CART trading subsidary

IN A Parliamentary statement reported in Hansard in June, Canal and River Trading CIC is a wholly owned subsidiary of Canal & River Trust, which apparently has to be set up according to Charity Law,  writes Martin Howes.

This is so that its activity can be separated from the normal charity activities. It will have assets transferred to it from British Waterways, presumably marinas and other properties.

Limited by shares

If, as Allan Richards states, it is a private company limited by shares, then why should we not expect directors to raise their own capital through shares in the normal business way? Doubtless the directors will be first with their hands out for dividends and bonuses before any returns find their way back to the Trust as a contribution towards upkeep, maintenance, or improvement of the system.

In a conversation last weekend at Wolverhampton Boat Clubs 50th anniversary gathering I was asked by one of the group, where did I see the future of the waterways in the next 30 years. We had just heard in the opening speeches of the valiant efforts of our founder club members in restoring and keeping open the local waterways in the 60's and 70's.

Deterioration

My reply was that I could only see such a situation returning because of the lack of funding from Government. If the proceeds from British Waterways commercial activities are not to be transferred to the Trust, but shared out between a private company's directors, then the time-scale of deterioration will be greatly shortened.