2021-12-31-accounts

		Page
Trustees' report		1 - 11
Statement oftrustees'	responsibilities	12
Independent auditor's	report	13-16
Statement of financial	activities	17-18
Balance sheet		19-20
Statement ofcash flows		21
Notes to the financial	statements	22 - 39

cember 2021 the principal of	ficers ofthe Trust were:
Simon Evans	(Chief Executive)
Seth Johnson-Marshall	(Head of Marketing,	fundraising	and PR)
Sian Gray	(Head ofFinance)
Louis Macdonald-Ames	(Head ofOperations)
Kate Adams	(Head of Land Use)
Gail Davies-Welsh	(Head of Natural Capital)

Company	number		03343965
Charity number			1080319
Registered	office		The Right Bank
			The Square
			Taiga rth
			Brecon
			Wales
			LD3 OBW
Trustees			C Newington-Bridges-			Chair
			R Edwards - appointed			19/3/21
			H Harrison
			F Hillman - appointed			19/3/21
			P Horsburgh
			A Johnson
			A Lavers - appointed			19/3/21
			C Morley
			R Norman - appointed			19/3/21
			E Passey
			M Timmis
			Major P Darling - resigned				1/11/21
			P Lloyd - resigned	19/7/21
			R Murray- resigned		1/11/21
Key management		personnel	SEvans - CEO
			KAdams - Head of Land Management					(England)
			LDavies —Head of	Land Management				(Wales)
			SGray - Head ofFinance
			LMacdonald Ames-		Head		ofOperations
			G Device - Head of		Natural		Capital
Auditor			Azets Audit Services
			Ty Derw
			Lime Tree Court
			Cardiff Gate Business			Park
			Cardiff
			CF23 8AB
Bankers			NatWest

Current financial year	Current financial year	Current financial year
					Unrestricted	Restricted	Total	Total
					funds	funds
					2021	2021	2021	2020
lttggr~fr I;				Notes	f	6	6	6
Donations and	legacies			3	141,520	120,903	262,423	169,396
Charitable activities				4	286,400	1,232,226	1,518,626	1,290,394
Other trading activities				5	393		393	393
Investments				8	4,668		4,668	3,954
Total income					432,981	1,353,129	1,786,110	1,464,137
Ettl)90dlht tgJttt'
Raising funds				7	42,135		42,135	23,107
Charitable activities				8	371,847	1,243,095	1,614,942	1,346,314
Total expenditure					413,982	1,243,095	1,657,077	1,369,421
Net gains/(losses)		on investments		13	29,646		29,646	5,304
Net incoming	resources		before transfers		48,645	110,034	158,679	100,020
Gross transfers	between		funds		65,256	(65,256)
Net movement	in	funds			113,901	44,778	158,679	100,020
Fund balances	at 1 January 2021				168,531	333,128	501,659	401,639
Fund balances	at	31December 2021			282,432	377,906	660,338	501,659

Prior financial	yea	r
					Unrestricted	Restricted	Total
					funds	funds
					2020	2020	2020
				Notes	6	6
Lnntskff0(K
Donations and	legacies				86,271	83,125	169,396
Charitable activities					236,850	1,053,544	1,290,394
Other trading activities					388	5	393
Investments					3,954		3,954
Total income					327,463	1,136,674	1,464,137
Raising funds					23,107		23,107
Charitable activities				8	346,666	999,648	1,346,314
Total expenditure					369,773	999,648	1,369,421
Net gains/(losses)		on investments		13	5,304		5,304
Net incoming	resources		before transfers		(37,006)	137,026	100,020
Gross transfers	between		funds		14,257	(14,257)
Net movement	in	funds			(22,749)	122,769	100,020
Fund balances	at 1 January 2020				191,280	210,359	401,639
Fund balances	at	31December 2020			168,531	333,128	501,659

				2021		2020
				f		6
Fixed assets
Tangible assets			14		6,616		16,895
Investments			15		290,067		238,819
					296,683		255,714
Current assets
Debtors			17	273,342		291,983
Cash at bank and in		hand		408,205		398,341
				681,547		690,324
Creditors:	amounts	falling due within
one year			19	(283,090)		(400,247)
Net current	assets				398,457		290,077
Total assets less current liabilities					695,140		545,791
Creditors:	amounts	falling due after
more than	one year		20		(34,802)		(44, 132)
Net assets					660,338		501,659
Incomefunds
Restricted	funds		23		377,906		333,128
~ralnnt~nds
Designated	funds		24	309,227		249,820
General unrestricted		funds		(26,795)		(81,289)
					282,432		168,531
					660,338		501,659

					2021		2020
				Notes	6		6
Cash flows from operating			activities
Cash generated from operations				28		133,553		161,089
Investing	activities
Purchase	oftangible fixed assets				(1,194)
Purchase	of investments				(67,477)		(59,692)
Proceeds	on disposal of investments				45,875		49,622
Investment	income received				4,668		3,954
Net cash	used in investing		activities			(18,128)		(6,116)
Financing	activities
Repayment	ofborrowings				(105,561)		50,000
Net cash	(used in)/generated		from
financing	activities					(105,561)		50,000
Net increase in cash and cash equivalents						9,864		204,973
Cash snd	cash equivalents	at beginning		ofyear		398,341		193,368
Cash and	cash equivalents		at end of	year		408,205		398,341

			Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
			funds	funds		funds	funds
			2021 6	2021 6	2021 6	2020	2020 6	2020f
Donations		and gifts	45,520	120,903	166,423	73,312	83,125	156,437
Donated	goods and
services			96,000		96,000	12,959		12,959
			141,520	120,903	262,423	86,271	83,125	169,396
Charitable		activities
							2021	2020
							6	6
Passport	scheme						95,457	91,829
Miscellaneous								2,288
Grants and		contract	income				1,423,169	1,196,277
							1,518,626	1,290,394
Analysis	by fund
Unrestricted funds							286,400	236,850
Restricted		funds					1,232,226	1,053,544
							1,518,626	1,290,394

6	Investments
				Unrestricted	Unrestricted
				funds	funds
				2021	2020
				f
	Interest receivable			4,668	3,954
7	Raising funds
				Unrestricted	Unrestricted
				funds	funds
				2021	2020
				f	f
	Fund i'		ii
	Seeking donations,		grants and legacies	11,619	1,912
	Staffcosts			28,639	19,690
	Fundraising	and publicity		40,258	21,602
			ment	1,877	1,505
				42,135	23,107

			2021f	2020 6
	Staffcosts		794,357	623,922
	Costs ofdonated services		96,000	12,959
	Direct expenses		519,319	369,214
	Marketing		2,435	489
			1,412,111	1,006,584
	Share ofsupport costs (see note 10)		195,831	332,730
	Share ofgovernance	costs (see note 10)	7,000	7,000
			1,614,942	1,346,314
	Analysis by fund
	Unrestricted funds		371,847	346,666
	Restricted funds		1,243,095	999,648
			1,614,942	1,346,314
9	Grants payable
			2021	2020
	Grants to institutions:
	Herefordshire Wildlife	Trust	20,000	72,600
	Severn Rivers Trust		114,817	45,365
	Cardiff University		5,000
			139,817	117,965

10	Support costs	Support costs
			Support	Governance	2021	Support	Governance	2020
			costs	costs		costs	costs
			8	8			8
	Staff costs		110,288		110,288	172,203		172,203
	Depreciation		11,473		11,473	12,392		12,392
	Motor and	travel	594		594	825		825
	Premises	and office
	costs		38,517		38,517	42,331		42,331
	Financing		9,882		9,882	64,006		64,006
	Marketing		12,806		12,806	17,483		17,483
	Consultancy		11,479		11,479	21,295		21,295
	Legal		792		792	2,195		2,195
	Audit fees			7,000	7,000		7,000	7,000
			195,831	7,000	202,831	332,730	7,000	339,730
	Analysed	between
	Charitable	activities	195,831	7,000	202,831	332,730	7,000	339,730

		2021	2020
		Number	Number
Staff deployed	in projects	24	23
Staff deployed	in central administration	4	3
Total		28	26
Employment	costs	2021	2020
		F	6
Wages and saladies		773,598	678,160
Social security	costs	63,891	59,588
Other pension	costs	83,222	78,067
		920,711	815,815

		Unrestricted	Unrestricted
		funds	funds
		2021	2020
			F
Revaluation	ofinvestments	29,646	5,304

14	Tangible fixed assets
			Oflice	Computer	Motor vehlcum	Total
			equipment	equipment
			5	E	6
	Cost
	At 1 January 2021		1,543	7,270	54,905	63,718
	Additions		665	529		1,194
	At 31 December 2021		2,208	7,799	54,905	64,912
	Depreciation and impairment
	At 1 January 2021		836	7,208	38,779	46,823
	Depreciation charged	in the year	386	106	10,981	11,473
	At 31 December 2021		1,222	7,314	49,760	58,296
	Carrying amount
	At 31 December 2021		986	485	5,145	6,616
	At 31 December 2020		707	62	16,126	16,895
15	Fixed asset investments
				Listed	Cash in	Total
			investments		portfolio
				6
	Cost orvaluation
	At 1 January 2021			237,757	1,062	238,819
	Additions			67,477		67,477
	Valuation changes			29,646		29,646
	Cash movement				2,858	2,858
	Disposals			(48,733)		(48,733)
	At 31 December 2021			286,147	3,920	290,067
	Carrying amount
	At 31 December 2021			286,147	3,920	290,067
	At 31 December 2020			237,757	1,062	238,819
16	Financial instruments				2021	2020
					6	6
	Carrying amount offinancial assets
	Instruments measured	at fair value through	profit or loss		286,147	237,757

17	Debtors
						2021	2020
	Amounts falling due		within one year:			f	6
	Trade debtors					28,814	102,468
	Other debtors					232,406	173,381
	Prepayments	and accrued income				12,122	16,134
						273,342	291,983
18	Loans and overdrafts
						2021	2020
							6
	Otherloans					44,439	150,000
	Payable within	one year				9,637	105,868
	Payable after	one year				34,802	44,132
	Amounts included above which			fall due alter five years:
	Payable by instalments						4,098
19	Creditors: amounts		falling due within one year
						2021	2020
					Notes	6	8
	Borrowings					9,637	105,868
	Other taxation	and social security				55,649	17,125
	Deferred income				21	11,097	11,575
	Trade creditors					32,820	21,455
	Other creditors					149,130	211,010
	Accruals					24,757	33,214
						283,090	400,247
20	Creditors: amounts		falling due after more than one year
						2021	2020
						6	6
	Borrowing s					34,802	44,132

					2021	2020
					5	5
Other deferred	income				11,097	11,575
Deferred income		is induded	in the financial statements	as follows:
					2021	2020
					6	6
Balance brought		forward			11,575	81,492
income received					94,057	21,912
income released					(94,535)	(91,829)
Balance carried		forward			11,097	11,575

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	2021	2020
	E,	E
Within one year	12,060	12,060
Between two and five years	1,767	13,650
	13,827	25,710

28	Cash generated from	operations	operations				2021	2020
							6	6
	Surplus for the year						158,679	100,020
	Adjustments for:
	Investment income recognised		in statement	offinancial	activities		(4,668)	(3,954)
	Fair value gains and losses on		investments				(29,646)	(5,304)
	Depreciation and impairment oftangible fixed assets						11,473	12,392
	Movements in working	capital:
	(Increase)/decrease in	stocks						55
	Decrease/(increase) in	debtors					18,641	(33,148)
	(Decrease)/increase in	creditors					(20,448)	160,945
	(Decrease) in deferred	income					(478)	(69,917)
	Cash generated from	operations					133,553	161,089
29	Analysis ofchanges	in net funds
						At 1 January	Cash flows	At 31 December
						2021		2021
						6		6
	Cash at bank and in hand					398,341	9,864	408,205
	Loans falling due within	one year				(105,868)	96,231	(9,637)
	Loans falling due afier	more than one year				(44,132)	9,330	(34,802)
						248,341	115,425	363,766