Canal and River Trust amendment of grant agreement
Published 30 May 2022
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Change control notice: CCN01-amendment 2
Grant funding agreement title: Canal & River Trust grant
Original reference: Ecm_1032
Replacement reference: Ecm_63621
Variation title: Canal & River Trust agreement post-review amendment 2
Whereas the grant recipient and the authority entered into a grant funding agreement for the approved project dated 28 June 2012 (the 'Original Grant Funding Agreement') and now wish to amend the original grant funding agreement.
It is agreed as follows:
1.Changes to the grant agreement
1.1. With effect from 1 April 2022 the original grant funding agreement and subsequent amendment 1 shall be amended as set out in this change control notice.
Change requestor or originator
- Defra group Commercial Grants and Grant Prominent Programmes
- name redacted: Defra Floods and Water Directorate, Commercial Policy Division
Summary and reason for change
- formalisation of grant recipient change of registered address
- replacement grant record to cover award years from 2022 to 2023 until 2026 to 2027 changing the grant reference from Ecm_1032 to Ecm_63621
- change of acceptance method from wet signature to electronic signature
- insertion of Schedule 11 bank account and signatories form into the agreement
- amendment of grant agreement clauses
- addition of grant agreement clauses
See Annex 1 for more information
Summary of funding
| Funding | Amount of funding |
|---|---|
| Funding paid under Ecm_1032 | £263,114,968.25 |
| Budgeted funding Ecm_63621 | £475,679,351.71 |
| Total funding | £738,794,319.96 |
See Annex 2 for more information
Original grant funding period (unchanged)
28 June 2012 to 31 March 2027
Addition of a bank account and authorised signatories form at Schedule 11
This will indicate signatories authorised to perform financial and acceptance duties on behalf of the Canal & River Trust according to their delegated authorities.
Change of acceptance method
Electronic acceptance is required through Defra's e-application portal by the person with delegated authority indicated in the bank account and signatures form contained in the grant agreement at Schedule 11.
Recipients must ensure their registration on the platform is correct and up to date.
Change of registered address
Previous address
First Floor, North Station House
500 Elder Gate
Milton Keynes
MK9 1BB
New address
National Waterways Museum
Ellesmere Port
South Pier Road
Ellesmere Port
Cheshire
CH65 4FW
1.2. Save as herein amended all other terms and conditions of the original grant funding agreement shall remain in full force and effect.
Signatories
Signed for and on behalf of Canal and River Trust by:
Name: Allan Leighton
Title: Chair of the Canal and River Trust
Signature: signature redacted
Dated: 18 March 2022
Name: Tom Deards
Title: Company secretary
Signature: signature redacted
Dated: 18 March 2022
Signed for and on behalf of the authority by:
Name: Emma Evans
Title: Head of Grants and Grant Prominent Programmes
Signature: signature redacted
Dated: 22 March 2022
Annex 1: amendment of agreement clauses
1. Change to scheduling of grant payment from 2022 to 2023 to align to Defra's payment process
Paragraph 5: Schedule of payment
Paragraph 5.2.3 shall be deleted and replaced with the following:
- 5.2.3 the payments set out in Clause 2.2.3 shall be paid in equal quarterly instalments on Defra's first pay run in April, July, October, and January of the relevant financial year up to and including 31 March 2022.
A new paragraph 5.2.4 shall be inserted:
- 5.2.4 the payments set out in Clause 2.2.3 in the period from 1 April 2022 up to and including 31 March 2027 shall be paid in equal quarterly instalments. The first quarterly payment will be made on Defra's earliest possible pay run in April, in order that invoices are raised, dated, and processed within the relevant financial year.
The remaining payments set out in Clause 2.2.3 shall be paid in Defra's earliest possible pay run in July, October, and January of the relevant financial year provided that, if applicable and subject to satisfaction of the relevant standards.
Any second part B tranche payable in the financial years from 2022 to 2023 until 2026 to 2027 inclusive shall be paid on Defra's earliest possible pay run in October of the relevant year.
Paragraph 5.3 shall be deleted and replaced with the following:
- 5.3 Part B: Conditional grant - Subject to satisfaction of the relevant standards, the payments set out in clauses 2.3.1(a) and 2.3.1(b) shall be paid on Defra's earliest possible pay run in October of the relevant year.
2. Changes to mitigate the impact of a negative deflator
Change to mitigate the impact of a negative deflator which was due to be applied to payments from 2021 to 2022 onwards. For the avoidance of doubt this change was agreed and applied from 2021 to 2022.
Schedule 1: Indexation of Part A Core Grant
Paragraph 4 shall be deleted and replaced with the following:
4. Subject to paragraph 6 of this Schedule, for each of the financial years from 2021 to 2022 until 2023 to 2024 inclusive (years 10 to 12 of this grant agreement), the part A core grant will be further adjusted, relative to the preceding financial year, at the rate for the financial year in question set out in the most recently published Gross Domestic Product (GDP) deflator projections available on 31 March 2021 or 0% where this projection is a negative figure.
Paragraph 5 shall be deleted and replaced with the following:
5. Subject to paragraph 6 of this Schedule, for each of the financial years from 2024 to 2025 until 2026 to 2027 inclusive (years 13 to 15 of this grant agreement), the part A core grant will be further adjusted relative to the preceding financial year, at the rate for the financial year in question set out in the most recently published GDP deflator projections as at 31 March 2024 or 0% where this projection is a negative figure.
Annex 2: funding breakdown
Funding paid under ecm_1032
| Financial year | Amount of funding |
|---|---|
| 2012 to 2013 | £39,000,000.00 |
| 2013 to 2014 | £39,000,000.00 |
| 2014 to 2015 | £39,000,000.00 |
| 2015 to 2016 | £49,546,000.00 |
| 2016 to 2017 | £50,020,552.00 |
| 2017 to 2018 | £50,660,880.83 |
| 2018 to 2019 | £51,278,926.22 |
| 2019 to 2020 | £51,927,005.36 |
| 2020 to 2021 | £52,622,993.65 |
| 2021 to 2022 | £52,622,993.65 |
| Total | £475,679,351.71 |
Anticipated funding under ecm_63621
| Financial year | Amount of funding |
|---|---|
| 2022 to 2023 | £52,622,993.65 |
| 2023 to 2024 | £52,622,993.65 |
| 2024 to 2025 | £52,622,993.65 |
| 2025 to 2026 | £52,622,993.65 |
| 2026 to 2027 | £52,622,993.65 |
| Total | £263,114,968.25 |