# # ## ## |||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| ## |LO||300|300|300|(Lf|CO
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a|| ## ## ## ||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|