2025-12-31-accounts

THE WEY & ARUN CANAL TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE)

ANNUAL REPORT AND (UNAUDITED) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

COMPANY NUMBER: 01094232 REGISTERED CHARITY NUMBER: 265331

THE WEY & ARUN CANAL TRUST LIMITED CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

	Page
Reference and Administrative Information	1
Trustees' Annual Report	2
Independent Examiner's Report	8
Consolidated Statement of Financial Activities	9
Consolidated and Charity Balance Sheets	10
Consolidated Statement of Cash Flows	11
Notes to the Financial Statements	12

THE WEY & ARUN CANAL TRUST LIMITED REFERENCE AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2025

Registered Company Limited by Guarantee

Registration Number 01094232 (England and Wales)

Registered Charity Number

265331

Registered office

Denning House 84 High St Cranleigh GU6 8AH

Trustees

Mark Akers (appointed 20 January 2026) Tony Coles Margaret Darvill Giles Eyre Tony Ford Dennis Gillen (resigned 18 October 2025) Alan Johnson Julian Morgan (resigned 18 October 2025) Bill Nicholson Gordon Powell John Reynolds

Company Secretary

Giles Eyre

Independent Examiner

D. Wallis FCA 3 Chivalry Road London SW11 1HT

Solicitors

Lynn Murray & Co Solicitors Denning House 84 High Street Cranleigh Surrey GU6 8AH

Glanvilles LLP 45 South Street Chichester West Sussex PO19 1DS

Bankers

CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling ME19 4JQ

1

THE WEY & ARUN CANAL TRUST LIMITED TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2025

The Wey & Arun Canal Trust Limited ("the Trust") is a charity. The Trustees are also Directors of the Trust for the purposes of the Companies Act and present their report together with the financial statements of the Trust for the year ended 31 December 2025. The report is also prepared to 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 set out in note 2 to the financial statements and comply with the Trust's governing document, the Charities Act 2011 and 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).

OBJECTIVES AND ACTIVITIES

The Trust's objects, (last amended on 22 April 2023), and together with the principal activities continue to be the restoration, renovation and operation of the Wey & Arun Canal 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 sites. The aim remains eventually to restore the whole 23-mile length of the canal to through navigation, and also to increase public benefits for those in the area as described below.

Aims, Objectives, Strategy and Activities

The Trust's strategy is to invest in multiple major restoration activities at the same time. 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 2025 the Trust continued to pursue the priorities identified in 2023 and 2024:

1. The extension of the Bramley section southwards,

2. Opening up the canal to cross under the Elmbridge Road into Cranleigh,

3. Extending and improving the fully navigable 2km Dunsfold section including a road crossing at Tickner's Heath, and

4. The Alfold/Ifold/Loxwood section, with a substantial improvement in the towpath along Bonfire Hanger south of Rosemary Lane and a reopening of the navigable section as far as Drungewick lock.

Public Benefit

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 importantly 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. In 2025 extensive work was carried out along the canal at Bonfire Hanger to provide an all-weather surface on the towpath suitable for all users. We also provide permissive paths as a public amenity: in the Hunt Nature Park in Shalford, Surrey; at Birtley (near Bramley, Surrey — opened in 2021 and 2023); under Loxwood High Street; and from Drungewick Lane to Long Meadow.

2. This green corridor is already providing substantial 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 a temporary detriment to wildlife, but the restored habitat is always improved over 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-distance footpath recognised by the Ordnance Survey and following the route of the canal as closely as possible.

4. The Trust encourages water-based activities for all 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 organisations providing similar activities for members of the public or for their community groups.

5. The Trust contributes to the local economy through its trading activities and through its canal restoration activities. In both aspects the Trust has created employment and spends significant sums with local businesses. The Loxwood section of canal is a tourist destination of developing importance, where the public can experience and learn about travel by canal.

6. The Trust is safeguarding the canal as a heritage asset with substantial educational value. The Trust preserves and consolidates surviving structures wherever this is possible; if the structures have deteriorated too much then the Trust plans sensitive repair.

2

THE WEY & ARUN CANAL TRUST LIMITED TRUSTEES' ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

Contribution of Volunteers

The Trust is volunteer-led and largely dependent on volunteers for its day-to-day activities. Volunteer hours contributed during 2025 are estimated to be equivalent to at least 14 full-time staff and totalled in excess of 29,000 hours. Further analysis of volunteers’ contributions is shown in note 9 of these accounts.

Work by volunteers not only benefits the Trust but also enriches the lives of the volunteers themselves. The Trust envisages that volunteers will continue to play a central role but nevertheless expects that, as its activities develop, more paid staff will be needed in order to ensure consistent administration and the continuity of core activities.

ACHIEVEMENTS AND PERFORMANCE

Charitable Activities

The Trust's principal activities during 2025 on each of the sections then identified as priorities were as follows:

1. At Rooks Hill and Fanesbridge,work commenced and is continuing on the new bridge taking the Greensand Way over the canal.

2. At Rye Farm, work progressed on constructing a new towpath and diverting the adjacent bridleway along it.

3. At Elmbridge Road the Trust has identified improvements to the scheme which are being progressed. Dialogue continues with Surrey County Council in relation to them replacing the current single lane road section with a new wider bridge with navigable clearance, but, as yet, without a binding commitment by them to proceed. An initial design for the scheme at the A281 at Fastbridge, Dunsfold was developed in cooperation with landowners.

4. At Tickner's Heath (Stage 1) the water main has been re-routed and preparations for obtaining tenders for the construction of the road bridge have continued. For Tickner's Heath (Stage 2), Common Land Consent has been granted and the planning application is progressing.

5. In the Alfold/Loxwood section, 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, but work is still being done to repair the leaks in the canal. Work has continued to replace and upgrade the pumps and control systems and their housing.

Other important activities included:

1. The operation of the Loxwood Canal Centre and Shalford Information Point (opened in 2021) as central points for welcoming visitors and providing information about the canal.

2. Maintenance and improvement activities on both operational and non-operational sections of the canal.

3. Negotiations with landowners to secure land transfers, leases or permissions for sections of the canal route.

4. Operation of a Mobile Display Vehicle and publicity unit at public events in Surrey and West Sussex to raise awareness of the Trust's work.

Fundraising

The current priority projects are estimated to cost several £million, meaning that fundraising on an increased scale is clearly required. The Trust has continued to adopt a more proactive approach to fundraising and identifying the availability of grants and applying for them, some of which have been received and some others agreed in principle. A specific target for fundraising for Rooks Hill Phase 1 was set and members have been approached to seek to raise this figure. Valuable contributions to the cost of this project were met by obtaining donations of materials and the supply of materials at discounted rates.

During the year some of the most important sources of income were:

1. Donations from Charitable Trusts and many individuals, together with the associated Gift Aid;

2. Grants from local authorities;

3. Legacies from deceased members and supporters;

4. Membership subscriptions and donations from members;

5. The Christmas Raffle;

6. The sponsored walk (‘the Poddle’).

3

THE WEY & ARUN CANAL TRUST LIMITED TRUSTEES' ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

Trading company (W&A Enterprises Ltd)

The Trust holds 100% of issued share capital (£12) in its 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 returned a healthy margin in 2024 and 2025 but as appears to be the new ‘normal’, boat trips were limited during the peak summer months due to lack of water coupled with the need to dredge some areas of the navigation. On close of business on 31 December 2025, the assets and liabilities of the trading subsidiary company W&A Enterprises Ltd were transferred for £nil consideration via a Deed of Transfer to the charitable company, with these activities continuing from 1 January 2026 within The Wey & Arun Canal Trust Limited.

FINANCIAL REVIEW

Financial performance and position

During the year ended 31 December 2025 the Trust's expenditure totalled £595,250 (2024: £478,179). This was lower than annual income of £816,107 (2024: £607,474) – with this being mainly due to higher voluntary income than in the prior year. The Trust continues to rely very largely on the generosity of its members, donors and other supporters.

The Trust’s expenditure on charitable activities increased by 38.6% from £401,623 in 2024 to £556,634 in 2025, due to increased restoration works versus the prior year. The Trust’s net increase in funds for the year ended 31 December 2025 was £220,856 (2024: net increase in funds of £129,295), leading to a total net assets position at 31 December 2025, of £1,735,326 (2024: total net assets of £1,514,470).

Reserves policy

The Trust's general policy is to assign funds to specific projects as soon as they are available, rather than building up substantial reserves. An exception is the Property Fund which is intended to 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 fundraising to support all its major restoration and maintenance activities.

Funds available

Current assets available to the Trust at 31 December 2025 were £1,228,472 (being a subset of total net assets). As shown in note 16, these comprised £248,757 of funds restricted to specific projects, £537,881 of funds assigned (designated) by the Board for current and planned future projects, and £441,835 of unrestricted general funds.

The Trust’s policy is to only assign (designate) funds to projects that are in the implementation or planning phases, as opposed to for long-term contingencies. This typically means that assigned funds are normally spent within 3-5 years. The Trust regularly reviews fund balances and ‘closes’ such funds – where the planned work is finished, where changed circumstances mean that planned work will not go ahead, where costs are less than budget, or where additional funds are obtained from grants specific to those projects. Key project areas, and net current assets set aside for associated projects (both unrestricted designated and restricted funds as shown in notes 15 (a) and (b)) – at 31 December 2025, were:

North (Shalford/Bramley, Rushett, Run Common) Summit Level (Rye Farm, Cranleigh, Dunsfold) South (Bonfire Hanger, Loxwood, Drungewick) Others (General Restoration Work) Total Ring-Fenced Funds (excluding Fixed Assets) Consisting of: Assigned (Designated) Funds £ 537,881 Restricted Funds £ 248,757 Additional funds held at the year end were: Funds invested in Fixed Assets Free reserves Total funds at 31 December 2025

£ 179,480 £ nil £ 13,372 £ 593,786

£ 786,636 £ 518,943 £ 429,747 £ 1,735,326

The Trust’s aim is to hold sufficient unrestricted funds not invested in tangible fixed assets ('free reserves' or ‘the General Fund’) to cover between three and six months' operational running costs. This amounts to approximately £75,000 - £150,000. Funds invested in fixed assets at the end of 2025 amounted to £518,943, leaving free reserves of £429,747, which is comfortably in excess of the target.

4

THE WEY & ARUN CANAL TRUST LIMITED TRUSTEES' ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

Investments and Cash Deposits

In order to minimise any risks, funds 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 to provide support on Human Resources and Health & Safety matters and with Trevor Craggs of Absolute Health & Safety Services to provide Health & Safety consultancy from January 2024. Commitments in respect of future planned restoration and maintenance work are disclosed in note 17 of the financial statements.

FUTURE PLANS

The Trust's plans for each of the areas identified as priorities are as follows:

1. In the Bramley area:

2. a. To complete the Rooks Hill section of the canal, creating new footpath links, including to the Greensand Way.

3. b. Planning for restoration of the canal in the Fanesbridge and Rushett Common area (south of Rooks Hill), including a new bridleway bridge and additional new footpath links.

4. In the Cranleigh/Dunsfold area:

5. a. To complete the moving of the bridleway in Rye Farm north of Elmbridge Road.

6. 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.

7. c. To construct by means of contractors the new Tickner's Heath canal crossing.

8. d. To continue planning for the rebuilding of other structures that currently block the canal route along the Summit Level.

9. In the Alfold/Loxwood area:

10. a. To complete the replacement of pumps in the Loxwood section.

11. b. To re-establish the navigable section southwards as far as Drungewick Lock.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

The Trust is a company limited by guarantee and 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

Constitutionally, a third of the trustees stand down each year and normally offer themselves for re-election at the Annual General Meeting held in late April each year. New trustees are nominated by the members. Where there are more nominations than vacancies, an election by members present is held at the AGM. No other person, or body external to the Trust, is entitled to appoint any of the trustees. The trustees, at their next meeting after the AGM, then elect the post-holders such as the Chairman, Vice-Chairman and Secretary.

The trustees who served during the year are listed on page 1.

All trustees attend regular board meetings. At the first meeting after the AGM, each 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 trustees.

5

THE WEY & ARUN CANAL TRUST LIMITED TRUSTEES' ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

Organisational Structure

The trustees normally meet once per month. There were 9 meetings of the board during 2025. The members of the board during that year and their attendance records are as follows.

Trustee:	Appointed or Resigned from 1 January 2025:	Meetings Attended in 2025:
Margaret Darvill	(Resigned as Acting Chairman 18 October 2025	9
Dennis Gillen	(Resigned 18 October 2025)	6
Julian Morgan	(Resigned 18 October 2025)	2
Giles Eyre		8
Gordon Powell		8
Tony Coles		6
Tony Ford		8
Alan Johnson		9
John Reynolds		9
Bill Nicholson		9

At the end of 2025, the Trust had one full time and two part-time employees. These comprised:

• One Operations Manager;

• One part-time Operations Assistant;

• Two part-time Accounts Assistants.

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 organisation of major fundraising events.

Related Parties

The Trust is affiliated to The Inland Waterways Association, two local wildlife trusts and Surrey Hills Enterprises, but is independent of all these bodies.

The Trust holds 100% of issued share capital (£12) in its trading subsidiary, W&A Enterprises Ltd, and approves the appointment of directors to that body. From 1 January 2026 the subsidiary’s former activities will be carried out by The Wey & Arun Canal Trust Ltd, with the subsidiary to become dormant (its assets and liabilities were transferred to the parent charitable company for £nil consideration via a Deed of Transfer on 31 December 2025).

Principal Risks

The major risks to which the Trust is exposed, as identified by the trustees, are reviewed annually. The containment of identified risks is a continuing task of the trustees. Some of the major risks identified, and the actions to mitigate them, are as follows:

Risk	Mitigation
Perceived negligence by the Trust, its volunteers or agents	Public Liability Insurance, close liaison with statutory bodies, improved training for volunteers.
Failure of income streams	Careful financial management and a policy of not committing to major work until funds are available. Overheads and recurring expenses are minimised. Opportunities to apply for grants are being maximised. A new fundraising consultant was appointed in 2024.

6

THE WEY & ARUN CANAL TRUST LIMITED TRUSTEES' ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

Principal Risks (continued)

----- Start of picture text -----
Risk Mitigation
Decision by a landowner not to Other than for good reasons, Trust policy is normally not to commit to major
agree or extend a lease expenditure without ownership or a long lease being in place.
Failure of canal structures - natural Other than where the Trust has agreed to accept responsibility under a specific
agreement with a local authority, highway bridges are the responsibility of the
local authorities.
Regular inspection of smaller structures. Reinforcement of banks with robust
materials. Potential remote monitoring of water levels, including alarm systems.
Failure of canal structures — Reconstruction of housing for pumps and electronics with improved
criminal vandalism reinforcement and security.
Failure of water supply to operational Careful water management with improved electronic monitoring. Use of pumps to
section move water upstream through locks.
Accidents to visitors, volunteers or Risk assessments for all major activities. Health & Safety Policy in place for
general public working party volunteers. Restoration Group reviews all incidents and takes
appropriate action.
----- End of picture text -----

Statement of Trustees' Responsibilities

The trustees (who are also directors of The Wey & Arun Canal Trust Limited for the purposes of company law) are responsible for preparing the Trustees' Annual Report and the group financial statements in accordance with applicable law and regulations.

Company law requires the trustees to prepare financial statements for each financial year. Under that law the trustees have elected to prepare the financial statements in accordance with the United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the income and expenditure of the company 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 SORP.

• Make judgements and accounting estimates that are reasonable and prudent.

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

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 at 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 taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees' annual report was approved by the trustees on 16 June 2026 and is signed on their behalf by:

Margaret Darvill Trustee Date: 16 June 2026

7

THE WEY & ARUN CANAL TRUST LIMITED INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2025

I report to the charity trustees on my examination of the accounts of the above group and parent charitable company (‘the charity’) for the year ended 31 December 2025 as set out on pages 9 to 23.

Responsibilities and basis of report

As the charity's trustees (who are also the directors of the parent charitable company for the purposes of company law), you are responsible for the preparation of the group accounts in accordance with the requirements of the Companies Act 2006 ("the 2006 Act").

Having satisfied myself that the accounts of the group and parent charitable 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 respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 ("the 2011 Act"). In carrying out my examination, I have followed the Directions given by the Charity Commission (under section 145(5)(b)) of the 2011 Act.

This report is made solely to the parent charity’s trustees, as a body. My work has been undertaken so that I might state to the parent charity's trustees those matters which I am required to state to 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 to any party other than the parent charity and charity's trustees as a body, for my examination, for this report, or for the statement I have given below.

Independent examiner's statement

The group's gross income exceeded £250,000 and I am qualified to 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 to my attention which gives me cause to believe that, in any material respect:

• Accounting 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 (FRS102).

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

David Wallis FCA

Fellow of the Institute of Chartered Accountants in England & Wales 8, 3 Chivalry Road London SW11 1HT

Date: 16 June 2026

8

THE WEY & ARUN CANAL TRUST LIMITED CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (including income & expenditure account) FOR THE YEAR ENDED 31 DECEMBER 2025

----- Start of picture text -----
Unrestricted Restricted Total Unrestricted Restricted Total
Funds Funds Funds Funds Funds Funds
2025 2025 2025 2024 2024 2024
Note £ £ £ £ £ £
Income
Donations, legacies and similar
4
income
Subscriptions 27,033 - 27,033 28,265 - 28,265
Donations and legacies 471,705 205,495 677,200 391,986 10,617 402,603
Grants 1,777 31,636 33,413 - 40,799 40,799
Other fundraising and trading
activities
Fundraising 5 13,568 - 13,568 18,107 - 18,107
Trading subsidiary income 6 26,273 - 26,273 54,056 - 54,056
Other income 5 4,819 - 4,819 28,700 - 28,700
Investment income
Bank interest 33,801 - 33,801 34,944 - 34,944
Total Income 578,975 237,131 816,107 556,058 51,416 607,474
Expenditure
Expenditure on raising funds
Costs of raising voluntary
7 18,159 2,162 20,322 21,682 2,402 24,084
income
Trading subsidiary costs 6 18,295 - 18,295 17,393 - 17,393
Charitable activities 8 412,036 144,598 556,634 364,563 37,059 401,623
Other 7 - - - 35,079 - 35,079
Total expenditure 448,490 146,760 595,250 438,717 39,461 478,179
Net income (expenditure) for the year 130,485 90,371 220,856 117,341 11,955 129,295
Transfers between funds 15 17,130 (17,130) - - - -
Net movement in funds 147,616 73,240 220,856 117,341 11,955 129,295
Reconciliation of funds:
Total funds brought forward 1,262,462 252,008 1,514,470 1,145,122 240,053 1,385,175
Total funds carried forward 1,410,078 325,248 1,735,326 1,262,463 252,008 1,514,470
----- End of picture text -----

All amounts derive from continuing activities.

All gains and losses recognised in the period are included in the statement of financial activities. The annexed accounting policies and notes form part of these financial statements.

9

THE WEY & ARUN CANAL TRUST LIMITED (a company registered by guarantee 01094232) CONSOLIDATED & CHARITY BALANCE SHEETS FOR THE YEAR ENDED 31 DECEMBER 2025

----- Start of picture text -----
Consolidated Consolidated Charity Charity
2025 2024 2025 2024
Note £ £ £ £
Fixed assets
Tangible assets 10 518,943 537,483 518,943 537,483
Investments 11 - - 12 12
518,943 537,483 518,955 537,495
Current assets
Stocks (restoration project materials) 69,180 2,930 [ 69,180 ] -
Debtors 12 54,406 147,773 54,406 149,635
Short-term deposits 890,592 711,836 890,592 711,836
Cash at bank and in hand 214,292 127,764 214,292 118,565
1,228,471 990,303 1,228,471 980,036
Creditors: Amounts falling due within
14
one year (12,088) (13,316) (12,088) (8,177)
Net current assets 1,216,383 976,987 1,216,383 971,859
Total assets less current liabilities 1,735,326 1,514,470 1,735,338 1,509,354
The funds of the charity:
Restricted income funds 15 325,248 252,008 325,248 252,008
Unrestricted income funds:
. Designated funds 15 980,332 807,583 980,344 807,583
. Other charitable funds 15 429,747 454,879 429,747 449,763
Total unrestricted funds 1,410,078 1,262,462 1,410,090 1,257,346
Total charity funds 1,735,326 1,514,470 1,735,338 1,509,354
----- End of picture text -----

For the year ending 31 December 2024 the parent company and group were entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit 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 prepared in accordance with the provisions applicable to companies subject to the small companies' regime. They were approved and authorised for issue by the directors and signed on their behalf by:

Margaret Darvill Trustee Date: 16 June 2026

The annexed accounting policies and notes form part of these financial statements.

10

THE WEY & ARUN CANAL TRUST LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2025

----- Start of picture text -----
2025 2025 2024 2024
£ £ £ £
Net cash flow from operating activities
Net income (expenditure) for year 220,856 129,295
Adjustments for:
Interest receivable (33,801) (34,944)
Depreciation of tangible fixed assets 30,041 34,426
Increase in stock (66,250) 783
Decrease (increase) in debtors 93,366 (92,438)
(Decrease) in creditors (1,228) (9,482)
Net cash provided by (used in) operating activities 242,984 27,641
Cash flow from investing activities
(Payments) to acquire (dispose of) tangible
fixed assets (11,500) 16,765
Interest received 33,801 34,944
Net cash flow (used in) investing activities 22,301 51,709
Net increase (decrease) in cash and cash equivalents 265,285 79,349
Cash and cash equivalents brought forward 839,600 760,251
Cash and cash equivalents carried forward 1,104,885 839,600
Cash and cash equivalents consists of:
Cash at bank and in hand 214,292 127,764
Short-term deposits 890,592 711,836
Cash and cash equivalents carried forward 1,104,885 839,600
----- End of picture text -----

11

THE WEY & ARUN CANAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

1. GENERAL INFORMATION

The Wey & Arun Canal Trust is a company, limited 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 the Reference and Administrative Details section. Details of the charity's operations are provided in the Trustees' Annual Report.

2. ACCOUNTING POLICIES

The principal accounting policies adopted, judgements and key sources of estimation 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 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 Companies Act 2006 and the Charities Act 2011 (and 2022).

The trustees have concluded that there is a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements.

2.2 Basis of consolidation

The financial statements consolidate the results of W & A Enterprises Ltd, which is a wholly 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 disclosure exemption available in FRS 102 and has not presented a separate statement of cash flows. It has also taken advantage of section 408 of the Companies Act 2006 not to include an individual income and expenditure account for the parent company.

2.4 Income

All income is included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:

• Related tax credit on donations received 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 services are included at their estimated open market valuation where a reliable valuation is available.

12

THE WEY & ARUN CANAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

2. ACCOUNTING POLICIES (CONTINUED)

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 to the general running of the charity are allocated against unrestricted funds, and within the statement of financial activities these expenses are shown as costs of generating funds, charitable activities, support costs and governance costs. An apportionment of staff wages and office costs between support costs and governance costs has been carried out on the basis of time spent by staff on the various activities.

The cost of charitable activities all relates to the charity's activities of canal restoration, renovation and operation. Support costs are expenditure incurred directly in supporting charitable activity. Restoration costs are generally not of a capital nature. (See fixed asset policy 2.8 for treatment of capital items).

Costs of generating funds include the costs to maintain the Trust's profile with the general public and statutory authorities so as to retain regular financial support, together with the costs of keeping the membership informed of its ongoing activities.

Governance costs are those relating to the charity's compliance with constitutional and statutory requirements.

2.6 Restricted and designated funds

Restricted funds are funds subject to specific conditions imposed by donors as to 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 unrestricted funds by the trustees for specific purposes. The use of such funds is at the trustees' discretion.

2.7 Investments

Investments are initially recognised at their transaction value and subsequently measured at their market value as at the balance sheet date using the closing 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

Land

Where the trustees consider it appropriate for the restoration and reopening of the canal, the Trust purchases freehold land.

The Trust owns approximately 6 kilometres of land containing the canal and some land adjoining the canal, split over various locations. Land is capitalised and included within tangible fixed assets at historic cost where purchased, with related costs of purchase written-off within expenditure on the statement of financial activities when incurred. Donated land is included within tangible fixed assets at an estimated open market valuation where a reliable valuation is available.

Approximately 15% of the total land held by the Trust had no reliable valuation available at the time it was gifted, and is therefore included on the balance sheet at a value of £nil.

13

THE WEY & ARUN CANAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

2. ACCOUNTING POLICIES (CONTINUED)

2.8 Fixed Assets (Continued)

Structures (Locks and Bridges; Canal Centre and Information Centre)

Structures (such as locks, bridges and buildings) on land owned by the Trust are generally owned by the Trust unless in the case of bridges they are adopted by the local Council or Highway Authority. Some structures erected by the Trust on land not owned by the Trust are also owned by the Trust, such as the Loxwood Canal Centre, Shalford Information Centre, Harsfold Bridge and Haybarn Bridge.

Plant and Machinery

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.

Wiggonholt

The canal boat Wiggonholt is being leased to the charity's trading subsidiary and written off by equal annual instalments over its expected useful life of 20 years.

2.9 Stocks

Stock is valued at 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 anticipated costs to completion and selling costs.

2.10 Pensions

The charity operates a defined contribution pension scheme. Contributions are charged to the Statement of Financial Activities as they become payable in accordance with the rules of the scheme.

14

THE WEY & ARUN CANAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

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:

Income Profits made by subsidiary company and passed to the Trust Other charges made to subsidiary company	Income Profits made by subsidiary company and passed to the Trust Other charges made to subsidiary company	2025 £ 2024 £ 809,834 553,418 12,065 36,180 6,000 6,000
Expenditure		827,899 595,598 (583,812) (460,141)
Net movement in funds		244,086 135,457
DONATIONS, LEGACIES	AND SIMILAR INCOME Unrestricted Restricted Total Funds Funds Funds 2025 2025 2025 £ £ £	Unrestricted Restricted Funds Funds 2024 2024 £ £	Total Funds 2024 £
Member subscriptions	27,033 -27,033	28,265 -	28,265
Donations and legacies General Gift Aid receipts Legacies Milestone Club Donated materials	276,873 88,295365,168 20,962 -20,962 156,324 56,000212,324 17,547 -17,547 -61,20061,200	284,246 10,617 19,622 - 72,000 - 16,118 - - -	294,863 19,622 72,000 16,118 -
	471,705 205,495677,200	391,986 10,617	402,603
Grants	1,777 31,63633,413	- 40,799	40,799

4. DONATIONS, LEGACIES AND SIMILAR INCOME

5. OTHER FUNDRAISING AND TRADING ACTIVITIES

Fundraising Sponsored walks Draws Talks Other income	Unrestricted Restricted Total Unrestricted Restricted Total Funds Funds Funds Funds Funds Funds 2025 2025 2025 2024 2024 2024 £ £ £ £ £ £ 9,149 -9,1498,216 - 8,216 3,239 -3,2398,181 - 8,181 1,180 -1,1801,710 - 1,710 13,568 -13,56818,107 - 18,107 4,819 -4,81928,700 - 28,700

15

THE WEY & ARUN CANAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

6. RESULTS FROM TRADING ACTIVITY OF SUBSIDIARY

The charity The Wey & Arun Canal Trust Limited (by guarantee) has a wholly owned trading subsidiary which is incorporated in the U.K (and which became dormant on 1 January 2026).

W & A Enterprises Limited operated the Trust's tripboats for public trips and hire under charter in the year, together with the sale of merchandise to support the activities of the charity. A summary of its trading results for the year is shown below. Accounts are filed with the Registrar of Companies.

Turnover Cost of sales (excluding leasing charges) Administrative expenses The subsidiary paid the following to the charity: Leasing charges Donations Net profit	2025 £ 2024 £ 26,273 54,056 (12,732) (11,379) 13,541 42,677 (5,563) (6,014) 7,978 36,663 6,000 6,000 12,065 36,181 18,065 42,181 10,087 5,518

7. (a) COSTS OF RAISING VOLUNTARY INCOME

Fund-raising activities including Wey-South magazine Publicity and public relations Sponsored walk _Wiggonholt_depreciation Loxwood Canal Centre depreciation Shalford Information Point depreciation (b) OTHER EXPENDITURE Loss on disposal of tangible fixed assets

Unrestricted Restricted Total Unrestricted Restricted Total Funds Funds Funds Funds Funds Funds 2025 2025 2025 2024 2024 2024 £ £ £ £ £ £ 9,836 -9,83613,702 - 13,702 1,783 -1,7831,292 240 1,532 538 -538692 - 692 4,523 4,5234,517 - 4,517 - 2,1622,162 - 2,162 2,162 1,479 -1,4791,479 - 1,479 18,159 2,16220,32221,682 2,402 24,084 Unrestricted Restricted Total Unrestricted Restricted Total Funds Funds Funds Funds Funds Funds 2025 2025 2025 2024 2024 2024 £ £ £ £ £ £ - - -35,079 - 35,079

16

THE WEY & ARUN CANAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

8. EXPENDITURE ON CHARITABLE ACTIVITIES

Restoration costs Rooks Hill Farm Rye Farm, Rydinghurst Tickner's Heath Other Training Other expenses Other staff costs Canal operation Insurance Canal works Plant works Plant and equipment depreciation Support costs Support staff costs Office and other expenses Legal and professional fees Affiliation fees Governance costs Meeting expenses Independent examination costs Total

Unrestricted Funds Restricted Funds Total Funds Unrestricted Funds Restricted Funds Total Funds 2025 2025 2025 2024 2024 2024 £ £ £ £ £ £ - 104,649104,649 - 1,089 1,089 72,387 -72,3871,240 - 1,240 65,258 -65,2581,138 - 1,138 9,753 62510,37852,811 19,540 72,351 147,397 105,274252,67155,189 20,629 75,817 4,011 -4,01111,139 - 11,139 151,409 105,274256,68366,328 20,629 86,956 50,138 -50,13871,214 - 71,214 7,543 -7,54312,877 - 12,877 11,466 -11,46613,687 - 13,687 67,060 8,26875,32884,067 16,431 100,498 39,123 29,55668,68022,889 - 22,889 21,877 -21,87726,268 - 26,268 197,206 37,824235,031231,002 16,431 247,433 19,101 -19,10127,130 - 27,130 26,584 -26,58426,819 - 26,819 11,256 1,50012,7568,511 - 8,511 218 -218443 - 443 57,158 1,50058,65862,903 - 62,903 2,752 -2,752991 - 991 3,510 -3,5103,340 - 3,340 6,262 -6,2624,331 - 4,331 412,036 144,598 556,634364,564 37,060 401,623

17

THE WEY & ARUN CANAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

9. EMPLOYEE COSTS AND KEY MANAGEMENT PERSONNEL

The trustees make up the key management personnel of the charity. No trustees received remuneration during the year (2024: £nil). No trustees were reimbursed for personal expenses during the year (2024: none). Combined total donations received from all trustees during the year were £2,025 (2024: £1,730). There were no conditions associated with these donations.

----- Start of picture text -----
||||| |---|---|---|---| |The costs of employing staff|were:|2025|2024| |£|£| |Wages and salaries|60,361|93,551| |Social security costs|5,427|1,462| |Pension costs|2,813|1,392| |68,601|96,405|

----- End of picture text -----

No employee earned 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:

----- Start of picture text -----
|||| |---|---|---| |2025|2024| |No.|No.| |Average full time equivalent no. of staff|1.9|3.8| |Average headcount of no. of staff|3.3|6.3|

----- End of picture text -----

The charity relies substantially on its core team of volunteers. Their work covers:

----- Start of picture text -----
|||||| |---|---|---|---|---| |2025|2025|2024|2024| |Total hours|Estimated|Total hours|Estimated| |value, £|value, £| |Working parties|25,769|378,804|23,162|324,268| |Management & administration|3,384|66,834|5,527|103,982| |29,153|445,638|28,689|428,250|

----- End of picture text -----

In accordance with generally accepted accounting practice, the above estimated values are not included as monetary equivalents in income or expenditure.

18

THE WEY & ARUN CANAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

10. TANGIBLE FIXED ASSETS

Land £ Loxwood Canal Centre £ Shalford Information Point £ Cost At 1 January 2025 347,280 108,103 29,580 Additions 11,500 - - Disposals - - -	Plant & Equipment £ Wiggonholt £ Subsidiary owned Boats £ Total £ 216,305 90,469 12,100803,837 - - -11,500 - - - -
At 31 December 2025 358,780 108,103 29,580	216,305 90,469 12,100815,337
Depreciation At 1 January 2025 - 28,026 5,916 Charge for the year - 2,162 1,479 Eliminated on disposal - - -	147,948 72,363 12,100266,353 21,877 4,523 -30,041 - - - -
At 31 December 2025 - 30,189 7,395	169,824 76,886 12,100296,394
Net book value At 31 December 2025 358,780 77,915 22,185	46,481 13,583 - 518,943
At 31 December 2024 347,280 80,077 23,664	68,357 18,106 - 537,483
Land The Trust owns approximately 6 kilometres of land containing the canal and some land adjoining the canal, split over various locations. 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. FIXED ASSET INVESTMENTS 2025 2024 £ £ Wholly owned subsidiary (see Note 6):- W&A Enterprises Ltd: 12 ordinary shares of £1 each 12 12
	12 12

11. FIXED ASSET INVESTMENTS

19

THE WEY & ARUN CANAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

12. DEBTORS

Trade debtors VAT reclaimable Due from subsidiary company (see Note 6) Prepayments & accrued income Other debtors Gift-aid recoverable CURRENT ASSET INVESTMENTS Market value brought forward Additions Disposals Market value carried forward Investments listed on recognised stock exchanges:	Consolidated Consolidated Charity Charity 2025 2024 2025 2024 .£ . £ .£ . £ 9,40940,7999,40940,799 21,6426,27121,6429,035 ---3,768 13,01493,41013,01493,295 2,0471,8402,047 - 8,2952,7388,2952,738 54,406145,05754,406149,635 Consolidated Consolidated Charity Charity 2025 2024 2025 2024 .£ . £ .£ . £ ---- ---- ---- ----

13. CURRENT ASSET INVESTMENTS

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

VAT payable Social security & other taxes Sundry creditors and accruals	Consolidated Consolidated Charity Charity 2025 2024 2025 2024 .£ . £ .£ . £ 2,3892,3002,3892,300 1,2331,2331,2331,233 8,4666,0348,4664,644 12,0889,56712,0888,177

20

THE WEY & ARUN CANAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

----- Start of picture text -----
15. FUNDS
Balance at Balance at
a) Restricted Funds 1 Jan 2025 Income Expenditure Transfers 31 Dec 2025
£ £ £ £ £
Canal Centre 78,654 - (2,162) - 76,492
Summit Level 255 - - (255) -
North 119,168 150,495 (115,848) - 153,816
Loxwood 12,911 19,300 (18,839) - 13,372
Bonfire Hanger 21,307 1,360 (5,109) (17,558) -
General Restoration 19,713 65,976 (4,802) 683 81,569
Total Restricted Funds 252,008 237,131 (146,760) (17,130) 325,249
At 1 Jan At 31 Dec
Prior Year - Restricted Funds 2024 Income Expenditure Transfers 2024
£ £ £ £ £
Canal Centre 80,816 - (2,162) - 78,654
Summit Level 255 - - - 255
North 119,168 - - - 119,168
Loxwood 12,911 - - - 12,911
Bonfire Hanger - 40,799 (19,492) - 21,307
General Restoration 26,903 10,617 (17,807) - 19,713
Total Restricted Funds 240,053 51,416 (39,461) - 252,008
b) Unrestricted Funds
Balance at Balance at
1 Jan 2025 Income Expenditure Transfers 31 Dec 2025
£ £ £ £ £
Designated Funds:
Fixed Assets 458,830 11,500 (27,879) - 442,451
North 34,869 - (9,205) - 25,664
Loxwood (including Bonfire Hanger) 302 - (17,392) 17,090 -
Summit Level 9,275 25,250 (145,668) 111,144 -
General Restoration 304,308 120,000 (4,576) 92,485 512,217
807,583 156,750 (204,720) 220,719 980,332
General Funds - Charity 449,761 395,952 (225,475) (190,505) 429,735
Trading Subsidiary 5,118 26,273 (18,295) (13,084) 12
1,262,462 578,975 (448,490) 17,130 1,410,078
Total Restricted Funds (as above) 252,008 237,131 (146,760) (17,130) 325,248
Total Funds 1,514,469 816,107 (595,250) - 1,735,326
Of which:
Retained in parent 1,509,354 789,835 (576,955) 13,084 1,735,318
Retained in subsidiary 5,118 26,273 (18,295) (13,084) 12
1,514,470 816,107 (595,250) - 1,735,326
----- End of picture text -----

21

THE WEY & ARUN CANAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

15. FUNDS (CONTINUED)

b) Unrestricted Funds (continued)

Prior Year - Designated Funds: Fixed Assets North Loxwood Summit General Restoration General Funds - Charity Trading Subsidiary Total Restricted Funds (previous page) Total Funds Of which: Retained in parent Retained in subsidiary

Income Expenditure Transfers £ £ £ £ £ 507,858 - (32,264) (16,764) 458,830 24,629 5,240 - 5,000 34,869 57,870 - (36,000) (21,569) 302 69,377 - - (60,102) 9,275 250,316 - (58,859) 112,851 304,308 910,050 5,240 (127,124) 19,417 807,583 224,435 496,762 (288,200) 16,764 449,761 10,637 54,056 (23,394) (36,181) 5,118 1,145,122 556,058 (438,717) - 1,262,462 240,053 51,416 (39,461) - 252,008 1,385,175 607,474 (478,179) - 1,514,470 1,374,538 553,419 (454,785) 36,181 1,509,354 10,637 54,056 (23,394) (36,181) 5,118 1,385,175 607,474 (478,180) - 1,514,470 Balance at 1 Jan 2024 Balance at 31 Dec 2024

Restricted

The Loxwood Canal Centre fund represents donations specifically received to fund the construction of the asset. Depreciation relating to 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 canal 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, Summit, Loxwood and Bonfire Hanger funds represent the totals of unrestricted funds received that have been assigned by the trustees to specific projects on these areas of the canal.

General Restoration & Maintenance Funds are those for minor specific projects currently in hand.

22

THE WEY & ARUN CANAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

16. ANALYSIS OF NET ASSETS BETWEEN FUNDS

2025 Tangible fixed assets Current assets Creditors falling due within one year 2024 Tangible fixed assets Current assets Creditors falling due within one year	General Funds Designated Funds Unrestricted Total Funds Restricted Funds Total Funds £ £ £ £ £ - 442,451442,45176,492 518,943 441,835 537,881979,716248,757 1,228,472 (12,088) -(12,088) - (12,088) 429,747 980,3321,410,078325,248 1,735,326 -458,829 458,829 78,654 537,483 468,194 348,754 816,948 173,354 990,302 (13,316) - (13,316) - (13,316) 454,878 807,583 1,262,462 252,008 1,514,470

17. FINANCIAL COMMITMENTS

At 31 December 2025, the Trust had committed to pay £14,000 in relation to Compasses Bridge. (At 31 December 2024, the Trust had committed to pay £64,000 in relation to Compasses Bridge).

18. RELATED PARTY TRANSACTIONS

Related party transactions in the year in the form of donations from trustees and any personal expenses paid to trustees are disclosed in note 9 to these financial statements.

19. POST-BALANCE SHEET EVENTS

No events occurred between 31 December 2025 and the date of signature of these financial statements that require disclosure as post-balance sheet events.

23