RICKMANSWORTH WATERWAYS TRUST LIMITED A Company Lirnitod by Guarantee No: 02674596 Registsred as a Charity No: 1024322 TRUSTEES. ANNUAL REPORT AND FOR THE YEAR ENDED 31st DECEMBER 2025 Sw)poried by ARTS COUNCIL ENGLAND ..A¢¢ Registered Offic•: Baichworth Lock Canal Centre 99 Church Street Ric*martsworth Hertfordshire WD3 1JJ 111 •AFIU9W' 1110512026 COMPANIES HOUSE A10
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YE 31 Dllba 2025 IUCKMANSWORTH WATERWAYS TRUST IJMITED Contsnts TR11ST, ANNUAL REVIEW Pag• nwnb•r The Board of Dvpdorn and Tru Obiectlws AdN#I8S The pUbC Benefft of (wr Finwrfial Rvli 13 Plan8 th8 Futurn 14 15 17 Accoupirs 18 19 21-30
Charlty rnglslration nuThtr. 1024322 R¢gl8tor•d offlc•: Batdworth Lock Canal Centr• 99 Chun Street Rickmansworth Hertrordshlre WD3 1JJ Ind•p•nd•nt •xnln•r. Joleno Up8hall & Hole LLP Trlnty Cowt Church Street Ri¢mansworth Hertrdshire WD3 1RT Bank: Bardays The Board of Directors and Tn ChaImri Dr David MMtague Mr Sandy Bell, Flnan¢e Oire(or Ar Paul Childarhousé (retired 8 July 2025) P4ts Hansi Gandare (retired 14 Doownber 2025) ts Marie Gillon (roll1 1 May 2025) Mrs Laura Hart Mr Mithaol Lan6down Mr Stopkn Mander Mr Lesllo Mead Mr Colln Ogi P4lr Martln Asher Rlckayzen Ms Sophio Stt (retired 9 W 21r25) Mr D8an• Syme¥ lth Stmon vWuCd G•n•ral Planagor. Mr W•wick GairBborW (retired 31 January 21)26) Mrs Hekn Sfflbth (aFvoirtsd 2 Jan 2026) Edu¢alion Programm• L•ad•r. Mr Rob Moore (retired 31 Oetèmber 2LY25) ¢7PanY Sa¢f4tsrr. Mrs Bwyl Wlittaker (rnIld 5 Marth 2026) Mr SteN*n Dwn (appomted 5 March 2026)
Rcport of the Tn
YE 31 December 2025
Tho Tru8tee8 prwnt tslr rnport arml fSnandal statThnl8 of tho ¢lrity for tho yew onded 31
DKember 2025. Trust80s ha adoptod tho provisions of tho Statomont of Rec
Rert of the Trte¢s YE 31 Decemb• 2025 contin to prom1 the BalChW L(k Educknft Centre as a venue for local organisl0n8 ta hire for educational ar#1 trainiry wrrAXeS and to let tre building on this basis. Roger as an thpdive ts assessed fmm ts state of conservatirjn and from kj operntion and es•ntatian duiiry w qducatw)n prowamme and at wants throughgut tha year. Operate a Scessful Ix)at thartw and trip tt operatton, using the Pride of Batchworth and Spirft of Batchworth and 0¢¢88Mxwlly Roger. Succ868 is assessed on the number of charters and 01$0 Ihe nJaI retum frorn ljoth opwati To erffjure the 8attre•ffjth Lora( Canal Cerrtre is ap and manned ty vdunteern for the maxirnum nurnber of days dLMry tr year. We monitor volunteèr tKAxs, numtw of vi¥itoT5. numb¥ boat trips aryj days open to 8e8 h¢Av are doing 4gain6tthi$ obJ'eGti¥e. Maintain and enhm tr area of Ihe Grand Unron Canal * Bat(rth. Th18 WJrf( ts in partnorship with the Canal & Ri¥or Trust follthmng OUrfMal of the area To run everts at Balch to womrte ow work and wthrydo rovenue to support our operntional We are (%)r that all of arthlkn ha a th•itAo and a fvrn>gen8rnting e18mert and v In undertakry all our th WO TAre c(ThCiOU8 of the CntrItn required from our volunteerB- both the regular contributors and those mle occasional or en sirKJle inFXrt. Leaming at the Lod( and Iha Batchvorth Lock Canal Centre (vfith its assoclated athits) are all absolutely deperKlgnt on the volunteers is a key and ovenithrvJ our The ¢anal nelryk is an exi8ting, nMJth lod and welkryrded national asset txwht more to the public's attenn li recent yews by the increa in tel10n woarammes inv(thng our wateY$. There have algo been recendy chalerwjes to the rtIonal waterways infrastruth as r8F#)rted ¢n nation81 media and the pubk is nlyw more awe (rf the fragifity value rf this key part of our natiorkl infrastructure hentsge. Tr Trust aims to wom(e the full rdnge of pubtic beneffts and opportunities ts canal neith afloftts th¢ put. ryi tyjr wea ar#J 818avth ThiB is the w)rk of Rwf in a rArt8lW. do 18 to alkMI our neithbwrn in Three RI¥w8 Distrlcl and 8urriyJThling boroughs to experi and enjoy many and great opwtunibes for edLKaiio The exient to did this is deed •) thè next section of this rey)rt. The year 2025 a year of fjnarKial challertrje cL)mpared lo wevK)us year ar#J of • required by th81088 of the Ri¢krMrworth FestNal. The TnAle88 have pawj due regard to o11dan thsu¢d ty the Commi¥sion in deading at a(vilies tho rtrity should urjdertak
Report of the Tn]sl¢¢s YE 31 Decen 2025 vements and our Performanc• Progress against our obpctNes is rep(Yted bel. Learnin at the Lock ob DeNver Loamry at thp to 30 to 40 Aaty an%d to 10LXI chmdren attenrfmg. Learnin atthe Lock- ainst o Tha total number of sthool visis for 2(r25 was 26 (21r24: 24). comwi8irYJ 23 inthvidual 8choolslorpanisaions. fnt visil in 2025 t(x plac¢ on 12 Marth arrfj ts last Visit on P November. A total 01811 thlklren (2024: 877) thwh th• programme in 2025 ttiCh more than seen in 2024. So far 21 school visits have been booked for 2026. The Trusteeg are Very grateful for all th8 work Rob Moore has wt in to grow KI improve ow 4ydu(xlicm wogrdmme ats tho disruption of the l&sl faw years since COVID. Th• rthn trwJht in from LearrirwJ at tho Lod( in 21r25 TA48 £7.652 (2024: £8,391 A total of 984 volunteer [ (2024.. 754) wthryded by ow wesonkn in 25 and. as al¥Yays. significant part of the slAx5 of LeIrj al Lock rnt go d(pthTr to the tremerKlous dedlcatlon that our volunteers glve to ts prfYJrn. We c(¥rtTnLr4J to attract further vohjrteers to wogramme in 2025 arKI are 8y3 lookmg for fvrtror vdunteers to help with this key &ritsile c+iectNe. We hop8 in 2026 to cortinue to gr Leaming at the Lor bact to the levels we expertencod sevoral yearB ago before COVID. HOr rec(gnise that inryea8ed costs for s(ools in the ¢urrent financial (aimate impact the abilty of ¥th¢)olJ to affd extunal coa( costs bery 8 nM)re significant consideration cThnpared to Ihe fee tharged by Tnjst per chikl ftr th8 vlsfl. Bthmathing our visit CO8t agalnst other Sxal 8CatIon VAils shm we 8re very good vakn ternis of >)St per chd arKI the education provide with cth%h costs beirvJ the tArrier to 80me schools participatirw. One iniliative is to partr with a o)mmer¢ial sponsor to cover coath sdiools that aro Urrab to fffld th• furKI8 to cover tha Increased of coa(M. TNS ¥11 otIe N#Ye thth1ren to wticipate in our award inning education progr8mme. Our volunteer led programme of herit•Je talks and boat trips lald lo an ath41t audtence based on Using RtyJer and targe1 at grouw as Ih06e from the Uni¥rty of th8 Third e (U3A) and other groupts Interd in history Continu to gr(w. We ran several of theao 10n5 2025 and tha feedback conlinues to excellefrt from ow guests. We ill cntinue to lo expand th18 ayct of our edu(¥tion In 2025 as Li wovidu •j(t1 8owr¥ rf rwenue to SW our adith and cgn8efvation on Roger. DurirKJ 2(rd5. Rob Moore. our Edu&thn PrOgrnrne Manager. had Len in post f(x nearty 10 year8, announced his intention to [lre from the posiiim at 01 of the 2026 season. Rob aGtualty ste dovdTr at tha beginning of 2026 and an Rob's wcces8 is covered ler in this report. We thank Rob fly 011 his dedication and wth in delivering Lwiiro at the L(k to 10JY6 of chilthan during his ten? and also enablir¥J a vwy smooth tran8btK)n of r8sponsibilit*s lo Ihe new General Managw. Rob 11 to volunteer vAh Ihe Tntst 8NI f0Thrd to him still bèing part of the volunleerte•m lor Learniry at tho Lock.
Reprt of the Tnul¢¢s YE 31 Dccemir 2025 k Education Centre ob. ve Educath?n Cen inst Durthw 2025 w ¢ontinu•d to V•yJrk on olx irKome stream fmm of the Edu¢ation Certre. Wo continue to athdy pmrnole the verwe in an effort to attrx hirors and maintain our income in this area. tring 21Y25 had 137 bookings for the EdutrOn Centre <2024: 156) 98nar8ting £7.388.25 In In¢ome (2024: £8,6TT.23). We continue to promote ts cwdre to other lo1 xg8nisations ag we wish a8 rnany grJp8 as possit4e to benefft frtyn this cornmurrity spao. The Truste rn¢ryni¥• th•t Educatk)n Certre ig • significartt asset aN8 essenlial to our ¢itabl• objecti. We have therefore allocated £1.500 w year to a reserve lo hav8 funds for general Our prograrnme of oc(a6ional t&s contwiue8 and tha Tr exterKI their Ihank8 to Rob Moore other volunteers for wovmling tsr M)Tk in tho am. Tr Batcworth LcKk Educion Centrn 18 a180 used by the Chiltem bran¢ of the Ind Water4Yays Associion for their programme of monthly evening talks social gatherw arnj erKourage Ihij type cl usage of the centre. Rang• of l1Pants In our aclivib The age of children tthng pfirt In the LearnirKJ at the Lo¢k progrrne rarges from 4 to 11 ye¥s and we have also provided ses8ic)s to le5. Outreath offers us the opwtbjnity to WD¥ido infonnation about thg Tnjsl to a wder ohjor The thiklren atterKlrwJ Le¥v4 at the Lock cfThe fr(xn a rnnge of iBn)und6 and have held sesslons with MENCAP students vlh a range of kaming alx&bes arKI dionts frixn the Inclusion Proje regulady u8¢ the centre. The BatChth Lt> Educaion Centre ha5 full wheelchair ac(tts and wheel(air accessiNe tthlet thich widons ts rang• of can catsrfor in the facw. Durlng th8 $LTTr (f 2025 6ucce68fully Iralled a solar p•W WKI b• stu4e systèm to the Education Cerrtre. Thi$ wa¥ fvnded tyjr tal prqed5 reseM arKI 50% from a generou¥ grant from Batchworfh Commuimty CourKal Communty Infrastruciurn L8vy (CIL) fvwKIs. Tr system werrt on lin8 during Augu6t 2025 arxl * hope to haNe our feed in tsriff ConfirTh arKI in place for the start of the better Ealher wi 2028. We notird the sumrw days of 2025 thai we vrnrn rwrty seff SUffient in electricity with ts battery supptying ow noeds thring hourn of no 8okr g8nero1ion. We al80 havo tho abilty to eam in the surnmer from the excess Solar energy woduced arxl this ill make a Significant (hfference to OLW bill from on. This propct compktion al80 cobKldg¥ with a chang8 to our electriuty supplier aThJ a now prfcod T1 terni contraca hew meet our Strategy of Iring co to mth income aftorthe Iw of thè Festival. Rog8r 8$ 8n obpdNe is assessad from tts state of conseNation and fKYn Ks opeth? and
R¢p)rt ofthe Trustees
YE 31 Decerttber 2025
ro
ainst ob.ecti
The Roger was buitt w) 1936 and is on8 af tho exampks of wooden wtyking narr boats still in
operational order. was rebuilt by the Tru V•iih financial SLVWrt from the Heritage Lthry Fund and
was rTr4wr¥d in 21JXI. May 225 was the 2e aMi¥w of her rotum to the walor aftor re8t
Report of the Tn YE 31 21r25 The Pride and S rit of Batchworth ob. finanaleturn Irom bcth op8rnlA ress a ainst ob- Wo ts)ntinue to make good progress With ¢xff Strategy to irtTra60 our trip boat capabilty. Pride of BatchKorth and Spirit of BatcFMYxlh are in rwtine wilh Pride beir#J the boat used for the maitirity of short trps and Spirit tr the loyr charlers. We akn use Spwti for Leamirwa at the Lock. evening uuises arKI story lyjat events as Yo[ is ffch moro iultable for thildrnn, staff and our volunteeTr. HavirvJ both boats also rneans operational flexibilTri y for wtwi one boat rd8 maintenanr£. We can also, when demarKI requi it SF4rit is rxrt doing drte (fier btmts runniry short knps Stockers Lod( as do thjriry tho Batc1w Boat Rally. As a result of this now are better with trained volunteers than have been tfore, 80 running boats is ithin ow capablrti88. We cOmpted a total of 058 Fwry trip8 in 2025 {2024: 538). Wo t<>ok bookiThJs >r 48 private charters In 2025 {2024:62). Ow Genwat Mar¢ger is ntyw bokirvj aller the dwrter yratKfft and this has been facilitaled by the introdudion af a on line charter bc¥)knng systwn thich MplIfi88 tha proce88 lor Gustorne and our staff. The thartar oKwatkn was mad8 po861e by approximalely 298 volunteer hours (2024: 178). (Xr irtow from tris part our Operati was £7.4C6.50 in 2025 (2024: £8.285). Many thanks arn due lo our trained vobJnteer sh4Jpers arKI m for aUria can proth charters and offer a fwry sorvico on a6 many days of the year as POS6bi le. During 225 akn introduc&l an (4) kn System fty wlurrteers to slgn to volurteer 8har on our boats OT in the Lock Contr8. has been developed by voluntsw. Derek BrrrhTr. In collabora1( With our General ger wyd makes it easier for volunteers to sts the rrtas arKI to sign up. It ha¥ significantly reduced tho th ¢fyrparpd to the rnanual systwns VIB to U8e. Attention is now fOing on selthy up a volw<w rota sy8t•n f(Y Lewnww at tho L¢x Vlhll•t have had ¢)¢Ca81 iy2akd¢yAms vlth i¥)Ih to)ats contlnue ¢wr r•gular regime of mairtsnance and irpectlon ts tho arKJ Sptrit by ¢)ur boat mainlenanee team. whith reports into the Owalions Group. This grtyJp's dilpnce remai es8enlial to mMIse the operational rfom)anco of all and the Tr exFxes6 their sincern for au thelr hwd ¥[ The Boat Maintenance Group are marMgir¥J a wopct to impr(Ne Vario aspects of ow okler W Pride of Batchrrth. and Pride is also to be d(Kked for SY and Iwll blwrig In Falxuary 2026. Sprt is also due to bo ilacked at1he end of 2026. Batchworth and the Batrhworth Lock Canal Centre ob" maximLm number of days dthlrw year. mcknr volunteer hour& n4mber of vith Maintain and enhance the 8Tra d Ihe Grand Unnn C8n&l at Batchworth. 71ws M)ft* IJ IVI
Report of th¢ TTr¢¢5 YE 31 Dember 2025 orth Lock Canal Centre- ress a ectives The area around Batchrth Lock aTha the Batdr Lock Canal Centre 18 vlsited by many peopl8 and wo aim to provide attract¢ons for visitors to raise fuThJs for our Educati During 2025 we saw 11210 vlg5tor8 (10.369 kn 2024) and soma 2.040 1jnt88r (1.930 in 2024) yovided in keeping the Centre open. A grnat deai of must go to all the volunteers and our G6neral Manager. Waréidt Gainsborough, who ensured effedi¥ mgernent of OLr oternbon at Batcthvorth during 2025. Warwid( and our volunteers ¢ontri1 ith our progrwnme of e88ential m•intenance during 2025 destination for ali our ifjsitor6. The Centre was open for 364 days in 2025 (2024: 356) of 385 days TAfiich is an amazlng volunteoring achiavemenL wo dij cjoso for strderal days in early 2024 around the conwion of the refulShment of the Lock Centre wtich was frmshed in Few 2024. The centre remains much improved for our Visitors •KI also for rmjr to w(¥k in hav8 had compllmorts from our Vi6itor8 on Improvements have m. The TTl&e0 res10 forts Lod( Centre mer¢handi8e. Deane Syme8. contffiues to better for5 woduct rarvje, He has s)%6$fUllY found a reJiat4e supplier of Hertfordshre in 2f25 arKI also irlroduc•J a rarvJe of lo• woduced Jans and mamlad8$ whlch arn 88111 w811. In eaty 2025 * a0 did a cornp of ow pncing and increased the price of Ferry trips as we had not in(xea8ed the86 for quiie a fth year& 0th8r priciw was revi8vrnd as %•11 and this review has PlpJ our overall retthn frrxn ts Lod( Certh 0rationS thls yw. DwlTrg 2025 vft IMrnerrted a yoie¢t to repla our ord tsm Gwd payTnent $ern in the Lock Centre •th an inbJrabJ Ewronic Poirrt of Sale (EPOS) system. This projeGt,1gd by Slmor• VarKJucd, aftw ov81uaUng several drfferent systm arKI with a iPad syslem baaed on the SUMUP p2yment 8yStem in ewty March 2025. The system YwFx)rates a bar code scanner aTrJ a touch pad oduci selecti(Jn system ¥thith allows easier enty of Prices arKI a MOTO eThor freo proc868. We ¢affied out hand$ on traSnkw for all our volunteern WKI it has been generally ll liked by th08• that Use IL Wé 8190 have one expert volunteer. Mike Gordon. Ththo has helwl vAlh resolving issue6 aTrd wov)9 user gu¥Jes for reforenca The bigg8st leamiry had li to tym auiomatic 8(IlW updates as these can cauBe188ues ilh Ihe Sum Up saltware rf nt rnanaged in 8 CrtrOlled way. A 8ignifi¢%nt ben8fft of new system is the irrfornm that wo can aeLW on our 6algs and also better manage stod<. Althwh ( not quite habp a fijll yearfs figures as Vé nI in early Marth tha earty infomiation bekyw gives some IrKlution ofthe transadirrn throlyh the Loth Centre: . Totsl 8al88 through the systsm from go fve to end of 2025- £49.W25.31 Number offerry paS9e(s-2.22l Aduhs: 1.230 thiktren Total feTry inc¥)me- £16.553 Drinks and Ice Cream wK¢xne- £9.904.60 Total Food sold - £1.727 Gifts- £8,474.74 (Induthry £1733.9) fron Jams and Mamialade) The 3ystsm of 'Boaters' Posy continLeS to Pro an essentia Se1 fix tr* residertial boaters in our C(Knrnunlty. To De(xmber 2025. we had 150 {2024: 1Q9) tiw'ng Oft 83 boats. vtho were paid up bone1k86 of the postsl 6er¥i(¥ and this provijed an of £4.189 to the Trust in 2025 (£2,998) in 2024).
Rep)rt ofthe Tn YE 31 2025 In InJ#Y) ith the Cand & Ri4v Tnmt (C8RT). conthue to enpy thared w of the vnth8hop facAlities at Batdmorth aB part of our 'adorkn" of the round Batchworth Lo¢ This irnsyoves 0 capabilty lo compiete SCl¢ woioct th such as mawitor4n(> work on our key assets. our l>oats, well as enabliTrJ us to fulfil our adotsi for maintsinvvJ the Batchworth area. We continue lo on wjanising the w¢$hop lo ensure it remains a safe arKI suitable asset to sup& (yx onowwonwy rats arNI th18 Is a consldofablè oTrJoirJ contrltxrtion to wa. Events Qb- To develop a prowamrne of ernnts at Lth to wornote our vhyk WKI raise funds ts cOr ow opwional exp8rffjes. The Events Grou inst o Fol¢xirq exlenBiNT to Undern1 rf it be F#)ssble to Nn I Rickmansworth FestNal ur#ler the new requirement8 for use of P4(Mdr(xne Trustees rgluclanty agreed that it 16 no lorw Fxxdbl8 for our ¢harty to everrtB kn ts Aquome. In 2025, as in 2024. Jocal boatsrs uganed a Boat Raly at BatC1Th which some of the Waternpac£ a4thibes that usualty took Flace at the Rid(mansw(xth Festival. The BrAworth Sea Scouts also opened their Premi and wovided ontortawmnent on th• Saturday and Sunday of the kend. Plennlng Is urmlerway for a siml event in 2026 WKI this is liw to become a regular event in the canal calendar. Rickmansworth Waternffys Trust particApated in this everrt and ran c#Jr usual boAt trips. We also had an art exhibition in the Education Centre and hold a spoc1 Mnt in the Chess Lock fX the 2e annNerBary of Rogerfs restorthon. We VAI le1Pate n a similw way in future years t)ut do not rtrbve any rrtwn from the eoat Rally. otherthan thnMvJh (xr ncxmal acaivkns dLffKJ the eNTnl. The Events Group. led ty Trustse LJra H•( hdd a wowimo of avonts in 2(r25 4%thlch re very ccesdul. Tho St boat events started with an &ter Egg hurt in the Eter holiday8: a Plratè event with trea8ure hurrt in th summer hf twm: story toats (xaft ljoats in summer holidays,. an autumn HaIln event Imth spooky games in ts Educatbn Ckn", a Fthr Christmas story boat 9th grotto in the Education Centra. This was Mmfvientsd by a w(wr8mme of Friday evening 1 hour rern c¥uise8 from BatctrlW up to L( Mead. The Ets al80 hekl a Quiz niqht, an art exhibition and several Roger Herit•Je Canal expeiienLW. PlannirwJ16 ur#Jerway to repeat those ents In 2026 ¥¥1th a Murdw IAystsry event. inst&•J of a ¢wE i¥ghL nned for end of February. Tolal revenue raised from all these events was £6.428 thich has m•Je a big drflerence to overall rewknue thi8 year. More imFQrtantty. due to a very suc($ social rnedia advertssing campaign, QUF4ed wilh further krforniallon arxl an on booktry systwn on wr thebsite. it introduced a largo number of differwrt lamilw to ¢)ur xtsvitth thus increasing fooffall tlyoughout the 8eason. This even includes bringirKJ LeamiTrJ at the Lod( to Ihe attenli(m of texhers with thoir childrnn. A total of 854 115 and W2 chiklren WbciPa in our ticketed 6CIal event t#) trips. These events ware supported by a large number ol volunteern who thOUghtY enjoyd the occasws in¢ludir adopb.rq appropriate farLy dressl Th? Tr VY¥ukl like to thank Laura. the E*nts Team and all Ihe volunteers have taken thi5 initialNe arKI li a real succe86 forlhe TrusL
Rewrt of tbe Tn¢¢$ YE 31 DeCeir 2if25 Our website ocial M Our flY Uated website remaing a key 89get and is the public face of the Tntst. It is obo ts platlorrn that manages newsletter systsm altying us to send targeted messages out to dlfferent groups of $Lts¢ribors. Th• Events Gr(MJp have used ow ebsite to good effe(l in FYomotir8 and selling tickets f our annual event wogramme aTrJ memkn of the team havé aCsS to make upjatos aThJ manage Uslng our Sodal Mediq schedIng tool ebd "LW are continuing to t activo ¢)n Facebook, In8t4fam fikTd(. The Trust (rren0Y ha8 over 3,(KN) foll(YtrWJ on social media across platlorni& The on line voluntsw rota Can rwyw be accessed thr(M4h our password protect DMerrtS area so any volunteer can check trat they have sigrRd up lo ran 809 ary vaG8n¢ies they may ish to fill. We continue to add doujments to our password prOtted DOcW knbrary. ilud many amund maintenonLY procedures and manwent of (Mjr owations. Thè Llbrary holds all our Risk Management Plans and we have a Tnth those role 18 dedKated to oversight of these key documents. AC$$ to wr dttument libw available to all CA volurrteers. Tntstees and so they can access all the key preSSeS and F0CaleS n68d&Y to OPorè our &Briy. We ¢Mtinu•d lo distribute regular nmlettern to ow volurtew8 8nd t)ther Jupporter8 VH the newsletter Sy8tarn i)n the website includiTrJ the tknYeaty wtJica1ion (rf the Batchworth Telegraph whth goos out to nearfy 1100 peopl8 arvj new sutJsCribe are all tho kn. Sustalnabll an Env ment Th• Trusi rocognises Its obligions to continually WTVO%T h(yw li rnaTwes all aspEds cl Its operations with re$pert to our sustsinakn.lity ar#J envirorrnrrtal reswThilx'lits. This is tMi ina$$nglY important as Three Rivers [Stra Council have doclared a dtrn arnwgenry and are looking ft¥ all organi8atlon$ to work to meet clear tets on reduciTrJ carbon emissions. The TrLt alms to imwova enargy effi(aancy. redu waste, recyde rrwe and ensurè strategic (knsions we made vAth lorvj tern sustainabilty in M1j. Tr Canal noiwork tAh Its infmtrudure iwilt years beth $u8t•inabihty and the environme important nsidetn8. we recxqrtise trot can make choirzs in all that do to ttrwards sustainabilrty arKI tho enronmeL CuTherTVy tho rnapr aroas In vthlch have an impact are around redudng energy consumtyj'cffi. recydirg as muth waste material as P088ibEg gen8Mted as part of ¢)ur Batch operations, and m&kiw I torm SLA5tainable purchasing decisictS takirvJ into Insulated double th'nnèd fabrK vthh double glaTrd THrrtlo arKI doc. electric heating ts all on timer circuits and tIrrnl¢amY corrtrdw to minimise the ewgy needed to keep ts twlldlng at an optimum temFwature during the hours it is noodJ. All lighting is energy LED. The artificial slate roof 106 are made from recyded plastic as are all the boards Used for the decing and the picnic tables at Iha rear ol the Iklrj the entrance. During 2025 wmtallod and commissirxwd a 22 pa, 9.7eaW 80 irtstsllatsm on the 80ulh faci roof cf the Education Cantre. The installation berfits from 8 battwy Storage syem and redu¢e• SnIfalItIY the runnirnj costs for the lld1r. tring the Summer months the solar system just abwt covered all our elecarioty need5 in the E(*Jcatir)n Ceth and In 2026 w• wlll hove in place a cantract to io
Report of the Tn
YE 31 Dllber 2025
export our 8urplvs generation bad( to Natiml Grid and effn momy from • ctrtnpltrve feed in tariff.
This has been combin&Y Iwth $igrirwJ up to a rw 3 ar ntact electriryty supplier at an
improved $t to our FYeviou6 6UFplior. The tallatIon costs for the Sdar wojed re 50% funded by a
generous grant from Batchworth Community CcJn from its Community lrrfra$trtUre Levy (CIL) f9.
The remaining 50% vrds taken the Rwf (apital proieds reseThe Yhthich is comprised of generou8
donallons mode to tho Trust to swrt capkal ryoiects.
Ml8t the BatcrMxth Lod( Canal Centre is an (J 1¥8toric buhSrq, a8 Pwt of the refvthshment h
instslled naw LED lightiry arml 4so rewaod the okl electric heater ith a more modern and effiLXgnt
thermostatically Contrdled electrl¢f•n hèatsr.
reuge and recyde in as many areas as can.
Fundraisin
erformance a
inst OUF
In tP¢ ev8n( ow 2025 in(a)n from donations was £10.102 for the Trneral UnrB5tricled Fund..
In addilion re(xived grant income d £7.040 from Batch Communty Council twrd$
our Solar panel FYoje¢t so in total recei¥d £17,142 in gran donations and 5ponsorshlp.
o Wa arn w11•ty wat•fid to:
Seem¢xB Con8ulliTra
The ¢ontribution of ¢xx vdunteern ts aTh)thor irnF•yknt meawre of our suc¢e$8 aThJ at the end of 2025
e had 88 active Nolunteer5 fLY tIE Tnrt Cxjr metrttxls for trathry v(Iwrtoor time can
acc868 data for those voluntegrirvJ in the Lor Centre. for ow efknx1i wrk akn cxeing our
regular boat trips and charters.
r conseThativ8 e8tim•te nwnber of IKyJf5 that peop hwe ghon to Rwf durlng 2025
estimatad as:
Leaming al the Lock: 984 how8
Events.. _500 hourn
Canal Cerrtre: 2,040 hourd
Boats and Boab"NJ: "1.(m h(yJrs
Adnyn, manwJanent •KI fundrmry: _1.XIO trmxn.
Tho t
Ryrt of the TnLStx8
YE 31 De£enJkr 2025
voluntoer6 of that Itw tAve sbned up to do arml Thlwe supwt is 11 need&1 We continue to look fcr
and recruit vobjnteers in all aspects of the Trusys rk.
Early in 2025, W•Mc Gairrbborouth our General Manager. annwnced that due to family reason8 he
was annIng to relocAte •avay from the area so he TM)uld no knrwJer alqe to worf¢ for Rwf. Tho
Tnthes are very greful for tho exteri r trt Warick gave u8 to allcyw for us to plan for thi8
transluon. Also aur Education Pragramme M8ny. Rob Moore. had already grven that he
planned to staThJ d(yn at the end of our 2026 seas for Learring at Loc
Based on the improvements that had been mad8 to valr rota system and the thartw booking
sfftffl it was proposed that the ffjles be cunb1 into a ngle of General Manager ith
resp(msibIty flx the Educatlon Fkngrdmm86 ¥MI more genernl volunteer management and
During ow search to fil this role as General Manw Ixxme aware of a pthntial (xndidate
planned to retire as a teathr in a local school. Halen Smithson had been tm'ngir3 thli dren to Leaming
at the Lock for many and so readY Trust also of our volunteern. Sh•
had apwpached Rob on hoaring he was going to staThS thwn to ffirKI t rfthe would bè an opportunlty
for her. After 8 $decfiJn pyocess Hdeffj tttas duly appt as our General Manager and took up the
position January 2028. agreed to stay on until the end of Januw 2026 to •n8uro a 8mooth
transition of re6pon8ibllis. R¢)b is 8180 mertorirwJ Helen as look foThvard to a new ae&wi of
Leaming at th¢ Loc
The Tru¢0$ woukl lika to tha Rob for his mwry years of d8thcation to Rwf, firnty in volunteering and
then stepping into the role leathng ¢du¢atiM work. We also like to thank Wwick for th•
signifThnl role f has had in the short twne has been with u5 in gutding the Tru81 Ihrough 80me
$ignifl¢ant improvements to ts way 7Aryk. We win miss them bLth in ther key rokn8 although Rob will
contiiue to volunteer ith the Tnjst. Tho Trustees Wld also like to WelMe Helen to th& Rwf farnily
and hope she enjoys the rrlo ar helps us to C(#ttl to da)mbP and imwove in all that * do.
Im rovin
our flnancial Rslll•n¢e
Our for 2025 had the pokntial to b• •ignfKanty affe(ed by tr of the Fostival. We were
forturte that in 2024 we recei¥ed a grdnt from Three Rivers Districi C
R¢port of the Trustees YE 31 Detr 2025 Ke•p our w•bsfte ¢uN•nt artd frèth launch enha suth as abilty to book Onts and chartars on line. contin to imFYove the LOC SYCKIK* offwiTrJs and to ensurn (wr ping lalr and competittve. Launch a rthv progrnmme of smaller regular ebtnts indu(fing Rw Trknriltyo Eyrienc85 to increase income arKI fothll at BatChrth. Better manage our inventory •rKI wKlorntsnd our •dir& throwjh our now EWJDnic Point of Sale systwn. .. LAun¢hed an on Iiio forvdunleer rrla nMIHge. 13
Rert of the Tn]stees YE 31 Dbe[ 2025 FIM The 0ra11 'unfE5trithd incom8. the TnMt in 2025 Induded donatlons of £10,068 resultirw in an 0ra11 'unrestri¢#ed suWus' of £9,064 (2024: suw £31.716) thi$ year before allocations to SFeufic funds. The results for 2024 Ied a I)nali of £30,cKKI frtln The Rivers District Council folknmng the loss of thg fostsval. The total defi&t year. KaLKliNJ dewects a1 al olhw funds. waN £9. (2Iy24: deficlt £15.362). The diffe( in the total resth balween 2025 and 2024 is Fximarity du8 to the folkywing facth: Increa8ed event revenue In 2025 (net ol costs). totalling £8.237. Rocipt of Batchworth Communty CourKil grant of £7.040. No reat of TRDC grant of £30,000 in 2024 No Roger docking c(8t (2024 £18.776) Tho Tru6te88 have allocthl the folIty swn8 to speak fuThl8 thKing 2025: Roger ConseNation reseryes EducatJon Centre Maintenance fvnd £10,( Ifrryn gwal unrestrlctsd fund8) £1.5CQ {frcth gerwal wYegtri4tsJ funds) The total Trust funds carried foThwwd of £570.871. ccrfnFThe trip replacement fund of £51,730, . (rofio¢ting 'Spirii' c4)st to be depreciated). Roger coer¥ation fvnd of £31001. the Buikling fuThS of £294,309. the buildw¥ rnaintenance fwd of £6.IKX). the 8pecaal prcyecas ftxKI of £48.947 and the General Fund of £139.884. fund$ arn mad8 up of th& assets of th8 Tru6t18s6 tho IlabHili8s. The signfficant assats c(YnpTW the Bat¢hW LorA( EduciM Centre, Spirit of Batchwarth trip boat, Cash held at banK Stock held for re8ate and recivabies. The Kthltti88 are Iho PAYE tax National Insurar payable at the >wr end together vMth accruals trfees ollw payablos. Flnandal ConYnttm•nls The TrusV8 proJramme of atXi¥itW fElies to a very larye extent on arKI ther• rre paid nploJpe6 in 2025. the Educatlon ProgrMie Leader arKI the Ger81 Manager. Their salaries and associatsd costs repregent a signfficant financial comrnitrnert to date charges made to $¢tlS and other visitors less haf d Ihe ujsis. The swplus on th8 annual Fostiwl wa8 •180 applied to thls prngramm•. The Tn1 ha8 ttwee ¢)bWbon8 In rejpd of m•intwwKe of boats. The nrn boat Roger. restored tmr t five ago, was originally maintsirnd by a local charitable twst arKI ffftoon year6 Ihg continuing and oxrABive oNigath)r are entlrely fcf the account of the Tr The second boat used by the Trust is the twknpasseryer tiip W Prfdo of 8thorth, Ththich is an ageing boat end Is recognl8ed 86 liabl8 to n8ed f4Mther expendrture to keep it in good condition. The orvJoing maintsnance commitments for all twr b*. especially Rogor, replThI a dmllenge to the abilty to ralse lund6 from grxrt maklrq I0tions. IrKal athcKiiies arnl YrieTrJs". The TrUS ottw fina141 ¢ommtsrnrts av modest and aro rnIt to the 9riwrMI rent arml Nnnirq ¢ost8 14
Rert ofthe Tn YE 31 2025 the area mund Lo These ae by the vern from visit3 by the puble and hirfrva the building. ReseThe Poli The fnthe8' OIGY is to maintain a reserwe of alxxrt 5 mth. expenditure- wi the order of £35,000, The resutts of the 2022 and 2023 F8stNal, * vrnll as th8 r8ceiO of various donatiorn and grants, has enabled the Tt to deposit SUruS lunds in interestweamiNJ deposit accwnts. dirj th8 application of these funds various proied& The Trip Boal Fd was us¢d frr •xl TBfiJrknshment of a 8eeond txJaL the Sth of 8atchknvrth to aoThJ8ida tr ld9 of8Chrth. Thts fvnd ig a desiwated fund. A reserve ¢xeated ffcf the fvnth for the Batchw(th Loc EducatKJn C119 spread over several baf accounis. Al these fijnds have been Ltsed f¢r ts constr.< of the bulk.g. Ths fund 18 a restrithd fund. A further reserye was created #1 2018 to accumulate fd$ for the cxwBervation of our Historic Narrowboat Roger- Board of Trtee$ has agreed lo set asKle suffitient lunds per annum to for the continuibvd Fwjrdmme of CorOpOn of Ihis hIst asset A legacy of £10.CW received in 2024 wa8 allxated to the Rw rnserve in 2025. A reseNe wa8 created to fijnd ongolng costs tr the BatthKKth Lock Educatiffi Centr?. This fund . re8trithd. A reserve vm (ald for sF>aal Propcls IW to bo of a captal narfr. Tl¥s fund is a restrk#ed fund. Plans for the F The Speoal Prqects furnl w4$ ¥Wied to the instaW1 of sclar panols at ts EthKation Centre. Otr key ctyth've ft)r firture yew8 is to maitsin the current finan¢ial positm by mawniJirvJ income from isting artiMtie8 and sethrg income streams to the overh&ad cost base. Struc GoverTMnce and Mana ement. RickMansryIh Waterways Trtt knmrted (RWD 1$ a Company Limitsd ty GLW8rtao. It i• govemed by the Artlcias Nknrandum ofAsxx7akn a(W w 5 May 1993. The Boa or tlrectoTr rfjts at irner¥ of bètwi four to aght V•teks. The DireLlorn and Tn•tees e rec&1 foltrAirwJ an approx lch may b• m¥a •itsr way. Tho Board di$(sseS the proposal and th• ndIdate ks rw4uired to the Board. ThK8 18 followed up by at least one ktsrvt8w wilh the Chaimian and others. The Board trn agrees (or rnt) to offer the candidate a Directorship. and rf acwted recornmends ts apwintment at tr next AGKi Th proc4s8 Is described fully in Ckuses 32-39 of the Artic and in an intemal Fxocedure d(rne Tnjstees are indu<ed over a period of time. Th8 ?lIeS of the Trust aro suffKienty complex to require careful briefing of Boa members, d, for ithout personal eXpwI(x of the Trtt. this at tho inilial rWj desuiW able. In each Trustee has a wrtfolio, an area of the 15
Report of the Tn]stee8 YE 31 DnI 2025 TrLt'S tx•lnoss in knEch ho or 8ha takn6 a sp8ci•l irrterest w¥J a degree resporniblty. bui th[8 doe¥ not happen at once. Truth Dir•ctor8 have maxlnwm tm for serviffj. TM) d I.TrUste0 Dire(kn. D•id Montsgue and the General ManwJer. Me8lirvJ every fr eeks, the.op Group. is wponsible for th• day4041•y managThnt of the Trust arKI makes a IoTmal report to th6 Board at ts regular meetings. At th8 of 2012 the Trust agreed to a fomial *JOpt agreement with the C&RT for the area of the Grand Union Canal tjetween Stockws Lock and 100m ab Batthwolth LOCL The Tr[t also WOTk8 dosety vlth the staff of 1he C&RT. Rivern Dth"ct co¢11 and othw rn1nd oryani¥•ti(ms in the area. We are also membets ol seveAI local 8rKI national rthrks. tallY the Inland Waterway• Heritage NeIj1 H8tOriG Nr Boat Club and t Grafvj unl Not¥wrfc {&)th). J6
R¢port of the TDL8lees YE 31 Decemtr 2025 Trustees, Res onsibilities in res et of the Financial Statements The Tnthes (who are also diredors of Rthnansworth Waterways Trust Limited for the purposes of company law) TesporMitAe for wepaTirg the TnJ8t8es' Annual Report the frnoal statements in accortlance wilh ap1¢able law and United lQngdom Accounting Standards (United Kirvjdom Gen8rdlly Accepted Actlg Pwaclice). Company law the Trwt•o9 to preparn fmamaal statomonls ft)r eath finaKial swr. lch give a true and fair vw of the State of affa'rn of the cPArltabEe C•)mpany and of th& incoming resource8 and awicatlon of resowctt. indlIng incomo and expendibjre. of th8 company ft)r that period. In Fyeparing tPMs8 financial stwnents, Trutstees are required to: 8elect suitable accwrrtinrj arnl than th8rn (X1$1enty, observe the methods and princiF485 in tr Charitss SORP 2019 (FRS 102): stats whethgr applkable UK Ac¢ourrting st hale been foiltyAed. subject to rnaterial departW86 disdosed and exyained in the financial stslements: prepare ts financial statsments on the gciTrJ COnM basis unloss it is irrdpworyiate to pruume that the charitablo (xwnpony wil (xvrtinuc in opernb"on. acral at any timo the financial kN)SitI( of the charftth (x)mp3ny and enable thom to an6UTr that the financial statements comply with the CleS Arl 2008. Thy are a160 re8pon6ible for safeguarding the assets of the ¢haritable company and hence tr taktryj roasonabie s for the wevention and detecion of ftaud and otsr irregul¥ilie& In $0 far as the Tru6tees are thor• is no rnlevrt WIrnatIon ofwhi¢ (xjmws indepe$8nt examkw16 unawwo: the Truslees have taken all steps that they ought to have taken to make them8el¥es alwre of any relevant inlomation arKI to establish that tho Indepondont oxarnin8r is aware of that infomation. The Trustses are resF4)nsfole for the m8lntsnance and integrity of ts cOrpale and financial infomiation induded on the charitabl8 compan9 Ebsite. Legislat in the United ngdoM governing tho preparation and disseminalion of financ4al st&erne diller frnm *iglation in 0th8r jurisditxions. roval This rnport was approwj by ts Tn8¥ 7 May 2026 and 8lJned on Its bow ty. Stephen Dum 17
YE 31 Decemirr 2025 Ind•p•nd•nt Examln•rfs R•pwtto th• Tru•toM of R1th Wat•rways Tnt Llmlt•d I report to the ch8rty tnmtees on rny examinallon of the aee•unt8 of the company for th8 year ended 31 Defflber 2025 vthich arB 8at out on pago8 1910 30. Rp01b1ll•5 and bMl• of r•port A6 the ¢lwrlty trust•68 of tho conwny (a 8180 its directors the purposes of Mmpiny law) you ara r8sponslbl8 for tr weparakn of the aCCnts kn acCordae ilh the reqrements of1he Companies Act 2006 21]06 ). Haviffj Satisf myself that the a¢¢ourts of the rnnY are not reqUIj to be alld under Part 16 of the 2006 Act an(1 are eligible for irndent eXaM¥tIOn. I repxvt in respect of rny examination of your companV8 accounts as carrnd eArt urKler secaion 145 cl the Ch¥rti88 Act 2011 2011 Arf). In canying ut ry examination I foPthwd fv Dired1$ gi1 by tho Ch•ity Commityon under section 145(5)(b) of the 2011 ACL Ind•pond•nteumln•e• ststn•rt I have Completed my examination. I canfmi that no mattern have come to My attention in conrdion wilh tho examination giving cause to believe that in •iy matial r aCcnting re¢tyds WWB fKrt kept in r86pec company as req{ml by Sect 388 of the 20CI3 Actr. or 2. tha a¢Munts do not xcord wlh th08e reeardtr. (r 3. the acUnts do not clPIY wlh Ihe requwBments d secAion 396 of tho 2006 Act other than any requirement that the accounts gNe a f•r v¥¢ Tht#Gh is not a rnattor ¢idad as part of an indepwvjent examination. c 4. the aount$ hav• nol Len wepared in a¢ccKdarK vrith the methomts and prirKrpkn5 of the Staternont of Recommended Practice for ac¢(¥Jrting and rewting by tharities appficable to charities pr8parlrKJ tholr •c¢ounts in accordance ith tr¢ Financial R•poTtsvJ arWicab in tho UK and Rewblic of IrelarKI (FRS 11r2). attention should be (trawn in ti¥s rnp)rt wi (Yder to enabl• a wopw und¢rstgnding of tho account• to be reached. lene U all FCA Mercer & Hole LLP Trinity Court Church Street Rickmansworth wD31r 7 May 2026 18
It0]¢ & Exptndittir¢ Ae¢ounuBalJ¢¢ Skrtet YE 31 D¢¢etDb# 2025 4bJ 2J IB4 6A52 71 Ft5tr441Re¢¢kns the thtk 73n 1•.556 759J HkeofEthrAtknCw of1limsintanfitrn 8.942 Lll.1Sfj nsej 93 yJii J7&73 FE5¢1 IthaEeof SW[liTS 36534 99 36.110 13.165 tsnwlcentre E&x•tI0n¢trQ 5.441 5M5 Fundiw5ln 1319 atwjn 24.409 forY¢4r J.182 Su lusljro htfon¥anl iJoxth)I TriMferfrrthtsentr41toEdCwthMIF rthforAtd 5L7 19
TOT SLnJ 5¥n3 1760 sg,1 49Q3 tsi (¥1¢entre%ljItrl%I W•rand 492 13.492 2L671 stackottt1orrKÉ 47E SS26 3,4 740] 740) li 197WS 57V71 5L7>1 51.7*1 BUILDINGFur40 AOSERCOI•SERVATWJMFiVIO 3llTrJl MA•JTEIi4JI(E FUND 15 SPEU4LPR¢WECTS RESEA¥E TrUSTSURPWSACCOUtr4T 50) 4fjJ47
lknckmaosworth Waterways Tnlst LiTDitcd Balance sbeet YE 31 December 2025 For the year ondiTrJ 31 De¢ember 2025 the company was enlitkd to exemption from audit under section 477 of the Companies Act 2006 relating to small Mmpanies. Directors, rttponsitjlities: The members have not required the company to obtsin an audii of b financial statements the year in question in accordance with seclion 476. Th8 directors acknowe their resportsibilrties for cwiplying with the requirements of the Act with iespe¢t to a¢countirg recuds the preparation offinancial statements. These financial statements have been prepared in *cordance with the Financial Reporting Standards {FRS 102). The financi by.. .ststements were a by the Trlee$ on 7 May 2026 and wore 6igned on its bahatf r(Istee Company registration nL¥nber. 2674596 21
YE 31 DecemTrr 2025 l. Summary rf •lgnHlcant ac¢ounllng p1¢• (a) G•nor•l Infoffin and ba•18 of w•parallon Ri¢kmarMorth Wat¥$ Tt Linited is a c4)mpY incorporated in England and Wale8. In the avart of tho chaiity being url up. the liablty wi resfvct of guarantse is linrted lo £10 por memb8r of the thanty. The address of the regtstsred offi¢e is givan in the charity inforrnation on page 1 of these finclaI sLements. The nature of the charitls OFrntion$ and princip The C(UteS a public txneft entity as dned ty FRS 102. The ffinancial 81aternents have l)een prepgred in accordance ith Anting arml Reportr¥J by Charitres: Statematt of Recommended Pradiee appli¢able to clwilie8 preparing théir acrAwrts in actr1rdan with the Financial Reporting StarKlard applicable in UK and Republic of lrnland tssued in October 2019, tho Financial Rewting Standard 8ppticabl8 in the Uniied lfjrydom and Republic of Irèland (FRS 102), the Charities Act 2011. the Compariw Ad 2006 a1 UK Geroralty AQxpj Accounting Pradice. The financial Stateff 7Ae wewed on a goirwJ uNler tre hlstori¢al cost cK)nvention. modified to indude Certain iteAns at fa Vae. The financial statemerts presented in Sterfl thich is tho fiTh#ional of th• drity. The svJnificart %countirvJ Fdiaes aOied in the prepaTatM)n of these finCial slatemerts aro sel out 0w. ThaÉe poli(a85 have been awthed to all yearn presentwj unless otherwise {b) Funds general objecli¥es ofthe chlty and vthich rnt been designated for otrr purposes. particular pury>cAes. Ro8trithd fur¥ls fUrS thich aro to be acLdanCe with r•8triction6 Impjsed by donors or vknKth have been raised by the for particular pwp(w& cost of ralslnq and administ•irYJ futh i¥ dmrged agai $pery Tri Boat Fund Desi nated - Funds have been aio¢atod for fuiurn replacement of th? knp er Cons on Fund Desi nated Tho Tru8te8s have agreed a athedule fcr the onseryation of the Histctt vro8t Rw arKI. X¢4)rdingly. fd$ are usually alloealed annualty for this purFKJSe. EthJc8lion intenance Fund Un £1,500 per year commencing from 1 January 2022 to provide for continued maintenartce of the ial Pro'ect Fund - This fwKI hoth major donatiorn% for spe(ific propds su¢h a¥ the updating of tr• TnYs Tbs6ts and (sther WW18 to be •yeed. Buildin - (Restric) This furKI was sot w In 2017 for the purp08e of th8 con¥ of nw4 Education Bumdlng at BatCm. a8 the Batthworth Loth Educati( Centre.
YE 31 Dttember 2025 (c) InMm• r•Mqnlllon l income is indud8d in tho Statement of Finarrial Aththes (SOFA) ¥hft th8 charty is legally entitted to the incorne alter w perfrnn condrtions have been m¢ tho amount ¢an P m&ured reliably, and it is probatAe that thE Inc wlll bg r¢ixivod. Fw donations to be recogntsed Ihe TAfiI havo boon nor of the Jnounts and the setuement date wi V4Yiting. If there ¥8 conditions attached to tho donation and this requires a level of porformance before entittemont be omaingd. income is deteffed until those conditi'ons aTe fully lx tho fuffilment of th088 is wlhin the corrtrd of the charity it ' probabl8 that th8y will bo fuffilled. Donated facllllles donatsd w0ft1 services a rno)gnised in rrKome at Iheir fair value when tr 0¢CTtIC benrfrt is Fxobable. it can t measurnd reliabiy, and the tharity has control over tho itwTr. Fair value is detern1r on the basis Gf the Val of grft to the charity. For examplo. the anount the chanty WOLld be wiiling to pay in the open mathet fix sh facilitiu and 88NCe8. A ¢xyrespDndkng amount is recognHed in experthre. No amourt is YK4uded in ts financi stal•n• ts volwthr timg #1 lir with tho SORP (FRS 102). Fuflhor d8tail is gNen in the Truees' Arn1 Report For legaqs. enlitlenwitt is fv earts of tr tharty beiTrJ notified of ffing dtstrbubon or the legary being re1Ved. At this point incwne is recognised. On oc¢xsitin gacies will be notified to Ihe chanty htyer it is not pogsitkn to measure the amourt eypedad to bg (stributed. On these ocwiMs. the legaty is treated as a o)ntingwrt asset and ddOsed. Income from trading actsvitRs inckths i1 er frcffi fwthaisiro events arKI tradlng activitws to rBi8e fuThl8 for the charity. Incune is recaived in exthange for wylying goods arnl (d) EdIrn r•Mgnilion that regate all Mgts rnlated to the category. EYp# is recognt8ad where there is a legal or cortrukn obligation to make payments to third KArties. it is Fyobabb that the 8ettlemerrt will be required. al the afflnt of the obligation can be measured reliably. It is Categori under the frjllawwy hongs. ¢harTtable obJ"ects: and Irre(x)verntle VAT Is charged a6 an expTh agawt actsty expentfrtunj are. {•) Tangibl• fixod aM•l• Targible and intangible fixed a880ts • statod at cost less accumulaled deweciation and occumulated impaimient loss8s. Cost irKILMlos o)sts diredy Ottribut8b to rnalong the ass capablo of Lperntiry as ¥rterad. DepreclallL IB WOVKl8d an al t•vibl& and Intwlble T1 as8s. at rates rlculed to Tlte off th8 cos(16ss estvnated r8skJa Wal, of asset on a systsmic ba818 over it8 expected useful life as follows:
Notrs to the Financial Ststements YE 31 2(r25 Lea8ehold larKI aTrJ bJU• StravJht fine over 30 years Offico Equipworrt 25% straht tne Spirit of Batchmjth 10% Stratght Ino Website 11YA str line Solar and battery installa11 Strawjht Ine over tho Ternalnder of the leasa term The to lh• Trust speafKaly for Ihe rosltyatim of Rw have been credited In prevk>us years droctly to a R¢w restoration as part crfthe captsi reserves of the TN8t and r8 excludod frorn the incorne a• eyperKlrr8 Tho re8tor8tion of Roger was c¢Jmpletsd 21x11 and the reÉtorth"M furKI has been d&Jucted from the &)sts to the nèt (X>8t to the Trust of the Rw restorion proj8cI. TM restOron costs of £22.464 were wrltten off In 2014. howthEr. the Tnjstees con8#r that curKert valw of Ihe Rogeris £30.000. ffl 8to¢k value, (g) CaBh at Bank deposit tth'ng inituli¢ns. (hl D•btorn and cr•dltorn r•c•ivablD I pAy•bl• one y retxirded at transaction wKe. kny k>8868 arisiry from imp•rm¥rt we recrynid in expendituro. {1) lrnp•lmwnt A888ts not measured at far vak are reViEd for any ilkntiM that Ihe asset may bè impaired At 88th balwKe sheet dats. If such irKli¢ation exists, the recoverable amount of the a8so( or t sef$ gonorating uiwL is estimated arKI compared lo It carrying amount WTrre th8 carying amount exceeds ts recoNrable amounL an impwrMrt1085 is reGognised in profft or I unle88 the asset is ¢arrd at a revalued aiiwrt Wkne tre impairnierrt loss is a revaluation U) Provl•lon• Provisiorn a recogntsed the charity has an obfigatitin at the balano sheel date as a result of a past evert it is woboble that an outlbw of ecth)(xrMc berth wll te rtyuired in 88tUwngnt ald the am(xxrt can be reliably estrnated. (k) Employ•• b•n•fits emplosees are entitled are rncagnised at tr urKligc0unJ amount gxpethd to bo paMI in 24
Notes to the Financial Statern YE 311)ecembcr 2025 dwity upw¥tss a dellned c(xttflt#Jlion th8 of it8 am0yo0B. Contribulion8 are exwsed as they becorno paykn. (l) Tax The charity i¥ an TrPt tharity within ttw m•anlry of 8¢hedulo 3 Charitm A(a 2011 and 1$ ¢on$idornd to pass th81 s& in Paragraph 1 S(dul8 6 Finance Act 2010 and therefore it (ml Golng conc•rn Th• fin(la1 8Litements havo teen prepared on a going concam ba818 a¥ tl TnJJtee8 boliev• that r maknid uncertainties exisL The Trustees have cornidered the level of ftx)d8 held and t expertod level of income a1 expwxlkure ftx 12 mlyrfts fr(Yn authorising these financial statements. Weted w0M0 and exrlI1Uro ts sufficient the level of re8erve$ for the thanty to be th to ¢>xrtinue a8 a gory corKem. In) Flnanclal In•trim company has 8leded to apply the provisions of Se(ian 11 'Basic Financlal Instruments, and Section 12 '01her Financial Instruments Issues. ol FRS 102 to all of fffwicial in5trumit8. Finane4al arv recognwJ in the companY8 lanca 8heet then the company Financaal assets arwj abIlItS are 0 wilh the nei amojrts Fywented In th8 financlal aterne. fien IFe is a legally enIorb rw to the recogntsed amounts and ther• is an intention to settle on a net ba818 (Y to realie ts assot and settle the liabilty simulianeou81y. 2025 2024 DonatK)n8 subscriptio (Fiiernls) 9,950 1.016 10 966 14,382 Incomo from dc811 ac4es £10,966 (2024. £15.564). dl of Th•$ attrilxtsble to G•rml fiJnd8 (2024, •Y alln"tyJtable to funds). IKom• frtyn grants During the year fOlknr gr•tt inc4Jme wa8 8[t 2025 2024 Other 8atchwrth Communty cry1>1 7.040 Grant Incomé 01£7.040 was trtthed to ts SFeaal Propcts FuTrl as ts girt appiieAtton was targetsd at th8 Sol•r panel arKI battery irffjtsllalion . fund&1 by the Swaal Proieds Fund. 25
YE 31 Decembet 2025 Fixad Assets Solar and LH of C•nts• rtanglbl•- b411• At 1 Jan 2025 111010 11279 478,604 14.878 599 14,079 At31 Dec 2f25 382.W 1.416 rJ.8W2 10.010 11.279 493.282 Depr•clatloTh At 1 Jan 2025 D•precialion for 75.7x1 14.779 3,107 1.128 95.631 11784 150 4.143 1.128 587 28,182 At 31 2025 587 121813 N•1 B(•ok Valu• At 31 2025 At 31 Dec 2024 294,022 51,723 S9.113 9,023 13,4W2 371,489 Tr1rip boat. ld8 ol BalchAt. remains an as8•t ofthe Trust TAilh a net book value £0. RefurbishMts to the C eompled yaar and ar• boing depreclated overthe lerw ol the lease. The *bsiie ss estrnatod to a Ffe of 10 YTWS and Is amorb8ed overthat wlod. Ind•pondont •xamln•rf• MmaratIon Th? independent examirnrfs ynetIQn OUrth to ts 08lvnth Indeperthrt examlnatlon fee of £2.340, indusive ol VAT (2024- £2,4CQ). Tho Tiith88 nallhor Teo•ved norwthfd any remuiwatKXI dwity Ihe year orthe ar. Nl {2ff24 -Nll) TN8t•e8 are ac(¥ur¥ mrvJements. 2025 2024 NurntEr Nurnir 2025 2024 2 3.814.60 517. $3 ur06 ab Includo £859.85 InoNTed in respwa af 2 txrt d•med th 2025.
Notrs to the Financial Ststallents YE 31 Dttemixr 2025 There was 1 lime arKI 1 wt time ernpby8e yoar aTrl th• rylor year. %)25 2024 Wages and salaries 34.210 675 34.241 No employees received lotsl emfv benefts (excbJolrYJ enwoyer pension costsl of morn than £80,000. 8 Sto¢k• 2025 2024 Finished gocxls 18tod( ld is ftwa8wed on a hltorical ¢06t baw OJKI * held for r•8th wi the chaiity shop. D•btorn 2025 2024 10 Credtorn." •Th)unts fallng du• wlthln on• y•ar 2024 PAYE. National inwrance and pension Roger Docking Cost Canal Centre Rent A(xrua18 1.342 740 27
YE 31 Dember 2025 11 Fund r•¢on¢lllallon 8alane• at 1" Jan 2025 Dec 2025 Unr861rtctad Gonwal Unrestrlctad Tiip Bo 141320 97.890 59.120 21001 307,093 (88.826) (11.5rxi) (7,3) 139.884 51.730 311X)1 2M.309 &IJOD 46.947 570,871 10,(IXI RgBtrtctsd Building Unr¥trkknd Buildlng Maintrn Restiictsd SF)8cHI Projects (12.784} 45.765 7.040 580.799 104.930 (5.858) (114.8581 Balance at 1. Balance at unrestric Gonornl Restrtded Trip Boat 112.104 114.193 (tt480) (10,284) (19.776) (12,783) {1.500} (995} 141320 59,120 22,001 307.093 4.500 45,765 580.799 Re5tricled Buldi Unr86triced Buildiffj 319.876 (4,235) (129,558) .161 114,198 The unreththd genal fvrKls ar¥1 building maintenance fund availatle to spent any purpo8 In fvrtheranc ofthe TNSYS tharitobie obj'ects. a) Trip Bo4 replacement fwKI - knds a¢aMted tr the rcern ol th8 Prid8 of Batchworth,. This is a dned furnl. Planned eXndItUre ¢)n Prbde is anli¢wtsd lo ils frtYkirvJ Ilfe 8uffirjor such th•1 •n a860t le8ternent furKI will not be required in fuiure. Thè residual balanc in fund has been tran81erred to the RwfurKI. b) R(yr CONatiOn ffUr- fur#l8 de8wated for the oryoiTrJ work tho historic narrow boat'Rogot. ThK8 is a designated furKI ¢) Buiklily Fund -fvnds rnh8ed arnj allocated to eduGation fxilty. This is a restri(ed fund. d) Spec4al Proje(%- funlts donated for use in spe1 as agreed ¥4ith Ihe donor. This e) The Education Centre bjilthry maittenan(* fiAnd- aside for oryoiThJ maint•Mnca- thij is an unrestricted furKI. 28
Ricktnansworth WateTways Tn Limited Notes to the Financial Statements YE 31 December 2025 12 Analysls ol not aGs•ts bgtWg•n funds At 31 D•¢ 2024 Unrestrlthd Designated Oeslgnatsd R•strk Unr•stri¢twl R¢strithd Gener41 Rog•r Fund Trip B¢Jat Buildlng Bulldlng Speclal fund fund Malnt Prolacls Total Tangible fued assets Current assets Current 1k7biles 59.113 306.8(6 287 17.054 28.711 382,973 204,857 {7,031) 149,351 17.031) ,001 4,500 T+)tsl funds 310ec 2024 142,320 22.001 59.120 307.093 4,$00 45.765 580.799 At 31 Oec 202S Unr¢slriGt•d Design•l•d DwIgt•d R•strld•d Unrestricl•d R•strictsd Genernl RagorFund Trip 8o#t Building Bullding Sp•clal lund fund Ilainten•n¢e Proi•cts Tolal lund8 Tangible fLxed assets Current assets Current liabilthes 449 S1.723 294.022 25,275 371.469 146.175 16,740) 32.1 287 21,672 2C6.142 (6,740) Tolal fund8 31 Dec 2025 139.884 32.LK11 51,730 46.947 570.871 13 Pension5 and other post4otknment bon•fft• a) DefirEd contribution nl0 plans The charity OFeratas a defined contribulion pension plan for ib employees. The amount recognised as an expenso in the period was £675 (2024- £657). The defH)6d contrilxAion h'abdty is allocated to unrestricaed funds. 14 Rolaled Party Transactlon8 The trusl received donations totall1 £2.2(K) frun a company controlled by a Trustse. Ouring the year grant income of £7,040 was rec¢ive¢J from Batcworth Community Council, on which one of the Tntees seNes as a counc4llor. The Trth dKI not participate in the decision to award Ihe granL 29
Notes to the Finattial Statenxnts YE 31 Decem 2025 Trlp B& R•Mrv• Opening balance at 01K11r2025 Donations & Grants incl. Gift AKI Depreciation 59,120 Transfer Closlng balane• at 3111212026 51.7J) Bulldlng Openlng balanc• at 011D1f2025 Depreciali( C11ft9 balanc• at 31112r2026 307.093 294.309 Opening balance at 01101r2025 Donations and Grants inc. grft akl Transfer from A880t replac4r1 re8eNe Trarthr fmm Genernl Fund 22.001 10,000 CIMlng balance at 31112r2025 32.001 8uildlng Malntsn•nM fund Oponing balanc• at 01m1r2025 Transfar from genwal fiwid Clo•lng balanc• at 31112r2tr26 fund Openirq anc• at 01101r2025 45,765 Clo8lng b*n¢• at 31M212026 46,947 30