Company registration number. 02637448 Charity reglstratlon number. 1005776 Exmoor Calvert Trust (A company Ilmitsd by guarantee) Annual Report and Finandal Statements for the Year Ended 30 November 2024 WESTCOTTS ¢HARTERRD AC¢OUMTANT$ & BUSINESS ADVISERS
Exmoor Calvart Trust Contents Reference and Administratlve Detai18 Trustees, Report 2to9 Independent Auditors, Report 10t013 Statement of Financial Actlvltles 14 Balance Sheet 15 statement of Cash Flows 16 Notes to the Financial Statements 17to33
Exmoor Calvert Trust Reference and Administratlve Details Charity Registratlon Number 1005776 Company Registratlon Number 02637448 Reglstered Office Wistlandpound Kentisbury Barnstaple Devon EX314SJ The Count8ss of Arran CVO MBE VLL Hon. Presldent Trustees: The Countess of Arran CVO MBE (resigned 14 September 2024) Glyn Brackenbury (appointed 14 Sept8mber 2024) David Cooper (reslgned 13 December 2023) Jim French CBE DL (resigned 14 September 2024) Chrfstopher Gregson Jake Leonard (appointed 1 February 2024 and resigned 1 August 2024) Alistair Macintosh Peter Maggs CBE (resigned 14 September 2024) Susan May (resigned 14 September 2024) Jamle Morris (appointed 14 September 2024) Paul Munnery (resigned 28 August 2024) Paul Petrides Wllliam Pike (resigned 14 September 2024) Arnanda Taylor (resigned 14 September 2024) Teresa Turner (resigned 24 D8cember 2024) William Vandersteen Secretary Christopher Gregson Offlurs Jennlfer Young, Centre Director Auditor Westcotts (SW) LLP 47 Boutport street Barnslaple Devon EX311SQ National Westminster Bank pl 41 Hlgh Street Barnstaple Devon EX31 1BZ Bankers Page 1
Exmoor Calvert Trust Trustees. Report The trustees, who are directors for the purposes of company law, present th8 annual port togeth8r wlth the financial statements and auditors, report of the charitable company for the year ended 30 November 2024. Objectives and Actlvities Exmoor Calvert Trust, operating under the working name of Calvert Exmoor ("the Charitl,). is a highly accredited accessible activity centre whlch opened in 1996 and is located near an area of outstsnding natural beauty on the edge of Exmoor National Park. overlooking Wistlandpound Reservoir. Our award-winning centre ('the Centre"} is deslgned to cater for the needs of people of all ages with a broad range of disabilities - physical, leaming, behavioural, sensory and for the growing numbers of those who are facing the cha118nges of ageing and Post Traumatic Stress Disorder IPTSD). We also cater for guests who are disadvantaged by their age (young or Old) or social or economic circumstances. In addltlon, w8 provide a highquality learning envlronm8nt to promote and deliver outdoor education. We encourage our guests, their families and carers to experienca a broad range of exciting, challenging and enjoyable outdoor and indi)or activities. This helps our guests build their confidenc8, extend their capabilities and develop their social skills - improving their quality of life. By encouraging families and carers to take part in the activities as well. they develop a better understandlng of the challenges of disablllty, appreciate the greater potential capability of each guest and further develop and strengthen the bond b@een them. W8 offer a range of 8¢tivity breaks and day visits for families, groups, schools and individuals where the specific requirements for each of our gu8sts are researched at the time of booking. Thls enables us to tsilor each visit to meet the guests, needs. We have a highly trained and dedicated team of staff and instructors who supervise every detall of each activlty. such as horse riding, cycling, canoeing. carriage driving, abseiling, archery, climbing and many more. Local community users may also book and use our fully accessible swimming pool, equestrian centre and hire event rooms across the Centre. Public Beneflt The b8nefit that each and 8V8ry guest receives from a visit to the Charity is potentially life-changing. whether through interaction with others and the outdoors, the personal satisfaction and confidence that Is achieved, or the sheer exhilaration from doing something previously considered to b8 imposslble or inaccessible to them. The total number of residential guests during 2024 was 2,070 (1,937 in 2023), with a further 852 day visitors (235 in 2023). The Charity was able to financially assist 404 individuals, equlvalent to 1,414 bed nights. by applying £103,367 of bursary fundlng. Bursary donations re¢eiv8d durlng the year totalled £115,927. Page 2
Exmoor Calvert Trust Trustees. Report The Charity and its beneficiaries are immensely grateful for all the donations and SLrpport given during th8 year by donors that are too numerous to mention individually. Total funds raised during the year were £1.088,103 (£202,396 in 2023), a significant increase on previous years as a result of the hugely successful Emergency Appeal ($8e further details below). Notable donations came from The Aubrey Orchard-Lisle Charitable Trust, The Bally Thomas Charitable Fund. The Barbara Ward Children's Foundation, The BeatriGe Laing Trust. The Bluebery Foundation, Bruce Wake Charity. The Clare Milne Trust, The Clothworkers, Foundation. Davis family, Dryrobe@. The Eveson Trust, Exeter Chiets Foundation. The Fairfield Trust, The Farringdon House School Charitable Trust. The Gosling Foundation Limited, The JaGk Riley Trust. The Jane Hodge Foundation, John Fowler Holidays Ltd. Michael Cornish Charitable Trust. The Michael Tippett College, The Morrisons Foundation, North Devon Council, The Northwick Trust, P F Charitable Trust. Peter Dixon Charitable Trust. POM Charitable Trust, Prowting Charitable Foundation. The Sir Cliff Richard Charitable Trust. Sport England, St Bega Charitable Trust, UK Youth DCMS, The 29th May 1961 Charity, as well as many more donations from trusts and foundations. We have also received corporate sponsorship and wish to thank all our various individual and community group donors. some of whom wish to remain anonymous. All donations, however large or small. are vital in supporting the charity's work, and all are equally valued. Measurlng Perforniance The Charity values the views of our visitors and the feedback they provide and promotes the completion and monitoring of guest feedback forms. Guests are actively ancouraged to leave a review of their stay on third-party platforms, including TripAdvisor, and regularly post on a range of social media channels. This ensures all f88dback. whether positive or negative, Can be viewed by prospectiv8 futur8 guests and hlghlighls any retrospective or corrective action required to maintain standards. In 2024. a significant 940/0 of those who provided feedback felt they had achieved their aims. and all aspects of the Centre were rated highly. The Trustees unanimously agree that th8 requirement for them to hav8 due regard to the Public Benefit guldance has b88n satisfied. Perfornianca Overview The Trustees are determined that 2024 will prove to have been a turning point in the recent financial history of the Charity. It was a truly exceptional year in the operational and financial challenges faced. the support of donors and the eventual results. The Exceptional Challenge Implementstion of our strategic plan to secure long-term financial sustainability was severely compromised by Covid-19, the after-effects of the pandemic, political uncertainty and geopolitical events which have depressed the UK economy. The economic background combined with exceptionally poor summer weather resulted in a 30 % reduction in visitors to the South-west. Against this background and despite successful efforts by the marketing and sales team to substantially increase the number of visitors using the Centre's facilities. by late July, it had become evident that the Charity was likely to run out of cash in September due to poor bookings through the autumn period. The Trustees took the difficult decision to put all the employees on ststutory notlC8 of redundancy. and the Emergency Appeal was launched through Crowdfunder, with an ambitious target of raising over £500.000 in roughly three weeks. This was calculated to provide essential operational cash reserves and sufficient funds to develop Iow-COSt bunkhouse-slyle accommodation for schools, allowing us to develop a new range of clients and increase our bed stock so we may take larger bookings to generate additional income. Also. to upgrade exlsting facilities by investing In solar PV to reduce 8nergy costs. Page 3
Exmoor Calvert Trust Trustees. Report The Exceptional Response In very difficult circumstances and thanks to the support, dedication, inltiative and enthusiasm of staff. supporters and Trustees, which encouraged a fantastic response from donors, the Emergency Appeal was an outstanding success, exceeding the target by roughly 200A. Together with a further £144,504 net receipt from the sale and leaseback of 15 acres of grazing land and significant donations outside the Crowdfvnder. suffiGient cash to meet our immediate objectives was generated. It has also enabled us to restructure our board of Trustees and staff team to bring in additional expertise as we adapt and evolve to meet the objective of achieving financial sustainability in a very challenging economic environment. As well as demonstrating the amazing loyalty and commitrnent of our employees in extreme circumstances, the success of the Emergency Appeal can also be measured in the strength of the new partnerships which have emerged with the trusts, foundations. local businesses. community groups, individuals and voluntary sectors, and the warmth of public support generally. Substantial progress has been made towards achieving the short-temi objectives set out in the 2023 Trustees Report. In particular: . The total number of Trustees has been reduced from 15 to 6, with recruitment ongoing to fill skills gaps and improve diversity. Two new Trustees have been appointed wlth excellent experience in property development, the self-catering industry and running actNIty centres. Further improvements have been made to the management information system. and the strategic plan is under review to ensure that we are more agile in responding to future economic trends. A thorough review of staffing and management requirements has been undertaken and action taken to strenglhen the marketing and sales functions whilst minimising any overall increase in our total wage bill (the recent increase in Employer National Insurance Contributions and the statutory minimum wage has not helped). Further upgrades have been made to facllities and equipment through restricted fundraised capital grants, includlng compl8ting and opening an outdoor crate stsck facility overlooking the lake and investing In and launching a pair of inflatab18 rafts to extend our rang8 of waterbome activities. Pending projects planned for the coming year include the Bunkhouse accommodation and solar PV: we look forward to announGing significant progress on both these projects in 2025. Plans for the Future The Board of Trustees and the management team recognise the critiGal importance of using the opporiunity that the Emergency Appeal has provided and have acted swiftly to implement changes to streamline how the Charity is managed and run. 2025 will see the development of the proposed Bunkhouse accommodation, and the additional income generated from this will build from the autumn into 2026. Additional solar PV installations significantly reducing our energy costs will progress during 2025 and 2026. Potential funding sources for the proposed development of self-catering lodges. for which planning consent was successfully obtained in 2023, have temporarily dried up due to the recession in the UK tourism market and higher interest rates. This development will be kept under review, and we will return to it if and when conditions allow. Page 4
Exmoor Calvert Trust Trustees. Report Re-energised by the success of th8 Emergency Appeal, we ar8 determin8d to make the Centre avallable to as many people as possible who will benefit from the unique 8xperience and facilitles available. We will be presslng ahead with more dynamic marketing and sales methods. We are also exploring various new potential business partnerships and other opportunities presented by the publicty generated by the appeal. Structure, Governance and Managem8nt The Charity has a Board of Trustees who are also directors of the charitsble company. All are DBS checked. Following the successful Emergency Appeal, the strategic decision-making process has been streamlined and improved by taking the following actions: _ Reducing the ovarall number of Truste8s and meeting more frequ8ntly as a full Board Removing the Executive Management Group (EMG) Recruiting new Trustees in areas where skills and experience have been lacking The Nominations Committee is responsible for ensuring that the Board has the appropriate range of skills and experience to meet the needs of the organisation. Trustee5 are elected by the Board and are recruited based on the needs of the organisation (skills and experience) and to ensure proper govemance. Steps are being taken towards recruiting two new Trustees. The manner in which th8 Board functions is currently under review to ensure that it can fulfil its fvnctions more quickly, efficiently and effectively, providing the neSSary leadership and guidance to the Charity while maintsining proper governance. During the year, the Board of Trustees continued to delegate responsibility for ov8rseeing the day-to-day management of the Charity to the EMG until the reorgani5ation in early September 2024 when it ceased to exist. The C8ntr8 Director has delegated authority from the Board for day-to-day operational matters, including finance (wlthln agre8d limits) and employment. Trustee Induction and Training New Trustees are recruited through volunteering. introduction. advertising or by targeting specific relevant experience. They are given support and introduced to the Charity in various ways, dependent upon their previous experience and any prior invofvement. Both induction and ongoing development may include reference to the many resources available from the Charity Commission, time spent with the staff, mentoring and extemal training. The continuing support for the training and development of Trustees is under regular review. Trustees are offered training where appropriate to supplement their knowledge and experience in the context of the Charity working with vulnerable children, young people and adults. Related Parties and Co-operation wlth other Organlsations The Charity is one of three independent trusts operating under the Calvert brand name: one at Keswick in Cumbria, one at Kielder in Northumberland, and the Charity in Exmoor. Each maintains close links with its sister trusts and promotes joint initiatives where mutual benefits are to be gained. Co-operation and joint activities beeen the charities are co-ordinated by 'Thg Calvert Trust, (Charlty Number 1042423). The Trustees of 'The Calvert Trusv are the three operating trusts. Page 5
Exmoor Calvert Trust Trustees. Report The Charity also works in close co-operation with South West Water, South W8St Lakes Trust and Forestry England, the r8sp8Ctive owners and lessees of Wistlandpound Reservolr and the surroundlng woodland. Th8 tripartite memorandum of understanding Is in the process of belng updated and extended through to 2031. with all three partners confirming they are happy for the existing arrangements to continue regarding the Charitys use of Wistlandpound ReseNoir. boathouse and relevant access and land. Accreditations We are part of the Tourism is for Everybody movement to improve the experience for disabled tourists and travellers. We continue to hold all suitable activity accr8ditations: _ AHOEC gold standard (Association of Heads of Outdoor Education Centres) Leaming outside of the classroom quality mark Adventuremark Affiliated with British Canoeing BHS (British Horse Society) affiliated RDA (Riding for the Disabled Association) affiliated A4LA license (Adventure Actlvities Licensing Authority) Disability Confident Employer Abide by the Fundraising Regulator Volunteers The Charity is immensely grateful for the contribution made by its volunteer helpers. There are currently over 80 active volunteers who help to support us on a day-to-day basis in a range of roles, from gardening and grounds maintenance to supporting the equestrian team. We are always lth)king for new ways in which volunteers can help support us. They play a vital role and help make a real difference In the servic8 we offer our guests. Ambassadors The Charity would Ilke to thank its nine nominated Ambassadors for their continued patronage, providing ongoing endorsement of the work of the Charity as well as supporting many fundraising activities, providing addltlonal Introductions and neOrkIng opportunities. Pgter Brend Michael Caines MBE DL James Dodds Frank Gardner Shaun Gash Peter HeatonJones George Kempton steve Roach Lizzie Tench Chairman, Brend Collection Executive Chef Lympstone Manor Chairperson. Envireau Water BBC Security COrreSpdent Paraplegic Adventurer Fomier MP for North Devon Rotsry Link for Devon & Comwall Rotary Club of Barnstaple Link Intemats-onal Para triathlete Page 6
Exmoor Calvert Trust Trustees. Report As part of the review of our strategic plan, the role. contribution and make-up of our ambassador panel are being considered. The Charity likes to engage with the local buslness community through corporate neorkIng events locally and regionally, volunteering events with a range of local businesses, givlng talks and tours to a range of Women's Institutes, Rotary Clubs. local interest groups. etc. Financial Performance Trading turnover for the year was £1.120,818 (2023= £1.143.179). Total bed nights sold were 6943 (2023: 7,019). Our guests typically come from four key sectors: Schools, Groups, Families and Individuals. The number of guests that stayed al the Centre during 2024 was 2,070 (2023: 1.937). Total income from donations during the year was £1.088,103 (2023: £202,396). The cost base of the organisation is such that fundraising is key to bridging the gap beeen income received from our guests and the cost of keeping the Centre operational. We are hugely grateful to the many trusts. foundations, corporates. communities and individual donors thal have contributed £854,726 (2023: £130.692) of unrestricted funds as well as £233.377 (2023: £71,704) of restricted funds, which includes capital and bursary donations. In the post-pandemic era, the challenges for organisations like the Charity continue. and these have been exacerbated by the cost-of-living crisis. The support of all donors and guests has been vital. and the Twstees, guests, staff and volunteers would like to extend their thanks to the many contributors who have supported us through this difficult time. Despite the challenging economic circumstances, due to the success of the Emergency Appeal, the Charity achieved an operating surplus of £685,854 (2023: deficit £178,286} before depreciation. After depreciation of £182,191 (2023: £178,565) there was a net surplus of £503.663 (2023: deficit £356,851) Reserves Policy Reserves are divided into types: restricted and unrestricted. At any time, the restricted reserves mainly comprise the aggregate of unutilised donations for bursary funding and the unspent portion of donations given exclusively for specified fixed asset expenditure. The total of re5triGted reserves held at the year-end was £80.873 (2023: £48,000) Unrestricted ft]nds are represented by the net book value of fixed assets £3,691,801 (2023: £3.794,600) as adjusted for cumulative surpluses or deficits. They include funds designated by the Trustees for specific purposes totalSing £80,005 (2023.. £90,000). The Trustees operate a risk-based approach to cash management. Because it is not always possible to hold a significant cash resource to fund downturns in business. the management of working capital is vital. As a rule of thumb, the aim is to maintain an unrestricted cash reserve equivalent to three months, running Gosts. At the balan sheet date this would have amounted to just under £400.000. The Trustees met regularly during the year to manage and mitigate the risks associated with the business as they OGGurred. In addition. insurance policies are in plac8 to cover third-party liabiliti8S and loss of profits. Page 7
Exmoor Calvert Trust Trustees. Report As more fully reportad under the Going Concern section of note 2 (Accounting Policies), due to the lack of cash reserves, the Charity was obliged to launch the Emergency Appeal In August 2024. The outstanding success of this appeal has enabled the Charity to commence the process of rebullding its reserves and has provided valuable funds for investlng in moving forward with the strategic plan to ensure future viability. On this basis. the Trustees are content that the Charity continues to be a going concem. Risk Management The Charity reco9nises its responsibility to manage risk which, in turn, will protecl its reputation. people, facilities, visitors and guests. Having effective risk management enables the Charity to exploit suitable opportunities and to take managed and understood risks to enhance what it offers. The Trustees consider the major high-level risks for the Charity to be= the ability to continue to generate sufficient funds to operate the Charity through charitab18 trading activities andlor fundraising short-term liquidity and lack of unrestricted cash reserves the effect of inflationary cost pressures in the cuent economic climate staff recrultment and retention As the Charity has not always been able to generate a sufficient surplus to cover depreciation and does not have a depreciation fund, the replacement of fix8d assets has been funded from restrlcted donations and grants when8ver posslble. Payroll costs represent around 59.6 % (2023: 58.2% } of the expenses of the Charity and cover the costs and benefits of 36 FTES (2023: 37 FTES) employees. The Trustees receive neither fees nor expenses. The pay of senior staff is reviewed annually by the Trustees. The Charity relies heavily on unpaid volunteers. particularly in the equestrian centre and in other areas of its operations. Salaries are set based on the expected annual rate of inflation and the local market rates after taking into account the level of the National Living Wage. Job promotions are dealt with on a case-by-case basis. The Charity is determined to keep Fts charges as low as possible and will endeavour to meet much of the future cash requirements through growth in utilisation of the assets, expansion of services. control of costs. and fundraising. Page 8
Exmoor Calvert Trust Trustees. Report Statement of trustees, responslbilities The trustees (who are also the directors of Exmoor Calvert Trust for the purposes of company law) are responsible for pr8paring the truste8s' report and the financial statem8nts in accordance with applicable law and United Kingdom Accounting Standards (United Klngdom Generally Accepted Accounting PractlC8), including FRS 102 'Th8 Financial Reporting Standard applicable In the UK and Republlc of Ireland" The report and accounts have been prepared in accordance with the provisions in the Companies Act 2006 relatlng to small companles. Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial stat8ments unless they are salisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including its income and expanditure, of th8 charitable company for that P8riod. In preparlng these financial statements, the trustees are requlred to: select suitable accounting policles and apply them consistently. observe the methods and principles in the Charities SORP. make Judgements and 8Stimates that are reasonable and prudent; state whether applicable accounting standards, comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements,. and prepar8 th8 financial statements on the going concern basis unless it is inappropriat8 to presume that the charitable company will continue in buslness. The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time tha financial position of the charltable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the corporate and financlal infomation included on the charitable CoMpanS website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Disclosure of Information to auditor Each twstee has taken steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that infomation. The trustees confirm that there is no relevant infomiation that they know of and of which they know the auditor is unaware. Small companies provlsion statement This report has been prepared in accordance With the small companies regim8 under the Companles Act 2006. The annual r8POrt was approved by the trustees of the charity on behalf by: 292( and signed on its Christ r Gregson Chair of Trustees Page g
Exmoor Calvert Trust Independent Audltor's Report to the Members of Exmoor Calvert Trust Opinion We have audited the financial statements of Exmoor Calvert Trust (the 'charity') for the year ended 30 Nov8mber 2024, which ¢ompris8 the Statement of Financial Activities, Balance Sheet, Statement of Cash Flows, and Notes to th8 Financial Stst8ments. including a summary of signlficant accounting policies. The financlal reporting framework that has been applied In their preparation is United Kingdom Accounting Standards, comprlslng Charities SORP - FRS 102 'The Financial Reporting Standard appllcable in the UK and Republic of Ireland, and applicab18 law (Unlted Kingdom Generally Accepted Accounting Practice). In our opinion the financial stat&ments: give a true and falr view of the state of the charity's affairs as at 30 November 2024 and of its incoming resources and application of resources, Including its Income and expenditure. for the year then ended., have been properly prepared in accordan with United Kingdom Generally Accepted Accounting Practice; and have been prepared In accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS {UK)) and applicable law. Our responsibilities under those standards are further described in Ihe audltor responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance wilh the ethical requirements that are relevant to our audit of the financial statements in the UK, including tha FRC'S Ethical Standard. and the provisions available for small entities. in the circumstances set out in note to the financial statements, and we have fulfilled our other ethlcal responsibilities In accordance wlth these requlrements. We b81ieve that the audit evidence we hav8 obtained is sufficient and appropriate to provlde a basis for our opinion. Conclusions relatlng to going concern In auditing the financial statements, we have concluded that the trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least e1ve months from when the original financial statements were authorised for issue. Our responsibilities and th8 r8sponslbllltles of the trustees respect to going conc8m are describ8d in the relevant sections of thls report. other infomiation The trustees are responsible for the other infomiation. The other information comprises the infonnation included in the annual report. other than the financial statements and our auditorfs report thereon. Our opinion on the financial statements does not cover the oth8r informatlon and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance concluslon thereon. Page 10
Exmoor Calvert Trust Independent Auditor's Report to the Members of Exmoor Calvert Trust In connection with our audit of the financial ststements, our responsibility is to read the oth8r information and, in doing so, consider whether the other information Is materially Inconsistent with the financial ststements or our knowledge obtained In the audit or otheNise appears to be materially mlssiated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other infomiation. we are required to report that fact. We have nothing to report in this regard. Opinion on other matter prescribed by the Companies Act 2006 In our opinion. based on the work undertaken in the course of the audit- the information given in the Trustees. Report for the financial year for which the financial statements are prepared is consistent with the financial statements,. and the Trustees, Report has be8n prepared in accordance with applicable legal requirements. Matters on which we are requlred to report by exception In Ihe light of our knowledge and understanding of Ihe charity and Its environment obtained In the course of the audit, we have not identified material misstatements in the Trustees, Report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: adequate accounting records have not been kept. or returns adequate for our audit have not been recelved from branches not visited by us; or the financial statements are not in agreement with the accounting records and retums. or certaln dlsclosures of trustees remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Statement of trustees. responsibilities (set out on page 9), the trustees are responsible for the preparation of the financial statements and for being satisfied that they gsve a true and fair view, and for such internal control as the trustees determine is essary to enable the preparation of financial statements that are free from material misstatement. whether due to fraud or error. In preparing the financial statements, the trustees are responsible for as5e55ing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going Concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to Gease operations, or have no realistic altemative but to do so. Auditor responsibilities for the audit of the flnancial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and lo issue an auditorfs report that indudes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conduGted in accordan with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or 8rror and ar8 considered material if, individually or In the aggregate, they could reasonably be expected to Influenc8 the economic decisions of users taken on the basis of th8se financlal statements. Page 11
Exmoor Calvert Trust Independent Audltor's Report to the Members of Exmoor Calvert Trust Irregularities, including fraud, are instances of nonwcompliance with laws and regulations. We design procedures In Ilne with our responsibilities. outlined above. to detect material misstatem8nts in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities. Including fraud is detalled below: We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial arld sector experience and through discussion with the trustees and other management and from inspection of the charitls regulatory correspondence. We communicated identified laws and regulation5 throughout our team. and remained alert to any indications of non-compliance throughout the audit. The Gharity is subject to laws and regulations that govern the preparation of the financial statements, including financial reporting legislation, and other charity legislation. The charity is also subject to many other laws and regulations where the consequences of non-compliance could have a material impact on the amounts or disGlosures within the financial statements, including employment. anti-bribery. anti-money laundering and certain aspects of charity legislation. Owing to the Inhent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. In any audit, there remains a higher risk of non-detection of irregularilies, as these may involve collusion. forgery, intentional omissions, misrepresentations, or the override of intemal controls. We are not responsible for preventing non-complianc8 and cannot be expected to detect non-compliance with all laws and regulations. As part of an audit in accordance with ISAS (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks. and obtain audit eviden that is sufflcient and appropriate to provlde a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may Involve collusion, forgery. intentional omissions, mlsrepresentations. or the override of intemal control. Oblain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, bul not for the purpose of expressing an opinion on the effectiveness of the charity's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the trustees use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may Gast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists. we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if SUGh disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditorfs report. However, future events or conditions may cause the charity to cease to continue as a going concern. Evaluate the overall presentation. structure and content of the financial statements. including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achiev8s fair presentation. Page 12
Exmoor Calvert Trust Independent Audltor's Report to the Members of Exmoor Calvert Trust We communicate with those charged with gov8rnance regarding, among Other matters, the planned scope and timing of the audit and significant audit findings. including any slgnificant deficiencies in Internal control that we identify during our audit. Use of our report This report is made solely to the charitable companvs trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditorfs report and for no other purpose. To the fullest exienl pemiitted by law. we do not aGcept or assurne responsibility to anyone other than the charitable Company and its trustees as a body, for our audit work, for this report, or for the opinions we have fomied. Catherine Williams FCA DChA (Senior Statutory Auditor) For and on behalf of Westcotts (SW) LLP, Statutory Auditor 47 Boutport Street Barnstap18 Devon EX31 1SQ Date". Page 13
Exmoor Calvart Trust Statement of Financial Actlvltles for the Year Ended 30 November 2024 (Including Income and Expenditure Account and Statement of Total Recognlsed Gains and Losses) Unrestrlded funds Restrlcted funds Total 2024 Total 2023 Note Income and Endowments from: Donations and legacies Charitsble activities Investment income Other income 854.726 1,120.818 4.589 154,914 233.677 1,088.403 1,120,818 4,622 154,914 202.396 1,143.179 4.868 46,149 33 Total income 2.135,047 233,710 2,368,757 1.396.592 Expenditure on: Raising funds Charitable activities {87,125) 1,749,110 {87,125) 1,777,969 (72.166) (1.681.277 (28.859> 28,859) Total expenditure N8t incomel(expenditure) Transfers beiween funds 1,836,235 1.865,094} 1.753,443 298,812 171.978 204,851 {171,9781 503,663 (356.851) Net movement in fvnds 470,790 32,873 503,663 (356,851) Reconciliation of funds Total funds brought forward 3,555,161 48,000 3.603,161 3,960,012 Total funds carried forward 22 4.025.951 80.873 4.106,824 3,603,161 All of the charity's activities derive from continulng operations during the above periods. The funds breakdown for 2023 is shown in note 22. The notes on pages 17 to 33 fomi an integral part of thes8 financlal statements. Page 14
Exmoor Calvart Trust (Reglstratlon number: 02637448) Balance Sheet as at 30 November 2024 2024 2023 Note Flxed assets Intangible assets Tangible assets 14 15 25,402 3.666,399 3.691.801 3,794,600 3,794,600 Current assets Stocks Debtors Cash at bank and in hand 16 17 18 2,252 307,346 719,134 1.585 357.383 194,358 553.326 1.028.732 Credltors: Amounts falling due wlthln one year Net current a$$etsl(Ilabllltles) 19 602.042) {713,098) 426,690 (159,772 Total assets less current Ilabllltlos 4,118,491 3.634,828 Credltors: Amounts falling due after more than one year 20 11,667) 4,106.824 31,667 Net assets 3,603,161 Funds of the charity: Restricted Income funds Restricted funds 80.873 48,000 Unrestricted Income funds Unrestricted funds 4,026,951 3,555,161 Total funds 22 4,106.824 3,603.161 These financial statements have been prepared in accordan with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The fi al statements on pages 14 to 33 were approved by the trustee5, and authorised fr)r issue !?fand signed on their behalf by- Chris er Gregson Chair of Trustees The notes on pages 17 to 33 form an integral part of these financial ststements. Page 15
Exmoor Calvert Trust Statement of Cash Flows for the Year Ended 30 November 2024 2024 2023 Note Cash flows from operatlng activitlOS Net cash incomel(expenditure) Adjustments to ¢a8h flows from non-¢ash items Depreciation Amortisation Investment income Interest payable Profit on disposal of tangible fixed assets 503,663 {356.851) 182,191 2,822 (4,622) 5,672 114,882 178.565 {4,868) 7,084 (10,683 (186.753) 574,864 Working capital adjustments {IncreaseVdecrease In stocks Decreasel(increase) in debtors Increasel(decrease) in creditors {D8crease)lincrease in def8rred income Net cash flows from operating activities Cash flows from investlng activities Interest receivable and similar income Purchase of Intangible fix8d assets Purchase of tangible fixed assets Sale of tangible fixed assets Net cash flows from Investing activities Cash flows from financlng activities Repanent of loans and borrowings Net ineaSe1<deGreaSe) in cash and cash equivalents Cash and cash equiva18nts at 1 December Cash and cash equivalents at 30 November 16 17 19 20 (667) 50.037 39.611 156,339 339 (70,827) {41,938) 85,660 507,506 (213,519 4,622 (28,224) (85,029) 145.901 4,868 14 15 (97,942) 12,500 37,270 (80,574) 19 (20.000 20,000 524.776 (314,093) 508.451 194,358 719,134 194,358 All of the cash flows are derived from continuing operatlons during the above periods. The notes on pages 17 to 33 form an integral part of these financial ststements. Page 16
Exmoor Calvert Trust Notes to the Flnancial Statements for tha Year Ended 30 November 2024 1 Charity status The charity is limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation. The address of its registered office is: Wistlandpound Kentisbury Barnstaple Devon EX314SJ 2 Accounting policies Summary of slgnlficant accountlng policies and key accounting estimates The principal accountlng policies applied In the preparation of these financial ststements are set out below. These policies have been consistently applied to all the years presented, unless otherwise ststed. Statement of compllance The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice (applicable to charities preparing their accounts in accordance with the Financial Reporting Staridard applicable in the UK and Republic of Ireland (FRS 102)) (Issued in October 2019) - (Charities SORP (FRS 102)), the Financial R8POrting Standard applicable In the UK and Republlc of Ir8land (FRS 102) and the Companies Act 2006. Basis of preparation Exmoor Calvert Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. The financial statements have been prepared in sterfing which is the functional CurncY of the charity. Going concern As a result of the hugely successful emergenGy appeal the Charity now has sufficient cash reserves to continue operating through 2025 and 2026 even without any operational changes or improvement in the adverse trading conditions experienced during 2023 and 2024. In the immediate aftermath of the appeal a new action plan was drawn up, the principle features of which are:. Investmant in new facilities and the upgrading of existing facilities to facilitste the creation of fresh income streams Refreshlng marketing strategy and directing a greater proportion of available resources to sales and marketing generally Streamlining the Governance process to enable a more agile and effective response to changing economic circumstances Page 17
Exmoor Calvert Trust Notes to the Financial Statements for the Year Ended 30 November 2024 Within the first six months significant progress has been made against all the abov8 objectives. For the above reasons the Trustees are satisfied that the Trust continue5 to be a going concern. In arriving at their opinlon Truste8s have identified a number of key risk5 whlch have an Impact on the Charity's operations.. Running out of cash (short tem liquidity I lack of liquid reserves). The success of the emergency appeal has lifted this threat for the time being, but the Trustees are acutely aware that they must use th8 OPPOrtunty to press ahead with their plans for diversification and opening up fresh sourc8s of income Failure to achieve sales targets. The Charity has plans to ree5tablish itself In the schools market by developing bunkhouse style accommodation for which research has Indicated there is a clear demand. The success of the emergency appeal has provided the funds required to do this, as well as investing in sales and marketing generally. Additionally, new potentially lucrative commercffial relationships have come to light as a direct result of publicity generated by the appeal. Failure to achleve fundraising targets. Even discounting the emergency appeal 2024 has been a succe55ful year for fundraising. The fresh contacts made as a result of the appeal will hopefully enable this success to continue. Inflationary cost pressures. Whilst the headline rate of inflation has fallen, its delayed impact on the national minimum wage has hit home in 2024. Due to the natur8 of the Charitys servi¢8S and the hlgh dep8nd8ncy of many of its guests the ratio of wage costs to turnov8r is inevltably high, but the Charity is constantly revi8wing the manner in which it provldes its servlces to ensure maximum efficiency. Other costs such as energy and insurance Continue to be high, but planned investments in solar PV should significantly reduce the annual energy blll. staff recruitment and retention. The management team has been largely stable although some specialist areas need strengthening. The emergency appeal has demonstrated the dedication of the staff and their commitment to the Charity and its objectives. Income and endowments All income is recognised once the charity has entitlement to the income, it is probable that the Income will be retsived and the amount of the Income receivable can be measured reliably. Donations and legacies Donations are recognised wh8n the charity has been notified in writing of both the amount and settlement date. In the ev8nt that a donation is subject to conditlons that requir8 a level of perfomiance by the charlty befor8 the charlty is entitled to the funds, the Income is deferr8d and not recognised until either those conditions are fully met, or the fulfilment of those condltlons is wholly within the control of the charity and it is probable that these condltlons will be fulfilled in the reporting period. Legacy gifts are recognised on a case by case basis following the grant of probate when the administratorlexecutor for the estate has communicated in writing both the amount and settlement date. In the event that the gift is in the forni of an asset other than cash or a financial asset traded on a recognised stock exchange, recognltion is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title to the asset having been transferred to the charity. Page 18
Exmoor Calvert Trust Notes to the Flnancial Statements for the Year Ended 30 November 2024 Grants receivable Grants are recognised when the charlty has an entitlement to the funds and any condltlons linked to the grants have been met. Where perfomiance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released. Deferred income Deferred income represents amounts received for future periods and is released to incomlng resources in the period for which, it has been reived. Such income is only deferred when: The donor specifies that the grant or donation must only be used in future accounting periods. or The donor has imposed Conditions which must be met before the charity has unconditional entitlement. Investment Income Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. Expendlture All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is requir8d and the amount can be measured reliably. All costs are allocat8d to the applicable expenditur8 heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings thay have been allocated on a basis consistent with the use of resources. with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Other support costs are allocated based on the spread of staff costs. Raislng funds These are costs Incurred in attracting voluntary income, the management of investments and those incurred in tradlng activities that raise funds. Charitable actlvltles Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includ8s both costs that can be allocat8d directly to such activities and those costs of an Indlrect nature n8cessary to support them. Support Costs Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources. for example. allocating property costs by floor areas, or per capita. staff costs by the time spent and 0th8r costs by their usage. Government grants Govemm8nt grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating eith8r to revenu8 or to assets. Grants relating to r8venue are recognised in income over the period In which the related costs are recognised. Grants relating to assets are recognised over the exp8Cted useful lif8 of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income. Page 19
Exmoor Calvert Trust Notes to the Financlal Statements for the Year Ended 30 November 2024 Taxation The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tsx purposes. Accordingly, the charlty Is potentially exempt from taxatlon in respect of income or capitsl galns received within categorles cov8r&d by Chapter 3 Part 11 of the Corporatlon Tax Act 2010 or Sectlon 256 of the Taxation of Chargeable Galns Act 1992, to the extent that such income or gains are applied excluslvely to charitable purposes. Intangible assets Intangible assets are stated in the Balance Sheet at cost less accumulated amortisation and impaimient. They are amortised on a straight line basis over their estimated useful lives. Tanglble fixed assets Individual fixed assets are initially recorded at cost, less any subsequent accumulated d8preciation and subsequent accumulated impairment losses. Amortlsation Amortisation Is provided on intanglble fixed assets so as to wrfte off the cost, less any estimated residual value. over their expected useful economic lrfe as follows.. Amortisation method and rate 10'A Straight line Asset class Website Depreclatlon and amortisatlon Depreciation is provided on tangible fixed assets so as to write off the cost or valualion, less any estimated residual value. ov8r their expected useful economic life as follows.. Depreciation method and rate 20A Straight line Straight line over the life of the lease Between 50/0 and 100/0 Straight line 10 % Straight line 200/0 Straight line Asset class Freehold property Long leasehold property Plant and machinery Fixture and fittings Motor vehicle5 Cash and cash equlvalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-tem highly Ilquld inv8Stments that are readily convertlble to a known amount of cash and are subject to an inslgnlficant risk of change In value. Page 20
Exmoor Calvert Trust Notes to the Financlal Statements for the Year Ended 30 November 2024 Borrowlngs Int8rest-bearing borrowings are initially recorded at fair value, net of transadion costs. Int8rest-b8aring borrowlngs are subsequ8ntly carried at amortised cost, with the differenc8 between the proceeds, net of transactlon costs, and the amount du8 on redemption being recognis8d as a charge to the Statement of Flnancial Activities over the period of the relevant borrowing. Interest expense Is recognised on the basis of the effective interest method and is Included in interest payable and similar charges. Borrowings are classified as current liabilities unless the charity has an unconditional right to defer setuement of the liability for at least twelve months after the reporting date. Fund structure Unrestricted incom8 funds are general funds that are availabl8 for use at the trustees discretion in furtherance of the objectlV8s of the charity. Restricted income funds are those donated for use in a particular area or for specific purposes, the use of whlch is restricted to that area or purpose. Penslons and other post retirement obllgatlons The charity operates a defined contribution pension scheme which is a pension plan under which fixed contributions are paid into a pension fund 8nd the charity has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in th8 current and prior periods. Contributions to defined contrlbution plans are recognised in the Ststement of Flnancial Activities when they are due. If contrlbutlon payments exed the contribution due for service. the excess Is recognised as a prepayment. Flnancial instruments Classificatlon Flnancial assets and flnanclal liabiliti8s are recognlsed when the charity becomes a paty to the contractual provisions of the Instrument. Financial liabilities and equlty instruments are classified according to the substance of the contractual arrangements entered Into. An equity instrument Is any contract that evidences a resldual interest In the assets of the charity after deducting all of its liabilitles. Page 21
Exmoor Calvert Trust Notes to the Financial Statements for the Year Ended 30 November 2024 Recognition and measurement All financial assets and liabllltles are initially measured at transactlon price (including transactlon costs), except for those financlal assets classified as at fair value through profit or loss, which are initially measured at fair value (which is nomially the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounled at a market rate of interest for a similar debt instrument. Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforc8able right to set off the recognSsed amounts and th8 charity Intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled. b) the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party. Financial liabilities are derecognised only when the obligation specified in the contract is discharged, Canlled or expires. Investments Investments in non<onvertible preference shares and non-puttable ordinary or Preferen shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment. Investments in subsidiarles and associates are measured at cost less impairment. For investments in subsidiaries acquired for consideration including the issue of shares qualifying for merger rellef, cost is measured by reference to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored. 3 Income from donations and legacies Unrestrlcted funds Restrlcted funds Total 2024 Donations Donations for bursaries Legacies 781,765 117,750 115,927 899,515 115,927 72,961 72.961 854,726 233.677 1,088.403 Page 22
Exmoor Calvert Trust Notes to the Financlal Statements for the Year Ended 30 November 2024 Unrestrld8d funds Restrlcted funds Total 2023 Donations Donations for bursari8S Legacies Govemment grants 123,841 52,043 18,827 834 175,884 18,827 3.859 3,826 202,396 3,025 3,826 130.692 71,704 4 Income from charitable activities Unrestricted funds Total 2024 Holiday income Grass keep Staff rents Other income 1,063,800 1.938 17,040 38,040 1.063,800 1,938 17,040 38,040 1.120,818 1.120,818 Unrestricted funds Totsl 2023 Holiday income Grass keep Staff rents Other income 1,092,697 1,891 17,486 31,105 1,143,179 1,092,697 1,891 17,486 31,105 1.143,179 5 Investment income Unrestricted funds Restricted funds Total 2024 Interest receivable on bank deposits 4.589 33 4.622 Unrestricted fund Restricted funds Total 2023 Interest receivab18 on bank deposits 4,807 81 4.868 Page 23
Exmoor Calvert Trust Notes to the Financlal Statements for the Year Ended 30 November 2024 6 Other Income Unrestricted funds Total 2024 Other income Gains on sale of tangible fixed assets for charitys own use 40,052 114.862 40,052 114.862 154,914 154,914 Unrestricted funds Total 2023 Other incom8 Gains on sale of tangible fixed assets for charity's own use 35,465 10,684 46.149 35,465 10,684 46,149 7 Expenditure on raising funds a) Costs of generating donations and legacies Unrestricted funds Total 2024 Costs of raising donations 87,125 87,125 Unrestricted funds Restricted funds Total 2023 Costs of raising donations 68,166 4.000 72.166 Page 24
Exmoor Calvert Trust Notes to the Financial Statements for the Year Ended 30 November 2024 8 Expenditure on ¢harltabl8 activities Unrestricted funds Restricted funds Total 2024 Nots Accommodation and activities Costs of running Discovery Centre Depreciation and Amortisation Allocated support Costs 1.108,356 27,046 1,813 1,135,402 1,813 185,013 455,741 185,013 455.741 1,749,110 28,859 1.777,969 Unrestricted funds Restricted funds Total 2023 Note Accommodation and activities Costs of running Discovery Centre Depreciation and Amortisation Allocated support costs 1,077.797 18,091 1.813 1,095,888 1,813 178,564 405,012 1,681,277 178.564 405,012 1,661,373 19,904 9 Analysls of support costs Support costs allocated to charitable actlvlties Support costs Total 2024 Total 2023 Staff costs General office Marketing Travel and subsistence Interest paid Auditorfs remuneration 350,928 56.261 28.773 476 7,303 12,000 455,741 350.928 56,261 28,773 476 7,303 12.000 316.283 48,444 23.876 9,269 7.140 455.741 405.012 Page 25
Exmoor Calvert Trust Notes to the Financial Statements for the Year Ended 30 November 2024 10 Net incomingloutgoing resources Net Incomingl(outgoing) resources for th8 year Includ8: 2024 2023 Audit fees Profit on disposal of tangible fixed assets Depreciation of fixed assets Amortisation of intangible fixed assets 12,000 (114,862) 182.191 2,822 7.140 (10,684) 178,564 11 Trustees remuneration and expenses No trustees, nor any persons connected with th8m. have received any remuneration from the charity during the year. No trust88s have received any reimbursed expens8s from the charity during the year. 12 Staff costs The aggregate payToII costs were as follows: 2024 2023 staff costs during the year wer8: Wages and salaries Social security Costs Pension costs 1,004.760 80,753 25,720 1,111,233 926.064 70.523 25.113 1,021,700 The monthly average number of full time equivalent persons (Including senlor management I leadership team) employed by the charity during the year was as follows: 2024 2023 Office Fundraising Caretakerlmaintenance Instructor Domestic and catering 10 12 14 36 37 During the year 1 employee received emoluments of £70,000 to £80.000. During th8 year, key management personnel of the charity were paid £85,624 (2023 - £93,388). Page 26
Exmoor Calvert Trust Notes to the Flnancial Statements for the Year Ended 30 November 2024 13 Auditors. remuneratlon 2024 2023 The auditing of the charity accounts All other non-audit services 9,000 3.000 7,140 12,000 7.140 14 Intangible fixed assets Webslte Total Cost Additions 28,224 28.224 At 30 November 2024 28,224 28,224 Amortlsation Charge for the year At 30 November 2024 2,822 2,822 2,822 2.822 Net book value At 30 November 2024 25,402 25,402 Page 27
Exmoor Calvert Trust Notes to the Flnancial Statements for the Year Ended 30 November 2024 15 Tanglble fixed assets Long leasehold property Freehold property Flxture and fittings Plant and Machinery Total Cost At 1 December 2023 Additions Disposals 5.691.051 10,552 (31,000) 104.147 389,067 4,256 1,228,063 7.412.328 70,221 85.029 4.694) 35.694 At 30 November 2024 5,670,603 104,147 393,323 1,293,590 7,461.663 Depreciation At 1 December 2023 Charg8 for the year Eliminated on disposals 2,316.745 112.365 (620 49.803 2.083 371,587 7.598 879,593 3,617.728 60,145 182.191 (4,035 4,655 At 30 November 2024 2,428.490 51,886 379.185 935,703 3,795.264 Net book value At 30 November 2024 3.242,113 52,261 14,138 357,887 3.666.399 At 30 November 2023 3.374,306 54,344 17.480 348,470 3,794,600 16 Stock 2024 2023 Finished goods 2.252 1,585 17 Debtors 2024 2023 Trade debtors Prepayments other debtors 237,072 70,274 293.206 57,911 6,266 307.346 357,383 18 Cash and cash equivalents 2024 2023 Cash at bank 719,134 194,358 Page 28
Exmoor Calvert Trust Notes to the Financlal Ststements for the Year Ended 30 November 2024 19 Creditors: amounts falling due wlthin one year 2024 2023 Bank loans Trade creditors Supporters. loans Payments received on account other taxation and social security Accruals Deferred income 20,000 82,769 82,756 24.789 18,599 32,175 340.954 20.000 46.922 77,084 22,046 17.248 32.505 497,293 602.042 713,098 2024 2023 Deferred income As at start of period Amount released to Incoming r8sources Amount deferred in the year 497,293 (497,293) 340,954 340,954 411,633 (411.633) 497,293 497,293 Deferred income at year end 20 Creditors: amounts falling due after one year 2024 2023 Bank loans 11,667 31,667 21 Pension and other schemes Defined contribution pension scheme The charity operates a defined contribLrtion pension scheme. The pension cost Gharge for the year represents contribution5 payable by the charity to the scheme and amounted to £25,720 {2023: £25,113}. Page 29
Exmoor Calvert Trust Notes to the Flnancial Statements for the Year Ended 30 November 2024 22 Funds Balance at Balance at 30 November 2024 December 2023 Incoming Resources resources expended Transfers UnrestriGted funds General General Reserve Bursary Fund Equipment Fund Fixed Asset Fund (329.439) 40,000 50,000 3,794.600 3,555,161 2.020.185 (1,651,222) 214.621 {9,995) 254.145 30.005 50.000 132,648) 3,691.801 171.978 4.025,951 114,862 {185,013) 1,836.235 2.135,047 Restrlcted funds Bursary Funds Unlocking Potential Capital R8Stricted Fund Equlpment Restricted Fund Jack Riley Trust Fund 23,983 4,474 7,017 115,927 33 77,564 {103,367) (1.500) (27.956) 36.543 1.194 36,228 {1,813) (20,397) 9,786 2,740 40,186 (6,230) (419 (28,859 {37,81X)) 11,355 171,978 5,942 966 48.000 233,710 80,873 Total funds 3,603,161 2,368,757 1,865.094 4.106,824 Page 30
Exmoor Calvert Trust Notes to the Flnancial Statements for the Year Ended 30 November 2024 Balance at Balance at 30 November 2023 December 2022 Incomlng Resources resources expended Transfers Unrestricted fund5 General General Reserve Bursary Fund Equipment Fund Fixed Asset Fund (126,356) 40,000 50,000 3.877,040 1.314,143 (1.550.975) 33,749 (329,439) 40.000 50.000 3.794.600 10.684 178.564 85.440 3.840,684 1.324.827 1,729,539 119,189 3.555,161 Restricted funds Bursary Funds Unlocking Potential Capital Restricted Fund Equipment Restricted Fund Jack Riley Trust Fund 51.344 6,226 45,542 18,827 61 8.220 (46,188) 23,983 4.474 7.017 (1,813) (9,000) (37.745) 12,716 3,500 44,657 (12.331) 760 135,256) 9,786 2.740 119,328 71,765 (23,904) 119,189) 48,000 Total funds 3,960,012 1,396,592 1,753,443 3.603,181 Unrestricted funds The General Reserve represents the current assets of the Trust which are not designated for particular purposes. The bursary fund has been designated for bursary use during 2024125 if requlred. The equipment fund represents cash thal has been allocated to replace equipment which is fully depreciated. A separate designated tangible assets fund has been set up to represent the book value of the langible assets held in the accounts. Where restricted fiJnd5 are received for capital expendrture and the expenditure has been fully met and funds used, the restriction is deemed to be lifted and the asset value is transferred to, and regarded as unrestricted, within the designated tangible fixed asset fund from thence forward. Page 31
Exmoor Calvert Trust Notes to the Flnanclal Statements for the Year Ended 30 November 2024 Restrlcted funds The Trusvs Bursary Fund was Set up to provide financial assistance to Seice users who would not otherwise be able to make use of the Trust's facilities. This fund Is financed by donations given to the Trust for this purpose and by transfers from unrestricted funds. The Unlocking Potential Fund is a restricted fund established in 2004 to provide Ihe necessary funds for the joint arrangements between South West Lakes and Forest Enterprise to make Wistlandpound Reservoir and the surrounding woodlands more accessible. The Capital Restricted, the Equipment Restricted and the Fabric Restricted Funds represent a number of smaller specific balances relating to expenditure projects not yet completed. 23 Analysls of not assets between funds Total funds at30 November 2024 Unrestricted fvnds General R8Stricted funds Intsngible fixed assets Tangible fixed assets Current assets Current liabilities Creditors over 1 year 25,402 3,666.399 947.859 (602.042) 11,667) 4,025,951 25.402 3,666.399 1,028.732 (602,042) 11,667 80,873 Total net assets 80,873 4.106,824 Totsl funds at30 November 2023 Unrestricted funds General Restrlcted funds Tangible fixed assets Current assets Current liabilities Creditors over 1 year 3,794.600 505.326 (713,098) (31,667 3,555,161 3.794,600 553,326 (713,098) 31.667 48.000 Total net assets 48,000 3,603,161 Page 32
Exmoor Calvert Trust Notes to the Financlal Statements for the Year Ended 30 November 2024 24 Related party transactions The Trust is one of three Calvert Trust centres. The other I0 are the Northumbria Calvert Trust (Charity number 511851) and The Lake District Calvert Trust (Charity number 270973). Cfroperation and joint activities beeen the trusts a co-ordinated by "The Calvert Trust" (Charity number 1042423). The Trustees of Wie Calvert Trusf are the three operating trusts. During the year Exmoor Calvert Trust received £Nil (2023: £24) from "The Calvert Trust.. During the year, Exmoor Calvert Trust received £50.000 from The Blueberry Foundation, a charity in which Jamie Morris is also a Trustee. Page 33