# **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** 

- The protection and conservation for the public benefit of the natural environment in areas within the South West of England as defined at the end of this Clause (“the Area of Benefit”); 

- The provision in such parts of the Area of Benefit* as is appropriate of facilities for recreation and other leisure time occupation in the interests of social welfare both of the public at large and of persons who have need by reason of their youth, age, infirmity or disability, poverty or social and economic circumstances; 

- The education of the public as to flora, fauna, ecology and the natural environment and the conservation of the same; 

- The conservation and preservation for the public benefit of sites, objects and buildings of special archaeological and historic interest within the Area of Benefit*; 

- the promotion of citizenship or community development; 

Where the same shall be exclusively charitable.’ 

- *The “Area of Benefit” = the South West of England 

## **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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## **South West Lakes Trust** 

## **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” 

- Resilience 

- Advocate 

- Inclusivity 

- Sustainability 

   - Think long term for biodiversity and people Stand up for our beliefs and empower others Promote equality and dignity in all that we do Innovate for a sustainable future 

- Engaging Consult stakeholders and develop partnerships to achieve more 

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

## IMPACT 

By 2030: 

- For the Environment, Our managed landscapes will be abundant, diverse and connected. 

- For People, Lives will be enhanced from experiencing the outdoors 

## OUTCOMES 

Our managed landscapes will be abundant, diverse, and connected 

- The biodiversity value of our places is enhanced and better connected 

- Our environmental work is shared and recognised 

- We strive to be carbon neutral in our activities and processes 

Lives will be enhanced from experiencing the outdoors 

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

- A more diverse range of people are inspired by and engaged with our places and experiences 

- The health and wellbeing of more people is improved 

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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**South West Lakes Trust** 

**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_ 

- Roadford play area 

“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. 

- Dark Skies hub – Wimbleball Lake 

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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**South West Lakes Trust** 

## **Report of the Trustees for the Year Ended 31 January 2023** 

- Volunteers 

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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**South West Lakes Trust** 

## **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_ 

- Connecting Communities 

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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## **South West Lakes Trust** 

## **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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## **South West Lakes Trust** 

## **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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**South West Lakes Trust** 

**Report of the Trustees for the Year Ended 31 January 2023** 

## **Recreation** 

_The health and wellbeing of more people is improved_ 

- Active young people 

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. 

- Royalty Fishery 

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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## **South West Lakes Trust** 

## **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. 


- Roadford Café and Venue 

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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## **South West Lakes Trust** 

## **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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## **South West Lakes Trust** 

## **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; 

- Lease commitments; 

- Two months operational costs; 

- Restrictions on future income streams due to the cost of living crisis; 

- Unbudgeted costs due to high inflation. 

- Future proposals from SWW including the potential of managing Bristol Water. 

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: 

- Inflationary pressures on costs and other increases that were not anticipated when the budget was approved. 

- The Cost of Living crisis may have an negative impact on future income streams especially in the trading arm. 

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## **South West Lakes Trust** 

## **Report of the Trustees for the Year Ended 31 January 2023** 

- Some of our projects may slow or be delayed whilst funding is focused on mitigating the effects of the pandemic. 

- Economic strain will be offset by an increase in reserves in the short term. 

- To mitigate against these risks the charity will undertake forecasting and scenario planning on at least a quarterly basis to identify these pressures as they arise and implement appropriate mitigating actions to address these pressures. 

## **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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## **South West Lakes Trust** 

## **Report of the Trustees for the Year Ended 31 January 2023** 

## **Plans for the future** 

## **Public Access** 

- ✓ Opening a new Dark skies Hub at Wimbleball Lake on Exmoor and continue to work with Exmoor National part on cycling initiatives. 

- ✓ Promote the Friends of South West Lakes scheme to give people the opportunity to visit the lakes more regularly and to support our work. 

- ✓ With SWW host a large community event at Roadford Lake. 

- ✓ An accessibility audit team will review our offer starting with Siblyback Lake. 

## **Conservation and Education** 

- ✓ We will be developing projects that benefit the environment, for example studying a nationally rare moss and increased tree planting. 

- ✓ Our Ecologist will be concentrating on ensuring habitat in our care are in good ecological condition focusing on County Wildlife Sites and Sites of Special Scientific Interest. 

- ✓ Our Invasive Species Officer will work with South West Water to increase the awareness of invasive species and install further wash down facilities to further improvement biosecurity. 

- ✓ A Burrator reservoir catchment project will deliver agreed actions benefiting the environment. ✓ We will seek funding forour Green Blue Bridge project which aims to give Young People Volunteering opportunities in a range of our work, giving them life experience and training which they can take into more volunteering, education or careers. 

## **Recreation** 

- ✓ A focus on local community and youth engagement will see more new entrants to health giving outdoor activities leading to new career pathways. 

- ✓ In partnership with the National Citizen Scheme programme we will deliver a development programme for young people from the south west and southern midlands. 

- ✓ We will reduced the number of angling competitions on Upper Tamar spreading them across other waters, so there is a balance for season ticket holders and other lake users. 

- ✓ We will develop a project which will deliver fishing and environment related activities in schools, offering a Bronze, Silver and Gold Get Fishing Award. The project aims to get as many young people as possible into the sport and increase their respect for the environment. 

- ✓ We will continue a review of our camping offer to ensure they are fit for the new customers gained during the pandemic, encouraging new returning visitors. 

## **Growth and Impact** 

- ✓ We will continue to work with colleagues in the Bristol Water area and if contracted spread our work for public access, conservation, education, and recreation at the reservoirs to the south of Bristol. 

- ✓ We will continue our journey towards Net Zero by adapting lighting and reviewing our energy use 

17 



## **South West Lakes Trust** 

## **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. 

18 



**South West Lakes Trust** 

## **Report of the Trustees for the Year Ended 31 January 2023** 

## **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 

19 



**South West Lakes Trust** 

## **Report of the Trustees for the Year Ended 31 January 2023** 

## **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: 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the Charities SORP; 

- make judgements and estimates that are reasonable and prudent; 

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and 

- prepare the financial statements on the ‘going concern’ basis unless it is inappropriate to presume that the charitable company will continue in operation. 

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: 

- there is no relevant information, being information needed by the auditor in connection with preparing their report, of which the group’s auditor is unaware; and 

- the trustees, having made enquiries of fellow directors and the group’s auditor that they ought to have individually taken, have each taken all steps that he/she is obliged to take as a director in order to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. 

## **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 


20 



## **South West Lakes Trust** 

## **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: 

- give a true and fair view of the state of the group’s and charity’s affairs as at 31 January 2023 and of its income and expenditure for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; 

- have been prepared in accordance with the requirements of the Companies Act 2006. 

## **Basis for opinion** 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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: 

- the information given in the trustees’ report, (which includes the directors’ report prepared for the purposes of company law) for the financial year for which the financial statements are prepared is consistent with the financial statements; and 

- the directors’ report included within the trustees’ report have been prepared in accordance with applicable legal requirements. 

## **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: 

- adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- certain disclosures of trustees’ remuneration specified by law are not made; or 

- we have not obtained all the information and explanations necessary for the purposes of our audit. 

## **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: 

- Enquiries of management regarding their knowledge of any non compliance with laws and regulations that could affect the financial statements, of which there were none. 

- Reviewed filings with the Charity Commission and Companies House. 

- Discussed with the health and safety officer whether any incidents have been reported during the year under The Reporting of Injuries, Diseases and Dangerous Occurrences Regulations 2013 (“RIDDOR”). 

- Review of the Company’s GDPR policy and enquiries to the Data Protection Officer as to the occurrence and outcome of any reportable breaches. 

- Reviewed legal and professional costs to identify any possible non-compliance or legal costs in respect of non-compliance. 

- Reviewed Board minutes. 

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: 

- Assessing the design and implementation of controls over cash receipts and obtaining evidence as regards the completeness of cash income; 

- Audited the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale for of significant transactions outside the normal course of business, of which there were none. 

23 



## **South West Lakes Trust** 

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

## **Year Ended 31 January 2023** 

- Reviewed estimates and judgements made in the accounts for any indication of bias and challenged assumptions used by management in making the estimates. 

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**<br>**Income**<br>Donations and Grants<br>4<br>Charitable activities<br>5<br>Other trading activities<br>Commercial trading<br>6<br>Other<br>Investment income<br>7<br>Negative goodwill written back<br>**Total income**<br>**Expenditure**<br>Costs of raising funds<br>Commercial / other trading<br>6<br>Other fundraising costs<br>Expenditure on charitable activities<br>8<br>**Total expenditure**<br>**Net loss on investment**<br>**Net income / (expenditure) for the**<br>**year** **before transfers**<br>Transfer between funds<br>**Net movements in funds before**<br>**Tax**<br>**Taxation**<br>**Net Movement in funds - after**<br>**Tax**<br>**Reconciliation of funds**<br>Total funds brought forward<br>**Total funds carried forward**|**Unrestricted Restricted**<br>**Fund:**<br>**Wheal**<br>**Martyn**<br>**Restricted**<br>**Fund:**<br>**Other**<br>**Total**<br>**2023**<br>**Total**<br>**2022**<br>**Restated**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>35,185<br>6,248<br>1,020<br>**42,453**<br>157,128<br>1,342,211<br>365,974<br>542,502<br>**2,250,687**2,553,550<br>2,072,217<br>167,350<br>-<br>**2,239,567**2,511,581<br>64,422<br>10,342<br>-<br>**74,764**<br>5,272<br>43,966<br>5,429<br>-<br>**49,395**<br>47,269<br>-<br>47,249<br>-<br>**47,249**<br>47,249|
|---|---|
||3,558,001<br>602,592<br>543,522<br>**4,704,115**5,322,049|
||2,108,516<br>134,597<br>-<br>**2,243,113**1,942,136<br>212,668<br>25,701<br>-<br>**238,369**<br>120,667<br>1,259,628<br>408,588<br>860,462<br>**2,528,678**2,500,157|
||3,580,812<br>568,886<br>860,462<br>**5,010,160**4,562,960|
||-<br>-<br>-<br>**-**<br>(45,000)<br>(22,811)<br>33,706<br>(316,940)<br>**(306,045)**<br>714,089<br>(14,856)<br>-<br>14,856<br>-<br>-|
||(37,667)<br>33,706<br>(302,084)<br>**(306,045)**<br>714,089<br>-<br>-<br>-<br>**-**<br>-|
||(37,667)<br>33,706<br>(302,084)<br>**(306,045)**<br>714,089<br>1,855,449<br>1,238,103<br>1,913,914<br>**5,007,466**4,293,377|
||1,817,782<br>1,271,809<br>1,611,830<br>**4,701,421**5,007,466|



Unrestricted and Restricted Funds are derived from continuing operations. 

25 



## **South West Lakes Trust** 

## **Balance Sheets** 

## **31 January 2023** 

|**Note**<br>**Fixed assets**<br>Intangible assets<br>12<br>Tangible assets<br>13<br>Investment property<br>Investments<br>**Current assets**<br>Stocks<br>15<br>Debtors<br>16<br>Cash at bank and in hand<br>**Creditors: amounts falling**<br>**due within** **one year**<br>17<br>**Net current assets**<br>**Total assets less current**<br>**liabilities**<br>**Creditors:**amounts falling due<br>after more than one year<br>18<br>**Net assets**<br>**Funds**<br>Restricted fund: Wheal Martyn<br>Trust<br>Restricted funds:  other<br>19<br>Unrestricted funds<br>19<br>**Total charity funds**|**2023**<br>**2022**<br>**Consolidated**<br>**Charity**<br>**Consolidated**<br>**Restated**<br>**Charity**<br>**Restated**<br> <br>**£**<br>**£**<br>**£**<br>**£**<br>**(330,739)**<br>**-**<br>(377,988)<br>-<br>**3,433,767**<br>**1,935,983**<br>3,516,172<br>1,943,312<br>**175,000**<br>**175,000**<br>175,000<br>175,000<br>**-**<br>**100**<br>-<br>100|
|---|---|
||**3,278,028**<br>**2,111,083**<br>3,313,184<br>2,118,412<br>**47,772**<br>**-**<br>45,525<br>-<br>**805,980**<br>**746,412**<br>970,939<br>1,504,932<br>**1,664,796**<br>**921,027**<br>1,837,886<br>471,086|
||**2,518,548**<br>**1,667,439**<br>2,854,350<br>1,976,018<br>**(1,077,888)**<br>**(378,283)**<br>(1,135,401)<br>(390,739)|
||**1,440,660**<br>**1,289,156**<br>1,718,949<br>1,585,279|
||**4,718,688**<br>**3,400,239**<br>5,032,133<br>3,703,691<br>**(17,267)**<br>**-**<br>(24,667)<br>-|
||**4,701,421**<br>**3,400,239**<br>5,007,466<br>3,703,691|
||**1,271,809**<br>**-**<br>1,238,103<br>-<br>**1,611,830**<br>**1,611,830**<br>1,913,914<br>1,913,914<br>**1,817,782**<br>**1,788,409**<br>1,855,449<br>1,789,777|
||**4,701,421**<br>**3,400,239**<br>5,007,466<br>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**<br>**Cash inflow from operating**<br>**activities**<br>23<br>**Cash flows from investing**<br>**activities**<br>Interest and rents from investments<br>Proceeds from sale of tangible fixed<br>assets<br>Purchase of tangible fixed assets<br>**Cash used in investing activities**<br>**Cash flows from financing**<br>**activities**<br>Repayment of bank loan<br>**Cash used in financing activities**<br>(Decrease) / increase in cash and<br>cash equivalents in the year<br>Cash and cash equivalents at the<br>beginning of the year<br>**Total cash and cash equivalents**<br>**at the end of the year**|**2023**<br>**£**<br>**243,707**<br>**49,440**<br>**27,428**<br>**(350,665)**<br>**(273,797)**<br>**(143,000)**<br>**(143,000)**<br>**(173,090)**<br>**1,837,886**<br>**1,664,796**|**Restated**<br>**2022**<br>**£**<br>572,433<br>44,767<br>47,158<br>(444,714)|
|---|---|---|
|||(352,789)|
|||(54,933)|
|||(54,933)|
|||164,711<br>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: 

- Donations are received by way of grants, donations and gifts and are included in full in the Statement of Financial Activities when receivable. This will include grants where entitlement is not conditional on the delivery of specific performance by the charity. 

- Income from Charitable Activities includes income grants where entitlement is conditional on the delivery of specific performance by the charity where the income is included when those conditions are fulfilled. Grants received to fund the purchase of fixed assets is recognised in the SOFA in the year in which they are receivable. Where donors specify that donations and grants must be applied in future accounting years, the income is deferred accordingly. 

- South West Water contract, fees received from SWW are recognised in the SOFA and allocated to the respective fund when receivable. 

- Income from trading activities is included in the SOFA in the period to which it relates. 

- Income under deed of covenant is received from the subsidiary as a gift aid donation. 

## **(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. 

- Costs of raising funds are those costs incurred in attracting donations and legacies, and those costs incurred in trading activities that raise funds. 

- Charitable activities include the costs involved in the provision of services that South West Lakes Trust provides. 

- Other costs include those incurred in the governance and administration of the charity and its assets. 

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: 

- short term other debtors and amounts due from parent undertaking; 

- cash and bank balances; and 

- short term trade creditors and amounts due to parent undertaking 

- All financial instruments are classified as basic. 

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<br>Expenditure on charitable activities<br>Net loss on investment<br>Net expenditure<br>Total funds brought forward<br>Total funds carried forward<br>Represented by;<br>Restricted income<br>Unrestricted income funds|**2023**<br>**2022**<br>**Restated**<br>**£**<br>**£**<br>**2,029,306**<br>**2,914,214**<br>**(2,332,758)**<br>**(2,173,136)**<br>**-**<br>**(45,000)**|
|---|---|
||**(303,452)**<br>**696,078**<br>**3,703,691**<br>**3,007,613**|
||**3,400,239**<br>**3,703,691**|
||**1,611,830**<br>**1,913,914**<br>**1,788,409**<br>**1,789,777**|
||**3,400,239**<br>**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**<br>Less than one year<br>Two to five years<br>More than five years<br>Total|**Land and**<br>**Buildings**<br>**Other**<br>**Total**<br>**£**<br>**£**<br>**£**<br>1,851<br>29,027<br>30,878<br>7,404<br>14,893<br>22,297<br>9,266<br>-<br>9,266|
|---|---|
||18,521<br>43,920<br>62,441|



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

|**2022**<br>Less than one year<br>Two to five years<br>More than five years<br>Total|**Land and**<br>**Buildings**<br>**Other**<br>**Total**<br>**£**<br>**£**<br>**£**<br>1,476<br>38,642<br>40,118<br>5,904<br>43,782<br>49,686<br>9,853<br>-<br>9,853|
|---|---|
||17,233<br>82,424<br>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**<br>Less than one year<br>Two to five years<br>More than five years<br>Total|**Land and**<br>**Buildings**<br>**Total**<br>**£**<br>**£**<br>14,943<br>**14,943**<br>-<br>**-**<br>-<br>**-**|
|---|---|
||14,943<br>**14,943**|



33 



## **South West Lakes Trust** 

## **Notes to the Financial Statements** 

## **Year ended 31 January 2023** 

## **4 Income from donations** 

|Job Retention Scheme<br>Grants received<br>Friends of Trust / Gift Aid<br>Donations|**Unrestricted**<br>**Funds**<br>**Restricted**<br>**Funds:**<br>**WMT**<br>**Restricted**<br>**Funds:**<br>**Other**<br>**Total 2023**<br>**Total 2022**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>-<br>-<br>-<br>**-**<br>16,888<br>-<br>4,000<br>-<br>**4,000**<br>97,610<br>33,291<br>606<br>-<br>**33,897**<br>35,447<br>1,894<br>1,642<br>1,020<br>**4,556**<br>7,183|
|---|---|
||35,185<br>6,248<br>1,020<br>**42,453**<br>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<br>South West Water contract<br>Recharges<br>Forestry grants<br>Grants<br>Miscellaneous income<br>NCS Contract Revenue<br>Timber sales<br>Agricultural tenancies and licences<br>Wheal Martyn Trust|**Unrestricted**<br>**Funds**<br>**Restricted**<br>**Funds:**<br>**WMT**<br>**Restricted**<br>**Funds:**<br>**Other**<br>**Total 2023**<br>**Total 2022**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>216,614<br>-<br>-<br>**216,614**<br>213,541<br>605,328<br>-<br>513,066<br>**1,118,394**<br>604,846<br>4,450<br>-<br>-<br>**4,450**<br>33,719<br>40<br>-<br>-<br>**40**<br>40<br>8,204<br>-<br>28,086<br>**36,290**<br>939,839<br>12,087<br>-<br>1,350<br>**13,437**<br>67,384<br>410,346<br>-<br>-<br>**410,346**<br>243,784<br>19,496<br>-<br>-<br>**19,496**<br>49,725<br> <br>65,646<br>-<br>-<br>**65,646**<br>63,759<br>-<br>365,974<br>-<br>**365,974**<br>336,913|
|---|---|
||1,342,211<br>365,974<br>542,502<br>**2,250,687**<br>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**<br>Turnover<br>Other Operating Income<br>Bank Interest Receivable<br>Cost of sales and administrative expenses<br>Net profit<br>Amounted gift aided to the charity<br>**The** **assets and liabilities of the subsidiary were**:<br>Fixed assets<br>Current assets<br>Creditors: amounts falling due within one year<br>Net current (liabilities)/assets<br>Total assets less current liabilities<br>Creditors: amounts falling due more than one year<br>Net Assets|**2023**<br>**2022**<br>**£**<br>**£**<br>**1,999,922**<br>2,344,039<br>**72,250**<br>92,856<br>**45**<br>28|
||**2,072,217**<br>2,436,923<br>**2,108,517**<br>1,796,135|
||**(36,300)**<br>640,788<br>**-**<br>(606,238)|
||**78,944**<br>69,165<br>**839,584**<br>1,395,901<br>**(889,054)**<br>(1,399,292)|
||**(49,470)**<br>(3,394)|
||**29,474**<br>65,774|
||**-**<br>-|
||**29,474**<br>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<br>Resources expended<br>Net income  / (expenditure)<br>Transfer between funds<br>Taxation<br>Net movement in funds – after tax<br>Total funds b/f<br>Total funds c/f<br>_Summary Balance Sheet_<br>Tangible assets<br>Current assets<br>Creditors: amounts falling due within one<br>year<br>Creditors: amounts falling due after more<br>than one year<br>Total net assets<br>Restricted funds<br>Unrestricted funds<br>Total funds||**Unrestricted**<br>**Funds**<br>**Restricted**<br>**Funds**<br>**Total 2023**<br>**Total 2022**<br>**£**<br>**£**<br>**£**<br>329,463<br>225,880<br>**555,343**<br>529,900<br>327,648<br>241,238<br>**568,886**<br>593,686|
|---|---|---|
|||1,815<br>(15,358)<br>**(13,543)**<br>(63,786)<br>(12,137)<br>12,137<br>**-**<br>-<br>-<br>-<br>**-**<br>-<br>(10,322)<br>(3,221)<br>**(13,543)**<br>(63,786)<br>158,780<br>1,457,311<br>**1,616,091**<br>1,679,877|
|||148,458<br>1,454,090<br>**1,602,548**<br>1,616,091|
|||**2023**<br>**2022**<br>**Consolidated**<br>**Charity Consolidated**<br>**Charity**<br>**£**<br>**£**<br> **£**<br>**£**<br>**1,418,840**<br>**1,413,911**<br>1,503,695<br>1,496,648<br>**300,927**<br>**247,207**<br>391,367<br>328,078<br>**(99,952)**<br>**(99,934)**<br>(254,304)<br>(244,314)|
|||**(17,267)**<br>**-**<br>(24,667)<br>-|
|||**1,602,548**<br>**1,561,184**<br>1,616,091<br>1,580,412|
|||**1,454,090**<br>**1,454,090**<br>1,434,626<br>1,434,626<br>**148,458**<br>**107,094**<br>181,465<br>145,786|
|||**1,602,548**<br>**1,561,184**<br>1,616,091<br>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<br>Rental income|**Unrestricted**<br>**Funds**<br>**Restricted**<br>**Funds:**<br>**WMT**<br>**Restricted**<br>**Funds: Other**<br>**Total**<br>**2023**<br>**Total**<br>**2022**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>151<br>8<br>-<br>**159**<br>14<br>43,815<br>5,421<br>-<br>**49,236**<br>47,255|
|---|---|
||43,966<br>5,429<br>-<br>**49,395**<br>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<br>Premises and grounds<br>Machinery and equipment<br>Administration<br>Insurance / rent<br>Depreciation and finance<br>Project in designated funds<br>Support costs and<br>governance<br>Total charitable activities<br>Restricted funds<br>Wheal Martyn Trust|**Public**<br>**Access**<br>**Conservation**<br>**and**<br>**Education**<br>**Recreation**<br>**Total**<br>**2023**<br>**Total**<br>**2022**<br>**Restated**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>146,831<br>326,017<br>6,829<br>**479,677**<br>499,201<br>65,725<br>81,468<br>2,442<br>**149,635**<br>181,978<br>48,452<br>95,583<br>2,254<br>**146,289**<br>105,110<br>88,795<br>121,864<br>4,127<br>**214,786**<br>167,216<br>46,060<br>58,914<br>2,142<br>**107,116**<br>97,456<br>26,244<br>33,635<br>1,221<br>**61,100**<br>56,251<br>7,615<br>12,398<br>6,734<br>**26,747**<br>-<br>31,939<br>40,853<br>1,486<br>**74,278**<br>125,104|
|---|---|
||461,661<br>770,732<br>27,235<br>**1,259,628**<br>1,232,316<br>173,372<br>520,372<br>166,718<br>**860,462**<br>820,156<br>-<br>408,588<br>-<br>**408,588**<br>447,685|
||635,033<br>1,699,692<br>193,953<br>**2,528,678**<br>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**<br>Costs<br>Income<br>Net income / (cost)<br>**Restricted Funds**<br>Costs<br>Income<br>Net Income/(cost)<br>Total|**Public**<br>**Access**<br>**Conservation**<br>**and Education**<br>**Recreation**<br>**Total**<br>**2023**<br>**Total**<br>**2022**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>461,661<br>770,732<br>27,235<br>**1,259,628**<br>1,232,316<br>624,205<br>687,739<br>30,267<br>**1,342,211**<br>1,280,854<br>162,544<br>(82,993)<br>3,032<br>**82,583**<br>48,538<br>173,372<br>928,960<br>166,718<br>**1,269,050**<br>1,395,004<br>141,617<br>707,686<br>59,173<br>**908,476**<br>1,272,696<br>(31,755)<br>(221,274)<br>(107,545)<br>**(360,574)**<br>(122,308)<br>130,789<br>(304,267)<br>(104,513)<br>**(277,991)**<br>(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<br>Social security costs<br>Pension payments|**2023**<br>**2022**<br>**£**<br>**£**<br>**1,994,420**<br>1,742,872<br>**152,527**<br>119,162<br>**72,731**<br>62,445|
|---|---|
||**2,219,678**<br>1,924,479|



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

|£70,000 to £80,000<br>£80,000 to £90,000|**2023**<br>**2022**<br>**No.**<br>**No.**<br>**-**<br>**1**|
|---|---|
||**1**<br>-|



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<br>-  Wheal Martyn Trust<br>Projects<br>Bournemouth Leisure<br>Gift shops<br>Watersports|**2023**<br>**2022**<br>**No.**<br>**No.**<br>**28**<br>28<br>**11**<br>10<br>**5**<br>5<br>**3**<br>3<br>**4**<br>4<br>**17**<br>17|
|---|---|
||**68**<br>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<br>Written back (note 1h)<br>**As at 31 January 2023**|**2023**<br>**2022**<br>**£**<br>**£**<br>**(377,988)**<br>(425,237)<br>**47,249**<br>47,249|
|---|---|
||**(330,739)**<br>(377,988)|



## **13a Tangible fixed assets – charity (restated)** 

|**Cost**<br>**At 31 January 2022**<br>Additions<br>Transfers<br>Disposals<br>**At 31 January 2023**<br>**Depreciation**<br>At 1 February 2022<br>Charge for the year<br>On disposals<br>**At 31 January 2023**<br>**Net book value**<br>**At 31 January 2023**<br>**At 31 January 2022**<br>**(**restated)|**Leasehold**<br>**Land and**<br>**buildings**<br>**Plant,**<br>**machinery**<br>**and**<br>**vehicles**<br>**£**<br>**£**<br> <br>3,936,291<br>1,880,634<br>59,769<br>223,839<br>-<br>127,163<br>(5,350)<br>(67,912)|**Fixtures,**<br>**fittings and**<br>**computers**<br>**£**<br>844,851<br>53,799<br>-<br>(3,647)|**Assets in**<br>**course of**<br>**construction**<br>**Total**<br>**£**<br>**£**<br>127,163<br>**6,788,939**<br>3,479<br>**340,886**<br>(127,163)<br>-<br>**(76,909)**|
|---|---|---|---|
||**3,990,710**<br>**2,163,724**|**895,003**|**3,479**<br>**7,052,916**|
||2,569,037<br>1,566,562<br>155,369<br>149,011<br>(296)<br>(67,202)|710,028<br>38,071<br>(3,647)|-<br>**4,845,627**<br>-<br>**342,451**<br>-<br>**(71,145)**|
||**2,724,110**<br>**1,648,371**|**744,452**|**-**<br>**5,116,935**|
||**1,266,600**<br>**515,353**|**150,551**|**3,479**<br>**1,935,983**|
||**1,367,254 **<br>**314,072**|**134,823**|**127,163**<br>**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**<br>**Cost**<br>At 1 February 2022<br>Additions<br>Transfers<br>Disposals<br>**At 31 January 2023**<br>**Depreciation**<br>At 1 February 2022<br>Charge for the year<br>On disposals<br>**At 31 January 2023**<br>**Net book value**<br>**At 31 January 2023**<br>**At 31 January 2022**<br>(Restated)|**Leasehold**<br>**land and**<br>**buildings**<br>**Plant,**<br>**machinery**<br>**and**<br>**vehicles**<br>£<br>£<br>5,947,648<br>2,296,380<br>59,767<br>223,842<br>-<br>127,163<br>(5,350)<br>(67,912)|**Fixtures,**<br>**fittings and**<br>**computers**<br>£<br>947,297<br>53,798<br>-<br>(3,647)|**Assets in**<br>**course of**<br>**construction**<br>£<br>127,163<br>3,479<br>(127,163)<br>-|**Fish**<br>**Total**<br>£<br>£<br>69,165<br>9,387,653<br>9,779<br>350,665<br>-<br>-<br>-<br>(76,909)|
|---|---|---|---|---|
||**6,002,065**<br>**2,579,473**|**997,448**|**3,479**|**78,944**<br>**9,661,409**|
||3,158,224<br>1,965,357<br>227,344<br>153,021<br>(296)<br>(67,202)|747,900<br>46,941<br>(3,647)|-<br>-<br>-|-<br>5,871,481<br>-<br>427,306<br>-<br>(71,145)|
||**3,385,272**<br>**2,051,176**|**791,194**|**-**|**-**<br>**6,227,642**|
||**2,616,793**<br>**528,297**|**206,254**|**3,479**|**78,944**<br>**3,433,767**|
||**2,789,424**<br>**331,023**|**199,397**|**127,163**|**69,165**<br>**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<br>Gifts<br>Fish<br>Total|**Group**<br>**Charity**<br>**Group**<br>**Charity**<br>**2023**<br>**2023**<br>**2022**<br>**2022**<br>**£**<br>**£**<br>**£**<br>**£**<br>**-**<br>**-**<br>12,653<br>-<br>**12,900**<br>**-**<br>32,872<br>-<br>**34,872**<br>**-**<br>-<br>-|
||**47,772**<br>**-**<br>45,525<br>-|



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



## **17 Creditors: amounts falling due within one year** 

|Bank loans and overdraft<br>6Trade creditors<br>Amount Due from group entities<br>Other Taxation and social security<br>Other creditors<br>Deferred income and accruals|**Group**<br>**Charity**<br>**Group**<br>**Charity**<br>**2023**<br>**2023**<br>**2022**<br>**2022**<br>**£**<br>**£**<br>**£**<br>**£**<br>**21,800**<br>**-**<br>157,400<br>-<br>**291,894**<br>**90,501**<br>294,530<br>100,844<br>**-**<br>**-**<br>-<br>-<br>**79,706**<br>**79,102**<br>52,528<br>52,528<br>**33,612**<br>**27,928**<br>630,943<br>237,367<br>**650,876**<br>**180,752**<br>-<br>-|
|---|---|
||**1,077,888**<br>**378,283**<br>1,135,401<br>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**<br>**Charity**<br>**Group**<br>**Charity**<br>**2023**<br>**2023**<br>**2022**<br>**2022**<br>**£**<br>**£**<br>**£**<br>**£**<br>**17,267**<br>**-**<br>24,667<br>-|
|---|---|
||**17,267**<br>**-**<br>24,667<br>-|



## **19 Statement of funds – Group** 

|**Unrestricted funds**<br>**Designated funds**<br>Facilities and Training<br>Communications<br>Increasing access to our sites<br>Environmental Improvements<br>Covid Reserve<br>Impact Reserve<br>Property Improvements<br>Delivering towards Net Zero<br>Trainee programme|**Balance at**<br>**1 Feb 2022**<br>**Incoming**<br>**resources**<br>**Outgoing**<br>**resources**<br>**Transfers/**<br>**gains**<br>**Balance at**<br>**31 Jan 23**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>1,180,374<br>3,558,001<br>(3,554,065)<br>(14,856)<br>**1,169,454**|
|---|---|
||193,343<br>-<br>(14,348)<br>-<br>**178,995**<br>51,108<br>-<br>-<br>-<br>**51,108**<br>31<br>-<br>-<br>-<br>**31**<br>86,000<br>-<br>(6,291)<br>-<br>**79,709**<br>1,721<br>-<br>-<br>-<br>**1,721**<br>25,000<br>-<br>-<br>-<br>**25,000**<br>67,872<br>-<br>-<br>-<br>**67,872**<br>150,000<br>-<br>-<br>-<br>**150,000**<br>100,000<br>-<br>(6,108)<br>-<br>**93,892**|
|Total Designated Funding<br>**Total Unrestricted funds**|675,075<br>-<br>(26,747)<br>-<br>**648,328**|
||1,855,449<br>3,558,001<br>(3,580,812)<br>(14,856)<br>**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**<br>Wheal Martyn Trust (note 1b)<br>**Other restricted funds**<br>_Fixed asset funds_<br>Roadford Lakeside<br>Stithians Project<br>Kennick Project<br>RDPE Outdoor & Active<br>Burrator<br>Roadford Play area<br>Roadford Play area – stage 3<br>Roadford watersports<br>SWW capital project work<br>SWW SSSi project<br>INNS Project<br>Countryside Stewardship<br>Burrator Forest<br>Countryside Stewardship<br>Roadford Forest<br>Countryside Stewardship<br>Wimbleball Forest<br>Countryside Stewardship<br>Venford Forest<br>I Love Water (Year of Green Action)<br>Biodiversity Improvement Scheme<br>Fernworthy HLS<br>Roadford Celebration Woodland<br>Wimbleball Celebration Woodland<br>Accessible Watersports/Skiability<br>Crowdy Reservoir<br>Argal Play Area<br>Wimbleball Play Area<br>Wimbleball Community Orchard<br>Roadford Fly Fair<br>Environment Agency Fisheries<br>Burrator Catchment Area<br>Biosecurity and Freshwater Planning|**Balance at 1**<br>**Feb 2022**<br>**Incoming**<br>**resources**<br>**Outgoing**<br>**resources**<br>**Transfers**<br>**Balance at**<br>**31 Jan 2023**<br>**Restated**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>1,238,103<br>602,592<br>(568,886)<br>-<br>**1,271,809**|
|---|---|
||329,529<br>-<br>(39,130)<br>-<br>**290,399**<br>223.392<br>-<br>(26,593)<br>-<br>**196,799**<br>8,179<br>-<br>(1,825)<br>-<br>**6,354**<br>575,189<br>-<br>(44,903)<br>-<br>**530,286**<br>69,476<br>-<br>(22,893)<br>-<br>**46,583**<br>127,163<br>-<br>(1,064)<br>-<br>**126,099**|
||1,332,928<br>-<br>(136,408)<br>-<br>**1,196,520**<br>19,537<br>-<br>(16,156)<br>20,750<br>**24,131**<br>6,159<br>-<br>-<br>-<br>**6,159**<br>71,678<br>348,402<br>(307,781)<br>(34,250)<br>**78,049**<br>58,274<br>-<br>(12,122)<br>-<br>**46,152**<br>8,675<br>-<br>(8,508)<br>-<br>**167**<br>23,092<br>(3,064)<br>(14,091)<br>-<br>**5,937**<br>5,508<br>(381)<br>1,007<br>-<br>**6,134**<br>6,674<br>(6)<br>378<br>-<br>**7,046**<br>(438)<br>1,000<br>-<br>-<br>**562**<br>31,527<br>(6,864)<br>(37,035)<br>14,856<br>**2,484**<br>24,278<br>-<br>(42,860)<br>-<br>**(18,582)**<br>1,339<br>6,104<br>(955)<br>-<br>**6,488**<br>582<br>-<br>-<br>-<br>**582**<br>325<br>-<br>-<br>-<br>**325**<br>29,245<br>5,800<br>(418)<br>-<br>**34,627**<br>27,382<br>20<br>(1,010)<br>-<br>**26,392**<br>328<br>-<br>-<br>-<br>**328**<br>2,641<br>-<br>-<br>13,500<br>**16,141**<br>135<br>-<br>-<br>-<br>**135**<br>189<br>1,526<br>(599)<br>-<br>**1,116**<br>5,396<br>-<br>-<br>-<br>**5,396**<br>27,097<br>(14,642)<br>(12,455)<br>-<br>**-**<br>38,605<br>64,210<br>(41,964)<br>-<br>**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**<br>**Designated funds**<br>Greening our infrastructure<br>Facilities and Training<br>Communications<br>Increasing access to our sites<br>Environmental Improvements<br>Covid Reserve<br>Impact Reserve<br>Property Improvements<br>Delivering towards Net Zero<br>Trainee programme<br>Total Designated Funding<br>**Total Unrestricted funds**<br>**Restricted funds**<br>Wheal Martyn Trust (note 1b)<br>**Other restricted funds**<br>_Fixed asset funds_<br>Roadford Lakeside<br>Stithians Project<br>Kennick Project<br>Colliford Project<br>RDPE Outdoor & Active<br>Burrator<br>Roadford Play area<br>Roadford Play area<br>Roadford watersports<br>SWW capital project work<br>SWW SSSi project<br>INNS Project<br>Countryside Stewardship<br>Burrator Forest<br>Countryside Stewardship<br>Roadford Forest||**Balance at**<br>**1 Feb 2021**<br>**Incoming**<br>**resources**<br>**Outgoing**<br>**resources**<br>**Transfers/**<br>**gains**<br>**Balance at**<br>**31 Jan 22**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>959,335<br>3,805,107<br>(3,061,321)<br>(522,747)<br>**1,180,374**|
|---|---|---|
|||55,000<br>(55,000)<br>**-**<br>105,000<br>-<br>(11,657)<br>100,000<br>**193,343**<br>60,000<br>-<br>(8,892)<br>-<br>**51,108**<br>25,000<br>-<br>(24,969)<br>-<br>**31**<br>40,000<br>-<br>(4,000)<br>50,000<br>**86,000**<br>30,000<br>-<br>(28,279)<br>-<br>**1,721**<br>25,000<br>-<br>-<br>-<br>**25,000**<br>67,872<br>-<br>-<br>-<br>**67,872**<br>-<br>-<br>-<br>150,000<br>**150,000**<br>-<br>-<br>-<br>100,000<br>**100,000**<br>407,872<br>-<br>(132,797)<br>400,000<br>**675,075**|
|||1,367,207<br>3,805,107<br>(3,194,118)<br>(122,747)<br>**1,855,449**|
|||**Balance at 1**<br>**Feb 2021**<br>**Incoming**<br>**resources**<br>**Outgoing**<br>**resources**<br>**Transfers**<br>**Balance at**<br>**31 Jan 2022**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>1,254,640<br>577,149<br>(593,686)<br>-<br>**1,238,103**|
|||368,659<br>-<br>(39,130)<br>-<br>**329,529**<br>251,142<br>-<br>(27,750)<br>-<br>**223.392**<br>10,003<br>-<br>(1,824)<br>-<br>**8,179**<br>396<br>-<br>(396)<br>-<br>**0**<br>619,926<br>-<br>(44,737)<br>-<br>**575,189**<br>92,369<br>-<br>(22,893)<br>-<br>**69,476**<br>-<br>-<br>-<br>127,163<br>**127,163**|
|||1,342,495<br>-<br>(136,730)<br>127,163<br>**1,332,928**<br>4,070<br>108,721<br>(28,307)<br>(64,947)<br>**19,537**<br>6,159<br>-<br>-<br>-<br>**6,159**<br>61,949<br>321,438<br>(315,709)<br>4,000<br>**71,678**<br>53,853<br>4,421<br>-<br>-<br>**58,274**<br>10,374<br>-<br>(1,699)<br>-<br>**8,675**<br>6,344<br>21,770<br>(5,022)<br>-<br>**23,092**<br>165<br>5,893<br>(550)<br>-<br>**5,508**|



50 



## **South West Lakes Trust** 

## **Notes to the Financial Statements** 

## **Year ended 31 January 2023** 

|**19** **Statement of funds – Group**<br>**(continued)**<br>Countryside Stewardship<br>Wimbleball Forest<br>Countryside Stewardship<br>Venford Forest<br>I Love Water (Year of Green Action)<br>Biodiversity Improvement Scheme<br>Fernworthy HLS<br>Roadford Celebration Woodland<br>Wimbleball Celebration Woodland<br>Accessible Watersports/Skiability<br>Crowdy Reservoir<br>Argal Play Area<br>Wimbleball Play Area<br>Wimbleball Community Orchard<br>Roadford Fly Fair<br>Environment Agency Fisheries<br>Burrator Education Space<br>Burrator Catchment Area<br>Biosecurity and Freshwater Planning<br>Biodiversity Strategy and County<br>Wildlife Sites.<br>Blue Green Access Fishing<br>Roadford HLS<br>Connecting Communities<br>Dark Skies<br>_Total Other restricted funds_<br>**Total Restricted funds**<br>**Total funds**|1,869<br>4,805<br>-<br>-<br>**6,674**<br>(1,378)<br>940<br>-<br>-<br>**(438)**<br>82,737<br>210<br>(51,420)<br>-<br>**31,527**<br>33,987<br>396<br>(10,105)<br>-<br>**24,278**<br>2,882<br>962<br>(2,505)<br>-<br>**1,339**<br>582<br>-<br>-<br>-<br>**582**<br>325<br>-<br>-<br>-<br>**325**<br>9,828<br>25,625<br>(11,208)<br>5,000<br>**29,245**<br>20,261<br>7,121<br>-<br>-<br>**27,382**<br>328<br>-<br>-<br>-<br>**328**<br>2,641<br>-<br>-<br>-<br>**2,641**<br>135<br>-<br>-<br>-<br>**135**<br>189<br>-<br>-<br>-<br>**189**<br>5,396<br>-<br>-<br>-<br>**5,396**<br>2,409<br>96<br>(2,505)<br>-<br>**-**<br>(5,957)<br>131,036<br>(97,982)<br>-<br>**27,097**<br>11,598<br>87,545<br>(60,538)<br>-<br>**38,605**<br>11,540<br>46,242<br>(49,123)<br>-<br>**8,659**<br>(36)<br>7,490<br>(7,454)<br>-<br>**-**<br>6,785<br>(5,718)<br>(21,584)<br>-<br>**(20,517)**<br>-<br>163,800<br>(17,715)<br>41,031<br>**187,116**<br>-<br>7,000<br>-<br>10,500<br>**17,500**|
|---|---|
||329,035<br>939,793<br>(683,426)<br>(4,416)<br>**580,986**|
||2,926,170<br>1,516,942<br>(1,413,842)<br>122,747<br>**3,152,017**|
|||
||4,293,377<br>**5,322,049**<br>**(4,607,960)**<br>**-**<br>**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**<br>**Funds**|**Designated**<br>**Funds**|**Restricted**<br>**Fund**|<br> **Total Funds**|
|---|---|---|---|---|
||**£**|**£**|**£**|<br>**£**|
|Fixed assets|774,477|43,929|2,615,361|<br>**3,433,767**|
|Investment Property|175,000|-|-|<br>**175,000**|
|Negative Goodwill|-|-|(330,739)|<br>**(330,739)**|
|Cash at bank and in hand|559,134|604,399|501,263|<br>**1,664,796**|
|Other net current (liabilities)/assets|(339,157)|-|115,021|<br>**(224,136)**|
|Long term liabilities|-|-|(17,267)|<br>**(17,267)**|
||1,169,454|648,328|2,883.639|<br>**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**<br>**Funds**|**Designated**<br>**Funds**|**Restricted**<br>**Fund**|<br> **Total Funds**|
||**£**|**£**|**£**|<br>**£**|
|Fixed assets|679,549|-|2,836,624|<br>3,516,173|
|Investment Property|175,000|-|-|<br>175,000|
|Negative Goodwill|-|-|(377,988)|<br>(377,988)|
|Cash at bank and in hand|954,745|675,075|208,066|<br>1,837,886|
|Other net current liabilities|(628,920)|-|509,982|<br>(118,938)|
|Long term liabilities|-|-|(24,667)|<br>(24,667)|
||1,180,374|675,075|3,152,017|<br>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<br>Bournemouth Leisure contract<br>Other<br>**Total**<br>**Payments to SWW**<br>Rent<br>Other expenses<br>**Total**|**Limited**<br>**Trust**<br>**Total**<br>**Total**<br>**2023**<br>**2022**<br>**£**<br>**£**<br>**£**<br>**£**<br>-<br>611,328<br>**611,328**<br>**611,328**<br>288,146<br>-<br>**288,146**<br>**288,232**<br>85,077<br>584,004<br>**669,081**<br>**563,657**<br>373,223<br>1,195,332<br>**1,568,555**<br>**1,463,217**|
||50,172<br>57,126<br>**107,298**<br>**117,298**<br>26,829<br>1,017<br>**27,846**<br>**13,186**|
||77,001<br>58,143<br>**135,144**<br>**130,484**|



At the year end the following amounts were outstanding: 

- £69,006 owed from SWW to Trust for amounts invoiced 

- £124,492 owed to SWW from Limited for invoices received. 

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



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

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



## **25 Analysis of changes in net funds** 

54