Company regislratlon number.. 02837448 Charity registration number 1005776 Exmoor Calvert Trust IA company limited by guarantse) knnual Report and Financial Statements for the Year Ended 30 Novemb$r 2023 WESTCOTTS CHAAfEVtets ACCOUtrITANTS Exmoor Calvert Trust Contents RefererKe and Admlnlstrative Detsils 1to2 Trustees, Report 3to10 Inde￿rK18nl Audttrys, Rewrt 11to14 Statement of Financial Activities 15 Balance Sheet statement of Ca$h FhJw5 17 Nots$ to the Flnanclal Statements 18to33 Exmoor Cafvert Trust Reference and Adminhtrative Details Charlty Reglstratlon Number 1005776 Company Reglstratlon Numb•r 02637448 R•gist•r•d Wlstlandpound Kenlisbury Bamstaple Devon EX3148J Hon. Prgsident The Countess of Arran CVO MBE VLL, Hon Prgsident Trustee8: Lady Acland IResigngd 28 June 2023) The Countess of Arran CVO MBE {resigned 14 Septembgr 2024) Glyn Brathenbury lapFolnted 14 September 20241 David Cooper (Resigned 13 December 20231 Jirn Frenth CBE DL {resigned 14 Septemter 20241 Christopher Gregson Jake Leonard lappoinled 1 February 2024 and ffjsigned 1 August 2024) Alistar Macintosh {appointed 6 October 2023) Pgler Maggs CBE (resigned 14 Septsmbgr 20241 Susan May {resigned 14 September 20241 Jamie Morris {appointed S S¢ptembgr 20241 Paul Munnery lappointed 25 October 2023 and resigned 5 Septemb8r 2024) Paul Pelrides Willkam Pike lappolnted 28 Juno 2023 and ￿Signed 14 September 2024} Philip Sampson (Reslgned 16 August 2023) Amanda Taylor lappoinled 25 October 2023 and ￿SIgned 14 Seplembgr 20241 Teres8 Turner William Vandersteen Page 1 Exmoor Calvert Tru•t Roforonce and Admlnlstratlve Detalls S•cr•lary Christopher Gregson Officer• Jennifèr Young, Centre Director Audltor Westcotts ISW) LLP 47 Boulport Street Bamstaple Devon EX31 1SQ Banke Nauonal Westmlnster Bank pic 41 Hlgh Street Barnstap Devon EX31 1BZ Pa￿2 Exmoor Calvert Trust Trustees, Report The trusle8s. who are directors for the purposes of company law. present the annual rgport together with the financial statements and auditor$' repcKt of the charitsb￿ company for the y8ar ended 30 November 2023. ObJectiv•s and activltifjs Calv•rt Exmoor Calvert Exmoor Is a highly accredited accessible activity centre which opened in 1996 locat￿ near an area of outstanding natural beauty on the edge of Exmoor National Park, overtooking WIS￿andpOund Resgrvoir. Our award-winning centre is designed lo cater for thè nèeds of people of all ages with a broad range of disabilitiès physical, learning, behavioural, sensory and for the growing numbers of those who are facing the challenges of ageing and those with Post Traumatic Stress Disorder IPTSD). Our mission Is to ènable pooplo wlth dlsabl1lt1￿ to achleve thelr potentlal through the chall•nge ol advonturous actlvltlos. to improvg the undgt¥tandlng of dlsablllty and to •ncourago th int•graUon of dlsabl•d and ableabodlgd Kmss sockty. We encourage our gu93ts. their families and carers to experignGe a broad range of exciting. challengin9 and enjoyable outdoor and indoor activities. This helps our guests build their confidenGe. extend their capabilities and develop their social skills Changing their quality of life. By encouraging families and carers lo also take part in the activities they develop a better undetslanding of the challenges of disability, appreciate the greater potential capability of each guest and further develop and strengthen the bgnd betsveen them. We offer 8 rangè of a¢livity breaks for families, groups. schools and individuals where the specific requiremen15 for each of our guests is researched al the lime of booking. This enables us to lalk)r each visit to meet the guests. need& We have a highly Irainfjd and dedicated team of staff and instructors who su￿rVise every detsil Of èach activity such as horse riding. cycling, ¢ano￿ng, carriage driving. abseiling. archery, sailin9 and many more. Publlc 8enefit The benofit that each and every guest r¢cgiv&$ from a visit lo Calvert Exmeor is potgnlially life changing.. whether through interaction with others, the personal satisfaction and confidonce that is achieved. or the sheer exhilaration from doing something previousty considered ta be impossible. The total number of widenbal guests during the year was 1.93712022.. 2,4001. The Trust was abl8 to financialty assist 291 12022.. 467> indfvldual$, equivalent lo 1,020 ted nights 12022., 1,6571, by ap￿Ying £46,188 {2022.. £52,926} of bursary fvnding. Bursary donations received during 2023 lotalled £18.82712022.' £17,069). During 2023 the Trust was also able to raise £130,692 12022.. £176,662) of unreslricled funding lo help towards essential running costs. The Charity and its beneficiaries are immensely grateful for all the donations and support grven during the year by donors that are too numerous lo mention individually. Total fvnds raised during the year were £202,396 12022". £278,050). Notab18 donations came from Baity Thomas Charitsble Fund, Garfield Weston Foundation, The Adrian Swir8 Charitable TNSI. Sports Foundation for the Disabled, The Bealrits Laing Trust, Pets Foundation, Charles S French Charitable Trust, Peter Dixon Charitable Trust, Bruc£ Wake Trust. and The Aubrey Orehardlisle Charitable Trust. as well as many more donations from trusts and foundations. We have also received corporate 8ponsorshlp and wish to thank all of our various individual donors. some of whom wlsh to remain anonymous. All donations h¢)wgver laTge or small are vital In Supportlng the charitys work and all are equally valued. Page 3 Exmoor Calvert Trust Tru8toos' Report M•asuring ￿rfOrMance The Trust values the views of our visitors and the feedback they provide and promotes the compleuon and monilonng of guest feedbath forms and actively encourages guests to ￿ave a review of their stay on third-paty platform5 induding TripAdvisor. This ensu￿$ all feedback, whether positive or negative, can be viewed by prospective future guests together highlighting any relrospeclive or corrective action required lo maintain standards. In 2023, 0 significant 99DA of those who provided feedback felt they had achieved their aims, and al asp￿15 of the centre were Trled hyhly. The Tnjstees unanimousty agfee that the requirement for them to have due regard to the Public Benefrt guidance has been satisfied. Perform•n￿ Overvl8w 2023 was another extremely difficu￿ year. The cost of living crisis is having a disproportionate Smpacl on those living with disabill￿eS with In¢￿8$ing Costs for care. equipment, support and travel. Together with inflationary pressures on our 4)wn running costs, the negative impact on guest numbèrs has sulted in the roport8d dgfi¢il. Some of the shortfall in guest ineorvE wa5 offsgt by fvndraising. but mounting pressure on grant-making trusts has significantty affected the availability of grants lo help ver core costs. As reported last y8ar, new heats'ng has been installed in the 5POrts hall, wnservalory and bar areas greatly improving the comfort of guests dullng the cooler months and a high-speed ISDN line has now been instslled which has gready improved the speed and quality of WiFi coverage throughout the site. These improvements will help meet increasing customer expectations and facilitate bookings outside the traditional peak season. In 2023, reslricled funds raised enabled critical activity and eslale investment including a new fleet of accessible bikes. canoes, a wheelchair acce$$ible horse carriage, archery equipment. investment in hoists, fencing and other much-needed improvements which have slgnlficanoy drNen up the quallty of our offering and a￿ better meeting the needs of our guests. In line with the strategie plan. In order lo be more sustainable both economically and environmentally, the Trustees have been ¢X•ncentrating on delivering their key objectives. To augment the planning con8ent for 5 fully a¢¢essible self-catering unlts obtained in 2022 permlsslon for a further 18 lodges ha5 been obtsined, together with permission for new staff accommodation. The provision of $glf*alering accommodation is seen as a vital elomgnt of our plans to achievo long-term financial stability. Plani for the Futur• The pcor finandal perfomiance in 2023 swalbwed up the rgmainder of our cash reserves and. unfortunately, 2024 looks like being little better due to a combination of the poor stste of the eeL)nomy and the exceptsonally poor summér weather which has resulted in a 30% downlum in the South West tourism economy. In the face of an exstenb.al crisis the Trust launched a Crowdfunder emergency appeal in August which by September had proved lo be an outstsnding success. raising approximately £520,000 in only 23 days. Further donations ou15Kle the Crowdfunder together wlh the proceeds from the sale and leaseback of 15 acres of grazing land have raised this total lo around £750,000. We would like to thank all of the donors, however larg8 or small their donations. our stafl. volunteers, suppliers, trustses and everyone else who engaged wilh and sh8red the campavJn brlnglng it to the attention of a much wider audience than we dared hope and contributing to ils success. Page 4 Exmoor Calvert Trust Trustees, Report The Board of Truste&s and the Management team recognise the critkal importance of using the opportunty which the appeal has provided lo make necessary and signifficanl changes to the way i which our charity is managed and run. The appeal has energised support. offers of help and ideas. Immediate a¢tion 1$ being taken to ensure the survival of our Charity and its long tem viability by.- A reduction in the size of the Board of Tru$legs by a third Incluslve of new appointments The immediate appointment of new INslees with more to follow A review and updating of our strategic plan to dellver long term viability A top ID bottom review of our staffing and management lo achieve maximum efficiency Upgrading facilities lo enablg us to extend the operating season Into the "$hould8rf months and to Improve visttor experience Signifi¢anl invostrnenl in our marketing capability Developing new business partnerships Developing new income streams including the provision of bunkhouse $￿e accommodation Investment in green technologiès including an extensive solar PV array on the roof of the equestrian cgntre and indoor sport5 hall which will significantty reduce energy costs These are the first steps we can immedlalely progress as we develop a more comprehensive strategy which wlll look to maximise our income potential in both the short and long term. The bunkhouse aecommodation will be relabvely Cheap lo provide and will enable us to develop a program for m8in$tream schools and offer low cost accommodation to a range of potential users outside the very busy summ&r period. We WOII also be looking lo exploit other commerclai opportunities where F<)88ible to support our core charitable activity. Structure, govèrnan¢• and manag•m•nl The Trust has a Board of Trustses who are also Directors of the CharitaNe Company. All are DBS checked. Followng the successful Crowdlunder emerg¢nry appeal il is proposed to Streamline and improve the strategic deeision making process by taking Ihg following actions... Reducing th8 overall number ofTruslees and meeting more frequently as a full Board Removing the Executive Management Gioup IEMGI Recruiting new Trustees in areas whère skills and experien¢e have been lacking The Nomlnallons Committee is responsible for ensuring that the Board has the appropriate range of skills and experience to meet the, needs of the organisatign. Trustees are elected by the Board and are recrui18d based on the needs of the organisalion to ensure proper govem8nce. The ￿rn￿lttee is currentty taking steps towards recruiting several new Trustees. The schedule of delegation Klenlifies the strn¢ture of the various committees, their temis of reference. cornposition and frequency of meetings, in order to ensure proper governance of the organisab"on. This Is reviewed and updated as requirod. During the year the Board of Trustees continued to delegate responsibilty for overseeing the day to day management of Cafvert Exmoor lo the EMG, comprising four Trustees and the Centre Director. GolThJ fomard the EMG will not exlst The Centre Director has dekgated aulhorty from the Board for day to day operational matters induding finance and emph)ymenl. Page S Exmoor Calv•rt Trust Trustees. Roport Tru$tg• Induction and Irainlng New Trustees are recruited through volunteerfng, introduction, advertising or by largeung speclflc relevant experience. They a￿ given support and inlroduGed to the Trust In various ways, dependent upon their previous experience and any prior involvement with the Trust. Both induction and ongoing development may include reference to the many resouic&s available fron the Charity Commission, me spent with the staff, mentoring and external training. The continuing support for training and dgvelopment of Trustees is always under review. Trustees are offered training wherg appropriate to supplement their knowledge and experience in the context of the chanty working with vuln&rable chlldren, young people and adults. Rèlat•d partlH and CO￿p•ratIon wlth other organl8atlon$ The Trust is one of three independent trusts operating under the Cafvert brand name.. one at Koswick in Cumbria, one al Kielder in Northumberfand, and the Trust in Exmogr. Each maintain5 dose links with its sister trusts and promotes joint initiatives where mutual benefits are to be gained. C¢)voperalion and joint activities be￿een the trusts are Co￿rdinated by 'The Calvert Trust, (Charity Number 10424231. The Trustees of The Calvert Tnjsf are the three operating tru$ls. The Trust also worf(s in close Cctroperalion wth South Wesl Lakes Trust and Forestry England, the respective owners and lessees of Wisrfandpound Reservoir and the surrounding woodland. The tripartrte memorandum of understanding is in the process of being updated and ex1ended through to 2031 with all three pathers confimiing they are happy for the exlsling arrangements to continue reg8rdlng the Trusls use of Wl$llandpound Reservoir, boathouse and relevant access and land. Accr•ditatlons We are part oflhe Tourism is for Everyb￿ movement to impme the experience for disabled tourists and Iravellers. We continu8 lo hold all Suitable activity accreditations.. . AHOEC gold standard {Associalion of Hoads of Outdoor Education Centres) Leaming outside of the classroom quality mark . Adventuremark . Affiliated wrth British &n08ing • A r8cognised training centre with thg RYA {Royal Yachting Assouattonl and part of their Sailability program BHS (Britssh Horse Sctietyl affiliated RDA (Riding for the Disabled Association) affiliated . AALA licenso (Adventure ActIvit￿S Licensing Authority) Disabilty Confident Employer Institute for Fundraising and abide ty Fundraising Regulator Volunteèrs The Trust is imm¢nsgly grateful for the conlributs'on made ty its volunteer helpers. There are curfentty over 80 active volunteers who help lo support Us on a day to day basis in a range of roles from gardening and grounds maintenance through to helping lo keep our growing fle&t of accèssible bike8 in gxcellent worklng order and suppotNng the stab￿9 team. We are always looknng for new ways in which volunteers can help support us. They play a vitsl role and help make a real differen¢e to the servl¢e we are able lo offer our gu85ts. Pagg 6 Exmoor Calvert Trust Trustees, Report Ambassadors The Trust would like lo thank ils nine nominated Ambassadors for their contlnued patronage providing ongoing endorsement of the of the Trust as well as 8UPPOrting many fundraising activities, prowding 8ddilion81 Introductlons and neknrking opportunities. Petèr Brend Chairman, Brend Collection Mlchael Calne$ MBE DL Executive Chef Lympstone Manor James Dodd$ Chairperson. Envireau Water Frank Gardner BBC Security Correspondent Shaun Ga$h Paraplegi¢ Adventurer Peter Healon-Jones Former MP for North Devon George Kempton Rotary Link for Devon & Comwall steve Roath Rotary Club of Bamslaple Llnk Ltrzie Tren¢h International Para Irkethlete As part of the rgview of our strategic plan the role. conlributlon and make up of eAJr ambassador panel 18 beinu considered. The Trust likes lo engage th the local businè88 communlty through corporate ￿e￿rkIng events lo￿llY and Tegionally. volunteering events with a range of Ioc81 businesses, giving talks and tours to range of Women's Inslltutes, Rotsry Clubs. local Interes1 group6 elc. Financlal Perfomiance Trading bjrnover for the year was £1,143,17912022.' £1.023,7951. Total be(knights sold were 7,019 12022.. 8,606}. Our guests typically come from four key sectors: Schools, Group5. Families and Indlviduals. The number ol wests that sta￿d al Calvert during 2023 was 1,937 (2022: 2,406). Total income from donatlons dudng the year was £202,396 (2022: £278,050). The cost base of the oroanSsalion is woh that fundraising Is key to bridging the gap be￿een Income received from our guests and the cost of keeping the centre operalK)nal. We are hugely grateful lo the many organisatK)ns and Individual donors that have contributed £130,692 (2022.. £176,662) of unrestrloled funds as well as £71,704 (2022: £101.388) of reslricted fvnd6, which Incfudes capltal and bursary donallons. In the poslyndemlc era the thallengès for ¢haritte8 like Calvert Exmoor continue, and these have been exa￿rbated by the cost of INing Crisis. The support of all the organisalions listed ￿ these accounts has been vitsl and the Trustees, guests. stsff and volunteer3 would like lo extend their grateful thanks lo the many ￿ntrIbutorS who have supported u$ through this diffkult lime. The operallng deficit before depredatlon for 2023 was £178.287 12022.. £168,419) beforo depwalion. After depredallon of £178,565 12022.. £170,406) there was a net deficit of £356,851 (2022.. £338,82S1 Page 7 Exmoor Calvert Trust Trustees. Report Ros•rv0s Pollcy Reserves are dlvided Into fvA) tyFes. resliicted and unrestricted. At any lime, the restricted reserves mainty conwrise the aggregate of unutilised donations for bursary funding and the unspent portion of tjonalions given exclusNely foi specified fixed assèt 6xpenditure. The total of restrKtsd reseNes held at the year-gnd was £48.000 {2022.. £119.3281 Unrestricted funds are represented by the nel book value of fixed assets £3.794,600 12022= £3,877.040) as adjusted for cumulative SLrrpluses or ¢Jefictis. They indude funds designated by the Trustees for speclft purposes lotalling £g0,00012022'. £90,0001- Following the Covid-19 pandemic the Trustees rgviewe(I the need for unrestrictsd cash reserves in light of the financlal and operating risks faang th8 Trust. The aim was lo ty to Imjild up the rese￿eS to provide a cushion in the event of future economic downturns, bul in the li9hl of subsequent events this has not y¢t proved possible. The Trustees operate a risk-ba8ed approach to cash mgnagemenl. Because it is not a￿ayS possible to hold a significant cash resource to fvnd downlums in buslness the management of working capital is vitsl. Tho EMG of Trustees met regularly during the year to manage and mitigate the risks associated with the business as they owurrod. In addition. insurnnce poliryes are in place lo cover third paty liabilities and loss of profits. A$ more fvlly reported under the Going Conc8Tn section of note 2 IA¢¢ounting Policies), due to the lack of cash reserves the Trust was obliged to launch an emergen¢y appeal in Augusl 2024. The outstanding su¢cess of this appeal will enable the Tiust to commonce the process of rebuilding its reserves and provide valuable funds for investing in moving foTh¥ard with the strategic plan lo ensure ils fvture viability. On this basis the Trustees were content that Calvert Exmoor continues lo be a going concem. Risk M•nagemollt The Trust recognises Ils responsibility to managg risk which. in turn. WHI prolert ils reputation, people, facilities. visitors and guests. Having effective iisk management enables the Trust lo ex￿01t suitable opportunib'es and to tske managed and understood risks to enhance what il offers. The Trustees ¢on$ider th8 major high4evel risks for the Twst to b&.. the abilty to continue to generate sufficient funtls lo operate the Trust through Charitable trading actlvilies and l or fundraising * short term liquidity and lack of unrestrfctsd cash reserves thg effe¢l of inflationary cost pressure5 in the GUTrent economic cllmale staff recruitment and retention As the Trust has not, hi$loricalty generated a sufficient surplus to cover depreciation, and does not have a depreciation fund, replacement of fixed assets has had lo be fijnded on an ongoing basis from dtsn8tions and grants. Payroll costs represent around 58.2%12022.' 60.1%) of the expenses of the Trust and wver the costs and benefits of 35 FtEs12022.' 32 FTE$} employees. The Trustees receive neither nor expenses. The pay of senior staff is reviewed annually by the Trustees. The Trust religs heavity on unpaid volunteers parbculady in the stables and in other areas of its operation& There are approximatety 80 regular volunteern. Page 8 Exmoor Calvert Trust Trustse8' Report Salarigs are set based on the expectsd annual rate of inflation and the Iccal market rates after taking into account the level of the National Lwing Wage. Job promotions are dgall with on a case-by￿ fmm finan¢ing activltle• Valua of new bans obtained during the perfod Repayment of loans and borrowings Repayment of capital element of finance leases and HP contraGts 14 339 {70,8271 {41,9381 85,660 {363) 2.598 11,526 1156,9041 17 18 213,5191 1313,e04) 4,868 197.942} 12,500 982 188,369> 1,900 13 80,574 185.4871 70,000 120.000) 17 (20,0001 18,137) Net cash fbws from financing activities Net decrease in cash and cash equivalents Cash and cash equwalents at 1 December Cash and cash equivalents al 30 November 20,000) 41,863 (314,093) 508.451 (357,2281 865,679 194.358 508,451 All of the cash flows are derived from continuing operatKJn$ during the above periods. The notes on pages 18 to 33 fom) an integral part of these financial ststements. Page 17 Exmoor Calvert Trust Notes to the Financial Statsments for the Year Ended 30 November 2023 1 Charity status The charity is limited by guarantee, incorporated in England and Wales. and consequenlly does not have share capital. Each of the trustees is liable to contribute an amount not èxce8ding £1 towards the assets of the charity in the event of liquidation. The address of its registered office is.. Wi5dandpound Kentisbury Bamstsple Devon EX314SJ 2 Accountlng p¢lkl•8 Summary of ¥Sgnlfkant accounting policies and k•y accountlng •stimatO9 The pnncipal aceounling policies applied in the p￿paration of these financial statements are Set out bel¢)w. These poiicies have teen consistenlly applied to all the years presented, unles5 othe￿180 stalod. Statement of eomplianeo The financial statements have boen prepared in accordanee with Accountirkg and Reporting by Charilles.. Statement of Recommended Practice (applicable lo Charities preparing their acca)unts in accordancè wth the Flnancial Repottng Stsndard applicable in the UK and Republic of Ireland IFRS 10211 lissuod in October 20191- Icharftles SORP IFRS 10211, the Financial Reporting Standard applicable in the UK antl Republic of Ireland IFRS 1021 and the Companies Act 2006. Ba$1$ of pr8par•¢lon Exmoor Calvert Trust meets the definition of a puLlic benefit entity under FRS 102. Assets and liabilities are initially iecognised at historical cost transaction value unless otherwise slated in the rglgvanl accounting policy notes. Golng concern The pattern of last minute bookings established in 2023 has continued in 2024 and this, coupled with exceptionalty poor summer weather and the return of cheap foreign hclK1ays has resulted in a 30% downturn in the South West lour,ism market. Due mainly to poor late season bookings it be￿me apparent that the Trust wa5 in danger Df running out of cash whlch led to an emergency appeal being launched in eady August 2024. This has been an outstanding success and has raised approximatety 20% more than the minimum target of £SOOK Addib'onally almost £150K was raised from the sale and leaseback of 15 acres of grazing land on 31st August 2024. As a result of the above the Trustees are salisfigj that the Trust continues lo be a going concern. In arriving al their opinion Trustegs have idents'fièd a number of key risks whith h4ve an impart on the Trusfs operats"ons'. Pagg 18 Exmoor Calvert Trust Notes to the Financial Statsments for the Year Ended 30 November 2023 1. Running out of Gash (short term liquidity I lack of liquid ftserve8). The success of the emergency appeal ha5 lifted this threat for the lime bging, but the Trustees are acutely aware that they musl use the opportunity lo press ahead with their plans for diversification and opening up fresh sources of Income. 2. Failure to achleve sales targets. The Trust has plan3 to reeslablish itself in the schools market by developlng bunkhouse stylg accommodatlon for which research has indicated there Is a clear demand. The su¢c8ss of the emergency appeal has provlded the funds required to do this, as well as investing in salgs and marketing. for which the much improved new websits is th9 first stage. Additionally several new potentially lucrative commeroal relat¢onship$ have Gome to light as a direct result of publicity g8neraled by the appeal. 3. Failure lo a¢hieve fvndraising targets. Even discounting the ernergenc￿ appeal 2024 has been a successful year for fundraising. The fresh contacts mada ag a result of the appeal will hotefully enable this success lo contlnue. 4. Inflationary cost pressures. Whllsl the rale of inflallon has fallen. its delayed impact on the natronal minimum wage has hit home in 2024. Due lo the nature of the Trust's services and tho high dependency of ils guests the ratio of wage costs to turnover is inevitabty high, but the Trust is embarking on a thorough review of the manner in which il provid95 Ils services lo ensure maximum efficiency. Other costs such as energy and insurance continue to be high, but it is hoped to grant fund a solar PV array Dn the roof of the ind¢)or arena which should reduce tho annual energy bill by £20,000. 5. Staff re¢ruitmenl and retentron. The management team has been largeEy stable although some specralisl aroas need strengthening. The emergency appeal has demonstrated the dedication of the Staff and their commitment to the Trust and its charitsble objectivos. Incomè and endowments All income is recognised once the charity has enlillement to the Income, il is probable that the income will be received and the amount of the income receivable can be measLbred reliably. Donatlons and l•gacl•s Donations are Tecognised whgn the charity has been notified in wilting of both the amount and settlement dale. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the fiJnd$, the income is deferred and not recognised until gilher those conditions are fvlly mel. or the fulfllment of those conditions is wholty within the control of the charity and il is probable that these conditions WMI be fLtlfilled in the r8porting P&r￿d. Legacy gifts are rec(*Jnised on a case by case basis following the grant of probate when the administralorlexecutor for the estate has communicated in writing both the amount and settlement dale. In the event that the gift is In the fom of an a5s01 other than cash or a financial asset traded on a recognised Stock exchange, recognition Is subject lo the value of the gift being reliably measuratlfy th a degree of reasonable aouracy and the title to the asset havlng been transferred lo the charity. Pagg 19 Exmoor Calv?rt Trust Notes to the Financial Statements for the Year Ended 30 November 2023 Grants rec•iwablo Grants are recognised when the charity has an enlitlemenl lo the funds and any conditions linked to the grants have been met. Where performance cenditions ar8 attached lo the grant and are yel to be met, the income Is recognlsed as a liability and in¢luded on the balance sheet as deferred income to be released. D•ferrnl Incom• Deferred Income represents amounts recelved for future pericrtjs and Is released to Incoming resources In the pèriod for whth, it has been received. Such Income is only defèrred when". - The donor specifies that the grant 01 donation must only be used in futuro accounting periods." or The donor has imposed Gonditions wh￿h must be met b8fore the tharty has unconditional entitlement. Invostment Incom• Dividends are r8cogni58d once the dividend has been declared and notification has been received of the dividend due. Expondltur• Al expenditLtre is recognised once there is a legal or constructive obligation to that expenditure, it is probable settl8ment is requlred ond the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Vvhere costs cannot be directly attn'buted to particular headings they have been allocated on a basls consistent with the use of resour￿8, with central staff costs allocated on the basis of lime spent. and depreciation charges allocated on the portion of the asset's use. Other 5UPPQrt costs are allocatsd based on the spread of staff costs. Rai$iftg funds These are costs incurred in attracting voluntary Irthmo, the management of investments and those incuryed in trading aclivi1195 that raise funds. Charltable actlvltlos Charitable èxpenditure compnse8 those Msts incurred by the charity in the delivery of its artivitie5 and 5ervicgs for its beneficiaries. It includes both costs that can b8 allocated dlreclty to such activities and those costs of an indirect nature necessary to support them. Support ¢06ts SuppDrt costs include ￿ntral functlons and have been allocated to activity cost categories on a basis conslslenl with the use of ￿sourCeS. for example, allocallng propety costs by floor aroa5, or per apita. Staff costs by the lime spent and other costs by their usage. Government grants Govemmenl grants are recognised based on the accrual model and are measuretl at the fair value of the asset received or receivable. Grants are classifièd a$ relating either to rgvenue or to assets. Grlnts relating lo revenue are recognised In income ov8r the period in which the re]ated costs are recognised. Grants ielaling to ass&ts are recognised over the expected useful lrfe of the asset Where part of a grant relating trJ an asset 1$ deferred, il is recognised as deferred income. Page 20 Exmoor Calvert Tru¥t Notes to the Financial Statements for the Year Ended 30 November 2023 Taxation The charity is considered lo pass Ihg tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and th8r&fore rt meets the definition of a charitable company for UK corporation tax purposes. Accordingly. the charity is potentially exempl from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the CorporatK)n Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992. to the extent that such income or gain8 are applied exduswety lo charltable purpose3. T•nglbl• flxgd a$s•ts Individual fixed assets are inilialty recorded at cost. tess any subsequent accumulated depreclalion and subsequent accumulated impaimwnl losse$. D¢proclatlon and amortlsatlon Depreciation is provided on tangible fixed assets so as to write off the cost or valuatKJn, less any estimated residual value, over their expected useful economlc life 88 follows-. Asset ¢los8 Freehold property Long leasehold propety Plant and Machinery Fixture and fittings Motor vehlcles D•pre¢lallon method and ratg 2% Straight line Straight ￿ne over the life of the lease Be￿een 5% and 10% Straight line 100A Straight line 20% Straight line Cash and ¢a$h •qulvalgnts Cash and cash equivalents comprise cash on hand and call deposlls, and other 8hort4em highty liquid Inve8tmenls that are ￿adIlY converh'ble to a known amount of cash and are subject to an in51gnlficant risk of thange in value. Borrowlngs Inleresl-bearing borrown9s are initially recorded at fair value, n¢t of transactlon costs. Inlerest-bearing borrowings are Subsequent￿ carried 81 amortised cost, with the drffefence betr￿en the proceed5, net of transaction costs. and the amount due on redemption being recogniged ag a charge to the Statement of Financlal Activthe5 over the period of the relevant borrowlng. Interest expense is reeognised on the basis of the effe¢lwe intsrest method and is included in Inte￿$t payable and similar charges. Borrowings are classified as curr6nl liabilit¢es unl8s8 the charity has an unconditi'onal right to defer settlement of thg liabilty for at least tsvelve months after the reporting dale. Fund structurg Unrestricted income fund8 are general lunds that are available for use al the Irust8es discretion in furtherance of the oblectlve$ of the charfty. Restricted income funds are those donated for use in a particular area or for speofic purposes, the use of which is reslricled to that area or purpose. Page 21 Exmoor Calvert Trust Notss to the Financial Statements for the Year Ended 30 November 2023 Penslons and olhor post retlremant obligallons The Charity operates a defined contribution pfjnsion schgme which is a pension plan under which fixed contributions are paid into a pension fijnd and the charity has no legal or constructive obligation lo pay fvrther contributions even rf the fund does not hold sufficient assets to pay all employees the benefrts relating to employee service in the current and prior peri¢)ds. Contrlbuli¢)ns to deflned contribution plans are rocognised in the Statoment of Financial Actlvitles when they are due. If contribution payments exceed the contribution due for service. the exees5 15 recogni5ed as a prepayment Flnanclal In*trum•nts Classification Financial assets and financlal 118bllties ar8 recognised when the Cha￿ty becomes a paty to the conlraclual provisions of the instrumenL Financial liabilities and equity instruments are classif￿d according to the sub8tsnce of the ¢onlractual arrangements entered into. An equity instrumonl 1$ any contract that evidenGe5 a residual interest in the asse18 of the charity after deducting all of its liabilitsgs. Recognltlon andmu$urem•nt All financial as5e15 and Ilabililies are inltially m8asurgd at transaction pric8 lirbduding transaction costs). except for those financial assets classified as at fair value through profil or loss, which are initialty measured at fair value Iwhich is nomally the transaction price excluding transaction coslsl, unless the arrangement cgnstilutes a financing transaction. If an arrangement constitutes a financing Iransaclion. the financial asset or financial liability is measured at the present value of the future payments di¥Gounted al a market rate of intorest for a similar debt in$trum8nl. Financial assets and liabilitles are onty offset in the statement of financial posttion when. and onty when there exists a legalty enforceable right lo set off the recognised amounts and the charity Intends either lo settle on a nel basis, or lo reali59 the as58t and settle th8 liability simultaneously. Financral assets are derwnised when and onty when a} the contractual righls to the Gash flows from the finanaal asset expire or aro setued, bl the charity transfers to another paty substsnlially all of the ri8ks and rewards of ownership of the financial asset. or c) the chanty, despite having retsined somè, bul not all, sgnificanl risks and rewards of ow￿rshIp. has transferred control of the asset to another party. Financlal Ilabilitie5 are derecognlspd onty when the obligation speclfled In tho contract is discharged. ¢ancelled or expires. Page 22 Exmoor Calvort Trust Notes to the Flnancial Statements for the Year Ended 30 November 2023 In￿stMents Investments in non Deferred income at year end 411,633 1411,633) 497.293 568,537 {568.537) 497,293 411,633 18 Crodllorn: amounts fallln9 du• •fter one y•ar 2023 2022 Bank loans 31.667 51,667 19 PenBlon and othor •chemg• D•fin•d contributlon p•nthn 8cheme The charity operates a detlned'contribution pension scheme. The Fension cost charge for the year represents contfibutions payablé by the charity to the scheme 8nd amounted to £25,113 12022 £23.540. Pagè 29 Exmoor Calv•rt Tru8t Notss to the Financial Ststements for tho Year Ended 30 November 2023 20 Funds Balanu at Balance at 30 November 2023 December 2022 Incorning R•$ou￿•S rg•ourc expended Tmnslern Unrnstricted fundj Gpn8rn1 Genoral Reserye Bursary Fund Equlpment Fund Flxed Asset Fund (126.356) 1,314,143 (1,550.9751 40,000 50,000 3,877,040 3,840,684 1.324 827 33,749 {329.4391 40.0 50,000 3,794,600 3,555,161 85,440 119,189 1,729,539 ReBtrfct¢d fvnds Bursary Funds Unlocking Potential CBpital Restricted Fund Equipment Restricte Fund Jack ft1￿Y Trust Fund 51,344 6,226 45.542 18,827 61 146,188} 23,983 4,474 7,017 11,813) (9,000) 137,745) 12,716 3,500 119,328 44,657 {12.331) 60 {35,256} 9,786 2.740 23.904 71,765 1119.189 Total fvnds 3.960,012 1,398.592 1,753.443 3.603,161 Balanco at Balance at D¢c•mber 2021 Incomlng R￿0￿re r•$ources èxpended November 2022 Trnn8lar6 Unrestrlcted fund• Ggnernl General Re8erv# Bursary Fund Equipment Fund Fixed Asset Fund 138,180 40.WO 50,000 3,959.915 4.188.095 1.237,260 11,490.2771 {11,519) 1128,3561 40,000 50.000 3.877,040 3,640.684 170.046 1.237.260 1660.323 75,652 Pwe 30 Exmoor Calvert Trust Notes to the Financial Ststements for the Year Ended 30 November 2023 Balaneo at 30 November 2022 Balanco at Dec8mber Incomlng Resources 2021 resources expended Transfvr8 Restrlcted funds Bursary Funds Unlocking Potential Capital Restricted Fund Equlpment Reslrfcted Fund Fabri¢ Restricted Fund Jack Riley Trust Fund 87,201 8.028 1,621 17,069 11 59,690 (52,92e) 51.344 e,226 45,542 (1,813) (13.1581 12,6111 12,292 21,129 (5901 (1.6001 (20,115) 12,716 3,500 101,399 3.500 119.328 110.742 17.181 75,6521 T¢>tsl fund8 4.298,837 1.338,659 1,677.484 3,960.012 Unresftld_ed.f.und¥ The General Reserve represents the Cufrent assets of the Trust which are not deskJnatsd Particular wrposes. The bursary fund has been designated for bursary use during 2023124 rf requlred. The equlpmonl fund repre56nls cash that has been allocatsd lo replace equipment which Is lully depreciated. A separate designated tanglble assets fuThJ ha$ been set up to rewesenl the book value of the tsngible #ssets held In the accounts. Where rastrtGled funds are received for capital expendi(ure and the expenditure has been fully mel and fiJnd8 Used, the restriction is deemed to be lifted and the a5sel value is transfgrr8d lo, and ardgd as unrestri¢ted. %Mthin the designated tangible fixed asset fund from Ihencg forward. &o¥triolod]und The Trust's Bursary Fund was ¥et up to provld8 financial a5slstsnce to people wllh disabilities who would not otherwise be able to make use of the Trusfs facilities. Th55 fund is financed by don8tioNs giv8n to th8 Trust for thls purpose and by Iransfors from unr8Stricted fijnds. The Unlocking Potenllal Fund Is a reslricled fund esl8bllshed h 2004 to provkle the necessary funds for the lolnl arrangements be￿een South Wesl Lakes and Forest Enterprfse to make WisU8n*ound Reservolr and the surroundlng woodlarK16 more accesslbie. The Capital R¢s￿¢Led, the Equlpm8nl Re5trlded and the Fabrlc Re8trfcted FuTrJs represent number of smaller sptrciflc balances reladng to expendilure proieGts not yet completed. Page 31 Exmoor Calvert Trust Note8 to the Financlal Ststements for the Year Ended 30 Novembor 2023 21 AnAlysl8 ol n?t asswt8 botween fund8 Total funds at30 November 2023 Unr8Strict•d funds General Restrlctod fundts Tangible fixed assets Current ass8ts Current liats'llties Creditors over 1 year 3.794,600 505.326 (713.098) 31.667 3,794,800 553.326 1713,0981 131.667 3603.161 48.000 Totsl net 885ets 3,555,161 48,000 Total fvnds Ot30 No¥emb8r 2022 Unrostrfcted fund8 Ggnaral Restrict fun¢ts Tangitle flxed assets Current assets Current liabilitses Creditors over 1 year 3,877,040 677.603 1662,292) 51,667 3.840.684 3,877,040 796,931 {662.292} 51,667 3.960.012 119,328 Total net assets 119.328 22 R•lated party tran8acilon8 The Trust is on8 of three Calvert Trust Cent￿S. The other tsvo ar8 th8 Northumb￿8 Calvert Trust (Charfty number 5118511 and The Lake Dlstrlct Calvert Twsl (Charity number 2709731. Co.0￿ration and joint aotivilies bètsveen the trusts are co-ordinala by "The Calvert Tnjst. (Charity number 1042423). The Trustees of "th¢ Calvert Trust. are the thrès operating trusts. During the year the Trust received £Nil 12022 £NII} from the Lake District Calvert Trust and was invoiced £Nil 12022.. £Nill in respect ol reimbursed expenses. The Trust received £Nil 12022.. £NIII from Northumbrla Calvart Trust and was Invoiced £NII (2022.. £7951 in respect of relmbursed expenses Exmoor Calvert Trust paid £Nil {2022". £2.5201 lo'The Cafvert Trusf, for fundraising events Carr￿ out In the name of the Calvert Trust and receNed £2412022: £Nil) from "The Calvert Trust,. During the year, Exmo)r Calvert Trust recebvéd £NII (2022: £1,740) from the Exmoor Trust, a charity In which Susan May is also 8 Trustee. Pagè 32 Exmoor Calvort Trust Notès to th• Flnancial St•tsments for the Yaar Ended 30 NOVem￿r 2023 23 Non4dlu8tlng •v•nts after tho flnanelal pgthxl In Auyust 2024. the tharity Corrwel￿ the sale of18nd at E￿00r Cahort Trust for £147,800. In August 2024, an emergency appeal ralsed £060,oixI for the charlty. Pago 33