Canal & River Trust income was £122.1m up to the end of March

Charity that used to be British Waterways published its first accounts yesterday after being spun out into the third sector last year

Canal & River Trust report and accounts
Canal & River Trust report and accounts

The Canal & River Trust, the waterways charity formed last year, had an income of £122.1m in a nine-month period ending March 2013, according to accounts published yesterday.

The accounts show the charity inherited assets worth another £559.5m from its public sector predecessor, British Waterways, when it became the Canal & River Trust last year, mostly in the form of a portfolio of land and buildings.

The accounts cover the period from October 2011 onwards, when the charity was created, although the charity started to receive income only when staff and assets were transferred from British Waterways on 2 July 2012.

If the charity had continued with the same income for the rest of the year, its annual turnover would be £163m. This would make it the 24th-largest charity by income.

The charity raised £900,000 in voluntary income in the first nine months of its existence, but spent £1.8m on fundraising. It said that it expected to spend more than it earned on fundraising for several years.

The accounts show that the trust inherited a £65m pension deficit from the government.

The charity had 297 million visits from 9.9 million people in 2012/13. Dedicated volunteers gave it 200,000 hours of their time. In that period it also developed 17 corporate partnerships with organisations including Marks & Spencer, Google and the People’s Postcode Lottery.

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