REGISTERED COMPANY NUMBER: 02267719 (England and Wales)
REGISTERED CHARITY NUMBER: 299595
LTS & BERKS CANAL TRUST
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024

WILTS & BERKS CANAL TRUST
CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Page
Report of the Trustees
Independent Examiner's Report
io
Statement of Flnancial A¢tivities
li
statement of Flnancial Position
12 to 13
Notes to the Flnancial Statements
14 to 23

WILTS & BERKS CANAL TRUST (REGISTERED NUMBER: 02267719)
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2024
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present
their report with the financial statements of the charity for the year ended 31 March 2024. The trustees
have adopted the provisions of Accounting and Fieporting by Charitles-. Statement of Recommended
Practice applicable to charities preparing their accounts in accordance with the Financial Reporting
Standard appllcable in the UK and Republlc of Ireland (FRS 1021 {effective l January 2019).
OBJECTIVES AND ACTIvrrIES
ObJe¢tives and aims
The aim of the Trust is to protert, conserve and improve the route of the Wilts & Berks and North Wllts
Canals, and branches, for the benefit of the community and environment.
The Trust's flrst value and most Important prlority is 'Safety First,. The Trust 15 determined to do
everything possible to ensure the safety of all volunteers, employees and visitor5.
The Trust's key goal is to restore a continuou5 navigable waterway Ilnking the Kennet and Avon Canal
near Melksham, Wiltshire, the River Thame5 near Ablngdon, Oxfordshire and the Thames and Sevem
Canal near Cricklade, Wiltshi￿. While most of the restored canal will follow its hlstoric line, in some
instances le.g. at Melksham and Swindonl new canal lines are required due to development having
occurred on top of the historic line.
The Trust is involved in the promotion of the benefits of restoration through increaslngly active links wlth
local communities and local councils. It also works closely with the Wiltshire, Swindon and Oxfordshire
Canal Partnershlp to further restoration.
The Trust carrles out physbcal restDratlon such as restoring bridges and lock5, dredging of the canal, and
construction of the towpath of the canal as a walkway and nature corrldor. The Trust is actively engaged
in the development of restoration projects, Sncluding the preparation of plans and drawing5, ecological
and environmental studies, and applicatic)ns for planning permission.
Currentlyi the majority of projects are carried out by Trust volunteers, while some are carried out by
contractors. When the Trust has larger and more complex projerts, this balance will change.
The Tnjst encourages community engagement wlth the adjacent communltles along the canal restoration
route, promoting health and wellbeing and raising awareness of the work of the Trust e.g.
via
work-parties, talks and gulded walks and via varlous methods of communicatlon including emall updates,
soclal media, and the Trust web51te.
The Tnjst also seeks to maximise the public benefit5 of canal restoration in a wider context such a5 water
management, open acces5 for public leisure, conserving our Industrial legacy, promoting wildlife diversity
and improving economic opportunities along the line of the canal route.
Royal Patronage
We are dellghted to have received confirmation from Bucklngham Palace that Her Majesty the Queen has
decided to retain the Patronage of the Wilts & Berks Canal Trust.
The announcement of this decislon was timed to mark the first annlversary of their Majestles, Coronation
on 6 May 2023, and follows a thorough revlew Df more than 1000 charities wlth whom Her Majesty has
been associated. We are honoured and deeply grateful that Her Majesty has chosen to continue
supporting u5 as our Patron.
Page I

WILTS & BERKS CANAL TRUST (REGISTERED NUMBER: 02267719)
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2024
ACHIEVEMENT AND PERFORMANCE
Charltable activities
While the Trust's charitable alms are intentlonally broad (to enable a wide range of activity),
substantial amount of activity is being conducted In three areas:
Kle5toration of our canal, towpath and It5 Structures.
Increasing public and community engagement;
Delivering strong environmental benefits and increasing biodlverslty
The range of Trust activity is too large to highlight specific projerts, but Trustees wish to hlghllght that
there is signlflcant and growing activity right èlong the canal line.
This activity is bebng focused by our CEO towards 6 prlority Objectives
l. Safety: Ensurlng that all our policles and procedures are In line with legal obligatlons,
growing/deepening a safety culture to ensLJre that they are belng followed,.
2. OrganÉsation: Increasing the number of volunteers with speclfic expertise, and buildlng teams to
manage a function rather than relying on one or two very hard-worklng individuals;
3. Community: Growlng programme of community awareness and enthusiasm towards,
engagement with, our canal restoration project.
4. External advo¢a¢y: Building a team of senior-level championsladvocates who will
influential and nation al decision-makers to support our canal restoratlon project;
5. Project$: Increasing artivity in the preparation stages and actual delivery of live projects;
6. Towpath Challenge: Obtalning agreement to the route and opening of a towpath/footpath/cycleway
along Dur canal line e ven before the canal is restored.
and
and
convince
Embedded across and withln all our activity Is an absolute tommitment to 'Safety First,. Our Health &
Safety pollcy and procedure5 have been reviewed and significantly updated, and our Chief Operating
Officer Is responsible for ensuring that our Health & Safety policy and procedures are followed. The
Trustees wlsh to highlight the work that Peter Thomas, our Chief Operating Officer, has done during the
last year to etnbed the "Safety First" message, alongsbde all Branch Chairs and Branch Health & Safety
Officers.
The Trust recognlse5 that physlcal restoration of our hlstoric canal is not enough In Stself. Support for
this, the UK'S largest canal restoration project, will only deepen if significant local benefits are delivered.
Our aim is to ensure that a growing proportion of our local communlties become actively engaged wlth
our heritage project, whether by volunteering or by experiencing our canalltowpath environment as a
visitor.
In line wlth our charitable aim5, we are clear that there is little polnt in canal/towpath restoration unless
it brings substantial benefit to each and every local community along it5 route, wlth large number5 of
people of all ages, ethnicities and walk5 of lives vlslting the canal/towpath, especially where this is for
the first time in thebr lives.
To achieve thls, our aim is to slgnificantly Increase our community engagement activitles. Examples of
the type of activity we aim to
encourage
are
educatlonal and training
visits
from
school/college/university pupil5,
yout
clubs
and
hlstory/heritage
groups,
focusing
on
nature/biodiversity, historylheritsge and engineering. Thls is In addition to feedback from a large number
of people that a restored canal/towpath would provide a new and unique leisure and wellbeing resource.
In line with this aim, the Trust now has In excess of 8,000 social media followers and a reach of 40,000
on many posts, a near doubling year-on-year, and growing actbvity on Facebook and YouTube. Trustees
would like to thank the Trust's Comm5 Team, led by Chloe Ford, for this hugely positive result.
When completed, the Wllts & Berks canal will bring huge wellbeing benefit due to our canal and its
towpath being used for leisu￿ activities (estimated to be £IOOm per annum), slgnificant economlc
beneflt le5titnated to be E54m per annuiTT wheii coinpletod), saviiigs to 11)e Nl IS lestimated to be £38m
per annum) due to our local populations taking more exercise. OLJr 750 acres of linear blue-green
country park will also deliver enormous biodiversity benefit within the 1900 habitats of principal
mportance that our canal and towpath pass through.
Page 2

WILTS & BERKS CANAL TRUST (REGISTERED NUMBER: 02267719)
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2024
The Trust now runs four trip boats, covering Swindon, Royal Wootton 8as5ett, Chippenham, Pewsham
and Melksham. Boat trips are an excellent means of communicating the benefits of having a live
waterway and are an important community engagement activity.
The Peterborough Arms, the Trust'5 publlc house at Dauntsey Lock, has had a difficult year. Not only has
the B4069 (the pub's maln connection to Lyneham and Royal Wootton Bassett) been closed for the whole
year due to a landslip at Lyneham Banks but Significant floodlng has occurred due to blocked road drains.
Trustees would like to thank our tenants, Kevin and Holly, for their determination to make a success in
difflcult times and to the Trust's team of volunteers (led by Dave Maloneyl who have found solutions to
each issue in turn. Work has now started on repairing the landslip and we are hopeful that 2025 w511
prove to be a good year for the pub.
Fundraislng a¢tlvities
Fundraising through the year Is crucial both to cover our core operating costs but also to provide funding
for our restoration activities. By Its very nature there can be a time lag from appllcatlon to receipt and
particular expertise in finding the right source of funds is Important.
During 2023124 the Trust employed the servlces of an external consultant, the Marsha Mile5 Consultancyt
to explore and apply for grant funding on our behalf. The Marsha Mlles Consultancy contract has now
ended since the Intention is to grow our In-htsuse fundraisino team, led by Ali Arnold, Fundlng Dirertor.
Our Branch Chairs are encouraged to engage with our fundino team when seeking funds for particular
projerts. An overall view Is kept on the relationship by the CEO.
Sources of Income during the year were, In order of Importance..
l. Grants (largest Source by a long way)
2. Donations
3. Trading activitles
4. Subscriptions
5. Legacies
6. Gift Ald
7. Rent received
8. Interest received
The Trustees would like to thank all our donors and all those who helped produce our Income supporting
our artlvitie5 in whatever way. In addition to a large number of individual donors, we extend special
thanks to:
Aviva Tree Planting
Champ Charltable Trust
Chippenham Town Council
Cumber Family Charitable Trust
Headley Trust
Lord Faringdon Charitable Tnjst
Noore Charitable Trust
Reekie Charitable Trust
RWE Generation
Steele Charitable Trust
Strategic Solutions
Swindon Borough Council
- The Underwood Trust
Walter Guinness Trust
Weinstock Fund
Wiltshire Councll
Page 3

WILTS & BERKS CANAL TRUST (REGIsfERED NUMBER: 02267719)
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2024
ACHIEVEMENT AND PERFORMANCE
Health & Safety Executlve Prosecutlon
In 2016 a valued volunteer, Peter Konitzer, died in a tragic accident at one of our worksites. We wish to
express our heartfelt condolences to hbs famlly.
Nearly 8 years later, the Health & Safety Executive IHSE) brought Court proceedings In June 2024 Iso
shortly after the end of our 2023124 financial yearl for a breach of Health & Safety legislation. The Trust
pleaded guilty, was ordered to pay a £30,000 fine and funeral expenses and is also liable for signlf1cant
HSE Investigation costs.
While the funeral expenses are belng paid by the Trust's insurers, Trustees intend to pay the Court fine
and HSE investigation costs over several years. Trustees have therefore made allowance in the 2023124
accounts for paying these costs on that basis. The intention 15 that these amounts will be paid from
operating profit (largely PeterboroLJgh Arms pub rental and boat trip51.
Trustees can therefore assure Member5, Grant Funders and Donors that the Intention is that no
membership subscriptions, grants or donatlDns will be used to pay the Court fine or HSE investigation
costs. The intention is that the full amount of all these income types will go towards the Trust's charitable
activities.
Since the tragSc accldent, the Trust has completely overhauled and improved every aspect of Its
organisatlon, particularly with regarcl to Health & Safety and temporary works measures, extensive work
that was acknowledged by both the Judge and the HSE. With the Trust's first value being '5afety First,,
nothlng Is more important to us than the continued safety of our volunteers, employees and visitor5.
Trustees are confident that the Trust is now being managed correctly with regard to Health & Safety, and
In line with all other legal and charitable requlrements.
FINANCIAL REVIEW
Finan¢ial p051tion
Total income for the year to 31 March 2024 wa5 £3DI,945 (down from £3 13,312 in 2022123). Our total
expenditure was £262,229 (down from £3 11,930 in 2022123).
The Accounts show a surplus of £39,716, reflectlng a £19,885 fall Sn unrestricted ￿ndS (l.e. avallable
cash) and a £59,601 Increase In restrlcted funds (i.e. dornated/ringfenced for very specific projects).
While grants Increased sllghtly over the year, the maln cause of the drop in income was a substantlal fall
in grant5 and donatlons. Subscrbptlons In the year were Stable and remain a significant element of our
income mix.
A £115,000 provision for future liabilities lup from £71,403 In 20221231 has been made to cover the
Court fine and fees payable to the Health & Safety Executive relating to the tragic accident in 2016.
Further provisions may be required.
The Trustees wish to thank a11 those who contribute to generating income for the Trust, whether by
fundraisingi grant finding/glving, boating, events, donatbons or subscriptlons.
The Trustees recognlse and thank the whole flnance team for their work and attentlon to detail over the
financial year. Led by Brian Stovold, Trustee Treasurer, and Peter Wilkinson, Finance Director, and Jon
Gregoryi Head of Accounts, the Finance Management Group met throughout the year, provided regular
financial updates, assessed new and ongolng fbnanclal issues, and consistently delivered sound advice to
the Trustees via the CEO and Treasurer.
As part of the Finance Management Group's work, a detailed revlew was ctsnducted durfng the year Into
the detailed contentlformat of the Trust's Profit & Loss Statement. This resulted in a new P&L
content/format being ad(>pted that better reflect5 {and provides better insight intol the activities of the
Trust.
Page 4

WILTS & BERKS CANAL TRUST (REGISTERED NUMBER: 02267719)
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2024
FINANCIAL REVIEW
Investment policy and objectives
Within the context of the Trust's reserves policy, we have no current need for long term Invested funds.
Instead, we use the Interest-bearing COIF Charlties Deposit Fund to hold restricted funds for the short
term. In determining where to hold Short term funds the principle of immediate access to funds is
irnportant alongside a cautious approach to risk tsking and ethical investment.
Mindful of the need to spread risk, the Trust also holds a separate interest-bearing account at Natwest
alongside the existing current account, to hold part of our restricted fLJnd5, and will open other accounts
as needed to ensure that our charitable funds are secure.
Reserves poll¢v
A5 part of prudent artlve financial management, the Trust's reserves policy defines a mlnlmum level of
reserves that is approprlate to the needs of the Trust. The Policy provides for good stewardship and
ensures a stable financial background as the Trust delivers on its charltable obJertive5. It also helps to
ensure job securlty to our employee5.
Golng ¢oncern
The Trust ensure5 that it5 restricted funds are clearly separated from other monles and, in line with
Charity Law, that these funds are only used for the purpose for which they have been provided.
Expenditure commitments are managed in a way that ensures that we always have funds to meet them.
The Trust aims to develop a range of revenue streams to support the ftjnding tsf the Trust's activities,
including being able to ensure that the Trust can repay the outstanding loans taken out to finance the
purchase of the Peterborough Arms public house when they become due In 2034.
Contrartual commitments
The Trust has no ongoing commercial contrattual commitments that require disclosure. With c.200
landowners along our 70 mlle canal line, the Trust has a variety of land-related contractual commltments
(mostly leases and often wlth minimal/peppercorn rent).
Page 5

WILTS & BERKS CANAL TRUST (REGISTERED NUMBER: 02267719)
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2024
FUTURE PLANS
The Trust's strategy for restoration continues to be focused on the delivery of strategic stretches of canal
(particularly the Melksham Link from the Kennet and Avon Canal to Melksham, and from Royal Wootton
Bassett to Swindon which includes the crucial M4 CrDssing). This will require a significant amount of
planning, fundraising and restoration as well as a sustalnable core funding strategy.
Other important canal stretches that we are plannlng include a c.14km blue-green canal corridor
westward from Jubilee Junciion on the River Thames at Abingdon towards Grove and Wantage, although
progress on this will be strongly influenced by whether or not the SESRO reservoir is bullt. The Trust Is
currently engaged In a campaign to persuade Thames Water, local COLJncils, the Government and local
residents that, should the reservoir be built, the SESRO consortium should restore the Wilts & Berks
canal from Jubilee Junrtion, under the A34, alongside the reservoir and back to Wantage. As explained
previously, signlflcant economic, wellbeing and biodiversity benefit wlll accrue.
The Trust is developlng a growing number of relatlonshbps wbth developers, the aim being for canal
restoration to be Included as an integral part of developer plans, delivering significant additional benefit
to local communities.
The Trust Is aiming to bring significant stretches of towpath into Use as a public foDtpath/cycleway even
before restoratlon of the canal itself is undertaken, the aim being to provide local communities with
leisure resource that showcases the proposed canal line and raise5 local interest and engagement with
our heritage restoration project. We are encouraged that councils along our canal/towpath line 5UPPOrt
this initiative, including Wiltshire Council, Swlndon Borough Council, Oxfordshire County Council and the
Vale of White Horse District Council.
The Trust w511 look to maximise the influence of the Wlltshlre, Swlndon and Oxfordshire Canal Partnership
(WSOCP), an increasingly-important body made up of local councils and other interested stakeholders.
As the Trust Increase5 Its activity, a key challenge is to attract sbgnlficantly more volunteer5, bringing
wide range of skllls. Several volunteering opportunities exist, both for 'muddy btsot5" and 'clean shoes.
roles, and the Trust is especially keen for volunteers to become actively Involved in sublectslsklllslareas
about which they are deeply enthused and for which they have experience/expertise.
We alm to Increase the size of the Trust's membership from its current basellne of 2300 members to
beyond 3000, and to increase the number of people that actively contribute to the restoration by
volunteering their time.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by Its governing document, a deed of trust, and constitutes a limited companyft
limited by guarantee, as defined by the Companies Act 2006.
Trustees
As at 31 March 2024, the Trust had 11 Trustees, many Df whom have speciflc areas of responslblllty
Ichalr, Company Secretaryi Treasurer, Health & Safetyi Risk, Strategyft Governance, Herltagel.
The Trust extends a warm welcome to two new Trustees.. Laurence Oavis la Health & Safety
Professional) and Ron Crook la retired Chartered Civil Eng1neer with slgnificant Local Government
experience).
To encourage Independence and a challenging-but-posltive mindset, Trustees are encouraged to ask for
any information and clariflcations they feel would be helpful.
New trustees are co-opted by the current Trustees and subsequently confirmed through election by
member5 at a general meetlng. Induction of new trustees is managed by the Chair, due diligence having
prevlously been undertaken. They are glven documentation mandated by the Charity Commission alonq
with other important documents and acccss to the WBCT infoi'motloii Inanagement system. All Trustees
(new and existing) are required to complete and sign a Declaration of Interests form each year.
Page 6

WILTS & BERKS CANAL TRUST {REGISTERED NUMBER: 02267719)
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2024
STRUCTURE, GOVERNANCE AND MANAGEMENT
Organlsatlonal structure
Overall responsibility for the management of the Trtjst lies with the Trust Council, whose members are
confirmed at the next general meeting following co-option/appointment and then re-elected In rotation.
Officers of the Trust Counc11 Include a Chair, Vice-chair (position currently vacantl, Company Secretary
and Treasurer.
Three organisatlons namely.. The Inland Waterways Association IIWA}, Canal & Rlver Trust (CRT) and the
Wiltshire, Swindon & Oxfordshire Canal Partnership IWSOCP) have the right under the Trust's Artlcles of
Association to nominate a person to become a trustee. During this year a senior member of the IWA sits
on Trust Counc11 and provides an invaluable link into the IWA. The Trust Chair and IWA representatlve
also sit on the WSOCP. The Trust Chalr ha5 regular Director-level discussions with CRT.
The WSOCP Is a political and local authority forum to promote the restoration of local abandoned canals.
The Trust malntains c105e links and regular contact with the WSOCP, Chair to Chair and through Ken
Ollver, our part-time employed Partnership Officer, whose role is to deepen links between the Trust,
CoLJncils and other partners, and to stimulate canal and towpath restoratlon activity rlght along our canal
Ilne.
Generally meetlng bi-monthly (or more often as required), the Trust Councll ha5 specific responsibility in
3 areas, namely Overarching Strategyi Governance le5pecially regarding the Charlty Commisslon,
Companles House, Flnance, Health & Safetyi Risk and transparent decision-making), and Publlc Advocacy
amongst national/regional bodies.
During the last year, two trustee Working Groups have been established. Each Working Group provldes
speclallst advice to all Trustees to ensure that Trust Council decisions are fully researched and
approprlate.
Governance Worklng Group: The primary role of all trustees being governance, trustees are actively
engaged in a review of the Trust'5 governance to ensure that our governing document, scheme of
delegation and pollcies are all fit for purpose. Trustees are aware that the Trust's Artlcles do not
currently permit delegatio n of management or other responsibilities to a commlttee that does not contain
a Trustee las Ss the case for the Executive Board). While Trustees are briefed regulady on Executive
Board business, the Trust. s Articles need to be revised.
Strategy Worklng Group: A hlgh-level review is belng conducted to understand and document the
focus and interests of large-scale grant funder5. This will enable the Trust to focus future fundraising
efforts towards grant funders who are most likely to support our actlvltie5. Trustees are also Considering
the scale of income and likely expenditure that will be needed once the canal ha5 been restored. This will
feed into the development of a Commerclal Strategy that, over the next 20+ years, will assure the
financlal and operationa I viability of the canal.
Reportlng to the Trust Council Is our Executive Board. Led by Mike Gibbin, our CEO, this group has
classic functionalldepartmental responsibilities le.g. CEO, COO, Finance, Englneeringi DevelDpment,
Marketingi Funding, Nature & Biodiversity, Admin & Governance). Formed during early 2023, the key aim
being to separate Governance from operational matter5, the Executive Board is collectively charged with
making the Trust's operational decisiDns.
We also have a senlor-level knowledge-share forum, our Senlor Leadership Team, a group of 20-25
people from right across our organisation and canal line that meets monthlyi and which is chaired by our
CEO. Where need arises, subgroups are formed comprising members from the Trust Council, Executive
Board and Senlor Leadership tg tackle speciflc issues.
The Trustees wish to thank all members of the Executive Board and Senlor Leadership Team for their
enthusiasm, commitment and wide-ranging contributlons. The Trustees also wish to thank Mike Gibbin,
our CEO, for hls energy and determination. Under Mlke's leadershipi the Trust Is Sncreasingly focused on
addressing the most important 155ues and cliallenges.
In addition to the central management of the Trust there are 5 local branches situated along the cana5
route, each wlth a Chair and Treasurer, and a Boat Team (with a Head of Boats) that runs the Trust's
boats.
Page 7

WILTS & BERKS CANAL TRUST (REGISTERED NUMBER: 02267719)
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2024
STRUCTURE, GOVERNANCE AND MANAGEMENT
All activities of the Trust are organised and largely managed by Volunteers. The Trust has three part-time
employees covering a range of administration roles. Their work in invaluable and the Trustees extend
sincere thanks for everything they do.
The Trust Is affiliated with, and is a Member of, the Inland Waterways Assoclation. The Trust has also
joined the IWA'S 'Fund Britain's Waterways campaign, to lobby Government and other public bodles to
increase (not cutl funding of maintenance and restoration of the canal network.
Risk mana9ement
The Trust Council conducts its own revlews of the major risks to which the charity Is exposed, and
systems have been established to mitigate those risk5. The Trust Council reviews and agrees periodlcally
the Risk Register. A thorough review of the Rlsk Register is currently being undertaken by Mlke Glbbin
ICEOI, Nahom Russom (Fiisk Manager), and Oliver Mackie {Trustee}. Both Nahom Russom and Ollver
Mackie are risk professionals.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
02267719 (England and Wales)
Reglstered Charity number
299595
Registered office
Dauntsey Lock Canal Centre
Daunt5ey Lock
CHIPPENHAM
Wlltshbre
SN154HD
Trustees
Current and appolnted In the period
Steve Bacon
Company Secretary
Ron Crook
Council Engagement (co-opted during 2023124,. seeklng election)
LaLJrence Davls
Jo Douty
Health & Safety (co-opted during 2023124. seeking election)
Particular interest in Governance
Johnnie Graham
strategy
John Henn
Heritage (retiring by rotatlon; seeking re-election}
Martin Holliss
Chalr
Justin Lewis
Strategy
Oliver Mackie
Risk
Brian Stovold
Treasurer
Jenny Stratton
Council Engagement
Company Secretary
steve Bacon
Independent Examiner
Morris Owen
Chartered Accountants
43-45 Devizes Road
SWINDON
Wiltshlre
SNI 4BG
Page 8

WILTS & BERKS CANAL TRUST (REGISTERED NUMBER: 02267719)
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2024
REFERENCE AND ADMINISTRATIVE DETAILS
Bankers
Lloyds Bank PIC
5 High Street
Swindon SNI 3EN
Nat West PIC
45149 Broadmead
Bristol BSI 3EU
CCLA Investment Managers
Senator House
85 Queen Victorla St
London EC4V 4LT
Approved by order of the board of trustees on 15 August 2024 and signed on its behalf by..
Mr M C Holllss - Trustee
Page 9

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF
WILTS & BERKS CANAL TRUST
Independent exarniner's report to the trustees of Wilts & Berks Canal Trust ('the Company,)
I report to the charity trustees on my examination of the accounts of the Company for the year ended
31 March 2024.
Responsibilltles and basls of report
As the charity's trustees of the Company (and also its directors for the purposes of company lawl you are
responsible for the preparation of the accounts in accordance with the requirements of the Companies
Act 2006 ('the 2006 Act,).
Havlng satisfied myself that the account5 of the Company are not requlred to be audlted under Part 16 of
the 2006 Act and are eligible for Independent examination, I report in respect c>f my examination of your
charity's accounts as carrled out under Section 145 of the Charities Art 2011 I'the 2011 Act'l. In carrying
out my examination I have followed the Directlons glven by the Charlty Comrnission under Section
14515} Ib) of the 2011 Art.
Independent examiner'$ statement
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body.
I can confirm that l am qualified to undertake the examination because l am a member of the
Association of Chartered Certified Accountants, which is one of the listed bodles.
I have completed my examinatlon. I confirm that no matters have come to my attention in connertlon
with the examination giving me cause to believe:
accounting records were not kept in respect of the Company as requlred by Section 386 of the
2006 Act,. or
the accounts do not accord wlth those records- or
the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other
than any requirement that the accounts give a true and fair view which is not a matter considered
as part of an independent examination,. or
the accounts have not been prepared In accordance with the methods and princlples of the
Statement of Recommended Practice for accounting and reporting by charities (applicable to
charitles preparing their accounts in accordance wlth the Financial Reporting Standard appllcable
In the UK and Republic of Ireland IFRS 1021}.
I have no concerns and have come across no other matters in connection with the examination to which
attention should be drawn in this report in order to enable a proper understanding of the accounts to be
reached.
lan Sumbler FCCA
Morris Owen
Chartered Accountants
43-45 Devizes Road
SWINDON
Wbltshire
SNI 48G
Date:
Page 10

WILTS & BERKS CANAL TRUST
STATEMENT OF FINANCIALACTXVITIES
FOR THE YEAR ENDED 31 MARCH 2024
2024
Total
funds
2023
Total
funds
Unrestricted
funds
Restrlcted
fund5
Notes
INCOME AND ENDOWMENTS FROM
Donations, Grant5 and legacles
145,941
100,407
246,348
266,558
Community Operations
Investment income
37,737
7,117
10,743
48,480
7,117
45,004
1,750
Total
190,795
111,150
301,945
313,312
EXPENDITURE ON
Raising funds
28,217
28,217
42,689
Charltable artlvltles
Restoration & Maintenance of Canals
Community Engagement
Community Operations
General
Staff and Volunteer Costs
Depreclation and Asset Related Costs
Provlsion5
31,658
3,274
14,840
47,563
34,278
7,253
43,597
30,126
296
4,713
6,544
61,784
3,570
19,553
54,107
34,278
17,123
43,597
64,443
4,521
7,400
58,995
35,699
26,780
71,403
9,870
Total
210,680
51,549
262,229
311,930
NET INCOME/{EXPENDrruRE)
Transfers between funds
(19,885)
4,000
59,601
(4,000)
39,716
1,382
21
Net movement in funds
{15,885)
55,601
39,716
1,382
RECONCILIATJON OF FUNDS
Total funds broijght forward
537,566
359,416
896,982
895,600
TOTAL FUNDS CARRIED FORWARD
521,681
415,017
936,698
896,982
The notes fomi part of these financial statements
Page 11

WILTS & BERKS CANAL TRUST (REGISTERED NUMBER: 02267719)
STATEMENT OF FINANCIAL POSITION
31 MARCH 2024
2024
Total
funds
2023
Total
funds
Unrestricted
funds
Restricted
funds
Notes
FIXED ASSETS
Tangible assets
13
646,978
183,248
830,226
750, 133
CURRENT ASSErs
Stocks
Debtors
Investments
Cash at bank
14
15
16
1,937
23,706
1,937
23,706
106,295
207,774
1,937
19,997
101,415
213,731
106,295
125,473
82,301
107,944
231,768
339,712
337,080
CREDITORS
Amounts falling due within gne year
17
(35,741)
(35,740)
{25,828)
NET CURRENT ASSETS
72,203
231,769
303,972
311,252
TOTAL ASSETS LESS CURRENT
LIABILMES
719,181
415,017 1,134,198
1,061,385
CREDXTORS
Amounts falling due after more than one
year
18
(82,500)
(82,500)
(93,0001
PROVISIONS FOR LIABEUTIES
20 (115,000)
(115,000)
171,4031
NET ASSETS
521,681
415,017
936,698
896,982
FUNDS
Unrestrirted fund5'.
General fund
Revaluation
21
379,362
142,319
395,247
142,319
521,681
537,566
Restricted fund5
415,017
359,416
TOTAL FUNDS
936,698
896,982
The charitable CL7mpany is entitled to exemptlon from audit under Section 477 of the Companles Act
2006 for the year ended 31 March 2024.
The members have not required the company to obtain an audit of Its financial Statements for the year
ended 3 1 March 2024 in accordance with Sectlon 476 of the Companies Act 2006.
The trustees acknowledge their responsibillties for
lal
ensuring that the charitable company keeps accountlng records that comply wlth Sections 386 and
387 of the Companie5 Act 2006 and
preparing financial staterrients whlch give a true and fair view of the state of affairs of the
charitable company as at the end of each flnancial year and of its surplus or defficit for each
flnancial year in accordance with the requlretnonts of Sectio1)5 39¢1 aiid 39J and whlch otherwlse
comply wlth the requirements of the Companies Act 2006 relating to ffinancial staterrients, so far
as applicable to the charitable company.
Ib)
The note5 form part of these flnancial statements
Page 12
continued...

WILTS & BeRKS CANAL TRUST (REGIsfERED NUMBER: 02267719)
STATEMENT OF FINANCIAL POSITION- continued
31 MARCH 2024
The flnanclal statements were approved by the Board of Trustee5 and authorised for issue
15 August 2024 and were signed on its behalf by..
on
Nr M C Holllss - Trustee
The notes form part of these flnanclal statements
Page 13

WILTS & BERKS CANAL TRUST
NOTESTO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
CHARITY INFORMATION
Wilts & Berks Canal Trust Is a company limited by guarantee and incorporated in England and
Wales, and a registered charlty with the Charity Commission In England and Wales.
The reglstered office addre55 15 Dauntsey Lock Canal Centre, Dauntsey Lock, Chippenham,
Wiltshlre, SN15 4HD.
These f1nancial statements are presented in British Pounds {GBP), which is the charlty's funct1ona1
and presentational currency.
ACCOUNTING POUCIES
Basis of preparing the flnanclal Statements
The financial statements of the charitable companyi which is a public benefit entity under FRS 102,
have been prepared in accordance wlth the Charities SORP IFRS 102) 'Accounting and Reporting
by Charities.. Statement of Recommended Practlce applicable to charities preparing their accounts
in accordance wlth the Financial Reporting Standard applicable in the UK and Republic of Ireland
(FRS 1021 (effective l January 2019)., Financial Keporting Standard 102 'The Fbnanclal Reporting
Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financlal
Statements have been prepared under the historical cost conventlon.
Income
All income is recognised in the Statement of Flnancial Actlvltles once the charlty has entltlement to
the funds, it is probable that the income will be received and the amount can be measU￿d
reliably.
Exp¢nditure
Liabilities are recognised as expendltLJre as soon as there is a legal or constructive obligation
committing the charity to that expenditure, It Is probable that a transfer of economic benefits wlll
be required in settlement and the amount of the obllgation can be measured rellably. Expendlture
is accounted for on an accruals basis and has been classifled under headings that aggregate all
cost related to the category. Where costs cannot be directly attributed to particular headings they
have been allocated to activities on a basis consistent with the use of resources.
Tanglble flxed assets
Depreciation is provided at the followlng annual rates in order to wrlte off each asset over Its
estimated useful life.
Plant and machlnery
Fixtures and fittings
20Q/o On Cost
2001ty on cost
Included withln Freehold Property Is land, bulldlngs and locks. The buildlngs and locks will be
depreclated once full restoration is complete.
Stocks
Stocks are valued at the lower of cost and net reallsable value, after making due allowance for
ob501ete and slow moving items.
Taxation
The charity is exempt from corporatlon tax on it5 charitable activitles.
Fund accounting
Unrestricted funds can be used In accordance wlth the charitable objectives at the discretion of the
trustees.
Restricted funds can only be used for. particular" I"e5ti"icted purposes witliin the objects of the
charity. Restrictions arise when specifled by the donor or when funds are raised for particular
restricted purposes.
Further explanation of the nature and purpose of each fund Is included in the notes to the financial
statements.
Page 14
contlnued...

WILTS & BERKS CANAL TRUST
NOTES TO THE FINANCIAL STATEMENTS- continued
FOR THE YEAR ENDED 31 MARCH 2024
ACCOUNTING POLICIES- continued
Hire purchase and leas¥ng commltments
Rentals paid under operating leases are charged to the Statement of Financial Activltles on a
Straight line basss over the period of the lease.
Pens¥on costs and other post-retlrement benefits
The charltable company operates a defined contributlon penslon scheme. Contributions payable to
the charitable company's pension scheme are charged to the Statement of Financial Activities in
the period to which they relate.
Donated goods
Donated goods are measured at fair value (the amount for which the asset could be exchanged)
unless impractlcal to do 50. Goods donated for on-goin9 Use by the charity are recognised as
tanglble fixed assets and included in the SOFA as incoming resources when receivable. Gift5 in kind
for use by the charity are included in the SOFA as income from donatlons when ￿ceivable.
Fln•n¢ial instruments
Short term debtors are measured at transaction price, less any Smpairment. Loan5 receivable are
measured initially at fair value, net of transactlDn costs, and are measured subsequently at
amortised cost Ljslng the effective interest method, less any Impairment.
Short term trade creditors are measured at the transactlon price. Other financial liabilities,
inclLJding loans, are measured initially at fair value, net of transaction costs, and are measured
subsequently at amort15ed cost Using the effectlve Interest method.
DONATIONS, GRANTS AND LEGACIES
2024
2023
Donatlons
Gift aid
Legacies
Grants
Subscrlptions
56,076
13,460
15,500
119,613
41,699
67,218
IL,981
10,561
134,944
41,854
246,348
266,558
Grants recelved, included in the above, are as follows:
2024
2023
other grants
119,613
134,944
COMMUNITY OPERATIONS
2024
2023
Fundraislng events
Boat receipts
Sales of stock
Rent received
14,304
16,828
6,639
10,709
7,224
12,701
9,161
15,918
48,480
45,004
Page 15
continued...

WILTS & BERKS CANAL TRUST
NOTESTO THE FINANCIAL STATEMENTS- continued
FOR THE YEAR ENDED 31 MARCH 2024
INVESTMENT INCOME
2024
2023
Interest receivable
7,117
1,750
CHARITABLE ACTIVITIES COSTS
Support
costs (see
note 71
Dbrect
Costs
Totals
Restoration & Maintenance of
Canals
Communlty Engagement
Community Operations
General
Staff and Volunteer Costs
Depreciation and Asset Related
Costs
Provision5
61,784
3,570
19,553
61,784
3,570
19,553
54,107
34,278
54,107
34,278
17,123
43,597
17,123
43,597
84,907
149,105
234,012
SUPPORT cosrs
Governance
costs
Administration
Totals
General
staff and Volunteer Costs
Depreciation and Asset Related Costs
Provisions
29,359
34,278
17,123
43,597
24,748
54,107
34,278
17,123
43,597
124,357
24,748
149,105
Support costs, included in the above, are as follows:
DepreclatlDn
and A55et
Related
Costs
Staff and
Volunteer
Costs
General
Wages
Pension5
Maintenan
Rent and rates
Travel and subsistence
Telephone
Postage and statlonery
Sundries
Bank charges
Credit charges
Insurance
Depreciation of tangible fixed assets
Loss on sale of tanglble fixed assets
Impairment losses for tangible fixed
assets
Interest payable and simblar charges
33,564
714
1,072
127
418
4,084
4,535
225
1,633
13,231
17,123
4,034
Carried forward
29,359
34,278
17,123
Page 16
contlnued...

WILTS & BERKS CANAL TRUST
NOTES TO THE FINANCIAL STATEMENTS- contlnued
FOR THE YEAR ENDED 31 MARCH 2024
SUPPORT COSTS- contlnued
Depreciation
and Asset
Related
Costs
Staff and
Volunteer
Costs
General
Brought fotward
HSE provision
Accountancy and legal fees
Consultancy
RecNitment Costs
29,359
34,278
17,123
6,949
17,799
54,107
34,278
17,123
2024
Total
activities
2023
Total
activities
Provisions
Wages
Pensions
Maintenance
Rent and rates
Travel and subslstence
Telephone
Postage and stationery
Sundries
Bank charges
Credit charges
Insurance
Depreciation of tangible fixed assets
Loss on sale of tangible fixed assets
Impairment losses for tangible fixed
assets
Interest payable and similar charges
HSE provision
Accountancy and legal fees
Consultancy
Recruitment Costs
33,564
714
1,072
127
418
4,084
4,535
225
1,633
34,985
714
293
538
934
4,451
5,241
399
1,626
233
13,252
8,742
(350)
13,231
17,123
18,388
337
71,403
14,277
9,914
7,500
4,034
43,597
6,949
17,799
43,597
43,597
149,105
192,877
NET INCOMEI(EXPENDITURE)
Net Sncome/{expenditure} is stated after charglng/(credltlng}'.
2024
2023
Depreciatlon - owned assets
Hlre of plant and machinery
Other operating leases
Surplus on disposal of fixed assets
17,123
4,477
8,733
8,742
3,922
6,519
(350)
Page 17
continued..

WILTS & BERKS CANAL TRUST
NOTESTO THE FINANCIAL STATEMENTS- contlnued
FOR THE YEAR ENDED 31 MARCH 2024
TRUSTEES, REMUNERATION AND BENEFITS
There were no trustees, remuneration or other benefits for the year ended 31 March 2024 nor for
the year ended 31 Marth 2023.
Trustees. expenses
There were no tru5tees' expenses paid for the year ended 31 March 2024 nor for the year ended
31 March 2023.
10. STAFF COSTS
2024
2023
Wages and salaries
Other pension costs
33,564
714
34,985
714
34,278
35,699
The average monthly number of employees durlng the year was a5 follows..
2024
2023
Administration
No employees recelved emoluments In excess of £60,000.
ii.
INDEPENDENT EXAMINATION FEES
2024
2023
statutory accounts production & external scrutiny
1,500
1,425
1,500
1,425
12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL AcfIvITZES
Unrestrirted
funds
Restrltte
funds
Total
funds
INCOME AND ENDOWMENTS FROM
Donations, Grants and legacies
159,186
107,372
266,558
Communlty Operations
Investrnent Income
30,004
1,750
15,000
45,004
1,750
Total
190,940
122,372
313,312
EXPENDITURE ON
Raising funds
41,951
738
42,689
Charitable actSvitles
Restoration & Maintenance of Canals
Community Engagement
Community Operations
General
Staff and Volunteer Costs
Depreclation and Asset Related Costs
Provisions
57,997
4,521
7,400
57,948
35,699
22, 136
71,403
6,446
64,443
4,521
7,400
58,995
35,699
26,780
71,403
1,047
4,644
Total
299,055
12,875
311,930
Page 18
continued...

WILTS & BERKS CANAL TRUST
NOTES TO THE FINANCIAL STATEMENTS- ¢ontinued
FOR THE YEAR ENDED 31 MARCH 2024
12.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES- continued
Unrestricie
Restricted
funds
nds
Total
ftjnds
NET INCOME/(EXPENDITURE)
1108,1151
109,497
1,382
RECONCIUATION OF FUNDS
Total funds brought forward
645,681
249,919
895,600
TOTAL FUNDS CARRIED FORWARD
537,566
359,416
896,982
13. TANGIBLE FIXED ASSETS
Flxtures
and
fittings
Freehold
property
Plant and
machinery
Totals
COST OR VALUATION
At l April 2023
Additions
674,390
30,190
255,809
60,917
7,065
6,109
937,264
97,216
At 31 March 2024
704,580
316,726
13,174 1,034,480
DEPRECIATION
At l April 2023
Charge for year
181,792
17,123
5,339
187,131
17,123
At 3 1 March 2024
198,915
5,339
204,254
14ET BOOK VALUE
At 3 1 March 2024
704,580
117,811
7,835
830,226
At 3 1 March 2023
674,390
74,017
1,726
750, 133
Cost or valuation at 31 March 2024 is represented by:
Flxtures
and
fittings
Freehold
propertv
Pl?nt and
ma¢hlnery
Totals
Valuation in 2022
Cost
44,431
660,149
44,431
990,049
316,726
13,174
704,580
316,726
13,174
1,034,480
Page 19
continued...

WILTS & BERKS CAP4AL TRUST
NOTES TO THE FINANCIAL STATEMENTS- contlnued
FOR THE YEAR ENDED 31 MARCH 2024
14. STOCKS
2024
2023
Stocks
1,937
1,937
15. DEBTORS. AMOUNTS FALLING DUE WITHIN ONE YEAR
2024
2023
Trade debtors
Other debtors
Prepayments and accrued income
615
19,912
3,179
6,158
9,148
4,691
23,706
19,997
16. CURRENT ASSET INVEsfMENTS
2024
2023
other
106,295
101,415
The above relates tts an amount held on deposit with a COIF investment fund.
17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024
2023
Other creditors
35,740
25,828
18. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024
2023
Other loans (see note 19)
82,500
93,000
19. LOANS
An analysis of the maturlty of loan5 15 given below:
2024
2023
Amount5 falling due In more than five years..
Repayable otherwise than by instalments..
Other loans more 5yrs non-lnst
82,500
93,000
The above loans are measured at cost in accordance wlth FRS 102 section 34.90.
Page 20
continued...

WILTS & BERKS CANAL TRUST
NOTES TO THE FINANCIAL STATEMENTS- continued
FOR THE YEAR ENDED 31 MARCH 2024
20. PROVISIONS FOR LIABILITIES
2024
2023
Provislons
115,000
71,403
In 2016 a valued volunteer, Peter Konltzer, died Sn a tragic accident at one of our worksites. We
wish to express our heartfelt condolences to hfs famlly.
Over the intervening years a provision has been made to cover the eventual anticipated cost of
the investigation.
Nearly 8 years later, the Health & Safety Executive {HSEI brought Court proceedings In June 2024
for a breach of Health & Safety leglslation. The Trust pleaded gulltyi was ordered to pay a £30,000
fine and funeral expenses and is also liable for significant HSE investigation costs.
21. MOVEMENT IN FUNDS
Net
movement
in fiJnds
Transfers
between
funds
At
31.3.24
At 1.4.23
Unrestrlrted funds
General fund
Revaluation
395,247
142,319
(19,885)
4,000
379,362
142,319
537,566
(19,885)
Restricted funds
Restrirted
4,000
521,681
359,416
59,601
(4,000)
415,017
TOTAL FUNDS
896,982
39,716
936,698
Net movement Sn funds, included in the above are as follows..
Incoming
resources
Resources
expended
Movement
In funds
Unrestricted fund$
General fund
190,795
{210,680)
(19,885)
Restricted funds
Restricted
111,150
(51,549)
59,601
TOTAL FUNDS
301,945
{262,229)
39,716
Page 21
contlnued...

WILTS & BERKS CANAL TRUST
NOTESTO THE FINANCIAL STATEMENTS- contlnued
FOR THE YEAR ENDED 31 MARCH 2024
21. MOVEMENT IN FUNDS- continued
Comparative5 for movernent in funds
Net
movement
in funds
At
31.3.23
At 1.4.22
Unrestrlcted funds
General fund
Revaluation
503,362
142,319
{108,1151
395,247
142,319
645,681
{108,1151
537,566
Restricted funds
Restricted
249,919
109,497
359,416
TOTAL FUNDS
895,600
1,382
896,982
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
Resources
expended
Movement
n funds
Unrestrlcted funds
General fund
190,940
(299,0551 1108,115)
Restrl¢ted funds
Restrirted
122,372
(12,8751
109,497
TOTAL FUNDS
313,312
1311,930)
1,382
A current year 12 months and prtor year 12 months combined posltlon is as follows:
Net
movement
in funds
Transfers
between
funds
At
31.3.24
At 1.4.22
Unrestrlcted funds
General fund
Revaluation
503,362
142,319
{128,0001
4,000
379,362
142,319
645,681
1128,000)
4,000
521,681
Restrlcted funds
Restricted
249,919
169,098
14,0001
415,017
TOTAL FUNDS
895,600
41,098
936,698
Page 22
continued...

WILTS & BERKS CANAL TRusr
NOTES TO THE FINANCIAL STATEMENTS- continued
FOR THE YEAR ENDED 31 MARCH 2024
21.
MOVEMENT IN FUNDS- continued
A current year 12 months and prior year 12 months combined net movement in funds, included In
the above are as follow5:
Incoming
resources
Resources
expende
Movement
n funds
Unrestrlrted fund5
General fund
381,735
1509,735)
(128,0001
Restrl¢ted fund5
Restrfrted
233,522
164,424)
169,098
TOTAL FUNDS
615,257
(574,159)
41,098
Fund name
Purpose and restrSctions
Restricted fund
Thls relates to fund5 whlch facilltate specific restoration projects.
22. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2024.
Page 23