!)UEUy WJuepj?E UI )dajd uaaq ar4ey SiUaLUaiEIS IEIJUEUIJ èyl pue'yp 9z 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!JUnoe 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 se8J4 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 MOnUth$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