Trustees' Report and Accounts - Canal & River Trust

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Contents Chairman’s Report Chief Executives’ Report Trustees’ Report How does the Trust work? Waterways Partnerships How have we done? People Case study: Connecting communities with their canal Case study: Saving the Trent & Mersey Canal Case study: Changing lives Nature Case study: Caring for our inner city wildlife Case study: Helping endangered species History Case study: Celebrating Ilkeston’s centenary Case study: Securing the future of Guillotine Lock Glandŵr Cymru – the Canal & River Trust in Wales Looking ahead Financial summary Finance review Governance Auditor’s report Financial statements for the period 12 October 2011 to 31 March 2013 Trustees, Council, Waterways Partnership and Advisory Group Members Gifts and donations 2 3 4 5 6 9 10 11 12 14 15 16 18 19 20 22 24 26 39 46 47 78 82
Chairman’s Report Tony Hales CBE Sitting down to write this first Report & Accounts of the Canal & River Trust, it is hard to believe that we launched less than a year ago, buoyed on a tide of optimism from our customers, staff, Parliament and the many communities we serve. On 2 July 2012, the Government put our canals exactly where they should be, in your hands, the people who care passionately about their long-term survival. Instead of being governed by remote control from Westminster, we now have Trustees, a Council and Waterways Partnerships made up of enthusiastic volunteer representatives from the many different local communities who use and look after the canals, rivers and towpaths, leading to real ownership by the people. A more secure future The move to the Trust has put this wonderful national treasure on a better financial footing and given us the ability to put in place firmer long-term plans to preserve the 2,000 miles of infrastructure we hold in trust. Volunteering is becoming ever more important to us, and we have ambitious targets to take this further next year. I am further encouraged by the contributions to the Trust’s work from sources that were unavailable to the waterways when they were under state control. Ranging from major donations from corporate supporters to a partnership with Arts Council England, who recognise the value of our canals in connecting diverse communities literally and socially. We have also been encouraged by the growing number of Friends of the Trust and the public contributions that have led to 42 of our 50 launch appeal projects being fully funded. Some of these contributions have been accompanied by the most inspiring stories of how a local canal or river has enriched or changed a life or lives for the better. We value them greatly. They underpin why we do what we do and remind us of just how much our precious canals and rivers mean to the millions of lives they touch. At the heart of the Trust’s work is the day job – keeping our canals and towpaths open and accessible for boats, for walkers and the many other people who visit our network. The weather was a major challenge – first a drought and then a deluge – both of which caused added expense and damage, but the wonderful way our teams responded helped to keep to a minimum the impact on our customers. Despite having to tighten our belts and make every penny count, we have been able to maintain investment in repairing our waterways and our measures show a small but continuous improvement in the underlying physical condition. At the end of May 2013 we said farewell to Robin Evans, who stepped down as chief executive after 10 years in the role. Robin did a quite outstanding job through a decade of challenges. He led the team in expanding and improving our precious canal and river network and created a far more effective and efficient organisation. Most of all he had the vision to reduce the waterways’ dependency on just one source of funding, and to lead the change to Trust status – the largest ever transfer of state assets to a voluntary sector organisation. He leaves a great legacy and we will all miss him. The Trustees thank him for an extraordinary contribution. We are delighted to welcome Richard Parry as the new chief executive. Richard comes with a wealth of experience of dealing with large customer-focused organisations responsible for major infrastructure. He shares our vision that the Canal & River Trust is not just good at what it does, it is great at what it does. He will be using his first few months to meet as many of our passionate supporters and stakeholders as possible to hear their views. This year has also seen the retirement of Jim Stirling our Technical Director. Jim was also previously British Waterways’ Scotland director and his amazing work restoring the Forth & Clyde and Union Canals was recognised with the award of an OBE. We wish him well in retirement. Your support is vital Anyone who has been involved with our canals and rivers over the last half a century will have seen the remarkable turnaround in their fortunes. Today they are better used and better maintained than at any time in living memory. As we stroll or boat along our waterways it is easy to take them for granted and become complacent. However, we must never forget that over 500 miles of canals were lost in the last century and we continue to face new threats from climate change and planning policies. We still don’t have enough money to do all that we want to do and we must fire the imagination of new generations of canal supporters to secure the network’s future. With the creation of the Trust, we have a lifeline that gives us all the chance to work together to ensure waterways survive and benefit our children, and their children after them. Next year, we have ambitious plans to build on the progress already made and, on behalf of the Trustees, I would like to thank all our employees, volunteers and supporters – together with the countless enthusiasts and canal workers who have gone before us – without whom our efforts would be in vain. Tony Hales CBE 2 Trustees’ Report & Accounts
Page 1 and 2: Trustees’ Report and Accounts For
Page 3: June: David Suchet, Timothy West, J
Page 7 and 8: How does the Trust work? When we cr
Page 9 and 10: How have we done? People Canals and
Page 11 and 12: 8 Trustees’ Report & Accounts
Page 13 and 14: Case Study: Saving the Trent & Mers
Page 15 and 16: How have we done? Nature Below: Pon
Page 17 and 18: Case Study: Caring for our inner ci
Page 19 and 20: How have we done? History We care f
Page 21 and 22: Case Study: Celebrating Ilkeston’
Page 23 and 24: Glandŵr Cymru - the Canal & River
Page 25 and 26: Looking ahead Whilst we are develop
Page 27 and 28: Financial summary Resources expende
Page 29 and 30: Finance Review Creation of the Trus
Page 31 and 32: Publication Data Measure Descriptio
Page 33 and 34: Transfer from British Waterways The
Page 35 and 36: The investment income derives from
Page 37 and 38: The significant movement in the per
Page 39 and 40: Waterways Pension Fund The Trust ha
Page 41 and 42: Risk management Safety of customers
Page 43 and 44: Governance structure of The Trust B
Page 45 and 46: Property and Investments Committee
Page 47 and 48: Control environment Information and
Page 49 and 50: Independent auditor’s report to t
Page 51 and 52: Consolidated income and expenditure
Page 53 and 54: Consolidated cash flow statement fo
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The amount of retained post acquisi
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Tangible fixed assets Expenditure o
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2. Incoming Resources 3. Total reso
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6. Taxation The Canal & River Trust
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7. Transfer from British Waterways
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9. Tangible fixed assets Group Oper
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10. Heritage assets (continued) Mus
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12. Investments (continued) Investm
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16. Provisions for liabilities (con
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17. Movement in funds (continued) G
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19. Operating lease commitments 20.
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20. Pension and other post-retireme
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Glossary of financial, fund and wat
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Trustees, Council, Waterways Partne
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Council In addition to the members
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Gifts & donations We are exceptiona
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Executive Team Robin Evans, chief e
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Canal & River Trust First Floor Nor
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