THE WEY & ARUN CANAL TRUST LIMITED
IA COMPANY LIMITED BY GUARANTEEI
UNAUDITED FINANc￿L STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023
COMPANY NO: 01094232
REGISTERED CHARifi NUMBER: 265331

THE WEY & ARUN CANAL TRUST LIMITED
CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023
Page
Reference and Administrative Details
Trustees, Annual Report
2107
Independent Examiner's Report
Consolidated Statement of Financial Activities
Consolidated and Charity Balance Sheets
10
Consolidated Statement of Cash Flows
11
Notes to the Financial Statements
121022

THE WEY & ARUN CANAL TRUST LIMITED
REFERENCE ANO ADMINISTRATIVE DETAILS
FOR THE YEAR ENDED 31ST DECEMBER 2023
Registered Company Limited by Guarantee
Registration Number 01094232 (England and Wales)
Registered Charlty number
265331
Registered office
The Gianary
Flitchfold Farm
Vicarage Hill
Loxwood
Billingshursl
Wesl Sussex RH14 ORH
Trustees
Tony Coles
Margaret Datvill
Giles Eyre
Tony Ford
Dennis Gillen
Robin Hirsch (appointed 20 June 20231
Alan Johnson
Julian Morgan
Bill Nicholson
John Reynolds
Sally Schupke
John Thorp lappoinled 17 January 20231
Company Secretary
Giles Eyre
Independent Examiner
John Speed FCA FCIE
JS2 Limited
One Crown Square
Woking, Surrey
GU21 6HR
Sollcitors
Lynn Murray & Co Solicitors
Denning House
84 High Street
Cranleioh
Surrey
GU6 8AH
Glanvilles Anderson Rownlree Solicitors
Wisteria House
Petworth
West Sussex
GU28 OAJ
Bankers
CAF Bank Ltd
25 Kings Hill Avenlte
Kings Hill
West Mallir¢g
ME194JQ

THE WEY & ARUN CANAL TRUST LIMITED
TRUSTEES, ANNUAL REPORT
FOR THE YEAR ENDED 31ST DECEMBER 2023
The Wey & Arun Canal Trust Limited I'the TrusVI is a charity. The trustees are also directors of the Trust for the
purF)oses of the Companies Ael and present their report together with the financial slalemenls of the Trust for the
year ended 31 sl December 2023. The report is also prepared lo meet the requirements for a directors, report and
accounts for Companies Act purposes.
The financial statements have been prepared in accordance with the accounting policies sel out In note 2 to the
financial statements and comply with the Trust's governing document, the Charities Act 2011 and Aecounting and
Reporting by Charities. Slalemenl of Recommended Practice applicable lo charities preparing their accounts in
accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021.
OBJECTIVES AND ACTIVITIES
Objects and ActivÉties
The Trust's objects were amended on 22nd April 2023 and together with the principal activities continue lo be the
resloralion, renovation and operation of the Wey & Arun Can81 and also the promotion of the canal for navigation
and recreation, the preservation, conservation and improvement of the natural environment of the canal and
adjacent land and conservation and research into the associated heritage, structures and siles The aim remains
eventually to restore the whole 23-mile length of the canal lo through navigation, and also to in¢rease public benefits
for those in the area as described below.
Aims, Objectives, Stratogios and Activitios for tho Year
The Tnjsl's strategy is to invest in multiple major restoration activities at the same lime. This approach clearly
presents challenges in terms of funding and resource allocation, but, if successful, will accelerate the achievement
of the Trust's objectives. In 2023 the Trust chose 4 sections as priorities for the next 3 years (from north to southl.
111 the extension of the Bramley section soulhwards,121 opening up the canal lo cross under the Elmbridge Road
into Cranleigh, 131 extending anol Improving the fully navigable 2km Dunsfold seclitsn including a road crossing at
Ticknerfs Heath. and 141 the AlfoldllfoldlLoxwood section. with a substantial Improvement in the lowpalh along
Bonfire Hanger south of Rosemary Lane (for which a substantial grant has in principle been agreed) and a re-
opening of the navigable secb'on as far as Drungewick lock.
Publlc BenefFt
When planning activities for the year, the trustees have considered the Charity Commission guidance on
public benefit. The Trust's activities benefit the public in many ways including the following".
1. The Trust's vision is to create a green corridor for recreational use and enjoyment by all, but most important
by towpath users. The towpath beside the Loxwood operational section is accessible to the public at all times
and is a public bridleway for part of its length. The Trust maintains the towpath to a standard which balances
the wishes of horse-riders, walkers and cyclists We also provide permissive paths as a public amenity.. in the
Hunt Nature Park in Shalford, Surrey,. al Birtley (near Bramley, Surrey - opened in 2021 and 20231,. under
Loxwood High Street". and from Drungewick Lane to Long Meadow.
2. This green corridor is already providing subslanlial biodiversity benefits, with more wildlife than ever before..
dragonflies, mayflies, herons, kingfishers and other water~based fauna and flora. Restoration work in progress
can create 8 temporary delrimenl to wildlife, but the restored habitat is a￿ayS beller than that which existed
before. The Trust encourages the involvement of members of the public, in particular school groups and young
people in activities contributing to the natural environment of the canal.
3. Over a wider area, the Trust has promoted the Wey-south Path, a long-dislance footpath recognised by the
Ordnance Survey IOS) and following the roule of the canal as closely as possible.
4. The Trust encourages water-based activities for 811 and provides appropriate infrastructure on restored
sections of the canal both for private individuals using small unpowered boats (including paddleboards,
canoes, and kayaks) and for private and community organisats'ons providing similar activib'es for members of
the public or for their community groups.

THE WEY & ARUN CANAL TRUST LIMITED
TRUSTEES, ANNUAL REPORT {CONTINUED)
FOR THE YEAR ENDED 31ST DECEMBER 2023
5. The Trust conlribules to the local economy through the activities of its trading company and through Ils canal
resloralion activities In both aspects the Trust has created employment and spends significant sums with local
businesses. The Loxwood section of canal is a tourist desbnalion of developing importanee, where the public
can experience and learn about travel by canal.
6. The Trust is safeguarding the canal as a heritage assetwith substsntial educational value. The Trust preseNes
and consolidates suNiving structures wherever this is possible," if the structures have deleTiorated loo much
then the Trust plans sensitive repair.
Contribution of Volunteers
The Trust is volunteer-led and largely dependent on volunteers for its day-to-day activities. Volunteer hours
contributed during 2023 are estimated to be equivalent to al least 13 full-time staff. Woth by volunteers not only
benefits the Trust bul also enriches the lives of the volunteers themselves. The Trust envisages that volunteers will
Continue lo play a central role bul nevertheless expects that, as its activities develop, more paid staff will be needed
in order to ensure consistent administration and the conts'nuity of core activities.
ACHIEVEMENTS AND PERFORMANCE
CharStable Activities
The Trust's principal actrvities during 2023 on each of the sections then idenb'fied as priorities were as follows..
1. South of Bramley, on the Birtley Reach. 1 km of canal was restored, new lifting bridges were constructed
and a Ci,'eular bridleway created, connecting with the Downslink way and providing public access lo the canal
which was previously ina¢￿SSible. An archaeological assessment of the original swing bridge was also carried
out. Al Rooks Hill and Fanesbridge further south of Bramley, the planning application is progressing. and at
Rushett Common a review and redesign of the scheme is being carried out following the Tefusal in January
2022 of our previous planning application.
2. At Rye Fami. our planning applicab'on has been approved and a Bridleway Diversion Order is being progressed.
At Elmbridge Road the Trust has identified improvements to the scheme which are being progressed. Dialogue
continues with Suriey County Council in relation to them replacing the current single lane road section with a
new wider bridge with navigable clearance, bul as yet wilhoul a binding commitment by them to proceed. An
initial design for the ￿heme at the A281 at Faslbridge, Dunsfold was developed in cooperation with
landowners. Al Tickner's Heath ISt8ge 11 the Trust has continued with the new canal cul and work is now being
done lo identify and Te-route the water main, bul otherwise the scheme continues to be on hold pending
technical and legal agreement with Surrey County Council. For Tickner's Heath (Stage 21, Common Land
Consent has been granted and the planning application is progressing.
3. In the IfoldlLoxwood secb'on, work has continued on the refurbishment of Drungewick Lock and Long Meadow..
a large number of unsafe ash trees have been removed. with associated replanting, bul work is still being done
to repair the leaks in the canal partly due to very wel weather. The opportunity has been taken, following
extensive criminal damage to the back-pumping systems on the navigable section, to repla￿ and upgrade the
pumps and control systems and their housing.
Other important activities included..
The operation of the Loxwood Canal Centre and Shalford Information Point {opened in 20211 as central points
for welcoming visitors and providing information about the canal.
Maintenance and improvement activities on both operational and non-operalional sections of the ¢anal.
Negotiations with landowners to secure land transfers, leases or permissions for sections of the canal route.
Operation of a Mobile Display Vehicle and publicity unit at publi¢ events in SU￿eY and Wesl Sussex to raise
awareness of the Trust's work.

THE WEY & ARUN CANAL TRUST LIMITED
TRUSTEES, ANNUAL REPORT ICONTINUEDI
FOR THE YEAR ENDED 31ST DECEMBER 2023
Fundraislng
The current priority projects are estimated lo cost at least £3 million, meaning that fundraising on an increased
scale is clearly required. The Trust has appointed experts lo advise on new ways to adopt a more proactive
approach lo fundraising and is identifying the availability of grants and applying ft)r them, some of which have
already been received and some even more subslanlial grants have been agreed in principle. Measures are being
taken lo enable the Trust to sel clearer tsrgels and plans for fundraising in 2024.
During the year some of the Tr￿st important sources of income were..
l. Donations from Charitsble Trusts and rnany individuals, together with the associated Gift Aid,.
2. Grants from local authorities,.
3. Legacies from deceased members and supporters",
4. Membership subscriptions and donab'ons from members.,
5. The Christmas Raffle and the Numbers Game {a monthly drawl.
6. The Poddle sponsored walk.
Trading company IW&A Enterprises Ltd
The Trust holds 100Q/o of issued share capital (£121 in ils trading subsidiary, W&A Enterprises Ltd. The principal
activities of the trading company are to operate boats for private and public trips and the sale of merchandise. The
whole of the company's taxable profits are passed to the Trust. The company experienced improved trading
conditions in 2023 bul as in the previous year, boat trips were limited due to lack of water during the long dry spell
and this was aggravated by criminal damage to the back-pumping systems and locks in the navigable section.
FINANCIAL REVIEW
Financial position
During the year the Trust's expenditure1£695kl was only marginally greater than income1£6 80kl, as the result
in large part of a very generous donation from the M J Camp Charitable Foundation. The Trust achieved a 320/0
increase in charitable expenditure from £501 k in 2022 to £661 k in 2023. A further £85k was capilalised in 2023
for a land purchase at Gennets Farm which, together with a gift of land al Bonfire Hanger, increased the length
of canal in the Trust's ownership by 1.3 km. The Trust continues lo rely very largely on the generosity of ils
members, donors and other supporters.
Sponsorship and gifts in kind amounted to approximately £22 k. The Trust currently pays no rent for ils offices in
Shalford or The Granary in Loxwood Icurrenlly in use for storage).
Reserves Pollcy
The Trust's general policy is to assign funds lo specific projects as soon as they are available, rather than building
up subslanlial reserves. An exception is the Propety Fund which is intended lo support significant purchases in
the future. Membership subscriptions and regular donations are only sufficient to cover core spending, such as staff
salaries. Hence the Trust depends on continuous lundraising to support all its major restoration and maintenance
activities.
Funds Available
The nel current assets available to the Trust al the end of 2023 were £797k, which includes £159k restricted lo
specific projects and another £402k assigned by the Board to planned eurrenl projects. It is the Trust's policy only
to assign funds lo projects that are in the implemenlalion or planning phases, not for long-lerm conts'ngencies. As
a guideline, this means that assigned funds will normally be spent within 3-5 years., the Trust regularly reviews fund
balances and closes such funds where the planned work is finished or where changed circumstances mean that
planned work will not go ahead, or costs are less than budget, or additional funds are obtained from grants spe¢ifi¢
to those projects.

THE WEY & ARUN CANAL TRUST LIMITED
TRUSTEES. ANNUAL REPORT {CONTINUEDI
FOR THE YEAR ENDED 31ST DECEMBER 2023
The project areas and total nel current assets assigned lo current projects (excluding reslricled funds) are..
North {ShalfordlBramleylRushettlRun Common}
Summit Level (Rye FarmlCranleighlDunsfoldl
South (Bonfire H8ngeilLoxwoodlDrungewickl
Others
Total Ring-Fen￿d Funds (excluding Fixed Assets)
Consisting of..
Assigned Funds
Restricted Funds
£ 143,797
£ 69,632
£ 70,781
£277219
£ 561,429
£402,192
£ 159,237
Additional funds held at the year end were..
Funds invested in Fixed Assets
Free reserves
£ 588,674
£ 235 072
TOTAL FUNDS AT 31 DECEMBER 2023
It is the aim of the Trust to hold sufficient unreslricled funds not invested in tangible fixed assets {'the free
reserves, or 'General Fund"} lo eover be￿een three and six months, operational running eosls. This amounts lo
approximately £75,000 - £150,000. Funds invested in fixed assets at the end of 2023 amounted lo £588k, leaving
free reserves of £235k, which are considered an appropriate level.
Investments and Cash Deposits
In order to minimise any risks, fvnds available are deposited in a number of financial institutions to maximise cover
under the FSCS guarantee scheme.
Contract commitments
The Trust has contracts with Peninsula Business Services lo provide support on Human Resources and Health
& Safety mallers. On 9 December 2023, the Board voted lo contract Trevor Craggs of Absolute Health & Safety
Services lo provide Health & Safety ¢on5ultancy from January 2024.
FUTURE PLANS
The Trust's plans for each of the are8s identified as priorities are as follows..
In the Bramley area..
Extension of the Birtley secb'on and new footpaths, including links lo the Greensand Way.
b, Planning for restoration of the canal in the Fanesbridge l Rooks Hill area, including a new
bridleway bridge and cul.
Completing the lock on the Rooks Hill section and ￿ntInuing south.
In the CianleighlDunsfold area..
Moving the bridleway in Rye Farm north of Elmbridge Road
b. To collaborate with Surrey County Council to remove the current single track road section and
achieve a new full width road bridge and a Crossing with navigable height for the canal.
c. To obtain all remaining necessary permissions and start work on construction of the new
Tickner's Heath canal crossing.
d. To continue planning for the rebuilding of other structures that currently block the canal route
along the Summit Level.
In the AlfoldlLoxwood area..
To resurface the Bonfire Hanger section south of Rosemary Lane, Alfold.
b. To complete the replacement of pumps on the locks in the Loxwood section
c. To re-eslablish the navigable section southwards as far as Drungewick Lock.

THE WEY & ARUN CANAL TRUST LIMITED
TRUSTEES, ANNUAL REPORT ICONTINUEDI
FOR THE YEAR ENDED 31ST DECEMBER 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing Document
The Trust is a company limited by guarantee 2nd was formed on 5th February 1973 It is governed by the new
Articles of Association which were adopted at the 2023 AGM in order to update the charity objects and the
governance provisions previously contained in the Memorandum and Articles of Association as amended in 2018.
Trustees
Constilulionally, a third of the trustees stand down each year and normally offer themselves for re-election al the
Annual General Meeting held in late April each year. New Iruslees are nominated by the members. Where there
are more nominations than vacancies, an election by members present is held al the AGM. No other person, or
body external to the Trust. is entitled to appoint any of the trustees. The Iruslees, al their next meeting after the
AGM, then elect the posl-holders such as the Chairman, Vi¢e-Chairman and Secretary.
The trustees who served during the year are listed on page 1.
All Iruslees attend regular board meetings. At the first meeting after the AGM, eaeh trustee is asked to fill one or
more of the posts needed by the Trust. Newly appointed trustees are provided with an informal induction to the
Trust and mentoring by established Iruslees.
Organisational Structure
The trustees normally meet once per month. There were 11 meetings of the board during 2023. The members of
the board during that year and their attendance records were".
Sally Schupke (Chairman)
Tony Coles
Margaret Darvill
Tony Ford
Dennis Gillen
Alan Johnson
Julian Morgan
John Reynolds
Giles Eyre
Bill Nicholson
Robin Hirs¢h (appointed 20 June) 7
John Thorp
11
10
At the end of 2023, the Trust had full-time and four part-time employees. These comprised..
Two full-time staff dedicated to practical ￿$tOratIOn and maintenance aclivrties.,
Two part-lime Accounts Assistsnts,
Two part-time Adminislralors.
The day-to-day work of the Trust is carried out largely by volunteers. Key volunteer roles include project
managers, working party leaders, publicity, publications, engineering and other specialist technical consultants,
finance, membership and website administration and organisalion of major fundraising events,
Related Parties
The Trust is affiliated lo The Inland Waterways Association, tsvo local wildlife trusts and Surrey Hills Enterprises,
but is independent of all these bodies.
The Trust holds 1000/0 of issued share capital1£12) in its trading subsidiary, W&A Enterprises Ltd, and approves
the appointment of directors to that body.
Major Risks
The major risks lo which the Trust is exposed, as identified by the trustees, are reviewed annually. The
containment of identified risks is a conbnuing task of the trustees. Some of the major risks identified, and the
actions to miligale them, are as follows".

THE WEY & ARUN CANAL TRUST LIMITED
TRUSTEES. ANNUAL REPORT {CONTINUEDI
FOR THE YEAR ENDED 31ST DECEMBER 2023
Risk
Perceived negligence by the Trust, ils
volunteers or agents
Failure of income streams
Miti
ation
Public Liability Insurance, close li8ison with slatulory bodies,
improved toining for volunteers.
Careful financial management and a policy of not commith'ng
lo major work until funds are available. Overheads and
recurring expenses are minimised. Opportunities lo apply for
grants are being maximized. A new fundraising consultant
was appointed in 2024.
Other than for good reasons, Trust policy is normally not t
commit to major expenditure without ownership or a long
lease being in pla￿.
Other than where the Trust has agreed to accept
responsibility under a specific agreement with a local
authority, highway bridges are the iesponsibility of the local
authoribes.
Regular inspection of smaller structures. Reinforcement of
banks with robust materials. Potential remote monitoring of
water levels, indudin
alarm s
stems.
Reconstruction of housing ftsr punips and electronics with
improved reinfOr￿ment and security.
Careful water management with improved electroni
monitoring.
Risk assessments for all major aclivilies. Health & Safe
Policy in place for working paty volunteers. Resloralio
Group reviews all incidents and lakes appropriate action.
Decision by a landowner not to agree or
extend a lease
Failure of eanal structures - natural
Failure of canal structures- criminal vandalism
Failure of water SLtpply to operational section
Accidents to visitors, volunteers or general public
ststement of Trustees. Responsibilities
The trustees (who are also directors of The Wey & Arun Canal Trust Limited for the purposes of company lawl are
responsible for preparing the Trustees, Annual Report and the group financial statements in accordance with
appli¢able law and regulations.
Company law requires the Iruslees lo prepare financial statements for each financial year Under that law the
trustees have elected lo prepare the financial statements in accordance with the United Kingdom Generally
Accepted Accounting Practice (United Kingdom Accounting Standards and applicable lawl. Under Company law
the trustees musl not approve the financial statements unless they are satisfied that they give a true and fair view
of the slate of affairs of the company and the in¢ome and expenditure of the company for that period.
In preparing these financial stslemenls, the trustees are required to..
Select suitable accounting policies and then apply them consistently.
Observe the methods and principles in the Charities SORP.
Make judgements and accounting estimates that are reasonable and pwdent.
Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the
company will conts'nue in operats"on.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the
company's transactions and disclose with reasonable accuracy al any time the financial position of the 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 company and hence for tsking reasonable steps for the prevention
and detection of fraud and other Irregularities.
The trustees, annual report was approved by the trustees on 18 June 2024, and is signed on their behalf by..
Margaret Darvill
Chairman and Director

THE WEY & ARUN CANAL TRUST LIMITED
INDEPENDENT EXAMINER'S REPORT
FOR THE YEAR ENDED 31ST DECEMBER 2023
I report to the charity trustees on my examination of the accounts of the group and parent company for the year
ended 31 December 2023 as sel out on pages 9 10 22.
Responsibilities and basis of report
As the charity's trustees of the parent company (who are also the directors of the parent company for the purposes
of company lawl. you are responsible for the preparation ofthe group accounts in accordance with the requirements
of the Companies Aet 20061"the 2006 Acl'l.
Having satisfied myself that the aecounts of the group and parent Company are not required to be audited for this
year under Part 16 of the 2006 Act and are eligible for independent examination, I report in respeel of my
examination of your group accounts as carried out under section 145 of the Charities Act 20111 the 2011 Ael'l. In
carrying out my examination, I have followed the Directions given by the Charity Commission lunder section
145{5llbll of the 2011 Act.
This report is made solely lo the parent charity's trustees, as a body. My work has been undertaken so that I might
slate lo the parent charity's trustees those mallers which l am required to slate lo them in an independent
examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume
responsibility lo any paty other than the pa￿nt charity and charity's trustees as a body. for my examination, for this
report, or for the ststement I have given below.
Independent examinels statement
The group's gross income exceeded £250,000 and l am qualified lo undertake the examination by being a qualified
member of The Institute of Chartered Accountants in England and Wales.
I have completed my examination. I confirm that no material matters have come lo my attention whieh gives me
cause to believe Ihal..
accounb'ng records were not kept in accordance with section 386 of the Companies Act 2006,. or
the accounts do not accord with such records,. or
the accounts do not comply with relevant accounting requirements under section 396 of the Companies
Act 2006 other than any requirement that the accounts give a 'true and fair, view which is not a matter
considered as part of an independent examination," or
the accounts have not been prepared in accordance with the Charities SORP IFRS1021.
I have no concerns and have come across no other matters in connection with the examination lo which attention
should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
JOHN SPEED FCA FCIE
JS2 Limited
One Crown Square
Woking
Surrey
GU216HR
Date..
a5 5 2oali

THE WEY & ARUN CANAL TRUST LIMITED
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES
(including income and expenditure aceounti
FOR THE YEAR ENDED 31ST DECEMBER 2023
Unrestri¢t8d
Funds
2023
Restricted
Funds
2023
Total
Funds
2023
Total
Funds
2022
Note
Income
Donations, legacies
and similar income
Subscriptions
Donations and legacies
Grants
Other trading activib'es
Fund-raising
Trading subsidiary income
Other income
Investment income
Bank interest
28,438
418,052
5,784
28,438
518,583
31,247
28,892
309,427
84,322
100,531
25.463
22,471
45,075
10.358
65
22,536
45,075
10.358
19,533
52,443
16,474
23.704
23,704
7,949
Total Income
553,882
126,059
679,941
519,040
Expendlture
Expenditure on raising funds
Costs of raising voluntary income
Trading subsidiary costs
Charitable activities
19.821
12,341
551.127
2.156
21,977
12,341
660,947
35, 764
19, 752
501,013
109.820
Total expenditure
583,289
111.976
695,265
556,529
Net lexpgnditurel I Income for the year
129,407)
14,083
{15,3241
(37,489)
Transfers be￿een funds
15
85000
55.593
(70.9171
115.3241
(37,489)
{Lossl on inve5tm8nt assgts
(2,222)
Net movement in funds
55,593
70.9171
(15.324)
(39, 711)
Reconciliation of funds
Total funds brought forward
1.089,529
310.970
1.400.499
7,440,210
Total funds carried forward
1,145,122
240.053
1,385.175
1,400,499
All amounts derive from continuing activities.
All gains and losses recognised in the peri¢)d are included in the statement of financial aclivilies.
The annexed Notes form part of these financial statements

THE WEY & ARUN CANAL TRUST LIMITED (a ¢ompany regi$tered by guarantee 010942321
CONSOLIDATED AND CHARITY BALANCE SHEETS
AS AT 31ST DECEMBER 2023
Consolidatod
2023
Consolidated
2022
Charty
2023
Charity
2022
Note
Flxed assets
Tangible assets
Investments
10
11
588,674
524,416
588,674
12
588 686
524,416
12
524,428
588 674
524,416
Current assets
Stocks
Debtors
Investments
Short-lerm deposits
Cash at bank and in hand
3,713
55,335
3,960
49,256
12
13
63,526
50, 789
551.055
209 196
819,299
617,931
244.053
975,200
551,055
192 573
807.154
617,931
234, 790
903,510
Credttors: Amounts falllng
due withln one year
22,798
39,117
21.302
35,913
Net current assets
796,501
876,083
785.852
867.597
Total assets less current liabilities
1.385.175
1,400,499
1,374,538
1,392.025
The funds of the charity:
Restricted income funds
Unrestricted income funds..
Designated funds
Other charitable funds
Total unrestricted funds
240.053
370,970
240,053
310.970
15
910.050
235,072
1,145.122
743.932
345.597
1,089, 529
910.050
224,435
1,134.485
743,932
337,123
1, 081,055
Total charlty funds
1.385.175
1,400,499
1.374.538
1,392,025
For the year ending 31 De￿rnber 2023 the parent company and group were entitled to exemption from audit
under section 477 of the Companies Act 2006 relatin9 to small companies.
The members have not fequired the company to obtain an audit of its accounts for the year in question in
accordance with section 476.
The directors acknowledge their responsibility for complying with the requirements of the Act with respect to
accounting records and for the preparation of accounts.
These accounts have been p￿pared in a¢cordan¢e wth the provisions applicable lo companies subject to the
small companies, regime. They were approve(l and authorised for issue by the directors on 18 June 2024 and
signed on their behalf by'.-
Margaret Darvill - Chairman and Director
The annexed Notes fom) part of these financial statements
10

THE WEY & ARUN CANAL TRUST LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31ST DECEMBER 2023
2023
2022
Net cash flow from operatlng a¢tivities
Nel lexpenditurel for year
Adjuslmenls for..
Interest receivable
Depreciation and amortisation
Losses on investments
Decrease in stock
{Increasel I decrease in debtor3
{Decreasel l increase in creditors
Net cash (used inl l from operatlng activities
115,3241
{39, 711)
{23,7041
52,122
(7, 949)
53,885
2,222
1,348
79.582
16.013
247
{6.0791
19,0571
105,390
Cash flow frorn investing activities
Payments lo acquire tangible fixed assets
Proceeds from the sale of investments
Interest received
Net cash flow lused inl investlng activities
1116,380)
(96,620)
77.099
7.949
11,572
Net Idecreasel l increase
in ¢ash and cash equlvalents
(101.733)
93,818
Cash and ¢ash equivalents brought forward
861.984
768,166
Cash and cash equivalents carrled forward
760.251
861,984
Cash and cash equivalents consists of:
Cash at bank and in hand
Short-temi deposits
209,196
551.055
244,053
617,931
Cash and cash equivalents carrled forward
760,251
861.984
The annexed Notes form part of these finan¢ial statements

THE WEY & ARUN CANAL TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023
1. GENERAL INFORMATION
The Wey & Arun Canal Trust is a company, Iimiled by guarantee, incorporated in England and Wales under the
Companies Act 2006 and Charities Act 2011. The address of the registered office is provided in Reference and
administrative details. Details of the charity's operatsons are provided in the Report of the trustees.
2. ACCOUNTING POLICIES
The principal accounting policies adopted, judgements and key sources of esb'mation uncertainty in the
preparation of the financial statements are as follows..
2.1 Basis of preparation
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been
prepared on a going concern basis under the historical cost convention and in accordance with Accounting and
Reporting by Charities." Statement of Recommended Practice applicable lo charities preparing their accounts in
accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021
(Charities SORP {FRS 102}I, the Companies Act 2006 and the Charities Act 2011.
The trustees have ¢oncluded that there is a reasonable expectation that the charity has adequate resources lo
continue in operational existence for the foreseeable future. The charity therefore continues to adopt the going
con￿rn basis in preparing its financial stalemenls.
2.2 Basls of consolidation
The financial statements consolidate the results of W & A Enterprises Ltd, which is a wholty owned subsidiary
undertaking of the charity, on a line by line basis. The accounting year ends are coterminous.
2.3 Parent company disclosure exemptions
The parent charity has taken advantage of the disdosure exemption available in FRS 102 and has not presented
a separate statement of cash flows. 11 has also taken advantage of section 408 of the Companies A¢t 2006 not to
include an individual income and expenditure account for the parent company.
2A Income
All income is included in the ststement of financial actrvilies when the charity is entitled lo the income and the
amount can be quanb'fied wath reasonable accuracy. The following specific policies are applied to particular
categorie5 of Income..
Related tax credit on donations re￿iVed is accounted for on an accruals basis once the donation has been
received.
All subscriptions are accounted for on a receipts basis.
Legacies are recognised when there is certainty of receipt and the amount can be measured with sufficient
reliability.
Donated assets and seNices are included at their estimated open market valuation where a reliable valuation is
available.
2.5 Expenditure
Expenditure is included when incurred, net of VAT. Costs which are identified as relating to restricted projects are
allocated directly to those activities. Costs which relate lo the general running of the charity are allocated against
unrestricted funds, and within the ststement of financial activities these expenses are shown as costs of
generating funds, charitable activities, support costs and govemance costs. An apportionment of staff wages and
office costs be￿een support costs and governance costs has been carried out on the basis of lime spent by staff
on the various activities.
The cost of charitable activities all relates to the charity's acb'vities of Canal restoration, renovation and operation.
Support costs are expenditure incurred dIreC￿Y in supporting charitable activity. Restoration costs are generally
not of a capital nature. The board is always considering opportunities for land purchases at strategic locab'ons.
When land is purchased for an amount eX￿eding nominal cost, the purchase is capitalised at cost.
12

THE WEY & ARUN CANAL TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31ST DECEMBER 2023
2. ACCOUNTING POLICIES ICONTINUEDI
2.5 ExpendItU￿ {continuedl
Costs of generating funds include the costs lo maintain the Trust's profile with the general public and slalutory
authorities so as to retain regular financial support. together with the costs of keeping the membership informed
of its ongoing activities.
Governance costs a￿ those relating lo the charity$ compliance with conslitulional and stslutory requirements.
2.6 Restricted and designated funds
Restricted funds are funds subject to speciffc conditions imposed by donors as lo how they may be used. The
purposes and uses of the restricted funds are set out in Note 15 to the accounts.
Designated funds are allocated out of unreslricled funds by the Iruslees for specific purposes. The use of such
funds is al the trustees. discretion.
2.7 Investments
Investments are initially recognised at their transaction value and subsequentty measured al their market value
as al the balance sheet dale using the ¢losing quoted market price. The statement of financial activities includes
the net gains and losses arising on revaluation and disposals throughout the year.
2.8 Fixed Assets
Where the trustees consider il appropriate for the restoration and reopening of the canal, the Trust purchases
freehold land. The cost of freehold land is capitalised bul related costs of the purchase are written off when
incurred Vvilh certain exceptions, where the Iruslees consider these appropriate, all structures (such as locks
and bridges) other than the Loxwood Canal Centre are either owned by the land owner, or are adopted by the
local coun¢il or highway aulhofity. The Loxwood Canal Centre is being written off over an eslimaled useful life of
50 years. The Shalford Information Centre is being written off over an estimated useful life of 20 years.
Any items of plant and machinery purchased for restoration work costing less than £5,000 are written off in the
year of acquisition as their useful life is normally less than one year. Items costing over £5,000 are written off over
their expected life on a straight line basis between 5 and 10 years.
The canal boat Wiggonholt is being leased lo the charity's trading subsidiary and written off by equal annual
instalmenls over ils expe¢ted useful life of 20 years.
2.9 Stocks
stock is valued al the lower of cost and net realisable value, after due regard for obsolete and slow moving
stocks. Net realisable value is based on selling price less anb'cipaled costs to completion and selling costs.
2.10 Pensions
The charity operates a defined conlribub'on pension scheme. Contributions are charged to the Statement of
Financial Activities as they become payable in accordance with the rules of the scheme.
13

THE WEY & ARUN CANAL TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI
FOR THE YEAR ENDED 31ST DECEMBER 2023
3. FINANCIAL PERFORMANCE OF THE CHARITY
The consolidated statement of financial activities includes the results of the charity's wholly owned subsidiary, W
& A Enterprises Limited. The summary performance of the charity alone is..
2023
2022
Income
Profits made by subsidiary company and passed lo the Trust
Other charges made to subsidiary company
634.866
23,531
466,597
24.000
6.000
496,59T
(535,617)
(2,222)
664,397
(681,8841
Expenditure
(Lossl on investment assets
Nel movement in funds
{17,4871
(41,242)
4. DONATIONS, LEGACIES ANO SIMILAR INCOME
Unrestricted
Funds
2023
Restricted
Funds
2023
Totsl
Funds
2023
Total
Funds
2022
Member subscriptions
28,438
28.892
Donation$ and legacies
General
Gift Aid receip15
Legacies
Milestone Club
Donated land
Sponsorship
294,579
53,583
15.236
15,824
16,280
22,550
418,OS2
90.131
10.000
384,710
63.583
15.236
16.224
16.280
22.550
518.583
196,777
32,198
43,675
15,252
400
21,525
309.427
100 531
Grants
5,784
25.463
31.247
84,322
During the year the Trust received donated goods and services valued at open market value of £22,500 12022..
£21,525)
5. OTHER TRADING ACTIVITIES
Unrestricted
Funds
2023
Restricted
Funds
2023
Totsl
Funds
2023
Total
Funds
2022
Fund ralslng
Sponsored walk receipts
Draws
Talks
12,263
8,545
1,663
12.263
8.545
1.728
9,338
8,364
1,831
65
22.471
65
22,536
19,533
Other income
14

THE WEY & ARUN CANAL TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDEO 31ST DECEMBER 2023
RESULTS FROM TRADING ACTIVITY OF SUBSIDJARY
The charity The Vvey & Arun Canal Trust Limited (by guarantee) has a wholty owned trading subsidiary which is
incorporated in the U.K. W & A Enterprises Limited operates the Trust's Iripboats for public trips and hire under
charter, together with the sale of merchandise to support the activities of the charity. A summary of ils trading
results is shown below. A¢counls are filed with the Registrar of Companies.
2023
2022
Turnover
Cost of sales
45.075
52.443
19,752
32,697
(1, 160)
32,734
11,040)
Governance costs
31,694
31,531
The subsidiary paid the followng to the charity..
Leasing charges
DonatDns
6,000
6,000
24,000
30,000
29,S31
Net profit
2,163
1.531
7. COSTS OF RAISING VOLUNTARY INCOME
Unrestricted
Funds
2023
Restrlcted
Funds
2023
Totsl
Funds
2023
Total
Funds
2022
Stsff costs
Fund-raising activities expenses
Wey-soulh magazine
Publicity and public relations
Sponsored walk
Wiggonholt depreciation
Loxwood Canal Centre depreciation
Shalford Information Centre depreciation
14,085
2,374
5,976
5,751
20
4,523
2,156
1,479
2,007
8,744
3,000
68
4,523
2.007
8,744
3.000
68
4,523
2,156
1,479
2,156
1.479
35. 764
15

THE WEY & ARUN CANAL TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS ICONTINUED)
FOR THE YEAR ENDED 31ST DECEMBER 2023
EXPENDITURE ON CHARITABLE ACTIVITIES
Unrestricted
Funds
2023
Re$trict
Funds
2023
Total
Funds
2023
Total
Funds
2022
Restoration Expenses
Summit Level
North
Loxwood
Other
Training
Other expenses
Sponsorship (Note 41
Staff costs
Canal opeotion
Insuonce
Canal maintenan
Plant purchases
Plant maintenan
Plant & equipment depreciation
2,628
135,620
260
7.928
4,442
2,628
194,859
260
7.928
4,442
37,000
95, 793
6,010
3,431
4,226
59,239
11,550
69,229
16,333
13.540
113.421
4.841
27.001
43.964
450,7S7
11,550
69.229
16.333
13.540
164.002
4.841
27,001
43.964
560,577
11,025
66,857
16,333
10,162
102.895
2, 743
24, 794
45.727
426,996
50,581
109,820
Support costs Isee below)
100,370
100,370
74,017
Cost of charitable activities
551,127
109.820
660,947
501,013
Support costs
Staff Costs
Office and other expenses
Legal fees
Payment to discharge a land covenant
Affiliab'on fees
Sponsorship INote 41
Govemance costs
Hall hire and meeting expenses
Independent examinels fees
26,374
20,999
15,177
23,000
256
11.000
26,374
20,999
15,177
23,000
256
11,000
20, 700
29,449
9.881
187
10,500
439
3.125
439
3,125
200
3,100
100,370
100.370
74,077
16

THE WEY & ARUN CANAL TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31ST DECEMBER 2023
9. EPJIPLOYEE COSTS AND KEY MANAGEMENT PERSONNEL
The trustees make up the key management personnel of the charity. No trustees received remuneration during
the year12022'. £nill. No trustees were reimbursed for personal expenses during the year12022." None).
The total donations received from all trustees during the year were £26,261. There were no conditions associated
with these donations.
The costs of the remaining staff were..
2023
2022
Wages and salaries
Social security costs
Pension costs
94,389
1,329
1,536
99, 832
1,937
1.351
97.254
103,120
No employee eamed more than £60,000 in the year. The average full time equivalent number of staff employed
by the charity during the year was as follows..
2023
No
2022
No
Average full time equivalent number of staff employed
Average number of staff employed {headcountl
The ¢harity relies substantially on its core team of volunteers. The work carried out covers..
2023
Vlsiting groups hours
2023
Total hours
2023
Value
2022
Total hou
2022
Value
Skilled
Unskilled
Managernenl
Admin/publicity
6,408
13,231
172
1.135
7,172
13,968
3,197
2,676
96.822
188.568
43.160
58,872
9,231
9,82T
4,173
2,083
110, 772
117,924
50,076
41,660
Esb'mated Totals
20.946
27.013
387,422
25,314
320,432
In accordan￿ with generally accepted a¢￿unting practice, these hours are not included as monetary equivalents
in sponsorship.
17

THE WEY & ARUN CANAL TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31ST DECEMBER 2023
10. TANGIBLE FIXED ASSETS
Loxwood
Shalford
Canal Information
Plant &
Centre
Centre Equipment Wiggonholt
Subsldlary
owned
Boats
Freehold
Land
Total
Cost
At 1 st January 2023
Additions
Disposals
At 31st December 2023
246,000
101,280
107,789
29,580
293,338
15,100
90,469
12.850
780,026
116,380
347,280
107.789
29.580
308.438
90,469
12,850
896,406
Depreciation
At 1 sl January 2023
Charge for the year
Eliminated on disposals
Al 31st December 2023
23,708
2,156
2,958
1,479
152.771
43.964
63.323
4.523
12,850
255,610
52,122
25,864
4,437
196.735
67,846
12,850
307,732
Net book value
Al 31st December 2023
347.280
81.925
25,143
111,703
22,623
588,674
At 31$1 December 2022
246,000
84,081
26,622
140,567
27, 146
524,416
Freehold Land
The Trust owns approximately 6 kilometres of freehold land containing the canal and some freehold land adjoining
the canal, split over various locations. Ffeehold land is included within tangible fixed assets at historic cost where
purchased. Donated land is included within tangible fixed assets at estimated open market valuation where a reliable
valuation is available.
11. FIXED ASSET INVESTMENT
2023
2022
Whtslly owned subsidiary Isee Note 61'.-
W&A Enterprises Ltd.. 12 ordinary shares of £1 each
12
12
12
12
18

THE WEY & ARUN CANAL TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI
FOR THE YEAR ENDED 31ST DECEM8ER 2023
12. DEBTORS
Consolidated Consolidated
2023
2022
Charity
2023
Charity
2022
Trade debtors
VAT refunds due
Due from subsidiary company (see Note 61
Prepayments
Other debtors
Income lax recoverable {gift aid)
1.956
25.262
1,056
25.262
10,638
20,153
23.055
23,Q55
3, 195
11,541
2,969
70,029
21,700
13,203
2,969
10,029
6.417
6.417
55.335
49,256
63,526
50, 789
13. CURRENT ASSET INVESTMENT
Consolidated Consolidated
2023
2022
Charity
2023
Charity
2022
Investments listed on
recognised stock exchanges
Market value brought forward
Ilossl in the year
Sales proceeds
79,321
(2,222)
(77,099)
Market value carried fO￿ard
14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Consolidated Consolidated
2023
2022
Charfty
2023
Charity
2022
Trade creditors
Receipts paid in advance
Social security and other taxes
Sundry creditors and accruals
17.984
33,350
t,338
1,274
3,155
17.984
32,960
1,589
3,225
1.233
2.085
1,013
1,940
22.798
39,117
21.302
35.913
19

THE WEY & ARUN CANAL TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31ST DECEMBER 2023
15. FUNDS
Balance at
1Jan
2023
Balance at
31 Dec
2023
Fund
Transfers
Income
Exponditure
al Restrlcted Funds
Loxwood Can21 Centre
Restoration ftjnds..
Summit Level
North
Loxwood
General Restorab'on
82.972
12,1561
80,816
355
126,240
525
100,878
(1001
161,6591
147,923}
11381
255
119,168
12,911
26,903
54,587
60,309
11,163
185,0001
Total Restricted Funds
310,970
126,059
{111.9761
185,0001
240,053
The transfer of £85,000 out of the General Restofftlion restricted fund represents the costs of a land purchase
which was paid through the restricted fund in the year and capilalised.
Balance at
lJan
2022
Balance at
31 Dec
2022
Fund
Transfers
In¢ome
Expenditure
2022
Restrleted Funds
Loxwood Canal Centre
Restoration funds..
Summit Level
North
Loxwood
General ReStO￿tIon
85,128
(2, 156)
82,972
10, 190
95,613
1,863
61,804
{9,835)
(28,019)
{7,938)
{8,519J
355
126,240
525
100,878
48,819
6, 6(k)
47,593
9,827
Total Restricted Funds
254,598
103,012
(56,467)
9,827
310,970
Balance at
1Jan
2023
Balance at
31 Dec
2023
Fund
Transfers
Income
Expenditure
bl Unrestricted Funds
Designated Fund5'.
Fixed Assets
North
Loxwood
Summit
General Restoration
441.444
44.637
22.853
74.238
160 760
743,932
337,123
66,414
(20,0081
35,017
14,8611
507,858
24,629
57,870
69,377
250 316
910.050
224.435
166,118
(51,5871
29,531
85,000
General Funds
Trading Subsidiary
508.807
1569,9081
13,381
1583,2891
1,089,529
553.882
1.145.122
1,400,499
679.941
695.265
1.385.175
Total Funds..
Retsined in parent
Retained in subsidiary
1.392.025
8,474
634,866
45,075
{681,884)
113,381)
29,531
129,5311
1,374,538
10,637
1.400,499
679,941
695.26S
1.385,175
20

THE WEY & ARUN CANAL TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31ST DECEMBER 2023
15. FUNDS {CONTINUED)
Balance at
lJan
2022
Balance at
3f Dec
2022
Fund
Transfers
Income
E¥penditure
2022
Designated Funds..
FixedAssets
North
Loxwood
Summit
General Restoration
396,553
161,294
30,014
125.987
84, 165
798,073
380,596
6,943
t, 185,612
44,891
(116,657J
(7,227J
(51, 749)
76,595
(54, 141)
74.314
30, 000
(9,827)
441,444
44,637
22,853
74.238
160. 760
743,932
337,123
8,474
1, 089,529
General Funds
Trading Subsidiary
361,363
52,443
413,806
(479, 150)
2Q.912
(500,062)
1,440,210
516,818
556,529)
1,400,499
Total funds..
Retained in parent
Retained in subsicliary
t,433,267
6,943
464,375
52,443
(535,617)
(20, 912)
30,000
(30,OOOJ
1,392,025
8,474
1,440,210
516,818
(556,529)
1,400,499
Restrictgd
The Loxwood Canal Centre fund represents donations specifically received lo fund the construcb'on of the asset.
Depreciation relating lo the asset is being charged against the fund.
Detailed records of restoration funds received and expended are kept by the trust. These have been summarised
into the geographical areas of the ¢anal and miscellaneous funds.
Unrestricted
The fixed assets fund represents the net book value of fixed assets owned by the charity not funded by restricted
income.
The North, South and Summit funds represent the totals of general funds received assigned by the Iruslees lo
specific projects on these areas of the canal.
General Restoratron Funds reflects the allocation of funds for minor specific projects currently in hand.
21

THE WEY & ARUN CANAL TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31ST DECEMBER 2023
16. ANALYSIS OF NET ASSETS BETWEEN FUNDS
Unrestricted
Total
Funds
Goneral Designated
Funds
Funds
Restricted
Funds
Total
Funds
2023
Tangible fixed assets
Current assets
Creditors falling
due within one year
507.858
402,192
507,858
660,062
80,816
159,237
588.674
819,299
257.870
122.798)
{22,798}
122.7981
235.072
910,050
1,145,122
240,053
1,385.175
2022
Tangible fixed assels
cUr￿￿t assets
Creditors falling
due within one year
441,444
302,488
441,444
687,202
82,972
227,998
524,416
915,200
384,714
(39,117)
(39,117)
(39,1IT)
345.597
743,932
1,089,529
310,970
1,400,499
17. FINANCIAL COMMITMENTS
Al 31 st December 2023, the Trust had committed to pay £64,000 in relation to Compasses Bridge and £27,500 in
relation to access works at Northlands Farm.
22