bmk
Waterway Park
BEDFORD & MILTON KEYNES WATERWAY TRUST
Company limited by guarantee No 05760839 (England and Wales) and registered charity No 11] 4?94
Web-site http://bmkwaterway.org

BEDFORD & MILTON KEYNES WATERWAY TRUST
FOR THE YEAR ENDING 3 1ST MARCH 2023
INDEX
Page
Company inforn]ation
Directors, (Trustees,) Report
Independent Examiner's Report
Statement of Financial activities
Statement of Financial Position
10
Notes on Financial Activities
Ilto 13

BEDFORD & MILTON KEYNES WATERWAY TRUST
FOR THE YEAR ENDING 31ST MARCH 2023
COMPANY INFORMATION
The charity is controlled by its governing documents, memorandum and articles of association, and constitutes
a limited company, limited by guarantee, as defined by the Companies Act 2006.
Company Number
Charity Number
05760839 (England and Wales) Company Limited by Guarantee
1114294
Directors (Trustees)
Donald Allison
Julian Arniitage
Stephen Ashley
James Barbour
Beryl Bennett
John Best
Simon Clewlow
Jane Hamilton
Chris Hilliard
Andrew Marchant
Paul Smith
Leigh Willows
Registered Office
30 St John Street
Newport Pagnell
MK16 8HJ
Banker
CAF Bank Limited
PO Box 289
West Malling
Kent
ME194TA
Independent Examiner
Rose Johnston FCA
4 Dickens Close
Harrold
MK43 7ER

BEDFORD & MILTON KEYNES WATERWAY TRUST
DIRECTORS, REPORT
FOR THE YEAR ENDING 31 MARCH 2023
The directors (trustees) present their annual report with the accounts for the company for the year ending 31 st
March 2023. The accounts comply with the requirements of the Companies Act 2006, the Financial Reporting
Standard for Smaller Entities (effective April 2015) and follow the recommendations in "Accounting and
Reporting by Charities: Statement of Recommended Practice"
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Bedford & Milton Keynes Waterway Trust is a company limited by guarantee (company number
05760839) and a registered charity (charity number 1114294). The governing instrument of the charitable
company is the Articles of Association.
The membership has the legal responsibilities in the governance of the charity for clecting the directors
(trustees). Its responsibilities also include: the athnission and classification of members of the charity; agreeing
procedures at general meetings and meetings of the trustees. receiving the annual report and accounts of the
directors (trustees). and appointing an Independent Examiner.
Being a company limited by guarantee, there is a board of directors who also act as the trustees of the
registered charity. The members of the charity elect the trustees.
The trustees manage the business of the charity and are responsible for: ensuring that the charity is solvent,
well-ruffj and delivering the charitable outcomes for which it has been set up. ensuring that the charity
complies with charity law, and with the requiremcnts of the Charity Commission, that the charity does not
breach any of the requirements in its governing document and that il remains true to the charitable purpose and
objects set out there. acting with integrity, and avoiding any personal conflicts of interest or misuse of the
charity's funds or assets; and regulating the financial affairs of the charity. The trustees may enter into
contracts, appoint and employ staff, detennine staff pay and conditions of service. The trustees endeavour to
consult the membership and to inforn] it of their decisions.
The directors meet at least four times a year. Time is given within directors meetings to focus on the role and
changes in legislation. Where required, forn]al training or advice from consultants is obtained.
OBJECTIVES AND ACTIVITIES
The Trust is a charity and company limited by guarantee, designed to promote and assist in the provision and
maintenance of a new waterway and associated facilities and structures connecting the Grand Union Canal at
Milton Keynes to the Great Ouse at Bedford, for the benefit of local inhabitants and visitors.
The waterway will deliver recreational, leisure, economic, environmental and "quality of life" benefits to
inhabitants and visitors.
The Trust sees its prime role as an enabler, maximising partner, volunteer and community involvement in the
development of a "Waterway for All" that is a source of pride now and for generations to come.
Strategic aims of the Trust:
To drive the project forward by securing the route, identifying sources for the construction and maintenance,
and establishing a delivery mechanism for creating the Waterway Park.
To promote the Waterway Park as a potential transforn]ational project, essential to boost the economy of the
sub region and bring with it environmental and social benefits.
To secure the support of local partners and convince regional and central government and private investors that
the project is a strong candidate for investment.

BEDFORD & MILTON KEYNES WATERWAY TRUST
DIRECTORS, REPORT
FOR THE YEAR ENDING 31 MARCH 2023
Achievements in 202212023 include:
Continuing to raise the profile of the project at a strategic level and promote the Waterway as
important infrastructure.
Continuing to improve governance by reviewing Trust polices, updating the risk register and
delegating tasks in the Trust's implementation plan to subgroups.
Continuing to promote the Waterway with the B&MK Waterway Consortium Partners and work with
the Consortium to improve governance. During 2022 the Consortium agreed to meet more regularly to
increase momentum and work towards establishing a Special Purpose Vehicle to take on the delivery
role.
Contribuling to the update of Local Plans to ensure the Waterway route is protected.
Actively maintaining representation on two Local Nature Partnerships.
Maintaining representation on Water Resources East stakeholder group and contributing to their
regional water resources plan which now references the Waterway as a project.
Completing a landing stage at Kempston Mill to open up the Head of Navigation to more craft on the
River Great Ouse.
Continuing to work with and support both Electra on the Grand Union Canal and the John Bunyan
boat on the River Great Ouse.
Maintaining a range of member communication activities, including member's briefing evenings,
regular newsletters and emails.
Continuing to work with a range of partners to leverage funding to help build the business case for the
Waterway and for local projects.
Having achieved a broad range of objectives set in the 201912023 Business Plan the Trust has substantially
reviewed and updated its Business Plan and objectives for 2023126
Targets for 2023124 include
Draw up and adopt the new 3 year business plan for 2023126
Strengthen governance by recruiting new Trustees who can bring additional expertise to the project.
Work with the BMK Waterway Consortium to establish new governance including working to set up
an SPV in order to strengthen the capacity to bid for significant funding.
Continue to work with the Environment Agency and Water Resources east to identify flood risk and
water management potential of the Waterway.
Work with external parthers to progress initiatives which will secure funding for cycle routes and
increased landscaping and biodiversity along the route.
Seek new ways of widening interest in the Waterway and increasing the numbers of supporters and
volunteers including developing local community based initiatives.
Install new inforniation boards in Milton Keynes and Bedford to mark the route of the Waterway and
provide an updated perspective on the project.
maintain an updated website which integrates Trust and community boats activities and inforniation.
Maintain range of member communication activities, including an AGM, members, briefmg
evenings, regular newsletters and emails.
Continue to work with partners to fmd new sources of funding for the project.

BEDFORD & MILTON KEYNES WATERWAY TRUST
DIRECTORS, REPORT
FOR THE YEAR ENDING 31 ST MARCH 2023
RISK REVIEW
The directors undertake each year a wide ranging appraisal in ordcr to identify the major risks to which thc
charity is exposed. Steps are taken with a view to mitigating these risks as far as is reasonably possible. Stsff
and volunteer training and consciousness-raising is regarded seriously.
The Directors are aware that, to some extent, our financial slability relies on contributions from supporters.
They believe that the time-frames for which such income is reasonably assured is satisfactory, and that
expenditure linked to income is also managed along similar lime-frames, so as to mitigate these risks so far as
possible.
The Bedford & Milton Keynes Waterway Trust is aware of the implications of the full implementation of the
Disability Discrimination Act in all its activities. Trustees have been made aware of, and are required to
implemenL the Data Protection Principles.
FINANCIAL REVIEW
The results for the year, as given in the Statement of Financial Activitics, are considered very good by the
trustees.
INVESTMENT POLICY & PERFORMANCE
The trustees, policy is to retain any short-terni surplus funds, including unrestricted and restricted funds, in
the highest possible interest-bearing accounts consistent with the objects of the charity, currently using a
Shawbrook Investment Account. Investment perforn]ance was considered satisfactory by the trustees.
RESERVES POLICY
It is the policy of the trustees to ensure that the charity has adequate reserves to enable it to meet both its
ongoing commitments in regard to general charitable activities, and its future funding requirements. The
tnLStees require as reserves a minimum of three months, expenditure in order to meet any contractual and
winding-up costs. The trustees consider the current levcl of reserves to be sufficient for the present situation
and requirements of the charity, but will continue to review the overall position and policy at regular
intervals.
PUBLIC BENEFIT
In setting our programme each year we have regard to both the Charity Commission's general guidance on
public benefit and prevention and relief of poverty for the public benefit. The trustees always ensure that the
programmes we undertake are in line with our charitable objects and aims.
STATEMENT OF DIRECTORS, RESPONSIBILITIES
The directors, who also act as trustees, are responsible t.or preparing the Directors. Report and financial
statements in accordance wilh applicable law and regulalions.
Company law requires the directors (who are also trustees for the purpose of charity law) to prepare financial
statements for each financial year. Under that law the directors have elected to prepare the financial
statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom
Accounting Standards and applicable law). Under company law the directors 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 company
and of the incoming resources and application of resource, including income and expenditure of the company
for the period.

BEDFORD & MILTON KEYNES WATERWAY TRUST
DIRECTORS, REPORT
FOR THE YEAR ENDING 31ST MARCH 2023
In preparing those financial statements the directors -
Select suitable accounting policies and then apply them consistently.
Make judgements and estimates that are reasonable and prudent.
State whether applicable UK Accounting Standards have been followed, subject to any material
departure 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 company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain
the company's transactions and disclose with reasonable accuracy at any time the financial position of the
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 thc company and hence for taking reasonable steps for the
prevention and detection of fraud and other irregularities.
STATEMENT AS TO DISCLOSURE OF INFORMATION TO INDEPENDENT EXAMINER
So far as the directors are aware, there is no relevant audit information of which the company's independent
examiner is unaware. The directors have taken all the steps that they ought to have taken in order to make
themselves aware of any relevant audit inforniation and to establish that the company's independent examiner
is aware of the inforn]ation.
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006
relating to small companies and Financial Reporting Standard 102.
On behalf of the Directo
41•A,-_
Original signed
Jane Hamilton, Chair
Date 09/06/2023

BEDFORD & MILTON KEYNES WATERWAY TRUST
REPORT OF THE INDEPENDENT EXAMtNER TO THE TRUSTEES
FOR THE YEAR END￿G 31 ST MARCH 2023
Independent examiner's report to the trustees of Bedford & Milton Keynes Waterway Trust ('the
Company,)
I report to the charity trustees on my examination of the accounts of the company for the year ended 31 st March
2023.
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 examinalion, 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 201 l Act.
Independent examinerfs statement
I have completed my examination. I confinn that no matters have come to my attention in connection with the
examination giving me cause to believe:
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act.
or
the accounts do not accord with those records; or
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than
any requirement that the accounts give a Irue and fair view which is not a matter considered as part of an
independent examination" or
the accounts have not been prepared in accordance with the methods and principles of the Statement of
Recommended Practice for accounting and reporting by charities [applicable to charities preparing their
accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of
Ireland (FRS102)].
I have no concerns and have come across no oiher 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.
Original signed
(VI. J.ThST
Rose Johnston
4 Dickens Close
Harrold
MK43 7ER
Date
th
..9 June 2023...

BEDFORD & MILTON KEYNES WATERWAY TRUST
STATEMENT OF FINANCIAL ACTIVITY
FOR THE YEAR ENDING 3 1ST MARCH 2023
Notes
2023
2022
INCOMING RESOURCES
Donations and fund raising
Charitablc aLtivitics
Bank IntLrcst rcLcivcd
TOTAL INCOME
10,237
53,078
341
63,656
32,515
5,825
38,341
RESOURCES EXPENDED
Cost of raising flinds
Furtlierance of Ihe Lli(wily'S objeLlives
I'OTAL RESOURCES EXPENDED
1,269
40,480
41,749
2,605
77
2,682
NET INCOMING RESOURCES
21,907
35,659
BALANCE BROUGHT FORWARD I- APRIL 2022
313,544
277,885
BALANCE BROUGHT FORWARD 31. ' MARCH 2023
335,451
313,544
All the above activities represent ongoing activities.
All reCO￿lSed gains and losses are reflected in the Statement of Financial Activities and therefore no
separate Statement of Total Recognised Gains and Losses is disclosed.

BEDFORD & MILTON KEYNES WATERWAY TRUST
STATEMENT OF FINANCIAL POSITION
FOR THE YEAR ENDING 3 1ST MARCH 2023
Notes
2023
2023
2022
2022
FIXED ASSETS
184,795
196,798
CURRENT ASSETS
Debtors
Bank
37,586
135,025
5,148
135,833
172,611
140,981
CURRENT LtABILITIES
Amount due within one year
(3,455)
(4,535)
Net Current assets
353,951
333,244
NON-CURRENT LIABILITIES
(18,500)
(19,700)
TOTAL ASSETS LESS LIABILITIES
335,451
313,544
FUNDS
Unrestricted funds
10
335,451
313,544
TOTAL FUNDS
335,451
313,544
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act
2006 for the year ending 31, March 2023.
The members have not required the company to obtain an audit of its financial statements for the year
ending 31. March 2023.
The trustees acknowledge their responsibilities for
(a)
Ensuring that the charitable company keeps accounting records that comply with Section 386 and
387 of the Companies Act 2006
Preparing financial statements which give a true and fair view of the state of affairs of the
charitable company as at the end of each financial year and of its surplus or deficit for each
financial year in accordance with the requirements of Section 394 and 395 and which otherwise
comply with the requirements of the Companies Act 2006 relating to financial statements, so far
as applicable to the charitable company.
These financial statements have been prepared in accordance with the special provisions of Part 15 of the
Companies Act 2006 relating to charitable companies.
The financial statements were approved by the Board of Trustees on 09/06/2023
and signed on its behalf by
(b)
S P CLEWLOW
Director
10

BEDFORD & MILTON KEYNES WATERWAY TRUST
NOTES ON F￿ANCIAL ACTIVITIES
FOR THE YEAR ENDING 3 1ST MARCH 2023
I ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefil entity under FRS102, have been
prepared in accordance with the Charities SORP (14 RS 102) 'Accounting and Reporting by charities: Statement of
Recommended Practice applicable to charities preparing their accounts in accordance the Financial Reporting
Standard applicable in the UK and Republic of Ireland (fRS 102) (cffective l January 2015),, Financial Rcporting
Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies
Act 2006. The financial statements have been prepared under the historical cost convention.
Incoming resources
Grants and subscriptions are recognised in the Statement of Financial Activities in the period to which the income
relates. All other income is recognised on an accruals basis. Any income restricted to future accounting periods is
deferred and recognised in those accounting period.
Investment income
Invesknent income is recognised on the receipts basis.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities 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. Costs are split belween categories based on the nature of the expense.
Governance costs include those costs associated with meeting the constitutional and statutory management of the
charity.
TaDgible fixed assets and depreciation
Both the John Bunyan and Electra boats are depreciated on a straight line b&sis over 20 years.
Funds
Unrestricted funds are incoming resources receivable or generated for the objects of the charity without further
specified purpose and are available as general fund. Restricted funds are to be used for the specific purpose as laid
down by the donor. Expenditure which meets these criteria is charged to the fun(L together with a fair allocation of
costs.
Charitable Activities
This comprises all expenditure relatcd to the objectives of the charity
Cost of Generating Funds
This comprises all expenditure related to raising funds.
Cash Flow
A cash flow statement has not been prepared as the trustees have taken advantage of the exemption afforded by
Financia] Reporting Standards Number l (revised) as the charity is of similar si7e to a small company.
Income and Expenditure Account
As the Statement on Financial Activities reflects the inforn]ation required by the Companies Act in relation to
income and expenditure, a separate Income and Expenditure Account has not been prepared.
11

BEDFORD & MILTON KEYNES WATERWAY TRUST
NOTES ON FINANCIAL ACTIVITIES
FOR THE YEAR ENDING 31 MARCH 2023
NOTES
The accounting policies are detailed on page 11 of the accounts for the year ending 31st March 2023
DONATIONS & FUNDRAISING
Donations
Gift Aid
Grants
TOTAL
2023
8,642
1,595
2022
3,122
866
28,527
32,515
10,237
CHARITABLE AcfiviTIES
Membership
BMKWEL surplus
Lease receipts
TOTAL
2023
3,123
36,955
13,000
53.078
2022
3,575
2,250
5,825
COSTS OF GENERATING FUNDS
Administration
Bank charges
Miscellaneous
2023
1,197
72
2022
2,005
84
516
2,605
1,269
IN FURTHERANCE OF THE CHARITIES OBJEcnvES
Newsletters
1,616
Depreciation
12,003
Subscriptions
54
Professional fees
1,298
Publicity
900
Insurance
2,140
Project costs - unrestricted
22,469
Release of conditional donation
TOTAL
1,307
10,252
54
940
1,128
80,688
(94,292)
77
40,480
FIXED ASSETS
Cost
At I" April 2022
Additions
Cost at 31" March 2023
Depreciation
At I" April 2022
Charge for the year
At 31" March 2023
Net book value
At I" April 2022
At 31" March 2023
249,096
249,096
52,298
12,003
64,301
196,798
184,795
12

BEDFORD & MILTON KEYNES WATERWAY TRUST
NOTES ON FINANCIAL ACTIVITIES
FOR THE YEAR ENDING 31ST MARCH 2023
DEBTORS
VAT to be reclaimed
Amounts due from subsidiary
TOTAL
2023
631
36,955
37,586
2022
5,148
5,148
CURRENT LIABILITIES
Trade creditors
Performance related donations
TOTAL
2023
420
3,035
3,455
2022
4,535
4,535
NON-CURRENT LIABIUTIES
Loans for MKCB
These loans are non-interest bearing.
2023
18,500
2022
19,700
10
FUNDS
Balance at
Incoming
l April 2022 Resources
Outgoing
Resources
Balance at
315t March 2023
Unrestricted funds
Restricted funds- MKCB
293,844
19,700
63,656
40,549
1,200
316,951
18,500
TOTAL FUNDS
313,544
63.656
41,749
335,451
Unrestrirted funds are incoming resources receivable or generated for the objects of the charity without
further specified purpose and are available as general funds.
11
TAXATION
The Bedford & Milton Keynes Waterway Trust is considered to pass the tests set out in Paragraph I
Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for
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 Part11 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.
12
CAPITAL COMMITMENTS
As at the year end the Trust estimates that £13,120 is needed to replace the batteries in the Electra
boat. This work is planned for April/May with cruising re-commencing in the middle of June 2023.
13
TRUSTEES REMUNERATION
No remuneration is due to any Trustee in respect of the year to 31 March 2023
st
13