Sly 62th¥•￿￿E0*Y
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
#11

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
p￿sentatIon 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
Mi5nt*n•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 DeCe￿ber 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.
ToTAl￿￿17AlAND 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