virtuals￿n81vre Transaclior* Rel. RFVY-FI. The Slrategic Risk Register includes all Governance, Financial, Management, Operational. Repulalional, Health & Safety and Compliance Risks. which are deemed to have the potential to jeopardise the overall viability (operational andlor financial) of the organisation andlor significantty impair the organisation's ability to deliver its charitable purposes. The principal risks on the Strategic Risk Register al the end of March 2024 identified as fequiring further action were as follows.. Governance We continue to recrult additional trustees to strengthen the board's capacity and range of expertise, as and when required. Financial Cash flow remains a major concern due to minimal reserves. Accurate, relevant and timely Financial Reporting remains of paramount importance to enable the Trustees to make infomied assessments. Management Over reliance on limited resources to drive foNiards fijrther development and improvement of the organisation. Limiled resources for the recruitment and coordination of volunteers; volunteers are vital for the Trust to deliver charitable purposes. Operational Compliance - a full Internal audit is required to ensure the organisation is compliant in areas such as IT and health & safety to reduce potential risk. INVESTMENT POLICY AND PERFORMANCE The Trust's policy has been to place surplus cash funds in Short term investments with reputable institutions, for example bank notice deposits. The trustees recognised that unattractive concentrations of funds may arise and that investment returns may not match those available on longer term andlor higher risk strategies. Certain of the funds described as either restricted or designated (for example those provided under s106 arrangements) have been received by the Trust wilh the requiremenl thal they are invested in order to produ a return on investment sufficient to fully fund the obligations of the related agreements. Recognising the need to obtsin a better return than was possible for cash deposits, the Trust determined that it should invest a significant part of its restricted and designated funds into one or more schemes that would provide the required rate of return to fully fund the obligations arising from the agreements. Trustees believed that the redevelopment at Occombe would meet these requirements and investment of the cash balances representing the restricted and designated funds complemented external funding in financing the redevelopment of Occombe. Page 6 Virtualsignalure Transacknon Rel. RFVY.FKF2.7Y83 19 Dec 2024 16..41'.44 GMT (UTC +0) D 515 P 9146 TORBAY COAST & COUNTRYSIDE TRUST (A COMPANY UMITED BY GUARANTEE) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 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 conservats'on, protection and improvement of the physical, natural and built environment and heritage of Torbay and the surrounding area. Method of Appointment or Election ol 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 seniice specified. The Memorandum and Articles provides that there must be a minimum ofthree trusteeswith no maximum specified and that a third ofthe trustees (those of longest service) shall retire at each AGM but that they may stand for immediate reryelection at that AGM. The Board of Trustees has the power to Co￿p1 further members and obseNers to the board in be￿een AGMS in order to secure specialist expertise or to gain experien¢e. 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 fomial nominats'on to become trustees at the AGM. Ilvhen 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 soughl by word of mouth, open advertisement or through existing members. Prospective trustees are initially interviewed informally by the Chair. Depuly 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 Iruslees are then invited to submit a formal nomination. which must be supported by ai least existing trustees, for consideration at the next AGM. The trainin9 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'swork 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. Organlsational Structure and Declslon Making The Board of Trustees normally meets quarterly. The Board establishes an overall framework for the governance of the Charity and detemines membership, terns of reference and procedures of committees and other groups. It receives reports including policies from its committees for rats'fication. It rnonitors the activities of the committees through the minutes of their meetings. The Board may from time to time establish other working groups to perfonn specific tasks over a limited timescale. Page 7 virtuals￿n81u￿ Transaclion Ref. RFVY-FKF2-7Y83 19 Dec 2024 16..41.'44 GMT (UTC +0) D 515 P 10146 TOR8AY COAST & COUNTRYSIDE TRUST (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 There are four committees as follows.. Finance Committee meets monthly and monitors financial and business perfonnance (including compliance with reporting and regulatory requirements). It also incorporates many of the responsibilities of an Audit Committee. Land & Coast Committee - meels approximately quarterly prior to each full board meeting. To assist and guide a Co￿rdinated approach to the management of the Trust's land, adjoining coastline and buill assets Commercial Committee - to oversee and advise the board of trustees on all matters related to the commercial activities of the charity, ensuring alignment with the organisation's mission, values, and regulatory requirements Governance Committee meets quarterly To monitor and seek continuous improvement in the perfonnance of the Board, Trustees and the CEO and introduce processes and policies which hold the Trust accountable for its performance and behaviours The following decisions are resenied 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 Chairperson andlor Vice Chairperson, to approve the Annual Development Plan and budgel. The Trustees are responsible for setting strategic priorities, general policy, adopting the annual plan and budget, approving the stalutory accounts and monitoring charitable delivery. The Trustees are responsible for makin9 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 which includes the CEO, Group Financial Controller, Farm & Estates Manager and General Manager. Related Party Relationshlps 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 8oard of Trustees in the same way as any other contractual relationship with related paty. No trustees received direct payment during 2023-2024. 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 Farm Park and Play, Fam Shop and Cafe activits'es, 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 WCK)dland). The Trust periodically approaches existing members and supporters (those signed up to our newsletter) for contributions lo specific projects. The Trust does invite people to leave legacies in their will through infomiation on our website and a leaflet periodically distributed to solicitors. The Trust has engaged fundraising consultants to prepare and submit applicats'ons to grant-making trusts for contributions towards the costs of regenerating Occombe Fam. Page 8 Vw¢ualSlgnalur8 Tran$8¢1ion Rel. RFVY-FKF2-7Y83 19 08c 2024 10'.41..44 GMT iurc +0) D $15 P 11146 TORBAY COAST & COUNTRYSIDE TRUST (A COMPANY UMITED BY GUARANTEE) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 TRUSTEES. RESPONSIBILITIES STATEMENT The Truslees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees, Report and the financial statemenls 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 year. 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 expendilure, for that period. In preparing these financial statements, the Trustees are required to.. select suitable accountlng policies and then apply them consistently: observe the methods and principles of the Charities SORP (FRS 102)., makejudgmenls 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 explaln 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 Ihe Group and the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities DISCLOSURE OF INFORMATION TO AUDITORS Each of the persons who are trustees at the time when this Trustees report is approved has confimed 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 infomiation SMALL COMPANIES NOTE In preparing this report. the directors have taken advantage of the small companies exemptions provided by section 41 SA 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 Chair of Trustees Date.. 19 December 2024 Page 9 VirtualSignalur8 Transaclv)n Ref. RFVY-FKF2-7Y83 79 Dec 2024 16..41-.44 GMT (UTC +0) 0 515 P 12146 TORBAY COAST & COUNTRYSIDE TRUST (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITORS. REPORT TOTHE 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 2024 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 preparalion 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 2024 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 Unrted Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance wilh the requirements of the Companies Act 2006. Basis for op5nlon We conducted our audrt in a¢¢ordance wrth Intemational Standards ori Audrting (UK) {ISAs (UKI) 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. Materlal 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 2024 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 compan￿$ abilty to continue as a going concern. Our opinion is not modified in respect of this matter. Other Infomiatlon The other information comprises the infomiation 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 infomation 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 fomi of assurance conclusion thereon. Our responsibility is to read the other infomation and, in doing so, consider whether the other infomiation is materially inconsistent wilh the financial statements or our knowledge obtained in the course of the audit, or olhemise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to detemine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have perfomied, 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. Page 10 VirfualSNJnalur¢ Transac￿On Rel. RFVY-FKF2-7Y83 19 Oec 2024 16..41.'44 GMT iurc +01 0 515 P 13146 TORBAY COAST & COUNTRYSIDE TRUST (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF TORBAY COAST & COUNTRYSIDE TRUST {CONTINUED) Oplnlon on other matters pr•$cribed by the Companles Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the infomation 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 whlch we are required to report by excepllon 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 rf, in our opinion.. the parent charitable company ha8 not kept, adequate and sufficient accounling records, or retums 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 accountlng 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. Responslbilities of trustees As explained more fully In the Trustees. Responsibilities Statement, the Trustees (who are also the directors of the chariiable company for the purposes of company law) are responsible for the preparation of the financial slatements and for being satisfied that they give a true and fair view, and for such inlernal control as the Trustees detemine is necessary to enable the preparation of financial siatements 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 companvs ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concem 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. Page11 trtU8lSwJnalure Transaction Ref. RFVY-FKFZ-7Y83 19 Dec 2024 16..41..a4 GMT (UTC +0) D SIS P 14M6 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 financlal statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstalement, whether due to fraud or error, and to issue an Audilors, 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 malerial 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. 12. Tanglble fixed assets GROUP Flxtures and flttings Land and buildings Plant and Motor equipment vehicles Llvestock Total COST OR VALUATION At 1 April 2023 Additions Disposals 5,613,483 1,843,417 20,598 228,590 880,276 142.709 8,708.475 20.598 {478.348) 1459,509) 118,839) At 31 March 2024 5,153,974 1,864,015 228.590 880,276 123.870 8.250,725 DEPRECIATION At 1 April 2023 Charge for the year On disposals 1,015,225 58,499 1170,973) 1,491,074 221.612 115,921 6.531 672,802 66,795 3,400,713 236,746 1170.973) At 31 March 2024 902.751 1.606,995 228,143 728,597 3,466,486 NET BOOK VALUE At 31 March 2024 4,251,223 257,020 447 151,679 123,870 4,784.239 At 31 March 2023 4.598.258 352,343 6.978 207,474 142,709 5,307,762 Page 30 Virtualsignalure Transac11￿ Rel. RFVY-FKF2-7Y83 19 Dec 2024 16..41..44 GMT (UTC 4010 515 P 33146 TORBAY COAST & COUNTRYSIDE TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 12. Tangible fixed assets {CONTINUED) COMPANY Fixturos and fittings Land and buildlngs Plant and equlpment Motor vehlcles Llvestock Total COST OR VALUATION At 1 April 2023 Addition8 Disposals 5,594.982 1.773,941 20,598 221,090 738,772 142,709 8,471,494 20,598 118,839) {478,348) (459.509) At 31 March 2024 5,135.473 1,794,539 221,090 738,772 123,870 8,013,744 DEPRECIATION At 1 April 2023 Charge for the year On disposals 1,011,069 1,440,901 214,670 541,704 3,208,344 58,212 {170,973) 113.508 6,420 53.193 231,333 (170.973) At 31 March 2024 898,308 1,554,409 221,090 694,897 3,268,704 NET BOOK VALUE At 31 March 2024 4,237,165 240,130 143,875 123,870 4,745,040 At 31 March 2023 4,583,913 333,040 6,420 197,068 142,709 5,263,150 13. 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: 2024 2023 Plant and equipment Motor vehicles Fixlures and fittings 72,071 87,925 6,423 50,600 42,528 TOTAL 2024 114,599 144,948 Page 31 Virtuals￿n81Ur¢ Tran5athton Rel. RFVY.FKF2-7Y83 19 Dec 2024 16..41."44 GMT IUTC +0) D 515 P 34148 TORBAY COAST & COUNTRYSIDE TRUST (A COMPANY UMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 14. Fixed asset Investments Investments In subsldiary companies COMPANY COST OR VALUATION At 1 April 2023 Disposals 1,005 At 31 March 2024 1,000 Prfnclpal subsldlarl•$ The foll¢)wing was a subsidiary undertaking of the Company.. Name Company number Princlpal activlty Holdlng Included in consolldatlon Torbay Coast and Countryside Enterprises Limited 03855040 Restaurants and cafés The Registered office or principal place of business for the subsidiary Is O¢¢ombe Fami Preston Down Road, Preston. Paignton, Devon, TQ3 1 RN. 15. Stocks Group 2024 Group 2023 Company 2024 Company 2023 Finished goods and g¢)ods for resale 150,165 113,095 92,197 50,911 Page 32 W*tvalSKJn8lui8 Tran5￿Cl10n R¢f. RFVY-FKF2-TY83 19 D8c 2024 16'.41.'44 GMT (UTC +01 D SS P 35146 TORBAY COAST & COUNTRYSIDE TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 16. Debtors Group 2024 Group 2023 Company 2024 Company 2023 DUE WITHIN ONE YEAR Trade debt¢rs Amounts owed by group undertakings Other debtors Prepayments and accrued income 27,296 17,789 19,117 7,962 76,161 6,958 70,944 $4,822 89,771 8,958 73,362 64,822 79,815 171,889 98,109 153,754 162.025 17. Croditors: Amounts falling due wlthln one year Group 2024 Group 2023 Company 2024 Company 2023 other loans Trade creditors Other taxation and social security Obligations under finance lease and hire purchase contracts Other creditors Accruals and deferred income 41.264 213,389 68,124 42,385 98,193 73,052 41,264 148,751 24,493 42,385 37,050 43,104 9,871 26.232 621.643 11,617 25,756 525,941 9.871 26.232 542,329 11.617 25.756 452,546 980,S23 776,944 792.940 612,458 Page 33 Virtualsignalure Tfan5aclion Ref. RFVY-FKF2-7Y83 19 Dec 2024 16."41."44 GMT (UTC +0) D 515 P 36146 TORBAY COAST & COUNTRYSIDE TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 18. Credltors: Amounts falllng due after more than one year Group 2024 Group 2023 Company 2024 Company 2023 Other loans Nel obligations under finance lease and hire purchase contracts 1,270,608 1,336,812 1.270,608 1,336,812 37,028 47,199 37.028 47,199 1,307,636 1,384,011 1.307,636 1,384.011 Other loans and finance leases are secured against the assets to which they relate. Included within the above are amounts falling due as follows.. Group 2024 Group 2023 Company 2024 Company 2023 BETWEEN ONE AND TWO YEARS Other loans 187.997 200,893 187,997 200.893 BETWEEN TWO AND FIVE YEARS Other loans 116,300 131,458 116,300 131,458 OVER FIVE YEARS Cxher loans 966,311 1,004.461 966,311 1,004,461 19. Deferred tsxatlon GROUP AND COMPANY 2024 At tha beginning of the year other movements 4,884 290 5,174 The deferred tax liabilty is made up as follows., Group 2024 Group 2023 Accelerated capital allowances (5,174) (4,884) (5,174) (4.884) Page 34 VirtualSvJna1u￿ Transaciion Ref. RFVY.FKF2-7Y83 19 Oe¢ 2024 16..41'.44 GMT (UTC +0) 0 515 P 37146 TORBAY COAST & COUNTRYSIDE TRUST (A COMPANY LIMITED BY GUARANTEE> NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 20. Statement of funds Statement of funds - current year Balance at 31 March 2024 Balance at 1 April 2023 Transfers inlout Income Expenditure UNRESTRICTED FUNDS DESIGNATED FUNDS Gillard Road Nature reserve {GRNR) ' Feed compensation fund Green burial$ 438,507 284,000 76,920 438,507 284,000 142.326 100,930 (3S,524) 799,427 100,930 (35,524) 864,833 UNRESTRICTED FUNDS South Devon Biamass capital fund Unrestricted capital funds Unrestricted revenue funds 70,493 (1,9061 3,075,447 {262,442 {3,403,963) 3,015,399 13,073,727) 68,587 1,759 2,814,764 11,759) 13,464,050) 1258,023) 3,015,399 13.338,075 {580.699) TOTAL UNRESTRICTED FUNDS 541.404 3,116,329 13.373,S991 284,134 Page 35 VirtualSKJnatuie Transaciion Ref. RFVY-FKF2-7Y83 19 Oec 2024 18."41.44 GMT (UTC +0) 0 &15 P 38146 TORBAY COAST & COUNTRYSIDE TRUST (A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 20. Statement of funds (continued) Balance at 31 March 2024 Balance at 1 April 2023 Transfers Inlout Incom• Expendlture 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 I White Rock. 7. Alfriston Road 8. Yalberton Road 38,182 38,182 33,233 33,233 56.232 56,232 73,308 26,124 33,846 83,612 426,824 73,308 26,124 33,846 83,612 426,824 771,36 771,361 Page 36 virtuals￿nature Transathion Rel. RFVY-FKF2-7Y83 19 Oec 2024 16..41'.44 GMT IVTC 401 D $15 P 39146 TORBAY COAST & COUNTRYSIDE TRUST (A COMPANY UMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 20. Stalement of funds (contlnued) Balance at 31 March 2024 Balance at I April 2023 Transfers inlout Income Expenditure RESTRICTED FUNDS - CAPITAL Berry Head - On The Edge Occombe Fami Project One Planet One Planet Occombe Re-development Occombe- Fingle Farm Barns Cycle Project HLF Cockington Green Heart Appeal Countryside Slewardship Wall Park Boardwalk RDPE 366,737 (14,052 351,685 238,057 79,468 79,712 35,740 359,344 {194,007 <2,252 {1,993 (993 (8,662) 44.050 77.216 77,719 34,747 350,692 758,525 7,954 83,770 18,750 130,969 {17,678 13,979 (1,904 {3,125 {8,503 740.847 3.975 81.866 15.625 122.466 2,158,026 {257.138 1,900.888 TOTAL RESTRICTED FUNDS 2,929.387 (257,138) 2,672,249 TOTALOF FUNDS 3,470,791 3,116,329 13,630,737) 2.956.383 Many of the Tru$t'$ 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 Twst 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 detennined through calculation of the expected costs of fulfilling the obligations, appropriately discounted to current values. The tems 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. Page 37 Virtvalswjnaiure Tfansaction Rel. RFVY-FKF2-7Y83 19 Oe¢ 2024 16..41..44 GMT ILtTC +01 0 515 P 40146 TORBAY COAST & COUNTRYSIDE TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 20. Ststement of funds (continued) ststement of funds - prlor year Balance at 31 March 2023 Balance at 1 April 2022 Transfers inlout Income Expenditure UNRESTRICTED FUNDS DESIGNATEO FUNDS Gillard Road Nature reserve (GRNR) ' Feed compensation fund Green burials 451,530 284,000 76,920 {13,023) 438,507 284.000 76,920 812,450 {13,023) 799,427 UNRESTRICTEO FUNDS Revaluation reser￿8 South Devon Biomass capital fund Unrestricted capital fund$ Unrestrtcted revenue funds 162,386 (162.386) 72,399 {1,906) 3,185,420 (177,988) (3.310.031) 3,334,111 (3,522,414) 70,493 3,075,447 (3,403,963) 68,015 94,371 110,174 3,334,111 (3,702,308) (258,023) TOTAL UNRESTRICTED FUNDS 922,624 3,334,111 (3,715,331) 541,404 Page 38 ViriuolSwJnalU￿ Tian5Xtion Rel. RFVY.FKFZ-7Y83 19 20?4 16.41..44 GMT (UTC +0) D $15 P 41146 TORBAY COAST & COUNTRYSIDE TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 20. Statement of funds (continued) Balance at 31 March 2023 Balance at 1 April 2022 Transfers inlout Income Expenditure RESTRICTED FUNDS - REVENUE 1. Wall Park offsite mltigation ' 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 I White Rock ' 7. Alfriston Road ' 8. Yalberton Road 42,597 (4,415) 38,182 39,244 (6,011) 33,233 61,147 (4,915) 56,232 74,544 26,493 34,312 84,901 432,324 (1,236) (369) (466) (1,289) {5,500) 73,308 26,124 33,846 83,612 426,824 795,562 {24,201) 771,361 Page 39 VirtualSKJnalure Trans8ciion Rel. RFVY.FKF2-7Y83 19 Oec 2024 16..41..44 GMT IUTC +0) 0 515 P 42146 TORBAY COAST & COUNTRYSIDE TRUST (A COMPANY UMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 20. Statement of funds (continued) Balance at 31 March 2023 Balance at 1 April 2022 Transfers inlout Income Expenditure RESTRICTED FUNDS - CAPITAL Berry Head- On The Edge O¢combe Farm Project One Planet One Planet Occombe Re4evelopment Occombe - Fingle Farm Barns Cycle Project 'HLF Cockington Green Heart Appeal Countryside Stewardship Wall Park Boardwalk RDPE 375,831 {10,094) 365,737 244,896 81,720 81,705 36,733 369,048 {6,839) {2,252) {1,993) (993) (9,704) 238,057 79,468 79,712 35,740 359,344 776,202 13,192 85,674 21,875 139,472 {17,677) (5.238) (1.904) (3.125) (8.503) 758,525 7,954 83.770 18,750 130,969 2,226,348 (68.322) 2,158.026 TOTAL RESTRICTED FUNDS 3,021.910 (92,523) 2,929.387 TOTALOF FUNDS 3,944,534 3.334.111 (3,807,854) 3,470,791 Page 40 VirtualSwJn8lure Transaeiion R81. RFVY-FKF2-7Y83 19 Oec 2024 16..41..44 GMT (UTC +0) D YS P 43146 TORBAY COAST & COUNTRYSIDE TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 21. Summary of funds Summary of funds- current year Balance at 31 March 2024 Balance at 1 Aprll 2023 Tr•n$f•rs inlout Income Expenditure Designated funds General funds Restricted funds Restricted fixed asset funds 799.427 100.930 {35,524) 1258,023) 3.015.399 13.338.075) 771.361 2.158,026 864,833 (580.6991 771,361 1.900.888 (2S7.138) 3,470,791 3,116,329 13,630,737) 2.956,383 Summary of funds- prlor yéar Balance at 31 March 2023 Balance at 1 April 2022 Transfers inlout Income Expenditure Designated funds General funds Restricted funds Restricted fixed asset funds 812,450 110,174 795,562 2,226,348 (13,023) (3,702,308) (24.201) (68,322) 799,427 (258,023) 771,361 2,158,026 3,334,111 3,944,534 3,334,111 {3,807,854) 3,470,791 22. Analysls of net assets between funds Analysis of net assets between funds - current period Restricted Restricted fixad asset Unrestrlcted funds funds funds 2024 2024 2024 Total funds 2024 Tangible fixed assets Current assets Creditors due %*ithin one year Creditors due in more than one year Provisions for liabilities and charges 1,900,888 2,883,351 4,784.239 (305,884) 465,477 (980,523) (980,523 {1,307,636) 11.307.636) (5,174) 15.1741 771,361 TOTAL 771,361 1,900,888 284,134 2,956.383 Page 41 Virtualsignalure Tsansa¢tion Rel. RFVY-FKF2-7Y83 19 2024 1E..41..44 GMT (UTC +0) D $15 P r11146 TORBAY COAST & COUNTRYSIDE TRUST IA COMPANY UMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 22. Analysls of net assets between funds {CONTINUED) Analysis of net assets between funds - prior period Restricted Restricted fixed asset Unrestricted funds funds funds 2023 2023 2023 Total funds 2023 Tangibl& fixed assets Current assets Creditors due within one year Creditors due in more than one year Provisions for liabilities and charges 2,158,026 3,149,736 5,307,762 (442,493) 328,868 {776,944) (776,944) (1.384,011) (1,384,011) (4,884) (4,884) 771,361 TOTAL 771,361 2,158,026 541.404 3,470,791 23. Penslon ¢ommitm•nts The group operates a defined contribution pension scheme administered by Scottish Widows. During the year the group paid £46,206 (2023: £40,026) into a defined contribution pension scheme and £7,896 (2023: £8056) into a defined benefit pension scheme. Included in creditors is £11,190 (2023.. £10,714) 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 (2023.. 1 }. The scheme is a multiomployer final salary scheme which is currently showing 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 underwrile this part of the liabilty as part of the "Pass Through" arrangements that the Council operates. Page 42 virtualSKjna￿￿ Trafisaclion Ref. RFVY-FKF2-7Y83 19 Dec 2024 16..41.'44 GMT (UTC +0) 0 515 P 45146 TORBAY COAST & COUNTRYSIDE TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 24. Operatlng lease commltments At 31 March 2024 the Group and the Company had commitments to make future minimum lease payments under non