Our 2023/24 Annual Report & Accounts highlights the impact of climate change on our canal network, the rising cost of maintenance, and the significance of future funding cuts.
Summary of 2023/24 Annual Report & Accounts
It was a year of near record spend on charitable activity, but one that saw the continued effect of climate change taking its toll on our 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.
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 over £27 million spent on resilience works at 19 of our 71 large reservoirs.
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 2,000-mile canal network is reported, with two years of high inflation significantly pushing up many of our 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), we report that this presents a very challenging prospect, putting the future of the canal network in jeopardy.
We spent close to £49 million on around 80 large maintenance and repair projects, and our skilled teams of carpenters, stone masons and bricklayers completed further construction projects, at a cost
of around £20 million.
With over 10,000 individual assets and structures including bridges, lock gates, aqueducts and reservoirs, many of which are up to 250 years old, it is a challenge to keep our ageing waterways in a safe condition.
Our busy waterways provide millions of people with access to outdoor space and nature, great for wellbeing and happiness.
Helping nature to thrive
Our canals and rivers provide green corridors in the heart of our busiest cities, linking fragmented wildlife habitats and supporting biodiversity.
Keeping history alive
We care for what is widely recognised as the third largest collection of listed heritage buildings and structures in England & Wales and our canals represent the finest example of industrial heritage in the world, attracting visitors from across the globe.
We have continued to diversify our income streams to support the financial resilience of the Trust. Our trading and investment activities continued to make a significant contribution to our work, for waterway maintenance and repairs.
Support our work
We need your support to keep canals and rivers alive. Donate today to make a difference
Our Annual Public Meeting will once again be held online, on 6 November 2024. Questions to our chair and chief executive can be submitted in advance or during the meeting via [email protected].
Last Edited: 27 September 2024
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