Hide & Seek!

THE Canal & River Trust has provided a bizarre explanation for the loss of £58m in its latest three year plan (CaRT's £58m loss will impact on maintenance), writes Allan Richards.

According, to the Trust, the figures presented in its latest plan as ‘gross income' do not include all of its income!

Predicting a loss

For simplicity, narrowboatworld provided a spreadsheet comparing CaRT's previous three year plan against its current plan. The spreadsheet clearly shows that the Trust is predicting a loss of total income against its last plan of £58.5m over a three year period.

However, despite the figures of £183,800, £189,400,00 and £192,000,000 being clearly shown as ‘gross income' in its current plan shown below, the Trust now says that this only includes some of the income from joint ventures.

Joint ventures

Unlike the previous plan, no figures are given in the current plan regarding joint ventures. Instead we have just one sentence which says ‘Investment income includes joint venture profits which are, by their nature, 'lumpy' leading to a slight decline in the income figures in year two of the plan'.

The Trust has provided no explanation as to why its rolling three year plan is now provided in a different format. It has provided absolutely no explanation as to why some of the joint ventures income (previously estimated at about £100m) is now excluded from its plan.

Open and accountable

Furthermore, it fails to provide a categorical assurance that it will produce its current plan in the format used in previous years such that the public can see the changes.

Just not good enough for a Trust that claims to be open and accountable.