Trustees' Report and Accounts - Canal & River Trust

Consolidated statement of financial activities
For the period 12 October 2011 to 31 March 2013 *
Unrestricted funds
Restricted Funds
Protected Endowment funds
Note Subsidiaries Other Restricted Income Funds Total
£m £m £m £m £m
Incoming resources
Statutory transfer from British Waterways Board 7 27.3 - 532.2 - 559.5
Net assets and liabilities acquired in The Waterways Trust 8 (1.4) - - 0.3 (1.1)
Total incoming resources from transfer and acquisition 25.9 - 532.2 0.3 558.4
Voluntary income
Donations - - - 0.9 0.9
Defra grant funding 29.3 - - - 29.3
Leisure boating and utilities 44.4 4.6 - - 49.0
Investment income 23.0 8.0 0.1 - 31.1
Share of Income from joint ventures 12 - 5.2 - - 5.2
Incoming resources from generated funds 2 96.7 17.8 0.1 0.9 115.5
Waterway infrastructure income 4.0 - - 0.6 4.6
Waterway regeneration and restoration 5.1 - - - 5.1
Museums and attractions 0.5 - - 0.2 0.7
Incoming resources from charitable activities 9.6 - - 0.8 10.4
Other incoming resources 1.4 - - - 1.4
Less: Share of income from joint ventures 12 - (5.2) - - (5.2)
Total incoming resources before transfer and acquisition 107.7 12.6 0.1 1.7 122.1
Total incoming resources including transfer and acquisition 133.6 12.6 532.3 2.0 680.5
Less: Cost of generating funds
Voluntary income (1.8) - - - (1.8)
Leisure boating and utilities (10.4) (4.0) - - (14.4)
Investment management (7.3) (5.3) - - (12.6)
Cost of generating funds 3 (19.5) (9.3) - - (28.8)
Net resources available for charitable activities
before transfer and acquisition
88.2 3.3 0.1 1.7 93.3
Net resources available for charitable activities
including transfer and acquisition
114.1 3.3 532.3 2.0 651.7
Resources expended on charitable activities
Waterway infrastructure maintenance and repairs (85.6) - - (1.1) (86.7)
Waterway regeneration and restoration (7.0) - - - (7.0)
Museums and attractions (2.1) - - (0.3) (2.4)
Charitable activities 3 (94.7) - - (1.4) (96.1)
Governance costs 3 (1.3) - - - (1.3)
Total resources expended (96.0) - - (1.4) (97.4)
Net incoming resources before transfer and acquisition (7.8) 3.3 0.1 0.3 (4.1)
Net incoming resources including transfer and acquisition 18.1 3.3 532.3 0.6 554.3
Share of net income from Joint Ventures 12 - (0.1) - - (0.1)
Transfers between funds 17 2.0 (4.6) 2.5 0.1 -
Net incoming resources before other recognised
gains and losses
20.1 (1.4) 534.8 0.7 554.2
Realised gains on disposal of investment assets - 0.6 1.1 - 1.7
Unrealised gains on revaluation
of investment assets
- (1.3) 1.7 - 0.4
Taxation credit 6 0.5 0.1 - - 0.6
Actuarial gains on defined benefit pension scheme 20 - - 3.1 - 3.1
Net movement in funds 17 20.6 (2.0) 540.7 0.7 560.0
Fund balances at 12 October 2011 17 - - - - -
Fund balances at 31 March 2013 17 20.6 (2.0) 540.7 0.7 560.0
* The Trust was not active between 12 October 2011 and 1 July 2012. All activity in the SoFA is in respect of acquisition on 2 July 2012 and post acquisition activity.
The accompanying notes form part of these financial statements.
Trustees’ Report & Accounts 47