2023-03-31-accounts

Registered number: 03757410 Charity number: 1077561

TORBAY COAST & COUNTRYSIDE TRUST (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

TORBAY COAST & COUNTRYSIDE TRUST (A COMPANY LIMITED BY GUARANTEE)

CONTENTS

	Page
Reference and Administrative Details of the Company, its Trustees and Advisers	1
Trustees' Report	2
Independent Auditors' Report on the Financial Statements	11 - 14
Consolidated Statement of Financial Activities	15
Consolidated Balance Sheet	16
Company Balance Sheet	17 - 18
Consolidated Statement of Cash Flows	19
Notes to the Financial Statements	20 - 45

TORBAY COAST & COUNTRYSIDE TRUST (A COMPANY LIMITED BY GUARANTEE)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2023

Trustees	Andra Johnstone
	Raymond Bedder (resigned 24 April 2023)
	Roger Knight
	Constantino Savvas (appointed 12 June 2023)
	Samuel Roseveare (appointed 12 June 2023)
	Christopher Robson (resigned 18 August 2022)
	Francis Sobey (resigned 24 April 2023)
	Gillian Burchell (resigned 6 July 2022)
	John Lowes
	Leslie Burnett (resigned 23 January 2023)
	Andew Whittaker (resigned 15 July 2022)
	Barbara King, Chair (appointed 23 January 2023)
	Gillian Burchell (appointed 23 January 2023)
Company registered number 03757410 Charity registered number 1077561 Registered office Occombe Farm Preston Down Road Paignton Devon TQ3 1RN Company secretary Donna Wynn (Appointed 25 November 2022) Damian Offer (Resigned 25 November 2022) Chief executive officer Richard Stones Independent auditors Bishop Fleming LLP Chartered Accountants 2nd Floor Stratus House Emperor Way Exeter Business Park Exeter EX1 3QS Bankers Lloyds Bank plc 51-52 Fleet Street Torquay Devon TQ2 5DW Solicitors Wollens Carlton House 30 The Terrace Torquay Devon TQ1 1BS

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TORBAY COAST & COUNTRYSIDE TRUST (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2023

TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2023

The Trustees present their annual report together with the consolidated financial statements and auditors’ report about the Charity and its subsidiaries for the year ended 31[st] March, 2023, which are also prepared to meet the requirements for a directors’ report and accounts for Companies Act purposes.

The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

REPORT OF THE CHAIR

Our financial year ended in March 2023 having been a difficult year like many charitable entities due to the difficult economic timing slightly underperformed against its budget.

With an organisational restructure coupled with a limited redundancy programme, significant savings were made whilst still delivering the charitable objectives of the Trust. In addition, some assets were disposed of without harming the core activities of the Trust.

We are again indebted throughout this year to a dedicated team of staff and long term volunteers who maintained our precious spaces throughout Torbay for both wildlife and people. People in particular had developed a renewed appreciation for the outdoors in these pandemic affected times. Sometimes ‘people pressure’ caused unwanted nuisances to ourselves and others. Nevertheless, I remain hopeful that as a result of all the educational material that has been published and broadcast and the efforts of our own Rangers, those who are discovering our wild places for the first time are also learning how to enjoy them responsibly.

Once again the Trust has been grateful for Government financial support and has constrained expenditure as far as practicable to mitigate our financial situation. In light of the promise offered by a regenerated Occombe to the future wellbeing of the Trust finances, the Trustees have accepted an operating deficit for this year

None of our work would be possible without the passion and dedication of staff, volunteers and partners. On behalf of the Board of Trustees I would like to thank everyone who has made a contribution and look forward to working together to deliver our Charitable objectives supported by a successful commercial operation.

OBJECTS AND ACTIVITIES

Aims

The Charity’s core objects, as set out in the Memorandum and Articles of Association adopted in February 2021, are:

• a) “To promote the conservation, protection and improvement of the physical, natural and built environment and heritage of Torbay and surrounding area”;

• b) “To provide or assist in the provision of facilities in the interests of social welfare for appropriate recreation and leisure time occupation commensurate with (a) with the objective of improving the conditions of life for those living in working or visiting Torbay and the surrounding area.” and

• c) “To advance public education in environmental and heritage matters in Torbay and the surrounding area and of ways of sustaining, conserving, protecting and improving the same.”

The Charity’s overall aim is encapsulated in its mission statement which is: “To protect land, conserve nature and strengthen the bonds between people and the natural world of Torbay”. The Trust seeks to achieve its charitable objects through:

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TORBAY COAST & COUNTRYSIDE TRUST (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

1. Managing an extensive area of land (approx. 1,700 acres) to achieve environmental, wildlife conservation, heritage, landscape (public amenity) and public recreation benefits.

2. Delivering a range of engagement and educational activities to improve public understanding of the natural environment, Torbay’s natural heritage, environmental issues (including Climate Change) and sustainable lifestyles.

3. Developing and delivering projects to restore and enhance Torbay’s heritage for which we seek partner contributions and grant funding. To date, we have secured over £11M in funding for enhancing and restoring Torbay’s natural and built heritage.

4. Working in partnership to protect and enhance Torbay’s heritage, improve recreational provision and facilitate greater understanding of the importance of our heritage.

5. Facilitating the contribution of volunteers towards achieving all the above. Supporting volunteers in learning new skills, ‘giving something back’, developing friendships and camaraderie.

6. Fundraising to finance delivery of the above through a combination of grants, membership, fundraising events, property rentals and commercial enterprises.

The Trust’s Strategic Plan includes the following vision statement: “Our vision is of a Torbay where a high quality, good condition natural environment is an integral part of Torbay’s future; where the countryside, coast and marine environment are in better condition than they are now; where terrestrial and marine wildlife is thriving, where our natural and built heritage is respected and valued and where people can access and enjoy our precious heritage without damaging it.”

Significant Activities Undertaken in the Period

Occombe Regeneration Project

Continuing to progress work on the regeneration of Occombe remained a primary focus for the Trust in the year.

Work was finalised on the Farm Park and Play during 2022 and has proved to be popular. The anticipated benefit of having all three elements of the new Occombe running simultaneously is now being realised.

Land Management

TCCT continued to manage over 1,700 acres of land across Torbay for the benefit of wildlife and people, including UNESCO Geopark, 7 SSSI, one national Nature Reserve, various local nature reserves and several county wildlife sites. Experience continued to demonstrate how important TCCT’s green spaces are as a recreational resource for the local community.

Hope’s Nose

Hope’s Nose experienced continued anti-social behaviour over the summer of 2022. The Trust continues to engage with partners to explore and develop a mutually acceptable solution to the problem including the introduction of Public Space Protection Order (PSPO).

Berry Head

From data on car parking, Berry Head appeared to receive an increase in visitors over the course of the year. The Guardhouse Café reported an excellent year with strong trading, particularly across the summer months. Unfortunately, here also there was an increase in anti-social behaviour in and around the lower quarry, which appeared to be associated with fishing during the year due to displacement of the previous noted anti-social behaviour at Hope’s Nose.

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TORBAY COAST & COUNTRYSIDE TRUST (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Cockington

Cockington remained popular with visitors throughout the year and experienced an increase in visitor numbers.

The Farm

Final replacement cattle barns were constructed.

South Devon Biomass

Having been transferred into the Farm activities (as a diversification), the biomass operation continued to generate income for the Trust. The operation retained its customer base and maintained sufficient stockpiles of timber for seasoning.

Public Access

The Trust continued to maintain over 40 miles of footpaths (a combination of permissive paths and Public Rights of Way) and the majority of the SW Coast Path through Torbay.

Education and Engagement

The educational objectives of the Trust were realigned during this year and assimilated into the Occombe operations. The educational offer of the Trust has remained strong and continues to grow.

Ongoing Projects

Mitigation and Compensation Schemes

Gillard Road Nature Reserve (Wall Park Ecological Mitigation Project)

The management of Gillard Road Nature Reserve continued in line with the management plan. The reserve remains popular with visitors. Over winter Cirl Buntings continued to frequent the arable field.

Compensatory Habitat Provision for Cirl Buntings in Cockington

The Trust continues to work on the management plan regarding the Cirl Buntings.

Volunteering

Long term (LTV) and community volunteer programmes continued during the year and opportunities for growing the programme are in development.

The Trustees would like to take this opportunity to thank all the volunteers for the work they do throughout the year.

Fundraising

Membership remained more or less static at approximately 2,400 members at the end of March 2023.

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TORBAY COAST & COUNTRYSIDE TRUST (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

PUBLIC BENEFIT STATEMENT

The Trustees have reviewed the activities of the charity in the light of the guidance published by the Charity Commission on public benefit. The Trustees are satisfied that the Trust’s activities are for the public benefit, relating as they do to the conservation of the environment and heritage of Torbay. This benefits the community in maintaining important heritage and environmental assets for people of the area and visitors to the area to enjoy.

FINANCIAL REVIEW

Consolidated income for the year ended 31 March 2023 amounted to £3,334,111 (2022: £2,281,226). There were no additions to restricted funds during the year (2022: £172,976). There was an overall deficit for the year of £473,743 (2022: deficit £681,067), including a deficit of £381,220 (2022: deficit of £745,177) on unrestricted funds, and total funds carried forward at 31 March 2023 amounted to £3,470,791 (2022: £3,944,534) with £2,929,387 (2022: £3,021,910) classified as restricted. Unrestricted funds carried forward were £541,404 (2022: £922,624), including £799,427 (2022: £812,450) which the trustees have designated for specific purposes.’.

Net cash outflow for the year ended 31 March 2023 amounted to £117,350 (2022 £442,136) and at the year end the Group’s cash resources were severely depleted.

Whilst the Trust’s financial performance and standing continued to be disappointing, signs of improvement, reflected in the results and cash flows summarised above, with a substantial increase in income and a reduction in the deficit, were evident as the capital works at Occombe farm were completed and the Park and Play visitor attraction finally opened whilst a number of initiatives to enhance the financial performance of the Farm Shop were undertaken. Thankfully, the impacts of Covid 19 largely receded but inflationary and other adverse macro-economic pressures increased significantly over the period. The support of Torbay Council for the turnaround plan discussed in last year’s Report was critical, and, again as discussed last year, provided the opportunity for the development of a more comprehensive new Business Plan, with its focus on new revenue streams, alongside enhanced financial discipline and cash management, implemented for the current financial year ending 31 March 2024.

Inflationary and recessionary factors remain but management and Trustees continue to be encouraged by signs of progress. In the new financial year the Trust has operated substantially in line with budget and cash flow, although remaining tight, is better controlled. Small investments in growth initiatives have been possible and educational activities have been successfully relaunched, within the Park and Play operation. Other opportunities for new revenue streams have been identified by a largely new management team, for development as funds allow. This progress has been underpinned by revised funding arrangements with the Council, effective from April 2023 and part of the continuing and committed support and encouragement of the Council for the Trust’s operations.

Notwithstanding these signs of progress the Trustees recognise that significant challenges remain ahead. However, having reviewed the position in some depth, including the budget for the year ending 31 March 2025 and related financial projections, and in the expectation of the continued support of the Council, the Trustees are satisfied that the Trust will have sufficient resources to meet its liabilities as they fall due for at least the next twelve months and that accordingly it is appropriate to prepare the Trust’s financial statements on a going concern basis.

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TORBAY COAST & COUNTRYSIDE TRUST (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

GOING CONCERN

There was an overall deficit for the year ended 31 March 2023 of £473,743 (2022: deficit £681,067). Net cash outflow for the year amounted to £117,350 (2022 £442,136) and at the year end the Group’s cash resources were severely depleted.

Whilst the Trust’s financial performance and standing continued to lag aspirations, the Trustees believe that signs of improvement, reflected in the results and cash flows, were evident as the capital works at Occombe farm were completed and the Park and Play visitor attraction finally opened alongside a number of initiatives to enhance the financial performance of the Farm Shop. The impacts of Covid 19 largely abated but inflationary and other adverse macro-economic pressures increased significantly over the period. The interim support of Torbay Council was critical, and provided the opportunity for the development of a more comprehensive new Business Plan, with its focus on new revenue streams alongside enhanced financial discipline and cash management, which has been implemented for the current financial year ending 31 March 2024.

Inflationary and recessionary pressures remain but management and Trustees continue to be encouraged by signs of progress. In the new financial year the Trust has operated substantially in line with budget and cash flow, although remaining tight, is better controlled. Small investments in growth initiatives have been possible and educational activities have been successfully relaunched, within the Park and Play operation. Other opportunities for new revenue streams have been identified by a largely new management team, for development as funds allow. This progress has been underpinned by revised funding arrangements with the Council, effective from April 2023 and part of the continuing and committed support and encouragement of the Council for the Trust’s operations.

Notwithstanding these signs of progress the Trustees recognise that significant challenges remain. However, having reviewed the position in some depth, including the budget for the year ending 31 March 2025 and related financial projections, and in the expectation of the continued support of the Council, the Trustees are satisfied that the Trust will have sufficient resources to meet its liabilities as they fall due for at least the next twelve months and that accordingly it is appropriate to prepare the Trust’s financial statements on a going concern basis.

However, the Trustees also acknowledge that, given the deficits incurred, the precarious financial position of the Trust and the other challenges noted above, a material uncertainty exists in relation to events or conditions that cast significant doubt on the Trust and Group’s ability to realise its assets and discharge its liabilities in the normal course of business and to continue as a going concern.

The financial statements do not reflect the adjustments that would be necessary should the ability of the Trust and Group to trade be jeopardised due to the material uncertainty.

RESERVES POLICY

The trustees remain committed to achieving a meaningful level of free reserves (unrestricted reserves, excluding those designated for specific purposes and those represented by capital assets) in line with Charity Commission best practice.

However, at 31 March 2023, the Trust’s consolidated free reserves were in deficit to the extent of £3,403,963 (31 March 2022: £3,310,031) This reflects the investment of significant internal funds in the Occombe redevelopment. While it represents a significant shortfall from the Trustees’ aspirations, the redevelopment of Occombe and the other actions taken are intended to provide revenues to close this shortfall within a reasonable timescale.

Plans for future periods

Alongside its focus on developing Occombe as a leading destination for Torbay and enhancing its financial performance, the Trust will continue to deliver its core programme of land management. We are seeking to

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TORBAY COAST & COUNTRYSIDE TRUST (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

manage and enhance Torbay’s natural heritage and facilitating access. An increasing focus of the Trust’s work will be contributing to solutions that enable Torbay to adapt to and mitigate the impacts of climate change. As Occombe progresses to generating greater surpluses, it is anticipated that the Trust will be able to expand delivery of its three charitable objects to the benefit of the community and visitors.

Risk management

The Trust has a Strategic Risk Register, which is reviewed by the Senior Management Team and then the Finance Committee before referral to the Board. This register comprises those issues that are considered to present a significant strategic risk to the organisation (lower level ‘operational’ risks are dealt with through risk assessments for specific operations). The Strategic Risk Register includes all Governance, Financial, Management, Operational, Reputational, Health & Safety and Compliance Risks, which are deemed to have the potential to jeopardise the overall viability (operational and/or financial) of the organisation and/or significantly impair the organisation’s ability to deliver its charitable purposes.

The principal risks on the Strategic Risk Register at the end of March 2023 identified as requiring further action were as follows:

1. Governance

• Recruiting additional trustees to strengthen the board’s capacity and range of expertise remains a focus; as at 31st March 2023 there were six.

2. Financial

• The turbulent economic environment immediately following significant investment has left the Trust far less resilient to continued downturns and cash flow remains a major concern.

3. Management Limitations in capacity within Senior Management Team to drive forwards further development and improvement of the organisation.

• Limited resources for the recruitment and coordination of volunteers; volunteers are vital for the Trust to deliver charitable purposes.

4. Operational

IT Security has been updated by using the services of a third-party services.

Investment policy and performance

Funds described as either restricted or designated (for example those provided under s106 arrangements) have been received by the Trust with the requirement that they are invested in order to produce a return on investment sufficient to fully fund the obligations of the related agreements.

STRUCTURE, GOVERNANCE AND MANAGEMENT

CONSTITUTION

The Company and the Group is constituted under a memorandum of association and is a registered charity no 1077561.

The principal object of the Trust and the Group is to promote the conservation, protection and improvement of the physical, natural and built environment and heritage of Torbay and the surrounding area.

Method of Appointment or Election of Trustees

As set out in the Articles of Association, the Chair of the Board of Trustees is appointed by a vote of the board of the Trust at each AGM. The Deputy Chair and appointments to the various sub-committees are also decided by the board at each AGM.

There is no maximum period of service specified. The Memorandum and Articles provides that there must be a minimum of three trustees with no maximum specified and that a third of the trustees (those of longest

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TORBAY COAST & COUNTRYSIDE TRUST (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

service) shall retire at each AGM but that they may stand for immediate re-election at that AGM. The Board of Trustees has the power to co-opt further members and observers to the board in between AGMs in order to secure specialist expertise or to gain experience.

Prior to each AGM, existing board members are advised of any retiring trustees including those who wish to immediately re-join the board at the AGM. Existing board members are also notified of any individuals requiring formal nomination to become trustees at the AGM.

When seeking and appointing new trustees, the Board considers the skills and experience of existing trustees in order to ensure that the Board has the necessary skills to guide the Charity. New trustees may be sought by word of mouth, open advertisement or through existing members. Prospective trustees are initially interviewed informally by the Chair, Deputy Chair and the Chief Executive. Suitable candidates may then be invited to attend one or more board meetings as observers. Candidates deemed suitable by existing trustees to join the board as trustees are then invited to submit a formal nomination, which must be supported by at least two existing trustees, for consideration at the next AGM.

The training and induction provided for new trustees will depend upon their existing experience but would always include an introduction to the Charity, visits to the key sites and briefings on the Trust’s work by members of the Senior Management Team. All new trustees are provided with copies of policies, procedures, minutes, accounts, budgets, plans and other documents that they will need to undertake their role.

Advantage is taken of specific courses and guidance offered by the Charity Commission, Local Authority and other bodies.

Organisational Structure and Decision Making

The Board of Trustees normally meets quarterly and the relevant sub-committees meet as necessary. The Board establishes an overall framework for the governance of the Charity and determines membership, terms of reference and procedures of committees and other groups. It receives reports including policies from its committees for ratification. It monitors the activities of the committees through the minutes of their meetings. The Board may from time to time establish other working groups to perform specific tasks over a limited timescale.

The following decisions are reserved to the Board of Trustees: to consider any proposals for changes to the status or constitution of the Charity and its committee structure, to appoint or remove the Chairman and/or Vice Chairman, to approve the Annual Development Plan and budget.

The Trustees are responsible for setting strategic priorities, general policy, adopting the annual plan and budget, approving the statutory accounts and monitoring charitable delivery. The Trustees are responsible for making major decisions about the direction of the Charity, capital expenditure and appointment of the Chief Executive.

Key Management Personnel

The Trustees and Board of Trustees have devolved responsibility for day to day management of the Charity to the Trust’s key management personnel.

Related Party Relationships

Trustees receive no remuneration or other benefit from their roles as trustees for the Charity. They may be paid for work they undertake in a professional capacity independent of their role as a trustee and all such payments must be disclosed to the full Board of Trustees in the same way as any other contractual relationship with a related party. No trustees received direct payment during 2021-2022.

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TORBAY COAST & COUNTRYSIDE TRUST (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Subsidiary Undertakings

The Charity has a wholly owned subsidiary, Torbay Coast & Countryside Enterprises Limited (‘TCCE’). TCCE holds and operates the Trust’s commercial activities, including the Occombe Park and Play, Farm Shop and Cafe activities, which generate funds for the Trust’s charitable work.

INFORMATION ON FUNDRAISING PRACTICES

The Trust does not physically approach the public with requests for money or employ and has not employed or use a professional fundraiser in this regard.

The Trust occasionally utilises crowd funding to raise money for specific projects (e.g. replanting The Grove woodland).

The Trust periodically approaches existing members and supporters (those signed up to our newsletter) for contributions to specific projects.

The Trust does invite people to leave legacies in their will through information on our website and a leaflet periodically distributed to solicitors.

The Trust has engaged fundraising consultants to prepare and submit applications to grant-making trusts for contributions towards the costs of regenerating Occombe Farm.

TRUSTEES’ RESPONSIBILITIES STATEMENT

The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Company and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles of the Charities SORP (FRS 102);

• make judgments and accounting estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the 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 Group and the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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TORBAY COAST & COUNTRYSIDE TRUST (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are trustees at the time when this Trustees report is approved has confirmed that:

• so far as the director is aware, there is no relevant audit information of which the Company’s auditors are unaware, and

• the trustees have taken all the steps that ought to have been taken as a trustee in order to be aware of any relevant audit information and to establish that the Company’s auditors are aware of that information

Small Companies Note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

The Trustees’ Report, incorporating a strategic report, was approved by order of the Board of Trustees, as the company directors and signed on its behalf by:

Barbara King

Trustee

Date:

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TORBAY COAST & COUNTRYSIDE TRUST (A COMPANY LIMITED BY GUARANTEE)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TORBAY COAST & COUNTRYSIDE TRUST

Opinion

We have audited the financial statements of Torbay Coast & Countryside Trust (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 31 March 2023 which comprise the Consolidated Statement of Financial Activities (incorporating the income and expenditure account), the Consolidated and Company Balance Sheets, the Consolidated Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the Group's and of the parent charitable company's affairs as at 31 March 2023 and of the Group's incoming resources and application of resources, including its income and expenditure for the year then ended;

• have been properly prepared in accordance 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 the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Material uncertainty related to going concern

We draw attention to note 1.3 in the financial statements, which indicates the financial position of the Group has deteriorated over the year to 31 March 2023 as a result of the continued under-performance of its Occombe Farm site. It also outlines that whilst improvements in performance have been achieved since the year-end, the Group remains in a precarious financial position. As stated in note 1.3, these events or conditions, along with the other matters as set forth in the note 1.3, indicate that a material uncertainty exists that may cast significant doubt on the Group's and the parent charitable company's ability to continue as a going concern.

Our opinion is not modified in respect of this matter.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

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TORBAY COAST & COUNTRYSIDE TRUST (A COMPANY LIMITED BY GUARANTEE)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TORBAY COAST & COUNTRYSIDE TRUST (CONTINUED)

Other information

The other information comprises the information included in the Trustees Report and Financial Statements other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Trustees Report and Financial Statements. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters 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 including the Strategic Report for the financial year for which the financial statements are prepared is consistent with the financial statements.

• the Trustees' Report and the Strategic Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report including the Strategic Report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

• the parent charitable company has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branches not visited by us; or

• the parent charitable company financial statements are not in agreement with the accounting records and returns; or

• certain disclosures 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 Trustees' Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary 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 assessing the Group's and the parent charitable company'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 Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

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TORBAY COAST & COUNTRYSIDE TRUST (A COMPANY LIMITED BY GUARANTEE)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TORBAY COAST & COUNTRYSIDE TRUST (CONTINUED)

Auditors' responsibilities for the audit of the financial 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 to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, we considered the following:

• the nature of the charity sector, control environment and the Group's and the parent charitable company’s performance;

• results of our enquiries of management and the Trustee board, including the committees charged with governance over the Group's and the parent charitable company’s finance and control, about their own identification and assessment of the risks of irregularities;

• any matters we identified having obtained and reviewed the Group's and the parent charitable company’s documentation of their policies and procedures relating to: identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;

• detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

• the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and

• the matters discussed among the audit engagement team and involving relevant internal charity specialists regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud, which included incorrect recognition of revenue, management override of controls using manual journal entries.

We also obtained an understanding of the legal and regulatory frameworks that the Group and the parent charitable company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Group's and the parent charitable company’s ability to operate or to avoid a material penalty. These included data protection regulations, occupational health and safety regulations, employment legislation, Charities SORP 2019 and FRS 102.

Our procedures to respond to risks identified included the following for the parent charitable company and subsidiaries, as was considered appropriate:

• reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

• reviewing the financial statement disclosures and testing to supporting documentation to assess the recognition of revenue;

• enquiring of management and those charged with governance concerning actual and potential litigation and claims;

• performing procedures to confirm material compliance with the requirements of its regulators;

Page 13

TORBAY COAST & COUNTRYSIDE TRUST (A COMPANY LIMITED BY GUARANTEE)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TORBAY COAST & COUNTRYSIDE TRUST (CONTINUED)

• performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

• reading minutes of meetings of those charged with governance and reviewing internal control reports;

• • in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; and

• assessing whether the judgements made in making accounting estimates are indicative of a potential bias.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Use of our report

This report is made solely to the charitable company's members, 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 charitable company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Mark Munro FCA (Senior Statutory Auditor) for and on behalf of

Bishop Fleming LLP Chartered Accountants Statutory Auditors 2nd Floor Stratus House Emperor Way Exeter Business Park Exeter EX1 3QS

Date:

Page 14

TORBAY COAST & COUNTRYSIDE TRUST (A COMPANY LIMITED BY GUARANTEE)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2023

Note Income from: Contributions, donations and legacies: 2 Contribution to estate management from Torbay Council Memberships, donations and legacies . Contributions, donations and legacies Charitable activities 3 Other activities: 4 Fundraising Trading activities Investments 5 Other Income 6 Total income Expenditure on: Raising funds Charitable activities 7 Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward	Restricted funds - Revenue 2023 £ - - - - - - - - - - 24,201 24,201 (24,201) 795,562 (24,201) 771,361	Restricted funds - Capital 2023 £ - - - - - - - - - - 68,322 68,322 (68,322) 2,226,348 (68,322) 2,158,026	Unrestricted funds 2023 £ 507,488 121,220 39,049 314,047 71,336 2,135,881 24 145,066 3,334,111 2,207,586 1,507,745 3,715,331 (381,220) 922,624 (381,220) 541,404	Total funds 2023 £ 507,488 121,220 39,049 314,047 71,336 2,135,881 24 145,066 3,334,111 2,207,586 1,600,268 3,807,854 (473,743) 3,944,534 (473,743) 3,470,791	Total funds 2022 £ 200,900 114,242 - 438,555 248,562 1,240,334 54 38,579 2,281,226 1,468,650 1,493,643 2,962,293 (681,067) 4,625,601 (681,067) 3,944,534

The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 20 to 45 form part of these financial statements.

Page 15

TORBAY COAST & COUNTRYSIDE TRUST (A COMPANY LIMITED BY GUARANTEE) REGISTERED NUMBER:03757410

CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2023

Note Fixed assets Tangible assets 11 Current assets Stocks 14 Debtors 15 Cash at bank and in hand Creditors: amounts falling due within one year 16 Net current liabilities Total assets less current liabilities Creditors: amounts falling due after more than one year 17 Provisions for liabilities Total net assets Charity funds Restricted funds: Restricted funds 19 Restricted funds - class ii 19 Total restricted funds 19 Unrestricted funds 19 Total funds	113,095 98,109 117,664 328,868 (776,944) 771,361 2,158,026	2023 £ 5,307,762 5,307,762 (448,076) 4,859,686 (1,384,011) (4,884) 3,470,791 2,929,387 541,404 3,470,791	133,034 126,809 235,014 494,857 (603,719) 795,562 2,226,348	2022 £ 5,445,865 5,445,865 (108,862) 5,337,003 (1,387,585) (4,884) 3,944,534 3,021,910 922,624 3,944,534

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements were approved and authorised for issue by the Trustees on _______ and signed on their behalf by:

Barbara King (Trustee)

The notes on pages 20 to 45 form part of these financial statements.

Page 16

TORBAY COAST & COUNTRYSIDE TRUST (A COMPANY LIMITED BY GUARANTEE) REGISTERED NUMBER:03757410

COMPANY STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 31 MARCH 2023

Note Fixed assets Tangible assets 11 Investments 13 Current assets Stocks 14 Debtors 15 Cash at bank and in hand Creditors: amounts falling due within one year 16 Net current liabilities Total assets less current liabilities Creditors: amounts falling due after more than one year 17 Total net assets Charity funds Restricted funds: Restricted funds - Capital 19 Restricted funds - Revenue 19 Total restricted funds 19 Unrestricted funds 19 Total funds	50,911 162,025 65,485 278,421 (612,458) 2,158,026 771,361	2023 £ 5,263,150 1,005 5,264,155 (334,037) 4,930,118 (1,384,011) 3,546,107 2,929,387 616,720 3,546,107	41,776 117,003 86,212 244,991 (502,225) 2,226,348 795,562	2022 £ 5,397,645 1,005 5,398,650 (257,234) 5,141,416 (1,387,585) 3,753,831 3,021,910 731,921 3,753,831

Page 17

TORBAY COAST & COUNTRYSIDE TRUST (A COMPANY LIMITED BY GUARANTEE) REGISTERED NUMBER:03757410

COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 MARCH 2023

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Barbara King

(Trustee)

Date:

The notes on pages 20 to 45 form part of these financial statements.

Page 18

TORBAY COAST & COUNTRYSIDE TRUST (A COMPANY LIMITED BY GUARANTEE)

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023

Note Cash flows from operating activities Net cash used in operating activities 22 Cash flows from investing activities Interests and rents from investments Purchase of tangible fixed assets Net cash used in investing activities Cash inflows from new borrowing New finance leases Repayments of finance leases Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year 23 The notes on pages 20 to 45 form part of these financial statements	2023 £ (58,757) - (106,317) (106,317) - 50,600 (2,876) (117,350) 235,014 117,664	2022 £ 1,025,057 54 (1,631,338) (1,631,284) 164,091 - - (442,136) 677,150 235,014

Page 19

TORBAY COAST & COUNTRYSIDE TRUST (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1. Accounting policies

1.1 COMPANY STATUS

The company is a company limited by guarantee. The members of the Trust are the Trustees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company.

1.2 BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Torbay Coast & Countryside 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.

The Consolidated Statement of Financial Activities (SOFA) and Consolidated Balance Sheet consolidate the financial statements of the Company and its subsidiary undertakings. The results of the subsidiary are consolidated on a line by line basis.

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Financial Activities in these financial statements.

Page 20

TORBAY COAST & COUNTRYSIDE TRUST (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1. Accounting policies (continued)

1.3 GOING CONCERN

There was an overall deficit for the year ended 31 March 2023 of £473,743 (2022: deficit £681,067). Net cash outflow for the year amounted to £117,350 (2022 £442,136) and at the year end the Group’s cash resources were severely depleted.

Whilst the Trust’s financial performance and standing continued to lag aspirations, the Trustees believe that signs of improvement, reflected in the results and cash flows, were evident as the capital works at Occombe farm were completed and the Park and Play visitor attraction finally opened alongside a number of initiatives to enhance the financial performance of the Farm Shop. The impacts of Covid 19 largely abated but inflationary and other adverse macro-economic pressures increased significantly over the period. The interim support of Torbay Council was critical, and provided the opportunity for the development of a more comprehensive new Business Plan, with its focus on new revenue streams alongside enhanced financial discipline and cash management, which has been implemented for the current financial year ending 31 March 2024.

Inflationary and recessionary pressures remain but management and Trustees continue to be encouraged by signs of progress. In the new financial year the Trust has operated substantially in line with budget and cash flow, although remaining tight, is better controlled. Small investments in growth initiatives have been possible and educational activities have been successfully relaunched, within the Park and Play operation. Other opportunities for new revenue streams have been identified by a largely new management team, for development as funds allow. This progress has been underpinned by revised funding arrangements with the Council, effective from April 2023 and part of the continuing and committed support and encouragement of the Council for the Trust’s operations.

Notwithstanding these signs of progress the Trustees recognise that significant challenges remain. However, having reviewed the position in some depth, including the budget for the year ending 31 March 2025 and related financial projections, and in the expectation of the continued support of the Council, the Trustees are satisfied that the Trust will have sufficient resources to meet its liabilities as they fall due for at least the next twelve months and that accordingly it is appropriate to prepare the Trust’s financial statements on a going concern basis.

However, the Trustees also acknowledge that, given the deficits incurred, the precarious financial position of the Trust and that ongoing council support is not guaranteed, a material uncertainty exists in relation to events or conditions that cast significant doubt on the Trust and Group’s ability to realise its assets and discharge its liabilities in the normal course of business and to continue as a going concern.

The financial statements do not reflect the adjustments that would be necessary should the ability of the Trust and Group to trade be jeopardised due to the material uncertainty.

Page 21

TORBAY COAST & COUNTRYSIDE TRUST (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1. Accounting policies (continued)

1.4 INCOME

All income is recognised once the Group has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Group has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Group, can be reliably measured.

Grants are included in the Consolidated Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Where the donated good is a fixed asset, it is measured at fair value, unless it is impractical to measure this reliably, in which case the cost of the item to the donor should be used. The gain is recognised as income from donations and a corresponding amount is included in the appropriate fixed asset class and depreciated over the useful economic life in accordance with the Group's accounting policies.

On receipt, donated professional services and facilities are recognised on the basis of the value of the gift to the Group which is the amount it would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the company; this is normally upon notification of the interest paid or payable by the Bank.

Page 22

TORBAY COAST & COUNTRYSIDE TRUST (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1. Accounting policies (continued)

1.5 EXPENDITURE

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.

Costs of charitable activities and Governance costs are costs incurred on the company's operations as included in note 3 and costs relating to the governance of the company apportioned to charitable activities.

1.6 BASIS ON CONSOLIDATION

The financial statements consolidate the accounts of Torbay Coast & Countryside Trust and all of its subsidiary undertakings ('subsidiaries').

The Trust has taken advantage of the exemption contained within 408 of the Companies Act 2006 not to present its own Income and expenditure account. The income and expenditure account for the year dealt with in the accounts of the Trust was a loss of £198,646 (2022: £369,466).

Page 23

TORBAY COAST & COUNTRYSIDE TRUST (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1. Accounting policies (continued)

1.7 TANGIBLE FIXED ASSETS AND DEPRECIATION

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following bases:

Freehold property	- 6 - 50 years straight line
Plant and machinery	- 8 - 10 years straight line
Motor vehicles	- 4 years straight line
Fixtures and fittings	- 4 - 5 years straight line
Other fixed assets	- Livestock assets are value annually by the
	directors

A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the statement of financial activities. Changes in the valuation of livestock are included in the statement of financial activities.

1.8 INVESTMENTS

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Consolidated Statement of Financial Activities.

Investments in subsidiaries are valued at cost less provision for impairment.

1.9 STOCKS

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

1.10 DEBTORS

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

1.11 CASH AT BANK AND IN HAND

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Page 24

TORBAY COAST & COUNTRYSIDE TRUST (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1. Accounting policies (continued)

1.12 LIABILITIES

Liabilities and provisions are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated Statement of Financial Activities as a finance cost.

1.13 DEFERRED TAXATION

Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.

A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable surpluses from which the future reversal of the underlying timing differences can be deducted.

Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.

Deferred tax is not provided on timing differences arising from the revaluation of fixed assets in the financial statements. Deferred tax assets and liabilities are not discounted.

1.14 FINANCIAL INSTRUMENTS

The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

1.15 FINANCE LEASES AND HIRE PURCHASE

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the Group. Obligations under such agreements are included in creditors, net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Consolidated Statement of Financial Activities so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Page 25

TORBAY COAST & COUNTRYSIDE TRUST (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1. Accounting policies (continued)

1.16 FUND ACCOUNTING

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

2. Income from donations and legacies

Unrestricted funds 2023 £ Contribution to estate management from Torbay Council 507,488 Donations 72,949 Legacies - Memberships 87,320 SUBTOTAL 160,269 667,757 TOTAL 2022 315,142	Total funds 2023 £ 507,488 72,949 - 87,320 160,269 667,757 315,142	Total funds 2022 £ 200,900 3,318 46,811 64,113
		114,242
		315,142

Page 26

TORBAY COAST & COUNTRYSIDE TRUST (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

3. Income from charitable activities

Unrestricted funds 2023 £ Grants 53,794 Education 21,297 Rents 47,857 Primary Trading 116,635 Other Incoming Resources 74,464 TOTAL 2023 314,047 TOTAL 2022 438,555	Total funds 2023 £ 53,794 21,297 47,857 116,635 74,464 314,047 438,555	Total funds 2022 £ 142,380 2,689 52,223 103,649 137,614
		438,555

The whole of the turnover is attributable to the principal activities of the parent and the subsidiaries.

All turnover arose within the United Kingdom.

4. Fundraising Income

Income from fundraising events

Restricted funds 2023 Unrestricted funds 2023 £ £ Revenues from fundraising - 71,336 TOTAL 2022 172,976 75,586 Income from non charitable trading activities Unrestricted funds 2023 £ Torbay Coast and Countryside Enterprises Limited 2,135,881 TOTAL 2022 1,240,334	Total funds 2023 £ 71,336 248,562 Total funds 2023 £ 2,135,881 1,240,334	Total funds 2022 £ 248,562
		Total funds 2022 £ 1,240,334

Page 27

TORBAY COAST & COUNTRYSIDE TRUST (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

5. Investment income

Investment income - bank interest Interest receivable TOTAL 2022 Other incoming resources Other operating income Lease surrender income TOTAL 2022	Unrestricted funds 2023 £ 24 - 24 54 Unrestricted funds 2023 £ 566 144,500 145,066 38,579	Total funds 2023 £ 24 - 24 54 Total funds 2023 £ 566 144,500 145,066 38,579	Total funds 2022 £ 53 1
			54
			Total funds 2022 £ 38,579 -
			38,579

6. Other incoming resources

Page 28

TORBAY COAST & COUNTRYSIDE TRUST (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

7. Analysis of expenditure on charitable activities

Summary by fund type

Restricted funds 2023 Unrestricted funds 2023 £ £ Property and land management costs - 408,006 Vehicle and farm machinery costs - 40,942 Auditor's remuneration - - Administration Costs - 255,459 Wages and Salaries 24,201 624,901 Depreciation 68,322 178,423 Governance Costs - 14 92,523 1,507,745 TOTAL 2022 108,866 1,384,777 8. Auditors' remuneration Fees payable to the Company's auditor for the audit of the Company's annual accounts 9. Staff costs Group Group 2023 2022 £ £ Wages and salaries 1,462,139 1,004,845 Social security costs 100,759 106,001 Contribution to defined contribution pension schemes 48,082 50,062 1,610,980 1,160,908	Total 2023 £ 408,006 40,942 - 255,459 649,102 246,745 14 1,600,268 1,493,643 2023 £ 20,000 Company 2023 £ 537,427 44,383 23,757 605,567	Total 2022 £ 395,245 45,320 15,500 251,101 542,864 243,613 -
		1,493,643
		2022 £ 15,500
		Company 2022 £ 456,270 36,217 21,900
		514,387

Page 29

TORBAY COAST & COUNTRYSIDE TRUST (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

9. Staff costs (continued)

The average number of persons employed by the Group during the year was as follows:

Charitable activities Trading activities Support staff; Costs of generating funds Support Staff; Charitable activities	Group 2023 No. 13 60 6 11 90	Group 2022 No. 23 33 9 6
		71

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

		Group	Group
		2023	2022
		No.	No.
In the band £60,001	- £70,000	1	-

The number of staff accruing pension benefits is 50 (2022: 34).

The total remuneration paid to key management personnel during the year was £229,970 (2022: £169,374).

Page 30

TORBAY COAST & COUNTRYSIDE TRUST (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

10. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2022 - £NIL).

During the year ended 31 March 2023, expenses totalling £NIL were reimbursed or paid directly to Trustee (2022 - £NIL).

11. Tangible fixed assets

GROUP

COST OR VALUATION At 1 April 2022 Additions At 31 March 2023 DEPRECIATION At 1 April 2022 Charge for the year At 31 March 2023 NET BOOK VALUE At 31 March 2023 At 31 March 2022	Land and buildings £ 5,564,402 49,081 5,613,483 903,992 111,233 1,015,225 4,598,258 4,660,410	Plant and equipment £ 1,843,417 - 1,843,417 1,419,121 71,954 1,491,075 352,342 424,296	Motor vehicles £ 228,590 - 228,590 215,045 6,567 221,612 6,978 13,545	Fixtures and fittings £ 815,039 65,238 880,277 609,395 63,407 672,802 207,475 205,644	Livestock £ 141,970 739 142,709 - - - 142,709 141,970	Total £ 8,593,418 115,058
						8,708,476
						3,147,553 253,161
						3,400,714
						5,307,762
						5,445,865

Page 31

TORBAY COAST & COUNTRYSIDE TRUST (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

11. Tangible fixed assets (continued)

COMPANY

COST OR VALUATION At 1 April 2022 Additions At 31 March 2023 DEPRECIATION At 1 April 2022 Charge for the year At 31 March 2023 NET BOOK VALUE At 31 March 2023 At 31 March 2022	Land and buildings £ 5,545,901 49,081 5,594,982 900,129 110,940 1,011,069 4,583,913 4,645,772	Plant and equipment £ 1,773,941 - 1,773,941 1,371,705 69,196 1,440,901 333,040 402,236	Motor vehicles £ 221,090 - 221,090 208,243 6,427 214,670 6,420 12,847	Fixtures and fittings £ 676,337 62,435 738,772 481,517 60,187 541,704 197,068 194,820	Livestock £ 141,970 739 142,709 - - - 142,709 141,970	Total £ 8,359,239 112,255
						8,471,494
						2,961,594 246,750
						3,208,344
						5,263,150
						5,397,645

12. Tangible fixed assets held under finance leases

The net book values of assets held under finance leases or hire purchase contracts, included above, are as follows:

	2023	2022
	£	£
Plant and equipment	87,925	56,747
Motor vehicles	6,423	11,021
Fixtures and fittings	50,600	-
TOTAL 2023	144,948	67,768

Page 32

TORBAY COAST & COUNTRYSIDE TRUST (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

13. Fixed asset investments

COMPANY COST OR VALUATION At 1 April 2022 At 31 March 2023	Investments in subsidiary companies £ 1,005
	1,005

Principal subsidiaries

The following were subsidiary undertakings of the Company:

Names	Company	Principal activity	Holding	Included in
	number			consolidation
Torbay Coast and Countryside	03855040	Restaurants and	100%	Yes
Enterprises Limited		cafés
South Devon Biomass Limited	07121496	Dormant	100%	Yes

The financial results of the subsidiaries for the year were:

	Income	Expenditure	Profit/(Loss)	Net assets
	£	£	/ Surplus/	£
			(Deficit) for
			the year
			£
Torbay Coast and Countryside	2,136,447	(2,366,125)	(229,678)	(518,940)
Enterprises Limited

The Registered office or principal place of business for both subsidiaries is Occombe Farm Preston Down Road, Preston, Paignton, Devon, TQ3 1RN.

14. Stocks

	Group	Group	Company	Company
	2023	2022	2023	2022
	£	£	£	£
Finished goods and goods for resale	113,095	133,034	50,911	41,776

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TORBAY COAST & COUNTRYSIDE TRUST (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

15. Debtors

DUE WITHIN ONE YEAR Trade debtors Amounts owed by group undertakings Other debtors Prepayments and accrued income	Group 2023 £ 17,789 - 6,958 73,362 98,109	Group 2022 £ 35,277 - - 91,532 126,809	Company 2023 £ 7,962 76,161 6,958 70,944 162,025	Company 2022 £ 25,673 - - 91,330 117,003

16. Creditors: Amounts falling due within one year

Other loans Trade creditors Other taxation and social security Obligations under finance lease and hire purchase contracts Other creditors Accruals and deferred income	Group 2023 £ 42,385 98,193 73,052 11,617 25,756 525,941 776,944	Group 2022 £ - 161,037 28,927 2,876 18,455 392,424 603,719	Company 2023 £ 42,385 37,050 43,104 11,617 25,756 452,546 612,458	Company 2022 £ - 73,725 27,831 2,876 18,455 379,338
				502,225

17. Creditors: Amounts falling due after more than one year

Other loans Net obligations under finance lease and hire purchase contracts	Group 2023 £ 1,336,812 47,199 1,384,011	Group 2022 £ 1,379,197 8,388 1,387,585	Company 2023 £ 1,336,812 47,199 1,384,011	Company 2022 £ 1,379,197 8,388
				1,387,585

Other loans and finance leases are secured against the assets to which they relate.

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TORBAY COAST & COUNTRYSIDE TRUST (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

Included within the above are amounts falling due as follows:

BETWEEN ONE AND TWO YEARS Other loans BETWEEN TWO AND FIVE YEARS Other loans OVER FIVE YEARS Other loans 18. Deferred taxation GROUP AND COMPANY At the beginning of the year The deferred tax liability is made up as follows: Accelerated capital allowances		Group 2023 £ 200,893 131,458 1,004,461		Group 2022 £ 158,047 131,458 1,089,692		Company 2023 £ 200,893 131,458 1,004,461 Group 2023 £ (4,884) (4,884)	Company 2022 £ 158,047 131,458 1,089,692 2023 £ 4,884 4,884 Group 2022 £ (4,884) (4,884)

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TORBAY COAST & COUNTRYSIDE TRUST (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

19. Statement of funds

Statement of funds - current year

UNRESTRICTED FUNDS DESIGNATED FUNDS Gillard Road Nature reserve (GRNR) Feed compensation fund Green burials UNRESTRICTED FUNDS Revaluation reserve South Devon Biomass capital fund Unrestricted capital funds Unrestricted revenue funds TOTAL UNRESTRICTED FUNDS*	Balance at 1 April 2022 £ 451,530 284,000 76,920 812,450 162,386 72,399 3,185,420 (3,310,031) 110,174 922,624	Income £ - - - - - - - 3,334,111 3,334,111 3,334,111	Expenditure £ (13,023) - - (13,023) - (1,906) (177,988) (3,522,414) (3,702,308) (3,715,331)	Transfers in/out £ - - - - (162,386) - 68,015 94,371 - -	Balance at 31 March 2023 £ 438,507 284,000 76,920 799,427 - 70,493 3,075,447 (3,403,963) (258,023) 541,404

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TORBAY COAST & COUNTRYSIDE TRUST (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

19. Statement of funds (continued)

RESTRICTED FUNDS - REVENUE 1. Wall Park offsite mitigation 2. EMEWS - GRNR associated ecological monitoring 3. Occombe - Habitat Compensation Scheme (grassland) 4. Cockington CP - Habitat Compensation Scheme (Cirl bunting) 5. Premier inn 6. EPIC / White Rock 7. Alfriston Road * 8. Yalberton Road	Balance at 1 April 2022 £ 42,597 39,244 61,147 74,544 26,493 34,312 84,901 432,324 795,562	Income £ - - - - - - - - -	Expenditure £ (4,415) (6,011) (4,915) (1,236) (369) (466) (1,289) (5,500) (24,201)	Transfers in/out £ - - - - - - - - -	Balance at 31 March 2023 £ 38,182 33,233 56,232 73,308 26,124 33,846 83,612 426,824
					771,361

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TORBAY COAST & COUNTRYSIDE TRUST (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

19. Statement of funds (continued)

RESTRICTED FUNDS - CAPITAL Berry Head - On The Edge Occombe Farm Project One Planet One Planet Occombe Re-development Occombe - Fingle Farm Barns Cycle Project HLF Cockington Green Heart Appeal Countryside Stewardship Wall Park Boardwalk RDPE TOTAL RESTRICTED FUNDS TOTAL OF FUNDS	Balance at 1 April 2022 £ 375,831 244,896 81,720 81,705 36,733 369,048 776,202 13,192 85,674 21,875 139,472 2,226,348 3,021,910 3,944,534	Income £ - - - - - - - - - - - - - 3,334,111	Expenditure £ (10,094) (6,839) (2,252) (1,993) (993) (9,704) (17,677) (5,238) (1,904) (3,125) (8,503) (68,322) (92,523) (3,807,854)	Transfers in/out £ - - - - - - - - - - - - - -	Balance at 31 March 2023 £ 365,737 238,057 79,468 79,712 35,740 359,344 758,525 7,954 83,770 18,750 130,969
					2,158,026
					2,929,387
					3,470,791

• Many of the Trust’s funds arise from commuted sums received in respect of long term agreements (arrived at through s106 and other mechanisms), for the delivery of ecological mitigation and compensation projects over 5-25 years. Through such agreements, the Trust receives an initial cash amount and assumes obligations to deliver an agreed Scheme of Management over a defined period. The amounts paid to the Trust are determined through calculation of the expected costs of fulfilling the obligations, appropriately discounted to current values. The terms of the agreements require the Trust to invest the sum received in order to generate sufficient resources to fully fund the obligations as they arise.

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TORBAY COAST & COUNTRYSIDE TRUST (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

19. Statement of funds (continued) Statement of funds - prior year Balance at 1 April 2021 £ UNRESTRICTED FUNDS DESIGNATED FUNDS Gillard Road Nature reserve (GRNR) 463,691 Feed compensation fund 288,000 Green burials 69,368 821,059 UNRESTRICTED FUNDS Revaluation reserve 162,386 South Devon Biomass capital fund 74,305 Unrestricted capital funds 1,754,058 Unrestricted revenue funds (1,144,007) 846,742 TOTAL UNRESTRICTED FUNDS* 1,667,801	Income £ - - 7,552 7,552 - - - 2,100,698 2,100,698 2,108,250	Expenditure £ (12,161) (4,000) - (16,161) - (1,906) - (2,835,360) (2,837,266) (2,853,427)	Transfers in/out £ - - - - - - 1,431,362 (1,431,362) - -	Balance at 31 March 2022 £ 451,530 284,000 76,920 812,450 162,386 72,399 3,185,420 (3,310,031) 110,174 922,624

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TORBAY COAST & COUNTRYSIDE TRUST (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

19. Statement of funds (continued)

RESTRICTED FUNDS - REVENUE 1. Wall Park offsite mitigation 2. EMEWS - GRNR associated ecological monitoring 3. Occombe - Habitat Compensation Scheme (grassland) 4. Cockington CP - Habitat Compensation Scheme (Cirl bunting) 5. Premier inn 6. EPIC / White Rock 7. Alfriston Road * 8. Yalberton Road	Balance at 1 April 2021 £ 46,752 63,360 65,773 75,707 26,840 34,752 86,114 437,500 836,798	Income £ - - - - - - - - -	Expenditure £ (4,155) (24,116) (4,626) (1,163) (347) (440) (1,213) (5,176) (41,236)	Transfers in/out £ - - - - - - - - -	Balance at 31 March 2022 £ 42,597 39,244 61,147 74,544 26,493 34,312 84,901 432,324
					795,562

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TORBAY COAST & COUNTRYSIDE TRUST (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

19. Statement of funds (continued)

RESTRICTED FUNDS - CAPITAL Berry Head - On The Edge Occombe Farm Project One Planet One Planet Occombe Re-development Occombe - Fingle Farm Barns Cycle Project HLF Cockington Green Heart Appeal Countryside Stewardship Wall Park Boardwalk RDPE TOTAL RESTRICTED FUNDS TOTAL OF FUNDS	Balance at 1 April 2021 £ 386,117 251,740 83,973 83,697 37,726 377,802 793,877 18,492 87,578 - - 2,121,002 2,957,800 4,625,601	Income £ - - - - - - - - - 25,000 147,976 172,976 172,976 2,281,226	Expenditure £ (10,286) (6,844) (2,253) (1,992) (993) (8,754) (17,675) (5,300) (1,904) (3,125) (8,504) (67,630) (108,866) (2,962,293)	Transfers in/out £ - - - - - - - - - - - - - -	Balance at 31 March 2022 £ 375,831 244,896 81,720 81,705 36,733 369,048 776,202 13,192 85,674 21,875 139,472
					2,226,348
					3,021,910
					3,944,534

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TORBAY COAST & COUNTRYSIDE TRUST (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

20. Summary of funds

Summary of funds - current year

Designated funds General funds Restricted funds Restricted funds - Class II	Balance at 1 April 2022 £ 812,450 110,174 795,562 2,226,348 3,944,534 Balance at 1 April 2021 £ 821,059 846,742 836,798 2,121,002 4,625,601	Income £ - 3,334,111 - - 3,334,111 Income £ 7,552 2,100,698 - 172,976 2,281,226	Expenditure £ (13,023) (3,702,308) (24,201) (68,322) (3,807,854) Expenditure £ (16,161) (2,837,266) (41,236) (67,630) (2,962,293)	Transfers in/out £ - - - - - Transfers in/out £ - - - - -	Balance at 31 March 2023 £ 799,427 (258,023) 771,361 2,158,026 3,470,791 Balance at 31 March 2022 £ 812,450 110,174 795,562 2,226,348 3,944,534
Summary of funds - prior year
Designated funds General funds Restricted funds Restricted funds - Class II

21. Analysis of net assets between funds Analysis of net assets between funds - current year

Tangible fixed assets Current assets Creditors due within one year Creditors due in more than one year Provisions for liabilities and charges TOTAL	Restricted funds 2023 £ - 771,361 - - - 771,361	Restricted funds - class ii 2023 Unrestricted funds 2023 £ £ 2,158,026 3,149,736 - (442,493) - (776,944) - (1,384,011) - (4,884) 2,158,026 541,404	Total funds 2023 £ 5,307,762 328,868 (776,944) (1,384,011) (4,884) 3,470,791

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TORBAY COAST & COUNTRYSIDE TRUST (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

21. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior year

Tangible fixed assets Current assets Creditors due within one year Creditors due in more than one year Provisions for liabilities and charges TOTAL	Restricted funds 2022 £ - 795,562 - - - 795,562	Restricted funds - class ii 2022 £ 2,226,348 - - - - 2,226,348	Unrestricted funds 2022 £ 3,219,517 (300,705) (603,719) (1,387,585) (4,884) 922,624	Total funds 2022 £ 5,445,865 494,857 (603,719) (1,387,585) (4,884) 3,944,534

22. Reconciliation of net movement in funds to net cash flow from operating activities

Net expenditure for the year (as per Statement of Financial Activities) ADJUSTMENTS FOR: Depreciation charges Dividends, interests and rents from investments Decrease/(increase) in stocks (Increase)/Decrease in debtors Increase in creditors NET CASH PROVIDED BY/(USED IN) OPERATING ACTIVITIES 23. Analysis of cash and cash equivalents Cash in hand TOTAL CASH AND CASH EQUIVALENTS	Group 2023 £ (473,743) 248,216 - 19,939 24,831 118,370 (62,387) Group 2023 £ 117,664 117,664	Group 2022 £ (681,067) 251,781 (54) (78,541) (36,267) 1,569,205 1,025,057 Group 2022 £ 235,014 235,014

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TORBAY COAST & COUNTRYSIDE TRUST (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

24. Analysis of changes in net debt

Cash at bank and in hand Debt due within 1 year Debt due after 1 year Finance leases	At 1 April 2022 £ 235,014 - (1,379,197) (11,264) (1,155,447)	Cash flows New finance leases £ £ (117,350) - (42,385) - 42,385 - 3,048 (50,600) (114,302) (50,600)	At 31 March 2023 £ 117,664 (42,385) (1,336,812) (58,816)
			(1,320,349)

25. Pension commitments

The group operates a defined contribution pension scheme administered by Scottish Widows.

During the year the group paid £40,026 (2022: £28,509) into a defined contribution pension scheme and £8,056 (2022: £7,472) into a defined benefit pension scheme.

Included in creditors is £10,714 (2022: £6,964) owing to these schemes in respect of employer and employee contributions payable.

Torbay Coast & Countryside Trust is also an admitted body in the Devon County pension scheme with 1 member (2022: 1). The scheme is a multi-employer final salary scheme which is currently showing a deficit.

No information regarding the amount of deficit attributable to the employese of the Trust is available and therefore the financial statements have not been adjusted to reflect any potential liability of the Trust in respect of any deficit of the Pension Scheme.

It is the Trust's understanding that any additional cost to be incurred by the Trust as a consequence of any Actuarial valuation to reduce any deficit in respect of its employees may be funded by Torbay Council by amending the service level agreement that is in place with the Council and that, in the event of a claim against the Trust for any part of the deficit, Torbay Council would underwrite this part of the liability as part of the "Pass Through" arrangements that the Council operates.

26. Operating lease commitments

At 31 March 2023 the Group and the Company had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

			Group	Group	Company	Company
			2023	2022	2023	2022
			£	£	£	£
Within	1	year	-	1,078	-	1,078

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TORBAY COAST & COUNTRYSIDE TRUST (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

27. Finance lease commitments

At 31 March 2023 the Group and the Company had commitments to make future minimum lease payments under non-cancellable finance leases as follows:

	Group	Group	Company	Company
	2023	2022	2023	2022
	£	£	£	£
Within 1 year	11,617	10,954	11,617	10,954
Between 1 and 2 years	15,383	11,264	15,383	11,264
Between 2 and 5 years	31,816	-	31,816	-
TOTAL 2023	58,816	22,218	58,816	22,218

Finance lease liabilites are secured against the assets to which they relate.

28. Related party transactions

The Trust has taken advantage of the exemption under FRS 102 from disclosing transactions and balances between the Trust and its subsidiary undertaking, which have been eliminated on consolidation.

Payments totalling £7,494 (2022: £Nil) have been made to a company owned by a Trustee. These payments were made after the Trustee resigned in the year, and the Trustee resigned as a result of the services they were planning to offer the Trust.

Page 45