South West Lakes Trust (A company limited by guarantee) Charity number 1079966 Annual Report Year Ended 31 January 2024 Registered company number 3946529 South West Lakes Trust Report of the Trustees for the Year Ended 31 January 2024 CONTENTS Page CHAIRMAN'S REPORT Statement ofregard for CC'S guidance on public benefit OUR PURPOSE, OBJECTIVES AND ACTIVITIES Charitable purposè Key activities Meeting our ams and objectives Strategic Framework Campaigns Measuring our success STRATEGIC REPORT AcHIEVEklENTS AND PERFORMANce For the environment For People Fundraising FINANCIAL REVIEW Incident at Roadford Laka Climate Change Reserves policy Principal funding sources Principal Risks and Uncertainties Remunerafion 10 12 12 12 FLrruRE 12 STRUCTURE AND GOVEFINANCE Relationship with Subsidiary Companies Recruitment and Appointment of Trusteès 14 14 14 REFEAENCE AND ADMINISTRATIVE DEfAILS 15 RESPONSIBILrrY OFTRUSTEES 16 AUDITOR'S REPORT 17-21 FINANCIAL STATEMENTS 22-52 South West Lakes Trust Report ol the Trustees for the Year Ended 31 January 2024 CHAIRMAN'S REPORT It gives me great pleasure to inlroduce our Annual Report for Ihe year ended 31 January 2024. As always, my fellow trustees and l are very proud ol the continued achievements ol South Wesl Lakes Trust, South West Lakes ￿Mited and Wheal Matyn Trust lour wholly owned subsidiary charity). This year has not been without its challenges. The costwot-living ¢iisis continues to impact our operations and the very wel summer affected our angling, camping and walersports activities in particular. Meanwhile, the conflicts in Ukraine and Gaza create more economic uncertainty for us all. Despite Ihese challenges. we welcomed 2.1 million visitors to the lakes in the year with our dedicated slaff and volunteers working hard to provide sale, accessible and open environments lor all to enjoy. During the year, 25,371 people also visited Wheal Martyn to learn more aboul and be inspired by Cornwall's china clay mining industry and the important role it still plays in the region today. People and the environment remain at the heart of everything we do. This year our NCS programme had its most successful year to date with 1,076 young people enjoying both summer and autumn activity programmes. It was also one ol our most su¢cesslul years in terms of large group activty bookings at Roadford Lake and, through the Time2Move programme, we were able to offer summer holiday activities at Stithians Lake for families less likely to access out of school activities and more likely to experience -unheatthy holidays. and social isolation. Our dedicated volunteers gave 4,780 days ol their time to benefit both the environment and people, helping us with wildlife surveys and monitoring, tree planting and woodland management. Wè are most grateful for their lime and commitment to our ¢harity. With the help of our volunteers, we have planled a total of 6.366 new Ir8es across the region - just one of the ways we are ensuring that our managed landscapes are abundanl, diverse and connected. Our Siles of Special Soienlilic Interest and County Wildlife Sites continue to be an area of foGus, as is raising the awareness ol the impacts of invasive non-native species and the importance of biosecurity at our lakes. During the year, Jo Ecroyd stepped down as trustee and we thank her lor her support and knowledga, particularly of the water industry. There are undeniably more challenges ahead in 2024-25, but I have no doubt Ihat our committed employees and volunteers are ready to tackle those challenges to ensure that the charity can achieve its new vision of "healthy lakes, landscapes, and lives". On behalf of the board, I would like to express our continued appreciation to all our employees and volunteers as well as gral&ful thanks for the ongoing support ol our visitors and supporters. Our sincere thanks go to James and our lèadership tearn, who continue lo lead the charity and demonstrale its values - by being inclusive, trus￿Orthy, collaborative, responsible and ambitious. My thanks also lo our Trustees and Directors for freely giving their lime and expertise to support our work. Collectively we have achieved much, but as always. there is much to do, but we look fO￿ard to that challenge. The following summary illustrales our charitable impact for the year. John Lee, Chairman 25 July 2024 South West Lakes Trust Report of the Trustees for the Year Ended 31 January 2024 The board of trustees of South Wesl Lakes Trust present their Group Trustees. annual report together with the consolidated financial statemenls for the year ended 31 January 2024, which are also prepared to meet the requirements for directors. report for Companies Acl purposes. Th8 financial statemenls comply with the requirements of the Charities Acl 2011 and Accounting and Reporting by Charities= Statement ol Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 letteclive 1 January 20191- {Charities SORP IFRS 10212019). The Trustees confirm that they have complied with the duty imposed on them by s1715} ol 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 IPB2)'. OUR PURPOSE, OBJECTIVES & ACTIVITIES Charitable purpose The protèclion and conservation for the public beneffit of thè natural environment in areas within the South West of England as defined at the end of this Clause {Ihe Area of Benefit")., The provision in such parts of the Area of Benefrt" as Is appropriate ol facilities for recreation and other leisure lime occupation in the int8rests of social welfare both of ihe public at large and of persons who have need by reason of their youth, age. infirmity or disability, povety or social and economic circumstances. The education of the public as to flor< launa. ecology and the natural environment and the conservation of thè same", The cons8Nation and preservation for the public benefft of sites. objects and buildings of special archaeological and historic interest within the Area ol Benefit.; The promolion of cit12enship or communty developm@nt within the Area of 8eneftt. where th8 same shall be exclusively ¢harilable.' 'The 'Area of Benefif- the South West of England Key aclivitles In order to best monitor our impacts ol the charttable objecls our main activities are divided into thrèe key areas- Public access- enabling more people of all backgrounds and abilities lo access the counlryside, lakes and forests at over 40 locations covering around 5,000 he￿areS of land and water in Dorsel, Devon. Comwall and West Somerset. Conservation and education - safeguarding and enhancing the built and natural environmenl 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 sktlls and building confidence. The trading subsidiary offers trout and coarse lishing at 35 locations., fve activity training centres providing watersports, climbing, archery and camping, plus six refreshment and gift outlets and a number of vending concessions at key locations. South West Lakes Trust Report of the Trustees for the Year Ended 31 January 2024 Meeting our aims and objectives Strategic framework A revision of our strategic plan in October 2023 set out our direction for the next three years and long- term impad for 2030. Economic conditions and climate emergency led to the early updale. Th8 charity's Purpose was unchanged. VISION Healthy lakes, landscapes. and lives "We would like to see our work delwer healthy lakes and landscapes enabling people lo live heathy lives" VALUES Inclusive- we respect others and want to help everyone to enjoy ihe outdoors. Trustworthy- we will keep our word, we are credible, honest and fair. Collaborative- we work together in our teams. communities and partnerships. Responsible- we act to benefit society and are accountable for our actions. Ambitious- we are determined to do more lor people and the planet. OUTCOMES Our managed landscapes wll be abundant, diverse, and conn8Ct8d The biodiversty value ol our places is enhanced and better conne¢ted We strive to be carbon neutral in our activities and processes Uves will b8 enhanc8d Irom experièncing tha outdoors A more diverse range ol people and more young people are inspired by and engaged with our places and experiences The health and wellbeing of more people is improved Carnpaigns We continued our #ltsyouroutdoors campaign underpinning the value of th8 Outdoors for health and enjoyment for our communities and visitors. Measuring our success For Ihis report, the achievements and perfonnance section contain our Key Performance Indicators and case studies linked lo our strategic oulcomes: For the environment- Our managed landscapes wll be abundanl, diverse, and connected For people - knves will be enhanced from experiencing the outdoors South West Lakes Trust Report of the Trustees for the Year Ended 31 January 2024 STRATEGIC REPORT Achievements and erformance For the environment - Our managed landscapes will be abundant, diverse. and connected The biodiversity value of our places is enhanced and better connected Land in aclive management 1,687Ha and 12,332m of linear features over 32 sites Invasive non-natlve species and biosecurity Volunteer Sile Guardians supported our Invasive Species Officer al 32 sites giving 1,250 hours of lime. They look part in practical control tasks. helped maintain biosecurity facilities, Carrièd out monitoring and research aiongside scientists and attended talks and events lo gain knowledge and skills to help us manage our sites for wildlrfe and visitors. Sile Guardians also supported seven events and activities including wod(shops and competitions. 120 anglers engaged with our Rangers, Invasive Species Officer and volunteers at competitions lo rais8 awareness of the impacts of invasive species and the importance of biosecurity. Dartmoor Green Recovery Consultations regarding biodiversity enhancemenl implementations in ihe Burrator catchment have been very successtul. Meetings with commoners and tenant graziers have forged good working relationships providing our leam with local knowledge on which lo base informed management decisions and aided praclical delTvery. These interventions will not only benefit wildlife and improve welfare conditions tor livestock but support our long-lerm vision for biodiverse habttats which visitors can enjoy. A stakeholder BBQ attended by 40 farmers, volunteers, local councillors, residents and visitors provided an informal format allowing every attendee the opportunity to learn about Ihe project and discuss any issues. All those who attended said it was a worthwhile event and one they would attend again. Volunteers working with our team have laken part in practical days such as leaky dam construction and tree planting. A total of 1,355 trees have been planted at Burrator and Venlord and volunteers from Moor Trees joined lorces with our own to provide training in tree planting slolls. Sltes of Speclal Scientific Interest Our early career ecologist has been working across eight Sr(es of Special ScientTfic Interest engaging wf(h volunleers and providing them wth new monttoring and practical opportunities on these protected sites. Knowledge exchange between local volunleers and our team has given volunteers confidence in their own skills lo support the team and share their own expertise. As well as enhancing these habilals for wildlife we have engaged with commoners and gra2iers. Linking farming and food production lo conservation provides opportunities lor livestock to graze on the sites whilst managing habitats sympathetically and with wildlife and local economies in mind. Blodiversity enhancement xheme Of the 14 sites in this scheme. Ihree have had baseline surveys completed focusing on Natural Environment Research Council Section 41 habitats and species and for Biodniersity Net Gain. Work to replant ihe recenily felled conifer planlalions at Growdy with native species has provided engagement opportunities lo explain lo visitors the importance of both commercial forestry and the decision to replant with native species at some sites. These conversations help loster understanding of our conservation work, and the need for a forestry industry in the UK. We were able to reach new audiences as we dtversify our forestry work and explore new ways of managing woodlands wtth consideration for conservation, amenity and economics. South West Lakes Trust Report of the Trustees lor the Year Ended 31 January 2024 Knowledge exchange is crucia] to ensure our projects succeed and our visitors gain the most from their visits. We slrlve to be carbon neutral in our activilies and processes Decarbonising our energy requirements We continued our ￿att-s0n. energy-saving campaign which gave everyday simple tips lo our employees on how to save energy. As a result, employees. appreciation of what can be achieved by everyone taking part in Sm￿1 changes has increased. We continued Ihe process of switching lighting to more etticienl LED based systems, maintained our electrical vehicles, added more hybrid vehicles and trialled electric oulboards. Two of our key sites are now supplied by 1000/0 green energy. We started the move from petrol driven lo battery driven land management lools such as chainsaws and strimmers and will continue this process at times of renewal when technology supports a change. Tree cover We planted a lolal of 6,366 new trees across the region. many of which were planted by volunteers. Training was provided on planling lechniques, increasing volunteer skills, species Choices were explained along with information on the wildlife each supports. New connective habitat was created and food sources provided lor wildlife known lo use the sites. Species selection was informed with help trom the results of volunteer bird surveys and advice sought for woodland management from expert volunleers. This collaborative approach lo management ensures our volunteers know how much Iheir knowledge and experience is valued and integral to the work w8 do and means our Team also gain additional support and knowledge. For people - Lives will be enhanced from experiencing Ihe outdoors A more diverse range of people and more young people are inspired by and engaged wllh our places and experiences Trishaw evenl In September we hosted the Enliven Projecl event, organised in collaboration with the Tavistock Memory Café, Cycling without Age, Dartmoor National Park and representatives from the University of Exeter who run the national Enliven Project. A group of 28 individuals, including those living with demenlia and their carers, had a guided lour around Ihe Burrator Arboretum where they discovered the site's rich history and ecology. A great event showcasing the potential of getting a more people of all abilities and ages engaging and benefiting from our blue and green siles. This project supported the ongoing 'Miles Without Stiles. work around Dartmoor. 8,700 people gained new experiences and skills on stte and 63Yo of visitors to our website activèly engaged with our work equating to 212,701 engaged visits to the website in the year. County Wildlife Sites volunleers Volunteers, from 11 years to over 70 years old, took part in surveys and monitoring at County Wildlite Sites across the region. SuNeys included bals, harvest mice, doTmice, reptiles and butterflies. A SUNey showed that most volunteers do not have a background in Conse￿ation, so these experiences provided more people wilh opportunilies to engage with wldlife. The main reasons people chose lo take part in volunleering on our County Wildlite Sites are to undersland more about wildlife. to get outdoors, to meet likeminded people and to improve their South Wesl Lakes Trust Report of the Trustees for the Year Ended 31 January 2024 mental health. All would volunteer again and almost a]1 said the events were inclusive, mobility issues being the only polenlial drawback for some participants. 1,750 trees have been planled on the siles lo improve biodiversity, waler quality and visitor experience. National Citizen Service (NCS) Funded by The National Citizen Service Trust {NCST), our NCS programme had our most successful year to date with 1,076 young people enjoying bolh sumrner and autumn activity programmes. This year our reach expanded as far east as Swindon and as lar north as Telford. NCS and Ingeus Ipartnered with YHA) restructured the programme. The 'Live it. programme delivered al Roadford, Wimbleball and Siblyback. included WOTkshops looking at Future Pathways, First Aid, Your Voice Matters and Wellbeing ￿ongsIde outdoor activitl8s. The increased places delivered in 2023 enabled the charity to re-open Siblyback Lake. In the autumn we took young people from Cailywilh College, Bodmin, to Roadford Lake for 4 days of activities and workshops. The young people benefitted from Skills Booster sessions designed lo help with their transition from education to employment or further education. Sessions covered Healthy Living. Future Pathways, Mental Wellbeing and included signposting support available to them ail if they ever need it. An NCS Trust quality assurance report gave us the grade of outstanding. Active young people Roadford Lake Activty Centre has consistently taken pride in being the leading choicè lor large group activity bookings. Its recent hisiory includes notable associations with the Army Cadet Force and the Scout movement. as well as many local and distant schools. In 2023, Roadford experienced one of its most successful years in terms of large group activity bookings, marking a signilicanl improvemènt since the Covid affected years. The most substantial incrèase in bookings came frorn Scout groups, with a tolal of 31 different troops welcomed, some from as far away as Surrey. Providing activities lo these groups not only aligns wth our charitable objectives bul. more importantly, allows children and young adults to experience water-based activities. Tlme2Move Through the Department for Educalion's Holiday Activities and Food Programme Investment we off ered 112 places on a Time2Move" programme al Stithians Lake Activity Centre in Cornwall over Ihe summèr school holidays. These fully funded places were targeted at lamili8S that are less likely to access oul of school activities and more likely to experience 'unhealthy holidays- and social isolation. The packed programme of activities at Stithians included a heafthy breakfast, ice breaker sessions, on water fun in either windsurfing, paddling or sailing followed by lunch with their peers. Overall. the programme was a huge surLess, lols of lun was had and lots of friends were made. The heahh and wellbelng ot more people is improved 2.1 m visits were made in the year to the lakes, a decrease on earlier years due to ¢ost of living and a very wet summer in south west England. 130,000 active visits were made to the lakes. ranging from angling to the new sport of wind winging. South West Lakes Trust Report of the Trustees for the Year Ended 31 January 2024 Public access Throughout the past year, we have continued to maintain the estate of over 145km190 miles) of paths, bolh public and permissive. Our teams have worked hard to provide sale. accessible and open paths lor all lo enjoy. Jusl lo give a taste of some of the important works done to keep these sites open and welcoming lor our visitors: an approximate 18km of paths were cleared and maintained in Wesl Cornwall- 250m maintained at Roadford,. 300m of palhs cleared and 50m of boarthvalks replaced, wth Miles Without Stiles projects and 8rosion repairs completed across Dartmoor. Volunteers 4.780 volunteer days were given, beneftknng the environmenl and people It is well known volunteering brings better physical and mental health plus wellbeing, more confidence, new skills and valuable work experience as well as a sense of connection to othérs in the community whilst delivering benefits for the environment and people. Throughoul the past year, we have continued to work with many committed volunteers, giving Iheir time lo support our work across the region. Our dedicated volunleers gave 4,780 days to activittes such as wildlife suNeys and monitoring, tree planting and woodland management, litter picking, recreational support, swim repairs, invasive sp8C18s monitoring and biosecurity awareness. research and desktop surveys. This y8ar we welcomed corporal8 work parties, including volunteers Irom Ba￿OCk Devonport staff who came lo Burrator to help make leaky dams on Newlycombè river and volunteers from Walson-marlow Fluid Technology Solutions who helped with countryside tasks. Almost all siles now have at least onè volunteer with some, such as Burralor, having regular groups of volunteers. The variety of tasks we offer to our volunteers means we are inclusive to all and not limited to Ihose able lo work out in the environment. By not limiting our opportunitl8S we are opening up possibilities for polential volunteers and encouraging those with valuable s￿lIS and knowledge to share with us. Wheal Martyn Clay Works During the year 25,371 people visited Wheal Martyn, benetitting from a range of cultural experiences. Our community engagemenl programmes were expanded with the support of funding from Arts Council England. This included the launch of monthly music evenings featuring an array ol Cornish talent, our first regular 'speak Cornish, gaiherings and a series of new creative workshops such as ceramic painting and clay sculpting. Temporary exhibitions attracted new audiences and featured a collaboration of work by renowned Cornwall based artist Stuart Thorn and ceramicisl Jenny Beavan as well as an exhibition to commemorate the bicentenary of the death of Charles Rashleigh and his achievements in establishing the port of Charlestown. Over 5,500 children and young people were engaged, including over 3,000 through visits and outrea¢h involving schools, colleges and universf(ies. Wilh the support of our Education Officer, nine regular home education participants completed their Arts Award {four silver and five bronze). 6.144 instances of communty engagement were recorded in the year with people taking part in a variety ot activities frorn family holiday workshops Ihrough to our regular Memory Café and Arts lor Hea￿h Group. Volunteers contributed to the work of the museum in so many ways, helping to deliver against Wheal Martyn's vision - Confident Communities Inspiring Others. South West Lakes Trust Report of the Trustees for the Year Ended 31 January 2024 Angling We formed a Trout Fishing Liaison Group io help us with our stralegic direction. The group is made up of volunteers and its focus is to both represent the voices of our affiliate clubs and work with our fisheries team to ensure the sustainable future of the sport and the health and wellbeing opportunities it provides. To offset the cost of living and to encourage anglers to stay fishing and uptake by new anglers we introduced two new tickets, a reduced rale "half day" ticket and a child tuition ticket which allows parents to leach their child withoul Ihe need to buy a ticket themselves. Three trout fishing taster days were held during 2023, aimed at new entrants, those returning or those that could do with some top lips. 45 people took part in our trout fishing taster days over the spring and summer months supported by club members and resident tulors. New opportunities for people to coarse fish were introduced in 2023. We opened Cargenwen Reservoir, in Wesl Cornwall, as a day licket water and allowed some highly anticipated pike fishing on College reseNoir near Penryn. Working with the Angling Trust, we started the Gel Fishing awards programme at Darracott and Porth Resetvoirs. All 14 participants gained a bronze, silver or gold award. Some ol the families involved have since become regular anglers and have said thèy are looking forward to us launching our kids, clubs In 2024. We have startèd to remove some of Ihe carp impacling ihe environmènt and trout fishing at Roadford Lake. In May and September 2023. over 200 01 these fish were moved to our ¢oarse fisheries to improve stocks and benefit our coarse anglers. This project will continue into 2024. Roadford Café and Venue We hope Ihat our café and venue at Roadford Lake improves the lives of those that visit. Described as the conference room with the °best view ever. by a recent client, we can see why it is the perfect venue lor learning, team building and celebraling. During 2023. the National Health Service, South Wesl Water Ltd. Environment Agency, Natural England, Forestry England, Westcountry Rivers Trust and the Memory Café in Launceslon have all been regular users amongst many others. The team fed this year's Cohort on the Nalional Citizenship Scheme. over 100 conferences and events along with lots and lots ot local café regulars. offering a warm and welcoming place to start or end your journey al the lake. Fundraisin Re ort We are registered with Ihe Fundraising Regulator and South Wesl Lakes Trust is fully committed to adhering lo the Code ol Fundraising Practice. We typicatly fundraise for specific projects. which enable us to conlinue or grow our charitable activities. We have progressed research and development ol projects in readiness to apply for grant funding. The development ol our individual gwing plans is currenly on hold while we review our fundraising priorf(ies. We supported Golden Tree in gaining additional funding to complete their Kerdroya labyrinth project at Colliford Lake. the hope is lo open in 2024. South West Lakes Trust Report of the Trustees for the Year Ended 31 January 2024 We worked with Dartmoor National Park in the development ol their Dartmoor Dynamic Landscape project which il successful will see improvemenls at some of the Dartmoor lakes. On the ground delivery of our Dark Sky Discovery Hub on Exmoor was completed, utilising funds prewously sècured from Exmoor National Park Authority and the Hinkley Tourism Action Partnership IHTAPI. An Accessible Watersports project planned for Roadford Lake has been deferred and funding from The Claire Milne Trust returned following Ihe tragic incident at Roadford Lake in 2022 bul will be resumed when it is appropriate lo do so. We appreciate the donations made by indTviduals to help further our work. Our Friends ot SW Lakes scheme has continued to perform well, with the number of Friends growing by 17.3°/¢ in the year. The scheme gives regular visf(ors the opportunity to support our work and generates unrestricted income to support our charitable activities. We comply with the relevant slandards set oul in the Code of Fundraising Praclice, paying attention lo the General Data Protection Regulations and acting promptly on requests for removal from our database. The Charity has a complainls procedure. We have not received any complaints con¢erning our fundraising practices. If we were to, we woukl deal with thèm as quickly and efficiently as possible in line with our procedures. Financial review Soulh West Lakes Trusl's main sources of income are from Ihe conlract we havè with South West Water to manage the public spaces, the National Citizenship Setvice INCSI, car parking income, grants and ihe profits from its limited subsidiary South Wesl Lakes Ltd. Over the years the management lee from Soulh 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 Wesl Water agreed lo increase the managemenl fee for one year to support the Charity during these times of high inflation and challenges with recruitment. NCS had the most successful year yet and delivered activity programrne during the summer and auturnn to OV8r 1,000 young people. A similar programme will be delivered in 2024. South West Lakes Trust has generated an unrestricted fund deficit of £54,358 before transfers in the year, which includes a small profit from South West Lakes Ltd of £3,669. High inflation, cost of limng crisis and poor weather during our peak season has made il another challenging year lor South West Lakes Limited. The other restricted funds relate to incorne received for both Capit￿ and revenue projects where the funders require the grants to be spenl on specific items to achieve certain outcomes. The net deficit of £272,268 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 {SOFAI in the year they are awarded or claimed whilst the depreciation cost on those assets is charged to the SOFA over the life ol the asset. Secondly, the charity is required by ihe SORP 20191FRS 102 to recognise the whole of the grant when it is awarded rather than when it is claimed and recetved. The other restricted funds carried forward balance of £1,339,562 therefore includes grants not yet received and fvnds to cover the depreciation of capital assets, purchased through projects. over their useful life as well as future revenue costs of projects. 10 South West Lakes Trust Report of the Trustees for the Year Ended 31 January 2024 Wheal Martyn is a separale reslricted tund in the SOFA. The charity was taken over in 2010 at no cost creating negative goodwill, which is being written back each year. The net deficit on unrestricted funds in the year for the group ot £599 before transfers to restricted funds and lax, is much better than anticipated. This is mainly due lo higher than expected visitor numbers, resulting in an increase in admissions income lor the Trust and Caté sales for the trading subsidiary. Wheal Matyn Trust generaled an unrestricted deficit for the year of £670 which is after a small contribution to projects, the Creative Investment fund and the Wotfson's Sustainability fund ol £71. Wheal Matyn Entery)rises Limited made a profit of £18,035 before interest payable and payment 012023 taxable prolil of £21,948 to the Charity- The laxable prolit in 2023124 of £17,724 which will be gift aided to the Charity in 2024. There is a net surplus of £85,664 in the year on tolal funds in Wheal Martyn Trust. This is due to restricted income from funders being recognised in the year in which the charity is legally entitled to the funds, but expenditure will be incurred in future years. The total reserves held at 31 January 2024 were £4,507,88412023. £4,701.421 1 which comprised £1,763,424 (2023 £1 ,817.782) unrestricted lunds and £2.744,281 12023 £2,883,639) reslricted funds, including Whéal Matyn. Incident at Roadlord Lake In June 2022 a wheelyboat at Roadford Lake capsized wihout warnlng. Our staff were quickly on hand to help with rescue efforts but unfortunately people lost their lives- our thoughts remain with the berèaved families. The charity continues to work with the policé and various agencies to undètstand the circumstan¢e around this incident. in the hope that a similar event may be avoided in th8 future. Until this work is concluded we have decided not to operale whèelyboats. Climate Change Lower-than-normal water levels at the start of the year gavè Concern for late year trading, a wetter summer, and more storms than usud have led to greater erosion. Reservoir levels are nearing Ilong term averages at Ihe end of Ihe year. South West Water predicts potential water stress situations in ihe Wimbleball and Roadlord areas in their short-lerrn planning. Irustees agreed lo invest in more on land activilies lo maintain public benefit al limes of low water. Initiatives to help reach Net zero included.. Inveslmenl in replacing outdated lighting systems and machinery such as chain saws were replaced with electrically powered devices at time of renewal. "A Watt-son. energy saving campaign engaged employees with quick energy saving tips. Reserves policy The Truslees review the Charty's Reserves Policy annually, considering the financial irnpa￿ of the risks it faces. These risks include reductions in future income streams because of the cost-of-living crisis, the high electricity and gas prices, higher than inflation increases on insurance and employee costs and legal costs relating to the incidenl at Roadford Lake. The ReseNes Policy is based on unrestricted funds only and excludes fixed assets reseNes in calculaling a free reserve requirement. The Truslees have agreed to reduce the free reserve target from £500,000 to £400,000. The lollowing tactors were considered in setting this target. Lease comrnitments; Two months operational costs" Restrictions on luture income streams due to the cost of living crisis- South West Lakes Trust Report of the Trustees for the Year Ended 31 January 2024 Unbudgeted costs inGluding legal advice Current unrestricted free reserves are £679.764. This is £279,764 above the current reserves target of £400,000. This surplus will be invested in projects that wll drive improvements lo the future financial and environmental sustainability of the charity and to increase our charitable impact in line with our strategic framework. Surplus cash reserves are invested in an interest-bearing cash account. Principal Funding Soureès The annual fee from South West Water for land managemenl, conseNation and public aocess services under a management contract of £749,879 represented 18 /0 ol the Trust's income (excluding restricted funds) in the year ended 31 January 2024. The trading subsidiary made a profit of £3,669 and made a substantial contribution to the central overheads ol the Trust. Principal Risks and Uncertainties The main risks that the charty faces are: Inflationary pressures on costs and other increases that were not anticipat8d when ihe budgel was approved. The Cost￿l-L1vIng crisis may have a negative impact on the ability of people to travel to the siles and fulure income streams in the trading arm. Continued negotiation with Pennon group for the managemént of their Bristol Wat8r estate. Economic strain will bè offset by an increased use ot reseNes in the short term. To mitigate against thes8 risks the charty undertakes forecasting and scenario planning on at least a quarterly basis to identify Ihese pressures as they arise and implement appropriate mitigating actions to address these pressures. Remuneration The Trustees review employees, salaries, including senior slaff, annually, and, if appropriate, award increases in line wilh inflation or award pay rises lo ensure that the rates of pay remain competitive lor both the charity and ils subsidiaries when compared with similar Iseclor and scal81 charitable organisations. The Trustees also ensure that for certain roles, differentials are maintained with the annual increase in National Minimum Wage. Future Our managed landscapes will be abundant, diverse. and connecled O With South West Water we will conlinue to install biosecurity measure and raise awareness with visitors. O Work to improve habitals in Burrator reservoirs oatchmenl will continue. / We will continue to monitor and improve Sites of Specia Scientific Interest and County Wild Life Sites in our care. rf We will continue our joumey lowards Nel Zero by swttch our equipment and vehicles over to battery power on renewal and when the technology is available, We will assess our buildings and sites for new solar panel installations and inslallation EV charging points for visitors and employees. 12 South West Lakes Trust Report of the Trustees for the Year Ended 31 January 2024 Lives wll be enhanced Irom experiencing the outdoors A focus on local community memberships and youth engagement will see more new entrants to health giving outdoor activities. rf We will commence a project to deliver more on land experiénces to ensure th8 charity can still deliver benelil at limes of low water in the reseNoirs. O We will work with angling clubs to provide angling experiences. O wimbleb￿l Lake on Exmoor by continuing to work with Exmoor National park on cycling initiatives. O In partnership with the National Citizen Service programme we will deliver a development programme for young people from the south wesl. 4 We will continue to work with ¢olleagues in the Bristol Water area and if contracted spread our work lor public access, conseNalion. education. and recrealion at the reservoirs lo the south of Bristol. / A new Sustainable Developrnent Plan for the lakes will be planned in the year for launch in 2025. O Plan a series of events to celebrate 25 years of South West Lakes Trust. / Invest in the nèw sport ol Wind winging. introducing a new audience to the lakes. 13 South Wesl Lakes Trust Report of the Trustees for the Year Ended 31 January 2024 Structure and ovemance The Board of Tnjstees met formally six times, ensuring arrangements were appropriate and effective. The Board authorises the Chiet Executive lo direcl the work of the charity in line with approved strategies, procedures and schemes of delegation. A Strategic Contracts and Growth Working Group considers opportunities for expanding the Trust's work. The Truslees reviewed the Health and Safety Policy and there was Trustee representation on the Health and Safety Committee. Amendments to Risk Management arrangements and the Resetves Policy were approved and Strategic Reviews of the businesses were prepared. Relatlonship with Subsidiary Companies Wholly-owned trading subsidiary 'South West Lakes Lirniled, Iregislered in England, Cornpany No.39550751 conducted non-¢haritable trading, with all profits gift-aided lo the charity. Its board mel six limes during the year. DIre￿OrS are.. Malcolm Bell (Chairman), Monica Read, Ashley Shopland, Dan James (from 1 February 20231 and James Platts the CEO. Colin Vallance is company secretary. Wheal Martyn Trust Icharty number 1001838, company number 011604601 is also owned by the Trust. Trustees are John Woods Ichairmanl, Chris Varcoe, Malcolm Bell and South Wesl Lakes Trust (Corporate Trusleel. Its trading subsidiary is Wheal Matyn Enterprises Limited Icompany 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 Wesl Lakes Trust provides high level and technical specialist support and the Trustees are involved lully in governance, ensuring close alignment of the aims ol bolh companies. Cornwall Council and other key stakeholders work in ¢lose partnership lo ensure Wheal Matyn's continuing sustainability. Recrultment and Appolntment 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 va¢ancies are advertised through existing nehvorks. our website. on social media and Charity Jobs and candidates are then selected and interviewed by members of the Trustee board. New Trustees are promded with a Truslees, Infomiation Pack and spend time with the Directors to ensure a thorough introduction and induction to the charity takes place. All Trustees are encouraged to attend appropriate training. 14 South West Lakes Trust Report of the Trustees for the Year Ended 31 January 2024 REFEFIENCE AND ADMINISTRATIVE DETAILS STRUCTURE, GOVERNANCE AND MANAGEMENT Charity registration number 1079966 Company registration number 3946529 Constitution The charity operales under Tts Memorandum and Articles of Association and is Constituted as a company limited by guarantee. Registered Office Roadford Lake Broadwoodwidger Lifton Devon PL16 ORL SWLT Trustee Board and Chief Officers John Lee, OBE Chairman Chris Balch, Vice-chairman Malcolm Bell Dan James, Ed Milchell Dinah Nichols, CB Monica Read Josephine Traill Thomson Ashley Shopland appointed 29 June 2023 Jo Ecroyd stepped down on 27 April 2023 Colin Vallance, Company Secretary Bankers Lloyds TSB Bank plc 1st Floor Sedgemoor House Dean Gate Avenue TAUNTON TA1 2UF Solicitors Tozers LLP North Door, Broadwalk House Southernhay West EXETER EX1 1UA Chief Officers James Platts. Chief Executive and Director ol South West Lakes Limited Colin Vallan¢e, Managing Director of Wheal Matyn Trusl. Director ol Wheal Matyn Enterprises and Heritage and Governance Director ol South West Lakes Trust Lesley Whitworth, Chief Financial Officer Neil Reeves, Director ol Visitor Experience, Managing Director of South West Lakes Limited from 1 June 2023 Chartered accountants and Slalutory auditor PKP Francis Clark Centenary House Peninsula Park Rydon Lane EXETER EX2 7XE 15 South Wesl Lakes Trust Report of the Trustees for the Year Ended 31 January 2024 Trustees. responsibilities in relation to the f inancial statemenls The charity Iruslees {who are also directors ol South West Lakes Trust lor the purposes ol cornpany lawl are responsible lor preparing a Truslees, Annual Report and financial statements in accordaMC8 with applicable law and United Kingdom Accounting Standards {Uniled Kingdom Generally Accepted Accounting Practi￿1. Company law requires the charity Iruslees to prepare financial statements lor each year which give a true and fair view of the stale of affairs ot the charitable company and the groLtp and ol the incoming resources and application ol resources. including the income and expenditure, ol the charitable group lor that period. In preparing these financial stalemenls. the trustees are required lo: select suitable accounting policies and then apply them consistently. observe the methods and principles in Ihe Charities SORP; make judgements and estimates that are reasonable and prudent. slate whether applicable UK Accounting Standards have been followèd, subjacl lo any ma18rial departures disclosed and explained in the financial statements,. and prepare the financial statements on the 'going ¢oncern' basis unless it is inappropriate lo presume Ihal the charitable company will continue in operation. The trustees are responsible for keeping proper accounling records Ihal disclose with reasonab18 accuracy at any time the financial position of the charity and enable them lo ensure that the financial statements comply with the Companies Acl 2006. The Irustees are also responsible for safeguarding the assets ol the charity and the group and hence taking reasonabla steps lor the prevention and detection of fraud and other irregularilies. The Iruslees are responsible lor the Maintenance and integrity ol the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparalion and dissemination ol financial slalemenls may diller from legislation in other jurisdictions. Statoment as to dls¢lo$ure lo our audltors In so lar as the Iruslees are aware at the lime ol approving our trustees. annual report.. there is no relevant information, being information needed by the auditor in connection with preparing their report, ol which the group's auditor is unaware. and the trustees, having made enquiries ol fellow diiectors and the groLJP'S auditor that they ought lo have individually laken, have each taken all steps that helshe is obliged lo lake as a director in order lo make themselves aware of any relevant audit information and to establish that the auditor is aware ol 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 signéd on their behalf by: John Lee Chairman, Trustee 25 July 2024 16 South West Lakes Trust Independent Auditor's Report to the Members of South West Lakes Trust Year Ended 31 January 2024 Opinion We have audited the financial statements of South West Lakes Trust (the 'Charity'l for the year ended 31 January 2024 which comprise Group Statement of Financial Activities, Group and Parent Company 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 31 January 2024 and of its income and expenditure for the year then ended., have been properly prepared in accordan￿ with United Kingdom Generally Accepted Accounting Practice., have been prepared in accordance with the requirements of the Companies Act 2006. Basls for oplnlon We conducted our audit in accordan￿ with International Standards on Auditing (UK) IISAS (UK}) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilitie5 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 relatlng to golng 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 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 17 South West Lakes Trust Independent Auditor's Report to the Members of South West Lakes Trust Year Ended 31 January 2024 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. Opinions on other matters prescribed by the Companles 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 ststements 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 forour 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. 18 South West Lakes Trust Independent Auditor's Report to the Members of South West Lakes Trust Year Ended 31 January 2024 Responsibilities of the trustees As explained more fully in the Statement of Trustees, Responsibilities set out on page 14, 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: 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 regsjlations 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, food hygiene regulations, alcohol licenses, and breaches of The General Data Protection Regulation ("GDPR"l. 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 20131"RIDDOR"). 19 South West Lakes Trust Independent Auditor's Report to the Members of South West Lakes Trust Year Ended 31 January 2024 Review of the Company's GDPR policy and enquiries lo ihe 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 ol non-compliance. Reviewed food hygiene Certification and premises licence. Reviewed Board minutes. We assessed the susceptibility of the financid statements to material misstatement through management override or fraud, including in relation lo cash income and expend¢ture. We considered the primary sources of cash income, being admissions income, catering income from the museum's cafe and income from the museums gift shop and obtained an understanding of the controls in place to miligale 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 underslanding we designed and conducted audit procedures including: Assessing the design and implementation of controls over cash receipts and oblaining evidence as regards th8 compleleness ol cash in¢ome- 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 significanl transactions outside the normal course of business. of which there were none. Reviewed eslimales and judgements made in the accounts for any indication of bias and challenged assumptions used by management in making ihe 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 misslalernent in the financial statements. The risk increases the further removed non-compliance wilh laws and regulations is from the events and transactions reflected in the financial statements as we are less likely to become aware ol instances of non-compliance. The risk of not delecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from etror, as fraud may involve deliberate concealment. collusion. omission or misrepresentalion. A further description of our responsibilrties lor the audit of the financial statements is localed on the Financial Reporting Council's website at.. www.frc.org.uklauditorsresponsibililies. This description forms part ol our auditor's report. 20 South Wesl Lakes Trust Independent Auditor's Report to the Members of South Wesl Lakes Trust Year Ended 31 January 2024 Use of our Report This report is made solèly to the Charity's members, as a body, in accordance with Chapler 3 of Part 16 01 the Companies Acl 2006. Our audit woth has been undertaken so that we might state to the Charity's members those matters we are required to slate to them in an auditor's report and for no other purpose. To the lullesl extent permitted by law, we do nol accept or assume responsibility to anyone other than the Charity's members as a body, lor our audit work, tor this report, or for the opinions we have fomied. Pkpkn STEPHANIE HENSHAW (Senior Stalutory Audilor) For and on behalf of PKF FRANCIS CLARK Chartered Accountants & Statutory Auditor Centenary House Peninsula Park Rydon Lane Exeter EX2 7XE Dale: 25 July 2024 21 South Wesl Lakes Trust Consolidated Statement of Financial Activities (including consolidated Income and Expenditure Account) Year Ended 31 January 2024 Unrestiicted Restricted Restricted Fund: Fund: Wheal Other Martyn Total 2024 Total 2023 Nole Income Donations and Grants Charitable activities Other trading activities Commercial trading Other Investment incomè Negative goodwill written back Totsl income 45,080 1.821.871 1.786 436.731 881 47,747 42,453 618,105 2,876,707 2,250,687 2,189,133 3,865 56.854 191,396 16,330 5,036 47,249 698.528 2,380,529 2,239,567 20,195 74,764 61,890 49,395 47,249 618,986 5 434 317 4,704 115 4116803 Expenditur8 Costs ol raising funds Commercial l other trading Other fundraising costs Expenditure on charitable aclivilies Total expenditure 1,826,652 189,169 2,165,340 4 181 161 161,701 30,698 373.040 565 439 1,988,353 2,243,113 219,867 238,369 891,254 3 429 634 2,528,678 891,254 5 637 854 5,010,160 Net gain on Investment 10.000 10,000 Nel Incorne l {expendlturel and movement in funds lor the year {54.358) 133,089 {272.2681 (193,537) 1306,045} Reconciliation of funds Total funds brought fomard 1.817.782 1,271,809 1,611,830 4,701,421 5,007,466 Total funds carried forward 1 763 424 1,404,898 1 339,562 4 507 884 4 701,421 Unrestrided and Restricted Funds are derived from continuing operations. South West Lakes Trust Balance Sheets 31 January 2024 2024 2023 Consolidated Charity Consolidated Charity Note Fixed assets Intangible assels Tangible assets Investment propety Investments 12 {283,490) 3,300,527 185,000 1330.7391 3,433,767 175.000 13 1,855.559 185,000 100 1,935,983 175.000 100 2,111,083 3,202,037 2.040,659 3,278,028 Current assets Stocks Deblors Cash at bank and in hand 15 16 49,195 1.004,482 1,661,532 1,716 508,723 1,056,903 47,772 805,980 1,664,796 746,412 921,027 2.715,209 1.567,342 2,518,548 1,667,439 Creditors: amounts falling due within one year 17 (1,399,495) {538,341) 11,077,888) 1378,2831 Net current assets 1315714 1029 001 1440.660 1289 156 Total assets less current liabilities 4,517,751 3,069,660 4,718,688 3,400,239 Creditors: amounls falling due after more than one year 18 {9.867) 117,267) Net assets 3 069 660 4 701421 3 400,239 Funds Restricted fund: Wheal Matyn Trust Restricted tunds: other Unrestrictèd funds 1,404,898 1,339,562 1,763,424 1,271,809 1,611,830 1,817,782 19 1,339,562 1,730,098 1,611,830 1,788,409 19 Total charity funds 4,507,884 3 069 660 4 701,421 3,400,239 A separate Statement ol Fin￿al Athibts and Irthmè and Expenrfrture Accourt for the charity has not been presented because the Trust has taken advantage ol Ihe exempfron afforded by section 408 of the Companies Aa 2006. The net expenditure attributable lo the the charity was £380,579. A summary ol the financid pertomiance of the Charity is provided in Note 2 01 Ihe accounts. Approved and authorised lor issue by the Trustees on and signed on their behdl by.. John Lee, Chairman 25 July 2024 Registered company number 3946529 23 South West Lakes Trust Consolidated Cash Flow Statement Year ended 31 January 2024 2024 2023 Note Cash inflow from operating activities Cash flows from Investlng a¢tivities 277,742 243,707 Interest and rents trom investments 61,890 49,440 Proceeds from sale of tangible fixed assets 30,014 27,428 Purchase ol tangible fixed assets (351,110) {350,6651 Cash used In Investing activities Cash flows from financing activities (259,206) {273,7971 Repayment ot bank loan (21,800) {143,000) Cash used in linancing activities (21,800) {143,0001 (Decrease) l increase in cash and cash equivalents in the yèar {3,264) {173,0901 Cash and cash equivalents at th8 beginning of the year Total cash and cash equivalenls at the end of the year 1,664,796 1,837,886 1,661,532 1.664,796 24 South West Lakes Twst Notes to the Financial Statements Year ended 31 January 2024 1 Accountlng pollcles 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 preparèd in accordance with Accounting and Fleporting by Charities.. Statement of Recommended Practice applicable to charilies preparing their accounts in accordance with Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS102} (effective January 20191 Charities SORP IFRS1021, the Financial Reporting Slandard applicable in the UK and the Republic of Ireland {FRS1021 and the Companies Act 2006. South West Lakes Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities aré inilially recognised at historic￿ or transaction value unless otherwise stated in the relevant accounting policy note. The functional ¢urrency ol the South West Lakes Trust is Considered lo be Pounds Slerling as that is the currency of the primary e¢onomi¢ environment in which the trusl operates. {b} Going concern The Trustees have critically reviewed the Income and Expendilure and Cash Flow Forecasts, which have been prepared by management, and which are based on a cautious approach using the best information available at thè tim8. The Trustees have concluded that the charity and its trading subsidiary are 8XP8Cted to have sufficient cash and unrestricted resèrves to continue to operate lor the foreseeable fulure and conclude that there are no material uncertainties and the ooing concern basis is appropriate. (c) Funds structure The charity has a number of restricted funds lo 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 IFRS 1021, the results of Wheal Martyn Trust, a charitable group with narrower objectives than those ol Souih Wesl Lakes Trust, are consolidated with its wholly owned trading subsidiary, Wheal Martyn Enterprises Limited, as a separate restricted fund. The results of the Wheal Matyn Trust charitable group include Wheal Matyn Trust's own income from grants and donations. and from the trading activilies of the subsidiary. which are included within the single restricted fund. The acquisition of Wheal Matyn Trust has been accounted for so that the negative goodwill arising on the acquisition in 2010 (note 61 is treated in accordance with accounting policy 1 {1). This is not in accordance with Charities SORP IFRS 1021, which requires the excess of the nel assets acquired over the consideration payable lo be treated as a gift and recognised immediately as income in the Consolidated Siatemenl of Financial Activities. The Iruslees are satisfied that, in view of the fact thal the majority of assets acquired are tangible fixed assets Iwhich gnies rise to an increased depreciation charge in the consolidated financial statements of South West Lakes Trust), adoption ol the trealmenl of releasing the negative goodwill in the periods expected to benefrf( results in the financial statemenls giving a Irue and fair view. Unrestricted funds comprise accumulated surpluses and deficils on general funds which are available for use at Ihe discretion ot the trustees in furtherance of the generai objectives of the charity. The trustees intend lo use part of these funds for specrfi¢ projecls and have a designated fund to reflecl this. The funds held in each ol these categories are disolosed in note 19. 25 South West Lakes Trust Notes to the Financial Statements Year ended 31 January 2024 1 Accounting policies {continued) {d) Income All income is included in the Statement of Financial Resources {SOFAI when the charity is legally entitled to the incorne and the arnount can be quantilied with reasonable accuracy. The following specific policies apply to categories of incorne- 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 pertormance by the charity- Income from Charitable Aclivities 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, th8 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. Incom8 from trading activities is included in the SOFA in the period to which il relal8S. Trading income is the amount derived from the provision of goodslservices. and stated aft8r trade discounts. other sales taxes and net ol VAT. (e) Expendlture All expenditure is accounted for on an accruals basis and has been classifièd under headings that aggregat8 all costs related to Ihe category. Where costs cannot be direclty attributed lo particular headings they hav8 been allocat8d to activities on a basis consistent with use of resources. Costs ol raising funds are those costs incurrèd in attracting donations and legacies. and those costs incurred in trading aclivities that raise funds. Charitable activities include Ihe costs involved in the provision of services Ihat South West Lakes Trust provides. Other costs include Ihose incuffed in the governance and administration of the charity and its assets. Resources expended include attribulable VAT which cannot be recovered. (t) Fixed assets Tangible fixed assels costing more than £500 are capitalised and included al 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 Leasehold buildings Fixtures and fittings Plant and machinery Motor vehicles Computer equipment straight line over 25 years straight line over 5 - 25 years straight line over 3 - 25 years straight line over 3 - 10 years straight line over 3 - 5 years straight line over 3 - 10 years 26 South West Lakes Trust Notes to the Financial Statements Year ended 31 January 2024 No depreciation is charged in respecl of assets in the course of construction. 1 Accounting policies (continued) Note (f) cont'd The residual value of coarse fishing tish is higher than the historic cost due to the impacl of the population breeding. Therefore no depreciation has been charged, and fish will be held at historic cost less impairment. (g) Investmenl Property Investment propety is held in the balance sheel 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 ihe consideration paid) is written back in the Statement of Financial Activilies over a period of 20 years, which is the period expected lo 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. li) Operating lease agreements Rentals applicable to operating leases wh8re subslantially all of the benetits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of th8 lease. Rental income from operating leases is re¢ognised on a straight-line basis over the term of the relevant lease. even il 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 slraighl-line basis ovei the lease term. (k) Pension costs The charity operates a defined contribulion scheme for employees. The assets of the scheme are held separately from those ol the charity. The annual conlribulions payable are charged to the Statement of Financial Activities ISOFAI. (l) Contribution of volunteers The value ol seNices provided by volunteers is not incorporated into these financi￿ slatements. Further details of the contribution made by volunteers can be found in the Irustees, annual report. {m) Irre¢overable VAT Irrecoverable VAT is charged as a cost within the Statemenl 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 mèmbers. In the event of the charity being wound up, the liability in respect of the guarantee is limitad to £1 per member of the charity. The charity is incorporated in the UK and the registered address is Roadford Lake, Broadwoodwidger, Lifton. Devon. PL16 ORL. (o) Financial Instruments Classification The company holds the following financial instruments- short term other debtors and amounls due from parenl undertaking- cash and bank balances., and short term trade creditors and amounts due to parent undertaking All financial instruments are classrfied as basic. Recognition and rneasurement- The company has chosen to apply the recognition and measurement principles in FRS 102. 27 South Wesl Lakes Trust Notes to the Financial Statements Year ended 31 January 2024 Financial instruments are recognised when the company becomes paty to the contractual provisions of the instrument and derecognised when in the case of assets, Ihe contractual rights to cash flows from the asset expire or substantially all the risks and rewards of ownership are Iransferred lo another paty, or in the case of liabilities, 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 al the undiscounted amount of the cash or other consideration expected to be paid or received, after laking account ot IMp￿rMent adjustmenls. 28 South West Lakes Trust Notes to the Financial Statements Year ended 31 January 2024 Financial Perforrnance ot the charlty These financial stalements consolidate the results of the charity and its wholly-owned subsidiary Souih West Lakes Ltd ￿mited on a line - by- line basis. Wheal Matyn Trusl is shown separately as a restricted fynd. The sumrnary linancial performance of the charity alone is: 2024 2023 Income Expenditure on charitable activities Net gain on investment 2,936,184 (3,276,763) 10,000 2,029,306 (2.332,758) Net expenditure {330.579) 3,400,239 (303,4521 3,703,691 Total funds brought forward Total funds carried forward 3,069,660 3,400,239 Represented by- Restricted income Unrestricted income funds 1,339,562 1,730,098 1,611,830 1,788,409 3,069,660 3,400,239 Commitments under operatlng leases Lessee Al 31 January 2024 the group had total commitrn8nls under non4an¢ellable operating leases for land and buildings and equiprnent as follows.. Land and Buildings 2024 Other Total Less than one year Two to fiv& years More than fwe years Total 1,851 7.404 7.413 16,668 17,061 19,343 18,912 26,747 7,413 53,072 36,404 One of the operaling leases expires in 2042. From 2033 the renl will be based on open market value. Land and Buildings 2023 Other Total Less than one year Two lo five years More Ihan five years Total 1,851 7,404 9,266 18,521 29,027 14,893 30,878 22.297 9.266 62.441 43,920 29 South West Lakes Trust Notes to the Financial Statements Year ended 31 January 2024 With regard to the leases concerning the lakes, these are as follows: 1) 4 x 60 year lease, 2 Commencing trom 7 April 2004 whose annual rental liability is wrapped up into the rent ol the class lili) properties, 1 Gommencing 1 April 2004 and 1 residential lease also commencing 1 April 2004 with an annual rental liabilily 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 lotal annual rental liability of £45,883 subject to fulure rent review on an open markel basis. iii) 2 x 25 year leases, commencing from 18 May 2006, with a total annual rental liability of £7,361 subject to fulure rent review on an open mar1(et basis. iv) 1 x 25 year lease, commencing from 1 April 2004. with a total annual rental liability 01 £1,530 subject lo future rent review on an open marl(et basis. v) 7 x 7 year leases, commencing from 19 May 2005. with a total annual rèntal liability 01 £1,850 subject lo future rent review on an open market basis. vil 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 lerminable by the trust on 12 months. notice without cause. vii) 6 x licences which run until terminated on 3 months. notice wilhout cause with a total annual licence f88 liability 01 £600. viiil 14 x olher licences whose licence lee is wrapp8d up into the rent for the class (ill and (iiil properties above 30 South West Lakes Trust Notes to the Financial Statements Year ended 31 January 2024 Income from donations Unrestricted Funds Reslricted Restricted Funds: Funds: WMT Other Total 2024 Total 2023 Grants recetvèd 4,000 33,897 4,556 Friends of Trusl l Gift Aid Donations 36.344 8,736 470 1,316 36,814 10.933 881 1,786 881 42,453 Income from donalions totalled £47,747 {2023- £42.453). of which £45,08012023: £35,185) was unrestricted and £2,66712023: £7,268) was restrI￿ed. Income from charitable activities Unrestrided Funds Restrlcted Restrlcted Funds: Funds: Total 2024 Total 2023 WMT Other Car parking receipts South West Water contract Recharges Forestry grants Grants Miscellaneous income NCS Contract Revenue Timber sales Agricultural tenancies and licences Wheal Matyn Trust 227,148 743,879 1,470 40 227,148 1,299,326 1,470 40 69,471 66,586 567,630 143,640 64,665 436,731 2,876,707 216,814 1,118.394 4,450 40 555,447 8,342 65,057 567,630 143.640 64,665 61,129 1.529 36.290 13,437 410,346 19,496 65,646 365,974 2,250,687 436,731 436,731 1,821.871 618,105 Income from charitable activities totalled £2,876,70712023= £2,250,68n of which £1,821,871 12023.. £1,342,211) was unrestricted and £1.054,83612023- £908.476) was restricted. 31 South West Lakes Trust Notes to the Financial Statements Year ended 31 January 2024 Income from trading activities Investment in subsidiaries South West Lakes Limited- company number 03955075 The wholly-owned trading subsidiary, South West Lakes Limiled. which is incorporated in the United Kingdom. gift aids its profit lo the charity. The registered office is the same as that of South West Lakes Trust. South West Lakes Limiled operates catering activities, fishing and watersports activilies and all commercial trading operations carried out by Souih 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 2024 2023 Surnmary profit and loss accounl Turnover Other Operating Income Bank Interesi Receivable 2,186,505 30 1,999,922 72,250 45 2,598 2,189,133 (2,185,464) 3,669 2.072,217 12,108,517) {36,3001 Cost of sales and adminislralive expenses Net profit Amounted gift aided to the charity The assets and liabilities of the subsidiary were: Fixed assets 94,112 78.944 Current assets 841,198 839,584 Creditors-. amounls falling due within one year Net current {liabilitiesllass8ts (902,16n {889,054) {60,969) 33,143 149,4701 29.474 Tolal assets less current liabilities Creditors.. amounts falling due more than one year Net Assets 33,143 29.474 Wheal Martyn Trust- company number 02599839, charity 1001838 On 1 April 2010 South West Lakes Trust became the sole member of Wheal Matyn Trust, a company limited by guarantee and a registered charity, and which is incorporated in the United Kingdorn. The registered office is the same as Ihat ol South west Lakes Trust. tts wholly owned trading subsidiary is Wheal Matyn Enterprises Limited. The cost ol this investment was £nil. 32 South Wesl Lakes Trust Notes to the Financial Statements Year ended 31 January 2024 Income from Trading Activilies (cont.) Wheal Matyn Trust aims lo secure for the benefit of the public the preservation, restoration. improvements, enhancement and maintenance of features and objecls of historical and industrial interest in the area of St. Austell and the surrounding districts of comw￿l. Wheal Matyn Enterprises Limited operates the trading arm ol Wheal Martyn Trust. The group results of Wheal Matyn Trust may be summarised as lollows: Summary Statement ol Financial Activities Unrestricted Restricted Funds Funds Total 2024 Total 2023 Incoming rèsources 365,852 366,451 285,429 199.166 651,281 565,617 555,343 568,886 Resources expended Net income l (expenditure) Transfer be￿een funds 15991 171) 86,263 85,664 113,5431 71 Net movement in funds (6701 148,458 86,334 1,454,090 85,664 1,602,548 (13,5431 1,616,091 Total funds bll Total funds rJf 147,788 1,540,424 1,688,212 1,602,548 Summary Balance Sheet 2024 2023 Consolidated Charity Consolidated Charfty Tangible assets Current assets 1,350,868 416,822 1.346,746 352.130 1,418,840 300,927 1,413,911 247,207 Creditors: amounts lalling due wf(hin one year Creditors: amounts falling due after more than one year Total net assels (69,611) (47,408) 199,9521 {99,934} (9,867) 117,26n 1.68&212 1,651,468 1,602.548 1.561.184 Restricted funds 1,540.424 147,788 1,540.424 111.044 1,454.090 148.458 1.454,090 107,094 Unrestricted funds Total funds 1,688.212 1,651,468 1,602.548 1,561,184 Wheal Matyn Trusl has a wholly-owned trading subsidiary, Wheal Matyn Enterprises Limited, the results of which are included in the group figures shown above. Turnover lor the year ended 31 January 2024 was £191,39612023= £167,3501- Net loss 01 £4.624 {2023.- £5,497) was achieved. 33 South West Lakes Trust Notes to the Financial Slatements Year ended 31 January 2024 Investmenl Income Unrestricted Funds Restrlcted Funds: Restricted Funds: Other Total 2024 Total 2023 Bank interest received 2,878 53,976 56.854 32 2,910 58,980 159 Rental inGome 5.004 5.036 49,236 49,395 Investmènt incom8 of £61,890 {2023: £49,395) includes unrestricted incorne of £56,854 {2023'. £43,966) and rèstricted Income 01 £5,03612023: £5,429). Costs of charitable activities People Environm￿1 Total 2024 Total 2023 Employee costs Premises and grounds Machinery and equipment Conservation Administration Insurance I rent Depreciation and finance Project in designated funds Support costs and governance Total charitable activili8S 704,647 162,977 277,241 234,882 54,326 92,414 21,837 73,122 43,037 31.370 939,529 217,303 369,655 21,837 292,487 172,147 125,481 479,677 149,635 146,289 219.365 129.110 94,111 214,786 107,116 61,100 26,747 20,176 1,607.627 74,278 1,259,628 557.713 2,165,340 Restrieted funds Wheal Martyn Trusl 222.814 373.040 668,440 891,254 373,040 860,462 408,588 2,203,481 1.226,153 3,429,634 2,528,678 Costs of Charitable Activities of £3,429.634 {2023= £2.528.678} include unrestricted expenditure of £2.203,481 12023= £1,259.628} and restricted expenditure of £1,264.294 (2023: £1,269,050). 34 South West Lakes Trust Notes to the Financial Statements Year ended 31 January 2024 Summary analysis of expenditure and related income tor charitable activilies People Environment Total 2024 Total 2023 Unreslricted Funds Costs 1,607,627 1,366.403 557.713 455,468 2,165,340 1.259.628 1,821,871 1,342,211 Incomè Net income I (cost) {241.2241 (102.2451 (343,469) 82,583 Restrided Funds Costs Income 595,854 591,257 668,440 463.579 1,264,294 1,269,050 1,054,836 908.476 Net Incom8/lcost} (4,5971 (204,8611 (209,458) 1360.574} Total {245,8211 1307,1061 (552,927) 1277,991 } 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 resulls in a net cost in the year on reslricled funds. 10 Net incoming resources for the year This is stated after charging.. 2024 2023 Depr8ciation Auditor's remuneration: audit ol the financial statemenls other accounting services 464,331 427,306 29,707 9,410 19,650 35 South West Lakes Trust Notes to the Financial Statements Year ended 31 January 2024 11 Staff costs and emoluments Total staff costs were as follows: 2024 2023 Wages and salaries Social security costs Pension payments 2,087,412 153,840 87,456 1,994,420 152,527 72,731 2,328,708 2,219,678 The number of employees whose emoluments for the year fell within the following bands were: 2024 2023 No. £80,000 to £90,000 Trustees are not remunerated. However, truslees did receive reimbursed expenses for attending meelings amounting to £012023: £2431, reimbursed to O (2023: 1) trustee. The key managémènt personnel ol the charity comprise the trustees, Ihe Chief Executive Officer, the Chief Financial Officer, Managing Director, South Wesl Lakes Lid and the Managing Director, Wheal Matyn14 employees). The total employee benefits ol Ihe key management pèrsonnel ol the Trust were £279,718 12023- £279,523, 4 employees). Particulars of employees- The average monthly headcount was 153 employees12023: 142 Èmployees) and the average number of full-tima equivalent employees. including casual and part time staff was as follows: 2024 No. 32 10 2023 No. 28 Charity South West Lakes Trust Wheal Matyn Trust Projects Bournemouth Leisure Gift shops Walersports 17 17 74 68 36 South West Lakes Trust Notes to the Financial Statements Year ended 31 January 2024 12 Intangible fSxed assets Negative goodwill arising on the acquisilion ol Wheal Martyn Trust 2024 2023 As at 1 February 2023 Written back Inole 1hl (330,739) 1377,9881 47,249 47,249 As at 31 January 2024 (283,490) 1330,7391 13a Tangible fixed assets- charity Leasehold Land and buildings Planl machinery and vehicles Fixlures, littings and computers Assets in Course of construction Total Cost At 31 January 2023 Additions 3,990,710 2,163,724 135.388 138,261 895,003 46,571 3.479 7,052,916 320,220 Transfers Disposals 155.3171 {3,479) {58,7961 At 31 January 2024 4.126.098 2.246.668 941,574 7,314,340 Depreciation Al 1 February 2023 Charge lor the year On disposals 2,724,110 156.349 1,648,371 180.756 138.7771 744.452 43.520 5,116,933 380,625 {38,7TII At 31 January 2024 2.880.459 1.790a50 787.972 5.458,781 Net book value At 31 January 2024 1,245,639 456A18 153,602 1.855.559 At 31 January 2023 1.266.600 515.353 150,551 3,479 1,935,983 37 South West Lakes Trust Notes to the Financial Statements Year ended 31 January 2024 13b Tangible fixed assets- group Leasehold land and buildings Plant. machinery and v¢hi¢les Fl$h Fixtures, tittings and ompulers Assets in course of construction Group Total Cost Al 1 February 2023 Additions 6,002,065 137,577 2,579,4n 142.084 997.448 56.281 3.479 78.944 15,168 9,661,409 351,110 Transfers Disposals 155,317) 13,479) IS8,7961 Al 31 January 2024 6,139,642 2.666,240 1.053.729 94,112 9,953,723 Depreciation At l February 2023 Charge for the year On disposals 3.385,272 228,188 2,051,176 184,551 138.777) 791,194 51.592 8,227,642 464.331 138,7771 At 31 January 2024 3.613.460 2,196,950 842,786 6,653,196 Net book value At 31 January 2024 Al 31 January 2023 IReslatedl 2,526,182 469,290 210.943 94,112 3.300,527 2.616.793 528,297 206,254 3,479 78.944 3,433,767 Charges held over tsnglble assets The English Sports Council holds a charge by way ol a floaling debenlure over assets purchased by South West Lakes Trust via funding oblained from them. The total cost of these assets is £175.000. The Heritage Lottery fund holds a charge over the leasehold propety of Wheal Matyn Trust. The net book value of these assets was £929,904 at the year end. Capital commitments No witai commitments in year South Wesl Lakes Trust Notes to the Financial Statements Year ended 31 January 2024 14 Investment Property At 1 February 2023 Revaluation 175.000 10,000 At 31 January 2024 185,000 The freehold investment propety was valued at market value subject to lease on 13 November 2023 by Stratton Creber Commercid. 15 Stocks Group 2024 Charily 2024 Group 2023 Charlty 2023 Uniform Food Gifts Fish 1,716 10,931 36,548 1,716 12,900 34,872 Total 49,195 1.716 47,772 39 South Wesl Lakes Trust Notes to the Financial Statements Year ended 31 January 2024 16 Debtors Group 2024 Charty 2024 Group 2023 Charlty 2023 Trade debtors Amounts due Irom group enltties Other Taxation and social security Other debtors Prepayments and accrued income 501,033 184,137 109.999 399,267 189,528 288,694 4,943 498,506 15,158 391,555 10,232 257,958 214,587 1.004,482 508,723 805,980 746,412 17 Credltors: amounts falling due within one year Group 2024 Charlty 2024 Group 2023 Charlty 2023 Bank loans and overdraft 7,400 513,648 21.800 291,894 Trade cr8dilors 191,406 90,501 Amounl Due from group entthes Other Taxation and social security Other credilors 80,732 93,074 704,641 78,196 16,224 252,515 79.706 33.612 79,102 27,928 180,752 Deferred income and accruals 650,876 1,399,495 538,341 1,077,888 378,283 The lollowing liabilities disclosed under creditors falling due within one year are secured by the charity: 2024 2023 Bank loans 7,400 21,800 40 South West Lakes Trust Notes to the Financial Statements Year ended 31 January 2024 18 Creditors: Amounts falllng due after more than one year Group 2024 Charity 2024 Group 2023 Charity 2023 Bank loan 9,867 9,867 17.267 17.267 19 Statement of funds- Group Balance at 1 Feb 2023 Incoming resources Outgoing Translersl Balanc8 at resources gains 31 Jan 24 General unrestrlcted funds 1 169454 4116803 4 181 161 658 328 1 763 424 Designated funds Facilities and Training Communications Increasing access to our siles Environmental Improvements Covid Reserve 178,995 51,108 31 1178,9951 {51,108) 131) {79,709) 11,7211 {25,000) {67,872) (150,0001 79,709 1,721 25,000 67,872 150,000 Impact Reserve Propety Improvèments Delivering towards Net Zero Trainee programrne Total Designaled Funding 648,328 1648,3281 Tolal Unrestricted funds 1,817,782 4,116,803 14,181,161) 10,000 1,7631,424 41 South West Lakes Trust Notes to the Financial Statements Year ended 31 January 2024 19 Statement of funds- Group (continued) Balance at 1 Feb 2023 Incoming resources Outgoing resources Balance at Transfers 31 Jan 2024 Restricted funds Wheal Martyn Trust (note 1b) 1.271.809 698,528 565,439 1,404,898 Other reslricted funds Fixed asset funds Roadlord Lakeside Slilhians Project Kennick Project RDPE Outdoor & Active Burrator Roadford Play area 290,399 196,799 6,354 530,286 46,583 126.099 1,196.520 (39,130) (26,593) {1,8241 (44,903) (22,893) 251,269 170,206 4,530 485,383 23,690 113333 1,048,411 1148.1091 Roadford Play area- skge 3 Roadford watersports SWW capital project work SWW SSSI projèct SWW INNS Project SWW 8iosecurity and Freshwaler Planning SWW 8iodiversity Improvement Scheme SWW Biodiversity Strategy and County Wildlife Siles. SWW Dartmoor Green Recovery SWW Biodiversity Enhancement Schemes Tree planting Counlryside Stewardship Burralor Forest Countryside Stewardship Roadlord Forest Countryside Stewardship Wimbleball Forest Countryside Stewardship Venford Forest l Love Water (Year of Green Action) Fernworthy HLS Crowdy Reservoir - HLS Roadford HLS Crowdy Legacy Project Roadford Celebration Woodland 24,131 6,159 78.049 46,152 167 24,131 6,159 32,520 29,107 45,918 104,667 {150.1961 117,0451 115,3781 13,404 47,725 60,851 22,535 135,6611 147.7251 118,582) 61,518 128.0231 1,918 16,831 12,667 17,000 133,520 181,921 {144,269) {198.9211 11.918) 37,882 {37.8821 4,703 4,703 5,937 27,821 {44.3301 {10,572) 6.134 6,664 {8,390) 4,408 7.046 7,046 562 {1.3491 208 (3361 2,692 9,900 33,493 2,696 718 582 6,488 26,392 (8,50n 3,412 7,121 13.160 881 (20) {1.9571 {1831 20 42 South West Lakes Trust Notes to the Financial Statements Year ended 31 January 2024 19 Statemenl of funds- Group (continued) Accessible Watersportsiskiability Argal Play Area Wimbleball Play Area Wimbleball Community Orchard Roadford Fly Fair Environment Agency Fisheries Dartmoor Volunteer Legacy Wimbleball Celebration Woodland Connecting Communities Dark Skies Get into Fishing Total Other restricted funds 34,627 328 16.141 135 1,116 5,396 1,000 325 34,627 328 16,141 135 1,729 5,396 1,000 325 1,254 1641) 60,363 17,464 139,681) 116,968) 2,479 1891.254) 20,682 771 275 2,500 618,986 21 1.611,830 1,339,562. Total Reslri¢ted tund$ 1317,514 1456 693 2 744 460 Total tunds 4 701,421 5434 317 5 637 854 4 507 884 Roadford Lakeside This successful conference and visitor centre has been operating for over len years. It remains popular lor gatherings of regional businesses and thè lake provides a stunning backdrop lor 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 lunds remaining on Ihis project are to cover depreciation on the building and assets bought for the project. Stithians Angling and Watersports Centre Another project funded by ERDF Objeclive 1. Sports Lottery, SWRDA, SWLT and several smaller donations and grants. Stithians Aclivity Centre was extended in 2010. owing to increasing demand for tuition. The calé was enlarged and the centre now provides a base lor 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 lo attract new participants and achieve the project's aims. The remaining fulnds are to cover the depreciation on the buildings and assets bought for the project. Kennick Project A new anglers, lodge was olficially opened in Marth 2009. The remaining funds ar8 to cover th8 d8pr6ciation 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, slralegy, is funded by the RDPE. AI the lakes. it involved improvements to facilities at six sites including installing high ropes courses, solar powered boats and irnproving infrastructure for angling and watersports activities. The remaining funds are to cover the depreciation on the buildings and assets bought for the project. South West Lakes Trust Notes to the Financial Statements Year ended 31 January 2024 19 Statement of funds- Group (continued) Burrator Hislorlc and Natural Environmenl This project was completed in 2016 and the reM￿nIng funds are to cover the depreciation on the buildings and assets boughl for the project. The locus of this projecl was to preserve importanl archaeological sites and habitats whilst developing visitors, awarenèss of Ihe historic built and nalural environments ol Burralor Reservoir on the south western edge of Dartmoor National Park, approximately 5 miles from the edge ot Plymouth. The work included restoring a 100 year old barn for use as a learning and discovery centre. conserving important locat archaeological remains, improving access al two key sites and enabling people to leam about their and others heritage. During 2014 the Discovery Cenlre opened, accessible footpaths were completed and work was completed in conseNing some buildings. Roadtord Play Area A grant from the RDPE Europ8an AgricU￿Ural Fund for Rur￿ Development was secured to dèvelop 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 enhanc8 existing lacilities and to support training of young people to become watersports instructors. SWW Capital Prolecl Work This is work managèd on b8haW of SWW on their recréation and amenity assets. SWW SSSI Project This project was funded by South West Water and aimed lo bring the SSSI sites, both geological and biological into favourable condition. The work on this project now locusses on work on ihe ground, including education work and working with volunteers to help raise awareness of the need to protect Ihese siles amongst local communities. INNSIBiosecurlty and Freshwaler Planning This is an innovative invasive species and biosecurity project with South West Water. This project raises awareness ot the rèal problems invasive non-native species can cause, the need to use biosecurily procedures such as Check Clean Dry as part ol normal practice and install appropriate biosecurily infrastructure to help protect our native species. Countryside Stewardship - Burrator Forest Burrator forest woodland management plan guides our forest operations at Burrator resetvoir, building on extensive work carried out in previous years where the focus has been on balancing limber production with amenity, biodiversity, archaeology and water quality. This work is supported by a higher tier Countrysid8 slewardship scheme. Countryside Stewardship - Roadlord Forest A woodland management plan and higher tier countryside stewardship lunding support our ongoing establishment and first thinnings ol Roadford forest. New wildlrfe boxes have been inslalled and we are awaiting new residents. Countryside Stewardship- Wimbleball Forest Restoration ol Oak woodland and coppice management are the focus for the Wimbleball's woodland managemeni plan where the ongoing work supports fantasti¢ populations of birds, bals and buttertlies. South West Lakes Trust Notes to the Financial Statements Year ended 31 January 2024 19 Statemenl of funds- Group {continued) Countryside Stewardshlp - Venford Forest We have been working on a joined-up vision with South Wèst 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. l Love Water A partnership project wtth South West Waler, match funded by the National Lottery Heritage Fund. This 27- month project focused on engaging young people with their water usage and the importance of water in our environment. It enabled people to understand water efficiency and how they can make a ditference. both at home and by volunteering time to benefit habitats at lakes across our region. Biodiversity Improvement Scheme Our Environment Team took delivery ol a new electric powered light weight survey boal which enabled habitat surveying and work at the smaller lakes. We installed Dormice boxes at Meldon, bird boxes al Fernworthy. printed a new wildlife booklet for Burralor and prepared a new wildflower meadow for Roadlord. Volunteers and employees received training from Devon Mammal Group aboul hatvest mice, their nests and how to find them- they are now able to help assess distribution ol haNest mice across the county and contribute to the Devon Hawest Mouse Project. The ranger team now also have aLYess to a mini baler to aid the management ol the meadows al several lakes across the region. Fernworthy HLS The Fernworthy Countryside Stewardship Agreement commenced on 0110112017 and will run until 3111212021. The lolal agreement value was £57,738 (revenue and capital costs). Revenue costs include the management of permanent grassland and species-rich grassland in order lo increase the habitat and food available for invertebrates, birds and other animals. Capital works include stone wall restoration, fencing, scrub control and gales. The scheme has béen extended via a mirror agreement until December 2026 to a revenue value of £14,799. Roadtord Celebration Woodland In partnership wth South West Water. a new community woodland at Roadford has seen phases of planting, with members of the public being invited to make donations to the project to covèr the cost of a tree to celebrate important events in their lives. Wimbleball Celebralion Woodland South West Water and the Exmoor Society donated funds towards the establishment of a new community woodland al Wimbleball in 2009. In partnership, the thrèe organisations have continued lo promote the initiative which has seen four phases of planting. The public are invited to make a donation lo the project to cover the cost ol a tree to celebrate important events in their lives. SkiabililylAceessible Walersports Sluability is a fantastic project that has been running at Siblyback for several years enabling people of all abilities lo 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 addilional funding from The Clare Milne Trust and the 29th May 1961 charitable trust to deliver accessible watersports sessions. Crowdy Reservoir A partnership between South West Lakes Trusl, South West Water, the Bodmin Moor Commoners Association and Natural England, has led to a long tem commitment to improving biodiversity on Crowdy Reservoirfs site of Special Scientific Interest. Utilising ftjnding from Ihe Higher Level Stewardship Fund scheme has helped protect 45 South West Lakes Trust Notes to the Financial Statements Year ended 31 January 2024 19 Stalement of funds- Group (continued) the wettand habitat from overgrazing by ulilising fencing and agreeing a reduced grazing regime with local farmers. Argal Play Area The play area at Argal is in need of refurbishmenl and a donalion was received towards this. New equipmenl has been installed and other items repaired. Wimbleball Play Area SWW funding and members ol the public have kindty donated monies to start a fund for improving the play area al Wimbleball. Wimbleball Communlty Orchard A new communty orchard is being planled at wimbleb￿l funded by the Lennox Fund. Roadford Fly Fair Funding has been received from the Environment Agency and indtviduals to assist with hosting this annual event at our reseNoirs. Environment Agency Fisheries Funding has been received from Ihe Environmènt Agency for fishery habitst improvements in Dorset. Burrator Catchment Area Funded by South Wesl Water this project was a two year investigation programme of Burrator catchment. The programme ol works was to deliver a Waler Industry National Environment Programme scope to identify il the South West Water landholding around Burralor reservoir is reaching its Natural Environm8nt and Rural Communities Section 41 habitats and species potential. Biodiversity Strategy and County Wildlite sltes A Iwo-year investigation phase inlo the condition of nine County Wildlife Sites on the land managed by SW Lakes. This investigation phase ot the Water Industry Natural Environmenl Programme, funded by South West Water, culminated in a variety of reports on the habitats of largel species. The results ol the Biodiversity Strategy project infornied management works on nine County Wildlite Sites across the region. This County Wildlife Siles project will be completed by March 2025. Dartmoor Volunteer Legacy A legacy left in 2022 to continue supporting the great work undertaken by volunteers al Burrator. Roadford HLS The Roadford Lake Countryside Stewardship Agreement commenced on 0110112020 and will run unlil 3111212029. The total agreement value is £55,320 (revenue and capital cosls). 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 worf(ing with local communities to grow participation and understanding of the natural environment. Funding lor this project was from Round 2 of the Green Recovery Challenge Fund. 46 South Wesl Lakes Trust Notes to the Financial Statements Year ended 31 January 2024 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 South Wesl Water to cary out investigations and enhance ihe bi¢xliversity in the 8urrator catchmenl area and cary out investigations in the Venford catchment and begin biodiversily enhancemenls. Tree planting SWW funding recenied to plant trees at Sttthians and Collrford Lake. Crowdy Legacy project The Crowdy Legacy project focuses on providing biodiversity enhancements such as new tree planning and refurbishment of the bird hide with funding provided by a local family in memory of lamily members who have died. BSodiverslty Enhancement Scherne A South Wesl Water funded Water Industry Natural Environment Programme project focussing on 14 sites. These siles will have ecological assessments undertaken as baseline surveys resulting in thè production of management plans including Biodiversity Net Gain assessments. Funding has also been provided for biodiversity 8nhancemenls at the sitès based on the results of the management plan prescriptions. 47 South West Lakes Trust Notes to the Financial Slatements Year ended 31 January 2024 19 Statement of funds- Group {continued) 2023 Comparative funds note Balance at 1 Feb 2022 Incoming resources Outgoing Transfersl Balance at resources gains 31 Jan 23 Unreslricted funds 1 180374 3 558 001 3 554 065 14.856 1169 454 Deslgnated funds Facilities and Training Communications Increasing access to our sites Environmental Improvements Covid Reserve Impact Reserve Property Improvements Delivering towards Net Z8ro Trainee ro ramme Total Designated Funding 193,343 51,108 31 86,000 1,721 25,000 67,872 150,000 100,000 675,075 (14,3481 178,995 51,108 31 79,709 1,721 25,000 67,872 150,000 (6,2911 {26.7471 648,328 Total Unrestrlcted funds 1855,449 3,558 001 3 580.812 14,856 1 817 782 Balance al 1 Feb 2022 Incornlng resources Outgolng resources Balance at Transfers 31 Jan 2023 Restrlcled lunds Wheal Martyn Trust {note 1 b) 1.238,103 602.592 568 886 1271 809 Other restricted funds Fixed asset funds Roadford Lakesidè Slilhians Project Kennick Project RDPE Ouldoor & ActNe Burrator Roadlord Play area 329,529 223,392 8.179 575,189 69,476 127,163 1,332.928 {39,130) (26,5931 {1,825} {44,9031 {22.8931 290,399 196,799 6,354 530,286 46.583 126099 1,196,520 1136,4081 Roadford Play area Roadlord watersports SWW caprtal project worf( SWW SSSI project INNS Project Countryside Stewardship Burrator Forest Countryside Stewardship Roadford Foresl 19.537 6,159 71,678 58,274 8,675 {16.1561 20,750 24,131 6,159 78,049 46,152 167 348,402 (307,781) {12.1221 18.5081 {34,2501 23.092 (3.0641 114,0911 5,937 5.508 {381) 1.007 6,134 48 South West Lakes Trust Notes to the Financial Statements Year ended 31 January 2024 19 Statement of funds- Group {contlnued) Countryside Stewardship Wimbleball Forest Gounlryside Slewardship Venford Forest l Love Water (Year of Green Action} Biodiversity Improvement Scheme Fernworthy HLS Roadford Celebration Woodland Wimbleball Celèbration Woodland Acc8ssible Watersportslskiability Crowdy Reservoir Argal Play Area Wimbleball Play Area Wimbleball Community Orchard Roadlord Fly Fair Environmènt Agency Fish8ri8S Burralor Calchmenl Area BioseGurity and Freshwater Planning Biodiversity Strategy and County Wildlife Sitès. 6.674 {6} 378 7,046 14381 31.527 24,278 1,339 582 325 29.245 27,382 328 2,641 135 189 1,000 {6,8641 562 2,484 {18,582) 6,488 582 325 34,627 26,392 328 16,141 135 1,116 5,396 137.0351 142,8601 1955) 14,856 6,104 5,800 20 (4181 {1.010) 13,500 1.526 {5991 5.396 27.097 38,605 {14.642} 64,210 {12,4551 (41,9641 60,851 8.659 49,233 1,000 25,497 145,2251 12,667 1,000 (8,5071 60,363 17,000 17,464 Dartmoor Volunteer Legacy Roadford HLS Connecting Communities Dartmoor Green Recovery Dark Skies Tree planting Total Other restricted funds 120,517) 187,116 113,4871 {126.753) (26.5341 {36) 43,534 17,500 580.986 543,522 1724,0541 14,856 415,310 Total Restrlcted funds 3 152.017 1 146,114 1429 348 14,856 2 883,639 Total funds 5 007,466 4 704,115 5 010 160 4 701421 49 South West Lakes Trust Notes to the Financial Statements Year ended 31 January 2024 20 Analysis of group nel assets between funds Unrestricted Funds Restricted Fund Total Funds Fixed assets Investment Property Negative Goodwill Cash at bank and in hand Other net current {liabilities)lassets Long term liabilities 898,660 185,000 2,401,867 3,300,527 185,000 (283,490) 1.661,532 (345,818) (9,867) (283,4901 329,033 306,917 {9,8671 1,332,499 (652,735) 1,763,424 2,744,460 4,507,884 Unrestricted funds comprise: Free reserves 679,764 Fixed Asset Reserves 1083 660 1 763,424 2023 Comparative group net assels belween funds Unrestricted Designated Funds Funds Reslricled Fund Total Funds Fixed assets Investment Propety Negative Goodwill Cash at bank and in hand Other nel currenl liabilities Long term liabilities f14.477 175,000 43,929 2,615,361 3,433,767 175,000 {330,7391 1,664,796 {224,1361 (330,7391 501,263 115.021 559.134 1339,157) 604,399 1,169,454 648,328 2 883.629 4 701,421 Unrestricted lunds comprise: Free reseNes 394,9r/ 604,399 999,376 Fixed Asset Reserves 774,477 43.929 818 406 1,169,454 648,328 1,817,782 50 South West Lakes Trust Notes to the Financial Statements Year ended 31 January 2024 21 Related Party Transactlons 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 lor works to be carried out 2006-2010, Schedules 1-13 Variation No 1 dated January 2006.1 belween South West Water Limited {SWWI and South West Lakes Trust Ilhe Trust) and South West Lakes Limited 1￿mIled), il was agreed that the Trust and Limited would together be paid to manage areas ol SWWS land, with 11 payments being made via the Trust. Receipts from SMV Limited Trust Total 2024 Total 2023 Managemènt fe8 Bournemouth Leisure and Royalty conlracl Other 777.588 777,588 389,876 623,000 611,328 288,146 669,081 389,876 67.106 555.894 Total 456,982 1.333,482 1,790,464 1,568,555 Payments to SWW Rènt Other expenses 70,346 7,660 46,861 1,199 117,207 8,859 107,298 27,846 Total 78,006 48.060 126.066 135,144 At the year end the following amounts were oulslanding: £150.410 owed Irom SWW to Trusi for amounts invoiced £25,036 owed from SWW lo Limited for amounts invoiced £1,784 owed to SWW from Trust for invoices received £210.330 owed to SWW from Limited for invoices received Two children of the CEO- Transactions lotalling £16,185.02 relating to employment (including employer's pension contributions and expenses) took place during the yèar. There were nil amounts outstanding as at 31 January 2024. The work carried out under contract has areas that are within Ihe Trust's charrtable objects and areas that are not. By an agreement and Gift Aid declaralion be￿een the Trust and Limited dated 30 March 2002 it was agreed that the non-charilable work (which cannot legally be undertaken by the Trust) would be undertaken by Limited and thal monies passing to the Trusl under the Management Agreement would be divided be￿een them in proportion to the relalive costs of the charitable and non-charitable work. 11 was further agreed that any trading surplus realised by Limited in any of tls activities (induding its work under the Management Agreement) would be gifted by Limf(ed to the Trust. South West Lakes Trust has taken advantage of the exemplion available in Financiat Reporting Standard 102 Related Paty Transaclions. not to disclose details ol transaGlions with fellow group undertakings, on the grounds that the company has prepared group accounts. 51 South West Lakes Trust Notes to the Financial siatements Year ended 31 January 2024 23 Reconciliation of net movement In funds lo net cash flow trom operating activities 2024 2023 Net outgoing {incoming) resources before transfers (Profill I loss on disposal of fixed assets Gain on valuation of Lidn Park Interest Irents receivable Depreciation Negative goodwill written back Decreaselllncreasel in stocks Iln¢rease)IDecrease in debtors IncreasellDecrease} in creditors Nel cash inflow trom operating activities {193,537) {9,995) (10,000) (61,890) 464,331 {47,249) (1,423) (198,502) 336,007 277,742 1306,0451 121.664) 149,440) 427.306 147,2491 {2,2471 164,959 78,087 243,707 24 Reconciliation ot nel cash Ilow movement lo movement in net funds 2024 2023 {Decreasel l increase in ¢ash in the period Cash outflow from bank loans 18,536 (21,800) 130,0901 1143,0001 Change in net funds (3,264) 1,664,796 1173,0901 1,837,886 Net funds at l Feb Net funds at 31 January 1,661,532 1,664.796 25 Analysis ol changes In net funds 1-FO￿23 Cash flows 31-Jan-24 Cash in hand and al bank 1,664.796 {3.2641 (3.2641 1,661,532 1,661,532 1,664.796 Debt due within 1 year Debl due after 1 year (21.800) 117,26n 14,400 7,400 (7,400) (9,867) 1,625,729 18,536 1.644,265 52