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RICKMANSWORTH WATERWAYS TRUST LIMITED
A Company Limited by Guarantee No: 2674596
Registered as a Charity No: 1024322
TRUSTEES, ANNUAL REPORT
And
ACCOUNTS
FOR THE YEAR ENDED 31st DECEMBER 2023
co
Supporlea oy
ARTS COUNCIL
ENGLAND
Hisloric
England
t)epartrnent for
Digital. Cultwe,
ia & Spot
H&ita9e F￿d
Registered Office:
Batchworth Lock Canal Centre
99 Church Street
Rickmansworth
Hertfordshire WD3 1JJ

Rickrnansworth Waterways Trust Limited
Contents
YE 3 1 December 2023
RICKMANSWORTH WATERWAYS TRUST LIMITED
Contents
TRUSTEES, ANNUAL REVIEW
Page number
The Board of Directors and Trustees
Objectives and Activities
The Public Benefit of our work
Our Achievements and our Perfo￿anCe against our Objectives
Financial Review
13
Plans for the Future
14
Structure, Govemance and Management
14
Trustees, Responsibilities in respect of the Financial Statements
16
ACCOUNTS
Independent Examiner's Report
17
Income and Expenditure Account
18
Balance Sheet
19-20
Notes to the Accounts
21-29

Rickrnansworth Waterways Trust Limited
Incorne & Expenditure Account
YE 3 1 December 2023
Charity registration number: 1024322
Company registration number: 2674596
Registered office:
Batchworth Lock Canal Centre
99 Church Street
Rickmansworth
Hertfordshire WD3 1JJ
Independent examiner:
Mrs Jolene Upshall
Mer￿r & Hole LLP
Trinity Court
Church Street
Rickmansworth
Hertfordshire WID3 1 RT
Bank: Barclays Bank
The Board of Directors and Trustees
Chairman and Festival Director
Dr David Montague
Trustees
Mr Sandy Bell. Finance D1￿ctOr (appointed 14 October 2023)
Mrs Christina Bery-chmiel, Finance Director (retired 18 July 2023)
Mrs Chris Burridge
Mr Paul Childerhouse
Ms Marie Gillen
Mr Michael Lansdown
Mr Stephen Mander
Mr Leslie Mead
Mrs Pamela Paterson (retired 18 July 2023)
Mr Martin Asher Rickayzen
Ms Sophie Scott (appointed 7 March 2024)
Mr Deane Symes
Mr Stephen Vincent
General Manager:
Mr Mark Saxon (retired 4 August 2023)
Mr Warwick Gainsborough (appointed 3 July 2023)
Education Programme Leader: Mr Rob Moore
Company Secretary: Mrs Beryl Whittaker
Treasurer:
Mr Nicholas Bennett (retired 4 May 2023)
Mr Andrew Holmes (appointed 4 May 2023)

Rickrnansworth Waterways Trust Limited
Report of the Trustees
YE 3 1 December 2023
The Trustees present their report and financial statements of the charity for the year ended 31 St
December 2023. The Trustees have adopted the provisions of the Statement of Recommended Practice
(SORP) 'Accounting and Reporting by Charities. (FRS 102) in preparing the annual report and financial
staternents of the charity.
Ob"ectives and Activities
The Rickmansworth Waterways Trust (Rwf) is a Heritage Education charity. The Objects set out in our
Articles may be summarised".
The advancement of education, especially on the history of canals, boats and the related trades, crafts
and arts.
The good and navigable order of the Grand Union Canal between Troy Cut and Common Moor.
The provision of facilities for recreation and other leisure time occupation. Also some support in the
interests of social welfare wtth the object of improving the conditions of life for those for whom the
facilities are provided.
To deliver these formal Objects, we define our Purpose:
The purpose of the Rvwf is to excite and educate the community about the history, heritage and
environment of the canals, and show how they can be enjoyed today..
We:
Provide captivating education.
Organise the Rickmansworth Festival to fund our charitable objectives.
Provide amenities at Batchworth, so that the canal can be enjoyed by all.
To deliver this Mission, we do several things:
Provide "Learning at the Lock.. an education programme for primary school groups, adults and other
youth groups.
Organise the annual Rickmansworth Festival.
Provide a set of amenities at Batchworth, including trip boats for use by the public and by community
and private groups.
Conserve and present, at Batchworth and further afield. the historic working boat Roger, our principal
heritage asset.
Provide Ihe opportunity for groups to receive 'Outreach' talks.
Our Ob'ectives for 2023
Our objectives at the start of 2023 were to continue to deliver each of these activities. to maintain the
financial position of the Trust, to continue to explore opportunities for networking and collaboration with
other like-minded organisations, and to strengthen our working relationships with the relevant statutory
bodies, notably Three Rivers District Council, Batchworth Community Council and the Canal & River Trust.
Our plan for doing this was to maintain what we already did well, and advertise it to attract more potential
users. as well as to continue lo deliver and develop our education programme. We aimed to continue to
develop our growing links with local businesses and with other youth charty groups. We aimed to deliver
talks on the local Canal Heritage and the conservation of our wooden working boat to groups such as local
IWA branches and other local societies.

Rickrnansworth Waterways Trust Limited
Report of the Trustees
YE 31 December 2023
The 2023 targets for our key objectives were as follows: _
Deliver Learning at the Lock to 30 to 40 schools, ideally with around 800 to 1000 children attending.
Continue to promote the Batchworth Lock Education Centre as a venue for local organisations lo
hire for educational and training purposes and to let the building on this basis.
Run the Rickmansworth Festival. The Festival's role as the largest community festival for
Rickmansworth is judged on the number of participants and attendees. Vl+hilst the event is
organised to open at breakeven financially, our target was to raise £20,000 from donations to
support our education work.
Continue to consepie Roger for operational use as part of Herrtage Education. The success of the
Roger as an objective is assessed from its state of conservation and from its operation and
presentation during our education programme and at events throughout the year.
Operate a successful boat charter and trip boat operation, using the Pride of Batchworth and Spirit
of Batchworth and occasionally Roger. Success is assessed on Ihe number of charters and also
the financial return from both operations.
To ensure the Batchworth Lock Canal Centre is open and manned by volunteers for the maximum
number of days during the year. We monitor volunteer hours. number of visitors, number of boat
trips and days open to see how well we are doing against this objective.
Maintain and enhance the area of the Grand Union Canal at Batchworth. This work is in partnership
with the Canal & River Trust following our fonnal adoption of the area.
We are conscious that all of our activities have both a charitable and a fund-generating element, and we
have worked to understand how these different priorities impact each of our objectives.
In undertaking all our work we were conscious of the contribution required from our volunteers- both the
regular contributors and those who made an occasional or even single input. Leaming at the Lock, the
Festival and the Batchworth Lock Canal Centre (with its associated activities) are all absolutely
dependent on the work of our volunteers, with several thousand hours needed for us to operate
effectively. Support for our volunteers is a key and overriding objective.
The Public Benefit of our work
The canal network is an existing. much loved and well-regarded national asset brought more to the public's
attention in recent few years by the increase in television programmes involving our waterways. However
the full range of benefits and opportunities it affords the public, in our area and elsewhere, requires
interpretation and deliberate action to make them fully ac￿Ssible to all.
This is the work of RIMf in a nutshell. The work we do is to allow our neighbours in Three Rivers District
and surrounding boroughs to experience and enjoy the many and great opportunities for education,
recreation, enjoyment and understanding offered by the waterways in this area.
The extent to which we did this is described in the next section of this report. The year 2023 was the first
full yearwhere our operations were not impacted by the COVID 19 pandemic since 2019. We were unable
to operate for much of 2020 and 2021 and experienced a slow but sustained recovery during 2022 which
continued in 2023, with schools remaining slow to regain confidence for normal extemal visits.
The Trustees have paid due regard to guidan￿ issued by the Charity Commission in deciding what
activities the charity should undertake.

Rickrnansworth Waterways Trust Limited
Report of the Trustees
YE 3 1 December 2023
Our Achievements and our Perfonnance a
ainst our Ob-ectives
After all aspects of our charitable activities, including our education programme, the Festival and our
Batchworth Lock operations being significantly impacted by the COVID 19 pandemic during recent
financial years the Trust hoped that 2023 would be the first year since 2019 when our activities returned
to levels seen in 2019. Progress is reported in more detail below.
Learnin
at the Lock ob-ectives
Deliver Leaming at the Lock to 30 to 40 schools, ideally with around 800 to 1000 children attending.
Learnin
at the Lock-
ro
ress a
ainst ob"ectives
The total number of school visits for 2023 was 16 (2022-. 28). comprising 14 individual schools. The first
visit in 2023 took place on 23rd March and the last visit on 7 November. A total of 407 children (2022..
706) went through the programme in 2023 which was not as many as we were expecting based on the
recovery seen in 2022. We think schools and their reSoUr￿S to support external visits were impacted by
the industrial action that took place during 2023. So far 15 school visits have been booked for 2024. The
Trustees are very grateful for all the work Rob Moore put in to attract schools back to our education
programme after the disruption of the last few years.
The revenue brought in from Leaming at the Lock in 2023 was £4,007 (2022." £6,354).
A total of 646 volunteer hours (2022: 1,047) were provided by our presenters in 2023 and, as always, a
significant part of the Suc￿sS of Learning at the Lock must go down to the tremendous dedication that our
volunteers give to the programme. We continued to attract further volunteers to the programme in 2023
and are always looking for further volunteers to help with this key charitable objective. We hope 2024 is a
more normal year for Leaming at the Lock but recognize the current financial climate could impacl the
ability of schools to do as many extemal education visits as usual.
Rob has continued to work on further education visits wrth talks and boat trips tailored to an adult audience
and we have recently piloted a Heritage Experience based on using Roger and targeted at groups from
the U3A. After running the first sessions we are looking to develop this further in 2024 and it could form a
significanl part of our adult education output and provide a further income stream to the Trust.
The Batchworth Lock Education Centre ob'ectives
Continue to promote the Batchworth Lock Education Centre as a venue for local organisations to
hire for educational and training purposes and to let the building on this basis.
The Batchworth Lock Education Centre-
ro
ress a
ainst ob"ectives
During 2023 we continued to see organisations return to their normal activities and so we benefited from
an income stream from lettings. We also actively promoted the venue in an effort to attract new hirers and
increase our income in this area. During 2023 we had 126 bookings for the Education Centre {2022.' 213)
generating £7,467 in income (2022.. £5,448.75). We will continue to promote the centre to other local
organisations as we wish as many groups as possible to benefft from this communty space.
During 2023 we employed a contractor to paint the gable ends of the outside of the Education Centre with
white preservative paint as it was five years since the initial preservative was applied. The report was that
the timber and surfaces were in good condition and so this will be rescheduled in five years time. The
lower levels and more accessible areas will be repainted by Rwf volunteers and staff during the warmer
weather during 2024.

Rickrnansworth Waterways Trust Limited
Report of the Trustees
YE 31 December 2023
Outreach
Our programme of occasional outreach talks continues and the Trustees extend their thanks to Mark
Saxon and other volunteers for providing their work in this area. The Batchworth Lock Education Centre
is also used by the Chiltern branch of the Inland Waterways Association for their programme of monthly
evening talks and social gatherings and we encourage this type of usage of the centre.
Range of participants in our activities
The age of children taking part in the Learning at the Lock programme ranges from 4 to 11 years and we
have also provided sessions to teenagers. Outreach offers us the opportunity to provide information about
the Trust to a wider and older audien￿.
The children attending Leaming at the Lock come from a range of backgrounds and we have held sessions
with MENCAP students wÉth a range of learning abilities and clients from the Inclusion Project regularly
use the centre. The Batchworth Lock Education Centre has full wheelchair access and a wheelchair
accessible toilet which widens the range of people we can cater for in the facility.
The Festival attracts people of all ages and degrees of ability, and we continue to provide full wheelchair
access to the main Aquadrome stage.
The Festival ob'ectives
Run the Rickmansworth Festival. The Festival's mle as the largest community festival for
RiGkmansworth is judged on the number of participants and attendees. Whilst the event is
organised to open at break-even financially, our target was to raise £25.000 from donations to
support our education work.
The Festival -
ainst ob"ectives
ro
ress a
Following the restart of the Festival after the cancellations due to COVID during 2020 and 2021 we
experienced a very successful Festival in 2022. In 2023 we again had a very successful event with
donations at a higher level than we reached in 2022 and aided by ideal weather during the weekend.
We did however face significant financial challenges during the planning for the event as infrastructure
costs had increased significantly and sponsorship proved difficult to obtain. At the start of 2023, which is
when we would hope lo have achieved a break even budget. we were still fa￿d with a significant shortfall
in income to cover our costs. Despite the financial risk the Trustees agreed to proceed with the event at
our January meeting and cover any shortfall from Trust funds with the hope we would have sufficient
donations to cover costs and still provide the budgeted return to the Trust. We had campaigns on Social
Media and in the local press to raise awareness of Ihe challenges to the Festival finances and also ran a
Just Giving campaign which proved very successful. All these activities resulted in us reaching a break
even budget about two weeks before the Festival weekend, which is the latest we have ever achieved this.
For the 2023 Festival we were fortunate to have another volunteer take on the management of our Sum
Up card readers to collect cashless donations. We used these during the 2022 Festival weekend with
sorne Suc￿sS but found bandwidth limitations did cause us issues. We invested in EE mobile hot spots
and battery packs for the 2023 Festival and this provided much better network access for the Sum Up card
readers and increased the length of time the readers could be used before recharging. Also our volunteer
was able to support the collection points with freshly charged readers and respond to any issues and the
efficiency of this operation meant we collected nearly £15,000 in cashless donations during the weekend.

Rickmansworth Waterways Trust Limited
Report of the Trustees
YE 31 December 2023
So despite all the challenges in the run up to the weekend the attendance Festival in May 2023 was
excellent and we again had perfect weather throughout the weekend. The donations colleded beat all
previous records and this is due to all the volunteers who participated in the event and who gave up their
time to ensure a safe and enjoyable event was presented to our community.
The future however looks very different. Our next Festival was being planned to be held on May 18th and
19th 2024. In December 2023 we were alerted to significant concerns regarding the usage of the
Aquadrome site due to the presence of asbestos under the ground based on the latest survey work carried
out in 2023. This meant that inserting and removing any ground fixings would not be pemiitted and also
driving on the grassed areas, without using appropriate ground protection, would not be allowed. This
meant significant additional costs for Trackway and also restrictions on how we could use the site such as
positioning the main stage. Despite Three Rivers District Council offering to cover the costs of the required
asbestos surveys before and after the event for the 2024 Festival, the other additional costs and
restrictions on how we could use the site meant the Trust had no choice but to cancel the 2024 Festival.
The budget to run the 2024 Festival was expected to be just over £70.000 and the additional requirements
would have taken this to nearly £200,000 and also logistically outside the scope of a volunteer run event.
So unless there are any developments in the understanding of how the Aquadrome can be used in the
future it is not likely that the Rickmansworth Festival can take place again in anything like its previous
years format. The Trustees will look to what options we have for smaller events at Batchworth and also
maybe something just based along the canal in 2025. However we need to ensure the investment of
volunteer resource in any events is appropriate as smaller events are likely to generate little if any income.
Following the loss of this significant income source our volunteer resource needs to be focused on
broadening our range of activities to provide an income stream throughout the year.
In recognition of the impact of the loss of Festival income on our budget for 2024 Three Rivers District
Council generously gave the Trust a grant of £30.000 which will ensure we have sufficient funds to cover
our costs for 2024. We sin￿relY thank the council for their support which ￿111 mean we have a little more
time to adjust our income and expenditure to run the Trust without the Festival income.
Ro
er ob"ectives
Continue to conseNe Roger for operational use as part of Hentage Education. The success of the
Roger as an objective is assessed from its state of cOnse￿ation and fmm its operation and
presentation dunng our education programme and at events throughout the year.
Ro
er-
ro
ress a
ainst ob"ectives
The Roger was built in 1936 and is one of the few examples of wooden working narrow boats still in
working order. She was rebuilt by the Trust with financial support from the Heritage Lottery Fund and was
re-launched in 2000.
Registered on the National Register of Historic Ships. she is an integral part of our education programmes
to show children how boat people lived over 100 years ago. She remains currently valued at £30,000
(2022.. £30,000). although Ihe full costs of a further reconstruction would be very much greater. The
Trustees have identified her continued conservation and use as one of the Trust's key projects for the next
ten years.
Following the guidance of the National Historic Ships publication °Conserving Historic Vessels", our
General Manager is actively managing a conservation plan which looks ahead ten years on a rolling basis.
The key premise of this conservation plan remains the Conservation Gateway selected at the time of

Rickn]answorth Waterways Trust Limited
Report of the Trustees
YE 31 December 2023
Rogerfs ￿StoratIon i.e. "Conservation for Operational Use. With the professional technical support of an
expert wooden boat repairer the Trust is continuing to implement this plan.
A regular regime of inspection and maintenance has ensured that Roger remains in good condition. In our
2022 annual report it was noted that during the last docking several major timbers were identified as
needing replacing within the next five years. During 2023 the Trust started working on the fund raising to
secure this work and hence the future of the Roger. During 2023 we were fortunate to receive a legacy of
just over £10,000 from the estate of Derek Gray, one of the founding Trustees of R￿, and also a grant
of £15,000 from Align which was provided for the continued conservation of Roger. We have also
transferred most of the balance of our trip boat reserve to the Roger conservation fund and as a result of
this have sufficient funds to cover the remedial work identified which will be completed over the next six
years. We have already spent some of the reserve to enable Bates Boatyard to purchase the oak required
for the work and this is currently being seasoned at one of their yards. The Trustees agreed at our Strategy
meeting at the end of 2023 that continuing to conserve and present Roger for operational use was a key
objective for RITr￿ and so are very pleased that we have identified a funded route to allow this to happen
this.
Work on the engine and drive train has continued this year under the expert direction of Clive Pelerin,
assisted by Bob Patey. Despite all their hard work we did experien￿ an issue with the engine on the
journey of Rogerto Little Venice in May 2023. During the southbound joumey the exhaust started to emit
black oily smuts all over the top of the cabin and the crewl The decision was made to abort the journey to
Little veni￿ and Roger was returned to Rickmansworth for investigation of the fault.
Following initial investigation Clive and Bob dismantled and fully cleaned the exhaust system which was
caked in an oily sooty residue. Clive is also reviewing the detailed operation of the engine this year to
ensure the problem we observed has been rectified. Work is also underway by volunteer Martin Stokes to
repair rot in part of the gunnels by cutting out and replacing sections with oak. The plan is to take Roger
to Little Venice again in May 2024 and also it will be a key part of our planned Heritage Experien￿ visits
as described earlier.
I n parallel with our strategy to continue to conserve Roger for operational use the intention is to increase
its use in our charitable activities. As part of this it is recognised that the presentation of the boat needs to
be improved and a list of minor works and improvements has been identified. As part of this a new engine
exhaust chimney has b￿n purchased for Rogerto repla￿ the older damaged one previously in use.
In order to better coordinate and manage all activities related to Roger Trustee Chris Burridge has been
appointed to oversee all aspects of the boats maintenance and use. The plan to take Rogerto other events
is being reviewed and going on board and seeing how families lived and worked on the canal continues to
be one of the most popular parts of the Learning Lock Education visit for our visiting schools.
The Pride and S
irit of Batchworth ob'ectives
Operate a SUCGessful boat charter and trip boat operation, using the Pride of Batchworth and Spirit
of Batchworth. Success is assessed on the number of charters and trips and also the financial
retum from both operations.

Rickmansworth Waterways T￿￿t Limited
Report of the Trustees
YE 31 December 2023
Pro
ress a
ainst ob"ectives
As reported in our 2022 annual report we made good progress with our strategy to increase our trip boat
capability. We had identified that based on the review of the current maturity of electric boat technology it
would be unwise for the Trust to proceed with commissioning an electric boat to replace Pride. We also
agreed that it would be preferable to continue to maintain Pride and look for a further second hand boat to
support our trip boat operations and in early October 2022 we identified a possible boat. We completed
the process to obtain a second mooring with Canal & River in early 2023 and purchase of the boat was
finalised in January 2023 after a successful survey and the boat entered full operation in May 2023.
The boat was renamed the Spirit of Batchworth at a ceremony in March 2023 and our existing experienced
skippers are being trained in handling this slightly longer boat and its safe method of operation. During
2023 the Trust replaced the cassette toilet with a pumpout toilet and tank supported in part by a generous
grant from the Chiltern Society. We also repainted Spirit in the same blue livery to match Pride of
Batchworth. Pride of Batchworth is also due to be repainted in spring 2024. The funds for these projects
mostly carne from the accumulated trip boat reserve.
Our operational plan is to prioritise the use of Pride for short ferry trips to Stockers Lock and use Spirit
principally for charters and for Leaming at the Lock. although there remains flexibility to use Pride for all
types of trips as the cabin is more enclosed in very inclement weather. Also at busy times, such as at the
Festival, or during weekends and school holidays. we have the option to operate both Pride and Spirit on
short trips if no charters are booked. We operated both Spirit and Pride at the 2023 Festival which gave
us double the capacity for short trips which was well utilised by our visitors. The availability of a second
boat also gives us the operational flexibility we did not have with running just one trip boat.
Operated under the temis of the Small Passenger Boats Code. the crewing requirements remain a
continuing need for the Trust to train new skippers. This is something which we continue to do well and
new skippers continue to come fop4vard to join our team of qualified helmsman.
We completed a total of 766 Fery trips in 2023 (2022: 696). We look bookings for 59 private charters
(2022: 75). The charters bookings have been managed for many years by volunteer Jillian Christensen
and this year Jillian made the decision to stand down and now our General Manager is looking after the
operation. The Charter operation was made possible by approximately 200 volunteer hours (2022.. 263).
Our income from this part of our operation was £7,318.50 (2022: £6,120.50}. Many thanks are due to our
trained volunteer skippers and crew and to Jillian for her many years of ex￿lIent management of the
charter operation which we hope to continue to grow in 2024.
We continue our regular regime of maintenance and inspection for the Pride and Spirit led by our boat
maintenance team and this remains essential to the continued usability of all our boats.
Batchworth and the Batchworth Lock Canal Centre ob-ectives
To ensure the Batchworth LoGk Canal Centre is open and manned by volunteers for the maximum
number of days during the year. We monitor volunteer hours, number of visitors, number of boat
tnps and days open to see how well we are doing against this objective.
Maintain and enhance the area of the Grand Union Canal at Batchworth. This work is in partn8rship
with the Canal & River Trust following our formal adoption of the area.

Rickmansworth Waterways Trust Lirnited
Report of the Trustees
YE 31 December 2023
Batchworth and the Batchworth Lock Canal Centre -
ro
ress a
ainst ob-ectives
The area around Batchworth Lock and the Batchworth Lock Canal Centre is vistted by many people and
we see an increasing number of people along the towpath since the COVID pandemic. During 2023 we
saw 10,207 visitors (10,764 in 2022) and some 1,877 volunteer hours (1,952 in 2022) were provided in
keeping the Centre open. A great deal of thanks must go to all the volunteers and our General Manager,
Mark Saxon and now Warwick Gainsborough, who ensured effective management of our operation at
Batchworth during 2023.
Mark, Warwick and our volunteers continued with our programme of essential maintenance during 2023
around the Batchworth Lock Canal Centre to ensure that Batchworth Lock remains an attractive
destination for all our visitors.
The Centre was open for 362 days in 2023 (2022: 363) out of 365 days which is an amazing volunteering
achievement. At the end of 2023 we started a project to refurbish the Lock Centre as it had not been
updated since its original fitting out. The budget for this was met from a generous donation made to the
Trust to support capital improvement projects and we completed the work in February 2024. The centre
now is much improved for our visitors and also for our volunteers to work in and we hope we continue to
attract a large number of visitors to the centre.
The system of 'Boaters' Post, continues to prove an essential Serrf1￿ for the residential boaters in our
Community. To December 2023, we had 107 people (2022: 112) living on 72 boats, who were paid up
beneficiaries of the postal service and this provKled an income of £3,152 to the Trust in 2023 (£2,372 in
2022).
In conjunction with Ihe Canal & River Trust {C&RT). we continue to enjoy shared use of the workshop
facilities at Batchworth as part of our °adoption" of the area round Batchworth Lock. This improves our
capability to complete specific project work such as rna1ntenan￿ work on our key assets, our boats. as
well as enabling us to fulfil our adoption agreement for maintaining the Batchworth area.
We remain most grateful to the C&RT for allowing the Trust to moor our three boats at Batchworth at a
concessionary rate and this is a very considerable ongoing contribution to our work.
Our website and documentation
We continue to have full and direct control overthe content of our site, and the website provides a powerful
tool to support our business. The Trustees recognised in 2023 that our current website was in need a
significant update and overall redesign to meet modem standards. We also wish to have the capability in
the future to take online payments and maybe boat bookings iflwhen we decide to fomially implement this.
Currently a project is undenNay to redevelop the website and the plan is to launch a new site during the
first half of 2024. The costs of this project are being met from a generous donation made to the Trust to
support capital improvement projects.
We have continued rnaintaining and improving ourdocumentation and we will continue to have a password
protected area on the new website for our document library. We have uploaded a number of manuals on
the maintenance of Roger's engine thanks to the diligent work of volunteer Clive Pelerin. Our document
library is a key resource where Trustees and our officers can access all the key processes and procedures
needed to operate our charrty.

Rickmansworth Waterways Trust Limited
Report of the Trustees
YE 31 December 2023
We continued to distribute regular newsletters to our volunteers and other supporters via the newsletter
system on the website including the twice-yearly publication of the Batchworth Telegraph which goes oul
to nearly 1100 people which includes a group of web subscribers from a competition run by Visit Herts.
Sustainabilit
and Environment
The Trust recognises its obligations to continually improve how it manages all aspects of its operations
with respect to our sustainability and environmental responsibilities. This is becoming increasingly
important as Three Rivers District Council have declared a climate emergency and are looking for all
organisations to work to meet clear targets on reducing carbon emissions. The Trust aims to improve
energy efficiency, reduce waste, recycle more and ensure strategic decisions are made with long term
sustainability in mind.
The canal network with its infrastructure were built many years before sustsinability and the environment
were important Gonsiderations. However we recognise that we can make choices in all that we do to
towards sustainability and the environment. Currently the major areas in which we can have an impact
are around reducing energy consumption, recycling as much waste material as possible generated as
part of our Batchworth operations, and making long term sustainable purchasing decisions taking into
account the need to use recycled materials and redu￿ fossil fuel consurnpb'on.
In the Gonstwction of the Batchworth Lock Education Centre we made the decision to have a fully
insulated double skinned fabric with double glazed windows and doors. The electric heating is all on
timer circuits and thermostatically controlled to minimise the energy needed to keep the building at an
optimum temperature during the hours it is needed. All lighting is low energy LED. The artificial slate roof
tiles are made from recycled plastic as are all the boards used for the decking and the picnic tables at
the rear of the building and the entrance. During 2024 we are looking into putting a solar panel
installation on the south facing roof of the Education Centre. The intention is to combine this with
battery storage system and reduce significantly our running costs for the building. The costs of this
project are planned to be met from a generous donation made to the Trust to SUPPOrt capital
improvement projects.
Whilst the Batchworth Lock Canal Centre is an old historic building as part of the refurbishment we have
installed new LED lighting and also repla￿d the old electric heater with an more modem and efficient
electric fan heater.
We will continue to look for opportunities where we can make sustainability-based decisions and redu￿,
reuse and recycle in as many areas as we can.
Fundraisin
erfonnance a
ainst our ob'ectives
This year..
Our budget anticipated grants and donations of £10,000 including Gift Aid Recovery.
In the event, our income from donations was £6,083 for the 'General Unrestricted Fund, and
£20,000 for the Special Capttal Projects Fund. In addition we received grant incorne of £15,000
towards the restoration of Roger and also a legacy of £10,366 from the estate of Derek Gray.
10

Rickmansworth Waterways Trust Limited
Report of the Trustees
YE 31 December 2023
We are particularly grateful to:
D Paterson
The estate of Derek Gray
ALIGN
Tesco Community Grants
Our Volunteers
The contribution of our volunteers is another important measure of our Suc￿sS and at the end of 2023 we
had 96 active volunteers for the Trust. Our methods for tracking volunteertime means we now can access
data for those volunteering in the Lock Centre, for our education work and also crewing our regular boat
trips and charters.
This year the opportunities to volunteer came back to those we had pre pandemic. Our conservative
estimate for the number of hours that people have given to RWT during 2023 is estimated as:
Learning at the Lock: 646 hours
Festival: _2,000 hours
Canal Centre: 1,877 hours
Boats and Boating: _1,000 hours
Admin, management and fundraising: _1,500 hours.
The total number of hours contributed by volunteers was around 7,500 hours which is a very significant
contribution to the Trust.
In these figures are several individual contributions of special note, often made at short notice and personal
inconvenience, and the Trustees are keenly aware of and very grateful for all these efforts. We believe we
have a robust system of management with regard to volunteer deployment and support and we look
fO￿ard to increasing our numbers of volunteers in all aspects of the Trust's work when we can return to
more normal operations.
Our Staff
2023 saw a major transition occur for the Trust in that Mark Saxon, our General Manager of ten years,
retired. Mark gave us plenty of notice of his intentions and this gave the Trustees time to embark on a
recruitment programme for his replacement. This campaign took place in the early part of 2023 and we
interviewed the best candidates in the early spring. The Trustees decided to appoint Warwick
Gainsborough as General Manager and he started in early July 2023 and worked closely with Mark during
July until Mark left in early August to ensure an effective handover.
The Trustees wish to sincerely thank Mark for his work with the Trust over the last ten years. He has
helped the Trust through significant milestones in its history such as winning the Queens Award for
Voluntary servi￿, the building of our Education Centre and also the sourcing and purchase of our new trip
boat. Warwick comes to us with significant experien￿ in volunteer management in the charity seGtor and
has settled into the role with Rv￿ very well. We wish Mark all the best for his future and welcome Warwick
to the Trust.

Rickniansworth Waterways Trust Limited
Report of the Trustees
YE 31 December 2023
Im
rovin
our financial resilience
The loss of the Festival for 2024 has shown that the best financial plans can be upset by unforeseen
events. Fortunately prudent financial management by the Trustees over the last few years has allowed
us to build up resenies which will be critical to allow us to adjust our income and expenditure and hopefully
make a transition to funding our work without a major fundraising event.
Without our reserves strategy we would have been in a poor position to resist such a financial shock to
our operations. We have been fortunate that our reserves were maintained during COVID and that the
funds put aside for our replacement trip boat were not depleted which allowed us to proceed with the
purchase of the Spirit of Batchworth.
The importance of regular stralegy meetings which are independent of the regular Trustee meetings are
fundamental in our planning for this type of change and we are grateful to Asher Rickayzen for leading us
in this essential work. These meetings allow us to take a broader look at how well we are meeting our
charitable objectives, understand where we can improve what we do and also look at how we can plan to
rnitigate any risks the Trust is facing.
The first of these meetings was held in the autumn of 2022 and we held a further two sessions in 2023.
Our first one this year was in March 2024 and focussed on adjusting ourfinances to not having the Festival,
reviewing our boating operations now that we have an additional trip boat, the recruitment and retention
of good volunteers and Trustees and finally loo￿.ng at other medium to long terms risks and appropriate
mitigations.
Several key ttems are already being worked on.
Firstly our communications and publicity was identified as a priority area for improvement and we now are
using an auto scheduler to post daily on many different social media platforms. This campaign started at
the end of 2023 and we look to see how much effect it has on our footfall, boat trips and charters as we
move into the warmer months. We do know it is already attracting many more followers to the work of the
Trust and significantly improving the awareness of all that we do.
Secondly, as reported earlier, we are launching a new website in 2024 and this is being project managed
by volunteer Simon Vangucci.
Thirdly we are working on ways we can increase income in other areas, such as boat trips, charters, Lock
Centre footfall and Education Centre hire income so that this broader range of activities better supports
our expenses. The purchase of the Spirit of Batchworth forms part of this strategy and allows us to run
charters and Leaming at the Lock whilst still offering short boat trips to our visitors. The launch of the Roger
Heritage Experience is also a significant new development. We have also completed the refurbishment of
the Lock Centre to make Batchworth more welcoming to our visitors and provide a better environment for
our volunteers.
We will continue to focus on these and other longer-term projects in our future strategy meetings.
12

Rickmansworth Waterways Trust Limited
Report of the Trustees
YE 31 December 2023
Financial Review
The overall 'unrestricted income, of the Trust in 2023 included grants of £2,625 resulting in an overall
'unrestricted surplus. of £34,790 (2022: £35,572) this year before allocations to specific funds. Our total
surplus for the year was £52.841 (2022: £43.285).
The Trustees have allocated the following sums to specific funds during 2023:
Roger Conservation reserves
Education Maintenance fund
£20.000 (from Trip Boat replacement fund)
£1.500 (from general unrestricted funds)
The Special Projects fund comprises a further donation of £20,000 re￿IVed by the Trust in De￿mber
2023.
The total Trust funds carried forward of £596.161 (including the trip boat replacement fund of £70,399,
Roger Conservation fund of £40,782, the Building fund of £319,876, the building maintenance fund of
£3,000 and the special projects fund of £50,000) is made up of the assets of the Trust less the liabilities.
The significant assets comprise the Batchworth Lock Education Centre. the Spirit of Batchworth trip boat
and cash held at bank. The liabilities are the PAYE tax and National Insurance payable at the year end
together with accruals for fees and other payables.
Financial Commitments
The Trust's programme of activities relies to a very large extent on volunteers, although there are two paid
employees, the Education Programme Leader and the General Manager. Their salaries and associated
costs represent a significant financial commttment, and to date charges made to schools and other visitors
provide less than half of the costs. The surplus on the annual Festival is also applied to this programme,
The Trusl has two obligations in respect of maintenance of boats. The narrow boat Roger, restored over
twenty years ago, was originally maintained by a local charitable trust and for over ten years the continuing
and expensive obligations are entirely for the account of the Trust.
The second boat used by the Trust is the twelve-passenger trip boal, Pride of B8tchworth, to which has
been added the Spint of BatGhworth in early 2023.
The ongoing maintenance commitments for all our boats, but especially Roger, represent a challenge to
the Trust's ability to raise funds from grant making foundations, local authorities and 'friends°.
The Trust's other financial commitments are modest and are limited to the ground rent and running costs
of the Batchworth Lock Education Centre. the upkeep of the Batchworth Lock Canal Centre and the area
round Batchworth Lock. These are covered by the revenue from visits by the public and hiring the building.
Reserves Polic
The Trustees, policy is to maintain a reserve of about 5 months, expenditure- in the order of £35,000. The
results of the 2022 and 2023 Festival, as well as the receipt of various donations and grants, has enabled
the Trust to deposit surplus funds in interest*arning deposit accounls, pending the application of these
funds for various projects.
The Asset Replacement Fund was used for the purchase and refurbishment of a second boat, the Spirit
of Batchworth to work alongside the Pride of Batchworth. This fund is a designated fund.
13

Rickmansworth Waterways Trust Limited
Report of the Trustees
YE 31 December 2023
A reserve created for the funds for the Batchworth Lock Education Centre was spread over several bank
accounts. All these funds have been used for the construction of the Building. This fund is a restricted
fund.
A further reseNe was created in 2018 to accumulate funds for the conservation of our Historic Narrowboat
Roger- the Board of Trustees has agreed to set aside £7,000 per annum to provide for the continuing
programme of conservation of this historic asset. In 2023 the Trust received a grant of £15,000 towards
Roger and also decided to allocate a generous donation of £10,366 from the Estate of Derek Gray to the
Roger reserve. An allocation of £20,000 was transferred from the Asset Replacement Reserve. This fund
is a designated fund.
A reserve was created to fund ongoing costs for the Batchworth Lock Education Centre. This fund is
unrestricted.
A reserve was created for Special Projects. This fund is a restricted fund.
Plans for the Future
The Special Projects fund will be applied to the refurbishment of the Canal Centre (completed February
2024 for just less than the budgeted £10,000), the construction of the new website and the installation of
Solar Panels at the Education Centre.
Our key objective for the coming year, following the decision to cancel the Festival, is to maintain the
current financial position by maximising income from existing activities and seeking new income streams
to support the overhead cost base.
Structure Governance and Mana
ement
Rickmansworth Watep4vays Trust Limited (Rwf) is a Company Limited by Guarantee. It is governed by
the Articles and Memorandum of Association adopted on 5 May 1993.
The Board of D1￿CtorS and Trustees meets al intervals of between four to eight weeks.
The Directors and Trustees are recruited following an approach which may be made either way. The Board
discusses the proposal and the candidate is required to meet the Board. This is followed up by at least
one interview with the Chairman and others. The Board then agrees (or not) to offer the candidate
Directorship, and rf accepted recommends the appointment at the next AGM. This prO￿sS is described
fully in Clauses 32-39 of the Articles and in an intemal pro￿dure document.
Trustees are inducted over a period of time. The activities of the Trust are sufficiently complex to require
careful briefing of new Board members, and, for recruits without personal experience of the Trust, this
starts at the initial meeting described above. In principle. each Trustee has a portfolio. an area of the
Trust's business in which he or she takes a specsal interest and a degree of responsibility, but this does
not happen at once.
Trustee Directors have no maximum tenns for serving. Three of the Trustee Directors, Chris Burridge,
David Montague and Steve Vincent have served for over ten years but continue to provide invaluable input
into the running of the Trust through their long experience and specific skills.
14

Rickmansworth WateNays Trust Limited
Report of the Trustees
YE 31 December 2023
The Trust has an Executive Operations Group that includes two Trustees. two volunteer representatives
and the General Manager. Meeting every four weeks. the 'Ops Group" is responsible for the day-to-day
management of the Trust and makes a formal report to the Board at its regular meetings.
At the end of 2012 the Trust agreed to a fonnal adoption agreement with the C&RT for the area of the
Grand Union Canal between Stockers Lock and 100m above Batchworth Lock. The Trust also works
closely wilh the staff of the C&RT, Three Rivers District Council and other like-minded organisations in the
area. We are also members of several local and national networks, notably the Inland WatenNays Heritage
Nelwork, Historic Narrow Boat Club and the Grand Union Nelwork (South).
15

Rickmansworth Waterways Trust Limited
Report of the Trustees
YE 31 December 2023
Trustees, Res
onsibilities in res
ect of the Financial Statements
The Trustees (who are also directors of Rickmansworth Waterways Trust Limited for the purposes of
company law) are responsible for preparing the Trustees, Annual Report and the financial statements in
accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally
Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial year, which give a
true and fair view of the state of affairs of the charitable company and of the incoming resources and
application of reSoUr￿s. including the income and expenditure, of the charitable company for that period.
In preparing these financial staternents, the Trustees are required to:
select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP 2019 (FRS 102);
make judgements and estimates that are reasonable and prudent"
state whether applicable UK Accounting Standards have been followed, subject to any material
departures disclosed and explained in the financial statements.
prepare the financial statements on the going concem basis unless it is inappropriate to presume
that the charitable company will continue in operation.
The Trustees are responsible for keeping adequate accounting records that disclose with reasonable
accuracy at any time the financial position of the charitable company and enable them to ensure that the
financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the
assets of the charitable company and hen￿ for taking reasonable steps for the prevention and detection
of fraud and other irregularities.
In so far as the Trustees are aware:
there is no relevant information of which the charitable company's independent examiner is
unaware" and
the Trustees have taken all steps that they ought to have taken to make themselves aware of any
relevant information and to establish that the independent examiner is aware of that information.
The Trustees are responsible for the maintenance and integrity of the corporate and financial information
included on the charitable company's website. Legislation in the United Kingdom governing the preparation
and dissemination of financial statements may differ from legislation in other jurisdictions.
roval
This report was approved by the Trustees on 12 June 2024 and signed on its behalf by:
Beryl Whittaker
Secretary
16

Rickniansworth Waterways Trust Limited
Independent Examiner's Report
YE 31 December 2023
Independent Examinerfs Report to the Trustees of Rickmansworth Waterways Trust Limited
I report to the charity trustees on my examination of the accounts of the company for the year ended 31
December 2023 which are set out on pages 18 to 29.
Responsibilities and basis of report
As the charity 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 company'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 that in any material respect:
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
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
the accounts have not been prepared in accordance with the methods and principles of the Statement of
Recommended Practi￿ for accounting and reporting by chartties 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.
olene Ups
cer & Hole Llp
Trinity Court
Church Street
Rickmansworth
IND3 1RT
JAQ2024
17

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t)TJ
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IIIIIINIIIIIII

Rickniansworth Waterways Trust Limited
Balance sheet
YE 31 December 2023
For the year ending 31 December 2023 the company was entitled to exemption from audit under section
477 of the Companies Acl 2006 relating to small companies.
Directors, responsibilities..
The members have not required the company to obtain an audit of its financial statements for
the year in question in accordan￿ with section 476;
The directors acknowledge their responsibilities for complying with the requirements of the
Act with respect to accounting records and the preparation of financial statements.
These financi
statements have been prepared in accordan￿ with the Financial Reporting Standards
{FRS 102)
The financi
by:
statements we
proved by the Trustees on 12 June 2024 and were signed on its behalf
Alexander
es Bell. Trustee
Company registration number: 2674596
20

Rickmansworth Waterways Trust Limited
Notes to the financial statements
YE 31 December 2023
1. Summary of significant accounting policies
(a) General information and basis of preparation
Rickmansworth Walerways Trust Limited is a company incorporated in England and Wales. In the
event of the charty being wound up, the liability in respect of the guarantee is limited to £10 per
member of the charity. The address of the registered Offi￿ is given in the charity information on
page 1 of these financial statements. The nature of the charrty's operations and principal activities
are of heritage education.
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements
have been prepared in accordan￿ with Accounting and Reporting by Charities.. Statement of
Recommended Practice applicable to charities preparing their accounts in accordance with the
Financial Reporting Slandard applicable in the UK and Republic of Ireland issued in October 2019,
the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS
102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting
Practice.
The financial statements are prepared on a going concern basis under the historical cost
convention. modified to include certain items at fair value. The financial statements are presented
in sterling which is the functional currency of the charity.
The significant accounting policies applied in the preparation of these financial statements are set
out below. These policies have been consistently applied to all years presented unless otherwise
stated.
(b) Funds
Unrestricted funds are available for use at the discretion of the Trustees in furtheran￿ of the
general objectives of the charity and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for
particular purposes. The aim and use of each designated fund is as follovrfs: _
Tri
Boat Re
lacement Fund - Funds have been allocated for the future replacement of the trip
boat 'Pride of Batchworth,.
Ro
er Conservation Fund - The Trustees have ag￿ed a schedule for the conservation of the
Historic Narrowboat Roger and, accordingly. funds are usually allocated annually for this purpose.
Education Centre Maintenance Fund
unrestricted
The Trustees have agreed to allocate £1,500
per year commencing from 1 January 2022 to provide for continued maintenance of the Education
Centre.
ecial Pro
ect Fund
restricted
A donation of £30,000 was received in 2022 for specific projects
such as the updating of the Trust's website and other projects to be agreed. A further donation of
£20,000 was received in 2023 for solar panel installation at the Education Centre.
Restricted funds are funds which a￿ to be used in accordance with specific restrictions imposed
by donors or which have been raised by the charity for particular purposes. The cost of raising and
administering such funds is charged against the specific fund.
A restricted fund was set up in 2017 for the purpose of the construction of the new Education
Building at Batchworth.

Rickniansworth Waterways Trust Limited
Notes to the Financial Statements
YE 31 December 2023
(c) Income recognition
All income is included in the Statement of Financial Activities (SOFA) when the charity is legally
entitled to the income after any performance conditions have been met, the amount can be
measured reliably, and it is probable that the income will be received.
For donations to be recognised the charity will have been notified of the amounls and the
settlement date in writing. If there are condttions attached to the donation and this requires a level
of performan￿ before entitlement can be obtained. then income is deferred until those conditions
are fully met or the fulfilment of those condits.ons is within the control of the charity and it is probable
that they will be fulfilled.
Donated facilities and donated professional services are recognised in income at their fair value
when their economic benefit is probable, it can be measured reliably, and the charity has control
over the item. Fair value is determined on the basis of the value of the gift to the charity. For
example, the amount the charrly would be willing to pay in the open market for such facilities and
services. A corresponding amount is recognised in expenditure.
No amount is included in the financial statements for volunteer time in line with the SORP (FRS
102). Further detail is given in the Trustees, Annual Report.
For legacies, entitlement is the earlier of the charity being notified of an impending distribution or
the legacy being received. At this point income is recognised. On occasion legacies will be notified
to the charity however it is not possible to measure the amount expected to be distributed. On these
occasions, the legacy is treated as a contingent asset and disclosed.
Income from trading activities includes income eamed from fundraising events and trading activities
to raise funds for the charity. Income is received in exchange for supplying goods and services in
order to raise funds and is recognised when entitlement has occurred.
(dl Expenditure recognition
All expenditure is accounted for on an accruals basis and has been classified under headings that
aggregate all costs related to the category. Expenditure is recognised where there is a legal or
constructive obligation to make payments to third parties, it is probable that the settlement will be
required, and the amount of the obligation can be measured reliably. It is categorised under the
following headings..
Expenditure on charitable activities includes costs directly attributable to the fulfilment of the
charitable objects; and
other expenditure represents those items not falling into the category above.
Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.
(e) Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated
impairment losses. Cost includes costs directly attribLrtable to making the asset capable of
operating as intended.
Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost. less
estimated residual value, of each asset on a systematic basis over its expected useful life as
follows:
22

Rickmansworth Waterways Trust Limited
Notes to the Financial Statements
YE 31 December 2023
Leasehold land and buildings Straight line over 30 years
Office Equipment
250A Straight line
Spirit of Batchworth
100fi Straight line
Land and buildings were valued using the historic cost basis.
The contributions to the Trust specifically for the restoration of Roger have been credited in
previous years directly to a Roger restoration fund as part of the capital and reserves of the Trust
and were excluded from the income and expenditure account. The restoration of Roger was
completed during 2001 and the restoration fund has been deducted from the costs to show the net
cost to the Trust of the Roger restoration project. The restoration costs of £22,464 were written off
in 2014, however, the Trustees consider that the current value of the Roger is £30,000.
(fj Stock
Stock comprises the stock held in the canal centre for sale and is valued at the lower of cost and
market value.
{g} Cash at Bank
Comprises cash held in current and deposit accounts with major banks and building societies.
(h) Debtors and creditors receivable I payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are
recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
(i) Impainnent
Assets not measured at fair value are reviewed for any indication that the asset may be impaired
at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the
asset's cash generating unit, is estimated and compared to the carrying amount. Where the
carrying amount exceeds its recoverable amount, an impainnent loss is recognised in profit or loss
unless the asset is Ca￿led at a revalued amount where the impairment loss is a revaluation
decrease.
ti) Provisions
Provisions are recognised when the charity has an obligation at the balance sheet date as a result
of a past event, it is probable that an oufflow of economic benefits will be required in settlement
and the amount can be reliably estimated.
(k) Employee benefits
When employees have rendered Servi￿ to the charity, short-temi employee benefits to which the
employees are entitled are recognised at the undiscounted amount expected to be paid in
exchange for that servi￿.
The charity operates a defined contribution plan for the benefrt of its employees. Contributions are
expensed as they become payable.
23

Rickmansworth Waterways Trust Limited
Notes to the Financial Statements
YE 31 December 2023
(l) Tax
The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is
considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it
meets the definition of a charitable company for UK corporation tax purposes.
(m) Going concern
The financial statements have been prepared on a going concern basis as the Trustees believe
that no material uncertainties exist. The Trustees have considered the level of funds held and the
expected level of income and expenditure for 12 months from authorising these financial
statements. The budgeted income and expenditure is sufficient with the level of reserves for the
charity to be able to continue as a going concem.
(n) Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments, and
Section 12 '0ther Financial Instruments Issues, of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company 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.
Income from donations and legacies
2023
2022
Donations
Subscriptions (Friends)
33,866
1,083
34,949
41,875
1,053
42,928
Income from donations and legacies was £34,949 {2022 - £42,928) of which £20,000 (2022 - £30,000)
was attributable to restricted and £14.949 (2022 - £12.928) was attributable to unrestricted funds.
Income from grants
During the year the following grant income was received:
2023
2022
Three Rivers District Council-COVID
ALIGN HS2
Other
8,656
15,000
1,500
16,500
8,656
24

Rickniansworth Waterways Trust Limited
Notes to the Financial Statements
YE 31 December 2023
Fixed Assets
Spirit of
Batchworth
Canal Centre
refurb
LH Property Off Equip
Total
Cost
At 1 Jan 2023
Additions
382,536
887
383,423
77,496
73.892
3,604
At 31 Dec 2022
382.536
887
73,892
3,604
460,919
Depreciation
At 1 Jan 2023
Depreciation for year
50,163
12,784
887
51,050
20,173
7.389
At 31 Dec 2023
62,947
887
7,389
71,223
Net Book Value
At 31 Dec 2023
319,589
66,503
3,604
389.696
At 31 Dec 2022
332.373
332,373
The trip boat, Pride of Batchworth, remains an asset of the Trust with a net book value of £0.
An additional trip boat, Spirit of Batchworth, was acquired during the year.
Refurbishments to the Canal Centre were commenced during the year and were not complete at
the year end.
Independent examiner's remuneration
The independent examiner's remuneration amounts to an independent examination fee of £4,500
(2022 - £1,320). The fee was previously accounted for on a cash basis and the figure represents
the amount paid for in 2023 and, in addition, the amount accrued for 2024.
Trustees. and key management personnel remuneration and expenses
The Trustees neither re￿iVed nor waived any remuneration during the year or the prior year.
Nil (2022 - Nil) Trustees are accruing pension arrangements.
The reimbursement of Trustees, expenses was as follows:
2023
2022
Number Number
2023
2022
Other
2 716.61 822.87
25

Rickmansworth Waterways Trust Limited
Notes to the Financial Statements
YE 31 December 2023
Staff costs and employee benefits
There was 1 fv11 time and 1 part time employee during the course of the year ended 31st December
2023 and during the prior year.
The total staff costs and employee benefits were as follows:
2023
2022
Wages and salaries
Social security Defined contribution pension costs
35,370
780
36,592
822
36,150
37,414
No employees received total employee benefrts (excluding employer pension costs) of more than
£60.000.
Stocks
2023
2022
Finished goods
2,219
1,942
2,219
All stock held is measured on a historical cost basis and is held for resale in the charty shop.
Debtors
2023
2022
Prepayments
4,931
375
10 Creditors: amounts falling due within one year
2023
2022
Accruals and deferred income
PAYE, National insurance and pension
Roger docking cost
Canal Centre rent
Accruals
1,274
2,233
14,504
360
3,285
4,559
17,097
26

Rickmansworth Waterways Trust Limited
Notes to the Financial Statements
YE 31 December 2023
11 Fund reconciliation
Balan￿ at 1s1 Jan
2023
Income Expenditure Transfers
Balance at 31st Dec
2023
Unrestricted General
Designated Trip Boat
Designated Roger
Restricted Building
Unrestricted Building
Maintenance
Restricted Special Projects
78,814 177.978
97,788
2,558 25.366
332,660
{143,188) (1,500)
{7,389) (20,000)
(7,142)
20,000
(12.784)
112.104
70,399
40,782
319,876
1,500
1,500
3.000
30,000 20.000
543,320 223,344
50,000
596,161
(170,504)
Balance at
1$1 Jan 2022
Balance at
31st Dec
2022
Income
Expenditure
Transfers
Unrestricted General
Designated Trip Boat
Designated Roger
Restricted Building
Unrestricted Building
Restricted Special
54.742
92,788
7,062
345.443
168.967
5.000
(133.395}
(11.500)
78,814
97,788
2,558
332,660
1,500
30,000
543,320
(14,504)
(12,783)
10,000
1,500
30.000
203.967
500.035
(160,682)
The unrestricted general funds are available to be spent on any purposes in furtherance of the
Trust's charitable objects.
The restricted funds are as follows:
a) Trip Boat replacement fund - funds accumulated for the eventual replacement of the 'Pride of
Batchworth,. This is a designated fund.
b) Roger conservation fund - funds designated for the ongoing conservation work on the historic
narrow boat 'Rogeff. This is a designated fund
c) Building Fund - funds raised and allocated to the new education facility. This is a restricted
fund.
d) Special Projects - funds donated for use in special projects as agreed with the donor. This is a
restricted fund.
During 2023 £20,000 was transferred to the Roger conservation fund from the Trip Boat fund and
£1.500 was transferred to the building maintenance fund from the General Fund. A specific donation
of £20,000 was received and allocated to the special projects fund.
27

Rickmansworth Waterways Trust Limited
Notes to the Financial Statements
YE 31 December 2023
12
Analysis of net assets between funds
At 31 Dec 2023 Unrestricted Designated Designated Restricted Unrestricted Restricted
General
Roger Fund
Trip Boat
fund
Building
fund
Building
Maint
Special
Projects
Total
funds
Tangible fixed
assets
Current assets
Current liabilities
3.604
66,503
3,896
319,589
287
389,697
211,024
113,059
(4,559)
40,782
3.000
50.000
(4,559)
Total funds
31 Dec 2023
112.104
40,782
70,399
319.876
3,000
50,000
596,161
At 31 Dec 2022 Unrestricted Designated
Designated Restricted Unrestricted Restricted
General
Roger Fund
Trip Boat
fund
Building
fund
Building
Maintenance
Special
Projects
Total
funds
Tangible fixed
assets
Current assets
Current liabilities
332,373
332,373
81,407
(2,593)
17,062
{14,504)
97.788
287
1,500
30,000 228,044
(17,097)
Total funds
31 Dec 2022
78,814
2.558
97,788
332,660
1,500
30,000 543,320
13 Pensions and other post-retirement benefits
a) Defined contribution pension plans
The charity operates a defined contribution pension plan for its employees. The amount recognised
as an expense in the period was £780 (2022 - £822).
The defined contribution liability is allocated to unrestricted funds.
14 Related Party Transactions
During the year the trust received donations totalling £20,000 (2022: £34.500) from Douglas
Paterson, the husband of Pamela Paterson, a Trustee of the Trust during part of the year. These
donations are allocated as follows..
Restricted - special Projects £20,000
28

Rickmansworth Waterways Trust Limited
Notes to the Financial Statements
YE 31 December 2023
15
Asset reserve reconciliation
Trip boat
Replacement
Reserve
Opening balance at 0110112023
Donations & Grants incl. Gift Aid
Depreciation
Transfer to Roger conservation
Closing balance at 3111212023
97,788
(7,389)
20,000
70,399
Educational
Building
reserve
Opening balan￿ at 0110112023
Depreciation
Closing balance at 3111212023
332,660
12.784
319.876
Roger
Conservation
reserve
Opening balance at 0110112023
Donations and Grants inc. gift aid
Transfer from Asset replacement reserve
Cost of conservation work
2.558
25,366
20,000
7.142
Closing balance at 3111212023
40,782
Building
Maintenance fund
Opening balan￿ at 0110112023
Transfer from general fund
Closing balance at 3111212023
1,500
1,500
3,000
Special Project
fund
Opening balance at 0110112023
Specific donation
30,000
20,000
Closing balance at 3111212023
50,000
29