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2022-12-31-accounts

Charity registration number 1080319

Company registration number 03343965 (England and Wales)

THE WYE AND USK FOUNDATION

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

THE WYE AND USK FOUNDATION

CONTENTS

Page
Trustees' report 1 - 9
Statement of trustees' responsibilities 10
Independent auditor's report 11 - 13
Statement of financial activities 14 - 15
Balance sheet 16 - 17
Statement of cash flows 18
Notes to the financial statements 19 - 36

THE WYE AND USK FOUNDATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2022

The trustees present their annual report and financial statements for the year ended 31 December 2022.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".

Objectives and activities

The objects of the Foundation are:

In 2022 the activities of the Foundation centred on:

This involved using existing knowledge and techniques and also developing and delivering new methods and partnerships to restore the rivers and their catchments.

The growth of WUF created structure and staff issues during 2022. There was a higher rate of staff turnover than expected and the work force dropped from 27 staff on the 1st January 2022 to 25 staff with 6 vacancies on the 31st December 2022.

Correcting the lack of recovery of salmon populations in the lower and middle Usk catchment and the severe algal blooms, loss of ranunculus in the Wye and high water temperatures in both rivers has been our priority.

Achievements and performance

Summary of the main achievements during the year

THE WYE AND USK FOUNDATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

The Passport scheme, now in its 19th year, saw a slight drop in sales due to a 7-week closure due to excessively high-water temperatures. It generated a £25,474 surplus (2021: £23,267) which was used to support our work to increase fish populations.

The Wye Catchment Partnership which WUF is hosting includes 137 individuals and 46 organisations. It is progressing solutions and co-ordinating efforts to improve water quality, normalise flows and restore biodiversity and develop new partnerships and funding streams.

Performance achieved against objectives

Achievements during 2022 include:

1) Habitat and fish access

2) Landuse

3) Natural capital

Natural capital continued to deliver integrated wetlands to offset housing development with net gain for the rivers, tree planting opportunities, natural flood management and biodiversity offsetting. The DIME project is delivering the legal and evidential certainty required for investors to invest and farmers to change practices. This has provided a new income stream to deliver the change in the rivers we need.

4) Science

5) Supply chain

THE WYE AND USK FOUNDATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

6) Data and monitoring

Risks and Opportunities

The trustees regularly review the major risks which the charity faces. Commercial risk is managed on an overall basis as well as on a project-by-project basis. Risk assessments are properly undertaken and updated, with employees receiving the appropriate training. Our insurance cover is provided by a reputable company and reviewed annually to ensure that levels of cover are adequate for our changing needs. WUF keeps and regularly updates a risk register.

New risks and opportunities have arisen during 2022 and existing ones have been exacerbated, the changes are summarised below:

Staff retention and efficacy

Climate change

THE WYE AND USK FOUNDATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

Trophic switch to eutrophic/hyper eutrophic riverine ecosystems:

Alignment with Welsh Water (Dwr Cymru):

Financial review

Brief review of the financial position

2022 saw another expansion in the foundation’s funding and capacity with the growth of Natural Capital and monitoring particularly pronounced. There were a mix of projects that were funded both in arrears and in advance, keeping a stable cash flow for the year.

Donations to unrestricted funds and the restricted river funds increased from £75,675 in 2021 to £98,509 in 2022, in large part due to a telephone fundraising campaign in the spring.

WUF free reserves (unrestricted and river funds) at 31 December 2022 were £10,797.

Principal funding sources

Since 2015, the Foundation has been diversifying its funding streams to increase resilience and reduce risk. In 2022 (2021) we received 5.7% (30%) of our income from Welsh government and NRW, 23.6% (16%) from Defra, EA and Natural England, 9.6% (13%) from our 3 local Councils, 13.9 % (13%) from donations, 4.3% (4%) from the agricultural supply chain and supermarkets, 5.5% (1%) from EU Funding and 4.3% (0%) from private sector contracts. The donations came from individuals, riparian owners and charitable trusts such as the Scott Eredine Trust, D’Oly Carte, the Morley Family Trust, the CT Thomas Trust, the Charles King-Farlow Charitable Trust, the Rowlands Trust, and the Jordan Charitable Trust, Gibbs Charitable Trust, the Morel Trust.

We would like to thank everyone who supported us in 2022 for their generosity. We have maintained our longstanding >1:10, donation to spend ratio by using donations to draw in additional funds.

Fundraising

WUF raises core funds internally through specific appeals to the owners raising £37,814 (£50,790 in 2021) and wider public appeals and encouraging people to donate through our website.

WUF adheres to GDPR and raises funds from a pool of known individuals who receive 1 request a year, with a follow up letter if they have not donated and specific appeals to the wider public. We investigated in 2019 if we needed to join a standards scheme and it was decided that our activity did not merit it. The trustees reviewed this in 2021 and decided no change was required.

WUF did not receive any complaints about its fundraising activity.

In 2022 we engaged Buffalo fundraising to try and be more proactive to engage previous donors and people who use the passport regularly to see if they would increase their support the foundation. This campaign started in November 2021 and ran to April 2022.

Any request for no further contact is recorded on our database through which we co-ordinate our fundraising.

THE WYE AND USK FOUNDATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

Investment power and policy

The Memorandum and Articles of Association of the Foundation confers powers on the trustees to invest both the capital and income of the foundation in any manner as the trustees in their discretion think fit. The policy is to keep any surplus funds in short term deposits or securities, which can be accessed readily. The trustees have recognised that while providing a short term means of achieving our objectives, project funding has been very successful. However, our reliance on it could present limitations on future activities as the trust gets nearer to completion of its capital works programmes. Accordingly, they have instigated a broader fund raising strategy that seeks to address this. The endowment fund is operational and has received donations from generous donors.

Investments are managed by Brewin Dolphin (Cardiff). The Wye and Usk Endowment Committee aims to grow the value of its endowment funds over inflation using a balanced, medium risk investment strategy and a long term time horizon. The fund decreased by 5.95% in 2022 to £272,812.

Reserves Policy

It is the aim of the trustees to generate a level of reserves to allow activities delivering the objectives of the foundation to carry on through periods of uncertainty. The trustees are satisfied that adequate resources are available to meet all current obligations, but they will seek to continue with a level of reserves sufficient to meet cash flow requirements and continue without recourse to overdraft facilities. Total reserves at 31 December 2022 amounted to £1,007,243 (2021: £660,338) with £699,401 (2021: £377,906) relating to restricted funds, £295,309 (2021: £309,227) relating to designated fund and a surplus of £12,533 (2021: £26,795 deficit) relating to the general fund.

Going concern

WUF finished the year with unrestricted reserves of £12,533, desginated funds of £295,309 and restricted funds of £699,401. The charity has free reserves of £10,797.

During 2022 we increased our general unrestricted reserves by £39,328.

WUF has a portfolio of secured funding through projects and other work-streams that will see a further expansion in delivery during 2023. The forecast cash flow is positive for the whole of 2023.

Plans for future periods

In the last 4 years there has been a shift in the ecological focus: work to mitigate problems caused by poor land use are assuming a greater priority as in-stream works, such as fish passes and riparian habitat restoration near completion.

The change in the relationship between rainfall and flood events and the excess phosphorus imperils the ecology of the rivers and the maintenance of our previous riparian work. It is WUF priority to reduce the flood risk and bring the catchments back into phosphate balance.

WUF will continue delivering and monitor the efficacy of its current projects, maintaining existing funding streams and expanding new ones within Natural Capital and Agri supply chain. We also will continue to strive to increase the endowment fund and working reserves.

WUF will expand during 2023 and will require careful management to ensure efficient and effective delivery. In 2023, we will further develop the opportunities for partnership working within other stakeholder’s that was impacted by covid and link with other partners initiatives where they align with our objects, with WUF acting as the competent delivery partner were required.

THE WYE AND USK FOUNDATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

Structure, governance and management

Governing Document

The Wye and Usk Foundation is a company limited by guarantee, registered in England and Wales (company number 03343965), governed by its Memorandum and Articles of Association dated 15 October 1996 as updated on 5 October 1997, 12 February 2000, 19 October 2000, 4 January 2001, 31 July 2002, 22 July 2007, 25 October 2011 and 1st March 2019. It is registered as a charity with the Charity Commission, registered number 1080319.

Appointment of Trustees

The Articles provide:

Any trustee who shall desire to retire shall notify such desire in writing to the secretary and thereupon his/her name shall be removed from the list of trustees and he/she shall cease to be a member of the trust but only if there remain at least three other trustees.

At the conclusion of each annual meeting of trustees one quarter or if their number is not three or a multiple of three, the number nearest to one quarter shall retire from office and unless re-elected in accordance with these articles shall on such retirement cease to be members of the trust.

The trustees to retire by rotation shall be those who have been longest in office, but as between those who became or were elected trustee on the same day those to retire shall be chosen (unless they otherwise agree among themselves) by lot. A trustee who has served for ten years or more is not eligible for re-election and must retire but becomes eligible again after an interval of one year.

The re-election of a trustee for a second term of office shall require the approval of a simple majority of trustees but a third or further term of office shall require the approval of a three quarters majority, such majorities are to be calculated by reference to those trustees voting at the relevant meeting.

Trustee Recruitment

The recruitment of trustees is by advertising. A nominations committee comprising three trustees and the chief executive places the adverts, scrutinises applications, seeks references and ensures a balance of trustee skills is in place.

Trustee Induction and Training

Newly appointed trustees receive a letter of appointment including appointment declaration and an induction pack which covers the working of the Trust and the rivers trust movement generally. In addition, trustees are given copies of the Charity Commission’s – The Essential Trustee, what you need to know (CC3) and the Hallmarks of an effective charity.

For ongoing training purposes, the trustees have agreed that workshops and information from the auditors will maintain standards of governance on an ongoing and timely basis. New trustees will be given visits on site to explain the issues and solutions that the trust is currently managing.

Organisational Structure

Officers

At 31 December 2022 the principal officers of the Foundation were: Simon Evans (Chief Executive) Sian Gray (Head of Finance) Louis Macdonald-Ames (Head of Operations) Kate Adams (Head of Land Use) Lee Evans (Head of Natural Capital)

Consultants

WUF is fortunate to work with the following experts: John Lawson (Water Resources) Tony Norman (Honorary Farming Consultant) Adam Fisher (Fisheries Marketing Consultant)

THE WYE AND USK FOUNDATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

Related Parties

Throughout the year to 31 December 2022, the Foundation has continued working in partnership with the above representatives and their organisations and we take the opportunity to thank them all for their very considerable help and support.

Pay policy for senior staff

The trustees consider the board of trustees and the senior management team comprise the key management personnel of the charity in charge of directing, controlling, running and operating the charity on a day to day basis. All trustees give of their time freely and received no remuneration in the year. Details of trustees’ expenses and related party transactions are disclosed in note 27.

The policy used for determining pay for all staff is in line with the guidelines set out each year by the Rivers Trust, the umbrella body for rivers trusts.

There were no employees whose annual remuneration was £60,000 or more.

THE WYE AND USK FOUNDATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

Reference and administrative details Company number 03343965 Charity number 1080319 Registered office The Right Bank The Square Talgarth Brecon Wales LD3 0BW Trustees C Newington-Bridges- Chair J Bengough - appointed 24/6/22 Dr W Bullough - appointed 24/6/22 C De Winton - appointed 24/6/22 R Edwards H Harrison F Hillman P Horsburgh A Johnson A Lavers C Morley R Norman E Passey M Timmis Key management personnel S Evans - CEO K Speke - Head of Land Management (England) L Davies - Head of Land Management (Wales) S Gray - Head of Finance L Macdonald Ames - Head of Operations G Davies - Head of Natural Capital L Evans - Head of Natural Capital A Leitch - Programme Manager Auditor Azets Audit Services Ty Derw Lime Tree Court Cardiff Gate Business Park Cardiff CF23 8AB Bankers NatWest 27 High Street Brecon Powys LD3 7LF

THE WYE AND USK FOUNDATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

Investment managers

Brewin Dolphin 2 Central Square Cardiff CF10 1FS

In accordance with the company's articles, a resolution proposing that Azets Audit Services be reappointed as auditor of the company will be put at a General Meeting.

The trustees' report was approved by the Board of Trustees.

C Newington-Bridges- Trustee Dated: 13 September 2023

THE WYE AND USK FOUNDATION

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 DECEMBER 2022

The trustees, who are also the directors of The Wye and Usk Foundation for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the trustees are required to:

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

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

THE WYE AND USK FOUNDATION

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF THE WYE AND USK FOUNDATION

Opinion

We have audited the financial statements of The Wye and Usk Foundation (the ‘charity’) for the year ended 31 December 2022 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

THE WYE AND USK FOUNDATION

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE WYE AND USK FOUNDATION

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charity for the purpose 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 the trustees 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 charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

THE WYE AND USK FOUNDATION

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE WYE AND USK FOUNDATION

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Azets Audit Services

27 September 2023

Chartered Accountants Statutory Auditor

Ty Derw, Lime Tree Court Cardiff Gate Business Park Cardiff United Kingdom CF23 8AB

Azets Audit Services is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

THE WYE AND USK FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2022

Current financial year
Unrestricted
Restricted
funds
funds
2022
2022
Notes
£
£
Income from:
Donations and legacies
3
147,167
35,542
Charitable activities
4
344,397
1,483,577
Other trading activities
5
-
-
Investments
6
5,460
-
Total income
497,024
1,519,119
Expenditure on:
Raising funds
7
42,588
-
Charitable activities
8
466,015
1,121,342
Total expenditure
508,603
1,121,342
Net gains/(losses) on investments
13
(39,293)
-
Net (outgoing)/incoming resources before transfers
(50,872)
397,777
Gross transfers between funds
76,282
(76,282)
Net movement in funds
25,410
321,495
Fund balances at 1 January 2022
282,432
377,906
Fund balances at 31 December 2022
307,842
699,401		 Total
2022
£
182,709
1,827,974
-
5,460
2,016,143
42,588
1,587,357
1,629,945
(39,293)
346,905
-
346,905
660,338
1,007,243		 Total
2021
£
262,423
1,518,626
393
4,668
1,786,110
42,135
1,614,942
1,657,077
29,646
158,679
-
158,679
501,659
660,338

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

THE WYE AND USK FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2022

Prior financial year

Unrestricted
Restricted
funds
funds
2021
2021
Notes
£
£
Income from:
Donations and legacies
3
141,520
120,903
Charitable activities
4
286,400
1,232,226
Other trading activities
5
393
-
Investments
6
4,668
-
Total income
432,981
1,353,129
Expenditure on:
Raising funds
7
42,135
-
Charitable activities
8
371,847
1,243,095
Total expenditure
413,982
1,243,095
Net gains/(losses) on investments
13
29,646
-
Net (outgoing)/incoming resources before transfers
48,645
110,034
Gross transfers between funds
65,256
(65,256)
Net movement in funds
113,901
44,778
Fund balances at 1 January 2021
168,531
333,128
Fund balances at 31 December 2021
282,432
377,906		 Total
2021
£
262,423
1,518,626
393
4,668
1,786,110
42,135
1,614,942
1,657,077
29,646
158,679
-
158,679
501,659
660,338

THE WYE AND USK FOUNDATION

BALANCE SHEET

AS AT 31 DECEMBER 2022

Notes
Fixed assets
Tangible assets
15
Investments
16
Current assets
Debtors
17
Cash at bank and in hand
Creditors: amounts falling due within
one year
19
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after
more than one year
21
Net assets
Income funds
Restricted funds
23
Unrestricted funds
Designated funds
24
General unrestricted funds		 2022
£
£
1,736
272,812
274,548
334,070
804,023
1,138,093
(380,049)
758,044
1,032,592
(25,349)
1,007,243
699,401
295,309
12,533
307,842
1,007,243		 2021
£
£
6,616
290,067
296,683
273,342
408,205
681,547
(283,090)
398,457
695,140
(34,802)
660,338
377,906
309,227
(26,795)
282,432
660,338

THE WYE AND USK FOUNDATION

BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2022

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2022, although an audit has been carried out under section 144 of the Charities Act 2011.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements under the requirements of the Companies Act 2006, for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 13 September 2023

C Newington-Bridges- Trustee

Company Registration No. 03343965

THE WYE AND USK FOUNDATION

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2022

Notes
Cash flows from operating activities
Cash generated from operations
28
Investing activities
Purchase of tangible fixed assets
Proceeds from disposal of tangible fixed
assets
Purchase of investments
Proceeds from disposal of investments
Investment income received
Net cash used in investing activities
Financing activities
Repayment of borrowings
Net cash used in financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2022
£
-
1,333
(66,311)
44,273
5,460
(9,210)		 2021
£
£
£
420,273
133,553
(1,194)
-
(67,477)
45,875
4,668
(15,245)
(18,128)
(105,561)
(9,210)
(105,561)
395,818
9,864
408,205
398,341
804,023
408,205

THE WYE AND USK FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting policies

Charity information

The Wye and Usk Foundation is a private company limited by guarantee incorporated in England and Wales whose registered office is The Right Bank, The Square, Talgarth, Brecon, Wales, LD3 0BW.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

WUF finished the year with unrestricted reserves of £12,533, designated fund of £295,309 and restricted funds of £699,401. The free reserves of the charity at 31 December 2022 were £10,797.

During 2022 we increased our unrestricted reserves by £25,410.

WUF has a portfolio of secured funding through projects and other work-streams that will see a further expansion in delivery during 2023. The forecast cash flow is positive for the whole of 2023.

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

Further explanation of the nature and purpose of each fund are included within the notes to the accounts.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

THE WYE AND USK FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting policies

(Continued)

Donated services are recognised in the period to which they relate and valued according to accepted project rates. Gifts in kind are included at market value and as resources expended at the same value when distributed.

Grants from the government and other agencies have been included as income from activities in furtherance of the charity's objects where these amount to a contract for services, but as donations where the money is given in response to an appeal or with greater freedom use.

Income from grants, whether 'capital' grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. Capital grants are released to the Statement of Financial Activities in the year of receipt. Fixed assets relating to capital grants are capitalised, and depreciation charged is offset against the grant income, in a restricted fund.

Income from the passport scheme is recognised in the period to which the service is provided with any amounts received in advance deferred.

Dividends income is recognised on the date the charity's right to receive payment is established.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Costs of raising funds comprise the costs in relation to generating income and includes investment management fees.

Expenditure on charitable activities includes all costs relating to the furtherance of the charity’s objectives as stated in the trustees report. This also includes all costs relating to compliance with constitutional and statutory requirements.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance, personnel, payroll and governance costs. The basis for calculating the allocation of support costs is on the basis of staff time spent on those activities, over and above a material de-minimis.

Governance costs comprise all costs involving public accountability of the charity and its compliance with regulation and good practice.

THE WYE AND USK FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting policies

(Continued)

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Office equipment 25% on cost Computer equipment 50% on cost Motor vehicles 20% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

The charity's capitalisation policy is to capitalise any assets with a value exceeding £500.

1.7 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.8 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

THE WYE AND USK FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting policies

(Continued)

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.11 Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The charity does not have any key or significant accounting estimates.

THE WYE AND USK FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

3 Donations and legacies

Unrestricted
Restricted
funds
funds
2022
2022
£
£
Donations and gifts
102,213
35,542
Donated goods and
services
44,954
-
147,167
35,542		 Total
Unrestricted
funds
2022
2021
£
£
137,755
45,520
44,954
96,000
182,709
141,520		 Restricted
funds
2021
£
120,903
-
120,903		 Total
2021
£
166,423
96,000
262,423

4 Charitable activities

Passport scheme
Miscellaneous
Grants and contract income
Analysis by fund
Unrestricted funds
Restricted funds
Other trading activities
Sale of Merchandise		 2022
2021
£
£
88,456
95,457
3,523
-
1,735,995
1,423,169
1,827,974
1,518,626
344,397
286,400
1,483,577
1,232,226
1,827,974
1,518,626
Total Unrestricted
funds
2022
2021
£
£
-
393		 2021
£
95,457
-
1,423,169
1,518,626
286,400
1,232,226
1,518,626

THE WYE AND USK FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

6 Investments

**Unrestricted ** Unrestricted
funds funds
2022 2021
£ £
Interest receivable 5,460 4,668
7 Raising funds
**Unrestricted ** Unrestricted
funds funds
2022 2021
£ £
Fundraising and publicity
Seeking donations, grants and legacies 12,364 11,619
Staff costs 28,193 28,639
Fundraising and publicity 40,557 40,258
Investment management 2,031 1,877
42,588 42,135

THE WYE AND USK FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

8 Charitable activities

Staff costs
Costs of donated services
Direct expenses
Marketing
Share of support costs (see note 10)
Share of governance costs (see note 10)
Analysis by fund
Unrestricted funds
Restricted funds
Grants payable
Herefordshire Wildlife Trust
Severn Rivers Trust
Cardiff University
Herefordshire Rural Hub CIC
Farm grants		 2022
£
799,976
44,954
420,044
1,311
1,266,285
313,792
7,280
1,587,357
466,015
1,121,342
1,587,357
2022
£
-
-
-
24,250
82,910
107,160		 2021
£
794,357
96,000
519,319
2,435
1,412,111
195,831
7,000
1,614,942
371,847
1,243,095
1,614,942
2021
£
20,000
114,817
5,000
-
81,606
221,423

9 Grants payable

During the charity the charity paid £82,910 (2021: £81,606) in farm grants to a total of 32 partnerships and individuals (2021: 41). Grants payable costs can be seen within Charitable Activities direct expenses £420,044 (2021 £519,319).

THE WYE AND USK FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

10
Support costs
Staff costs
Depreciation
Motor and travel
Premises and office
costs
Financing
Marketing
Consultancy
Legal
Audit fees
Analysed between
Charitable activities		 Support
costs
Governance
costs
£
£
149,282
-
3,546
-
38,382
-
83,060
-
30,734
-
8,788
-
-
-
-
-
-
7,280
313,792
7,280
313,792
7,280		 2022
£
149,282
3,546
38,382
83,060
30,734
8,788
-
-
7,280
321,072
321,072		 Support
costs
Governance
costs
£
£
110,288
-
11,473
-
594
-
38,517
-
9,882
-
12,806
-
11,479
-
792
-
-
7,000
195,831
7,000
195,831
7,000		 2021
£
110,288
11,473
594
38,517
9,882
12,806
11,479
792
7,000
202,831
202,831

Governance costs includes payments to the auditors of £6,530 (2021: £6,250) for audit services and £750 (2021: £750) for non audit services.

11 Trustees

No trustees received any remuneration during the current or prior year.

No trustees were reimbursed expenses during the current or prior year.

10 trustees and individuals related to them made donations totalling £8,197 during the year (2021: 25 trustees and individuals made donations totalling £16,685).

12 Employees

The average monthly number of employees during the year was:

Staff deployed in projects
Staff deployed in central administration
Total		 2022
Number
24
5
29		 2021
Number
24
4
28

THE WYE AND USK FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

12
Employees
Employment costs
Wages and salaries
Social security costs
Other pension costs		 (Continued)
2022
2021
£
£
803,003
786,171
77,284
63,891
97,164
83,222
977,451
933,284		 (Continued)
2022
2021
£
£
803,003
786,171
77,284
63,891
97,164
83,222
977,451
933,284
933,284

Key management personnel

The key management personnel of the charity received benefits (including gross salary, employers national insurance and employers pension contributions) totalling £362,300 (2021: £331,337).

There were no employees whose annual remuneration was more than £60,000.

13 Net gains/(losses) on investments

Unrestricted Unrestricted Unrestricted Unrestricted
funds funds
2022 2021
£ £
Revaluation of investments (39,293) 29,646

14 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

THE WYE AND USK FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

15
Tangible fixed assets
Office
equipment
Computer
equipment
Motor vehicles
£
£
£
Cost
At 1 January 2022
2,208
7,799
54,905
Disposals
(2,208)
(4,508)
-
At 31 December 2022
-
3,291
54,905
Depreciation and impairment
At 1 January 2022
1,222
7,314
49,760
Depreciation charged in the year
138
-
3,409
Eliminated in respect of disposals
(1,360)
(4,023)
-
At 31 December 2022
-
3,291
53,169
Carrying amount
At 31 December 2022
-
-
1,736
At 31 December 2021
986
485
5,145
16
Fixed asset investments
Listed
investments
Cash in
portfolio
£
Cost or valuation
At 1 January 2022
286,147
3,920
Additions
66,311
-
Valuation changes
(39,293)
-
Cash movement
-
(511)
Disposals
(43,762)
-
At 31 December 2022
269,403
3,409
Carrying amount
At 31 December 2022
269,403
3,409
At 31 December 2021
286,147
3,920		 Total
£
64,912
(6,716)
58,196
58,296
3,547
(5,383)
56,460
1,736
6,616
Total
£
290,067
66,311
(39,293)
(511)
(43,762)
272,812
272,812
290,067

THE WYE AND USK FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

17 Debtors

Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income
Loans and overdrafts
Other loans
Payable within one year
Payable after one year		 2022
£
208,200
300
125,570
334,070
2022
£
35,229
9,880
25,349		 2021
£
28,814
232,406
12,122
273,342
2021
£
44,439
9,637
34,802
There were no amounts due in more than five years (2021: £nil).
Creditors: amounts falling due within one year
Notes
Borrowings
Other taxation and social security
Deferred income
20
Trade creditors
Other creditors
Accruals		 2022
£
9,880
145,928
17,810
36,100
151,384
18,947
380,049		 2021
£
9,637
55,649
11,097
32,820
149,130
24,757
283,090

18 Loans and overdrafts

19 Creditors: amounts falling due within one year

20 Deferred income

2022 2021
£ £
Other deferred income 17,810 11,097

Deferred income is included in the financial statements as follows:

THE WYE AND USK FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

20 Deferred income

Deferred income
(Continued)
2022
2021
£
£
Deferred income is included within:
Current liabilities
17,810
11,097
Movements in the year:
Deferred income B/F
11,097
11,575
Received in year
95,169
94,057
Released in year
(88,456)
(94,535)
Deferred income C/F
17,810
11,097		 Deferred income
(Continued)
2022
2021
£
£
Deferred income is included within:
Current liabilities
17,810
11,097
Movements in the year:
Deferred income B/F
11,097
11,575
Received in year
95,169
94,057
Released in year
(88,456)
(94,535)
Deferred income C/F
17,810
11,097		 Deferred income
(Continued)
2022
2021
£
£
Deferred income is included within:
Current liabilities
17,810
11,097
Movements in the year:
Deferred income B/F
11,097
11,575
Received in year
95,169
94,057
Released in year
(88,456)
(94,535)
Deferred income C/F
17,810
11,097
11,097
Deferred income relates to prepaid season rods, fishing rod scheme and fishing sales.

21 Creditors: amounts falling due after more than one year

2022 2021
£ £
Borrowings 25,349 34,802

22 Retirement benefit schemes

Defined contribution schemes

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

The charge to profit or loss in respect of defined contribution schemes was £97,164 (2021: £83,222).

At the year end amounts outstanding totalled £11,612 (2021: £8,280).

Restricted funds The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes: Movement in funds
Movement in funds		 Restated
Incoming
Resources
Transfers
Balance at
Incoming
Resources
Transfers
Balance at		 Balance at
resources
expended
1 January 2022
resources
expended
31 December		 1 January 2021
restated
restated
2022		 £
£
£
£
£
£
£
£
£		 Wye
23,378
43,236
-
(55,088)
11,526
46,647
-
(58,173)
-		 Lugg & Arrow
3,179
619
-
(4,301)
(503)
505
-
-
2		 Monnow
330
44
-
(840)
(466)
44
-
422
-		 Usk
13,562
13,780
-
(22,037)
5,305
9,742
-
(15,047)
-		 Habitat
(78)
265,662
(256,989)
(2,431)
6,164
264,867
(260,533)
(9,150)
1,348		 Farm
207,373
711,046
(737,263)
12,731
193,887
464,470
(511,843)
17,571
164,085		 Education
30,669
7,211
(22,864)
505
15,521
119
(1,467)
-
14,173		 Other
9,267
-
(9,733)
1,612
1,146
-
-
-
1,146		 Monitoring
45,448
201,922
(112,724)
2,777
137,423
523,740
(206,598)
(11,905)
442,660		 Natural Capital
-
109,609
(103,522)
1,816
7,903
208,985
(140,901)
-
75,987		 333,128
1,353,129
(1,243,095)
(65,256)
377,906
1,519,119
(1,121,342)
(76,282)
699,401
23

Designated funds The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes: Movement in funds
Movement in funds		 Balance at
Incoming
Resources
Revaluations,
Balance at
Incoming
Resources
Revaluations,
Balance at		 1 January 2021
resources
expended
gains and
1 January 2022
resources
expended
gains and
31 December		 losses
losses
2022		 £
£
£
£
£
£
£
£
£		 Endowment fund
249,820
31,638
(1,877)
29,646
309,227
27,406
(2,031)
(39,293)
295,309		 249,820
31,638
(1,877)
29,646
309,227
27,406
(2,031)
(39,293)
295,309		 Endowment Fund The Wye and Usk Foundation Endowment Fund is a long term fund whose capital is invested to generate income to support the works and charitable objectives of the Wye and Usk Foundation. A sub-committee of 4 including at least one current Trustee and the WUF Director are responsible to the Board for selecting, appointing and monitoring the Fund manager. Donors to the fund are able to elect the income generated from their donations to be reserved for a specific catchment or for the general furtherance of the Foundation's charitable objectives.
24
Total 2021 £ 6,616 290,067 398,457 (34,802) 660,338
Restricted funds 2021 £ - - 377,906 - 377,906
Designated funds 2021 £ - 290,067 19,160 - 309,227
Unrestricted funds 2021 £ 6,616 - 1,391 (34,802) (26,795)
Total 2022 £ 1,736 272,812 758,044 (25,349) 1,007,243
Restricted funds 2022 £ - - 699,401 - 699,401
Designated funds 2022 £ - 272,812 22,497 - 295,309
Unrestricted funds 2022 £ 1,736 - 36,146 (25,349) 12,533
Analysis of net assets between funds Fund balances at 31 December 2022 are represented by: Tangible assets Investments Current assets/(liabilities) Long term liabilities
25

THE WYE AND USK FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

26 Operating lease commitments

At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Within one year
Between two and five years		 2022
£
12,060
33,775
45,835		 2021
£
12,060
1,767
13,827

27 Related party transactions

As part of the Passport scheme amounts of £58,730 (2021: £59,722) were collected by WUF as agent for, and were paid to, Mr M Timmis for the letting of a fishing beat owned by him.

As part of the Passport scheme amounts of £nil (2021: £5,899) were collected by WUF as agent for, and were paid to, Major P A Darling.

As part of the Passport scheme amounts of £2,926 (2020: £3,258) were collect by WUF as agent for, and were paid to, Ms E Passey for the letting of a fishing beat owned by her.

Income of £880 (2021: £nil) was received from Norman Partnership for work done.

Income of £nil (2021: £480l) was received from R Edwards for work done.

Income of £nil (2021: £120) was received from L Lewis for work done.

Income of £nil (2021: £1,220) was received from R Murray for work done.

Income of £183 (2021: £1,935) was received from C Morley for work done.

Income of £nil (2021: £180) was received from R Norman for work done.

During the year four trustees paid WUF £285 (2021: six trustees paid £171) in respect of miscellaneous purchases. Nine trustees made auction purchases and donations of £5,193 (2021: two trustees made purchases of £4,525) during the year.

THE WYE AND USK FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

28 Cash generated from operations 2022 2021
£ £
Surplus for the year 346,905 158,679
Adjustments for:
Investment income recognised in statement of financial activities (5,460) (4,668)
Fair value gains and losses on investments 39,293 (29,646)
Depreciation and impairment of tangible fixed assets 3,547 11,473
Movements in working capital:
(Increase)/decrease in debtors (60,728) 18,641
Increase/(decrease) in creditors 90,003 (20,448)
Increase/(decrease) in deferred income 6,713 (478)
Cash generated from operations 420,273 133,553
29 Analysis of changes in net funds
At 1 January Cash flows At 31 December
2022 2022
£ £ £
Cash at bank and in hand 408,205 395,818 804,023
Loans falling due within one year (9,637) (243) (9,880)
Loans falling due after more than one year (34,802) 9,453 (25,349)
363,766 405,028 768,794