The Canal & River Trust has published its Annual Report & Accounts for the year 2023/24.  It was a year of record spend on charitable activity, but one that saw the continued effect of climate change taking its toll on the Trust’s ageing canal infrastructure.  The waterways movement came together to raise the profile of the considerable benefits to society delivered by the Trust and its historic canal network following an announcement about future funding cuts by government.

Reflecting 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.

The rising cost of looking after the Trust’s 2,000-mile canal network is reported, with two years of high inflation significantly pushing up many of the Trust’s maintenance costs. This underscores the challenge presented by the Government grant settlement, announced in July 2023, with steep funding cuts to be applied from 2027. Coming after a six-year period when the grant has been frozen (and hence its value has already fallen by over 30% in real terms), the Trust reports that this presents a very challenging prospect, putting the future of the canal network in jeopardy.

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.

Richard Parry, chief executive of the Canal & River Trust, comments: “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 31 March 2024, our commercial income was £97.1m, 12.2% higher than in the prior year.  It now represents 41.0% of our total income (2022/23: 38.1%).

The Trust’s Annual Report & Accounts is available online at: https://canalrivertrust.org.uk/about-us/annual-report-and-accounts. Its Annual Public Meeting will be held online at 1pm on 6 November.