The Canal & River Trust spent record amounts on its activities during 2023/24 year.
The charity’s Annual Report & Accounts show the continued effect of climate change taking its toll on the Trust’s ageing canal infrastructure.
Work to repair and strengthen 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 continued to dominate expenditure, with more than £27 million spent on resilience works at 19 of the Trust’s 71 large reservoirs.
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.
The rising cost of looking after the Trust’s 2,000-mile English and Welsh canal network is stated, with the charity stating that it faces a challenging prospect in light of the Government’s grant settlement announced in July 2023.
It’s also essential that we control our costs as far as possible, and we’re adopting new and innovative ways of doing things where practicable.
Richard Parry, Trust chief executive
The settlement comes after a six-year period when the grant has been frozen, with funding cuts set to be applied from 2027.
During the year ended 31 March 2024, the Trust’s commercial income was £97.1m, 12.2% higher than in the previous year. It now represents 41% of the Trust’s total income (2022/23: 38.1%).
“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,” said Richard Parry, Trust chief executive.
“Our charitable income has started to rise as our fundraising team is developing its plans to deliver significant growth in the years ahead.
“It’s also essential that we control our costs as far as possible, and we’re adopting new and innovative ways of doing things where practicable.”
The Trust has also 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.
