2024-12-31-accounts

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Company number: 00612245 Charity number: 212342

The Inland Waterways Association

Report and financial statements For the year ended 31 December 2024

The Inland Waterways Association

For the year ended 31 December 2024

Reference and administrative information ........................................................................................ 1 Trustees’ annual report ................................................................................................................... 3 Independent auditor’s report ......................................................................................................... 19 Statement of financial activities (incorporating an income and expenditure account) ..................... 24 Balance sheet ................................................................................................................................. 25 Statement of cash flows ................................................................................................................. 26 Notes to the financial statements ................................................................................................... 27

The Inland Waterways Association

Reference and administrative information

For the year ended 31 December 2024

Company number 00612245 Country of incorporation United Kingdom Charity number 212342 Country of registration England & Wales

Registered office and operational address

The Inland Waterways Association Unit 16b Chiltern Court Asheridge Road Chesham HP5 2PX

Trustees Trustees, who are also directors under company law, who served during the year and up to the date of this report were as follows:

Rt Hon Sir Robert Atkins Richard Barnes David Chapman Claire (Charlie) Norman (until October 2024) Susan O’Hare Hannah Rigley nee Sterritt Michael Wills Nicholas Dybeck (until May 2024) Stuart Craig Peter Marlow Paul Strudwick Thomas White (until February 2024) Paul Lynam (from February 2024 to May 2024) Ian Sesnan (from July 2024) Christl Hughes (from August 2024) Colin Porter (from August 2024) Company Secretary Vedyamala Reddy (until May 2024) Neil Edwards (from May 2024) Key management Charlie Norman Campaigns & Public Affairs Director personnel (from October 2024) Tracy Higgin Administration Manager Vedyamala Reddy Finance Manager (until May 2024) David Smart General Manager, Essex Waterways Ltd (until March 2025)

The Inland Waterways Association

Reference and administrative information

For the year ended 31 December 2024

Bankers	Barclays Bank PLC
	1 Churchill Place
	London
	E14 5HP
Financial Advisers	KLB Financial Management Ltd
(from May 2024)	Suite 116, Kingsway House
	Caldwell Road
	Widnes
	WA8 7GD
Investment	Quilter Cheviot
Advisers	Senator House
	85 Queen Victoria Street
	London
	EC4V 4AB
Auditor	Sayer Vincent LLP
	Chartered Accountants and Statutory Auditor
	110 Golden Lane
	London
	EC1Y 0TG

The Inland Waterways Association

Trustees’ Annual Report

For the year ended 31 December 2024

The trustees present their report and the audited financial statements for the year ended 31 December 2024.

Reference and administrative information set out on pages 1 and 2 form part of this report. The financial statements comply with current statutory requirements, the articles of association, the requirements of a directors’ report as required under company law and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.

Objectives and Activities

Purposes and aims

IWA’s Board of Trustees review the aims, objectives and activities of the charity each year. This report looks at what the charity has achieved and the outcomes of its work in the reporting period. The trustees report the success of each key activity and the benefits the charity has brought to those groups of people that it is set up to help. The review also helps the trustees ensure the charity's aims, objectives and activities remained focused on its stated purposes.

The objects for which the Association is established are:

For the public benefit to advocate the conservation, use, maintenance and development of the inland waterways of the British Isles, the works relating thereto and any craft or buildings or structures now or previously associated therewith, to advocate and promote the restoration and the maintenance in good condition of such waterways and associated craft and buildings and structures and advocate and promote their fullest use for appropriate commercial and recreational purposes.

To educate the public and other bodies about the use and benefits of such waterways whether by the production of leaflets, magazines, the conduct of seminars or workshops or such other means as the Association may from time to time determine.

To promote and commission research into inland waterways and publication of the results of such research.

Who we are

The Inland Waterways Association (IWA) is a charity governed and run by volunteers and supported by a small team of employees. We are the only independent, national charity dedicated to supporting and regenerating Britain's navigable rivers and canals as places for leisure, living and business. We believe that the nation's waterways and surrounding environments are for everyone to enjoy, and we both campaign and take direct action to protect their continued existence.

IWA is a membership organisation comprising both individual and corporate members. The former includes waterways experts, enthusiasts and members of the public, and the latter include waterways-related businesses, and non-profit-making organisations interested in restoration,

The Inland Waterways Association

Trustees’ Annual Report

For the year ended 31 December 2024

regeneration and the well-being of the inland waterways. We are an association in the true sense of the word and by joining IWA our members help support and regenerate the nation's waterways, for the benefit of all, both now and into the future.

Why we exist

The Inland Waterways Association was founded in 1946 in response to the very real risk that continued neglect of our historic waterways network would see a precious national asset lost forever.

It is possible to walk or boat along many waterways now because of the tireless campaigning work of IWA and its volunteers over the last 79 years. Over 500 miles of derelict waterways have been brought back to life through the work of IWA, its Waterway Recovery Group and restoration groups. But however well maintained they may appear, our waterways continue to remain under considerable threat – from urban development, inadequate funding, lack of protection, loss of skills and knowledge, over-commercialisation and climate change.

How we operate

Britain’s waterways form a vast, open-air network of working canals and navigable rivers, connecting city and countryside, alive with leisure boats, paddlers, anglers, cyclists, and walkers and are enjoyed by millions. IWA provides ongoing protection to this network, as well as supporting the regeneration of a further 500 miles of currently derelict waterways.

The canals and rivers of England, Wales and Scotland are managed and maintained by a variety of navigation authorities and land managers. IWA works closely with these bodies to influence policy and decision-making, whilst constructively challenging them to work in the best interest of the waterways and public benefit.

We also work with a wide range of national and local authorities, voluntary, charitable, private and public sector organisations. In 2005, IWA’s former subsidiary company, Essex Waterways Ltd (EWL), became a navigation authority itself when it took over management of the Chelmer & Blackwater Navigation. The waterway is now run on a not-for-profit basis, and it is a thriving asset for the benefit of the local community. At the end of March 2025 ownership of Essex Waterways Ltd was transferred to a new charity, Essex Waterways Navigation Trust. The charitable activities of EWL were then transferred to the Navigation Trust. This will simplify IWA’s accounting, streamline fundraising and reduce administrative costs, helping to attract more donations and legacies. Any funding received from EWL has always been designated and spent by the IWA on supporting EWL activities and it has never therefore provided an income stream for IWA itself. Despite this, the disposal of EWL will have an impact on IWA’s balance sheet for the 2025 accounts and has been disclosed in Note 17 of the annual accounts.

IWA actively encourages waterways restoration, providing advice, guidance and hands-on, practical support to local restoration groups. Our Restoration Hub champions waterways restoration and provides supporters with access to the collective knowledge and skills of IWA’s active volunteer base and staff, including planning, heritage and engineering professionals. IWA’s Waterway Recovery

The Inland Waterways Association

Trustees’ Annual Report

For the year ended 31 December 2024

Group, which is well-known in the sector and has a long-established reputation of practical waterway regeneration, organises a yearly programme of highly popular, week-long waterway restoration holidays, and training for volunteers around the country. It also carries out work parties on many weekends through regional groups.

IWA’s work is carried out by a small, dedicated staff team based in Chesham and an active, committed and valued network of volunteers. This includes our local branches, who organise work parties, hold events, monitor and challenge planning applications that might be detrimental to the waterways, arrange waterside walks and tours, and liaise with a range of local organisations with common interests. IWA also benefits from advisory and operational groups, who work at a national level to support and implement our strategic objectives.

IWA relies on the support of our members, donors and volunteers, as well as income from grantmaking bodies and commercial activities to make our waterways better. Membership income is put towards IWA's campaigning and restoration expenditure and covers 47% of total expenditure excluding fundraising costs; the remainder is covered by donations, gifts in wills, grants, trading activities and income from IWA's investments.

What we aim to achieve

High-Level Strategic Objectives, 2022-2027

In 2022, the Board completed a major review of the Association’s High-Level Strategic Objectives, and these were formally accepted in January 2023. They were reviewed and simplified by the Board in April 2025 and are now:

To campaign for the protection and regeneration of inland waterways for everyone to enjoy.
To support the transformation of previously navigable waterways into places for leisure, living and business.
To establish waterways as an environmental asset and foreground this in our campaigning as part of the response to localised climate change.

These High-Level Strategic Objectives will focus our efforts, enable better decision-making around our key activities and priorities, and allow us to communicate our ambitions in a clear way across the organisation and to external stakeholders.

Statement of Public Benefit

The trustees have referred to the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning its future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives that have been set.

The Inland Waterways Association

Trustees’ Annual Report

For the year ended 31 December 2024

Achievements and performance

Restoration Activities

2024 was a year of development and transition for waterways restoration with numerous significant successes, but also enormous difficulties. Over the decades both the costs of restoration and compliance requirements have grown but the voluntary and financial resources do not grow accordingly. Thanks are due to the Restoration Hub High Level Panel even though it was less active in 2024 due to personnel changes. An expert group of panel members reviewed the challenges facing the sector and highlighted ways forward for the IWA to build its ability to better support restoration societies. Most importantly this needs to involve brokering and enabling restoration societies to help each other. Much work in 2024 has been on identifying how the IWA can increase its capacity to catalyse the movement as a whole. The Restoration Hub continued to be a valued open resource, freely available to all seeking advice and resources. The Hub also welcomes resources from restoration societies and expert groups.

The Waterway Recovery Group, through its numerous camps, events and training courses assisted restoration projects from the Wey and Arun in the south to the Lancaster Canal in the north and many in between. This continues to be a successful and popular operation, engaging many new people, including a number of Duke of Edinburgh award candidates. The 2024 Annual Waterways Restoration Conference was held in April at Northampton University, attracting over 100 delegates. The event, which is jointly organised by the IWA and Canal & River Trust, was opened by Julie Sharman (Chief Operating Officer at Canal & River Trust). The themes focused on inclusion, collaboration, training, skills and sustainable planning. A similar event was held in April 2025 at the Canal Museum at Ellesmere Port.

Many restoration issues came to the fore during the year. Of note are the opportunities and challenges for restoration from water transfer schemes (such as the Grand Union Canal proposals) and new reservoirs. Funding remains a big challenge, with it being an election year there was a hiatus in the much-needed public sector grant opportunities. Climate change puts extra stress on existing waterways and makes restorations more challenging. However, during the year it became clear that waterways can play a key role regarding mitigating climate change, water quality, and nature recovery, all stated government priorities.

IWA seeks to respond to threats, and support opportunities for restoration across the country, often brought to its attention by IWA Branches or Restoration Society Corporate Members. These can usually be seen on the News pages of IWA’s website.

Lack of resources remains a key issue even though socio-economic studies show that waterway restorations can lead to good growth in local economies. There is also a disappointing lack of care and professionalism in development proposals which quite unnecessarily make no, or poor, provision for restorations. 2024 has shown that IWA vigilance and willingness to campaign is even more essential. IWA Branches, Heritage Champions and individual supporters are being encouraged to step up their vigilance.

The Inland Waterways Association

Trustees’ Annual Report

For the year ended 31 December 2024

Legacies continued to be an important support in 2024 for restoration work and a working group examined how to best use legacies for restoration to accelerate where possible activity and to highlight how much can be achieved with even modest capital sums.

Navigation and Campaigning Activities

2024 proved to be a challenging year for Britain’s inland waterways. Unplanned closures continued to increase. Winter storms caused damage and disrupted planned maintenance. Navigation authorities made known their difficulties with inadequate funding. Boat licence fees increased above inflation. Boater satisfaction declined sharply. The number of licensed boats decreased. Cruising declined although residential use of boats increased. Businesses were impacted by unreliable waterway infrastructure and floods.

The most pressing topics were therefore the condition and funding of the waterways. IWA Navigation Committee worked for the best possible waterway condition for all users, while IWA’s major campaigning activity was through Fund Britain’s Waterways (FBW), a coalition campaigning for national and local government to act now and protect the public benefit and natural capital of our waterways. Navigation Committee ran a Boaters’ User Experience Survey to provide a baseline view of waterway condition for subsequent monitoring. The results showed both short-term and longerterm decline. It was heartening to see navigation authorities starting to take action to address the fall in boater satisfaction. Improved maintenance will benefit all users, not only boaters. Other work included managing IWA’s relationships with navigation authorities, responding to consultations, lobbying for specific waterways, ongoing campaigns and review of IWA campaign policies. The Sustainable Boating Group sought to encourage boaters to adopt more sustainable practices for propulsion and domestic purposes, through presentations, press articles, presence at major boat shows and the launch of the IWA/Towpath Talk Sustainable Boating Awards. The Inland Waterways Freight Group surveyed waterways freight operators, produced a Water Freight Charter and case studies, lobbied Government and responded to planning consultations. A notable development was the emergence of water resources management as an area relevant to the waterways. A new IWA group and lead role are to be created in recognition of the broader impacts beyond navigation.

IWA continued its leadership role in FBW, which grew to 145 member organisations. A weekend of action in May 2024 included events across the country alongside IWA Canalway Cavalcade, culminating in a second Campaign Cruise on the tidal Thames to the Palace of Westminster, with a flotilla of narrowboats, commercial craft, sea kayaks and a chartered boat carrying VIPs. The unexpectedly early General Election led to a change in focus in the second half of the year, in order to get the message to local and national politicians. A representation was submitted to the Autumn Budget urging a review of government funding for all inland waterways. Plans are in development for expanded campaign cruises in 2025, in parallel with a review of future direction. The steering group is increasingly resource-constrained despite efforts to encourage greater involvement of member organisations. Campaigning continued across IWA, particularly through the Heritage and Planning Advisory Panels and local Branches. IWA continued to provide the secretariat for the AllParty Parliamentary Group for the Waterways, which was reconstituted after the election with Bill Esterson MP as the new Chair.

The Inland Waterways Association

Trustees’ Annual Report

For the year ended 31 December 2024

Membership & Environment

Members are the lifeblood of IWA. Membership provides a very significant part of our unrestricted income; 47% in 2024. But like many other membership organisations, the number of members is declining year-on-year. In 2000 the IWA had approximately 18,000 individual members. By mid2024 this had fallen to just under half of that figure. Also, the age profile of existing members appears to be increasing. 89% of our 2023 Member Survey respondents were 60+.

We are planning to run a campaign to boost membership in 2025 tied in with national and local campaigns, and our presence at events. With a higher (growing) membership we will have more authority, more involvement in our cause and more funds and we will be able to do more. We also plan a greater involvement with our corporate members who currently number over 300.

Sustainable development and the natural environment are at the forefront of IWA’s campaigning agenda. Waterways are blue-green corridors that allow opportunities for reconnecting disparate habitats biodiversity net gain and improvements for wildlife. We campaign to protect and improve the natural environment. For example, the IWA is represented on the Wye Navigation Advisory Committee to tackle environmental issues on the River Wye.

We want boating on canals and rivers to be more sustainable and – even though the current overall contribution to UK carbon emissions is very small – we want to help reduce emissions on the waterways. The Navigation Committee has produced a dedicated briefing note on Environmental Guidance for Boaters, providing advice on propulsion, electricity generation, stoves and water pollution.

Thank you to IWA volunteers, supporters and employees

IWA would not exist without the generosity of our members and donors, and the successes outlined above would not be achieved without the incredible commitment of our volunteers and employees. By supporting us through membership subscriptions or donations, or by contributing time through volunteering, these individuals ensure our organisation can continue to do such valuable work to support, protect and regenerate the nation’s navigable rivers and canals, for everyone to enjoy.

In 2024, we introduced a new set of sustainable boating awards in partnership with Towpath Talk with awards made at our 2024 AGM at De Montfort University in Leicester to:

Non-Commercial Award	Kay & Paul Sumpner
Commercial Award	Mothership Marine & Ortomarine (commendation)

Our national volunteer awards recognise outstanding achievements, and at the same event, awards were made to:

Richard Bird Medals:	Pete Fleming, Emma Greenall, Peter Hill and Bernard Morton
Christopher Power Prize:	Ali Bottomley (Womble) WRG
Branch Achievement Award:	IWA Northampton Branch
Cyril Styring Award:	Ray Alexander

The Inland Waterways Association

Trustees’ Annual Report

For the year ended 31 December 2024

We would like to record our heartfelt thanks to all volunteers, and for the unfailing support of waterway groups, corporate members, and other bodies in our sector, for their amazing contribution to the Association’s work, and for their support to IWA’s former subsidiary company, Essex Waterways Ltd

Financial review,

The main sources of income were subscriptions, legacies and donations. Our former subsidiary Essex Waterways Limited runs the Chelmer and Blackwater Navigation on a standalone basis. Its income comes mainly from mooring fees, with growing revenue streams in canoe licences and boat trips. Both IWA and Essex Waterways Ltd have the benefit of very significant voluntary commitment.

In common with many charities, maintaining subscription income has been challenging. In 2024 there was a small reduction in membership numbers and income coupled with a small increase in the subscription rates. In 2025, we intend to have a membership recruitment campaign. We continue to receive donations, and bequests for which we are extremely grateful.

The Charity continues to monitor its administration and other costs carefully and has continued to make some changes. In September, we recruited Charlie Norman to the new role of Campaigns and Public Affairs Director to strengthen that area of our activity.

Canalway Cavalcade once again proved financially successful as well as bringing a vibrant boating spectacle to central London. There was no Festival of Water held during the year. The sale of Christmas cards and calendars once again brought in a useful profit to help both finances and broadcasting IWA’s message.

Expenditure on charitable activity was £520,276 (2023: £880,970) which includes £404,013 (2023: £637,525) on our campaigns to protect and restore the waterways. Roughly 50% of this was funded by membership subscriptions, 45% from donations and legacies and a further 5% by other charitable activities. Inland Waterways Enterprises Limited did not trade in 2024.

Essex Waterways enjoyed another strong year in 2024 building on the success of the previous twelve months. It made an operating surplus of £123,216 (2023: £138,415) on trading income of £901,915 (2023: £890,591). This surplus was achieved following a good trading season, despite a slow wet start to the spring. Maintenance work included the purchase of two sets of lock gates, one being fitted, the other being carried over into 2025. Enormous visitor pressures and associated anti-social behaviour over the summer, especially during hotter spells, challenged our limited capacity but our staff and volunteers responded extremely well to keep the navigation open and safe. New rapports were formed with police, local authority and other agency teams to assist with this work, which will be further consolidated in 2025.

The Inland Waterways Association

Trustees’ Annual Report

For the year ended 31 December 2024

Principal funding sources

The Association’s principal funding sources for 2024 were:

	Unrestricted	Restricted
	£	£
Subscriptions from members	373,499	-
Donations	21,678	45,475
Legacies	240,145	-
Investments	40,594	44,745

Other income is shown in notes 3 to 5 of the financial statements.

Legacies

The Inland Waterways Association is very grateful for bequests during the year totalling £240,145. Without this generosity it would not be possible for the Association to make the significant contribution it does to protecting and restoring the inland waterways. Our grateful thanks go to:

David Sydney Baird Edward Banks John Bormond Barrett Barbara Catherine Blossom James Richard Booth John Ambrose Collett Joan Shirley Dalby Geoffrey James Eagles Nicholas George Gardiner Patricia Evelyn Hore Betty Anne Ingram Michael Bernard Jones Joyce Beatrice Keep John Desmond Longthorne Margaret Jean Maynard Katharine Shirley Mitchell Diana Margaret Skilbeck Thomas Frank & Jane Waters Alan John West

Total incoming resources for the group available during 2024 were £1,818,463 (2023: £1,890,454). This enabled expenditure of £1,537,395, (2023: £1,808,219). After taking account of the gain on investments of £15,789 (2023: gain of £45,902) the total funds carried forward at the year-end stood at £2,664,188 (2023: £2,367,331).

The Inland Waterways Association

Trustees’ Annual Report

For the year ended 31 December 2024

Fundraising

IWA donors can be assured that we comply with the regulatory standards for fundraising. We are registered with the Fundraising Regulator. We are committed to their Fundraising Promise, and we adhere to the Code of Fundraising Practice.

Fundraising communications posted or emailed to individual members or supporters are few but include annual information about our Club 500. When supporters and volunteers register for our working holiday Canal Camps or purchase moorings or camping pitches for our Festivals we ask if a donation could be made alongside the booking.

We do not make our supporter lists available to third parties and we do not send direct email or postal communications on behalf of third parties.

Grants

The Association offers sincere thanks to the following organisations that have provided grant funds or long-standing contracts to enable and support the charity's campaigning work as well as the waterways project activities of our subsidiary Essex Waterways:

Cummins Power Systems Canal & River Trust Bletchley and Fenny Stratford Town Council

Investment performance

At 31st December 2024 the value of listed investments was £1,347,968 and together with the cash held by our investment advisers and awaiting re-investment, amounted to £1,445,346 compared to £1,192,644 at 31st December 2023. During the year an additional sum of £200,000 was invested in the government securities fund, and investment income amounted to £85,339 (2023: £70,395).

In the first quarter of 2024 the cash held by our investment advisers was re-invested in two portfolios. The larger portfolio is invested in Government securities and other financial instruments to better protect the value of our restricted and designated funds, and therefore these investments are of a short-term nature. The smaller portfolio is invested in equities and is part of the general fund. The decision to use two portfolios was taken after the Investment Policy was approved by the Trustees.

The investment working group, a subsidiary of finance committee, monitors both portfolios during the year against appropriate benchmarks. It meets with the investment managers at least once a year.

The Inland Waterways Association

Trustees’ Annual Report

For the year ended 31 December 2024

Key policies

Investment policy

1. Introduction

The overall financial objective is in two distinct parts:

for restricted and designated funds, short-term reserves, bonds of not less than class AAA or Gilts emphasising certainty of value,
for general funds, longer-term, invested to support the reserves policy.

2. Investment objective is

to produce best financial return with a negligible level of risk for the restricted and designated funds
to produce a total return of at least Consumer Price Index plus 3.5% for the long-term funds held

3. Risk for Longer Term Funds

inflation risk mitigated through investment in real assets
capital volatility can be tolerated if consistent with expectations
diversification of assets required, with a maximum concentration risk of 10% in any one investment
there shall be no investment in futures, forwards, options, swaps, hedge funds, cryptocurrencies, and other derivatives
sterling base currency,
minimum A‐ credit rating for deposit (other than company bankers) taking institution, maximum £170k cash deposit per counterparty
Bond exposure should be focused on investment grade issuers.

4. Liquidity

minimum 90% in assets realisable within 3 months; minimum 2% in cash/near cash

5. Time Horizon

restricted and designated funds: less than 3 years
free reserve: greater than 3 years

6. Ethical Policy

invested in line with the Association aims and giving due consideration to environmental, social, and governance factors

The Inland Waterways Association

Trustees’ Annual Report

For the year ended 31 December 2024

Management, Reporting and Monitoring
the trustees have delegated decision making to the Investment Working Group
Investment Working Group monitors the investment manager
investment management is delegated to an investment manager
performance is monitored against agreed market benchmarks and the investment objective of CPI
+3.5% over the long term.

Principal risks and uncertainties

Maintaining a regular review of risk is one of trustees' key duties. Since 2020 the trustees have maintained a working group, which carries out a thorough review of the management of risk.

The working group, which includes key trustees with differing backgrounds and experience, keeps the Risk Register under review and reports periodically to the board of trustees via the finance committee. The trustees have a clear picture of where IWA needs to be focusing its energy and resources.

In 2024, the Association’s risk register was reviewed half-way through the year, and it was further reviewed at the end of the year, with several new important strategic risks identified. The finances are now more stable, and a new Campaigns and Public Affairs Director was appointed in September 2024, thus helping with the management workload, but the Management Committee is still in place dealing with day-to-day management issues. The new strategic risks identified include a legal dispute with an investment property which the IWA owns, internal relationships with the Waterways Recovery Group and corporate memory loss.

Reserves Policy and Going Concern

Reserves policy

The Association’s reserves are available for use in furtherance of the charitable objectives of the Association. They consist of:

The General fund
Restricted funds
Designated funds

Restricted funds are either:

Set aside for specific projects or purposes in accordance with the instructions or intentions of the donors.
Contractually committed – e.g. Allocated and formally notified to the intended recipient.

Designated funds are:

Funds allocated by trustees for specific purposes.
Funds held by branches and regions, including WRG regional groups.

The Inland Waterways Association

Trustees’ Annual Report

For the year ended 31 December 2024

Where expenditure fulfils the criteria of a restricted fund, it should be charged against that fund, rather than from the General Fund. The Association’s income and expenditure may vary from year to year, because of:

Changes in the value of its investments
Variable income from sources such as legacies and donations.
Fluctuations in membership income.
Urgent major expenditure on waterway restoration or campaigning
A need for legal advice or legal action.

The Association should hold sufficient free funds to cover its operating costs for a minimum six and a maximum of twelve months, which would enable it to continue its activities and to manage any financial or operational difficulty that could arise.

Free funds are defined as the General Fund less the value of fixed assets (after depreciation).

If circumstances arise where the free funds are not sufficient to cover any liabilities, trustees can remove the designation of designated funds and transfer them to the General Fund.

Based on the risk assessments it has carried out, trustees have concluded that IWA’s free funds should lie between £350,000 and £700,000. Of this amount, a minimum of £150,000 should be liquid and available for immediate use. The level of charity free reserves at 31 December 2024 was as follows:

Free Funds	£
General fund	618,213
Less unrestricted tangible fixed assets	(8,006)
Less unrestricted intangible assets	0
Adjusted Free Funds	610,207

Going concern statement

The trustees have carried out a detailed assessment of the organisation’s going concern status. The assessment utilises the use of only the General Fund, excluding fixed assets as well as ignoring Restricted Funds.

Projections of the income and expenditure and of the resulting cashflow have been tested through several scenarios. Areas of higher risk, such as falls in the value of investments and reduction in legacy income, have received particular attention.

The Association benefits from a variety of income streams, some more stable and dependable than others. This does, however, spread the risk of a significant reduction in income. The directors of Essex Waterways Ltd have carried out a similar exercise. Potential risk areas include increased inflation, cost-of-living pressures and large unplanned maintenance costs resulting from the failure of a navigation asset.

Both the Finance Committee and the trustees have reviewed and challenged the assessments and are satisfied that the group will be able to meet its liabilities as they fall due for at least the twelve

The Inland Waterways Association

Trustees’ Annual Report

For the year ended 31 December 2024

months from the date the annual accounts are approved. In the case of particularly severe and sustained falls in the value of investments, additional mitigating actions have been identified.

The financial projections for 2025 and 2026 are deemed to be grounded and in some area’s conservative. The assumptions indicate a stable prudent financial position. The budgets have been prepared with a balanced approach with a fairly stable income projection from membership, controlled expenses growth and seeks to diversify income streams. For these reasons, the board continues to adopt the going concern basis in preparing the financial statements.

Structure, Governance and Management

Organisation

The Board of Trustees consists of twelve members. Trustees held ten formal Board meetings during 2024.

There are four principal committees of the Board of Trustees:

Management Committee
Finance Committee
Navigation Committee
Waterway Recovery Group

The Management Committee usually meets at least monthly. Other committees usually meet four to six times per annum. There are a range of sub-committees, working groups and advisory panels, including Remuneration Committee, reporting directly to trustees, or reporting to other parts of the Association.

The day-to-day operations of the charity are managed by a staff team in Chesham office who report to the Management Committee. To facilitate effective operations, the Management Committee has the delegated authority, within the terms of delegation approved by the trustees, for operational matters including finance and employment.

Trustee remuneration and insurance

No trustee received any remuneration in respect of services to the Association, other than reimbursement of expenses incurred in providing such services. A premium in respect of trustee indemnity insurance for members of the trustee board of £950 including Insurance Premium Tax was paid during the year (2023: £876).

The Inland Waterways Association

Trustees’ Annual Report

For the year ended 31 December 2024

Remuneration policy for key management personnel

A Remuneration Committee, comprising the chair of Finance Committee, the national chair and two other members appointed annually by trustees, reviews the remuneration of employees, and takes into consideration current market conditions for the functions and performance of the relevant employees.

Governing documents

The Inland Waterways Association is a charitable company limited by guarantee, incorporated on 2 October 1958. It is governed by its Articles of Association, which were last updated at the AGM on 24 September 2016. The charitable company’s objects and powers were initially set out in a Memorandum of Association that is now incorporated in the Articles of Association

IWA registered as a charity on 17 December 1962 and remains registered with the Charity Commission. Each member agrees to contribute £1 in the event of the charity winding up.

Related parties and relationships with other organisations

The Inland Waterways Association has three subsidiary companies:

Essex Waterways Limited, which began trading in November 2005, and manages the Chelmer & Blackwater Navigation. The Company enjoys the support of Chelmsford City Council, Essex County Council, Northumbrian Water and Maldon District Council. It is a member of the Association of Inland Navigation Authorities. EWL was transferred to a new charity, Essex Waterways Navigation Trust at the end of March 2025.
Inland Waterways Enterprises Limited began trading in August 2017 to undertake certain commercial activities to support IWA. It did not trade in 2024.
Waterway Recovery Group Ltd is dormant and is maintained to protect the name. Waterway Recovery Group is a trading name of the Association.

The boards of all three companies are appointed by IWA's trustees.

The charity and its subsidiary companies have no contractual arrangements with any other party that materially affect the management of the Association or the subsidiary companies. It is the Association’s policy to work closely with all other inland waterway interests, including navigation authorities, local and national government and its agencies, private and public landowners, commercial boating and other waterside businesses, voluntary organisations, and others to promote the conservation, use, maintenance, restoration and appropriate development of the inland waterways.

The Inland Waterways Association nominates appropriate members to serve as trustees of several other inland waterway related charities and appoints representatives to attend the governing

The Inland Waterways Association

Trustees’ Annual Report

For the year ended 31 December 2024

meetings of a number of other organisations and bodies. These appointments are individually approved by trustees for fixed periods, with appointees usually being eligible for reappointment.

Appointment of trustees

The trustee recruitment process is based on a skills audit and is usually carried out by a working group appointed by trustees, or occasionally by trustees direct to fulfil a particular need. Terms of office are usually for three years with a maximum of four consecutive terms before a three- year break must be taken. The appointment of trustees is staggered over a three-year period. All trustees are members of the Association. No trustee appointments are made by outside bodies.

Trustee induction and training

New trustees are provided with a list of documents for recommended study and invited to attend induction sessions where they are given introductions to the activities of each team, as well as time speaking directly with the staff at the Chesham office. New trustees are also provided with informal guidance from existing trustees.

Statement of responsibilities of the trustees

The trustees (who are also directors of The Inland Waterways Association for the purposes of company law) are responsible for preparing the trustees’ annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and group and of the incoming resources and application of resources, including the income and expenditure, of the charitable company or group 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 Charities Statement of Recommended Practice.
Make judgements and estimates that are reasonable and prudent.
State whether applicable UK Accounting Standards and statements of recommended practice 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 operation.

The trustees are responsible for keeping adequate accounting records that 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 group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Inland Waterways Association

Trustees’ Annual Report

For the year ended 31 December 2024

In so far as the trustees are aware:

There is no relevant audit information of which the charitable company’s auditor is unaware.
The trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

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

Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. The total number of such guarantees at 31 December 2024 was 8,488 (2023: 9,282). The trustees are members of the charity, but this entitles them only to the same voting rights as any other member. The trustees have no beneficial interest in the charity.

Auditor

Sayer Vincent LLP was re-appointed as the charitable company's auditor during the year and has expressed its willingness to continue in that capacity.

The directors’ annual report has been prepared in accordance with the special provisions applicable to companies subject to the small companies' regime.

The trustees’ annual report has been approved by the trustees on 5 June 2025 and signed on their behalf by

Michael Wills National Chair

Independent auditor’s report

To the members of

The Inland Waterways Association

Opinion

We have audited the financial statements of The Inland Waterways Association (the ‘parent charitable company’) and its subsidiary (the ‘group’) for the year ended 31 December 2024 which comprise the consolidated statement of financial activities, the group and parent charitable company balance sheets, the consolidated statement of cash flows and the notes to the financial statements, 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

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 December 2024 and of the group’s incoming resources and application of resources, including its income and expenditure, for the year then ended
Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice
Have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act 2011

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 group financial statements section of our report. We are independent of the group and 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. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating 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 Inland Waterways Association’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.

Independent auditor’s report

To the members of

The Inland Waterways Association

Other Information

The other information comprises the information included in the trustees’ annual report, other than the group financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the group 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 group 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 group 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.

Opinions on other matters prescribed by the Companies Act 2006

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

The information given in the trustees’ annual report for the financial year for which the financial statements are prepared is consistent with the financial statements
The trustees’ annual report has been prepared in accordance with applicable legal requirements

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and Charities Act 2011 requires us to report to you if, in our opinion:

Adequate accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us; or
The parent charitable company financial statements are not in agreement with the accounting records and returns; or
Certain disclosures of trustees’ remuneration specified by law are not made; or
We have not received all the information and explanations we require for our audit; or
The directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the trustees’ annual report and from the requirement to prepare a strategic report.

Independent auditor’s report

To the members of

The Inland Waterways Association

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees (who are also the directors of the parent 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 auditor under the Companies Act 2006 and section 151 of the Charites Act 2011 and report in accordance with those Acts.

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.

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 are set out below.

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

We enquired of management, and the finance committee, which included obtaining and reviewing supporting documentation, concerning the group’s policies and procedures relating to:
Identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance;
Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected, or alleged fraud;

Independent auditor’s report

To the members of

The Inland Waterways Association

The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
We inspected the minutes of meetings of those charged with governance.
We obtained an understanding of the legal and regulatory framework that the group operates in, focusing on those laws and regulations that had a material effect on the financial statements or that had a fundamental effect on the operations of the group from our professional and sector experience.
We communicated applicable laws and regulations throughout the audit team and remained alert to any indications of non-compliance throughout the audit.
We reviewed any reports made to regulators.
We reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations.
We performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.
In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias and tested significant transactions that are unusual or those outside the normal course of business.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: 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 and section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. 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

Independent auditor’s report

To the members of

The Inland Waterways Association

company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Judith Miller (Senior statutory auditor)

2 July 2025

for and on behalf of Sayer Vincent LLP, Statutory Auditor

110 Golden Lane, LONDON, EC1Y 0TG

Sayer Vincent LLP is eligible to act as auditor in terms of section 1212 of the Companies Act 2006

Consolidated The Inland Waterways Association

Consolidated statement of financial activities (incorporating an income and expenditure account)

For the year ended 31 December 2024

Unrestricted £ 635,322 23,328 1,013,998 40,594	Restricted £ 45,475 15,001 - 44,745	2023 Unrestricted £ 656,540 27,592 1,055,124 44,353	2023 Restricted £ 63,473 15,469 1,861 26,042	2023 Total £ 720,013 43,061 1,056,985 70,395
1,713,242	105,221	1,783,609	106,845	1,890,454
1,010,965 352,922 109,284 6,979	6,154 51,091 - -	918,400 510,302 237,355 6,090	8,850 127,222 - -	927,250 637,525 237,355 6,090
1,480,150	57,245	1,672,147	136,072	1,808,219
13,989 233,092	1,800 47,976	10,787 111,462	35,115 (29,227)	45,902 82,235
247,081 (3,264)	49,776 3,264	122,249 1,000	5,888 (1,000)	128,137 -
243,817 -	53,040 -	123,249 -	4,888 -	128,137 -
243,817 983,112	53,040 1,384,219	123,249 859,863	4,888 1,379,331	128,137 2,239,194
1,226,929	1,437,259	983,112	1,384,219	2,367,331

There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in note 25 to the financial statements.

Consolidated The Inland Waterways Association

Company no. 00612245

Balance sheet

As at 31 December 2024

2024 2023 Note £ £ Fixed assets: Intangible assets 13 - 7,981 14 239,949 252,106 15 375,000 375,000 16 1,445,346 1,192,644 2,060,295 1,827,731 Current assets: 19 6,219 14,029 20 142,928 179,425 743,088 678,252 892,235 871,706 Liabilities: 21 (271,748) (328,443) 620,487 543,263 2,680,782 2,370,994 23 (16,594) (3,663) 2,664,188 2,367,331 25 1,437,259 1,384,219 183,596 183,688 10,690 10,690 1,032,643 788,734 Total unrestricted funds 1,226,929 983,112 2,664,188 2,367,331 Investments Group Tangible assets Investment properties Stock Debtors Cash at bank and in hand Creditors: amounts falling due within one year Net current assets Total assets less current liabilities Creditors: amounts falling due after one year Restricted income funds Total net assets The funds of the charity: Unrestricted income funds: Designated funds Revaluation reserve General funds Total charity funds	2024 2023 Note £ £ Fixed assets: Intangible assets 13 - 7,981 14 239,949 252,106 15 375,000 375,000 16 1,445,346 1,192,644 2,060,295 1,827,731 Current assets: 19 6,219 14,029 20 142,928 179,425 743,088 678,252 892,235 871,706 Liabilities: 21 (271,748) (328,443) 620,487 543,263 2,680,782 2,370,994 23 (16,594) (3,663) 2,664,188 2,367,331 25 1,437,259 1,384,219 183,596 183,688 10,690 10,690 1,032,643 788,734 Total unrestricted funds 1,226,929 983,112 2,664,188 2,367,331 Investments Group Tangible assets Investment properties Stock Debtors Cash at bank and in hand Creditors: amounts falling due within one year Net current assets Total assets less current liabilities Creditors: amounts falling due after one year Restricted income funds Total net assets The funds of the charity: Unrestricted income funds: Designated funds Revaluation reserve General funds Total charity funds	2024 2023 £ £ - 7,981 8,006 12,689 375,000 375,000 1,445,350 1,192,648 1,828,356 1,588,318 5,574 11,748 121,427 135,569 510,486 488,514 637,487 635,831 (149,710) (181,508) 487,778 454,323 2,316,134 2,042,641 - (3,663) 2,316,134 2,038,978 1,410,810 1,357,771 287,111 183,688 - - 618,213 497,519 905,324 681,207 2,316,134 2,038,978 Charity	2024 2023 £ £ - 7,981 8,006 12,689 375,000 375,000 1,445,350 1,192,648 1,828,356 1,588,318 5,574 11,748 121,427 135,569 510,486 488,514 637,487 635,831 (149,710) (181,508) 487,778 454,323 2,316,134 2,042,641 - (3,663) 2,316,134 2,038,978 1,410,810 1,357,771 287,111 183,688 - - 618,213 497,519 905,324 681,207 2,316,134 2,038,978 Charity
2,060,295 6,219 142,928 743,088	1,827,731 14,029 179,425 678,252	1,828,356 5,574 121,427 510,486	1,588,318 11,748 135,569 488,514
892,235 (271,748)	871,706 (328,443)	637,487 (149,710)	635,831 (181,508)
620,487	543,263	487,778	454,323
2,680,782 (16,594)	2,370,994 (3,663)	2,316,134 -	2,042,641 (3,663)
2,664,188	2,367,331	2,316,134	2,038,978
1,437,259 183,596 10,690 1,032,643	1,384,219 183,688 10,690 788,734	1,410,810 287,111 - 618,213	1,357,771 183,688 - 497,519
1,226,929	983,112	905,324	681,207
2,664,188	2,367,331	2,316,134	2,038,978

Approved by the trustees on 5 June 2025 and signed on their behalf by

Michael Wills National Chair

Consolidated The Inland Waterways Association

Consolidated statement of cash flows

For the year ended 31 December 2024

Note £ £ Cash flows from operating activities Net income / (expenditure) for the reporting period 296,857 (as per the statement of financial activities) Amortisation charges 7,981 Depreciation charges 81,198 (Gains) / losses on investments (15,789) Dividends, interest and rent from investments (85,339) Loss on the disposal of fixed assets 8,111 (Increase) / decrease in stocks 7,810 (Increase) / decrease in debtors 36,497 Increase / (decrease) in creditors (43,764) Net cash provided by / (used in) operating activities 293,561 10,214 75,125 (1,361,310) (77,152) 127,955 (1,225,168) - - (931,607) 1,772,072 840,465 Analysis of cash and cash equivalents and of net debt At 1 January 2024 Cash flows £ £ Cash at bank and in hand 678,252 64,836 Investment cash 1,093,820 (996,443) Total cash and cash equivalents 1,772,072 (931,607) Cash flows from investing activities: 2024 Loan repayment including interest Bank interest received Investment income received Purchase of fixed asset investments Purchase of tangible fixed assets Proceeds from sale of fixed asset investments Net cash used in investing activities Cash flows from financing activities: Net cash used in financing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year	Note £ £ Cash flows from operating activities Net income / (expenditure) for the reporting period 296,857 (as per the statement of financial activities) Amortisation charges 7,981 Depreciation charges 81,198 (Gains) / losses on investments (15,789) Dividends, interest and rent from investments (85,339) Loss on the disposal of fixed assets 8,111 (Increase) / decrease in stocks 7,810 (Increase) / decrease in debtors 36,497 Increase / (decrease) in creditors (43,764) Net cash provided by / (used in) operating activities 293,561 10,214 75,125 (1,361,310) (77,152) 127,955 (1,225,168) - - (931,607) 1,772,072 840,465 Analysis of cash and cash equivalents and of net debt At 1 January 2024 Cash flows £ £ Cash at bank and in hand 678,252 64,836 Investment cash 1,093,820 (996,443) Total cash and cash equivalents 1,772,072 (931,607) Cash flows from investing activities: 2024 Loan repayment including interest Bank interest received Investment income received Purchase of fixed asset investments Purchase of tangible fixed assets Proceeds from sale of fixed asset investments Net cash used in investing activities Cash flows from financing activities: Net cash used in financing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year	£ £ 128,137 18,462 52,764 (45,902) (70,395) 37,199 (682) (60,288) 103,645 162,940 5,616 64,779 (179,839) (9,360) 1,240,146 1,121,342 (19,198) (19,198) 1,265,084 506,988 1,772,072 Other non- cash changes At 31 December 2024 £ £ - 743,088 - 97,377 - 840,465 2023	£ £ 128,137 18,462 52,764 (45,902) (70,395) 37,199 (682) (60,288) 103,645 162,940 5,616 64,779 (179,839) (9,360) 1,240,146 1,121,342 (19,198) (19,198) 1,265,084 506,988 1,772,072 Other non- cash changes At 31 December 2024 £ £ - 743,088 - 97,377 - 840,465 2023
	293,561 (1,225,168) -		162,940 1,121,342 (19,198)
-		(19,198)
At 1 January 2024 £ 678,252 1,093,820		Other non- cash changes £ - -
	(931,607) 1,772,072		1,265,084 506,988
	840,465		1,772,072
	Cash flows £ 64,836 (996,443)		At 31 December 2024 £ 743,088 97,377
1,772,072	(931,607)	-	840,465

Consolidated The Inland Waterways Association

Notes to the financial statements

For the year ended 31 December 2024

1 Accounting policies

a) Statutory information

The Inland Waterways Association is a charitable company limited by guarantee and is incorporated in England & Wales.

The registered office address is Unit 16B First Floor, Chiltern Court, Asheridge Road, Chesham, HP5 2PX

b) Basis of preparation

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) - (Charities SORP FRS 102), The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006/Charities Act 2011.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

In applying the financial reporting framework, the trustees have made a number of subjective judgements, for example in respect of significant accounting estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The nature of the estimation means the actual outcomes could differ from those estimates. Any significant estimates and judgements affecting these financial statements are detailed within the relevant accounting policy below. The accounts are prepared as full values however are presented to the nearest £1. This may cause trivial rounding errors in the financial statements.

These financial statements consolidate the results of the charity and its wholly-owned subsidiaries Inland Waterways Enterprises Limited, and Essex Waterways Limited, on a line by line basis. Transactions and balances between the charity and its subsidiaries have been eliminated from the consolidated financial statements. Balances between the two entities are disclosed in the notes of the charity's balance sheet. A separate statement of financial activities, or income and expenditure account, for the charity itself is not presented.

c) Public benefit entity

The charity meets the definition of a public benefit entity under FRS 102.

d) Going concern

The trustees have carried out a detailed assessment of the organisation’s going concern status. Projections of the financial position and cashflow of unrestricted funds have been tested through scenarios where areas of higher risk, such as investment valuation, inflation, membership income, legacy income and fundraising, cause deterioration in financial performance in 2025 and/or 2026. The Board and its Finance Committee reviewed and challenged the assessment, with the final paper and conclusions documented.

As a result of the above, the trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.

The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

Consolidated The Inland Waterways Association

Notes to the financial statements

For the year ended 31 December 2024

1 Accounting policies (continued)
e) Income
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

For legacies, entitlement is taken as the earlier of the dates on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.

Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met.

f) Donations of gifts, services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), volunteer time is not recognised so refer to the trustees’ annual report for more information about their contribution.

On receipt, donated gifts, professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

g) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

h) Fund accounting

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.

Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular purposes.

Consolidated The Inland Waterways Association

Notes to the financial statements

For the year ended 31 December 2024

1 Accounting policies (continued)

i) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Costs of raising funds relate to the costs incurred by the charity in inducing third parties to make voluntary contributions to it, as well as the cost of any activities with a fundraising purpose
Expenditure on charitable activities includes the costs of campaigning and restoration activities undertaken to further the purposes of the charity and their associated support costs
Other expenditure represents those items not falling into any other heading

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

j) Grants payable

Grants payable are made to third parties in furtherance of the charity's objects. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and that any condition attaching to the grant is outside of the control of the charity.

Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.

k) Allocation of support costs

Resources expended are allocated to the particular activity where the cost relates directly to that activity. However, the cost of overall direction and administration of each activity, comprising the salary and overhead costs of the central function, is apportioned on the following basis which are an estimate, based on staff time, of the amount attributable to each activity.

Where information about the aims, objectives and projects of the charity is provided to potential beneficiaries, the costs associated with this publicity are allocated to charitable expenditure.

	Raising funds	66%
	Campaign and restoration costs	26%
	Membership support costs	7%
	Public meetings and other activities	0%

Governance costs are the costs associated with the governance arrangements of the charity. These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the charity’s activities.

l) Operating leases

Rental charges are charged on a straight line basis over the term of the lease.

m) Intangible fixed assets

Intangible fixed assets are amortised to write off the cost, less estimated residual value over their estimated useful lives on a straight line basis as follows:

 IT software 3-7 years  Website 4 years

Consolidated The Inland Waterways Association

Notes to the financial statements

For the year ended 31 December 2024

1 Accounting policies (continued)

n) Tangible fixed assets

Items of equipment are capitalised where the purchase price exceeds £1,000. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use. Major components are treated as a separate asset where they have significantly different patterns of consumption of economic benefits and are depreciated separately over its useful life.

Where fixed assets have been revalued, any excess between the revalued amount and the historic cost of the asset is shown as a revaluation reserve in the balance sheet.

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

Computer equipment
Plant and equipment  Motor vehicles  Boats and canoes
Buildings and leasehold improvements

3 to 4 years 3 to 10 years 4 years 4 to 20 years 4 to 10 years

o) Investment properties

Investment properties are measured initially at cost and subsequently included in the balance sheet at fair value. Investment properties are not depreciated. Any change in fair value is recognised in the statement of financial activities. The valuation method used to determine fair value is stated in the notes to the accounts.

p) Listed investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing

quoted market price. Any change in fair value will be recognised in the statement of financial activities. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading “Net gains/(losses) on investments” in the statement of financial activities. The charity does not acquire put options, derivatives or other complex financial instruments.

q) Investments in subsidiaries

Investments in subsidiaries are at cost.

r) Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. In general, cost is determined on a first in first out basis and includes transport and handling costs. Provision is made where necessary for obsolete, slow moving and defective stocks. Donated items of stock, held for distribution or resale, are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.

s) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Consolidated The Inland Waterways Association

Notes to the financial statements

For the year ended 31 December 2024

1 Accounting policies (continued)
t) Cash at bank and in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

u) Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

v) Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

2 Income from donations, legacies and membership subscriptions

Donations Legacies Membership subscriptions	Unrestricted £ 21,678 240,145 373,499	£ 45,475 - - Restricted	2024 Total £ 67,153 240,145 373,499	Unrestricted £ 24,291 247,325 384,924	£ 62,492 981 - Restricted	2023 Total £ 86,783 248,306 384,924
	635,322	45,475	680,797	656,540	63,473	720,013

IWA has been notified of legacies with an estimated value of £471,929 (2023: £526,709) which have not been included in income for the year ended 31 December 2024, because either probate has not been received or IWA is not satisfied that the amount receivable can be reliably measured. The amount of £471,929 includes £357,590 of legacies attributable to the restricted funds for specified capital projects for the preservation and improvement of the Inland Waterways.

3 Income from charitable activities

Income from charitable activities	Income from charitable activities
Unrestricted £ Publications income 3,375 Public meetings and other activitie 7,740 Grant income - Fundraising 12,214 23,328 Total income from charitable activities		£ - - 15,001 - Restricted	2024 Total £ 3,375 7,740 15,001 12,214	Unrestricted £ 2,974 7,402 3,898 13,318	£ - - 15,469 - Restricted	2023 Total £ 2,974 7,402 19,367 13,318
	23,328	15,001	38,329	27,592	15,469	43,061

Consolidated The Inland Waterways Association

Notes to the financial statements

For the year ended 31 December 2024

4 Income from other trading activities

Navigation management income Charitable trading Other events and activities	Unrestricted £ 901,914 6,842 105,242	£ - - - Restricted	2024 Total £ 901,914 6,842 105,242	Unrestricted £ 890,685 7,367 157,072	£ - - 1,861 Restricted	2023 Total £ 890,685 7,367 158,933
	1,013,998	-	1,013,998	1,055,124	1,861	1,056,985

5 Income from investments

Rental income Bank interest Income from quoted investments	Unrestricted £ 28,688 10,214 1,691	£ - - 44,745 Restricted	2024 Total £ 28,688 10,214 46,437	Unrestricted £ 30,737 5,616 8,000	£ - - 26,042 Restricted	2023 Total £ 30,737 5,616 34,042
	40,594	44,745	85,339	44,353	26,042	70,395

Consolidated The Inland Waterways Association

Notes to the financial statements

For the year ended 31 December 2024

6a Analysis of expenditure (current year)

Raising funds £ 489,220 157,163 - - - - - 1,000 - - - 22,117 5,485 5,301 220,056 1,991 30,197 - -	Charitable activities	Charitable activities	Charitable activities	Governance costs £ 29,201 - 220 - - - - - - - - - - - 1,322 - - 43,231 - 1,495	Support costs £ - 30,213 905 - - - - - - - - 11,454 - - - - - - 9,815 -	2024 Total £ 694,669 187,376 10,918 22,205 8,681 69,022 28,534 20,406 19,652 45,001 6,399 69,389 5,485 5,301 257,628 1,991 30,197 43,231 9,815 1,495	2023 Total £ 866,623 184,339 14,715 61,087 6,878 103,156 64,652 75,185 26,173 44,787 5,437 71,274 7,273 6,917 197,219 4,680 25,652 34,453 6,779 938
	Campaign and restoration costs £ 95,906 - 9,793 22,205 8,681 69,022 28,534 19,406 19,652 25,147 - 35,818 - - 36,250 - - - - -	Membership support costs £ 80,342 - - - - - - - - 19,854 - - - - - - - - -	Public meetings and other activities £ - - - - - - - - - - 6,399 - - - - - - - - -
932,530 34,658 49,931	370,414 13,767 19,832	100,196 3,724 5,364	6,399 238 342	75,469 (75,469)	52,387 (52,387) -	1,537,395 - -	1,808,219 - -
1,017,119	404,013	109,284	6,979	-	-	1,537,395	1,808,219
927,250	637,524	237,355	6,090	-	-

The Inland Waterways Association

Notes to the financial statements

For the year ended 31 December 2024

6b Analysis of expenditure (prior year)

Raising funds £ 445,004 146,565 1,084 - - - - 1,268 - - - 16,495 7,273 6,917 172,902 4,680 25,652 - - -	Charitable activities	Charitable activities	Charitable activities	Governance costs £ 6,859 - 100 - - - - - - - - - - - 250 - - 34,453 - 938	Support costs £ 27,615 37,774 2,617 - - - - 50,000 - - - 23,647 - - 2,824 - - - 6,779 -	2023 Total £ 866,623 184,339 14,715 61,087 6,878 103,156 64,652 75,185 26,173 44,787 5,437 71,274 7,273 6,917 197,219 4,680 25,652 34,453 6,779 938
	Campaign and restoration costs £ 193,225 - 10,914 61,087 6,878 103,156 64,652 23,917 26,173 26,799 - 31,132 - - 21,243 - - - - -	Membership support costs £ 193,920 - - - - - - - - 17,988 - - - - - - - - - -	Public meetings and other activities £ - - - - - - - - - - 5,437 - - - - - - - - -
827,840 77,564 21,845	569,176 53,329 15,020	211,908 19,855 5,592	5,437 509 144	42,600 (42,600)	151,257 (151,257) -	1,808,219 - -
927,250	637,524	237,355	6,090	-	-	1,808,219

Consolidated The Inland Waterways Association

Notes to the financial statements

For the year ended 31 December 2024

7a Grant making (current year)

Grant making (current year)
Cost At the end of the year Other grants and donations	Grants to institutions £ 22,205	2024 £ 22,205
	22,205	22,205

During the year the charity did not award any grants but made a number of small donations to other trusts including Chesterfield Canal Trust (£1,395), Wey Arun Canal Trust (£1,300), Wendover Arm Trust (£1,300).

7b Grant making (prior year)

Grant making (prior year)
The Rolle Canal & Nothern Devon Waterways Society At the end of the year Swansea Canal Society Coed Park Slipway project Devon County Council for Grand Western Canal Friends of Exeter Ship Canal Stover Canal Trust Other grants and donations Cost	Grants to institutions £ 9,092 6,287 1,710 11,570 3,600 28,828	2023 £ 9,092 6,287 1,710 11,570 3,600 28,828
	61,087	61,087

8 Net income / (expenditure) for the year This is stated after charging / (crediting):

This is stated after charging / (crediting):
		2024	2023
		£	£
Depreciation and amortisation		89,179	71,226
Operating lease rentals: payable		30,713	97,457
Operating lease rentals: receivables		(33,545)	(30,737)
Auditor's remuneration (excluding VAT):
	Audit	24,300	23,200
	Other services	-	6,230

9 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel

Staff costs were as follows:

Staff costs were as follows:
Employer’s contribution to defined contribution pension schemes Salaries, wages and related costs Social security costs	2024 £ 608,641 44,235 41,793	2023 £ 758,834 57,512 50,277
	694,669	866,623

The following number of employees received employee benefits (excluding employer pension costs and employer's national insurance) during the year between:

£60,000 - £69,999 The total employee benefits (including pension contributions and employer's national insurance) of the key management £286,355).	2024 No. 1	2023 No. 1
	personnel were £176,856 (2023:

The charity trustees were neither paid nor received any other benefits from employment with the charity in the year (2023: £nil). No charity trustee received payment for professional or other services supplied to the charity (2023: £nil). The premium for trustee indemnity insurance for members of the Board of Trustees was £950 (2023: £876).

During the year 7 (2023: 6) members were reimbursed travel and incidental expenses incurred in respect of their services to the Group totalling £1,896 (2023: £2,287). Included in creditors at the year end is £nil (2023: £nil) owed to Trustees for their expenses.

10 Staff numbers

The average number of employees (head count based on number of staff employed) during the year was 34 (2023: 46). The total number of employees include a significant number of part time and seasonal staff.

Consolidated The Inland Waterways Association

Notes to the financial statements

For the year ended 31 December 2024

11 Related party transactions

During the year the company purchased goods (net of VAT) totalling £22,905 (2023: £5,662) from Chandler Material Supplies Limited, a company controlled by family members related to Roy Chandler, a director of Essex Waterways Limited. The balance due to Chandler Material Supplies Limited as at 31 December 2024 was £622 (2023: £405). All transactions were undertaken on a commercial arm’s length basis.

During the year Essex Waterways Limited received the proceeds of a dormant bank account, £6,488 (2023 : nil), from The Company of Proprietors of the Chelmer and Blackwater Navigation. This is a dormant company that has not traded for many years, that owns the freehold of the Navigation. Essex Waterways Ltd manages the navigation. Under the management agreement Essex Waterways Limited is liable to meet the Navigation Company's administrative costs. This is shown at year end on the balance under creditors. Neil Edwards a director of Essex Waterways is also a director of The Company of Proprietors of the Chelmer and Blackwater Navigation.

On 31 March 2025 ownership of Essex Waterways Ltd was transferred to a new charity, Essex Waterways Navigation Trust. The charitable activities of EWL were then transferred to the Navigation Trust.

Aggregate donations from related parties were £nil (2023: £2,565).

12 Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

13 Intangible fixed assets

Intangible fixed assets
Transfers (in/(out) Transfers (in/(out) At the end of the year Amortisation At the start of the year Charge for the year Group and Charity Cost At the start of the year Additions in year Disposals in year At the start of the year Eliminated on disposal At the end of the year Net book value At the end of the year	IT software and website £ 32,894 - 9,663 -	Total £ 32,894 - 9,663 -
	42,557	42,557
	24,913 9,663 7,981 -	24,913 9,663 7,981 -
	42,557	42,557
	-	-
	7,981	7,981

All of the Charity's fixed assets are held for charitable purposes. During the year the charity completed a review of its fixed asset register. As a result a small number of transfers between asset class was completed.

14 Tangible fixed assets

Tangible fixed assets
Transfers (in/(out) Transfers (in/(out) At the end of the year Depreciation At the start of the year Charge for the year Group Cost At the start of the year Additions in year Disposals in year At the start of the year Eliminated on disposal At the end of the year Net book value At the end of the year	Computer equipment £ £ 38,188 21,783 - - 6,220 (9,663) - (6,520) Buildings and leasehold improvements		Plant and equipment £ 644,867 60,052 (6,220) (66,679)	Motor vehicles £ 185,425 17,100 -	Total £ 890,263 77,152 (9,663) (73,199)
	44,408	5,600	632,020	202,525	884,553
	23,134 1,380 7,070 -	16,692 (9,663) 1,867 (5,163)	413,331 (1,380) 65,452 (59,925)	185,000 6,809 -	638,157 (9,663) 81,198 (65,088)
	31,584	3,733	417,478	191,809	644,604
	12,824	1,867	214,542	10,716	239,949
	15,054	5,091	231,536	425	252,106

Consolidated The Inland Waterways Association

Notes to the financial statements

For the year ended 31 December 2024

Buildings and leasehold £ - 6,220 -	Computer equipment £ 21,783 - (9,663) (6,520)	Plant and equipment £ 113,425 7,792 (6,220) (32,913)	Motor vehicles £ 164,393 14,289 -	Total £ 299,601 22,081 (9,663) (39,432)
6,220	5,600	82,085	178,682	272,587
1,380 2,074 -	16,693 (9,663) 1,867 (5,163)	105,826 (1,380) 7,144 (32,879)	164,393 14,289 -	286,912 (9,663) 25,374 (38,042)
3,454	3,734	78,711	178,682	264,581
2,766	1,866	3,374	-	8,006
-	5,090	7,599	-	12,689

15 Additions Disposals Revaluation during the year Fair value at the end of the year Investment properties Group and charity Fair value at the start of the year	2024 £ 375,000 - - -	2023 £ 375,000 - - -
	375,000	375,000

The most recent professional valuation was carried out in December 2023 by Berrys, property advisors, whom reported a value of £375,000. The Board of Trustees have assessed the fair value of the property as at 31 December 2024. As the property cannot be sold, the professional valuation is assessed on the basis of the right to receive rental income. A tenancy contract was in place at 31 December 2024, achieving a rental in line with that assumed in the valuation.

16 Investments Fair value at the start of the year Additions at cost Disposal proceeds Investments comprise: Net gain / (loss) on change in fair value Cash held by investment advisors pending reinvestment Fair value at the end of the year	16 Investments Fair value at the start of the year Additions at cost Disposal proceeds Investments comprise: Net gain / (loss) on change in fair value Cash held by investment advisors pending reinvestment Fair value at the end of the year	16 Investments Fair value at the start of the year Additions at cost Disposal proceeds Investments comprise: Net gain / (loss) on change in fair value Cash held by investment advisors pending reinvestment Fair value at the end of the year	2024 £ 98,824 1,361,310 (127,955) 15,789	2023 £ 1,113,227 179,839 (1,240,146) 45,902
			1,347,968 97,377	98,824 1,093,820
			1,445,346	1,192,644

Listed investments Cash deposits Shares in subsidiary companies	2024 2023 £ £ 1,347,969 98,824 97,377 1,093,820 - - Group		2024 2023 £ £ 1,347,969 98,824 97,377 1,093,820 4 4 Charity
	1,445,346	1,192,644	1,445,350	1,192,648

Investments comprise:
	Group		Charity
	2024	2023	2024	2023
	£	£	£	£
Listed investments	1,347,969	98,824	1,347,969	98,824
Cash deposits	97,377	1,093,820	97,377	1,093,820
Shares in subsidiary companies	-	-	4	4
	1,445,346	1,192,644	1,445,350	1,192,648

Name Business activity

Wholly owned subsidiaries of the charity: Essex Waterways Limited Manages the Chelmer & Blackwater Navigation Inland Waterways Enterprises Ltd Dormant Waterway Recovery Group Ltd Dormant

Inland Waterways Enterprises Ltd was not actively trading in 2024 and was made dormant in 2023.

Consolidated The Inland Waterways Association

Notes to the financial statements

For the year ended 31 December 2024

17 Subsidiary undertaking

The Charity owns the whole of the issued ordinary share capital of Essex Waterways Limited, company number 05545459. Essex Waterways Limited is registered in England and details of their activities are given in note 16. The subsidiary is used for non-primary purpose trading activities. All activities have been consolidated on a line by line basis in the statement of financial activities.

A summary of the results of Essex Waterways Limited is shown below:

A summary of the results of Essex Waterways Limited is shown below:
Management charge payable to parent undertaking Turnover Cost of sales Administrative expenses Liabilities Reserves Taxation on profit on ordinary activities Profit / (loss) for the financial year Retained earnings Total retained earnings brought forward Profit / (loss) for the financial year Interest receivable and similar income Distribution under Gift Aid to parent charity Interest payable Interest payable to parent undertaking Profit / (loss) on ordinary activities before taxation Operating costs Total retained earnings carried forward The aggregate of the assets, liabilities and reserves was: Assets Profit/(loss) on ordinary activities before interest and taxation Gross profit/(loss)	2024 £ 901,915 (31,256)	2023 £ 890,591 (53,033)
	870,659 (723,792) (27,010) -	837,558 (674,166) (24,344) -
	119,857 3,359 - -	139,048 1,523 (2,156) -
	123,216 -	138,415 -
	123,216	138,415
	317,567 123,216 (103,515)	179,152 138,415 -
	337,268	317,567
	486,592 (138,633)	475,290 (147,032)
	347,959	328,258

Essex Waterways Limited's total reserves of £347,959 include a £10,690 revaluation reserve and £1 share capital, as well as its retained earnings. The subsidiary owed its parent £nil (2023: £nil) at year end. In the prior year, the sum owed to the parent is made up of £23,255 for recharges and £20,049 as a loan to finance Essex Waterways Limited's fixed assets.

Post balance sheet event. On 31March 2025, Essex Waterways Ltd was transferred to a newly formed charity, Essex Waterways Navigation Trust (EWNT). Designated and restricted funds totalling some £150k have been transferred to EWNT. Full details of the impact of this transfer will be included in the IWA’s 2025 Annual Accounts.

18 Parent charity

The parent charity's gross income and the results for the year are disclosed as follows:

19 Gross income Result for the year Stock Goods for resale	2024 2023 £ £ 6,219 14,029 Group	2024 2023 £ £ 6,219 14,029 Group	2024 £ 1,032,495 277,158	2023 £ 1,045,451 (10,374)
			2024 2023 £ £ 5,574 11,748 Charity
	6,219	14,029	5,574	11,748

Consolidated The Inland Waterways Association

Notes to the financial statements

For the year ended 31 December 2024

20 Debtors

20 Debtors
Trade debtors Amounts due from associated undertakings Other debtors, accrued income and prepayments 21 Other creditors Amounts due to associated undertakings Trade creditors Taxation and social security Creditors: amounts falling due within one year Deferred income (note 22)	2024 2023 £ £ 5,844 24,532 - - 137,084 154,893 Group		2024 2023 £ £ 515 1,422 - - 120,912 134,147 Charity
	142,928	179,425	121,427	135,569
	2024 2023 £ £ 69,620 110,264 25,364 81,289 143,381 76,203 - - 33,383 60,687 Group		2024 2023 £ £ 32,285 68,810 7,864 60,433 105,835 45,715 - 97 3,725 6,453 Charity
	271,748	328,443	149,710	181,508

22 Deferred income (group)

Deferred income at year end comprises income received in advance for waterways events due to be held in 2025, annual canoe licence fees paid in advance, trip boat hire booked in advance, some mooring income paid in advance and some small grants awarded for future year activities.

Balance at the beginning of the year Amount released to income in the year Amount deferred in the year Balance at the end of the year	2024 £ 60,687 (60,687) 49,977	2023 £ 38,946 (38,946) 60,687
	49,977	60,687

23 Creditors: amounts falling due after one year

2024 2023 £ £ 16,594 3,663 Group	2024 2023 £ £ 16,594 3,663 Group	2024 2023 £ £ - 3,663 Charity	2024 2023 £ £ - 3,663 Charity
16,594	3,663	-	3,663
General unrestricted £ - 213,500 - 348,065 498,362 (16,594)	Designated £ - - - 61,471 122,125 -	Restricted £ - 26,449 375,000 1,035,810 - -	Total funds £ - 239,949 375,000 1,445,346 620,487 (16,594)
1,043,333	183,596	1,437,259	2,664,188
General unrestricted £ 7,981 225,658 - 148,310 421,139 (3,663)	Designated £ - - - 61,563 122,125 -	Restricted £ - 26,448 375,000 982,772 - -	Total funds £ 7,981 252,106 375,000 1,192,645 543,264 (3,663)
799,425	183,688	1,384,220	2,367,333

Consolidated The Inland Waterways Association

Notes to the financial statements

For the year ended 31 December 2024

25a Movements in funds (current year)

At 1 January 2024 £ 6,766 96 4,222 27,270 4,275 191,625 6 33,067 1,376 351,353 375,000 162,289 1,000 1,860 19,282 7,167 26,406 87,440 20,510 478 39,071 5,389 571 17,700	Income & gains £ 337 - 210 1,359 213 22,495 - 1,648 - 17,514 - 8,089 - - - - 25,637 4,359 - 7,244 1,948 6,056 - 9,912	Expenditure & losses £ (44) - (28) (180) (28) (23,912) - (218) - (2,316) - (1,070) - (1,374) - - (4,364) (576) - (6,183) (258) (8,882) (566) (7,246)	Transfers £ - - (1,000) - - 1,000 - (2,200) - - - - - - - - - - - - - 5,000 - 464	At 31 December 2024 £ 7,059 96 3,404 28,449 4,460 191,208 6 32,297 1,376 366,551 375,000 169,308 1,000 486 19,282 7,167 47,679 91,223 20,510 1,539 40,761 7,563 5 20,830
1,384,219	107,021	(57,245)	3,264	1,437,259
122,125 118 61,445	- - -	- - (92)	- - -	122,125 118 61,353
183,688	-	(92)	-	183,596
10,690 788,734	- 1,727,231	- (1,480,058)	- (3,264)	10,690 1,032,643
983,112	1,727,231	(1,480,150)	(3,264)	1,226,929
2,367,331	1,834,252	(1,537,395)	-	2,664,188

The narrative to explain the purpose of each fund is given at the foot of the note below.

Consolidated The Inland Waterways Association

Notes to the financial statements

For the year ended 31 December 2024

25b Movements in funds (prior year)

At 1 January 2023 £ 6,406 96 4,891 25,820 4,048 114,547 6 32,653 1,376 332,674 375,000 153,661 1,000 4,317 20,568 9,167 4,863 29,133 81,343 72,291 28,295 20,000 - 8,417 1,000 36,810 2,000 - - 8,949	Income & gains £ 396 - 364 1,595 250 27,264 - 2,106 - 20,549 - 9,492 - 1,089 - - - 25,730 6,707 5,954 2,332 263 - 14,380 1,000 2,487 - 9,369 - 10,634	Expenditure & losses £ (36) - (1,033) (145) (23) (60,304) - (1,692) - (1,870) - (864) - (3,546) (1,286) (2,000) (4,863) (27,457) (610) (542) (212) (753) - (22,319) (2,000) (226) - (3,980) (312) -	Transfers £ - - - - - 110,117 - - - - - - - - - - - (1,000) - (77,704) (30,415) 1,000 - - - - (2,000) - 883 (1,881)	At 31 December 2023 £ 6,766 96 4,222 27,270 4,275 191,625 6 33,067 1,376 351,353 375,000 162,289 1,000 1,860 19,282 7,167 - 26,406 87,440 - - 20,510 - 478 - 39,071 - 5,389 571 17,701
1,379,332	141,961	(136,074)	(1,000)	1,384,219
164,825 - - 118 70,537	- - - - -	- - - - (9,092)	(42,700) - - - -	122,125 - - 118 61,445
235,479	-	(9,092)	(42,700)	183,688
10,690 613,693	- 1,794,395	- (1,663,054)	- 43,700	10,690 788,734
859,863	1,794,395	(1,672,146)	1,000	983,112
2,239,194	1,936,356	(1,808,220)		2,367,331

Consolidated The Inland Waterways Association

Notes to the financial statements

For the year ended 31 December 2024

Purpose of transfer of funds

The restricted fund transfer to unrestricted fund in 2024 was due to the costs incurred related to restricted activities. As these costs were initially paid by the general fund, the transfer has been made from restricted to unrestricted general fund in order to recover the initial costs incurred from general funds.

Purposes of restricted funds

The Charles Hadfield Fund was a bequest to assist the Association's campaign to promote inland shipping.

The Lancashire Canals Fund was created from a bequest for the upkeep of Lancashire Canals.

The Christopher Power Award Fund was a bequest to provide an annual financial award for the most significant contribution to waterway restoration.

The New Power Family Award Fund was established to fund waterways restoration, particularly new projects.

The Research and Studies Fund represents donations to assist with structural restoration reports.

The Frederick Charles Woodman Fund was established to fund restoration work on the Grantham Canal.

The John Faulkner Fund was created from a part of a bequest and is for the upkeep and improvement of Northamptonshire Waterways.

The Keith Ayling Legacy Fund is used to help fund the Derbyshire County Council Waterways Officer.

The Averil Dobson Legacy Fund will be used towards the restoration of The Lancaster Canal (particularly the Northern Reaches).

The Mary Jackson Boat House was a bequest from which the charity may generate residential rental income for general funds. It is treated as an investment property in the accounts and may not be sold.

The Alison Spooner Legacy Fund was a bequest to be used towards the Restoration Fund for the Cotswold Canals.

The Kenneth Todd Legacy Fund was a bequest to be used towards the Cumbria project.

The Historic England Fund comprises grant proceeds from Historic England to fund specific waterway restoration activities by the Restoration Hub.

The Heritage Lottery Fund is grant proceeds from Heritage Lottery Fund enabling Restoration Hub to facilitate guidance, training and digital resource programmes that will enhance the future of waterway restorations.

Essex Waterways Trip Boat was a grant provided by European LEADER Funds via The Rural Community Council of Essex for the purchase of a Trip Boat to be used to benefit the community on the Chelmer & Blackwater Navigation.

The Environment Agency grant funds the Fisheries Improvement Project, being the construction of fishing landing stages on the Chelmer & Blackwater Navigation.

Funding for the Essex Waterways City Boat was provided by One Chelmsford towards the purchase of a boat, and the set up of the River Boat Rides project in Chelmsford.

The South West Inland Waterways Regeneration Fund has been established to provide small grants for waterway regeneration in the South West.

The David Goodwin Legacy Fund is a bequest to be used for the purpose of restoration or maintenance of one or more specific canals or waterways.

The John Alan Cadisch Legacy Fund is a bequest to the Waterway Recovery Group to be used for canal restoration projects.

The Walter Edward Higgs Legacy Fund is a bequest to the Waterway Recovery Group.

Cummins Power Systems is a grant awarded to help improve the national towpaths. Funds have been utilised within the Northampton branch at Wootton Brook.

Inland Waterways Association and working with Birmingham Canal Navigations Society on a number of small prjoects funded by donations. The work mainly carried out by volunteers currently runs as an annual weekend clean up of the Birmingham canals.

Other restricted grants are made up small awards by various organisations. The funds are specified for various waterways or restoration projects.

Purposes of designated funds

Funds held by regions and branches show the amount held by branches in the form of cash. The transfer in the current year’s accounts reflects the net outflow of cash held by branches in the year.

The Tony Harrison legacy fund was established to fund a number of waterways projects across the network. These projects were on the Montgomery Canal, the River Stour, the Cromford Canal and the Pocklington Canal.

The Waterways in Progress Fund will pay grants awarded in response to IWA's invitation to waterways groups in 2019 to bid for funding to run projects that promote the benefit of restoration schemes. The fund comprises unrestricted legacy income previously bequeathed to IWA.

Consolidated The Inland Waterways Association

Notes to the financial statements

For the year ended 31 December 2024

26 Operating lease commitments payable as a lessee

The charity's total future minimum lease payments under non-cancellable operating leases is as follows for each of the following periods

27 Less than one year Less than one year Operating lease commitments receivable as a lessor Amounts receivable under non-cancellable operating leases are as follows for each of the following periods One to five years	2024 2023 £ £ 11,900 11,578 2,975 14,473 Land and buildings	2024 2023 £ £ 11,900 11,578 2,975 14,473 Land and buildings
	14,875	26,051
	2024 2023 £ £ 30,000 27,120 Property
	30,000	27,120

28 Legal status of the charity

The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1.

The Inland Waterways Association

Contents

Reference and administrative information

Registered office and operational address

Reference and administrative information

For the year ended 31 December 2024

Objectives and Activities

Purposes and aims

Who we are

Trustees’ Annual Report

Why we exist

How we operate

Trustees’ Annual Report

For the year ended 31 December 2024

What we aim to achieve

High-Level Strategic Objectives, 2022-2027

Statement of Public Benefit

Achievements and performance

Restoration Activities

Trustees’ Annual Report

For the year ended 31 December 2024

Navigation and Campaigning Activities

Trustees’ Annual Report

Membership & Environment

Thank you to IWA volunteers, supporters and employees

Trustees’ Annual Report

Financial review,

Principal funding sources

Legacies

Fundraising

Grants

Investment performance

Key policies

Investment policy

1. Introduction

2. Investment objective is

3. Risk for Longer Term Funds

4. Liquidity

5. Time Horizon

6. Ethical Policy

Trustees’ Annual Report

Principal risks and uncertainties

Reserves Policy and Going Concern

Reserves policy

Going concern statement

Structure, Governance and Management

Organisation

Trustee remuneration and insurance

Trustees’ Annual Report

Remuneration policy for key management personnel

Governing documents

Related parties and relationships with other organisations

Trustees’ Annual Report

Appointment of trustees

Trustee induction and training

Statement of responsibilities of the trustees

Trustees’ Annual Report

For the year ended 31 December 2024

Auditor

To the members of

Opinion

Basis for opinion

Conclusions relating to going concern

Other Information

Opinions on other matters prescribed by the Companies Act 2006

Matters on which we are required to report by exception

Responsibilities of trustees

Auditor’s responsibilities for the audit of the financial statements

Capability of the audit in detecting irregularities

To the members of

The Inland Waterways Association

Use of our report

Balance sheet

As at 31 December 2024

Consolidated statement of cash flows

For the year ended 31 December 2024

For the year ended 31 December 2024

1 Accounting policies

a) Statutory information