Monmouthshire, Brecon & Abergavenny Canals Trust Ltd
Company limited by guarantee Unaudited financial Statement
31[st] December 2023
Company Registration number 01841029 Charity Registration Number 515879
The trustees, who are directors for the purposes of company law, present their report and December 2023. the unaudited financial statements of the charity for the year ended 31[st]
Registered Charity Name Monmouthshire, Brecon & Abergavenny Canals Trust Ltd
515879 Charity Registration number 01841029 Company Registration Number
Principle Office and Registered address
Fourteen Locks Canal centre, Cwm Lane, Rogerstone, Newport. NP10 9GN
Trustees Mr Wyn L Mitchell
Reverend John A Collier
Mr Bernard S Illman
Mr Paul Thomas (to 2023)
Dr Jayne Collier
Ms Dianne Wilkinson (to 2023)
Mr Glyn Williams
Structure, governance and management
The Monmouthshire, Brecon and Abergavenny Canals Trust (MBACT) is governed by a committee of Trustees that met quarterly in 2023 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.
We acknowledge with grateful thanks the Newport City Council, GAVO and WCVA grants which enabled MBACT to maintain it’s activities.
MBACT Regeneration
The Directors MBACT Regeneration Ltd are Richard Dommett MBE, 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.
A National Community Boating Association trainer was trained and training of helmsmen and crew is being carried out inhouse.
The canal and countryside volunteers activities have continued maintaining the Ty Coch area of the canal.
Fourteen Locks Centre Ltd
The Directors of Fourteen Locks Centre Ltd are Paul Thomas and Jayne Collier, appointed during 2022, with a vacancy for an independent director. The tenant of the Café expressed her intention to release the terms of her lease and MBACT decided to take over the running of the café, renamed the Dadford tea Rooms.
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 continued to see 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 increase this designated fund from £18,000 to £40000 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 25[th] September 2024 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 ofyear | added | used | Atyear end | |
|---|---|---|---|---|
| Designated for contngency |
18,000 | 22,000 | 40,000 | |
| Communityboat | 8,000 | 3978 | 4022 | |
| Newport Cityhomes | 986 | 986 | ||
| Allt-yr-yn | 7026 | 7,026 | ||
| WCVAgrant | 9085.61 | 20937.2 | 23432 | 6,590.81 |
Total designated £40,000 Total restricted £18624.61
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 |
Bank at 1/1/23
Expenditure
| Bank at 1/1/23 | Expenditure | ||
|---|---|---|---|
| Lloyds 1 | 8406.97 | Wages | 96719.08 |
| Lloyds 2 | 65294.48 | associated costs | 15858.69 |
| Barclays centre a/c | 8712.02 | Rent / rates | 775 |
| insurance | 3889.99 | ||
| utlites/ it advertsing / |
2576.39 | ||
| Income | promotons | 532 | |
| 1227.06 | memberships | 159.24 | |
| Rent from café | |||
| café profts | 102000 | ||
| membership | 3813 | audit / accountancy | 750 |
| companies house | 750 | ||
| interest | 671.66 | miscellaneous | 698.05 |
| grants | 26164.2 | grant exp | 3157 |
| events | 329 | ||
| donatons | 779.42 | ||
| closure of ac | 6953.68 | ||
| closure of ac | 7000 | ||
| Regeneraton | regeneraton | ||
| income | 13252.37 | expenditure | 15655.17 |
| Bank at 31/12/23 | |||
| Lloyds 1 | 6114.55 | ||
| Lloyds 2 | 82403.34 | ||
| 237321.1 | 237321.1 | ||
| Total | 8 | Total | 8 |
Notes to accounts
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 (excluding café staff) and other project expenses.
Barclays bank centre account was closed during 2023 funds were transferred into the remaining Barclays centre Ltd account, and transferred with centre Ltd profits to MBACT.
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 in 2022 confirm the valuation stated.
Monmouthshire, Brecon & Abergavenny Canals Trust Ltd
Company limited by guarantee Unaudited financial Statement
31[st] December 2023
Company Registration number 01841029 Charity Registration Number 515879
The trustees, who are directors for the purposes of company law, present their report and December 2023. the unaudited financial statements of the charity for the year ended 31[st]
Registered Charity Name Monmouthshire, Brecon & Abergavenny Canals Trust Ltd
515879 Charity Registration number 01841029 Company Registration Number
Principle Office and Registered address
Fourteen Locks Canal centre, Cwm Lane, Rogerstone, Newport. NP10 9GN
Trustees Mr Wyn L Mitchell
Reverend John A Collier
Mr Bernard S Illman
Mr Paul Thomas (to 2023)
Dr Jayne Collier
Ms Dianne Wilkinson (to 2023)
Mr Glyn Williams
Structure, governance and management
The Monmouthshire, Brecon and Abergavenny Canals Trust (MBACT) is governed by a committee of Trustees that met quarterly in 2023 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.
We acknowledge with grateful thanks the Newport City Council, GAVO and WCVA grants which enabled MBACT to maintain it’s activities.
MBACT Regeneration
The Directors MBACT Regeneration Ltd are Richard Dommett MBE, 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.
A National Community Boating Association trainer was trained and training of helmsmen and crew is being carried out inhouse.
The canal and countryside volunteers activities have continued maintaining the Ty Coch area of the canal.
Fourteen Locks Centre Ltd
The Directors of Fourteen Locks Centre Ltd are Paul Thomas and Jayne Collier, appointed during 2022, with a vacancy for an independent director. The tenant of the Café expressed her intention to release the terms of her lease and MBACT decided to take over the running of the café, renamed the Dadford tea Rooms.
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 continued to see 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 increase this designated fund from £18,000 to £40000 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 25[th] September 2024 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 ofyear | added | used | Atyear end | |
|---|---|---|---|---|
| Designated for contngency |
18,000 | 22,000 | 40,000 | |
| Communityboat | 8,000 | 3978 | 4022 | |
| Newport Cityhomes | 986 | 986 | ||
| Allt-yr-yn | 7026 | 7,026 | ||
| WCVAgrant | 9085.61 | 20937.2 | 23432 | 6,590.81 |
Total designated £40,000 Total restricted £18624.61
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 |
Bank at 1/1/23
Expenditure
| Bank at 1/1/23 | Expenditure | ||
|---|---|---|---|
| Lloyds 1 | 8406.97 | Wages | 96719.08 |
| Lloyds 2 | 65294.48 | associated costs | 15858.69 |
| Barclays centre a/c | 8712.02 | Rent / rates | 775 |
| insurance | 3889.99 | ||
| utlites/ it advertsing / |
2576.39 | ||
| Income | promotons | 532 | |
| 1227.06 | memberships | 159.24 | |
| Rent from café | |||
| café profts | 102000 | ||
| membership | 3813 | audit / accountancy | 750 |
| companies house | 750 | ||
| interest | 671.66 | miscellaneous | 698.05 |
| grants | 26164.2 | grant exp | 3157 |
| events | 329 | ||
| donatons | 779.42 | ||
| closure of ac | 6953.68 | ||
| closure of ac | 7000 | ||
| Regeneraton | regeneraton | ||
| income | 13252.37 | expenditure | 15655.17 |
| Bank at 31/12/23 | |||
| Lloyds 1 | 6114.55 | ||
| Lloyds 2 | 82403.34 | ||
| 237321.1 | 237321.1 | ||
| Total | 8 | Total | 8 |
Notes to accounts
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 (excluding café staff) and other project expenses.
Barclays bank centre account was closed during 2023 funds were transferred into the remaining Barclays centre Ltd account, and transferred with centre Ltd profits to MBACT.
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 in 2022 confirm the valuation stated.
Independent Examinerfs Report to the TnAStees of Monmouthshire, BCon and Abergavenny Canal Trust Ltd. Year ended 31st December 2023 I report to the trustees on my examination of the financial statements of the Monmouthshire, Brecon and Aber8avenny Canals trust Ltd for the year ended 31st December 2023. 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 compty with the accounting requirements of the 2(K)6 act, and the financial statements have been prepared in accordan 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. Julie Dix