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2023-01-31-accounts

South West Lakes Trust (A company limited by guarantee)

Charity number 1079966

Annual Report

Year Ended 31 January 2023

Registered company number 3946529

South West Lakes Trust

Report of the Trustees for the Year Ended 31 January 2023

CONTENTS Page
CHAIRMAN’S REPORT 2
OUR PURPOSE, OBJECTIVES AND ACTIVITIES 3
Statement of regard for CC’s guidance on public benefit 3
Charitable purpose 3
Key activities 3
Meeting our aims and objectives 4
Campaigns 4
Measuring our success 5
STRATEGIC REPORT 5
ACHIEVEMENTS AND PERFORMANCE
Public Access 5
Conservation and Education 7
Recreation 11
Fundraising 13
FINANCIAL REVIEW 13
Impact of Covid 14
Incident at Roadford Lake 14
Climate Change 14
Reserves policy 15
Principal funding sources 15
Principal Risks and Uncertainties 15
PLANS FOR THE FUTURE 17
STRUCTURE AND GOVERNANCE 18
Relationship with Subsidiary Companies 18
Recruitment and Appointment of Trustees 18
REFERENCE AND ADMINISTRATIVE DETAILS 19
RESPONSIBILITY OFTRUSTEES 20
AUDITOR’S REPORT 18-21
FINANCIAL STATEMENTS 25-54

South West Lakes Trust

Report of the Trustees for the Year Ended 31 January 2023

CHAIRMAN’S REPORT

I am delighted to introduce our Annual Report for the year ended 31 January 2023. My fellow trustees and I are very proud of the continued achievements of South West Lakes Trust, South West Lakes Limited and Wheal Martyn Trust (our wholly owned subsidiary charity).

In the year the pandemic was replaced by a period of low water levels across region, angling and watersports activities were particularly affected. The cost-of-living crisis along with reduced trading levels has led to a difficult year-end position. The continued flexibility of our employees and volunteers enabled large numbers of people to engage with and benefit from the natural environment despite these challenges.

In June, our employees came to terms with a tragic loss of life after an incident involving a wheelyboat at Roadford Lake. Our thoughts remain very much with the families affected, and the charity continues to work with the authorities to understand the incident.

We were delighted that the National Citizen Service (NCS) team delivered a summer and autumn programme along with in-schools sessions this year instead of the remote sessions during the pandemic.

Our environment team continued their care of habitats and wildlife as well as working on the challenge of invasive non-native species, preparing long-term habitat management plans and developing a wider public understanding of the importance of biosecurity. With South West Water we implemented a major new environmental management plan for Burrator reservoir’s catchment.

Through Wheal Martyn Trust, we continue to provide a growing number of opportunities for people to be inspired by and learn from Cornwall’s significant china clay industry, safeguarding this important part of Cornwall's industrial heritage, helping to create a stronger sense of place, pride and confidence in our surrounding communities.

During the year Lesley Whitworth, Chief Financial Officer, stepped down as Company Secretary and Colin Vallance took up the role.

Looking ahead to 2023-24, there are challenges we continue to face, from the economy to climate, but my fellow trustees and I are confident that the charity will continue to enhance people’s lives through engagement with the natural environment. We expect the current security situation in Eastern Europe will impact upon our work in 2023 and have maintained our reserves to ensure we can continue to benefit the environment and people during the challenges ahead.

In acknowledging the continued challenges that our charity and teams have faced as a result of the tragedy at Roadford Lake and extremely low water levels, I express, on behalf of the board, our continued appreciation to all our employees and volunteers for their flexibility, fortitude and ongoing support of our visitors and volunteers during this difficult and uncertain period. My sincere thanks go to James and our leadership team, who have led the charity, demonstrating what it takes to be resilient, agile and – above all – compassionate as they dealt with the challenges placed before them. I also place on record my thanks to our Trustees and Directors for their dedication and time which they give freely to support our important work.

The following summary, which I am pleased to commend to you, illustrates our charitable impact during a difficult year.

John Lee, Chairman

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South West Lakes Trust

Report of the Trustees for the Year Ended 31 January 2023

The board of trustees of South West Lakes Trust present their annual report and audited accounts for the year ended 31 January 2023 and confirm that they comply with the requirements of the Charities Act 2011 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) (effective 1 January 2019) – (Charities SORP (FRS 102) 2019).

The Trustees confirm that they have complied with the duty imposed on them by s17(5) of the Charities Act 2011 to have due regard to the Charity Commission’s guidance on public benefit, including the guidance ‘Public benefit: running a charity (PB2)’.

OUR PURPOSE, OBJECTIVES & ACTIVITIES

Charitable purpose

Where the same shall be exclusively charitable.’

Key Activities

In order to best monitor our impacts of the charitable objects our main activities are divided into three key areas:

Public Access – enabling more people of all backgrounds and abilities to access the countryside, lakes and forests at over 40 locations covering around 5,000 hectares of land and water in Devon, Cornwall and West Somerset.

Conservation and Education - safeguarding and enhancing the built and natural environment and increasing the knowledge of our visitors and local communities.

Recreation - offering more opportunities for safe participation in a variety of outdoor activities for all abilities, learning new skills and building confidence.

The trading subsidiary offers trout and coarse fishing at 35 locations; five activity training centres providing watersports, climbing, archery and camping, plus six refreshment and gift outlets and a number of vending concessions at key locations.

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Report of the Trustees for the Year Ended 31 January 2023

Meeting our aims and objectives

Strategic Framework

A strategic review in September 2020 set out our direction for the next 5 years and long-term impact for 2030. The Pandemic year prevented accurate baselining for impact measurement and will now be completed in 2023 - 24.

The charity’s Purpose was unchanged.

VISION

Our people, places and experiences we offer, will inspire this and future generations to love and benefit from the environment.

MISSION

South West Lakes cares for natural and historic environments, providing health, social and wellbeing benefits for individuals and communities.

COMMITMENTS - “RAISE our game”

“We believe engaging with the natural environment enables people to grow”

IMPACT

By 2030:

OUTCOMES

Our managed landscapes will be abundant, diverse, and connected

Lives will be enhanced from experiencing the outdoors

To become recognised as a regional and national exemplar for promoting conservation and recreation and managing the balance between them.

Campaigns

We continued our #ItsYourOutdoors campaign underpinning the value of the outdoors for health and enjoyment for our communities and visitors.

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Report of the Trustees for the Year Ended 31 January 2023

Measuring our success

For this report the achievements and performance section contains our Key Performance Indicators and case studies linked to Public Access, Conservation and Education, Recreation and are demonstrated through our strategic outcomes.

STRATEGIC REPORT

Achievements and Performance

Public Access

More young people enjoy, respect and benefit from green and blue spaces

“Playing” and “friends” are top of the list when children are asked what is important to them.

In April 2022, we opened our new play and explore space at Roadford Lake, generously funded by the European Agricultural Fund for Rural Development, South West Water, South West Lakes and our supporters.

It was always our ambition to use this space as a stepping stone to encourage playing more in the outdoors, giving children of all ages the opportunity to play and explore in the natural environment. Integrating the orchard and wildflowers into the play space increases the biodiversity value and sensory experience for all and gets our children closer to nature.

An estimated 250,000 people visited Roadford in 2022: we think a good percentage of them had a go on the new slide.

Truly dark skies, uninterrupted by light pollution, are not just important for humans but wildlife too, which evolved without very confusing artificial light. South West Lakes were awarded the Dark Sky Friendly Business award in 2021 and our relationship with the dark side looks set to continue.

In 2022, we successfully applied for funding from Exmoor National Park Authority and Hinkley Tourism Action Partnership to develop a Dark Skies hub at Wimbleball Lake, which feels like the natural home for a focal point on dark skies within Exmoor National Park.

Construction of the hub will take place during 2023, providing a space for our estimated 340,000 visitors to enjoy all of the wonders that the night sky has to offer. Image: Wimbleball by Richard Truck.

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Report of the Trustees for the Year Ended 31 January 2023

We continue to work with our committed volunteers who provide valuable data on our habitats and wildlife across our sites. We have regular bird surveys at all of our lakes and these data sets help inform our management. Supporting our Rangers, volunteers at Burrator, Fernworthy Wimbleball, Argal, Porth and Roadford helped us with tasks such as path maintenance, swim building, tree clearance, litter picking and managing recreational and leisure activities. Our Site Guardians protect our valuable habitats and guard against invasive species. 4,850 days were given to keep our sites open and safe for all to enjoy which included young volunteers on our National Citizen Service programme.

• Keeping public access open

We strive to welcome everyone to connect with the natural landscapes, see the abundant wildlife and reap the health and wellbeing benefits of our blue and green spaces. The best way we can help is through over 145km (90 miles) of paths, both public and permissive. Throughout the past year, we have been busy improving, repairing, and ensuring all our paths are open for all to enjoy. We have repaired 600m of eroded footpath at Wimbleball, Porth and Burrator and resurfaced tracks at Stithians and Roadford. Alongside this we have also completed the first phase of a ‘miles without stiles’ project in partnership with Dartmoor National Park, upgrading the paths from Burrator arboretum to create a high-quality path improving access for more visitors.

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Report of the Trustees for the Year Ended 31 January 2023

Visits to the natural environment have dropped back after the pandemic years: 2.25 million visits were made last year compared with 2.06 million in 2019–20.

Conservation and Education

The biodiversity value of our places is enhanced and better connected

Our environmental work is shared and recognised

This project, funded by the Government’s Green Recovery Challenge Fund, aimed to connect, engage and inspire more people to access, care for, and play their role in protecting the great outdoors.

Three trainee Environment and Engagement Rangers employed through the project began their time with us at the end of January 2022. Laura, Ethan and Chamonix (pictured) have brought a wealth and variety of skills and experiences with them into their roles and developed into a formidable and complementary team.

“It’s a wonderful feeling to come into your workplace and feel like you’re doing something positive for the world, and to do a job where I am pursuing my personal interests and inspiring others to do the same. I love nature and I want people to reconnect with it. Educating myself and others on topics such as foraging and mini beasts has definitely been a highlight.” - Laura (trainee and future South West Lakes Ranger)

The Connecting Communities project has changed the lives of the three trainees, offered lots of volunteering opportunities and engaged 4,489 people with nature.

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Report of the Trustees for the Year Ended 31 January 2023

South West Lakes Trust

• Invasive non-native species

Site Guardians gave 227 volunteer days helping to manage and control invasive non-native species and raise awareness of biosecurity. They carried out surveys and monitoring at their local lakes and took part in research with scientists, gaining knowledge and skills whilst enhancing the environment for wildlife and visitors. People benefitted from a further 235 days of education and engagement activities focused on invasive species and how they can help us stop their spread.

Visitors at Burrator have an encounter with James Fantom, Invasive Species Officer, in his crayfish costume!

• County Wildlife Sites

Volunteers of all ages and backgrounds were involved in surveys and management on our County Wildlife Sites. Over 262 volunteer days were given and activities ranged from bat and dormouse surveys to scrub control and woodland management. Our new Integrated Management Plans enabled us to bring more land into active management. A total of 19 sites, 1,266 hectares and 12,332 metres of linear features (hedges and running water) are now in active management.

Beautiful Burrator. Habitat management being carried out by our fantastic volunteers .

• Burrator catchment implementation

Work to deliver biodiversity enhancements in the Burrator catchment began with engagement from volunteers and tenant farmers. Long-term gains of this project will be seen through biodiversity and water quality improvements and carbon sequestration. Visitors are now enjoying the updated interpretation at the Discovery Centre and additional volunteering opportunities.

Burrator volunteers coppicing on the Dartmoor Green Recovery Project.

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Report of the Trustees for the Year Ended 31 January 2023

• Tree cover

Tree planting was carried out at a number of sites and will benefit wildlife, providing food and connective habitat; people, providing privacy screening at camp sites and food for visitors from our new orchard; and the environment, reducing carbon and providing future financial potential for carbon credits. We planted a total of 1,940 trees and team members were helped by volunteers and Trainee Rangers.

Local varieties of apple trees at Upper Tamar Lake.

• Wheal Martyn

As we emerged from the pandemic visitor numbers recovered well. During the year, 24,714 people visited Wheal Martyn, benefitting from a rich cultural experience with many enjoying inspiring new exhibitions in our gallery which opened the previous year. Over 5,400 children and young people were engaged, including over 2,000 through visits from schools, college and universities and as part of regular home education sessions, through which eight home learners achieved an Arts Award (four bronze and four silver). Some 5,796 instances of community engagement were recorded in the year, with people taking part in a range of events and activities such as our family holiday programme, Memory Café, Arts for Health Group and creative workshops. Volunteers continued to play a huge part in enabling more people to engage with our collections and take part in activities which enrich their experience and understanding of the place they live, helping us deliver our new vision for Wheal Martyn, Confident Communities Inspiring Others , which was adopted during the year. Picture: sensory benches.

• National Citizen Service (NCS)

Funded by The National Citizen Service Trust (NCST), our NCS programme had a successful year with over 250 young people enjoying summer activities programmes and delivering social action projects to support local communities. One of the projects, visited by the Mayor of Ivybridge, improved access by clearing overgrown footpaths to community nature gardens. Our team of young people volunteered 30 hours of their time over the course of a week to completely transform the area.

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Report of the Trustees for the Year Ended 31 January 2023

In the autumn we again took 110 young people from Callywith College to Roadford Lake for two days of activities and workshops focusing on mental health, employability and their pathway from education.

270 young people benefitted from Skills Booster sessions designed to help with their transition from education to employment or further education. Sessions covered healthy living, mental wellbeing and included the support available to them.

Overall, 2022 had its ups and downs with a few late changes to overcome, but NCST gave us an outstanding quality assurance report which included their external Health and Safety and safeguarding assessment.

Pictures: personal development and team building on the water and volunteering in the community .

Across the charity we delivered 13,400 education sessions in the year thanks to the Connecting Communities project, life skills delivered to young people as part of the National Citizen Service programme and the great work by our Ranger teams. (Education figures exclude Wheal Martyn.)

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Report of the Trustees for the Year Ended 31 January 2023

Recreation

The health and wellbeing of more people is improved

Research conducted by the Royal Yachting Association shows children have been disproportionally affected by the lockdowns of Covid 19. Outdoor education, “done in the right way”, has been shown to provide positive results in all areas of child development.

We work very closely with schools, both locally and from further afield, to get young people on the water. During 2022, we welcomed 30 schools along with 72 home educated children to take part in activities at Wimbleball alone.

Our weekend kids clubs offer opportunities for children wishing to develop their skills and technique under expert supervision and coaching. Over 500 days were spent at our kids clubs during 2022.

Starting young helps build water confidence and allows us to develop the next generation of sailors, windsurfers, paddle boarders or indeed instructors from an early age.

• Fishing competitions

Fishing competitions along with general angling provided opportunities for health and wellbeing in the outdoors, a chance to meet new and old faces and to have a great time. A Mainline Pairs competition at Upper Tamar saw 50 anglers take part, including its first all-female pair. We supplied transport at our competition venues enabling wider access.

Last year there were 49 matches on our waters, due to low water levels at the time it was a challenge but the majority of matches were completed.

We continued to work to stop the spread of invasive non-native species by installing dip tanks for anglers to use.

In 2022 we welcomed new expertise to our angling team with Ashley Bunning joining us as Head of Angling and Dan Gale as our Royalty Fishery River Keeper. In our first year managing the famous and historic Royalty we learned how it operates by working closely with Davis Tackle and developed plans to complete fish population surveys. From this work we will understand how effective the natural recruitment of fish is in the river, enabling development of long-term management plans to help provide good spawning areas and refuges for fry to grow.

We started work with the Environment Agency and Bournemouth Water to help improve visitors’ understanding of the impact they have on the river and the Site of Special Scientific Interest.

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Report of the Trustees for the Year Ended 31 January 2023

Active visits to the lakes grew during and at the end of the pandemic reaching 130,800 active visits in 2022- 23, contributing to healthy lives.

• Camping

Our campsites were very well used during the pandemic with significant wear and tear. During 2022 we have focussed our efforts on improvements and building resilience into our infrastructure to make sure everyone can enjoy their night under canvas. Our campsites are fantastic assets, but they need constant investment to keep them up to modern standards and expectations. Our cabin Fawn, pictured here, is a venture into the world of glamping, with running water, cooking stove and “proper” beds. We are hoping it will extend the season a little and give a little luxury, whatever the weather.

We worked with a consultancy, Crown and Canopy, to examine our long-term options and ambition for our campsites given current trends and potential.

As the nation tried to decide if we were allowed to have a coffee on a bench outside, we very quickly realised hospitality was probably going to be one of the hardest hit business during and after the pandemic. Conferences and functions have taken a little while to recover but we are finally experienced a good number of returning clients. In 2022, we have facilitated and fuelled 113 conferences from our stunning lakeside venue. We had to adapt to the new trends in catering and the team at Roadford worked hard to create an accessible and diverse environment within the Café and Venue.

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Report of the Trustees for the Year Ended 31 January 2023

Fundraising Report

We are registered with the Fundraising Regulator and South West Lakes Trust is fully committed to adhering to the Code of Fundraising Practice.

We typically fundraise for specific projects, which enable us to continue or grow our charitable activities. During the year we appointed a fundraising officer to deliver the strategic fundraising plan 2022- 2026. They have been progressing the research and development of projects in readiness to apply for grant funding. The development of our individual giving plans is currently on hold while we review our fundraising priorities.

A new play space at Roadford Lake was completed in April with funding previously secured from the RDPE Growth Fund, matched with funds from South West Water and SW Lakes.

Three young people have completed their training in environmental and engagement skills, whilst working with local communities to grow participation and understanding of the natural environment, as part of our Connecting Communities project, funded from the Green Recovery Challenge Fund.

Delivery of our Dark Skies Hub on Exmoor was delayed while planning conditions were resolved, however the project will be delivered in the first half of 2023/24, utilising funds previously secured from Exmoor National Park Authority and the Hinkley Tourism Action Partnership (HTAP). An Accessible Watersports project at Roadford Lake, supported by The Claire Milne Trust, is currently on hold following the tragic incident at Roadford Lake but will be resumed when it is appropriate to do so.

As part of the Green Recovery Challenge Fund project, led by Dartmoor National Park, we have been working with partners and volunteers on delivering environmental improvements at our Dartmoor lakes.

Our Friends of SW Lakes scheme has continued to perform well, with the number of Friends growing by 10% in the year. We will be refreshing the scheme during 2023/24 with the aim of continuing growth, which gives regular visitors the opportunity to support our work and generates unrestricted income to support our charitable activities.

We comply with the relevant standards set out in the Code of Fundraising Practice, paying attention to the General Data Protection Regulations and acting promptly on requests for removal from our database.

The charity, has a complaints procedure. We have not received any complaints concerning our fundraising practices. If we were to, we would deal with them as quickly and efficiently as possible in line with our procedures.

Financial review

South West Lakes Trust’s main sources of income are from the contract we have with South West Water to manage the public spaces, the National Citizenship Service (NCS), car parking income, grants and the profits from its limited subsidiary South West Lakes Ltd.

Over the years the management fee from South West Water has reduced each year and consequently the charity has had to increase its income from other sources and review its cost base. For 2023-24 South West Water has agreed to increase the management fee for one year to support the Charity during these times of high inflation and challenges with recruitment.

Delivery of the third year of the NCS programme has been really successful and an excellent example of the flexibility and adaptability of the team in the successful delivery of a programme that had to change significantly during the year as a result of changing venues.

South West Lakes Trust has generated an unrestricted fund deficit of (£22,811) before tax and transfers in the year, which includes a loss from South West Lakes Ltd of (£36,300). Recruitment challenges,

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Report of the Trustees for the Year Ended 31 January 2023

South West Lakes Trust

blue/green algae, the incident at Roadford in June and the low waters in the latter part of the summer/early autumn has made it a challenging year for South West Lakes Limited. Mitigating actions from the team has resulted in these losses being kept to a minimum.

The other restricted funds relate to income received for both capital and revenue projects where the funders require the grants to be spent on specific items to achieve certain outcomes. The net deficit of £316,940 on these funds occurs for two reasons. Firstly because the grants received in respect of capital expenditure are included in the Statement of Financial Activities (SOFA) in the year they are awarded or claimed whilst the depreciation cost on those assets is charged to the SOFA over the life of the asset. Secondly, the charity is required by the SORP 2019/FRS 102 to recognise the whole of the grant when it is awarded rather than when it is claimed and received. The other restricted funds carried forward balance of £1,611,830 therefore includes grants not yet received and funds to cover the depreciation of capital assets, purchased through projects, over their useful life as well as future revenue costs of projects.

Wheal Martyn is a separate restricted fund in the SOFA. The charity was taken over in 2010 at no cost creating negative goodwill, which is being written off each year. The net surplus on unrestricted funds in the year for the group of £1,815, before transfers to restricted funds and tax, is much better than anticipated. This is mainly due to higher than expected visitor numbers, resulting in an increase in admissions income for the Trust and Café sales for the trading subsidiary. The group received direct Government support in year of £4,000 (2022: £21,642).

Wheal Martyn Trust generated an unrestricted deficit for the year of £16,007 which is after contribution to the Clay Works! project of £12,137. Wheal Martyn Enterprises Limited made a profit of £21,282 before interest payable and payment of 2022 taxable profit of £15,068 to the Charity. The taxable profit in 2023 of £21,948 will be gift aided to the Charity in 2023.

There is a net deficit of £13,543 in the year on total funds. This is due to restricted income from funders being recognised in prior years when the charity is legally entitled to the funds, but expenditure has incurred in the current year.

The total reserves held at 31 January 2023 were £4,701,421 (2022 £5,007,466) which comprised £1,817,782 (2022 £1,855,449) unrestricted funds and £2,883,639 (2022 £3,152,017) restricted funds, including Wheal Martyn.

Impact of Covid 19

Moving beyond the impact of variants in 2022 we saw a period of difficult recruitment and a reduction in the use of the outdoors. Activity levels stayed above the pre pandemic levels for the first part of the year returning to normal levels in the autumn.

Incident at Roadford Lake

In June a wheelyboat at Roadford Lake capsized without warning. Our staff were quickly on hand to help with rescue efforts but unfortunately two people lost their lives; our thoughts remain with the bereaved families. The charity continues to work with the police and various agencies to understand the circumstance around this incident, in the hope that a similar event may be avoided in the future. Until this work is concluded we have decided not to operate wheelyboats.

Climate Change

Early in the year Tamar Lake suffered from its most prolonged blue green algae bloom to date, followed, across the region, by the lowest reservoir water levels for almost 30 years. Both these events curtailed activity for a substantial period of the late summer and by September meant we could only

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Report of the Trustees for the Year Ended 31 January 2023

deliver watersports activities at Roadford Lake. Angling also reduced as access to the water became more difficult.

Reserves policy

The Trustees review the Charity’s Reserves Policy annually, considering the financial impact of the risks it faces. These risks include reductions in future income streams because of the cost of living crisis and the continuing high rate of inflation resulting in unprecedented increases in fuel, electricity and gas prices and employee costs.

The Reserves Policy is based on unrestricted funds only and excludes fixed assets reserves in calculating a free reserve requirement. The Trustees have agreed to keep the free reserve target of £500,000 as set in 2022. The following factors were considered in setting this target;

In 2020/21 and 2021/22, the Trustees decided to create a number of designated funds totalling £740,000. These funds to be used to improve the future sustainability and impact of the charity over the next couple of years.

The designated fund balance as at 31 January 2023 is £648,328 of which £43,929 relates to fixed assets purchased or built with designated funds.

Current unrestricted free reserves excluding designated funds are £394,977 (See Note 20) with cumulative designated reserves of £648,328. The Trustees have agreed to reduce the designated reserves balance to £543,304 to provide an unrestricted free reserves balance of £500,000 in line with the Reserves Policy.

Surplus cash reserves are invested in an interest-bearing cash account.

Principal Funding Sources

The annual fee from South West Water for land management, conservation and public access services under a management contract of £601,909 represented 16% of the Trust’s income (excluding restricted funds) in the year ended 31 January 2023. We have negotiated a new management agreement for the 5 years from 1 April 2020 for a fixed fee of £601,909 per annum, with a temporary increase for the forthcoming year 2023-24.

The trading subsidiary made a loss of £36,300. The subsidiary does make a substantial contribution to the central overheads of the Trust.

Principal Risks and Uncertainties

The main risks that the charity faces are:

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Report of the Trustees for the Year Ended 31 January 2023

Remuneration

The Trustees review employees’ salaries, including senior staff, annually, and, if appropriate, award increases in line with inflation or award pay rises to ensure that the rates of pay remain competitive for both the charity and its subsidiaries when compared with similar (sector and scale) charitable organisations. The Trustees also ensure that for certain roles, differentials are maintained with the annual increase in National Minimum Wage.

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Report of the Trustees for the Year Ended 31 January 2023

Plans for the future

Public Access

Conservation and Education

Recreation

Growth and Impact

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Report of the Trustees for the Year Ended 31 January 2023

Structure and governance

The Board of Trustees met formally six times, ensuring arrangements were appropriate and effective. The Board authorises the Chief Executive to direct the work of the charity in line with approved strategies, procedures and schemes of delegation. An Acquisition Working Group considers opportunities for expanding the Trust’s work. The Trustees reviewed the Health and Safety Policy and there was Trustee representation on the Health and Safety Committee. Amendments to Risk Management arrangements and the Reserves Policy were approved and Strategic Reviews of the businesses were prepared.

Relationship with Subsidiary Companies

Wholly-owned trading subsidiary ‘South West Lakes Limited’ (registered in England, Company No.3955075) conducted non-charitable trading, with all profits gift-aided to the charity. Its board met six times during the year. Directors are: Malcolm Bell (Chairman), Monica Read, Ashley Shopland and James Platts the CEO. Lesley Whitworth stepped down as Company Secretary in August 2022 and has been succeeded by Colin Vallance.

Wheal Martyn Trust (charity number 1001838, company number 01160460) is also owned by the Trust. Trustees are John Woods (Chairman), Chris Varcoe, Malcolm Bell and South West Lakes Trust (Corporate Trustee). Its trading subsidiary is Wheal Martyn Enterprises Limited (company number 02599839). Directors are John Wood (Chairman) and Colin Vallance. Evelyn Stacey, Chris Varcoe and Jacky Swain are independent directors. Its annual report can be obtained from Wheal Martyn Trust or South West Lakes Trust’s head office. South West Lakes Trust provides high level and technical specialist support and the Trustees are involved fully in governance, ensuring close alignment of the aims of both companies. Cornwall Council and other key stakeholders work in close partnership to ensure Wheal Martyn’s continuing sustainability.

Recruitment and Appointment of Trustees

New Trustees are selected and appointed by the Board through an open and transparent process trying to ensure that the composition of the board is as diverse as possible.

Trustee vacancies are advertised through existing networks, our website, on social media and Charity Jobs and candidates are then selected and interviewed by members of the Trustee board.

New Trustees are provided with a Trustees Information Pack and spend time with the Directors to ensure a through introduction and induction to the charity takes place. All Trustees are encouraged to attend appropriate training.

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REFERENCE AND ADMINISTRATIVE STRUCTURE, GOVERNANCE AND DETAILS MANAGEMENT

Charity registration number 1079966 Constitution Company registration number 3946529 The charity operates under its Memorandum and Articles of Association and is constituted as a Registered Office company limited by guarantee. Roadford Lake Broadwoodwidger SWLT Trustee Board and Chief Officers Lifton Devon John Lee, OBE Chairman PL16 0RL Chris Balch , Vice-Chairman Malcolm Bell Bankers Dan James , Ed Mitchell Lloyds TSB Bank plc 1[st] Floor Sedgemoor House Dinah Nichols , CB Monica Read Dean Gate Avenue TAUNTON Josephine Traill Thomson TA1 2UF Jo Ecroyd Lesley Whitworth , Company Secretary, Solicitors stepped down on 19 August 2022 Tozers LLP Colin Vallance, Company Secretary from 19 North Door, Broadwalk House August 2022. Southernhay West Chief Officers EXETER James Platts , Chief Executive and Director of EX1 1UA South West Lakes Limited Lisa Tame , Environment and Engagement Chartered accountants and Director until 25 May 2022 Statutory auditor Colin Vallance , Managing Director of Wheal PKP Francis Clark Martyn Trust, Director of Wheal Martyn Centenary House Enterprises and Heritage and Governance Peninsula Park Director of South West Lakes Trust Rydon Lane Lesley Whitworth , Chief Financial Officer EXETER Neil Reeves , Director of Visitor Experience EX2 7XE

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Trustees’ responsibilities in relation to the financial statements

The charity trustees (who are also directors of South West Lakes Trust for the purposes of company law) are responsible for preparing a Trustees’ Annual Report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. The trustees are also responsible for safeguarding the assets of the charity and the group and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement as to disclosure to our auditors

In so far as the trustees are aware at the time of approving our trustees’ annual report:

Auditor

PKF Francis Clark has indicated that it is willing to be reappointed auditor in accordance with the Companies Act 2006.

The Trustees’ Report, incorporating the Strategic Report, was approved by the Trustees and signed on their behalf by:

John Lee Chairman Trustee

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Independent Auditor’s Report to the Members of South West Lakes Trust

Year Ended 31 January 2023

Opinion

We have audited the financial statements of South West Lakes Trust (the ‘Charity’) for the year ended 31 January 2023 which comprise the Group Statement of Financial Activities, Group and Parent Charity Balance Sheets, Statement of Consolidated Cash Flows, and notes to the financial statements, 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 (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland.

In our opinion, the financial statements:

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 Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity’s ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.

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

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

21

South West Lakes Trust

Independent Auditor’s Report to the Members of South West Lakes Trust

Year Ended 31 January 2023

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report.

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

Responsibilities of the trustees

As explained more fully in the Statement of Trustees’ Responsibilities set out on page 17, the trustees (who are also the directors of the charity 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 they 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 Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.

Our 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 auditor’s 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:

22

South West Lakes Trust

Independent Auditor’s Report to the Members of South West Lakes Trust

Year Ended 31 January 2023

As part of our audit planning we obtained an understanding of the legal and regulatory framework that is applicable to the Charity and the sector within which it operates to identify the key laws and regulations affecting it. As part of this the process, we reviewed the Charity’s website for indication of any regulations and certification in place and discussed these with the relevant individuals responsible for compliance. The key regulations we identified were Charity legislation, health and safety regulations and breaches of The General Data Protection Regulation (“GDPR”). The Charity is also registered with the Fundraising Regulator. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and tax legislation.

We discussed with management how the compliance with these laws and regulations is monitored and discussed the policies and procedures in place. We also identified the individuals who have responsibility for ensuring that the Charity complies with relevant laws and regulations and deals with reporting any issues if they arise. As part of our planning procedures, we assessed the risk of any non compliance with laws and regulations on the Company’s ability to continue trading and the risk of material misstatement to the accounts.

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved the following:

We assessed the susceptibility of the financial statements to material misstatement through management override or fraud, including in relation to cash income and expenditure. We considered the primary sources of cash income, being catering income, car parking and cash income received in the running of activities at the sites and obtained an understanding of the controls in place to mitigate the risk of cash fraud. We also discussed with management whether there had been any instances of known or alleged fraud, of which there were none. Based on our understanding we designed and conducted audit procedures including:

23

South West Lakes Trust

Independent Auditor’s Report to the Members of South West Lakes Trust

Year Ended 31 January 2023

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements. The risk increases the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements as we are less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, collusion, omission or misrepresentation.

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 auditor’s report.

Use of our Report

This report is made solely to the Charity’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 Charity’s members those matters we are required to state to them in an auditor’s 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 Charity’s members as a body, for our audit work, for this report, or for the opinions we have formed.

STEPHANIE HENSHAW (Senior Statutory Auditor) For and on behalf of PKF FRANCIS CLARK Chartered Accountants & Statutory Auditor Centenary House Peninsula Park Rydon Lane Exeter EX2 7XE

Date: 31 August 2023

24

South West Lakes Trust

Consolidated Statement of Financial Activities (including consolidated Income and Expenditure Account)

Year Ended 31 January 2023

Note
Income
Donations and Grants
4
Charitable activities
5
Other trading activities
Commercial trading
6
Other
Investment income
7
Negative goodwill written back
Total income
Expenditure
Costs of raising funds
Commercial / other trading
6
Other fundraising costs
Expenditure on charitable activities
8
Total expenditure
Net loss on investment
Net income / (expenditure) for the
year before transfers
Transfer between funds
Net movements in funds before
Tax
Taxation
Net Movement in funds - after
Tax
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Unrestricted Restricted
Fund:
Wheal
Martyn
Restricted
Fund:
Other
Total
2023
Total
2022
Restated
£
£
£
£
£
35,185
6,248
1,020
42,453
157,128
1,342,211
365,974
542,502
2,250,6872,553,550
2,072,217
167,350
-
2,239,5672,511,581
64,422
10,342
-
74,764
5,272
43,966
5,429
-
49,395
47,269
-
47,249
-
47,249
47,249
3,558,001
602,592
543,522
4,704,1155,322,049
2,108,516
134,597
-
2,243,1131,942,136
212,668
25,701
-
238,369
120,667
1,259,628
408,588
860,462
2,528,6782,500,157
3,580,812
568,886
860,462
5,010,1604,562,960
-
-
-
-
(45,000)
(22,811)
33,706
(316,940)
(306,045)
714,089
(14,856)
-
14,856
-
-
(37,667)
33,706
(302,084)
(306,045)
714,089
-
-
-
-
-
(37,667)
33,706
(302,084)
(306,045)
714,089
1,855,449
1,238,103
1,913,914
5,007,4664,293,377
1,817,782
1,271,809
1,611,830
4,701,4215,007,466

Unrestricted and Restricted Funds are derived from continuing operations.

25

South West Lakes Trust

Balance Sheets

31 January 2023

Note
Fixed assets
Intangible assets
12
Tangible assets
13
Investment property
Investments
Current assets
Stocks
15
Debtors
16
Cash at bank and in hand
Creditors: amounts falling
due within one year
17
Net current assets
Total assets less current
liabilities
Creditors:amounts falling due
after more than one year
18
Net assets
Funds
Restricted fund: Wheal Martyn
Trust
Restricted funds: other
19
Unrestricted funds
19
Total charity funds		 2023
2022
Consolidated
Charity
Consolidated
Restated
Charity
Restated

£
£
£
£
(330,739)
-
(377,988)
-
3,433,767
1,935,983
3,516,172
1,943,312
175,000
175,000
175,000
175,000
-
100
-
100
3,278,028
2,111,083
3,313,184
2,118,412
47,772
-
45,525
-
805,980
746,412
970,939
1,504,932
1,664,796
921,027
1,837,886
471,086
2,518,548
1,667,439
2,854,350
1,976,018
(1,077,888)
(378,283)
(1,135,401)
(390,739)
1,440,660
1,289,156
1,718,949
1,585,279
4,718,688
3,400,239
5,032,133
3,703,691
(17,267)
-
(24,667)
-
4,701,421
3,400,239
5,007,466
3,703,691
1,271,809
-
1,238,103
-
1,611,830
1,611,830
1,913,914
1,913,914
1,817,782
1,788,409
1,855,449
1,789,777
4,701,421
3,400,239
5,007,466
3,703,691

A separate Statement of Financial Activities and Income and Expenditure Account for the charity has not been presented because the Trust has taken advantage of the exemption afforded by section 408 of the Companies Act 2006. The net expenditure for the charity alone was £303,452 with total funds of £3,400,239. A summary of the financial performance of the charity is provided in Note 2 of the accounts.

Approved and authorised for issue by the Trustees on and signed on their behalf by:

Registered company number 3946529

26

South West Lakes Trust

Consolidated Cash Flow Statement

Year ended 31 January 2023

Note
Cash inflow from operating
activities
23
Cash flows from investing
activities
Interest and rents from investments
Proceeds from sale of tangible fixed
assets
Purchase of tangible fixed assets
Cash used in investing activities
Cash flows from financing
activities
Repayment of bank loan
Cash used in financing activities
(Decrease) / increase in cash and
cash equivalents in the year
Cash and cash equivalents at the
beginning of the year
Total cash and cash equivalents
at the end of the year		 2023
£
243,707
49,440
27,428
(350,665)
(273,797)
(143,000)
(143,000)
(173,090)
1,837,886
1,664,796		 Restated
2022
£
572,433
44,767
47,158
(444,714)
(352,789)
(54,933)
(54,933)
164,711
1,673,175
1,837,886

27

South West Lakes Trust

Notes to the Financial Statements

Year ended 31 January 2023

1 Accounting policies

The principal accounting policies adopted, judgements and key sources of estimation and uncertainty in the preparation of the financial statements are as follows:

(a) Basis of accounting

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective January 2019) - (Charities SORP (FRS102), the Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS102) and the Companies Act 2006.

South West Lakes Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical or transaction value unless otherwise stated in the relevant accounting policy note

The functional currency of the South West Lakes Trust is considered to be Pounds Sterling as that is the currency of the primary economic environment in which the trust operates.

(b) Going concern

The Trustees have critically reviewed the Income and Expenditure and Cash Flow Forecasts, which have been prepared by management, and which are based on a cautious approach using the best information available at the time.

The Trustees have concluded that the charity and its trading subsidiary are expected to have sufficient cash and unrestricted reserves to continue to operate for the foreseeable future and conclude that there are no material uncertainties and the going concern basis is appropriate.

(c) Funds structure

The charity has a number of restricted funds to account for situations where a donor requires that a donation must be spent on a particular purpose or where funds have been raised for a specific purpose.

In accordance with paragraph 24.23 of Charities SORP (FRS 102), the results of Wheal Martyn Trust, a charitable group with narrower objectives than those of South West Lakes Trust, are consolidated with its wholly owned trading subsidiary, Wheal Martyn Enterprises Limited, as a separate restricted fund. The results of the Wheal Martyn Trust charitable group include Wheal Martyn Trust’s own income from grants and donations, and from the trading activities of the subsidiary, which are included within the single restricted fund.

The acquisition of Wheal Martyn Trust has been accounted for so that the negative goodwill arising on the acquisition in 2010 (note 6) is treated in accordance with accounting policy 1(f). This is not in accordance with Charities SORP (FRS 102), which requires the excess of the net assets acquired over the consideration payable to be treated as a gift and recognised immediately as income in the Consolidated Statement of Financial Activities. The trustees are satisfied that, in view of the fact that the majority of assets acquired are tangible fixed assets (which gives rise to an increased depreciation charge in the consolidated financial statements of South West Lakes Trust), adoption of the treatment of releasing the negative goodwill in the periods expected to benefit results in the financial statements giving a true and fair view.

Unrestricted funds comprise accumulated surpluses and deficits on general funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity. The trustees intend to use part of these funds for specific projects and have a designated fund to reflect this. The funds held in each of these categories are disclosed in note 19.

28

South West Lakes Trust

Notes to the Financial Statements

Year ended 31 January 2023

1 Accounting policies (continued)

(d) Income

All income is included in the Statement of Financial Resources (SOFA) when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies apply to categories of income:

(e) Expenditure

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with use of resources.

Resources expended include attributable VAT which cannot be recovered.

(f) Fixed assets

Tangible fixed assets costing more than £500 are capitalised and included at cost including any incidental expenses of acquisition.

Depreciation is calculated so as to write off the cost of an asset over the useful economic life of that asset as follows:

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 - 10 years
Motor vehicles - straight line over 3 - 5 years
Computer equipment - straight line over 3 - 10 years

No depreciation is charged in respect of assets in the course of construction.

29

South West Lakes Trust

Notes to the Financial Statements

Year ended 31 January 2023

1 Accounting policies (continued)

Note (f) cont’d

The residual value of coarse fishing fish is higher than the historic cost due to the impact of the population breeding. Therefore no depreciation has been charged, and fish will be held at historic cost less impairment.

(g) Investment Property

Investment property is held in the balance sheet at fair value, with changes in fair value recognised in the Statement of Financial Activities.

(h) Negative goodwill

Negative goodwill arising on acquisitions (i.e. the excess of the net assets over the value of the consideration paid) is written back in the Statement of Financial Activities over a period of 20 years, which is the period expected to benefit from that negative goodwill.

(i) Stocks

Stock is included at the lower of cost or net realisable value. Cost comprises the cost of purchase.

(j) Operating lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

(k) Pension costs

The charity operates a defined contribution scheme for employees. The assets of the scheme are held separately from those of the charity. The annual contributions payable are charged to the Statement of Financial Activities (SOFA).

(l) Contribution of volunteers

The value of services provided by volunteers is not incorporated into these financial statements. Further details of the contribution made by volunteers can be found in the trustees’ annual report.

(m) Irrecoverable VAT

Irrecoverable VAT is charged as a cost within the Statement of Financial Activities.

(n) Company status

The charity is a company limited by guarantee. The members of the company are the trustees who are also ordinary members. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.

(o) Financial Instruments

Classification

The company holds the following financial instruments:

Recognition and measurement:

The company has chosen to apply the recognition and measurement principles in FRS 102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the asset expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities,

30

South West Lakes Trust

Notes to the Financial Statements

Year ended 31 January 2023

when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

(p) Prior Year Adjustment

The comparatives have been restated to incorporate the impact of accounting for restricted expenditure incurred on the development of the Roadford Play area as revenue in the 2021-22 accounts. Re-examination of the funding conditions identified that this should have been treated as capital expenditure. The change has resulted in an increase in the total fund surplus previously reported of £127,163 with a corresponding increase in the tangible fixed asset balance.

31

South West Lakes Trust

Notes to the Financial Statements

Year ended 31 January 2023

2 Financial Performance of the charity

These financial statements consolidate the results of the charity and its wholly-owned subsidiary South West Lakes Ltd Limited on a line - by - line basis. Wheal Martyn Trust is shown separately as a restricted fund.

The summary financial performance of the charity alone is:

Income
Expenditure on charitable activities
Net loss on investment
Net expenditure
Total funds brought forward
Total funds carried forward
Represented by;
Restricted income
Unrestricted income funds		 2023
2022
Restated
£
£
2,029,306
2,914,214
(2,332,758)
(2,173,136)
-
(45,000)
(303,452)
696,078
3,703,691
3,007,613
3,400,239
3,703,691
1,611,830
1,913,914
1,788,409
1,789,777
3,400,239
3,703,691

3 Commitments under operating leases

Lessee - At 31 January 2023 the group had total commitments under non-cancellable operating leases for land and buildings and equipment as follows:

2023
Less than one year
Two to five years
More than five years
Total		 Land and
Buildings
Other
Total
£
£
£
1,851
29,027
30,878
7,404
14,893
22,297
9,266
-
9,266
18,521
43,920
62,441

One of the operating leases expires in 2042. From 2033 the rent will be based on open market value.

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

32

South West Lakes Trust

Notes to the Financial Statements

Year ended 31 January 2023

With regard to the leases concerning the lakes, these are as follows:

i) 4 x 60 year lease, 2 commencing from 7 April 2004 whose annual rental liability is wrapped up into the rent of the class (iii) properties, 1 commencing 1 April 2004 and 1 residential lease also commencing 1 April 2004 with an annual rental liability of £39,993 subject to future rent review on an open market basis.

ii) 4 x 26 year leases, commencing from 1 April 2000, with a total annual rental liability of £45,883 subject to future rent review on an open market basis.

iii) 2 x 25 year leases, commencing from 18 May 2006, with a total annual rental liability of £7,361 subject to future rent review on an open market basis.

iv) 1 x 25 year lease, commencing from 1 April 2004, with a total annual rental liability of £1,530 subject to future rent review on an open market basis.

v) 7 x 7 year leases, commencing from 19 May 2005, with a total annual rental liability of £1,850 subject to future rent review on an open market basis.

vi) 12 x 10 year licences, commencing from 1 April 2000, with a total annual licence fee liability of £1,530, not subject to review. These licences are terminable by the trust on 12 months’ notice without cause.

vii) 6 x licences which run until terminated on 3 months’ notice without cause with a total annual licence fee liability of £600.

viii) 14 x other licences whose licence fee is wrapped up into the rent for the class (ii) and (iii) properties above

Lessor - As at 31 January 2019 the Group leased out a building on a short term operating lease, over a term of five years with a break clause at year three.

2023
Less than one year
Two to five years
More than five years
Total		 Land and
Buildings
Total
£
£
14,943
14,943
-
-
-
-
14,943
14,943

33

South West Lakes Trust

Notes to the Financial Statements

Year ended 31 January 2023

4 Income from donations

Job Retention Scheme
Grants received
Friends of Trust / Gift Aid
Donations		 Unrestricted
Funds
Restricted
Funds:
WMT
Restricted
Funds:
Other
Total 2023
Total 2022
£
£
£
£
£
-
-
-
-
16,888
-
4,000
-
4,000
97,610
33,291
606
-
33,897
35,447
1,894
1,642
1,020
4,556
7,183
35,185
6,248
1,020
42,453
157,128

Income from donations totalled £42,453 (2022: £157,128), of which £35,185 (2022: £130,147) was unrestricted and £7,268 (2022: £26,981) was restricted.

5 Income from charitable activities

Car parking receipts
South West Water contract
Recharges
Forestry grants
Grants
Miscellaneous income
NCS Contract Revenue
Timber sales
Agricultural tenancies and licences
Wheal Martyn Trust		 Unrestricted
Funds
Restricted
Funds:
WMT
Restricted
Funds:
Other
Total 2023
Total 2022
£
£
£
£
£
216,614
-
-
216,614
213,541
605,328
-
513,066
1,118,394
604,846
4,450
-
-
4,450
33,719
40
-
-
40
40
8,204
-
28,086
36,290
939,839
12,087
-
1,350
13,437
67,384
410,346
-
-
410,346
243,784
19,496
-
-
19,496
49,725

65,646
-
-
65,646
63,759
-
365,974
-
365,974
336,913
1,342,211
365,974
542,502
2,250,687
2,553,550

Income from charitable activities totalled £2,250,687 (2022: £2,553,550) of which £1,342,211 (2022: £1,280,854) was unrestricted and £908,476 (2022: £1,272,696) was restricted.

34

South West Lakes Trust

Notes to the Financial Statements

Year ended 31 January 2023

6 Income from trading activities

Investment in subsidiaries

South West Lakes Limited – company number 03955075

The wholly-owned trading subsidiary, South West Lakes Limited, which is incorporated in the United Kingdom, gift aids its profit to the charity. The registered office is the same as that of South West Lakes Trust.

South West Lakes Limited operates catering activities, fishing and watersports activities and all commercial trading operations carried out by South West Lakes Trust. The charity owns the entire issued share capital of 100 ordinary shares of £1 each.

Commercial trading operations – South West Lakes Limited

ommercial trading operations – South West Lakes Limited
Summary profit and loss account
Turnover
Other Operating Income
Bank Interest Receivable
Cost of sales and administrative expenses
Net profit
Amounted gift aided to the charity
The assets and liabilities of the subsidiary were:
Fixed assets
Current assets
Creditors: amounts falling due within one year
Net current (liabilities)/assets
Total assets less current liabilities
Creditors: amounts falling due more than one year
Net Assets		 2023
2022
£
£
1,999,922
2,344,039
72,250
92,856
45
28
2,072,217
2,436,923
2,108,517
1,796,135
(36,300)
640,788
-
(606,238)
78,944
69,165
839,584
1,395,901
(889,054)
(1,399,292)
(49,470)
(3,394)
29,474
65,774
-
-
29,474
65,774

Wheal Martyn Trust – company number 02599839, charity 1001838

On 1 April 2010 South West Lakes Trust became the sole member of Wheal Martyn Trust, a company limited by guarantee and a registered charity, and which is incorporated in the United Kingdom. The registered office is the same as that of South west Lakes Trust. Its wholly owned trading subsidiary is Wheal Martyn Enterprises Limited. The cost of this investment was £nil.

35

South West Lakes Trust

Notes to the Financial Statements

Year ended 31 January 2023

6 Income from Trading Activities (cont.)

Wheal Martyn Trust aims to secure for the benefit of the public the preservation, restoration, improvements, enhancement and maintenance of features and objects of historical and industrial interest in the area of St. Austell and the surrounding districts of Cornwall. Wheal Martyn Enterprises Limited operates the trading arm of Wheal Martyn Trust.

The group results of Wheal Martyn Trust may be summarised as follows:

Summary Statement of Financial Activities

Incoming resources
Resources expended
Net income / (expenditure)
Transfer between funds
Taxation
Net movement in funds – after tax
Total funds b/f
Total funds c/f
Summary Balance Sheet
Tangible assets
Current assets
Creditors: amounts falling due within one
year
Creditors: amounts falling due after more
than one year
Total net assets
Restricted funds
Unrestricted funds
Total funds		 Unrestricted
Funds
Restricted
Funds
Total 2023
Total 2022
£
£
£
329,463
225,880
555,343
529,900
327,648
241,238
568,886
593,686
1,815
(15,358)
(13,543)
(63,786)
(12,137)
12,137
-
-
-
-
-
-
(10,322)
(3,221)
(13,543)
(63,786)
158,780
1,457,311
1,616,091
1,679,877
148,458
1,454,090
1,602,548
1,616,091
2023
2022
Consolidated
Charity Consolidated
Charity
£
£
£
£
1,418,840
1,413,911
1,503,695
1,496,648
300,927
247,207
391,367
328,078
(99,952)
(99,934)
(254,304)
(244,314)
(17,267)
-
(24,667)
-
1,602,548
1,561,184
1,616,091
1,580,412
1,454,090
1,454,090
1,434,626
1,434,626
148,458
107,094
181,465
145,786
1,602,548
1,561,184
1,616,091
1,580,412

Wheal Martyn Trust has a wholly-owned trading subsidiary, Wheal Martyn Enterprises Limited, the results of which are included in the group figures shown above. Turnover for the year ended 31 January 2023 was £167,350 (2022: £142,366). Net profit of £5,497 (2022: £14,107) was achieved.

36

South West Lakes Trust

Notes to the Financial Statements

Year ended 31 January 2023

7 Investment Income

Bank interest received
Rental income		 Unrestricted
Funds
Restricted
Funds:
WMT
Restricted
Funds: Other
Total
2023
Total
2022
£
£
£
£
£
151
8
-
159
14
43,815
5,421
-
49,236
47,255
43,966
5,429
-
49,395
47,269

Investment income of £49,395 (2022: £47,269) includes unrestricted income of £43,966 (2022: £44,767) and restricted income of £5,429 (2022: £2,502).

8 Costs of charitable activities

Employee costs
Premises and grounds
Machinery and equipment
Administration
Insurance / rent
Depreciation and finance
Project in designated funds
Support costs and
governance
Total charitable activities
Restricted funds
Wheal Martyn Trust		 Public
Access
Conservation
and
Education
Recreation
Total
2023
Total
2022
Restated
£
£
£
£
£
146,831
326,017
6,829
479,677
499,201
65,725
81,468
2,442
149,635
181,978
48,452
95,583
2,254
146,289
105,110
88,795
121,864
4,127
214,786
167,216
46,060
58,914
2,142
107,116
97,456
26,244
33,635
1,221
61,100
56,251
7,615
12,398
6,734
26,747
-
31,939
40,853
1,486
74,278
125,104
461,661
770,732
27,235
1,259,628
1,232,316
173,372
520,372
166,718
860,462
820,156
-
408,588
-
408,588
447,685
635,033
1,699,692
193,953
2,528,678
2,500,157

Costs of Charitable Activities of £2,528,678 (2022: £2,500,157) include unrestricted expenditure of £1,259,628 (2022: £1,232,316) and restricted expenditure of £1,269,050 (2022: £1,267,841).

37

South West Lakes Trust

Notes to the Financial Statements

Year ended 31 January 2023

9 Summary analysis of expenditure and related income for charitable activities

Unrestricted Funds
Costs
Income
Net income / (cost)
Restricted Funds
Costs
Income
Net Income/(cost)
Total		 Public
Access
Conservation
and Education
Recreation
Total
2023
Total
2022
£
£
£
£
£
461,661
770,732
27,235
1,259,628
1,232,316
624,205
687,739
30,267
1,342,211
1,280,854
162,544
(82,993)
3,032
82,583
48,538
173,372
928,960
166,718
1,269,050
1,395,004
141,617
707,686
59,173
908,476
1,272,696
(31,755)
(221,274)
(107,545)
(360,574)
(122,308)
130,789
(304,267)
(104,513)
(277,991)
(73,770)

Grants for capital items are recognised in the year they are receivable whereas the expenditure i.e. the depreciation is charged over the life of the asset. This results in a net cost in the year on restricted funds.

10 Net incoming resources for the year

This is stated after charging:

2023 2022
£ £
Depreciation 427,306 362,978
Auditor’s remuneration:
- audit of the financial statements 19,650 11,925

38

South West Lakes Trust

Notes to the Financial Statements

Year ended 31 January 2023

11 Staff costs and emoluments

Total staff costs were as follows:

Wages and salaries
Social security costs
Pension payments		 2023
2022
£
£
1,994,420
1,742,872
152,527
119,162
72,731
62,445
2,219,678
1,924,479

The number of employees whose emoluments for the year fell within the following bands were:

£70,000 to £80,000
£80,000 to £90,000		 2023
2022
No.
No.
-
1
1
-

Trustees are not remunerated. However, trustees did receive reimbursed expenses for attending meetings amounting to £243 (2022: £322), reimbursed to 1 (2022: 1) trustee.

The key management personnel of the charity comprise the trustees, the Chief Executive Officer, the Chief Financial Officer, Visitor Experience Director and the Managing Director, Wheal Martyn (4 employees). The total employee benefits of the key management personnel of the Trust were £279,523 (2022: £292,095, 5 employees).

Particulars of employees:

The average monthly headcount was 142 employees (2022: 124 employees) and the average number of full-time equivalent employees, including casual and part time staff was as follows:

Charity - South West Lakes Trust
- Wheal Martyn Trust
Projects
Bournemouth Leisure
Gift shops
Watersports		 2023
2022
No.
No.
28
28
11
10
5
5
3
3
4
4
17
17
68
67

39

South West Lakes Trust

Notes to the Financial Statements

Year ended 31 January 2023

12 Intangible fixed assets

Negative goodwill arising on the acquisition of Wheal Martyn Trust

As at 1 February 2022
Written back (note 1h)
As at 31 January 2023		 2023
2022
£
£
(377,988)
(425,237)
47,249
47,249
(330,739)
(377,988)

13a Tangible fixed assets – charity (restated)

Cost
At 31 January 2022
Additions
Transfers
Disposals
At 31 January 2023
Depreciation
At 1 February 2022
Charge for the year
On disposals
At 31 January 2023
Net book value
At 31 January 2023
At 31 January 2022
(restated)		 Leasehold
Land and
buildings
Plant,
machinery
and
vehicles
£
£

3,936,291
1,880,634
59,769
223,839
-
127,163
(5,350)
(67,912)		 Fixtures,
fittings and
computers
£
844,851
53,799
-
(3,647)		 Assets in
course of
construction
Total
£
£
127,163
6,788,939
3,479
340,886
(127,163)
-
(76,909)
3,990,710
2,163,724		 895,003 3,479
7,052,916
2,569,037
1,566,562
155,369
149,011
(296)
(67,202)		 710,028
38,071
(3,647)		 -
4,845,627
-
342,451
-
(71,145)
2,724,110
1,648,371		 744,452 -
5,116,935
1,266,600
515,353		 150,551 3,479
1,935,983
1,367,254
314,072		 134,823 127,163
1,943,312

40

South West Lakes Trust

Notes to the Financial Statements

Year ended 31 January 2023

13b Tangible fixed assets – group (restated)

Group
Cost
At 1 February 2022
Additions
Transfers
Disposals
At 31 January 2023
Depreciation
At 1 February 2022
Charge for the year
On disposals
At 31 January 2023
Net book value
At 31 January 2023
At 31 January 2022
(Restated)		 Leasehold
land and
buildings
Plant,
machinery
and
vehicles
£
£
5,947,648
2,296,380
59,767
223,842
-
127,163
(5,350)
(67,912)		 Fixtures,
fittings and
computers
£
947,297
53,798
-
(3,647)		 Assets in
course of
construction
£
127,163
3,479
(127,163)
-		 Fish
Total
£
£
69,165
9,387,653
9,779
350,665
-
-
-
(76,909)
6,002,065
2,579,473		 997,448 3,479 78,944
9,661,409
3,158,224
1,965,357
227,344
153,021
(296)
(67,202)		 747,900
46,941
(3,647)		 -
-
-		 -
5,871,481
-
427,306
-
(71,145)
3,385,272
2,051,176		 791,194 - -
6,227,642
2,616,793
528,297		 206,254 3,479 78,944
3,433,767
2,789,424
331,023		 199,397 127,163 69,165
3,516,172

Charges held over tangible assets

The English Sports Council holds a charge by way of a floating debenture over assets purchased by South West Lakes Trust via funding obtained from them. The total cost of these assets is £175,000.

The Heritage Lottery fund holds a charge over the leasehold property of Wheal Martyn Trust. The net book value of these assets was £987,260 at the year end.

Capital commitments

No capital commitments in year

41

South West Lakes Trust

Notes to the Financial Statements

Year ended 31 January 2023

14 Investment Property

14 Investment Property
£
At 1 February 2022 175,000
Revaluation -
––––——
At 31 January 2023 175,000
––––——

SWLT moved out of Lidn Park and leased it from November 2018 for a period of five years with a break clause after three including a rent free period of three months.

The freehold investment property was valued at market value subject to lease on 31 January 2022 by Stratton Creber Commercial.

15 Stocks

15 Stocks
Food
Gifts
Fish
Total		 Group
Charity
Group
Charity
2023
2023
2022
2022
£
£
£
£
-
-
12,653
-
12,900
-
32,872
-
34,872
-
-
-
47,772
-
45,525
-

Fish for stocking the Coarse fishing lakes have been transferred from Stock to Tangible Fixed Assets on the basis that they represent an ongoing asset and are included in Note 13: Tangible Fixed Assets.

42

South West Lakes Trust

Notes to the Financial Statements

Year ended 31 January 2023

16 Debtors

Trade debtors
Amounts due from group entities
Other Taxation and social security
Other debtors
Prepayments and accrued income		 Group
Charity
Group
Charity
2023
2023
2022
2022
£
£
£
£
399,267
189,528
364,828
173,092
-
288,694
-
908,936
-
-
730
-
15,158
10,232
5,417
784
391,555
257,958
599,964
422,120
805,980
746,412
970,939
1,504,932

17 Creditors: amounts falling due within one year

Bank loans and overdraft
6Trade creditors
Amount Due from group entities
Other Taxation and social security
Other creditors
Deferred income and accruals		 Group
Charity
Group
Charity
2023
2023
2022
2022
£
£
£
£
21,800
-
157,400
-
291,894
90,501
294,530
100,844
-
-
-
-
79,706
79,102
52,528
52,528
33,612
27,928
630,943
237,367
650,876
180,752
-
-
1,077,888
378,283
1,135,401
390,739

.

The following liabilities disclosed under creditors falling due within one year are secured by the charity:

2023 2022
£ £
Bank loans 21,800 157,400

43

South West Lakes Trust

Notes to the Financial Statements

Year ended 31 January 2023

18 Creditors: Amounts falling due after more than one year

Bank loan Group
Charity
Group
Charity
2023
2023
2022
2022
£
£
£
£
17,267
-
24,667
-
17,267
-
24,667
-

19 Statement of funds – Group

Unrestricted funds
Designated funds
Facilities and Training
Communications
Increasing access to our sites
Environmental Improvements
Covid Reserve
Impact Reserve
Property Improvements
Delivering towards Net Zero
Trainee programme		 Balance at
1 Feb 2022
Incoming
resources
Outgoing
resources
Transfers/
gains
Balance at
31 Jan 23
£
£
£
£
£
1,180,374
3,558,001
(3,554,065)
(14,856)
1,169,454
193,343
-
(14,348)
-
178,995
51,108
-
-
-
51,108
31
-
-
-
31
86,000
-
(6,291)
-
79,709
1,721
-
-
-
1,721
25,000
-
-
-
25,000
67,872
-
-
-
67,872
150,000
-
-
-
150,000
100,000
-
(6,108)
-
93,892
Total Designated Funding
Total Unrestricted funds		 675,075
-
(26,747)
-
648,328
1,855,449
3,558,001
(3,580,812)
(14,856)
1,817,782

44

South West Lakes Trust

Notes to the Financial Statements

Year ended 31 January 2023

19 Statement of funds – Group (continued)

Restricted funds
Wheal Martyn Trust (note 1b)
Other restricted funds
Fixed asset funds
Roadford Lakeside
Stithians Project
Kennick Project
RDPE Outdoor & Active
Burrator
Roadford Play area
Roadford Play area – stage 3
Roadford watersports
SWW capital project work
SWW SSSi project
INNS Project
Countryside Stewardship
Burrator Forest
Countryside Stewardship
Roadford Forest
Countryside Stewardship
Wimbleball Forest
Countryside Stewardship
Venford Forest
I Love Water (Year of Green Action)
Biodiversity Improvement Scheme
Fernworthy HLS
Roadford Celebration Woodland
Wimbleball Celebration Woodland
Accessible Watersports/Skiability
Crowdy Reservoir
Argal Play Area
Wimbleball Play Area
Wimbleball Community Orchard
Roadford Fly Fair
Environment Agency Fisheries
Burrator Catchment Area
Biosecurity and Freshwater Planning		 Balance at 1
Feb 2022
Incoming
resources
Outgoing
resources
Transfers
Balance at
31 Jan 2023
Restated
£
£
£
£
£
1,238,103
602,592
(568,886)
-
1,271,809
329,529
-
(39,130)
-
290,399
223.392
-
(26,593)
-
196,799
8,179
-
(1,825)
-
6,354
575,189
-
(44,903)
-
530,286
69,476
-
(22,893)
-
46,583
127,163
-
(1,064)
-
126,099
1,332,928
-
(136,408)
-
1,196,520
19,537
-
(16,156)
20,750
24,131
6,159
-
-
-
6,159
71,678
348,402
(307,781)
(34,250)
78,049
58,274
-
(12,122)
-
46,152
8,675
-
(8,508)
-
167
23,092
(3,064)
(14,091)
-
5,937
5,508
(381)
1,007
-
6,134
6,674
(6)
378
-
7,046
(438)
1,000
-
-
562
31,527
(6,864)
(37,035)
14,856
2,484
24,278
-
(42,860)
-
(18,582)
1,339
6,104
(955)
-
6,488
582
-
-
-
582
325
-
-
-
325
29,245
5,800
(418)
-
34,627
27,382
20
(1,010)
-
26,392
328
-
-
-
328
2,641
-
-
13,500
16,141
135
-
-
-
135
189
1,526
(599)
-
1,116
5,396
-
-
-
5,396
27,097
(14,642)
(12,455)
-
-
38,605
64,210
(41,964)
-
60,851

45

South West Lakes Trust

Notes to the Financial Statements

Year ended 31 January 2023

19 Statement of funds – Group (continued)
Biodiversity Strategy and County
Wildlife Sites. 8,659 49,233 (45,225) - 12,667
Dartmoor Volunteer Legacy - 1,000 - - 1,000
Roadford HLS (20,517) 25,497 (13,487) - (8,507)
Connecting Communities 187,116 - (126,753) - 60,363
Dartmoor Green Recovery 43,534 (26,534) - 17,000
Dark Skies 17,500 - (36) - 17,464
Tree planting - 22,153 (17,450) - 4,703
Total Other restricted funds 580,986 543,522 (724,054) 14,856 415,310
Total Restricted funds 3,152,017 1,146,114 (1,429,348) 14,856 2,883,639
Total funds 5,007,466 4,704,115 (5,010,160) - 4,701,421

Roadford Lakeside

This successful conference and visitor centre has been operating for over ten years. It remains popular for gatherings of regional businesses and the lake provides a stunning backdrop for weddings and celebrations. Funded by ERDF Objective 2, Heritage Lottery, SWRDA, SWLT and several smaller donations and grants, it has created full time rural employment. The funds remaining on this project are to cover depreciation on the building and assets bought for the project.

Stithians Angling and Watersports Centre

Another project funded by ERDF Objective 1, Sports Lottery, SWRDA, SWLT and several smaller donations and grants, Stithians Activity Centre was extended in 2010, owing to increasing demand for tuition. The café was enlarged and the centre now provides a base for rowing and gig racing clubs. Instructor training continues to be very successful at this centre. The funding for this project has now ended but the centre is continuing to attract new participants and achieve the project’s aims. The remaining funds are to cover the depreciation on the buildings and assets bought for the project.

Kennick Project

A new anglers’ lodge was officially opened in March 2009. The remaining funds are to cover the depreciation on the buildings and assets bought for the project.

RDPE ‘Outdoor and Active’ project

This project, led by the Environment Agency to implement its ‘Enjoy Water’ strategy, is funded by the RDPE. At the lakes, it involved improvements to facilities at six sites including installing high ropes courses, solar powered boats and improving infrastructure for angling and watersports activities. The remaining funds are to cover the depreciation on the buildings and assets bought for the project.

Burrator Historic and Natural Environment

This project was completed in 2016 and the remaining funds are to cover the depreciation on the buildings and assets bought for the project.

The focus of this project was to preserve important archaeological sites and habitats whilst developing visitors’ awareness of the historic built and natural environments of Burrator Reservoir on the south western edge of Dartmoor National Park, approximately 5 miles from the edge of Plymouth. The work included restoring a 100 year old barn for use as a learning and discovery centre, conserving important local archaeological remains, improving access at two key sites and enabling people to learn about their and others heritage. During 2014 the

46

South West Lakes Trust

Notes to the Financial Statements

Year ended 31 January 2023

19 Statement of funds – Group (continued)

Discovery Centre opened, accessible footpaths were completed and work was completed in conserving some buildings.

Roadford Play Area

A grant from the RDPE European Agricultural Fund for Rural Development was secured to develop the play space at Roadford Lake, matched with funds from South West Water and SW Lakes.

Roadford Watersports Centre

A generous legacy left in 2020 and other donations will be used to enhance existing facilities and to support training of young people to become watersports’ instructors.

SWW Capital Project Work

This is work managed on behalf of SWW on their recreation and amenity assets.

SWW SSSI Project

This project was funded by South West Water and aimed to bring the SSSI sites, both geological and biological into favourable condition. The work on this project now focusses on work on the ground, including education work and working with volunteers to help raise awareness of the need to protect these sites amongst local communities.

INNS/Biosecurity and Freshwater Planning

This is an innovative invasive species and biosecurity project with South West Water. This project raises awareness of the real problems invasive non-native species can cause, the need to use biosecurity procedures such as Check Clean Dry as part of normal practice and install appropriate biosecurity infrastructure to help protect our native species.

Countryside Stewardship - Burrator Forest

Burrator forest woodland management plan guides our forest operations at Burrator reservoir, building on extensive work carried out in previous years where the focus has been on balancing timber production with amenity, biodiversity, archaeology and water quality. This work is supported by a higher tier countryside stewardship scheme .

Countryside Stewardship - Roadford Forest

A woodland management plan and higher tier countryside stewardship funding support our ongoing establishment and first thinning’s of Roadford forest. New wildlife boxes have been installed and we are awaiting new residents .

Countryside Stewardship - Wimbleball Forest

Restoration of Oak woodland and coppice management are the focus for the Wimbleball’s woodland management plan where the ongoing work supports fantastic populations of birds, bats and butterflies.

Countryside Stewardship - Venford Forest

We have been working on a joined-up vision with South West Water to improve the woodland habitat surrounding Venford reservoir and associated treatment works in the catchment above the River Dart. This work will be supported by a higher tier countryside stewardship scheme.

I Love Water

A partnership project with South West Water, match funded by the National Lottery Heritage Fund. This 27month project focused on engaging young people with their water usage and the importance of water in our

47

South West Lakes Trust

Notes to the Financial Statements

Year ended 31 January 2023

19 Statement of funds – Group (continued)

environment. It enabled people to understand water efficiency and how they can make a difference, both at home and by volunteering time to benefit habitats at lakes across our region.

Biodiversity Improvement Scheme

Our Environment Team took delivery of a new electric powered light weight survey boat which enabled habitat surveying and work at the smaller lakes. We installed Dormice boxes at Meldon, bird boxes at Fernworthy, printed a new wildlife booklet for Burrator and prepared a new wildflower meadow for Roadford. Volunteers and employees received training from Devon Mammal Group about harvest mice, their nests and how to find them; they are now able to help assess distribution of harvest mice across the county and contribute to the Devon Harvest Mouse Project. The ranger team now also have access to a mini baler to aid the management of the meadows at several lakes across the region.

Fernworthy HLS

The Fernworthy Countryside Stewardship Agreement commenced on 01/01/2017 and will run until 31/12/2021. The total agreement value was £57,738 (revenue and capital costs). Revenue costs include the management of permanent grassland and species-rich grassland in order to increase the habitat and food available for invertebrates, birds and other animals. Capital works include stone wall restoration, fencing, scrub control and gates.

The scheme has been extended via a mirror agreement until December 2026 to a revenue value of £14,799.

Roadford Celebration Woodland

In partnership with South West Water, a new community woodland at Roadford has seen two phases of planting, with members of the public being invited to make donations to the project to cover the cost of a tree to celebrate important events in their lives.

Wimbleball Celebration Woodland

South West Water and the Exmoor Society donated funds towards the establishment of a new community woodland at Wimbleball in 2009. In partnership, the three organisations have continued to promote the initiative which has seen four phases of planting. The public are invited to make a donation to the project to cover the cost of a tree to celebrate important events in their live.

Skiability/Accessible Watersports

Skiability is a fantastic project that has been running at Siblyback for several years enabling people of all abilities to access the water. The person running this had decided to retire and very kindly donated the equipment to South West Lakes Trust. During 2021 we secured additional funding from The Clare Milne Trust and the 29[th] May 1961 charitable trust to deliver accessible watersports sessions.

Crowdy Reservoir

A partnership between South West Lakes Trust, South West Water, the Bodmin Moor Commoners Association and Natural England, has led to a long term commitment to improving biodiversity on Crowdy Reservoir’s site of Special Scientific Interest. Utilising funding from the Higher Level Stewardship Fund scheme has helped protect the wetland habitat from overgrazing by utilising fencing and agreeing a reduced grazing regime with local farmers.

Argal Play Area.

The play area at Argal is in need of refurbishment and a donation was received towards this. New equipment has been installed and other items repaired.

48

South West Lakes Trust

Notes to the Financial Statements

Year ended 31 January 2023

19 Statement of funds – Group (continued)

Wimbleball Play Area

SWW funding and members of the public have kindly donated monies to start a fund for improving the play area at Wimbleball.

Wimbleball Community Orchard

A new community orchard is being planted at Wimbleball funded by the Lennox Fund.

Roadford Fly Fair

Funding has been received from the Environment Agency and individuals to assist with hosting this annual event at our reservoirs.

Environment Agency Fisheries

Funding has been received from the Environment Agency for fishery habitat improvements in Dorset.

Burrator Catchment Area

Funded by South West Water this project was a two year investigation programme of Burrator catchment. The programme of works was to deliver a Water Industry National Environment Programme scope to identify if the South West Water landholding around Burrator reservoir is reaching its Natural Environment and Rural Communities Section 41 habitats and species potential.

Biodiversity Strategy and County Wildlife sites

A two-year investigation phase into the condition of nine County Wildlife Sites on the land managed by SW Lakes. This investigation phase of the Water Industry Natural Environment Programme on County Wildlife Sides, funded by South West Water, culminated in a variety of reports on the habitats of target species.

Dartmoor Volunteer Legacy

A legacy left in 2022 to continue supporting the great work undertaken by volunteers at Burrator.

Roadford HLS

The Roadford Lake Countryside Stewardship Agreement commenced on 01/01/2020 and will run until 31/12/2029. The total agreement value is £55,320 (revenue and capital costs). Revenue costs include the management of species-rich grassland in order to increase the habitat and food available for invertebrates, birds and other animals, management of hedges and successional scrub areas. Capital works include hedge laying and coppicing, scrub control and grassland restoration.

Connecting Communities

This project trained three young people in environmental and engagement skills, whilst working with local communities to grow participation and understanding of the natural environment. Funding for this project was from Round 2 of the Green Recovery Challenge Fund.

Dark Skies Discovery Hub

This project will enable SW Lakes and Partners to engage a diverse range of people with the night skies on Exmoor. Funding has been secured from Exmoor National Park, Hinkley Tourism Action Partnership and SW Lakes designated funds.

Dartmoor Green Recovery Project

A project, funded by SWW to enhance the biodiversity in the Burrator catchment area.

Tree planting

SWW funding received to plant trees at Stithians and Colliford Lake.

49

South West Lakes Trust

Notes to the Financial Statements

Year ended 31 January 2023

19 Statement of funds – Group (continued) 2022 Comparative funds note (Restated)

Unrestricted funds
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
Total Unrestricted funds
Restricted funds
Wheal Martyn Trust (note 1b)
Other restricted funds
Fixed asset funds
Roadford Lakeside
Stithians Project
Kennick Project
Colliford Project
RDPE Outdoor & Active
Burrator
Roadford Play area
Roadford Play area
Roadford watersports
SWW capital project work
SWW SSSi project
INNS Project
Countryside Stewardship
Burrator Forest
Countryside Stewardship
Roadford Forest		 Balance at
1 Feb 2021
Incoming
resources
Outgoing
resources
Transfers/
gains
Balance at
31 Jan 22
£
£
£
£
£
959,335
3,805,107
(3,061,321)
(522,747)
1,180,374
55,000
(55,000)
-
105,000
-
(11,657)
100,000
193,343
60,000
-
(8,892)
-
51,108
25,000
-
(24,969)
-
31
40,000
-
(4,000)
50,000
86,000
30,000
-
(28,279)
-
1,721
25,000
-
-
-
25,000
67,872
-
-
-
67,872
-
-
-
150,000
150,000
-
-
-
100,000
100,000
407,872
-
(132,797)
400,000
675,075
1,367,207
3,805,107
(3,194,118)
(122,747)
1,855,449
Balance at 1
Feb 2021
Incoming
resources
Outgoing
resources
Transfers
Balance at
31 Jan 2022
£
£
£
£
£
1,254,640
577,149
(593,686)
-
1,238,103
368,659
-
(39,130)
-
329,529
251,142
-
(27,750)
-
223.392
10,003
-
(1,824)
-
8,179
396
-
(396)
-
0
619,926
-
(44,737)
-
575,189
92,369
-
(22,893)
-
69,476
-
-
-
127,163
127,163
1,342,495
-
(136,730)
127,163
1,332,928
4,070
108,721
(28,307)
(64,947)
19,537
6,159
-
-
-
6,159
61,949
321,438
(315,709)
4,000
71,678
53,853
4,421
-
-
58,274
10,374
-
(1,699)
-
8,675
6,344
21,770
(5,022)
-
23,092
165
5,893
(550)
-
5,508

50

South West Lakes Trust

Notes to the Financial Statements

Year ended 31 January 2023

19 Statement of funds – Group
(continued)
Countryside Stewardship
Wimbleball Forest
Countryside Stewardship
Venford Forest
I Love Water (Year of Green Action)
Biodiversity Improvement Scheme
Fernworthy HLS
Roadford Celebration Woodland
Wimbleball Celebration Woodland
Accessible Watersports/Skiability
Crowdy Reservoir
Argal Play Area
Wimbleball Play Area
Wimbleball Community Orchard
Roadford Fly Fair
Environment Agency Fisheries
Burrator Education Space
Burrator Catchment Area
Biosecurity and Freshwater Planning
Biodiversity Strategy and County
Wildlife Sites.
Blue Green Access Fishing
Roadford HLS
Connecting Communities
Dark Skies
Total Other restricted funds
Total Restricted funds
Total funds		 1,869
4,805
-
-
6,674
(1,378)
940
-
-
(438)
82,737
210
(51,420)
-
31,527
33,987
396
(10,105)
-
24,278
2,882
962
(2,505)
-
1,339
582
-
-
-
582
325
-
-
-
325
9,828
25,625
(11,208)
5,000
29,245
20,261
7,121
-
-
27,382
328
-
-
-
328
2,641
-
-
-
2,641
135
-
-
-
135
189
-
-
-
189
5,396
-
-
-
5,396
2,409
96
(2,505)
-
-
(5,957)
131,036
(97,982)
-
27,097
11,598
87,545
(60,538)
-
38,605
11,540
46,242
(49,123)
-
8,659
(36)
7,490
(7,454)
-
-
6,785
(5,718)
(21,584)
-
(20,517)
-
163,800
(17,715)
41,031
187,116
-
7,000
-
10,500
17,500
329,035
939,793
(683,426)
(4,416)
580,986
2,926,170
1,516,942
(1,413,842)
122,747
3,152,017
4,293,377
5,322,049
(4,607,960)
-
5,007,466

51

South West Lakes Trust

Notes to the Financial Statements

Year ended 31 January 2023

20 Analysis of group net assets between funds

Unrestricted
Funds		 Designated
Funds		 Restricted
Fund
Total Funds
£ £ £
£
Fixed assets 774,477 43,929 2,615,361
3,433,767
Investment Property 175,000 - -
175,000
Negative Goodwill - - (330,739)
(330,739)
Cash at bank and in hand 559,134 604,399 501,263
1,664,796
Other net current (liabilities)/assets (339,157) - 115,021
(224,136)
Long term liabilities - - (17,267)
(17,267)
1,169,454 648,328 2,883.639
4,701,421
Unrestricted funds comprise:
Free reserves 394,977 604,399 999,376
Fixed Asset Reserves 774,477 43,929 818,406
1,169,454 648,328 1,817,782
022 Comparative group net assets between funds
Unrestricted
Funds		 Designated
Funds		 Restricted
Fund
Total Funds
£ £ £
£
Fixed assets 679,549 - 2,836,624
3,516,173
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 (628,920) - 509,982
(118,938)
Long term liabilities - - (24,667)
(24,667)
1,180,374 675,075 3,152,017
5,007,466
Unrestricted funds comprise:
Free reserves 500,825 675,075 1,175,900
Fixed Asset Reserves 679,549 - 679,549
1,180,374 675,075 1,855,449

2022 Comparative group net assets between funds

52

South West Lakes Trust

Notes to the Financial Statements

Year ended 31 January 2023

21 Related Party Transactions

South West Water has no direct influence over the financial and operational policies of South West Lakes Trust. However, by an agreement (the Management Agreement ‘Specification for works to be carried out 2006-2010, Schedules 1-13 Variation No 1 dated January 2006’) between South West Water Limited (SWW) and South West Lakes Trust (the Trust) and South West Lakes Limited (Limited), it was agreed that the Trust and Limited would together be paid to manage areas of SWW’s land, with all payments being made via the Trust.

Receipts from SWW

Receipts from SWW
Management fee
Bournemouth Leisure contract
Other
Total
Payments to SWW
Rent
Other expenses
Total		 Limited
Trust
Total
Total
2023
2022
£
£
£
£
-
611,328
611,328
611,328
288,146
-
288,146
288,232
85,077
584,004
669,081
563,657
373,223
1,195,332
1,568,555
1,463,217
50,172
57,126
107,298
117,298
26,829
1,017
27,846
13,186
77,001
58,143
135,144
130,484

At the year end the following amounts were outstanding:

The work carried out under contract has areas that are within the Trust’s charitable objects and areas that are not. By an agreement and Gift Aid declaration between the Trust and Limited dated 30 March 2002 it was agreed that the non-charitable work (which cannot legally be undertaken by the Trust) would be undertaken by Limited and that monies passing to the Trust under the Management Agreement would be divided between them in proportion to the relative costs of the charitable and non-charitable work. It was further agreed that any trading surplus realised by Limited in any of its activities (including its work under the Management Agreement) would be gifted by Limited to the Trust.

South West Lakes Trust has taken advantage of the exemption available in Financial Reporting Standard No.8 'Related Party Transactions' not to disclose details of transactions with fellow group undertakings, on the grounds that the company has prepared group accounts.

22 Controlling Party

South West Lakes Trust is controlled by its Board of Trustees.

53

South West Lakes Trust

Notes to the Financial Statements

Year ended 31 January 2023

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

Net outgoing (incoming) resources before transfers
(Profit) / loss on disposal of fixed assets
Loss on valuation of Lidn Park
Interest /rents receivable
Depreciation
Negative goodwill written back
Decrease/(Increase) in stocks
(Increase)/Decrease in debtors
Increase/(Decrease) in creditors
Net cash inflow from operating activities		 2023
2022
Restated
£
£
(306,045)
714,089
(21,664)
(10,223)
-
45,000
(49,440)
(44,767)
427,306
362,978
(47,249)
(47,249)
(2,247)
(21,700)
164,959
(129,886)
78,087
(295,809)
243,707
572,433

24 Reconciliation of net cash flow movement to movement in net funds

(Decrease) / increase in cash in the period
Cash outflow from bank loans
Change in net funds
Net funds at 1 Feb
Net funds at 31 January
5 Analysis of changes in net funds
Cash in hand and at bank
Debt due within 1 year
Debt due after 1 year		 2023
2022
£
£
(30,090)
219,644
(143,000)
(54,933)
(173,090)
164,711
1,837,886
1,673,175
1,664,796
1,837,886
1-Feb-22
Cash flows
31-Jan-23
£
£
£
1,837,886
(173,090)
1,664,796
1,837,886
(173,090)
1,664,796
(157,400)
135,600
(21,800)
(24,667)
7,400
(17,267)
1,655,819
(30,090)
1,625,729

25 Analysis of changes in net funds

54