Reglsterèd number: 01207787 Charlty nuMr. 269721 THE COTSWOLD CANALS TRUST (A Company Limlted by Guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
THE COTSWOLD CANALS TRUST {A Comp8ny Limited by Guarantee) CONTENTS Page R&f•rone• and Admlnistrativo Detsll$ of the Charity, Its Trusto0s and Advlsgrs Trustees. Roport Indopondont Audltors. Roport on the Flnanclal Statsments Statemant of Flnanclal Actlvlties 2-14 15-18 Balan¢è Sheet 20-21 statement of Cash Flows Notes to tho Flnanclal Slatèments 23-43
THE COTSWOLD CANALS TRUST (A Company Llmlted by Guaranto0) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025 David Hagg, ChaSrman John Newton. Vice Chair & Project Dlrector an Jones. Vice Chair & Westem Division Construction (Resigned 23 November 20241 James Trumper. Treasurer Nlchola8 Rowson, Envtronmenl Director Reginal Gregory, Malntenance Directoil Westem Detx)t Manager IR68lgned 18 Jun8 2025) John Alan. Deve]opment Easl8rn Thames & Severn David Hlggs, Legal Trustee Stephen Pickover, PcUreMent Matthew Leo. Dlrector Douglas Looman. Health and Safety meo Malcolm. Director Company rogl$ter•d numbor 01207787 Charity rngisterod numbèr 269721 Reglstered offlce Bell House Wallbrfdge Slroud Glouc8stershire GL5 3JS Company secretary Lisa Manl IndBpgndgnt audltors Randall & Payne LLP Statutory Auditors Shurdington Road Chellenham GIOUsterShIre GL514GA Bankgrs BardAy3 Bank 18 Soulhgale Street Gloucester Glouceslèrshlre GL12DH Page 1
THE COTSWOLD CANALS TRUST (A Company Llmlted by Guarant80) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 Page 2
THE COTSWOLD CANALS TRUST IA Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 1 INTRODUCTION The Cotswold Canals Trust Councll submlts Ils Annual Report to members of the Twsl for the year ending 318t March 2025, which Is also prepared lo meet the requirements for a Director's Report & Acunts for Companies Act purposes. The financial statements comrAy the Charf(ies Act 2011, th8 Companies Act 2006 and Accounllng and Reporting for Charities.. Statement of Recommended Practlco appllcabl8 to Charftt8s preparing their accounts In accordance wlth the Flnanclal Reporung Standards applicab In th6 UK and thts Republlc of Ireland (FRS102). Please note that figures In bra(ets refer to the year ended 31st March 2024. 2 LEGAL AND ADMINISTRATIVE ()Jeming document.. Memorandum & Articles of Association. Company limited by guarantee no= 01207787. Reglste¥ed charity no.. 269721. Reglslered offi(- Bell House, Wallbridge Lock. Slroud. GL5 3JS. Admlnlstrauon office: Bell House. WalIbrge Lock. Stroud. GL5 3JS. Bankers.. Barday8 Bank, Gloueester. Auditors: Randall and Payne, Chargrove Houso, Shurdirrfjton, GL514GA Whdly owned subsidiaries.. + Cotswold C8nals Trust ITradlngl Umited, + Hill Court Istonehousel Limited, The Trust is also one of four members ol th$ Stroud Valleys Canal Company Limited ISVCCI, a registered charity. Thg Ttust is a partner In the Cotswold Canals Partnershlp {CCPI. The Trust is a partner In cotswo Canals ConneGled (also known as Phase 1 B). Principal aCtity. the promotion, maintenance and restordtion of the Strouoknl8r Navigation and the Thames & Sevem Canal. The Trustees resent their annual repcft together wtth the audited financial ststements Df the Charity for the year 1 April 2024 10 31 March 2025. Tha Annijal Report seNes the purposes of both a Trusle8's raport and a directorfs report under company law. The Trustees conflrm that the Annual Report and financial statements of the charhable company comply wlth the Current slatulory requirements of the chaiitable companls governlng d¢xumenl and thé provislons of the Statement of Recommended Pradce ISORPI appllcable lo charltfies preparing their accounts in accordance wrth tho Financial Reportlng Stsndard appllcable in the UK and Republlo of Ireland IFRS102) (effective 1 January 2019). Since the Charity qualifies as small under sectton 382 of the Compani&s Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directorfs RoPOrt} Regulallons 2013 has been omttted. Pago 3
THE COTSWOLD CANALS TRUST (A Company Llmlled by Guarantee) TRLISTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 3 AIMS AND OBJECTIVES The objects of the Cotswdd Canals Trust I'ccr) as sef out in our Memorandum and Artides of AssorAation are: A. The preseNatlon, maintenance in good ord8r and Improvement of canals, navigat8 riv8rs and inland waterways {herelnafter called 'navlg8Uons'l for the use of the public. B. To promote the use of the navlgatlons for the bènefit of the publ1¢. C. To educate the public In the history. U58 of and wildlSfe ossoclated the navlgauons. D. To provide recreational and loisur8 time activllies on the navigation in the interests of soclal welfare for those who have need by reason of thelr youth, age, infirmity or disability. poverty or social and economlc circumstanS with a view to improving the condIOn$ of life of such persons. E. To further for public and environmental benefft. the enhancement of the natural fe8lure8 and ld1rfe habitats of the navigations landscape. F. To further any purpose whith is chatable under the law of England and Wales cK)nneoted with the navigations. The Twstses conflmi that they have relerred to the infomwtlon contsSned In the Charity Commissionerfs General Guidance on Publk Benefrt when reviewing th8 Trust's oblecllves, actfvities and plans. Full resloratton of tho Cotswold Canals 11 ba phas8d dapèndent upon major funding. The Cotswold Canals Trust wll be solzSng 8VOry Opportunity to raise funds lo restore sections of the canals not wlthin deslgna18d schemes. 4 TRUST COUNCIL CCT is both a charity and a company Ilmlted by guarantee. Trust Council memb8rs fulffil the dual roles of Trustees of the charity and Directors of the Limlled Company. The following served as Trust Council members during the finanoal ygar ended 318t March 2024.. Chair.. David Hagg (Appointed 23 January 2024} vichair and Project Director.. John Nowton Treasurer= James Trumper IAppoint8d 13 February 20241 Weslem Division Construction.. Ajan Jones {Reslgned 23 November 20241 Environment Director- Nick Rowson Dgvolopment Eastgm Thames & Sev8m.' John Alan Health and Safety.. Douglas Looman Maintenance Directorlweslern Depot Manager.. Reg Gregory {Resigned 18 June 2025) Procurgmenl: Steve Pickovar Legal Trustee.. Davld Hlgg8 Trustee: Aimee-Loulse Malcolm Trustee: Matthew Lee We were sad to lose Alan Jones. Trustee. In March 2025. Alan had been a part of the ¢an81 resltsration project for 50 years, only stepping away as a Trustee and Vlce Chair in Novembar 2024. His kno%JAedge. experienoe and wisdom gained over many yoars will b8 sorely missed. Pa4
THE COTSWOLD CANALS TRUST (A Company Llmlt•d by Guarantee) TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 4.1 VI Presldgnts Mrs Siobhan Bailey, Sir Geoffrey Clifton-Brown, Mr. Chris Coburn MBE, Dr Davld Drew, Davld Fl6t¢h8r CBE and Professor Mart( Horton continued to hdd th8 office of Vice Presldent. In July 2024 Dr Simon Opher, MP for the Stroud Constituency accepted an invitBtion to b8com8 a Vl¢e Presldenl. The Lord Hendy of Richmond Hill reslgned as a Vlce President In July 2024 on hls appolnth)8nl 88 Mln18ter of Stste for Transport. The Trust thank8 them for thelr acllve and encouraging support. 4.2 Appolntment of Trust Coun¢ll Memr At year end Ih&re were 11 member5 on Trust Council. The maximum number allowed by Ihe Artld08 of Association is 15. Afldlllonal or replacement members of the Cotswold Canals Trust Councll are consldered wh8n1118 nece88ary to strengthen the representation of a geographical r8gion of the Cotswold Canals andlor if they have skills and experbse Ihat is olhermse missing. All candldates are made oware of th8 dutles and r8spon8lbllilJ88 of the post 8nd are glven relevant documenlatlon before final acceplanca. 4.3 Appointm8nts of Othor Bodl95 John Allan and James Trumper are Diroctors of Cotswold Canals Tfust (Trading) Limited. Nick Rowson is a director of SVCC and the CCTS representative. John Newton attends SVCC Board meetlngs at the Invitati of SVCC. NSck Rowson and John Newton are on the Cotswold Canals Connected ICCC} Prolècl Board Iwith other major partners- Stroud District CouncFI, Gloucestershir8 County Council, Canal & Rlver Tru8t and SVCCI. 4A Trust Coun¢ll Matters Trust Counal is re4)onsible for goveming thg charity and dlrectlng how It is managed and run. Trust Council also aims to: Ensure all aspeGts of ccfs activitles rgpresented. Improve communication, teamwork and prolect planning. strive for satisfaction among volunteers in their various role8. To assist In thls responsiblllty, Individual ITUSteesldireclors champlon specffic topics andlor functional aspects of th8 charity. These aspocts indude englneerlng, operations, constructlon, environment, strategic development, fundraising, health and safety and capital expenditure. 4.5 Remuneration Committ0• The Remuneratlon Commltte6 Is responslble for settlng pay and remunerafjon for tho managgment aNI administration personnel using approprfale benchmarks and market data. The Commlttee Is chaired by Matthew Lee. The members ofthe committee are Dawd Hagg, James TNmp8r and Aim8e-Louise MColm. Pago 5
THE COTSWOLD CANALS TRUST IA Company Llmltgd by Guarantsa) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 5 MANAGEMENT AND MEETINGS The Council of Management ITrusl CouneAI), which manages the Strategy and govemance of the Charty, meets evgry other month. The Trustees review KPI'S on o regular basls Indudlng Income and expendllure, grants and 1gg8cles. membershlp numt*r8, h8alth and safely reports and voluntear iecnjitrnent. A separate Dellvery Board has been created lo with the responsibility for the slrateglc overslghl of all prol8cts- and operational anS in accordance wlh tho proigct register, includlng canal maintenance and dredging. The Board has the responsibilty for th6 way work is planned and delivered and recommends how b8s1 lo us8 the resources available. The Dellvery Board meets on alternate months to the Trust Counryl and is chaired by tho CCT Chalr. TnJslee8, as requlred, and Project Managers attend the Delivery Board. Director5 of the Cotswold Canals Trust (Trading) Limited meet quarterfy and responsible for all trading activities arKI the stsffirvJ of the visitor centre8. The organlsation of worklng groups at the Western and Eastem Depots continues under the leadership of CCT Dirèctors and Tgam Leaders. These groups Includo prolect management, operations, dredging and project CA)mmissionlng flowlng out of the Delivery Board. Each dapot manages its (Iwn Team Briefings. Dudng the year newsletters from depots and Hoad Office have b89n Introduced to communicate the ongoing advilles within the Trust. Cotswol(J Canols Trust repr8sentaUve8 attend the followlng meetings for Cotswold Canals Connected (Phase 1B): Canal Project Board Meellngs ev8ry Iwo months NLHF Monitoring Mèetings every tsvo month8 Executive Management Team meetings ev9ry month Health and Safety Committee Flnance Commltlèo. 6 RISK MANAGEMENT The tnJslees have reviewed the major risks to which the chaty is exp08ed. in particular those related lo operations, the enwronment, volunteers and finance, and a satisfied that that systems and procedures are in place to mitigate exposure to th8 rI8ks. Th8 cora woJl( of the Cotswold Canals Trust is undertaken by volunteers, wSth support from the Trust Administrators. It is the physical work associated with construction, restoration or reconslruclion or maintenance wh8r8 exposure to risk can be greatest. We are committed to creating a safe worting envtronm&nt for all our people {lleagueS and volunteers), as well as thg g6ngral publlc and Iho8è partners WIK) h8lp us in our restordtion work. To 8UPPOrt the strong Health and Safaty èthos, the Trust has Introduced the-Don't Walk Inlllallve durfng the yoar which encourages volunlegrs lo fofr18mpowered to quastlon whether an aclivlly is safe and properly considgrod. Pag8 6
THE COTSWOLD CANALS TRUST IA Company Llmlted by Guarnnteel TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 7 MEMBERSHIP Tru81 membership at the year-end was 6,305 16,521}. Thls induded 712 17001 Joint Life Members and 621 1617) Lrfe Members. Our largest membeh)p class 18 Familles with 3,15013.382} members. Volunteers al the Vlsllor Cenlre8 at Saul Junthon, Bonds Mill and Wallbridge Lock t>)nUnue lo lead CCTS membershlp drlv&. Membershlp numbors havg fallen slighliy over recent years In cornmon th many other slmllar organisations. Th8 Trustees are very aware that new membèrships have tren below our usual expectations, but wo continue to add new members each month. Efforts to boost membership levg18 continu8 ith a greater engagemont with the public at events and we are starting lo see a small increas8 In our ov8rdll membership numbors. Membership support p18yB o vital rolo in our mission to restore the Cotswold Canal. However, In the1*3ht of th6 increasing operational costs, and after caroful c4)nslderfttI(. il was felt n8ce88ary to increase member8hlp feeg from 1 January 2025, the first Increase in 6 years. 8 DAY TO DAY MANAGEMENT AND ADMINISTRATION The Cotswold Canals Trust employs four full-tlme 8dminlslr8tors, Lbsa Mant IGene¥al Manager and Company Secretary), Sasha PSke IMember8hlpl, Gemma BartorFForèm8n (Volunteer ClrdInatOr) and Charlotte Wran Imarkeling cordInatC). Addluonaily. we employ a part-tlme finance admlnlstrator, Ros Bull. 9 RESERVES POLICY The Reserves of a charity are that part of 8 ch8rltys Income hjnds that are freely avsilable for ils gèneral purposes. This exdudès Rèstricted Funds (funds donated for a specific purposel- Designated Funds are fLJnds whiGh thg Trust CounGiI has 6aMthed for prolects. In addition, Th8 T1 is aware of the naed lo.. 1. SecLtre the viability of the Trust beyond the Immedlate future. 2. Absorb any setbacks and to take advantage of change and opportunltles. The Trusys Annual Budget incorporates planned expenditure matched by forecast income in respect of the day- ldaY ac(ivitfjes. The Trustees reconsidor the level of funds need8d to cover the risk of unforeseen emergency or other unexpected need for funds In wnneclion wtlh its maintenance and construction activititss and lo cover the rlsk of unforeseen administrative and operational costs and fund short-tem) deficits in the anr)ual budget on an annual ba8is. The Trustees reviewed the level of the general fund reserve anLI in the light of increased overh&ad levels de¢lded to increase it by £50,000 to £200,¢J)O. Any general funds more than lh8 £200,000 contSng8rw may, from lime to Me. be desvJnated to take acoount of unforeseon opportunllles. Page 7
THE COTSWOLD CANALS TRUST (A Company Llmltod by Guarant80) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 10 GRANTS, LEGACIES AND DONATIONS CCT wl8hes to record thank8 to all Ihose organisalions, members and individuals that havg SUPPOrted all the canal resloratlon actNltle8 this past year through grants, legacles and donations. Thase indud8: A bequest of £76,324 from the estate of Thomas Welhgral to our Future Projects Fund A bequest of £70,0(K) from the Oslale of Anne Sh511 to our Futuro Projects Fund A beque6t of £25,000 from the estste of Mr Gibson to our Future Projects Fund A b8qU&St of £10,0(X) from th6 8Stat& of Stuart Edlington to our Future Proj80ts Fund A gift of £10,000 from Mr King for tho rostoralion of 1 B A grant of £5,000 from the Summeffield frust towards a blrd hide at From&bridge A grant of £5,000 from The Rowlands Trust towards the tow path at Fromebrfdg& Mdson of AvonmoLslh for th8Sr contlnued long-lemi loan of an excavator, the latest being 8 new Kob8lco delniered in 2022. Special thanks lo all those that have provlded support of the Cotswold Canals Connected Phase 1B Restoralion Appeal during the year amounting to £25,215 with Glft Ad. The Jim White Fund raised a further £10,385 In th8 year. The total fund of £24,094 will be usad to support th8 purchase ol lock gales on phase 1B. We are fortunate that our Wgslern Depot Is leased to us at a pepp8rcom rent by GIouc8sler8hlre County Councll. Addlllonally, we have the use of a field adlacant lo the We8tern Depot owned by Mrs prent1 and a visilor centre at Bond5 Mill ownod by Robert Hit¢hen$ Homes both of whh are rent freo. Our administration officgs at Bell House ar8 generously suprxjrted by our landlord Mrs Sarah Magalotti who has ¢xintinued lo discounl our annual rent by £10,000. We are grateftjl for the tInUed support of the Inland WalerwayE Association {IWA} and the Waterway Recovery Group IWRG} in our restoration projects. CCT has hosted IWAJWRG weekend and summer, week- ton9 restLvation camps in various locations alorrfJ the lerrfJth of the ¢anal. 11 THE TRUSTS ROLE MTHIN THE RESTORATION PARTNERSHIP 11.1 Thè Cotswold Canals Partnershlp Board - CCPB The Cotswdd Canals Path8rshlp was formed In 2001 th the vlslon lo reslore the CotswcAd Canals to fvll navigation in the iiterests of conservation. biodiv8rsity and local quality of life, and to use the resloratirjn as a talyst for wider sla1, eGonomi¢ and environmontsl regeneration in argas neighbouring the canals. The Partnership comprises CCT and dlrect partner8 le.g.. Stroud Valleys Canal Company, Slroud District Council), Envlronmenl Agency, Canal & Rlver Trust and Inland Walerways AssoGialion, alor@ with all the riparian Ictal authorities and mony other organisotions {17 in total}. CCT conlinued to play a kay rola In the Partnership by providing updates on restoration progress across all phases and opporbjnilies of interest to the stakeholders and representatNes attended the main Cotswold Canals Partnership Board meetings. Pag8 8
THE COTSWOLD CANALS TRUST {A Company Llmlted by Guaranta8} TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 11.2 Stroud Dlslrfct Councll - SDC Stroud Dlstrkl Council has invested significantly in canal restoratiL over many years, Includiro establlshlrKJ their offIS in the Industrial H&rilag8 Conservation Area at Ebley Mill adjac9nl to the once infilletl $8clion of th8 stroudwater Navigation. They re the lead parther in the Phase 1A projact and ¢on(Inue to play a key role in the redevelopment of Brfmscombe P¢)rt and ts connection to th& rest of the Phase 1A length. stroud Distrfcl Coundl is thè Cowlead Iwlth CCT) of Ihe Cotswold Canals Connecteil {Phase 1 BI NLHF Stsge 2 (Delivery) project. This team comprises the Can81 Project Director. Engineering. Envlronmenlal and Community Engagement teams and various Volunleors, the majority frorT7 CCT. plus adminiStrate, ¢ornmunicalions and document production support. stroud Dtstrlct CounLal volunteer teams, by SDC together with CCT volunteer teoms are responsible for maintaining thg restrJTed sections of canal Phase 1A from The Oce8n rail bridge al Stonehouse to Boume Lock. 11.3 Stroud Valloys Canal Company - SVCC Stroud Valleys Canal Company ISVCC) is the charfly that has responsibilty for the canal, ollher as a freehold owner in the ca50 of the Thames & Sevem Canal under jurisdiction or, undorlts 99year lease Irom the Company of Proprietors of th8 Stroudwalèr Navigauon ICOPSNI In the case of the Stroudwaler Navigation. Maintenance and improvement work is also managed by SVCC wothng with CCT volunteers {based al CCT'8 westem depot) have capability in many areas including the construction of landing stages, dredging, maintenance on land and in the water (boats team) and repairs lo canal infraslru¢iure and equipment. SVCC purchases and owns malor Items of plant and equipment for use by the vdunteer teams some of whi¢h hay& been purchased wllh grants from CCT. 12 COTSWOLD CANALS CONNECTED (PHASE 1B) We have prevlously reported to that the proi8¢t's b5d to NLHF for 18 funding was SUesSfUl and a grant of £8.9m. matched by contiibulion8 from our partners as well as other donors and ourselves, was confirmed in October 2020. Since the award, work has st8rted on 1B. albeit more slowly than orlglnally anticipated due to Covld rgslrfcJons and delayed plannlng pemisslons. It Ss now antiCIpal that the 1B project to connect Stroud wllh Ihe nallonal river and can¥4 netsvofk at Saul JunctSon wlll be completed withln the next 4 years {20291. Progress has been frustrated lo some extent by COVNJ and environmental rgstrldons. These, together with the substantial inflationary increases in planning. envtronmental. engineering and Construction costs, have result in the project budget Increasing by circa £10m. Post year end, CCC ha8 applled lo the NLHF for additional funds to covei the fundlng gap. As part of the application the partners. SDC, GCC, SVCC and CCT have all committed lo providlng additional cash to the project. ci)ndilional on NLHF support. The Trustse8 of CCT have committed lo Investlng a further £600.OLK) from its Future Project Fund to support thè NLHF bid. This will tsk6 thg lolal conlrtbutlon from CCT to phase I 10 £1.5m. CCT is commltted to the project and see th& connection of the canal lo Saul Junction as a priorfly actlvlty. Page g
THE COTSWOLD CANALS TRUST (A Company Limited by Guarantse) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 12.1 The Project Management Team The CCC Delivery Stage Management Team was formed of volunte8r8 and paid professlonals represanling the foll0vng organisations.. Slroutj District Counal.. clead and acc£)untable body (including legal servilxs. flnan(z team, communicatlons and admlnlstratlon) Canal Prole¢t Director Canal Project Volunteer Manager Plannlng Land acqulsltlon Community Engagement Fundralslng Monllorlng and Evaluatlon Cotswold Canal8 Tw8t.' Cfrlead Chief Englneer EnglneerfrKJ, Natural Envlronment and People Skills Volunteers and teams Fundraising Stroudwater Navigation Archives Charty (SNAC) Conservation and digilisalion of the Company of Proprielois, records Stroud Vdleys Canal Company {SVCCI.' Management and malntenance Land acqulsition Glou(Estershire Wlldlife Trust Hosts the Canal Envtronment Manag@r Other Contributors Slroud Valleys Project, EnvSronment Agency, S8V8m Rivers Trust Cotswold Canals Knowledg8 Usoum In the Park Pag6 10
THE COTSWOLD CANALS TrUST (A Company Llmlted by Guarantsg) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 13 ANNUAL REVIEW 13.1 Restoration A CoMph8n$1ve r8vl8w of all aspects of our actfvtdes is set out on a quarterfy basls in our pUtICation Yh8 TrovK. Thls is avallable to memb8rs olthor In dlgital fom or mallgd In hard copy. 11 Is also puNished on our website. Notable athievements for The Trust this year have been: Ongoing maintenance and ddgIng on Phase 1A Reoponing ofthe pound betseen Pike Bridge and Dock Lock RestoraOn of John Robinson Lock and Dock Lock Croalion of th8 Wetlands at FrOrnbdg8 Plling at BC$ Mlll and pparatIon for th8 new brfdge Renovallon of Occupation Bridge Preparation of Hoggs Medow for silt offloading On the Eastsm side, contlnued restoration at Weymoor Bridge and towpath improv&ments at th8 Splne Road seclion of the canal Ongoing lobng for a restored canal to b8 part of the sduuon to watsr shortages In the South East. 13.2 Flnanclal Rgvlow Income for the year increased lo £608,573 12024: £537,288), including 8 £90,000 dlvldend from the trading mpany12024= £80,OCK>) and Increased legacy income of £184,32412024.' £158.2431- During thp year were fothnale enough to receSve a bgqU8St of £76,324 from the estate of Thomas Wetheral, £70,000 from the estate of Anne Sh511 and £25,000 from th8 8slat8 of Mr Glbson have boosted our Fulurg Projects Fund. It Is the Intention to use these funds to acquire land incorporating the Eastern segment of th canal and to support the completion of the works to aChve connection at Saul Junction under the Cotswold Connected Canals project (Phase 1B)- Expendtiure increased to £485.372 {2024.. £434,356). The increase is due to hlgher 51aff costs as we now have both a full tirne Volunteer C¢>ordinator and Marketing Co-ordinator. Thore was a not Increas6 in funds In the year of £123,201 (2024.. £102,932). Tha balance sheet st 31st March 2025 shows Total Funds of £2.155,35312024= £2,032,152) of which £518,97812024= £419,550) is in Reslricled Funds. The Trusfs Unrestrfttted Reserves are £1,636,37512024: £1,512.6021 which ¢omprises'. General Funds £146,308 {2024.- £174,549) Designated Funds £1,490,067 (2024= £1.338,0531 Subsequent lo the end of the year the Trustees have conditK)nally commltted a ftlrther £600,000 of designated funds (future prolectsl to the Phase 1 B project as explained ill paragraph 12 above. We expect that the cuirent Restricted Funds and the addrtional contribution lo Phase 1 B will be exp8nd8d over the n8xI four financial year8 and WUI b& fijnded from our exlstlng cash Investments of £1,500,000. Our trading a¢Uvlties have all perfomied strongly generatlng 9Yo growth In revenue to £243,000 arid a prof41 of £90,000 profil that supports the restordlion and malnlenance work that we do. Page11
THE COTSIVOLD CANALS TRUST (A Company Llmltod by Guarantee) TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENDED 31 MARCH 2025 14 SUMMARY This rep)rt demonstrates that the Trust 18 successftjlly delNering on the alm8 8ThJ oblectlve8 sel out In paragraph 3. Allhough progress on Phase 1B appears to have baen slow behlnd tha scgngs wo havg put In an enormous amount of preparatory work. and we have mad9 real progrgss on the ground thls year. Finalty, none of this could be 8chlovod without tho dedication and support from of all our volunteers and m8mbers. Page 12
THE COTSWOLD CANALS TRUST IA Company Llmlted by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 statement of Trusts•s' responslbllltles The Trustèes (who are also the directors of the Charity lor the purposes of company law) are responsible for prepartng the Trustees. Report and th& finanaal stal8m8nts in accordance appllcable law and United Kingdom Accounting Standards IUnSled Klngdom Generally Accepted Accounting Practice}. Company law wuSres the Trustees to prepare financial statements for each financlal . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they gNe a true and fair view of the stsle of affairs of the Charity and of Sls incoming resources and application of resources, including its income and expenditure, for thot period. In prep8r&ng these financlal 8tstements. the Trustees are required to: select suitable accounting potiryes anil then apply th6m conslslenlly, obseNe the methods and principles of the Charflie5 SORP IFRS 1021- make ludgernenls and accounting estimates that are reasonable and prudent.. slate whether applicable UK Accounting Standards IFRS 102> have been followed, subject to any rnalerial departures disclosed and explained in the finandal statements,. prepare thè financial ststements on Ihg going concem basls unle8s1118 Inappropriat6 to prèsume that the Charitywll conllnue in business. The Trustge8 are responslble for keeplng ad8quat@ accounting records that are sufficient to show and explaln the Charltys transactions and disclose with reasonable accuracy at any lime the financial position of the Chaty and enalje them to ensure that the financial ststements comply with the Companies Act 2006. They are also r8SFK)nslble for s8feguardlng th8 assets of the Charfly and hence for tsklng reasonable steps for the prevention and detection of fraud and other irregularftS0s. Idontification of Major Rl$ks The core work of the Cotswold Canals Tru8t Is und&rtaken by volunteer8, wilh supp¢yt from the Tnjst Administrators. It Is the physical work a$atOd wlth constrnctlon, restorauon or reoJnstru¢lion or malntenance where exposure to risk can be groat6st. Health & Safety Is an agenda item for every meeting of CCT Council and the CCT Dellvory Board. Method statements arKI risks assessments are in place for all work Qarriod out by volunteers. To support the stfong Health and Safety ethos, the Trust has introduced the°Don'l Walk B initiallve during the year which encourages volunleors to fo91 empow8red to question whether an adivity is safe and propefly considered. Page 13
THE COTSWOLD CANALS TRUST (A Company Limtted by Guarant89} TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Audltors A resolution will be put to the Annual Gen&Tal Me8tln reapkK)inted as the auditors of Thg Cotswold Canals that Randall and Payne LLP of Chellenham aro to be rust. Appro by ordor of the members of th8 board of Trustees and slgned on tholr half by.. Davl agg - Chalr Chair of Trustees Dal8'. September 2025 Paga 14
THE COTSWOLD CANALS TRUST {A Company Llmlt•d by Guorantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE COTSWOLD CANALS TRUST Oplnlon We have audlled the financlal 81atsmenls of Th8 Cotswold Cana18 Trust {the 'charhabl8 compaw) for the year ended 31 March 2025 whlch wmprise the Slalement of Financial Acllvtties, the Balance Sheet, the Statement of Cash Flows and the related notes, SndudiNJ a summary of sl9niflcant accounliry policies. The financlal reporting framework that has boen applSfjd in their pr8paraUon15 applicable law and United Kingdom ACCOUnng Standards, including Financial Rewrting Standard 102 The Financial Reporting Standard apFAicable in the UK and RepU[C of Ireland, {United Kingdom Generally Accepted Accounting Practi1. In our opinion the financial statements= give a true and falr wew of the state of the tharilable companWs affairs as at 31 March 2025 and of i Incoming resources and application of resources, includlng its income and expenditure for the year then have been prop8rfy prepared in accordan(* wlth Unlted Kingdom Gener811y ApIe Accounting Practlce: and have been prepared in accordance with the requirements of the Charities kt 2011. Ba$ls for oplnlon We ndUcted our audlt In accordance wllh Intematlon81 Standards on Audttlng {UK} {ISAs IUK}l and appllc8bl8 law. Our responsibiltties under those standards are further described in the Auditors, responsibillties for the audf( of th8 financial statements section ol our report. Wo are indgpendenl of the charilablg company in accordance with the ethical rgquiromenls that aro relovanl lo our audit of the financial stslements in th8 United Kingdom, including the Finanal Reporting Counal's Ethical Standard, and we have fulfilled our other ethical responsibilitles in accordan wtth these requlremenls. We believe that the audit eVIden we have obtained 1$ sufficient and appropriate to provide a basls for our opinlon. Concluslons relatlng to golng ¢oncorn In auditing the financlal ststemenls. we have conduded th8t thè Trustees, use of the going cOnM basis of ac£ounllng In the preparauon of the flnanclal statements Is approprtate. Based on the work we have perfomied, w9 have not idgnlifiBd any malarlal uncertalnt19s rd8tlng lo events or conditions that, individually or collectively, may cast signrficant doubl on the charftable companls abillty to continue as a going concern for a perlod of at l&asl twelve months from when the financial statements are 8uthorised for issue. Our responsibilities and the reswnsibilities of the TTUStees wth respect lo golng concern are described in the relevant sectlons of this reporL P8g8 15
THE COTSWOLD CANALS TRUST (A Company Llmlted by Guaranto0) INDEPENDENT AVDrfoRS' REPORT TO THE MEMBERS OF THE COTSWOLD CANALS TRUST {CONTINUED) othor Infonnatlon The other information comprisgs the information indudgd in Ihe Annual Report othor than th& finanaal slalements and our Auditors, Report Ihereon. The Trustees are responsible for the other Infomation conlalned thin the Annual Report. Our oplnvjn the financial ststemellts does not cover the other information and, except to the extent otherwise expliciuy stated in our report. we do not express gny form of assurance cx)nclusion thereon. Our responsibility is to read the other infomiation and, In doing so, consider whether the other infomiation is materially inconsislgnl with the financial $tatsments or our knowledge obtalned in the course of the audit, or olhemse appears lo be materfally misslaled. If we identtfy such material inconsisteneles or apparent material misslalemenls, we are required to dètermine whether this gives rise to a material misstatement in the financial statements themselves. If. based on the work hav8 pfrrfomiod, we conclude that there is a material mlsstalement of this other infom)ation, we are requlred to report that fact. We hav8 nothing to reFrf)rt In thls regard. Matters on which we are required to report by exoption We have mlhing to report In respect of the followlng matter8 wher8 the Ch8rtties (Accounts an(J Reports) Regulations 2008 requires us to report to you rf, in our opinion- the Infomatlon glven In the Truglees, Report Is Inc¢)nslstent In any material respect with the financial statements., or sufficient accounting rgoords have not been kept,. or Ihe financlal statements are not In agreement wllh the accounting records and retums., or we have not received all the infoimation and explanations we require for our audit. R88POll8lbllhlès of trusle88 As exained more fully in the Twstees, Responsibilities Slatemgnl. the TfUSt99s Iwho are also the directors of the charitable company for the purposes of company law} are responsible for the preparation of th8 flnancial statements and for being satisfied that they give a true and falr vi. and for such intomal control as th8 Trustees detemiine Is nocessary to enable the preparation of financ181 stslements that are free from matèrial misstatement. whether due to fraud or error. In preparing thfr financial statements, the Trustees arg responsible for assessing the charitable companls ability to Continue as a going ¢oncem, discloslng, as applicable, matters related to going concem and using the goSng concem basis of accounting unless the Trustees efther Intend to liquidate th8 charitable company or to cease operattons, or have no reallstic altemative but to do so. Page 16
THE COTSWOLD CANALS TRUST {A Company Llmlted by GuaTantg91 INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE COTSWOLD CANALS TRUST (CONTINUED) Audltorn, responslbllltles for the audlt of the flnanclal stsl¢ments We have been appolnted as audrtor under section 145 of the Charitlos Act 2011 arKI report in accordance wlth Ihe Act arKI relevant regulations made or having effect thereunder. Our objectives are lo obl8ln reasonaNe assurance al)OLrt whether the financial statements as a whole are free from material misslatemenl, whether duè to fraud or error. and lo issue an AudSlor8' Report that indudes our opinion. Roasonable assurance is a hi9h level of assurance, bul Is not a guarantee that an audlt ¢ondu¢ted in aowrdance with ISAS IUK) will alwayE deted a material misstatem8nl when il exists. Mlsslatem8nts can arfs8 from fraud or error and are consldered wnatersal rf, indiwdually or in the aggregate, they could reasonabty ba expected to influgnce the e0)nOm decislons of users taken on the basls of thes8 financAal stalem&nts. Irregularities, Induding fraud. ar6 instances of non-compliance wlth laws and regulations. We dosign procedures in line with our rgsponsibililies, oudined above, to detsct material mis51atements In respect of itregularibes, including fraud. The extent lo which our procedures are capable of detecting irregularities. including tra1 is detailed below. Our audlt planning process gave consideration to the risk of material misstalernenl in the financial statements. using the calculated materiality level whKh itself lactored in the nature of the Companls operationy and the inlarpreted levels of inherent and control rS8k. In assessing the rfsk of fraud we reviewed management's own 8SS8ssment of potential for fraud within the entlly and revlewed Judgements made by managèment to Idenllfy possible bias, in addition lo any opportunity and 5n¢*nOve for frdud that are in inherent in the nalure of the CompanYs operations. Our detalled testing Included revlew of accounung estimates and judg7&nts and valldatlon of pme ledger entries. We confirmed our knowledg9 of thg legal and regulatory 8nvlronment of th8 entty through discusslons wlth management. We analysed all information available to us in respect of relevant laws and regulatlons, including the Companies Ad 2006 and rdevanl UK tax legislation and onquirgd with management as lo any possible breached in the aforementloned. We 8greed the accuraoy of th8 financlal statements to the 8UPPOrting management Informatlon provided by the client and tested individually on a sample basis the income and expenditure in the financial statements to consldèr the business rationale b9hind thg transactions and the accuracy of the financial rgoords. Our audit lesOng did not id8ntfy any1s8u&s In respect of the mattors listed abov8. A fvrther descrlptlon of our r88pon8ibllllle8 for the audit of the finar¢cial statements is loc8ted on the Financlal Reportlng Council'8 website at res n81bilRles. This description fomis part of our Auditors, Report. Use ol our report This report Is made solely to the charit8ble companrfs trustees. as a body, in accordance wrth Part 4 of the chareS IAcLounts and Reports} Regulation8 2008. Our audit work has been undertaken so that wè might slatè lo the charftsble companls truste88 those mattors we ara required to slate lo them In an Audltors, Report and for no other purpose. To the fullest extent pemiltted by law, we do not acc8pI or assume responslbllSty to anyone other than the charitablg Gompany and Ils members, as a body. for our audit work, for th18 report, or for the opiniorts we have fomied. Pago 17
THE COTSWOLD CANALS TRUST IA Company Limitsd by Guarnnteel INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE COTSWOLD CANALS TRUST (CONTINUED} Ryan Moore CA (Senlor statutory auditor Randall & Payne LLP Statutory auditors ShuTdinglon Road Ch81tenham Gloucestershire GL514GA 10 Septembei 2025 Randall & Payne LLP at? eligible lo act as auditors in terms of section 1212 of the Companies AGt 2006. Page 18
THE COTSWOLD CANALS TRUST (A Company Llmlted by Guaranto9) STATEMENT OF FINANCIAL ACTMTIES {INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 MARCH 2025 Restrlcted Unrestrlcted funds funds 2025 2025 Total funds 2025 Total funds 2024 Income from: Donations and legacles Charttabl& activtties Other trading activities Investmgnts 4S.S99 272,318 91.858 129,642 69.156 317.917 91,858 129,642 69,156 309,743 83.603 84,856 59,086 Total Income 45.599 562,974 608,573 537,288 Expendlturg on: Raising funds Charftsble activliles 18.170 421.031 q8.170 467.202 23,291 411.065 46,171 Total expendlture 46.1T1 439,201 485,372 434,356 Net mov8ment In fvnds (572) 123.773 123,201 102,932 Reconclllatlon of funds.. Total funds brought fotward Net mov6ment In funds 519,550 (572) 1,512.002 123.773 2.032.152 123,201 1.929.220 102,932 Total funds rrIOd forward 518.978 1,636,375 2.155.353 2,032,152 The Statement of Flnandal Actlvlues includès all gains and losses recogn15ed In the year. The te5 on pages 23 to 43 form part of Ihesg financial statements. Page 19
THE COTSWOLD CANALS TRUST (A Company Llmlt¢d by Guararrteel REGISTERED NUMBER: 01207787 BALANCE SHEEr AS AT 31 MARCH 2025 2025 2024 Not Fixed a$$ets Tangible assets Investments 12 13 457,908 471,525 457.912 471,529 Current as80ts OebtoTs Investments Cash at bank 8nd In hand 14 15 108,247 1,500,000 121,392 87,526 1,350.000 147,02T 1,729,639 1,584,553 Curvent Ilabllltlos Credhor8.' amounts falllng duè wlthln one year (32,198) (23,930) Nol ¢UTrert 0s$gt$ 1,697,441 1,560,623 Total assets l•ss current liabllitlots 2,154353 2,032.152 Total net assets 2.155.353 2.032.152 Charlty funds Restricted funds 18 18 518,978 1,636,375 579,550 1,512,602 Unrestricted funds Total funds 2.155.353 2,032,152 The entity was enliued to exemption from audlt under secllon 477 ofthe Companles Act 2006. The fflembers have not required the entity to obtain an audit for the year In question in accordance wtth sectlon 476 of the Companies Act 2008. However, on audit is required in aw)rdanc8 wllh sectlon 145 of thè Charities Act 2011. The Trustees acknowledge their r8swnsibili118s ftir cOmplng wrth tt7e r8qulrem8nls of th8 Act wrth respoct to awounting record$ and preparation of financial statements. The finan(aal statements hav8 been prepared in accordan the provisions applicable lo entities subject to th& small comp8nie8 reglme. Page 20
THE COTSWOLD CANALS TRUST (A Company Llmltad by Guarantee) REGISTERED NUMBER.. 01207787 BALANCE SHEET {CONTINUED} AS AT 31 MARCH 2025 The financial stal8m8nt8 were approv and authorised for issue by the Truste88 on and signed on Ihelr behalf by.. September 2025 Davl agg- Chair The Mtes on pages 23 to 43 form part of these flnancial statements. Page21
THE COTSWOLD CANALS TRUST (A Company Llmltsd by Guarantee) STATEMENT OF CASH FLOWS FOR THe YEAR ENDED 31 MARCH 2025 Note 2025 2024 Cash fl¢)ws from operatlng actlvltles Nat cash used In operating activities 21 {85,025} {1,318,263) Ca$h Ilows from Inve8tlng actlvltle8 Dlvidends, Interests arml rents from investments Proceeds from the sale of tangible fixed assets puhase of tsngible fixed 8ssels Purchase of investments 91,858 4,000 {36,4681 83,603 (260,986J Increase in term deposits 150.000 1,350,000 Net cash provided by investing adlvltle$ 209,390 1.173.218 Cash flows from financlng actlvltlg$ Ng1 eash provldgd by flnanclng actlvilies Changa In cash and cash equlvalents In the yeav Cash and cash oquivalenls atthe beginning of the year 124.365 114S,0451 1.642,072 1,497,027 Gash and cash equlvalents at the end of the year 22 1,621,392 1,49T,027 The not88 on pages 23 to 43 form p8rt of these flnanThal ststements Page 22
THE COTSWOLD CANALS TRUST (A Company Llmltad by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 General inforniation The Colswold Canals Trust is both a chartty and a company limitgd by guarant&, reglstered in England and Wales. The regi8trallon number and registered office addr6ss ¢an be found on Page.1. Tho companles tradlng addres8 is 8ell House. WallbSrdge. Stroud, Gloucestershire GL5 3JS. Accounting policlo¥ 11 Basis ol preparation of flnanclal statgmgnts The fin8ncAal statements havo been prepared In accordance with tho Charities SORP IFRS 102) - Accountlng and Reportlng by Chartties.. Statement of Recommendod Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Iraland IFRS 102} (effectlve 1 January 2019), the Financial Reportlng Standard appli¢abJg in the UK and Rewblic of Ireland IFRS 102) and th8 Companle8 Act 2006. The Cotswold Canals Trust meets the definition of a publlc benefll entity under FRS 102. Assets and Ilabllltl8s are Inrually re(xignised at historical cost or transaction value unless olhgNlse stated In thè relevant a¢)untIng policy. The Charhy has a OllY owned trading sub5idlary company, Cotswold Canais Twst ffradlng) Limited and an Interest in an associated Company, Strwd Valleys Canal Company. Th8 charuty has chosen not lo prepare consolidated accounts on the basis that aggregate group incorne does not axceed the relevant threshold. Page 23
THE COTSWOLD CANALS TRUST (A Company Llmltsd by Guarnntsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies Icontlnugdl 12 Incom• I Income Is recognised On the charity has entrtlemenl to the Income, it is probable that the income wlll be recgfved and the amount of Sncome receable can be measured reliably. The recognition of income from legacies is dop9ndenl on establSshlng entillemenl. th¢ probabilNy of receipt and the ability to estimate with sufficient accuracy the amount receivablg. Evidence of entiuement to a lagacy exists when the Charity has sufficiènt evldence that a grft has been left lo them (through knowledge of the existence of a valid 11 and the death of the benafaclorl and the executor is satisfied that the propety In qu8Stlon 11 not bè IlI[red lo sallsfy dolms In th& estsla. ReIpt of a legacy must be recognlsed when it is probable that it will bg recelved and th& falr value of the amount ro1Vable, which wlll generally b8 the oXP9Cted cash amount to be distributed to tho Charity. can lje rellably measured. Grants are Induded In 1he Statement of Flnancl81 Activities on a receivabl& basis. The balance of income recoived for speoffic purposes but not expended durirwJ the periL¥J is shown in the relevant fvnds on the Balance Sheet. Where income Is received In advance of entitlement of receipt, recognit)n is deferred and induded In craditors as deferred income. Wher& entillemenl occurs before income is received, Ihg income is accrued. Income lax rOVerable Sn relallon to investment income Is recognisad at the tim& th& investment Income Is recelvatAe. Page 24
THE COTSWOLD CANALS TRUST IA Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accountlng pollcles {continu8d) 2.3 Expendlturo Expenditijre is recognised onGe there 15 a legal or constructlve obligation lo Irdnsfer economic benefit to a third party, it is probable that a transfer of economic benefits will b& required In setuemenl and the amount of the obligation can be measurgd reliably. Expenditure is classified by activity. The costs of each aclNty are made up of the lolal of direct costs and shared costs, Including supFort C08ts Involved in undertaking each aclivlly. Direct costs attributable lo a singl& aclivlty are allo(xted direcuy lo that actlvty. Sharod costs whlch contribute to more than one activity and support costs whlch are not altribulable lo a single activlty are apportioned bthobn those acliviti8s on a basls conslslent with the us8 of resources. Cfjntr staff costs are allocated on the basis of Ilme spenL and depreciation tharges allocated on the Portion of the asset's use. Expenditure on raising funds includes all expendlture incurred by the Charity to ralse funds for its charitable purposes S1 Indude8 costs of all fundraising activities events and non-ch8rrttib trading. Expenditure on charrtable activities is incurred on direotly und8rtakSng the aclivitles which further th& Charitys objectives, as well as any associated support Costs. Grants payable ore charged in the year when the offer is made except in those cases where the offer is conditional, such grants beillg recognised as expenditure when the conditions attaching are ftJlfill8d. Grants offered subjèct to condrtions whlGh have not been met al the yèar end are noted Bs a commilrnent, but not accrued as oxponditure. All exponditure Is Sncluslve of Irrecovetable VAT. 2.4 Tanglble fixed ass•ts and depreciation Tanglble fixed assets are inibally recognlsed at cost. Aftar recognltlon. under the cost model, tangible fixed ass8ts ar8 measured 81 oosl les8 accumulated depreciallon and any accumulated impairment losses. Ml Costs Incurned lo bring a tangiblo fixed asset into its intsndad worldng condition should be induded in the measurement of cost. D8preclation ts charged so ag trj allwat8 th& cost of tsnglble fixed assets l&ss their resldual value ovar their estlmated us8ful Ilves, uslng the 81ralghl-Ilne method. Depre¢iatlon Is provld8d on the following basis- Fraohold land Plant and machlnery Office equlpment 8oals Not dgpr8dated 25% 33Q 10Q The assols. resldu81 values, useful Ilves and d9preciation methods are wewad. arkd adjusted prospedvely If appropriate, or if there is an indication of a significant Changg since the last roportlng date. Galns and losses on dlsposals are determlned by comparing the proceed8 wllh the carrying amount and ar8 r8cognlsed in the Statement of Flnancial ActIvIa8. Paga 25
THE COTSWOLD CANALS TRUST (A Company Llmltèd by Guarante8) NOTES TO THE FINANCL4L STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accountlng pollcle5 (conunugdl 2.5 Invgstmgnts Flxed asset Investments are a form of financial instNment and initially recognised al their transaction cost and subsequently measured at fair value al the Balance Sheet dale, unless the value nn01 be measure reliably in which case it is measured at cost less impairmont. Investment gains and losses, ether reallsed or unrealised are comblnèd and recognised in the Statement of Financial Aclivilies. Investments in subsidiarios aro valued al cosl185s provision lor impalrment. 2.6 Dobtors Trnde aThd otrjer debtors atB recognlsed at the settlement amount aftar sny trade discount offered. Prepayrnenls are valuod at th8 amount prepald net of any trydde discounts due. 2.7 Ca$h at bank and In hand Cash at bank and In hand Includes Gash and short4emi highly liquid investments wlh a short maturity of three months or less from the date of acqu1811ion or opening of the deposlt or slmilar account. 2.8 Llabllities and provlslon$ Llabllils are reC(JnISed when there Is an obligatlon at the Balance Sheet date as a result of a past event, It Is sxobable thal 8 transfer of economlc benefft wlll be required In settlement. and the amount of the setuemenl can be estlmated reliably. Liabilittos are recogni5ed at the amount that Ihg Charliy anticipates it wll pay to setue the debt or the amount it has received as advan¢ed payments for the goods or services il must provide. Provislons are measured at the best e8timate of the amounts requlred lo sethe the obligatKJn. Where the offect of the tlmè value of money is material, the provision is based on the present value of those amounts, discounl8d at the pre-tax discount rate that rèflects the risks specrfic lo the liabllily. The Unwindi of the discount Is rect>Jnlsed in the Staloment of Flnanclal Acllvllles as a finanix cost. 19 Finonclal Inslruments The Charfty only has flnanclal assets and financial liabilrtl68 of a knnd that qudrty as baslc nancIal Instrumonls. Basic financial instnjments are inhialiy recognised at transactlon value and subsequ8nUy measured al theSr setuement value wlh the exception of bank loans whith are subseqvenlty measured at amorttsed cost uslng the effective Interest melhcal. 2.10 Penslons Th8 Chadly operates a d6ffned contribuOon pension scheme and the pension charge represenls the amounts payable by Ihe Charfty to the fund in respect of the y8ar. Page 26
THE COTSWOLD CANALS TRUST (A Company Llmlted by Guaranteo) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies {¢ontlnu•dl 111 Fund accountlng General funds are unrestrfcted funds whlch ore avallable for use at the dlscretlon of the Trustees in furtherance of the general objectives of the Charfty and whlch have not been designated for other purposes. Designated funds comprSs6 unreslrtcted funds that have been set aslde by the Trustees for particular purpose8. The aim and use of each designated knnd is set out in the notes lo the financiBI statements. Restricted funds are fvnds whlch ar& to be used in accordanGg with speclflo restricllons Imposgd by donors or which have baen ralsed by the Charity for particular purposès. The costs of rdising and adminlslerbng such funds are charged against the spedfic fund. The aim and use of each restricted fund 18 set ijut in the notes to the financial stal8ments. Inveslment income, galn8 and losses are allolzted to the appropriate fund. Income from donatlons and legaci•s Rostrl¢tsd Unrestrlcted funds funds 2025 2025 Total funds 2025 Legad&s Grdnts Membershlps 184,324 34,196 53,798 184,324 79,795 53,798 45,599 45,599 272,318 317,917 Page 27
THE COTSWOLD CANALS TRUST (A Company Limited by Guarantèe} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Income from donatlons and19gacle$ (Gontlnuod) RestsiGted Unrestricted fijnds fvnds 2024 2024 Total funds 2024 LegaeS Grants Memb8rshlps 158,243 36,698 53.395 158,243 98.105 53.395 61,407 61.407 248,336 309,743 Income from charitable activrtses Unrestrfcted funds 2025 Total funds 2025 Dithend8 Intere51 received 90,000 1,858 90,000 1,858 91,858 91.858 Unrestricted funds 2024 Tol81 funds 2024 Diwdends 80,000 3,603 Interest receNed 3.603 83.603 83,603 Page 28
THE COTSWOLD CANALS TRUST IA Company Limlted by Guarantso) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 InGomg from olher tradlng actlvltles In¢ome from non charltable tradlng actlvlt19$ Unrestrf¢ted funds 2025 Total funds 2025 Lottery income Other Income Stsff Recharges Advertising, talks arKI events 11,273 10,788 96,529 11,052 11,273 10,788 96.529 11,052 129,642 129.642 Unrestslctad funds 2024 Total funds 2024 Lottery income Other income staff recharga8 Advertlsing. talks and events 12,8T3 12,454 47,620 11,909 12.873 12.454 47,620 11,909 84,856 84,856 Invostment Incomo Unre8trlGted fund$ 2025 Total funds 2025 Inveslmenl ino)me 69,156 69.156 Page 29
THE COTSWOLD CANALS TRUST (A Company Llmltsd by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Investment income (¢ontlnuod) Unrestricted funds 2024 rotal funds 2024 Investment Income 59,086 59.086 Analysls ot grants Grarrty to Institutions 2025 Total funds 21J25 Stroud Valleys Canal Company 36,000 36,000 GTrnts to Instllubons 2024 Totsl funds 2024 Strwd Valleys Canal Company 48,000 48,000 Analys18 of èxpendlknre by actlvltl8s Actlvltles undertaken directly 2025 Grant funding of activltlas 2025 support costs 2025 Total fund5 2Q25 Phase 1 B Resloratlon and malntènance Grants lo Slroud Vo118ys Canals Company 46,171 75,210 46.171 385.031 36.000 309.821 36.OIK) 121,381 36,01)0 309,821 467,202 Pagg 30
THE COTSWOLO CANALS TRUST (A Company Llmltod by Guaranteo) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Analysls of oxpendlture by aGtlvltles {contlnued) Actlvltles undertaken diTrcUy 2024 Grant fundlng ol 8diwties 2024 Support costs 2024 Total funds 2024 Phase 1B Restoration and m8lnt8nance Grants to Stroud Va118ys Conals Company 41,230 61,533 41.230 321.835 48,000 260,302 48,000 102,763 48,000 260,302 411,065 Analysls of support costs Support Cost5 2025 Total funds 202S Staff costs Office rent and rates Luht and heal Vehicle expanses Insurance 193,494 17,251 9.605 11,022 16,668 193,494 17,251 9.605 11.022 16,668 F li Training. health and safety Travelling Offlce costs Adveitislng Exlemal Events Legal and professlonal RepaSrs and renewa15 Bank dlarges Govemance c08ts 23,870 343 14.826 21)0 229 23,870 14,826 200 229 13,853 13,853 1,006 7,400 7,41)0 309,821 309,821 Pagè 31
THE COTSWOLD CANALS TRUST (A Company Limlted by Guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Analysls of oxp•ndlture by actlvltles (continued) Analysls of support costs Icontlnued) Support Costs 2024 Tolal funds 2024 t27,013 15,938 20,290 12,095 17.410 12.351 105 12,460 127,013 15,938 20,290 12,095 17,410 12,351 105 t2,460 50 4.915 9,584 20,582 1,390 Offlce rent and rates Light and heat Vehide expenses Insurance Training. health and safety Travelling Office costs Advertising 50th Anniversary & Exlemd Events Legal an¢J professional Repairs and renowals Bank charggs Govemance costs 4.915 9.584 20,582 1,390 li 6,119 6,119 260.302 260,302 Audltors. rèmuneration 2025 2024 Fees payable to the Charitys auditor for the audit of the Char[t8 annual acunIS 6,360 Feos payable to the Charftys audllor in respect of.. Other servlces 2,8(Xl 2,520 Pag8 32
THE COTSWOLD CAMALS TRUST IA Company Umlted by Guarantoe) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 10. Staff costs 202S 2024 Wages Bnd salarie8 SocFal seGurity costs Contribution to defined ntributiOn pension schemes 173.416 11.095 8,983 117,435 4,480 5,098 193,494 127,013 2025 No. 2024 Average number of employe&$ The number of employees whosg employee benefi lex¢luding employer pension costs) exceeded £60,0 w88: 2025 No. 2024 No. In the band £70,001- £80,000 11. Trusto0s' r•muneratlon and exponsgs During the year. no Trustses roceived any remunoralion or other b8nefits (2024- £NIL). During the ye8r end8(131 March 2025. expenses totalllng £4.803 were reimbutsed or paid diredy to 1 Tnjstee (2024 £242 to 2 Tnjstegs). Expenses related to the reimbursment of purchases made in reg8rds lo operating Sts. Pagg 33
THE COTSWOLD CANALS TRUST IA Company Llmlted by GuarantO0} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 13. Flxgd asset Investments Investments in subsidlary companles C05t or valuatlon At 1 April 2024 At 31 frAorch 2025 Net book valug Al 31 March 2025 At 31 March 2024 The Inveslment In subsidiary companies balance relate8 to the invostment in the tradlng subsidiary, Cotswold Canals Trust ITrading) Llmlted. The chalty holds 100% of sharo capttal in the trading subsidiary. Th8 tradiry subsidiatys reglster addrèss, is the same as the Charities, as Ilsted on Page.1. The principle activity of the subsidary is the operating of r8lail ouuets at varfous canal locations, as well as contributing toward the maintenance of th& Stroud canal system. During the prior year 100010 of ordinary sh8re capital of Hill Court Stonehouse Limited was Purchased by the Cotswold C8nals Trust for £3. The subsidiatys registsred address is Bell House, Wallbridge, Slroud, Gloucestershlr8, GLS 3JS. The registered company number is 05544181. The nature of the Subsldiaries busin8ss Is the managgment of real estste on a faè or ntract bo51S. Durfng the year endlng the 31 March 2025 Cotswold Can8ls Trust (Trading) Limlled general8d £243,337 of Income. whilst incurring a cost of £152,402 leadlng to net profil of £90,935. The nel assgt posrtion of the company 8t the year end was £2.187. Hlll Court stonehouse generated income of £1.440 and incurr8d expenditure of £668 leading lo net profit of £772. The net asset position at the year end was £4.122. During the year Cotswold Canats Trusl in¢urTgd £13 of expenses In regards to Companles Hou88 fees for Ihls 8ubsldiary. Page 35
THE COTSWOLD CANALS TRUST {A Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 14. Debtors 2025 2024 Due wllhln onè year Trade debtors Amounts owed by group undertakings Other debtors Prepayments and accruèd income 5.804 71483 13,029 16.931 15,351 47,591 8, 745 15,839 108,247 87.526 15. Cumt asset Investments 2025 2024 COIF Charrbes Investment Fund 1,500,000 1,350,IX)O 16. Cradltors: Amounts falllng dug withln ono year 2025 2024 Trade crodilors Other taxalk>n and social security other credkors Accruals and deferred income 11,086 4,702 5,390 11,020 6,419 3,951 2,860 10,700 32.198 23.930 17. Flnan¢lal Instruments 2025 2024 Financlal assèts Flnanclal ass8ls m9asuTed at falr valu8 through Income and expenditure 1,821.392 1.497.027 Fln8ncial assgts mea8ured al fair valuè through in¢ome and exwnditure comprfse cash at bank 8nd In hand. Page 36
THE COTSWOLD CANALS TRUST IA Company Llmlted by Guarant991 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 18. Statsm•nt of funds Statement of tund8- current y•ar Balan¢8 at 31 Plarch 2025 Balance at 1 April 2024 Transfers inlout Incomè Expondlture Unrestrlctsd funds Deslgnated funds Tangible fixeij assets General fund rese8 Re5toratlon fund Future prolècts 471.527 150,000 16,622 699,904 (4,5001 145,585) 36,466 50,000 457.908 200,OOD 16,622 815.537 181,724 {29.6251 (36.466) 1.338.053 177,224 175,210) so,000 1A90,067 Genoral funds Genèrdl Funds- all fvnd8 174.549 385,750 1363,991) {50,0001 146.308 Total Unrgstrict•d funds 1.512,602 562,974 {439,2011 1.636,375 Restrlcted funds Whrfminster lock Bonds mill Nineveh trust RF 1B Restoration Fund JIM While Fund RF Trip boat RF Stacey re Eisey Robinson Lock 71,888 25,000 f1,888 25,000 4.000 185,828 24,095 4,167 4000 200.000 196,785 13.710 4.167 4,000 200,000 35,214 10,385 {46,1711 519.550 {46,171) 518,978 Total of funds 2.032.152 608,573 1485,3721 2.155,353 Page 37
THE COTSWOLD CANALS TRUST (A Company Llmltod by Guarant9•} NOTES TO THE FINANCIAL STATEPIENTS FOR THE YEAR ENDED 31 MARCH 2025 18. Statemfjnt of funds (contlnugd) Restrlctsd funds Whilminstor Lock- funding for the restorallon of Whilminster Loc Bonds Mlll- funding f the restoratlon of Bond Mllls lfft brfdge. Nineveh Trust- fvndlng for environmental work relating to Ph8se 1B. Phase 1B- restoralon fvnd fundlng for the Phase 1 B restoration PTole¢l. New trip boat- fundlng to build a new electlc trlp boBL Robinson Lock- restoration fund for th9 Robinson Lock Iform8rfy Westfèlld Lock). Jim Whlte fvnd - fundlng for the restoration of Lock Gales. Doslgnalad funds Tangible flxed assets- the designation of res8rves that are held within fLxed assets Genoral reserve fun& relates to general reserves, designated as a buffer for future use Restoraon fund- fvnds held for restorallon prol8CtS generally. Future prciects fvnd- for futurg resloratlon projects and for the acquSsklon of assets to assist in restoration. Page 38
THE COTSWOLD CANALS TRUST (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 18. Stat•m•nt of funds Icontlnuedl Statement of funds - prior year Balance al 31 Mah 2024 Balance af l Aprtl 2023 Transfe in/out Incomè Expendlturn Unrestrfctsd funds D•81gnated funds Tanglble fixed assets General fund res&rve Restoration fund Deslgnated Funds 8 251,772 100,000 63,103 842.466 (41,230) 260,985 50,000 (22.421) P7,060J (63,334J (232.768) 471,527 150.000 16.622 699,904 3,000 153,540 1,257,341 156,540 (126,985) 57,157 1,338,053 General funds Generaj Funds- all funds 212,905 319.341 (306,540) (51, 157) 174,549 Tolal Unrestrl¢ted funds 1.470,246 475,881 (433,525) 1,512.602 Restrlcted fvnds Whllmlnster lock 71,888 25,000 71,888 25.000 4,000 196,785 4.t67 4,000 200,000 13.710 Bonds mlll Nineveh trust RF 1B Resloralion Fund RF Trip iL)al RF Stacey rg Elsey Roblnson Lock JIM While Fund 149,919 4, 167 4,000 200,000 47,697 (831) 13,710 458,974 61,407 (831) 519,550 Totsl of funds 7,929,220 537,288 (434.356) 2,032. 152 Pagè 39
THE COTSWOLD CANALS TRUST {A Company Limltad by Guarantso) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 19. Summary offunds Summary of funds - ourrent year Balance at 31 March 2025 Balance at 1 Aprll 2024 TransfeT5 Inlout Incomg Expenditurn Deslgnaled funds General funds Restricted fvnds 1,338.053 174.549 519.550 177,224 385.750 45,599 {75,210) (363.991) 146.171} so,000 {50,000} 1,490,067 146,308 518,978 2,032.152 608.573 {485.372) 2,155,353 Summary of funds- wlor yèar Balgnce at 31 March 2024 Balan at 1 Apn"12023 TnSfer$ in/oul Incon Expendltu Deslgnated funds General funds Restricted funds 1,257,341 212,905 458,974 756,540 319,341 61,407 (126.985) (306.540) (831) 5t, 157 f5t, 157) 1,338,053 174.549 519,550 1,929.220 537.288 (434,356J 2,032, 152 20. Analysls of not assets botween funds Analysis of n8t assets betgn funds - current yoar Restricted Unre8trictod funds funds 2025 2025 Total funds 2025 Tanglble fixed assets Flxed asset investments Current assels Credllors due withln one year 457,908 457,908 518.978 1,210.661 132,198} 1.729.639 132,198} 518.978 1,636.375 2,155,353 Page 40
THE COTSWOLD CANALS TRUST (A Company Llmltod by Guarante•) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 PIARCH 2025 20. Analysis of not a$$ets betwegn funds Icontlnued) Analysls of net assets b9tween tunds- prfor yoai Reslrictpd Unrestricted fvnds nds 2024 2024 Total funds 2024 Tanglbie fixed assets Fixed asset Snveslments Current assets Creditors due within one year 471,525 471,525 519,550 t,065,003 (23.929) 1,584,553 (23.929) 519,550 1,512,603 2,032, 153 21. Reconclllation of n8t movement in funds to net cash flow from operatlng activrties 2025 2024 Nel income for Ihe year {as p8r Statement of Financial Actlvf(iesl 123,201 102,932 Adjustments for: Dèpreclation charges DIends. Interests Bnd rents from investments L08s on the sale ofllxed assets Decrease in stocks Increase in debtors Increase In creditors Investment in temi dèposit 45,585 {91.858 500 26.f75 (83,603) 10,ItI 5,889 120,721) (34,369) 8,268 4,602 {150.000) (1,350,000) Net cash used in operatlng actlvlues (85.0251 (1.318,263) Pagg 41
THE COTSWOLD CANALS TrUST IA Company Llmltod by Guarnntge) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 22. Analysls of cash and cash oqulvalents 2025 2024 Cash in hand Notice dep)sits (less than 3 months) 121,392 1,500.000 147,027 1.350,000 Total cash and cash equivalants 1,621,392 1,497,027 23. Analys1$ of changes in ngt dgbt At 1 Aprll 2024 Cash flow6 At 31 Mareh 2025 Cash al bank and in hand Llquld investments 147,027 1,350,000 125.6351 150,0110 121.392 1,500.000 1A97.027 124,365 1.621,392 Operating lease commltmènts At 31 March 2025 the Charfly had commilmonts to mak& fvture mlnlmum lease payments under no cancellable i)perafjng leases as follows: 2025 2024 Not later than 1 yaar 13,184 13, 184 Pagg 42
THE COTSWOLD CANALS TRUST (A Company LimFt8d by Guaranto91 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2S. Related party transactlons There are no Iransadions with Iruslees or other related partles othar than those disclosed as required by the SORP elsesthere in the financial statements. The Cotswold Canals Tnjst Is deemed to have an interest In an associate, Slroud Valleys Canal Company {comp8ny no 0686037., charty no 1130051}, as disclosed In not8 1.2. Dudng the year, grants were paid lo Stroud Valleys Canal Company lotalling £36,OOLI12024'. £48,000). The total amount duo to strol Vall8y8 Canals Compeny at 31 March 2025 was £NII12024.' £55). The total amount dug from Slroud Vdleys Canals Company al 31 March 2025 was £3,207 {2024: £8,397). Sales regarding the relmbursmonl of operating costs were involced lo the Stroud Valleys Can81 Company lolallying £16,371 for the year Ondlng 31 March 2025 12024.. £18,589). Costs Incurred from thls related party. also for the relmbursmenl of operoting cost5. lotalled £Nil for the year gnding 31 March 2025 (2024= £3,975). Pago 43