THE MONTGOMERY WATERWAY RESTORATION TRUST
COMPANY NUMBER 1508017
REGISTERED CHARITY NUMBER 510448
STATEMENT OF ACCOUNTS
FOR THE YEAR ENDED 3]" OCTOBER 2025

THE MONTGOMERY WATERWAY RESTOII4TION TRUST
INDEX TO THE ACCOUNTS
Company Infornjation
Trust Committee Report
ConsolidateAI Balance Shect
Consolidataj Statemeni of Financial ACti￿]tieS
Notcs to the Accounts
Monigomery Wat¢rway Restoratson Trust:
Balance Sheet
Siaiement of Financial Activities
LIan￿1Ynech Canal Wharf:
Statement of Financial Artivilies
10
Fnends of the Montgomery Canal:
Balance Shect
Statement of Financial Activities
12
The Montgomery Triathlon:
Ststement of Financial Activities
13
Independent Examiner's Report
14

THE MONTGOMERY WATERWAY RESTORATION TRUST
COMPANY INFORMA TION
TRUSTEES
Ch￿rnIan
Michael.LJmbTey MBE
Secrdary
Robert.Dewey
Nicbolas.Bostock DL. FCA
Other Truste¢s
Chnstopher Bushnell
Phillipa Bursey (apwinted 25110125)
Siephen Clews (appointed 25110125)
Grah8m Deakin (app)inted 25110125)
Ambcreene Hitchcox (aPwInt￿ 25110125)
Chnstine Palin
Bnan Williams {appOin￿d 25110125. di￿ 27111125)
REGISTERF.D OFFICE
26 Bentley Dni'e
Oswestry
Shropshire
SYI I ITQ
BAYKERS
HSBC plc
Th¢ Cross
05W¢Stry
Shropshire
SYII 2SR
IIIDEPENDENT EXAMINER
Colleen Hmmond ACA
CEH Consultancy & Accounrancy Ltd
41 Weeping Cros5
Stafford
STI 7 ODG

THE MONTGOMERY WA TERWAY RESTORA T10￿, TRUST
TRUST COMMITTEE REPORT
311I OCTOBER 2025
The Trust Committee present their rqKJrt and financial statements for the year endal
31° October 2025.
Princi
al Actii'i
'ICharilable Ob'ective8
The principal ath'vity ot the Company in the year was promoting the restoration to good
and naNigable order and conditio)n of the Montgomery arn) of the Shropshire Union
Canal numing from W¢15h Franknon in the county of Shropshire to Newtown in the
counry of Powys and any bran¢h¢s th¢r¢of, for the use and benefit of the public.
Volunteers led by the Shropslll'rc Union Canal Society are continuing to restore the
reM￿nIng 2 mile dr! section in Shropshire lo connecl with the canal in water on the
Welsh border at Llanymynech. Our appeal towards the first phase from the new
Schoolhouse Bridge to the next winding hole at Waen Wen is now closed, having raised
£250.0(M). and a new appeal is bang plann¢d to fund the building of a new
accommodation bridge. to be known as Jubilee Bridge. at Crickh¢ath wh¢n the d¢sign
Is finalised. In addiiion. a mosi generous legacy ot £240,000 w&s received during the
year.
Fmm LIan￿nYDcCh to Maerdy Bridge in Powys restoration continues. funded by the
Government Levelling Up Fund. with dra￿n8, a second new nature reserve and the
reinstatement of twD dropped bridges exp￿ta in 20?6. Meanwhilc, the Trusl coniinues
lo organise a programme of community ev¢nts and activities. A notable eveni is the
annual Triathlon along the ￿la1, which is organi5ed by the Friends of the Montgomery
Canal, the membership section of the Tnlst.
Llanymynech Canal Wharf, another section of the Trust. has a visitor centre and
operates a passenger boat. Gwrge William Buck. equipped with facilities for the
disabled. Regular boat trips operate during the sumrner months on a short scth'on there
which will expand &8 restoration progresses.
The Trust owns a 550m section of the canal at Dolfor near Newtown. This is dry at
presenl. with a derelict lock and bothy. Powys County Council have recently und¢rtak¢n
heritage Tepait5 to the bridge over the tail of the lo¢K ￿$¢d as a public f(x)tpath.
In deciding what activittes to undertake. Ihe tn￿leeS have paid due regard to the Charity
CotnmisJiun yidani¢ vn publi¥ b¢n¢fit.
Re$erv¢8 Poli
Th¢ res￿¢$ in unrestrided funds will be maintained to cover a minimum of two y¢ars
activity. This designation is in addition to such reserve& includin8 those m restrict
funds. as the TnLSte¢s consider n￿eSs￿ry to meet forthcoming obligattons and
ommitments.

uardiD
Policies
nd Procedures
The various policies and slat¢menis that apply to membership and volunteering with
Ihe Trusi are in place and are reviewed annually. These enwmpas5 health & safety.
equal opportunities. equality and dtversity. the envirotllnent, education & trainin& and
young persons & vuln¢rable adult protcction.
Directors
The Directors of the Company are defintsl as the Trustees (see company infonnation).
Nonc of the Trustees have any benefici￿ interest in the Company.
Smydll Com
an Exem
tion
This rewrt is prepar￿ in accordance with the special provisions relating to small
companies within Part 15 of the wmpanies Act 2(M)6. The Truste￿ consider thai an
audit is not required for this year under Section 43 (2) of the Charities Act 1993. but
thai an independeni examination is needed.
Approved by the Board of Trustees and Si￿￿1 on their behalf:
Michael Limbrey
M S Limbrey
Chdirnian
1stApril
2026

THE MONTGOMERY WATERWAY RESTORATION TRUST
CONSOLIDATED
BALANCE SHEET AS AT 31¥t OCTOBER 2025
2025
2024
Flxod A85ets
LarKI and B¢Jildiro5
Tangl￿8 Fix￿1 Assets
142
21.269
107
22,126
Current As¥•ts:
Debt￿5 and Prep8ymeDts
Balances al Bank
Cash in haTh
23.487
464,221
69.039
194.753
487.744
Current L￿bIl￿'e9'.
Credrtus.
Amc4Jnts falling due vthhin
one year
263,861
-56,719
Net Current Assets
487,524
207,142
Cr&#ltorn.
Amounts fdling due after one
-168,295
-272.325
Total N•1 ILlablliti•s) A•8•ts
£340.640
-£42,950
Repr•A•nt•d by:
Restricted Funds
Unwirthj Funds
295.417
45.223
£340.640
-112.309
69,359
-£42 950
Sthtome
Acco
In prepanng tr￿se Finanual statements..
Fly the year ending 31110125 th8 company was en1￿¢d lo eX￿p1￿ under sectM)n 477 of Ihe
Companio$ Act 2006 rdating to ¥m811 GDmpgnr4a
No memb￿5 have required Ihe L￿MpanY lo obtain an audit of its ac￿￿nts for the year in
question in acaydanco with ￿lon 476 of Companies hLt 2006.
The dir￿￿$ aCkTr>￿edge their ffjsponsibilrtw ftx c(Knplyiro wilh wuiremeN¥ of the
Aci wth resp8Ct lo a¢(￿n￿n9 rgc(xds and f(Y the Yeparat￿ of accounts.
The Fina￿al Statèments approv&J by the Board of Trustees on 1 st April 2026.
Michael Limbrey
N Bostock
M.S. Limbrey
N.S.G.Boslttk
Chairman
Treasur
The Thxes , on pages 6 10 7 fcffii wt of these finawal statemènts

THE MONTGOMERY WATERWAY RESTORATION TRUST
CONSOLIDATED
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENOED 31st OCTO8ER 2025
Unre8trFctod Rogtrlct•d 2025
Fundj
Funds
2024
Totsl
Incomlng Ro¥ource•
Volunlary Incom•
Memt)wship subs(xiplJons
Dona1K￿5
Grft - Inland Revenue
2,655
10,442
2,508
363.958 374.4LK)
19.945
22,453
125,098
12,108
Incoming Resources from CharrtatrAe Acts"vth"8s
and Fundraising
6.474
2.816
11,388
Othor In¢om•
Bank Interesi
Sundry Incorno
4.786
5.277
330
4.039
Toial Incomlng R•Aourc
26,865
387 540 414.405
155,196
Resourc•8 Exp•nd•d
Costs of genBraling funds
GcL*s for sale
Charrta￿e expenditure
Grants
pUbl￿rtY
Supp(Yt eo•ts
578
578
1.663
8,517
2.894
28,240 1,137,152
19.723
Total R••ourc•s Expend•d
10,180
20.635
,815 1,140,723
Not Incomlnq R•sour¢
16685
366.￿15 383.￿ -985.527
Tolal Fund• bought lornard
89.369
-112.309 42,950
918.876
Funds Introduc&l
Transfef
Totsi Funds ¢arrl•d forward
23.701
40.821
£45,223
40,821
£295.417 £340.640
-£42,950

THE MONTGOMERY WATERWAY RESTORATION TRUST
Notes forniing Part of the Consolidated Finaneill Statements for the year ended
31Jl October 2025
l. Accounting Policies
In preparing these financial statements..
For the year ended 31 October 2025 the company w&8 entitled io exemption
from audit under section 477 Companies Ath 2(X)6. No member of the company
has de￿sited a notice. pursuant 10 section 476, requiring audil of these
financial statements under the rcqwrements of the Companie5 Act 2IX)6.
The trusiees acknowledge their ￿SponSibl11t1eS for ensuring that ihc company
keq)s accountsng r¢cords which comply with section 386 of the Act and for
preparing financial staiements whith ￿ve a true and fair view of the 5thte of
atYair5 of th¢ company as at the end of the financial year and of its profil or loss
for the financial year in accordance with the requirements of stttions 394 and
395 and which otherwise comply with the requirements of the Compameg A
2(Kh relating to ac¢ounls. so far as applicable lo Ihe company.
These financial slaiement5 have been prepar&1 in accordan￿ with provisions
applicable to companies subject to the small ¢ompani¢s rc8ime within Part 15
ut the Companies Act 2006. with the Financial Rewrting Standard for Smaller
Enterprises (effective April 2(X)8), and with The Accounting and Rep)rtin8 by
Charities - Statement of Recommended Practice (SORP 2005).
b}
The accounts incorporate the results of Montgomery Canal Reconstruction Ltd, a
wholly owned subsidiary wmpany fomled on 30 May 2018. th¢ Friends of the
Montgomery Canal, a branch of Ihc ￿rnpanY Set up in December 2(K) l ag a membership
section. and Llanymynech Canal Wharf. a volunteer wup operating a Visiior Centre
and passenger naTrow boat, which joined th¢ Trust on I si August 2024.
2. Sh4re Capital
The company is incorporated ￿ a company limited by guarantee and does not have a
wholly owned Share Capital. The liability of each member is fixd at an amount nol to
exceed £1.
3. Land and Buildings
Montgomery Canal Reconstruction Ltd purchased 550m of the Mont8omeryshi
Canal, inclLkain8 Dolfor I￿k and bothie, in August 2022 at a cost of £141.
4. Tangible Fixed Assets
Tangible fixed assets costing more than £500 were capitalised as at I" November 2(X)9
and included at cost less dq)r¢cialion at l OQ/ts w annum on Lost. Additions since are
treated on the same b&sts. with th¢ exception of the narrowbo&i. which was capitaliscd
ai £20,000 on I" August 2024 and depreciated at 40/0 per annum on cost.

THE MONTGOMERY WATERWAY RESTORATION TRiIST
Note• forniing part of th• Con8olldal•d Flnanclal Stat•m•nts for th• y•ar to 31•t Othr 2025.
4 Icont)
C06t
Al 1 sl November 2024
Addit￿n$
Al 31 st Ottober 2025
31,794
485
32.279
D•pr•ciatlon
Al 181 November 2024
Charge for tts year
At 31st October 2025
1,342
11,010
N•t Book Valu•
At 31st October 2025
21,269
At 318t Octobtr 2024
22,12fj
2025
2024
5 Delknrs
202S
2024
Shro￿hlre CoJncil Pwfcffjiar￿ Deposrt
Tax R￿erable
Grft A￿ recoverable
Accrued wKome and wepayThents
56,146
37
21,061
2.389
23,487
11,156
1,642
69,039
6 Cr•dltor•: •nount8 falllng du• Twlthln on• year
2025
2024
Othw cr&lrtors and a¢¢ru8d charges
220
56.719
2025
2024
7 Cr•dito¥•: amounts lalllng du• aft•r on• y•pr.
Loan Inter881 free and *lth no repa￿￿ent datè
768.295
272.325
8 Rootr1¢t￿l fundB
These repr08ent funds comrnitle(J to Tost￿8￿.0n crf tr* MonlgwJn￿hIre Canal.

THE MONTGOMERY WATERWAY RESTORATION TRUST
BALANCE SHEET AS AT 31st OCTOBER 2024
2025
2024
Flxod AS￿.
Equipment
Cosi
Depr￿la￿On
Net Book Value
Investment
Montgomwy Canal ReC4￿$truCt￿ Ltd
100 £1 Shares
Loan
20,257
-1,257
19.C(()
20257
457
1,259.41)0
1.279,3(XJ
19.100
CuTh•nt As••ts
22.794
414.457
8ank balane
12,126
155,978
437.251
168,104
Credltors..
Amount falling vthhin yew.
N•t Curront Assets
Cre¢Jrtors ."
Amojnt f*lino due aftw one fftr
-146
437.105
-722
167.382
-168.295
-272.325
Total N•t A¥••ts
£287,910 £1,174.357
Restrt￿ Funds -r￿ Monigomery Water¥vay RestOralK￿ Trust
anwMYn￿ Canal Whart
235,267
2S,325
1.098,655
23.419
unr￿tr￿l￿j Fund8 -T￿ Montgomèry Waterway Restorat￿1 Trvst
27,318
52.283
£287,910 £1.174,357

1410NTGOMERY WATERWAY RESTORATION TRUST
STATEMENT OF FIP4ANCIAL ACTMTIES FOR THE YEAR ENDED 31•t OCTO8eR 2025
Unr••trlcl•d Rqstrlct
Fund•
Funds
2025
Total
2024
Incomlng Re80urc•J
Vcduntary Income
Donati¢Y
8,942
358.719
19.812
367,661
21,9)8
124,343
11,853
Grft AKI
Ch¥rrt8ble Acti￿1￿ and Fundraising
Raffle
Sun¢Jry Irthme
2.821
Othor In¢4xne.
Bank Intwest
4.581
15.819
4,581
394,010
3.8Ql
142,618
378.191
Re￿ure￿ Exp•nd•d
charrt8t￿e Expendtiure
PUbl￿lty
Promth)nal Malert81$
741
SUpP￿t Costs
8ank Charges
Commission
Genwal ExFthses
Insurance
Resloralion Exws
Sutsscriptsons
143
616
765
1,259
143
816
828
1,259
41.267
180
44,293
166
1.453
1.628
14.400
81
18,024
41.287
41.3x1
41,330
44.293
18.765
N•t Incomlng R•90urc
12,856
336.861
349.717
123.853
Totsl fund• bougm forward
Tr￿S1•r fvom Frl•nd• of th• Monl9om•ry Canal
Tnaihl
Fr￿￿S
Transfer of Raffle lo Restrictfyj Funds
Further tran81er to Restnctéd Fund¥
Loan to Montgomory Canal RoconstnJclh)n Ltd
wrrtten off
Total fund¥ C￿ld forward
52.283
1.098.655
1.150.938
1.022.085
.2,821
2,821
-1.241,070
E235,267
-1,241,070
£262.585
£27 318
£1,150.938
Note..
The Restrthd Funds incorpNate tIN9 The Montgom&y Canal. aCc￿nI

MONTGOMERY WATERWAY RESTORATION TRUST
LLANYMYNECH CAMAL WHARF
STATEMENT OT FINANCIAL ACTNMES FOR THE YEAR ENDED DECEMBER 2025
2025
2024
R￿￿¢tOd Funds R••lrlct•d Funds
INCOMING RESOURCES
OonaiK¥
5.239
496
82
Charita￿e Ac￿"￿tieS and Fundraisi
eoal takirvJs & saI8s of 9xKI$
3.156
1.313
8,528
1,891
RESOURCES EXPENDEO
Cost of Generabng Funds.,
(knds for resale
Chaniable Expenditure..
Publ￿ty., Promots'onal maten'als
Suppcrft Costs
8oal repairs
Boat Iwise
General expens88
Insurance
Profess￿n￿ fees
Subscriptio
576
402
3.093
431
77
7ry)
395
10
5.710
1,694
6.622
2,173
Nei In￿mIr0 Ioutgoirol R8sixJrces
Fund3 Intr(*#uceO
To￿1 tynds bought fcthard
Tot* funds rAr￿￿ ftyward
1.kYJ6
23.701
23.419
£25,325
10

FRIENDS OF THE MONTGOMERY CANAL
BALANCE SHEET AS AT 31•t OCTOBER 2025
2025
Flx•d A680ts: Equlpm•nt
CosL'
Dekyeuation
8.455
-7.756
-7,927
N818oc& Vaue
1,013
Curr•nt A8#•ts:
Debtor5 & Prepayrnents
Bank balances
Cash In HarKi
404
16.491
373
16,0
Curr•nt Llablllti••:
Credilcffs.. Amount falling due wrthin OM ￿aT
16,931
16,472
-95
N81 Current Assets
16,892
16.377
Total N•t A880ts
£17,905
£17.076
Unr081Acl&J FuTrJs'.- Friends
TriatNon
16.578
13.950
1.327
3,126
£17,905 £17,076

FRIENDS OF THE MONTGOMERY CANAL
STATEMENT OF FINANCIAL ACTMTIES FOR THE YEAR ENDED 31st OCTOBER 2025
Incomlng Rosourc
Unr••tri¢t•d RMtrfct•d
Fund8
Funds
2025
Totsl
2024
Total
Membership Subscripkns
Oonab'ons
2,655
2.655
2,563
259
373
372
372
c￿l￿ble Actm"1￿ and Fundrai8ing.'
Canoe hire
Sales of Merchandise
570
88
1,218
570
912
95
1.807
Othw Income
Bank Interest
1,218
205
205
4,450
4,450
5,CKJ2
Charrtabte expeThJilure'.
Grants
LIanyThy￿h Canal Wharf
pu￿1C￿
Nmletter
1,173
1.173
1.171
SuppcKt Costs
8ank Ch&rge3
Commission
Genèral expen$os
Subscnp1￿nS
Depreciation
52
32
403
10
152
52
32
403
10
152
28
376
152
1.822
1,822
2,418
Nat Incoming R•8our
Total funds lyought forw•rd
Transfer to Montgom•ry Wat•￿aY Ro8tOfatknn Tru
Total funds Carr1￿ forward
2.628
13.950
2,628
13.950
14.386
.3,fy)0
£16.578 £13.950
£16,578
12

FRIENDS OF THE MONTGOMERY CANAL
THE MONTGOMERY CANAL TRIATHLON
STATEMENT OF FINANCIAL ACTIVITies FOR THE YEAR ENDED 31•t OCTOBER 2025
2025
2024
Unr8stricl8d
Fund•
Incomlng Rosour¢••
Donab'ons
GfftA
1.500
40
chart14b￿ *thlil•s & Fundr•l8lng
Triathlon entr
5,056
5.056
5,447
Totsl Incoming Resouees
6,596
6,596
5,447
R•8ources Expand•d
Charltabl• •XWidi￿r•
Publicily
Medallions
Supwl costs
CornmissK
General expen8e8
Hire of equipm￿1
Catering
243
2.576
62
19
4,383
4,383
19
4.905
5.395
19
4,905
5,39S
3,578
N•t Incomlhg R•*ourc
1.201
1.201
Total funds bought forward
Transfer 10 Montgomery Waterway Restoration Trust
T¢)tal fund8 carrlod forward
3,126
3,126
3,257
-2,000
£3,126
£1,327
£1.327
13

THE MONTGOMERY CANAL RESTORATION TRUST
nd¢pendent Examiner's Report.
Report to the trusiees ot. The Montgomy Waterway Restoration Trust (Ch8n"ty No.
51 U448) on th¢ accounts for the ycar end¢d 31" Octob¢r 2025. which are set Oui on
page5 1 to 13, iog¢ther with the accounts of its subsidiary Montgomery Canal
Reconstruction Ltd. which are set out on pages I to 7.
I re￿)rt to the trustees on my examinaiion of the a¢¢ounts of the aEK)ve charity (Yhe
Trust") foi the year ended 31" Othober 2025.
Responsibilities and basis of reporL
As the charity trustees of the Trust. you are reswnsible for the preparatton of the
accounts in accordance with the requirements of the Clwities Aci 2011 (" the Act").
I rewrt in respeci of my examinalion of the Tnst's accounts carried oul under section
145 of the 2011 ACL and in Car￿n￿ out my exammation I hav¢ followed the applicable
rethons ￿Ven by the Chanty Commission under section 14515Kb) of th¢ Act..
Independent examiner's slatemenL
I have L￿mpleted my examinalion. I confirni that no material matters have come to my
aitention in connection with th¢ examination which gives me cause to believe that in
any material rcspeci..
aL'Lounlin8 r¢(x)rds werc not kept in accordance with section 130 of the Aci or
the accounts do not accnrd with ihe accounting records
I have no concerns and have come across no other matter5 in conoe¢tion with the
¢xamination to which attention should be dr8wn in order to enable a proper
underslanding of the accounts to be reachoa.
L kl,
Colleen Hammond ACA
CEH Consultancy & A¢countan¢y Ltd
41 Weeping Cross
Stafford
ST17 ODG
2026
14