Monmouthshire, Brecon & Abergavenny Canals Trust Ltd
Company limited by guarantee Unaudited financial Statement
31[st] December 2024
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 2024.
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 Wyn L Mitchell (Resigned 2024) Reverend John A Collier Mr Bernard S Illman (resigned 2024) Dr Jayne Collier Mr Richard Smith
Mr Glyn Williams (resigned 2024)
Structure, governance and management
The Monmouthshire, Brecon and Abergavenny Canals Trust (MBACT) is governed by a committee of Trustees that met quarterly in 2024 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. The AGM was held on 27[th] November in person and on zoom.
Reverend John Collier was reappointed 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, and Cwmbran Community Council grants which enabled MBACT to maintain it’s activities.
MBACT Regeneration Ltd
The Directors MBACT Regeneration Ltd are Richard Dommett MBE, Bernard Illman (resigned 2024), Mike Rodd and Luke Shannahan. The regeneration teams of volunteers undertakes restoration and maintenance of the restored locks at Ty Coch and the wider Cwmbran area and operate the trip boats 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 continues training of helmsmen and crew inhouse.
MBACT trustees acknowledge with gratitude all the time given by volunteers to maintain and operate the boats.
The canal and countryside volunteers activities have continued maintaining the Ty Coch area of the canal. A new group has been formed which has the responsibility of helping with the maintenance of the canal in the wider Cwmbran area. A floating pontoon and welfare van have been purchased to support the work on the canal. The Torfaen Volunteer group also helps to maintain the canal in collaboration with MBACT, and the trustees are grateful to all who give their time to carry out this important work.
Fourteen Locks Centre Ltd
The Directors of Fourteen Locks Centre Ltd during 2024 were Richard Smith, Laura Thomas and Jayne Collier, with a vacancy for an independent director. MBACT continues to run 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 maintain this designated fund of £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 signed on behalf of the board of Trustees by on 25[th] September 2025 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 |
40,000 | 40,000 | ||
| Communityboat | 8,000 | 8,000 | ||
| Newport Cityhomes | 986 | 986 | ||
| Allt-yr-yn | 7026 | 7,026 | ||
| Cwmbran CCgrant | 10000 | 10000 | 0 |
Total designated £40,000 Total restricted £16,012
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 |
| Floatng pontoon | 4000 |
| Welfare Van | 16000 |
| Total | 162,810.00 |
| Bank at 1/1/24 | Expenditure | ||
|---|---|---|---|
| Lloyds 1 | 6,114.55 | Wages | 133,484.41 |
| Lloyds 2 | 82,403.34 | associated costs | 33,382.01 |
| Rent / rates | 742 | ||
| insurance | 3,954.36 | ||
| utlites/ it | 888.24 | ||
| Income | advertsing / promotons | 567.60 | |
| memberships | 73 | ||
| Regeneraton expenditure | 16,668.44 | ||
| café profts | 143,500 | Training | 495 |
| membership | 3,357 | audit / accountancy | 1,443 |
| events | 161.91 | ||
| interest | 740.35 | miscellaneous | 476.43 |
| donatons | 40 | ||
| Bank at 31/12/24 | |||
| Lloyds 1 | 1575.15 | ||
| Lloyds 2 | 42243.69 | ||
| Total | 236,155.24 | Total | 236,155.24 |
Notes to accounts
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. Additional equipment has been purchased to maintain the value of assets at all sites.
Regeneration income and expenditure is detailed in the accounts and annual report of MBACT Regeneration ltd. The regeneration expenditure relates to the purchase of the welfare van and associated costs which was purchased from MBACT reserves for the benefit of groups working on the canal.
Monmouthshire, Brecon & Abergavenny Canals Trust Ltd
Company limited by guarantee Unaudited financial Statement
31[st] December 2024
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 2024.
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 Wyn L Mitchell (Resigned 2024) Reverend John A Collier Mr Bernard S Illman (resigned 2024) Dr Jayne Collier Mr Richard Smith
Mr Glyn Williams (resigned 2024)
Structure, governance and management
The Monmouthshire, Brecon and Abergavenny Canals Trust (MBACT) is governed by a committee of Trustees that met quarterly in 2024 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. The AGM was held on 27[th] November in person and on zoom.
Reverend John Collier was reappointed 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, and Cwmbran Community Council grants which enabled MBACT to maintain it’s activities.
MBACT Regeneration Ltd
The Directors MBACT Regeneration Ltd are Richard Dommett MBE, Bernard Illman (resigned 2024), Mike Rodd and Luke Shannahan. The regeneration teams of volunteers undertakes restoration and maintenance of the restored locks at Ty Coch and the wider Cwmbran area and operate the trip boats 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 continues training of helmsmen and crew inhouse.
MBACT trustees acknowledge with gratitude all the time given by volunteers to maintain and operate the boats.
The canal and countryside volunteers activities have continued maintaining the Ty Coch area of the canal. A new group has been formed which has the responsibility of helping with the maintenance of the canal in the wider Cwmbran area. A floating pontoon and welfare van have been purchased to support the work on the canal. The Torfaen Volunteer group also helps to maintain the canal in collaboration with MBACT, and the trustees are grateful to all who give their time to carry out this important work.
Fourteen Locks Centre Ltd
The Directors of Fourteen Locks Centre Ltd during 2024 were Richard Smith, Laura Thomas and Jayne Collier, with a vacancy for an independent director. MBACT continues to run 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 maintain this designated fund of £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 signed on behalf of the board of Trustees by on 25[th] September 2025 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 |
40,000 | 40,000 | ||
| Communityboat | 8,000 | 8,000 | ||
| Newport Cityhomes | 986 | 986 | ||
| Allt-yr-yn | 7026 | 7,026 | ||
| Cwmbran CCgrant | 10000 | 10000 | 0 |
Total designated £40,000 Total restricted £16,012
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 |
| Floatng pontoon | 4000 |
| Welfare Van | 16000 |
| Total | 162,810.00 |
| Bank at 1/1/24 | Expenditure | ||
|---|---|---|---|
| Lloyds 1 | 6,114.55 | Wages | 133,484.41 |
| Lloyds 2 | 82,403.34 | associated costs | 33,382.01 |
| Rent / rates | 742 | ||
| insurance | 3,954.36 | ||
| utlites/ it | 888.24 | ||
| Income | advertsing / promotons | 567.60 | |
| memberships | 73 | ||
| Regeneraton expenditure | 16,668.44 | ||
| café profts | 143,500 | Training | 495 |
| membership | 3,357 | audit / accountancy | 1,443 |
| events | 161.91 | ||
| interest | 740.35 | miscellaneous | 476.43 |
| donatons | 40 | ||
| Bank at 31/12/24 | |||
| Lloyds 1 | 1575.15 | ||
| Lloyds 2 | 42243.69 | ||
| Total | 236,155.24 | Total | 236,155.24 |
Notes to accounts
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. Additional equipment has been purchased to maintain the value of assets at all sites.
Regeneration income and expenditure is detailed in the accounts and annual report of MBACT Regeneration ltd. The regeneration expenditure relates to the purchase of the welfare van and associated costs which was purchased from MBACT reserves for the benefit of groups working on the canal.
Independent Examiner's Report to the Directors of Monmouthshire, Brecon and Abergavenny Canals Trust Ltd
Year ended 31 st December 2024
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 2024.
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.