REGISTERED COMPANY NUMBER: 02267719 (England and Wales) REGISTERED CHARITY NUMBER: 299595 WILTS & BERKS CANAL TRUST UNAUDITED FINANCIAL STATEMEKrs FOR THE YeAR ENDED 31 MARCH 2025
WILTS & BERKS CANAL TRUST CONTENTS OF THE FINANCXAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Page Report of the Trustees I to 10 Xndependent Examiner's Report Statement of Flnan¢lal Actlvltles 12 ststement of Flnanclal Position 13 to 14 Notes to the Financial Statements 15 to 25
WILTS & BERKS CANAL TRUST (REGISTERED NUMBER: 02267719) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 The trustees who are also dlrertors of the charity for the purposes of the Companies Act 2006, present thelr report with the flnancial statements of the charity for the year ended 31 March 2D25. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charitles preparing their accounts in accordance wlth the Financial Reportln9 Standard appllcable in the UK and Republic of Ireland IFRS 1021 (effertive l January 2019). OBJECTIVES AND ACTtvrriES Objectlve5 and alms The aim of the Trust is to protect, conserve and improve the route of the Wilts & Berks and North Wilts Canals, and branches, for the benefit of the comrnunity and environment. The Trust's flrst value and most important prlority Is 'Safety First,. The Trust is detemiined to do everythlng possible to ensure the safety of all volunteers, employees and visitor5. The Trust's key goal 15 to restore a continuous navigable waterway linking the Kennet and Avon Canal near Melksham, Wiltshlre, the River Thames near Abingdon, Oxfordshire and the Thames and Sevem Canal near Crlcklade, Wiltshlre. While most of the restored canal wlll follow its historic line, in some Instances (e.g, at Melksham and Swindonl new canal lines are required due to development having occurred on top of the hlstoric line. The Trust 15 involved in the promotion of the benefits of restoration through Increasingly active links with local communities and local councils. It also works closely with the Wiltshire, Swindon and Oxfordshire Cana5 Partnership to further restoration. The Trust carries out physical restoration such as restoring bridges and locks, dredglng of the canal, and construction of the towpath of the canal as a walkway and nature corridor. The Trust Is actively engaged in the development of restoration projects, including the preparation of plans and drawings, ecological and environmental studies, and application5 for planning permission. Currently, the majority of projects are carried out by Trust volunteers, whlle some are carried out by contractors. When the Trust has larger and more complex project5, thls balance will change. The Trust encourages community engagement with the adJ"acent communities along the canal restoration route, promoting health and wellbeing and raising awareness of the work of the Trust e.g.1 Via worl<-parties, talks and guided walks and via various methods of Cornmunlcation including email updates, social media, and the Trust website, The Trust also seeks to maximlse the publlc beneffits of canal restoration In a wider context such as water management, open access for public leisure, conserving our industrial legacy, promoting wildlife diverslty and irnproving economic opportLJnities along the line of the canal route. Page I
WILTS & BERKS CANAL TRUST (REGISTERED NUMBER: 02267719) REPORT OF THE TRUSTeES FOR THE YEAR ENDED 31 MARCH 2025 ACHIEVEMENTS AND PERFORMANCE Charltable activitie5 Royal Patronage We are honoured and deeply grateful that Her Majesty the Queen has chosen to continue supporting us as our Patron. We are hoping that Her Majesty w511 grace us with a vlslt during 2026 or 2027 le.g. during the 50th anniversary celebration5 of the founding of the Wilts & Berks Canal Amenlty Groupft predecessor to the Wilts & Berks Canal Trust). Charltable activitles Whlle the Trust's charitable alms are intentionally broad (to enable a wide range of activity), Substantial amount of activity Ss being focused into five aas, all dellverlng substantial public benefit: Restoration of our canal. towpath and Tts structures recreatlng our National Heritage,. Dellverlng substantial economlc benefit through new boat-related businesses such a5 hlre boats, marinas, chandleries etc; other new canalside businesses pubs, restaurants, café,. Sncreased canalside housing development; Delivering community benefit especlally related to education, volunteering, health and wellbeing; Delivering strong environmentallbiodiversity benefit through careful management of the canal, hedgingi neighbouring wildflower meadows etc. Reducing local flooding by enabling excess local rainwater le.g. downpipe and street runoffj to feed into the canal line, enabling it to dissipate over a wide geographical area rather than flooding the local area, draining farmland in the process and making it rnore produttive. The range of Trust artivity 15 too large to highlight specific projerts, but Trustees wlsh to hlghllght that there is 51gnificant and gmwing artivity right along the canal line. Thls artlvity Is belng focused by our CEO towards 8 priorlty Objectlves l. Continuing to strengthen govemance and safety: Ensuring that all our policie5 and procedures a Ilne with legal obligatlons, and growlng/deepening a safety culture to ensure that they are being followed. 2. Developing our organisation to increase capaclty: Increasing the number of volunteers wlth specific expertise, and building teams to manage a function rather than relying on one or two very hard-worklng indlvldLJals' 3. More active Engagement WTth our communities.. Growing programme of community awareness and enthusiasm towards, and engagement wlth, our canal restoration project,. Starting major push with external stakeholders.. Building team of senior-level champions/advocates who will convince influential and national decision-makers to support our canal restoration project. 5. Restoration ProjeLts.' Increasing activity in the preparation stages and actual delivery of live projects; Restarting Towpath Challenge.. Obtaining agreement to the route and opening of towpath/footpath/cycleway along our canal Ilne even before the canal Is restored. 7. Significantly increasing membership 8. 2050 vislon and 5-year bu5ine55 plan: Ensuring long-term focus and laying the foundations for large-scale grant fvndlng. Embedded across and wlthin all our activity is an absolute commitrnent to 'Safety First,. Our Health & Safety policy and procedures have been vieWed and significantly updated, and our Chlef Operating Officer 15 responsible for ensurfng that our Health & Safety policy and procedures are followed. The Trustee5 wlsh to highlight the work that Peter Thomas, Chief Operating Officer, has done during the last year to embed the 'Safety First message, alongside all Branch Chairs, Branch Health & Safety Off1cers and Laurence Davis, Trustee wlth the Health & Safety Portfolio. The Trust recognises that physical restoration of our historic canal is not enough in itself. Support for this, the UK'S largest canal ro5toration pi-oject, wèll deepeii oiily if sigiiificaiit loical beiiefits are dellvered. Our aim 15 to ensure that a growing proportion of our local communlties become actively engaged wlth our herltage prolett, whether by volunteering or by experiencing our canalltowpath environment as a visitor. During the year, our monthly records show an increase of 500/4 iri volunteer hour5 driven by a desire to see improvements In thebr local stretch of canal, the environment and for the social side of volunteering. Page 2
WILTS & BERKS CANAL TRUST (REGISTERED NUMBER: 02267719) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 MPS and Councils (whether Unltary, County, Dlstrict, Town, and Parish) are increasingly recognisino that our volunteer organisation Is brlnging slgnlflcant beneflt and deserves support. We are most grateful for their growing support. In Ilne with our charitable aims, there 15 little point in canalltowpath restoration unless it brings substantlal benefit to each and every local communlty along Its route, with large numbers of people of all ages, ethnicltles and walks of life visitlng the canal/towpath, especially where this is for the first time in their life. To achleve thls, our alm Is to slgnlficantly increase our communSty engagement artivities. Examples of the type of activity we aim to encourage are educational and training vlsitS from 5chool/college/univer5ity pupils, youth clubs and history/herltage groups, focusing on nature/biodiversity, historylherttsge and engineering. This is Sn addition tc> feedback from a large number of people that a restored canal/towpath provides a new. unlque and most welcome leisure and wellbeing source. The Trust now has 9,000 Social media followers and, during 2024125, reached over 400,000 people, largely due to growing activlty on Facebook and YDuTube. Trustees would like to thank the TrLJSt'S Comms Team, led by Chloe Ford, for this hugely positive result. When completed, the Wilts & Berks canal, comprislng 750 acres of linear blue-green country park, will bring a} huge wellbeing benefit due to our canal and Its towpath being used for leisure actlvities (estimated to be £IDOm per annuml,. b) significant economic benefit le5timated to be £54rn per annum when completed); cl savings to the NHS lestbmated to be £38m per annuml due to our local populations tsking more exercise and d) enormous biodiversÉty benefit withln the 1900 habitats of principal importance that our canal and towpath pass through. The Trust now runs four trip boats (The Mary Archard, Damselflyi NLln5uch and Drbgonflyl, covering Pewshafll, Chippenham, Melk5ham, Royal Wootton Ba55ett and Swir7don. During the year, a 2km stretch at Royal Wootton Bassett was reopened for boating and the trip boat Nonsuch was purchased uslng money from the Vic Miller fund. Boat trips are an excellent means of communicating the benefits of having a live waterway and are an important community engagement artivity. An increasing amount of boat maintenance activity is taking place, includlng painting on both Nonsuch and Dragonfly. Trustees would like to thank Martin Palmer, Head of Boats, and all boat teams for another successful year. The Peterborough Arms, the Trust's public house at Dauntsey Lock, has had a difficult year. Not only wa5 the B4069 (the pub's maln connection to Lyneham and Royal Wootton Bassett) closed in 2024 due to landslip at Lyneham Banks but significant flooding occurred due to blocked road drains. We now have new tenants, led by 5andlord Tom Khole, and it's a delight to see renewed energy and enthusiasm. Trustees would also like to thank the Trust's team of volunteers (led by Dave Maloney) who have found solutions to each issue turn. The 84069 landslip repair has now been completed and the road reopened, and we are hopeful that 202516 will prove to be a good year for the pub. Page 3
WILTS & BERKS CANAL TRUST (REGISTERED NUMBER: 02267719) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 ACHIEVEMENTS AND PERFORMANCE Peter Konitzer As advised prevlously, a valued volunteer, Peter Konitzer, died in a traglc accident in August 2016 at one of our work51tes. Once again we wlsh to express our heartfelt condolences to his family and partner. In June 2024, after nearfy 8 years, the Health & Safety Executive IHSEI brtsught Court proceedlngs for breach of Health & Safety legislation. The Trust pleaded guilty, was ordered to pay a £30k fine and fvneral expenses and 15 also liable for E72k HSE investigation costs. Once again, Trustees can assure Members, Grant Funder5 and Donors that no membership subscriptions or grants will be used to pay the Court fine or HSE investigation costs. These will be paid from the Trust's operational artivities. An Inquest was held in March 2025 and the Concluslon wag 'Unlawful Ki11ing'. Having revlewed the evidence again, the Crown Prosecutbon Service (CPS) ha5 now confirmed that no further legal action will be taken. The case is now c105ed. Slnce the traglc accldent, the Trust has completely overhauled and improved every aspect of Its organi5ation, particularly with gard to Health & Safety and temporary works Measu9, extensive work that was acknowledged by the Judge, the HSE and the Coroner. With the Trust's first value being 'Safety First,, nothing is more important to us than the continued safety of our volunteers, employees and visitors. As outlinecl above, the Trust is now being managed In a highly professlonal manner, In Ilne wlth all Health & Safety, legal and charitable requirements. Page 4
WILTS & BERKS CANAL TRUST (REGISTERED NUMBER: 02267719) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 FINANCIAL REVIEW Fundraising activitie5 Fundraising through the year is crucial both to cover our core operatlng costs but a150 to provide funding for our restoration activltles. By Its very nature there can be a time lag from application to receipt and particular expertise In finding the right source of funds is Important. The Trust's contrart with Marsha Miles Consultancy lan external grant funding consultant) ended during 2024125 and an in-house fundlng team Is belng built. Trustee5 wish to extend e5peclal thanks to Ali Arnold, lan Mitchell, Pam Canter and Patricla Clement5 for their active fundraising efforts throughout the year. We would like to remember Robin Clark of the Underwood Trust who dled during 2024. Robln was long-standing supporter, contributlng core fund5 and project speclfic funds Over an incredlble 40 years. Our Branch Chalrs are encouraged to conduct fundraising artivity within each branch and to engage with our funding team when seeking funds for particular projects. Sources of Income during 2024125 were, in order of importance: l. Grants (largest Source by a long way) 2. Donations 3. Community operatlons 4. Subscrfptions 5. Gift Aid 6. Rent relVed 7. Interest received 8. Legacies The Trustees would Ilke to thank all our donors and all those who have supported our income generation activities in whatever way. In addition to a large nurnber of individual donors, we extend special thanks to.. Barratt Homes Bartlett Taylor Chippenharn Area Board Chippenham Town Council Delafield Charitable Trust Reekie Charltable Trust Rotary Club Swindon Borough Council The Weinstock Fund TOE (Trust for Oxfordshire's Environment) with funding from Grundon Waste Management Ltd Vale of White Horse Distrlct Councll WateThvays Recovery Group IWRGI Wiltshire Community Foundation Entrust C F Hills Garfield Weston Foundation Inland Waterways Association IIWAI Neighbourfy Nineveh Charitable frust Looking to the future, our 5-year Business Plan outllnes several million pounds of restoration actlvity and our aim is to scale up our fundraising team, to start applylng for large grants and to increase the pace of canal and towpath restoration. Financial posltion Total income for the year to 31 March 2025 was £346,705 lup from £301,945 in 20231241, and total expenditure was £249,146 (down from £262,229 in 2023124). The Accounts show a surplus of £97,559. Donation5, grant5 and legacles increased slightly to £218,600 (from £191,189 In 20231241. Subscriptions in the year were stable at E42,919 and remain a significant elernerit of our income mix. With Court and Inquest proceedlng5 relatlng to the tragic accldent in 2016 having now been concluded, the provisiL)n for future liabilities made In our 2023124 accounts is no longer required. The actual liability now being known, the total sum has been moved to other creditor5. The Trustees wish to tliaiilc all IIIu5e wlio coiiliibuLe lu geiiei-aLiiiu iiicoiiie foi. Ll)e Ti'u5t, wlielher by fundralsing, grant finding/giving, boatingi events, donations or subscriptions. Page 5
WILTS & BERKS CANAL TRUST (REGISTERED NUMBER: 02267719) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 The Trustees recognise and thank the whole finance team for their work and attention to detail over the financial year. The team comprises Brian Stovold (Trustee Treasurer), Peter Wilkinson (Flnance Dlrector, who stood down during the yearl, Jon Ggory (Head of AccoLJnts), Nancy Collingborn and Viv Dipper. The Finance Management Group rnet throughout the year, providing regular financial and cashflow updates, asse55Ing new and ongolng flnancial issues, and consistently delivering sound advlce to the rrustees vla the CEO and TasUrer, The Trustees wlsh to welcome Chris Coyle back to volunteering with the Trust, as Finance Dirertor. Investment policy and objectlves Within the context of the Trust's reserves pollcyi we have no current need for long term invested funds. Instead, we use the interest-bearing COIF Chaiities Deposit Fund to hold strftted funds for the Short term. In determining where to hold short term funds the principle of immediate acces5 to funds is Important alongside a cautlDUS approach to r15k taking and ethlcal investment. Mindful of the need to Spread risk, the Trust also holds a separate interest-bearing account at Natwest alongside the existlng current account, to hold part of our restricted funds, and will open other accounts as needed to ensure that our charltable funds are secure. Reserves pollcy As part of prudent attive financial management, the Trust's reseNes policy defines a mlnimum level of reserves that is appropriate to the needs of the Trust and Is revlewed periodically. The policy provides for good stewardship and ensures a stable financial background as the Trust delivers on Its charltable objectives. It also help5 to erisure job security to our employees. Going concern The Trust ensures that its restricted funds are cleady separated from other monies and, in line with Charity Law, that these funds are used only for the purpose fDr which they have been provided. Expendlture commitments are managed in a way that ensures that we always have funds to meet them. The Trust aim5 to develop a range of revenue streams to support the funding of the Trust's attivities, including being able to ensure that the Trust can paY the outstanding loans taken out to finance the purchase of the Peterborough Arms public house when they become due in 2034. Page 6
WILTS & BERKS CANAL TRUST (REGISTERED NUMBER: 02267719) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 FUTURE PLANS Over the next 5 years, the Trust's strategy for restoration will be focused on the delivery of four Strategic stretches of canal, namely l. The Melk5ham Link from the Kennet and Avon Canal to Melksham 2. Pewsharn Waterside with 3 locks, Carpenter's Work5hopi Dry Dock and a significant stretch of in-water canal- 3. From Royal Wootton Bassett to Swindon which includes the cruclal M4 Crossing 4. Bringing Boat5 Back to Wantage reinstating the canal from the existing junction on the RSver Thames south Df Abingdon, under the A34 and back to Grove and Wantage. Thbs wlll qUIre a signiflcant arnount of planning, fundralslng and restOraton as well as a 5UStainable core funding strategy. The Trust is a150 aiming to bring signlficant stretches of towpath into use as a public footpath/cycleway even before restoration of the canal itself is undertaken. We are encouraged that every councll along our canal/towpath line suppotts this "Towpath Challenge" initiative, the key benefit being to provide local communities with a leisure resource that showcases the proposed canal line and ralses local Interest and engagement with our heritage restoratlon project. There are clear common interests between this initiative and artive travel cycleways being proposed both by Sustrans and Western Gateway. The Trust is deepening its relationships with MP5 and Councils along our canal line, and are pleased to report that we enjoy near-unanimous suppclrt. Where appropriate, we develop Memoranda of Understancling with Councils, highlighting how our activity supports each Council's policies arld strategic riorlties. We are also developlng active Ilnks with commereial developers, the aim being for canal restoration to be included a5 an integral part of developer plans (as Is happenlng at Wiche15towe, south Swindon}, delivering significant additional benefit to local communlties. The Trust has active relationships with several other canal restoration Societies, the alm being to leam from others, to openly Sha our own expenen, and to pool knowledge for the common good. We aim 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 artively contrSbute to the restoration by volunteering their time. As the Trust increases its actlvity, B key challenge is to attract significantly more volunteers, bringing a wide range of skills. Several volunteering opportunlties exist, br)th for 'muddy boots" and 'clean shoes" roles, and the Trust is especially keen for volunteers to become artively involved in 5ubjects/5kills/areas about which they are deeply enthused and for which they have experiencelexpertise. STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng document The charity is controlled by its governing document, a deed of trust, and constitutes a limbted company, limlted by guarantee, as denned by the Companies Act 2006. Page 7
wrLTS & BERKS CANAL TRusr REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 STRUCTURE, GOVERNANCE AND MANAGEMENT Trustees As at 31 March 2025, the Trust had 7 Trustees, all of whom have speclfic areas of responslblllty, as Ilsted below. To encourage independence and a challenglng-but-POSltive mindset, Trustees are encouraged to ask for any information and clarificatlons they feel would be helpful. Durlng the year and as part of a refocusing of Trustee aetivlty, Jo Douty, Jenny Stratton, Ron Crook and John Henn stood down as Trustees. All four brought substantlal value during their time5 as Trustees, for whlch we extend sincere thanks. Jenny, Ron and John eontlnue to volunteer actively for the Trust. We CLJrrently have vacancies for up to 2 new Trustees, especially for people with canal restoration experience who live along our canal line. New trustees are co-opted by the current Tnjstees and subsequently confirmed through election by members at a General Meeting. Induction of new trustees is managed by the Chair. They are given documentation mandated by the Charity Commission along with other important documents and access to the WBcf information management system, A11 Trustees (new and exlsting) are requlred to cornplete and slgn a Declaration of Interests form each year. Organi5ational structure Overall responsibility for the management of the Trust Iles with the Trust Councll, whose members are confirmed at the next general meeting following co-option/appointment and then re-elected in rotation. Offlcers of the Trust Council include a Chair, Vice-chair Iposltlon currently vacantl, Company Secretary and Treasurer. Generally meeting bi-rnonthly (or more often as required), the Trust Council has speciflc responsiblllty in 2 areas, namely Strategic Advice, Governance (especially regarding the Charlty CommissiL)n, Companies House, Finance, Health & Safety, Risk and transparent decision-makingl- Trustees also contrlbute attlvely into Public Advocacy arnongst national/regional bodies. Reporting to the Trust Councll is our Executlve Board. Led by Mlke Gibbln as CEO, supported by Ron Crook as Deputy CEO, thls group has classic functionalldepartmental responsibilitie5 le.g. CEO, COO, Finance, Englneering, Development, Marketing, Funding, Nature & 8iodiver51ty¢ Admin & Governance). Formed during early 2023, the key aim being to separate governance frorn operatlonal matters, the Executive Board is collectively charged with making the Trust's operatlonal decisions. We also have a seniDr-level knowledge-share forum, our SeniDr 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. The Trustees wish to thank all rnembers of the Executive Board and Senior Leadership Team for their enthusiasm, commitment and wide-ranging contribLJtions. The Tru5tee5 wish especially to thank Mike Gibbin, our CEO, for his energy and determination. Under Mike's leadership. the Trust is increasingly focused on addressing the most important issues and challenges. Where need arlses, subgroups are formed comprising member5 from the Trust Council, Executive Board and Senior Leadership Team to tackle specific Issues. During the last year, 2 Working Group5 have been active-. strategy Working Group.. A hlgh-level review is being conducted to understand and document the focus and interests of large-scale grant funders. This will enable the Trust to focus future fundraising efforts towards grant ftjnders who are most likely to support our activities. Trustees are also starting to consider the scale of income and likely expenditure that will be needed once the canal has been restored. Thls w111 feed into the development of a Commercial Strategy that, over the next 20+ years, will assure the financial and operational viability of the cana1. Advocacy Steerlng Group= The Trust now has an active public advocacy programrne, the aim being to increase awareness, knowledge and support of the Trust and Its activity. The Advocacy Steering Group focuses on a wlde range of people and bodies with activlty at national le.g. MPS, national charities, national media), regional le.g. countyldistrictitown counclls) and local (parish councils, local media). A third Working Group {Poliry Worklng Group) Ss belng set up to develop and review policies. Page 8
WILTS & BERKS CANAL fRUST (REGISTERED NUMBER: 02267719) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 STRucfuRE, GOVERNANCE AND MANAGEMENT Three organisations namely: The Inland Waterways Assoclation {IW A), Canal & Rlver Trust (CRT) and the Wiltshire, Swlndon & Oxfordshire Canal Partnership IWSOCP) have the right under the Trust's Articles of Association to nominate a person to become a Trustee. Durlng this year a senior rnember of the IWA Ivema Lewis) sat on Trust Council, providing an important Interface wlth the IWA. The Trust Chair, Chief Executive and IWA representative also sit on the WSOCP. The Trust Chair has regular Director-level discussions with CRT. The WSOCP is a political and local authority forum to promote the restoratlon of local abandoned canals. The core role of the WSOCP is to deepen link5 between the Trust, Councils and other partners, and to stimulate canal and towpath restoration activlty rlght along our canal line. Following local counc51 elettlons, a review of WSOCP artivlty is planned. Branche5 In addition to the central management of the Trust there are 5 local branches situated along the canal route, each with a Chair and Treasurer, and a Boat Team (wlth a Head of Boats) that runs the Trust's boats. 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 is invaluable and the Trustees extend sincere thanks for everything they do. Affiliatlon The Trust Is affiliated with, and is a Member of, the Inland Waterways A55ociatlon. The Trust has also joined the IWA'S 'Fund Britain's Waterways" campaign, to lobby Governrnent and other public bodies to increase (not cutl funding of maintenance and restoration of the canal network. Risk manag•ment The Trust Council condurts its own reviews of the major rlsks to which the charity is exposed, and systems have been established to mitigate those risks. Written Risk Assessments are prepared for all our artivities, in line with our clearly-defined Health & Safety policy. The Trust Councll review5 and agree5 the Risk Register periodically. A thorough reviewv of the Kisk Register is currently belng undertaken by Nike Glbbin ICEO), Nahom Russom (Risk Manager), and Ollver Mackie (Trusteel. Both Nahom Russom and Ollver Mackie are rlsk professlonals. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 02267719 {England and Wales) Reglstered Charity number 299595 Reglstered offl¢e Dauntsey Lock Canal Centre Dauntsey Lock CHIPPENHAM Wiltshire SN15 4HD Trustees Current and appolnted In the period Steve Bacon Company Secretary Laurence Davis Health & Safety Johnnie Graham Safeguardin9 & Policy developrnent Martin Holliss Chair Justin Lewis Strategy Oliver Mackie Risk Brian Stovold Treasurer Company Secretary Steve Bacon Page 9
WILTS & BERKS CANAL TRUST (REGISTERED NUMBER: 02267719) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 REFERENCE AND ADMINISTRATIVE DETAILS Independent Examiner Morris Owen Chartered Accountants 43-45 Devizes Road SWINDON Wiltshire SNI 4BG Bankers Lloyds Bank PIC 5 High Street Swlndon SNI 3EN Nat West PIC 45149 Broadmead Bristol BSI 3EU cctA Investment Managers Senator House 85 Queen Victoria St London EC4V 4LT Approved by order of the board of tnjstees on 22 August 2025 and Signed on its behalf by: Tru Page 10
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF WILTS & BERKS CANAL TRUST Independent examiner's report to the trustees of Wllts & Berks Canal Trust ('the Company.) I report to the charity trustees on my exarnination tsf the accounts of the Company for the year ended 31 March 2025. Re5pon51bllities and basls of report As the charity's trustees of the Company land also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requlrements of the Companies Act 2006 I'the 2006 Act'l. Having satisfied myself that the accounts of the Company are not required to be audlted under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 I'the 2011 Act'l, In carrylng out rny exatnination I have followed the Directions given by the Charity Commission under Section 145151 Ib} ofthe 2011 Att. Independent examiner's Statement Slnce your charity's gross income exceeded £250,000 your examiner Tnust be a member of a listed body. I can confirm that l am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants, which is one of the listed bodles. I have completed my examlnation. I confirm that no matter5 have come to my attentlon In connectlon with the exaFnination giving me cause to believe.. accounting records were not kept in respect of the Company as required by Sectlon 386 of the 2006 Act,. or the accounts do not accord with 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 account5 give a true and fair view which 15 nQlt a matter considered as part of an independent examination- or the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (appllcable to charities preparing their accounts in accordance wlth the Flnancial Reporting Standard appllcable in the UK and Republic of Ireland IFRS 102}). I have no concerns and have come across no other matters in connection with the examination to whlch attention should be drawn in this report In order to enable a proper understanding of the account5 to be reached. lan Symbler FCCA Morris Owen Chartered Accountants 43-45 Devize5 Road SWINDON Wiltshire SNI 4BG 18 September 2025 This page doe5 not form part of the statutory financial statements Page 11
WILTS & BERKS CANAL TRUST STATEMENT OF FINANCIAL AcfiviTIES FOR THE YEAR ENDED 31 MARCH 2025 2025 Total funds 2D24 Total funds Unrestricted funds Restricted funds Notes INCOME AND ENDOWMENTS FROM Donations, Grants and legacles 128,078 148,508 276,586 246,348 Communlty Operations Investment income other incorne 35,165 7,984 14,116 12,853 48,018 7,984 14,116 48,480 7,117 Total 185,343 161,361 346,704 301,945 EXPENDITURE ON Raising funds 9,428 9,428 28,217 Charltable a¢tlvltles Restoratlon & Malntenance of Canals Communlty Engagement Community Operation5 General Staff and Volunteer Costs Depreciation and A55et Related Costs Provisions 31,089 4,809 8,939 48,876 34,050 12,374 4,495 52,330 20 411 26,840 83,419 4,829 9,350 75,716 34,050 27,905 4,495 61,784 3,570 19,553 54, 107 34,278 17,123 43,597 15,531 Total 154,060 95,132 249,192 262,229 NET INCOME Transfers between fund5 31,283 28,691 66,229 (28,691) 97,512 39,716 22 Net movement In funds 59,974 37,538 97,512 39,716 RECONCIUATION OF FUNDS Total funds brought forward 521,681 415,017 936,698 896,982 TOTAL FUNDS CARRIED FORWARD 581,655 452,555 1,034,210 936,698 The note5 form part of these financial statements Page 12
WILTS & BERKS CANAL TRUST (REGisfERED NUMBER: 02267719) STATEMENT OF FINANCIAL POSITION 31 MARCH 2025 2025 Total fund$ 2024 Total funds Unrestricted fLJnds Restricted funds Notes FIXED ASSETS Tangible assets 14 633,277 242,154 875,431 830,226 CURRENT ASSErs stocks Debtor5 Investments Cash at bank 15 16 17 1,937 47,109 1,937 47,109 211,614 139,476 1,937 23,706 106,295 207,774 211,614 139,476 188,522 211,614 400,136 339,712 CREDITORS Amounts falling due within one year 18 (67,528) (1,213) (68,741) (35,7401 NET CURRENT ASSETS 120,994 210,401 331,395 303,972 TOTAL ASSETS LESS CURRENT LIABILITIES 754,271 452,555 1,206,826 1, 134, 198 CREDITORS Amounts falling clue after more than one year 19 (172,616) (172,616) (82,5001 PROVISIONS FOR LIABILITIES 21 (115,0001 NET ASSETS 581,655 452,555 1,034,210 936,698 FUNDS Unrestrirted funds: General fund Designated fund Revaluation 22 410,645 28,691 142,319 379,362 142,319 581,655 521,681 Restrfcted funds 452,555 415,017 TOTAL FUNDS 1,034,210 936,698 The charitable company is entitled to exemption fmm aijdit under Section 477 of the Companies Art 2006 for the year ended 31 March 2025. The members have not required the company to obtain an audit of its financbal statements for the year ended 31 March 2025 in accordance with Sectlon 476 of the Companies Act 2006. The trustees acknowledge their responsibllltles for {a} ensuring that the charitable cornpany keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and preparbng financial statements whlch give a true and fair view of the state of affair5 of the chadtable company as at the end of each f1nancial year and of It5 surplu5 or defiiit for each financlal year In accordance with the quIrernents of Sectlons 394 and 395 and which tstherwlse comply with the requirements of the Companies Act 2006 relating to financial statements, so far as appllcable to the charitable company. (bl The note5 ft)rm part of these financial statements Page 13 contbnued...
WILTS & BERKS CANAL TRUST (REGISTERED NUMBER: 02267719) srATEMENT OF FINANCIAL POSITION - contlnued 31 MARCH 2025 The finaneial Statements were approved by the Board of Trustees and authorlsed for issue on 22 Aug st2 25 and ned on it5 behalf by- Mr M C Holliss Trustee The notes forrn part of these financial statements Page 14
WILTS & BERKS CANAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 CHARITY INFORMATION Wilts & Berks Canal Trust is a company limited by guarantee and incorporated in England and Wales, and a regIsted charity with the Charity Commission in England and Wales. The registered office address is Dauntsey Lock Canal Centre, Dauntsey Lock, Chlppenham, Wiltshire, SN15 4HD. These ftnancial statements are presented in Britlsh Pounds (GBPI, which Is the charity's funrtional and presentational currencrf. ACCOUNTING POLICIES Basls of preparing the financial Statements The financial statements of the charitable company, which Is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP {FRS 1021 'Accounting and Reportlng by Charitie5: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reportlng Standard applicable in the UK and Republic of Ireland {FRS 1021 leffectlve l January 20191,, Financlal Reporting Standard 102 'The Flnancial Reporting standard applicable in the UK and Republlc of Ireland, and the Cornpanles Act 2006, The financial statements have been prepared under the historical cost convention. Income All income is recognised in the Statement of Flnancial Artivities once the charity has entitlement to the funds, it Is probable that the income will be received and the amount can be measured reliably. ExpendlturÈ Liabilities are recognised as expenditure as soon as there is a legal or construrtive 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 obligatlon can be measured reliably. Expenditure 15 accounted for Dn an accrua15 ba515 and ha5 been classified under headings that aggregate all cost related to the category. Where costs cannot be dlrettly attributed to particular headings they have been allocated to activitie5 on a basis consistent with the use of resources. Tanglble flxed assets Depreciation is provided at the following annual rates In order to write off each asset over Its estimated useful Ilfe. Plant and machinery Fixtures and fittings 20Wo on cost 200/0 on cost Included within Freehold Property is land, buildings and locks. The buildings and locks wlll be depreciated once full restoration is complete. Stocks Stocks are valued at the lower of c05t and net reallsable value, after making due allowan for obsolete and slow moving items. Taxation The charity is exempt from corporation tax on its charitable activities. FuTrd accountSng Unrestricted funds can be used in accordan wlth the charitable objective5 at the dlscretion of the tru5tee5. Restrlcted fund5 can only be used for paiticulai" reslrlcted pui'poses witliin the objects of the charity. Restrictions arise when specified 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 financbal statements. Page 15 continued...
WILTS & BERKS CANAL TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIE5- contlnued Hire purchase and leaslng commitment5 Rentals paid under operating lease5 are charged to the Statement of Financlal Activities on a stral9ht Ilne basls over the perlod of the lease. Penslon costs and other post-retlrement benefits The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scherne are charged to the Statement of Financial Activities in the period to which they relate. Donated goods Donated goods are measured at falr value (the amount for whlch the asset could be exehangedl unless irnpractical to do so. Good5 donated for on-going use by the charity are recognised as tangible flxed assets and included In the SOFA as Incoming reSoUrS when receivable. Glfts in kind for use by the charlty are included In the SOFA as income from donations when receivable. Flnanclal Instruments Short term debtors are measured at transaction price, less any Impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised c05t using the effective interest method, le55 any impairment. Short term trade credltors are measured at the transaction price. Other financlal liabilities, Includlng loans, are measured Initlally at fair value, net of transaction costs, and are measUd subsequently at amortised cost using the effertive interest method. DONATIONS, GRAMfs AND LEGACIES 2025 2024 Donatlons Gift ald Legacies Grants Subscriptions 56,005 15,068 5,000 157,594 42,919 56,076 13,460 15,500 119,613 41,699 276,586 246,348 Grants recelved, Included in the above, are as follows: 2025 2024 other grants 157,594 119,613 COMMUNITY OPERATIONS 2025 2024 Fundraising events Boat receipts Sales of stock Rent received 13,62Z 15,046 6,841 12,509 14,304 L6,828 6,639 10,709 48,018 48,480 Page 16 continued...
WILTS & BERKS CANAL TRUST NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 31 MARCH 2025 INVESTMENT INCOME 2025 2024 Interest receivable 7,984 7,117 RAISING FUNDS Operating costs 2025 2024 Merchandise Fundraising consultancy 1,188 8,240 217 28,000 9,428 28,2 17 CHARThABLE AcfIvITIES COSTS Support costs (see note 81 Dirert Costs Totals Restoratlon & Malntenance of Canals Communlty Engagement Community Operations General staff and Volunteer Costs Depreciation and Asset Related Costs Provlsions 83,419 4,829 9,350 26,430 83,419 4,829 9,350 7S,716 34,050 49,286 34,050 27,905 4,495 27,905 4,495 124,028 115,736 239,764 SUPPORT COSTS Governance costs Administration Totals General staff and Volunteer Costs DePclatIoN and Asset Related Costs Provlslons 27,843 34,050 27,905 4,495 21,443 49,286 34,050 27,905 4,495 94,293 21,443 115,736 Page 17 continued...
WILTS & BERKS CANAL TRUST NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 31 MARCH 2025 SUPPORT COSTS - ¢ontlnued Support costs, Included in the above, are as follows.. Depreciation and Asset Related Costs Staff and Volunteer Costs General Wages Pensions Malntenance Rent and rates Travel and 5ub51Stence Telephone Postage and statlonery Sundries Bank charges Insurance Depreclation of tangible flxed assets Loss on sale of tangible fixed assets Interest payab5e and similar charges HSE provision Accountancy and legal fees Consultanry 33,336 714 591 538 1,433 5,016 3,597 192 1,421 11,237 29,305 (1,400) 3,818 4,514 16,929 49,286 34,050 27,905 2025 Total activities 2024 Total activÈties Provisions Wages Pensions Maintenance Rent and rates Travel and subsistence Telephone Postage and stationery Sundrles Bank charges Insurance Depreciation of tanglble flxed asset5 Loss on sale of tangible fixed asset5 Interest payable and similar charges HSE provi510ri Aecountancy and legal fees Consultancry 33,336 714 591 538 1,433 5,016 3,597 192 1,421 11,237 29,305 (1,400) 3,818 4,495 4,514 16,929 33,564 714 1,072 127 418 4,084 4,535 225 1,633 13,231 17,123 4,034 43,597 6,949 17,799 4,495 4,495 115,736 149,105 Page 18 continued...
LTS & BERKS CANAL TRUST NOTES TO THE FINANCIAL STATeMENTS- continued FOR THE YEAR ENDED 31 MARCH 2025 NET INCOME/(EXPENDXTURÈ) Net Income/{expendlturel is stated after chargingllcrediting}'. 2025 2024 Depreciation - owned assets Hire of plant and machinery Other operating leases Surplus on disposal of fixed assets 29,305 1,896 3,332 (1,400> 17, 123 4,477 8,733 10. TRusfEES' REMUNERATION ANO BENEFrrs There were no trustees, remuneratlon or other beneflts for the year ended 31 March 2025 nor for the year ended 31 March 2024. Trustees, expenses There were no trustees, expenses paid for the year ended 31 March 2025 nor for the year ended 31 Narch 2024. 11. STAFF COSTS 2025 2024 Wage5 and salaries other pension costs 33,336 714 33,564 714 34,050 34,278 The average monthly number of employees during the year was as follow5.. 2025 2024 Administration No employees received emoluments in excess of £60,000. 12. INDEPENDENT EXAMINATION FEES 2025 2024 statutory accounts production & external scrutiny 1,890 1,800 1,890 1,800 Page 19 continued...
WILTS & BERKS CANAL TRusr NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025 13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestritted funds Restricted funds Total funds INCOME AND ENDOWMENTS FROM Donations, Grants and le9acles 145,941 100,407 246,348 Community Operatlons Investment incorne 37,737 7,117 10,743 48,480 7,117 Total 190,795 111,150 301,945 EXPENDITURE ON Raising funds 28,217 28,217 Charitable activlties Restoration & Maintenance of Canals Communlty Engagement Communbty Operatlons General Staff and Volunteer Costs Depreciation and A55et Related Costs Provisions 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 L7,123 43,597 9,870 Total 210,680 51,549 262,229 NEf TNCOME/(EXPENDITURE} Transfers between funds 119,885) 4,000 59,601 14,000) 39,716 Net rnovemtnt In fund$ 115,885) 55,601 39,716 RECONCIUATION OF FUNDS Total funds brought fornard 537,566 359,416 896,982 TOTAL FUNDS CARRIED FORWARD 521,681 415,017 936,698 Page 20 continued...
WILTS & BERKS CANAL TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025 14. TANGIBLE FIXED ASSETS Fixtures and fittings Freehold property Plant and machinery Totals COST OR VALUATION At l April 2024 Addltlons Disposals 704,580 30,028 316,726 43,614 (1,799) 13,174 1,034,480 868 74,510 (1,799) At 31 March 2025 734,608 358,541 14,042 1,107,191 DEPRECIATION At l April 2024 Charge for year Eliminated on disposal 19B,915 29,268 (1,799) 5,339 37 204,254 29,305 (1,799) At 31 March 2025 226,384 5,376 231,760 NET BOOK VALUE At 31 March 2025 734,608 132,157 8,666 875,431 At 31 March 2024 704,580 117,8LI 7,835 830,226 Cost or valuatlon at 31 March 2025 is represented by.. Flxtures and fittlngs Freehold property Plant and machinery Totals Valuation In 2022 Cost 142,319 592,289 142,319 964,872 358,541 14,042 734,608 358,541 14,042 1,107,191 15. STOCK5 2025 2024 Stocks 1,937 1,937 16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 Trade debtors Other debtor5 Prepayments and accrued income 3,154 22,890 21,065 615 19,912 3, 179 47,109 23,706 Page 21 continued...
LTS & BERKS CANAL TRUST NOTES TO THE FfNANCIAL STATEMENTS- ¢ontlnued FOR THE YEAR ENDED 31 MARCH 2025 17. CURRENT ASSET INVESTMENTS 2025 2024 other 211,614 106,295 The above lateS to an amount held on deposit with a COIF investment fund. 18. CREDITORS: AMOUNTS FALUNG DUE WITHIN ONE YEAR 2025 2024 Bank loans and overdrafts {see note 20) other creditors HSE Liabllity 1,213 58,528 9,000 35,740 68,741 35,740 19. CREDITORS: AMOUNTS FALUNG DUE AFTER MORE THAN ONE YEAR 2025 2024 Other loan5 (see note 20} HSE Liability 80,500 92,116 82,500 172,616 82,500 20. LOANS An analysis of the maturity of loans Is given below: 2025 2024 Amount5 falling due within one year on demand: Bank overdrafts 1,213 Arnounts falling due in more than five years: Repayable otherwise than by instalments.. other loans more than 5 years 80,500 82,500 The above loans are rneasured at C05t in accordance wlth FRS 102 section 34.90. 21. PROVISIONS FOR LIABILITIES 2025 2024 Provislons 115,000 In 2016 a valued volunteer, Peter Konitzer. died in a tragic accident at one of our worksites. We wish once again to express our heartfelt condolences to his family and partner. Nearly 8 years later, the Health & Safety Executive (HSE) brought Court proceedings in June 2024 for a breach of Health & Safety legislation. The Trust pleaded guilty and was ordered to pay a £30k fine and funeral expenses, and Is also liable for £72k HSE investigation costs. The charity has agreed payFnent plans with the Court and thc IISE lover 5 ond 24 yoars, rcspcctively}. Payments have already been rnade agalnst the Ilability totalling £18,378, of which E14,IL6 of insurance proceed5 were recelved and paid out. Page 22 continued...
WXLTS & BERKS CANAL TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025 21. PROVISIONS FOR LIABILITIES - eontlnued With Court and inquest proceedings having now been conclLided and the actual outcome now being known, the provlsidn for future liabilities rnade in our 2023124 accounts to cDver the Court fine and HSE costs is no longer required. The actual liability has therefore been move to other creditor5. 22. MOVEMENT IN FUNDS Net movement In funds Transfers between funds At 31.3.25 At 1.4.24 Unrestricted fund5 General fund Designated fund Revaluatlon 379,362 31,283 410,645 28,691 142,319 28,691 142,319 521,681 31,283 28,691 581,655 Restricted fund5 Restritted 415,017 66,229 (28,691) 452,555 TOTAL FUNDS 936,698 97,512 1,034,210 Net movement in funds, included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestrlcted funds General fund 185,343 (154,060) 31,283 Restrlcted funds Restrirted 161,361 (95,132) 66,229 TOTAL FUNDS 346,704 (249,192) 97,512 Comparatives for rnovement In funds Net movement in funds Transfer5 between funds At 31.3.24 At 1.4.23 Unrestrlcted funds General fund Revaluation 395,247 142,319 (19,885) 4,000 379,362 142,319 537,S66 (19,8851 4,000 521,681 Restrlcted funds Restricted 359,416 59,601 14,0001 415,017 TOTAL FUNDS 896,982 39,716 936,698 Page 23 continued...
WILTS & BERKS CANAL TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025 22. MOVEMENT IN FUNDS- contlnued Comparative net movement in funds, included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestrlcted funds General ftjnd 190,795 1210,6801 (19,8851 Restricted funds Restricted 111,150 (51,549) 59,601 TOTAL FUNDS 301,945 (262,2291 39,716 A current year 12 months and prior year 12 months combined posltion Is as follows.. Net movement In funds Transfers between funds At 31.3.25 At 1.4.23 Unrestrl¢ted funds General fLJnd Deslgnated fund Revaluation 395,247 11,398 4,000 28,691 410,645 28,691 142,319 142,319 537,566 11,398 32,691 581,655 Restricted funds Restricted 359,416 125,830 132,6911 452,555 TOTAL FUNDS 896,982 137,228 1,034,210 A current year 12 months and prlor year 12 month5 combined net rllovement In fund5, included in the above are a5 follows.. Incoming resources Resources expended Movement in funds Unrestricted funds General fund 376,138 1364,740) 11,398 Restrl¢ted funds Restrfrted 272,511 (146,6811 125,830 TOTAL FUNDS 648,649 {511,421) 137,228 Fund name Purpose and restrictions Restricted fund This relates to funds which facilitate specific restoration projects. Page 24 continued...
WILTS & BERKS CANAL TRUST NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 MARCH 2025 23. RELATED PARTY DISCLOSURES There were no related party transattlons for the year ended 31 March 2025. Page 25