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 #74 YE 31 D￿llba 2025 IUCKMANSWORTH WATERWAYS TRUST IJMITED Contsnts TR11ST￿, ANNUAL REVIEW Pag• nwnb•r The Board of Dvpdorn and Tru Obiectlws AdN#I8S The pUb￿C 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 •x*nln•r. Joleno Up8hall & Hole LLP Trlnty Cowt Church Street Ri¢*mansworth Hertrdshire WD3 1RT Bank: Bardays The Board of Directors and Tn ChaIm￿ri 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 (roll￿1 1 May 2025) Mrs Laura Hart Mr Mithaol Lan6down Mr Stopkn Mander Mr Lesllo Mead Mr Colln Ogi P4lr Martln Asher Rlckayzen Ms Sophio S￿tt (retired 9 W 21r25) Mr D8an• Syme¥ lth Stmon vW￿uCd 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 (rnIl￿d 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 ¢l*rity for tho yew onded 31 DKember 2025. Trust80s ha￿ adoptod tho provisions of tho Statomont of Recy Cui and Comrn(￿ Moor. The pr￿l￿an of faalibos fty recreatIc￿ 8TrJ oth8r18iwre time ocrya￿. Mso sorne support in tt intoro8ts of 8ocaal ￿￿fare with the obJe(* c4 ImFYo¥vvJ the o)nditsons (rf Ile for thoBe To defNer the88 fmal obpd8. we dafine ow We • ameiities at BatChw￿, so Ihat th• can b• •n￿y￿1 by al To delN•r mi88ion. offer Several ProvKle"Leaming at thè LorK. an ethcaK>n lor prwnary 8c*M)ol gro41$, adults and ther Y￿rth group. ProvKle a Set of am￿11186 al Bat(*Mrth. trip boats ftr w by ts wblc arKI ty (¥)mmunlty and group& CorweNe arKI prthrt at 8atctMorth and fvrthar al•ld. the Roger. ow principfil Our Ob"ectives for 2025 ¢￿r objectives at tst of 2025 werE wiwliy based on plannlw to addre86 tho d￿dt our budget bxs on ts loss of the vKome from the Rickniansthrrth FestNal. We also had several improvement sxoieds planned ind￿11￿ inFAernenting a new Elethonic Poinl of Sale (EPOS) systsm in Lock Centre arKI the irntallation of pawb on the EdLKatK)n Centro Rool a6 well a8 many othor projects, more ¢)n arn rBpc%ted * in this rwt. We cwthnued to plan to matirtain (Ad ￿•11. •KI advwiisa to altrad mote pthntial uson. as as to delver arml dwelop our Fyogrrne. We aimad ta continuo lo dmlop our gr(Ming links *ith local bu8ln96808 and other groUF￿. The 21Y25 targets for OLr W ¢Wives were as folkrdA: . tlallwr L•amiThJ * the Lock lo 30 to 40 s(*pokn, ¥J8ally wilh arouThl ￿ lo 1000 thildren attending. Re￿rt of the Trt￿e¢s YE 31 Decemb• 2025 contin￿ to prom1￿ the BalChW￿ L(￿k Educknft Centre as a venue for local organis￿l0n8 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 S￿cessful Ix)at thartw and trip t￿t operatton, using the Pride of Batchworth and Spirft of Batchworth and 0¢¢88Mxwlly Roger. Succ868 is assessed on the number of charters and 01$0 Ihe ￿n￿JaI retum frorn ljoth opwati To erffjure the 8attre•ffjth Lora( Canal Cerrtre is ap￿ and manned ty vdunteern for the maxirnum nurnber of days dLMry tr* year. We monitor volunteèr tKAxs, numtw of vi¥itoT5. numb¥ ￿ boat trips aryj days open to 8e8 h¢Av are doing 4gain6tthi$ 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 OUrf￿Mal 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•it*Ao and a fvrn>gen8rnting e18mert and v In undertakry all our th WO TA*re c(ThCiOU8 of the C￿ntrIt￿n required from our volunteerB- both the regular contributors and those m*le ￿ occasional or e￿n sirKJle inFXrt. Leaming at the Lod( and Iha Batchvorth Lock Canal Centre (vfith its assoclated athit*s) are all absolutely deperKlgnt on the volunteers is a key and ovenithrvJ our The ¢anal nel*ryk is an exi8ting, nMJth lo*d and welkryrded national asset txwht more to the public's atten￿n li recent yews by the increa* in tel￿10n woarammes inv(thng our wate￿Y$. There have algo been recendy chalerwjes to the r￿tIonal 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 de￿￿ed •) 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¢krMr*worth FestNal. The TnAle88 have pawj due regard to o11dan￿ thsu¢d ty the Commi¥sion in deading ￿at a(*vilies tho rt￿rity 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 A*aty 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• rth*n￿ 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 2￿5 and. as al¥Yays. significant part of the slAx￿5 of Le￿Ir￿j al Lock rn￿t 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 8￿y3 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. HO￿￿r rec(gnise that inryea8ed costs for s(*ools in the ¢urrent financial (aimate impact the abilty of ¥th¢)olJ to aff￿d extunal coa(* costs bery 8 nM)re significant consideration cThnpared to Ihe fee tharged by Tnjst per chikl ftr th8 vlsfl. B*thmathing our visit CO8t agalnst other Sxal 8￿CatIon VAils shm we 8re very good vakn ￿ ternis of *>)St per ch￿d 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 o￿tIe N#Ye thth1ren to wticipate in our award *inning education progr8mme. Our volunteer led programme of herit•Je talks and boat trips lal￿d lo an ath41t audtence based on Using RtyJer and targe￿1 at grouw as Ih06e from the Uni¥*rty of th8 Third ￿e (U3A) and other groupts Inter￿d in history Continu￿ to gr(w. We ran several of theao ￿*￿10n5 2025 and tha feedback conlinues to excellefrt from ow guests. We *ill c*ntinue 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 PrOgr￿nrne Manager. had L*en 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 l*er 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 f0Th￿rd to him still bèing part of the volunleerte•m lor Learniry at tho Lock. Reprt of the Tnul¢¢s YE 31 Dccemi*r 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. t￿ring 21Y25 ￿ had 137 bookings for the Edu￿trOn Centre <2024: 156) 98nar8ting £7.388.25 In In¢ome (2024: £8,6TT.23). We continue to promote ts cwdre to other lo￿1 *xg8nisations ag we wish a8 rnany gr￿Jp8 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 Batc*worth LcKk Educ*ion Centrn 18 a180 used by the Chiltem bran¢* of the I￿nd Water4Yays Associ*ion for their programme of monthly evening talks social gatherw arnj ￿ erKourage Ihij type cl usage of the centre. Rang• of ￿l￿1Pants In our aclivib The age of children tthng pfirt In the LearnirKJ at the Lo¢k progr￿rne rarges from 4 to 11 ye¥s and we have also provided ses8ic*)s to le￿￿5. 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 iB*n)und6 and have held sesslons with MENCAP students v*lh a range of kaming alx&bes arKI dionts frixn the Inclusion Proje regulady u8¢ the centre. The BatCh￿th 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 $L￿TT￿r (f 2025 ￿ 6ucce68fully Ir*alled a solar p•W WKI b• stu4e systèm to the Education Cerrtre. Thi$ wa¥ ￿ fvnded tyjr t*al 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 notir*d the sumrw days of 2025 thai we vrnrn rwrty seff SUffi￿ent 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 T￿1 terni contraca hew meet our Strategy of I￿*￿ring 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 2￿25 was the 2e aMi¥w of her rotum to the walor aftor re8tat repairer ts Tnjst 18 contiNkw to iMpl*n￿l tris pkn. A regular regima of insrEGtion and ma1ntsnan￿ ks designwj to ensure that Rog8r remains in good cMdTrtion. We aT8 W way through a invo￿￿￿ three biennial dockirys vhwe sev￿al swjnificant twnbers need replacement and the Second of these due at the end of 2026. Thi8 next dockiTrJ 16 budgeted for •id we have money 8et a81do In a Gpecik Roger cOnse￿n fund. We Still need lo rai8e further for thè final phase of this work which is pknned for 2028. The Tn￿ have pwdwsed the oak required for this woth In Advanc• arKI are having it stored arKI seas0r￿d by the boatyard wil be doin9 the TIXS 18 much choaper than ￿Ing fvIIy 8easoned oak of the Ke needed at the tin￿ of the worf(. In the wintw of 2024 Rogw *p6 docked kn 18 St￿￿1U￿ th in accordan￿ *lth ts docki￿ ￿an and. as well a$ oth•J restoration warf(. the Iwll *•s rvrcaulked. Fokning fv sinking in July 2024 the team of volunteern lookirvJ after Roger are carryirvj out a more Fxoa(*ive programmo of monttorrng the water in the bilge to prevent ts occurrence hap￿nirv￿ agwn. It is now understocxl that tho majority of w inw is under the d¢kn durirKJ l*avy fatn arKI not thrThyh the hull. Sjgnificant thanks are duo to tho Roger team fLY thw ¢c￿SId￿at￿e efforts in enwiing Ry 19 in good IxJftdttM and abte to be Roger again had a %wy succ￿8￿1 o￿n9 to Lituo Venice far Canalway Cmlcade in 2025. We are al80 planning to tako Rwr to Llttle Venice •KI exhilit again wi W 2028 and YMII as going north to attend Ihe C08grove and Lin￿de Festhals in lth July. We LTknted the 2* ar¥￿•￿&Y of the rettwn of Roger to the water its restoration at tho Bat¢lMvrth Boat Rally M SatUTday 1f May 2025. This evert featuraj boih Rw and Abgr( th• woadèn 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 po861￿e 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 a￿Uri￿a can pro￿th charters and offer a fwry sorvico on a6 many days of the year as POS6bi le. During 2￿25 ￿ akn introduc&l an (4) kn System fty wlurrteers to slgn ￿ to volurteer 8￿har 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 fO￿ing on selthy up a volw 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 oTrJoir*J contrltxrtion to wa￿. Events Qb- To develop a prowamrne of ernnts at Lth* to wornote our vhyk WKI raise funds ts cO￿r ow opw*ional 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 Aqu**ome. In 2025, as in 2024. Jocal boatsrs ugan*ed a Boat Raly at BatC1Th￿ which some of the Waternpac£ a4thibes that usualty took Flace at the Rid(mansw(xth Festival. The B*rAworth 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 f*X the 2e annNerBary of Rogerfs restorthon. We VAI ￿le1Pate n a similw way in future years t)ut do not rtr*bve any rrtwn from the eoat Rally. otherthan thnMvJh (xr ncxmal acaivkns dLffKJ the eNTnl. The Events Group. led ty Trustse L*Jra 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 E￿ter holiday8: a Plratè event with trea8ure hurrt in th summer h*f twm: story toats (xaft ljoats in summer holidays,. an autumn HaIl￿n 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 re￿rn c¥uise8 from BatctrlW￿ up to L(* Mead. The E￿ts al80 hekl a Quiz niqht, an art exhibition and several Roger Herit•Je Canal expeiienLW. PlannirwJ16 ur#Jerway to repeat those e￿nts 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 t*hich 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 6￿CIal event t#)* trips. These events ware supported by a large number ol volunteern who th￿OUghtY enjoy*d the occasws in¢ludir adopb.rq appropriate farLy dressl Th? Tr￿ V*Y¥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 DeCe￿i￿r 2if25 Our website ocial M Our f￿￿lY U￿ated website remaing a key 89get and is the public face of the Tntst. It is obo ts platlorrn that manages newsletter systsm alty*ing 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 aC￿sS to make upjatos aThJ manage Uslng our Sodal Mediq sched￿Ing tool e*bd "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￿ D￿MerrtS 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 prOt￿ted DOcW￿ knbrary. i￿lud￿￿ 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￿$$ to wr dttument libw ￿ available to all CA￿ volurrteers. Tntstees and so they can access all the key pr￿eSSeS and F￿0Ca￿leS n68d&Y to OPor*è our &Briy. We ¢Mtinu•d lo distribute regular nmlettern to ow volurtew8 8nd t)ther Jupporter8 VH the newsletter Sy8tarn i)n the website includiTrJ the t￿knYeaty wtJica1ion (rf the Batchworth Telegraph whth goos out to nearfy 1100 peopl8 arvj new sutJsCribe￿ are ￿ all tho kn. Sustalnabll an Env ment Th• Trusi rocognises Its oblig*ions to continually WTVO%T h(yw li rnaTwes all aspEds cl Its operations with re$pert to our sustsinakn.lity ar#J enviror*rnrrtal reswThilx'lit*s. This is t*￿Mi￿ in￿a$$nglY important as Three Rivers [￿Str￿a Council have doclared a dtrn* arnwgenry and are looking ft¥ all organi8atlon$ to work to meet clear t￿ets on reduciTrJ carbon emissions. The TrL*t alms to imwova enargy effi(aancy. redu￿ waste, recyde rrwe and ensurè strategic (knsions we made vAth lorvj tern sustainabilty in M1￿j. Tr* Canal noiwork t*Ah Its infmtrudure iwilt years beth $u8t•inabihty and the environme important ￿nside￿t￿n8. we recxqrtise trot can make choirzs in all that ￿ do to ttrwards sustainabilrty arKI tho en￿ronme￿L 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 decisic*tS takirvJ into Insulated double th'nnèd fabrK vthh double glaTrd THrrtlo￿ arKI doc￿. electric heating ts all on timer circuits and tI￿rrn￿l¢amY corrtrdw to minimise the ewgy needed to keep ts twlldlng at an optimum temFwature during the hours it is nood*J. All lighting is energy LED. The artificial slate roof 106 are made from recyded plastic as are all the boards Used for the dec*ing and the picnic tables at Iha rear ol the ￿Ik￿lr￿j 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 ber*fits from 8 battwy Storage sy*em and redu¢e• S￿nIf￿alItIY the runnirnj costs for the ￿lld1r￿. t￿ring 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 D￿llber 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 Cc*Jn￿ from its Community lrrfra$tr￿tUre Levy (CIL) f￿￿9. The remaining 50% vrds taken the Rwf (apital proieds reseThe Yhthich is comprised of generou8 donallons mode to tho Trust to swrt capkal ryoiects. Ml8t the Batc*rMxth Lod( Canal Centre is an (*J 1¥8toric buhSrq, a8 Pwt of the refvthshment h instslled naw LED lightiry arml 4so rewaod the okl electric heater *ith a more modern and effiLXgnt thermostatically Contrdled electrl¢f•n hèatsr. reuge and recyde in as many areas as ￿ can. Fundraisin erformance a inst OUF In tP¢ ev8n( ow 2025 in(a)n* from donations was £10.102 for the Trneral UnrB5tricled Fund.. In addilion re(xived grant income d £7.040 from Batch￿ Communty Council twrd$ 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$8 aThJ at the end of 2025 e had 88 active Nolunteer5 fLY tIE Tnrt Cxjr metrttxls for trathry v(Iwrtoor time can acc868 data for those voluntegrirvJ in the Lor* Centre. for ow efknx1i￿ w￿rk akn cxe*ing our regular boat trips and charters. r conseThativ8 e8tim•te nwnber of IKyJf5 that peop* hwe ghon to Rwf durlng 2025 estimatad as: Leaming al the Lock: 984 how8 Events.. _500 hourn Canal Cerrtre: 2,040 hourd Boats and Boab"NJ: "1.(m h(yJrs Adnyn, manwJanent •KI fundrmry: _1.XIO trmxn. Tho trtritxtsd ty volLrteern was arowKI 6.IYXI h(xn whith 18 a very signitrart contribution to the pernonal inC)me and exwKlitwe. In our regular strntegy meetirmp gu#knJ by Tr￿ Asher Ri(*ayzen. *thich are Irttloporthnt of the re￿r Tr￿lfee meot'ng$, Th• had beon focJJsing on tha risk of we ry)uld manage wilhwt ￿ income frorn the Fe8tivg1. So in 2025 we wEre abk to put into ￿ace 8everal inkn to restore or financial r•8ilen￿. Our budget atthe start 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 Progr*Mie Leader arKI the G￿er81 Manager. Their salaries and associatsd costs repregent a signfficant financial comrnitrnert to date charges made to $¢t￿lS and other visitors less haf d Ihe ujsis. The swplus on th8 annual Fostiwl wa8 •180 applied to thls prngramm•. The Tn￿1 ha8 ttwee ¢)bWbon8 In rejpd of m•intwwKe of boats. The nrn boat Roger. restored tmr t￿ five ago, was originally maintsirnd by a local charitable twst arKI ffftoon year6 Ihg continuing and oxrABive oNigath)r* are entlrely fcf the account of the Tr The second boat used by the Trust is the twknpasseryer tiip W Prfdo of 8thorth, Ththich is an ageing boat end Is recognl8ed 86 liabl8 to n8ed f4Mther expendrture to keep it in good condition. The orvJoing maintsnance commitments for all twr b*. especially Rogor, repl￿ThI a dmllenge to the abilty to ralse lund6 from grxrt maklrq I0￿￿tions. IrKal athcKiiies arnl YrieTrJs". The TrU￿S ottw fina￿141 ¢ommtsrnrts av modest and aro ￿rnIt￿ to the 9riwrMI rent arml Nnnirq ¢ost8 14 Re￿rt ofthe Tn YE 31 2025 the area mund Lo* These ae by the ￿vern￿ from visit3 by the puble and hirfrva the building. ReseThe Poli The fnthe8' OIGY is to maintain a reserwe of alxxrt 5 mth. expenditure- wi the order of £35,000, The resutts of the 2022 and 2023 F8stNal, * vrnll as th8 r8ceiO of various donatiorn and grants, has enabled the T￿￿t to deposit SUr￿uS lunds in interestweamiNJ deposit accwnts. ￿dir￿j th8 application of these funds ￿ various proied& The Trip Boal F￿d was us¢d frr •xl TBfiJrknshment of a 8eeond txJaL the Sth of 8atchknvrth to aoThJ8ida tr* ￿ld9 of8*Ch￿￿rth. Thts fvnd ig a desiwated fund. A reserve ¢xeated ffcf the fvnth for the Batchw(th Loc* EducatKJn C￿119 spread over several baf accounis. Al these fijnds have been Ltsed f¢r ts constr￿.<￿ of the bulk￿.￿g. Ths fund 18 a restrithd fund. A further reserye was created #1 2018 to accumulate f￿d$ for the cxwBervation of our Historic Narrowboat Roger- Board of Tr￿tee$ has agreed lo set asKle suffitient lunds per annum to for the continuibvd Fwjrdmme of Cor*Op￿On of Ihis hIst￿￿ asset A legacy of £10.CW received in 2024 wa8 all*xated 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 (￿al￿d for sF>a￿al Propcls IW to bo of a captal na￿rfr. 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. RickMans￿ryIh Waterways Trt￿t 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 r￿fjts at irner¥* of bèt*wi 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 tr*n 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 Trt￿t. this at tho inilial r￿￿￿Wj desuiW ab￿le. In each Trustee has a wrtfolio, an area of the 15 Report of the Tn]stee8 YE 31 D￿nI￿ 2025 TrL￿t'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 f￿r *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 NeI￿j1￿ H8tOriG N￿r￿ Boat Club and t￿ Grafvj unl￿ Not¥wrfc {&)th). J6 R¢port of the TDL8lees YE 31 Decemt*r 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 ap￿1¢able law and United lQngdom Accounting Standards (United Kirvjdom Gen8rdlly Accepted Act￿l￿g 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. ind￿lIng incomo and expendibjre. of th8 company ft)r that period. In Fyeparing tPMs8 financial st*wnents, Trutstees are required to: 8elect suitable accwrrtinrj arnl than th8rn (X￿1$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 COn￿M basis unloss it is irrdpworyiate to pruume that the charitablo (xwnpony wil (xvrtinuc in opernb"on. ac￿ra￿l at any timo the financial kN)SitI(￿ of the charftth (x)mp3ny and enable thom to an6UTr that the financial statements comply with the C￿￿leS Arl 2008. Thy are a160 re8pon6ible for safeguarding the assets of the ¢haritable company and hence tr taktryj roasonabie *s for the wevention and detec*ion of ftaud and otsr irregul¥ilie& In $0 far as the Tru6tees are thor• is no rnlev*rt WI￿rnatIon ofwhi¢* (xjmw￿s indepe￿$8nt examkw16 unawwo: the Truslees have taken all steps that they ought to have taken to make them8el¥es alwre of any relevant inlomation arKI to establish that tho Indepondont oxarnin8r is aware of that infomation. The Trustses are resF4)nsfole for the m8lntsnance and integrity of ts cOrp￿ale and financial infomiation induded on the charitabl8 compan￿9 *Ebsite. Legislat￿ in the United ￿ngdoM governing tho preparation and disseminalion of financ4al st&erne￿ diller frnm *iglation in 0th8r jurisditxions. roval This rnport was approwj by ts Tn￿8¥ ￿ 7 May 2026 and 8lJned on Its bow ty. Stephen Dum 17 YE 31 Decemirr 2025 Ind•p•nd•nt Examln•rfs R•pwtto th• Tru•toM of R￿￿￿1th Wat•rways Tn*t Llmlt•d I report to the ch8rty tnmtees on rny examinallon of the aee•unt8 of the company for th8 year ended 31 De￿fflber 2025 vthich arB 8at out on pago8 1910 30. R￿p0￿1b1￿ll•5 and bMl• of r•port A6 the ¢lwrlty trust•68 of tho conwny (a￿ 8180 its directors the purposes of Mmpiny law) you ara r8sponslbl8 for tr* weparakn of the aCC￿nts kn acCorda￿e *ilh the req￿rements of1he Companies Act 2006 21]06 ￿). Haviffj Satisf￿ myself that the a¢¢ourts of the ￿rn￿nY are not reqUI￿j to be a￿ll￿d under Part 16 of the 2006 Act an(1 are eligible for ir￿ndent eXaM¥￿tIOn. I repxvt in respect of rny examination of your companV8 accounts as carrnd eArt urKler secaion 145 cl the Ch¥rti88 Act 2011 2011 Arf). In canying ut ry examination I foPthwd fv Dired1￿$ gi￿1 by tho Ch•ity Commityon under section 145(5)(b) of the 2011 ACL Ind•pond•nteumln•e• stst*n•rt I have Completed my examination. I canfmi that no mattern have come to My attention in conr*dion wilh tho examination giving cause to believe that in •iy mat*ial r aCc￿nting re¢tyds WWB fKrt kept in r86pec* company as req{m￿l by Sect￿ 388 of the 20CI3 Actr. or 2. tha a¢Munts do not xcord wlh th08e reeardtr. (r 3. the ac￿Unts do not c￿lPIY 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 ¢￿ida￿d as part of an indepwvjent examination. c 4. the a￿ount$ hav• nol L*en 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 wD31￿r 7 May 2026 18 It￿0]￿¢ & Exptndittir¢ Ae¢ounuBal*J¢¢ Skrtet YE 31 D¢¢etDb# 2025 4bJ 2J IB4 6A52 7*1 Ft5tr441Re¢¢kns *the thtk 73n 1•.556 759J HkeofEthrAtknCw of1limsintan￿￿fitrn 8.942 Lll.1Sfj nsej 93 yJii J7&73 FE5¢￿1 IthaEeof SW[￿liT*S 36534 9*9 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 TriMferfrrthtsentr41toEdCwthMI￿F￿ rthfor*Atd 5L7 19 TOT SLnJ 5¥n3 1760 sg,1 49Q3 tsi (¥￿1¢entre%￿ljItrl%I* W•rand 492 13.492 2L671 stackottt￿1orrK￿É 4*7E 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 Tr￿lee$ on 7 May 2026 and wore 6igned on its bahatf r(Istee Company registration nL¥nber. 2674596 21 YE 31 DecemTr*r 2025 l. Summary rf •lgnHlcant ac¢ounllng p￿1¢• (a) G•nor•l Infoffi￿n and ba•18 of w•parallon Ri¢kmarMorth Wat￿¥￿$ T￿￿t Linited is a c4)mp￿Y incorporated in England and Wale8. In the avart of tho chaiity being ￿ur￿l up. the liabl￿ty wi resfv*ct 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 fin￿claI sL*ements. The nature of the charitls OF*rntion$ and princip The C(￿*￿UteS a public txneft entity as d￿ned ty FRS 102. The ffinancial 81aternents have l)een prepgred in accordance *ith A￿￿nting 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 a￿1 UK Geroralty AQxp￿j Accounting Pradice. The financial Stateff￿ 7Ae wewed on a goirwJ uNler tre hlstori¢al cost cK)nvention. modified to indude Certain iteAns at fa￿ Va￿e. The financial statemerts presented in Sterfl￿ *thich is tho fiTh#ional of th• d￿rity. The svJnificart %countirvJ Fdiaes aOied in the prepaTatM)n of these fin￿Cial slatemerts aro sel out ￿0w. ThaÉe poli(a85 have been awthed to all yearn presentwj unless otherwise {b) Funds general objecli¥es ofthe ch￿lty and vthich rnt been designated for otr*r purposes. particular pury>cAes. Ro8trithd fur¥ls fUr￿S *thich aro to be acL￿danCe 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￿ $pery￿ Tri Boat Fund Desi nated - Funds have been aio¢atod for fuiurn replacement of th? knp er Cons on Fund Desi nated Tho Tru8te8s have agreed a athedule fcr the onseryation of the Histctt ￿vr￿￿o8t Rw arKI. X¢4)rdingly. f￿d$ 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• Tn*Ys *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 BatC*m￿. 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) ¥h￿ft 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 no￿r￿ 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 w0ft￿￿1 services a￿ rno)gnised in rrKome at Iheir fair value when t￿r 0¢￿C￿TtIC 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 s￿h facilitiu and 88NCe8. A ¢xyrespDndkng amount is recognHed in exper￿thre. 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 Tru*ees' Arn￿1 Report For legaq*s. enlitlenwitt is fv earts of tr* tharty beiTrJ notified of ￿ ffi￿￿ng dtstrbubon or the legary being re￿1Ved. At this point incwne is recognised. On oc¢xsitin *gacies will be notified to Ihe chanty hty￿er 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 d￿dOsed. Income from trading actsvitRs inckths i1￿ e*r￿ frcffi fwthaisiro events arKI tradlng activitws to rBi8e fuThl8 for the charity. Incune is recaived in exthange for wylying goods arnl (d) E￿dI￿rn r•Mgnilion that ￿regate all Mgts rnlated to the category. EYp￿#￿ is recognt8ad where there is a legal or cor*trukn obligation to make payments to third KArties. it is Fyobabb that the 8ettlemerrt will be required. al￿ the affl￿nt of the obligation can be measured reliably. It is Categori￿ under the frjllawwy h￿o￿ngs. ¢harTtable obJ"ects: and Irre(x)verntle VAT Is charged a6 an expTh aga*wt acts￿ty expentfrtunj ar￿e. {•) 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 ¥rter￿ad. DepreclallL￿ IB WOVKl8d an al t•vibl& and Intwlble T￿1 as8*s. at rates r*lcul*ed to T￿lte off th8 cos(16ss estvnated r8sk*Ja Wal￿, of asset on a systsm*ic 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% stra￿ht 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￿• eyperKlr￿r8 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 restor*ion proj8cI. TM restOr￿on 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 in*ituli¢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 recryni*d in expendituro. {1) lrnp•lmwnt A888ts not measured at far vak* are reVi￿Ed for any il*kntiM 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 WTr*re th8 carying amount exceeds ts recoN*rable amounL an impwrMrt1085 is reGognised in profft or I￿ unle88 the asset is ¢arr*d 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* urKligc0un￿J 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 am￿0yo0B. Contribulion8 are exwsed as they becorno pay*kn. (l) Tax The charity i¥ an ￿TrPt tharity within ttw m•anlry of 8¢hedulo 3 Charitm A(a 2011 and 1$ ¢on$idornd to pass th81* s& in Paragraph 1 S(**dul8 6 Finance Act 2010 and therefore it (ml Golng conc•rn Th• fi￿n(la1 8Litements havo teen prepared on a going concam ba818 a¥ tl* TnJJtee8 boliev• that r￿ maknid uncertainties exisL The Trustees have cornidered the level of ftx)d8 held and t expertod level of income a￿1 expwxlkure ftx 12 mlyrfts fr(Yn authorising these financial statements. Weted w￿0M0 and ex￿r￿lI1Uro ts sufficient ￿ the level of re8erve$ 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 in5trum*it8. Finane4al arv recogn*wJ in the companY8 ￿lanca 8heet t*hen the company Financaal assets arwj ￿abIlIt*S are 0￿ wilh the nei amojrts Fywented In th8 financlal aterne￿. *fien IF￿e is a legally enIor￿b￿ 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 dc￿811￿￿ *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 fOlkn￿r￿ gr•tt inc4Jme wa8 ￿￿￿8[t 2025 2024 Other 8atc*hwrth Communty cry￿1>1 7.040 Grant Incomé 01£7.040 was trtthed to ts SFeaal Propcts FuTrl as ts gi*rt 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 Tr*1rip boat. ￿ld8 ol BalchAt￿. remains an as8•t ofthe Trust TAilh a net book value ￿ £0. RefurbishM￿ts to the C* eompl*ed 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• Mm￿aratIon Th? independent examirnrfs ￿yne￿tIQn ￿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 Nurni￿r 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 D￿ember 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 Unr86tric*ed Buildiffj 319.876 (4,235) (129,558) .161 114,198 The unreththd gen*al fvrKls ar¥1 building maintenance fund availatle to ￿ spent any purpo￿8 In fvrtheranc* ofthe TNSYS tharitobie obj'ects. a) Trip Bo4 replacement fwKI - knds a¢aM￿ted tr the r*cern￿ ol th8 Prid8 of Batchworth,. This is a d￿n￿ed furnl. Planned eX￿ndItUre ¢)n Prbde is anli¢wtsd lo ils f*rtYkirvJ Ilfe 8uffirjor￿ such th•1 •n a860t le￿8ternent furKI will not be required in fuiure. Thè residual balanc* in fund has been tran81erred to the RwfurKI. b) R(yr CO￿NatiOn 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 spe￿1 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 1k7bil￿es 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 DwIg￿t•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 ￿n￿l0￿ 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 Batc*worth Community Council, on which one of the Tn*tees 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( C1￿1ft9 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