Reglsterèd number: 01207787
Charlty nuM￿r. 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, P￿cUreMent
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
GIOU￿sterShIre
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 & Ac￿unts 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. WalIbr￿ge 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 aCti￿ty. 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, navigat￿8 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
circumstan￿S with a view to improving the condI￿On$ 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 cha￿table 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}
vi￿chair 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.
Pa￿4

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 Mem￿r￿
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 M￿Colm.
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 cha￿ty 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 membe￿h)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 tr￿en 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 Cl￿rdInatOr) and Charlotte Wran
Imarkeling c￿ordInatC￿). 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 6aM￿thed for prolects. In addition, Th8 T￿￿1 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-
l￿daY 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 wh￿h 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 s￿la1, 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 offI￿S 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 adminiStrat￿e, ¢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 99￿year 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 SU￿esSfUl 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
foll0v￿ng organisations..
Slroutj District Counal..
c￿lead 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 CoMp￿h8n$1ve r8vl8w of all aspects of our actfvtdes is set out on a quarterfy basls in our pUt￿ICation Yh8
TrovK. Thls is avallable to memb8rs olthor In dlgital fom or mallgd In hard copy. 11 Is also puNished on our
website.
Notable athievements for The Trust this year have been:
Ongoing maintenance and d￿dgIng on Phase 1A
Reoponing ofthe pound betseen Pike Bridge and Dock Lock
Restora￿On of John Robinson Lock and Dock Lock
Croalion of th8 Wetlands at FrOrnb￿dg8
Plling at BC￿￿$ Mlll and p￿paratIon 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 lob￿ng 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 aCh￿ve 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 Cha￿ty
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 ACCOUn￿ng
Standards, including Financial Rewrting Standard 102 The Financial Reporting Standard apFAicable in the UK
and RepU￿[C of Ireland, {United Kingdom Generally Accepted Accounting Practi￿1.
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 A￿pIe￿ Accounting
Practlce: and
have been prepared in accordance with the requirements of the Charities kt 2011.
Ba$ls for oplnlon
We ￿ndUcted our audlt In accordance wllh Intematlon81 Standards on Audttlng {UK} {ISAs IUK}l and appllc8bl8
law. Our responsibiltties under those standards are further described in the Auditors, responsibillties for the audf(
of th8 financial statements section ol our report. Wo are indgpendenl of the charilablg company in accordance
with the ethical rgquiromenls that aro relovanl lo our audit of the financial stslements in th8 United Kingdom,
including the Finan￿al Reporting Counal's Ethical Standard, and we have fulfilled our other ethical
responsibilitles in accordan￿ wtth these requlremenls. We believe that the audit eVIden￿ we have obtained 1$
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 cOn￿M 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 ex￿ained 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 tra￿1 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 judg￿7&nts and valldatlon of p￿me 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
char￿eS 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 cOmpl￿ng 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$h Ilows from Inve8tlng actlvltle8
Dlvidends, Interests arml rents from investments
Proceeds from the sale of tangible fixed assets
pu￿hase of tsngible fixed 8ssels
Purchase of investments
91,858
4,000
{36,4681
83,603
(260,986J
Increase in term deposits
150.000
1,350,000
Net cash provided by investing adlvltle$
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 rece￿able 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 I￿lI[red lo sallsfy dolms In th& estsla.
Re￿Ipt of a legacy must be recognlsed when it is probable that it will bg recelved and th& falr value
of the amount ro￿1Vable, 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 rO￿Verable 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 S￿1 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 ActIvI￿a8.
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$h at bank and In hand
Cash at bank and In hand Includes Gash and short4emi highly liquid investments wlh a short
maturity of three months or less from the date of acqu1811ion or opening of the deposlt or slmilar
account.
2.8 Llabllities and provlslon$
Llabllil￿s 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
Lega￿eS
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[t￿8 annual
ac￿unIS
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 rese￿8
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
Restora￿on 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 Ma￿h
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
T￿nSfer$
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 bet￿gn 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
DI￿￿ends. 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