Sly 62th¥•E0Y Th4 l•vVtsluntoryS•r¥l¢• RICKMANSWORTH WATERWAYS TRUST LIMITED A Company Llmlted by Guarantee No: 2674596 Registered as a Charity No: 1024322 TRUSTEES, ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 318t DECEMBER 2024 co Suppnrled by ARTS COUNCIL ENGLAND nLty. Natkinal Lottery Heritage Fund 08partmgnl Digrtal, Cuthjre, Media a Sr Hlslori England Registered Office: Batchworth Lock Canal Centre 99 Church Street Rickmansworth Hertfordshire W03 1JJ •AESOBCAB 1910612025 COMPANIES HOUSE A08
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Rickmansworth Waterways Trust Limited Contents YE 31 December 2024 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 Performance against our Objectives Financial Review 12 Plans for the Future 13 struclure, Governance and Management 13 Trustees, Responsibilities in respect of the Financial Statements 15 ACCOUNTS Independent Examiner's Report 16 Income and Expenditure Account 17 Balance Sheet 18 Notes to the Accounts 20-28
Charity registration number: 1024322 Company registration number: 2674596 Registered office: Batchworth Lock Canal Centre 99 Church Street Rickmansworth Hertfordshire WD3 1JJ Independent examlner: Jolene Upshall Mercer & Hole LLP Trinity Court Church Street Rickmansworth Hertfordshire WD3 1 RT Bank: Barclays Bank The Board of Directors and Trustees Chalrman Dr David Montague Trustees Mr Sandy Bell, Finance Director Mrs Chris Burridge (retired 25 July 2024) Mr Paul Childerhouse Ms Hansi Gandare (appointed 7 November 2024) Ms Marie Gillen (retired 1 May 2025) Mrs Laura Hart (appointed 7 November 2024) Mr Michael Lansdown Mr Stephen Mander Mr Leslie Mead Mr Colin Ogilvie (appointed 7 November 2024) Mr Martin Asher Rickayzen Ms Sophie Scott (appointed 7 March 2024, retired 9 April 2025) Mr Deane Symes Mr Simon Vangucci (appointed 7 November 2024) Mr Stephen Vincent (retired 25 July 2024) General Manager: Mr Warwick Gainsborough Educatlon Programme Leader: Mr Rob Moore Company Secretary: Mrs Beryl Whittaker Treasurer: Mr Andrew Holmes
Rickmansworth Waterways Trust Limited Report of the Trustees YE 31 December 2024 The Trustees present their report and financial statements of the charity for the year ended 31 $1 December 2024. 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 statements of the charity. Ob'ectives and Activities The Rickmansworth Waterways Trust (Rwf) is a Heritage Education charity. The objects set out in our Memorandum of Association may be summarised: The advancement of education, especially on the history of canals, boats and the related trades. crafts and arts. The good and navigabl8 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 with 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 Rwf 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 amenities at Batchworth, so that the canal can be enjoyed by all To deliver this mission, we offer several activities.. Provide "Learning at the Lock an education programme for primary school groups. adults and other youth groups. 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 the opportunity for groups to receive 'Outreach' talks. Our Ob"ectives for 2024 Our objectives at the start of 2024 included the running of the Rickmansworth Festival. At the start of 2024 we were notified by Three Rivers District Council of additional requirements on safely using the Aquadrome which made our ability to run the Festival, as a volunteer led charity, non-financially viable. So running a Festival is no longer one of our key objectives. In 2024 we continued to deliver each of the above activities, whilst exploring opportunities to improve the financial position of the Trust, 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. One key new objective is to look in each of the areas we operate in to see how we can reconfigure them to make up for the deficit resulting in losing the income from the Festival. We continued to plan to maintain what we already did we15, and advertise ourselves to attract more potential users, as well as to deliver and develop our education programme. We aimed to continue to
Rickmansworth Waterways Trust Limited Report of the Trustees YE 31 December 2024 develop our growing links with local businesses and with other youth charity 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. The 2024 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 organisation8 to hire for educational and training purposes and to let the building on this basis. Continue to conserve Roger for operational use as part of heritage 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 the 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 formal 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. Learning at the Lock 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 accessible to all. This is the work of R 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 pOrt. The year 2024 was a much more normal year compared to the 4 previous years which were impacted by COVED and the subsequent recovery period after the pandemic. It is only now that we are seeing school visits return to the levels seen just before COVID. The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Rickmansworth Waterways Trust Limited Report of the Trustees YE 31 December 2024 Our Achievements and our Performance a ainst our Ob"ectives Progress against our objectives is reported below. Learnin at the Lock ob'ective Deliver Learning 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 ective The total number of school visits for 2024 was 23 {2023.' 16), comprising 19 individual schoolslorganisations. The first visit in 2024 look pla on 1st March and the last visit on 171h October. A total of 677 children (2023: 407) went through the programme in 2024 which was more than seen in 2023 due to industrial action impacting external visits during 2023. So far 17 school visits have been booked for 2025 with another 6 in the process of being finalised. The Trustees are very grateful for all the work Rob Moore has put in to attract schools back to our education programme after the disruption of the last few years. The revenue brought in from Learning at the Lock in 2024 was £6,391 (2023.. £4,007). A total of 754 volunteer hours (2023: 646) was provided by our presenters in 2024 and, as always, a significant part of the success 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 2024 and are always looking for further volunteers to help with this key charitable objective. We hope in.2025 to continue to grow Learning at the Lock back to the levels we experienced several years ago before COVID. However we recognise that increased costs for schools in the current financial climate impact the ability of schools to afford external visits, with coach costs being a significant consideration. Benchmarking our visit cost against other local education visits shows we are very good value in terms of cost per child and the education we provide. A group of our volunteers successfully piloted a programme of heritage talks and boat trips tailored to an adult audience based on using Roger and targeted at groups from the University of the Third Age (U3A) and other groups interested in history. We managed to run seven of these sessions during 2024 and the feedback on the day was excellent from our guests. Significant efforts are underway in 2025 to book other groups who would enjoy this type of activity. The Batchworth Lock Educatlon Centre ob'ective Continue to promote the Batchworth Lock Education cent 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"ective During 2024 we continued to see an increase in the income stream from lettings of the Education Centre. We continue to actively promote the venue in an effort to attract new hirers and increase our income in this area. During 2024 we had 156 bookings for the Education Centre (2023.. 126) generating £8,677.23 in income (2023: £7,467). We will continue to promote the centre to other local organisations as we wish as many groups as possible to benefit from this community space. The Trustees recognise that the Education Centre is a significant asset and essential to our charitable objective. We have therefore allocated £1,500 per year to a reserve to ensure we have funds for general maintenance and preservative repainting as and when required.
Rickmansworth Waterways Trust Limited Report of the Trustees YE 31 December 2024 Outreach Our programme of occasional outreach talks continues and the Trustees extend their thanks to Rob Moore 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 actlvitie8 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 audience. The children attending Learning at the Lock come from a range of backgrounds and we have held sessions with MENCAP students with 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 rang@ of people we can cater for in the facility. The Festival Following extensive work to understand if it would be possible to run the Rickmansworth Festival under the new requiremenls for use of the Aquadrome the Trustees reluctantly agreed that it was no longer possible for our charity to do so. This presents a significant financial challenge to the Trust as our main source of surplus income was from the donations obtained at the Festival. This means we have a significant shortfall which we need to work to resolve. Our results for 2024 were significantly aided by a generous grant from Three Rivers District Council to the Trust of £30,000 to ensure our financial plan for 2024, which budgeted for an income from the Festival, was not adversely impacted. We sincerely thank the council for their generous grant which will mean we have more time to adjust our income and expenditure to run the Trust without the Festival income. In 2024 local boaters organised a Boat Rally at Batchworth which provided some of the Waterspace activities that usually took place at the Rickmansworth Festival. The Batchworth Sea Scouts also opened their premises and provided entertainment on the Friday evening and Saturday of the weekend. Planning is underway for a similar event in 2025. Rickmansworth Waterways Trust participated in this event and ran our usual boat trips and open Roger's cabin for viewing. We will participate in a similar way in future years but do not receive any return from the Boat Rally, other than through our normal activities during the event. The Trustees have also set up an events team led by new Trustee Laura Hart whose remit is to run smaller events at Batchworth. The intention is to have a range of smaller events designed to increase awareness of our activities and provide a small income stream throughout the year. The first significant event from this team is due to be run in the week before Easter. er ob"ective Continue to conseNe Roger for operational use as part of heritage education. The success of the Roger as an objective is assessed from its state of conservation and from its operation and psentatIon during our educ8tion programme and at events throughout the year.
Rickmansworth Waterways Trust Limited Report of the Trustees YE 31 December 2024 er- ro ress a ainst ob ective 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 th re-launched in 2000. May 2025 will be the 25 anniversary of her return to the water after restoration. Registered on the National Register of Historic Ships, she remains an integral part of our education programmes to show children how boat people lived and worked on the canal. She remains currently valued at £30,000 (2023: £30,000), although the full costs of a further reconstruction would be very much greater. The Trustees prioritise 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., we are 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 Roger's restoration 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 is designed to ensure that Roger remains in good condition. Over the next three biennial dockings several significant timbers need replacement and this is budgeted for and being planned. During summer of 2024 we had a failure in the caulking in one part of the bow during a period of very heavy rain. This resulted in water ingress into the hold and Roger taking on water and settling on the bottom of the canal at its mooring. Fortunately due to the actions of our volunteers, assisted by a powerful pump operated by Jem Bates, the water was removed within just a few hours and Roger was refloated. Due to this rapid action there was no damage to any of the cabin fittings or the engine and this saved what could have been a real disaster for our key heritage asset. A temporary repair to the caulking from the inside of the hull was completed and for the next few months the water ingress was kept in check by our volunteers using an electric bilge pump. In the winter of 2024 Roger was docked for its scheduled work in accordance with the docking plan and, as well as other restoration work, the hull was re-caulked. The team of volunteers looking after Roger are now carrying out a more proactive programme of monitoring the water in the bilge to prevent this occurrence happening again. Significant thanks are due to this team for their considerable efforts in ensuring Roger is kept in good condition and able to be presented at events and as part of our Education programme. After being unable to attend The Canalway Cavalcade at Little Venice in May 2023 due to an engine issue (reported in our 2023 annual report) Roger had a very successful outing to the event in 2024. We are also planning to take Roger to Little Venice and exhibit again in May 2025. We also plan to celebrate the 25th anniversary of the return of Roger to the water after its restoration at the Batchworth Boat Rally on Saturday 171h May 2025. This event will feature both Roger and Albert, the wooden Ovaltine boat on show in the Chess Lock. We also plan lo celebrate the contribution to the restoration of both of these boats by Chris Collins who sadly passed away in early 2025. Without Chris's work the restoration of Roger and Albert would not have been possible. The team of volunteers looking after Roger continue to improve the presentation of the boat and its th maintenance. The intention is to complete the repainting of the bow before our 25 anniversary event.
Rickniansworth Waterways Trust Limited Report of the Trustees YE 31 December 2024 The Prlde and S irlt of Batchworth ob ective Operate a successful 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 return from both operations. ainst ob'ective Pro ress a We continue to make good progress with our strategy to increase our trip boat capability. Pride of Batchworth and Spirit of Batchworth are in routine use with Pride being the boat used for the majority of short trips and Spirit for the longer charters. We also use Spirit for Learning at the Lock as the layout is much more suitable for the children, staff and our volunteers. Having both boats also means we have operational flexibility for when one boat needs maintenance. We can also, when demand requires it and Spirit is not doing charters, offer two boats runnin9 short trips to Stockers Lock, Pride of Batchworth was repainted in spring 2024 so both boats now have matching livery. Also a new volunteer has joined the Trust with traditional canal sign writing skills. Nick Hardey has now painted both Pride and Spirit with their names and Trust information in traditional style and they look magnificentl They have been transformed after the removal of the older magnetic signs and transfers which were in use before. We have continued to progress well in attracting and training new sklppers to operate both boats. As result of this we now are better provisioned with trained volunteers than we have been before, so running two boats is within our capabilities. We completed a total of 538 Ferry trips in 2024 (2023.. 766). We took bookings for 62 private charters in 2024 (2023.'59). After our volunteer Jillian Christensen stood down in 2023 our General Manager is now looking after the charter operation. The charter operation was made possible by approximately 178 volunteer hours (2023.. 200) Our income from this part of our operation was £8,285 (2023: £7,318.50). Many thanks are due to our trained volunteer skippers and crew for ensuring we can provide charters and offer a ferry service on as many days of the year as possible, During 2025 we plan to introduce an on line system for volunteers to sign up to volunteer either on our boats or in the Lock Centre. This has been developed by a new volunteer, Derek Brown, in collaboration with Warwick and we hope this makes it easier for volunteers to see the rotas and to sign up whilst reducing the work on the manual systems we currently use. Once this is in place attention will move to developing an on line charter booking process. Whilst we have had occasional breakdowns with both boats we continue our regular regime of maintenance and inspection for the Pride and Spirit led by our boat maintenance team, which reports into the Operations Group. This remains essential to maximise the operational performance of all our boats. Batchworth and the Batchworth Lock Canal Centre ob"ectives To ensure the Batchworth Lock Canal Centre is open and m8nned by volunteers for the maximum number of days during the year. We monitor volunteer hours, number of visitors, numb8r 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 formal adoption of the area.
Rickmansworth Waterways Trust Limited Report of the Trustees YE 31 December 2024 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 visited by many people and we aim to provide attractions for visitors to raise funds for our Education work. During 2024 we saw 10,369 visitors (10,207 in 2023) and some 1,930 volunteer hours (1.877 in 2023) were provided in keeping the Centre open. A great deal of thanks must go to all the volunteers and our General Manager, Warwick Gainsborough, who ensured effective management of our operation at 8atchworth during 2024. Warwick and our volunteers continued with our programme of essential maintenance during 2024 around the Batchworth Lock Canal Centre to ensure that Batchworth Lock remains an attractive destination for all our visitors. The Centre was open for 356 days in 2024 (2023.. 362) out of 365 days which is an amazing volunteering achievement. We did close for several days in early 2024 around the completion of the refurbishment of the Lock Centre which was finished in February 2024. The centre is much improved for our visitors and also for our volunteers to work in and we have had compliments from our visitors on the improvements we have made. During 2024 we have had a project running to replace our old till and card payment system in the Lock Centre with an integrated Electronic Point of Sale (EPOS) system. This project, led by Simon Vangucci, initially evaluated several different systems and has gone live in early March 2025. The system incorporates a bar code scanner and a touch pad product selection system which allows easier entry of prices and a more error free process. It also allows us to manage stock so we can better manage the products we sell in the Lock Centre and ensure we get timely reminders on when we need to re-order. The system of 'Boaters' Post. continues to prove an essential service for the residential boaters in our Community. To December 2023, we had 109 people (2023: 107) living on 77 boats, who were paid up beneficiaries of the postal service and this provided an income of £2,996 to the Trust in 2024 (£2,792 in 2023). In conjunction with the 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 maintenance work on our key assets, our boats, as well as enabling us to fulfil our adoption agreement for maintaining the Batchworth area. A major clear out of the workshop and the prep room storage area was completed by our volunteers in the autumn of 2024. This has resulted in a much improved area for both storage and the workshop. 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 Social Media and documentation Our website is a key asset and public face of the Trust. It is also the platform that manages our newsletter system allowing us to send targeted messages out to different groups of subscribers. As mentioned in our last annual report we were in the progress of a total overhaul of our website and transfer to a new platform based on WordPress. The new site was completed and launched in the Spring of 2024 and the launch represented a major change in style with a total overhaul of all the content. Feedback has been very positive and we are able to manage our own content and news as on the previous website.
Rickmansworth Waterways Trust Limited Report of the Trustees YE 31 December 2024 At the start of 2024 we subscribed to a Social Media scheduling tool called "Laterf,. This allows social media content to be saved and scheduled for posting on a calendar so we can line up content for release days, weeks or months in advan. This has allowed us to be much more active on our social media streams. The Trust currently has 3,000 followers on social media across Instagram, FaceBook and TikTok, with between 500 to 1,000 views per post being recorded. The Trustees see this as a key part of raising awareness of our charitable work and attracting people to use our services. We also have a new Trustee who recently joined the team with experience in digital marketing and we look to work further in this area is the coming years. We continue to maintain and improve our documentation and we have a password protected area on the new website for our document library. During the latter part of 2024 the Trust reviewed and updated many of our risk assessments, which underpin our operations, and we have a Trustee whose role is dedicated to oversight of these key documents. Our document library is a key resource where Trustees, officers and volunteers can access all the key processes and procedures needed to operate our charity. 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 out to nearly 1100 people and new subscribers are added all the time. Sustalnablli and Environmen The Trusl 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 was built many years before sustainability and the environment were important considerations. 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 reduce fossil fuel consumption. In the construction 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 hoped to put a solar panel installation on the south facing roof of the Education Centre however this has not yet been completed and is still to be actioned. The intention is to combine this with a 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 replaced the old electric heater with a more modern and efficient thermostatically controlled electric fan heater.
Rickniansworth Waterways Trust Limited Report of the Trustees YE 31 December 2024 We will continue to look for opportunities where we can make sustainability-based decisions and reduce, reuse and recycle in as many areas as we can. Fundraisin erformance a ainst our ob'ectives This year: Our 2024 budget anticipated grants and donations of £10,000 including Gift Aid Recovery. In the event, our 2024 income from donations was £8,284 for the 'General Unrestricted Fund,. In addition we received grant income of £30,000 from Three Rivers District Council to cover the loss of not being able to run the Festival and also a legacy of £10,000 from the estate of Chris Cooper making a total of £48,284 in grants, donations and sponsorship. We are particularly grateful to; Three Rivers District Council The estate of Chris Cooper Our Volunteers The contribution of our volunteers is another important measure of our success and at the end of 2024 we had 91 active volunteers for the Trust. Our methods for tracking volunteer time 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 before the pandemic. Our conservative estimate for the number of hours that people have given to Rwf during 2024 is estimated as.. Learning at the Lock.. 754 hours Festival.. -200 hours (work carried associated with the cancellation) Canal Centre.. 1,930.5 hours Boats and Boating.. -1,000 hours Admin, management and fundraising: _1,500 hours. The total number of hours contributed by volunteers was around 5,400 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 hope to introduce during 2025 an on line system for volunteers to use to view and sign up to the various rotas we have. This will further improve our system of management with regard to volunteer deployment and give better visibility for volunteers of what they have signed up to do and where support is still needed. We continue to look for and recruit volunteers in all aspects of the Trust's work. 10
Rickmansworth Waterways Trust Limited Report of the Trustees YE 31 December 2024 Our Staff 2024 was the first full year in post for Warwick Gainsborough as General Manager after Mark Saxon, our General Manager of ten years, retired in July 2023. Warwick is now fully competent in all aspects of the role and working well with all our volunteers. He is involved in and leading several significant improvement projects which have been completed or are ongoing which will further improve our operations and efficiency. Ou'r Education Programme Manager, Rob Moore, has indicated he plans to stand down after ten years in post which will be at the end of our 2026 season for Learning at the Lock. The Trustees thank Rob for his many years of dedication to Rvvf, firstly in volunteering and then stepping into the role leading our education work. We also thank him for giving us plenty of notice to look for his successorl We plan to start recruiting at the end of 2025 with the aim of having someone who can shadow Rob through part of the 2026 season to enable an effective handover. We know Rob will be a very hard act to follow and all the volunteers who support Learning at the Lock will miss him greatly. Im rovln our flnanclal reslllence Our finances for 2024 had the potential to be significantly affected by the loss of the Festival. We have been very fortunate this year in that the generous grant from Three Rivers District Council has enabled us to avoid a financial loss this year. Prudent financial management by the Trustees in recent years has allowed us to build up some reserves to allow some time to adjust our income and expenditure to make up for the loss of the Festival. We are already well underway with initiatives aimed at balancing our income and expenditure and are rnaking progress. Our regular strategy meetings, which are independent of the regular Trustee meetings. continue to focus on what we need to do to excel at meeting our key charitable objectives and restoring our financial resilience. 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 mitigate any risks the Trust is facing. Several long term projects completed or being worked to achieve this includes.. Improving our communications and publicity by using the auto scheduler to post daily on many different social media platforms led by Sophie Scott and Asher Rickayzen. Launch of a new website in 2024 which was project managed by volunteer, now Trustee, Simon Vangucci. Completion of the Lock Centre refurbishment and product offerings to our customers led by Deane Symes. The launch of the Roger Heritage Experience to showcase our historic boat and the history of Batchworth led by Bob Patey and Chris Burridge. In 2025 we plan to introduce a new Electronic Point of Sale system into the Lock Centre which will allow us to better manage our stock and simplify our retail process for volunteers. We are also looking at improved systems for volunteer rota management and hope to introduce an on line charter booking process at some point in 2025.
Rickmansworth Waterways Trust Limited Report of the Trustees YE 31 December 2024 Financial Review The overall 'unrestricted income, of the Trust in 2024 included grants of £2.720 resulting in an overall 'unrestricted surplus, of £31,716 (2023: £34,790) Ihis year before allocations to specific funds. In 2023 certain grants and donations totalling £45,366 were allocated direct to specific funds, rather than to General Funds, initially. Our total deficit for the year was £15,362 (2023.. surplus £52,841 >. The difference in the total results between 2024 and 2023 is primarily due to the loss of the income from the Festival and the cost of Roger's docking in November 2024. The Trustees have allocated the following sums lo specific funds during 2024: Roger Conservation reserves Education Centre Maintenance fund £995 (from Trip Boat fund) £1,500 (from general unrestricted funds) The total Trust funds carried forward of £580,799, comprise trip boat replacement fund of £59,120, (reflecting 'Spirit' cost to be depreciated), Roger Conservation fund of £22,001, the Building fund of £307,093, the building maintenance fund of £4,500, the special projects fund of £45,765 and the General Fund of £142,320. The funds are 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, cash held at bank, stock held for resale and receivables. The liabilities are the PAYE tax and National Insurance payable at the year end together with accruals for fees and other payables. Flnanclal Commltments 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 commitment, and to date charges made to schools and other visitors provide less than half of the costs. The surplus on the annual Festival was also applied to this programme. The Trusl has three 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 boat, Pride of 8atchworth, which is an ageing boat and is recognised as liable to need further expenditure to keep it in good condition. Our third and newest boat is the recently purchased Spirit of Batchworth. 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 rent and 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. 12
Rickmansworth Waterways Trust Limited Report of the Trustees YE 31 December 2024 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-earning deposit accounts, pending the application of these funds for various projects. The Trip Boat 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. 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 reserve was created in 2018 to accumulate funds for the conservation of our Historic Narrowboat Roger- the Board of Trustees has agreed to set aside sufficient funds per annum to provide for the continuing programme of conseniation of this historic asset, A legacy of £10,000 received in 2024 will be allocated to the Roger reserve in 2025, 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 likely to be of a capital nature. This fund is a restricted fund. Plans for the Future The Special Projects fund was applied to the refurbishrnent of the Canal Centre (completed February 2024 for almost exactly the budgeted £10,000), the construction of the new website and the future installation of solar panels at the Education Centre. Our key objective for future years 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 Waterways 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 Directors and Trustees meets at 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 a Directorship, and if accepted recommends the appointment at the next AGM. This process is described fully in Clauses 32-39 of the Articles and in an internal procedure document. Trustees are inducted over a period of time. The activities of the Trust are sufficiently complex lo 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 special interest and a degree of responsibility, but this does not happen at once. 13
Rickniansworth Waterways Trust Limited Report of the Trustees YE 31 December 2024 Trustee Directors have no maximum terms for serving. Two of the Trustee Directors, David Montague and Les Mead have served for over ten years. 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 formal 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 losely with 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 Waterways Heritage Network, Historic Narrow Boat Club and the Grand Union Network (South), 14
Rickmansworth Waterways Trust Limited Report of the Trustees YE 3 l December 2024 Trustees, Res onsibilities in res ct 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 resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, 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 Concern basis unless it is inappropriate to presume that the charitable company will conlinue 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 hence 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 charilable 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 infomiation 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 Kingdorn 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 2025 and signed on its behalf by: Beryl Vthittaker Secretary 15
Rickmansworth Waterways Trust Limited Independent Examiner's Report YE 31 December 2024 Independent Examiner's 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 2024 which are set out on pages 17 to 28. 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 examinerfs 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 Acl; or 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 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. Vwcu ene Upsh ercer & Hole LLP Trinity Court Church Street Rickmansworth WD31RT Date 13 June 2025 16
Rickmansworth Watenvays Trust Limited Income & Expenditure AccountlBalamce Sheet 'YE 31 December 2024 Eduutlo Centre Mi5ntn•n¢q Unrtsirfaqd Fund 1024 Trfp Boat Oesiqnated 1024 Rog¢r DEslinated FuAd IQZ4 SpEdal P¢ol•c15 Re51rlcted Fund 2024 Aestrlct Funrt20Z4 TOTAi 2024 TOTAI 2021 FundlQZ4 INCOME 140¢• Grant5, donaiionand s ft Jid 48.184 6,852 24,927 48.284 6.852 24.927 51.449 2.702 24.101 118.061 4.007 7.467 15.557 22J.314 Actbvl Recel at the Lock 6,391 8,942 18.800 6,391 J8.8OQ EXPENPIWRE enses 15.W3 2,894 19.776 37,673 18,881 nses 65,944 Purihaseol Item5 lor resale 9.957 9,9S7 7,766 36.110 36.110 36,150 Canal Centre iemises ex ses 13,165 13.165 remiies tx ensts 2,S79 2.5?9 2,193 8,389 General olfice£osis 5,666 5,666 12,783 7,350 4.235 24.408 20,173 82A80 12,783 10,284 19.776 4,155 129.558 170.SQ3 Sur foryear 31.7L6 14,2351 50,000 52,841 513.310 Sur ht lorwaré li 112.104 319I76 70,399 40.782 596,l61 TrJn51er from Genèr•1 loRo trCDnsoNation Fund 11 Trahsferfiom Gener•1 to Ed Centre Malnt Fund li 1.SDD Translei from Trlp aoat to Ilo lus cairled foThvard erCon5etvation Fund 11 19951 59.120 995 li 141,320 307,093 ?2MI 45,76S 596,161 The notes on pthye 2010 28 form part of these financial slalemenis. l incorne and expEndilure derwe from continuing acti¥ilie5 Th itatemnt of finan#1 ac¢Mlies indudes all gains and105ses reco9nised during IhE year. 17
Rickniansworth Waterways Trust Limiied Income & F.xpenditure A¢¢owiLIBalAncc Sheei YE 31 DeCeber 2024 General Fund Umrestrlrted 1014 Pestrlcied 8ulldim8 Fund Trlp Boat Des18nated Fund 1014 Ro•er DesS8naied Fund 1024 Educatlo Centie Malrbtenance UnresirS¢ted Fund 1024 5peclal Projerts Restrlcled Fund 2024 TOTAL 1014 TOTAL Z023 Note FIXEO ASSETS 3Q6.806 3C6,806 319,589 Office Equipment irit of Baichworth 59,113 59,113 6,903 io,Isi J82,973 66,503 3,604 Cènèl Cenire Refurbishment 6,903 io,Isi 17.OS4 New Webslte TOTAL FIXED AsseTS 306.806 59.113 389,696 CURRENT ASSETS Cash & Bank balances 140,489 3,428 5,434 149,351 287 22,001 4,500 28,711 195,995 3.428 5,434 204,857 203,874 2,219 4.931 211,024 stock of Items lor resale Other Debtors TOTAL CLIRAENT ASSÉTS 287 22,001 4.SOO 28.711 CURRENT IIABILITIES ense creditors and accrua15 io 17,031> 142,320 14Z,310 17,Q3LI 197.826 580,799 14,5S91 206.465 596,161 NETCURRENT ASSET5 287 zi,ooi 21,001 4,500 4,500 18,711 45,765 TOTAL ASSETS 307,093 59,120 Ca Ital •fid Reser¥es TRIP BOAT FUND 15 59.120 59,120 307,093 22,LXII 70,399 319.876 BUILDING FUND 15 307,093 ROGER CONSERVATION FIJND 15 22,CQl 40,782 3,000 SO,OOD 112,104 596,161 ED CENTRE MAINTENANCE FUNO 15 4,5rKI SPECIAL PROJECT5 RESERVE 15 45.765 45,765 142,320 580.799 TRUST SURPLUS ACCOUNT 142,320 142.320 307.093 59,120 21.001 4,50D The notes on page 20 to 28 fomi part of thes8 financial stalaments. ToTAl17AlAND RESERVES 11 45,765 18
.Rickmansworth Waterways Trust Limited Balance sheet YE 31 December 2024 For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 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 accordance 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 financial statements have been prepared in accordance with the Financial Reporting Standards (FRS 102). The fin ial statements were approved by the Trustees on 12 June 2025 and were signed on its behalf Trustee Company registration number.. 2674596 19
.kickmansworth Waterways Trust Limited Notes to the financial statements YE 31 December 2024 1. Summary of significant accounting policies {a> General information and basis of preparation Rickmansworth Waterways Trust Limited is a company incorporated in England and Wales. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the charity. The address of the registered office is given in the charity information on page 1 of these financial statements. The nature of the charity'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 accordance with 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 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 othepNise stated, Ib) Funds Unrestricted funds are available for use at the discretion of the Trustees in furtherance 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 follows,. Tri Boat Fund - Funds have been allocated for the future replacement of the trip boat 'Pride of Batchworth,. The fund consists of the unexpired cost of 'Spirit of Batchworth Ro er Conservation Fund The Trustees have agreed a schedule for the conseNation 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 This fund holds major donations for specific projects such as the updating of the Trust's website and other projects to be agreed. Restricted funds are funds which are 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. 20
kickmansworth Waterways Trust Limited Notes to the Financial Statements YE 31 December 2024 (c) Income recognition All income is included in the Slatement 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 amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained, then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled. Donated facilities and donated professional services a 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 charity 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 earned 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. (d) 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. (el Tangible fixed assets Tangib5e and intangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible and intangible 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: 21
Rickmansworth Waterways Trust Limited Notes to the Financial Statements YE 31 December 2024 Leasehold land and buildings Straight line over 30 years Office Equipment 250/0 Straight line Spirit of Batchworth 100/0 Straight line Canal Centre refurbishment Straight line over the remainder of the lease term Website 100/0 Straight line Land and buildings were valued using the historic cost basis. The contributions lo 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 Gosts of £22,464 were written off in 2014, however, the Trustees consider that the current value of the Roger is £30,000. (f) Stock Stock comprises the stock held in the canal centre for sale and is valued at the lower of cost and market value. Ig) Cash at Bank Comprises cash held in current and deposit accounts with major banks and building societie8. {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. (l) Impalrment Assets not measured at fair value are reviewed for any indication that the asset may be impaired al 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 impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. (J> 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 outflow of economic benefits will be required in settlement and the amount can be reliably estimated. (k> Employee benefits INhen employees have rendered service to the charity, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. The charity operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable. 22
,Rickmansworth Waterways Trust Limited Notes to the Financial Statements YE 31 December 2024 (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) Golng 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 concern. In) Financial Instruments The company has elected to apply the provisions of Section 11 '8asic 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 nèt basis or to realise the asset and settle the liability simultaneously. Income from donations and legacies 2024 2023 Donations Subscriptions (Friends) 14.382 1,182 15,564 33,866 1,083 Income from donations and legacies was £15,564 (2023 - £34,949) of which Nil (2023 - £20,000) was attributable to restricted and £15,564 {2023 - £14.949) was attributable to unrestricted funds. Income from grants During Ihe year the following grant income was received.. 2024 2023 Three Rivers District Council ALIGN HS2 Other 30,000 15,000 1,500 16,500 32,720 23
Rickmansworth Waterways Trust Limited Notes to the Financial Statements YE 31 December 2024 Fixed Assets Canal Centre refurb LH Spirit of Property Off Equip Batchworth Intangible website Total Cost At 1 Jan 2024 Additions 382,536 887 73,892 3,604 6,406 460,919 17,685 11,279 At 31 Dec 2024 382 536 887 478,604 Depreclatlon At 1 Jan 2024 Depreciation for year 62,947 12,784 887 7,389 7,390 71,222 24,409 3,107 1,128 At 31 Dec 2024 75,730 887 3,107 Net Book Valu• At 31 Dec 2024 At 31 Dec 2023 306 806 319,590 6,903 10,151 382 973 389,696 66 503 The trip boat, Pride of Batchworth, remains an asset of the Trust with a net book value of £0, Refurbishments to the Canal Centre were commenced during the year and are being depreciated over the length of the lease. The new website is estimated to have a life of 10 years and is amortised over that period, Independent examiner's remuneration The independent examiner's remuneration amounts to the estimates independent examination fee of £2,400, inclusive of VAT (2023 - £4.500, comprising both the fee paid for 2022 and accrued for 2023). Trustees, and key management personnel remuneration and expenses The Trustees neither received nor waived any remuneration during the year or the prior year. Nil (2023 - Nil) Trustees are accruing pension arrangements. The reimbursement of Trustees, expenses was as follows.. 2024 2023 Number Number 2024 2023 Other 2 517.53 716.61 In addition one Trustee incurred expenses of £859.85 during 2024 which have been accrued a5 costs this year. The expenses were clairned and paid in 2025. 24
Rickn]answorth Waterways Trust Limited Notes to the Financial Statements YE 31 December 2024 Staff costs and employee benefits There was 1 full time and 1 part time employee during the course of the year ended 31 sl December 2024 and during the prior year. The total staff costs and employee benefits were as follows.. 2024 2023 Wages and salaries Defined contribution pension costs 33,584 657 35,370 780 36,150 No employees received total employee benefits (excluding employer pension costs) of more than £60,000. Stocks 2024 2023 Finished goods 3,428 2,219 All stock held is measured on a historical cost basis and is held for resale in the charity shop. Debtors 2024 2023 Trade debtors and prepayments 4,931 10 Creditors: amounts falling due within one year 2024 2023 Accruals and deferred income PAYE, National insurance and pension Accruals 1,342 1,274 7,031 25
aickniansworth Waterways Trust Limited Notes to the Financial Statements YE 31 December 2024 11 Fund reconciliation Balance at 1 $1 Jan 2024 Income Expenditure Transfers Balance at 311t Dec 2024 Unrestricted General Designated Trip Boat Designated Roger Restricted Building Unrestricted Building Maintenance Restricted Speclal Projects 112,104 114,196 70,399 40,782 319,876 3,000 50,000 596,161 114,196 (82,480) {1,500) (10,2841 1995) {19,776) 995 (12,783) 142,320 59,120 22,001 307,093 4,500 45,765 580,799 1,500 (4,2351 .1129,557} Balance at 111 Jan 2023 Balance at 31st Dec 2023 Income Expenditure Transfers Unrestricled General Designated Trip Boat Designated Roger Restricted Building Unrestricted Building Maintenance Restricted Special Projects 78,814 97,788 2,558 332,660 1,500 30,000 543,320 177,978 (143,188) (1,500) (7,389) (20,000> (7,1421 20,000 (12,784) 112,104 70,399 40,782 319,876 3.000 50,000 596,161 25,366 1,500 20,000 223,344 (170,503) The unrestricted general funds are available to be spent on any purposes in furtherance of the Trust's charitable objects. The restricted and designated 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. Planned expenditure on Pride is anticipated to extend its working life sufficiently such that an asset replacement fund will not be required in future. The residual balance in the fund has been transferred to the Rogerfund. b) Roger conservation fund - funds designated for the ongoing conservation work on the historic narrow boat 'Rogel. This is a designated fund c) Building Fund - funds raised and allocated to the new education facility. This is a restricted fund. d) The Education Centre building maintenance fund - funds set aside for ongoing maintenance - this is an unrestricted fund. e) 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. 26
alickmansworth Watenvays Trust Limited Notes to the Financial Statements YE 31 December 2024 12 Analysls of net assets between funds At 31 Dec 2024 Unrestri¢t•d Designated Designated Restricted Unrestrlcted Restricted General Roger Fund Trlp Boat Buildlng Bulldlng Speclal fund fund Maint Projects Total funds Tangible fixed assets Current assets Current liabilities 59,113 306,806 287 17,054 28,711 382,973 204,857 (7.031) 149,351 (7,031) 22,001 4,500 Total funds 31 Doc 2024 142,320 22,001 59,120 307,093 4,500 45,765 580,799 At 31 Dec 2023 Unrestrlcted Designated General Roger Fund Deslgnated Restricted Unrestrlcted Restricted TrSp Boat Building Bulldlng Speclal fund lund Maintonan¢• Projects Total funds Tangible fixed assets Current assets Current liabilities 3,604 66,503 319,589 389,696 113,059 (4,559) 40,782 3,896 287 3,000 50,000 211,024 (4,559) Total funds 31 Dec 2023 112,104 40,782 70,399 319,876 3,000 50,000 596,161 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 £657 (2023 - £780). The defined contribution liability is allocated to unrestricted funds. 14 Related Party Transactions During the previous year (2023) the trust received donations totalling £20,000 (from Douglas Paterson, the husband of Pamela Paterson, a Trustee of the Trust during part of 2023. These donations are allocated as follows.. Designated - special Projects £20,000 27
aickniansworth Waterways Trust Limited Notes to the Financial Statements YE 31 December 2024 15 Asset reserve reconciliation Trip Boat Reserve Opening balance at 0110112024 Donations & Grants incl. Gift Aid Depreciation Expenditure on Pride Transfer 70,399 (7,390) {2,894) 995 Closing balance at 3111212024 59,120 Education Building reserve Opening balance at 0110112024 Depreciation Closing balance at 3111212024 319,877 307.093 Roger Conservation reserve Opening balance at 0110112024 Donations and Grants inc. gift aid Transfer from Asset replacement reserve Cost of conservation work 40,782 995 19,776 Closlng balance at 3111212024 22,001 Building Maintenance fund Opening balance at 0110112024 Transfer from general fund Closing balance at 3111212024 3,000 1,500 4,500 Special Project fund Opening balance at 0110112024 Depreciation 50,000 (4,235) Closlng balance at 3111212024 45,765 28