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 ne￿SSary 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 be￿een 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 ne￿OrkIng 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 COrreSp￿dent 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 ne￿orkIng 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 be￿een 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 cu￿ent 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 CoMpan￿S 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 ￿e￿ssary 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 Inhe￿nt 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 Repa￿nent of loans and borrowings Net in￿eaSe1