Stourbridge Navigation Trust Ltd.,
Chairman’s Annual Report for 2025
As required, the Trust has met six times in 2025 to discuss business, and all meetings have been well attended.
Our main sources of charitable income from room bookings and moorings has again been effectively handled by our Trust Manager. Income from room bookings during 2025 were on a par with 2024 which was our best year since the Covid shutdown. One-off events, have held up and look likely to carry over into 2026. We have also have retained the majority of bookings for our regular organisations although we did lose St John Ambulance, who have been meeting at the Bonded Warehouse for a long time. Encouragingly, there has been a good take up of our Board Room by business and public organisations.
Income from boat moorings were also on a par with 2024. In addition, take up of our overwinter mooring space has again been good, and currently the Trust Manager is taking bookings for next October.As usual there was a turnover of boats on site, which required careful management, especially handling timings and boat length, to maximise income.
This year has been notable in that we appointed two new members of staff. Rachel Herrington, our new Trust Manager was appointed following the retirement of Heide Barratt. To help with continuity, Rachel was appointed in April, so both Managers operated in parallel for a few weeks, before Heide retired. The general consensus with Trustees is that Rachel has settled in to the role well and is making a positive contribution to the Trust.
We also appointed David Herrington, our new Trip Boat Manager in March and as planned, retained the services of Ken Bywater in a consultative position for a couple of months in order to facilitate a smooth transition of responsibility and help ensure that all essential overwinter work and inspections were completed before the tripping season commences. Despite filling the post close to commencement of the season, the first year under new management of Fellows, Morton and Clayton Ltd., our wholly owned trading company, achieved a reasonable operational annual income. Forthcoming challenges for the commencement of the 2026 season include complying with quite demanding additional MCA-imposed regulatory boat standards and documentary requirements.
To facilitate a good flow of hot water to the Bonded Warehouse Elsan and the Basement facilities, significant work was undertaken by our heating engineers to install a direct flow from the main boiler. This has proved successful and had the additional benefit of removing the need of the immersion heater for the Elsan supply.
A blockage in the main sewer in Canal St. that Severn Trent partially cleared has not caused any major problems since. Although it has the potential do so again in the in future. Our own waste infrastructure from the Elsan however proves temperamental and despite previous work that has helped, still is susceptible to local blockages. One of the challenges with managing an old building.
The Tuesday Club continued operations throughout 2025, providing an invaluable service to the Trust in maintaining and upgrading its buildings and the surrounding site and preparing for events. The Tuesday Club were also invaluable in assisting with the set-up and the running of the 2025Open Weekend and the Christmas display. Thanks again must go to David and Malcolm for coordinating this small but effective group of volunteers, and of course the Tuesday Club Volunteers themselves.
Numerous maintenance tasks were undertakenby the Tuesday Club, both on the Trust buildings and its surroundings which included planned work and emergency repairs.Of significance this year was therepainting of the Office and Warehouse external woodwork and completion of the replacement of fluorescent tubes with LED units, including in the Stable
Block and Basement, Canoe Store and Green Room. In addition the Basement and site signage were repainted. Over the year the site trees and shrubs were trimmed and pruned as required. A display unit also was constructed to house a display of the “train electronics” that was formerly used as part of the Santa Experience.
In addition statutory electrical testing of our buildings and Trip Boat was continued to be well managed by Malcolm.
The 2025Open Weekend in October, again was a great success for the Trust,proving very popular with boaters, traders and the general public alike.2025 was the 40[th] anniversary of the Open Weekend, which has become a popular annual event for the locality. To celebrate the 40[th] Anniversary, Steven Gray constructed a display picturing and explaining the work that had been undertaken by the Trust and pre-Trust volunteers to preserve the canal, towpath and our buildings. In addition David Caunt commissioned a special anniversary boat plaque.
Much of the success of the event were again attributable to the planning and organising ofPauline and Rachel for the Traders, and David for the visiting Boats. Notable too were the support of the Trustees in general and other volunteers including many of our Tuesday Club members. Not to forget of course to Steven and Judith Gray for VIP catering and David Herrington for running the VIP Boat.
This was David Caunt’s last year as organiser of the visiting boat section of the Open Weekend, which involves considerable work, planning and patience to make it the success it is. We are very grateful to David for this major contribution to the event and hope to welcome him back in 2026 to a more ‘relaxed’ Open Weekend!
Close to the end of 2024, Board members were alerted to the fact that Taylor Wimpey had without permission, removed from site, several of our security fence panels by the Neville Garrett Bridge and were replacing them with a much lower ornate fence not following our boundary line, thus compromising our security.In additionand confirmed by Jayne Pilkington (DMBC)the action breachedourstanding planning conditions, including those for the operation of our Dry Dock which requires a secure steel paling security fence around our designated boundary. Eventually, after several frustrating meetings and months later, persuaded with the production of the original approved drawings showing the boundary line and active support from our Trustees, Taylor Wimpey admitted they were at fault. Nevertheless, the like for like panels were not replaced until August 2025.
Because of the general problem providing sufficient car parking space in Canal Street for events, but particularly highlighted by the intransigence of Taylor Wimpey and noncooperation by local residents, who discouraged us using the Public Open Space for Open Weekend parking, we resorted to Canal and River Trust (CRT) to allow us parking for the event on the old Caparo, site. This was agreat success and in the longer term, we have arranged to permanently lease the space at an acceptable rate to the Trust. This is currently in process and we await the final documents for signing.
The Trust held an extraordinary Board Meeting in June 2025 to address undeserved comments that the Trust worked in isolation and were to blame for the often less that acceptable condition and use of Canal Street. This resulted a discussion with Ian Lane from CRT who was supportive of our position and a subsequent meeting in October with CRT representative, local Councillors and representatives from Riverside House. Since then there has been no further comments or meetings.
In August Nic and Paul attended a briefing session was being held by Dudley CVS to discuss the process for nominations for the King’s Award for Voluntary Service. Subsequently, SNT submitted an application, followed later on by a request for comprehensive documentary information on the Trust. Subsequently we have received a
visit from a West Midlands Deputy Lieutenant (DL) followed by numerous detailed queries on our operation. I have recently been informed that our application information and the DL’s report have been submitted for assessment by an independent national committee.
The Financial out-turn for 2025 shows that we continue to be in a position that enables us to fulfil our responsibilities as a Trust. This is mostly credited to the careful work and financial planning and monitoring put in by Chris and supported by Trustees and our Manager in adopting a prudent approach to operations.
I would like to formally recognise all the hard work contributed by our Board Members who take an active role in both overseeing the operation of the Trust, and taking part in numerous ways to support Stourbridge Navigation Trust both directly and indirectly. In addition I would like to thank our Trust Manager and Company Secretary for the support and advice they have provided throughout the year.
Our Trust projects are always ongoing, and do not respect the convenience of ‘year-end’ or AGMs:
So far Canal and River Trust Bradley workshop appears to be too overwhelmed by bureaucracy to respond positively to our commercial invitation to repair our Wharf Crane. Although conversations are still ongoing with CRT, a temporary fix of reinforcing is being organised to ensure the structure remains in a safe condition.
Work on aspects of our electrical system have commenced with the mooring bollards being refurbished and the switch panel having been replaced. To be completed is a survey and remediation of the dry dock system.
In the interest of safety the Trust wishes to add a set of the Warehouse entrance steps towards the large car park. As the structure is part of a Grade 2 listed building, Paul Collins has taken on the task of obtaining the necessary planning permission.
We also ensure that the Trust operates from a robust base bycontinuing our statutory policy review process led by Nic Barlow.
The duties of a Trustee are regulated by law and have to be taken seriously. Trustees are open to interview by the Charities Commissioners, should they choose to do so, on any relevant matter. Trustees are expected to be knowledgeable on all aspects of the Trust. They are also expected to take an active role in the running of the Trust not just to attend six meetings a year. Trustees should also ensure that any conflict of interest is declared openly and to this end, at the suggestion of our Company Secretary, each Board meeting Agenda will now commence with a question about any forthcoming conflict of interest.
May 2025 saw the sad loss of Graham Debney. He was a member of the Board from 20002014 and spent some time as Chair, and was an excellent Santa at our previous Christmas Events.
We are grateful to all our founder members who had the foresight to undertake and succeed with such a challenging project, and we endeavour to maintain their enthusiasm and ambition to forward the objectives of Stourbridge Navigation Trust.
Ian Cowdale
Chairman
Company registration number: 04459611 Charity registration number: 1094294
Stourbridge Navigation Trust Limited
(A company limited by guarantee)
Annual Report and Financial Statements
for the Year Ended 31 December 2025
Stourbridge Navigation Trust Limited
Contents
| Reference and Administrative Details | 1 |
|---|---|
| Trustees' Report | 2 to 4 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the Financial Statements | 8 to 14 |
Stourbridge Navigation Trust Limited
Reference and Administrative Details
Chairman IJ Cowdale Trustees IJ Cowdale CF Dyche DM Caunt PH Collins S Gray JA Pollard MJ Perks NA Barlow PR Hooper Secretary CM Polychronakis Charity Registration Number 1094294 Company Registration Number 04459611 The charity is incorporated in England. Registered Office Company Offices Canal Street Stourbridge West Midlands DY8 4LU Independent Examiner Jordan & Company Knighton House 62 Hagley Road Stourbridge West Midlands DY8 1QD
Page 1
Stourbridge Navigation Trust Limited
Trustees' Report
The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements and auditors' report of the charitable company for the year ended 31 December 2025.
Objectives and activities
Objects and aims
The principal aim of the charity continues to be to promote and enhance its conservation area, buildings and canal.
Public benefit
Our main activities and who we try to help are described below. All of our charitable activities are undertaken to promote and enhance the conservation area, buildings and canal.
The local community benefits from this as the area is a more pleasant place to take walks and use the facilities.
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
Use of volunteers
The Board would like to express its gratitude for the continuing support of a small group of regular volunteers.
Achievements and performance
The charity continues to be self-supporting, with no external funding received.
Adding value
The charity is pleased to note that the ongoing maintenance and investment in its conservation area is effectively adding value. The charity has continued to make improvements to the dry docking area during the year.
Fundraising activities
The charity holds three major fundraising activities each year which are also intended to provide "quality time" for residents in the local area.
Financial review
The financial results for the year are detailed in the Statement of Financial Activities.
Policy on reserves
The level of reserves is maintained with a view to ongoing maintenance obligations regarding the "Grade Listed" buildings, together with the need to provide adequate funding for future expansion aspirations of the charity.
Plans for future periods
Aims and key objectives for future periods
The charity aims to continue to promote the fullest use of the canal by waterborne traffic.
Page 2
Stourbridge Navigation Trust Limited
Trustees' Report
Trustees and officers
The trustees and officers serving during the year and since the year end were as follows:
Trustees: IJ Cowdale CF Dyche DM Caunt PH Collins S Gray JA Pollard MJ Perks NA Barlow PR Hooper Chairman: IJ Cowdale Secretary: CM Polychronakis
Statement of trustees' responsibilities
The trustees (who are also the directors of Stourbridge Navigation Trust Limited for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including its income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards, comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Page 3
Stourbridge Navigation Trust Limited
Trustees' Report
Small companies provision statement
This report has been prepared in accordance with the small companies regime under the Companies Act 2006.
The annual report was approved by the trustees of the charity on 21 January 2026 and signed on its behalf by:
......................................... CF Dyche Trustee
Page 4
Stourbridge Navigation Trust Limited
Independent Examiner's Report to the trustees of Stourbridge Navigation Trust Limited ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2025.
Responsibilities and basis of report
As the charity’s trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner’s statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of Stourbridge Navigation Trust Limited as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view' which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
...................................... Mark A Jordan FCA
Knighton House 62 Hagley Road Stourbridge West Midlands DY8 1QD
21 January 2026
Page 5
Stourbridge Navigation Trust Limited
Statement of Financial Activities for the Year Ended 31 December 2025 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)
| Note Income and Endowments from: Donations and legacies 3 Charitable activities 4 Investment income 5 Total income Expenditure on: Charitable activities 6 Total expenditure Net income Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 13 Note Income and Endowments from: Donations and legacies 3 Charitable activities 4 Investment income 5 Total income Expenditure on: Charitable activities 6 Total expenditure Net income Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 13 |
Unrestricted funds £ 6,286 88,508 3,703 98,497 (82,971) (82,971) 15,526 15,526 143,125 158,651 Unrestricted funds £ 5,127 84,433 3,526 93,086 (75,530) (75,530) 17,556 17,556 125,569 143,125 |
Total 2025 £ 6,286 88,508 3,703 |
|---|---|---|
| 98,497 | ||
| (82,971) | ||
| (82,971) | ||
| 15,526 | ||
| 15,526 143,125 |
||
| 158,651 | ||
| Total 2024 £ 5,127 84,433 3,526 |
||
| 93,086 | ||
| (75,530) | ||
| (75,530) | ||
| 17,556 | ||
| 17,556 125,569 |
||
| 143,125 |
All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2024 is shown in note 13.
The notes on pages 8 to 14 form an integral part of these financial statements. Page 6
Stourbridge Navigation Trust Limited
(Registration number: 04459611) Balance Sheet as at 31 December 2025
| Note Fixed assets Investments 10 Current assets Cash at bank and in hand 11 Creditors: Amounts falling due within one year 12 Net current assets Net assets Funds of the charity: Unrestricted income funds Unrestricted funds Total funds 13 |
2025 £ 5 168,624 (9,978) 158,646 158,651 158,651 158,651 |
2024 £ 5 153,041 (9,921) |
|---|---|---|
| 143,120 | ||
| 143,125 | ||
| 143,125 | ||
| 143,125 |
For the financial year ending 31 December 2025 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476; and
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The financial statements on pages 6 to 14 were approved by the trustees, and authorised for issue on 21 January 2026 and signed on their behalf by:
......................................... CF Dyche Trustee
The notes on pages 8 to 14 form an integral part of these financial statements. Page 7
Stourbridge Navigation Trust Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
1 Charity status
The charity is limited by guarantee, incorporated in England, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £Nil towards the assets of the charity in the event of liquidation.
The address of its registered office is: Company Offices Canal Street Stourbridge West Midlands DY8 4LU
These financial statements were authorised for issue by the trustees on 21 January 2026.
2 Accounting policies
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Basis of preparation
Stourbridge Navigation Trust Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.
Income and endowments
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.
Page 8
Stourbridge Navigation Trust Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
Charitable activities
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Support costs
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.
Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Fixed asset investments
Fixed asset investments, other than programme related investments, are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal.
Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end.
Stock
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell, after due regard for obsolete and slow moving stocks. Cost is determined using the first-in, first-out (FIFO).
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Page 9
Stourbridge Navigation Trust Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Fund structure
Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.
Financial instruments
Debt instruments
Debt instruments are measured at amortised cost using the effective interest method.
Investments
Investments in subsidiaries and associates are measured at cost less impairment. For investments in subsidiaries acquired for consideration including the issue of shares qualifying for merger relief, cost is measured by reference to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored.
3 Income from donations and legacies
| Regular giving and capital donations Total for 2025 Total for 2024 |
Unrestricted funds General £ 6,286 6,286 5,127 |
Total funds £ 6,286 |
|---|---|---|
| 6,286 | ||
| 5,127 |
Page 10
Stourbridge Navigation Trust Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
4 Income from charitable activities
| Charitable activities Total for 2025 Total for 2024 5 Investment income Other investment income Total for 2025 Total for 2024 6 Expenditure on charitable activities Note Charitable activities Allocated support costs 7 Total for 2025 Total for 2024 |
Unrestricted funds General £ 88,508 88,508 84,433 Unrestricted funds General £ 3,703 3,703 3,526 Unrestricted funds General £ 80,351 2,620 82,971 75,530 |
Total funds £ 88,508 |
|---|---|---|
| 88,508 | ||
| 84,433 | ||
| Total funds £ 3,703 |
||
| 3,703 | ||
| 3,526 | ||
| Total funds £ 80,351 2,620 |
||
| 82,971 | ||
| 75,530 |
Page 11
Stourbridge Navigation Trust Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
7 Analysis of support costs
Support costs allocated to charitable activities
| Charitable activities Charitable activities Support costs allocated to charitable activities Charitable activities Charitable activities |
Governance costs £ - 2,440 2,440 |
Total 2025 £ - 2,440 2,440 Governance costs £ 2,440 Governance costs £ 2,440 |
Total 2024 £ 2,440 - |
|---|---|---|---|
| 2,440 | |||
| Total 2025 £ 2,440 |
|||
| Total 2024 £ 2,440 |
8 Trustees remuneration and expenses
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.
9 Taxation
The charity is a registered charity and is therefore exempt from taxation.
| 10 Fixed asset investments | ||||
|---|---|---|---|---|
| 2025 | 2024 | |||
| £ | £ | |||
| Other investments | 5 | 5 |
Page 12
Stourbridge Navigation Trust Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
11 Cash and cash equivalents
| 11 Cash and cash equivalents | ||
|---|---|---|
| Cash on hand Cash at bank 12 Creditors: amounts falling due within one year Trade creditors 13 Funds Balance at 1 January 2025 £ Incoming resources £ Unrestricted funds General 143,125 98,497 Balance at 1 January 2024 £ Incoming resources £ Unrestricted funds General 125,569 93,086 |
2025 £ 49 168,575 168,624 2025 £ 9,978 Resources expended £ (82,971) Resources expended £ (75,530) |
2024 £ 210 152,831 |
| 153,041 | ||
| 2024 £ 9,921 |
||
| Balance at 31 December 2025 £ 158,651 |
||
| Balance at 31 December 2024 £ 143,125 |
14 Analysis of net assets between funds
| Fixed asset investments Current assets Current liabilities Total net assets |
Unrestricted funds General £ 5 168,624 (9,978) 158,651 |
Total funds at 31 December 2025 £ 5 168,624 (9,978) |
|---|---|---|
| 158,651 |
Page 13
Stourbridge Navigation Trust Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
| Fixed asset investments Current assets Current liabilities Total net assets |
Unrestricted funds General £ 5 153,041 (9,921) 143,125 |
Total funds at 31 December 2024 £ 5 153,041 (9,921) |
|---|---|---|
| 143,125 |
15 Analysis of net funds
| Cash at bank and in hand Net debt Cash at bank and in hand Net debt |
At 1 January 2025 £ 153,041 153,041 At 1 January 2024 £ 132,141 132,141 |
Cash flows £ 15,583 15,583 Financing cash flows £ 20,900 20,900 |
At 31 December 2025 £ 168,624 168,624 At 31 December 2024 £ 153,041 153,041 |
|---|---|---|---|
Page 14
Stourbridge Navigation Trust Limited
Statement of Financial Activities by fund for the Year Ended 31 December 2025
Unrestricted Funds
| Total | Total | |
|---|---|---|
| Unrestricted | Unrestricted | |
| Funds | Funds | |
| 2025 | 2024 | |
| £ | £ | |
| Income and Endowments from: | ||
| Donations and legacies | 6,286 | 5,127 |
| Charitable activities | 88,508 | 84,433 |
| Investment income | 3,703 | 3,526 |
| Total income | 98,497 | 93,086 |
| Expenditure on: | ||
| Charitable activities | (82,971) | (75,530) |
| Total expenditure | (82,971) | (75,530) |
| Net income | 15,526 | 17,556 |
| Net movement in funds | 15,526 | 17,556 |
| Reconciliation of funds | ||
| Total funds brought forward | 143,125 | 125,569 |
| Total funds carried forward | 158,651 | 143,125 |
This page does not form part of the statutory financial statements. Page 15
Stourbridge Navigation Trust Limited
Detailed Statement of Financial Activities for the Year Ended 31 December 2025
| Income and Endowments from: Donations and legacies (analysed below) Charitable activities (analysed below) Investment income (analysed below) Total income Expenditure on: Charitable activities (analysed below) Total expenditure Net income Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward |
Total 2025 £ 6,286 88,508 3,703 98,497 (82,971) (82,971) 15,526 15,526 143,125 158,651 |
Total 2024 £ 5,127 84,433 3,526 |
|---|---|---|
| 93,086 | ||
| (75,530) | ||
| (75,530) | ||
| 17,556 | ||
| 17,556 125,569 |
||
| 143,125 |
This page does not form part of the statutory financial statements. Page 16
Stourbridge Navigation Trust Limited
Detailed Statement of Financial Activities for the Year Ended 31 December 2025
| Donations and legacies Donations Charitable activities Mooring fees Room bookings Client catering Investment income Bank interest receivable Charitable activities Staff salaries and wages Rent Water rates and charges Light and heat Insurance Repairs and maintenance Telephone and internet Copier lease and printing Other office expenses Accountancy fees Professional fees Cleaning Caretaking Bank charges Credit card charges Premises licence Trustees expenses |
Total 2025 £ 6,286 6,286 36,307 48,037 4,164 88,508 3,703 3,703 (29,210) (9,560) (164) (13,451) (5,063) (10,093) (976) (547) (3,410) (1,200) (240) (3,988) (3,214) (61) (614) (180) (1,000) (82,971) |
Total 2024 £ 5,127 |
|---|---|---|
| 5,127 | ||
| 36,083 45,297 3,053 |
||
| 84,433 | ||
| 3,526 | ||
| 3,526 | ||
| (22,756) (9,381) (1,960) (9,639) (4,405) (9,252) (921) (492) (6,625) (1,200) (240) (3,242) (3,434) (66) (737) (180) (1,000) |
||
| (75,530) |
This page does not form part of the statutory financial statements. Page 17
Stourbridge Navigation Trust Ltd.,
Chairman’s Annual Report for 2025
As required, the Trust has met six times in 2025 to discuss business, and all meetings have been well attended.
Our main sources of charitable income from room bookings and moorings has again been effectively handled by our Trust Manager. Income from room bookings during 2025 were on a par with 2024 which was our best year since the Covid shutdown. One-off events, have held up and look likely to carry over into 2026. We have also have retained the majority of bookings for our regular organisations although we did lose St John Ambulance, who have been meeting at the Bonded Warehouse for a long time. Encouragingly, there has been a good take up of our Board Room by business and public organisations.
Income from boat moorings were also on a par with 2024. In addition, take up of our overwinter mooring space has again been good, and currently the Trust Manager is taking bookings for next October.As usual there was a turnover of boats on site, which required careful management, especially handling timings and boat length, to maximise income.
This year has been notable in that we appointed two new members of staff. Rachel Herrington, our new Trust Manager was appointed following the retirement of Heide Barratt. To help with continuity, Rachel was appointed in April, so both Managers operated in parallel for a few weeks, before Heide retired. The general consensus with Trustees is that Rachel has settled in to the role well and is making a positive contribution to the Trust.
We also appointed David Herrington, our new Trip Boat Manager in March and as planned, retained the services of Ken Bywater in a consultative position for a couple of months in order to facilitate a smooth transition of responsibility and help ensure that all essential overwinter work and inspections were completed before the tripping season commences. Despite filling the post close to commencement of the season, the first year under new management of Fellows, Morton and Clayton Ltd., our wholly owned trading company, achieved a reasonable operational annual income. Forthcoming challenges for the commencement of the 2026 season include complying with quite demanding additional MCA-imposed regulatory boat standards and documentary requirements.
To facilitate a good flow of hot water to the Bonded Warehouse Elsan and the Basement facilities, significant work was undertaken by our heating engineers to install a direct flow from the main boiler. This has proved successful and had the additional benefit of removing the need of the immersion heater for the Elsan supply.
A blockage in the main sewer in Canal St. that Severn Trent partially cleared has not caused any major problems since. Although it has the potential do so again in the in future. Our own waste infrastructure from the Elsan however proves temperamental and despite previous work that has helped, still is susceptible to local blockages. One of the challenges with managing an old building.
The Tuesday Club continued operations throughout 2025, providing an invaluable service to the Trust in maintaining and upgrading its buildings and the surrounding site and preparing for events. The Tuesday Club were also invaluable in assisting with the set-up and the running of the 2025Open Weekend and the Christmas display. Thanks again must go to David and Malcolm for coordinating this small but effective group of volunteers, and of course the Tuesday Club Volunteers themselves.
Numerous maintenance tasks were undertakenby the Tuesday Club, both on the Trust buildings and its surroundings which included planned work and emergency repairs.Of significance this year was therepainting of the Office and Warehouse external woodwork and completion of the replacement of fluorescent tubes with LED units, including in the Stable
Block and Basement, Canoe Store and Green Room. In addition the Basement and site signage were repainted. Over the year the site trees and shrubs were trimmed and pruned as required. A display unit also was constructed to house a display of the “train electronics” that was formerly used as part of the Santa Experience.
In addition statutory electrical testing of our buildings and Trip Boat was continued to be well managed by Malcolm.
The 2025Open Weekend in October, again was a great success for the Trust,proving very popular with boaters, traders and the general public alike.2025 was the 40[th] anniversary of the Open Weekend, which has become a popular annual event for the locality. To celebrate the 40[th] Anniversary, Steven Gray constructed a display picturing and explaining the work that had been undertaken by the Trust and pre-Trust volunteers to preserve the canal, towpath and our buildings. In addition David Caunt commissioned a special anniversary boat plaque.
Much of the success of the event were again attributable to the planning and organising ofPauline and Rachel for the Traders, and David for the visiting Boats. Notable too were the support of the Trustees in general and other volunteers including many of our Tuesday Club members. Not to forget of course to Steven and Judith Gray for VIP catering and David Herrington for running the VIP Boat.
This was David Caunt’s last year as organiser of the visiting boat section of the Open Weekend, which involves considerable work, planning and patience to make it the success it is. We are very grateful to David for this major contribution to the event and hope to welcome him back in 2026 to a more ‘relaxed’ Open Weekend!
Close to the end of 2024, Board members were alerted to the fact that Taylor Wimpey had without permission, removed from site, several of our security fence panels by the Neville Garrett Bridge and were replacing them with a much lower ornate fence not following our boundary line, thus compromising our security.In additionand confirmed by Jayne Pilkington (DMBC)the action breachedourstanding planning conditions, including those for the operation of our Dry Dock which requires a secure steel paling security fence around our designated boundary. Eventually, after several frustrating meetings and months later, persuaded with the production of the original approved drawings showing the boundary line and active support from our Trustees, Taylor Wimpey admitted they were at fault. Nevertheless, the like for like panels were not replaced until August 2025.
Because of the general problem providing sufficient car parking space in Canal Street for events, but particularly highlighted by the intransigence of Taylor Wimpey and noncooperation by local residents, who discouraged us using the Public Open Space for Open Weekend parking, we resorted to Canal and River Trust (CRT) to allow us parking for the event on the old Caparo, site. This was agreat success and in the longer term, we have arranged to permanently lease the space at an acceptable rate to the Trust. This is currently in process and we await the final documents for signing.
The Trust held an extraordinary Board Meeting in June 2025 to address undeserved comments that the Trust worked in isolation and were to blame for the often less that acceptable condition and use of Canal Street. This resulted a discussion with Ian Lane from CRT who was supportive of our position and a subsequent meeting in October with CRT representative, local Councillors and representatives from Riverside House. Since then there has been no further comments or meetings.
In August Nic and Paul attended a briefing session was being held by Dudley CVS to discuss the process for nominations for the King’s Award for Voluntary Service. Subsequently, SNT submitted an application, followed later on by a request for comprehensive documentary information on the Trust. Subsequently we have received a
visit from a West Midlands Deputy Lieutenant (DL) followed by numerous detailed queries on our operation. I have recently been informed that our application information and the DL’s report have been submitted for assessment by an independent national committee.
The Financial out-turn for 2025 shows that we continue to be in a position that enables us to fulfil our responsibilities as a Trust. This is mostly credited to the careful work and financial planning and monitoring put in by Chris and supported by Trustees and our Manager in adopting a prudent approach to operations.
I would like to formally recognise all the hard work contributed by our Board Members who take an active role in both overseeing the operation of the Trust, and taking part in numerous ways to support Stourbridge Navigation Trust both directly and indirectly. In addition I would like to thank our Trust Manager and Company Secretary for the support and advice they have provided throughout the year.
Our Trust projects are always ongoing, and do not respect the convenience of ‘year-end’ or AGMs:
So far Canal and River Trust Bradley workshop appears to be too overwhelmed by bureaucracy to respond positively to our commercial invitation to repair our Wharf Crane. Although conversations are still ongoing with CRT, a temporary fix of reinforcing is being organised to ensure the structure remains in a safe condition.
Work on aspects of our electrical system have commenced with the mooring bollards being refurbished and the switch panel having been replaced. To be completed is a survey and remediation of the dry dock system.
In the interest of safety the Trust wishes to add a set of the Warehouse entrance steps towards the large car park. As the structure is part of a Grade 2 listed building, Paul Collins has taken on the task of obtaining the necessary planning permission.
We also ensure that the Trust operates from a robust base bycontinuing our statutory policy review process led by Nic Barlow.
The duties of a Trustee are regulated by law and have to be taken seriously. Trustees are open to interview by the Charities Commissioners, should they choose to do so, on any relevant matter. Trustees are expected to be knowledgeable on all aspects of the Trust. They are also expected to take an active role in the running of the Trust not just to attend six meetings a year. Trustees should also ensure that any conflict of interest is declared openly and to this end, at the suggestion of our Company Secretary, each Board meeting Agenda will now commence with a question about any forthcoming conflict of interest.
May 2025 saw the sad loss of Graham Debney. He was a member of the Board from 20002014 and spent some time as Chair, and was an excellent Santa at our previous Christmas Events.
We are grateful to all our founder members who had the foresight to undertake and succeed with such a challenging project, and we endeavour to maintain their enthusiasm and ambition to forward the objectives of Stourbridge Navigation Trust.
Ian Cowdale
Chairman