Wel8h Water Elxn Trust Content5 Rtfcrcnc¢ and Admini51raiiYc Dei¥ils Tnstees. Report 2to 10 Indepe)Idenl Audiloi%' Rcpui't BalDncc Shccl Is Cash Flow SIAtemeiii 16
Welsh Watcr F.lan Trust Reference and Administrative Dctails True¢S r.lan Valley Limiied Lgnd Agent C P M HArley Principal orrice f.lan Fstate officc f.lan Village Rhayader Po$ I.D6 5HP Charity Registration Nurnber 1001147 Auditor Morgan Griffiths LLP Charter¢d Accountants ot)d Statutory Audilor Cr05s Chambers 9 Fligh Street Newtowm P0S SY16 2NY B*nkers I ISBC Bank PLC Middleton Street LlandriThdod Wells Powys LDI SEU Unity Trust Bank PO Box 793 Planctary Road Willcnhall WVI 9DG Pa8e I
Welsh Water Elan Trust Tru5tees' Report The Dirccior5 of Elan VallLy Limilcd the 501c e(wraie trustee of Ivelsh Wcl Elan Trus¢ Icolloquially kLioiYn as th¢ Elall Valley Trusi)- presenLS Ilie annual repon i08¢di¢r wilh ihe finaThcial siaiemejiis and audiiors, report ofilie charily for lh¢ year endcd 31 March 2021. ObjectlVf5 xod acliYilie5 O&je¢15 The Objecis of ihe TnJ$i as wri¢ien inlo ihc TTU5t Deed are.. l. The preservation rnainlenancc and enhancenieDi for thc trKncfii of ihe public of Il)c aiea of grcal nalural beauty comprising of (he Elaii Valley and ils nau1 asTUi and f¢atytrs (And its wiiimal MI plaiit lifcl,. 2. The faciliu¢ii)n and encDurd8eimenl of acc 10 aThJ il sludy of lh¢ Elan Vollcy land its ariiing14nd planl lifel by the g¢neI public: 3. Thc provLSLOlJ at the Elan Valley or such part of li as should bc apprrwiaic in ihc inicrc51s of socjal welfAre and for Ihc purp of improving ihc rortdilion& of life foi Ihc [$05 for whom Ihc saine are iniended of faciliiits for physical r¢¢wiioD which shall bc available lo rnembers of ihe public ai largc. 4. The fa¢ilitAtion ond encouragen1 of rhe use of thr whole or part of the Elan Valley for charitable putptsses. Aims of ihc Tnjst.. Thc ailn of lh¢ T1 is io achievt thc ambition of Direciors thai Ihe Elmn Vallry ftsialc bc iTrlcrnalionally Ircow15ed for lh¢ S81n&bI¢ b¢Defit5 il providcs LO publir as Sei Qui in our Strategic Plan 2019-30. Ihrough: l. being an exemplai orSaln8b[C natuTrl Tol¢t mana8enrnt for an upl8nd walcr cAtdiment- 2. Ilie values and benefjis ihai result from its herita84 Ihc richness ofits riaiits¢. ond its Ihwiviug community life. In8Duging a place where )ple'S health. tllbeing and understandEll8 are iinproved by eXrien(ing the Eslait. COYID-1g Like many oih¢r organisaiiorts the Tntsi has impae by the cov119 pandc]ni¢ duriThg 2020-21. Our r¢sw>ns¢ was a balanccd oli¢. c1Ur111X Iha( we our obligaiions to protecl our cniploycts. contraciors aiid m¢mbeTs of Ilie public. Ivhile mainiainithg e$8eniial operaiioJLS and .*ckin8 10 supjkn iht $ltXlcgies of the autjiorities in r¢lalion lo lo Ihc vallcy. In resFX)nse to th¢ pandetnir and lh¢ 5vbwwil nati(Thl Iwkdowry5 ¢hc Trust quickly implemcii(ed 5y51cms wher¢by some siaff were able 10 work from home. others were fijdouxhed. attd wt implemenied a lange or Ine&suTe% In pro(eci Ihosc siaff were esselllial at1 needed lo continue lo wotk throughout ilie ycar. Sonie of rhe key activities plann¢d for th¢ y¢ar have btt'n Severely imparted,. rbot3bly all of our Iiospitality funciion had io Llose for laT¥e part5 of th¢ year lor rate undv ie5rriLlionsl. Lon51iwrlion piojeLis w¢r¢ dddy¢d and much ot.the Elan Links promraminc of wotk wa5 delayed. Pagc 2
Welsh Water Elan Trust Trustees, Report we are also iii iiC&JOlia110115 I1'Sih our luiidci's to allow u¥ 10 exiend DUI. ¥r41i1 periud 10 eiiiiblc works 10 be Sume resiritliuns reniain we InDV¢ inio 2021-22 bul we air hopcfiil i)fT¥lurniii¥ l(1 A 8iraier level L)f acliviiy v¢r Ihc couise of the year T¢sITiLiions have bren signifi¢ai)Ily rclllxcd diirin8 .Siimiiicr 2021 so aLliYity is ObjeciiibeSk 511aiegie& oriii'iiie Th¥ Vallcy Tjusl's 2030 Lan be foiind liiips.'Ilwww.elani'all¢>',Ofg.uklsii¢sldLfNuliirileslH5S¢151EVTYo2081l.AicBlC¢I&2oP1n°20F¢b.20I9rykn2oEnlish.pdf For LL'niuriLs tlie iiplmiids of Ilie Ldll)bi'iun Mouliinins inLliidirs¥ IhL Elnn VAIILY F.%tniL llliid5 1)niie bL<ii on, ii¢nclosLd dnd grazcd by licftcd IIoLks of shccp lind cuiile. MJiiilaiiiing Iliis sysieiii uf Iradiliondl lii8h nJiure Al the sainc iiine, Diiirlvi'5 are awai¥ vf the nccd Io IHke and pi'ornulc Inore IRI'8ei¢d fjLIi0115 wlicir Ihiii 1$ idcnlificd need for iiai111'¢ ¢on5civalioii and laJidSLaPL piirp05¢s. Sincr IHI¥c Te&S of Ihe Esiai¢ duignaled 113e %uppoiY Aiid advice of NRW is lii8lily volucd in this ic&ioi'(l. As purt uf this %iraieyy, Ilic Ti'usl iiiaiia¥L Aruund 2800 hciiar¢s ol. land in-liand inLliiding .4<)iiic vf Ilie kcy silc$ $vLh ai Ihc N%iiunttl Naiui'e RL&Lfv¢ ill CIML'I'w¥n. li) doin¥ Ihc Ti'usi 1$ noi only iiblc lo ciisiire 11p1)I'opi'iylc mana8eJnerti biii can also eiisuir il hns a f¥ill urvJ¥itiixndiii8 of Ilie tspixii'luiiiiics lI¢j prtrblein8 8SSOLiaied willi Itlilll&¥lll8 IRnd un th¢ Esiale. All of Iliis land is Innno8¢d undvr a (ilasiir Adi'tsi)¢¢d '1-cnYirU1lI71Cft1 awicjnciil. Ihc 2V20-•l yelli., ii'c iindeisisn<l Ihai all vf th¢ Elon Vnllcy F.¥iiiie l¢nsJniLiI liol(ling5 aiid Cwindaiidil4'r l. d¢v¢lopcd with ihe $uppu11 of IlS1)11 oiid NR W ali vulcoJiics-bR5cd iipprouLh iu upln114J bird <oiiservaiioLI wiih15ha in a¥Tccmcnl for ¢ui'l¢w aclioiis, 20h& iii J8J'i¢iiiLnl foi. 8olden plovei. 4clioJ15 Hiid 21 IIA In N8iecmeiil lor ring oiizel And nilIn. woi'ked witli famiers to ensuir coiilc graziJi$ I. Conservaiioii benefit with ll8iieiiienis iji place lor 25 iiew caiile and 35 cxi51iiiu Laiile foi. four years. Under1kri1 peoi r¢8ivr4Llion works.. 4. deir¢loi)cd iiialiaeni¢l1l plans and &Clion$ for kcy ui'cas ofdry lie1¢ tli and ffridd on Ilie Es¢aie: In recent yellrs. Ihe Eljn Liiik5 1 leriiage Lollei? Fui)d piD¥rainni¢, willi Ilie flan Valley Tmst as leHd panner, hos beeji used as All iinpoilniil v¢hicle for undeMokin8 iai'ueicd aLiiuti loi. naiuY¢ ¢oiiseivaiioJJ iii po1111ersliip with farniiiig ie#aiil$ as well lls oil in-IIHnd laiid. Sili¢¢ 115 inception the Elaii Liiik$ prograninic ha%.. Page 3
Welsh Water Elan Trusl Tru5tees' Report commissLoned & Wfxmtland managcTrKni plan for El3n's MYK)dlands and undcrtaken a tange of Inat]agcrn•il aciivili¢s io improvc Ilic naiure collseryaiion sta¢u5 ofour Itnponaiit anciaii wwjlaiids.. Ivorkcd 10 sccure a nun)bcr of irddiEional farmin8 wacIic¢5 on th¢ ihal bcnefii naiurc. eg produciion of rhos hay the open hill- applicaiion ol appropri8ie levels of Iiine and faniiydrd nwniiT¢ to lia) 1caow5 ¢0 seLure their bothnilal inieresl" as rll as the native bre¢din8 of lh¢ Elan Vallcy Type Welsh Mountatn sli¢¢p brecd. 7. urtdcnaken tnonitoring work for a rang¢ of Iljffercni s1¢$ Df co1¢tio]i ivlriesi so Ihai w¢ ran b¢iier und¢rsland iheir neeth and the impatl ofour adi(Mts. 5iiiegi.F and firlivilie.F lo pronwe ilie ofihe F1leor0ceN.f. Ito"eoTrOn. edlicniit oihft. elJa171rthle piirpa$cs.' The Elart Valley Eslai¢ is higjily valued for recreaiional, u¢Il0nal 2nd other IL. II is ihe aim of Ihe TNSI lo provide beiiefils aiid facililies fur Iocdl pLvpl¢ dlld 3150 10 IreaK the of lh¢ E%rdle by i'isilot5 froin furth¢r aficld iiicluding Ih05¢ wlio bencfil fr(Hn proi'isron of w4i¢r from ihe hmen1 a¢roks parts of Walcs and the Wcsi Midland5. Miis 'audienLe' lias an intiinaie link with 1¢ Fsiat¢ alr¢ady ar ihere is a real oppoftunily 10 usc this link lo d¢v¢lop ¢duLaiional. recreaiion, wrllb¢in8 and healih provision I ben¢fii5. Th¢ Elan Links progTAm¥nc thkes CcnI of thtse ui¥tts. To dale. Elan Links h&s'. op¢ned IEP public aeSS io five previously under vKsit¢d sites al Ihe Elan Vallcy.. Dol y My¥)ach Dani. Nanl y Gro. World War Two Pillboxes 8t Cwtn ElaD Miijes. Wotk ha5 Includ paih%. My-niarking and ini¢rpreTalion where appropri&ie- 2. developed three family-frithdly hubs. cach wiih four iYay-maTkcd Ik5 of varying l¢ngih5 and level of c111tne. 3. consiruciioii of a woodland nKM]ntsin bike irail, 3krn in lenBih, wilh two descenis a blue I0M deseeni and red. 500¥n dw¢nt', . 1¥11td 25 irtlerprdaiivc pancls artN]nd the Esiale a1 new dirEc(ion31 brDwn sigrtage for Ihc Elan Vallcy,. 5. produced six public exhibitions aboui various sirnn&s vf the E14Ln Valley's Heriia¥e. as well a5 42 different events to ¢n8a8c p¢opl¢ wilh Ihe diffeTeni slrdnd5 of henlag¢ and an intVTaLliv¢ strurn of social tH¢dia rontenl and web Isene.. 6. h(Fsied six I tmnth long arti$t r¢sid¢nci¢s. includiii8 one from th¢ N¢th¢rlands as well as continuin8 With the prestigious Arts Council Wales Fellowship awyrded to arti Melln Arikan: Pag¢ 4
Welsh Water El¥n Trust Trustees. Report 7. dev¢loped ali Jrchivin8 siraicgy for crilt¢al coniponcnis of Elan'$ heriiage and Ftgun llic proces5 of Archiving nlerIalS and loadiDg Ihcni onio lh¢ ncw online MOD&% SySl¢m.' . rclorded 65 oral hi$ioric5 from nple in the r¢a / or #nd wi1 c4)nncciions 10 Ihc Flan Valley: Y. dei'¢loped several volunieer BTOIIP5 10 ciigage wle in thc ¥uliiirnl henlagc of Ilic Elart Valley and $urroundin8 ar.. includin8 a Ial hisiury gTOllP. a I'FC year on ihc fann group. Irail groiip., 10. undendken fi 12-week courses. gen¢rniin8 voluntcer $2112 lai8¢ly in iiJiiire conscrvaiion aciiviiies. four s.diy courses . g¢nrraiiii8 824 volunlecr hours.. forty one bcspoke arliviiy days btrtyLeT8ling 3084 hthiLlS of AciiviIi¢5 for p¢opl¢ who mi8hi o¢herwe sinLg81¢ Iv •Ecess lh¢ Ejan Vallry.. and niiicen weektnd Teircat5 principally for p¢ople frorn along Ihe Bquedwi and Birmin8ham letivities. wilh 303 panicipanls 3244 hours of A key slrate¥y of ih¢ TNsi 10 PrOtC a¢LtS5 lo Ihc Cstaie is lo develop aifvrdibl¢ accommod81ion facilities buii¢d lo u rnng¢ of dityereni u¥cr5. To Ihi$ end. lh¢ Trus1 jiioiiiialr Iliree ¢oiixgeb on a 'seif•¢#i¢rin8 LLL)mn?odalion' basis alid n4.0 Jnouiiioin ly)Ihics. Th¢ rwuntsin hleS art fi¢¢ly avoiliible 10 us¢iY. FOJ. pcople wlits work l or wish io Ikve Iwlly the Tn1 Inwni•in5 resi(Iwti¥l propernies on Iger ierni lets on lh¢ Es'lale. Following 8 .iiBnifiuni iipgrade thc tearoom and brd breakfa$i facilities ai Penboni Hou%e w¢r¢ reopcncd Ellsi¢r 2019 and are noiv mAnA8ed IE)-h•nd by Ihe Elan Valley Tru51. Work 10 develop Cwni Clyd faniui¢ad ts • suiie of iKLilding5 abl¢ io ac¢ommodaic xinall 8roups lup 10 16 people) of cducoii¢)nal Bnd ller Sianed vii $il¢ durin8 2021¥21 ond 18 now $¢111¢d for compl¢111 iii 2021.22. To promote acces8 and Tccrcalion iiM¥r¢ ¥¢nerdlly Ihe Trusi nwinlains Estxi¢ infrasiructure such as brI¢J%. r(wdR an(1 pail)s in 8ULKI repaLr fvr uslrs and provi¢Jcs in •SSOCi41LUth willi r)CWW and willi I1 lielp of 3 tanBi ur volunt¢ers an anthujl progrdniin¢ of ¢v¥nts anJ wolk$. Other Iniliiiivu for 2020121.. Dark Skies. Thc Elan Valley E11¢ hlls for a nuinber of Y[S held Ihc 51atus of Inl¢nwiional Dark Sky Park. Diirin8 202Q-21 Ihc Tynllidiart StsrgwiinB Shelr. fwided by TAIS2 (Tourisin Amenity Invcslnicnl l.-undl. Ivas winplded ftnd is ready f(Trr iL5C, this will w14blc lh¢ public io Ihis fafyilily for ¢vcnts or vi• i p¢nMil tsLhcine whi¢h wc hope io implemcnl in 2021.22. Claerweii liydroelectri¢ ptsrr IHEPI Khem¢. A lwig.kld WTtbilion of Ilie Trnol h05 bccn lo develop 4 HEP i¢h¢rne on lh¢ River Clerwe. Dtvclopmcjii iwork ¢(Mllinu¢d ¢Jwiiig 2020-21, however il hjs bccn coiicludcd Iliui Ihe *hcme is unlik¢ly lo progrtss. Alicrnalive opts'cw for VIn8 away frvm dic5cI-b85ed eleciri¢ity 8en¢Taiion for outlying propcriies will now be explo. A$ port of ihe Twst8 obliytion to maintain its Pro1¢5 in good r9)air f1i-for-pure, w5 wrre ¢ompl¢id ai two pr(>pcnies. a major xchcin¢ of Irnovaiion 15 in dev¢lopm¢nt for Iwo fiirthcr propcitlC5 41nd rangc of inor¢ Ininor renovbtions apd up¥r8de8 havr b¢¢rt made ¢ib'vwh¢r¢. PaBe 5
We15h Water Elan Trust Trustees, Report Piibli£' bgnefii TlJe Trusi bciiefil$ Ilic publiL liy itnpleiiieiiliiiB Ili¥ objeLl$ of Ilie Trubi tk,ed.' proinotirt¥ iiaiure aiid landscape 0¢1scryHlioii oil Ilie Flan V£ill¥y F.slaiL'. wliile enLuiii'd¥ing publi¢ alless and r¢Liralioii and iise ofilie F.siai¢ ft>r eduLaliunal and LhHrilRble pi1rse$. Durin¥ Ihe 2020-2021 pcriod Ihe Ttw$i Inaii£18¢d and encoulged lilalilgeMenl Ihrii bci)¢fiied 11Olut¢ on thc Esli¢- uiidcno(kk works to s¢¥uiT th¢ historic laiidscapc.. niaiiilaiiied pailis iiiid ptlicr iiifr451niclure 10 enable ¢iijoyiiieiii of Ilie E%illi¢ by Il)e piiblie: PiolDO¢¢d Ihe iise of Ihe Eiiale by Ihe piiblic Ilueiigh a vai'iely of mcaii includin¥ an cvciit5 pIDBr411)iiie atjd provi5ioiI of a¢¢o)miiodJiioii' ttiid sUpried Ilie of tli¢ Eslule tor edu¢Aiional and chai'ilable piii'i)0s&4. Tlic long-lcriii provisioii of i)ublic benefii froni Ilic E¥lute liag b¢¢n furtlier '¢red during 2020-2021 by Ilie The 1111$iees coiifinii Iliul Ili¢y hve coiiipli¢d willi Ihe requii'emeiiis ol. Se6lioii 17 of the Charilies Act ?01 I lo have due Kgui'd lo Ilie publi¢ b¢ii¢lil ¥uidunL¢ puI?li%l)¢d by the ChHriry Coinniissioi? for En81gnd nnd W Ale¥. Flnnelil r¢vl¢iv Tlie ioi•l invoiiiiiig rcsoiirces fiY)In rliai'illlblc a¢liiiiliL% irt 2020-21 wa8 in Ilie ordLI' vf £1.9M. ()r Iliis iniome, 501nc L1,49(Ik wa$ 61)¢nl oli LhJi'ilable HLiivilies, Ihe l'en1nlng all#(C{j lo $¢¢¢S, Inii¢simenl inio the NLHF 5LIicillc wll5 in the ord¢r of164k diirin8 2020-21. TlJ¢ Tru&l hub # v¢ry lon-1¢r1 Ir¥poiixibiliiy (lW &thi)e 969 y¢ttiil #lid considci'iible fuiiir¢ liJbililies iii Icmis aw41'e Iliai Ilic 1118jol.iiy uf in¢uiiiiiiu rebourLes lo Ilic Tiusr are dependelli ui)011 111¢ twin vB8uri¢s of upl4nd rariiJin¥ and W¢lsli ayTiculiurnl and LnvironJiJ¢Thial policy Ih81 1$ cui'iynily ¢volving fi'oii) Ilic Europcen Unioii Conimon A¥riculiiiral Policy posl.Br¢xi¢. Al year-¢iid 2020.21 Ilic Tiijst hod uiircsiricled fuiids iii Ui¢ ordri. of £l.Ini. Approxirnulcly 2¥Dl• ol. 11)ese lield in a Lurrcnl Accouiit 10 iiicei 51ion icrin ¢iccd¥. Direiior% rc¥ularly review Il)e iiii'tlilinini $lroi¢gy porifolio. Pag¢ 6
Welsh Water Elan Trust Trustees, Report Plgns foi. futui'e peJ'iDd$ During 2020-21 cliai"ituble delii'Lry by Ilie T5¢ 5ignifitanily impaclLd by lh¢ COVID-19 pandemic. Iliis is erlain lo ¢onlinue into 2021-22 and ai Ilie liiiic ofwriiin¥ IAugu%i 20211 I'eslriciions liave continued io i1p&Cl Ilie 110spilality parl ol. Ilie T1$¢ dui'iiig Il)e rjrsl quarier of Ihc ycar, alihoii¥h re511.iciioiis hai'e iioiv eased Lx>n¢inuiiibi 10 sci as Lead PAilner foi. ElTrn Link% aiid implcineiiiinL( a ran¥¢ of Elan Links proj¢cls'. inipleinenlaiioii ot'tli¢ Flan Link8 ALC¢SS and R¢Lr¢o1ion PIAII oiid Inierpiel81ioii Plyn,. 3. puJ'suii)y tlie conservnii(In uf IloiTr L2nd fniiiih Ihroiigh IIJC Nniurlll Hcr¢iA8e piY)j¢¢lii in Elllii Links iiid oih¢r oppoiluiiiiies such as pcuilai)d Irsioraiion fuiided Ihi'oiigli NR W I WG., 4. eompleiion ofihe ¢oi)vcision of Cwiiiclyd FaiimAlead 11110 a facility foi. 8roup accoJnniiKIAIioLI', 3. fo8lering and encouraging 4pproi)I'iaie abLcss. rrc¥ealional, educalional and Ki¢niifi¢ use ofilie Esiaie. 7. pronivlinu uiid dev¢l()piiiu diL 101) Vall¥y Dllrk Sky Pllrk; TILC Flo11 Links proLtrl1 iiiin¢ wsll i()niiniic 10 lillve a 5i¥nifiLuni rolc ID play Di'ci. Ilic ¢i)ur.%¢ nf Ihc nc%i feiv y¢at¥ and Il is likcly Ihal IiK)ni¢s Saved diii'iii8 2020.21 as 8 re5ulI of furlough and budseiry r¢¥iroini will cnoblc Ih¢ leL¢d¢y foi. lh¢ fulure will Inciiii Ihe ijiipact ib fcli ivcll b¢yond lh¢ d¢livciy pLriuil. Sli'uciurei goi'erngnce And niwiiA%eiiii'nt NAIre ol¥oipernliig Alocmnieiil vr%sTiiisAilwul.iiruelNre Wc15h Water Eln Trusi w•s cslablislied by 4 TNsi Deed dol¢d 13ih OLlobcT 198() ths p411 of Ihc wal¢r i?riv&ii$2tion i)iYJicsB. Tlic dc¢d $lipulaied thai Dwr CyinAI Wclsh Waier IDLWWI inlcnded 10 ¢Slybli$h FoundJlivn 10 pi.ese¢ for i)ublic bcncfii lond in Ihc Clan Vallty and119s foi. Ilial i)Iii'ix>s¢ vesicd in Ihc Trusiec5 Icmschold iiii¢irsl iii Ihc prupcrty fvi J Iciiii o(999 ycai's.. The dccd BUCS 10 dc6ci.ibr lh¢ clini'iinble objccts, rule ofTrns(cc5 and various powcrs nf Ilic TLIJSlccs lo fuiiliEI' Ihc objccis. The dLLompanying leuse includcd ill Ili¢ agricultural land lliid buil(Jing% nji Ili¢ Es1al¢. Excludcd frojii th¢ lusc were the dains, Ilir surfaces of Ilie rcservoirs. Iheii, opcraling i)aiaphernHlia. niosl of Ilie foresiry. Ilie Vistlor Ceniir, Iiovse5 and land in Elan Village. and certaiii liou%cs on Ilie Elaii Eslale. Tlie fiusi is Ihus responsiblc for some 43.000 acJ'c% Oul nfl ioiil of 45.000 in accordon¢¢ willi Ihe lenM.¥ of Ilie lea%c. Since 1989, a nuiiib¢r uf pi'op¢rti¢s on Iht E%iate and in Elull Villa¥¢ Iiave bccs) added 10 dic lease or aCqUilEd os has Ihc freeliold of n¢ighbouriiig CwiKdauddivr Coiniiion. Page 7
Welsh Water Elgn Trust Trustees, Report Morc recertily. io resolvc ColpECXl1l0% #rourtd lhc recnjiiiiiI of new Trnsiee8 in the face of liability is5u iipjlll Ili¢ original arranuenieftL Ili¢ Compony Elaii Valley Limiied was cstabli5hed ond registered iyitli ColminIc5 Hotssc (No n900104Cil aiid on 2nd NoYellib¢r 2018 Ihe Iwis(cr io Elath Valley Limit¢d as ilie sole corrx7raie Iruslce look cfTeci. ai whith poiiil ihe six Inltt5 ofihc legacy Ixxly r¢li[ aiid were appoiiii¢d ab Dire¢iors ur Valley Liiniied. A$ sol¢ corporatc Irusitt. Elon Valley Limilcd now has responsibilily for fulfilling Ih¢ cliarilablc objeciives of ihe Trnsl in accordan¢¢ with iht Trusi Deed. Dire¢iors of Clan Vgllcy Liiniied aye (in accordance M'iih ¢he obje¢i% and ?WerS nf Ihc ih8rityl SPi51blc for SLllin8 th¢ stii¢BiL d¢r¢iiiun and ll¢le$ of Illin Valley T1 and ftsr Indjur opciuiional and inv¢Slin¢DI dcrisions. Usin8 a sysiem of d¢lcualivn¥ io JIJIT thal air fvnn4liseii in ttspeci of finAn¢ial a¢¢ouniAbilily geiicral 8OVtrnaiir¢. th¢ rouliiie operJlionl mailers are Ihen in)plem¢Thlcd by Ihc senior siaff. Dls1OnS irb fuifilinenl of their role ar¢ principally 18ken by Dire¢tOTS #i Elan Valley Limited boArd ni¢¢lin8s held leasl flve times 8 yegr. Exe¢iiiive I m8naM¢m¢ni fvn¢iioDS ofihe charity art Ihe resPIbility of ilie Land Ag¢ni. They are 8UPPOrted ii) Ihis rolr by the Deputy Lond A8eiii. EIJJ) Valley Liiniied doe$ noi in iisclf liold any Assets or Iradc. nie Choriiy Coniini85ion lias therefore tsilioris¢d ihai Ihe chariry's funds Inay be used to purrha5c in$uT8n¢¢ for the Im$ie¢ and Direciots liii£ludinB 'Dircciors OITi¢tt liubiliiy injurancc policy-l. A numb¢i" ol'or¥allisaiions h&i'e Ihe abiliiy to rnmiiiaie Direci¢NS 10 ihe Bo•rd of Elan Valley Liii)il¢d. Tliese • Dwr Cynuu Welsli Wai¢r.' cntY Council: Ceredigion County CwKil.. NaMTrl Rewurce% Wales Ilwo Dire¢iorsl and Wc1511 Governnieiii l Nlon01 Assenibly for Wales. In addiiion. as a ¢$¢qUence of the aplinE1¢ of a sole ¢orrAx41¢ iNxi¢e Is provisiort for in 'op¢n' rccruiliii¢n¢ piffj¢css ¢0 ¢U[C a widcr lliid appropTiale balaiice of skills is ai'ailablc 10 Ilie Board. Direct5 appoinled Ilirou¥h Illi% piw¢ss %ii r()r 8 fivc.y¢or iemi in the first insLe willi provision lo cxtend Ili¢% for (urth¥r fi yLars. A rLLruiiiiiLnl pr()cLss i& followcd LIrin¥ 2019-20 10 sttk 10 Bui)pleiiiLtii aiid Slren¥iliiii Ili¢ Bo#rd wilh Ilie final %lag¢s ini¢miWcd by Coi'id lockdown its ik prriod. Th¢ pr¢58 Wa5 wmplclrd llllc Suinmer 2020 wilh Ihrec new T)Ire¢iors Joinin¥ ihc ljoard. t)ireclors brin8 with Ilieiii a wc811li of WDfessiunal exwli¥e in m8iie¥s reliing lo ihe operaiion anil funcii4m of Ihe ¢haiily ind r¢Livc ongoing Iraining and infomwiiw provision in inaltcrs pertaining lo t1 charity Iliro8h a syslesii of re8ul8r upddie& frvin relevani professional orBanisaiions, i'¢ibsl uwlai¢s papers for infomiaiion piepxred by 5tRff a5 w¢ll as sil¢ visits both on •nd otTihe tstalc. gc8
Welsh WAter Eln Trust Trustees, Reptsrt Relati¢bn$hlps Ivi¢h rd4ld p•rtlt5 DY C)'Inru Wthh lvater While I1 Icms of the IcBse clearly delineaie the re5wynsibililics of Ihe chariiy tn term$ of m8ni8em¢ni Of the leasclK>ld Ih¢re are in¢i'itably iiuny area5 of Inullwl licY, nianagenKni and opersiional inlcre%i willi DCWW. The cliarily lIrefOre works r105ely willi DCWW iii niaiieTS relaiing io ilie OPCllLiion of ili¢ F3iaic. This is ra¥iliilllcd by r¥Bular day-ltrilay LoiiiaLI b¢1¢n in¢niiKY5 uf Ilie iwu or&I)nili1)I7S And is furtli¢r Irenwli¢ned by aiiendanL¢ of Tr local tKWW r¢pLs¢niaiii'e ai Trusi Unai'd 71111&S and Ili¥ DC.WW.appoisiled Iru4tce t)r. NorrnHn LO. Tli¢ iiatiunul European importjnce of the Esiait ftsi naiurc cc>iiscn'81jon Artd a range of ccosystejn servi¢¢s Ihai ani)di¢r key rtla117slilp is Ihai H'iili NJlutal Flcsuurces Wales INRWI. Again, Ihis relaiiorbship 15 Iniin(ain¢d by regulor ¢ontsc4 bel¢ Slaff Inciiibcrs of Ihe two or8anisaiioiis. by attcnd4nG¢ of an NR W otyiier 81 Trusi Board meetin8s and by Ihc nvo Directo appoiiiied by l¢gA¥y b(1¢8 of NRW. Vaughan and Dr. l¢uan Joyce. The Lharity Ai p¥rt of a wider network: Elan Unki Partnershlp SinLe fJL%irllb¢r 2017. Ihc Lhariiy has lrrJ iA'ad PthrtllL'T iii ilie S-ye4r Elaii Link6 LHiidsL8PL P8rtn¢rsliip sihc1i awdlylL by Ili¢ Hcri1118c L1¥ry FurKi and basrd pnzicii)dlly wiiliiii Ilic El8n Vall¢y Eslaie LxTrundary. Apart froin tlic Tnjsi. Ih¢ Ilaii Liiiks partnetship inLlu(l¢s DCWW. NRW. cnI11UIl>, Arls Rhuy8d¢r and District ICARADI Nnd Tir C'oed. Siakcholdcr or8fjnisativn5 i11¥1¢ Royal Lommissiwi foi. An¢i¢rti and Hisloric Muniimrni$ Wal¢s. Arts Louiicil Wal. El¥n Vall¢y T¢nBni$ A0¢l4110n. CwiT¥Jlluddwr colnmKtS A550ClllliOrt and a ran8e of w¢rulivnal user 8rwps. Durin¥ the 2022] perIL Di¥c¢ior5 coniinued 10 idcnlify mjnwgc risks usinx ¥ RAts (Re&Alnb..(IreCj risk r¢bTrisier sys1n. R¢vi¢M'iiig lh¢ risk re8isi¢r 1$ a slandin8 Ilcin ai Tru51 Ilodrd Liieeiiiigs. Stal¢m¢MI ofTru51tti' R¢$ponilblllilu The Irusiees are resl1b1¢ for pr¢parihg ihe Inet$. re& and ihe financial $14iemMts in oc£ord•nce ivilh ihe Uiii¢cd Kingdum A¢cLiiiniin8 Siandards (Unikd KIngM GllY A¢¢eMed Accouiitin8 PrAC¢icc) and llpplic4blc low thnd rexiilaiions. The law appli¢4blc lo cliariiie5 requir¢8 the iru51ees pryre finarKiil <sl¢ryKTht5 fw e•ch financial ycv whi¢h 8ive a Inje and fair view of Ili¢ Slilc of alTairs of t1 ¢IrIry and of Ihc inconiin8 resoiirt&i •nd application or r¢sour¢¢s of Illt charity for Ihai p¢riod. Irb prepatiiig these fitb)nci•I iiaicmcnis, Ilie InL%I¢¢s •Te requircd 10.. 8¢lect %uiiable actourtling policics and Ihen apply Iliem cvnsi51aiily ob5¢rn'¢ IhL' ni¢iho&% principleb in th¢ Ch4Lriii¢$ SORP: Inllkc jud8cment$ Aiid csliinale5 Ihol ar¢ reasonable and pnMILiit' statc wheth¢r applicablc accouthiittg SIdardS have bctn followed. subjeci lo kny nJat¢ri81 depanures di8¢losed and explaiDed in Ihe financial siaiem¢nts: and prepair th¢ financial stiiem¢niS on Ihe 8OLn8 conccrn ba$15 unl3 li is inappropria¢e to prr5umc that the ehariiy will conlinue in Sine. Tli¥ tru51e¥s ar¢ rebwn¥ibl¢ for k¥¢piTh¥ proper accouniin¥ records Ihal di%close wilh rea50nabl¢ aL¢urncy al aiiy li11 Ihc financial pDsilion of Ihc ehariiy ¢noble ihem lo Ihdi ihe finatbciBI s1¢111¢¢71S coinply wilh th¢ Chariti¢b Aci 2011. Ihc applicable Chariibe5 (Arcounts &rKI Rcpoiisl Rc8ulalion5, and Ilie i)rovision5 uf (lie on51iluiiun. Th¢ iru51¢c5 arc also re$pM$ible for s*fe8uardin¥ the 8s$¢ts of Ihc charity and h¢nr¢ for taking rL'ssonabl¢ 5t¢P5 for th¢ prev¢ntion aThJ d¢icLiion of frnud h¢r irre¥LslaL?tJes. Page 9
Welsh Waler Elan Trust Trustees, Report Disclosurt ofithform•tllJD lu auditor Each Irusiee has iaken sieps Ihwi Ihey oughi io ljave i#keTr as a Irte in order EO make Ilieniselves are of aiiy r¢lcvani audii iDfo¢Thaiion and 10 tstab115h Ihal the charity's audilor 15 aThSLie of ilial infottrwlion. The Inte confimi Ihai t11¢ is no ielcvant inf0Mli0n Ihai ihey k[ of and of which tty knthv the audiior is Unawd. The aruiual rwrt ivas appmed by the ofthe lianty oii...... sigThed on tts behalf by.. t)r l Joycc. Dirccior Elan Vall¢y Limtled Pa8e 10
Welsh Water Elan Trust Independent Auditor's Repvrt to the Trustees of Welsh Water Elan Trust Opinto We liave audited Ilie finaneial Etateiiicnis of W¢1511 WJl¢r Elaii Tw51 lilie 'cliariiy'l for the year ciidcd 31 Marcli 2021. wliich coinprise th¢ SiatciJ)eni of FinanLi¥I Aciiviiies, Balance Sheti, CJ5h Floiv Siaicineni, 8nd Noie5 10 Il)e Financial Sialeinenis. including a Sunimary of significaiil accouniing i)uliLies. Tlie fiiiancial reportiog franieivork Iliai lias beer) ai)pliLd iii Ilieir preparaiion is Uiiiied Kin&kdoni Accouiiliiig Siaiidard5lUiiiled Kingdoni Generally Accq)led ALcounling Praciic¢l. IVL 4 Ii-u¢ and tiiir i'iem. of Ihc 518ie of Ihe rharily's iiffdiii ds al 31 M4rLh 2021 and of ils incoming resourc¢s and applicativn of Lrsouir¢s for ihc ycar ihen ended. have been prop¢TIy Prcpaied in JLcordance wilh Unile(l Kingdom G¢nciTrlly ALLepied Accounting Praclice,. dnd l)avc bccii piepaTcd in accoi'daiiLL wilh th¢ rcqutrenienLS of Ihc Charitics A¢1 2011. Ba¥1$ for oplnlo We condiiticd our aiidii in accordance willi Iiilcrnalional Standw$ on Audiiing IUKI IISAS IUK)) and Applicable law. Oiir T¢5ponsibilili¢$ under ihosc siandards are furth¢i' descrtb¢d iii Ihc Auditor's i'csponsibLlilies (or thc xudil of tlic finaiicial 51al¢iii¢iiis &L'elioth of oui. r¥p011. W¢ ar¢ indepeLidcxJi of Ilie ehariiy in accordancc wilh the eihical TequinicnIS Il)al Rrc Irlevani lo oui. audit of the financial 81a(gin¢n15 in th¢ UK. includtn¥ th FRC'S Ethical Siaiidard. ld iv¢ liave lulfilled our oiheJ' ¢ihical I'c.4p0115ibililies In accorddiice willi Ihe5e requirenienis. We believ¥ Iliai Ilie aiidii ei'ideiice H'e have obiaiiied is sullicieni and appropriate 10 providL a Con¢lu$lons relalliig to golng conccrii In auditing ihe tinartrial Slaleinenis. w¢ have concludcd iliai ihe Irusiec5' Lise of Ihc 8oin¥ conceiv basis of occounting in Ilic pr¢paralioiJ of Ili¥ finanLial SleMentS is appropjiaie. Based on Ihe WVTk have perforn)e4J, have iiot idcntificd Riiy Inaieiial ui)ceilainli¢s relgting lo evLlll& or ctrJiditlD115 Ilial, iiidividually oi. colleLiively, MAY casi si¥nificani 4loiibi <>ii th¢ chariws abiliiy 10 ¢onliiiu¢ a5 a ¥oiiig concem lor a period of ill least Iw¢lvc Jiionih% li'om whett Ihc fJnlliiLial sialejiieiiig dre auihoTised for issue. Our 5ponSibl11t1t5 and Ihe r&%i)0115ibiliiies of ilie tnlee$ ividi respeci lo goiiig concei'ii are desciibrd Jn the relcvaftl se¢iiotts of Ihi5 report. Other Inform4tlon Tli¢ Irusl¢¢s #re responsibl¢ foi. Ihc ollier intollllrfltion. Tlie 011r Iiifurnialioii Loiiiprises tlitr iiifuriiiaiion inilud in tlie Annudl R¢poi1, oih¢i' than Ili¢ linancial bl¥icmcnts and oiii. Rcport of the Iiid¢p¢ndciit Auditors ihei'con. Our opinion on the fLnaiJcial slalemeii15 does noi cover ihe oihcr infoiniaiic)n and. ¢¥rcpt to Ihe cxieni oihenvise explicitly 5¢aled in our r¢port, ,¢ do noi express any fonT) of assuidllC¢ Conclusion ThCrn. In conniition with our Biidii of IhL. findnrial 51alcin¢nts. our rLspon5ibiliiy is lo read the other infonnalion and. in doin8 SO, LOll5id¢r whcther ihc tsih¢r infomiation is maicrially inLonsisicni with ihc fiiianLial sial¢meiiis or our knowled¥¢ obtsincd in ihc audit or otheThvise appeiitE 10 be malcrially missiai¢d. If ive identify such material irtcotlS15tcncics or 8ppaiTnl tnaterial Inissiai¢tneJ)ts, w¢ arc requiitd to d¢t¢rniine whether this 8lV¢S li% to a Jiia*Tial mi&siaiemettt in th¢ financial s¢Jlcmenis Ihcmsclvcs. If, bascd on Ilie wtsik we hav¢ p¢i'fuimed. wc conclude that IhcTC 15 a nialeiial rtiisslalemeni of Ihis oiher informaiion. we 8r¢ r¢quired 10 report thai farl. We have noihing to report in Illi$ rcgard. Page 11
Welsh W•ter Eln Trust Independent Auditor's Report to the Trustees of Welsh Ivater Elan Tryst Motters Dn iihilh we are rtquirvd to report by e%tep¢ion W¢ have noiliing 10 report in resp¢¢i of th¢ folloiviJiB maiiu5 where the Chariiie5 (Aceouiits and Reponsl Re8ulaiion$ 2(X18 req1r¢S us 10 report 10 you If. in our opittion.. the infonnalion given in thc of Ihe TA15 is uKoJtsi$ioil ith any nulLriiil with th¢ fiiiaiKiwl 51al¢meiits.' or Su1Clen1 aCLouniing re¢ords hove noi b¢gn kw.. or lh¢ finuncigl stsiemenis are t)01 Lll 18r¢vrhertl wilh ihe accounlinB rccords rclurns: or we have nol received all th¢ infomiiiion •ThJ ¢xplanaiiTh require for Lwaudil. R¢5ponslbllliles of irusiees As expldin¢d Enore fully in th¢ SleMen1 of T515. RwM>nsibiliiic6 Isth uui on pll¥e 91, Ilic irusiees ure respuSIble for Il pr¢pnraiiun vf Ili¢ financial sla1¢nnIS wliich give a IruL di fair vi¥w, and r()r %uLh iiilLrnil conirol a$ lh¢ tn151ee5 d¢i¢nnine is ne¢ary 10 cntsbl¥ ihc prL'parAiion of financinl siaieinL'nls Ihal are freL froni niJtCTial misstsiemeni. wheih¢r due io ortrmr. Iii preporinB the financial 518ltiiients. the InLSlttS are rtsponsible for ossessins Ilie chartty¥ ability io coniiiiue &s 80in8 concern. dts¢losin8. 43 appli¢abl¢. Inaii¢rs related 10 going ¢onr¢rn and using tli¢ 80ing ron¢¢rn basis or .1ecouniin¥ unless Ihe Iru%irts eiiher iniend 10 liquid•ie Ihe charily or lo ¢Lwe orKralions. or have no reBIi51ic Iicrnalive bui IL) do so. Uur rtsponslbllitld lor the Audli ofthe firt#¢lil 115 We hDve been opiioiiii¢d 1$ audil0Tr Scrlioii 144 ofihe Ch•riii¢s Ad 2011 report in 8¢¢ordgn¢e willi IIK Aci iiid rclevaiil re8ulalions mad¢ or havin8 etTect Ihercunder. Our objtclive5 are lo obiain reawnable as¢¢ about wl%11r IIK finaTh¢i•l siaments a5 I M,liole arc frc rroni Inaterial ini$Sle1CnI. wlwher du¢ io fraud or ern)r. ind 10 ikwe * Report of Ihc Indepeiideiii AudiloT5 Iliai iiicludcs our opiiiion. R¢a50nablL assuranc¢ is • high I¢1 of35SUTancc. bul is iiol a guaranlce Ihai #ii audil Loiiducird in a¢¢ordaii¢i wilh ISA$ IUKI .111 always d¢te¢i a nwierial iiiis$iaieincni wliLn il exi515. Mi$stsiennlS can arise fn fraud or error ind are Considered Inilcriwl if, ldIVIdUally or in Ihe oggrcgute, they could rLaM¥n•bly be ¢xw¢i¢d io influ¢th¢e the ¢¢onomic dectsityis of users thken on ihc bjsis of Ili¢s¢ finon¢ial IIT¢8ularilic5, ifi¢ludin8 fraud, arc iMlantt5 ofn¢Trcompli•thc¢ wilh laws Ind rcgul•tiMs. Wt design procedures in lie will) oui rtsponsibililb¢S, oiiilin¢d above, 10 deleci inaierial niissiaienbcnls In rcspcci ol. Iiresularillcs, including fToud. Thc cxlcnl io wthich our ore cable of ddcding ilTCBulaTilies, iiKluding fiaud is deiailed b¢low: Our appr4M¢li to ideniifyiily and Ihc ribk¥ of muleril mibWt¢maii in rL%rrtcl of irre8ularilie8. iIKludiii8 fraud no11-lnip1iIr wiih laws and rryulaiiths. wjs as follow$'. -the en8a8eJneni partner ensured Iliai ihe eng8gcmcnl ieam collc¢iively had Ihe appropriaic ¢oinpeiencc. ¢apabiliiic5 und skills to idcntify or rccogni5e nOn•compliHnce willi applirnb1cl4 •fid rc8ulalion$; -we ideniified lh¢ law% and rc8ulali(5 applicable lo Ihe ¢h&riry Ihrougli discussiotu wilh niana8eiiienl, aiid rroin our knowlLMIKe and ¢XPffiLncc of Ilie (JrItY s¢L¢(r. -wL foLu$id un SpLrIL laws and fL'8ulalion5 whiih wr LonsidL're¢J Imy have a dirril iiiaiL'rial etYLci on the financial slalem¢nl$ or lh¢ opErJlions of Ihc rhariiy. includin8 rclevaD¢ ItlS7110n • Ihc ChariliE5 A¢1 2011. 18xaiion Itgbslaiion. employmeni, environwKntal aiid healih and Mleiy legislaLlOn' -'e asstssed Ihe exiethi of compliance with the laws atKI re¥ulalions ideniified above ihnjugli inaking enquirie$ of ma8Lm¢l Afbd inspc¢ling tcl¢v8ni correspmd¢nr¢. Pagc 12
Welsh Water Elan Trust Independent Auditor's Report ¢0 the Trustees of Welsh Wter E14n Trust We assessed the sus¢ewibiliry ofthc ch&ritys financial Slatemts to inaierial mis51aianeni. in¢ludinx Dbikining 8n understhnding of how fraud nii8hi occur. by= -makiiig enquines ot. 1iiana8enl as 10 where they cortsiderttl there wxs su5CCPtibility lo frdud, their k[wledge of ¥iual. susled and alle8¢d fraud- -considering the internal rontrols in placc to mitig8ie ri.%ks of fixud and pon-cfAnpli2ncc ivith laws and re8ulat¢oiis. To address the risk of frdud throu8h mana8emeJJi bias and oyerrjde of controls. we.. -perfomLd analyliral pr¢[eS lo i(Jeniify any or unexp¢cied rclaiionshJp5.' -rcvieweii nomin41 Itd¥us and iesied journal entries rertS 10 idcniify UthLL%ual irdnsaciions- -wssessed whether judb¢ments and aSSUTllPtions made Jn (ktcrminin8 ih¢ accounl¢ii8 ¢siim4ies wer¢ Indicativ¢ of w)lential bias. In re5p(Trnse di¢ risk i)f irre8ulariti¢5 and not11are wilh ]aws and regulaii(ms. we desi¥ncd PToredurcs wliich irttltsded. bul wcre not li1lIed lo". -agi"e¢ing financial staternenl diselosur¢s 10 und¢flying sutvorling dOcutiOn- -readin8 Ihe minulcs of meciings of I1Se eharged wilh goycmakce" -reviewing corre5pondert¢c with HMRC. There are ittheTcnl liniiiaiiojjs Ln our audit Pld$ dcs¢nb abovc. llie nK¥rt trmovcd that laws and re8ul81ions are from fiThJnGial Iratksarlions. the less likely il is thai we would bEcome aw8re of nOn-con)pliac. Auditirt8 Standards also limit the audit prwcdures required Idlify non-conipliance with and regulations lo ¢nquiry of the Iruslee and othw mwiagemenl and Ihe insrttiion of tcguiatory and legal wJYesrK>ndeiice, tf airy. M21erial Ini&siaiemertlS thai aris¢ de lo fraud can k harder to de*cL than those that 8rise from eor as Ih may involv¢ deliberate eoncealtnenl or ¢ollu5iOll. A furthcr descripiioD of 0r reSpSIbIlitieS for the a111 of the financ1 stairTrts is Ialed on the Financial Reportin8 Council's websit¢ at ww¥.fr¢.org.ukl#WJit(wsrcsTh$iblliI1¢& This dtscriplion fowms part of our Rcport of Ihe Ind¢Kxndeni Audilors. Use of our report This reil is madc solely io ihr chariWs tnLees. u5 a bryjy. in accordance with Pari 4 of ihe Churilic (Accounts and Reports) Regulailo$ 2008. Our oudii work has bcen undcrtaken so that we miBlii stsi¢ to ihE charitys ituslees Il¥w iiia(i¢Fs we arc required io sthie 10 ih¢tn in an auditOTS' re[rt and for no oih¢r purw. To Ihe fullcsl exiejil FKrmill¢d by law. WE do rK)l a¢pl or raErA)Jtsibilily Lts anyone oiher than the clniY and il)¢ charity's In]¥lE¢5 a5 a tM)dy. for ow aydil MThk. for this r¢Fwi. or foi ihe opinions we Ive fomi¢d. Morgan GritTiilis LLP CliartCTed A¢countsnts Statuiory Aiidilor Cross Chambers 9 High Stre¢l N¢wtown Powys SY16 2NY Dale.. zLJ.I iJ.21 Page 13
Welsh Water E14n Trust Statenienl of Fiuaiicial Actii'ities for the Yeai. Ended 31 March 2021 Tolgl 2021 I'otol 2020 Note Unre5trlLted RestJ'lLiod Intoin¢ and EthdoM'men15 from: Doiiaiions and l¢gari¢5 20,01 20.IM)O 1.484.3¥¥ 431,447 1.915.835 1.8?6.167 Oih¢r Iradi118 aclivitie5 10.971 10,971 15,836 Tnvesiin¢ni in¢oine 40 40 1.579 other inLoiiie 123 125 1.558 1,515,524 4.11.447 1,946.971 1.845,143 Lxp¢hdlture on,. 11,085.RIXII 1410,4351 11,496.325) {1.345.2651 Toial ExpLiidilurL 410,435 1,4516,325 11.345.265 1.710,240 1,710.240 126,()771 2.139.874 21.012 2,160.886 473.201 GIDs5 Iran5f¢i7 bclwccji funds 20.(187 120.6871 2,16Q,561 325 2,160,886 473,201 R¢evn¢lll*tlort or runds Toldl fiiiids brou8hi folr Toial funds ¢aiYi¢d rOtw 10,879.170 383,783 11,262,953 10,789,7SI 21 13.039.731 384,108 13.423.8J9 11.262.952 All of Ihe ¢hiii'iiy'¥ il¢liVStie> del'iv¢ fTOliI roniiiiiiin¥ op¢raiion¥ durin¥ Ihc ubovc two pcriod5. The fuiids breukdowii for ?020 is bhowii iii nolL 21. Page 14
Welsh Water Eln Trusl (Registration Dumber: 1001347) B$lnee Sheet is xt 31 March 2021 Note 2U21 2020 Fixtd Assets TaiigiTrJl¢ asseis 14 3.7.384 3.688.730 Inve5ttncnts ¥.859,392 6.999.152 12.649,776 10,687.882 CurrtiiE asse15 Stocks 16 33,787 39.390 17 536Jlg 494.083 Cash ai bank and in hand 399.229 241.424 969335 774.897 Crcditnrs: Amounls f•llsng due withln on¢ ye¥T N¢t rurrenl assets 19 1195,272 (199,8271 774.063 575.D70 'tt 2S5els 13,423.839 11262.952 Funds of the f harity: R¢5tricted 384.108 383.782 Unrgstricted Income fund$ Unresirit¢d 13.019,731 10.879.170 Total funds 13.423,839 11.262.952 Tlie fLnancial St(eInents on paKe$ 14 10 Jl %%l.i.i.l.z.l. and siwKd on their behalf by.. r¢ approved by die intsi¢es. and autlK>rised lor issuc on Dr l Joyce. Director Elan Valley Limiltd Page15
Welsh Water Elan Trust Cash Flow Statemeni for the Year Ended 31 Nqarch 2021 Nole 202J 20ZO Csh nowi frvth opcritlng x¢tli4tlts Nel ca%li incomc 2.160.8116 473.201 Adjy51ments to rash flows from lietyl Dcprcciaiion 160,498 156,933 Investm1 incojne 1401 11,5791 Revaluaiivn vf invcslinents (1.673,296) 52.535 (Profily L068 on disposal of fixcd as8¢ts h¢ld for the dthrity's oivn Use 10 2,2961 1,730 643,752 682,822 Workln8 cxpllal #dJu¥lmvntS Ekcr¢astliiri¥r¢w¥cl in SIkS 16 5,603 I4.6() IlncreaseydeLrea¥e in d¢bio 142,236) 272,059 ID¢cr¢As¢Vin¢rease in ¢redilorn 19 19,354) 62.132 In¢reas¢lld¢¢r¢a8¢) in d¢f¢rn¢d in¢omc 4,799 (5,3501 Nti eish flows from operniin8 a¢iiviiiex 60?,564 1.007,063 C•sh llvws frvni Invt$tinx a¢tivitl Inter r¢ccivable and siiiiilor incthi 40 I,S79 Purchas¢ of thn8ibl¢ fixed assds 14 1262.8471 1677,6751 Sgle ofiangible fixed asse¢s 1.250 Purchase of inv¢slmenis 15 {350.1KKII {650.(WI SNIC of inve511nents 165.058 274.142 cash flows from ithY¢SlillB JElivilic5 1444.7591 11.05U.71J41 Net im¢fL.4dlilLLria¥l in cash and ¢ash equivalents Cash ]d ¢h wuiv#l¢iits at l April Cash and ¢osh equivJl¢nlS at 31 M•rch 157,¥05 14J,6411 241,424 285.(K?S 399.229 241.424 All of lh¢ IIow5 arc d1ved Irom t(linltI8 oall0n5 during the above two peiiods. P88e 16
Welsh Water E14n Trust Notes to th¢ Financial Statenients for the Year Ended 31 Mai'ch 2021 l Accountlng policies Siilement of iornpliance Th¢ fiiianctal 51aleineiits liave b¢¢Ji piepared ill a¢¢ordance wilh Accountig and Reporiii)g by Cliarilies-. Slaiem¢ni of Recollnertded Pi?ctit¢ applicable to cliariiics prepai'ijigi tlieir aecouiils in 1lccordanc¢ with the Financial Reporiiiig Siaiidard ai)plicable in Ili¢ UK aiid Republic of Ir¢land IFRS 1021 lefTECtiv¢ I lalluary 201 51- Icliai'iiies SORP IFRS 10211. Il)¢ Financial Repoiiing Siaiidard 4?pplicable in ihe UK aiid Republic of Ireldiid IFRS 1021 aiid Ihc CliariiiB5 Aci 2011. Basls of preparation Wclsh Walcr Elaii Trnsi niecls Ilje defjiiitioi) of a public bcttcfit cijtlty Iliidcr FRS 102. A5SCt5 aiid liabjliiies are initially re¢ogJiiscd ai liisltsi'irdl cost oi. traiisriciioii valJ¢ uiJle5S OtlieTWiSe slated ii) lh¢ relevant accountiiig policy iioies. Gviug cvncern Tlic Iiu.4lLcs consider Iliai Iheje re ii(Tr tnal¢rial iincertainlies Jboiil Ihe cliarily's rtbilily lo conlitiiic ns a 801118 oiiccrn. and endoi¥men15 D•iiulit711s uiidleghL'iés DoIiatiorts Icgacie% arc r¢cogniscd oil a eivable b45is wlieii receipi is probable wid Ihc amouiil can be reliably ineasuTCd. Grohls Teceivuble Granls are reiv¥nis¢d Ivhin lh¢ ¢liarity lias an eniiilLmLnl lo lh¢ fiiii¢Js anil aiiy ¢ondilioiJ5 link¢d iu Ilie graiiis liave been ni¢l. WIILre PLrfoi-iiianLL Londitions ar¢ aiiach¢(I lo IhL granl and arc y¢1 10 b¢ iiiLI, Ihe illLQIIIC 15 recogiiisrd d d lidbilily aiid included 011 Ili¢ bl1nce slicei ds dcfetred iliLoine lo bc rLlcas¢d. Deferred income Deferred incoine r¢presenls ainounis CtiVed for fiilurc peri(K15 and 15 rclcascd lo in¢omLll¥ 8011rCrs in the periDd for wliich, li has been rcceii'ed. InV1¢t incoiiie ib Irltrgiiiseil on M I'eceivabl¢ bllsis. Chariiable 4CiiPiiies Incuinc ¢harilable llLliviti¢s inLludcs irtLoine reeo8rti$¢d as eamcd la8 the r¢laicd goods or setViLrs arc provided) undcr Lonirarl oi. where Cniiilemenl to grnnl funding i$ subj¢¢t 10 5PtLitic peifonnan¢¢ ctsndilions. Grani incorne incliided in iliis calcgory providcs fundin8 lo supJx)it pJiigr4mine acliviiies and is ie¢o¥nised where IheiE is entitl¢nictLI. ceJ1llinty ofirccipi and the ainouni bc n)¢8surcd wiih sufficient reliabiliiy. xptnditure All expcndiiure is rccogiiiscd once Ilierc 1% a legal or co¢isin2cliv¢ obli¥atioii lo Ihal expetJdilui¢, 11 15 probablc seiilemenl is requircd aimi Ili¢ ainouni can measured Teliably. All COSIS art allocated lo 111¢ opplieable expendilure headli1 Iliai ar¢¥te siiiiilar rosts lo thal Cale&trury. Wliere co51s cantioi be directly alli'ihiilcd to pailicular lieadings Iliey liavc bccn alloc3ted o¢i a basis consislEnl witli Ilie use of resouices, wilh ceniral 51aff cosis alloLdied un th¢ basis of lim¢ spcni. aiid deprL'ciaiion chargcs allu¢aied on Ehe poriion of Ilie #ssei's iise. Oiher support f05ts are alloLaicd bas¢d on ihe spredd ofsthff ¢u5ts. Page 17
Welsh Wter Elan Trust Notes to the Financial Statements for the Year Ended J l March 2021 ChfjFiluble Chariiable expendiiur¢ compri$¢s thD5¢ fts51$ ItiLurred by the chariiy iii ihe d¢livery of its Xliviiies and servic¢5 for its bcnefLciaries. It includes bh costs thal can bt allocated diTECLly 5ULh aiiiVilieS and th05c costs of an indircd nalU re$s2ry to support Ihem. Support eosts Support costs include ceniral fuiKiions 8pd have been allocated io aciiviiy rosl caie8orits oil a basi5 CQnSj$tei)I Ivitli Ilie of resources. for e¥ainple, allall11¥ PTOWlly costs by flr areas. OT PCI UPLia. siaff costs by ilic lime Sp71 and 0ihcT cos15 by IhciT u%age. GovL'rninct COSts Thes¢ ii)¢lude Ibe cosis allribulabl¢ ro the rlwily's COIDpliaLice wilh consLilulioil and statutory Irquitemenls. Includin8 audit. strategic m3nag¢tn¢DI atkl eeS.5 triedings 3j lmIe expenses. Govtrnrnent gr8nt5 Gove1'i)nli1 grdiits are tecognised bascd on Ihe acrnl m(MleT are Ineasured ai Ihe falr value Dr tlie a%scl reLeivL'd vr rtieivable. Gjaiits aTe cla5s1fied as relalin8 eitlier lo revcnuc or lo Gran15 rclaiing (o rei'¢nuc Ir lognised in iLnc uv¢r Ili¢ p¢r1£ iti whiih the rela] Losts are rccognised. Grants relating io assets air ¢ognised over iht expcLlcd u%ful life of the a[. wh¢ part of a 8taiit relaling lo assci is defcrrcd, il is rccogn15ed a5 defewred incorne. Taxation Tlic cllarity 15 consideTed 10 pass the tes15 xl out in ParaBraph I Schedule 6 of the Finance Ati 2010 arbd Ih¢Tefore IL meeis Ilie dcfinition of a charitsble cpanY UK corrx)ralion lax purposes. Accordingly, Ihc liaiily is wieniially ex¢inM fruni laxdiion In rcspecl of or Gapiial gaiiis rcccii'td iviihin caicgories eovered by Chaptcr 3 Pari I l of ihe Corpordlion Tax Acl 2010 or Scctii>n 256 of Ihe Taxalioth of C.hai¥eable Gain5 Arl 1992. 10 Ihe exicni thJl sudi incomL vr gdin> applied LX(181VL]y io ¢liarilable purw5. TanEible fixed asset5 Individual fixed aelS cosling £5¢KI.00 or more are initially tecorded * cosr. Depre¢i4tion imortisatio Depreci&lion is provided on tangible fixed Lssets so a% io ThTile otr the cost or valiiaiion, less arly estlialed Irsidu31 value. tsvcr their expected useful eLononiic life as follows: A5$¢1 ¢lasS Deprerition method ind r¥1¢ 25Y• on reducing bal#n¢e Plant and machincry Fixlurts and fitlinBS 25Yo 011 reducing balance Property 3% on ¢051 Flxed asset investment$ Ftxed asset iThv¢51mtrbts are included al marke¢ valuc al th¢ balancc sh¢t dale. Ciain5 and lotses on invc51men15 are reflected in the Stalen)eni of Financial Aciivitits. Poge 18
Welsb Water Elan Tryst Notes to the Finoneial Statements for the Year Ended 31 March 2021 Stork Slie¢p in 51ock which fonl) part ofihe Sheep fanning opetaEiQTh vahjrd at £10 rdch. Tradc dcbtor5 Trad¢ deknors aTe amounis due CUMOTll¢ts for inerchwdise sold or s¢Th'iLes p¢rfomied in th¢ ortlinary LQUTSC of I1¢55. Trade debtW5 are r¢cogni5cd at Ihc IransaCti pri¢e. A provi5ioN for the impHim¢ni of irw1¢ d¢bion4 is csiablishcd wheji ther¢ is objtClJv¢ ¢vidrn¢¢ thai the InKs1 will ThDI be able lo colle£1 811 anN)un15 due according to the original i¢nns of Ihc reccivablcs. Cash c4sh equiiJlent5 Cash aiid rash WUiViilcn15 comprise casli on hand and rall dcp051t& and i)ihLr sh(iTi-iem) higlily liquid inveslmenLS Uiai are reiidily Loni'¥rtible io a know'n aimwni of Laslj arc subjeul 10 an insigwif)caNI risk of hang¢ in valu¢. Tr4d¢ rrdltors Tradc Crcdilors aTC obligaiions io pay for goods or services Iliat hai'e be¢n acquiTed in the ottlinary ¢ou¥se of busines$ froin suppliers. Accounts p)yable fj ¢Ilfied as curretti liabiliiiG4 if ihc tru doe5 not have a uncoiidiiional iiglii, ai IhL Lnd of ihc re)rting 10 (kfw 5ffl11cincnl of Ihc CT¢diior for ai l¢a51 e1Ve ¢iionihs after lh¢ reporting daic. If Ihcrc 1.4 an unwndiiirjnal tight io d¢f(¥ 5eMlemeni for al leasi iwelve Inonihs afier Ilic rcpTrrting daic. IhLy afc wcycnicd as rM)n-curTLl liabslilies. Tradc cr¢diiors ar¢ r¢cwib¢d ai Ihc tran%acLir pri¢¢ Fuhd slru¢ture Untesiri¢¢ed income fvnds are gffleral funds arc 8v8ilablc for at Ilie Inttes.5 discretion in furtherdli¢¢ of ihe objeciives of the cliariry. D¢signaid funds atc utUE5IT]CtLYI fund5 asi(le for 5pxific purt#)ses at rhc discretion of Iru51ee5. Resnic¢ed incoinc funds ure thrKS¢ donHicd for w in a partictslar or %]Kcific piiwes. Ilic use olwliich is rcsiriLicd 10 Ihai are1 or puwc. Pensions and other post retirement oblig¥t10115 The chariiy operaies a dcfincd coiiiribuiion r[lon schcmc. Thc rharily contribuiiott is r¢sirict¢d lo the contribution5 di%loscd in Dote 12. Flnan¢lAI Instruinents The Trust only fii)aiicial ets financial liabilÉu¢s of a kind ihai qualify a5 b•si¢ fiD&nrial iDsin]ni¢rtlS. Basic financial in5tnyn¢nts arr initially r¢cogthised ai rranSal0ft value and subsequcnlty mcasurcd ai Ihcir sciilemcni value. Pagc 19
Welsh Water Elan Trust Notes to ¢he Financial Stalements for the Year Ended 31 March 2021 2 Incoint from doth#tloD$ and lei•cles Uhrtsirleitd rynd5 Gtn¢r*l Total TolAI 2021 2020 Donsiions Govcrnincnl grants 20.0(KI 20.000 20.0(M) 20.000 J Intome from chgrliAble 4ctlYl¢l¢$ UnTestrl¢i¢d Central Resirl¢itd TotAI 2021 Total 2020 48.1.733 95,738 725.026 179,775 483,733 95,738 725.026 486,644 102,856 671.552 149,725 415,390 Ani)in8 1)peraiioii$ Holid4y Let Est81¢ M&n8gemeni Job Rcleniion Scheme 179,775 320.333 320.217 1.4¥4.3¥¥ 431.447 .915.¥35 .826.167 P4ge 20
Welsh Wxter Elan Trust Notes lo the Fln8nciAI St•tcm¢nts for the Year Ended 3 I MArch 2021 4 E$tatt MonABement- rtstrkied Ineome Restrlcled Tot•1 Total 2021 2020 Herilag¢ Lrery Welsli Govemmeni ITA TSI Arts Council of Wales 241.683 18.458 18.458 128,991 10,8(K> 10.8 lo,0 t)wr Cyiiiru Wcl&li Watrr Br¢¥vn IJ¢au1115 N31ional Park IRTEF) 11,229 S.722 5.722 22,502 Fllnncrs Co511 N4alch 460 460 ¥s Claerwen Peal 170.567 170.567 320.217 320.217 415.390 5 lth¢ome from oihtr ¢r•dlnK •r¢lYliles Unrulrteted Cenerl Toll 2021 Tot&1 2020 Eslaie InarhW8emeni- fund raisi118 activity 5.322 5.649 10.971 15.836 5.322 5.64Y 10,971 15.836 6 Inveitnienl IDtome Unre$trttted Gtneral To(1 2021 Toial 2020 Intere on ¢ash deposit$ 40 40 1,579 PaBe21
Welsh Water Elan Trust Note5 to the FinAn¢ial St)It¢ments for the Year Ended 3] MAreh 2021 7 Oihtr Illtutnt UDrrsirfjetEd G¢ntral Total 2021 TotAI 2020 Fees and suN)li 125 125 1.558 8 EXnlIre on LhNriible i&tii'ili¥s A¢tlvli>' CrThl und¢ri8ken fundliiR ol Artlylty, support Toial 2021 Tot•1 2020 Tenanicd fom 77.058 29.537 106.595 119,746 Ri%id¢niiAI rrni 99.6J¥ 211.¥52 1211,490 1411,422 Famiiii8 op¢ration$ 201,081 64.854 265.935 259.959 Holithy Icl J03.624 27.59$ J31.219 288,731 EEIHl¢ ManalAli1 77J67 2.650 35.-189 115.J06 81,732 Developm¢ni woj¢cl8 including Elan Link$ 381,039 11,797 392.836 408.171 Job Retenliun SLhcin¢ 111,230 111.230 (iovcrnance 34,893 9,821 44,714 38,504 1,285.830 2.650 207.845 ,49CI,325 1.345.265 £1.085.8YO 120•0 - £Y49,2951 of the 8bove exndIJr¢ w•s alirttiab1e lo unr&stri¢ied and £410.43S 12020- £395,970) io rcslTiria fithds. Page 22
Welsh Water EIAn Trust otes to tlie Finanelal Statements for the YeAr Ended 31 March 2021 9 AiilysSs of xovern911C¢ And Support ¢o$ti sppOrt Costs ¥llv¢atlon Stifl Costl omce costs Sub5CJ'jPtloris Motor Cosls ToiAI 1021 Totul 2020 rartl) 14.?67 13,070 1,292 908 29,537 61,951 13.587 lJ,065 1.292 908 28,852 38.117 01)eiulion¥ 57,197 6.318 4.11 908 (14.1154 77,(K>9 20,219 6,037 431 908 27,595 2J,177 E&laie 29,747 4,639 322 18.556 Developin¢nl projccls 9,916 1.546 io¥ 227 11.797 0,186 Govenionce 2.958 5,571 1.292 9,821 10.203 147.891 50.240 5,168 4,540 207.845 235,259 Bsls of wllocaflon Refercnct M¢thod ol, Illo¢nilon SIRffLUSIS Time Olyicc Cover Subs¢riplioiis Cov¥r Secrclary Tim¢ Motol. C051s Usage Oih¥r Cover Bank rhar8CS Usa8C Pa8c 23
Welsh Woter Elan Trust Nutes to the Financial Statements for the YL#i' EDdi.d 31 March 2021 Goi'ern4nc¢ eosts UnrL'*lriLlvd TolAI 2021 Total 2020 Audit fccs 4,500 4,500 5,500 4.325 Oilier lees i)aid 10 audiioi's L¢gal and profes5ioJial fee5 9.050 9,050 3.343 AcLouiilaiiLy FI5 10.239 10.23Y Oilici 8ovcrn4ncc (usii AII¢x81rd suppori ¢0$18 9.798 9,798 10.203 44,712 44,712 38,$04 10 Nei Ineoiiiliigltsulgoliig rcsourccy 2021 2020 Aiidii f¢¢5 4,5VO 5.500 Oihcr iioii.Huilil S¢lVj¢¢S 4,325 (Proliil l L055 un di¥p05al ol. fiyLd Iicl¢J fvr IliL' cliariiy'5 UWII 115¢ 12.2971 1,730 D¢p¢riialioii of fix¢d 855c15 160,591 157.508 I l Truitots r¢inuncralloii expenses No INslees. nor iiiy persoi)s coiineci¢d iviili tliem. Iinve I'cccivcd Any reiiiuiieralioii froin Ilie cliariiy dui'iii¥ Ilic year. Durin¥ the Or 2 (2020 41 Iiusiees weil reiii)burned expeiises in¢ui'ird lolalliiig £5,575 {2020- £7.5781 No Irust¢¢s have received any oiher bencfils fr(km Ihe charity diiriiig Ihc y¢&r. Page 24
Welsh Water El4n Trust Notes to the Financial Statements for the Year Etjded 31 March 2021 J2 StAff costs The abgrespate payroll costs iveiE a$ lollows.. 2021 2020 Wabltrs and Salarics Social Sccui'ily Other Pcnsion C0815 463,861 21.921 20.668 513,450 J9.S,886 27.637 18.979 J43.YlO The monilily av¢i7gL numbrr ol. pcr5o115 lill¢ludbtJ8 %cnior manygemeni Icainl cmpluycd by Ihc charity dui'in8 lh¢ y¢oi' ¢xpressed lls f11 Itme equii'al¢iiis w68 Os foll&ws'. 21111 2020 No (ien¢ral Inaini¢nJiir¢ Iqcrilaue Loiieiy Fiind Pi'oj¢¢i Mana¥eineni Vi51tor AccoiiiJiiod81iOLI 32 25 2512020- 19} of Ilie above einployL¥$ pailiLipai¢LI iti ili¥ D¢finLd Coiilribiiiloii Peiision SLIILIlI. No ¢niploy¢c Tcccivrd einoliimciils ofinr)re th811 £CIQ.000 during Ili¢ y¢Ar Tli¢ lolal einployec bencfJi% ol'tlie kcy niana8¢1)Icnl personnel vfili¢ cliarily ivcre £109,49012020 £97,349). The Land AM¢nl. gs th¢ highesl paid niember of51otl', ¢r]Ved beiiefii$ IolAllin8 £3R,R8112020- £56,522). 13 TA%%tlon I'lie cliai'iiy is a Ingisicred Lliarily and 1$ ih¢itforc ¢x¢mpi froin laxalion. Po8e25
Welsh Wgter Elan Trust Notes to the Flnanclal Statements (or the YeAr Ended 31 MAreh 2021 14 Txngiblt fix¢d Ass¢15 LAnd A•d buildinES FurDityrt iid Othcr t¥ngible fixed 91Stt Tot1 Cost At l April 2020 4.758.otg) 372.925 97.770 5.228.755 Addiiions 207.011 55.836 262,847 Disposa15 19.2151 19,2151 Al J l March 2021 4.lJ65.071 41 V.54(1 97.77U 5,482.387 Depr¥cltlvn Al l April 2020 l J49.379 IW,647 1.540.026 Char8e for lh¢ year 125.6S6 34.842 100.498 liniinal¢d on dispwls 18.521) Al 31 March 2021 1,475.035 216.968 1,692.003 Nei book Ai JI MarLh 2021 3.490.036 202,578 97.770 3.790.384 Al 31 Mah ?U20 3.4011,6¥1 1 ¥2,27¥ 97,770 3.6¥8 729 IS Flied is5el Invstmenti Llsted In¥'¢itm¥ni$ T(bt¥l Al l April 2020 6,999,152 6,999,152 Rev41[10 1.673.293 1,675.298 Addiiions 350.¢KK 350.000 Disposals (165.058) 1165.0581 Al 31 MaT¥h 2021 8.859.392 8.859.392 N¥t buvk value Ai 31 Marih 2021 8,859.392 8,859,392 Al 31 March 2020 6.999.1 $2 6.999.152 Page 26
Welsh Water Elgn Trust Notes to the Fin4nel81 .Stgtemen¢s for the Year Ended 31 March 2021 InY¢slineni fynds ure iiow hcld in ae¢uiMulation iinits. wli¢fe iio dividend or iiilQLSt Is plid. i£(Cad aiiy rctuiTr oib Ihc iiivestsntnl is refleLled In Ihc vallle unils. The increase iii ilir value ol'ihe inYe51mthits are included as a revaltiOn gftin. Showi) thlK>Y¢. 16 Stock 2021 2020 Stiks JJ.787 39,3 17 Debio 2021 2020 Trade debiors 508.219 467,409 Prepayiiicnls 28,1 26,674 5.10319 494.083 l¥ Caih Ind ¢A$h equiv4lt•ts 2021 2020 Cash it bank 399.229 241.424 J9 Credltori.. fAlllnR due M'lihln ont ye*r 2021 2020 Trnde CTediiors 113.72$ 93.414 Other laxaiion iiid %ociol Sffurily 8.58.1 1,962 VAT 22,662 33,556 pensi scheme Credil 12,372 12.450 A¢¢iNAIs 15.791 41,105 Income in 22,139 17,340 195.272 199,827 Pag¢ 27
Welsh Water Elan Trust Notes to the Financial Sttements for the Yegr Ended 31 Mrch 2021 20 Commlim¢nis C4pltil tommltmen15 Contract foi. Il)¢ impiovem¢nl ora residtnliil propury12020 ienanied famil The ieial an)ount tortira(ied for bui It prnvided in Ik financial slaicmeni$ wa$ C107.94612020- E145,9091. 21 Fuhd$ Balance it l Apr51 2020 iher retognlsed 31 haarch g•lnslllos$esl 2021 Tr•D•f¢r& resources txptiidtd Unresirl¢i¥d Geiifrnl Uiirts1ri¢1¢4t iii¢ome fund 10.869.852 1.510.202 11.083,240) 20.687 .710.240 13.027,741 Deslxiioie D¢sigiiaicd fund 5.322 12.650) 11,990 Tolil unresirltltd 111,¥79.170 1.51 5.524 11,0¥5.¥901 20.687 ,710.240 13,039.731 R¢$trltied l J2.-$82 31.636 106,354 113.209 110.9441 (2.901) (3.570) {281.7901 {111.230) 121.638 28.737 102.784 130,949 Naluir Fund CADW 320.217 120.6871 Jijh RLILnliiJn 8LhLmr Tut&1 rt51rlrted 383,783 431.447 1410.435) 120.6871 384.108 Tutwl funds 11.262.953 1.946.971 11,496,325) ,710.240 IJ.423,839 Page 28
Wclsh Water Elaj) Trust Notes to the Fin#ncial Statements for the Year Ended 31 March 2021 B4lAn<t at Resoui'r¢s expended Other B8lanLe 91 retibgn15ed JI 11rCh galnslllusse$l 2010 Tr¥nsfet¥ 2019 r¥$ources Unr¢5trlcltd eiierrtl Unresii'icied incolne fund 10.4Y1,046 1,424,515 1943.3451 175.C?871 126,0771 10,869.852 De.1i8noied D¢sign•tcd fund 10,030 5.238 {5,950) 9.318 Toial unrestrl¢ted 10.501,076 1.429,753 1949,295 175.6871 126,0771 10.879,170 R¢sirlct¢d 143,526 NAIUTC Fuiid CADW 1101)441 13,5871 13,5701 1377,8081 132.582 31.638 106,354 113,209 109,924 415,390 75,6¥7 Total i'¢$lrlctd 2¥8.675 415,31)0 1395,961)) 75,687 583.783 Toil funds 10,711(J.7.%1 1.845.143 11,34S,2641 126.0771 11,262.953 Pagc 29
We15h Water Elan Trust Note5 to the Flnanclal Statements for the Year Ended 31 March 2021 Tlic spvcific PUTP05es for u.lii¢li Uie funds are to be applid are as follow$". Uiireslriciesj flind¥ Coinprise Ihw fun(ts thai ih¢ irw%iec% are free lo in a(K¢jani¥ with Ilie dwitsbl¢ objxl5. De5igoaied Fund5 The tsusiees Ive ullocaled Ihe incojne rcccivcd fA)m the Minisiry of Defen fw Ui¢ use of rhe e&iaic a fiind coniroll¢d by # joini ¢ommiii¢¢ ofTrnsl¢¢S dnd ienanl$. This fund in Ihe supwn ofior¥l Lh¥rilic¥ havinjj appropriaic chartsthblc or relev11 public purpo%s. Rcstiicl¢d funds Capiial Giant% r¢pr¢s¢tti fvnds r¢c¢ived in ryci of th¢ r¢llmiion of propertlC5. Nature Fund repttsents funds received from the Welsh ASsenllY Governinenl iii rcspe¢i ofthis projeci. CADW Cjranl rcpr¢5cn15 funds r¢¢¢iv in r¢8rrti of th¢ work being ¢orried oui ai Cw'm Elan Mine8. Elaii Liiiks 1$ a partn¢Tship proje¢1 which brings lo¥ciher a raii8e Dr li)col aivj slruicgic pgrtii¢rs 10 S¢CUTe il)c herila¥e of Ihe Lldn Vullcy #lid rr¢41¢ fulure tspportunilic5 under f1 key IhemcA'. C¢l¢bTaiing li¢i-i1Og¢; rtsioraiion and arlhii'ing Eiijoying Eliin; iiicr¢asing orrcss (aLi01 wrtunlli FxpLri¢n¥r ¥diLLliun." ijroYidin8 educaiional urse and voliiniiYrin8 Oppthrtunilies Enhan¢in¥ nJLure and wildlif¢' rc¥lurai1 4TMI ¢nhanmenl of nalur¥l thvironincn Th¢ m4na¥in¥ partii¢rs &r¢ Ilan Valley Tnjst IL¢•d} Dwr Cymtu Welsh Walcr CARAD- Rh•yid¢r Museum & G811¢ry TIT Co Nathral EitUl¢S Wales Rhayader & Di51rici Comnwjiiily Support Powys Coiiiiiy Coun¢il Job Rei¢niion khem¢ rcprcRents fvnds re¢evicd from ihe UK Gov¢mm•ii 10 Support jobs during Ilie Covid pnd¢in1¢. 22 An4lyJli of ntl Mtts bttiveen funds UurL¥trlried Gentr*l Dtslgnaied Rtsirlcttd Tol¥l fvnd• TgTkgibl¢ fixed o88eis 3.420.583 369.801 3.79U,3¥4 ns5et investments 8.859,392 8,859.392 Curr1 Isseis 943.039 11.990 14.306 969.335 Curr¢nt liabililics {195.2721 1195.2721 Total ncl asscls 13.027.742 384,107 13.421.839 Page Xl
Welsh Water Elan Tru51 Noles to the Fingncial Statement5 Cor the VeAr Ended 31 March 2021 Unrtsir6tted fuTrds Gentr¥l D¢slgllaled RIrl(l¢ TotAI (und$ 2020 TaJiwbl¢ fjxed a¥scts 3.265.(169 413.661 3.688.730 Fixed fj5s inv¢simenis 6,999.152 6,999,1 S2 Cyrr¢Jil assets 747.215 9.318 18.3 774,897 Lurreni liabilities 1199.8271 1199.8271 Toiul nel nss¢ lo.811.> 9.318 442.025 11262.Y52 13 An#ly5is of ntl lundi At l Aprll 2020 At 31 M¥i'ch 2021 Cash 81 bank •nd in h•nd 241.424 157,fi05 399,229 Ncl d¢bi 241,424 399,229 Af J Apwll 2019 Fln4nclni clih A¢31 M*rch 2020 Ctssh Al bank arml in h•nd ?115.065 143.641) 241,424 Net debi 285.065 {4J.0411 241,424 Pa8¢31