THE Canal & River Trust has seen its overall income increase by £12 million to £237 million in the last year, raising more from commercial operations as its reliance on government funding decreases.
In what the charity says was a record year for charitable work (£208 million), it also spent £70 million on engineering works, £27 million on upgrading reservoirs and a further £9 million in emergency repairs, according to its recently released 2023/24 annual report.
Commercial income of £97 million, which includes mooring and other fees, now represents 41% of the trust’s total income. The importance of this is highlighted by the fixed government funding of £52.6 million, which the trust says would have been £63.7 million if it had kept pace with inflation.
The charity is braced for more cuts from 2027 as the new Labour Government tries to balance the books.
Richard Parry, chief executive of the Canal & River Trust, said: “A key part of the Canal & River Trust’s long-term plan is to continue to reduce dependency on government funding by further developing and growing alternative sources of income. During the year ended March 31, 2024, our commercial income was £97.1m, 12.2% higher than in the prior year.”
The CRT says dealing with the impact of climate change and an ageing 2000-mile canal and 345-mile river network has put extra strain on its resources.
Mr Parry added that while fundraising income had risen it was still important to make efficiencies in how the organisation is run.
“Key to our future is the growing role of our volunteers and, as we make volunteering integral to everything we do, this year we’ve achieved record numbers of volunteers and hours given.
“Our charity is committed to maintaining the network in good working condition for the benefit of our boating customers, the millions of regular towpath users, and the tourists who flock from around the country and the globe to experience it, and to protecting neighbouring homes and businesses from the threat that our ageing infrastructure could pose if not well-managed and cared for.”
The trust continued to track the changing trends in boating. Across the network, the total number of boats with a home mooring decreased by 3.7%, while the total number of continuously cruising boats increased by 4.9%, with overall boat numbers dipping by 1.4% to 32,602 in its annual National Boat Count. The first-ever Boater Census was published, highlighting the differing needs of those who live aboard or boat for leisure. The trust is committed to listening to the concerns of boaters and to addressing them, including a focus on getting the basics right on canal maintenance and improving communication.
Charitable work, which includes the trust’s day-to-day operations, maintenance and repair works and caring for the waterways, costs £208 million. This has risen steadily in the last 10 years.
Work to repair and strengthen the resilience of the canal network during the year included almost 450 planned engineering projects, at a cost of around £70 million. Delivering statutory safety measures at the charity’s large reservoirs, critical for navigation and in protecting the communities around them, continued to dominate expenditure, with more than £27 million spent on resilience works at 19 of the trust’s 71 large reservoirs.
Reflecting on the continued impact of climate change on the ageing canal network, the report details how, following prolonged hot dry weather the summer before, a succession of winter storms caused significant damage, with an aggregated impact of £9 million in emergency works.
David Orr, chair of the Canal & River Trust, said: “Our canal network is a national treasure – unique living heritage dating back 250 years that connects our past to the present – and is able to play a vital role in our future prosperity.
“Navigable canals and their free access to towpaths provide green-blue spaces on the doorstep for millions of people. They offer places to exercise and connect with nature and are traffic-free green corridors for active travel and nature recovery. Supporting jobs and the economy, today’s canals play an important role in the nation’s water and utilities infrastructure, and even delivering new sources of renewable energy.
“In key policy areas for government, a thriving and navigable canal system delivers a magnitude more benefit than the investment that keeps it safe and cared for. While we are continuing to grow commercial and charitable funding, there is still a requirement for government to work in partnership with our charity to ensure an adequate contribution is made that is vital to help safeguard this amazing industrial heritage network for future generations.”
In March 2024, the trust published its first Impact Report (Transforming Places and Enriching Lives), which brings together numerous examples of the effect of the charity’s work, as well as independent assessment of the network’s aggregate value – delivering £4.6 billion in annual social benefits and £1.5 billion in economic benefits. A second impact report will be published later this year.
Some of the report highlights include:
· Income increases to £237 million
· Commercial income £97 million
· Boat licence and mooring fees up by 9% to £51 million
· Donations rise to £6.3 million
· Trust has £832 million in reserves
· Charitable work up to £208 million
· Engineering works cost £70 million
· £27 million spent on reservoirs
· £9 million spent on emergency repairs
· CRT employs 1727 people
· Chief executive Richard Parry paid £226,880 (overall package)
· Chief investment officer Stuart Mills paid £243,341 (overall package)
· 740,000 volunteer hours by 23,000 people
· 32.5 miles of towpaths improved
· 859 million visits made to waterways
· Safety incidents reported down from 50 to 37
The trust’s Annual Report & Accounts is available here: www.canalrivertrust.org.uk/about-us/annual-report-and-accounts
