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← Stroud Valleys Canal Company

2025-04-01-accounts

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STROUD VALLEYS CANAL COMPANY (Limited by Guarantee)

Trustees’ Annual Report and Financial Statements

for the year ended 31 March 2025

Company Number 06860375 (England & Wales)

Charity Number 1130051

STROUD VALLEYS CANAL COMPANY (Limited by Guarantee)

CONTENTS

Page
Directors'ffrustees' annual report 1 to 7
Independent Examiner's report 8
Statement of Financial Activities 9
Balance Sheet 10
Notes to the Financial Statements 11 to 17

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OLFor the year EO ended 31 March 2025

STROUD VALLEYS CANAL COMPANY DIRECTORS' REPORT

The Directors/Trustees submit their Annual Report together with the financial statements for the year ended 31 March 2025 . The Trustees confirm that the Annual Report and financial statements of the company comply with the current statutory requirements, the requirements of the company's governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). As an incorporated charity this Trustees Annual Report also includes the Director's report as required by company law.

1 LEGAL AND ADMINISTRATIVE

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COMPANY NUMBER 06860375 (England andWales) limited by guarantee
CHARITYNUMBER 1130051
REGISTERED OFFICE and Bell House
PLACE OF BUSINESS Wallbridge Lock
Wallbridge
Stroud
Gloucestershire
GL5 3JS
INDEPENDENT EXAMINERS Randall & Payne LLP
Chartered Accountants
Chargrove House
Shurdington Road
Cheltenham
GL51 4GA
SOLICITORS BPE Solicitors LLP
StJames House
StJames Square
Cheltenham
GL50 3PR
BANKERS NatWest
21 Eastgate Street
Gloucester
GL1 1NH
TRUSTEES Asperlistof DirectorsinSection3

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1

STROUD VALLEYS CANAL COMPANY DIRECTORS' REPORT (cont'd) For the year ended 31 March 2025

2 AIMS AND OBJECTIVES

The Stroud Valleys Canal Company's aim is:

To work with Stroud District Council, Gloucestershire County Council, the Cotswold Canals Trust and the Company of Proprietors of the Stroudwater Navigation to effect the restoration of the Cotswold Canals.

The objects of the Charity are to preserve, maintain and improve the Cotswold Canals and their surrounding areas for the benefit of the public.

General Guidance on Public Benefit when reviewing the Board’s objectives, activities and plans for the future.

STRUCTURE, GOVERNANCE AND MANAGEMENT

3 THE BOARD

The Stroud Valleys Canal Company is both a charity and a company limited by guarantee.

The Company was constituted under Memorandum and Articles of Association dated 1 March 2009 and amended in 2 resolutions dated 6 May 2009 and 13 December 2018 which sets out the Company's objects and how it may operate.

The Company was registered as a charity with the Charities Commission on 9 June 2009.

The Board of Directors fulfils the dual role of Trustees of the Charity and Directors of the Limited Company.

The Directors/Trustees who served during the year were:

Geoffrey Dyer (resigned 1 September 2025) Colin Hygate (resigned 24 July 2025) David Groom (resigned 14 November 2025) Michael Lambert Robin Layfield (resigned 13 May 2024) . Peter Rogol (resigned 8 September 2025) Stephen Davies (resigned 18 September 2024) (appointed 16 July 2025) John Bloxsom (resigned on 5 June 2025) (reappointed 15 October 2025) Kevin Cranston John Parker (appointed 12 July 2024) Nicholas Rowson Keith Tibbitts

John Bloxsom, Geoffrey Dyer, Colin Hygate, David Groom and Peter Rogol resigned after the year end.

4 MEETINGS

The Board of Directors/Trustees, which manages the business of the Charity, meets regularly, usually monthly.

5 MEMBERSHIP

The Company had 4 members at the Balance Sheet date: Stroud District Council (SDC) The Cotswold Canals Trust (CCT) Gloucestershire County Council (GCC)

The Company of Proprietors of the Stroudwater Navigation (CoPSN)

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STROUD VALLEYS CANAL COMPANY DIRECTORS' REPORT (cont'd) For the year ended 31 March 2025

6 DAY TO DAY MANAGEMENT AND ADMINISTRATION

Day to day management and administration of the Charity is undertaken by its sole employee assisted by staff of Cotswold Canals Trust.

Advice and support has been provided by the Canal Project Team and the Asset Management Team of Stroud District Council.

7 METHODS ADOPTED FOR RECRUITMENT AND APPOINTMENT OF TRUSTEES

Trustees who are appointed by member organisations are chosen by that organisation according to their own internal systems.

Independent Trustees are nominated by existing Trustees as having particular skills, expertise or knowledge which is considered useful to the Board as a whole.

The appointment of an independent Trustee must be agreed by all Members.

8 INDUCTION AND TRAINING POLICY FOR TRUSTEES

Trustees are provided with copies of current business plans and project plans.

A tour of the geographical area of the Canals is provided, if required.

New Trustees are advised to read the Charity Commission guidance for Trustees.

9 ORGANISATIONAL STRUCTURE AND DECISION MAKING

The organisation consists of the Board of Directors/Trustees.

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All decisions are made at Board meetings, with information and advice provided by the Canal Project Team and Asset Management Team, both of Stroud District Council, where appropriate.

Exceptionally, decisions may be agreed electronically, and in emergencies, one Director may make decisions and seek approval as soon as is possible.

10 IDENTIFICATION OF MAJOR RISKS

The Charity, Stroud Valleys Canal Company (SVCC), is involved with the restoration of the Cotswold Canals. It is responsible for the maintenance of a six mile stretch of recently restored canal (Phase 1A) and partnered with Stroud District Council (SDC), the Cotswolds Canal Trust (CCT), Gloucester County Council (GCC) and the Canal & River Trust (C&RT) in their successful bid to the National Lottery Heritage Fund (NLHF) for a £9 million grant to permit the restoration of a further 4.5 miles of canal (Phase 1B) which would provide a connection into the 2500 mile national canal network.

As is common with many major engineering projects, restoration of the additional 4.5 miles of canal is proving considerably more costly than previously envisaged. The original redevelopment plans are being redefined to significantly reduce costs and a further application for additional grant funding from NLHF was made in July 2025 based on these redefined works.

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STROUD VALLEYS CANAL COMPANY DIRECTORS' REPORT (cont'd) For the year ended 31 March 2025

10 IDENTIFICATION OF MAJOR RISKS (cont'd)

Currenily the maintenance of Phase 1A is being predominately funded by annual grants from SDC and CCT augmented by self generated income. Until a connection into the national network is achieved together with a significant build-out of long-term moorings there will be no substantial income from licence and mooring fees and reliance on the annual grants will be crucial. Maintaining close relations with SDC and CCT is therefore extremely important and both organisations work closely with the SVCC Board.

We await the outcome of the proposed restructure of local government as this may represent a significant risk to the charity. Government has indicated that this could occur in April 2028 with assets, liabilities and contracts transferred to a sucessor body.

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The SVCC Board comprises professional volunteers who bring a wide and comprehensive set of knowledge and commercial experience to the table. Each Director is allocated a specific aspect for attention and management. One Director has extensive experience in risk assessment and management.

Whilst SVCC was not committed to contribute any cash to the Phase 1B work, it is a full Partner in the project and following the year end the Board committed to provide £200,000 in four equal contributions of £50,000 cash in the years ending 31 March 2026 through 31 March 2029. This committment was made after receiving assurances from SDC that the company's solvency would be underwritten. A major part of the grant application to NLHF was the first iteration of the SVCC 25-year Business Plan. The Business Plan is subject to revision to reflect the outcome of the application for further grant funding and the results of any new governance structure. ,

FINANCIAL REVIEW

11 MAJOR GRANTS AND DONATIONS

The Charity acknowledges the major grants received from the Heritage Lottery Fund (HLF), and from South West Regional Development Agency (succeeded by Homes & Communities Agency, now Homes England), Stroud District Council, Cotswold Canals Trust and others towards the canal project.

Without these funds and donations the Restoration project would be unable to proceed.

12 RESERVES POLICY

The Reserves of a charity are that part of a charity's income funds that is freely available for its general purposes. This excludes Restricted Funds (funds donated for a specific purpose). ;

The Balance Sheet of the Charity on 31 March 2025 shows Total Funds of £1,537,970 (2024 - £1,584,488) of which £136,163 (2024 - £136,163) is restricted.

The General fund at 31 March 2025 amounted to £1,401,807 (2024 - £1,448,325), including Designated

Funds.

Designated Funds are funds which the Board has earmarked for particular projects.

The Board's Designated Infrastructure fund £4,482 (2024 - £4,482) is being applied to the investigation of opportunities to derive value from silt extracted from the canal.

A further Designated Fund has been set up to mitigate against future costs which might be incurred at Dudbridge Hydro as a result of irrecoverable accidental losses. [2025 - £8,750, 2024- £7,500]

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STROUD VALLEYS CANAL COMPANY DiIRECTORS' REPORT (cont'd) eetFor the year ended 31 Marcheee2025

12 RESERVES POLICY (cont'd)

A further Designated Fund has been established to build up reserves needed to cover the programme of lock gate replacements anticipated to be required until the mid 2060's. (2025 - £115,000, 2024 - £92,000)

Free Reserves are the amount of General Funds (including Designated Funds, but excluding Fixed Assets) which are available for the Board to spend. The Free Reserves at 31 March 2025 are £211,787 (2024 - £152,091).

The Board is aware of the need to:

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a. Secure the viability of the Charity beyond the immediate future.

b. Absorb any financial setbacks and to take advantage of change and opportunities.

c, Secure unrestricted funding for the longer term to cover the running costs of the Charity and provide reserves.

The Charity’s Annual Budget incorporates planned expenditure matched by reserves plus forecast income in respect of the day to day activities. The Board believes, however, that it is prudent to keep a minimum reserve of £20,000 in the General Fund to cover unforeseen eventualities.

The Board will review its Reserves Policy once a year and will do its best to ensure that reserves are maintained at the agreed level.

13 FINANCIAL POSITION AT YEAR END

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Whilst the severe constraints caused by the Covid pandemic on work capable of being undertaken have largely disppeared, a combination of the reduced extent of available volunteer time coupled with increasing awareness of ecological limitations and increasing time being spent on Phase 1B work have all impacted on the amount of construction work capable of being undertaken on Phase 1A. As a result, the Charity's financial position at the year end looks comparatively healthy, but as the construction work is undertaken that is necessary to ensure a usable canal is ready by the time reconnection to the national waterways network occurs, such surpluses as are currently available to the Charity will be absorbed.

Principal unrestricted income sources in the year comprise Stroud District Council grants (E65K), grants from Cotswold Canals Trust (£36K), Surface Water discharge fees (£7K) and Hydro electric generation (£43K).

Principal expenditure items relate to routine canal maintenance costs, including dredging, amounted to £46K.

14 GOING CONCERN

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After making appropriate enquiries, the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence at least until reconnection is achieved in some four or more years. For this reason they continue to adapt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies section.

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STROUD VALLEYS CANAL COMPANY DIRECTORS' REPORT (cont'd) For the year ended 31 March 2025

ACHIEVEMENTS AND PERFORMANCE

15 THE CHARITY’S ROLE WITHIN THE RESTORATION PARTNERSHIP

The Cotswold Canals Partnership comprises a large number of organisations including all the local authorities along the line of the canal, the Environment Agency, The Canal & River Trust, Natural England, the Inland Waterways Association and the Cotswold Canals Trust. The Charity continues to play an important role within the Partnership.

Phase 1A of the restoration programme is almost complete, and Phase 1B is being led by Stroud District Council and Cotswold Canals Trust.

The charity has continued to be actively involved in the Partnership's work of making an application to the National Lottery Heritage Fund to enable the second phase (1B) of the project to go ahead. The bid was approved in principle in September 2020 and Permission to Start was granted during the year.

The electronic Asset Register and Maintenance Plan has gone live and will prove over time to enable costed regular maintenance of the restored areas of canal to be included in future budgets as part of cost control measures. It provides an invaluable link between lengthsmen, volunteers and Managers from all organisations. :

Redevelopment of the Charity’s website has been temporarily put on hold, pending determination of how the post-reconnection canal will be operated.

16 SUMMARY

Over the year the Trustees have worked closely with our partners on the Heritage Lottery Fund grant application. Key areas of involvement include Management and Maintenance, Risk Evaluation and Land Acquisition.

Whilst the lottery bid took up a lot of time, the task of keeping the assets of the canal in good order and managing our resources has continued.

We are able to fund equipment and materials needed for canal preservation and maintenance, placing reliance on volunteers from CCT and SDC for the majority of the necessary work. Members of the Waterway Recovery Group also provide working parties and carry out valuable tree cutting work, contributing to the ongoing health of the waterway.

As in previous years the Board has been re-structured with a significant number of changes. The team currently consists of 8 Directors, and there are skills gaps we still need to fill to ensure we can achieve the long term viability of the waterway.

Essential maintenance work continues to be carried out in order to protect public rights of way. The Board is reviewing the situation regularly, and taking all steps to protect the volunteers and the public who use our canal.

As news of our work spreads, we receive an increasing number of enquiries regarding long term moorings availability. These we deal with as and when they occur. However, we have recently experienced issues with some boat owners who choose not to engage with us but simply to have their vessels craned in without permission. This is a problem we know we need to address going forward.

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STROUD VALLEYS CANAL COMPANY DIRECTORS' REPORT (cont'd) For the year ended 31 March 2025 $$.eee eee

18 STATEMENT OF DIRECTORS RESPONSIBILITIES

Company Law requires the Directors/Trustees to prepare financial statements for each financial year which will give a true and fair view of the state of affairs of the Charity and of the surplus or deficit of the Company for that year.

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The Trustees consider that these Financial Statements give a true and fair view of the state of affairs of the Charity for this period.

In preparing those financial statements, the Directors/Trustees are required to:

The Directors/Trustees are responsible for:

19 ADVANTAGE HAS BEEN TAKEN OF EXEMPTIONS FOR SMALL COMPANIES

This report has been prepared in accordance with the special provisions of part 15 of the Companies

Act The trustees declare that they have approved the trustees’ report above.

Chairperson a, John Bloxsom

Date: / s[1z/202<

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STROUD VALLEYS CANAL CO:rvfP ANY (Limited by Guarantee)

REPORT OF THE INDEPENDENT EXAMINERS

Independent Examiner's Report to the Trustees of Stroud Valleys Canal Company

I report to the Charity trustees on my examination of the accounts of the Company for the year ended 31 March 2025 which are set out on pages 9 - 17.

Responsibilities and basis of report

As the Charity 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 company'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 confinn that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

the accounts do not comply with the accounting requirements of section 396 of the 2006

  1. 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

the accounts have not been prepared in accordance with the methods and principles of the

  1. Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard

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.

Ryan Moore CA (Independent Examiner) For and on behalf of Randall & Payne LLP

Chartered Accountants & Independent Examiners Chargrove House Shurdington Road Cheltenham GL514GA

Date: 23 December 2025

8

STROUD VALLEYS CANAL COMPANY (Limited by Guarantee)

Registered Number: 06860375

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING THE INCOME AND EXPENDITURE ACCOUNT for the year ended 31 March 2025

2025 2024
Restricted
Un restricted income
Notes funds funds Total funds Total funds Total funds Total funds
£ £ £ £
Income
Income and endowments from:
Donations and legacies 101,618 101,618 117,518
Charitable activities 54,785 54,785 96,416
Investments 2,356 2,356 1,549
Total 158,759 0 158,759 215,483
Expenditure 5 5
Expenditure on:
Raising Funds
Charitable Activities 160,227 160,227 232,320
Other 45,050 45,050 35,174
Total 205,277 0 205,277 267,494
Net income/(expenditure)
before tax for the reporting (46,518) 0 (46,518) (52,011)
period
Net movement in funds (46,518) 0 (46,518) (52,011)
Reconciliation of funds:
Total funds brought forward 1,448,325 136,163 1,584,488 1,636,499
Transfer of Funds
Total funds carried forward 1,401,807 136,163 1,537,970 1,584,488

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STROUD VALLEYS CANAL COMP ANY (Limited by Guarantee)

Registered Number: 06860375 BALANCE SHEET as at 31 March 2025

Restricted
Unrestricted income
Notes funds funds 2025 Total 2024
£ £ £
FIXED ASSETS
Tangible Assets 6 6
1,190,020		 86,153 1,276,173 1,382,387 1,276,173 1,382,387
Total fixed assets 1,190,020 86,153 1,276,173 1 173 1,382,387
CURRENT ASSETS
Debtors 7 7
20,558		 20,558 41,067
Cash at bank and in hand 202,766 50,010 252,776 181,827
Total current assets 223,324 50,010 273,334 222,894
CREDITORS
Amounts falling due within one year 8 8
11,537		 11,537 20,793
NET CURRENT ASSETS 211,787 50,010 261,797 202,101
TOTAL ASSETS LESS CURRENT LIABILITIES 1,401,807 136,163 1,537,970 1,584,488 1,537,970 1,584,488
—————————————————————————————————S——
FUNDS OF THE CHARITY
Restricted Income Funds 13 13 136,163 136,163 136,163
Unrestricted Funds 1,401,807 1,401,807 1,448,325 1,401,807 1,448,325
TOTAL FUNDS 11401!807 1361163 1!5371970 1 970 115841488

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STROUD VALLEYS CANAL COMPANY (Limited by Guarantee)

Registered Number: 06860375 BALANCE SHEET (cont'd) as at 31 March 2025

For the year ended 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The Directors/Trustees acknowledge their responsibility for complying with the requirements of the Companie!

These accounts have been prepared in accordance with the provisions applicable to small companies subject

Signed by two trustees/directors on behalf of all the trustees/directors

Signature of one director authenticating accounts being sent to Companies House

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11

STROUD VALLEYS CANAL COMPANY Notes to the financial statements Year ended 31 March 2025

1. Statutory

Stroud Valleys Canal Company is a private limited company, limited by guarantee, registered in England and Wales. The company's registered number, registered office and principal place of business can be found on the legal and administrative page. The Director's/Trustee's report contains more information regarding the company's principal activities.

The presentation currency of the financial statements is in Pound Sterling (£).

2. Accounting Policies

2.1 Basis of Preparation

The financial statements of the charitable company, which is a public benefit entity under FRS102, have been prepared in accordance with the Charities SORP (FRS 102) '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 (FRS 102) (issued in October 2019)', Financial Reporting Standard 102 Section 1a for small entities. 'The Financial

Reporting Standard applicable to the UK' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

2.2 Incoming Resources

Grants and donations are recognised in the accounts when the Charity has the rights to those funds and all external conditions are met. Where funds are subject to external conditions which have not been met at year end these have been dealt with as deferred income.

Where the nature of the grant is in substance a loan, in that it is potentially repayable and carries interest, then it is accounted for as a loan.

Other income is accounted for on an accruals basis so far as it is prudent to do so.

Rental income is included in Incoming Resources on an accruals basis, and is recognised in the year to which it relates.

2.3 Restricted Income

Where donors or funders specify that grants or donations, including capital grants are for a particular purpose, this income is included in incoming resources as restricted funds, and the relevant expenditure included in resources expended as restricted expenditure.

2.4 Donated Assets and Services

Donated Assets and Services received are included in the accounts at a reasonable estimate of their open market value provided by either the donor or the Trustees. The services provided by volunteers are not given a value or included in the accounts.

2.5 Income

The income shown includes assets donated to the Charity, such as canal structures which have been completed, e.g. new bridges. Transfers of freehold parcels of land are also included.

2.6 Expenditure

Expenditure is recorded on the accruals basis.

Governance costs are those costs incurred in the governance of the Charity and its assets and are primarily associated with administrative, constitutional and statutory requirements.

Grants made are recognised when payments are made to the recipient.

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STROUD VALLEYS CANAL COMPANY Notes to the financial statements Year ended 31 March 2025

2.7 Tangible Fixed Assets

The freehold property owned by the Charity is considered to be a programme asset as it is held directly in pursuit of the organisation's charitable activities and is therefore included in the accounts at cost, or estimate of market value on acquisition where donated but not depreciated.

Where a value is provided in a funding agreement under which the asset is acquired, the asset is included in the accounts at that value.

Further purchases have been made using either funding grants provided by the Heritage Lottery Fund or the charity's own funds and are included at cost.

Dudbridge Hydro scheme is depreciated on a straight line basis at a rate of 10% per annum.

Assets which cost, or are valued at, in excess of £250 are capitalised where they are expected to have a useful life in excess of 1 year. However, items of expenditure to improve property which the Charity plans to demolish in the short to medium term will not be capitalised, and will instead be recognised as an expense in the year in which the costs are incurred. Equipment and Motors are depreciated on a straight line basis at a rate of 20% per annum. Boats are depreciated on a straight line basis at a rate of 10% per annum.

Canal structures are depreciated on a straight line basis over either 10 years in the case of mooring and landing stages or 25 years in the case of bridges.

Assets in the course of construction are not depreciated until brought into use.

2.a Heritage Assets

The charitable company owns the line of the Thames and Severn Canal, from its junction with the Stroudwater Canal to the basin at Brimscombe Port, together with the towpath, locks and the fixed bridges which have primarily been in existence since the eighteenth century. These were gifted to the Charity at no cost, and it is considered that they should not be included as a Heritage Asset on the Balance Sheet. It is not considered that the cost of obtaining a valuation would be justified by the usefulness of this information to the users of the accounts. Our Heritage Assets are accessible to the public at all times.

It is our policy only to acquire Assets which are an integral part of the Canal system. We aim to preserve and maintain all our Assets in order to provide a functional Waterway for the use of the public.

However, those structures which are new-built or where costs are associated in a complete repair are capitalised according to the costs involved. Thus new bridges are depreciated over 25 years.

2.9 Taxation

As a registered Charity, the Company is generally exempt from Corporation Tax in connection with its direct charitable purpose, but not from VAT. The Charity is registered for VAT and relevant income and expenditure is included net of VAT. Where VAT is irrecoverable it is included within the expense item to which it relates.

2.10 Going Concern

The trustees have considered the financial risks that are relevant to the going concern, which are considered to be: the inability to meet its maintenance covenants under a lease. The Trustees believe that the Charity should be able to meet its commitments as they fall due, having considered a period of at least one year from the date of approval of these accounts. Therefore the Trustees consider the going concern basis to be appropriate for the preparation of the accounts.

2.11 Financial Instruments

Financial Instruments are classified by the trustees as basic or advanced following the conditions in FRS 102 Section 11. Basic financial instruments are recognised at amortised cost using the effective interest method.

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Notes to the financial statements Year ended 31 March 2025

STROUD VALLEYS CANAL COMPANY

2.12 Operating Leases

Rentals paid under operating leases are charged to the statement of financial activities on a straight line basis over the year of the lease.

2.1a Capital Commitments

As at the balance sheet date there were no current Capital Commitments

3 EXAMINATION OF ACCOUNTS

EXAMINATION OF ACCOUNTS
EXAMINATION OF ACCOUNTS 2025 2024
£ £
Net incoming funds are stated after charging:
Independent Examiners' remuneration 2,750 2,600

4 JOINT ARRANGEMENTS

As disclosed in the Director's report, the Charity is part of the Cotswold Canals Partnership and has entered into funding agreements with the Heritage Lottery Fund (HLF) and South West Regional Development Agency (SWRDA), succeeded by Homes and Communities Agency (HCA), now Homes England, jointly with Stroud District Council for the purpose of restoring the Cotswold Canal. Funding has been received by the Charity in the form of freehold land from SWRDA under these arrangements, with the Charity taking joint responsibility for certain of the obligations to HLF and HCA.

5 TOTAL RESOURCES EXPENDED

TOTAL RESOURCES EXPENDED
2025 2024
General Designated Restricted Total Total
Funds Funds Funds Funds Funds
£ £ £ £ £
Charitable activities
Lease costs 2,250 2,250 2,250 2,250
Canal repair & maintenance 48,025 48,025 100,211
Depreciation in year 109,952 109,952 129,859
160,227 160,227 232,320
Other
Insurance 13,549 13,549 8,325
Solicitors fees 3,093
Examiners' remuneration 2,750 2,750 2,750 2,600
Other Professional fees 9,796 9,796 8,716
Administration services 12,633 12,633 12,633 9,493
Other costs 6,322 322 6,322 2,947
45,050 45,050 45,050 35,174

No Trustees received remuneration during the period ended 31 March 2025 (2024: £nil). Details regarding reimbursement of expenses can be found within note 14.

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Notes to the financial statements Year ended 31 March 2025

STROUD VALLEYS CANAL COMPANY

6 TANGIBLE FIXED ASSETS

Programme Assets

Programme Assets
Assets in
Dudbridge the course
Equipment & Equipment & Hydro of
Motors Motors Boats Structures scheme Land and Buildings construction Total
£ £ £ £ £ £ £
At cost or valuation
At 1 April 2024 198,035 145,330 1,629,790 264,834 109,153 17,425 2,364,567
Additions 837 2,901 3,738
At 31 March 2025 198,872 145,330 1,629,790 264,834 109,153 20,326 2,368,305
Accumulated
Depreciation at 1 April 118,589 60,421 538,336 264,834 982,180
2024
Depreciation in year 25,972 13,100 70,880 0 - - 109,952
Total Depreciation 144,561 73,521 609,216 264,834 1,092,132
Net Book Value as at:
31 March 2025
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4		 ,3
11
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71,809
1,020,574
109,153		 20,326 1,276,173
31 March 2024 79,446 84,909 1,091,454 109,153 17,425 1,382,387
7 7DEBTORS 2025 2024
£ £
Trade debtors 134 11,635
Prepayments and accrued income 15,955 26,826
VAT 4,469 2,606
20,558 41,067
8 CREDITORS 8 CREDITORS
Amounts falling due within one year Amounts falling due within one year
Trade creditors 8,787 17,463
Accruals and deferred income 2,750 3,330
Other creditors
11,537 20,793
Deferred income
Balance brought forward Balance brought forward 750
Released in the year (750)
Deferred in the year 750
Balance carried forward 750

The deferred income relates to income received in the current financial year but which relates to the following financial year.

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STROUD VALLEYS CANAL COMPANY

Notes to the financial statements Year ended 31 March 2025

9 9FINANCIAL COMMITMENTS 2025 2024
Land & Buildings Land & Buildings
£ £
The Charity had the following annual commitments under non
cancellable operating leases:
Expiring within one and five years
Expiring after more than five years 2,250 2,250

The Charity has an obligation to maintain the canal under the lease. The future minimum lease obligations amount to £1,964,000.

10 MEMBERS' LIABILITY

Each member of the Charitable Company undertakes to contribute to the assets of the Charitable Company in the event of it being wound up while they are a member, or within one year after they cease to be a member, such amount as may be required, not exceeding £10, for the debts and liabilities contracted before they ceased to be a member.

11 CONTINGENT LIABILITIES

The Charity has entered into joint arrangements for funding with Stroud District Council as described in note 4 which subjects the Charity to joint and severable liability for obligations of and funds received by Stroud District Council in connection with these arrangements.

These liabilities are not quantifiable.

12 12STAFF COSTS 2025 2024
£ £
Wages and salaries 3,140
Social security costs
Other pension costs 38
3,178

The Charity employs one administrator (2024: no employees)

13 FUNDS

FUNDS
2025
Asat1 April 2024 Incoming
resources
for year		 Outgoing
resources
for year		 Funds transferred
during year		 Funds as at
31March
2025
£ £ £ £ £ £
General Fund 1,344,343 158,759 (205,277) (24,250) 1,273,575
Designated Funds 103,982 24,250 128,232
Restricted Property Fund 86,153 86,153
Bonds Mill Bridge Fund 50,010 50,010
Total Funds 1,584,488 158,759 205,277 1,537,970

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STROUD VALLEYS CANAL COMPANY Notes to the financial statements Year ended 31 March 2025

13 FUNDS (cont'd)

Tangible Fixed Current Current
Represented by: Assets assets liabilities Total
£ £ £ £
General Fund 1,190,020 95,092 (11,537) 1,273,575
Designated Fund 128,232 128,232
Restricted Property Fund 86,153 86,153
Bonds Mill Bridge Fund 50,010 50,010
1,276,173 273,334 (11,537) 1,537,970

The Property Restricted fund arises from property which has been gifted to the Charity following acquisition

The Bonds Mill Bridge Fund arises from income donated towards the future repair and maintenance costs of Bonds Mill Bridge.

The Board has three designated funds. The first has been designated for potential income generation from exploiting the value of extracted silt. The second is for funds to mitigate against unrecoverable accidental losses at Dudbridge Hydro Scheme. The third is a fund designed to build up sufficient funds over the next four decades to ensure the company has sufficient reserves to enable it to meet major outgoings on lock gate replacements.

14 TRANSACTIONS WITH DIRECTORS AND RELATED PARTIES

During the year, the company reimbursed expenses to directors as follows:

Keith Tibbitts 27.17 (2024- £16.99) Mike Lambert 26.49 (2024- £14.96)

Cotswold Canals Trust

Nicholas Rowson is a director of Cotswold Canals Trust. Cotswold Canals Trust provides grants to the company to enable it to carry out its work.

The Trust is a Charitable organisation, and as such the Trustees do not gain from any transaction.

Voluntary services were provided by members of the Trust at no cost to the Charity, other than a small amount of petty cash expenditure required by volunteers which was reimbursed by Stroud Valleys Canal Company to the volunteers.

Company of Proprietors of the Stroudwater Navigation.

Kevin Cranston is a Director of the Company of Proprietors of the Stroudwater Navigation.

15 PUBLIC BENEFIT

The Charity is a public benefit in that it is restoring the Thames & Severn Canal and the Stroudwater Canal for the benefit of canal users and towpath users.

16 CONTROL

The charitable company is controlled by its Board of Trustees.

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