Charity registration number 245875
Company registration number 01069860 (England and Wales)
SHROPSHIRE UNION CANAL SOCIETY LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
SHROPSHIRE UNION CANAL SOCIETY LIMITED
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mr D J Carter (Chair)
Mr I F H Hendley
Mrs S Ball
Mr S G Clews
Mr R D Feeney
Mr T Fulda
Mr C J Hesketh
Mr P G Tolster
Mrs B Cowie
(Appointed 29 May 2024)
Mr C A Robertson
Secretary
Mrs S Ball
Charity number
245875
Company number
01069860
Registered office
Morris Cook
Bryn Estyn
East Street
Llangollen
Denbighshire
LL20 8RB
Independent examiner
Andrew Clarke FCA
Morris Cook
6 Salop Road
Oswestry
Shropshire
SY11 2NU
SHROPSHIRE UNION CANAL SOCIETY LIMITED
CONTENTS
Page
Trustees' Report report
1 - 3
Independent examiner's report
4
Statement of financial activities
5 - 6
Balance sheet
7
Notes to the financial statements
8 - 19
SHROPSHIRE UNION CANAL SOCIETY LIMITED
TRUSTEES' REPORT REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The trustees present their annual report and financial statements for the year ended 31 March 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's [governing document], the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

Objectives and activities

The Society is committed to ensuring that the Shropshire Union Canal network, covering the Llangollen and Montgomery Canals as well as the Shropshire Union Canal itself including the Middlewich Branch, is maintained and enhanced for the benefit of all users and visitors. We seek to influence and encourage the Canal and River Trust to direct its efforts to the benefit of all users through the maintenance and extension of facilities such as towpaths, visitor moorings, seats and picnic tables throughout the Shropshire Union Canal network. The Society has continued to be involved with and to support a number of sister organisations within our geographical area of activity.

 

We are actively committed to the restoration of the Montgomery Canal with particular interest on the “Shropshire Gap” rewatering to reconnect the entire system.

 

 

Public benefit

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Achievements and performance
Significant activities and achievements against objectives

SUCS restoration works have been focused on the Crickheath South project, extending the watered channel from Crickheath Bridge to the renewed Schoolhouse Bridge and to restore Crickheath Wharf itself. Progress is excellent despite the weather difficulties. More detail of what restoration has been achieved can be found on our website www.shropshireunion.org.uk/category/workparty with regular postings published throughout social media.

 

The programme of wider ranging activities including organising walks and tours of the lengths of the Montgomery Canal continues whilst the maintenance and enhancement works in the Ellesmere area are being developed further. These latter activities, improving the local environment and carried out in conjunction with the Canal and River Trust suit members who wish to volunteer but seek lighter activity than the heavier restoration work. They also reflect the growing need for voluntary assistance to support CRT who face an increasing level of demand from an aging asset and increased visitor numbers together falling income. The Society would be delighted to extend its activities farther to include more of the Shropshire Union system and welcomes approaches from individuals or groups for projects in their local area.

SHROPSHIRE UNION CANAL SOCIETY LIMITED
TRUSTEES' REPORT REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Financial review

Overall, the Society has had a positive year financially. The great majority of funds are deposited in accounts paying 5% plus, although there was a 1.8% decline in the capital value of Charifund.

 

For 2023/24 the funding support both for restoration and enhancement works has been obtained from a variety of sources, internal, CRT, together with third-party grants and donations. The Society has been an active participant in the Restore group of canal centred organisations, whose primary focus with the opening of Schoolhouse Bridge has now switched to funding work on the canal channel from Crickheath to Llanymynech. The group gave considerable support to the CRT application for Rural Prosperity Funding, resulting in a grant of £250k, for 375m of restoration. This grant, held and administered by CRT includes a commitment for 30% match funding payable in early 2025, of which £37.5k is from SUCS, continuing our policy of using our reserves to leverage funding from elsewhere.

 

The Society thanks all contributors to funding our activities throughout the year, with grants from Peoples Postcode Lottery, Association of Industrial Archeology, Tesco and The Co Op together with several considerable donations and legacies including an on going contribution from Monty’s Brewery

 

This year the Society's accounts show a surplus of £40,380.

 

However the future funding outlook is more challenging, in an austere climate with funders focusing on social issues including deprivation, discrimination and exploitation.

 

The memorandum gives the trustees powers to invest or deal in the funds of the Society, not immediately required for its purposes, in such manner as in the discretion of the Society may be determined.

 

Reserves

The Operating Reserve created in 2012 to cover 2 years activity has been reviewed to include changes to both the Society's activities and costs. This designation is in addition to such reserves as they consider necessary to meet forthcoming obligations and commitments:

 

Capital Projects            £31,000

Society Operating Costs         £ 8,000

Training                £ 5,000

Total Reserve:            £44,000

 

Investments

The charity operates a low risk investment policy to safeguard its cash holdings. Council has decided to exit the M& G Charifund at an advantageous market point.

 

Risks

The Trustees have identified the major risks to which the Charity is exposed. A formal Health and Safety Policy document has been approved. The risks and policy are regularly reviewed and action taken to mitigate exposure and revise the policy. In addition, the Trustees are careful to provide adequate insurance cover for both public and employees (volunteers) liabilities.

 

Grants

Grants are only made towards projects on the Shropshire Union System of Canals - as specified in the Articles of Association. The Trustees generally seek to make grants to generate further funding, whether this is to release funds available from other agencies or as an incentive to encourage grants from other sources.

Reserves policy

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level in excess of 12 months expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

SHROPSHIRE UNION CANAL SOCIETY LIMITED
TRUSTEES' REPORT REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
Structure, governance and management

The charity is controlled by its governing document, a memorandum of agreement and articles of association and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

The Society is registered as a Charity no. 245875 and is a company limited by guarantee, registered in England and Wales number 1069860. The governing document is a memorandum and articles of association; all attributable activities of the Society are approved by a Council whose members (Trustees), listed at item 1 above, are identified by their interest, life and career skills. They are appointed by nomination at the A.G.M., or can be co-opted by Council during the year and their initial introduction utilises the Charities Commission leaflet CC3. Where appropriate, specialist training (Skill Accreditation, Health and Safety, First Aid) is provided for those taking part in Society activities.

The registered office is located with our Accountants: Bryn Estyn, East Street, Llangollen, LL20 8RG.

The Charity's bankers are the National Westminster Bank plc.

 

The bulk of the society's funds are held with The CCLA Investment Management Limited - The COIF Charities Deposit Fund and M&G's Equities Investment Fund for Charities - Charifund and United Trust Bank Base Rate tracker.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Mr D J Carter (Chair)
Mr I F H Hendley
Mrs S Ball
Mr S G Clews
Mr R D Feeney
Mr T Fulda
Mr C J Hesketh
Mr P G Tolster
Mrs B Cowie
(Appointed 29 May 2024)
Mr C A Robertson
Recruitment and appointment of trustees

The company's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).

 

The company's current policy concerning the payment of trade creditors is to:

 

Trade creditors of the company at the year end were equivalent to 13 day's purchases, based on the average daily amount invoiced by suppliers during the year.

The Trustees' report report was approved by the Board of Trustees.

Mr C A Robertson
30 July 2024
SHROPSHIRE UNION CANAL SOCIETY LIMITED
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF SHROPSHIRE UNION CANAL SOCIETY LIMITED
- 4 -

I report to the trustees on my examination of the financial statements of Shropshire Union Canal Society Limited (the charity) for the year ended 31 March 2024.

Responsibilities and basis of report

As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

1

accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or

2

the financial statements do not accord with those records; or

3

the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

4

the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Andrew Clarke FCA
Morris Cook
6 Salop Road
Oswestry
Shropshire
SY11 2NU
Dated: 17 September 2024
SHROPSHIRE UNION CANAL SOCIETY LIMITED
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
Unrestricted
Unrestricted
Restricted
Total
Unrestricted
Unrestricted
Restricted
Total
funds
funds
funds
funds
funds
funds
general
designated
general
designated
2024
2024
2024
2024
2023
2023
2023
2023
Notes
£
£
£
£
£
£
£
£
Income from:
Donations and legacies
3
37,320
-
13,159
50,479
38,654
21,923
57,181
117,758
Charitable activities
4
52,163
-
-
52,163
-
-
-
-
Other trading activities
5
-
1,153
-
1,153
-
1,703
-
1,703
Investments
6
-
11,476
-
11,476
-
7,166
-
7,166
Total income
89,483
12,629
13,159
115,271
38,654
30,792
57,181
126,627
Expenditure on:
Raising funds
Fundraising and publicity
7
162
-
-
162
140
-
-
140
Trading costs
7
3,962
-
-
3,962
4,194
-
-
4,194
4,124
-
-
4,124
4,334
-
-
4,334
Charitable activities
Charitable trading
8
69,142
-
-
69,142
24,311
-
55,681
79,992
Total expenditure
73,266
-
-
73,266
28,645
-
55,681
84,326
Net gains/(losses) on investments
14
-
(1,625)
-
(1,625)
-
(5,792)
-
(5,792)
SHROPSHIRE UNION CANAL SOCIETY LIMITED
STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
Unrestricted
Unrestricted
Restricted
Total
Unrestricted
Unrestricted
Restricted
Total
funds
funds
funds
funds
funds
funds
general
designated
general
designated
2024
2024
2024
2024
2023
2023
2023
2023
Notes
£
£
£
£
£
£
£
£
- 6 -
Net income
16,217
11,004
13,159
40,380
10,009
25,000
1,500
36,509
Transfers between funds
(11,837)
(105,504)
117,341
-
-
-
-
-
Net movement in funds
11
4,380
(94,500)
130,500
40,380
10,009
25,000
1,500
36,509
Reconciliation of funds:
Fund balances at 1 April 2023
61,618
201,000
33,870
296,488
51,609
176,000
32,370
259,979
Fund balances at 31 March 2024
65,998
106,500
164,370
336,868
61,618
201,000
33,870
296,488

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

SHROPSHIRE UNION CANAL SOCIETY LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 7 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
16
191
-
Investments
17
87,356
88,981
87,547
88,981
Current assets
Debtors
18
14,690
1,868
Cash at bank and in hand
248,487
219,279
263,177
221,147
Creditors: amounts falling due within one year
19
(2,556)
(2,340)
Net current assets
260,621
218,807
Total assets less current liabilities
348,168
307,788
Creditors: amounts falling due after more than one year
20
(11,300)
(11,300)
Net assets
336,868
296,488
The funds of the charity
Restricted income funds
21
164,370
33,870
Unrestricted funds - general
23
65,998
61,618
Unrestricted funds - designated
22
106,500
201,000
336,868
296,488

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2024.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the trustees on 30 July 2024
Mr C A Robertson
Company registration number 01069860 (England and Wales)
SHROPSHIRE UNION CANAL SOCIETY LIMITED
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
1
Accounting policies
Charity information

Shropshire Union Canal Society Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Morris Cook, Bryn Estyn, East Street, Llangollen, Denbighshire, LL20 8RB.

1.1
Accounting convention

The financial statements have been prepared in accordance with the charity's [governing document], the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

 

The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

 

1.2
Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4
Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

Grants are accounted for on an accruals basis.

Annual subscriptions are recognised when received.

Life Membership subscriptions received are carried forward and the income is recognised in the statement of financial activities upon the death of the member.

SHROPSHIRE UNION CANAL SOCIETY LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 9 -
1.5
Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

 

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.

 

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure,

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
20% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7
Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.8
Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

SHROPSHIRE UNION CANAL SOCIETY LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 10 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.11
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

SHROPSHIRE UNION CANAL SOCIETY LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
3
Income from donations and legacies
Unrestricted
Unrestricted
Restricted
Total
Unrestricted
Unrestricted
Restricted
Total
funds
funds
funds
funds
funds
funds
general
designated
general
designated
2024
2024
2024
2024
2023
2023
2023
2023
£
£
£
£
£
£
£
£
Donations and gifts
19,820
-
-
19,820
38,654
21,923
55,681
116,258

Grants

17,500
-
13,159
30,659
-
-
1,500
1,500
37,320
-
13,159
50,479
38,654
21,923
57,181
117,758
Donations and gifts
Donations - general
10,044
-
-
10,044
21,072
21,923
-
42,995
Gift Aid
2,869
-
-
2,869
5,908
-
-
5,908
Subscriptions
6,907
-
-
6,907
7,080
-
-
7,080
Donations - Crickheath HLF - restricted expenditure
-
-
-
-
-
-
55,681
55,681
Donations - Crickheath HLF
-
-
-
-
3,884
-
-
3,884
Donations - Crickheath South
-
-
-
-
710
-
-
710
19,820
-
-
19,820
38,654
21,923
55,681
116,258
Grants receivable for core activities
Peoples Postcode Trust
17,500
-
-
17,500
-
-
-
-
Weeping Cross
-
-
1,000
1,000
-
-
-
-
AIA
-
-
12,159
12,159
-
-
-
-
Other
-
-
-
-
-
-
1,500
1,500
17,500
-
13,159
30,659
-
-
1,500
1,500
SHROPSHIRE UNION CANAL SOCIETY LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
4
Income from charitable activities
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Charitable trading
Sale of goods
52,163
-
5
Income from other trading activities
Unrestricted
Unrestricted
funds
funds
designated
designated
2024
2023
£
£
Fundraising events
68
842
Cuttings - Advertising
842
791
Sales of used stamps
225
70
Recycling
18
-
Other trading activities
1,153
1,703
6
Income from investments
Unrestricted
Unrestricted
funds
funds
designated
designated
2024
2023
£
£
Income from listed investments
5,159
-
Interest receivable
6,317
7,166
11,476
7,166
SHROPSHIRE UNION CANAL SOCIETY LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
7
Expenditure on raising funds
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Fundraising and publicity
Advertising
58
80
Other fundraising costs
104
60
162
140
Trading costs
Other trading activities
3,962
4,194
Total costs
4,124
4,334
SHROPSHIRE UNION CANAL SOCIETY LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
8
Expenditure on charitable activities
Charitable trading
Charitable trading
2024
2023
£
£
Direct costs
Depreciation and impairment
69
-
Construction machine hire
10,647
-
Other machine hire
240
-
Construction Materials
31,588
-
Restoration small consumables
803
-
Toilet Hire
1,430
-
Fuel for machines
1,113
-
Enhancement costs
271
-
Other welfare costs
2,418
-
PPE
301
-
Input VAT reclaimed
(2,433)
-
46,447
-
Grant funding of activities (see note 9)
-
75,332
Share of support and governance costs (see note 10)
Support
10,722
2,320
Governance
11,973
2,340
69,142
79,992
Analysis by fund
Unrestricted funds - general
69,142
24,311
Restricted funds
-
55,681
69,142
79,992
9
Grants payable
Charitable trading
2023
£
Grants to institutions:
Crickheath HLF Phase
55,681
Travel Expenses
8,652
Crickheath South
10,999
75,332
-
SHROPSHIRE UNION CANAL SOCIETY LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 15 -
10
Support costs allocated to activities
2024
2023
£
£
Plant maintenance
305
90
Bank charges
45
60
Insurance
2,321
566
Volunteer training
6,132
-
Post and stationery
69
34
Society general expenses
133
1,570
Sage fees
234
-
Repairs and renewals
1,483
-
Governance costs
11,973
2,340
22,695
4,660
Analysed between:
Charitable trading
22,695
4,660
11
Net movement in funds
2024
2023
£
£
The net movement in funds is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
69
-
12
Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

During the year 6 trustees were reimbursed for travel at a total of £Nil (2023, £4,063) and no trustee was reimbursed for General Expenses (2023, none).

 

13
Employees

The average monthly number of employees during the year was:

2024
2023
Number
Number
Total
-
0
-
0
There were no employees whose annual remuneration was more than £60,000.
SHROPSHIRE UNION CANAL SOCIETY LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 16 -
14
Gains and losses on investments
Unrestricted
Unrestricted
funds
funds
designated
designated
2024
2023
Gains/(losses) arising on:
£
£
Revaluation of investments
(1,625)
(5,792)
15
Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

16
Tangible fixed assets
Plant and equipment
£
Cost
At 1 April 2023
12,427
Additions
260
At 31 March 2024
12,687
Depreciation and impairment
At 1 April 2023
12,427
Depreciation charged in the year
69
At 31 March 2024
12,496
Carrying amount
At 31 March 2024
191
17
Fixed asset investments
Listed investments
£
Cost or valuation
At 1 April 2023
88,981
Valuation changes
(1,625)
At 31 March 2024
87,356
Carrying amount
At 31 March 2024
87,356
At 31 March 2023
88,981
SHROPSHIRE UNION CANAL SOCIETY LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
17
Fixed asset investments
(Continued)
- 17 -

Original cost of investment in the 31 March 2021 year was £80,000.

18
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
14,690
710
Prepayments and accrued income
-
1,158
14,690
1,868
19
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
56
-
Accruals and deferred income
2,500
2,340
2,556
2,340
20
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
11,300
11,300
21
Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 1 April 2023
Incoming resources
Resources expended
Transfers
At 31 March 2024
£
£
£
£
£
33,870
13,159
-
117,341
164,370
Previous year:
At 1 April 2022
Incoming resources
Resources expended
Transfers
At 31 March 2023
£
£
£
£
£
32,370
57,181
(55,681)
-
33,870
SHROPSHIRE UNION CANAL SOCIETY LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 18 -
22
Unrestricted funds - designated

These are unrestricted funds which are material to the charity's activities.

At 1 April 2023
Incoming resources
Transfers
Gains and losses
At 31 March 2024
£
£
£
£
£
201,000
12,629
(105,504)
(1,625)
106,500
Previous year:
At 1 April 2022
Incoming resources
Transfers
Gains and losses
At 31 March 2023
£
£
£
£
£
176,000
30,792
-
(5,792)
201,000
23
Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 April 2023
Incoming resources
Resources expended
Transfers
At 31 March 2024
£
£
£
£
£
General funds
61,618
89,483
(73,266)
(11,837)
65,998
Previous year:
At 1 April 2022
Incoming resources
Resources expended
Transfers
At 31 March 2023
£
£
£
£
£
General funds
51,609
38,654
(28,645)
-
61,618
24
Analysis of net assets between funds
Unrestricted
Unrestricted
Restricted
Total
funds
funds
funds
general
designated
2024
2024
2024
2024
£
£
£
£
At 31 March 2024:
Tangible assets
191
-
-
191
Investments
-
87,356
-
87,356
Current assets/(liabilities)
77,107
19,144
164,370
260,621
Long term liabilities
(11,300)
-
-
(11,300)
65,998
106,500
164,370
336,868
SHROPSHIRE UNION CANAL SOCIETY LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
24
Analysis of net assets between funds
(Continued)
- 19 -
Unrestricted
Unrestricted
Restricted
Total
funds
funds
funds
general
designated
2023
2023
2023
2023
£
£
£
£
At 31 March 2023:
Investments
54,996
33,985
-
88,981
Current assets/(liabilities)
17,922
167,015
33,870
218,807
Long term liabilities
(11,300)
-
-
(11,300)
61,618
201,000
33,870
296,488
25
Capital commitments

Amounts contracted for but not provided in the financial statements:

 

Designated funds represent funds set aside for the Society's operating reserve, future Montgomery Canal reserve and other Society expenditure:

 

2024

2023

Authorised but not contracted for:

£

£

Crickheath South

-

132,000

Operating Reserve (see Page 2)

44,000

44,000

Authorised and contracted for:

 

 

Crickheath South

Canal & River Trust match funding

25,000

37,500

 

25,000

-

Totals:

106,500

201,000

 

Restricted Funds comprise the unexpended elements of grants and donations received for specific purposes c forward against future expenditure:

 

2024

2023

Authorised but not contracted for:

£

£

Crickheath South

Montgomery Slipway (Powys CC)

132,000

2,500

-

2,500

J Faulkner Legacy (Montgomery Canal)

29,870

29,870

 

Oswestry Rural Parish Council

 

(Crickheath Towpath)

- 1,500

 

Totals:

164,370     33,870

26
Related party transactions

There were no disclosable related party transactions during the year (2023 - none).

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