2025-03-31-accounts - Canal & River Trust

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da y Annual Report & Accounts : ' 2024/2025

Annual Report of the Trustees of Canal & River Trust 2024/2025

Introduction

Introduction
Chair’s Introduction	3
Trustees’ Report (incorporating the Directors’ Report and the Companies Act 2006
Strategic Report Directors’ Requirements)
Strategic report
Caring for our canals	4
Providing places for people	8
Helping nature to thrive	11
Keeping history alive	12
Generating income and support	13
Our performance and priorities	15
Section 172(1) Statement	16
SECR (Streamlined energy & carbon reporting)	19
Finance Review	21
Governance Overview	31
Independent Auditor’s Report to Members of Canal & River Trust	50
Financial Statements
Financial Statements for the year ended 31 March 2025	55
Additional Information
Membership of the Board of Trustees, Executive Team,
Council and Committees	103
Council Members as at 31 March 2025	104
Supporters of Canal & River Trust	107

Chair’s Introduction

During the year 2024/25 we refined and honed our focus on the stewardship of the canal network and the service we provide to all those who use it. Maintaining this nationally important infrastructure, keeping it safe and open, in turn allows the canal network to contribute positively to significant national challenges and policy goals, such as the effective management of water, protecting and enhancing biodiversity, and providing access to open space and nature for millions of people.

We have engaged closely with the incoming Labour government, aiming to build a new partnership exploring how we can contribute further to water security and resilience, while also enabling the canal network itself to remain resilient and a net contributor to the economy.

Financial challenges continue to hit hard with the rising cost of materials, additional environmental regulations and more extreme weather events, set against decreasing government funding. We seek to build on our success in raising income from a variety of sources, including via our new fundraising strategy.

Our Better Boating Plan was developed during the year to respond to feedback and is now being implemented. To complement this, we set up

Above: Llangattock, Monmouthshire & Brecon Canal Left: David Orr CBE, Chair

an independent commission into boat licensing, responding to evolving patterns of usage, which will conclude in autumn 2025.

In December 2024 we submitted our first Climate Adaptation Report, putting us amongst the major infrastructure providers reporting to government about managing climate risk, and highlighting the role our centuries-old canal network can play.

In January Richard Parry announced his decision to step down as Chief Executive in July 2025, after 12 years. Richard’s contribution to the Canal & River Trust becoming an established and admired national charity has been phenomenal. He has led the organisation through both challenges and achievements; his dedication to unlocking the benefits of the canal network for all could not have been greater.

Sincere thanks too for the outstanding contribution of our three departing trustees, Dame Jenny Abramsky, Janet Hogben and Tim Reeve CBE, all standing down after a full nine-year term. As I thank them all for their many collective years of service, I would also like to thank colleagues and volunteers, and welcome our new Chief Executive, Campbell Robb, who joins us in October 2025.

Canal & River Trust Annual Report & Accounts 2024/2025

Foreword

Caring for our canals

Many of the canals and structures we care for are more than two centuries old. Keeping these structures and the canals themselves in safe working condition so they can be used and enjoyed by millions of people is a constant challenge. We are very grateful to our partners, funders, colleagues and volunteers who help us achieve so much.

Above: Wolvercote, Oxford Canal

We measure our performance against Defra thresholds. By the end of 2024/25, we were pleased to be performing comfortably above these thresholds relating to how we care for and manage our assets.

81.25% of our towpaths were in grade C or better condition (warning threshold 60%)

86.23% of our principal assets were at grade C or better condition (warning threshold 77%)

99.42% of our flood management assets met grade C or better condition (warning threshold 96%)

Key: Our Key Performance Indicators (KPIs) for 2024/25 are reported in these graphics with green backgrounds

Winter maintenance

During the winter, when the use of our canals for navigation is reduced, our dedicated teams get to work on restoring, repairing and upgrading these historic assets. This winter we spent over £60 million on over 200 projects across England and Wales. These included:

Undertaking inspections on major ageing structures, including Islington Tunnel on the Regent’s Canal; Harecastle Tunnel on the Trent & Mersey Canal; Llanfoist Embankment on the Monmouthshire & Brecon Canal; York Street Aqueduct on the Leeds & Liverpool Canal; Gloucester Lock on the Gloucester & Sharpness Canal; and the Tees Barrage on the River Tees.
Installing 135 new handcrafted lock gates at sites such as the Caen Hill Flight on the Kennet & Avon Canal; the Tinsley Flight on the Sheffield & Tinsley Canal; and the Hatton Flight on the Grand Union Canal.

Canal & River Trust Annual Report & Accounts 2024/2025

Strategic Report

Masonry repairs to centuries-old bridges, tunnels, and wash walls, and fixing leaks to preserve water for navigation. For example, we rebuilt a section of canal wall and towpath on the Leicester Line of the Grand Union Canal at Loughborough, and divers carried out repairs at Weston Lock on the River Avon in Bath.

Reservoir works

To address 'measures in the interests of safety', as directed by the independent inspector and regulated under the Reservoirs Act, we spent around £21.3 million upgrading 22 of our 74 large raised reservoirs.

We completed a programme of works improving the spillway and draw-off arrangements at Harthill Reservoir on the Chesterfield Canal, costing over £11 million;
At Knypersley Reservoir in Staffordshire, we completed extensive masonry repairs to the draw-off tunnel and 11-metre-high vertical drop spillway;
Major upgrades were completed at March Haigh Reservoir on the Yorkshire Moors and Olton Reservoir near Solihull;
Construction of the new spillway at Toddbrook Reservoir, Whaley Bridge was sufficiently completed to pass flows in June 2025, with the works now forecast to be finished in spring 2026.

We have also seen advances in how we use technology to manage reservoir safety. We’ve installed enhanced remote monitoring at a further eight sites, including CCTV and remote measurements using a robot to check the condition of the draw-off pipe at Rotton Park Reservoir in Birmingham.

We successfully appealed the conditions for our abstraction licences in Wales at Penarth and Tanat for the Montgomery Canal, internationally recognised as a Special Area of Conservation.

Towpath improvements

90% Towpath User Satisfaction (Target 90%)

During 2024/25, thanks to external funding from a range of partners, we upgraded over 18.6 miles (30 kilometres) of towpaths, at a cost of over £7.3 million. This includes:

Resurfacing 5.5 miles of towpath on the Trent & Mersey Canal through Burton upon Trent (funded by Burton Towns Fund and the National Lottery Heritage Fund). Research carried out after the work was completed revealed 77% of visitors had increased their use of the towpath;
Improving 2 miles of the Leeds & Liverpool Canal towpath between Kildwick and Silsden in West Yorkshire (supported by West Yorkshire’s Active Travel Fund). This ‘missing link’ project has unlocked 34 miles of upgraded towpath from Leeds city centre to Gargrave, the gateway to the Yorkshire Dales;
Upgrading 4 miles of the Lancaster Canal towpath on the Northern Reaches from Stainton to Holme Village (funded via the Lancaster Canal Regeneration Partnership and Westmorland & Furness Council), helping create the new Lancaster Canal Towpath Trail between Kendal and Lancaster.

Dredging

Campaigning for a sustainable water supply

It is vital that canals have a sustainable supply of water for navigation, to prevent significant infrastructure challenges and to protect their biodiversity. This year, we devoted considerable effort engaging the Welsh government to secure a sustainable water supply for the Monmouthshire & Brecon Canal, which flows through the Bannau Brycheiniog National Park. New abstraction licensing severely restricts the amount of water that can be drawn from the River Usk, threatening the canal’s future and the social, economic and environmental benefits it provides.

Nationally, we spent over £6.8 million on dredging, removing over 60,000 tonnes of material and improving over 40 miles of waterway.

Projects included: removing over 5,000 tonnes of sediment from the Walsall Canal near Ryders Green Locks; nearly 3,000 tonnes from the Oxford Canal near Kidlington; and over 2,000 tonnes from five locks on the River Avon near Bath.

Less than 1% of the dredged material was sent to landfill, and the rest was redistributed locally.

Canal & River Trust Annual Report & Accounts 2024/2025

Strategic Report

Dealing with emergencies

We deal with many emergencies across our network throughout the year. Key events during 2024/25 included:

A serious contamination incident on the Walsall Canal in August 2024, when approximately 4,000 litres of sodium and zinc cyanide were spilled into the canal. As part of a multi-agency response we helped contain the contamination, launched a campaign raising an estimated £25,000 to help save affected wildlife, and dredged the canal to remove cyanide-contaminated silt;
A major breach at Lancaster Canal’s Grade II Listed Hollowforth Aqueduct, where our local team quickly installed temporary dams across the canal. The eight-month restoration project cost over £1.6 million;
Emergency repairs to High Orchard Bridge carrying St Ann Way over the Gloucester & Sharpness Canal in Gloucester, costing over £250,000;
Repairing a 100-metre section of Grand Union Canal bank south of Leicester which was washed away by flood water the previous winter; and
Starting work to restore a failed embankment at Lock 11 on the Huddersfield Narrow Canal, following extreme rainfall in December 2024.

Keeping the taps on

For decades, our canals have demonstrated they can provide a sustainable way to move water over long distances without the need to construct substantial new infrastructure. With our partners Severn Trent Water and Affinity Water, we consulted on plans to use a section of the Grand Union Canal to move water from the Midlands to the South East, to provide thousands of homes and businesses with a reliable supply of drinking water in the future.

major infrastructure providers reporting to the Government about managing climate risk. The Report shows how climate change affects the canal network and its associated structures and habitats, now and in the future. It details the 12 biggest risks, including flooding, drought, subsidence, structural damage and ecological degradation, and describes how we manage them. It also examines how canals can help mitigate the impacts of climate change by, for example, transferring water, moving flash floods away and reducing urban heat island effects.

Heating and cooling buildings

We completed a contract with Mersey Heat in Liverpool, installing water source heat pumps and thermal stores to provide sustainable energy for Peel NRE’s Energy Supply Company. This facility will supply more than 9,000 new homes and 4 million square feet of commercial space at Liverpool Waters, and other nearby buildings. These water source heat pumps (6MW in total) take water from the Leeds & Liverpool Canal before returning it to Peel’s dock system. They are expected to save around 4,200 tonnes of carbon per year.

Managing invasive plants

Warmer and wetter weather is accelerating the spread of invasive plant species like floating pennywort and water fern on our waterways, destroying habitats and affecting navigation. Thanks to around £600,000 funding from Severn Trent's Great Big Nature Boost Scheme, we completed our four-year-long Invasive Species Eradication Project, treating over 194 miles of waterways in the Severn Trent supply area, including removing around 1,500 tonnes of floating pennywort from the River Soar. Volunteer work to help manage invasive plants has also increased significantly across our network.

Moving to electric

We commissioned the Energy Saving Trust to help develop a plan to transition our 400 work vehicles to electric power. The first 25 electrically powered vehicles will be purchased in 2025/26 when we'll also start installing charging points.

The impact of climate change

Our changing climate continues to have a massive impact on our waterways, with storms bringing widespread damage to our network.

In December 2024, we submitted our first Climate Adaptation Report, putting us amongst the

Managing waste

Through our waste contracts we collected over 6,800 tonnes of waste from our waterways, of which 98% was recycled or recovered through waste to energy, and 2% went to landfill.

Canal & River Trust Annual Report & Accounts 2024/2025

Strategic Report

Supported by volunteers

747,518 Active Volunteer Hours (Target 762,000) 5,473 Active Volunteers (Target 4,800)

Our volunteers play an essential role in repairing and maintaining our canals, helping us with projects across nearly all aspects of our work. We continued to expand volunteer numbers and involvement, and to strengthen ties with local communities to encourage them to help care for their local waterways. We were delighted to exceed our target on the number of active volunteers supporting us, despite the number of volunteer hours falling short of our target – perhaps again due to last year's poor weather.

As well as the thousands of individuals who regularly volunteer for us, we are grateful for the efforts of our corporate volunteers. For example, in the West Midlands a construction company donated five people for eight weeks to help us refurbish two kilometres of towpath, and around 50 Coca-Cola Europacific Partners employees helped clear litter from a stretch of the Birmingham Canal Navigations as part of a team engagement day.

Community payback

Our National Probation Partnership with the Ministry of Justice continues to expand, with over 70,000 hours of community payback activity delivered during 2024/25, involving nearly 6,000 people on probation and helping to improve our waterways at 36 sites. HM Inspectorate of Probation's 'A thematic inspection of the delivery of unpaid work' report, published in February 2025, positively highlighted our partnership and its impact.

Our people

Our colleague and volunteer accident frequency rate ended the year at 0.11 (HSE reportable

accidents per 100,000 hours worked), against a target of <0.15. This welcome reduction from 0.16 in 2023/24 reflects a continued focus on managing our health and safety risk, with root cause analysis of all significant incidents to ensure we are taking steps to reduce this figure further.

0.11 Safety of our colleagues accident frequency rate (Target <0.15)

We continue our efforts to improve communication and engagement with our colleagues. While we fell slightly short of our target, we are pleased with the growth in engagement over the last two years.

7.9 Colleague engagement score (Target 8.0)

Our ‘Stronger Together’ strategy continues to drive progress in building a more inclusive workforce. We exceeded our target for overall representation of people of colour, and made strong progress on recruitment. We continue to improve our processes to increase the diversity of our colleagues.

5.9% of colleagues from ethnically diverse backgrounds (Target 5.4%)

9.3% of recent hires from ethnically diverse backgrounds (Target 10.0%)

We employed 21 people through our apprentice programme, with four positions made possible thanks to players of People's Postcode Lottery.

Canal & River Trust Annual Report & Accounts 2024/2025

Strategic Report

Providing places for people

Our canals are open and freely available to everyone, providing millions of people with easy access to blue and green outdoor space, for exercise and the chance to connect with nature, crucial for mental and physical health and wellbeing.

Above: Hanwell, Grand Union Canal

77% of people living within 1km corridor recognise the value of waterways (Target 80%)

10.3 million visitors in typical two-week period (Target 10.4 million)

791 million unique visits over the 12 months (Target 900 million)

51% of adults living within one kilometre and use our waterways regularly (Target 53%)

Bringing people to our waterways

This year, over 791 million visits were made to our waterways. This fell short of our target of 900 million, with the prolonged poor summer weather likely to be a major contributing factor. With the overall number of individual visitors holding up well at 10.3 million, this reflects a reduced frequency of visits on average.

During 2024/25 we hosted almost 2,500 events, with an estimated attendance of over 520,000. These included nearly 2,000 Trust-led events, enjoyed by approximately 130,000 people.

We encouraged people to see our winter maintenance work at three sites: Caen Hill Locks on the Kennet & Avon Canal in Wiltshire; Hatton Locks on the Grand Union Canal in Warwickshire; and Leeds Lock, in the heart of the city.

Almost 19,500 people enjoyed fishing, walking, paddleboarding, kayaking and other activities at over 1,250 events held across our network as part of our Let’s programme, supported by players of People’s Postcode Lottery.

Our Let’s Fish! programme continues to reel in thousands of young people to take part in our national fishing programme. In September we held the largest gathering of young anglers in decades in the West Midlands, as part of our National Celebration of Young People and Fishing.

During the year, we also celebrated 180 years of operation at Diglis Locks in Worcester; the 150th anniversary of Sharpness Docks; and 30 years since the reopening of the Bridgwater & Taunton Canal. People visiting our canals can now benefit from eight new free online Places to Visit Guides, containing maps, information about visitor facilities and free activities at over 100 sites across our network.

Reaching new audiences

We continue to take steps to raise awareness of our canals as places to visit for physical and mental health and wellbeing.

We were delighted that our Swim Sista Swim programme, which aims to help black women in Nottingham build confidence in and around

Canal & River Trust Annual Report & Accounts 2024/2025

Strategic Report

water, won the Equity Award in Nottingham and Nottinghamshire Integrated Care System Health & Care Awards, and the Physical Activity Group Award at the This Girl Can Awards in Nottingham.

We celebrated Diwali in Leicester with a spectacular Waterfall of Lights display on the River Soar. And we marked Black History Month in Nottingham by hosting activities with Binks Yard on the Nottingham & Beeston Canal.

Active Lives

We’re working with communities across our network to promote active lives.

We were awarded £1.67 million to contribute to Sport England’s ‘Uniting the Movement’ 10year vision to transform lives and communities through sport and physical activity. Our three-year programme focuses on removing barriers to access and improving the quality of waterway spaces to create welcoming, inviting and safer places both on and off the water. We trained 40 people to lead a series of community activities, including paddling, fishing, walking, chair yoga and cycling. Around 250 activity sessions took place and over 2,500 people took part.

With Ealing Council and other partners in Southall, our Grand Union Canal Wellbeing Way project has improved the canal’s towpath and links to green spaces. With Active Black Country, we launched a five-year Black Country Canals strategy to maximise the potential of the area’s canal network to improve the health and wellbeing of local communities.

We launched our enormously popular ‘Paddle under the Pennines’ event, offering paddle sport fans the opportunity to canoe through Standedge Tunnel, the longest, deepest and highest canal tunnel in the UK.

Culture and art on our canals

Our year-long ‘The Bridge that Connects’ community arts project celebrated the Pontcysyllte Aqueduct World Heritage Site and explored the vibrant cultural heritage of Trevor, Froncysyllte, Cefn Mawr and Chirk through art, performance, culture and storytelling. The £259,000 project with Wrexham County Borough Council was funded by the UK Government through the UK Shared Prosperity Fund, administered by Gwynedd Council.

On the Sheffield & Tinsley Canal at Tinsley we installed The Looping Boat major public artwork by British artist Alex Chinneck, celebrating the area’s historic waterways and industrial heritage. Our Super Slow Way arts programme on the Leeds &

Liverpool Canal, involving the local communities of Pennine Lancashire and funded by Arts Council England's Creative People & Places scheme, continues to bring people together along the canal.

Green social prescribing

Our Green Social Prescribing programme continued to evolve, with walking, paddling, and arts and crafts activities helping over 650 people increase their activity levels, whilst connecting with nature and each other. Healthcare professionals led regular walks along the Birmingham Main Line Canal in Ladywood and the Bradley Arm Canal in Bilston. Our South Leicestershire Waterways & Wellbeing programme, run in partnership with Oadby & Wigston, Market Harborough and Blaby district councils, hosted activities from our paddle hubs at Kilby Bridge and Foxton Locks. We also ran Waterways & Wellbeing programmes in Rushcliffe in Nottinghamshire and, thanks to funding from Defra’s Greenspace, in Nottingham.

Community Roots

Supported by players of People’s Postcode Lottery, our Community Roots programme aims to increase canal and river use in some of the most deprived areas in the UK. To help reduce health and social inequalities we are increasing volunteering and community ownership in 10 target areas. Last year close to 23,000 people took part in the programme.

Keeping people safe

55

reported public safety incidents related to our infrastructure (Target <35)

Feel Safe By Water 84% (Target 85%)

The number of reported public safety incidents related to our infrastructure increased from 37 reported incidents in 2023/24 to 55 in 2024/25. Analysis shows the majority of injuries are a result of slips, trips or falls, accidents involving locks, or injuries from vegetation, such as overhanging tree branches. The wet weather during spring and summer caused slippery conditions, towpath erosion and an overgrowth of vegetation.

We continued to promote the safe use of our waterways through a series of programmes and campaigns.

Canal & River Trust Annual Report & Accounts 2024/2025

Strategic Report

Personal security ratings of people using our waterways increased to 84% (83% 2023/24), just short of our target of 85%.

Education and learning

Supported with funds raised by players of People’s Postcode Lottery, our Canal & River Explorers programme continues to encourage primary school-aged children to connect with nature and enjoy the physical and mental wellbeing benefits of outdoor learning, while building vital skills that contribute to nature’s recovery.

Over 103,000 children took part in our Explorers and STEM outdoor learning programme, including 69,000 attending water safety sessions. We improved our Explorers website, giving teachers and youth leaders access to a wealth of free, curriculum-linked resources designed to inspire children’s curiosity about waterways and the natural world.

Green and Blue Flag awards

More than a than a third of our network (741 miles) has been awarded Green Flag status, the international benchmark for well-managed parks and green spaces. The Blue Flag award for our Royal Albert Dock and Salthouse Dock in Liverpool was reconfirmed, recognising outstanding environmental information, management, safety and boating services.

Responding to our customers

We work hard to provide a responsive and efficient service to our customers. Across the year our customer service teams and partners answered 108,294 calls, 47,714 emails and 4,068 website live chats.

76% of customers were satisfied with how their query was dealt with.
99.85% of our licensing-related enquiries were resolved at the first contact.

Supporting boaters

55% Boater Satisfaction (Target 54%)

We were pleased to have increased our Boater Satisfaction rating to 55%, following last year's rating of 46%. We listened to boaters’ concerns through a series of workshops and surveys, and developed our Better Boating Plan. This plan, which includes an extra £3 million investment over the next three years, outlines how we will improve navigation and target issues that predominantly affect boaters. A new boating sub-committee of our board has been set up to oversee its implementation, and to focus attention on the service provided to boaters.

We’ve also taken steps to improve our communication with boaters, including starting a programme of online and face-to-face forums, improving our stoppage notices system and online booking systems for structures and moorings.

Recognising the significant changes in the use of our network over the last 30 years, we set up a Commission to review the framework around our boat licensing and service delivered to boaters more generally. To help them make recommendations, the Commission launched a survey asking boaters and other stakeholders about their experiences and changes they’d like to see to our approach to boat licensing.

Our 2024 Hire Boat Survey revealed 87% would recommend holidaying on the canals to others, 92% felt their holiday was value for money and overall satisfaction with the experience was at 93%.

Our welfare team connects boaters with local authorities, Citizens Advice, the Waterways Chaplains and local charities, so they can access support and benefits. We also published our Issues & Challenges Report based on data collected in our Boater Census (2024). The Report details the rights boaters have, for example being entitled to register to vote, and explains ways to access support.

Canal & River Trust Annual Report & Accounts 2024/2025

Strategic Report

Helping nature to thrive

Our canals and rivers form the nation’s longest corridor of freshwater habitat, linking increasingly fragmented wildlife habitats and supporting biodiversity. Our canal network includes 68 Sites of Special Scientific Interest.

Above: With the Welsh Harp Conservation Group, we installed 14 new tern rafts, providing safe nesting habitats to support the breeding of common tern water birds at Brent Reservoir in West London, a SSSI.

Restoring the Montgomery Canal

Work continues on the Montgomery Canal, with 4.4 miles being improved in Powys thanks to Government Levelling Up funding. We embarked on the next phase of the volunteer-led restoration, focussing on a 360-metre section of the canal from Crickheath towards Schoolhouse Bridge, thanks to £253,000 funding from the Government’s UK Shared Prosperity Fund, the Shropshire Union Canal Society and Restore the Montgomery Canal! public appeal.

A £250,000 grant from the Nature Networks Fund is helping to improve a restored stretch of the Montgomery Canal near Welshpool – enabling us to remove silt and invasive plant species, improving water quality, protecting rare plant and animal species, and allowing the Heulwen Trust to operate its accessible trip boat.

maintaining biodiversity rich hedgerows. Thanks to £27,500 from the Drax Foundation, volunteers on the Grand Union Canal in Northamptonshire were also trained in hedge-laying.

Mapping the ecological footprint of our waterways

As part of our commitment to nature recovery, we mapped the ecological footprint of our waterways, revealing that they flow through 32 of the 48 Local Nature Recovery Strategy areas. We’re asking local authorities to embed canals into their local nature recovery strategies, strengthening their role in reversing biodiversity loss.

Unlocking Biodiversity in the West Midlands

Our two-year project supported by Severn Trent to improve over 200 miles of priority habitat across the West Midlands, continued with new water vole habitat, reed beds, wildflower seeding and hedgerow restoration.

Improving our hedgerows

As part of the ‘Putting Down Roots’ project funded by the Local Places for Nature Fund, our volunteers laid sections of new hedgerows along the Montgomery Canal at Brithdir and Belan. Working alongside Handpowered, the volunteers were trained to carry out the centuries-old technique for

We secured further funding from the West Midlands Combined Authority for improvement projects in Birmingham, Walsall and Wolverhampton, where our volunteers can improve biodiversity and connections between people and nature.

Canal & River Trust Annual Report & Accounts 2024/2025

Strategic Report

Keeping history alive

We care for almost 2,700 listed structures and 46 scheduled monuments, and our canals represent the finest example of industrial heritage in the world, attracting visitors from across the globe.

Above: Canal Museum Stoke Bruerne, Grand Union Canal

Surveying our built heritage

Our volunteers have started recording the built heritage across our 2,000-mile network, from the largest aqueduct to the smallest boundary stone. This work builds on a survey first conducted in the early 1990s, and is supported by players of People's Postcode Lottery. Using a purpose made app, volunteers are photographing and recording historic details of the heritage structures they find. The project is expected to take four years.

Prosperity Fund via Shropshire Council, we are developing plans for our Ellesmere canal maintenance yard on the Llangollen Canal. Our Forging Ahead project aims to preserve the rich industrial heritage of the site, both as a working boat yard and a hub for creative artists, balancing operational needs with community engagement, offering opportunities for volunteering, heritage skills training and educational activities.

Preserving our industrial heritage

Recording stories of canal restoration

We launched a new oral history project asking canal enthusiasts and volunteers to share first-hand accounts of canal restoration work in the West Midlands from the 1960s to the 1990s. The initiative, made possible thanks to funds raised by players of People’s Postcode Lottery, aims to create a lasting record of the incredible efforts that led to the restoration of the canals.

With funding from the Association for Industrial Archaeology, we repaired the cab and motor of a Scotch Derrick crane, a distinctive feature on the River Severn at Diglis Island for over 70 years. We were awarded a £234,000 grant from the National Heritage Memorial Fund to begin work to preserve ‘Basuto’, a rare Clyde puffer boat at our National Waterways Museum in Ellesmere Port.

Visits to our museums

Aberbechan Aqueduct

Thanks to Cadw’s Historic Buildings Grant, we repaired the Grade-II Listed Aberbechan Aqueduct on the Montgomery Canal near Llandyssil in Powys, removing it from the Buildings at Risk register.

Forging ahead at Ellesmere Yard

We care for over 15,000 objects and over 50 national historic ships across our museums at Gloucester, Ellesmere Port and Stoke Bruerne. Almost 120,000 people visited our museums during 2024/25, and over 153,000 experienced our visitor centres at the Anderton Boat Lift, Standedge Tunnel, Diglis Island and Trevor Basin.

With funding from the National Lottery Heritage Fund, Historic England and the UK Shared

Canal & River Trust Annual Report & Accounts 2024/2025

Strategic Report

Be Generating income and support

Our core mission is to secure a sustainable future for our canal network, keeping it open and alive, making it resilient and safe, and maximising its value for people, nature and the economy. To do this we must generate income and support from an increasingly wide range of sources.

Above: Grand Union Canal, Hanwell

Fundraising

We launched our ‘A perfect storm’ fundraising appeal in November asking for support to meet the cost of repairing storm and flood damage, raising over £100,000.

32,086 Friends (regular supporters) (Target 31,000)

Our regular supporters grew from 27,236 to 32,086, exceeding our target of 31,000, and providing a good foundation for future fundraising goals. We thank our Friends for their support, and we’re grateful to those supporters who have made one-off donations or left gifts in their wills.

Our fundraising income from donations increased to £6.7 million (£6.3 million in 2023/2024), but fell short of our target of £8.5 million, primarily due to lower than expected income from trusts, foundations and statutory sources.

Canal & River Trust Annual Report & Accounts 2024/2025

Strategic Report

Third party funding

Our income from third party funding fell to £10.9 million (£16.0 million in 2023/24). This decline was mainly due to project delivery delays, often caused by factors beyond our control.

We benefited from a number of Government programmes, including Towns funds, Active Travel England, Sport England and the National Lottery. We were awarded £2.5m by Postcode Earth Trust thanks to funds raised by Postcode Lottery players. Since 2012, players of People’s Postcode Lottery have raised £24 million for the Trust, supporting a wide range of projects.

Brand awareness

52% Brand Awareness (all) (Target 52%) 65% Brand Awareness (living within one kilometre) (Target 67%)

Canalside development, which will create 530 new homes. This land alongside the Wyrley & Essington Canal and Wolverhampton Branch of the Birmingham Main Line Canal was formerly an industrial site.

Commercial income

We continued to grow our income from other sources, such as utilities and water. For example, we completed an agreement at Four Ashes, on the Staffordshire & Worcestershire Canal in Cannock, for a new bridge crossing, as well as long term sustainable surface water drainage for the West Midlands Interchange.

We let waterspace in Canning Dock in Liverpool for the restored Mersey Ferry Daffodil, now transformed into a floating bar and restaurant.

In partnership with Ionity, we delivered a 12-bay electric vehicle charging site just off the M6 motorway at Caton Road, close to the Lancaster Canal. This venture generates a long-term income for the Trust and supports the journey to net zero.

Income from boating

During 2024/25 public awareness of the Trust rose to 52% across the population of England and Wales (from 50% in 2023/24). We fell short of our target to reach 67% of those living within one kilometre of our waterways (from 66% in 2023/24).

Over 1.75 million people connected with us across our social media channels, as email subscribers, regular donors and volunteers, up from 1.6 million last year.

Our income from boat licences, business boating agreements and moorings was up 7.3% to £55.2 million (£51.5 million in 2023/24). Revenue from boat licence fees currently makes up 14% of our annual income, and is an essential contribution towards the ongoing maintenance and repair of the historic canals and rivers in our care.

Our 2024 Boater Report gave an overview of how we generated our income and our expenditure during 2023/24 to maintain navigation.

Investment and property

As well as generating income from investment activities, including property rents, we made changes to our investment portfolio. We sold £52.8 million of our properties at 22% above fair value and reinvested the proceeds into financial assets which will, in the longer term, generate higher income for spend on our network.

High-quality waterside homes and businesses help to build thriving communities. We are working with a range of partners to create new spaces for people to live and work. In partnership with City of Wolverhampton Council, we sold land to Wavensmere Homes for its Wolverhampton

Our March 2025 National Boat count showed a small rise in boat numbers on our network, most notably a 2.5% increase in continuous cruisers without a home mooring, and confirmed that licence evasion has continued to rise with 9.9% of boats seen in the count unlicensed, up from 8.2% in 2024.

It’s important that we manage boats on our canals fairly. Despite our best efforts to resolve matters, in 2024/25 unfortunately we were forced to remove 101 unlicensed boats, many of them abandoned, from the network.

Canal & River Trust Annual Report & Accounts 2024/2025

Strategic Report

Our performance and priorities

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2024/25 2024/25 2025/26
Target Actual Target
Visitor Volume
No. of users & visitors to our waterways in typical two-week period 10.4m 10.3m 10.4m
No. of unique visits to our waterways over the twelve months 900m 791m 820m
Satisfaction Rating
Towpath User Satisfaction 90% 90% 90%
Boater Satisfaction 54% 55% 60%
Public Safety
No. of reported incidents due to infrastructure 35 55 <45
Safety of our Colleagues
Combined employee, volunteer/contractor RIDDOR accident frequency rating 0.15 0.11 <0.10
Asset Resilience
Number of critical assets (Category 1) 138 133 <135
Brand Awareness (All & 1km)
% of prompted awareness of the Trust among total population & local people 52% 52% 53%
Supporter Growth
No. of Active Regular Givers (active Friends & other regular individual donors) 31,000 32,086 36,000
Diversity
% of colleagues from ethnically diverse backgrounds 5.4% 5.88% 6.0%
% of recent hires ethnically diverse backgrounds 10% 9.27% 10%
Colleague Engagement
Colleague engagement score 8.0 7.9 8.0
Volunteer engagement score 8.3 8.5 8.5
Active Volunteers
No. of volunteer hours 762,000 747,518 775,000
No. of active volunteers 4,800 5,473 5,600
Grow our charitable income
Fundraising income £8.5m £6.7m £9.2m
----- End of picture text -----*

HSE reportable accidents per 100,000 hours worked
** Critical asset structures are a sub-set of the Trust’s principal assets, e.g. earth structures, culverts, locks, bridges, tunnels, weirs and sluices. Category 1 indicates a relatively poor condition; hence, they are subject to additional inspection, risk assessment, mitigation and monitoring, with improvement work prioritised based on risk.

Going forward, targets include three new metrics:

The number of unplanned navigation stoppages greater than 48 hours. Our target for 2025/26 is fewer than 170 (182 in 2024/25);
The awareness of the Trust as a charity amongst the general public. Our target for 2025/26 is 21% (19% in 2024/25); and

We are no longer including: the percentage of local people living within 1km/10-15 minute walk using our waterways regularly; the percentage of people living within a 1km corridor recognising the value of our waterways; the number of supporters across all channels; and the proportion of visitors to our waterways rating their personal security safety as excellent or good. These will still be tracked within the Trust.

The number of engaged email newsletter subscribers. Our target for 2025/26 is 155,000 (141,000 in 2024/25); this replaces our more general measure of supporters.

In addition to these KPIs, we maintain and monitor our performance against asset condition KPIs set by Defra, which continued to track above the set thresholds in 2024/25.

Canal & River Trust Annual Report & Accounts 2024/2025

Strategic Report

Section 172(1) Statement

As directors of a large company limited by guarantee, registered as a charity, the Trustees are required to report how they have performed their duty under Section 172(1) (“s.172(1)”) of the Companies Act 2006.

S172(1) provides that, for charitable companies where the purposes of the company are something other than the benefit of its members, the Trustees must act in the way they consider, in good faith, would be most likely to achieve its charitable purposes. Specifically, they must have regard (amongst other matters) to the following factors (contained in s.172(1) (a) to (f)):

a) the likely consequences of any decision in the long term
b) the interests of the Trust’s employees
c) the need to foster the Trust’s business relationships with suppliers, customers and others
d) the impact of the Trust’s operations on the community and the environment
e) the desirability of the Trust maintaining a reputation for high standards of business conduct
f) the need to act fairly as between members of the Trust

The Trust complies with s.172(1) of the Companies Act 2006. Trustees recognise the crucial role of the various stakeholders in supporting the Trust to achieve its charitable purpose. The Trust believes strong working relationships with partners and wider stakeholders to be of paramount importance; by working together, the Trust can achieve its long-term goals more effectively.

Trustees receive reports at each board meeting from the Executive Team which include details of the Trust’s external relations and engagement with partners. The views of key stakeholders are relayed to Trustees to enable them to consider the impact of their decision making upon such stakeholders.

Trust Board meetings during the financial year covered a number of matters. Key matters considered by the Board during the financial year include (not exhaustive):

[ Annual Report & Accounts 2023-2024]
[ Long term financial plan]
[ Developing Our 2035 Strategic Direction and Framework]
[ Strategic review of risk and risk Management]
[ Regular health and safety updates]
[ Annual boat licence fee review]
[ Fundraising Strategy]
[ Approval of Trust policies ]
[Annual reports for reservoirs, safeguarding, harbour management and the Trust’s ] National Advisory Groups

Section 172(1) Statement

Canal & River Trust Annual Report & Accounts 2024/2025

The agenda and supporting papers for the Board of Trustees meeting can be found on the Trust website here: Meetings | Canal & River Trust (canalrivertrust.org.uk)

The Trustees specifically considered impacts on stakeholders when making key decisions in relation to revising the business plan to respond to programme delays and inflation rises, when reviewing strategic programmes and undertaking the annual strategic review of risk.

The Trust has a wide range of stakeholders. The engagement with key stakeholders within the reporting period and the outcomes, are described below. This section includes the Trust’s statement on employee engagement and its engagement with beneficiaries, services users, suppliers, customers, the wider community and others in business relationships with the Trust.

Our Key Stakeholders – Colleagues

Trustees value the contribution that our colleagues (employees) and volunteers make to the successful delivery of our strategy and charitable purpose.

How the Board engages with them and ensures that their interests are taken into account

Trustees, via reports to the Board (including a standing report from the Trust’s People Director) and committees, considers colleagues’ and volunteers’ interests when making decisions, including health & safety, safeguarding, diversity & inclusion and engagement.

Through the People Director reports to the Board updates are provided on discussions with trade union and other colleague consultations.

The Director of Communications & External Affairs updates the Board on Trust internal communications on training, business planning and wider Trust strategy. The Chief Executive also records an online weekly video for all Trust colleagues, which includes an overview of Board meetings and discussions.

As detailed within the Governance section, diversity and inclusion remains a key focus of the Board, who were also updated on the continued growth during the year of the Trust’s inclusion ‘circles’ (employee networks – including Armed Forces, Caring for Dementia, Ethnicity, Menopause, Neurodiversity, Rainbow and Women).

The success of the Trust’s colleague engagement initiatives were measured through the year using our annual colleague and volunteer engagement survey as well as additional pulse surveys, and the outcomes shared with the Board.

The standing Board report from the Trust’s Director of Health & Safety includes an update on significant and/or reportable colleague health and safety incidents and initiatives which Trustees routinely interrogate and continue to push for the highest possible standards.

Our Key Stakeholders – Communities and the Environment

Trustees engage with the communities the Trust operates within – nationally and regionally – to understand the issues that are of importance to them and the impact of the Trust’s activities on communities and the environment.

How the Board engages with them and ensures that their interests are taken into account The Board engages with key stakeholder groups via their elected and nominated representatives on the Council, at the Annual General Meeting and other Council meetings every year. The Council’s Annual General Meeting took place in Dudley in September 2024, while the Council meeting in March 2025 was held in Leicester, with local site visits for Council and Board members taking place before each meeting.

The Trust’s Regional Advisory Boards and National Advisory Groups help the Trust to access local knowledge and ideas, and to build relationships, reach diverse local communities and stakeholder groups, and translate national priorities into local initiatives.

Elsewhere, the Trust puts a significant amount of resource into community-based activities, which during the year included successful Open Days across the network.

Section 172(1) Statement

Canal & River Trust Annual Report & Accounts 2024/2025

The Annual Public Meeting provides an opportunity for Trustees to hear the questions and views of local stakeholders, enabling them to have these views in mind when making decisions that have a wider impact upon communities and the environment.

Throughout the year, Trustees met in person for Board meetings and site visits across the regions where the Trust operates. They also engaged with stakeholders at a series of evening receptions held in Newbury, Newport, Strawberry Island Boat Club Chesterfield, Dudley, and Leicester.

The Board took account of the impact on local communities when undertaking its annual strategic review of risk, particularly in relation to possible risks of major breaches of assets with a high consequence of failure, in terms of flooding and local disruption.

Our Key Stakeholders – Customers and Visitors

Trustees recognise the variety of the Trust’s customers and visitors and aim to foster good relationships and uphold the highest possible service standards.

How the Board engages with them and ensures that their interests are taken into account

Customer views and requirements are gained through a range of mechanisms with regular surveys to provide insight on customer satisfaction and other measures of service, which the Board took into account when considering boat licence fee rates and customer service facilities. The Trust’s Annual Public Meeting provides customers and visitors with the opportunity to ask questions of the Chair and Chief Executive on a broad range of topics. In addition, Regional Advisory Boards also held local online Annual Public Meetings, giving local stakeholders further opportunity to engage with the Trust.

Customer and user groups make up our National Advisory Groups, which help inform Trust policy in particular areas such as navigation, fishing, heritage and the environment, particularly in the context of Board consideration of the Restoration Policy.

Trustees also receive updates on customer and visitor views via the Chief Executive’s standing report to each Board meeting, and consider those views, where relevant, as part of their decision making.

Our Key Stakeholders – Suppliers and Businesses

Trustees recognise the importance of fostering good business relationships with suppliers and other businesses in the inland waterway sector and more widely, and of maintaining a reputation for high standards of business conduct, to help achieve the Trust’s charitable aims and long-term success.

How the Board engages with them and ensures that their interests are taken into account

The Board approved an updated Procurement Policy Statement which defines for suppliers the Trust’s standards of business ethics and conduct. Trustees have approved a Modern Slavery Statement and Anti-Fraud and Bribery Policy, which suppliers must adhere to. The Trust also has a policy in place to ensure its compliance with competition law in terms of its activities in areas where it is the network operator and a commercial participant (e.g. Waterside Moorings).

Our Key Stakeholders – Government and Regulators

Trustees are fully aware of the role of Government in setting policy objectives and regulators in terms of compliance with relevant legislation.

How the Board engages with them and ensures that their interests are taken into account

During the financial year, the Board was kept updated on grant review discussions with Defra and subsequent correspondence with Ministers and senior Defra officials.

Trustees are updated on legal and regulatory developments at each Board meeting through the Governance report and take these into account when making decisions.

Section 172(1) Statement

Canal & River Trust Annual Report & Accounts 2024/2025

SECR (Streamlined energy & carbon reporting)

Carbon Footprint 2024/25

----- Start of picture text -----
Activity Energy (kWh) Emissions (tCO₂e)
Scope 1 Total 10,012,931 2,293
Natural Gas (Mains) 1,702,821 311
Transport 8,271,396 1,974
Other Fuels 38,714 8
Scope 2 (Location-Based) Total 13,209,346 2,735
Electricity (Location-Based) 13,209,346 2,735
Scope 3 Total 3,155,457 730
Business Travel – Employee owned vehicles 2,803,659 677
Business Travel – other 351,798 53
Total 26,377,734 5,758
Intensity Ratio – Emissions (tCO₂e) per Expenditure on Charitable Activities (£million) 31.16
Outside of scopes Emissions (tCO₂e)
Transport and Other Fuels (biogenic content) 168
----- End of picture text -----

Carbon Footprint 2023/24

----- Start of picture text -----
Activity Energy (kWh) Emissions (tCO₂e)
Scope 1 Total 11,605,398 2,613
Natural Gas (Mains) 2,815,799 515
Transport 8,753,432 2,090
Other Fuels 36,167 8
Scope 2 (Location-Based) Total 13,817,722 2,861
Electricity (Location-Based) 13,817,722 2,861
Scope 3 Total 3,182,278 743
Business Travel – Employee owned vehicles 2,861,903 694
Business Travel – other 320,375 49
Total 28,605,398 6,217
Intensity Ratio – Emissions (tCO₂e) per Expenditure on Charitable Activities (£million) 29.80
----- End of picture text -----

Quantification and Reporting Methodology

The Trust has taken guidance from the UK Government Environmental Reporting Guidelines (March 2019), the GHG Reporting Protocol – Corporate Standard, and from the UK Government GHG Conversion Factors for Company Reporting document for calculating carbon emissions. Energy usage information (gas and electricity) has been obtained directly from our energy suppliers and half-hourly (HH) data, where applicable, for the HH supplies (there was no estimation profiling required). For supplies where there wasn’t complete 12-month energy usage available, flat profile estimation techniques were used to complete the annual consumption. Transport mileage data was obtained from expense claims submitted for our company cars and grey fleet. CO₂e emissions were calculated using the appropriate emission factors from the UK Government GHG conversion information.

SECR (Streamlined energy & carbon reporting)

Canal & River Trust Annual Report & Accounts 2024/2025

Carbon Footprint comparison 2023/24 to 2024/25

----- Start of picture text -----
Activity Difference (tCO₂e) Difference (%)
Scope 1 Total (320) (12)
Natural Gas (Mains) (204) (40)
Transport (116) (6)
Other Fuels (Workboat, plant and equipment fuel) - -
Scope 2 (Location-Based) Total (126) (4)
Electricity (Location-Based) (126) (4)
Scope 3 Total (14) (2)
Business Travel – Employee owned vehicles (17) (2)
Business Travel – other 3 8
Total (460) (7)
----- End of picture text -----

Carbon Footprint Comparison

The Trust’s emissions decreased by approximately 460 tonnes tCO₂e or 7% from 2023/24. These reductions were achieved through the continued rationalisation of our property assets and capital energy efficiency measures as outlined below.

Energy Efficiency Measures

We continue to explore and implement a number of energy savings and carbon reduction initiatives as outlined below. Our multi-team Energy Usage Group continues to meet and identify opportunities across the network

Pumping Efficiency Programme

4 pump sites have been upgraded in 2024/25. These include a new more efficient pump installed at Calcutt, 2 new high efficiency motor pumps at Stoke Bruerne, and 2 variable speed drives have been upgraded at Bradford on Avon and Itchington, with the latter also receiving new controls. In the upcoming year we intend to complete the replacement of 2 old pumps with new more efficient pumps, a variable speed drive replacement and upgrade 2 control panels, subject to funding being available.

Estate Rationalisation Programme

During 2024/25 we upgraded 4 of operational depots to more efficient premises and better suited to our charity’s operational needs. Etruria Yard has been replaced with a new bespoke depot at Fenton near Stoke. Northwich yard has been replaced with Lighterage yard. Galgate depot was replaced with the new depot site at Lune business park in Lancaster and one of our Welsh sites Govilion has been replaced with a new depot at Crickhowell. Looking ahead to financial year 2025/26 our intention is to upgrade a further 4 operational sites and install solar panels at one of our workshop sites.

Road Fleet Transition

The review of our commercial fleet completed in reporting year 2024/25, with the roll out of phase one of the transition programme planned to commence in reporting year 2025/26.

Carbon Reduction Plan

Our carbon plan continues to develop with a further review of our scope 1, 2 and 3 emissions undertaken in this reporting year. Throughout the upcoming year work will take place to further understand our decarbonisation options and explore and schedule carbon saving opportunities within a constrained funding landscape.

SECR (Streamlined energy & carbon reporting)

Canal & River Trust Annual Report & Accounts 2024/2025

Finance Review

Introduction

This Finance Review outlines the financial performance of the Trust in the year ended 31 March 2025.

The Trust has seen a small reduction in income in the year to £232.6m (2023/24: £237.3m). Commercial income has reduced as a result of the sale of investment properties to reinvest into non-property investments (where the return is principally capital rather than income and long term expected total return is higher), whilst boating income has increased in line with inflationary increases applied at the start of the year. The Trust’s Defra grant funding has remained fixed at £52.6m and represents under 23% of total income in both the current and prior year. Funded project income has reduced due to delays in completion of projects during the year.

In order to generate this income, the Trust has incurred expenditure on raising funds of £48.0m (prior year: £49.1m). Over 86% of these costs were incurred in order to generate our commercial income streams, with £6.7m (2023/24: £4.2m) incurred to generate our donations income.

Charitable expenditure of £184.8m (2023/24: £203.2m), was £2.3m higher after adjustments for the impact of non-cash reservoir provision movements (a net reduction of £7.0m in the current year and a net increase of £13.7m in the prior year). It is pleasing to see that over the long term we have significantly increased our charitable expenditure although inevitably more of that expenditure is required to deal with the impacts of climate change.

The full year result (net expenditure before gains/(losses) on investments) was £0.8m (2023/24: £15.1m), and after adding the gains on investments and pension actuarial losses, funds were £22.7m higher than the prior year. Further details on the performance of the Trust’s investments and our defined benefit pension scheme can be found later in this Finance Review.

Looking to the future, the cost of fulfilling the Trust’s obligations are increasing due to climate change and the inherent challenge of maintaining a 250-year-old network. Meanwhile government support through our Defra grant agreement is declining in real terms since the previous inflation linking ended in 2021/22. The failure of the Trust’s Defra grant funding to keep pace with inflation (as measured by CPI) has left the Trust short of over £26m in funding over the period since 2021. Had the grant risen in line with inflation it would have been £65m in the year ended 31 March 2025, rather than the £52.6m received. With no adjustment for inflation in the future, this gap will continue to grow, accelerating after 2027 when the actual grant declines by 5% each year, under the new grant settlement announced in July 2023 and confirmed in August 2024.

Canal & River Trust Annual Report & Accounts 2024/2025

Finance Review

Overview of financial performance

Overview of financial performance
	2024/25 £m 2023/24 £m
Income	232.6 237.3
Expenditure on raisingdonations and legacies	(6.7) (4.2)
Expenditure on raisingother funds*	(41.3) (44.9)
Net income applied to charitable activities	184.6 188.2
Charitable expenditure	(184.8) (203.2)
Share of expenditure from Joint Ventures	(0.6) (0.1)
Net expenditure beforegains/(losses) on investments	(0.8) (15.1)
Gains/(losses) on investments	24.1 (14.3)
Net income/(expenditure)	23.3 (29.4)
Pension actuarial losses	(0.6) (12.9)
Movement in funds	22.7 (42.3)

Expenditure on raising other funds includes costs of generating income from the investment and property portfolios of £22.1m, from boating and mooring customers of £14.8m and utilities and water customers of £4.4m.

Income Charitable expenditure £232.6m (£184.8m) (£4.7m) £18.4m Qo. 2024: £237.3m co. 2024: (£203.2m) See Fig 1. See Fig 3. Gains/(losses) on investment Expenditure on raising funds and pension valuations (£48.0m) £23.5m £1.1m £50.7m Qo. 2024: (£49.1m) ©. 2024: (£27.2m) See Fig 2. Contribution to Movement in funds charitable expenditure £22.7m £184.6m £65.0m (£3.6m) ©. 2024: £188.2m 6. 2024: (£42.3m)

Canal & River Trust Annual Report & Accounts 2024/2025

Finance Review

Income

----- Start of picture text -----
Donations and
legacies
£6.7m
(2023/24 £6.3m)
Other funding
£22.6m
(2023/24 £26.6m)
Investment
and property
£51.1m
(2023/24 £55.4m)
£232.6m
(2023/24 £237.3m)
Grant
£52.6m
(2023/24 £52.6m)
Utilities and water
development
£44.4m
Boating and mooring
(2023/24 £44.9m)
£55.2m
(2023/24 £51.5m)
----- End of picture text -----

Fig 1. Income £232.6m (2024: £237.3m)

Total income has decreased compared to the previous year due to reductions in Investment and property income, Other funding and funded project income. This was partly offset by increases in Boating and mooring income.

Investment and property income reduced in the year as the Trust began to rebalance its investment portfolio more towards non-property assets. The return on non-property assets is principally capital gains in the portfolio value. During the year, £14.1m of cash was withdrawn from the portfolio, with £5.0m (2023/24: £4.6m) being dividend income and the balance of £9.1m (2023/24: £3.1m) being net capital gains on investments. Non-property assets are expected to deliver a higher total return over the long term. There was also a decrease in Other funding income related to funded works projects which have been delayed. Expenditure on these projects has reduced accordingly. The decrease in Utilities and water income is a result of one-off contract income in 2023/24 which increased income in that year.

Our Donations and legacies income has increased and continues to be an area of focus for future growth. The Defra Grant income remains fixed until expiry of the current agreement in 2027. This has been offset in part by an increase in Boating and mooring income resulting from above inflation increases applied in the year.

Canal & River Trust Annual Report & Accounts 2024/2025

Finance Review

Expenditure on raising funds

----- Start of picture text -----
Recoverable service
charges Donations and
£4.5m
legacies
(2023/24 £6.4m) £6.7m
(2023/24 £4.2m)
Interest payable
£4.3m
(2023/24 £4.4m)
£48.0m
(2023/24 £49.1m) Boating and
moorings
£14.8m
(2023/24 £14.0m)
Investment and
property
£13.3m
(2023/24 £15.7m) Utilities and water
development
£4.4m
(2023/24 £4.4m)
----- End of picture text -----

Fig 2. Expenditure on raising funds £48.0m (2024: £49.1m)

Total costs of raising funds have decreased in the year across all areas, except Boating and moorings and Donations and legacies where costs are higher than the prior year. Costs incurred in administering Boating and moorings , including customer service and licensing, increased following investment in this area.

Costs of generating Donations and legacies have increased due to investment in fundraising resources to generate above inflation increases in income in the current and future years. This includes face to face fundraising as well as marketing costs.

Canal & River Trust Annual Report & Accounts 2024/2025

Finance Review

Charitable expenditure

----- Start of picture text -----
Day to day operations &
customer service
Caring for the waterways
Major infrastructure works
excluding provisions
Movement in provisions
including reservoir provision
Operational Buildings, craft,
plant & equipment
Funded regeneration
projects
Dredging
Vegetation management
Community engagement &
participation
Museums & attractions
Other
Additional allocated support
costs
−10 0 10 20 30 40 50
£m 2024/25 2023/24
----- End of picture text -----

Major infrastructure works excluding provisions Movement in provisions including reservoir provision Operational Buildings, craft, plant & equipment Funded regeneration projects Dredging

Fig 3. Charitable expenditure £184.8m (2024: £203.2m)

Excluding the impact of movements in reservoir provisioning (a net reduction of £7.0m in the current year and a net increase of £13.7m in the prior year) Charitable expenditure overall increased by £2.3m.

Spend has increased on Dredging and Vegetation management across the network, whilst spend on Day to day operations & customer service , and Caring for the waterways have remained largely consistent with the prior year.

There has been a reduction in expenditure on Funded regeneration projects which is consistent with the reduction in income from funded works.

Charitable expenditure

----- Start of picture text -----
250
200
150
100
50
0
2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25
£m
----- End of picture text -----

Fig 4. Charitable expenditure since 2015/16

The chart above shows Charitable expenditure over the previous 10 years. Note that there has been a significant increase in expenditure starting from 2019/20, with expenditure since then averaging £190.9m per year, compared with £153.7m in the previous four years. This increase of 24.2% reflects the substantial cost of reservoir safety works under the Reservoirs Act.

Canal & River Trust Annual Report & Accounts 2024/2025

Finance Review

Investments

Total investments £1,025.0m £26.3m 2024: £998.7m 6. Diversified Investment Fund Property including Joint Ventures £366.9m £658.1m £60.3m (£34.0m) 2024: £306.6m @. 0. 2024: £692.1m

Property investments reduced by £38.2m through net acquisition and disposal activity as the Trust follows a strategy of disposal of property and re-investment in non-property assets. This was offset in part by revaluation gains in the year of £5.0m. Joint Venture investments reduced by £0.9m following receipt of loan repayments.

Actual Benchmark* Variance Annual 5 year Annual 5 year Annual 5 year return annualised return annualised return annualised Total return 6.9% 3.4% 6.3% 2.1% 0.6% 1.3% ~~Ft~~ * MSCI UK all commercial property quarterly benchmark. The Trust’s property investment portfolio produced a total return of 6.9% for 2024/25, 0.6% better than the benchmark. The total return includes capital returns of 1.8% comprising 1.1% realised gains from disposals and 0.7% revaluation gains. This compares favourably with the benchmark of 1.4% capital returns.

The portfolio has also exceeded the 5 year annualised benchmark with total returns of 3.4%, 1.3% better than the benchmark.

The Diversified Investment Fund grew by £60.3m in the year due mainly to £59.5m of sales proceeds from the sale of investment properties, a revaluation gain of £11.6m, other net increases of £3.3m and withdrawls of £14.1m. The valuation of the private equity component was based on valuations as at 31 December 2024, adjusted, if material, for known transactions and market movements to 31 March 2025. The Trust has withdrawn £14.1m from the fund in the year, comprising £5.0m in dividends and £9.1m of gains.

~~Fr~~	Actual ~~Fr~~	Actual ~~Fr~~	Benchmark* ~~Fr~~	Benchmark* ~~Fr~~	Variance ~~Fr~~	Variance ~~Fr~~
	Annual return ~~Fr~~	5 year annualised ~~Fr~~	Annual return ~~Fr~~	5 year annualised ~~Fr~~	Annual return ~~Fr~~	5 year annualised ~~Fr~~
Total return ~~Fr~~	4.8% ~~Fr~~	9.4% ~~Fr~~	7.1% ~~Fr~~	9.9% ~~Fr~~	-2.3% ~~Fr~~	-0.5% ~~Fr~~

The total return for the diversified investment fund was 4.8% for the year, 2.3% lower than the market benchmark for the year. This under performance was primarily due to the depreciation of the US Dollar against Sterling in the period by 2.8%, as 57% of the portfolio is held in US Dollar denominated assets. The underlying assets returned 6.5% for the year without the impact of currency conversion. The fund delivered a 9.4% return per annum over the 5 year period including the impact of foreign currency, which is close to the benchmark return of 9.9%.

Canal & River Trust Annual Report & Accounts 2024/2025

Finance Review

Defined benefit pension scheme

Pension Deficit (£40.3m) £2.7m 2024: (£43.0m)

Pension Assets Pension Liabilities £345.0m (£385.2m) (£39.6m) £42.4m ©. 2024: £384.6m ©. 2024: (£427.6m)

Pension actuarial loss

The defined benefit Waterways Pension Fund (WPF) was closed to future benefit accrual on 30 September 2016. The brought forward Group pension deficit of £43.0m decreased to £40.3m during the year. Both the liabilities and invested assets have fallen in value over the year leading to a broadly proportionate reduction in the deficit with the main driver being an increase in bond yields which reduces the present value of scheme liabilities. This was partially offset by asset returns.

The Trust has placed investment property within a pension funding partnership, Canal & River Pension Investments LP (the SLP), of sufficient value to meet the minimum collateral required for the WPF trustees to cover any funding shortfall on the WPF. Under an amended agreement dated 31 March 2025, WPF will remain invested in this partnership until 31 March 2037 at which point WPF’s investment will be redeemed. The redemption value of the investment will be the lower of £100m or the valuation deficit in WPF at that time as assessed by the Scheme Actuary on a Technical Provisions basis. WPF is entitled to an annual distribution of income from this investment of £5m per annum in 2024/25, £4m in 2025/26 and £3m in 2026/27 and subsequent years. In the year to 31 March 2025 WPF received £5m of income from the SLP investment.

On consolidation, the WPF’s interest in the partnership does not represent a plan asset for the purposes of the Group consolidated financial statements and has instead been included in the Group's investment properties. As can be noted in the balance sheet for the Canal & River Trust entity as compared to the Group, the inclusion of the underlying assets of the SLP would result in a net pension fund surplus rather than a deficit.

The position of the pension scheme for funding purposes is calculated on a different basis and the market value of the Fund’s investment in the SLP is included within the valuation of the Fund’s assets.

A full actuarial valuation is undertaken once every three years and was last undertaken as at 31 March 2022. As at that date the market value of the Scheme’s assets (excluding members’ additional voluntary contributions) amounted to £658m and the value placed upon the benefits that had accrued to members was £622m. The Scheme was therefore £36m in surplus and 106% funded on an ongoing basis. The market value of the Fund’s investment in the SLP is included within the valuation of the Fund’s assets. As the arrangements could give rise to proceeds above market value at the valuation date, additional contributions were not deemed necessary to eliminate the deficit at 31 March 2022.

Canal & River Trust Annual Report & Accounts 2024/2025

Finance Review

Summary Consolidated Balance Sheet

	Unrestricted general Unrestricted designated Restricted Total 31	Total 31
	fund funds funds March 2025	March 2024	Variance
	£m £m £m £m	£m	£m
Tangible fixed assets	33.6 19.9 - 53.5	53.4	0.1
Investments	- 1,025.0 - 1,025.0	998.7	26.3
Current assets	91.0 - 3.0 94.0	112.3	(18.3)
Current liabilities	(78.3) (2.0) - (80.3)	(86.6)	6.3
Long-term liabilities	(3.8) (150.2) - (154.0)	(152.6)	(1.4)
Provisions	(42.3) - - (42.3)	(49.3)	7.0
Pension liability	(0.1) (40.2) - (40.3)	(43.0)	2.7
Total net assets	0.1 852.5 3.0 855.6	832.9	22.7

Tangible fixed assets have remained consistent year on year, with the depreciation charge being offset by new asset additions.

Investments are showing an increase of £26.3m, with the main movements being realised gains on the disposal of investment property of £7.1m and unrealised gains on revaluation of diversified investments of £11.6m. These investments include property which comprises a variety of property types, across a number of UK regions and are inherently an illiquid asset. The Trust’s Diversified Investment funds include a variety of investment classes globally, and are therefore exposed to a range of global macroeconomic risks. The liquidity of those funds differs according to the asset class, although it should be noted that a proportion of the fund is retained in cash to facilitate the ordinary operating and investing activities of the fund.

Current assets and current liabilities are both lower than prior year. This is due to timing of income and costs around the year end, which differs from year to year. Current assets also includes cash of £20.7m (2023/24: £23.9m).

Long term liabilities remain consistent, representing the long term bond issued that does not get settled until final redemption.

Provisions have decreased as a result of £17.2m new provisions being recognised in the year, offset by the utilisation of £20.7m of previously recognised provisions, where work has been carried out on reservoirs. £3.5m of provisions were released in the year, as a result of delivery of works being achieved at a lower cost than originally estimated.

Financial Risks

The principal financial risks that the Trust faces derive from the Diversified Investment Fund (equity securities, debt instruments, other private investments and money market funds). These risks are inflation risk, market risk, credit risk and liquidity risk. These risks are set out below, along with measures taken to manage them.

Inflation risk: the risk that the cost of achieving the Trust’s charitable goals rises faster than the value of the Trust’s investments, undermining the ability to support our charitable activities. The Trust manages this risk through a diversified portfolio of long-term investments that should earn returns expected to keep up with, or exceed, the rate of inflation in the wider economy in the long term. The return objectives for the Investment Assets is a total return of CPI +4.5% per annum with the aim that the value of the Investment Assets accumulates by at least UK CPI per annum.

Market risk: the risk refers to the possibility that investment prices may decline or become more volatile. The Trust manages this risk through a diversified asset allocation strategy, appropriate investment selection, and ongoing monitoring of market conditions and performance. For equities, the Trust holds diversified portfolios across both passive and active managers, with the latter chosen to reflect differing investment styles. As a long-term investor,

Canal & River Trust Annual Report & Accounts 2024/2025

Finance Review

the Trust accepts volatility in long-term asset classes, particularly equities. The Trust does not currently employ foreign exchange hedging, as the portfolio is designed to support strategic objectives over extended horizons. Short-term exchange rate fluctuations are not expected to materially affect long-term returns, or the ability of the Trust to spend from the portfolio, though can impact the portfolio’s valuation in Sterling over the short term. Foreign currency exposure is predominantly concentrated in US Dollar, which is the natural underlying exposure for most Private Markets investments across Private Equity and Private Debt. In addition, the portfolio has access to use tools such as hedged share classes of investment funds and investment with natural Sterling exposure to mitigate foreign currency risk where appropriate.

Credit risk: the risk that a counterparty fails to meet its obligations. The Trust mitigates this risk by diversifying the portfolio across credit strategies, duration of loans and issuers. Within bond and money market funds, credit quality, duration and market conditions are closely monitored with managers. Excess cash is placed in Money Market funds to limit counterparty exposure to financial institutions. Credit exposure includes US sovereign bonds alongside a broad mix of liquid credit and private debt investments. Beyond sovereign bond holdings, exposures are highly diversified. The Trust’s liquid and private credit portfolio spans over 1,000 individual positions across asset-backed lending, corporate lending, and specialist strategies, diversified by vintage (i.e. when the loan was issued), market capitalisation of the debtor (upper, middle, and lower) as well as the sector in which they operate. No single credit position accounts for more than 0.5% of the overall portfolio.

Liquidity risk: the risk arises when assets cannot be sold at fair value due to market dislocation, when obligations cannot be met due to lack of available cash, or from inadequate cash management. The Trust mitigates this risk through diversified asset allocation, use of multiple managers, regular dialogue with managers to assess risks, holding excess cash in Money Market funds and detailed cash flow forecasting. Most of the portfolio is invested in illiquid assets, which provide intermittent liquidity and recycling of capital. The Trust does not expect to need to liquidate this exposure at short notice. The portfolio also has obligations to meet capital calls from commitments to private markets managers, mainly Private Equity, which are managed through careful forward planning and forecasting, and funded from liquid assets within the investment portfolio. Additionally, the portfolio undergoes regular stress testing under conservative assumptions to assess resilience in adverse market conditions and ensure all obligations, including funding capital calls and meeting regular spending requirements, can be met.

In addition to the other financial risks, the Trust’s entire cost base is subject to inflationary pressures. However, a significant portion of income, specifically £52.6 million per annum received under the Defra grant is fixed in nominal terms. As a result, the real value of this funding erodes with rising inflation. For every 1% point per annum increase in inflation, the Trust’s spending power is reduced by £0.5 million per annum. This impact will persist for the duration of the current grant term.

Total reserves

The total reserves of the Trust have increased from £832.9m at 31 March 2024 to £855.6m at 31 March 2025. This is due to a net expenditure of £0.8m for the year being supplemented by realised and unrealised gains on investments of £24.1m and offset with a minor unrealised loss on revaluation of the defined benefit pension scheme.

	2024/25	2023/24
	£m	£m
Unrestrictedgeneral fund	0.1	0.1
Unrestricted designated funds	852.5	830.8
Total unrestricted funds	852.6	830.9
Restricted income funds	3.0	2.0
Total reserves	855.6	832.9

Canal & River Trust Annual Report & Accounts 2024/2025

Finance Review

All charities are required to consider the level of funds they need to hold in reserves. This is based on a number of factors, such as the scale and nature of the charity’s activities, the charity’s age and the stability of its income and expenditure.

Our purpose is to be a trusted guardian of the historic inland waterway network of England and Wales, seeking to enrich places of historic interest or natural beauty permanently for the benefit of the nation in perpetuity. On formation of the Trust in 2012 the Government transferred the Trusteeship of the waterways and related infrastructure assets to the Trust under the terms of a Trust settlement. These infrastructure assets have no market value and cannot be sold but the income earned from them can be applied to the Trust’s charitable purposes.

Maintaining and improving the waterways and the associated structures represents a substantial financial commitment by the Trust, with the required expenditure significantly exceeding the related income generated. Therefore, on formation of the Trust the Government also transferred investment and other non-infrastructure assets to the Trust subject to the conditions of the Defra Grant agreement. The Trust referred to these assets as the Protected Asset Fund, a fund whose value was required to grow in real terms but the income from which could be used by the Trust for its charitable objectives. The Protected Asset Fund was recognised as a restricted reserve until July 2023 when the restrictions applied to it were lifted following revisions made to the Defra Grant agreement. Upon removal of the restrictions the Protected assets were transferred into the General Fund.

The Trustees can designate unrestricted funds for a specific purpose where suitable to isolate funds from the General Fund and ensure they are not used through normal operations. Where the Trustees believe there is a future obligation to meet using funds held in the General Fund, the Trustees can agree to recognise a designated fund and transfer assets from the General Fund to the designated fund.

In March 2024 the Trustees agreed to recognise a new designated fund, called the Designated Investment Fund, following the transfer of the Protected Asset Fund to the General Fund. The previously restricted assets that were held in the Protected Asset Fund were transferred from the General Fund to the Designated Investment Fund. These assets will be retained to ensure income generation and capital growth in a similar way to the previous requirements of the Protected Asset Fund.

The Trust must balance the need to maintain the waterways in a safe condition with the need to have sufficient financial resources to carry on its activities in the long term. The Trustees recognise the option to utilise the assets held within the Designated Investment Fund to meet this obligation if needed, either as a source of funding or as a source of collateral for borrowing.

The Trust's reserves policy has the long term objective to grow the real value of the Designated Investment Fund (defined as long term growth in the fund value of at least CPI) whilst generating income to meet the costs of the maintenance and improvement to the waterway infrastructure as they fall due.

Income generated and costs incurred are recognised through the General Fund, and given the project nature of the large infrastructure costs it is expected that the balance of the General Fund can fluctuate year on year. The policy of the Trust is to ensure the unrestricted General Fund is managed close to zero over the long term. The General Fund balance at 31 March 2025 was £0.1m. The balance, together with this reserves policy are taken into account alongside expected contributions to charitable expenditure in annual budgeting to establish the resources available for the Trust’s charitable objectives.

Canal & River Trust Annual Report & Accounts 2024/2025

Finance Review

Governance Overview

The Canal & River Trust is a charity registered with the Charity Commission in England and Wales (charity number 1146792). It is also a company limited by guarantee (company number 07807276) and does not have share capital. The Trust’s governing documents are its Articles of Association and Trust Rules which are available on the Trust’s website. Trust Articles of Association

In 2024/25, the Trust had one principal wholly owned trading subsidiary, Canal & River Trading CIC. The Canal & River Trading CIC is a community interest company that conducts trading and investment activities. The main activities are in property development and investing in joint ventures. Profits arising in the Trust’s subsidiaries are donated to the Trust. In turn, the Trust uses the revenues in support of its charitable purpose of maintaining and operating the inland waterway network and conducting other charitable work in relation to inland waterways, such as conservation and education. A summary showing the Trust’s subsidiaries and their results appears in the note 16 in these accounts.

In setting objectives and planning our activities the Trustees have given due consideration to the Charity Commission’s guidance on public benefit. Further details on our strategy and public benefit can be found on pages 4 to 15.

As a charitable company, the Trust upholds the highest standards of governance. The Trust applies the Charity Governance Code, which sets out the principles and recommended practice for good governance in charities. The Trust reports compliance to the Charity Governance Code though to the Audit & Risk Committee. The Committee commissioned an effectiveness review in 2024 regarding a review against its terms of reference and a review against Charity Governance best practice.

Canal & River Trust Annual Report & Accounts 2024/2025

Governance

The Trust’s governance arrangements are detailed below:

----- Start of picture text -----
Canal & River Trust Governance
Council
Board of Trustees Chief Executive
David Orr CBE ( Chair ), Dame Jenny Abramsky (Vice Chair ), Janet Hogben, Richard Parry
Sir Christopher Kelly, Bronagh Kennedy, Ian Peters, Jennie Price CBE, Tim Reeve CBE,
Chris Fellingham, Sir James Bevan, Ranjit Sondhi CBE.
Executive Team
Steve Dainty, Chief Financial Officer
Malcolm Horne, Chief Infrastructure &
Joint Council & Trustee Audit & Risk Infrastructure Programmes Officer
Appointments Committee Committee Committee Stuart Mills, Chief Investment Officer
Julie Sharman, Chief Operating Officer
Council: Sir Christopher Kelly ( Chair ), Sir James Bevan ( Chair ), Heather Clarke, Strategy & Impact Director
Trevor Clark, Andrew Phasey, Dame Jenny Abramsky, Janet Hogben, Tom Deards, Legal & Governance Director
Scott Martin Jennie Price CBE, Sir Christopher Kelly Maggie Gardner, Director of Fundraising
Bronagh Kennedy Anne Gardner-Aston, Director of Health & Safety
Trustees: Co-opted Member: Susie Mather, Director of Communications &
Dame Jenny Abramsky ( Chair ), Co-opted Member: Suzanne Crouch External Engagement
Janet Hogben, David Orr CBE Robert Milburn Karen Seth, People Director
Investment Boating People & Remuneration Fundraising
Committee Committee Committee Committee
Ian Peters (Chair), David Orr ( Chair ), Janet Hogben ( Chair ), Dame Jenny Abramsky (Chair),
Chris Fellingham, Chris Fellingham, Janet Hogben, Bronagh Kennedy, Sir Christopher Kelly,
Sir Christopher Kelly Bronagh Kennedy Sir James Bevan Ian Peters, Bronagh Kennedy
Co-opted Members: Co-opted Members:
Nick Ritblat, Chris Askew,
Diane Seymour-Williams, Angela Cluff
Tim Sketchley
Designated Safeguarding Trustee : Ian Peters, Board of Trustees Representative on Waterways Ombudsman : Janet Hogben
----- End of picture text -----

The Council

Role

The Council consists of the members of the Trust. The Council has several duties including being responsible for appointing and removing Trustees. The role of a Council member is voluntary and unremunerated, although reasonable expenses may be paid.

Membership

The Council may have up to 50 members. On 31 March 2025, the Council had 38 members drawn from the different communities that use or benefit from the waterways, including boaters, canoeists, walkers, cyclists, heritage, local government, environment, and community groups. Members are elected, co-opted members and nominated by specified organisations.

A full list of Council biographies can be found on the website here:

The council | Canal & River Trust (canalrivertrust.org.uk)

Three Council members have been co-opted by the Joint Council & Trustees Appointments Committee to provide the Council with the full complement of skills and expertise required.

The 6 Regional Advisory Board Chairs sit on Council as members, ex officio, along with 1 member of Bwrdd Glandŵr Cymru ( Welsh Board ).

One Council member, Tracey Clarke, is elected as a User Representative Observer to the Waterways Ombudsman Committee. This is a non-voting post, appointed annually.

Key Activities

The Council ordinarily meets twice a year and met in September 2024 in Dudley (which was the Trust’s Annual General Meeting) and in Leicester in March 2025.

The Trust values the experience and input of Council members and continues to maintain contact by ensuring regular reports from the Executive Team on Trust activities were circulated to Council.

Canal & River Trust Annual Report & Accounts 2024/2025

Governance

The Council undertook the following key activities at its September 2024 meeting:

[Approved the appointment of Ranjit Sondhi, CBE, as Trustee for a first term of up ] to 3 years
[Approved the re-appointment of Jennie Price, CBE, for a third term as Trustee.]
[Received the Report of the Joint Council & Trustees Appointments Committee.]
[Approved the addition of the National Association of Local Councils as a nominating ] body to Council.
[Received the draft Annual Report and Accounts for the Year Ended 31 March 2024.]
[Received an activity update from the Chief Executive which included updates on the ] Trust response to storm damage across the network, the extended Green Flag Award recognition to 741 miles of the network and the confirmation of the King’s continuing patronage of the Trust.
[Received a presentation on the Trust response to the annual Boater Satisfaction Survey.]
[Received a presentation from Council Member, Tracey Clarke, on the work of the ] Accessible Waterways Association.

At the March 2025 meeting, Council:

[Received the Report of the Joint Council & Trustees Appointments Committee detailing ] the commencement of the recruitment process to replace Trustees coming to the end of their term in September 2025 and the recruitment of the Welsh Bwrdd Chair.
[Welcomed to the Council, Cllr Keith Stephens, nominated by the National Association of ] Local Councils.
[Received an activity update from the Chief Executive.]
[Received a presentation on balancing infrastructure investment with Trust priorities.]
[Received a presentation on the Better Boating Plan.]
[Received a presentation on the role of the Boat Licence Review Commission.]

The Board

Role of the Board

As the principal governing body of the Canal & River Trust, the Board of Trustees (the Board) is responsible for governing or directing the Trust and for approving strategy and policy to deliver the Trust’s charitable objects. The Trustees are also the Directors of the charitable company. The term Trustees has been used throughout this report but refers to both roles. Trustees have ultimate responsibility for the Trust’s funds and assets, including its reputation. The Board has six committees, to which it has delegated specific decisions through its Scheme of Delegation and Terms of Reference:

[Audit & Risk Committee]
[Investment Committee]
[People & Remuneration Committee]
[Infrastructure Committee]
[Fundraising Committee]

Canal & River Trust Annual Report & Accounts 2024/2025

Governance

[Boating Committee (] [from January 2025][)]

In addition, three Trustees are members of the Joint Council & Trustees Appointments Committee.

The Board has approved a Scheme of Delegation, which identifies matters delegated to committees or postholders within the Trust. Responsibility for certain matters is retained by the Trustees, which generally fall within four areas:

[Structure and governance, including making changes to governance, overseeing ] risk management, approving the formulation of subsidiaries and the initiation of any major litigation.
[Planning and reporting, including approving the annual budget and long-term plans, ] recommending the Annual Report and Accounts and monitoring performance against plans.
[Financial aspects, including approving a framework of financial controls, expenditure or ] certain commitments over a limit, and novel or contentious projects.
[Certain matters related to pensions.]

In addition to the Scheme of Delegation, specific matters are reserved for Committees or individuals by the Trust’s Articles of Association, Trust Rules, and Terms of Reference for Committees.

Board Membership

Trustees are appointed by the Council, which is supported in this process by the Joint Council & Trustees Appointments Committee.

In September 2024 Nigel Annett CBE (Trustee), term of office came to an end. At the AGM in September 2024, Ranjit Sondhi CBE was appointed as a Trustee. Biographies for all these Trustees can be found on the Trust Internet site. Board of Trustees | Canal & River Trust (canalrivertrust.org.uk)

All Trustees are voluntary, unremunerated, non-Executive appointments. Trustees may be appointed by Council for up to three terms of 3 years, after which they must retire from the Board.

Trustees are appointed to different committees during their term of office. One Trustee, Janet Hogben, is nominated as one of two Trust non-voting representatives on the Waterways Ombudsman Committee (the other nominee being the Trust’s Legal & Governance Director). In addition, a further Trustee, Ian Peters, has been appointed as the Trust’s nominated Safeguarding Trustee and is a member of the Trust’s Safeguarding Steering Group.

The Trust has appointed a Company Secretary, to whom Trustees are able to access for advice. The responsibilities of the Chair, Deputy Chair and Executive Team are clearly set out. In addition, each Committee has approved Terms of Reference which are subject to regular review.

Meetings

The Trust Board meets, together with the Executive team, six times a year to review progress and ensure that the Trust is on track to meet its strategic plan and objectives, and to review strategy and business plans as appropriate. Ordinarily, meetings are held around the country, with one meeting held in each of the Trust’s six regions across the financial year.

Board Evaluation

In accordance with the Charity Governance Code, the Trust aims to carry out an external board effectiveness review at least every 3 years – with annual internal reviews in-between.

Canal & River Trust Annual Report & Accounts 2024/2025

Governance

The Chair undertook a Board Appraisal process supported by Campbell Tickell, the outcome of which was reported to the Board in January 2024. This resulted in a number of actions including a review of Board Committee memberships, Board meeting agenda and decision paper structure.

Where Trustees could not attend meetings, they received papers and invited them to submit questions/ comments to the Chair in advance of the meeting. The Executive Team were available for discussion, should the Trustees require any further information.

Board Induction and Training

The Trust provides appropriate resources for the Trustees’ professional development. New Trustees during the year had a tailored induction program. Deep dive sessions are arranged and generally follow each Board meeting, with various themes covered during the financial year, including flood mitigation, customer contact management, climate adaption reporting and fundraising.

Independence and Conflicts

The Board has ensured there are adequate processes in place to identify and manage conflicts of interests should they arise. All Trustees, co-opted members of committees and Executive Team members complete an annual declaration of interests return and are under a further duty to notify of any conflicts at the start of each meeting. In accordance with our Articles of Association and Section 234 of the Companies Act 2006, we take out indemnity cover for our Trustees and Directors.

When considering any conflict, current or potential, Trustees and Co-opted members are able to draw upon the advice of the Company Secretary but the decision on how to manage the conflict rests with the Chair of the Board or Committee.

Key Decisions in the Year

Trust Board meetings during the financial year covered a number of matters. Key matters considered by the Board during the financial year include ( not exhaustive ):

[Annual Report & Accounts 2023–2024]
[Boater Satisfaction and Better Boating Action Plan]
[Long term financial plan]
[Reservoirs Annual Report]
[Fundraising Strategy and culture]
[Political engagement updates]
[Strategic review of risk and risk management]
[Climate Change Adaptation Report]
[Approval of Trust policies]
[Annual reports on reservoirs, health and safety, safeguarding, harbor management and ] the Trust’s National Advisory Groups

The agenda and supporting papers for the Board of Trustees meeting can be found on the Trust website here: Meetings | Canal & River Trust (canalrivertrust.org.uk)

Culture and Values

Trustees recognise the importance of setting high business standards and embedding a positive and high performing culture across the Trust. Trustees, upon appointment, confirm that they will execute their duties to the standard required by law and regulation and will uphold the Trust’s culture and values.

Canal & River Trust Annual Report & Accounts 2024/2025

Governance

Diversity and inclusion

At the Trust we care passionately for our waterways, and as importantly, for those who look after and use them. We strongly believe that a diverse workforce brings with it a diversity of ideas, thinking, and ways of working which enhances what we do as a Trust. It also increases our ability to engage with the diverse communities in which we operate.

To be able to deliver our vision of living waterways transform places and enrich lives, everyone who works here or volunteers with us must be able to be themselves, performing at their best, free from any pressure to conform or be different from how they are.

Where the public sector equality duty applies to our activities, for example boat licensing, we conduct equality impact assessments and have further improved this process this year.

Through its equality, diversity and inclusion policies, the Trust seeks to ensure that all colleagues are treated equally and fairly, with disabled colleagues supported fully. We take active measures via a robust reasonable adjustment process and provide disability-specific resources. We are a Disability Confident Employer, and are committed to taking action to improve how we recruit, retain and develop disabled people.

The Trust has an inclusion and diversity strategy, Stronger Together, along with a programme of work over the next three years to help us deliver on the ambition set out in the strategy.

We established suitable governance to drive progress and hold us to account for delivery of the Strategy. The steering committee consists of the Chief Investment Officer (our Executive Sponsor for inclusion and diversity), the People Director, and a Regional Director.

Our inclusion circles (networks run by and for colleagues and volunteers) continue to grow, each with an Executive Sponsor to platform their work, and to visibly profile inclusion and set the standards of behaviour at the Trust. Through them, we have developed a menopause policy, attended Pride events, and held Black History Month community events, as well as other internal awareness raising events such as National Inclusion Week and Race Equality Week. The Trust continues to work to embed these events into business processes.

Gender Pay Reporting

The Trust strives to achieve gender equality across all aspects of our employment and monitors the pay gap between male and female employees on an annual basis.

The Trust is required to calculate its gender pay gap annually based on a snapshot date of 5th April. It then has 12 months to publicly report this data meaning that the reporting is often 12 months in arrears.

Our Population

As of April 2025, 30.78% of all Trust employees were female. 57.04% of all women within the Trust are employed in professional level roles or higher and 41.57% of our senior management population is female.

Our Gender Pay Gap

Information about gender pay is on our website. The data published is certified as accurate as at the snapshot date of 5 April 2024.

Gender pay gap statement | Canal & River Trust

Safeguarding

The safeguarding of children, young people and adults at risk is a legal and organisational priority for the Trust. We are committed to identifying and minimising safeguarding risks across all of our activities through appropriate safeguarding training, risk assessments, policies, and processes.

Canal & River Trust Annual Report & Accounts 2024/2025

Governance

The Trust’s safeguarding commitments are set out in the Policy Statement, which is published on our website. The Trust’s Safeguarding Standard provides key definitions, explains how to raise safeguarding concerns and sets out the rules Trust colleagues and volunteers must follow in order to give effect to our safeguarding commitments. The Safeguarding Standard is reviewed annually and is published on the Trust’s website and intranet.

The Trust’s Safeguarding Steering Group, which is responsible for key strategic safeguarding decisions, is chaired by our Chief Executive and includes the Legal & Governance Director and Chief Operations Officer, as well as the nominated Safeguarding Trustee, Ian Peters. The Trust has a Safeguarding Team, led by our Designated Safeguarding Officer, which is responsible for the effective management of safeguarding cases; regularly reviewing and updating the Safeguarding Policy and associated guidance in line with organisational developments and Charity Commission Guidance; providing advice and guidance; and reporting to the Trust’s Safeguarding Steering Group. The Trust takes seriously any report of suspected harm, abuse or neglect.

The Trust has an Inclusive & Safer Recruitment Standard, which outlines safe and transparent recruitment practices, including a requirement for appropriate Disclosure and Barring Service checks for colleagues and volunteers who work with children and/or adults at risk. The Trust risk assesses criminal record disclosures and has a policy against engaging anyone who is deemed to present an unacceptable level of risk.

Our Safeguarding Standard, Code of Conduct and Volunteer Handbook set out clear rules and expectations about appropriate standards of behaviour. We promote a culture of openness in which our people feel comfortable to raise concerns any concerns.

The Trust conducts an annual colleague engagement survey covering a range of key topics, including an understanding of the importance of safeguarding and knowing how to raise any safeguarding concern. The overall colleague safeguarding engagement score in this year’s survey was 9.3/10. The Trust has a Whistleblowing Standard (available to all colleagues on the Trust's intranet site), which provides clear details about how colleagues and volunteers can raise any concerns about serious wrongdoing. This includes the ability to raise concerns via an independent third-party whistleblowing service provider.

The Executive Team

The Chief Executive reports directly to the Trust Board and has delegated responsibility for the day-to-day management of the Trust, as well as the implementation of the Trust’s strategy and policies. The Chief Executive is assisted by the Executive Team. There is a clear division of responsibilities between the Trust Board and the Executive Team, with clear role descriptions in place. Biographies of each member of the Executive Team and their areas of responsibility can be found on the Trust internet site. Executive team | Canal & River Trust (canalrivertrust.org.uk)

Joint Council and Trustees Appointments Committee

Role

The purpose of the Committee, as stated in the Trust’s Articles of Association, is to oversee Council membership, help the Council appoint Trustees, appoint Regional Advisory Board Chairs and appoint the Chair of the Bwrdd Glandŵr Cymru.

Membership

The membership of the Committee is determined by the Trust’s Articles, which stipulate there to be an equal number of Council members and Trustees, with a minimum of two drawn from each constituency group. Each member’s appointment to the Committee runs alongside their appointment to Council or Trust Board.

Trustees are recruited to the Committee depending upon their skills and experience. Council members are recruited to the Committee by an open election amongst eligible members. When undertaking recruitment activities, the Committee takes diversity and inclusion into consideration within the search criteria.

Canal & River Trust Annual Report & Accounts 2024/2025

Governance

During 2024/25, the membership of the Committee comprised of:

Dame Jenny Abramsky, Trustee ( Chair )

David Orr CBE, Trust Chair

Janet Hogben, Trustee

Andrew Phasey, Council Member

Scott Martin, Council Member

Trevor Clark, Council Member

Key activities

The Committee meets as and when required. During the 2024/25 financial year, the Committee met four times.

[In September 2024, the Committee recommended the appointment to the Council of ] Ranjit Sondhi, CBE and the addition of the National Association of Local Councils as a nominating body to Council.
[In January 2025, the Committee commenced discussions on the Trustee ] recruitment process.
[In February 2025, the Committee discussed the Welsh Bwrdd Chair ] recruitment Timeline.
[In March 2025, the Committee agreed shortlisted candidates for the three vacancies ] for Trustees.

Succession Planning, Recruitment & Diversity

Council membership is comprised of elected, co-opted and members nominated by organisations identified within the Trust Rules. The Committee does not have a role in the recruitment and appointment of the Executive Team.

Recruitment of Council Members

The Committee does appoint co-opted Council members and Regional Advisory Board Chairs (who are ex-officio members of Council). The constitution of Council membership for elected and nominated members has the effect that the Committee has no direct role in the appointment of these members.

Recruitment of Trustees

During the 2024/25 financial year there was one Trustee appointed. Where a Trustee vacancy occurs, a skills audit is used to inform the search process. The Trust’s focus upon diversity is interwoven through the recruitment process. Vacancies are advertised widely through open advertisements. Individual applications are assessed upon merit and against objective criteria, to identify a short-list of candidates. The preferred candidate was proposed by the Joint Appointments Committee and endorsed by the Council at September 2024 AGM.

The Trust voluntarily complies with Hampton-Alexander Review ( published in February 2021 ) which has set a target of at least 33% of Board membership to be female. The Trust currently performs above this target, with a gender-balanced Board of 36% female members.

Audit & Risk Committee

Role

The main responsibilities of the Audit & Risk Committee are to provide assurance and recommendations to the Trustees on the effectiveness of its governance, internal control, and risk management framework.

Canal & River Trust Annual Report & Accounts 2024/2025

Governance

Membership

The membership of the Committee is comprised mostly of independent Trustees and one co-opted member with recent and relevant financial experience. The Chair of the Trust Board is not a member of the Committee.

Sir Chris Kelly, Trustee (Chair)

Dame Jenny Abramsky, Trustee

Nigel Annett CBE, Trustee (until September 2024)

Jennie Price CBE, Trustee

Bronagh Kennedy, Trustee

Robert Milburn, Co-opted Member

The Committee met four times during the financial year.

Key Activities

At each meeting the Committee receives and discusses a number of standing items such as, risk reporting and internal audit progress reports. The Committee undertook the following key activities within the year:

[Reviewed (and recommended for Board approval) the draft 2023/24 annual report and ] accounts and reviewed the external auditor's completion report.
[Received risk management updates, including reviewing the corporate risk register and ] preparing for the annual strategic risk discussion at Trust Board.
[Received updates on the Trust’s policy and assurance framework.]
[Received an annual cyber security review.]
[Received the annual whistleblowing report.]
[Reviewed internal audit reports.]
[Received regular updates on serious incidents reported to the Charity Commission, ] information governance and any Charity Commission Regulatory concerns.
[Reviewed specific update reports following internal audits, e.g. volunteering, expenses, ] training and critical asset contingency planning.

During the year the Committee received updates on internal audit recommendations and undertook deep-dive sessions which included the areas of public safety.

Review of Systems of Internal Controls

The Trust Board has overall responsibility for the Trust’s risk management and internal control systems but has delegated specific areas of oversight to the Committee. The Trust undertakes a continual review of risks and internal controls. The Trust Board, via the Audit & Risk Committee, monitors the effectiveness of those internal controls. In addition, assurance is provided by Grant Thornton, the Trust’s appointed internal auditor.

Internal Audit

The Committee undertook the following activities in relation to internal audit:

[Reviewed internal audit reports, progress reports and the internal auditor’s ] annual report.
[Approved the draft internal audit plan.]

Canal & River Trust Annual Report & Accounts 2024/2025

Governance

External Audit

The Committee undertook the following activities in relation to external audit:

[Approved the external audit strategy.]
[Reviewed external auditor's completion report.]

The Trust has in place a non-audit services policy which safeguards BDO’s independence and objectivity. This is also reflected in the Terms of Reference for the Audit & Risk Committee. The Trust has voluntarily adopted the Financial Reporting Council’s 70% cap on fees for non-audit services provided by the External Auditors. Proposed fees more than £20k require the Committee’s prior approval. Non-audit fees are reported to the Committee, at least annually, to ensure oversight from the Committee.

Risk Management

The Trust maintains a risk register which contains all known risks. Each risk is scored for likelihood and impact (both before and after current mitigating actions are taken into account). The score for impact reflects the financial, reputational and operational impact and a specific risk factor relating to loss of life and personal injury.

The Trust Board has overall responsibility for the Trust’s risk management and internal control framework but has delegated specific areas of oversight to the Audit & Risk Committee (ARC).

The most significant risks from the overall register form part of the Corporate Risk Register, which is monitored by the Executive and by the ARC.

The ARC regularly undertakes a review of risks and the internal control measures in place, and monitors the effectiveness of those internal controls. In addition, assurance is provided by Grant Thornton, the Trust’s internal auditors, who undertake a targeted programme of audits during the year. The ARC approves an annual programme of internal audit reviews.

The Trust’s Corporate Risk Register is reviewed by the Board during its annual review of risk; this is used to review the sufficiency of controls and mitigation around each key risk, to drive the allocation of Trust focus and resources, and to set the high-level tolerance for risk.

The Trust has a framework of policies and standards which contain measures to manage risk and is developing a board assurance framework in relation to the risks on its Corporate Risk Register.

Risk Tolerance

The Trust is responsible for a historic waterways network that is subject to a range of safety risks, given the inherent age and condition of the infrastructure, the impact of climate change, including more frequent and more intense extreme weather events (associated with the changing climate) and the relatively open and easily accessible nature of the waterways.

In light of this, we adopt an approach to risk that seeks to minimise all public safety risks, given the potential harm to people and communities if the network is not well managed and maintained, whilst recognising that these risks can never be completely removed.

We are also committed to creating a safe environment and safe ways of working for all our people (colleagues and volunteers), as well as the general public, and those partners who help us in our stewardship of the waterways.

The Trust will generally accept a higher risk tolerance in other areas of our work, for example in seeking investment returns and generating income.

Canal & River Trust Annual Report & Accounts 2024/2025

Governance

Key Strategic Risks

During 2024/25 the key 10 risks managed by the Trust in order of appearance on the Trust’s corporate risk register were as follows:

Risk	Mitigating Actions
High risk asset failure– a risk of	•Full compliance with legislation (e.g. Reservoirs
failure of specific Trust assets	Act 1975)
(e.g. reservoirs, embankments) which could have significant consequences for public safety,	•Regular monitoring by specialist reservoir and other asset engineers
particularly given their water	•Implementation of Trust risk-based asset management
impounding function	approach
	•High risk asset investment programme
	•Maintenance and regular review of emergency and
	contingency plans
	•Modelling of higher risk assets for breach consequence
	•Oversight of the Board Infrastructure Committee
Unsatisfactory grant	•Continue to explore additional or alternative sources of
determination– Government	Government funding
grant settlement from 2027 undermines Trust's long term	•Review Trust long term financial model costs and income
financial sustainability
Condition of other special	•Asset strategies in place
operational assets– a risk of failure or deterioration of other	•Investment needs identified
Trust assets with potential	•Most urgent works included in 3-year plan
service delivery consequences,
breach of statutory or
contractual obligations, and
impact on water resource
management
Safety of general public– a	•Implementation of the Trust’s Visitor Risk Assessment
risk of failure to provide a safe	Standard and implementation of suitable mitigation measures
environment for visitors of the Trust’s inland waterway network,	•Participation in local Water Safety Partnerships
balancing the needs of various	•Active monitoring and reviewing of infrastructure-related
user groups	safety incidents involving members of the public
Long term financial	•Long term financial planning, with Board oversight
sustainability– a risk of inability of the Trust to maintain sufficient financial resources to adequately	•Annual business planning process, with review of productivity improvements
maintain and operate the	•Implementation of the Trust’s Treasury Management Policy
inland waterway network and delivery of its charitable objects,	•Regular liquidity forecasting
particularly in a high-inflationary	•External audit and oversight of the Trust’s Audit & Risk
economic environment	Committee
Safety of boating customers–	•Colleague and volunteer training on boater safety advice
a risk of failure to provide a safe environment for our boating	•Implementation of Trust navigation standards
Customers	•Undertaking visitor risk assessment with boater-specific
	mitigation measures
	•Lead role on the Boat Safety Scheme

Canal & River Trust Annual Report & Accounts 2024/2025

Governance

Risk	Mitigating Actions
Backlog of asset works and	•Asset management system in place together with strategic
repairs– potential failure to	asset management plan
deliver works programmes efficiently and effectively	•Asset inspection procedures and planned preventative maintenance supported by programme management,
	governance and performance management processes
Deteriorating lock gate	•Lock gate strategy in place
condition– limited workshop capacity and delivery resource, historic peaks of lock gate	•Lock Gate Standardisation Group agreeing key design standardisations
replacement coming to end	•Delivery and installation of new machinery in workshops
of life
Outdated boat licensing	•In-house legal expertise, supplemented by external advice
legislation and powers– a risk	where appropriate
that the Trust may lack the legal powers to effectively manage the use of its network given	•Independently-led Commission established to review the legal framework around boat licensing
modern usage of the waterways	•Court orders obtained where appropriate
and the procedural requirements relating to enforcement	•Reasonable adjustments made for disabled boaters
Water abstraction licensing	•Understanding and modelling of water resource needs by the
– a risk that the Trust’s water	Trust’s expert hydrologists
abstraction licences (which provide its inland waterway network with sufficient water	•Close working with the Environment Agency and Natural Resources Wales
resource in the light of the	•Resource in place to identify challenges and manage
removal of exemption for	forthcoming renewals
navigation authorities under the Water Act 2003) could be	•Appeals against unfavourable decisions
lost or varied, with significant
operational, customer and
financial implications.

During 2024/25 work has taken place to enhance the Trust’s risk management arrangements. This has included:

[The introduction of overarching strategic risk themes, which draw together – and are ] informed by – the risks captured on risk registers. This allows the Trust’s risks to be viewed more holistically and provides a clearer framework for considering the highlevel risks faced by the Trust. The following strategic risk themes were approved by the Board in November 2024:
[Asset failure]
[Capability, capacity and culture]
[Climate change]
[Cost management and liabilities]
[Health and safety]
[Income]
[Malicious acts including cybersecurity]

Canal & River Trust Annual Report & Accounts 2024/2025

Governance

[Service, reputation and influence]
[Water supply and environmental legislation]

These themes will be utilised for external reporting purposes from 2025/26 onwards;

[A full review of the risks on the corporate risk register, to ensure that they collectively ] provide a full and coherent representation of the risks facing the Trust; and
[Preparations for migration to updated risk management software, which will deliver ] enhanced reporting capabilities and action management functionality.

Investment Committee

Role

The Investment Committee provides non-executive oversight and assurance for the Board in respect of the Trust’s investments and other commercial activities, supervising the implementation of the Group Investment Policy for the Designated Investment Fund, including investments in subsidiaries and joint ventures, as well as oversight of its own property and utilities activities.

Membership

The Committee comprises Trustees and three co-opted members. During the reporting period, the following were members of the Committee:

Ian Peters, Trustee

Sir Chris Kelly, Trustee

Chris Fellingham, Trustee

Nigel Annett CBE, Trustee ( until September 2024 )

Nick Ritblat, Co-opted Member

Tim Sketchley, Co-opted Member

Diane Seymour-Williams, Co-opted Member

The Committee met four times during the financial year.

Key Activities

At each scheduled meeting, the Committee reviews a number of standing items relating to financial performance and investment updates for property, joint ventures and financial assets, which includes a full quarterly review with the Trust’s investment manager, Partners Capital (operating on a fully delegated mandate subject to the terms of the Trust’s Group Investment Policy).

During the year, the Committee undertook the following key activities:

[Received non-property investment updates]
[Annual property valuation]
[Review of office property strategy]
[Building Safety Act liabilities update]
[Property interim valuation]
[Ad-hoc meetings were held during the year to consider the purchase or disposal of property]

Canal & River Trust Annual Report & Accounts 2024/2025

Governance

During the year deep-dive sessions was held on Trust commercial activity in estates, business boating, and utilities.

The Group Investment Policy in place at the start of the financial year contained a long term objective to grow the real value of the Designated Investment Fund (defined as long term growth in the fund value of at least CPI+1%) whilst generating income for spending on the waterways. This was achieved in practice by retaining within the fund any realised or unrealised capital gains and transferring to the General Fund any net income (the so called “natural yield”). The Board approved a change to the Group Investment Policy in July 2024, with the most significant change being to adopt a total return policy which seeks to maintain rather than grow the fund’s real value at CPI over the long term, in order to facilitate increased Charitable Expenditure from either capital or income returns. In both the previous and current Group Investment Policy, consideration is given to environmental, social and governance matters in relation to the management of the scheme and the underlying investments, although this is done on a pragmatic basis so as not to have a material impact on the total return of the fund.

People & Remuneration Committee

Role

The People & Remuneration Committee oversees the remuneration policies for the Trust, with a particular focus on the remuneration of the Executive Team and key management personnel. The Committee determines the overall reward and remuneration strategy for the Trust, including any annual or periodic pay award. It approves the design of, and determines targets for, any performance-related pay scheme operated by the Trust for any Executive Directors. The Committee is able to take independent advice, as necessary, to inform those judgements.

When making decisions the Committee also takes into consideration affordability for the Trust, and the fact that the Trust operates in the third sector. The Committee continues to be satisfied that the level of Executive pay is appropriate to the responsibilities of the posts concerned.

Membership

The People & Remuneration Committee is constituted solely of Trustees. During 2024/25 the following served on the Committee during the year:

Janet Hogben, Trustee ( Chair )

Bronagh Kennedy, Trustee

Sir James Bevan, Trustee

The Executive Team are not present when any decisions regarding their remuneration are made.

The Committee met four times during the financial year.

Key Activities

[Executive salary review]
[Senior Manager’s pay review]
[Pay Gap Reporting]
[Engagement Survey insight]
[Update on future employment changes]
[New people management software]

Canal & River Trust Annual Report & Accounts 2024/2025

Governance

Infrastructure Committee

Role

The Infrastructure Committee provides oversight, assurance and expert advice in relation to the Trust’s major asset improvement programme and considers issues of delivery and risk together with questions about economy and efficiency.

The Committee advises the Board with regard to:

[The delivery of the Trust’s asset improvement programme, including consideration of ] risk, organisational capability and efficiency, effectiveness and economy of delivery of the programme.
[The approval of the annual projects plan and specific major projects by the Board, ] ensuring they are reviewed and developed thoroughly.
[The adequacy of progress in delivery of the programme and major projects.]
[Other aspects of the asset improvement programme as it considers appropriate.]
[Examination and commentary upon the Trust’s Asset Strategy and Asset ] Management Plan.

Membership

The Infrastructure Committee is constituted of independent Trustees (plus one co-opted member). During 2024/2025 the following members served on the Infrastructure Committee:

Sir James Bevan, Trustee ( Chair ) from September 2024

Nigel Annett CBE, Trustee ( Chair ) until September 2024

Janet Hogben, Trustee

Sir Chris Kelly, Trustee

Suzanne Crouch, Co-opted Member

The Committee met four times during the year which included attending site visits at Toddbrook Reservoir, Gloucester Docks and lock gate replacements at Hatton.

Key Activities

The Committee undertook the following key activities:

[Changing reservoirs legislation and guidance]
[Reservoirs and critical assets monitoring and risk mitigation updates.]
[Project delivery and reporting update]
[Update reports on repair works to Toddbrook reservoir.]
[Review of business plan for infrastructure investment]

Fundraising Committee

Role

The role of the Committee is to:

[To assist in developing the Trust’s vision and strategy for fundraising.]
[To help communicate the Trust’s vision for fundraising.]

Canal & River Trust Annual Report & Accounts 2024/2025

Governance

[To review and act as a critical friend for the fundraising strategy and plans, bringing ] external insight, ideas and positive challenge.
[To act as lead advocates for the Trust and fundraising specifically – both internally and ] externally, with donors, in potential fundraising networks and with those who influence funding decisions.
[To offer support, advice and guidance to the development of a fundraising culture ] within the Trust.
[To contribute specialist or donor-specific advice and contact where appropriate.]

Membership

Dame Jenny Abramsky, Trustee, Chair

Sir Christopher Kelly, Trustee

Ian Peters, Trustee

Chris Askew, Co-opted Member

Angela Cluff, Co-opted Member

The Committee met four times during the year.

Key Activities

[Approval of the Ethical Fundraising Policy Statement]
[Fundraising Plan]
[Fundraising Strategy development]
[Regular updates on individual giving and legacy and philanthropy and partnerships]
[Corporate sponsorship]

Fundraising

The Trust is committed to complying with regulatory standards for fundraising and to ensuring that fundraising is delivered in a manner aligned with our values. We are registered with the Fundraising Regulator and committed to complying with the Code of Fundraising Practice.

Our public fundraising work includes:

[Soliciting single and regular gifts through a variety of channels including face-to-face ] fundraising and digital
[Legacy fundraising and In Memory giving ]
[Direct marketing, including via post and telephone]
[Event fundraising, for example via the London Marathon]

All fundraising is undertaken under our management. We use creative agencies and sometimes use contracted fundraising suppliers to help us raise funds. All fundraising suppliers to the Trust are required to adhere to the Code of Fundraising Practice.

Our website contains our Supporter Promise, which explains how individuals can change the way we contact them and details our complaints policy.

Canal & River Trust Annual Report & Accounts 2024/2025

Governance

We are committed to transparency and accountability in all our fundraising activities. As part of this commitment, the Trust received two fundraising complaints during 2024/25, as compared to six during 2023/24. This data is critical in helping us identify areas for improvement and ensuring that any issues are addressed promptly and effectively.

The Trust's Ethical Fundraising Policy Statement sets out how we comply with the Fundraising Regulator's 'Code of Fundraising Practice' and sets out Trust commitments on fundraising with people in vulnerable circumstances as well as transparency and dealing with complaints. We take seriously our responsibility to promote and protect the safety and welfare of vulnerable people. Fundraising also complies with the Trust’s Safeguarding Policy Statement which sets out the wider Trust approach.

Boating Committee

During the year, the Board of Trustees established a Boating Committee. The Committee has met three times during the reported year.

Role

The role of the Committee is to:

[To assist in developing the Trust’s strategy and policies for boating on Trust waters.]
[To keep under review the Trust’s boat licensing activity, including responding to ] licencing trends and challenges
[To consider proposals for any reforms of the Trust’s statutory boat licensing and ] enforcement powers, together with consultation ahead of any reforms.
[To oversee the discharge and performance of the Trust’s navigation functions.]
[To assist in the elaboration of communications and stakeholder management of boating ] customers and other interested groups.

Membership

David Orr CBE, Chair of the Committee

Chris Fellingham, Trustee

Janet Hogben, Trustee

Bronagh Kennedy, Trustee

The Committee met three times during the year.

Key Activities

[Updates from the Boat Licence Review Commission]
[Better Boating Plan updates]
[Boater Satisfaction Survey updates]

Boat Licence Review Commission

In September 2024, the Board agreed on the need to review the Trust’s boat licence framework and agreed to establish an independently led Boat Licence Review Commission. The Commission is overseen by the Board Boating Committee, who receive regular updates at their meetings. The findings of the Commission review will be reported to the Board of Trustees which will include recommendations on any possible reforms in the autumn of 2025.

Canal & River Trust Annual Report & Accounts 2024/2025

Governance

Membership

Andrew Cowan, Independent Commission Lead

Sir Christopher Kelly, Trustee Member

Penelope Barber, Council Member

Bwrdd Glandŵr Cymru (Welsh Board)

The Bwrdd Glandŵr Cymru (“the Bwrdd”) has an advisory remit and takes a strategic perspective in developing the Trust’s work in Wales. It works to ensure the Trust has a good understanding of the needs, issues and opportunities relevant to the waterways of Wales.

The Bwrdd has an important role in working with the Welsh Government and the main all Wales public institutions. It also works closely with the Trust’s Regional Advisory Boards which border Wales.

The membership of the Bwrdd can be found on the Trust’s internet here: Bwrdd Glandŵr Cymru | Canal & River Trust (canalrivertrust.org.uk)

Regional Advisory Boards

The Trust has six Regional Advisory Boards in England which mirror the Trust’s operational regional structure. The Regional Advisory Boards are advisory in nature. They help the Trust use local knowledge, ideas and capacity to build relationships, reach the diverse local communities that we serve and translate national priorities into local initiatives. The membership of the Regional Advisory Boards can be found on the Trust’s website here: Regional Advisory Boards | Canal & River Trust (canalrivertrust.org.uk)

National Advisory Groups

The Trust’s work is supported by National Advisory Groups. These sit outside the formal governance structure of the Trust and are advisory in nature. Their role is to help develop specific aspects of the Trust’s strategy. Members of the National Advisory Groups are drawn for their skills and experience in specific areas.

At present the Trust has Advisory Groups in the following areas: Environmental, Fisheries & Angling, Navigation, Youth Engagement and Cultural Heritage. The membership of the National Advisory Groups can be found on the Trust’s website here: National Advisory Groups | Canal & River Trust (canalrivertrust.org.uk)

Trustees’ Responsibilities Statement

The Trustees are responsible for preparing the Strategic Report, the Annual Report and the Financial Statements in accordance with applicable law and regulations. Company law requires the Trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

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 group and charity and of the incoming resources and application of resources, including the income and expenditure, of the group and charity for that period.

In preparing these financial statements, the Trustees are required to:

[Select suitable accounting policies and then apply them consistently. ]
[Observe the methods and principles in the applicable Charities SORP.]
[Make judgements and accounting estimates that are reasonable and prudent.]

Canal & River Trust Annual Report & Accounts 2024/2025

Governance

[State whether applicable UK Accounting Standards have been followed, subject to any ] material departures disclosed and explained in the financial statements.
[Prepare the financial statements on the going concern basis unless it is inappropriate to ] presume that the charity will continue in business.

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s transactions and disclose with reasonable accuracy at any time the financial position of the charity 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees confirm that:

[So far as each Trustee is aware, there is no relevant audit information of which the ] charitable company’s auditor is unaware.
[The Trustees have taken all the steps that they ought to have taken as Trustees in order ] to make themselves aware of any relevant audit information and to establish that the charitable company’s auditor is aware of that information.

Financial statements are published on the charitable company's website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements, which may vary from legislation in other jurisdictions. The maintenance and integrity of the charity’s website is the responsibility of the trustees. The Trustees’ responsibility also extends to the ongoing integrity of the financial statements contained therein.

Going Concern

The financial statements have been prepared on a going concern basis and there is no material uncertainty in respect of the going concern basis of preparation.

The Trust has a broad range of secure income streams that provide a reliable source of income to fund the Trust’s charitable activities. The Government announced the results of its grant review in July 2023, which determines the amount and duration of grant funding to the Trust beyond 2027. The review proposed a 10-year grant settlement starting with the current grant of £52.6m and applying an annual 5% reduction or “taper” each year from 2027 to 2037. A £10m portion of the Defra grant income is subject to performance conditions.

Having reviewed financial projections, and associated cash flow forecasts from management as detailed in note 1.2, the Trustees have concluded that the Trust has sufficient resources to continue funding its charitable activities for at least the next 12 months. Additionally, the Trust undertakes an annual budgeting process for the forthcoming 3 year period. The most recent budget was approved by the Board in March 2025, and demonstrates that the Trust expects to be financially sustainable until at least 31 March 2028. Beyond this and in extremis, the Trust can utilise its Designated Investment Fund.

This report, including the Director’s report and the strategic report, was approved by the Board of Trustees on 25 September 2025 and signed on their behalf by:

David Orr CBE Chair

Canal & River Trust Annual Report & Accounts 2024/2025

Governance

Independent Auditor’s Report to Members of Canal & River Trust

Opinion on the financial statements

In our opinion, the financial statements:

give a true and fair view of the state of the Group’s and of the Parent Charitable Company’s affairs as at 31 March 2025 and of the Group’s incoming resources and application of resources for the period then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

We have audited the financial statements of Canal & River Trust (“the Parent Charitable Company”) and its subsidiaries (“the Group”) for the year ended 31 March 2025 which comprise the Consolidated statement of financial activities (incorporating the income and expenditure account), the Balance Sheets, the Consolidated statement of cash flows and notes to the accounts, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We remain independent of the Group and the Parent Charitable Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

Independent Auditor’s Report

Canal & River Trust Annual Report & Accounts 2024/2025

Conclusions related to going concern

In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group and the Parent Charitable Company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The Trustees are responsible for the other information. The other information comprises the information included in the Annual Report and Accounts other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Other Companies Act 2006 reporting

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Trustees’ Report, which includes the Directors’ Report and the Strategic report prepared for the purposes of Company Law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors’ Report, which are included in the Trustees’ Report, have been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the Group and the Parent Charitable Company and its environment obtained in the course of the audit, we have not identified material misstatement in the Strategic report or the Trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept by the Group and Parent Charitable Company, or returns adequate for our audit have not been received from branches not visited by us; or
the Group and Parent Charitable Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Directors’ remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

Independent Auditor’s Report

Canal & River Trust Annual Report & Accounts 2024/2025

Responsibilities of Trustees

As explained more fully in the Trustees’ Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Group’s and the Parent Charitable Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the Parent Charitable Company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under the Companies Act 2006 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent to which the audit was capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Non-compliance with laws and regulations

Based on:

Our understanding of the Group and Parent Charitable Company and the sector in which it operates;
Discussion with management and those charged with governance , including Audit & Risk Committee, legal counsel and internal audit; and
Obtaining an understanding of the Group’s and the Parent Charitable Company’s policies and procedures regarding compliance with laws and regulations.

We considered the significant laws and regulations to be the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), the Charities SORP (FRS102), Charities Act 2011, Companies Act 2006 and UK tax legislation.

The Group is also subject to laws and regulations where the consequence of noncompliance could have a material effect on the amount or disclosures in the financial statements, for example through the imposition of fines or litigations. We identified such laws and regulations to be Health and Safety Act 1974, Water Act 2003, Building Safety Act 2022, Data Protection Act 2018, Employment Rights Act 1996, Code of Fundraising Practice (2019), the Bribery Act 2010 and the Reservoirs Act 1975.

Independent Auditor’s Report

Canal & River Trust Annual Report & Accounts 2024/2025

Our procedures in respect of the above included:

Review of minutes of meetings of those charged with governance for any instances of non-compliance with laws and regulations;
Review of correspondence with regulatory and tax authorities for any instances of non-compliance with laws and regulations;
Review of financial statement disclosures and agreeing to supporting documentation; and
Review of legal expenditure accounts to understand the nature of expenditure incurred.

Fraud

We assessed the susceptibility of the financial statements to material misstatement, including fraud. Our risk assessment procedures included:

Enquiry with management, internal audit and those charged with governance regarding any known or suspected instances of fraud;
Review of investigation procedures undertaken by management in response to instances of theft and fraud arising during the year, including consultation with our forensic specialists to inform our fraud risk assessment;
Obtaining an understanding of the Group’s and Parent Charitable Company’s policies and procedures relating to:
Detecting and responding to the risks of fraud; and
Internal controls established to mitigate risks related to fraud.
Review of minutes of meetings of those charged with governance for any known or suspected instances of fraud;
Review of internal audit reports for identification of areas which could be susceptible to fraud;
Discussion amongst the engagement team and forensics specialists as to how and where fraud might occur in the financial statements;
Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; and
Considering remuneration incentive schemes and performance targets and the related financial statement areas impacted by these.

Based on our risk assessment, we considered the areas most susceptible to fraud to be journals, income and key estimates and judgements.

Our procedures in respect of the above included:

Testing a sample of journal entries throughout the year, which met a defined risk criteria, in addition to a random sample of other journals, by agreeing to supporting documentation;
Assessing significant estimates and judgements made by management for bias, including defined benefit pension scheme assumptions, the valuation of investments and investment properties, the determination of the useful economic lives of operational fixed assets and assumptions applied in determining provisions;

Independent Auditor’s Report

Canal & River Trust Annual Report & Accounts 2024/2025

Testing the existence and accuracy of income recognised in the year; and
Reviewing the performance related remuneration paid to management and staff to assess incentives to manipulate results.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members including component engagement teams and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. For component engagement teams, we also reviewed the result of their work performed in this regard.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities for the audit of the financial statements is located at the Financial Reporting Council’s (“FRC’s”) website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the Charitable Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Charitable Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charitable Company and the Charitable Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Heather Wheelhouse

(Senior Statutory Auditor)

For and on behalf of BDO LLP, statutory auditor Bristol, UK

Date: 25 September 2025

BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).

Independent Auditor’s Report

Canal & River Trust Annual Report & Accounts 2024/2025

Financial Statements for the year ended 31 March 2025

Consolidated statement of financial activities (incorporating the income and expenditure account) for the year ended 31 March 2025

----- Start of picture text -----
2024/25 2023/24
Unrestricted Restricted
Restated
funds funds
General Designated Income Funds
fund funds funds Total Total
note £m £m £m £m £m
Income and endowments
from:
Donations and legacies - - 6.7 6.7 6.3
Charitable activities 3 63.6 - 10.7 74.3 78.5
Trading activities 4 100.5 - - 100.5 97.1
Investments 5 1.6 49.0 - 50.6 54.3
Share of net income from
16 - 0.5 - 0.5 1.1
joint ventures
Total Income 165.7 49.5 17.4 232.6 237.3
Expenditure on:
Raising donations 6 (6.7) - - (6.7) (4.2)
and legacies
Raising other funds 6 (19.0) (22.1) (0.2) (41.3) (44.9)
Charitable activities 7 (166.2) (2.4) (16.2) (184.8) (203.2)
Share of net expenditure 16 - (0.6) - (0.6) (0.1)
from joint ventures
Total expenditure (191.9) (25.1) (16.4) (233.4) (252.4)
Net (expenditure)/income
before gains/(losses) on (26.2) 24.4 1.0 (0.8) (15.1)
investments
Net gains/(losses) 10 0.4 23.7 - 24.1 (14.3)
on investments
Net (expenditure)/income (25.8) 48.1 1.0 23.3 (29.4)
Transfers between funds 22 25.8 (25.8) - - -
Other recognised losses
Actuarial losses on defined
25 - (0.6) - (0.6) (12.9)
benefit schemes
Net movement in funds - 21.7 1.0 22.7 (42.3)
Reconciliation of funds:
Total funds brought forward 0.1 830.8 2.0 832.9 875.2
Total funds carried forward 0.1 852.5 3.0 855.6 832.9
----- End of picture text -----

The above amounts represent all gains and losses recognised during the year. All 2024/25 activities and 2023/24 activities relate to continuing activities.

The accompanying notes on pages 60 to 102 form part of these financial statements.

Financial Statements for the year ended 31 March 2025

Canal & River Trust Annual Report & Accounts 2024/2025

Balance Sheets as at 31 March 2025

Balance Sheetsas at 31 March 2025
		Group	Canal & River Trust
	note	31 March 2025 31 March 2024 31 March 2025 31 March 2024
Fixed assets
Tangible assets	12	53.5	53.4 53.5 53.4
Heritage assets	13	-	- - -
Investments:
Property	14	649.0	682.1 505.3 536.6
Diversified investment funds	15	366.9	306.6 366.9 306.6
Subsidiaries	16	-	- 96.6 79.0
Joint ventures	16	9.1	10.0 - -
		1,078.5	1,052.1 1,022.3 975.6
Current assets
Stock		1.8	1.5 1.6 1.5
Debtors: Amounts fallingdue within oneyear	17	60.0	63.3 62.5 64.6
Debtors: Amounts falling due after more than	17	11.5	13.6 5.5 7.9
oneyear
Investments	16	-	10.0 - 10.0
Cash at bank and in hand		20.7	23.9 5.4 18.4
		94.0	112.3 75.0 102.4
Current liabilities
Creditors: Amounts fallingdue within oneyear	18	(80.3)	(86.6) (85.0) (95.9)
Net current asset/(liability)		13.7	25.7 (10.0) 6.5
Total assets less current liabilities		1,092.2	1,077.8 1,012.3 982.1
Creditors: Amounts fallingdue after oneyear	18	(154.0)	(152.6) (154.1) (152.7)
Provisions for liabilities	20	(42.3)	(49.3) (42.3) (49.3)
Net assets excluding pension fund asset/(liability)		895.9	875.9 815.9 780.1
Pension fund(liability)/asset	25	(40.3)	(43.0) 4.0 7.5
Net assets including pension fund asset/(liability)		855.6	832.9 819.9 787.6

Funds
Unrestricted funds
General fund	22	0.1	0.1 0.1 3.3
Designated funds	22	852.5	830.8 816.8 782.3
		852.6	830.9 816.9 785.6
Restricted funds
Income funds	22	3.0	2.0 3.0 2.0
Total Funds		855.6	832.9 819.9 787.6

The net income after other recognised gains and losses for the year of Canal & River Trust was £32.3m (2024: net expenditure of £52.6m).

Approved and authorised for issue by the Board of Trustees on 25 September 2025 and signed on their behalf by:

INGEN Qn.

David Orr CBE Chair

25 September 2025 Company number 07807276

The accompanying notes on pages 60 to 102 form part of these financial statements.

Financial Statements for the year ended 31 March 2025

Canal & River Trust Annual Report & Accounts 2024/2025

Consolidated statement of cash flows

for the year ended 31 March 2025

----- Start of picture text -----
2024/25 2023/24
£m £m £m £m
Cash flows from operating activities
Net cash used in operating activities (41.3) (40.0)
Cash flows from investing activities
Rental proceeds from property and utilities
34.8 40.0
investments
Purchase of tangible fixed assets (5.2) (6.7)
Purchase of investment property (5.3) (8.1)
Proceeds from sale of tangible fixed assets 0.6 0.7
Proceeds from sale of investment property 50.6 10.0
Proceeds from sale of subsidiary - 1.5
Withdrawals from diversified investment funds 14.1 7.6
Additions to diversified investment funds (59.5) -
Loans to joint ventures (7.7) (9.8)
Repayments from joint ventures 8.5 5.2
Dividends from joint ventures - 0.2
Interest received 1.5 2.3
Net cash provided by investing activities 32.4 42.9
Cash flows from financing activities
Interest paid (4.3) (4.4)
Net cash flows from financing activities (4.3) (4.4)
Change in cash and cash equivalents in the year (13.2) (1.5)
Cash and cash equivalents at 1 April 33.9 35.4
Cash and cash equivalents at 31 March 20.7 33.9
----- End of picture text -----

Financial Statements for the year ended 31 March 2025

Canal & River Trust Annual Report & Accounts 2024/2025

a) Reconciliation of net income/(expenditure) to net cash used in operating activities

----- Start of picture text -----
2024/25 2023/24
£m £m £m £m
Net income/(expenditure) 23.3 (29.4)
Adjustments for:
Realised gains on disposals of investment assets (7.1) (2.0)
Net unrealised (gains)/losses on revaluation of
(16.6) 15.6
investment assets
Investment management costs on
1.7 1.7
Diversified Investment Fund
Realised losses on disposal of subsidiary - 1.2
Interest payable 4.3 4.4
Interest receivable (1.5) (2.3)
Rents from property and utilities investments (39.3) (40.7)
Share of net expenditure/(income) from
0.1 (1.1)
joint ventures
Depreciation 4.8 4.8
Diversified funds investment return:
(5.0) (4.5)
dividend income
Gain on sale of tangible fixed assets (0.4) (0.4)
Difference between payments to defined benefit
(3.3) (3.5)
scheme and amount charged to expenditure
(62.3) (26.8)
(Increase)/Decrease in stock (0.3) 0.2
Decrease in debtors 5.2 4.4
Decrease in creditors (0.2) (2.1)
(Decrease)/Increase in provisions (7.0) 13.7
Net cash used in operating activities (41.3) (40.0)
----- End of picture text -----

Financial Statements for the year ended 31 March 2025

Canal & River Trust Annual Report & Accounts 2024/2025

b) Analysis of changes in net debt

				2024/25
	At 1 April 2024		Cash flows	Other non-cash changes	At	31 March 2025
		£m	£m	£m		£m
Cash and cash equivalents
Cash		23.9	(3.2)	-		20.7
Funds held on short-term deposit		10.0	(10.0)	-		-
		33.9	(13.2)	-		20.7

Borrowings
Debt due within oneyear		-	-	-		-
Debt due after oneyear	(150.0)		-	(0.2)		(150.2)
	(150.0)		-	(0.2)		(150.2)

Total net debt	(116.1)		(13.2)	(0.2)		(129.5)
				2023/24
				Other
	At 1 April		Cash	non-cash	At	31 March
		2023	flows	changes		2024
		£m	£m	£m		£m
Cash and cash equivalents
Cash		35.4	(11.5)	-		23.9
Funds held on short-term deposit		-	10.0	-		10.0
		35.4	(1.5)	-		33.9
Borrowings
Debt within oneyear		-	-	-		-
Debt due after oneyear	(150.0)		-	-		(150.0)
	(150.0)		-	-		(150.0)

Total net debt		(114.6)	(1.5)	-		(116.1)

Financial Statements for the year ended 31 March 2025

Canal & River Trust Annual Report & Accounts 2024/2025

Notes to the accounts

1. Accounting policies

1.1 Basis of preparation

The financial statements of the Canal & River Trust (‘the Trust’) have been prepared under the historical cost convention, except for the modification to a fair value basis for investment properties and certain financial instruments, as specified in the accounting policies below.

The financial statements have been prepared in accordance with Charities SORP (FRS 102) – Second edition October 2019, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Where further clarity beyond FRS 102 guidance is required, the relevant IFRS guidance has been consulted. Reference to the appropriate standard has been included in these cases.

The Trust meets the definition of a public benefit entity under FRS 102. The Trust is a Charity registered with the Charity Commission in England and Wales, and a Company limited by Guarantee.

A separate Statement of Financial Activity (SoFA) for the parent company is not presented with the Group financial statements as permitted by Section 408 of the Companies Act 2006. A separate statement of cash flows for the parent company is not presented within the Group financial statements as permitted by section 1.12 FRS 102. The net movement in funds of the parent company is disclosed in note 22 of the financial statements.

1.2 Going concern

The Trust’s annual financial planning process, including financial projections, has taken into consideration the current economic climate, as well as the significant financial resources required in order to maintain and repair the canal network, especially in light of climate change.

The planning process and financial projections have included scenario analysis using most likely case as well as stress testing severe downside scenarios. This confirms that the Trust has sufficient liquidity to withstand a significant reduction in income with little cost mitigation and continue in operation whilst meeting its debt covenants. In reality, where the Trust’s income is materially impacted, costs can in some cases be reduced to offset the reduction in income, which would reduce liquidity requirements even further.

In view of the significant resources available to the Trust, the Trustees consider that there are adequate resources to continue in operation for at least 12 months from the date of signing of the accounts and audit report. The Trustees have not identified any material uncertainties that would alter this view, and in particular, as at 31 March 2025, they recognise that the Trust had £20.7m in cash and access to £58.2m in liquid funds within 60 days within the Diversified Investment Funds. In the longer term, the value of property and nonproperty assets could fund the activities of the Trust for several years. Accordingly, the Trustees have adopted the going concern basis in preparing the financial statements.

1.3 Significant judgements and sources of estimation uncertainty

Judgements and estimates are continually evaluated and are based on historical experience as well as other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Trust makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The judgements that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are detailed below.

1.3.a Pension scheme

As described further within the defined benefit pension scheme policy, a judgement is made regarding the pension scheme’s investment in a subsidiary of the Trust, which is not recognised as a scheme asset within the consolidated financial statements as this is considered to be a non-transferrable financial instrument issued by the Group. An asset is recognised in Canal and River Trust (the entity), as the Trust’s investment

Financial Statements for the year ended 31 March 2025

Canal & River Trust Annual Report & Accounts 2024/2025

1. Accounting policies (continued)

in the pension fund is recognised as an investment in the pension scheme accounts, reducing the funding deficit. Judgements and estimates are also made, using actuarial guidance, regarding key assumptions in valuing scheme assets and liabilities, and in recognising a scheme asset at entity level. Note 25 sets out the sensitivities regarding the principal assumptions applied in valuing the assets and liabilities of pension scheme.

1.3.b Joint ventures

Significant judgement has been required in assessing the carrying values of the Trust’s investments in joint ventures. Judgement is required in determining the carrying value which has been evaluated based on recent accounts, access to joint venture board papers and discussions with our partners.

1.3.c Loan notes

The Trust issued £150m loan notes by way of a private placement in 2018. These loan notes are repayable in Sterling, but some contain an embedded derivative that would be realised should the loan notes be repaid before their due date. The Trust has chosen to adopt IAS 39 to value these loan notes which values the considerably smaller derivative element rather than adopt FRS 102 which would value the entire loan notes.

1.3.d Useful economic lives of operational tangible fixed assets

As explained further within the tangible fixed assets policy, buildings, plant, machinery, and vehicles held by the Trust are depreciated from the date brought into use based on their useful economic life, to write off the cost of the asset less any residual value. Judgement is required to assess the length of this life, and this is evaluated based on past experience, asset classification and condition reviews. Depreciation rates for classes of assets are reviewed annually to ensure they remain appropriate with reference to external and internal factors, including the level of proceeds (and resulting profit/loss) recognised on disposal of such items.

1.3.e Reservoir provisions

Due to the significant requirement to safely maintain the infrastructure of the network, the Trust routinely accommodates independent reviews of major infrastructure assets to comply with the Reservoirs Act 1975 and to assess requirements for rectification or improvement. Following the reviews the Trust receives reports outlining the requirements for action. As a result of the legal requirements outlined in the reports, or due to the Trust’s constructive obligation as a result of a published intention to rectify breaches or failures, the Trust establishes a project to address the requirements, including an estimate of the likely costs to satisfactory completion. Due to the legal or constructive obligation to carry out some of the recommended works the Trust provides for the cost when the requirements are known and the costs can be reasonably estimated. The provision is estimated at the balance sheet date covering all known requirements at that date. Actual costs will be incurred in future periods and any under or over provision as a result of differences between the estimated costs provided and the actual costs incurred will be recognised in the operating costs in the period they. Due to the uncertainty associated with such estimates, there is a possibility that, on conclusion of open matters at a future date, the final outcome may differ.

1.3.f Property investments

Independent professionally qualified surveyors value the Trust’s investment property in line with the “Red Book” methodology of the Royal Institute of Chartered Surveyors however the valuation is based on judgement. The top 100 properties by value are valued annually as well as a quarter of all other properties. Every five years all properties are externally valued.

1.3.g Lease classification

The Trust is the lessor in a leasehold agreement with the Royal Armouries which is a 999 year lease of land which has 970 years unexpired of its term. At inception this was judged to be an operating lease and has been accounted for as such. This judgement was reached as the lease term is not for the major part of the land’s economic life, the asset does not transfer to the lessee at the end of the lease, nor does the lessee have the option to purchase the land, and the land is not of a specialised nature. In addition, the present value of future lease payments does not amount to substantially all of the fair value of the land.

Financial Statements for the year ended 31 March 2025

Canal & River Trust Annual Report & Accounts 2024/2025

Accounting policies (continued)

1.4 Basis of consolidation

The Group comprises the Canal & River Trust and its subsidiaries which are set out in note 16 to these financial statements.

Subsidiaries are entities controlled by the Trust. Control exists when the company has the power, directly or indirectly, to govern the financial and operating policies of an entity to obtain benefits from its activities. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. The turnover and expenditure of the subsidiaries are included within the SoFA. The assets and liabilities are included on a line by line basis in the consolidated balance sheet in accordance with FRS 102, section 9.13 ‘Consolidated and Separate Financial Statements.’ The financial statements of all Group companies are prepared using consistent accounting policies.

The Group has a number of contractual arrangements with other parties that represent joint ventures. These joint ventures are established through an interest in a limited company, partnership or other entity. The Group recognises its interest in the entity’s assets and liabilities using the equity method of accounting in accordance with FRS 102 section 15 ‘Investments in Joint Ventures.’ The names of joint ventures, the nature of the business and details of the shares held by the Group are disclosed in note 16 to these financial statements.

Intra-Group balances and transactions, and any unrealised gains arising from intra-Group transactions with joint ventures, are eliminated in preparing the consolidated financial statements. Unrealised gains resulting from transactions with joint ventures are eliminated against the carrying value of the investment in the joint venture.

Waterways Infrastructure Trust (WIT) (Charity number 1146792-2) is a linked charity of Canal & River Trust and is included in the financial statements of the Trust and Group on a branch accounting basis, whereby funds are aggregated. The only assets held by WIT are heritage assets, as disclosed in note 13 to the accounts. The WIT does not have income, expenditure, liabilities or accumulated funds. As heritage assets are held at nil value, the funds of WIT are £nil in these financial statements and separate fund disclosures have therefore not been made.

1.5 Income recognition

1.5.a Donations and legacies
i) Donation income is recognised when received. Where the use of the income has been restricted in accordance with the donor’s wishes, appeals and gifts, income is credited to restricted funds until spent for the purpose for which it was given.
ii) Entitlement to legacy income is considered to be on the earlier of the date of receipt of finalised estate accounts, the date of payment or where it is probable that the legacy will be received and the value is measurable with sufficient reliability. For pecuniary legacies this is the point when formal notification has been received from the estate and for residuary legacies when the Trust’s interest can be measured, which is normally on grant of probate.

iii) Income received from the People’s Postcode Lottery (PPL) is recognised as a donation on receipt.

Financial Statements for the year ended 31 March 2025

Canal & River Trust Annual Report & Accounts 2024/2025

Accounting policies (continued)

1.5.b Charitable activities

i) Waterway infrastructure income is income to maintain an area of the waterway network and is recognised on a straight-line basis over the term of the agreement.
ii) Third party funded project income is contributions towards restoring and improving the waterways network and is accounted for as a contract for services or as grant income depending on the funding agreement. Contract for services income is unrestricted income and is recognised to the extent that the service has been delivered. Grant income is classified as restricted in line with the terms specified in the grant agreement and recognised when conditions of entitlement are met. Any cash amounts received in advance of entitlement to the income are treated as deferred income creditors in accordance with the general principles on income recognition. Contract income is recognised in proportion to the stage of completion of the work in accordance with relevant funding agreements.

Other funding received for restricted purposes is recognised as restricted income when conditions of Trust entitlement are met.

iii) Museums and attractions income from entrance fees and sale of goods from museums and visitor centres are recognised at point of sale.
iv) Defra funding is accounted for as a government grant and is recognised when the conditions for the receipt of the grant have been complied with and it is probable that the grant will be received.

1.5.c Trading activities

i) Boat licences and mooring permits are invoiced in advance and income is recognised over the term of the licence or permit, with amounts relating to future periods shown as deferred income. Where the Trust has granted concessions to boating customers, the income has been reduced in the period the concession relates to.
ii) Utilities and water development income is received in return for access to the Trust’s land, e.g. for underground pipes. Where agreements are for fixed time periods, revenue is recognised on a straight-line basis over the term of the agreement. Sales of water supplied from the Trust’s waterway network under a water sales agreement allow access to a continuous supply of water over the period contracted. These are invoiced in advance and revenue is deferred and recognised as earned over the period.

1.5.d Investments

i) Investment property income is income received from operating leases and is recognised on a straightline basis over the term of the lease. Where the Trust has granted rent, the income has been reduced in the period the concession relates to.

Lease incentives granted are recognised as a reduction of rental income. The cost of the incentive is allocated over the lease term unless another systematic basis is representative of the time pattern of the benefit from the use of the leased asset. The lease term is the period for which the lessee has contracted to rent the property. This only includes optional extensions where it is reasonably certain that the lessee will exercise such an option.

Where lease incentives are provided, the fair value of the incentive is accounted for as a debtor and recognised in line with this accounting policy.

ii) Income from diversified investments includes dividend and interest payments distributed from investment funds and is recognised in the period in which it is earned.
iii) The SoFA reflects the Trust’s share of the joint ventures’ results after interest.

Financial Statements for the year ended 31 March 2025

Canal & River Trust Annual Report & Accounts 2024/2025

Accounting policies (continued)

1.6 Expenditure

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised when a constructive or legal obligation is created, where outflows are probable and can be reliably measured. Irrecoverable VAT is either charged to the appropriate heading or it is capitalised as appropriate.

1.7 Redundancy and termination payments

Redundancy and termination payments are recognised when there is a demonstrable commitment on an individual or group basis that cannot realistically be withdrawn.

1.8 Support costs

Support costs representing expenditure on administration, financial management, human resources and information systems are allocated to expenditure on raising funds and charitable activities, on the basis of headcount or on the estimated service delivered by the support service or other bases if these are more appropriate.

Governance costs are those associated with the governance arrangements rather than the day-to-day management of the Trust. These include the costs of meetings and associated support costs for the Trustees, Trust Council and Waterway Partnerships. These costs are allocated to expenditure on raising funds and charitable activities based on estimated service usage within each area.

1.9 Tangible fixed assets

Expenditure on the purchase of land and the cost of construction and major improvement of buildings is capitalised. Expenditure on the purchase, addition to and improvement of boats, plant and equipment in excess of £5,000 is also capitalised.

Tangible fixed assets are stated at cost, net of depreciation and any provision for permanent diminution in value. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Freehold buildings: 40 years
Leasehold land and buildings: Over the unexpired term of the lease
Maintenance craft and floating plant: Between 10 and 25 years
Other plant and machinery: Between 5 and 10 years
Vehicles: Between 5 and 10 years

1.10 Leased land and buildings, plant and equipment

1.10.a Group as a lessor

Where any part of land and buildings owned by the Trust and used for operational purposes is let out under an operating lease to a third party the part let out is reclassified as an investment property asset and is then held at fair value. The remaining part of the land and/or building occupied by the Trust is treated in the same way as other operational properties which are held at cost and depreciated over their estimated useful lives. Rental income, adjusting for the effect of lease incentives, is recognised on a straight-line basis over the lease term, including any rent-free periods.

Financial Statements for the year ended 31 March 2025

Canal & River Trust Annual Report & Accounts 2024/2025

Accounting policies (continued)

1.10.b Group as a lessee

Costs in respect of operating leases are charged on a straight-line basis over the lease term, including any rent-free periods.

1.10.c Grant of long lease over investment property

In transferring property rights for consideration there may be instances where the Trust wishes to retain a level of control over the use of property where this issues onto or borders the waterway. This is achieved through the grant of a finance lease, and profit or loss is recognised at inception of the lease. The freehold reversion, whilst initially an insubstantial value, remains held for future capital growth and is fair valued each year.

In order for a long lease to be treated as a disposal it would be usual for the lease term to be for the major part of the economic life of the property (typically more than 50 years) and at the inception of the lease the present value of minimum lease payments would amount to substantially all of the fair value of the leased property.

1.11 Heritage assets

Heritage assets are assets of the Waterways Infrastructure Trust (WIT) and are aggregated into the financial statements on a branch basis as set out at 1.4. The charity does not consider that reliable cost or valuation information can be obtained for the Trust’s heritage assets. The Waterway Infrastructure is generally around 200 years old and the costs of maintaining the Waterway Infrastructure in a safe and accessible state significantly exceed any income generated from them. The WIT does not consider that any meaningful value can be placed on the Waterways Infrastructure, nor the museum artefacts and archives and therefore does not recognise those assets on its balance sheet. The WIT also considers, in line with section 18.14 of the Charities SORP (FRS 102), that obtaining a meaningful valuation of these assets would not be achievable at a cost commensurate with the benefit to the users of the financial statements. Expenditure to maintain, repair and preserve these assets is charged to the SoFA of Canal & River Trust as incurred.

Further information on the management and preservation of heritage assets is given in note 13 to the financial statements.

The Trust has two classes of heritage assets:

1.11.a Waterways infrastructure

Canal & River Trust maintains inland waterways that include the assets listed in note 13 to these financial statements. These waterway assets are maintained regularly as an integrated network to ensure that the waterways can be used for continuous navigation and access. The assets are referred to as the Waterways Infrastructure and are held under a perpetual trust from Defra, known as The Waterways Infrastructure Trust, which specifies that the waterways are to be held in trust and retained in perpetuity for the following purposes:

To operate and manage the waterways infrastructure for public benefit, use and enjoyment including navigation; walking on towpaths; and for recreation or other leisure-time pursuits of the public in the interest of their health and social welfare.
To protect and conserve, for public benefit, sites, objects and buildings of archaeological, architectural, engineering or historic interest on, in the vicinity of, or otherwise associated with the Infrastructure Property.
For public benefit, the conservation, protection and improvement of the natural environment and landscape of the Infrastructure Property.

Financial Statements for the year ended 31 March 2025

Canal & River Trust Annual Report & Accounts 2024/2025

1. Accounting policies (continued)

Also included within this category are a number of assets which the Trust doesn’t own, but for which agreements are in place which transfer responsibility for maintenance and inspection to the Trust. The Trust acts as Trustee for these assets.

1.11.b Waterway museum artefacts collections and archives

Canal & River Trust maintains many thousands of heritage artefacts in its collection and many more archive records of the construction and operation of the historic waterways. These items are held for display to the public or in secure storage facilities.

Canal & River Trust incurs significant expenditure in relation to the management and preservation of the heritage assets owned by the WIT. This expenditure is primarily day to day repairs and maintenance but elements of enhancement occur when assets are damaged or modern materials, design, or technology are applied. As this expenditure is incurred by Canal and River Trust to directly deliver its own charitable objects, this expenditure is taken to the SoFA. This spend does not represent a donation or grant to WIT and is not therefore considered for capitalisation in WIT. This reflects the branch accounting approach applied in these accounts to WIT as a linked charity as noted at 1.4.

1.12 Investment properties

Investment properties are measured initially at cost and subsequently at fair value at the reporting date. Valuation movements arising from the annual revaluation exercise are included within “net gains/(losses) on investment” in the SoFA. The Trust accounts for disposals of investment properties upon completion of sale or when the sale is unconditional. Where transfers are made from Operational to Investment Property, these are revalued at fair value on the day of transfer with fair value gains and losses taken to profit or loss.

1.13 Diversified investments

Quoted investments are stated at open market value and unquoted investments are stated at most recent underlying net asset values from fund managers, adjusted for subsequent capital calls or distributions. Both are deemed to represent the fair value of the investments. The valuation policy has been derived in accordance with Alternative Investment Fund Managers Directive and the requirements under Generally Accepted Accounting Principles and International Private Equity and Venture Capital Valuation Guidelines. Income from the investments is recognised as ‘investment income’ in the unrestricted designated fund. Realised and unrealised investment gains and losses are recognised within the unrestricted designated fund.

1.14 Investment in subsidiaries

All subsidiaries are held at amortised cost apart from Canal & River Pension Investment Limited Partnership which is held at fair value due to the fact that its asset comprises part of the Trust’s investment portfolio and forms the Trust’s pension fund partnership “PFP” (see note 25).

1.15 Impairment

The carrying values of the Trust’s assets are reviewed at each balance sheet date to determine whether there is any indication of impairment. If such an indication exists, the asset’s recoverable amount is estimated. The recoverable amount of an asset is the higher of fair value less costs to sell the asset and its value in use. An impairment loss is recognised whenever the carrying amount of an asset exceeds its recoverable amount except in the case of investment property where it is included within recognised gains and losses on investment assets.

1.16 Taxation

As a registered charity, the Canal & River Trust is exempt from taxation of income and gains falling within Part 11 Corporation Tax Act 2010 or Section 256 Taxation of Chargeable Gains Act 1992 to the extent these are applied to its charitable objects.

Financial Statements for the year ended 31 March 2025

Canal & River Trust Annual Report & Accounts 2024/2025

Accounting policies (continued)

1.17 Pension schemes

The Trust operates defined benefit and defined contribution pension schemes.

1.17.a Defined benefit scheme

The defined benefit scheme is a multi-employer scheme with the Trust being the principal employer.

The pension liabilities and assets are recorded in line with FRS 102 section 28 ‘Employee Benefits,’ with a valuation undertaken by an independent actuary. FRS 102 measures the value of pension assets and liabilities at the balance sheet date, determines the benefits accrued in the year and the interest on assets and liabilities. The value of benefits accrued is used to determine the pension charge in the SoFA and the net interest cost on the Fund’s assets and liabilities are allocated across the appropriate incoming/outgoing resource categories. The net interest cost reflects application of the discount rate on the scheme’s assets and liabilities over the course of the year.

The change in value of assets and liabilities arising from asset valuation, changes in benefits, actuarial assumptions, or change in the level of deficit attributable to members is recognised in the SoFA within actuarial gains/losses on defined benefit pension schemes.

The resulting pension fund liability or asset is shown on the balance sheet.

An accounting judgement has been taken that the Scheme’s interest in Canal & River Pension Investments LP (known as the ‘SLP’), which is a subsidiary of the Trust, does not represent a plan asset for the purposes of the Group consolidated financial statements because it is a financial instrument issued by the Group and therefore, has not been taken into account in arriving at the Group pension scheme deficit presented in these financial statements.

The Scheme’s interest in the SLP is included in the valuation of the Scheme in the Trust’s company balance sheet. The assumptions required for accounting purposes under FRS 102 differ from the assumptions used for the Scheme’s Technical Provisions funding assumptions and as a result, under FRS 102, the Scheme valuation may result in a surplus position. A pension fund asset is recognised in accordance with FRS 102 with further clarification sought from IFRIC 14 as under the Scheme trust deed and rules, the Trust has an unconditional right to its share of any surplus following the winding up of the Scheme.

1.17.b Defined contribution scheme

Pension contributions are charged to the SoFA as incurred.

1.18 Provisions

A provision is recognised in the balance sheet when the Group has a present legal or constructive obligation because of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation. The measurement of these amounts must be known, or reliably estimable, for a provision to be recognised. Due to the uncertainty associated with such estimates, there is a possibility, that on conclusion of open matters at a future date, the final outcome may differ.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small. Provisions are not recognised for future operating losses.

Financial Statements for the year ended 31 March 2025

Canal & River Trust Annual Report & Accounts 2024/2025

Accounting policies (continued)

1.19 Financial instruments

The Group has opted to apply the recognition and measurement provisions of IAS 39 (as adopted for use in the UK) and the disclosure requirements of FRS 102 in relation to financial instruments.

Financial assets and financial liabilities are recognised on the Group’s balance sheet when the Group becomes a party to the contractual provisions of the instrument. The Group derecognises a financial asset only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the Group neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Group recognises its retained interest in the asset and an associated liability for any amounts it may have to pay. If the Group retains substantially all the risks and rewards of ownership of a transferred financial asset, the Group continues to recognise the financial asset. The Group derecognises financial liabilities when, and only when, the Group’s obligations are discharged, cancelled, or expire. The specific application of these principles in relation to the Trust’s financial instruments means that:

1.19.a Diversified investments have been designated as at fair value through SoFA.
1.19.b Trade and other receivables are recognised and carried at the lower of their original invoiced value or recoverable amount. A provision is made when there is evidence that the Group will not be able to recover balances in full. Balances are written off when the probability of recovery is assessed as being remote.
1.19.c Current asset investments represent investments with maturity dates of over three months at the date of acquisition and under one year and are held at fair value through SoFA.
1.19.d Cash and cash equivalents comprises cash balances and short-term deposits with banks with initial maturity less than three months and are held at face value.
1.19.e Trade and other payables are recorded at cost.
1.19.f The Trust’s investment in the SLP is measured at fair value within the Trust’s entity only financial statements. The value is determined using a discounted cash flow model, based on the profit sharing conditions of the partnership agreement.
1.19.g Loan notes are assessed on issue as to whether they should be classified as being held at amortised cost or fair value through profit and loss based on the terms of the bond and in accordance with IAS 39 Financial Instruments. Those loan notes where the embedded derivative relating to the prepayment of the bond is closely related to the host contract are carried at amortised cost. The host contract on those loan notes where the embedded derivative relating to the prepayment of the bond is not closely related to the host contract is valued at amortised cost. The embedded derivative is separated out and valued at fair value through the profit and loss (within the SoFA).

1.20 Fund accounting

Reserve policies are set out on pages 29 to 30 of the Finance Review.

The trustees have agreed how the following funds are managed, taking into account best practice and guidance from the Charity Commission.

Financial Statements for the year ended 31 March 2025

Canal & River Trust Annual Report & Accounts 2024/2025

Accounting policies (continued)

1.20.a General fund

The general fund comprises unrestricted funds that are accumulated from surpluses of net income that are held specifically to fund the permitted activities of the Trust, the Trust’s other charitable objects, and the Trust’s statutory obligations, in each case net of the support costs and cost of ancillary activities that support, facilitate or promote that expenditure.

1.20.b Designated funds

Designated funds are unrestricted funds that are set aside at the discretion of the trustees for specific purposes. They would otherwise form part of the general funds.

1.20.c Restricted income funds

The Restricted income funds are funds that have been donated to the Trust with specific restrictions on how the funds may be applied imposed by donors or by the nature of an appeal. The purpose of each restricted fund is set out in the notes to the financial statements. Restricted donations of less than £1m, unless part of a larger project, are reported in aggregate.

Financial Statements for the year ended 31 March 2025

Canal & River Trust Annual Report & Accounts 2024/2025

2. Comparative consolidated statement of financial activities

----- Start of picture text -----
2023/24
Restated
Unrestricted funds Restricted funds
General Designated Income Protected Funds
fund fund funds asset fund Total
note £m £m £m £m £m
Income and endowments from:
Donations and legacies - - 6.3 - 6.3
Charitable activities 3 63.1 - 15.4 - 78.5
Other trading activities 4 97.1 - - - 97.1
Investments 5 52.6 - - 1.7 54.3
Share of net income from
16 1.1 - - - 1.1
joint ventures
Total Income 213.9 - 21.7 1.7 237.3
Expenditure on:
Raising funds 6 (47.8) - - (1.3) (49.1)
Charitable activities 7 (181.9) - (20.9) (0.4) (203.2)
Share of net expenditure from 16 (0.1) - - - (0.1)
joint ventures
Total expenditure (229.8) - (20.9) (1.7) (252.4)
Net (expenditure)/income before (15.9) - 0.8 - (15.1)
gains/(losses) on investments
Net gains/(losses) 10 10.2 (24.3) - (0.2) (14.3)
on investments
Expenditure (5.7) (24.3) 0.8 (0.2) (29.4)
Transfers between funds 22 2.4 868.0 - (870.4) -
Other recognised losses
Actuarial losses on defined
25 - (12.9) - - (12.9)
benefit schemes
Net movement in funds (3.3) 830.8 0.8 (870.6) (42.3)
Reconciliation of funds:
Total funds brought forward 3.4 - 1.2 870.6 875.2
Total funds carried forward 0.1 830.8 2.0 - 832.9
----- End of picture text -----

Financial Statements for the year ended 31 March 2025

Canal & River Trust Annual Report & Accounts 2024/2025

Income from charitable activities

	2024/25
	Unrestricted general fund £m Unrestricted designated funds £m Restricted funds £m Funds Total £m
Waterwayinfrastructure income	9.5 - - 9.5
Thirdpartyfundedprojects	0.2 - 10.7 10.9
Museums and attractions	1.3 - - 1.3
Defragrant funding	52.6 - - 52.6
Total income from charitable activities	63.6 - 10.7 74.3

		2023/24	2023/24
	Unrestricted	Unrestricted
	general	designated	Restricted	Funds
	fund	funds	funds	Total
	£m	£m	£m	£m
Waterwayinfrastructure income	8.7	-	-	8.7
Thirdpartyfundedprojects	0.6	-	15.4	16.0
Museums and attractions	1.2	-	-	1.2
Defragrant funding	52.6	-	-	52.6
Total income from charitable activities	63.1	-	15.4	78.5

Financial Statements for the year ended 31 March 2025

Canal & River Trust Annual Report & Accounts 2024/2025

4. Income from trading activities

	2024/25
	Unrestricted general fund £m Unrestricted designated funds £m Restricted funds £m Funds Total £m
Boatingand moorings	55.2 - - 55.2
Utilities and water development	44.4 - - 44.4
Other tradingincome	0.9 - - 0.9
Total income from trading activities	100.5 - - 100.5

		2023/24	2023/24
	Unrestricted	Unrestricted
	general	designated	Restricted	Funds
	fund	funds	funds	Total
	£m	£m	£m	£m
Boatingand moorings	51.5	-	-	51.5
Utilities and water development	44.9	-	-	44.9
Other tradingincome	0.7	-	-	0.7
Total income from trading activities	97.1	-	-	97.1

5. Income from investments

	2024/25
	Unrestricted general fund £m Unrestricted designated funds £m Restricted funds £m Protected asset fund £m Funds Total £m
Investment Propertyincome	- 40.2 - - 40.2
Dividends from diversified investment fund	- 5.0 - - 5.0
Other investment income	- 3.8 - - 3.8
Interest receivable	1.6 - - - 1.6
Total income from investments	1.6 49.0 - - 50.6

			2023/24
	Unrestricted	Unrestricted
	general	designated	Restricted	Protected	Funds
	fund	funds	funds	asset fund	Total
	£m	£m	£m	£m	£m
Investment Propertyincome	41.7	-	-	1.6	43.3
Dividends from diversified investment fund	4.6	-	-	-	4.6
Other investment income	4.1	-	-	-	4.1
Interest receivable	2.2	-	-	0.1	2.3
Total income from investments	52.6	-	-	1.7	54.3

Financial Statements for the year ended 31 March 2025

Canal & River Trust Annual Report & Accounts 2024/2025

Expenditure on raising funds

	2024/25
	Unrestricted general fund £m Unrestricted designated funds £m Restricted funds £m Protected asset fund £m Funds Total £m
Donations and legacies	6.7 - - - 6.7
Other expenditure on raising funds
Boating and moorings	14.6 - 0.2 - 14.8
Utilities and water development	4.4 - - - 4.4
Investment andpropertyincome	- 13.3 - - 13.3
Interestpayable	- 4.3 - - 4.3
Recoverable service charges	- 4.5 - - 4.5
Total other expenditure on raising funds	19.0 22.1 0.2 - 41.3
Total expenditure on raising funds	25.7 22.1 0.2 - 48.0

			2023/24
			Restated
	Unrestricted	Unrestricted
	general	designated	Restricted	Protected	Funds
	fund	funds	funds	asset fund	Total
	£m	£m	£m	£m	£m
Donations and legacies	4.2	-	-	-	4.2
Other expenditure on raising funds
Boatingand moorings	14.0	-	-	-	14.0
Utilities and water development	4.4	-	-	-	4.4
Investment andpropertyincome	14.4	-	-	1.3	15.7
Interestpayable	4.4	-	-	-	4.4
Recoverable service charges	6.4	-	-	-	6.4
Total other expenditure on raising funds	43.6	-	-	1.3	44.9
Total expenditure on raising funds	47.8	-	-	1.3	49.1

The prior year amounts in the table above have been restated to correct an error in the classification of certain costs between expenditure on raising funds and expenditure on charitable activities. Investment and property income has been increased by £5.4m from £10.3m to £15.7m. As a result, total expenditure on raising funds in the prior period has increased from £43.7m to £49.1m. The restatement has no effect on the net movement in funds or cash flows for the prior year. See also note 7.

Financial Statements for the year ended 31 March 2025

Canal & River Trust Annual Report & Accounts 2024/2025

Expenditure on charitable activities

	2024/25
	Unrestricted general fund £m Unrestricted designated funds £m Restricted funds £m Protected asset fund £m Funds Total £m
Waterway operation, maintenance and repair	158.7 0.5 5.5 - 164.7
Third party funded regeneration projects	4.5 - 10.7 - 15.2
Museums and attractions	3.0 - - - 3.0
Net interest cost onpension liabilities	- 1.9 - - 1.9
Total expenditure on charitable activities	166.2 2.4 16.2 - 184.8

			2023/24
			Restated
	Unrestricted	Unrestricted
	general	designated	Restricted	Protected	Funds
	fund	funds	funds	asset fund	Total
	£m	£m	£m	£m	£m
Waterway operation, maintenance and repair	172.6	-	5.5	-	178.1
Third party funded regeneration projects	4.9	-	15.4	-	20.3
Museums and attractions	3.3	-	-	-	3.3
Net interest cost onpension liabilities	1.1	-	-	0.4	1.5
Total expenditure on charitable activities	181.9	-	20.9	0.4	203.2

The prior year amounts in the table above have been restated to correct an error in the classification of certain costs between expenditure on raising funds and expenditure on charitable activities. Waterway operation, maintenance and repair has decreased by £5.4m from £183.5m to £178.1m. As a result, total expenditure on charitable activities in the prior period has decreased from £208.6m to £203.2m. The restatement has no effect on the net movement in funds or cash flows for the prior year. See also note 6.

Financial Statements for the year ended 31 March 2025

Canal & River Trust Annual Report & Accounts 2024/2025

Support costs

		2024/25	2024/25
	Governance £m	Finance & IT £m	Human Resources £m	Other £m	Total £m
Expenditure on raisingfunds	0.2	1.8	0.2	1.1	3.3
Expenditure on charitable activities	0.7	12.1	3.5	5.4	21.7
Total support costs	0.9	13.9	3.7	6.5	25.0
		2023/24
			Human
	Governance	Finance & IT	Resources	Other	Total
	£m	£m	£m	£m	£m
Expenditure on raisingfunds	0.1	1.7	0.2	0.7	2.7
Expenditure on charitable activities	0.6	11.3	3.3	3.6	18.8
Total support costs	0.7	13.0	3.5	4.3	21.5

	2024/25	2023/24
	£000	£000
Feespayable to the auditors of Canal & River Trust:
in respect of the charityaudit	325	350
in respect of the subsidiaryaudits	45	30
Feespayable to other auditors of subsidiarycompanies:
in respect of audit	-	23
in respect of taxation compliance	-	7
Total feespayable to auditors	370	410

The fees payable for subsidiary audits in 2024/25 include for the first time the cost of audit of a new legal entity, Boat Safety Scheme Limited.

Financial Statements for the year ended 31 March 2025

Canal & River Trust Annual Report & Accounts 2024/2025

9. Employee costs

No remuneration was paid to any member of the Board of Trustees. In accordance with our Articles of Association and Section 234 of the Companies Act 2006, we take out indemnity cover for our Trustees and Directors.

Trustee expenses include the reimbursement by the Trust of costs incurred by its trustees in carrying out their duties and similar payments made by the Trust directly to third parties on their behalf. During the year there was £10,690 incurred by 12 trustees for travel, subsistence and accommodation (2023/24: £12,040 incurred by 13 trustees for travel, subsistence and accommodation).

The average number of persons employed during the year on a full-time equivalent basis was:

----- Start of picture text -----
Group
2024/25 2023/24
Number Number
Investment management 55 57
Engineering, projects and repairs 528 520
Operations, customer service and engagement 971 975
Museums and attractions 28 29
Support functions 157 146
Total number of persons 1,739 1,727
----- End of picture text -----

The average number of employees is calculated using the full-time equivalent method. The actual average number of employees based on headcount is 1,805 (2023/24: 1,796).

Total employment costs were:

----- Start of picture text -----
Group
2024/25 2023/24
£m £m
Wages and salaries 66.3 63.1
Car cash allowances 3.3 3.2
Social security costs 6.9 6.4
Defined benefit pension costs (see note 25) 0.6 0.8
Defined contribution pension costs 5.6 5.2
Redundancy and termination costs 0.3 0.4
Total employment costs 83.0 79.1
----- End of picture text -----

Redundancy and termination payments of £0.3m (2024/25: £0.4m) were made during the year. These payments were made at the point the employee’s contract was terminated and were fully paid at the year end.

Financial Statements for the year ended 31 March 2025

Canal & River Trust Annual Report & Accounts 2024/2025

9. Employee costs (continued)

The number of employees whose gross remuneration (including redundancy payments made) and taxable benefits, but not employer pension costs paid during the year, exceeded £60,000 and fell within the following ranges were:

ranges were:
2024/25	2023/24
Including Excluding	Including	Excluding
redundancy redundancy	redundancy	redundancy
payments payments	payments	payments
Number Number	Number	Number
£60,000-£70,000 85 84	69	70
£70,001-£80,000 30 30	31	29
£80,001-£90,000 16 16	14	14
£90,001-£100,000 14 13	11	11
£100,001-£110,000 5 4	7	6
£110,001-£120,000 6 6	2	1
£120,001-£130,000 2 2	3	3
£130,001-£140,000 1 1	-	-
£160,001-£170,000 1 1	1	1
£170,001-£180,000 1 1	2	2
£180,001-£190,000 1 1	-	-
£220,001-£230,000 - -	1	1
£230,001-£240,000 2 2	-	-
£240,001-£250,000 - -	1	1
164 161	142	139

Contributions from the Trust to the defined contribution pension scheme in respect of 162 of the 164 (2023/24: 139 of the 142) higher paid employees amounted to £1,064,770 (2023/24: £905,400).

Key management personnel

The key management personnel are the Trustees and Executive team (listed on page 103). The remuneration costs relating to key management personnel were:

costs relating to key management personnel were:
	2024/25	2023/24
	£m	£m
Salary(including pensions)	1.8	1.7
Social securitycosts	0.2	0.2
Total	2.0	1.9

The remuneration during the year of the Chief Executive comprised a salary of £200,982 (2023/24: £197,483), pension allowance of £17,325 (2023/24: £17,023), car allowance of £9,768 (2023/24: £9,768) and benefits in kind of £3,876 (2023/24: £2,606), totalling £231,951 (2023/24: £226,880).

There was one employee whose remuneration during the year was higher than the Chief Executive. The Chief Investment Officer, received a salary of £182,212 (2023/24: £179,292), pension allowance of £15,707 (2023/24: £15,455), car allowance of £9,768 (2023/24: £9,768), performance related pay related to the 2023/24 year of £27,028 (2023/24: £33,896) and benefits in kind of £5,053 (2023/24: £4,930), totalling £239,768 (2023/24: £243,341).

Financial Statements for the year ended 31 March 2025

Canal & River Trust Annual Report & Accounts 2024/2025

Net gains/(losses) on investments

	2024/25
	Unrestricted general fund £m Unrestricted designated funds £m Restricted funds £m Protected asset fund £m Funds Total £m
Realised gains on disposal of investment assets	- 7.1 - - 7.1
Realised gains on disposal of tangible fixed assets	0.4 - - - 0.4
Unrealised gains on revaluation of investmentproperty	- 5.0 - - 5.0
Unrealised gains on revaluation of diversified investments	- 11.6 - - 11.6
Netgains on investments	0.4 23.7 - - 24.1

2023/24

			2023/24
	Unrestricted	Unrestricted
	general	designated	Restricted	Protected
	fund	funds	funds	asset fund	Funds Total
	£m	£m	£m	£m	£m
Realised gains on disposal of investment assets	2.3	-	-	0.1	2.4
Realised losses on disposal of subsidiary	(1.2)	-	-	-	(1.2)
Unrealised losses on revaluation of investmentproperty	-	(31.7)	-	-	(31.7)
Unrealised gains/(losses)
on revaluation of diversified	9.1	7.4	-	(0.3)	16.2
investments
Net gains/(losses) on investments	10.2	(24.3)	-	(0.2)	(14.3)

11. Taxation

The Canal & River Trust is a registered charity and as such is entitled to certain tax exemptions. The Trust is entitled to exemptions on income and profits from investments, and surpluses on any trading activities carried out in furtherance of the Charity’s primary objectives (provided these profits and surpluses are applied solely for charitable purposes). It is expected that the Trust’s subsidiaries will gift all their profits to the Trust, normally resulting in no tax liability.

Financial Statements for the year ended 31 March 2025

Canal & River Trust Annual Report & Accounts 2024/2025

Tangible fixed assets

----- Start of picture text -----
Boats, vehicles,
Operational land
plant and
and buildings
equipment
Freehold Leasehold Total
Group and Canal & River Trust £m £m £m £m
Cost
At 1 April 2024 23.9 0.4 67.7 92.0
Additions 0.3 - 4.9 5.2
Disposals - - (1.2) (1.2)
At 31 March 2025 24.2 0.4 71.4 96.0
Depreciation
At 1 April 2024 4.3 - 34.3 38.6
Charge for the year 0.4 - 4.4 4.8
Disposals - - (0.9) (0.9)
At 31 March 2025 4.7 - 37.8 42.5
Net book value
At 1 April 2024 19.6 0.4 33.4 53.4
At 31 March 2025 19.5 0.4 33.6 53.5
----- End of picture text -----

13. Heritage assets

Heritage assets are defined as tangible property with historical, artistic, scientific, technological, geophysical or environmental qualities which are held and maintained principally for their contribution to knowledge and culture. The assets within the Waterways Infrastructure Trust and the museum artefact collection and archives fall within this definition and are accordingly categorised as heritage assets.

Waterways heritage is for everyone and the heritage within the Trust’s care is free to access and use. It provides an everyday, local connection to the past; a ‘living museum without walls’.

Britain’s network of inland waterways is one of the largest and most important heritage resources in the country. It is the prime responsibility of the Trust, as custodian, to ensure that the value of this precious, irreplaceable inheritance is understood, managed and protected – thereby securing the longevity of our historic waterways for the benefit and wellbeing of canal and towpath users alike and indeed, the benefit of future generations.

Land & infrastructure – the canals and rivers comprised within the Waterways Infrastructure Trust

The Canal & River Trust is the guardian of around 2,000 miles of historic waterways across England and Wales. Many of our waterways were built at the height of the industrial revolution and are home to 2,692 listed structures and 46 scheduled monuments.

Financial Statements for the year ended 31 March 2025

Canal & River Trust Annual Report & Accounts 2024/2025

Heritage assets (continued)

The Trust is a trustee of The Waterways Infrastructure Trust and the settlement agreement between the parties contains a detailed working definition of the infrastructure property. In summary the infrastructure property includes all land and infrastructure which is necessary to (a) inland navigation on a waterway; or (b) public access to, and use of, a towpath. The following is a selection of the more significant Principal Assets (as defined by the Trust’s Asset Management Plan) included in the infrastructure property:

	31 March 2025	31 March 2024
Asset description	Length/number	Length/number
Canals	1,568 miles	1,568 miles
Rivers	345 miles	345 miles
Feeders	120 miles	120 miles
Towpaths	1,714 miles	1,714 miles
Aqueducts (1)	276	277
Bridges – Accommodation (2)	1,640	1,642
Bridges – Public Road (3)	868	872
Bridges – Turnover (4)	455	454
Culverts (5)	1,934	1,941
Major cuttings (6)	829	826
Major embankments (7)	782	781
Docks	3	3
Drydocks	54	54
Permitted waste sites (8)	15	16
Locks (9)	1,575	1,579
Pumpingstations	68	68
Reservoirs (10)	74	71
Sluices (11)	530	533
Stop/Safety/Flood Gates (12)	68	69
Tunnels	57	57
Canal weirs (13)	664	665
River weirs (14)	127	128
Weir-ed locks	83	83
Boat lifts (Navigation)	1	1

The following are other classifications of the infrastructure assets many of which are also recorded in the principal assets listed above:

Registered battlefields	6	6
Listed structures (15)	2,692	2,701
Scheduled monuments	46	46
Sites of Special Scientific Interest (SSSIs)	68	68

Financial Statements for the year ended 31 March 2025

Canal & River Trust Annual Report & Accounts 2024/2025

13. Heritage assets (continued)

The records of the assets managed by the Trust are maintained by the Infrastructure and Property team using a detailed database that captures the asset type as well as detail regarding the asset location, dimensions and condition that is used in the ongoing planned maintenance, repair and improvement program. Through the general management of the large network, when these assets are physically visited the records are updated accordingly, which can include changes in classification of existing assets, removal of assets decommissioned or the addition of assets not previously recognised. This is an ongoing exercise and changes in the reported numbers are expected year on year.

1) Aqueducts – one asset reclassified as Culvert.
2) Accommodation Bridges – two assets no longer meeting the definition.
3) Public Road Bridges – four assets identified as no longer in the Trust's ownership.
4) Towpath/Turnover Bridges – one asset identified in the year as meeting the definition.
5) Culverts – a net decrease of seven; a decrease of sixteen assets and an increase of nine. The decrease of sixteen assets being six assets no longer meeting the definition and ten assets as no longer in the Trust's ownership. The increase in nine assets being eight newly identified assets as being in the Trust's ownership and one asset reclassified from Aqueduct to Culvert.
6) Major Cuttings – a net increase of three assets, with a decrease of two assets reclassified as a Minor cutting and an increase of four new assets and one reclassified from Minor to Major cutting.
7) Major Embankments – a net increase of one, being three assets newly identified as being in the Trust's ownership, three identified in the year as meeting the definition and a decrease of five assets being reclassified as Minor Embankments.
8) Permitted Waste Sites – one site is no longer active.
9) Locks – decrease of four assets no longer meeting the definition.
10) Reservoirs – increase of three assets, being two identified in the year as meeting the definition and one for which the Trust became joint undertaker.
11) Sluices – three assets identified as no longer in use.
12) Stop/Safety/Flood Gates – one asset identified as no longer in use.
13) Canal weirs – one asset no longer meeting the definition.
14) River Weirs – one asset no longer meeting the definition.
15) Listed buildings – being a net decrease of nine assets, with ten assets being sold, one decrease and one increase being correction of data and one increase being a newly listed asset.

Museum artefact collections and archives

The Trust cares for many thousands of artefacts which are designated by the Arts Council as of national significance. The collection contains over 50 historic boats – many of which are listed on the Historic Ships Register – tools, machinery, memorabilia, decorative arts, paintings and social history items. These items are held for public display at the National Waterways Museums (Ellesmere Port & Gloucester) and other Canal & River Trust attractions and locations.

The Waterways Archive consists of historic records, images, maps, plans, oral history, film and digital media and has historical, scientific and technological significance.

Both collections are maintained by the Trust to preserve the culture, knowledge and enjoyment of our inland waterways for the public benefit today and for generations to come.

Financial Statements for the year ended 31 March 2025

Canal & River Trust Annual Report & Accounts 2024/2025

Investment property

----- Start of picture text -----
Group Canal & River Trust
Freehold Leasehold Total Freehold Leasehold Total
£m £m £m £m £m £m
Carrying value (fair value)
At 1 April 2024 612.6 69.5 682.1 467.4 69.2 536.6
Additions 4.0 1.3 5.3 4.0 1.3 5.3
Disposals (41.4) (2.0) (43.4) (39.5) (1.8) (41.3)
Revaluation 5.6 (0.6) 5.0 5.3 (0.6) 4.7
At 31 March 2025 580.8 68.2 649.0 437.2 68.1 505.3
----- End of picture text -----

The investment properties have a historical cost of £556.7m (2023/24: £596.0m) and accumulated depreciation of £152.1m (2023/24: £147.0m).

Investment properties are valued annually and included at valuation on an open market basis. Avison Young, a regulated firm of Chartered Surveyors, carried out a valuation of the top 100 properties by value as well as a quarter of all other properties (together approximately 96% by value in total) as at 31 March 2025. The remaining properties were valued by qualified surveyors employed by the Trust.

Valuations are carried out in accordance with the guidance set out in the Royal Institute of Chartered Surveyors (RICS) Global Valuation Standards effective from 31 January 2022 (the Red book) and the RICS UK national supplement effective from 14 January 2019. The properties have been valued on the basis of Fair Value as adopted by the International Accounting Standards Board (IASB) in IFRS 13 and accepted as a definition by the RICS Global Valuation Standards effective from 31 January 2022: “The price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date.” The properties have been valued individually and not as a portfolio.

Group freehold property includes £141.6m (2023/24: £141.6m) in relation to an interest in a property which is held within the Canal & River Pension Investments LP (SLP). Of this amount, £44.3m (2023/24: £50.5m) is attributable to the WPF and included within the scheme assets of the WPF in the Canal & River Trust company balance sheet. See also note 25.

Financial Statements for the year ended 31 March 2025

Canal & River Trust Annual Report & Accounts 2024/2025

Diversified investment funds

a) Movement on diversified investment funds

a) Movement on diversified investment funds
	Group and Canal & River Trust
	Non-property investment portfolio
	2024/25	2023/24
	£m	£m
At 1 April	306.6	295.2
Additions	59.5	-
Withdrawals	(14.1)	(7.7)
Dividend income	5.0	4.6
Investment management costs	(1.7)	(1.7)
Revaluation	11.6	16.2
At 31 March	366.9	306.6

b) Disclosure of asset classes within diversified investment funds

	Group and Canal & River Trust
	Non-property investment portfolio
	31 March 2025 £m 31 March 2024 £m
Multi asset funds	95.8 83.4
Bonds	- 2.2
Private debt	90.8 65.5
Credit	- 7.9
Global equities	46.2 19.0
Private equityfunds	122.1 113.3
Absolute return	4.1 4.3
Cash	7.9 11.0
At 31 March	366.9 306.6

Financial Statements for the year ended 31 March 2025

Canal & River Trust Annual Report & Accounts 2024/2025

Investments

Subsidiaries

----- Start of picture text -----
Canal & River Trust
2024/25 2023/24
£m £m
Investments in subsidiaries:
At 1 April 79.0 81.1
Fair value adjustment for investment in the SLP 17.6 -
Disposals of investment - (2.0)
Other adjustments - (0.1)
At 31 March 96.6 79.0
----- End of picture text -----

All subsidiaries are held at amortised cost apart from Canal & River Pension Investments Limited Partnership which is held at a fair value of £42.0m (2023/24: £24.4m).

The contribution of subsidiary companies to the Trust’s funds in the year to 31 March 2025 was as follows:

	Company	Net income before other recognised gains and Net assets/ (liabilities) at
	number	Income £m Expenditure £m losses £m 31 March 2025 £m*
Canal & River Trading CIC	8069602	- - - 34.9
Canal & River Pension Investments LP (SLP)	SL010965**	6.3 - 6.3 145.5
Canal & River Pension Partner Limited	SC426937	- - - 43.7
Boat Safety Scheme Limited	15501423	0.9 0.9 - -
Other subsidiaries		- - - (2.0)
		7.2 0.9 6.3 222.1

Financial Statements for the year ended 31 March 2025

Canal & River Trust Annual Report & Accounts 2024/2025

Investments (continued)

The contribution of subsidiary companies to the Trust’s funds in the year to 31 March 2024 was as follows:

				Net income	Net income
				before other
				recognised		Net assets/
	Company				gains and	(liabilities) at
	number	Income	Expenditure		losses*	31 March 2024
		£m	£m		£m	£m
Canal & River Trading CIC	8069602	0.4	(0.2)		0.2	36.6
Canal & River Pension Investments LP (SLP)	SL010965**	6.2	(0.1)		6.1	84.9
Canal & River Pension Partner Limited	SC426937	-	-		-	59.2
Other subsidiaries		-	-		-	(1.9)
		6.6	(0.3)		6.3	178.8

Amount shown is before qualifying charitable donations to the parent.

** Limited partnership registration number.

The above subsidiaries are wholly owned by the Trust and are registered and operate within the United Kingdom (UK) with the exception of Boat Safety Scheme Limited which operates in the UK and started trading on 1 April 2024, which is controlled by the Trust by virtue of its power to appoint and remove directors.

Joint ventures

Joint ventures
Investments in joint ventures:	Group
	2024/25 £m 2023/24 £m
At 1 April	10.0 4.6
Loans advanced	7.7 9.8
Loans repaid	(8.5) (5.2)
Share of net income	0.5 1.1
Share of net expenditure	(0.6) (0.1)
Dividendspaid	- (0.2)
At 31 March	9.1 10.0

Financial Statements for the year ended 31 March 2025

Canal & River Trust Annual Report & Accounts 2024/2025

Investments (continued)

The Group’s share of assets and liabilities of joint ventures, which are included in the consolidated financial statements, are as follows:

statements, are as follows:
	2024/25	2023/24
	£m	£m
Fixed assets	1.1	1.5
Current assets	15.5	23.1
Share ofgross assets	16.6	24.6

Current liabilities	(7.5)	(14.6)
Share ofgross liabilities	(7.5)	(14.6)
Share of net assets	9.1	10.0

The Group’s share of income from joint ventures was £25.0m (2023/24: £20.3m) and share of expenditure was £25.1m (2023/24: £19.2m). All income arises from investment in property developments.

All joint ventures are unlisted and are registered and operate in the United Kingdom. Apart from Roundhouse Birmingham (held in the Trust), all investments in joint ventures are held in Canal & River Trading CIC, a wholly owned subsidiary of the Trust and all have year ends of 31 December.

The profit and loss for the year is calculated based on financial statements prepared by the joint ventures adjusted using management accounts. The Trust’s share of profit and loss for the year of each joint venture was as follows:

		Equity
	Profit/(loss)	interest
	for the year	held*
	£m	%	Main activity
Joint ventures
Waterside Places (General Partner) Limited	(0.5)	50	Propertydevelopment
H2O Urban LLP	0.5	50	Propertydevelopment
Paddington Basin Business Barges Ltd	-	49	Office management
Roundhouse Birmingham	(0.1)	50	Heritage attraction operation

Whilst the Trust retains a 49% shareholding in Paddington Basin Business Ltd, the voting rights and profit share is 50:50.

Current asset investments

	Group Canal & River Trust	Group Canal & River Trust
	31 March 2025 31 March 2024 31 March 2025	31 March	2024
	£m £m £m		£m
Funds held on short-term deposit	- 10.0 -		10.0

Current asset investments represent funds held by the Trust which are not for the purposes of long-term investment return, but instead complement cash holdings used for ordinary operating and investing activities.

Financial Statements for the year ended 31 March 2025

Canal & River Trust Annual Report & Accounts 2024/2025

Debtors

Amounts falling due within one year

Group Canal & River Trust	Group Canal & River Trust
31 March 2025 £m 31 March 2024 £m 31 March 2025 £m	31 March 2024 £m
Trade debtors 32.8 33.9 32.8	33.8
Prepayments and accrued income 19.4 23.4 21.8	24.6
Other debtors 7.8 6.0 7.9	6.2
Total debtors due within oneyear 60.0 63.3 62.5	64.6

Amounts falling due after more than one year

Group Canal & River Trust	Group Canal & River Trust
31 March 2025 31 March 2024 31 March 2025	31 March	2024
£m £m £m		£m
Prepayments and accrued income 2.7 2.7 2.7		2.7
Other debtors 8.8 10.9 2.8		5.2
Total debtors due after more than oneyear 11.5 13.6 5.5		7.9

The Trust has been notified of legacies with an estimated value of £2.1m (2023/24: £0.1m) which have not been recognised as income at 31 March 2025 as sufficient information is not available which allows the legacy to be measured with reasonable accuracy.

Financial Statements for the year ended 31 March 2025

Canal & River Trust Annual Report & Accounts 2024/2025

Creditors

Amounts falling due within one year

	Group Canal & River Trust	Group Canal & River Trust
	31 March 2025 £m 31 March 2024 £m 31 March 2025 £m	31 March 2024 £m
Trade creditors	13.1 13.9 13.0	13.9
Accruals	18.0 17.3 15.4	14.8
Deferred income (note 19)	44.7 47.6 43.4	46.2
Other amounts owed to Group undertakings	- - 8.7	13.6
Taxation and Other Social Security	- 3.2 -	2.9
Other creditors	4.5 4.6 4.5	4.5
Total creditors due within oneyear	80.3 86.6 85.0	95.9

Amounts falling due after more than one year

Group	Canal & River Trust	Canal & River Trust
31 March 2025 £m 31 March 2024 £m 31 March 2025 £m		31 March 2024 £m
Loan notes 150.2	150.0 150.2	150.0
Deferred income (note 19) 3.2	2.0 3.2	2.0
Other creditors 0.6	0.6 0.7	0.7
Total creditors due after more than one year 154.0	152.6 154.1	152.7

£150.2m (2023/24: £150.0m) of creditors fall due after more than five years.

The Trust holds a £150.0m private placement of loan notes to aid its broader investment strategy. The notes are repayable in three £50.0m tranches in 2043, 2048 and 2053 with respective fixed interest rates of 2.85%, 2.83% and 3.01%.

The private placement loan notes are considered to be non-basic as they include an embedded derivative under the scope of IAS 39. The embedded derivative is designated as a financial instrument at fair value through profit and loss (FVTPL) rather than being valued at historic cost less impairment.

Financial Statements for the year ended 31 March 2025

Canal & River Trust Annual Report & Accounts 2024/2025

Deferred income

		Group
	At 1 April 2024	Released Deferred At 31 March 2025
	£m	£m £m £m
Rental income in advance	22.9	(22.9) 18.2 18.2
Boat licences and moorings in advance	22.3	(22.3) 23.9 23.9
Other deferred income	4.4	(1.9) 3.3 5.8
Total current and long term	49.6	(47.1) 45.4 47.9

		Group
				At 31 March
	At 1 April 2023	Released	Deferred	2024
	£m	£m	£m	£m
Rental income in advance	22.2	(22.2)	22.9	22.9
Boat licences and moorings in advance	21.1	(21.1)	22.3	22.3
Other deferred income	5.8	(4.3)	2.9	4.4
Total current and long term	49.1	(47.6)	48.1	49.6

Canal & River Trust

		Canal & River Trust
	At 1 April 2024	Released Deferred At 31 March 2025
	£m	£m £m £m
Rental income in advance	21.2	(21.2) 16.4 16.4
Boat licences and moorings in advance	22.3	(22.3) 23.9 23.9
Other deferred income	4.7	(1.9) 3.5 6.3
Total current and long term	48.2	(45.4) 43.8 46.6

		Canal & River	Trust
				At 31 March
	At 1 April 2023	Released	Deferred	2024
	£m	£m	£m	£m
Rental income in advance	20.8	(20.2)	20.6	21.2
Boat licences and moorings in advance	21.1	(21.1)	22.3	22.3
Other deferred income	5.7	(5.3)	4.3	4.7
Total current and long term	47.6	(46.6)	47.2	48.2

Financial Statements for the year ended 31 March 2025

Canal & River Trust Annual Report & Accounts 2024/2025

Provisions

Group and Canal & River Trust

		Group and Canal & River Trust
	At 1 April	At 31 March
	2024	Paid Charged Released 2025
	£m	£m £m £m £m
Reservoirprovision	45.3	(20.0) 14.1 (2.0) 37.4
Otherprovisions	4.0	(0.7) 3.1 (1.5) 4.9
	49.3	(20.7) 17.2 (3.5) 42.3

		Group and	Canal & River	Trust
	At 1 April				At 31 March
	2023	Paid	Charged	Released	2024
	£m	£m	£m	£m	£m
Reservoirprovision	30.7	(20.1)	35.8	(1.1)	45.3
Otherprovisions	4.9	(1.0)	2.0	(1.9)	4.0
	35.6	(21.1)	37.8	(3.0)	49.3

The reservoir provision is the estimated cost of remedial or rectification works required to the Trust’s infrastructure assets. The amount provided represents the estimated cost of future works that the Trust is legally or constructively obliged to perform as a result of conditions present at the balance sheet date.

The reservoir provision comprises the following elements:

1) £13.0m relating to the repair cost to the Toddbrook Reservoir (2023/24: £17.9m)

During 2019/20 an incident at Toddbrook Reservoir required immediate emergency rectification, following which a full review was carried out to assess the requirements to complete full restoration works and the estimated costs. The Trust has a constructive obligation to carry out the repair work as it has publicised its intention to do so including sharing plans of the completed project. The repair work started in 2020/21 and remains ongoing. The estimated future costs of works yet to be completed has been assessed and reflected in the provision as at 31 March 2025.

Activity during the year utilised £11.4m of the brought forward provision and there has been £6.5m of new requirements provided for during the year. The repair costs provided for are planned to be delivered in the 2025/26 year.

2) £24.4m costs for action reported under S10 Reservoirs Act 1975 (2023/24: £27.4m)

In its capacity as Undertaker (under the 1975 Reservoirs Act) for the reservoirs it manages, the Trust arranges independent reservoir inspections, as required by the Act, by All Reservoir Panel Engineers, who report to the Trust and the Environment Agency (as the regulator for reservoirs in England) on the condition and safety of the reservoir. Following the publication of a report issued under Section 10 of the Reservoirs Act the Trust has a legal obligation to carry out the required works raised as Measures in the Interest Of Safety (MIOS). Following receipt of the report the Trust establishes a project to address the requirements, including an estimate of the likely costs to satisfactory completion based on internally costed models or quoted delivery proposals from third parties. Where a reliable estimate is available a provision is recognised for the estimated costs for the work to be delivered in future periods.

Financial Statements for the year ended 31 March 2025

Canal & River Trust Annual Report & Accounts 2024/2025

20. Provisions (continued)

During the year the Trust has recognised £7.6m of new provisions related to requirements outlined in new reports published up to 31 March 2025, as well as new requirements and costs identified on existing provisions. £8.6m of the previously provided cost has been utilised in line with work delivered during the year and £2m of the previously provided cost has been released in line with updated cost estimates.

Other provisions are principally for property, motor and public liability claims against the Trust.

Contingent Liability

The Trust holds several water abstraction licences with future conditions to install fish and eel screens which could represent a significant cost. The Trust is working with the Environment Agency on alternative proposals to satisfy the requirements of the Habitats Regulations. Sufficient information is not currently available to allow the expected future cost to be reliably estimated, although early estimates are that the cost could be between £10m and £20m should the fish and eel screens be required.

21. Financial instruments

	Group Canal & River Trust	Group Canal & River Trust
	31 March 2025 31 March 2024 31 March 2025	31 March 2024
	£m £m £m	£m
Interest income/(expense)
Total interest income for financial assets at amortised cost	1.5 2.3 0.8	1.0
Total interest expense for financial liabilities at amortised cost	(4.3) (4.4) (4.3)	(4.4)
	(2.8) (2.1) (3.5)	(3.4)
Fair value gains/(losses)
On financial assets measured at fair value through profit or loss	11.6 16.2 29.8	15.6
On financial liabilities measured at fair value through profit or loss	(0.2) - (0.2)	-
	11.4 16.2 29.6	15.6
Financial assets measured at
fair value through profit and loss
Investments in subsidiaries	- - 42.0	24.4
Diversified investment funds	366.9 306.6 366.9	306.6
	366.9 306.6 408.9	331.0
Financial liabilities measured at
fair value through profit and loss
Loan note embedded derivative	0.2 - 0.2	-
	0.2 - 0.2	-

Financial Statements for the year ended 31 March 2025

Canal & River Trust Annual Report & Accounts 2024/2025

Movement in funds

Group

Unrestricted funds	Restricted funds
General fund £m Designated funds £m Income funds £m Protected asset fund £m Total £m
At 1 April 2024 0.1 830.8 2.0 - 832.9
Income 165.7 49.5 17.4 - 232.6
Expenditure (191.9) (25.1) (16.4) - (233.4)
Transfer to General fund 30.8 (30.8) - - -
Gains on investments 0.4 23.7 - - 24.1
SLP contribution to Pension Fund (5.0) 5.0 - - -
Actuarial losses on defined benefit pension scheme - (0.6) - - (0.6)
At 31 March 2025 0.1 852.5 3.0 - 855.6
Group
Unrestricted funds	Restricted funds
General fund £m Designated funds £m Income funds £m Protected asset fund £m Total £m
At 1 April 2023 3.4 - 1.2 870.6 875.2
Income 213.9 - 21.7 1.7 237.3
Expenditure (229.8) - (20.9) (1.7) (252.4)
Transfer to General fund 870.4 - - (870.4) -
Transfer from Designated funds (863.0) 863.0 - - -
Gains/(losses) on investments 10.2 (24.3) - (0.2) (14.3)
SLP contribution to Pension Fund (5.0) 5.0 - - -
Actuarial losses on defined benefit pension scheme - (12.9) - - (12.9)
At 31 March 2024 0.1 830.8 2.0 - 832.9

Designated funds comprise the Designated investment fund which has been established to maintain the value of the income generating assets used by the Trust to fund ongoing infrastructure expenditure and to preserve these assets for the future.

The transfer from the Designated funds to the General fund is in line with the Trust's policy of ensuring that the General Fund is managed close to zero over the long term.

Financial Statements for the year ended 31 March 2025

Canal & River Trust Annual Report & Accounts 2024/2025

Movement in funds (continued)

Canal & River Trust

Unrestricted funds	Restricted funds
General fund £m Designated funds £m Income funds £m Protected asset fund £m Total £m
At 1 April 2024 3.3 782.3 2.0 - 787.6
Income 163.9 42.7 17.4 - 224.0
Expenditure (194.6) (14.6) (16.4) - (225.6)
Qualifying charitable donation receivable, dividends and other transfers from subsidiaries - 1.4 - - 1.4
Transfer to General fund 32.2 (32.2) - - -
Gains on investments 0.3 41.2 - - 41.5
SLP contribution to Pension Fund (5.0) 5.0 - - -
Actuarial losses on Defined Benefit Pension Scheme - (9.0) - - (9.0)
At 31 March 2025 0.1 816.8 3.0 - 819.9

Canal & River Trust

Unrestricted funds	Restricted funds
General fund £m Designated funds £m Income funds £m Protected asset fund £m Total £m
At 1 April 2023 11.2 - 1.2 827.8 840.2
Income 207.1 - 21.7 - 228.8
Expenditure (223.4) - (20.9) 0.1 (244.2)
Qualifying charitable donation receivable, dividends and other transfers from subsidiaries 1.2 - - - 1.2
Transfer to General fund 827.7 - - (827.7) -
Transfer to Designated funds (826.7) 826.7 - - -
Gains/(losses) on investments 11.2 (25.6) - (0.2) (14.6)
SLP contribution to Pension Fund (5.0) 5.0 - - -
Actuarial losses on Defined Benefit Pension Scheme - (23.8) - - (23.8)
At 31 March 2024 3.3 782.3 2.0 - 787.6

The transfer from the Designated funds to the General fund is in line with the Trust's policy of ensuring that the General Fund is managed close to zero over the long term.

Financial Statements for the year ended 31 March 2025

Canal & River Trust Annual Report & Accounts 2024/2025

22. Movement in funds (continued)

Restricted income funds comprise:

		Group and Canal & River Trust
	Balance at	Balance at
	1 April 2024	Income Expenditure 31 March 2025
	£m	£m £m £m
Friends fund	0.5	3.8 (2.9) 1.4
Thirdpartyfundedprojects	-	10.7 (10.7) -
People’s Postcode Lottery	0.7	2.5 (2.5) 0.7
Other specificproject funds	0.8	0.4 (0.3) 0.9
Total	2.0	17.4 (16.4) 3.0

		Group and Canal & River Trust	Group and Canal & River Trust
	Balance at			Balance at
	1 April 2023	Income	Expenditure	31 March 2024
	£m	£m	£m	£m
Friends fund	-	3.5	(3.0)	0.5
Thirdpartyfundedprojects	-	15.4	(15.4)	-
People’s Postcode Lottery	0.6	2.6	(2.5)	0.7
Other specificproject funds	0.6	0.2	-	0.8
Total	1.2	21.7	(20.9)	2.0

Funds are restricted on the basis of activity type, activity within a defined geographical area or on a specific project basis. Funds are recorded as expended when they are transferred to meet the relevant expenditure being incurred.

All donations made to the Trust without any specific local or project restriction are added to the Friends fund from which expenditure is directed only to waterway maintenance, restoration or education activities.

Restricted funds with donations less than £1m are shown in one aggregate total as “Other specific project funds”. At 31 March 2025 there were 68 (2023/24: 64) separate funds within this total.

All the above funds are held within both Canal & River Trust and the Group.

Financial Statements for the year ended 31 March 2025

Canal & River Trust Annual Report & Accounts 2024/2025

Analysis of net assets by fund

Net assets are analysed between funds as follows:

Group

Group
As at 31 March 2025 Unrestricted funds	Restricted funds
General fund £m Designated funds £m Income funds £m Total £m
Tangible fixed assets 33.6 19.9 - 53.5
Investments - 1,025.0 - 1,025.0
Current assets 91.0 - 3.0 94.0
Current liabilities (78.3) (2.0) - (80.3)
Creditors – amounts falling due after more than oneyear (3.8) (150.2) - (154.0)
Provisions (42.3) - - (42.3)
Pension liability (0.1) (40.2) - (40.3)
Total net assets 0.1 852.5 3.0 855.6

Group

As at 31 March 2024 Unrestricted funds	Restricted funds
General fund £m Designated funds £m Income funds £m Total £m
Tangible fixed assets 33.4 20.0 - 53.4
Investments - 998.7 - 998.7
Current assets 105.2 5.1 2.0 112.3
Current liabilities (86.5) (0.1) - (86.6)
Creditors – amounts falling due after more than one year (2.6) (150.0) - (152.6)
Provisions (49.3) - - (49.3)
Pension liability (0.1) (42.9) - (43.0)
Total net assets 0.1 830.8 2.0 832.9

Financial Statements for the year ended 31 March 2025

Canal & River Trust Annual Report & Accounts 2024/2025

23. Analysis of net assets by fund (continued)

Canal & River Trust

As at 31 March 2025 Unrestricted funds	Restricted funds
General fund £m Designated funds £m Income funds £m Total £m
Tangible fixed assets 33.6 19.9 - 53.5
Investments - 968.8 - 968.8
Current assets 72.0 - 3.0 75.0
Current liabilities (59.2) (25.8) - (85.0)
Creditors – amounts falling due after more than one year (3.9) (150.2) - (154.1)
Provisions (42.3) - - (42.3)
Pension(liability)/asset (0.1) 4.1 - 4.0
Total net assets 0.1 816.8 3.0 819.9

Canal & River Trust

As at 31 March 2024 Unrestricted funds	Restricted funds
General fund £m Designated funds £m Income funds £m Total £m
Tangible fixed assets 33.4 20.0 - 53.4
Investments - 922.2 - 922.2
Current assets 91.0 - 2.0 93.0
Current liabilities (69.0) (17.5) - (86.5)
Creditors – amounts falling due after more than one year (2.7) (150.0) - (152.7)
Provisions (49.3) - - (49.3)
Pension (liability)/asset (0.1) 7.6 - 7.5
Total net assets 3.3 782.3 2.0 787.6

Financial Statements for the year ended 31 March 2025

Canal & River Trust Annual Report & Accounts 2024/2025

Operating lease commitments

Operating lease agreements where the Group is lessee

Future minimum rentals payable under non-cancellable operating leases are as follows:

Group Canal & River Trust	Group Canal & River Trust
31 March 2025 31 March 2024 31 March 2025	31 March	2024
Leasehold properties £m £m £m		£m
Within oneyear 1.2 1.0 1.2		1.0
Within two to fiveyears 4.5 3.6 4.5		3.6
In more than fiveyears 99.7 99.6 99.7		99.6
105.4 104.2 105.4		104.2

During the year £1.5m (2023/24: £1.4m) was charged to the SoFA in respect of leasehold property rentals.

Operating lease agreements where the Group is lessor

Future minimum rentals receivable under non-cancellable rental agreements are as follows:

Group	Canal & River Trust	Canal & River Trust
31 March 2025 31	March 2024 31 March 2025 31 March		2024
Investment Properties £m	£m £m		£m
Within oneyear 35.5	38.8 29.5		32.7
Within two to fiveyears 115.4	127.7 91.2		103.5
Within six to 100years 918.9	937.0 344.2	362.3
In more than 100years 1,701.2	1,782.8 873.8	949.3
Other
Within oneyear 21.3	16.9 21.3		16.9
Within two to fiveyears 45.5	41.5 45.5		41.5
Within six to 100years 457.1	421.7 457.1		421.7
In more than 100years 350.4	307.4 350.4		307.4
3,645.3	3,673.8 2,213.0	2,235.3

Amounts receivable under operating leases are calculated to the next contractual break date or the full term where there is no contractual break clause.

The total contingent rent recognised as income during the year was £3.3m (2023/24: £2.9m).

The leasing arrangements relate to a portfolio of commercial properties for rent, all of which are located in the UK.

Excluded from the above analysis are those rental agreements held under a tenancy at will basis.

Financial Statements for the year ended 31 March 2025

Canal & River Trust Annual Report & Accounts 2024/2025

Pension and other post-retirement benefits

Group Canal & River Trust	Group Canal & River Trust
31 March 2025 31 March 2024 31 March 2025	31 March	2024
£m £m £m		£m
Defined benefit pension fund (deficit)/surplus (40.2) (42.9) 4.1		7.6
Otherpost-retirement benefits (0.1) (0.1) (0.1)		(0.1)
Employee benefit (liability)/asset (40.3) (43.0) 4.0		7.5

Pension fund (deficit)/surplus – defined benefit pension

The defined benefit scheme, known as the Waterways Pension Fund (WPF or the Scheme), is a multi-employer scheme with the Trust being the principal employer. Other participating employers now include British Waterways Board (trading as Scottish Canals) and OCS Group UK Limited. The Scheme closed to future accrual on 30 September 2016 for employees of the Trust and the other participating employers at that time.

In accordance with the terms of the transfer from British Waterways, Scottish Canals is liable to make a fair share and proportionate contribution, as determined by the scheme actuary from time to time, towards any deficit that exceeds the valuation deficit as at the transfer date of 2 July 2012. Any future recovery of deficit attributable to Scottish Canals is under a contractual arrangement with the Trust.

Contributions to the Scheme are agreed between the Trust and the trustees of the WPF, after advice from the Scheme Actuary, as part of the triennial actuarial valuation of the Scheme. The last triennial valuation of the Scheme was carried out as at 31 March 2022. As at that date the market value of the Scheme’s assets (excluding members’ additional voluntary contributions) amounted to £658m and the value placed upon the benefits that had accrued to members was £622m. The Scheme was therefore £36m in surplus and 106% funded on an on-going basis. The market value of the Scheme's investment in Canal & River Pension Investments LP (SLP) (see below for more details) is included within the valuation of the Scheme's assets.

At the date of the last triannual valuation the SLP agreed to provide an annual income of £5m until 31 March 2031 and a lump sum on cessation, which could give rise to proceeds over and above the market value at valuation date and, accordingly, additional contributions were not deemed to be required to eliminate the deficit. The next triennial actuarial valuation will be carried out as at 31 March 2025.

On 9 July 2012, the Trust made a special contribution of £106m to the WPF pursuant to the creation of a pension funding partnership (SLP) with the Trust. The Scheme invested £106m in the SLP, a limited partnership registered in Scotland. Under an amended agreement dated 31 March 2025 the Scheme will remain invested in this partnership until 31 March 2037 at which point the Scheme’s investment will be redeemed. The redemption value of the investment will be the lower of £100m or the valuation deficit in the Scheme at that time, with a minimum value of £0.01m, as assessed by the Scheme Actuary on a Technical Provisions basis. The Scheme is entitled to an annual distribution income from this investment of £5m per annum in 2024/25, £4m in 2025/26 and £3m in 2026/27 and subsequent years. In the year to 31 March 2025 the Scheme received £5m of income from the SLP investment.

An accounting judgement has been taken that the Scheme’s £44.3m (2023/24: £50.5m) interest in the SLP, which is a subsidiary of the Trust, does not represent a plan asset for the purposes of the Group financial statements because it is a non-transferable financial instrument issued by the Group and, therefore, has not been taken into account in arriving at the Group pension scheme surplus/deficit presented in the Group financial statements. The £44.3m (2023/24: £50.5m) is included within freehold investment property in the Group financial statements. See also note 14.

The elimination on consolidation of the Scheme’s interest in the SLP from the Scheme’s assets results in a deficit of £40.2m in the Group financial statements. The Scheme’s interest in the SLP is, however, included in the valuation of the Scheme in Canal & River Trust’s company balance sheet.

Financial Statements for the year ended 31 March 2025

Canal & River Trust Annual Report & Accounts 2024/2025

25. Pension and other post-retirement benefits (continued)

The assumptions required for accounting purposes under FRS 102 differ from the assumptions used for the Scheme’s technical provisions funding assumptions and, as a result, under FRS 102, the Scheme valuation for accounting purposes is different to the actuarial valuation. A SLP asset has been recognised in accordance with FRS 102 with further clarification sought from IFRIC 14 as under the Scheme trust deed and rules, the Trust has an unconditional right to its share of any surplus following the winding up of the Scheme.

The valuation of the Scheme used for FRS 102, section 28 ‘Retirement benefits’ disclosures has been based on the most recent actuarial valuation of the WPF at 31 March 2022 and updated to 31 March 2025 by independent qualified actuaries from Lane Clark & Peacock LLP. The liabilities attributed to the Trust reflect the Trust’s share of liabilities in the WPF.

The Group is aware that there is potential for the ruling in the Virgin Media Limited vs NTL Pension Trustees II Limited case to have an impact on the WPF. However, given the government’s announcement on 5 June 2025 that they will introduce legislation to give affected pension schemes the ability to retrospectively obtain written actuarial confirmation that historic benefit changes met the necessary standards, we do not currently expect any additional liability to arise.

The key assumptions used are as follows:

The key assumptions used are as follows:
31 March 2025	31 March 2024
Discount rate 5.70%	4.80%
Rate of increase in salaries 3.40%	3.40%
Rate of increase for majority of pensions in payment and deferred pensions 2.70%*	2.70%
Rate of CPI inflation 2.70%	2.70%
Members are assumed to take	Members are assumed to take
25% of their pension as tax	25% of their pension as tax
Tax free cash free cash	free cash
92.5% of S3PMA_H (males)	92.5% of S3PMA_H (males)
92.5% of S3PFA_H (females)	92.5% of S3PFA_H(females)
CMI 2023 model, long term	CMI 2022 model, long term
Post retirement mortality assumption rate of improvement 1.25% (smoothing factor 7.0)	rate of improvement 1.25% (smoothing factor 7.0)
Initial improvements of 0.00%	Initial improvements of 0.00%

The rate of increase for the career average re-valued earnings (post 2011) benefits are capped at 2.5%.

Using the adopted mortality tables, the future life expectancy at the normal retirement age of 63 is as follows:

31 March 2025	31 March 2024
Male currentlyaged 43 23.0	22.9
Female currentlyaged 43 26.7	26.6
Male currentlyaged 63 21.4	21.4
Female currentlyaged 63 25.2	25.0

Financial Statements for the year ended 31 March 2025

Canal & River Trust Annual Report & Accounts 2024/2025

25. Pension and other post-retirement benefits (continued)

The sensitivities regarding the principal assumptions used to measure the scheme liabilities are set out below:

Assumption	Change in assumption	Impact on scheme liabilities
Discount rate	Increase by 0.1% Decrease by 0.1%	Decrease by 1.1% (£4.3m) Increase 1.1% (£4.3m)
CPI rate of inflation	Increase by 0.1% Decrease by 0.1%	Increase by 0.9% (£3.3m) Decrease by 0.9% (£3.3m)
Life expectancy	Increase by one year Decrease by one year	Increase by 3.1% (£12.0m) Decrease by 3.1% (£12.0m)

Amounts recognised in the SoFA:

Group
Year to 31 March 2025	Year to 31 March 2024
£m	£m
Administration expenses (0.6)	(0.8)
Interest cost (19.9)	(20.0)
Interest on assets 18.0	18.5
Amount charged within net income/expenditure (2.5)	(2.3)
Actuarial loss (0.6)	(12.9)
Amount charged within net movement in funds (3.1)	(15.2)

Amounts recognised in the balance sheet:

	Group Canal & River Trust	Group Canal & River Trust
	2025 2024 2025	2024
	£m £m £m	£m
Equities	(0.5) 12.5 (0.5)	12.5
Corporate bonds	112.7 112.5 112.7	112.5
LiabilityDriven Investment	152.2 170.0 152.2	170.0
Propertyfunds	27.8 30.5 27.8	30.5
Diversifiedgrowth funds	30.5 30.0 30.5	30.0
Investment inpropertyinterest in SLP	- - 44.3	50.5
Othergrowth assets	10.7 21.1 10.7	21.1
Cash and liquidityfunds	11.6 8.0 11.6	8.0
Total fair value of assets	345.0 384.6 389.3	435.1
Present value of scheme liabilities	(385.2) (427.5) (385.2)	(427.5)
(Deficit)/surplus in the scheme	(40.2) (42.9) 4.1	7.6

The actual return on the Scheme’s assets during the year was a £23.4m loss (2023/24: £1.7m profit) for the Group and a £29.6m loss (2023/24: £6.4m loss) for the Trust.

FRS 102 requires all Scheme assets to be valued at fair value for accounting purposes. As at 31 March 2025, the fair value of the Scheme’s investment in the SLP was £44.3m (2023/24: £50.5m).

Financial Statements for the year ended 31 March 2025

Canal & River Trust Annual Report & Accounts 2024/2025

100

25. Pension and other post-retirement benefits (continued)

Changes in scheme assets

Changes in scheme assets
	Group Canal & River Trust
	2024/25 2023/24 2024/25	2023/2024
	£m £m £m	£m
At 1 April	384.6 398.0 435.1	456.6
Interest on scheme assets	18.0 18.5 20.3	21.3
Principal employer contributions	5.8 5.8 5.8	5.8
Benefitspaid and expenses	(22.0) (20.9) (22.0)	(20.9)
Revaluation loss	(41.4) (16.8) (49.9)	(27.7)
At 31 March	345.0 384.6 389.3	435.1

Changes in scheme liabilities

Changes in scheme liabilities
	Group Canal & River Trust
	2024/25 2023/24 2024/25	2023/24
	£m £m £m	£m
At 1 April	(427.5) (431.5) (427.5)	(431.5)
Interest cost	(20.0) (20.0) (20.0)	(20.0)
Benefitspaid	21.4 20.1 21.4	20.1
Actuarialgain	40.9 3.9 40.9	3.9
At 31 March	(385.2) (427.5) (385.2)	(427.5)

Movement in (deficit)/surplus in the scheme during the year

	Group	Canal & River Trust	Canal & River Trust
	2024/25	2023/24 2024/25	2023/2024
	£m	£m £m	£m
At 1 April	(42.9)	(33.5) 7.6	25.1
Expenses recognised in SoFA	(2.5)	(2.3) (0.3)	0.5
Contributions	5.8	5.8 5.8	5.8
Actuarial loss recognised in SoFA	(0.6)	(12.9) (9.0)	(23.8)
At 31 March	(40.2)	(42.9) 4.1	7.6

Defined contribution pension plan

The defined contribution plan is a pension plan under which the Trust pays fixed contributions to Standard Life. The Trust has no legal or constructive obligations to pay further contributions. The amount of employer contributions (net of salary sacrifice contributions) is disclosed in note 9 in these financial statements. There were no material amounts owing or prepaid at 31 March 2025.

26. Capital commitments

Capital expenditure for which the Trust had contracted at 31 March 2025 was £1.1m (2023/24: £0.2m) relating to tangible fixed assets and £nil (2023/24: £0.3m) relating to the commitment to purchase investment property.

These commitments fall due within one year.

Financial Statements for the year ended 31 March 2025

Canal & River Trust Annual Report & Accounts 2024/2025

101

Related party transactions

The Trust has considered the disclosure requirements of the SORP for charities and FRS 102, section 33 ‘Related Party Disclosures’ and believes that the following related party transaction requires disclosure:

Jennie Price, Trustee, was the Chair of The Scout Association. In 2024/25 the Trust raised an invoice for £25,200 (2023/24: £25,200) to The Scout Association for services provided. As at 31 March 2025 £25,200 was unpaid (2023/24: £25,200).

There were no other related party transactions between the Trust and any of the trustees or executive directors which require disclosure during the year.

Related party transactions of the above nature are permitted under Article 4.4.3 of the Trust’s Articles. The Board were aware of these transactions and agreed to their continuation. There were no amounts written off in relation to the above transactions.

No other trustees received any remuneration or other benefits from the Trust.

	Amount Amount Amount	Amount
	receivable receivable during receivable/	receivable/
	during the year the year to (payable) at	(payable) at
	to 31 March 2025 31 March 2024 31 March 2025	31 March 2024
Transactions with joint ventures	£m £m £m	£m
Property sales and investment activity with joint ventures	0.3 1.4 -	-
Other significant transactions with joint ventures	0.1 0.1 -	-
	0.4 1.5 -	-

The table above excludes capital and loan investments in joint ventures which are detailed in note 16 in these financial statements.

	Amount Amount Amount	Amount
	receivable receivable during receivable/	receivable/
	during the year the year to 31 (payable) at	(payable) at
	to 31 March 2025 March 2024 31 March 2025	31 March 2024
Transactions with subsidiaries	£m £m £m	£m
Canal & River Trading CIC
Qualifyingcharitable donations	- - -	-
Canal & River Pension
Investments LP (SLP)
Profit sharepayments	1.4 1.2 -	-
	1.4 1.2 -	-

Further details on our subsidiaries can be found in note 16 to these financial statements.

Financial Statements for the year ended 31 March 2025

Canal & River Trust Annual Report & Accounts 2024/2025

102

Membership of the Board of Trustees, Executive Team, Council and Committees

Board of Trustees	Title	Appointed	Term	Committee Membership
David Orr CBE	Chair	September	First	Joint Council & Board Appointments
		2022		Committee, BoatingCommittee (Chair)
Dame Jenny Abramsky	Deputy	September	Third	Joint Council & Board Appointments
(until 24 September	Chair	2016		Committee (Chair), Fundraising Committee
2025)				(Chair), Audit & Risk Committee
Nigel Annett CBE	Trustee	September	Until	Infrastructure Committee (Chair), Audit &
		2016	September	Risk Committee, Investment Committee
			2024
Janet Hogben	Trustee	September	Third	Joint Council & Board Appointments
(until 24 September		2016		Committee, People & Remuneration
2025)				Committee, Infrastructure Committee,
				BoatingCommittee
Sir Christopher Kelly	Trustee	September	Third	Audit & Risk Committee (Chair),
		2017		Infrastructure Committee, Investment
				Committee, Boating Commission,
				FundraisingCommittee
Bronagh Kennedy	Trustee	September	First	People & Remuneration Committee, Audit
		2022		& Risk Committee, Boating Committee,
				FundraisingCommittee
Ian Peters	Trustee	September	First	Investment Committee (Chair), Fundraising
		2022		Committee
Jennie Price CBE	Trustee	September 2018	Third	Audit & Risk Committee
Tim Reeve CBE	Trustee	September 2016	Third
(until 24 September
2025)
Chris Fellingham	Trustee	September 2023	First	Investment Committee,
				BoatingCommittee
Sir James Bevan	Trustee	September 2023	First	Infrastructure Committee (Chair),
				People & Remuneration Committee
Ranjit Sondhi CBE	Trustee	September 2024	First
Executive Team	Role
Richard Parry	Chief Executive_(until 18 July 2025)_
Steve Dainty	Chief Financial Officer
Malcolm Horne	Chief Infrastructure & Programmes Officer
Stuart Mills	Chief Investment Officer
Julie Sharman	Chief OperatingOfficer
Heather Clarke	Strategy& Impact Director
Tom Deards	Legal & Governance Director
Maggie Gardner	Director of Fundraising
Anne Gardner-Aston	Director of Health & Safety
Susie Mather	Director of Communications & External			Engagement
Karen Seth	People Director

Membership of the Board Of Trustees

Canal & River Trust Annual Report & Accounts 2024/2025

103

Council Members as at 31 March 2025

Elected Members

Elected Members
Business Boating	Paul Donnelly
	LucyWaldron
Private Boating	Penelope Barber
	Fiona Burt
	Rosie Strickland
	Scott Martin
Volunteers	Nigel Branston
	Trevor Clark
Angling/Fisheries	David Kent
Friends	Brian Williams
Employee	Aaron Atwal

Nominated Members

Nominated Members
Co-opted	Danielle Obe,Chair,Black SwimmingAssociation
	Robyn MacPherson,Co-opted Friends
Private Boating	Ben Seal Paddle UK
	Andrew Phasey Association of WaterwayCruisingClubs
Other Supporters	Mark Riches(until March 2025) CountryLand & Business Association
	Heather Clatworthy (until September 2024) Ramblers Association
	Duncan Dollimore CyclingUK
	Tim West Commercial Boat Operators Association
	Mel Hide Royal YachtingAssociation
	Brian Clark British Marine
Historic Environment	Dr Nigel Crowe Institute of Historic BuildingConversation
	Patrick Moss Railway& Canal Historical Society
	Sue O'Hare Inland Waterways Association
Natural Environment	Paul Shaffer Chartered Institute of Water and Environmental Management
	Ali Morse The Wildlife Trust
Local Government	Cllr Paul Dennett Local Government Association
	Graeme McDonald Societyof Local Chief Executives
	Cllr Keith Stephens(from September 2024) National Association of Local Councils
	Gráinne Nolan(until March 2025) National Academyfor Social Prescribing
Disability	TraceyClarke Accessible Waterways Association
Youth Engagement	David Watts UK Youth

Regional Advisory Boards Chairs

Regional Advisory Boards Chairs
East Midlands	Anil Majitha(until 30 June 2024)
	Andrew Richardson(from 20 November 2024)
London & Southeast	Sir Peter Dixon
Northwest	Dharma Kouvvi
Southwest	John Podmore
West Midlands	John Hudson OBE(until 1 September 2024)
	Glenn Howells(from 9 September 2024)
Yorkshire & Northeast	Helen Grantham
Bwrdd Glandŵr Cymru	Steve Thomas CBE(until 21 November 2024)
	FayJones-Poole(appointed from June 2025)

Council Members as

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at 31 March 2025

Bwrdd Glandŵr Cymru as at 31 March 2025

Steve Thomas CBE ( Chair until 21 November 2024 )

Fay Jones-Poole ( Chair from June 2025 ) Phil Hughes Gareth Jones Justine Wheatley Chris Morgan ( appointed 31 March 2025 ) Owen Davies

Regional Advisory Board as at 31 March 2025

Regional Advisory Board as at 31	March 2025
East Midlands	Anil Majithia(Chair until June 2024)
	Andrew Richardson, (Chair from 20 November 2024)
	TerryCavender
	Ahtesham Mahmood(until December 2024)
	AndyOughton
	Kamla Pattni
	Adrian Honeybill
	Andrew Jee
	Joelle Davies
London & South East	Sir Peter Dixon(Chair)
	David Brough
	Louis Howell
	Loraine Grainger
	John Lewis
	Ed Stannard(20 November 2024)
	Sam Anderson-Brown
North West	Dharma Kovurri(Chair)
	GerryProctor MBE
	Rt Hon Sir Robert Atkins
	Lukman Patel
	Elanor Underhill(from 23 January 2025)
South West	John Podmore(Chair)
	Adrian Robins(from 23 May 2024)
	David Shipley (23 May 2024)
	HarryHayer(18 July 2024)
	Alexa Volker(from 18 July 2024)
	Oda Dijksterhuis(from 23 May 2024)
West Midlands	John Hudson OBE DL(Chair until 1 September 2024)
	Glenn Howells(Chair from 9 September 2024)
	Dean Hill
	Naseem Aktar BEM
	Dr Simon Murphy (from 1 September 2024)
	Councillor Liz Clements(until 31 October 2024)
	Councillor Majid Mahmood(from 31 October 2024)
	SandeepMahal(from 31 January 2025)
	Prubhjyot Singh(from 31 January 2024)
Yorkshire & North East	Helen Grantham(Chair)
	Adrian Curtis
	Nick Garthwaite
	Jon Ingham
	Gillian Allan
	Dr Christina Edgar

Council Members as

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105

at 31 March 2025

Advisory Groups as at 31 March 2025	Advisory Groups as at 31 March 2025
Fisheries & Angling	Andrew Strickland(Chair)
	Paul Coulson
	Paul Edwards
	Sue GallowayBEM
	David Kent
	Michael Heylin
	Dennis Hunt
	David Ottewell
	Lee Woodhouse
	Rob Harris
Navigation	Mike Carter(Chair)
	Sue Cawson
	Nick Grundy
	Gareth Jones
	Ian McCarthy
	Nigel Stevens
	Lee Wilshire
	Hanah Rigley
Youth Engagement	Louis Howell(Chair)
	John Downes
	Michelle Hemmingfield
	Vanessa Joseph
	HollyNotcutt
	Kristen Stephenson
	RosemaryMansfield
	Sarah Atkins
Cultural Heritage	Nigel Barker-Mills(Chair)
	Elizabeth Adams
	Nigel Crowe
	Lizzie Glithero-West
	Dr Jennifer Hagan
	Rebecca Madgin
	Neil Redfern
	David Rudlin
	Sandra Stancliffe

Council Members as

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at 31 March 2025

Supporters of Canal & River Trust

Thank you to everyone who has donated, volunteered, or supported our work. Volunteers, youth and community groups, canal societies and clubs have joined with us to help transform our canals and rivers. These unpaid hours have made our work possible. We are very grateful to the thousands of individuals who have joined us as Friends of the Trust or who have given personal donations to support our work. We would also like to thank and acknowledge all those who gave a gift in their will or in memory of a loved one this past year. These very personal gifts are very much appreciated and have a significant impact on the positive work of the charity.

Thank you to the following Charitable Trusts, Grant-making bodies, landfill operators, local authorities, lotteries etc. (£10,000+)

Active Black Country Anochrome Group Ltd Arts Council England Association for Industrial Archaeology

Bath & North East Somerset Council Blaby District Council Blackburn with Darwen Borough Council Bugsworth Basin Heritage Trust Burnley Borough Council Calderdale Borough Council Candex Solutions Ltd

Canoe Foundation Charnwood Borough Council City of Bradford Metropolitan District Council City of Wolverhampton Council Colt Data Centre Services UK Ltd

Drax Foundation

East Staffordshire Borough Council

Environment Agency Greater London Authority & Mayor of London

Greater Manchester Environment Fund

Green Pear

Gwynedd County Council funded by UK Government from the Shared Prosperity Fund

Harborough District Council

Heart of England Community Foundation, West Midlands Combined Authority and Department of Culture, Media and Sport

Hinckley & Bosworth Borough Council Hyndburn Borough Council Kirklees Council Kirklees Borough Council Lancashire County Council Leicester City Council

Liverpool BID Company

LUF Clwyd South, funded by UK Government from the Levelling Up Fund

Merseytravel

Monmouthshire County Council, funded by UK Government from the Shared Prosperty Fund

Montgomery Waterway Restoration Trust

National Lottery Community Fund National Lottery Heritage Fund Newcastle Under Lyme Borough Council

Nottingham City Council

Oadby & Wigston Borough Council

Old Oak and Park Royal Development Corporation Oxford City Council

Pendle Borough Council Players of People’s Postcode Lottery Powys County Council Preston City Council PricewaterhouseCoopers LLP PVH Ltd Rightmove PLC Rushcliffe Borough Council Sandwell MBC Severn Trent Water Ltd Sheffield City Council Shropshire County Council Shropshire Union Canal Society Stockport Metropolitan Borough Council Stoke on Trent City Council Stratford-upon-Avon District Council Sustrans

T Clarke Contracting Ltd The Earnest Cook Trust

The Syder Foundation Walsall Council

West Lancashire Borough Council

Westmorland and Furness Council

Wigan Borough Council – The Mayor's Cycling & Walking Challenge Fund Xylem

Supporters of Canal & River Trust

Canal & River Trust Annual Report & Accounts 2024/2025

107

Patron

HM The King

Chair

David Orr CBE

The Trust’s Advisors

Bankers:

Natwest Bank Plc City of London Office PO Box 12258 Princes Street London EC2R 8PA

Deputy Chair

External auditors:

Dame Jenny Abramsky (until 24 September 2025)

Jennie Price CBE (from 24 September 2025)

BDO LLP Bridgewater House Counterslip, Bristol BS1 6BX

Internal Auditors:

Grant Thornton UK LLP 8 Finsbury Circus London EC2M 7EA

Investment Managers:

Partners Capital 5 Young Street London W8 5EH

Canal & River Trust Annual Report & Accounts 2024/2025

108

Patrons

Canal & River Trust

National Waterways Museum Ellesmere Port South Pier Road Ellesmere Port Cheshire CH65 4FW

x CanalRiverTrust
f /canalrivertrust /canalrivertrust

Canal & River Trust is a charitable company limited by guarantee registered in England & Wales with company number 07807276 and charity number 1146792.

All information correct at the time of publication.

Enjoy. Take Action. Volunteer. Donate canalrivertrust.org.uk 0303 040 4040

Front cover: Hatton Locks, Grand Union Canal

Back cover: Hebden Bridge, Rochdale Canal