2022-01-31-accounts

TS
N							Page
CHAIRMAN'S		REPORT
OUR	PURPOSE, OBJECTIVES AND ACTIVITIES
		Statement ofregard for	CC's	guidance	on public	benefit
		Charitable purpose
		Key activities
		Meeting our alms and obJectives
		Campaigns
		Measuring our success
STRATEGIC		REPORT
	ACHIEVEMENTS AND PERFORMANCE
		Public Access
		Conservation and Education
		Recreati on
		Fundraising
	FINANCIAL REVIEW						10
		impact ofCovid					11
		Reserves policy					11
		Principal funding sources					12
		Principal Risks and Uncertainties					12
		Post Balance Sheet Event					13
	PLANS	FOR THE FUTURE					14
	STRUCTURE AND GOVERNANCE						15
		Relationship vvlth Subsidiary		Companies			15
		Recruitment and Appointment		ofTrustees			15
	REFERENCE AND ADMINISTRATIVE		DETAILS				16
	RESPONSIBILITY OF TRUSTEES
	AUDITOR'S REPORT						18-21
FINANCIAL STATEMENTS							22-50

				Unrestricted	Restricted	Restricted	Total	Total
					Fund:	Fund:	2022	2021
					Wheal	Other
					Martyn
			Note
Income
Donations and Grants			4	130,147	22,971	4,010	157,128	155,981
Charitable activities				1,280,854	336,913	935,783	2,553,550	1,969,872
Other trading activities
Commercial trading				2,344,067	167,514		2,511,581	1,812,696
Other				5,272			5,272	14,133
Investment income				44,767	2,502		47,269	47,971
Negative goodwill written	back				47 249		47 249	47,249
Total income				3,805,107	577,149	939,793	5322,049	4 047 902
Expenditure
Costs of raising funds
Commercial / other trading			6	1,796,135	146,001		1,942,136	1,542,319
Other fundraising costs				120,667			120,667	87,411
Expenditure on charitable	activities		8	1 232 316	447 685	947319	2 627,320	1 918940
Total expenditure				3 149 118	593686	947319	4690123	3548,670
Net loss on investment				(45,000)			(45,000)
Net income / (expenditure)		for the
year before transfers				610,989	(16,537)	(7,526)	586,926	499,232
Transfer between funds				(122,747)		122,747
Net movements in funds	before
Tax				488,242	(16,537)	115,221	586,926	499,232
Taxation								(442)
Net Movement in funds	- after
Tax				488,242	(16,537)	115,221	586,926	498,790
Reconciliation offunds
Total funds brought forward			19	1,367,207	1,254,640	1,671,530	4,293,377	3,794,587
Total funds carried forward				1 8 5449	. 1 238 103	1 786 751	4880303	293 377

					2022		2021
				Note	Consolidated F	Charity f	Consolidated f	Charity F
Fixed assets
Intangible assets				12	(377,988)		(425,237)
Tangible assets				13	3,389,009	1,816,149	3,402,207	1,878,677
Investment property				14	175,000	175,000	220,000	220,000
Investments						100		100
					3,186,021	1,991,249	3,196,970	2,098,777
Current assets
Stocks				15	45,525		92,989
Debtors				16	970,939	1,504,932	841,053	928,004
Cash at bank and	in	hand			1,837,886	471,086	1,673,175	618,719
					2,854,350	1,976,018	2,607,217	1,546,723
Creditors: amounts		falling
due within one	year			17	(1,135,401)	(390,739)	(1,273,810)	(637,887)
Net current assets					1 718,949	1 585 279	1 333407	908,836
Total assets less	current
liabilities					4,904,970	3,576,528	4,530,377	3,007,613
Creditors: amounts		falling due
after more than one		year		18	(24,667)		(237,000)
Net assets					4 880303	3576,528	4 293 377	3 007613
Funds
Restricted fund: Wheal			Martyn
Trust				19	1,238,103		1,254,840
Restricted funds:	other			19	1,786,751	1,786,751	1,671,530	1,671,530
Unrestricted funds				19	1,855,449	1,789,777	1,367,207	1,338,083
Total charity funds					4 880,303	3576 528	4293 577	3,007613
Approved and authorised for issue by the behalf by: 5oh~ Lee (rvo(iY~tx~ Registered company number 3945529				~kU			and signed on their

ar ended 31 January	20	21
				2022	2021
			Note	6	f
Cash Inflow from operating activities			23	445,269	1,210,312
Cash flows from Investing
activities
Interest and rents from investments				44,767	47,996
Proceeds from sale of tangible		fixed		47,158	12,459
assets
Purchase of tangible fixed assets				(317,550)	(468,073)
Cash used In investing activities				(225,625)	(407,618)
Cash flows from financing
activities
Repayment of bank loan				(54,933)
Bank loan					237,000
Cash used in financing activities				(54,933)	237,000
(Decrease) I increase in cash		and		164,711	1,039,694
cash equivalents in the year
Cash and cash equivalents	at	the		1,673,175	633,481
beginning ofthe year
Total cash and cash equivalents at the end ofthe year				1,837,886	1,673,175

n is calc	ulated so as to	write off the	cost of an asset over
Freehold	buildings	- straight	line over 25 years
Leasehold	buildings	- straight	line over 5 —25 years
Fixtures and fittings		—straight	line over 3 —25 years
Plant and	machinery	—straight	line over 3 —10years
Motor vehicles		- straight	line over 3 - 5 years
Computer	equipment	- straight	line over 3 —10years

he summar	y	financi	al perf	ormance ofthe charity alone	is:
					2022 f.	2021f
Income					2,914,214	2,108,424
Expenditure		on charitable		activities	(2,300,299)	(1,699,475)
Net loss on		investment			(45,000)
Net expenditure					568,915	408,949
Total funds		brought	forward		3,007,613	2,598,664
Total funds		carried	forward		3,576,528	3,007,613
Represented		by;
Restricted	income				1,786,751	1,671,530
Unrestricted		income	funds		1,789,777	1,336,083
					3,576,528	3,007,613

2022	Land and Buildings f	Other f	Total f
Less than one year	1,476	38,642	40,118
Two to five years	5,904	43,782	49,686
More than five years	9,853		9,853
Total	17,233	82,424	99,657

of the operating leases expires in 2042	. From 2033 the rent will be based	on open market	value.
2021	Land and Buildingsf	Other	Total
Less than one year	958	26,914	27,872
Two to five years	3,792	38,149	41,941
More than five years	7,275		7,275
Total	12,025	65,063	77,088

sor - As at 31 January 2019the Group leased years with a break clause at year three.	out a building on a short term operating le	ase, over a t
2022	Land and Buildingsf	Total f
Less than one year	18,000	18,000
Two to five years	14,942	14,942
More than five years
Total	32,942	32,942

			Unrestricted Funds	Restricted Funds: WMT	Restricted Funds: Other	Tota I 2021	Total 2020
				E	f
Job Retention	Scheme		10,639	6,249		16,888	55,487
Grants received			82,217	15,393		97,610	5,439
Friends of Trust Donations		/ Gift Aid	34,922 2,369	525 804	4,010	35,447 7,183	17,800 77,255
			130147	22 971	4,010	157128	155,981

			Unrestricted Funds	Restricted Funds: WIIT	Restricted Funds: Other	Total 2022	Total 2021
				E	F
Car parking receipts			213,541			213,541	167,237
South West Water contract			604,846			604,846	605,231
Recharges			33,719			33,719	30,220
Forestry grants			40			40	40
Grants			4,056		935,783	939,839	533,508
Miscellaneous	income		67,384			67,384	19,817
NCS Contract	Revenue		243,784			243,784	183,267
Timber sales			49,725			49,725	23,504
Agricultural tenancies		and licences	63,759			63,759	62,678
Wheal Martyn	Trust			336,913		336,913	344,370
			1,280,854	336,913	935,783	2,553,550	1,969,872

100ordinary shares	of61 each.	of61 each.
Commercial trading	operations		—South West	Lakes Limited
					2022	2021
					6	6
Summary profit and loss account
Turnover					2,344,039	1,479,176
Grant income					92,856	237,145
Bank Interest Receivable					28	27
					2,436,923	1,716.348
Cost ofsales and	administrative		expenses		1,796,135	1,432,514
Net profit					640,788	283,634
Amounted gift aided to the charity					(606,238)	(283,634)
The assets and liabilities of			the subsidiary	were:
Fixed assets					69,165
Current assets					1,395,901	1,074,111
Creditors: amounts	falling	due	within one year		(1,399,295)	(992,887)
Net current (Iiabll(ties)/assets					(3,394)	81,224
Total assets less current		liabilities			65,771	81,224
Creditors: amounts	falling	due	more than one	year		(50,000)
Net Assets					65,771	31,224

Summary Stateme	nt ofFinancial Activities
		Unrestricted	Restricted
		Funds 5	Fundsf	Total 2022 f	Tota I 2021
Incoming resources		332,120	197,780	529,900	459,715
Resources expended		280 329	313357	593686	416681
Net income I(expenditure)		51,791	(115,577)	(63,786)	43,034
Transfer between	funds	(1,506)	1,506
Taxation
					(442)
Net movement in funds —after tax		50,285	(114,071)	(63,786)
Total funds b/f		131,180	1,548,597	1,679,877	1,637,285
Total funds c/f		181,465	1,434,626	1,616,091	1,679,877
Summary Balance	Sheet
		2022		2021
		Consolidated	Charity	Consolidated	Charity
		5	5	6	f
Tangible assets		1,503,695	1,496,648	1,523,531	1,514,298
Current assets		391,367	328,078	443,773	385,544
Creditors: amounts year	falling due within one	(254,304)	(244,314)	(100,427)	(91,537)
Creditors: amounts than one year	falling due after more	(24,667)		(187,000)	(150,000)
Total net assets		1,616,091	1,580,412	1,679,877	1,658,305
Restricted funds		1,434,626	1,434,626	1,548,697	1,548,697
Unrestricted funds		181,465	145,786	131,180	109,608
Total funds
		1,616,091	1,580,412	1,679,877	1,658,305

			Unrestricted Funds	Restricted Funds: WMT	Restricted Funds: Other	Total 2022	Total 2021
			E	E			E
Bank	interest	received	14			14	24
Rental	income		44,753	2,502		47,255	47,947
			44 767	2,502		47,269	47 971

Costs ofcharitable activiti	es
	Access	Conservation Education	Recreation	Total 2022	Total 2021
	E	E
Employee costs	169,772	305,638	23,791	499,201	407,928
Premises and grounds	75,155	102,113	4,710	181,978	132,732
Machinery and equipment	41,842	59,596	3,672	105,110	76,575
Administration	72,646	88,195	6,375	167,216	105,375
Insurance / rent	45,149	48,344	3,963	97,456	84,730
Depreciation and finance	26,060	27,904	2,287	56,251	64,732
Support costs and governance	48 829 479,453	71 213 703,003	5,062 49,860	125 104 1,232,316	138160
Total charitable activities					1,010,232
Restricted funds	339,048	444,285	163,986	947,319	601,832
Wheal Martyn Trust		447,685		447,685	306,876
	818,501	1,594,973	213,846	2,627,320	1,918,940

			Public Access	Conservation and Education	Recreation	Total 2022	Total 2021
Unrestricted		Funds
Costs			479,453	703,003	49,860	1,232,315	1,010,232
Income			611,951	640,258	28,645	1,280,854	1,091,994
Net income	/	(cost)	132,498	(62,745)	(21,215)	48,538	81,762
Restricted	Funds
Costs			339,048	891,970	163,986	1,395,004	908,708
Income			141,572	907,694	223,430	1,272,695	877,878
Net Income/(cost)			(197,476)	15,724	59,444	(122,308)	(30,830)
Total			(64,978)	(47,021)	38,229	(73,770)	50,932

Staff costs and emolume	nts
Total staff costs were as	follows;
				2022	2021
				f	6
Wages and salaries			1,742,872		1,454,043
Social security costs				119,162	104,263
Pension payments				62,445	53,369
			1,924,479		1,611,675
The number of employees	whose emoluments	for the year fell within	the following	bands	were:
				2022	2021
				No.	No.
F70,000 to F80,000				1	1

ll-time equivalent	employees, including casual and part tim	e staff was as follows;
		2022	2021
		No.	No.
Charity - South West Lakes Trust - Wheal Martyn Trust Projects Bournemouth Leisure		28 10 5 3	28 9 4 3
Gift shops Watersports		4 17	6 14
		67	64

Negative goodwill arising on the acquisition ofWhea	l Martyn Trust
	2022	2021
	6	6
As at 1 February 2021	(425,237)	(472,486)
Written back (note 1h)	47,249	47,249
As at 31January 2022	(377,988)	(425,237)

		Leasehold Land and buildings	Plant, machinery and vehicles	Fixtures, fittings and computers	Assets in course of construction	Assets in course of construction	Tota I
Cost
At 31 January	2021	3,886,258	1,764,181	826,016	34,879		6,511,334
Additions		50,670	189,456	15,885			256,011
Transfers			31,929	2,950	(34,879)
Disposals		(637)	(104,932)				(105,569)
At 31 January	2022	3,936,291	1,880,634	844,851			6,661,776
Depreciation
At 1 February 2021		2,417,014	1,544,332	671,311			4,632,657
Charge for the	year	152,023	90,865	38,717			281,605
On disposals			(68,635)				(68,636)
At 31January	2022	2,569,037	1,566,562	710,028			4,845,627
Net book value
At 31January	2022	1,367,254	314,072	134,823			1,816,149
At 31 January	2021	1,469,244	219,849	154,705	34,879		1,878,677

b Tangible fi	xed as	sets —group
Group		Leasehold land and buildings	Plant, machinery and vehicles	Fixtures, fittings and computers	Assets In course of construction		Fish	Total
Cost
At 1 February 2021		5,813,921	2,175,467	921,482	68,475			8,979,345
Additions		100,764	193,920	22,865			18,523	336,072
Transfers		33,600	31,925	2,950	(68,475)		50,642	50,642
Dispcsals		(637)	(104,932)					(105,569)
At 31 January	2022	5,947,648	2,296,380	947,297			69,165	9,260,490
Depreciation
At 1 February 2021		2,936,587	1,939,729	700,822				5,577,138
Charge for the year		221,637	94,263	47,078				362,978
On disposals			(68,635)					(68,635)
At 31 January	2022	3,158,224	1,965,357	747,900				5,871,481
Net book value
		2,789,424	331,023	199,397			69,165	3,389,009
		2,877,334	235,738	220,660	68,475			3,402,207

14 Investment	Property
		5
At 1 February	2021	220,000
Revaluation		(45,000)
At 31 January	2022	175,000

The freehold investment prop Creber Commercial. 15Stocks	erty was valued at market value su	bject to lease o	n 31 January 2	022 by Strat
	Group	Charity	Group	Charity
	2022	2022	2021	2021
	f	f	f	5
Food	12,553		6,660
Gifts	32,872		35,687
Fish			50,642
Total	45,525		92,989

Debtors
		Group	Charity	Group	Charity
		2022	2022	2021	2021
		E	E	E	E
Trade debtors		364,828	173,092	377,758	221,165
Amounts due from subsidiary			908,936		463,522
Other Taxation	and social security	730		255
Other debtors		5,417	784	8,497
Prepayments	and accrued income	599,964	422,120	454,573	243,317
		970,939	1,504,932	841,083	928,004

		Group	Charity	Group	Charity
		2022	2022	2021	2021
		E	E	E	E
Bank loans and	overdraft	157,400
Trade creditors		294,530	100,844	706,404	424,126
Amount Due from subsidiary					21
Other Taxation	and social security	52,528	52,528	27,103	27,103
Other creditors	and accruals	630,943	237,367	540,303	186,637
		1,135,401	390,739	1,273,810	637,887

18 Creditors: Amounts	falling due after more than		one year
			Group	Charity	Group	Charity
			2022	2022	2021	2021
			f	f	f	5
Bank loan			24,667		237,000
			24,667		237,000
19 Statement offunds —Group
Unrestricted funds		Balance at 1 Feb 2021 5 959335	Incoming resources 3,805 107	Outgoing resources 5 3,061 321	Transfers/ gains 5 522 747	Balance at 31Jan 22 6 1,180374
Designated funds
Greening our infrastructure Facilities and Training Communications Increasing access to our sites Environmental Improvements Covid Reserve Impact Reserve Property Improvements Delivering towards Net Zero Trainee programme Total Designated Funding		55,000 105,000 60,000 25,000 40,000 30,000 25,000 67,872 407,872		(55,000) (11,657) (8,892) (24,969) (4,000) (28,279) (132,797)	100,000 50,000 150,000 100,000 400,000	193,343 51,108 31 86,000 1,721 25,000 67,872 150,000 100,000 675,075
Total Unrestricted funds		1 367207	3,805 107	3 194118	122747	1,855449

19 Statement offunds	—G	roup (con	tinued)
			Balance at 1	Incoming	Outgoing		Balance at
			Feb 2021	resources	resources	Transfers	31Jan 2022
			E	E	E	E	E
Restricted funds
Wheal Martyn Trust (note	1b)		1,254,640	577 149	593686		1 238 103
Other restricted funds
Fixed asset funds
Roadford Lakeside Stithians Project Kennick Project Colliford Project ROPE Outdoor &Active			368,659 251,142 10,003 396 619,926		(39,130) (27,750) (1,824) (396) (44,737)		329,529 223.392 8,179 0 575,189
Burrator			92,369		22,893		69476
			1,342,495		(136,730)		1,205,765
Roadford watersports			6,159				6,159
SWW capital project work			61,949	321,438	(315,709)	4,000	71,678
SWW SSSiproject			53,853	4,421			58,274
INNS Project			10,374		(1,699)		8,675
Countryside Stewardship Burrator Forest			6,344	21,770	(5,022)		23,092
Countryside Stewardship Roadford Forest			165	5,893	(550)		5,508
Countryside Stewardship Wimbleball Forest			1,869	4,805			6,674
Countryside Stewardship Venford Forest			(1,378)	940			(438)
I Love Water (Year of Green		Action)	82,737	210	(51,420)		31,527
Biodiversity Improvement	Scheme		33,987	396	(10,105)		24,278
Fernworthy HLS			2,882	962	(2,505)		1,339
Roadford Play Area			4,070	108,721	(155,470)	62,216	19,537
Roadford Celebration Woodland			582				582
Wimbleball Celebration Woodland			325				325
Accessible Watersports/Skiability			9,828	25,625	(11,208)	5,000	29,245
Crowdy Reservoir			20,261	7,121			27,382
Argal Play Area			328				328
Wimbleball Play Area			2,641				2,641
Wimbleball Community Orchard			135				135
Roadford Fly Fair			189				189
Environment Agency Fisheries			5,396				5,396
Burrator Education Space			2,409	96	(2,505)
Burrator Catchment Area			(5,957)	131,036	(97,982)		27,097
Biosecurity and Freshwater		Planning	11,598	87,545	(60,538)		38,605
Biodiversity Strategy and Wildlife Sites.	County		11,540	46,242	(49,123)		8,659
			42

2021 Comparative	fu	nds	note
								Balance at
				Balance at	Incoming	Outgoing		31Jan
				1 Feb 2020f	resourcesf	resources 8	Transfers 8	2021 f
Restricted funds
Wheal Martyn Trust		(note	1b)	1 164798	506 964	417 123		1 254 640
Fixed asset funds
Roadford Lakeside				407,789		(39,130)		368,659
Stithians Project				277,735		(26,593)		251,142
Kennick Project				11,828		(1,825)		10,003
Colliford Project					4,262	(3,866)		396
ROPE Outdoor &Active				872,754		(52,828)		619,926
Burrator				115262		22 893		92 369
				1,485,368	4,262	(147,135)		1,342,495
Other funds
Roadford watersports				585	5,574			6,159
SWW capital project SWW SSSipr%ct	work			61,210	278,634 5,551	(216,685) (12,908)		61,949 53,863
INN S Project CS Burrator Forest				16,061	33,450	(5,687) (27,106)		10,374 6,344
CS Roadford Forest CS Wimbleball Forest CSVenford Forest Year of Green Action				111,938	7,144 3,538 3,367	(6,979) (1,869) (4,745) (29,201)		165 1,869 (1,378) 82,737
Biodiversity improvements				19,595	25,405	(11,013)		33,987
Fernworthy HLS				586	2,976	(680)		,2,882
Roadford Play Area				2,880	1,210			4,070
Roadford Celebration		Woodland		582				582
Wimbfeball Celebration		Woodland		325				325
Skiability				14,528		(4,700)		9,828
Crowdy Reservoir				14,422	5,839			20,261
Stithians Play Area				328				328
Wimbleball Play Area				2,641				2,641
Wimbleball Community		Orchard		135				135
EA Fisheries					5,395			5,396
Roadford Fly Fair					1,081	(892)		189
Burrator Education Project				1,843	566			2,409
Burrator Catchment	area				52,577	(58,534)		(5,957)
Biosecurity and Freshwater			Planning		48,000	(36,402)		11,598
Biodiversity Strategy					49,000	(37,460)		11,540
Blue Green Access Fishing						(36)		(36)
Roadford HLS					6,785			6785
Total Other restricted	funds			247 659	536 093	454 897		329,035
Total Restricted funds				1,733007	540 355	601,832		1 671 530
Total funds				3,794,587	4,331,737	3 832,947		4 293,377

			Limited	Trust	Total	Total
					2022	2021
				E	E	E
Management		fee		611,328	611,328	611,328
Bournemouth		Leisure contract	288,232		288,232	288,232
Other			37,083	526,574	563,657	674,930
Total			325,315	1,137,902	1,463,217	1,574,490
Payments	to	SWW
Rent			60,172	57,126	117,298	129,650
Other expenses			8,183	5,003	13,186	14,665
Total			68,355	62,129	130,484	144,315

0 Analys	is of g	roup net assets betwe	en funds
			Unrestricted Funds	Designated Funds	Restricted Fund	T t IF d o al Funds
				6
Fixed assets			679,549		2,709,460		3,389,009
Investment	Property		175,000				175,000
Negative	Goodwill				(377,988)		(377,988)
Cash at bank and		in hand	954,745	675,075	208,066		1,837,886
Other net	current	(liabilities)/assets	(628,920)		509,982		(118,938)
Long term	liabilities				24,667		24,667
			1,180,374	675,075	3,024,853		4,880,302
Unrestricted funds		comprise:
Free reserves			500,825	675,075			1,175,900
Fixed Asset Reserves
			679549				679,549
			1,180374	675,075			1 855449

		Unrestricted Funds	Designated Funds	Restricted Fund	T t IF d 0 a un s
		f		f	f
Fixed assets		536,179		2,866,028	3,402,207
Investment Property		220,000			220,000
Negative Goodwill				(425,237)	(425,237)
Cash at bank and	in hand	1,014,901	407,872	250,402	1,673,175
Other net current	liabilities	(761,745)		421,977	(339,768)
Long term liabilities		(50,000)		(187,000)	(237,000)
		959,335	407,872	2,926,170	4,293,377
Unrestricted funds	comprise:
Free reserves		423,156	407,872		831,028
Fixed Asset Reserves		536,179			536,179
		959,335	407,872		1,367,207

								2022	2021
								f	f
	Net outgoing (incoming)		resources		before transfers			586,926	498,790
	(Profit) / loss on disposal		offixed assets					(10,223)	(6,188)
	Loss on valuation of Lidn Park							45,000
	Interest /rents receivable							(44,767)	(47,996)
	Depreciation							362,978	340,817
	Negative goodwill written		back					(47,249)	(47,249)
	Decrease/(Increase)	in stocks						(21,700)	(10,651)
	(Increase)/Decrease	in debtors						(129,886)	163,694
	Increase/(Decrease)	in creditors						(453.209)	319,095
	Increase in bank loan							157400
	Net cash inflow from	operating		activities				445,270	1,210,312
24	Reconciliation of	net	cash	flow	movement	to movement	in net funds
								2022	2021
								f	f
	(Decrease) / increase	in	cash in the		period			219,644	1,039,694
	Cash outflow from bank		loans					(54,933)
	Change in net funds							164,711	1,039,694
	Net funds at 1 Feb							1,673,175	633,481
	Net funds at 31January		2022					1,837,886	1,673,175
25	Analysis ofchanges		in net	funds
							1-Feb-21	Cash flows	31-Jan-22
							6	f	f
Cash in hand and at bank							1,436,175	219,644	1,655,819
							1,436,175	219,644	1,655,819
Debt due within 1 year									157,400
Debt due after 1 year							237,000	(54,933)	24,667
							1 673 175	164711	1,837,886