bmk
Waterway Park
BEDFORD & MILTON KEYNES WATERWAY TRUST
Company limited by guarantee No 05760839 (England and Wales) and r¢gistered charity No 1114294
We￿sile httpJn)mkwaterway.org

BEDFORD & MILTON KEYNES WATERWAY TRUST
DIRECTORS, REPORT
FOR THE YEAR ENDING 31ST MARCH 2024
INDEX
Page
Company Inforn￿ll0n
Directors, (Trustees,) Report
Independent Examiner's Report
Staiement of Financial activities
Statement of Financial Position
10
Notes on Financial Activities
11 to 13

BEDFORD & MILTON KEYNES WATERWAY TRUST
DtRECTORS' REPORT
FOR THE. YEAR ENDING 31 ST MARCH 2024
COMPANY INFORMATION
The charity is controlled by its governing documents. memorandum and articles of ￿SOciatio￿ and constitutes
a limited company. limited by guarantee. as defined by the Companies Act 2(M)6.
Company Number
Charity Number
05760839 (England and Wales) Company Limited by Guarantee
1114294
Directors ffrustees)
Donald Allison (r¢sAgned I l October 2023)
Julian Arniitage
Steph¢n Ashley
James Barbour
Beryl Bennett
John Best
Simon Clewlow
Janet Goodland (appointed 6 June 2023)
Jane Hamilton (resign¢d l August 2023)
Chris Hil liard
Andrew Marchant
Paul Smith
Leigh Willows
Regislered oificc
9 Windmill Hill
Biddenham
Bedford
MK40 4AG
Banker
CAF Bank Limited
PO Box 289
West Malling
Kent
ME19 4TA
Independent Examiner
Rose Johnston FCA
4 Dickens Close
Harrold
MK43 7ER

BEDFORD & MtLTON KEYNES WATERWAY TRUST
DIRECTORS, REPORT
FOR THE YEAR ENDING 3 1ST MARCH 2024
The directors (trustees) present their annual report with the accounts for the company for the year ending 3 1st
March 2024. The accounts comply with th¢ requirements of the Companies Act 2(X)6. the Financial Reporting
Standard for Smaller Entities (effective April 2015) and follow the recommendations in -Ac¢ounting and
Reporting by Charities: Statement of Rewmmended Practice"
srRUCTURE, GOVERNANCE AND MANAGEMExr
The Bedford & Milton Kcynes Waterway Trust is a company limited by guarantee (company number
05760839) and a r¢gist¢r¢d charity (Charity number 1114294). The governing inslrument of thc charitsble
Company is the Articles of Association.
The membership has the legal responsibilities in the governance of the charity for electing the directors
(trustees). Its responsÉbililies also include: the admission and classification of members of the charity: agreeing
procedures at 8en¢ral meetings and meetings of the trustees: receiving the annual report and a¢￿Unts of the
directors (trustees): and app)intin8 an Ind¢Fndent Examiner.
Being a company limited by guaranlee. there is a board of directors who also act ￿ the tnistees of the
rcgist¢rcd charity. The mcmbcrs of the charity elect the t￿￿te￿.
The trustees manage the business of the charity and are res￿nSIble for. ensuring that th¢ charity is solv¢nL
Well-rU￿ and (kliv¢Ting the charitsble outcomes for which it has been set up; ensuring that the charity
complies with charity law. and with the rcquirements of thc Charity Commission, that the charity does not
breach any of the requirements in its governing document and that it remains true lo the charitsbl¢ purw)se and
objects set out there. acting with integrity. and avoiding any personal wnflicts of interest or misuse of the
charity's funds or assets. and re8ulating the financial affairs of the Charity. The trustees may enter into
Contrac￿ appoint and employ sLqff, detemiine stsff pay and conditions of service. The trust¢¢s cndeavour to
consult the memt¢rship and to inforni it of their decisions.
The directors mea at least four times a y¢ar. Time is given within directors meetings to focus on the role and
changes in legislation. Where requir￿. fornial training or advice from consultants is obtained.
OWECTIVES AND AcrivrriES
The Trust is a charity and company limited by guarantee, designed to promote and 8SSiSt in the provision and
maintenance of a new waterway and ass(Kiated faciliti¢s and structures connexting the Grnnd Union Canal at
Milton Keynes to the Great Ous¢ at Bedford, for the benefit of l(Kal inhabitants and visitors.
The waterway will deliver recreation￿, l¢isurA ewnomi& ¢nvironm¢ntsl and "quality of life" benefits to
inhabitants and visitors.
The T￿￿t sees ils prime role as an enabler, maximising partn¢r, volunteer and community involvement in the
development of a-waterway for All" that is a source of pride now and for generations to come.
Straiegie Aims of the Trust:
To drive th¢ project fonwanl by securing the rout4 identifying Sou￿$ for the construction and maintenance.
and establishing a delivery mechanism for creating the Waterway Park.
To promote the Waterway Park as a potential transfonnational proje¢L essential to b￿)st the economy of the
sub region and bring with it environmental and social benefits.
To secure the support of ILKal partners and Convin￿ regional and rxntral governm¢nt and private inv¢stors that
the project is a strong Candidate for inveslment.

BEDFORD & MILTON KEYNES WATERWAY TRUST
DIRECTORS, REPORT
FOR THE YEAR ENDING 3 ISI" MARCH 2024
Achievements in 2023r21n4 include:
Continuing to raise the profile of the FYoject at a stralegic level and promote the Waterway as
Continuing to improve governance by reviewing Tn￿1 police& updating the risk register and
delegating tssks in the Trusi's implemenlation plan to subgroups.
Continuing to promote the Waterway with the B&MK Waterway Cons(Ktium Partners and work with
the Consortium to improve governance. During 2023 the Consortium agreed to meet more regularly to
increase momentum and work towards establishing a Special Purpose Vehicl¢ ￿ take on the delivery
role.
Contributing to the update of Local Plans to ensure the Waterway route is pro￿ted.
Actively maintaining repres¢ntstion on two I￿1 Nature Pathetships.
Maintaining representation on Water Resources East stakeholder group and Contr￿utIng to their
regional water resources plan which now referenc¢s th¢ Wat¢rway as a project.
Completing a landing stsge at Kempston Mill to open up the HeAd of Navigation to more Craft on the
River Great Ouse.
Continuing to work with and support Ix)th Electra on the Grand Union Canal and the John Bunyan
b)at on the River Great Ous¢.
Maintaining a range of memb¢r communication activiti¢s, including member's briefing evening&
regular newsletters and emails.
Continuing io work with a rang¢ of partners to leverage funding to help build the business case for the
Waterway and for I￿al projects.
Having achieved a broad range of objectives set out in its previous business plans the Trust has substantialty
review￿ and updaloj its Business Plan and obJ￿IlVe5 for the period up to 2026.
Targets for 2024125 IDdude
Keep under review the business plan fot 2023 to 2026
Str¢ngth¢n governanrx by recruiting new Truste¢s who Can bring additional exF%rtise to the project.
Work with the BMK WateThvay Consortium to establish new governan￿ including workin8 to set up
SPV in order to strengthen the capacity to bid for significant fill￿iDg.
Continue lo work with the Environment Agency and Water Resourees FAst to identify flood risk and
waler management potential of the Waterway.
Work with external partners to progr￿ initiatives which will secure funding for cycle routes and
increased landscaping and biodiversity along the route.
Seek new ways of widening Int¢￿St in th¢ Waterway and incrning the numlKrs of 5UPPOrters and
volunteers including developing local community initiatives.
Consider new ways of providing information a￿ut the Waterway to mark the rout¢ of the Watcrway
and to provid¢ an uptfrdate perspective on the proj¢cL
maintain an uFx4ated w¢b5lte which promotes th¢ theme of putting ￿vat￿ where it's Wan￿ and
integrates Trust and comtnunity boats activities and infornlation.
Maintain range of member communication activitie4 including an AGM. members, brief￿8
evenings. regular newsletters and emails.
Continue to work with patthers to find new sources of funding for the project.

BEDFORD & MILTON KEYNES WATERWAY TRUST
DIRECTORS, REPORT
FOR THE YEAR ENDING 31 ST MARCH 2024
RISK REVIEW
Th¢ Dir¢¢knrs undertsk¢ ca¢h year a wid¢ ranging appraisal in order to identify the major risks to which the
charity ts ex￿. Steps are taken with a view to mitigating these risks as far as is reasonabty possible. Stsff
and volunteer training and consctousness-raising is regarded seriously.
Thc Dircctors arc awar¢ tha( to some cxtcnL our financial stability relies on contribulions 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 tim¢-fram¢4 so as lo mitigate these risks so far as
possible.
The Bedford & Milton Keynes Waterway Trust is aware of the implications of the full implementation of the
Equality Act in all its activities. Trustees have been made awwE of. and are required to implem¢n4 th¢ Data
ProtKtion Principles.
NANc￿L RE￿Ew
The results for the year. as given in the Statan¢nt of Financial Activiti¢& ar¢ considered v¢ry g(x)d by th¢
INVESTMENT POUCY & PERFORMANCE
Th¢ Tn￿te¢s. policy is to retain any short-term surplus fund& including unrestricted and restricted funds. in
the highest possible interest-bearing accounts Consistent with the obJ￿ts of the charity. Investment
perforniance was considered satisfactory by the trust
RESERVES POLICY
It is the policy of the trt￿ees lo ensu￿ that the charity has adequate reserves to enable it to meet both its
ongoin8 commitments in ￿gard to general charitabl¢ activities. and its future funding requirements. The
trustees require as reserves a minimum of three months. exFKnditure in order lo meet any contractual and
winding-up costs. Th¢ trustees ￿nSider the current l¢vel of rexrves to be sufficient for the present situation
and requirements of the clwity, but will continue to review the overall position and wlicy at regular
interV￿S.
PUBLIC BENEFIT
In setting our programme each year we have regard to both the Charity Commission's general guidance on
public Ixn¢fil and prev¢ntion and relief of poverty for the public b¢n¢fit. The trustees always ensute that the
programmes w¢ undertake ar¢ in line with our charitable objects and aims.
STATEMENT OF DIREcfoRS' RESPONSIBILfnES
Th¢ director8 who also act Is trustees, arc r¢sponsibl¢ for preparing the Directors, Report and f￿ancial
slatements in accordance with applicable law and regulations.
Company law requires the directors (who are also trustees for the purpose of charity law) to prepare financial
statements for each financial year. Und¢r ihat law the directors have elected to prepare the financial
statements in accordance with United Kingdom Generally Accepted Accounting Prnciice (Unii¢d Kingdon)
Accounting Standards and applicable law). Under Company law the directors must not approve the fjnancial
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 resour(xs and application of resour(%, including income and expenditure of the company
for the Feriod.

BEDFORD & MILTON KF.YNES WATERWAY TRUST
DtRECTORS' REPORT
FOR THE YEAR ENDtNG 31 ST MARCH 2024
In preparing those financial statements the dirxtors -
Select suiLqble x¢ountin8 policies and then apply them consistently.
Make judgements and estimates that are reasonable and prudenL
State whether applithle UK A¢￿￿ntIng Standards have b￿n followeiL subjeet to any material
departure disclosed and explained in the financial statements.
And pr¢pre the financRal statements on the going concern basis unless it is inapFropriat¢ to
presume that the company will continue in business.
The directors are res￿nSIble for keeping adequate a¢¢ounling recoThls that are sufficient to show and explain
the Company's transactions and dI￿10$e with r¢asonabl¢ aCcu￿Y at any time the financial position of the
company and enable them to ensure that the financial statements fA)mply with the Companies Ad 2006. They
are also responsible for safeguarding the assets of the company and hen￿ for tsking reasonable steps for the
pr¢vcntion and ddection of fra￿1 and other irregularities.
STATEMENT AS TO DISCI￿suRE OF INFORMATION TO INDEPENDENT EXAMINER
So far &% th¢ diredots awar4 th¢r¢ is no r¢levant audil inforniation of which the company's independent
examiner is unaware. The directors have taken all the steps that they ought to have laken in order to make
themselves awa￿ of any relevant audit inforniation and to establish that th¢ company's independent ¢xaminer
is aware ol. the inforniation.
This report has been prepa￿d in accordance with the special provision5 of Part 15 of the Companies Act 2006
relating to Sm￿1 companies and Financial Reporting Standard l 02.
On behalf of the Directors
Ori8inal sl8ned
St cL￿J￿
Date
3.tl Zol4.

BEDFORD & MILTON KEYNES WAI"ERWAY TRUST
REPORT OF THE ￿DEPENDENT EXAMtNER TO THE TRUSTEES
FOR THE YEAR ENDING 31ST hfjARCH 2024
Independent eL9miDer's report lo the trustees of Bedford & Millon Keyne8 Waterny Tni$t ('th¢
Company,)
I report to the charity trusttts on my emmination of the accounts of the eAmpany for the year ended 31 st March
2024.
Re8poAsibilitie8 and bAryis of report
As the charity's truslew of the Company (and also its direct(xs for the puTposcs of company law) you are
respN)nsible for the preparation of the accounts in ac¢ordanee with the requirements of the Companies Aci 2006
('the 2006 Act,).
Having satisfied myself that the accounts of the Company nol reqUI￿d to be audited under Part 16 of the 2006
Act and are cligible for inde￿ndent examination. I rewrt in resFKCt of my examination of your charity's accounts
as carried out under section 145 of the Charities Acl 2011 ('the 201 l 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.
Indewdent examlnerfs statement
I have rJ)mpleted my examination. I that no matters have come lo my attention in connection with the
examination giving me cause to believe:
accounting records were not kept in reSp￿t of the Company &s rquired by section 386 of the 2006 A¢L
th¢ a￿Unts do not a￿d with those records; or
the a￿OUnts do not comply with the arxountin8 wuirements of section 396 of the 2006 Act other than
any requ1￿ment that th¢ accounts give a true and fair view which is not a matter considered as part of an
independent examination; or
the a(xx)unts have not been prepared in accordance with the m&hod8 and principles of the Statement of
Recommended Practice for accounting and reporting by charities [applicable to Charities preparing their
counts in accor￿ with the Finan¢i&l Rqjorting Standard applicable in the UK and Republic of
Ireland (FRS102)].
I have no concerns and ILftve come across no other matters in connxtion with the examinalion to whi¢h attention
should be drawn in this report in order to enable a proper understanding of the accounts to be reachd.
Original signed ,£ 1)1.
Rose JobJ)ston
4 Dickens Close
Harrold
MK43 7ER
Date 619114

BEDFORD & MILTON KFYNF..S WATF.RWAY TRUST
STATF.MF.NT OF FINANCIAI. ACTIVITY
ST
FOR THE YEAR ENDING 31 MARCH 2024
Notes
2024
2023
INCOMING RESOURCES
Donations and fund raising
Charitable activities
Bank Inlerest received
TOTAL INCOME
30,412
10237
32.124
53.078
3.568
341
6￿104 63,656
RESOURCES EXPEIYDED
Cost of raising funds
Furtherance of the charity's objcctives
TOTAL RESOURCES EXPENDED
73
64,434
64￿7
1269
40,480
41,749
NET KNCOMING RESOURCES
I￿97
21907
BALANCE BROUGHT FORWARD I- APRIL 2023
335A51
31394
BALANCE BROUGwf FORWARD 31- MARCH 2024
337,048
33&451
All the above activities represent ongoing activities.
All recognised gains and losses are reflected in the Statement of Financial Activities and therefore no
separate Ststement of Total Recognised Gains and Losses is disclosed.

BEDFORD & MILTON KEYNES WATERWAY TRUST
STATEMENT OF FtNANCIAL POSITION
FOR THE YEAR ENDING 31 ST MARCH 2024
Notes
2024
2024
2023
2023
FIXED ASSETS
175,997
184,795
cuRRE￿r ASSETS
Debtors
Bank
37.304
165,374
37.586
135.025
202,677
172,611
Amount due within one year
(23.126)
(3.455)
Net Curr¢nt assets
355,548
353,951
NON4URRENT LIABILITIES
(18.51)0)
(18.500)
TOTAL ASSETS LE&S LIABILITIES
337.048
335,451
FUNDS
un￿StrICted fi￿dS
10
337,048
335,451
TOTAL FUNDS
337,IM8
33S451
The charitable Company is entitled to exemption from audit under Section 477 of the Companies Act
2006 for the year ending 31 March 2024.
The members have not required the CL)mpany to obtain an audit of its financial statements for the year
ending 31° March 2024.
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 Nvhich give a true and fair view of the state of affairs of the
charitsble company as at the end of each financial year and of its surylus 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 Con]panies Act 2006 relating to financial statements. so far
as applicable to the charitable company.
These financial staknnents have bccn prepared in accordance with the spe¢ial provisions of Part 15 of the
Companies Act 2006 relatin8 to charitable companies.
The financial statements were approved by the Board of Trustecs on
and signed on its behalf by
(b)
Original signed
Si c￿￿L(>&j
10

BF.DFORD & MILTON KEYNES WATERWAY TRUST
NOTFS ON FINANCIAL ACTIVITIES
FOR THE YEAR ENDING 31 ST MARCH 2024
I ACCOUNTING POLICIES
Basis of preparing Ibe fiaMeial statements
The financial ststements of the charitable company, which is a public benefit entity under FRSI 02, have been
pr¢parcd in ac¢ordan¢¢ with the Charit5cs SORP (FRS 102) 'Accounting and Reporting by charitles: Statemcnt of
Recotnmended Practic¢ appli￿ble to charities preparing their accounts in a¢Lx)rdanrx the Financial Reporting
Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2015)., Financial Reporting
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.
Ineoming resourcu
Grants and subscriptions are re￿￿]Sed in the Statement of Financial Activities in the periiyj ￿ which the income
relates. All other income is r¢cognis¢d on an accruals basis. Any income restricted to future accounting periods is
defenEd and recognised in those accounting F)eriod.
Investment IDcome
Investment income is recogni5￿ on the re￿Ipts t&8is.
Resollrce8 expended
Exp¢nditur¢ is T¢CO8nised on an accruals basis as a liability is incurred.
Charitable expenditure comprises those costs incurred by the charity in the d¢livery of its activities for ils
beneftciaries. It includes IKrth Costs that can be allocated directly to such aclivities and those costs of an indirect
nature necessary to support them. Costs are split between categories based on the nature of the expense.
Govemancx costs include those eA)sts associated wtth meeting the tA￿stAtUtional and statutory management of the
charity.
Tangible fixed assets depretiAtioD
Both the John Bunyan and Electra boats are depreciatsd on a straight line b&%is over 20 years.
Funds
Unrestricted funds are incoming reSoUr￿S r¢ttivablc or generat￿ for the objects of the charity without further
specified purpose and are available &$ general fund. Restricted funds are to be used for the specific purpos¢ as laid
down by the donor. ExFndilure which meets these witeria is charged to the fund. tO8ether with a fair allocation of
costs.
Ch#rit*bk Aetiviliei
Thi5 comprises all expenditure related to the objeclives of the charity.
Cost ofGeDeratiDg Funds
This comprises all expendibjre related to Taising funds.
Casb Flow
A cash flow statement has not been prepared as the Trustees have taken advantage of the exemption afforded by
Financial Reporting Standards Number l (revised) as the charity is of similar size to a small Company.
Income and Expenditure Aeeount
As the Stat¢m¢nt on Financiat Activities reflects the infornlation required by the Q)mpanies Act in relation to
income and expendithre, a separate Income and Exp￿}dItUTe ALXX)unt h&s not been PreF￿red.
11

BEDFORD & MILTON KEYNES WATERWAY TRUST
NOTES ON FtNANCIAL ACTIVITIES
ST
FOR THE YEAR ENDING 31 MARCH 2024
NOTES
The accountlng pollcies are detailed on pa8e 11 of the accounts for the year ending 31st March 2024
DONATIONS & FUNDRAISING
Donations
Gift Aid
Grants
TOTAL
2024
4,841
2023
8,642
1,595
25,494
30.412
10237
CHARITABLE AcnvrnES
Membership
BMKWEL surplus
Lease receipts
TOTAL
2024
1.965
13,514
16.644
31124
2023
3,123
36.955
13,(KX)
53.078
COSTS OF GENERATING FUNDS
Administration
Bank charges
024
13
1,197
72
1269
73
IN FURThERANCE OF THE CHARMES OBJEcfivES
Newsletters
2,979
Meetings
1,083
Depreciatlon
16,169
Subscriptions
119
Computer software
912
Professional fees
Publicity
Insurance
Project costs
Asset WrIte￿ff
TOTAL
1,616
12.003
54
1.298
900
2,140
22.469
1,043
942
30,988
10,199
12

BEDFORD & MILTON KEYNES WATERWAY 'fRUST
NOTES ON FINANCIAL ACTIVITIES
FOR THE YEAR ENDING 3 1ST MARCH 2024
FIXED ASSETS
At I. Aprll 2023
Additions
Disposals
Cost at 31" March 2024
Depreclation
At I" April 2023
Charge for the year
Depreciation on disposals
At 31" March 2024
Net book value
At 1° AprS12023
At 31" March 2024
249,096
17,569
{11,940)
254,725
64,31XI
16.169
(1,7411
78,728
184.795
175.997
DEBTORS
Trade debtors
Prepayments
VAT to be reclalmed
Amounts due from subsidiary
TOTAL
2024
2,5
2,157
2,488
30,159
37,304
2023
631
36,9S5
37586
CURRENT UABIUTIES
Trade creditors
Performance ￿lated donation5
TOTAL
2024
8,085
15.041
23.126
2023
420
3.035
3A55
NOKURRENT UABIUTIES
Loans for Shore Unlt
These loans are noTrlnterest bearin8.
2024
18,51Y)
2023
18.5(X)
10
FUNDS
Balance at
In¢omln8
Out8Oi
I" April 2023 Resources Resources
Balance at
3151 Marth 2024
Unrestricted fvnds
Restricted funds
316,951
18,5CK)
40,605
39,(M)8
318.548
18.500
TOTAL FUNDS
335A51
39.CK18
337,048
Unrestricted funds are incoming resources recelvable or generated for the objects of the charity without
further specified purpose and are avallable as general funds. The restrlcted furKls are for the completion
of the Shore Unit meeting space In Campbell Wharf, Milton Keynes.
13

li
TAXATION
The Bedford & Mitton Keynes Waterway Trust is Conside￿ to pass the tests set out In Paragraph I
Schedule 6 Finan￿ Act 2010 and the￿fore it meets the definition of a charitable company for
corporation tax purposes. Accordingly. the charity is potentially exempt from taxatlon In respect of
income or capital 8ains received within categories covered by Chapter 3 Part11 Q)rporatlon Tax Act 2010
or Section 256 of the Taxatlon of Chargeable Gains Act 1992, to the extent that such income or galns are
applied exclusNely to charitsble purposes.
12
CAPITAL COMMrfMEKTS
As at the year end the Trust estlmates that £2,CO) is needed to complete the fft out of the new
Welcome cent￿ in Campbell wharf. This work is expected to be complete by the end of April 2024.
13
TRUSTEES REMUNERATION
No remuneration is due to any Trustee in respect of the year to 31st March 2024
14