RegBtrred number: 01207787 Charity number.. 269721 THE COTSWOLD CANALS TRUST IA Company Limited by Guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 *AtKIWBY¢ 271CV3r2024 COMPANIES HOUSE THE COTSWOLD CANALS TRUST . (A Cornpany Llmiied by Guarnntee) CONTENTS Page R•feron¢e and AdministTalive t)¢tslls of the Charity. its Tfttst￿ and Advise TruBt¢es' Report Indep•ndentAuditors' Report on the Financial Statements Statsment of Financial Actfvities 2-13 14-17 18 Balance Sheet 19-20 Notes to the Flnan¢lal Stalements 21-41 ".TklÈ",COTSYiOLD.CAP4ALS..TRUST'. :._,. . *:btr.{A Coinpaiiy,L4iiiitéd by".Guarant•e) :. REFERENCE AND ADMINISTRATIVE DETAILS OF ThE CHARifY. ITS TRUSTEES AND ADVISERS FOR ThE YEAR ENDED 31 MARCH 2024 Trustees Jim White. Chair & Enginewing Director (resigned 14 October 20231. John Newton. Chair & Project Direct Alan Jones. Vice Chair & Westem Di¥i*on COnstruct￿n IAatthew Lee. Treasurer Kenneth Burgin. Director {resKJned 8 March 2024) Nicholas Rowson. Environment t*"rector Reginal Gregory, Maintenance Direclorl Westem Oepot Manager Laurence Bryant. Health & Safety Ireg9ned 18 November 2023) John Mlan, Deveklpment Eastem Thames & Sevem David Higgs. Legal TnJstee Slephen Pidtover. Prc¢urement Sardaruddin Khan. Director (reS￿ned 3 May 2023} David Hagg. Director (app￿nted 10 January 20241 tlouglas Looman. Health and Safety (appointed 18 November 2023} mee Mamm. Director Jarffts Trumper. tl"rector {appointed 7 February 20241 Company registgred number 01207787 Charity registered number 269n1 Registered office Bell House WallbrKlge Stroud Gloucestershi GL5 3JS Company $•¢r•tary 'sa Mant Ind¢p•nd¢nt auditors RandaN & Pa￿ LLP Statutory ALtdilors Shurdington Road Cheltenham Gloueeslershire GL514GA 8ankers Barclays Bank 18 Southgate Streel Gloucester Gloucestershire GL1 20H Page 1 THE'COTSWOLD CANAiS,TrLIST . (A Compary LIn￿d ty Guardnte•) TRUSTEES. REPORT FOR THE YEAR ENDED 31 IWICH 2024 Page 2 .THE COTSWOLD CANALS TRUST IA Company LhTthd ty Guarnntee TRUSTEES. REPORT ICONTINVED) FOR THE YEAR ENDED 31 MARCH 2024 Introduclion The Cotswold Canals TN$l Council subnNts its 49th Annual Report to members of the Trust for the year ending 31st March 2024, which is also pwared lo meet the requirements for a th"rectorfs Repcrt & Accounts for Companies"Act purposes. The finanaal stalements eompfy wrth Ihe Charrt*s Act 2011. the Companies Act 21x16 and Accounting and Reporting for Charib"es.' Statement of Recommended Pracb"ce appliCa￿e lo Charitses prepanng their accjjunts in 8ccordanee with the Finanaal ReFQrting Standards applicable In the UK and the Republ￿ of Ireland IFRS1021. Please note Ihat figures in Ixackets refer to the year ended 31st March 2023. Legal and Administrative Govemiry document." Merrn)randum & ￿tides of Asgxiabon. • Company limited by guarantee I￿". 01207787. . Registered charity no. 269721. . Registered office.. Bell House. Wallbridge W Stroud, GL5 3JS. • Administration office.. Bell House, Walbridge LOCK StrtyJd. GL5 3JS. • 8ankers.' Barclays Bank, Gloucester. • Auditors. Randall and Payne. Chargrove House, Shurdinglon. GL514GA • Wholty owned subsidiaries". . Cotswold Canals Trust (Trading) Limtted, • Hill Court Istonehousel Limited. * The Trust is one of four members of the Str(￿d Valleys C￿81 Company Limited ISVCCI, a wislered charity. * The Trust is a partner in the Cotswold Canals Partnership {CCPI. • The Trust is a partner in Co15wokJ CanaLs Connected lalso known as Phase 181. * Principal acb"vty'. the promolK)n. mainienarKe and resltrab'on of the Stroudwatef Nawgalion and the Thames & Sevem car￿1. The Trustees present their annual report together with Ihe audited finanual slalements of the Charity for the year 1 April 2023 to 31 March 2024. The Annual Report serves the purposes of both a Trustee's report and a d1￿cto￿S report urKler company law. The Trustees confirm that the Annual Report and financial statements of the charitable ￿rnpanY ¢ompty with the Current $talutory. requirements ol the Charitsble ¢ompanls governing document and the provigons ol the Statemenl of Recommended pracb.￿ ISORP} applicable to Chanlies preparing their acwunts in ac¢(ffdanee with the Financial Reporting Slandard appl￿ble in the UK and Republi¢ of Ireland IFRS1021 {effethve l January 20191. Since the Charity qualifies as small uThJer section 382 of the Companps Aet 2006. the Strategic Report required of medium and large companies under the Companies Act 20C6 Istrategic Report and Directorfs Reporti Regulations 2013 has been omitted. Page 3 THE COTSWOLD CANALS TRUST IA Company Umltedty Guarnntse TRUSTEES. REPORT ICONTINUED) FOR THE YEAR ENDED 31 ￿RCH 2024 Objectiv•s and a¢li¥iti a. Aims and Obje¢llv•s The objects of the Colswokl Canals Trust rccri as set out in OLFr Mem(￿andum and Art￿eS of As50C4ation are". la) The preservation. rna1nten￿￿ in good order and improve￿nt of canals. navKJable rivefs and inland waterways Ihereinafter called "navigabons.) for the use ol the public. {b} To promote the Ltse of Ihe nawgations for the benefit of the publ¢. To educate the public in the history, use of and wildlife assocraled wrth the navigab"ons. (d) ' To provide ￿¢re*lOnal and leisure time actNib"es on the navigation in the interests of social welfare for those who have need by reason of their youih, age, infirmity or disabilty. povety or social and economic ¢ircUmstsn￿ with a view to improvTrng the contlitions of life of such persons. (e} To further for public and environmentsl benefiL the enhar￿eIrEn¢ of the natural features'and wildlrfe habitats of the navigations landscape. ifj To fijrther any purpose whth is chantable urrfler the Iw• of England and Wales connected wtth .Ihè navigations In setb.ng objectives and planning for xtprtties, the Tnjstees have grrfen due consideration to geneial guidance published by ihe Charity Commis￿on relating to publi¢ benefft. induding the guidance 'Put4i¢ benefit. running a charity IP82)'. Full restorab.on of the Cotswold Canals wll be phased dependent UFon major fvnding. The Cotswold Canals Trust WIN be seizing every opportunrty to raise funds to restore seclions of canals not within deS￿nated schemes. The Trust ¢onb'nues to pro￿18 the use of the restored Cot￿0￿j Canals as a means of transferring water from the Sevem to the Thames. This has inv¢knd engagement Water Resource5 5oLth East. Tharne5 Water and their consultants. During the year there have been xtNe briefings to our members so that they could participate in the public consultth.on exeruse that ss taking placA. We beI￿ve th* Water Transfer offers the best prosFecl of securing the resloratKJn to fiJM navigats.on of rTr)st of the canal from Saul to Inglesham within the next decade or 50. Page 4 THE COTSWOLD CANALS TrUST (A Campany LImlI￿ by Guarantee) TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 IAARCH 2024 Objectiv•s and activities {¢ontlnu¢d) ts. Trust Coun¢il CCT is both a chanty and a Company Imiteil by guarantee. Trust Council members hjffil the dual roles of rfustees of the charity and Directors of the Limited Company. The folkm.ng served as Trust Council members dunng the financial year ended 31st March 2¢X24". . Chair. Jim White (Resigned 18th October 20231 . Chair. David Hagg (Apwnted 11)th January 20241 • Vi¢e£hairs". John Newton arKI Alan Jones • T￿aSUr￿.. Matthew Lee + Finance. James Trumper (Ap￿Inted 7th February 2024) + Pfojecl Director." John Ne+Aon . Western Division Constructh)n". Alan Jones * Environment Director.. N￿k Rowson • Development Eastem Thames & Sevem.. John Allan • Marketing.. Sardaruddin Khan {ResigneO 3rd May 2023) Director. Ken Burgin (Resigned 8th March 2024) . Heatth and Safety". Laurence Bryant {Resigned 21st No¥￿ber 2023) • Health and Safety" OoLtglas Loornan (Appointed 21st November 2023) . Maintenar￿e Di1￿0￿￿estern Depot Manager." Re9 Gregory * Procu￿ rnenL Steve PKkover Legal.Tru51ee." Davhd Higg5 . TnJ$lee.' Aimee-Louise Mdcolm We were devastated when our chav￿Rn, Jim White. died unexFededty in Octoter 2023. Jim's conlribution to The Trust and the whole Canal famity cannot be understated and he leaves a massive void in terms of his complete commitment to the cause and hTrs tirekss work and dedKati"on. We were equalty sad to lose Ken Burgin, Tnjstee. in March 2024. Ken had been a part of the canal reStOrat￿n propct for 48 years and hi5 knowledge and experience gained over many years will be sorefy missed. We are ddighted Ihat Dawd Hagg has Joined us as ou¢new Chair. Vl¢e Presidents Mrs Siobhan Bailey MP, Sir Geoffrey Cliftor￿8r￿I MP. Mr. Chris Cobum MBE, The Lord Hendy of Richmond Plill, Davrd Fletcher CBE, ProlessDr Mark Horton and the Rt Hon. Sir RiL*ard Needham continued lo hold the office of Pre5idenL The Trust Ihanks them for their active and encouraging supporL Appointment of Tn￿t Council Members At year end there were 13 memtws on Trust Councl. The maximum number alkywed by the Artides of 'Association is 15. Addrtional or replacement members of Ihe Cotswold Canals Trusl Council are congdered when il is necessary lo strengthen the representab.on of a geogr￿￿1 region of the Col&¥okJ Cana15 andlor if they have skills arKI expertise that is otherwise rnissng. All candidates are made aware of ￿ duties afmj re¥fv)nsibilities of the wst and" are given relevant documenth.on before final acceptanee. Page 5 ThE COTSVIOLD CANALS TRUST IACompany Umlted by Guaranteo) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Oblectlves and actlvlues Icontinuedl ¢. Appolntments ol Other Bodies "rneeiwise Makom and Malththv Lee are Direct(xs of Cots*t4J Canals Tnjst (Trading) Limited. Ken Burgin was a Director of SVCC and a Director of the Company of PfoprietLYS of the StrcMJdwater Navigation ICOPSNI. Matthew Lee is CCTS ￿￿esentat[Ve Director to SVCC. atthew Lee and John Nevrton are on the Cotswold Canals Connected {CCC) Propd Board (with other major partners.. Strwd Distrtcl Council. Gloucestershire Ctyjnty Council. Canal & River TNst and SVCC). -Id. Tru$t Council Mattors Trust Council is responsib￿ for governing the charity and dir&ting it is managed and wn. Trust Council also airrs to.. . Ensure all'aspecls of CCTS actiw'ties are represenled. Improve ¢ommunication. teamwork an¢J proiecl planning. . Strive for SatiSfact￿n among ¥okJnleefS in their various role& To assist in this responsibility, indiwdual truStee￿direCtors champion specthc topics andlor fijnctiorbal aspects of the charity. These aspects include engineering. Operat￿S, construcb"on. enviruimenl. strategic development, fundraising. healih and safety and prcKuierrenL e. Meetings The CounThl of Management (Trust Council), which Tnanages the business of the ¢harity. rneels monthly except in January and August. An Execub"ve Committee of Trust c￿nCil Officers also meets a5 ne￿sSary lo conduct urgent business betr1￿n Council meekn"ngs. This committee consist5 of the Trust Chair. one of both Vice Chairs, andlor the Treasurer and Company Secretary plus others as appropriate. D1￿cl¢￿s of the Coiswokl Canals Trust {Trnding} Limited meet quarterfy and are responsible for all trading activrties and the staffing of the visitor centres. The organisation of workn.ng groups at.the Westem end of the ￿nal li.e. Phase 1A) ￿ntinueS under Ihe leadership of CCT Director5 and Team Leader5. These groups indude project management. fundrai51ng, opeTaknons, dredgin9 and Projecl commissioning. Easlem end meetings. whth includes the Inglesham boat team, are hekl nKJnthly in LechLgde. Cotswold Canals Trust represenlatsves attend the follwing meetings for Cotswcld Canals Connected (Phase 1 Bl.. . Canal Projeet.Board Meelings every two m¢￿th5 . NLHF Monitoring Meetings every tr*0 months . Executive Management Team ￿etIngS every month H8allh and Safety Conwrrttee. Page 6 THE COTSWOLD CANALS TRUST .IA Company Umlted ty GuarantMI TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 PAARCH 2024 Objectives and a¢ll¥ltle$ (continued) l. Id•ntiffiC￿l0n Qf major iisks The core work of the CotswL*J Canals Trnst is undertaken by volLtnteers, with support from the Trust Administratofs. It is the physica work asscoaled wth construth"on. restoration or reconslwction or maintenance where exposure lo risk ean be 9￿aleSt. Health & Safety is an agenda item for every meeting of CCT Council and CCT Operational Mana9emenl mnthty meetings. MethcJ delivered in 2022. Special thank5 10 all those that have provided sUPp￿t of the cotswo￿ Cana15 cOn￿Cted Phase IB Restffilion Appeal dynng the year amountng to £23.697. During the year our Chaimian Jim White sadly passed away and a fund created in hi5 name to support Ihe purchase of lock gates on phase IB which had raised £73.709 as al 31 March 2024. We a￿ fortunate that our Westem Oepol is leased lo us at a peppercom rent by Gloucestershire County Council. Addits)nally, we have the use of a field adjacent to the We51em Depxjt ownetl by Mfs Prent￿e and a visitor centre at Bonds Mill owned by Robert Hitchens Hon￿ tK)th ofv*thich are rent free. Our administration offices at Bell House are generousty SUPFL)rted by our landknd Mrs Sarah Magaloth. who has continued lo discount our annual rent by £lO.000. c. The Cotswold Canals Partnership Board- CCPB The Cotswold Canals Partnership wa5 formed in 2001 7Mth the vish)n to restore Cotswo￿￿ Canals to fvll navigation in the interests of conservation. biodiversity and kxal quJity of life, and to use the iestoralion as catalyst for wider socral, econonNc and envI￿n￿n￿r ￿eneratiOn in areas neMJhbouring the canals. The Partnersttip comprises CCT an(J direct partners le.g.. Slroud Valw Canal Company, Stroud District Councill. Environment Agency. Canal & Rivw Trust and Inland WateKw8ys Associaljon, aiong wth all the ￿p￿n frxal auihoiibes and many other oryanisalions.{17 in totsll. CCT conb.nued to play a key role in the Partnership by providing update5 on reslorabon progress across all phases and opportunits.es of interest to the stakeholders and representaknves attended the main Cotswold Canal$ Partner5hp Board meetings which were chaired by Mr David Hagg. Page 9 '. IA C¢xnpany Lbnll•d by Gyarwrtw> TRUSTEES. REPORT ICONTrIUED) FOR THE YEAR ENDED 31 PAARCH 2024 hlovements aml pvrf0M￿ncQ {wntlnu¢d) d. Tho Stroud District Council. SDC Stroud thstrict has invested svJnific• in ￿al resloratwJn over many years. induding establishing their offices in the Industrial Henlage ConseThation Area at Ebley Mrfl adjacent to the On￿ infilled seth'on of the Stfouolvater Navryation. They were the lead partner in the Phase IA project and eonts.nue to play a key role in the redevehjprnent of Brimscornbe Port ald ils conneclion to the rest of the Phase 1A length. Slroud District C￿nCIl is the cfAea1 {vfflth CCTI of the cotswo￿ Canals C¢)nnected (Phase 1 B) NLHF Slage 2 (Delivery) projecL This team eomprise5 the Canal PrDject ￿'re￿Or. Engineering. Environmental and Community Engagement teams and vari￿S Vdunteets. tr* rwority from CCT. ￿u5 administrative. con¥wnications and document production suppo Slroud tNstncl ￿n￿l volunteer team5, led by SDC together CCT volurrteer teaffts arè responsble for Bintaining the restored sections of canal Phase 1A fn)m The fail brrd9e at Stonehouse to Boume Loth. ' stroud Valleys Canal C¢xnpany- SVCC SITrth Valeys Canal Cryany {SVCCI is the charity thal has resFw)nsibility for the canal, erther as a freehold owner in the case of the Thames & Sevem Canal under its jurisdictK)n or, ¥Jnder its 99*ear lease from the Coryany of Prok¥*th of the Stroudwater NavwJatton ICOPSN) in Ihe case of the Stroudwater Navigatr'on. maintenan￿ and improvement is also managed ty the SVCC *￿Ing with CCT volunteers Ibased at ccrs weslem depot) who have wHbilty in areas induding.. the construction of landing stsges, dredging, maintenance on l￿d and in Ihe water Itx)ats team) and repairs lo canal infrastnlcbJ￿ and equipment {e.g.. vessel relurbishmentl. SVCC Purchases and 0￿S major rtwns of plant and equipr*nt for use by the volunteer teams many of which have teen wrchased ¥Attb grants from CCT. During the year ?Me pffjvided them with fvrther £12.000 grant lo support the restora1v￿ of the barye 'c￿e￿ whith was restored ty a team of CCT volunteeTS. f. Inland WatgThY4ys Associalion- IWA CCT continues to be the lead partner in Phases 2 aThl 3 of the Cotswold Canals Te5torntion projttts {Brimscombe to Ingleshanvllpthpr Thames) t•oths t*rth the MIA a)d the Wa￿l¥aY Rerthiery Gr￿P IWRGI. CCT has hosted IWAMRG weekend and sumrn. we&-km9 restorati￿ carnps in various iocatiOfVS along" the length of the restorab"on. Page 10 'THE COTSWOLD CANALS TRUST (A Company Limited by Guarnn*e) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 A¢hievefflents and performance I￿rrtInued) g. Cotswold Canals Connected (Phas• 1BI We have preViou￿Y reported lo that the proje¢f$ tryd to NLHF for 18 funding was successful and a grant of £8.9m, matched ty contnbUt￿nS from our parthefs as ¥¥ell as othei donors arid oursefves, was confirmed in October 2020. sin￿ the award. wor* has started on 18, alteit MO￿ sbjwly than originauy antiapated due to Covid reStr￿￿OnS and delayed planning pemiissions. The restoratk?n of Pike. Blunder and New1(￿ kxks has started ugng CCT Volunteers and an enomKus amount of design and planning for the project has been goTrng on behind the scenes. It is anticipated that the 1 B project to connect Stroud with the national river and canal netr￿rk will be ￿mp￿ted within the next 4 years. Progress ha5 been frustrated to some extent by Covid and environmental restriclions due to the presence of watei voles akjng the canaE roLrte. These. tcgether wth the substantial increases in construth'on costs as a result of inflation, have had the effect of increasing the prqect costs quite substantially. Additr)nal fund raising is n¢)w a major priority for CCC if the prcyect is lo become a realty wrthin the de&red tsmescales. We are delighted to report that planning permission for the vital"missing mile. section of 1 B has recently been obtsined and consequenty we expect that a lot rTh)re ¥isibte restorab.on work wll be seen in the coming financial The Project Management Team The CCC Delivery Stage Management Team was fOrn￿d of ¥olLtnteers and paid profrssionals representing the following organisations.. Stmud Dlstrkt Councll.. . Co-lead an¢J accountable W (indLKling legal seryices, fina￿e team. communications and adnNn￿tratlonI . Canal Pfoject Director . Canal Pioiecl Vc4untew Manager . Planning Land acqu￿11 . Community Engagement Fundraising • Moniloring and Evaluakn"on Cotswold Canals TrwJt.' . Co4ead Risk Adviser . Engineerin9, Natural EnV￿On￿$t and People Skil]s Volunteers and teams. Fundraising Strouowater Navigafron Arehives Clmiity (SNAC)." . Conservatson and digilisatson of the Company of Proprietors. records Stroud Valleys Canal Company (SVCC)." . Management and maintenance Land au4UiSItKin Glou¢e$tershire Iwildlrfe Trust. . Hosts the Canal Environment Manager Page 11 .ThE COTSWOLD'CANALS TRUST (A CompanyLinlted ty Guarantso) TRVSTEES. REPORT ICONTINUEO) FOR THE YEAR ENDED 31 IAARCH 2024 Achievements and perfomMth¢• (continued) . Other ContrlbutOf5." . Stroud Valleys ProFCt, Enwronment Agenw. Sevem RNer5 Trust . Cotswold Canals Knowledge . Museum in the Pwk h. Annual Revi•w A cornprehensive review of all aspects of our a¢tMb"es is sel out on a quarterty basis in our publiG3tion "The TTOW". This is mailed to all ￿￿rnbers in hard copy fom and is also published on ¢)ui website.. Notable aehievements for The Trnst thts year have been.. . OFening of a new Visitor Centre at the CoiM)hY Water Park in partnership wtlh the Cotswokd Lakes Trust . Moving inlo purpose built maintenance premises at Driffield for our Eastem Depot. . Conversion of Trip Boat Inglesharn to Electr￿ propLtlsK)n . Ongoing maintenance and dredging on Phase 1A . Creation of a maintenance faulity and canal dredgirwJs ￿sSing at Hoggs Meadow Ipreviousty known a5 Langley's Field . Commencement ot ￿$t01St￿n works on 1B tehween The Ocean and Bonds Mill * Resloralion of Newtown and Pike kjck chambers . Purchase of the freehold of the charity shops Ihat we c¢cupy in Slonehouse . Ongoing lobbwng for a restored canal to be part of the solution to water shortages in the South EasL , Summary This report dem￿s￿aleS that the Trust is suecessfvlty delNering ￿ the aims and objeelives sèt out paragraph 3. Ajthough progress on Phase 1B appears to have been skyw behind Ihe scenes we have put in an enormous amount of preparatory work, and we anbupate seein9 feal act￿?￿ on the ground in the coming year ￿ ￿0. Our trading athib.es have all perfomwd Str￿9ty generakn"ThJ an £80,000 profit that supports the restoration and mafitenants work that we do. Finally, none of Ihts c(xthl be ach*ved lwthoul Ihe dedicalion and supwjrt from of all c￿1 volunteers and members. Page 12 _i.￿￿.￿5£. . ,¢..*A THE,CIiTSWOLtI CANALS.TrUST..:*,:È:.- IA"Comparby,L.imitwi by.Guardntee): TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED 31 IAARCH 2024 stst¢rnent of Tn*t¢•s' r•5ponsibililws The TrLJStees (who are also the directors of the Charty for the pU￿OSe$ of company U3wI are reS￿nSIble for preparing the Trustees. Report ar￿ the finanual statements in accC￿d8nee wth applscatle law and Unrted Kingdom Accounting Standards IUnf(ed lfjngdom GeneraHy Awled Accounting Practiol. Company law requires the Trustees lo P￿p￿e finan(gal ststerrents for each financial year. Un(ler company law. the Trustees musl not approve the finanual ststements unless they are satisfied that Ihey give a true and fair view of the stste of affairs of the Charity and of its incoming resour￿5 and applicatron of resources, including 115 income and expendrture. for that period. In preparing these financial ststeff*nts. the Trustees are required lo.. select suitable xcounting poli￿ and then ath them constslenty.. observe the methc#Js and princi*s of Ihe Chaiities SORP IFRS 1021.. make judgernents and a¢￿unting estimates that are reasonable and prLKlent state whether applicable UK Auounbng Slandar(Is (FRS 102) have been .folk)wed, subject to any material departures disclosed and explained in Ihe financsal state￿￿nts,. prepare the financial state￿Ents on the going concem basis unles5 It is inappropriate to presu￿￿ that the Charity ￿11 ￿ntinue in bU￿￿eSs. The Trustees are respwble for k&￿n9 adequate accounting records that are sufficient lo show and explain the Charty's lrnnsacb.ons and disclose with reasonable accuracy at any ts.me the financial position of the Charity and enable them to ensure that the finawal statements compty the Companies Act 2006. They are also responsible for safeguarding the assets of the Charbty and hence for taking reasonable steps for the prevenlion 'and deteth.on of fraud and other irregulwibe5. Discknur• of infOrnMl￿n to aud*ors Each of the Fer50ns who are Trustees at Ihe tiffe when this Twslees. Report 1$ approved has confimwl that.. . so far as that Tnsstee is aw￿e, there is no relevant audrt informalin of which the charity's auditors are unaware. and that Tnjslee has taken all the steps that ought to have been tsken as a Trustee in order to be aware of any ￿leVant audit infomHts"on and to e5Lit4ish that the chan.tys audit¢￿ are aware of that informats"on. Aiiditors The auditors. Randall & Payme LLP, have indicated their wllingness to cont#iue in office. The designated Trustees WAI propose a motiC￿ reappomrting the auditors at a ￿￿ts"n9 of the Trustees. Approved by order of the Irembers of the board of Trustees and signed on their behatf ty. vid Hagg - Chair Chair of Trustees Dale. 4 Septembw 2024 Page13 :..￿r....{A.C.1)mpanY..L,linlted by:.GiiaraThtee)"""" INDEPENDENT AUDITORS. REPORT TO THE IAEMBERS OF THE COTSWOLD CANALS TRUST Opinion We have audited the financia ststemerts of The Cotswcla Canals Tntsi (the 'charitable compan¥) for the year ended 31 Mafch 2024 which Cofnpnse the Statement of Financial Acti¥thes, the Balance Sheet. the Ststemenl of Cash FEows and the related notes, induding a summary of SKJnthcant aecounting policies. The financial reporting frarnework that has been applied in their preparathjn is ap￿Icalle law and Unrted Kingdom Acctsunting Standards. including Financtal Reporb"ng Standard 102 'The Financial Reporb"ng Standard applicat4e in the UK and Republic of Ireland. (United Kingdom Generalty A￿epied A¢￿Unting Practice). In our opinion the financral statements.. give a true and fair view of the slate of the ch*itable tr)mpan￿$ affair5 as at 31 March 2024 and of its inconNng ￿SOurceS and apph"cal￿n of resources, induding rts N￿Orne and expendrture for the year then ended", have been property P￿￿d in ￿ordan￿ with Unrted lfj"ng¢Jom Ger￿rallY Accepted Acc4)unling Praclice,. and have been prepared in accordance ￿ the reqUi￿￿ertts of the Charities Act 2011. Basls for opinion We corKlucted our audit in accordance wrlh Inlem*h)nal Standards ￿ Auditing (UK) IISAS IUKI) and appl￿ble law. Our responsibilthes under those standards are further desuibed in the Auditors. responsibilities for the audil ol the financial statements section of our rep)rL.We are independenl'of the Charitatle Company in a￿1)rdance with the ethical requiremenls.thal are relevant lo our audit of the finanoal statements in the United Kingdom, including the Financial Re￿￿'ng Councifs Ethicat Standard. and we have fvlfilled our other ethical. responsibilities in accordance wth these reqUI￿rnents. We believe thal the audrt evidence we have oblained is sufficient and aFpropriate to provwje a baws for our opinw. eon¢lu8ions relating to going con¢ern In auditing the finanual statements. we have conduded Ihal the Trustees. use of the going cLYKem basis of accounting in the preparatK>n of the financaal stslements is appropriate. Based on the worf( we have Férformed. we have not identiW any material uncertainties relating to events ol nditions that, individually or colteclivety. may casl wgnfftant doubt on the charitable company's ability tc continue as a going concern for.a pernd of at least tWe￿e months from when the financsal statements are authorised for issue. Our responsibilities and the respongbilities of the Trustees respecl to going concem are described in the relevant sections of Ihss rewrt. I Page 14 THE COTSWOLD CANALS TRUST IA C¢)niiiany:Umlt•d ty Guarant¢èl INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE COTSWOLD CANALS TRUST (CONTINUED) Other inforniation The other information comprises the Info￿natiOn i￿luded in the Annual Report other than the financial statements and our Auditors, Repjrt thereon. The Trustees are reswnsible for the other information contsined within the Annual Report. Our opinion on the ffinancial statements does not Gover the other information and, except to the extent otheThvise ewicitly slated in our rewr( we do not eXp￿sS any form of assurance eonclusion Ihereon. Our reSpOn￿billty is to the other informats'on and, in doing so, consider whether the other Informats"on 15 malerialty inconsistent with the financol staten￿ntS or our knowledge obtained in the course of the audrt, or othefwise appears to be materially misststed. If we thtify such material in￿nSIStenc1es or apparent mateiia misstatements. we are required lo delemine whether this gives rise lo a matenal. misstatement in the financial staternenls themselves. If. based on the work we have perf0m￿, we cc#Klude that there is a malerial misstaterwil of this other information. are required to report that fact. We have nothing to report in this regard. Matters on which we are required lo report by •xcept•on We have nothing to rep￿1 in respect of the folkm.ng matters where the Charrties (Accounts and Re￿Is) Regulations 2008 wuires us to report to y¢w rf. in our 0PmK￿. the inlorrnation given in the Tru5tee5' Report is ¥icon9Stent in any material respect with the financial stslements", or suffieient a¢counb"ng records have not been kept or the financial 5talemen15 are not in ￿reernent with the accounting records and returns., or we have not received all the infomiats.on and ewanaticms we requi￿ for our audf(. Rosponsibilrtios of trusto¢s As explained more fijlly in the Trustees, Responsikn'lth"es Statement. the Trustees (who are also the d1￿ctorS ot the charitsble company for.the purposes of company I￿) are responsible for the preparats.on of the finaneial statements and for being satisfied that they give a true and fair view. and for such intemal control as the Trustees delem)ine is neeessary to enable the Yeparati￿ of financial str1eff￿nE5 that are.free from material ￿￿tatemenL whether due lo fraud ￿ error. In preparing the financial staten*nls, the Trustees are reswnsible for as5es5ing the charilable company's ability to continue as a going concern. disdosing, as apr11¢ab￿, matters ￿ated to going concern and using the ' going concern bags of accounting unless the Trustees either intend lo li4uidale the chartsble company or to cease operations. or have no realistic *mative bLrt to do so. Pa9e 15 ThE COTSWOLD CANALS TrVST (A Company Lwnlled by Gu•rnhtee) DEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE COTSWOLO CANALS TRUST (CONTINUED . AuditoTr' re¥ponsibiliti•s for the audit of the financial statements We have been appointed as auditor under section 145 of the chanb.es Act 2011 and report in accordance wth Ihe Act and relevant regulations made or having effect thereunder. Our objectives are lo obtain reasonat4e assurance at￿ut whether the financial statements as a whole are free from material mis5ts1emenl. whether due lo fraud or error, and to issue an Auditors. Report that includes our opinion. Re850nable assurance is a high level of assurance. bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a matenal misslaternent when It exists. Misslatements can arise from fraud or error and are considered materk81 if, indi￿dua1fy or in the aggregate, they Could reasonabty be expected to infiuence Ihe e￿r￿r￿ detsgorts of users tsken on Ihe basis of these financial statements. Iriegularities, including fraud, are instsnces of norFcompliance with Lws and wulab"ons. We design pr¢xedures in line with our responsi￿"1￿"e$. outtined above, lo detect material misstatements in respeel of irTegularil*s. induding fraud. The extent to Wh￿ our wrtedures are capable of detecting irregularities. including fraud is detsifed bekn¥". Our audit planning process gave consderation to the riskDf material misstatement in the financial stalernents. using the calculated m*erialty level which rtself fadored in the nature of the Comparry's operatKyns and the interpreted levels ol inherent and control risk. In assessirwJ the risk of fraud we rewewed managernenfs c￿n assessment of potential for fraud within the entity and reviewed judgements made by management to idents.fy [￿ible bias. in addit￿￿ to any opportunity and incenltve lor fraud that are In Inhe￿nI in the nalure of the Company'5 operats"ons. Our detailed lesting included review of accounbng estimates and Judgerrents and validation.of prime ledger enth"es. We confimed Objr kno%dedge of the legal and regulatory environment of the enkn.ty through discussions with management. We analysed all lnfOnr6at￿n available to us in re3pect of ￿leVant and regulatsons, including the Companies Act 2006 and relevant UK tax legislalion and enquired management as to any possible breached in the aforementioned. We agreed the accuracy ol the financHI statements lo Ihe suppryting management infomiation wowded ty the dient and tested individualy on a sample basis the income and expendilure in the financial staleii*nls lo consider the business rats"onale behind the transact¥)ns and the accura￿ of the financial records. Our audit testing did not identify any issue5 in respect of the mattets listed above. A further description of our ￿$[a)n%￿lI￿re$ for the audit of the financial ststerrÉnts is located on the Financial Reportlllg Counufs websrte atr www.frc.o .ukJaudrtoTsres sibilibes. This descriptron fonns part of our Auditors, Report. Use of our report This" report is rnade sc4ely lo the chantable companY5 trustees. as a t*)dy. in accordarKe with Part 4 of the Charities IAccounts an¢J Reports) Regulations 2008. Our audit wcffk has been uithrtaken so that we rn￿ht SL tt) the charitable company's trustee5 those matters we are required to state to them in an Auditors. Report and for no other purpose. To the fullesl extent pennitted by law. we do not ￿pt or assume responsibility to anyone other than the charitaUe ￿)MpanY and ts members. as a body. lor our audit work. for this report, or for the opini)ns we have fonne(l. Page 16 IA Cony•Dy Limited lry GiiaTart••).; . . INDEPENDENT AUDrroRS' REPORT TO THE MEIIBERS OF THE COTSWOLD CANALS TRUST ICONTr4UED) Ryan Moor• CA . For and on behall of Randall & Payn• LLP Statutory Auditors . Shurdinglon Road Cheltenham Grou￿sle￿hIre GL514GA 20 Septemt*r 2024 Randall & Payne LLP are elwJit4e to &i as auditor5 in tern￿ ofsectim 1212 crf the comp￿￿$ Act 21JO6. Page 17 *,TTriÉ COTSWOiti CANALS:TRUST". ': .: (A Coriipany.Llnilted by:GiMrantsè) '. , :. STATEMENT OF FINANCLAL ACTMnES IINCORPORAnNG INCOME AND EXPENDrruRE ACCOUN FOR THE YEAR ENDED 31 MARCH 2024 Totsl funds 2024 To181 funds 2023 fvnds . 2024 funds 2024 Incom• Ir¢)m: DOn#t￿n$ and lega Charitatle activities .other trading xtivities Investments 61307 248.336 . 83.603 84.857 59.085 309,743 83.603 84,857 59.085 662,043 90,737 84.942 Total Income 61,407 475.881 537.288 837,122 Expendlture on: Raising fvnds Charitable aclivifies 23.291 410.234 23.291 411.065 . 23,402 384,091 831 Total expendltur• 831 433.525 434.356 407,493 Net income 60.576 42.356 102.932 429,630 Net mov•mont in funds 60.576 42,356 102,932 429,630 Rgconcilialion of funds: Total funds brought forward Net movement in fvnds 458.974 60.576 1.470.246 42.356 1.929220 102.932 1,499,590 429,630 . Total funds carroed forward 519.SSO 1.512.602 2,032,152 1,929,220 The Slalemenl of Financial Activib"es indudes all gains and losses recognised in the year. The notes on pages 21 to 41 fomi part of these finanaat statements. Page 18 THE COTSWOLD CANALS TrUST IA Company Lkntted by Guarantee BEGISTERED NUMBER: 0120T187 BALANCE SHEEr AS AT 31 MARCH 2024 2024 2023 Flxed assets Tangible assets Investsments 12 471.S25 251. TTO 13 471,529 251, 771 Currnnt assets Stocks Debtors Investments Cash al bank and in hand 14 15 16 5,889 48,816 87.S26 1.3SO.000 147.027 1,642,072 1y4.S53 7.696. TT7 Creditors.. arrnunls falling due within ¢ 17 (23.9301 (19,328) Net current assets 1,560.623 1.677.449 Total assets les$ Current Ilabilitie8 2,032.152 1.929.220 Total net assets 2,032,152 1,929,220 Charity funds Restricted fvnds Unrestncled fvnds 19 19 519,591 1.512.602 458.974 1,470,246 Total fvnds 2,032.152 1,929,220 The entity was ents.tled to exemption from audrt under seeion 477 of the Companies Act 201%. The member5 have not required the enlrty lo obtain an audit for the year in question in accordanee with section 476 of the Companies Act 2006. However, an a￿lIt is required in actordance wth secbon 145 of Ihe Chanties Act 2011. The Trustees Xknth￿ed9e their res1x￿Sit1lItIes for cOmp￿.ng with the requweffEnts of the kl with respefy* to accounting fftcord5 and prepaiation of finanual sL*ements. The financial statements have been p￿pared in aixordance with the pmisions applicable to entsli8S 5ubJ'gCt to the small companies regime. Page 19 .THÉ'.C07SWOL.D CAI4ALS.TRUST,' IA'Company.Lknli4d.by".Guarants8)'.- . 4". -:"￿&&￿￿£, REGISTERED NUM8EK."01207787:" ¢. i- BALANCE SHEET ICONTINUEDI AS AT 31 IAARCH 2024 "The financial statements were apwoved arthj athonsed for issue ty Ihe Trustees on 04 Seplember 2024 and gned on their behalf by. id Hagg- Chair The notes on pages 21 to 41 fomi part of these finanaal statenEnts. Page 20 ' IA CTrny.'iknll•d.ty.Guaranto•) NIYtES TO THE FINANCIAL STATEl￿NTS FOR THE YEAR ENDED 31 IWICH 2024 General Infornmtlon The Cots*￿k1 Canals Trnst is ixjth a thanty and a COM￿ limited by guarantee. registered in England and Wales. The registra￿n number * registered off￿e address can be found on P￿￿.1. The companies tsjing address Bel House, WallbFrdge. St[￿K•. Gloucestershire GL5 3JS. Ac¢ounling pollcl•• 2.1 Basis of pr•paralion of financial stat•nxnts The finanoal statements ha¥e been pwred in wrth the Charitie5 SORP IFRS 1021- Accounting and Repoitin9 by Chanties". stster￿n¢ of Recommended Practiee applicable lo C￿7n11e5 preparing their ac£ounts in aCCorfan￿ the Financtal Re￿￿"ng Standard applicable in the UK and Rewblic of I￿land IFRS 1021 leffecbve 1 January 20191, the Finanual Reporting Stsndard aWicaLle ￿ the UK and Republc of Ireland (FRS 11r21 and the Compan￿5 Act 21Th. The Cotswold Canals Trust meets the definition of a public tenefil eniity under FRS 102. Assets ar labilities are initralty recognised * h￿L¥Ical ¢J>st or I￿nSact￿￿ value unless Othe￿Se ststed in the relevant accounting poky. The Chwity has a whdty tralirwJ 5ubsidiwJT company, Cots*okl Can* Trust (Trading) Limited and an interesi in an assocthd company. StrfAMI Valleys Canals Company. The tharity has chosen nol to prepare consdvjated ￿)Unts on the basis Ihal aggregate group income does not exceed the relevant threthold. Page 21 ThE COTSWOLD CANALS TRUST .(A Qmnpany Llmlted ty Guarnnteel NOTES TO THE FINANCIAL STATElJlENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng policies (continued) 22 Incoffl• AN income is recoynised once the Charity-has enbtlement to the income, il is probable that the inco￿￿ will be receNed and the arwtsjnl of income receivabbe can be ￿aSUred reliabty. The rec(*JnitTr￿ of ineome from *aaes is depeTrJenl on eslablishing entitlement, the prObab￿lty of receipt and the abilty lo ests.male with sufficient accuracy the amount recEivable. Evtdence of ents'tlemenl lo a legacy ￿StS when the Charity has suffic*nl ewden¢e that a gift has been left to them (through kno￿edge ol the existenc£ of a valrd will and the death of the benefactorl and the executcK is satisfied that the propemi in qUest￿n wll not be required to satisfy claims in the estate. Re￿ipt of a legacy must be recognised *•then rt is probabk that it will be received and the fair value of the amount re￿1V0￿e. whth wll generalty be the expected cash amount to be distributed to the Charty, can be reliaw measured. Grants are induded in the Statement of Financial Activtties on a f￿1¥able basis. The balance of income received for specik purposes but rtol e¥p*nded during the period is shown in Ihe ￿levant fund$ on the Balance SheeL Where In￿Me is feceived in adVaTr￿ of ents"tkmenl of receipt. ils r￿ogni1&￿ is deferred and induded in creditors as #jeter￿ income. Where entitlement occurs before incorne is recewed. the incorr* 1$ a¢¢rued. Page 22 ..THE COTSWOLD CANALS TRUST IA Cornpany Llmlted ty Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 MARCH 2024 A¢¢ounting pols¢ies (continued) 2J Expenditurn Expenditure is recognised once the￿ is a *gal or constnjctive obligation to transfer economlc benefit to a third paty. rt is probable that a transfer of econom￿ tenefits WIN be ￿qUired in Settlement and the amount of the oblig3tp)n can be measured Teliabty. Expenditure 1$ dassified by acts"vty. The costs of each xb.vity are made up of the total of direct costs and shared costs, including SUPPOrt Costs invofved in undertakn.ny each ath"vity. ￿"rect costs attn"butable to a single activty are allocated direcyy to Ihat a¢bvity. Shared costs whth ￿nInbUle to more than one a¢tivity and sUPPOrt costs are not attnbutsble to a single acb'vity are apportKJned be￿een those ath"vibes on a basis consislenl with the use ol resour￿. Central staff costs are allocate¢* on the basis of time spent. antl depreuab.on d)arges alknated on the porkn.on of the asseys Use. Expen¢jitU￿ on rai5wvJ fijnds irtludes aH expenditure inujffed by the Chaity to raise funds for its charitsble pUr[fv￿ and indudes ¢osts of all fundraising activities events and nonany.Llmtt•d ty Guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 16. Current asset Investmonts 2024 2023 COIF Chanties Investment Fund 1.350,000 17. Credltors: Ainounts falllng due wlthln ont year 2024 2023 Trade creditors Amounts owed to group undertakings Other tsxats)n and social securty Other creditors Accruals and defeffed in¢ome 6.419 3,877 483 3.951 2.860 10.7110 1.007 2, 188 11.773. 23.930 19,328 18. Financial instrum¢Thts 2024 2023 Financlal assets Finanaal assets measured ai fair vahje through Incon￿ and expenditure 1897,027 1,642,072 Financial assets measured at fair va￿￿ thr(wh int0Th￿ and expenditure comprise cash at bank and i hand. Page 35 THE.COTSWOLD CANALS TrUST (A Company Umlted ty Guar¥nts•) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 IAARCH 2024 19. Slatement of funds Statement of fund5- curr•rt year Balance at 31 March 2024 Balance at 1 April 2023 Translws in1*￿t Income Exp•ndttur• Unrestricted funds Designated lunds Tangible fixed assets General fund reserve Restoration fvnd 251.712 100.000 63.103 842.466 141,2301 260.985 50.000 122.421 127.0601 {63.334) 1232,768 471.527 150.000 16,622 699.904 Future projects 153.540 1,257.341 156.$40 1126.985 61.157 1,338.053 General funds General Funds- all funds 212.905 319.341 (306.5401 151.1571 174,549 Total UnrestrIct￿ funds 1.470.246 47S.881 q433.525} 1.512.602 Restricted funds Whitminster Lock Bond5 Mill Nineveh Trust RF 18 RestcfatN)n Fund RF Trip Boat RF Stacey re Eisey Robinson Lock 71.888 71,888 25.000 4.000 196.78S 4.167 4.000 200.000 13.710 149,919 4,167 47.697 {831) 200.QI)O Jim White Fund 13.710 458,974 61807 {831} 519.550 Total of lunds 1.929.220 537.288 {434.3S61 2.032.152 Page 36 . ,TtrIE COTSWOLD CANALS.TRUSf". . .. 4ACornp•ny.Lknltod.by GiJarante•) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 19. Ststement ol funds {continued) Restricted funds Whitininster L(￿- fvnding for the restoration of Whitnwns¢er L￿k. Bornls fvnding for the reStora￿n of Bond mi.lls lift bn"dge. Nineveh TnJsl- funding for envirijnmental wcrfk rdth.ng to Phase 1 B. Phase IB- restOTatKyn fvnd fund￿9 for Ihe Phase 1B restorat￿ project New trip boat- funding lo budd a electic Irip trx)aL Robinson Lod(- ￿toratiOn fund for the Robirwn Llxk (forff*rly Westfeih1 L¢xkl. Jim White fund - funding for the reStoral￿n of Lock Gates. ' Deslgnated lunds Tangible fixed asset> the deswnats.on of reserves that are hehj within fixe(t assets Genwal ￿seNe fund- rdates lo general ￿1VeS. designated as a buffer for fijture use Restorab'on lund- funds hebj for restoration woiects generalty. Future projects fun(k for Ihe acquisiti'on of assets to assist in restoration. Page 37 THE COTSWOLD CANALS TRUST . . IA Company Limknd.ty Guafanlee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 PAARCH 2024 19. Stslement of ￿ndS (continued) ststementof funds- prior ye•1 Balan￿ at 31 March 2023 88lan￿ at l Apnl 2Q22 Transfers in/out Incon￿ Expenditure Unrestricted funds Designated lund$ Tangible fixed assets General lund reserye Restorats"on lund Gokjen Trow Appeal Future projects 166.078 IC￿.000 107.803 62.337 512.631 85,694 251. 772 loo.000 63,103 (70.2LXI) (11.127) (1.925) {14.￿) (75.321) (4.679) 24.111 336.439 842,466 948.849 4(Xl.550 (83,252) (8,806) 1,257,341 G•neral fvnds General Funds- 811 lunds 214.807 278.697 (310.021) 29.422 272,905 Total Unrestricted funds 1. 163,656 679.247 (393,273) 20,616 7,470,246 Restricted funds INhitminster Lock 71.888 25.000 71,888 25.000 Bonds Mill Nineveh Tiust Inglesham Lock Fencing at Tunnel House RF 1 B Restt)rath?n Fund RF CRM Projects RF Trip Boat RF Stacey re Eisey. Robinson Lctk 2,810 1. 719 13.946 (2,810) (1, T19) f1,285) (8,406) 157.874 (20.6t6) 149,919 4.167 4.167 200.0 200.000 335,936 157.874 (14,220) (20.616) 458,9T4 Page 38 . 'THE.,COTSWOU>..CANALS.TRUST . (A Company'umlledby Guardntse) NOTES TO THE HNANCIAL STATEMENTS FOR THE YEAR ENDEO 31 MARCH 2024 19. stst•m•nt of funds (continued) Total of funds 1.499.592 837. 121 (407.493) 1,929.220 Summary of fvnd$ of fvnds. cumnt year "Balance at 31 March 2024 Balan￿ at 1 April 2023 Transfevs inlout Income Expenditure Deggnated funds General fvnds. Restricted fijnds 1.257.341 212.905 458,974 156.540 319.341 61.407 1126.985) 1306.540) (831 51,157 151,1571 1,338.053 174.S49 519.550 1,929.220 $37318 1434A56 2.032.152 Summary of funds- prior year Balance 8t 31 Ma￿h 2023 BalarKe at l Apr￿ 2022 Transfers in/oul Income Expenditure Designated funds General fvnds Restricted funds 948,849 214.807 335.936 4￿,550 278.697 15T,874 (83.252J (370.Q21) (14.220) . (8.806J 29.422 120.616) 1,257.341 212.905 458,974 1,499.592 837.121 f40T,493) 7,929,220 Page 39 . THE COTSWOLD CANA. LS TrUST .IA Company Lirniled by Guarantsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 21. Anafysis of n•t assets betw•en funds Analysls of not assets bot¥rnen fvnds- Curvent perk•d . Restrlcted Unfestrlcted nds funds 2024 2024 Totsl 2024 Tangible fixed assets Fixed asset inveS￿￿ts Current assets Creditor5 due within one year 471.525 471.52S 519.550 1..065,003 123.9301 1,584.553 123,930 Total 519,550 1,512,602 2.032.152 Anatysis of net assets between funds- prlor period Reslnctod Unrgstrictsd fijnds lunds 2023 2023 Total funds 3023 Taryible fixed assets Fixed asset inveslmenls Cuirenl assets Creditors due within one year 251.770 251.7TO 458,974 1.23T.803 1.696, 777 (19.238) (79,328) Totsl 458,974 1.470.246 1, 929,220 22. Operating lease ¢ommltm¢nts At 31 March 2024 the Charity had commitments to rnake fuiure minimuTn lease payments under. no cancellable operating leases as folbws". 2024 2023 Not Fater than 1 year Later than 1 year and not later than 5 ye￿5 13.184 13. 132 1,094 13,104 14,226 Page 40 THE COTSWOLD CANALS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 23. Rolatod party tAn•￿1 There are no tranxtions with trustees or other related parties ctherttwi those disclosed as Tequir•J by the SORP elsewhwe in the)Inanoal statements. Th? Cotsw)kl Canals Tru* is deenpd to have aTr tsr8* in an assoca*e, Stroud Valbys Canal Company (company no 0686037," tharrty no 1130051), as di5Lkned in note 1.2. During the year, grants were paid to Stroud Valleys Canal Company totsliNJ £48.1x￿￿2o23.. £101.(thl. The total anwunt due lo Stroud Valleys Canal Company al 31 Marth 2024 was £5512023.. £3,465). The total arn￿nI lrnm st10￿) Val*s Can81 C￿n￿Y at 31 2024 wa5 £8.397 {2W23: £Nil). S*5 regarding the re1m￿[sment of 0￿ratIng Costs wwe invoiced to the Stroud Valleys Canal Company totsltying £18.$89 for the year eTrJing 31 March 202412023". £14.1291. Costs incurred from this related party, a150 for the ￿lM￿A￿sM￿ of operating costs, tolaHed £3,975 for the year ending 31 Marth 202412023.. Nil). During the yeaf ending 31 March 2024 the chanty w4uired lo￿ of the share ￿pital in Hill Court Stonehojse kn"mited ts £3. Matllwi Lee ts a dsredor of entity. Pagè41