REGISTERED COMPANY NUMBER: 03487632 (England and Wales)

REGISTERED CHARITY NUMBER: 1068943

Report of the Trustees and

Unaudited Financial Statements

for the Year Ended 31 March 2025

for

THE GRAND WESTERN CANAL ASSOCIATION

LIMITED

Page

Report of the Trustees

1

to

2

Independent Examiner's Report

3

Statement of Financial Activities

4

Balance Sheet

5

to

6

Notes to the Financial Statements

7

to

12

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2025. The trustees have adopted the provisions of 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

Objectives and aims

To assist with the preservation and maintenance of the Grand Western Canal.

Public benefit

Enabling the wider public to enjoy the benefits of the historic waterway and the surrounding area.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

03487632 (England and Wales)

Registered Charity number

1068943

Registered office

6 Oaklands Court

TIVERTON

Devon

EX16 6TG

Trustees

T White

Dr R L P Hodgson

C Whitcombe

Mrs V Whitcombe

Company Secretary

Dr R L P Hodgson

Independent Examiner

William Withers

Withers Steele Chartered Accountants

6 Oaklands Court

TIVERTON

Devon

EX16 6TG

Approved by order of the board of trustees on 18 December 2025 and signed on its behalf by:

Dr R L P Hodgson - Trustee

Independent examiner's report to the trustees of The Grand Western Canal Association Limited ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2025.

Responsibilities and basis of report

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

Having satisfied myself that the accounts of the Company 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 your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the 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:

1.	accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or

2.	the accounts do not accord with those records; or

3.	the accounts 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 accounts 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 accounts to be reached.

William Withers

Withers Steele Chartered Accountants

6 Oaklands Court

TIVERTON

Devon

EX16 6TG

18 December 2025

31.3.25

31.3.24

Unrestricted

Restricted

Total

Total

fund

funds

funds

funds

Notes

£

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

1,434

-

1,434

2,088

Investment income

2

-

-

-

83

Total

1,434

-

1,434

2,171

EXPENDITURE ON

Raising funds

1

-

1

2

Charitable activities

Costs of generating voluntary Income

1,000

-

1,000

-

Governance Costs

-

-

-

8,745

Total

1,001

-

1,001

8,747

NET INCOME/(EXPENDITURE)

433

-

433

(6,576

)

Transfers between funds

10

13,395

(13,394

)

1

-

Net movement in funds

13,828

(13,394

)

434

(6,576

)

RECONCILIATION OF FUNDS

Total funds brought forward

2,605

13,394

15,999

22,575

TOTAL FUNDS CARRIED FORWARD

16,433

-

16,433

15,999

**ERROR: TOTAL TRANSFERS CURRENT YEAR DO NOT NET OFF TO ZERO, PLEASE AMEND POSTINGS - TRANSFERS 968/11-30

31.3.25

31.3.24

Unrestricted

Restricted

Total

Total

fund

funds

funds

funds

Notes

£

£

£

£

FIXED ASSETS

Tangible assets

6

4

-

4

6

CURRENT ASSETS

Debtors

7

16,509

-

16,509

16,665

Cash at bank and in hand

1,296

-

1,296

13,684

17,805

-

17,805

30,349

CREDITORS

Amounts falling due within one year

8

(1,376

)

-

(1,376

)

(14,356

)

NET CURRENT ASSETS

16,429

-

16,429

15,993

TOTAL ASSETS LESS CURRENT LIABILITIES

16,433

-

16,433

15,999

NET ASSETS/(LIABILITIES)

16,433

-

16,433

15,999

FUNDS

10

Unrestricted funds

16,433

2,605

Restricted funds

-

13,394

TOTAL FUNDS

16,433

15,999

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

(a)	ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

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

The financial statements were approved by the Board of Trustees and authorised for issue on 18 December 2025 and were signed on its behalf by:

T White - Trustee

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

2.	INVESTMENT INCOME

31.3.25

31.3.24

£

£

Deposit account interest

-

83

3.	NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

31.3.25

31.3.24

£

£

Examiner's fee

298

480

Depreciation - owned assets

2

1

4.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024.

5.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted

Restricted

Total

fund

funds

funds

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

2,088

-

2,088

Investment income

83

-

83

Total

2,171

-

2,171

EXPENDITURE ON

Raising funds

2

-

2

Charitable activities

Governance Costs

8,745

-

8,745

Total

8,747

-

8,747

NET INCOME/(EXPENDITURE)

(6,576

)

-

(6,576

)

RECONCILIATION OF FUNDS

Total funds brought forward

9,181

13,394

22,575

TOTAL FUNDS CARRIED FORWARD

2,605

13,394

15,999

6.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 1 April 2024 and 31 March 2025

759

DEPRECIATION

At 1 April 2024

753

Charge for year

2

At 31 March 2025

755

NET BOOK VALUE

At 31 March 2025

4

At 31 March 2024

6

7.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Other debtors

15,902

15,902

Tax

457

621

Prepayments and accrued income

150

142

16,509

16,665

8.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Bank loans and overdrafts (see note 9)

-

13,394

Trade creditors

976

482

Accrued expenses

400

480

1,376

14,356

9.

LOANS

An analysis of the maturity of loans is given below:

31.3.25

31.3.24

£

£

Amounts falling due within one year on demand:

Bank overdrafts

-

13,394

10.	MOVEMENT IN FUNDS

Net

Transfers

movement

between

At

At 1.4.24

in funds

funds

31.3.25

£

£

£

£

Unrestricted funds

General fund

2,605

433

13,395

16,433

Restricted funds

Fenacre Site

3,165

-

(3,165

)

-

Burlescombe

384

-

(384

)

-

Wardens Tools

103

-

(103

)

-

Lowdwells

470

-

(470

)

-

Nynehead

1,000

-

(1,000

)

-

Rescue Fund

8,063

-

(8,063

)

-

Tap Fund

209

-

(209

)

-

13,394

-

(13,394

)

-

TOTAL FUNDS

15,999

433

1

16,433

Net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

1,434

(1,001

)

433

TOTAL FUNDS

1,434

(1,001

)

433

Comparatives for movement in funds

Net

movement

At

At 1.4.23

in funds

31.3.24

£

£

£

Unrestricted funds

General fund

9,181

(6,576

)

2,605

Restricted funds

Fenacre Site

3,165

-

3,165

Burlescombe

384

-

384

Wardens Tools

103

-

103

Lowdwells

470

-

470

Nynehead

1,000

-

1,000

Rescue Fund

8,063

-

8,063

Tap Fund

209

-

209

13,394

-

13,394

TOTAL FUNDS

22,575

(6,576

)

15,999

Comparative net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

2,171

(8,747

)

(6,576

)

TOTAL FUNDS

2,171

(8,747

)

(6,576

)

A current year 12 months and prior year 12 months combined position is as follows:

Net

Transfers

movement

between

At

At 1.4.23

in funds

funds

31.3.25

£

£

£

£

Unrestricted funds

General fund

9,181

(6,143

)

13,395

16,433

Restricted funds

Fenacre Site

3,165

-

(3,165

)

-

Burlescombe

384

-

(384

)

-

Wardens Tools

103

-

(103

)

-

Lowdwells

470

-

(470

)

-

Nynehead

1,000

-

(1,000

)

-

Rescue Fund

8,063

-

(8,063

)

-

Tap Fund

209

-

(209

)

-

13,394

-

(13,394

)

-

TOTAL FUNDS

22,575

(6,143

)

1

16,433

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

3,605

(9,748

)

(6,143

)

TOTAL FUNDS

3,605

(9,748

)

(6,143

)

11.	RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2025.