2025-12-31-accounts

Company registration number: 00726331 Charity registration number: 209206

Kennet and Avon Canal Trust (The)

(A company limited by guarantee) Annual Report and Financial Statements for the Year Ended 31 December 2025

UHY Ross Brooke Dorcan Business Village Unit 16 Murdock Road Swindon Wiltshire SN3 5HY

Kennet and Avon Canal Trust (The)

Contents

Contents
Trustees' Report	1 to 8
Independent Examiner's Report	9
Statement of Financial Activities	10 to 11
Balance Sheet	12
Notes to the Financial Statements	13 to 23

Kennet and Avon Canal Trust (The)

Trustees' Report

Reference and Administrative Details

Trustees and officers

The trustees and officers serving during the year and since the year end were as follows:

Chairman:

G S Puddephatt

Trustees:

J S Dixon (Treasurer) Captain P S Hanson M R Bailey G P Snook R G H Dunton A E Cannon T W Mundy M J Corish (appointed 28 February 2025) D Nix (appointed 28 February 2025)

Charity Registration Number: 209206 Company Registration Number: 00726331 Registered Office:

Devizes Wharf Couch Lane Devizes Wiltshire SN10 1EB

Independent Examiner:

Kerry Hawkins UHY Ross Brooke Chartered Accountants Dorcan Business Village Unit 16, Murdock Road Swindon Wiltshire SN3 5HY

Bankers:

Lloyds Bank PLC 38 Market Place Devizes Wiltshire SN10 1JD

Page 1

Kennet and Avon Canal Trust (The)

Trustees' Report

The Trustees present their annual report together with the financial statements of the charity for the year ending 31 December 2025 which are also prepared to meet the requirements for a directors' report and accounts for Companies Act purposes.

The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Trust's Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice (FRS102).

Merger of Subsidiary Company into the Trust

Following agreement by the trustees in October 2024, the charity's subsidiary, The Kennet & Avon Canal Trust (Enterprise) Ltd, was merged into the charity on 31st December 2024, and all its assets transferred. The Kennet and Avon Canal Trust has operated as a single company since 1st January 2025 and the 2025 and 2024 figures presented are those of the single company. Following completion of the winding up activities, the Kennet & Avon Canal Trust (Enterprise) Ltd was dissolved on 5 May 2026.

Objectives and activities

Objects and aims

The charitable objectives of the Trust, as set out in its Articles of Association, are to:

•Promote, facilitate and assist in the conservation, protection and improvement of the Kennet and Avon Canal and its associated watercourses, towpaths, structures and buildings;

•Advance the education of the public in general of the significance of the Kennet and Avon Canal and its associated structures;

•Protect and conserve, objects, sites and buildings of archaeological, architectural, engineering or historic interest on, in the vicinity of, or otherwise associated with the Kennet and Avon Canal; and

•Promote and facilitate recreational use of the Kennet and Avon Canal by a wide section of the community in order to improve conditions of life for the public.

Public benefit

The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.

Page 2

Kennet and Avon Canal Trust (The)

Trustees' Report

Achievements and performance

Review of 2025

(a) Overview

The Trust's achievements are heavily reliant on the contribution of the time and expertise of about four hundred volunteers, who mainly operate through the Trust's eight Branches. Our boats are exclusively crewed by volunteers, Crofton opening days are run almost entirely by volunteers, and our events and support for canal side work are delivered by volunteers. The safety and wellbeing of our volunteers and staff is therefore a priority for trustees.

At the end of 2025, the Trust employed five part-time members of staff, one at Crofton providing educational outreach, two centrally managing administration and finance, plus a Booking Administrator and Engineer at Bruce Boats.

(b)Trust Activities

Crofton

Crofton Branch is responsible for running Crofton Beam Engines, a Grade 1 listed site housing the oldest beam engine in the world, still in its original location and still able to perform its original task.

In 2025 Crofton welcomed 2548 visitors on its 15 Steaming Days, including 358 children. As well as having nonsteaming days in the summer we opened the gates to visitors on Tuesday workdays for the winter months. Crofton has again been active in outreach to local schools, led by its Learning and Community Development Officer.

Works to the Boiler House walkway, Lantern Window and Engine House windows were completed. The Smithy building was dedicated as a Tea Room open on Steaming Days and selected other dates through the year. The popular Drive It Day at Crofton was run as a full steaming day giving an extra steaming date in the summer calendar. Plans were put in place to add two additional special events to the Calendar for 2026, a Music afternoon and a “Ride It Day”, aimed at the motor bike audience. The cladding was removed from the side boiler house walls to expose the original brick work. Repairs to various brick areas were commenced to reduce water ingress. Work began on renovating Pump House Cottage, to allow the property to be brought to the rental market.

Public Boat Trips

The Trust operated five Trip Boats along the canal in 2025, with bases at Bradford on Avon, Devizes, Hungerford, Newbury and Reading.

In 2025 these boats together ran over 650 public trips, providing more than 9,500 people with the opportunity to experience the delights of canal boating. In addition, our Trip Boats ran over 150 chartered trips - private hires for family or community groups.

A sixth boat - the solar-powered Sir John Knill - was purchased at the end of 2025 and will be operated by the Bath and Bristol branch in 2026.

Page 3

Kennet and Avon Canal Trust (The)

Trustees' Report

Maintaining the boat fleet involves significant fixed costs, for example in respect of licences, inspection by the Maritime & Coastguard Agency (MCA), mooring and insurance.

All this was achieved despite environmental challenges, where water flow rates (Red Boards) limited our ability to offer trips on some parts of the canal at the beginning and end of the season.

Bruce Boats

Bruce Boats provides wheelchair accessible holidays and day trips from Great Bedwyn for the disabled, disadvantaged and elderly, on four purpose-built wide beam boats. A fifth boat (Lady Hilda) provides shorter breaks and day trips for youth groups.

In 2025 there were 50 holiday hires, 69 day trips and 87 days of youth boating. The five 5-day Gold Duke of Edinburgh's Award Residentials, training young people aged 16+ to the NCBA Boat Handling Certificate standard, were all fully booked. We were able to award grants to enable 79 people who would not otherwise be able to do so to enjoy a trip on the canal, and 14 people including severely disabled children were awarded grants to enable them to enjoy a much-needed 4-day holiday.

Our training program delivered high quality training both for hirers who had not been on a canal before, and for our own crew. During the year, the number of volunteers actively involved in crewing, cleaning and maintaining the boats increased by 25%.

Other Activities

The Trust Museum at Devizes Wharf contains a fascinating collection of artefacts, displays and models that explain how the canal came to be built, why it fell into dereliction, and the amazing story of its restoration. The Trust also maintains an Archive of Kennet and Avon Canal related materials. It also publishes a magazine - The Butty - available in hard copy or digital format to members.

Page 4

Kennet and Avon Canal Trust (The)

Trustees' Report

Financial review

2025 in summary

• Income from grants, donations and legacies for the Trust was £92,767 compared with £205,693 in 2024. In addition, the donation of assets from Enterprise on closure at the end of 2024, totalled £486,294, making the total £691,987 for 2024.

• With the integration of Enterprise into the Trust, income from trading activities increased to £316,281 (compared with £60,829 in 2024) and investment income, including rental income increased from £48,090 to £60,077.

• Expenditure on charitable activities was £441,248 compared with £196,057 in 2024, reflecting the inclusion of previous Enterprise administrative expenses into the Trust’s charitable activities.

• Net cashflow improved from £358,694 to £641,418. £231,950 of this increase was due to funds held by Enterprise as at 31 December 2024 being transferred to the Trust.

• The Trust’s total funds at the year-end were £1,309,847, a 2% increase on the previous year. This included £8,402 in restricted funds.

Page 5

Kennet and Avon Canal Trust (The)

Trustees' Report

Structure, governance and management

Nature of governing document

The Trust was created by memorandum on 6th June 1962. It is governed by Articles of Association that were last updated in 2023. This document is the governing document of the charity which is a private company limited by guarantee without share capital.

Trustees are required to declare 'Persons of Significant Control' in the Companies House register. For the Trust there are no persons of significant control other than the Trustees listed. The declarations are available on the Companies House website.

The Trust Council (which is the Board of Directors of the company) currently comprises 10 Trustees. It meets bimonthly to review Health and Safety issues, consider overall Trust strategy and policy, in particular in the light of reports on the management accounts, received reports from Branches and to take decisions on matters which are referred to Trust Council such as major expenditure commitments.

We are constantly looking for new Trustees, both inside and outside the Trust. Following interview by the Chairman and at least one other Trustee, recommendations are made to the Board; if approved, new Trustees are then co-opted onto Trust Council ahead of standing for election at the following AGM. New Trustees may also be nominated by members for election at the AGM. Each year one third of Trustees stand down and may offer themselves for re-election at the AGM.

Following formal advice and agreement by the trustees in October 2024, the charity's subsidiary, The Kennet & Avon Canal Trust (Enterprise) Ltd, was merged into the charity on 31st December 2024, and all its assets transferred. Consequently, from 1st January 2025, The Kennet & Avon Canal Trust has operated as a single company.

The Boat Steering Group meet bi-monthly to review in more depth health and safety issues and operational matters relating to the passenger boats. The Boat Steering Group provide regular reports to Trust Council.

The Trust's eight branches (Bath & Bristol, Bradford on Avon, Devizes, Crofton, Bruce, Hungerford, Newbury and Reading) are each run by a Branch Committee which is formally a sub-committee of the Trust Council and usually selected by a meeting of local members, but subject to veto by Trust Council. Branches undertake the Trust's work in their area and often have practical control of a boat (or boats) or other operations. Branches submit annual budget bids and then have spending freedom within the approved budget subject to the provisions of a Finance Manual approved by Trust Council (and revised in 2025).

In addition, 2 members of staff provide a headquarters function supporting Trustees, Directors and branches, with a particular focus on Trust administration, payments and banking, and ensuring compliance across a range of responsibilities.

Reference and administrative details

The Trust’s name is Kennet and Avon Canal Trust (The) and it is registered with Companies’ House with the reference 00726331, and with the Charity Commission for England and Wales with the reference 209206.

The principal and registered office for the Trust is Devizes Wharf, Couch Lane, Devizes, SN10 1EB.

Page 6

Kennet and Avon Canal Trust (The)

Trustees' Report

Major risks and management of those risks

Risk management

Risks relating to Trust activities fall under three main headings:

•Health and Safety risks: The health and safety of volunteers, staff and visitors is a key priority of the Trust. The Trust has established a Health and Safety Committee to keep its arrangements under review and has a contract with a Health and Safety Advisor to carry out audits and advise on improvements. Each boat operated by The Trust has a detailed safety manual, and crew training is an essential part of managing risks. These arrangements are overseen by the Director of Boats. Detailed risk assessments and method statements are also in place at Crofton.

•Financial risks: Financial risks include loss of income, failure to obtain grants for major projects, unexpected costs and losses through fraud or failure to achieve value for money in procurement. Cost risks include energy and fuel costs and unanticipated repair and regulatory costs particularly for Crofton Beam Engines, the Devizes Wharf building and the boats operated by The Trust.

•Availability of other resources: Our ability to recruit, train, retain and motivate our volunteers becomes more challenging as fewer people are retiring early. As the work undertaken by volunteers becomes more complex through regulation and also broadens, with a greater emphasis on engaging with new visitor audiences, more formal succession plans, and volunteer recruitment processes will be developed to help address this. Contingency plans are also being developed to reduce risks of staff non-availability and the loss of key volunteers.

Trustees have reviewed regularly the financial risks facing the Trust. The target minimum level of reserves remains at £150K, given uncertainty about both revenue and costs.

On the basis of the most recent projections and the increase in reserves noted above, Trustees are satisfied that the Trust has sufficient balances to maintain current activities in 2026. New projects are under consideration and trustees will ensure that free reserves in excess of the target minimum level are available, or external grant funding has been committed.

Administration and governance.

Health and safety continued to be reviewed at all meetings of Trust Council, including both accidents and near misses.

A number of Trust polices have been reviewed or updated during the year, and all are published on the Trust's website.

Page 7

Kennet and Avon Canal Trust (The)

Trustees' Report

Statement of trustees' responsibilities

The trustees (who are also the directors of The Kennet and Avon Canal Trust Limited for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including its income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

• select suitable accounting policies and apply them consistently;

• observe the methods and principles in the Charities SORP;

• make judgements and estimates that are reasonable and prudent;

• state whether applicable accounting standards, comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

The annual report was approved by the trustees of the charity on .................... and signed on its behalf by:

G S Puddephatt Chairman

Page 8

Kennet and Avon Canal Trust (The)

Independent Examiner's Report to the trustees of The Kennet and Avon Canal Trust Limited ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2025.

Responsibilities and basis of report

As the charity’s trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner’s statement

Since the Company's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ACCA, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

1. accounting records were not kept in respect of The Kennet and Avon Canal Trust Limited as required by section 386 of the 2006 Act; or

2. the accounts do not accord with those records; or

3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view' which is not a matter considered as part of an independent examination; or

4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

...................................... Kerry Hawkins FCCA UHY Ross Brooke Chartered Accountants

Dorcan Business Village Unit 16, Murdock Road Swindon Wiltshire SN3 5HY

Date:.............................

Page 9

Kennet and Avon Canal Trust (The)

Statement of Financial Activities for the Year Ended 31 December 2025 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

	Unrestricted Total
	funds Restricted funds 2025
Note	£ £ £
Income and Endowments from:
Donations and legacies 3	91,544 1,223 92,767
Other trading activities 4	316,281 - 316,281
Investment income 5	60,077 - 60,077
Other income	12,246 - 12,246
Total income
	480,148 1,223 481,371
Expenditure on:
Raising funds	(9,056) - (9,056)
Charitable activities 6	(430,962) (10,286) (441,248)
Other expenditure 7	(6,000) - (6,000)
Total expenditure
	(446,018) (10,286) (456,304)
Net income/(expenditure)
	34,130 (9,063) 25,067
Net movement in funds
	34,130 (9,063) 25,067
Reconciliation of funds
Total funds brought forward
	1,267,315 17,465 1,284,780
Total funds carried forward 18
	1,301,445 8,402 1,309,847

The notes on pages 13 to 23 form an integral part of these financial statements. Page 10

Kennet and Avon Canal Trust (The)

Statement of Financial Activities for the Year Ended 31 December 2025 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

	Unrestricted Total
	funds Restricted funds 2024
Note	£ £ £
Income and Endowments from:
Donations and legacies 3	691,987 - 691,987
Other trading activities 4	40,223 20,606 60,829
Investment income 5	48,090 - 48,090
Other income	10,827 - 10,827
Total income
	791,127 20,606 811,733
Expenditure on:
Raising funds	(7,420) - (7,420)
Charitable activities 6	(172,500) (23,557) (196,057)
Other expenditure 7	(10,466) - (10,466)
Total expenditure
	(190,386) (23,557) (213,943)
Net income/(expenditure)
	600,741 (2,951) 597,790
Transfers between funds	(338) 338 -
Net movement in funds
	600,403 (2,613) 597,790
Reconciliation of funds
Total funds brought forward
	666,912 20,078 686,990
Total funds carried forward 18
	1,267,315 17,465 1,284,780

All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2024 is shown in note 18.

The notes on pages 13 to 23 form an integral part of these financial statements.

Page 11

Kennet and Avon Canal Trust (The)

(Registration number: 00726331) Balance Sheet as at 31 December 2025

	2025 2024
Note	£ £
Fixed assets
Tangible assets 12	663,563 686,850
Investments 13	- 1,000
	663,563 687,850
Current assets
Stocks 14	4,800 4,800
Debtors 15	23,208 256,836
Cash at bank and in hand 16	641,418 358,694
	669,426 620,330
Creditors: Amounts falling due within oneyear 17
	(23,142) (23,400)
Net currentassets
	646,284 596,930
Netassets
	1,309,847 1,284,780
Funds of the charity:
Restricted income funds
Restricted funds	8,402 17,465
Unrestricted income funds
Unrestricted funds	1,301,445 1,267,315
Total funds 18
	1,309,847 1,284,780

For the financial year ending 31 December 2025 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476; and

• The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The financial statements on pages 10 to 23 were approved by the trustees, and authorised for issue on .................... and signed on their behalf by:

......................................... G S Puddephatt Chairman

The notes on pages 13 to 23 form an integral part of these financial statements. Page 12

Kennet and Avon Canal Trust (The)

Notes to the Financial Statements for the Year Ended 31 December 2025

1 Charity status

The charity is limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.

The address of its registered office is: Devizes Wharf Couch Lane Devizes Wiltshire SN10 1EB

2 Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Basis of preparation

The Kennet and Avon Canal Trust Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

In the prior year, the company prepared consolidated financial statements including the results of its wholly owned subsidiary. On 31 December 2024, the trade and assets of the subsidiary were transferred to the company and the subsidiary ceased trading. As a result, the company is no longer required to prepare consolidated financial statements for the year ended 31 December 2025 and these financial statements present the results and financial position of the company only.

The comparative figures for the year ended 31 December 2024 presented in these financial statements reflect the results and financial position of the parent company only. They are therefore not directly comparable with the consolidated financial statements presented in the prior year. Users of the financial statements wishing to review the results and financial position of the group as previously reported should refer to the consolidated financial statements for the year ended 31 December 2024.

Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.

Page 13

Kennet and Avon Canal Trust (The)

Notes to the Financial Statements for the Year Ended 31 December 2025

Income and endowments

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.

Donations and legacies

Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.

Grants receivable

Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.

Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.

Raising funds

These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.

Charitable activities

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Tangible fixed assets

Individual fixed assets costing £250.00 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Page 14

Kennet and Avon Canal Trust (The)

Notes to the Financial Statements for the Year Ended 31 December 2025

Depreciation and amortisation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Freehold land	is not depreciated
Freehold buildings	2% on a straight line basis
Long leasehold and boats	5% on a straight line basis
Plant and machinery	25% on a straight line basis
Fixtures and fittings	15% reducing balance
Computer equipment	20% on a straight line basis

Pensions costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Fund structure

Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.

Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.

Page 15

Kennet and Avon Canal Trust (The)

Notes to the Financial Statements for the Year Ended 31 December 2025

3 Income from donations and legacies

	Unrestricted
	funds	Restricted	Total
	General	funds	funds
	£	£	£
Donations and legacies;
Donations	39,775	-	39,775
Legacies	24,096	-	24,096
Subscriptions	17,492	-	17,492
Gift aid reclaimed	10,181	-	10,181
Grants	-	1,223	1,223
Total for 2025	91,544	1,223	92,767
Total for 2024	691,987	-	691,987

4 Income from other trading activities

4 Income from other trading activities
	Unrestricted
	funds	Restricted		Total
	General	funds		funds
	£	£		£
Trading income;
Admissions and Crofton car park	34,391		-	34,391
Events income;
Boat fares & hire	281,890		-	281,890
Total for 2025	316,281		-	316,281
Total for 2024	40,223	20,606		60,829

5 Investment income

5 Investment income
	Unrestricted
	funds Total
	General funds
	£ £
Interest receivable and similar income;
Interest receivable on bank deposits	9,763 9,763
Income from rents	50,314 50,314
Total for 2025
	60,077 60,077
Total for 2024
	48,090 48,090

Page 16

Kennet and Avon Canal Trust (The)

Notes to the Financial Statements for the Year Ended 31 December 2025

6 Expenditure on charitable activities

6 Expenditure on charitable activities	6 Expenditure on charitable activities
Unrestricted
funds Restricted Total Total
General funds 2025 2024
£ £ £ £
Staff costs 57,702 - 57,702 28,502
Boat fuel 6,111 - 6,111 -
Boat repairs and sundries 67,178 - 67,178 -
Boat and crew licenses 26,068 - 26,068 -
Catering 24,132 - 24,132 -
Leasing payments 3,782 - 3,782 -
Loss on investments 1,000 - 1,000 -
Staff training 4,370 - 4,370 187
Travelling 373 - 373 -
Rent 35,899 - 35,899 21,062
Water rates 5,337 - 5,337 3,664
Light and heat 13,696 - 13,696 13,260
Insurance 31,980 - 31,980 16,571
Repairs and maintenance 62,870 - 62,870 34,888
NLHF project costs - Restricted - 10,286 10,286 23,557
NLHF project costs 498 - 498 8,442
Telephone 8,842 - 8,842 4,865
Computer software and
maintenance costs 16,107 - 16,107 4,175
Postage and stationery 753 - 753 268
Sundry expenses 4,036 - 4,036 904
Bank charges 5,032 - 5,032 1,363
Grants Payable - - - 1,358
Health & Safety 11,236 - 11,236 5,880
Coal 7,733 - 7,733 9,839
Stock purchases 1,067 - 1,067 1,372
Depreciation of freehold property 4,244 - 4,244 4,244
Depreciation of long leasehold
property 7,321 - 7,321 7,322
Depreciation of plant and
machinery 35 - 35 150
Depreciation of fixtures and fittings 2,341 - 2,341 1,853
Depreciation of boats	17,346 - 17,346 -
Accountancy fees	1,660 - 1,660 -
Legal andprofessional fees	2,213 - 2,213 2,331
	430,962 10,286 441,248 196,057

Page 17

Kennet and Avon Canal Trust (The)

Notes to the Financial Statements for the Year Ended 31 December 2025

7 Other expenditure

7 Other expenditure
		Unrestricted
		funds	Total
		General	funds
	Note	£	£
Independent examiner fees
Examination of the financial statements		6,000	6,000
Total for 2025		6,000	6,000
Total for 2024		10,466	10,466

8 Trustees remuneration and expenses

No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.

No trustees have received any reimbursed expenses or any other benefits from the charity during the year.

9 Staff costs

The aggregate payroll costs were as follows:

The aggregate payroll costs were as follows:
	2025 2024
	£ £
Staff costs during the year were:
Wages and salaries	56,718 28,174
Pension costs	984 328
	57,702 28,502

The monthly average number of persons (including senior management / leadership team) employed by the charity during the year expressed as full time equivalents was as follows:

during the year expressed as full time equivalents was as follows:
	2025 2024
	No No
Staff numbers	3 4

No employee received emoluments of more than £60,000 during the year.

Page 18

Kennet and Avon Canal Trust (The)

Notes to the Financial Statements for the Year Ended 31 December 2025

10 Independent examiner's remuneration

10 Independent examiner's remuneration
	2025		2024
	£		£
Examination of the financial statements		6,000		10,466

11 Taxation

The charity is a registered charity and is therefore exempt from taxation.

12 Tangible fixed assets

12 Tangible fixed assets
	Land and Furniture and
	buildings equipment Boats Total
	£ £ £ £
Cost
At 1 January 2025	476,892 106,900 338,922 922,714
Additions	- - 8,000 8,000
At 31 December 2025
	476,892 106,900 346,922 930,714
Depreciation
At 1 January 2025	141,480 94,384 - 235,864
Charge for theyear	11,565 2,376 17,346 31,287
At 31 December 2025
	153,045 96,760 17,346 267,151
Net book value
At 31 December 2025
	323,847 10,140 329,576 663,563
At 31 December 2024
	335,412 12,516 338,922 686,850

Included within the net book value of land and buildings above is £228,969 (2024 - £233,213) in respect of freehold land and buildings and £94,878 (2024 - £102,199) in respect of leaseholds.

13 Fixed asset investments
	2025 2024
	£ £
Shares ingroupundertakings andparticipatinginterests	- 1,000
14 Stock
	2025 2024
	£ £
Stocks	4,800 4,800

Page 19

Kennet and Avon Canal Trust (The)

Notes to the Financial Statements for the Year Ended 31 December 2025

15 Debtors
	2025 2024
	£ £
Trade debtors	149 6,416
Prepayments	18,131 18,249
Other debtors	4,928 232,171
	23,208 256,836
16 Cash and cash equivalents
	2025 2024
	£ £
Cash at bank	641,418 358,694
17 Creditors: amounts falling due within one year
	2025 2024
	£ £
Trade creditors	14,301 10,239
Other taxation and social security	273 10
Accruals	8,568 13,151
	23,142 23,400

Page 20

Kennet and Avon Canal Trust (The)

Notes to the Financial Statements for the Year Ended 31 December 2025

18 Funds
	Balance at 1 Incoming Resources Balance at 31 December
	January 2025 resources expended Transfers 2025
	£ £ £ £ £
Unrestricted funds
General
General funds	772,611 480,148 (446,018) 494,704 1,301,445
Trading subsidiary
(Transferred)	494,704 - - (494,704) -
	1,267,315 480,148 (446,018) - 1,301,445
Restricted funds
Pilborough: Electric
propulsion conversion	6,838 - (5,485) - 1,353
President's fund	78 - - - 78
Aim: Crofton educational
development	- 1,223 (397) - 826
Garfield Weston: Crofton
Smithy refurbishment	10,282 - (4,404) - 5,878
Willis: Crofton projection
equipment	267 - - - 267
Total restricted funds
	17,465 1,223 (10,286) - 8,402
Total funds
	1,284,780 481,371 (456,304) - 1,309,847

Page 21

Kennet and Avon Canal Trust (The)

Notes to the Financial Statements for the Year Ended 31 December 2025

	Balance at 1 Incoming Resources Balance at 31 December
	January 2024 resources expended Transfers 2024
	£ £ £ £ £
Unrestricted funds
General
General funds	666,912 279,843 (173,806) (338) 772,611
Trading subsidiary
(Transferred)	376,199 284,919 (166,414) - 494,704
	1,043,111 564,762 (340,220) (338) 1,267,315
Restricted
Pilborough: Electric
propulsion conversion	20,000 - (13,162) - 6,838
President's fund	78 - - - 78
Aim: Crofton educational
development	- 4,985 (5,677) 692 -
Garfield Weston: Crofton
Smithy refurbishment	- 15,000 (4,718) - 10,282
Willis: Crofton projection
equipment	- 621 - (354) 267
Total restricted funds
	20,078 20,606 (23,557) 338 17,465
Total funds
	1,063,189 585,368 (363,777) - 1,284,780

Purposes of restricted funds

• A donation of £20k from Sandra Pilborough is being used to enable the conversion of Bruce boat, Diana, to hybrid electric operation. £13k was spent in 2024 and £5.5k was spent in 2025.

• The President’s Fund was set up by a donation from the Trust President to fund volunteer travel used at the discretion of the Trust Chairman.

• A grant of £15k was provided by Garfield Weston to support conversion of the newly purchased Smithy at Crofton for use as a cafe and educational area. £5k was spent in 2024, a further £4.4k was spent in 2025.

• A grant of £500 was provided by Jon Willis and others for purchase of a projector and stand. £267 of this fund remains.

Page 22

Kennet and Avon Canal Trust (The)

Notes to the Financial Statements for the Year Ended 31 December 2025

19 Analysis of net assets between funds

19 Analysis of net assets between funds
	Unrestricted		Total funds at 31
	funds	Restricted	December
	General	funds	2025
	£	£	£
Tangible fixed assets	663,563	-	663,563
Current assets	661,024	8,402	669,426
Current liabilities	(23,142)	-	(23,142)
Total net assets	1,301,445	8,402	1,309,847
	Unrestricted		Total funds at 31
	funds	Restricted	December
	General	funds	2024
	£	£	£
Tangible fixed assets	686,497	354	686,851
Fixed asset investments	1,000	-	1,000
Current assets	603,219	17,111	620,330
Current liabilities	(23,400)	-	(23,400)
Total net assets	1,267,316	17,465	1,284,781

20 Related party transactions

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with group undertakings in the year ended 31[st] December 2024.

21 Charges

The Trustees of the National Lottery Heritage Fund hold a legal charge over the freehold property known as The Old Pumping Station, Crofton, Marlborough, Wiltshire, SN8 3DW.

Page 23

Kennet and Avon Canal Trust (The)

Detailed Statement of Financial Activities for the Year Ended 31 December 2025

	Total Total
	2025 2024
	£ £
Income and Endowments from:
Donations and legacies (analysed below)	92,767 691,987
Other trading activities (analysed below)	316,281 60,829
Investment income (analysed below)	60,077 48,090
Other income(analysed below)	12,246 10,827
Total income
	481,371 811,733
Expenditure on:
Raising funds (analysed below)	(9,056) (7,420)
Charitable activities (analysed below)	(441,248) (196,057)
Other expenditure(analysed below)	(6,000) (10,466)
Total expenditure
	(456,304) (213,943)
Net income
	25,067 597,790
Net movement in funds
	25,067 597,790
Reconciliation of funds
Total funds brought forward
	1,284,780 686,990
Total funds carried forward
	1,309,847 1,284,780

This page does not form part of the statutory financial statements. Page 24

Kennet and Avon Canal Trust (The)

Detailed Statement of Financial Activities for the Year Ended 31 December 2025

	Total Total
	2025 2024
	£ £
Donations and legacies
Grants and donations	1,223 -
Donations	39,775 526,037
Gift Aid tax reclaimed	10,181 8,986
Legacies	24,096 139,462
Subscriptions	17,492 17,502
	92,767 691,987
Other trading activities
Boat fares & hire	281,890 -
Admissions	- 20,606
Admissions	33,003 38,540
Crofton carpark	1,388 1,683
	316,281 60,829
Investment income
Rent received	50,314 35,150
Bank interest receivable	9,763 12,940
	60,077 48,090
Other income
Sundryincome	12,246 10,827
	12,246 10,827
Raising funds
Butty costs	(3,669) (4,420)
Advertisement & publicity	(4,955) (2,114)
Fundraisingcosts	(432) (886)
	(9,056) (7,420)

This page does not form part of the statutory financial statements. Page 25

Kennet and Avon Canal Trust (The)

Detailed Statement of Financial Activities for the Year Ended 31 December 2025

	Total Total
	2025 2024
	£ £
Charitable activities
Boat fuel	(6,111) -
Boat repairs and sundries	(67,178) -
Boat and crew licenses	(26,068) -
Catering	(24,132) -
Leasing payments	(3,782) -
Loss on investments	(1,000) -
Wages	(56,718) (28,174)
Staff pensions (Defined contribution)	(984) (328)
Staff training	(4,370) (187)
Travelling	(373) -
Rent	(35,899) (21,062)
Water rates	(5,337) (3,664)
Light and heat	(13,696) (13,260)
Insurance	(31,980) (16,571)
Repairs and maintenance	(62,870) (34,888)
NLHF project costs	(10,286) (23,557)
NLHF project costs	(498) (8,442)
Telephone	(8,842) (4,865)
Computer software and maintenance costs	(16,107) (4,175)
Postage and stationery	(753) (268)
Sundry expenses	(4,036) (904)
Bank charges	(5,032) (1,363)
Grants Payable	- (1,358)
Health & Safety	(11,236) (5,880)
Coal	(7,733) (9,839)
Stock purchases	(1,067) (1,372)
Depreciation of freehold property	(4,244) (4,244)
Depreciation of long leasehold property	(7,321) (7,322)
Depreciation of plant and machinery	(35) (150)
Depreciation of fixtures and fittings	(2,341) (1,853)
Depreciation of boats	(17,346) -
Accountancy fees	(1,660) -
Legal andprofessional fees	(2,213) (2,331)
	(441,248) (196,057)
Other expenditure
Independent examiner's remuneration	(6,000) (10,466)
	(6,000) (10,466)

This page does not form part of the statutory financial statements. Page 26