Gharlty TeglBtrallon numbgr 1080319 Comparry rngislralion nwibor 03343966 IEngl•nd •nd Wal951 THE WYEAND USK FOUNDATION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 THE WYEAND USK FOUNDATION CONTENTS Page Tms1￿, rw 10 IrKlependent auditofs rnport 11-13 Slatwnent of lknan(ial acllvths 14-15 Balan4* shoot 18-17 Slaiement of cash flows 18 Notés to thè finanaal statements 19-38 THE WYE AND USK FOUNDATION TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees presenl Iheir annual report and financial statements for me year er￿eth8r Stak&h(￿dérs and a £1.1m monitoring and investigation projed and a proj8Ct wllh Powys Council lo ojllect the dats to support the esiablishmenl of a catthm¢nl market In 2024r25. Th15 wiu allow us to solve the o)mplex 'wK*ed' wobleirfj nrhy affeGLry thi5 GatGhment and then t*(e Ihe leanlng and systern change to the Wye. The work with the supply chaln (Courtauld 2cr25} and famier8 has reaped fiJrther rewards this year with agri businesses and supemiarkets joining the combingd effort lo recov• lh8 Wya and Usk wrth both Avara ard Noble laking major steps to reduc8 tha Impatts of food Prod￿t￿n on Ihe Wye above and beyond their legal reouiromants. IWF has and wil be In1￿J[￿ to the delivwy of the so￿11￿8 . Na￿r￿ capiial oppornintiies developed funher In 2023 ana Is offerlng us the opwunty to clrojmvenl the effeGis of ineffeGlive or in$uifKient slatutory regulation of land use clthes by wo¥idlrKJ a financiallst viable alternalfv¢ for laTra to be mana9gd in a sustainable way. Funder5 are seeing us as an effective ddivery organisation. We are rK)w one ol the 4 laryesl rivers ITL￿ in the UK and Ihe national bodies of Afonydd CYMN and tha Rivws Trust arg working d05ety with us. VVUF has an excellent, ￿pable and stable wotk for￿. We are governed by a strong group of trustees with expertise that covers ow operats"ons. The Passpori scheme, n(N in 5ts 20th year achieved re￿rd sale5 of £436,744 (2022.. £409.251} despf(e game fishing being d05ed on some part of the catchments for 94 days due to elevated temperatures or excessive soil loss. It generat8é a £29,283 (2022: £25.474) sU￿lUS which w35 used lo support our wuk 10 reslore the 2 rfvers to healttL . The V¢ye C8t¢hmerrt PartnÈrship Mthith WUF LS hosting was reinwiorated d￿Ing 2023 aft￿ 106ing fundlonalrty durit¥J coiid. It includes 137 irmlividuals and 46 otgatbisations. It Is ptogressing solutions and co ordinating efforts to irnprove watsr quality. normaI8e flow8 and restore bio(*4wsity and develop ntr partnerships and funding streams. Performance achleved agaln8t obJ8th08 Outyuts during 2023 I￿ude. 1) Habltst and fish aee•u. . 11.5km double bank of streatn was restorB&fjMwW￿ 447kn1 of 61Okm of dewdded habitat has been rnpatred to date. 140 of 175 knE￿n ffi8h acGe5¥ barrie￿ have been QJmpki&J by end of 2023 (the surweys durlng East autumn found 8 problern8tic ar￿mulatIOnS of woody debn"s which were eased). This is an annual cost. 24 will see us wa￿ to impfove fish passage past Osbaston on th8 Monrbow *KI further weir remowab. 212t of lime was introduoed to th¢ upper Wye and upper lrfon to nfftigate a(ad water& . 300101 gravel was Introduced below C*)an Coth reservotr ijn the Elan (Wty8) and 120t wa8 introdu￿1 beltr￿ Talybont reservolr on the Ca8rtanell (Usk) to recover the ecology of the 2 Tr￿T5. THE WYE AND USK FOUNDATION TRUSTEES. REPORT IINCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 21 Landuse . C.2,200 of tho C.5.200 famws c*thment areas h8¥e been engaged by elth& Ihe fami or habitat teams by DeGember 2023. We are seeing a pronouncgd change in f8nner behaviour in H8Tgfordshiro with s recant $urdey by fam Herelord5hlre Sh￿VIng the % Df farmers taking effort5 lo minifflise nutrient h¥MJ iiseii Iroin 12% in 201810 93°A in 2023. In Wdes there is a wIt￿ngness to change but the Gurrent 8yStem ￿Mits the abth.ty to do so. 3) Nalural ¢apftal Natural Ca￿&1 cfjnlinued to deslgn, consent and defver Integrated w￿lIand$ lo off5el IK)usÉng development with nei galn for the river5. tree p￿nting opportunities. natural ftood managemenL WUF worked with Herefordshire council and tha housing 3e¢t¢x to install and evidence the integrated construrted wetland at Luston. which in combinatign wtth 2 Dther plann8d w8llands will clear the planning baikng in Hgralordshwe. Th8 m8th(Jdology devdoped by WUF has been tsken up nationally and wa8 importart in prese￿Ing the Habitats DKedi¥e on the UK8 8tatute boo The DIME projeLX. delivering the thidemial certainty requlred for investors 10 Invo* and famw5 to d￿nge Frfacl*08 and the 8¢ienllfK wntsacts (by value) in 2023. This is expected to grow further wi tho T￿t AMP. We recetved donations from In(IMauals, rtparlan Lwners and thafftable trusts such as Ihe Eiedlne Trust. D'oly Carte. the Modey Famity Trust, the CT Thomas Tnjst, the Charles Kin*Farfow ChantaNe Tru8( the Rowlands TrusL and the Jordan Charftablo Trust. Gibbs Chantable Tnjst. the Moret Trust THE WYEAND USK FOUNDATION TRUSTEES, REPORT {INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Fundraising WJF raises ￿te fund5 Tntetnally through specffic appeals lo the owners, wider wbfic appeals and encowaglng people to donate through our websik raising £76,557 (£98,509 in 2022), F adhere3 19 GDPR dnd liiibeb fun(ts from a pool of kncwn IndEvlduals vlho recelve 1 request a year, wlth a follow up letter if they have not donated and spècific appBa15 to the wder public. We investigated in 2019 rf we needed to join a stsndards stheme and li was de(?ded that our adivity did r￿t merit IL The trus1ees revi￿1￿￿ this in 2021 and iJethde(I no change was requlred. F dld not receive any wnwlaints about its lundraising a(*ty. Any requ88t for no fvrther contact is reC￿led on our databaee throu¥th which wo wrdingle our fvndraising. WÈ would lffte to thank everyone who supported us In 2023 fof thelr generosity. have malntalned our *)ngstwidir¥J >1:10, donati￿ to 8pend rdbo by using dmations to in additional funds. Inveslment po**r and poll¢y The Mernorandum and Artides of A$sodalon of the FourKlation confers powers cn the trustees to Invest both the Caprtal and income of the foun(Jation in any mann8r as the trust88s in their discretion Ihink fft. The policy is to keep any sutplus futM15 in short leim deposits or 8eGuritie8. whith cen be aLXZ55ed readily. The trL*tees hav• recognised that whrfe providin9 a short terni means of achlevlng our objectives, project funding has been very $uccgssful. H¢)wgvgr, Our r•lianc8 on il could present hmriations on fiJtur@ 8ctiMti@s as the trust Qgts nèarer to completion of rts ￿prtaI Wofks progrdmmes. Aco)rdwigty, thgy bave Instigatgd a broader fund ralsing strategy that 8eeks lo address this. The endowment l￿dIS operalional aNI has r¥£ivtrJ don*knns from generous dono Invesm)ents are managed ty BrevAn Ddphln (Cardtff). The Wy8 aTKI Usk End(AYment Committee aims to gow the value of it5 endowment funds over Irfflation using a balanced. medium risk investmerrt $tr8tegy and 8 long lerm time hortt¢)n. Invested fvnds, and donatic>ns gr8w Iha fund by 16.3% in 2023 to £319,098 by year end. Reserves Pollcy It 1$ tho aim of th8 IJust888 to generats a level of reserves to allow activiies deli￿rng the obie(*ves of the foundatson to carry on through periods of uncertainty. The tNstee$ are saiisfied thal adequate res￿r¢e5 are awailable lo meet all Obl￿atIOnS. but they will s¢ek to continue with a level of ￿ServeS sufficient to moet cash flow requlrements and continue without recourse to overdrdft faclllts'e$. Total reseNes at 31 Dec*mb8r 2023 amounted lo £1.058.398 (2022.. £1.CMJ7.243> with £632:282 (2022: £699.401> relating lo restricted funds. £353,452 {2022: £295,309) r*th)g to eTh4ovMent fund and a wrplusldefKat of £72,664 (2022. £12,533 3urplu3) relating to the gen￿￿ fund. Going ¢onGern IAiJF finished the ye¥ with unrestrictgd re8orvo8 of £426.118 and rèstn'clad fijnds of £699.401. During 2023 we inlyeased Quf unreslrided teser¥e$ by £118274. v￿lF has a Pofffoho of secwed fundiffj through woI8Cts and 01t￿r work-strearns that see a further expan8lon in delivery during 2024. The fOr￿a5* cash in bank at De￿rnber 2024 is £326,559. Plans for 2024 WUF will continu8 defvwir¥J moTXtor Ihe effiw of rtg cuffenl fKDI8Cts, malntanlng extsn'ng fundiNJ streams and expanding new ones wrthln Nalural Capill and Agri suppky rthain. We also will COnti￿e to strive lo in￿aSe the èndowmenl fund and working reser￿8. WUF will expand during 2024 and will require carèful managwn8nl Io ensure effldent and effectfve dellvery. In 2024, we wll ￿rther develop the opport￿ltieS for pather8hip working wiifwn other stskeho1d￿S that was impacted by Covid and Ilnk with other partners InitlalAves where Ihey align ￿Tth our objects. wlth WUF a(Aing a8 the compet•nl ddi¥￿ partnw wern r¢qtsired. THE WYE AND USK FOUNDATION TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Structur•. govamanee and management Gov•rnlng Documg The Wye and Usk Foundatim is a company fjmited by guarwrtee, registered in England and Wales (¢onyany number 03343965), govemed by rts M@mor3fKlum and A￿deS ofASstrjat￿n dated 15 October 1 ￿ as updated on 5 Ocaober 1997, 12 February 2000, 19 October 2000, 4 January 2001. 31 July 2002, 22 July 2007, 25 octob￿ 2011 and 1st March 2019. 11 is registered as a charrty with the Charrty Commission. registered number 1080319. Appolntment of Trustsos The Artldes provide: Any trusteé who shall d68ire to retre shall notify giKh desire in vniling to the se￿ethry and thereupon hi*her name shal bg removod from tho list of 1rnSta￿ and helshè shall tsa$e to be a member of the trust but only If there Temaln at l&qst three othw tfu8tee& At tho corKlusion tsl eath annual me*iig of trustees one quarter. or rf their number Is not three or a mulb.ple of three. the number nearest to one quarter sh811 ret1￿ from office and unless r￿eleC￿ed in aC￿rdance with these a￿"￿e& shall on suth retirement cease to be members of the trust The tsustees to rets're by rotalion shall be those who have been longest in office, but as between Ihose who became or were eleded trustee on the ￿m& day th08¢ to retire shall be Ghogen (unless they otherwise a9reo among Ihemselves) by loL A trustge who has s8rved for lan years or more is not ekngible reoledion and must retr￿ bLrt becomes ellgible agam after an inter¥al of one year. Tha Tmladion of a trustee for a second term of offu shall require the approv81 of a Slmple maiorty of tnJstee8 but a third or further lenn of office Sh*1 requlre ihe approwal ot a three quarters maJ(xlty. such majofitles are to be calculated by referen￿ lo those trustee5 Vtiting at the relevant moets. Tru8ta• RoeNltrn•nt The recruitment of trustees is by advertising. A nominations committee comprising three trnstees the ehlal executive places the adverts. scnjtinisgs applications. s88k r8fèr8rThs and ensure a balance of trustee skills is in placÈ. TnAt•• Inductlon and Tralnlng Newty appointed trustees feceive a letter of appoitknnl Includlng apwinlff*nl dedaration and an InduGtton pa￿ which coyers the wofkn.ng of the Trust and the rivers trust movement generally. In addition. tn￿tea$ are given copies of Ihe Charity Commission's The Essent￿1 Trustee. what you need to know (CC3) and th• Hallmarks of an effeclive tharlty. For ongoing trainlng PUfPO88s, the tNst8e8 have agreed Ihat workshops and irrformation frNn the *xtrtors w maintain standards Df govèmancè on an ongoing arKI iirnety basis. New trustees will be given visits ￿ site to explain the issues and solutions Ihat the Irusl is (wrrenuy managing. THE WYEAND USK FOUNDATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Organhatlonal SINcbJre OfficorJ Al 31 December 2023 the prfnr*al officers ol the Foundats'on wern: Simon Evans (Chief Execulivo) Jon Fry (Ghlef Operalion3 Officer) Sian Gray (Head of Finance) Wandy Odgen (Programm8 managèr) Consultants: IMJF Is fortunate to V￿rk the following e)prts John Lawson (V¥*er Resources) Tony Nomian (Honorary Farming Consultant) Adam Fisher (Fisheries Markgting Consuhano Relatsd Partlo$ Throughout th8 year lo 31 Decernt￿ 2023, tha Foundation has conlffK￿d w0￿1n9 in pathership with the above representatives and their organisalions and we take Ihe OPPOftwHty to thank iiwn all for their very o)nsSderable help and 8upporL Pay pollcy for Benlor Staff The trustees consider the ￿ard of trusteés and the seThor management team comprise the key managwnent Pgrsonngl of the charity in charg9 of dir9Cting. controlling. runn￿9 and oporating th8 charity on a day lo day basis. All trust88s gtve ol thèir tlmé f(88ty and r8t8iv8d no rtmUner8t￿n in the year. Details of trustees, expenses and related party transactions are disdosed in note 28. The pokncy used for delermining pay for al Staff 15 in kne witli ￿ gula￿1￿8 set out yew by the Rfve￿ Trust. the umbrella body fof iivor4 trusts. THE WYE AND USK FOUNDATION TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 R•l•r•nc• and admlNslrallv• delalls Company numbor 03343965 Charlty number 1080319 Rogistsrgd offi¢e The Right Bank Talgarth Brecon IA&les LD308W Tnwte C Ne141ngton4rklges• Chalr J 8engough Dr W Bunough C De Wnton R E￿ordS H Harri8on F H￿Irnan P Hof5bur AJohnson A Lgvers C Morfey- resigned 24 NO￿1￿ 2023 R Norman E Pa888y M Timmis A Pyle- aFvJinted 24 Noven*>ef 2023 Taylor- appolnt8d 24 November 2023 Key manaymont per8onn S Evans - CEO Jon Fry- COO S GTaylDarron ITYJram- Head of Audltor Ty Oefw Lime Tree Court Cardlff Gatè ￿SIr￿sS Park Cardiff CF23 8AB Bank•r• NatWe61 27 High Street Brecon Powys L03 7LF THE WYE AND USK FOUNDATION TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Inv•slm•nt martag•rn Brvrtin Dolphin 2 Central Square Cardiff CF10 1FS In accordance with the company's artid85. a resoklilon proposing thatkets Audit senrt￿ be reapptynw as audltor ol the company ￿11 be wrt at a General Meeting. The trustees. report was apwo*￿1 ty the Board of Tru8tee8. C N•wlngton4rfdg••. Tru9te• Dated.. 16 October 2024 THE WYE AND USK FOUNDATION STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees. who are also Ihe dlreclors of Th8 wye and USK Found8tr)n lor Ihe purpose of CA)mpany tsw. are responslble for p￿paring the Trustees. Report and the ffinar￿al 5tal8rnerrts in a0))rdan￿ with apFlICab￿ tayd Unlled Klngdom Accounting Standard8 {Unit6d Kingdom G¢neralty Accepted Accountin9 Pradoe). Company Law requires Ihe Iru5lpv¥ lo prepare finariLidl slateinents for eaGh fiiiaiKial year whlcb gNe a tsue and falr view of the stste of affair5 of the thafity and of the intrjming resources and application of resources. induth'ng tha Income and expenditu￿, of the charitable company for that year. In wepatlrtg finanrAal statements. ts In￿t￿5 are requlred to: . sdect sultal4e ac(x+unlThJ polkaes and then apply them rAmS￿l￿. - ob8WVg the m9thods and principl95 in th• Charhi09 SORP; - make judgements arKI estvnates that are ￿￿nable and prudort. aThl - prepare the ffinancial statements on Ihe gofng concom ba¥b unless li Is Inarvrcytste to presume thal th8 thanly w511 continue wi operation. Thg twstoes arB rB5ponsltAe fr)r keeplng alequate atXAAmtirvJ re￿1￿& that diad08e with reawrth a(KuraGy at any time the financial position of the charity and enable them to ensure that the finanaal statements comply with the Compan￿$ Act 201%. Thgy arg als0 rasponsibl8 for $af8guarding thè assets of the chaiity and h@nc@ for taking rèasonablo Stops for tha prevents'on and detection of fraud and ottw Thegularilies. The truslees are iesponslble for the mdntenanc* and Integrity of the Charity and fmancial knforniatlon Induded on Ihe chaiity's website. Legislation li the united Kingdom governing Iha preparalion and dissaminats¢)n ol financial stateménts may differ from legI￿al￿On wi Other]￿7$did10n5. 10- THE WYE AND USK FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE WYE AND USK FOUNDATION Optnlon W6 hav8 audlted the financial statements of The Wy@ and Usk Ft)undalion (thè 'tharty') for th8 yea ended 31 Dewbei 2023 whiGh GOtnpri5e the slalement of financial acliviiies, the balanrx sheet. the statetnent of Gash flows and notes lo the financial slatements, inclu(fing significant Ac￿￿ntIng policbes. The financial reporting framework that has been appl￿d in th8lr pr8par3iion ts applitable law and Unrted Kingdom Accounting Standards. iriciuding Financial Reporting Standand 102 The Finanoal R9POrting Standard appbceble in the UK R@pu￿k ol Ir8land (United Kingdom Gen8falty Accepted Accountr'ng Practi¢¢). In our opinion, thè financial 8tst8menl8: give a true and fair vbw of the stale of the charTlable compatys affair8 as at 31 t)*xnt)or 2￿23 al￿ of ts Incoming resour￿5 and applI￿￿'0n of resour￿5, for the year Ih8n ondgd" hav8 been properly wepared in axc*dance wilh United Jfjngdom Generalfy AL¥2p￿1 A￿)Unting PraGIi(8", havg bggn preparwj in a¢Q￿d9nC* wlth the rèquirèmènts of the Companies Act 20(￿. 8aslg for oplnlon We conducled our audit In accordan￿ wilh Intemational Standards on Auditing {UK) (ISAS (UK)) and applicable law. Our r85ponslbllitles urKler Ihose Standards are further descrlbed in the Audilors rnsponsitslilies for the audit ol the finan￿al statoinonts aedion of ¢yJr report. We are indepondgnl of tha ctsrity In acctJrdanc4 wtth th8 ethical requirements that we relevant to our audit Df Ihe financtal statements In thè UK induding the FRCS EthirAI Standard, and w8 have ￿lfIlled OUT Qther 8thKal re6ponsibilÉttes in a(xxvddn￿ with these requirements. I￿￿•¥• that the audrt eviden￿ we have Obtained is 3ufficient 8nd appropriate to provide a basis for our opinion. Conclugiong rolallng to golng ¢on¢em In auditing the financial statements. w8 have conduded th8t the Iwstees. use ol the going c￿¢*M basts ol accountlng In Ihe preparallon of the fjnarkcjal statements Is appropnate. Bas&Y on the work we have perfoTrned. we have not id@ntifi6d any mat8rtal unrArt*ntss relatmg to events or ondiuons that. itNJivldualty Qf LullefAivety, may signiffiixnl doubt on the Gharity'& ability to ojnlinue as a goin9 concern for a period ol at leasl Iwefve months from when the finanrjai ststements are authonsed for issue. Our responsibth.es and the ￿sponSibl11￿S of the trustees witn respea to goiryj concom aro de$￿Ibed In the relevant section8 of this report. Oth•r Infomiallon The other information cofflprises the informatton indvded in ts annual rgport other than th• ￿na￿la1 stalamènts and our audttols report thereon. The trustees are respDnstble for thè other infomalion coniained within thg anw)ual report. Ouf opÈnion on the financial statements does not cover the other infom)ation and we do not express any fonn of assurance condusion thefgon. Our Tesponsibrlity is tc rèad th8 oth8r Inf0M￿tIOn and, in doing so. consider wh8th@r th@ oth8r Informats'on Is matenally inconsisleni with the financAal stslements or our knfNiedge Obtained In the course of Ihe audil. or otherwise appears to be malerialty misstated. If we identty suckn material Ina)n$51encies or appar8nt mat8rial misstatemants, we are required to delemiine whether this gives rise to a materBI rnisstatement in the financial SL3tements themselves. If. based on the WO￿ we hav8 perfomied. we condude that Ihere is materlal misslatement ol thi8 otsr informati￿, Wg ore required to Teport that faGt. We have nothinq to report th thls regard. Matters on whlch we are requlred ta rnport by exGoplJon We have nothlng lo report In ￿SpeCt of the following matter5 Fn re181ion to the Charities (Ac(Thints and Reports) Regulation3 2008 require u¥ lo report to you if. in our opinlon.. thg information gtvgn In th8 f￿ar￿al s*atsmènts h hKonsistenl i) any material resped th4th Ihe trustees, r8port,' or sufficÈÈnt accounting recorfs have nol been kept or Ihe financial slalements are not in agreement wrth tho rec￿th. or we have nol fecelved all the kn1om￿tton and explonation5 we require for our authL 11 THE WYE AND USK FOUNDATION INDEPENDENT AUDITOR'S REPORT (CONTINUEDI, TO THE TRUSTEES OF THE WYE AND USK FOUNDATION Regponslbllltles of truste As explained more fvily In the statement of tnjstees. responsibilities, the trustees, who are also the dir8(knrs ol Ihe charlty for Ihe purpose uf Gompany law, ate ￿sponSible ftir the pieparats'tm of the financial statements and being satisfied that they gNe a tNe and fair view, and for Such intemal control as the trustees determine 13 ne¢xssary to enable the preparation of finanrlal stat8mènts that aro fr88 trom mal8fla misstatem8nt. vh)ether due to fraud or emr. In preparing ts finanfial statements, the trustees are responsib￿ for assessing the tharévs a￿litY to continue as a going (xincem, disdoslng. a8 appriCa￿e, matters related to going concem and using the going contsrn basis of accounting unless the trustees either intend to Iquidate the tharltable c4Jmpany Of to cease operatKMs, or have no ￿lIs￿ Iternaii%* l>ut t¢ do so. Auditoe• responsibilities for the audlt of the Ilnanclal ststemènts We have been appointed as auditor under sect￿n 144 of the Chariti'es Ad 2011 and report in aC0)rdan￿ wlth tho Act and ig1w￿nt regulalions mado or having 8ff8ct th8r•tsndor. Our o*'8dlv8s arè to oblain rèasc￿aI￿e assurance about whether the financ4al slatements as a vtho* w6 free from m8letial misstatemert whethei due lo fraud or error, and to issue an auditorfs report that includos our (winlon. Reasonable assurance is a high levd of assurance but Is nol a guarantee that an audlt conducted in accordanc8 vriih ISAS (UK) Ivill a]ways detect a material misstaternenl when it exists. Misst8tements can arise trorn fraud or ¢rror and are ¢on3ldercd material rf, individualty or kn the aggregate, they eould rètt8Ortably be expected to ￿flUenCe the ecxinomic dethsions of users t&%en on the basis of financial statgmgntB. A ￿rther des￿1P110n of our respon8ibikbos is *4aNabl8 on Ihè Flnaneial Reporb'ng CounuTs website at: ht￿SjI VAVW.frc.org.ukJaudrtorsresponsibilitses. This description fomB part of our audilofs reporL Extent to T*thlch the audlt wa8 co￿k1￿•d capabh of d￿t￿ting Ivrryularflies. includlng frnud IrTegularities. induding fraud, are instances of non-compliance with laws and regulation8. We design pro(¥durgs in line with our r88ponsibiliti8s, outlined abtyle and OD Ihe Financial Rewrtiw coU￿ar$ websrte. to det8cl matarrdl mi55tat¢monts in re5peGt of irrEgul&Tties. includin9 fraud. We obtain and update our understanding of thé éntity, athvits&s. rts ojnlrol enMronment. and likely frjture devek>pments, IrKAudffig in relation to the legal and regulatory framework applicable and hcyrt the enttly is comptying th that framework Based on thi3 understanding, we idenbfy and assess the risks of material misstatemont of the financial slat8ments. whether due to fraud or error. design and perform audit pro(￿ureS responsive to Ihosg risks, and obtain audil eviden￿ that is sufficaent and approprialo to prthfjde a basis for our opinion. Thi5 indudes conslderation of the risk of acts by the enlty that were contrary lo applicable laws and wulations, Induding fraud. In response kn the rlsk of Irreg￿￿lues and nonwpllancE Tth laws and rEgulation5. Indudlng fraKI. we designed procedures wh4Gh inthded.. Enquiry of management and those charged with govemanca around aciual prAwlial MigatI(￿ and daim8 a3 well a8 actual, yuspected end alleged fraud", RewlÉwing mlnLAÈs of mo@bngs of those d￿rged with gov8rnan(*: Assessing the extent of Complian￿ with the laws and iegulatir)ns considered to have a dir￿1 maleri effect on the financial slalements or the operations of the enlity through enquiry and inspection.- ReTrdewng financial slatement disclosures and testing to supporting documentation to assess complian with applicab￿ knvs ana regulatlon¥: Perfomiing audit work over the rlsk of management tmas and override of controlts, IrKlu(Jing testing ol loumal enlries aThl other adlustrn8nts for appropriaieness. evalu4ling the lyJsiness r81iongle of signffic2nt tr8nsactSon5 oulslde Ihe nonnal course of bu5he5s and revfr8wing ac￿unfjng 88timat88 for Indicat￿ of potential blas. Because of the Inherent Ilmitations of an audit. there is a risk Ihat we will not delect am irregularities. in¢Juding those ading to a material misstalement in the financial slatemenl$ or nt)rtompllan¢e with regulation. This risk increasgs thg mor8 that c£Jmpliance with a law or regulalion is removed from the events and transadions refleded In th8 financaal staiemenis, as we vill be less Ilkety to beixjme aware 01 Ins￿)CeS of noTrcompllancg. The rt5k ol nol detecting a materfal misstatement resulting from fraud 15 highor than for one re5uhing from em)r: as fraud may involve collusion, forgery. intentional omissions, misreproseniatlons. or the override of internal control. 12- THE WYEAND USK FOUNDATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE WYE AND USK FOUNDATION U8• of our report Thls rèpDrt Is made so18ty to lh8 chartty's Iruslees, as a body, in accordance with part 4 of the Charrltes (Accounts and Reports) Regulations 2008. Our audit wotk has been undertaken so that we might slate to the tru5toos those matters we are required to state to them in an auditovs report and for no other purpose. To the fullest extent pemiiited by law, we do accept or assume responsibifrty to anyone ￿her than anu the t*arNYs Irusle06 as a bc*ty, for our audil w￿, for Ihi6 repotL or for the opin￿n5 have f￿med. Azets Audil Swvlc 17 October 2024 Charternd Accountsnts Stat(rtory Audltor Ty Derni, Lhne Tree Ccwjrt Cardiff Gate Business Park Cardiff United lfjngdom CF23 8AB Axels Audit Ser+)ices 1$ eligible for appoinlment as 2uditor of the tharity by virtue of its eligibility for appoinlm8nt a4 audttor ol a ¢ompany under section 1212 of the CompaniesAct 2006. 13- THE WYE AND USK FOUNDATION STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDrruRE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Current flnanolal year Urwe8tr1ct•d Ro8tri¢t•d fvnds funds 2023 2023 Tolal Totsl 2023 2022 Nota* Donatsons and legaGle3 Charitable adiirilies Inveslmenls 124.507 15,531 140,098 330.164 1.539,5C$4 1,869.668 8.143 8,143 182,709 1,827,974 Tolal Incom• 462.874 1,555.035 2,017.909 2,016.143 Raising fund$ 15,388 15.368 42.588 Charrtable aLXiirities 375,933 1.597.340 1.973273 1.587.357 Total expenditure 391,301 1.597.340 1.988.641 1.629.945 Net galnsl(losses) on knvestme 12 21.887 21.887 (39,293) N•t Ineomlngl(outgolng) r•sourtes befove transfors 93,460 (42.305) 51.155 346,￿5 Gross transfers between funds 24.814 (24.814) Net movemenl In lund5 118,274 (67,119) 51.155 Fund bal￿OS at 1 January 2023 307,842 899,401 1,CQ7.243 660,338 Fund bal•n¢os •t 31 December 2023 426,118 632.282 1.058,398 1,007.243 The Glatement offinancial adivitse8 Indudes alt gains arKI108Sg5 r8cogniwJ in Ihe ygar. All Income and expenditure derive fr(xn ￿ntinuI￿ *ivil The stst@m8nl of finarthl adNiti&s al&J compi*s with Ihe requirements for an Income exp8ndlture accounl under the Compani88 Act 2006. 14- THE WYE AND USK FOUNDATION STATEMENT OF FINANCIALACTMTIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Prlor flnanelal y•ar Unre*trfctsd Restrbcted funds fvnds 2022 2022 Total 2022 Not•8 Donalons and Igga Charitable adiirybes Investments 147,167 35,542 182,709 3M.397 1,483.sn 1,827,974 5,460 5,460 Total In¢om• 497,024 1.519.119 1016,143 Raising funds 42.588 Charltabk8 aL￿tIeS 466.015 1,121,342 1.587.357 Totsl •xpondliur• 508,e03 1,121,342 1.629.945 Not gain$l(k>85e8} on li￿ents 12 (39,293) (39,293> Net Incomlnglloutgolng) r•8ouru• b•for• tr•ngforn (50,872) 357.777 3415,YDS Gross transfws belween fil￿1$ 76,282 (76.282) N•t mov•m•nt In funds 25,410 321.495 346.905 FurKI balan￿ at 1 January 2022 282.432 377,90S 660.338 Fund bal￿Ge5 at 31 D•c•mber 2022 307,842 699.401 1.007.243 15- THE WYE AND USK FOUNDATION BALANCE SHEEr AS AT 31 DECEMBER 2023 2023 2Q2Z Notes FIx•d a880ts Tangible assets Invesknents 14 15 240 319,098 1.736 272,812 319,338 274.548 Curnint ass•ts D8btors Cash at bank and 16 299.389 697.028 334,070 804,or23 996.417 1.138,093 Crgdltor¥: amounts lalllng due vAthln one year 17 <242.388) 1380,049) Nel owrgnt 8880ts 754.029 758,044 Total a**•tg less ¢urr•nt liabllilies 1,073,367 1.032.592 Credltorn: amourth falllng du• alt•r more than one year 19 (14,969) (25,349) Net •g¥ets 1.058,398 1,007243 Ineome funds Restricted funds 632.282 699.401 De51gnated funds Gener31 unr85trt(*ed funds 23 353.452 72,664 295.309 11533 428,11e 307.842 1,0&8.398 1,007.243 THE WYE AND USK FOUNDATION BALANCE SHEET (CONTINUED) AS Af31 DECEMBER 2023 The t￿MpanY 18 ents'lled lo the 8x8mption from the audit requirement contained irr seGtion 477 of the Companle$ AGt 2006, for the year ended 31 December 2023, though an audit has bgan carried out under SBclion 144 of the Charities Ad 2011. The dlraoors acknowle(Ige tne4r re$ponslOIlMes for comptylng wrth the requlrements of lh8 Compar*85 AQ 21XJ6 with respecl to ac£ountiry recA)rds and the prèparation of financ￿ statem8nt& member3 have rK*t required the co)mpany to obtain an auitht of its finanLYal ststement8 under the requIrem￿ts nf th6k Companiqg Aet 20r￿. for tho yè* In qua2tion In aeeord2ncè with section 476. These financial staternents have been prepared In acc¢xdm wltr tho provlslons appllcabb to companle5 subJeGt to the small ￿mpanIeS tfjgimo. The financial 5tatement8 were appro*d by the Trustee8 an 16 o￿OI)er 2024 z a+_V C Newington.Bridges• Tiiistee Company Roglstratlon 0334396S 17- THE WYE AND USK FOUNDATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Not89 Cash Ilows frorn operating aclivilies Cash {absOrt￿d by>lgenerated from operations 27 (80.609) 420,2n Investing activiti Procpeds trom disposal DI l*)g*bl8 lixad a8sets Puichase of Investments PrO￿ed$ from disposal of tyive81ments Investment income received (158.900) 134.501 8.143 (86,311) 44,273 Net Gash used In Investkng actlvllles (16256) (15,245) Financing a￿1VIll RBpaymem of bOrrl￿ (lo,1￿)) (9.210) Net cash used In ilnancing acimlles (10,130) (9.210) Net (deGrea8eyknGre￿e In Gash and ca8h equlvalents (106,995) 395,818 Cash arKI Gash equivalonts at of y 804,023 408,205 Cash and ca8h aqulval•nts at •nd of yèar 697,028 804,023 18- THE WYE AND USK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Ac¢ountlng poklo9 Charty Iniomiatlon The Wye and Usk FoundalX)n is a prNiate con1)￿Y Ilmlted ty guarantee Inccxporated In England and Nlkles whose registered office is The Right Bank, The Square: Talgarth, Brecon. Wales, LD3 OBW. 1.1 Accounting Gonvention The financial statements haw bogn prop¥ed in acc(￿dan￿ wrlh th• diarftls gov•ming d¢)cument. the Companles A(X 20￿ and "Ac(vunting and ReW)itIr￿ b¥ Cliaililvb: St¥ltsilknll of R*J)Inineiidea PractlGe applicable lo chafiiies preparing thwr 8cwunts In 8ccordan(% with the Financial Reporting Stsndard applicable tn tho UK and Republic of Ireland (FRS 102) {effeGtive 1 January 2019)". Th8 charity is a Publi 8en6fit Entity as deffied by FRS 101 finarKial statoments are prePa￿d In sterfing which Is the fiJrKtional ￿rran¢Y cf tho charity. Morthry amounts in these financial statements are rounded to the nearest £, The finanTh￿ stslements havo bogn propargd under the hlstorical cost convention, mL¥Jffjed to inckvje c8rtaSn finandal instruments at frdir Value. The prinopBI actou￿1n0 policies acknpted are sei oiit below. 1.2 Going concem VWF finished the yeaf With gonerdl unrestricted reserves of £72,664, designated funds of £353.452 and rtstrictod funds of £632.281 The free reBeMs of the <*atity at 31 December 2023 worg £72,424. DuTITh3 2023 we increased our unrestrictod res8r4es by £118,274. F has a wtkjlio of soc￿r*d funding thfough prqects and cAher w0th-Strea￿ that wil see a ￿lIher Apansion in deliv¢ry 2024. The fore(*3t cgsh flow 18 P03iIivg for Ihe whole of 2024. At the tlm8 of ar4)roviNJ the sts￿nen￿, ttle trustees havg a rfja¥onaLl8 ex￿ClaIk>n Ihai the thartty has adequate resources to c￿tInU0 in operational existen￿ for the foreseeable future. Thus the tDJ¥tees eonts'nue lo adopt tho goiig Conc￿ basis of accounlkng in weparing the finarKaal $taiamants. 1.3 Charftablo funds Unrestricted funds ara availab5e for use al the fli6rx8lim of th& trust8•s In furtherarth tsf I￿1r chaiTL3ble objectlves. RestrKted f￿d5 are subject to spethlc conditims by dMor¥ as to h¢yw they may be used The purp385 and Itses of the restnctad funds are Sot out in thg noto$ to lh• fwRncial statament Endowmenl fiJnd8 arg subjocl to 8pgofic condltlons by donofs that the cakmtal must be mairtsined by the charlty. Furthgr explanatton of th4 nature and purpose of ea(* fijnd are indLKled wthin the note8 to tho acrounts. 1A Incom• Inc£Jm6 is racognised when the chanty is legally toll after any pgrfornmnce corKlltlons ha￿ been mel, the arThJuits can be measured rgliabfy, aThl tt is probable that I)cAl￿ wlll be reGelvod. Cash donati(￿8 re(¥Jgnised on reGeirL donatkns are recogrwsed once the charity ha8 been notified of the donation, unless perlornianc8 conditions requir8 deferral of the amourrt. Incnme tax r8cov8rable in rekty'on to (Jonatlons re¢dved under Gffl Ald or deeds of covenant18 recogNs8d at th8 tim8 of the donation. Legacies arg recognlsed on recelpt or OtheTh￿se rf the tharity has been n￿ir￿ of ￿ Thpendw (tstsibuli¢)n, the amount is knovm, and re¢eipt 1$ exwded. If the amount is not known, th8 Iggacy ig treated as a 19- THE WYEAND USK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 AGGounling poliri•¥ (Contlnu•d) l)onate(J 5eYvl(z5 aye ￿nISed In the to whlch ttffj rnlale arHJ walued a(£orthng to ￿CePt￿j rates. Grfts in kind arr* induded at market value and a5 resources expended at the same valué wfien th5tribth8d. Grants from the 90￿MmOnt and otlw ag8ne￿ have been W￿ded as incoTh frtyn adivithes in futherance of the th￿ity'S objeGts whete these amount to a ¢xntract for 8ervic*6. but as donatlon$ where the money is gi￿n in r•spon￿ to an appeal orwith grnaler freedom use. IrKome from g￿nts, whethw 'caprlaf grarrts or '￿Venue, grants. Is re¢ognlsed when the rhrity I entitlemerrt to the funds, any performance conditions attac*ed to the grants havg bgan mel. rt IS PTc4)ablg thai the income will be r￿1Ved and the amount ran be m?aSLsrèd r8lLably and Is not dèf8rred. Capital grants are released to the SiatEmEnl of Finanaal Aclivities in the year of rrxeipt. Fixed 8ssels ielating to Lapital grants are capitalised, and d8precialion d￿rg￿l 1$ 0fi58t aga￿tst th8 uvant income, in a restrlcled ￿nd. Income th8 pa8SPOrt sd)eme Is recognised In the to which the sttvice is probided wlth any amounts re(£sved in advance deferred. DivKlends incorne Is ie(wnlsed on the dale the charW$ rfght to r8Geive paymwrt ts •Stab￿shed. Interest on funds h81d on dep)stt Is Induded wha) receivable and the amount can be me8sured rets'ably by tha charity; th1s15 nwnaly upm notfficatlon of the Interest P3KI Dr payaL4e ty the ban 1.6 Expendltwe Expenditure is recognised once there is a ￿al or Gongtructive obligati'on to fflake a payment to a third paty. It 18 probablo thpt settlomont will ho rAquifAd Arml thrt ami)unt of IhA obligation can be mèasuréd relialsy. Expenth"tur8 is dassbfied under Ihe ftillowing activity headings: Cost8 of raisirvj fund3 compri¥e the u)sts in ielation to genefatwig ItKX)me and inctudes inveslmfjnt Management fee8. Expanthturn on chafitable activitios indudes al u)sts relating to the furtheran￿ of the thaivs obiectsv8s as staled in the tNstees report This also indudes all costs relatlng to compllanca wlth conslltutional and slatuiory Tequir6ments. Irrecoverable VAT l¥ ctrwrged as a c08t •JaEnst the aCtI￿ty forwhlth the exFefKlitwe wa5 Incurred. Support costs are those fvnctions that assist the work of Ihe tharity but do not dltecuy undertak8 charftable activities. Support C4)sts incjude back office costs. finance. personnel, payroll and govemance ￿¥ts. The basis for cakyjlating the 311ocation of support rnsts Is on th8 b￿lS of st2ff tlma sp8nt on those *ll￿￿ti&s. over and atjove a materia de-mlnimi* Gov0manc• co$ts comprfse all easts Inw)Iving public acxounlability of charity and its compliance w5th regulation and oood practic*. *$ 1A Tangible fixed assets Tangible fixed assets are inibaly ffwsured at and subsequenty rr*asured at cost or valuation, net of depre(aation and any Impairnient losses. Depre(ialion is recognised so as to ￿Tite off the cost or vauatim of ass8ts leg8 thelr r88ldual values over their useful Ilves on the followlng bases: Computer equIp￿￿nt Mator vehiGles 501AI on c05t 20% on cost THE WYEAND USK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Acc¢>unttng pomcles (Gonllnugd) The gain or k)s5 ansing on fft8 dtsPOS81 of an assa ts daernilned as ttie diiference beiween the sale PtDceeds and the ￿rryIng value of the asse( and Is reco3niwJ in the ststemont ol ffinancial activit￿s. The cawtalsation Polic￿ ffj to c*￿188 any assets vhh a vthe exceethng £500. 1.7 Fixed a•set inve8lments ￿￿ed asset investments are iniiiauy measured at Iransaction pric• •xthdlng transaLtyJn cDsts. and ar8 subsequenty measured at fair value at oath reporting dale. Changes in falr value ar8 r8cognBed in nel i(K4)ftW(expendiiure) for the year. TFansacthM costs are expensed as In￿rred. 1.8 Impairment of fixed At eath reportlng end date. the chaiity rg14iOWS tho carying amounts of ils tangib￿ assets to detemiine vthether there is any irbdicalon that thos8 assels have suffered sn impafffflent loss. If any Such indtaiion . exlsts, the recoverable amount of the asset is estimated in order to detemiine the extent of IhÉ irnpaiment l¢)ss (if any). Cash ind cash gqulvahnts Calh and eA8h equivslènts w￿lUde cash In haThl. deposlts hèld at call wlth banks. other Shorkt￿M lIq￿d investmenls ￿1th origtnal maturfb'es of three months or less. arml bank overdraft5. Bank overdrafts are shrmn wtthin botr(hylng8 in ￿ ￿er￿t liabilibes. 1.10 Flnanclal In8trumonts The chanty has glgcled to appty tho provislons of Section 11 'Basic Financial Instruments. aTrJ S8dion 12 '(X￿r Flnantsal Instruffl8nts Issues, of FRS 102 to all of its fman¢xai wistrument& FinW￿￿1 Instrumènls arè rwnised in the c*arittyg baianrA Bh8èt vh*n th• th8rlty become8 Party lo the contraclual provisions of the NistrumenL Financial assets w)d liabilties are off8eL with tho net amounts presenle¢ In the ffinancaal slatomènts, when the￿ Is a legalty enlorceable light to set off the rerogni5ed amounts and Iher8 is an Intertm￿ to sellle on a net basi5 Of to realise the asset and settle the ￿ab￿lty ¥imultaneously. B•sk ff￿￿claI ass•t• Basic financial ass8ts. ￿lch includ8 debtors and cash and bank balan￿. are Initialty m8asured at transaclk)n pric8 induding transaction cosls and are SubseqUe￿Y carrfea * amortlsed cost uslng the effective interest method unless the affangement oonstitutes a financing tran5adlon: where the transaction is measured at the pre86nt value of the future re4xipts discounted at a market rate ¢f intoresL Fknancia] assets classified as receiwable within oné year are not 8mort Dere¢ognltton ol Ilnanclal assets Flnanclal assets are derecty6ed only when the contractual rights lo the Gash IILYWS from Ihe asset expir8 or are settled, or when the charity transfers the financial 858et and subslantialty all the risks and rewards of ownership to another entity. or trr som8 significanl risks and rewards of OWners￿p are retsined but L))ntrol of th8 asset has trdnsferred to a￿ther party thal is able to sell the asset in ts &rtirety to an unrelated third party. 21 THE WYE AND USK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 AGGounting polGies (Conllnu•d) ￿￿1c flnanrlalll•bllllle8 Basic financial liatxlities. incl￿j1ng ueditors and bank loans are initially recognised at transact￿n pri￿ .. th8 arrang8m8nt constiiuios a financing Iransactlon, wh8re th8 debt instrument is measured at the presenl value ol the firture payrnents dissX*unted at a martet rate of interest Finarxial habijiiies dassifiwj as payat4 wilhin 4)ne year afe not amortised. Debt Instrum8nts are $￿Sequen￿Y c4nied at gmty*se(I cost. using me effecbve inlwesi ratp method. Trad8 ￿edItorS ara obligati￿8 to pay for goods or 8or4fjcgs that have boen acquir0d in the 0nthr1￿ cours8 01 operations from suppliors. Amounls payable are dassthed as CXhTenl liabthrti8s rf paymeni is due within one year or less. If not. they are presented as nonunting pok4es, the trustees are rèquired to make judgements. eslimates and assumpts'ons about the carying amount of assets and liabilitios that are not r8adity apparent from other sources. The esttmates and a5SOC4ated assumpt'ons are basèd on historKal experierKe and other lathrs that are ¢on8id8red to be rdevanL Actual results may differ fmm these estimates. The esn"mates and undety*)g assumpt￿15 are reviewed on an ongoing basis. RevisN)ns ￿ accwnting eslimales are recognised in the p￿70d in vthith the estimate is revised where the revi5i0n affeGts STbly that period. or 41 the period ol the revision and future periods where the revision both current and future periods. The tharfty does have any key or 5￿1r￿rrt accouthg e5timate5. THE WYEAND USK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Donallons and legacies Totsi unfestr￿e0 ResinLxed fvnds funds Total funds funds 2023 2023 2023 2022 2022 2022 Donalions and t)¢nated goods and servi 91,946 15,531 107,477 1￿2213 137.755 32.621 32.821 44.954 124.587 15,531 140.098 147,167 35.542 182,709 Donated goods and 5er¥lces relate to the quantlfable value of worf< done by landowners under granl agreemerrts with The ￿e and U8k Foundation which is of bgn9fil lo, bul is not fund9d by: thg charty. Charitsblo activitiè 2023 2022 Passport scheme Miscellaneous Grant8 and contr* kncomo 88,458 2,847 3,523 1,7T2,385 1,735.995 1,869.668 1,827,974 Analyth ty lund Unrestricted funds Restrlcted ftmds 330.164 344,39T 1.539,504 1,483,577 1.869,868 1.827.974 Grnnt •nd ¢ontr•ct Inw DEFRA Environment Agenoy Naturydl England Herefordshir8 Counc Lower Wye AON8 Welsh European Furnling Officè Nalural R8sourGg8 Mlalès Monmouthshir8 Council Pffivys Counol Other gtart and ￿￿tract inoY)me 41,171 145,032 13,776 25,IK)O 15,673 78,780 173.130 24,989 108.102 73.745 83.697 160.895 6,TT8 1.308.607 1.215,444 1.712,38S 1.735,995 THE WYEAND USK FQUNDATIQN NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 1rnl88th￿ntr Unrnstrlcted un￿1￿61￿1 funds funds 2023 2022 Dlvldends ond intarasl receivdble 8,143 Ral•lng fvnd• Unr8•trictod Unre8triGted funds 2023 2022 drd si Seeking d¢)nalion8. gr￿ts arHI1gga(i95 Stsff costs 7,032 8.227 12,364 28,193 Fundraising ar￿ wbliiity 13259 40.557 2.108 2,031 15,368 42,588 THE WYEAND USK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 harltable activiti 2023 2022 Staff costs Costs of donated sdvic£s Difei# expense5 mark￿Ing Molor and travel Premlses and Offi￿ costs 895.092 799,976 32.621 642,754 420.044 1,311 40.758 20,002 1,632,276 1,286,285 Share of support costs (see note 9) Share of govemant4 costs (see note 9) 328.288 12.710 313.792 7.280 1.973273 1.587.357 Analysh by fund Unrestricted funds RestriL#ed lunds 375,933 4￿,015 1.597,340 1,121,342 1.973,273 1,587,357 Grnnts payabl• 2023 2022 HewefrJrdshlre Rural Hub CIC Fann grants 24,250 82,910 98,922 98,922 107.180 OurirvJ th9 year the tharity pald £98,922 {2022: £82.910) in fami grants to a lotal of 30 partnernl¥p$ 8nd Indivlduals (2022: 32). Grdnts wlabte costs can be wtttkn CharM*le Actl¥ths dlre(a expen888 £641754 (2021. £420.044). THE WYE AND USK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Support costs Support GovornanrA GoJI• 2023 Support Govarnan¢e Gos1• 2022 Staff costs Depreciatlon Motor and trav Premises and office 0515 Financing Markets'ng Consuftan Logal 176,270 1.497 178.270 1.497 149,282 149.282 38,382 38,382 83.881 22,099 19.522 21,861 1.513 83.881 22.099 19.522 21.861 1,513 83,( 30,734 8,788 82,060 30.734 8,788 fees 12,710 12.710 7.280 7.280 3282aa 12.710 340.998 313.792 7200 321.072 Analy5ed belween Charitsble aGitviti'e8 328.288 12,710 313,792 7.280 321.072 Govemance c<>sls includes paymen18 to the aLthor¥ of £11.71 Q (W22'. £6,530) for audit 8er¥icw and £1.000 (2021. £750) for non audit sepiices. 10 Tru8te08 No truste88 re¢xived any remuneralion during the unyenl or prior year. No trustees viere r8Smbursed expenses dufin9 the currenl or WlLY year. 8 trustoes and inthviauals related to Ih8m made cash donat￿￿3 totalling £16.661 duriwvJ the yew <2022: 10 trustees and w)(trrfidLtals made cash donations to*alling £8.197>.. 11 Employeog The av8rage manlhty ntwnb8r Of8m￿a￿S dunng th• y8ar 2023 Number 2022 Number Staff dwoyed in pr*ds Staff dapbyed in contral administrati 23 24 28 29 THE WYE AND USK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 11 Empwe (Gonunuod) EmNoyn*nt ¢o•t8 2023 2022 Wages and salarie8 Social 3ecuiity rx)sts Othw pension (¥Js15 893.046 83,898 1(K),645 803,tX)3 ,284 97,164 1.077,589 977,451 Kry management pernonn The key management pwsonnel of the th8rity r￿1ved benefits (irKluthng gross salary. empbyers natisxal ingurance and ern￿oYe￿ pension cMtsibu￿) totalling £255,416 (2022: £362.300). The numt*r of wnpltyees vthose annual remunerallon wa8 more than £60,000 Is as lo11￿￿s. 2023 Ilumbef 2022 Number £60.0(X)- £70.000 12 Not gaIn￿l¢>I80$I Im fjnvwtrnents Unrèstrlctad Unrnstricled funds fund6 2023 2022 Revaluation of inVestm￿ts Gainlooss) on sale of inyostments 18,619 3,268 139,293) 21,887 (39,293) 13 Taxation The chanty 18 Éxempt from tax on in(x)me and gains faiiKig wrthin secuon 505 of ts Taxes Act 1988 or 5eillon 252 of the Taxation of ￿argeab[fj Gairfi Ad 1992 to Ihe gxtent that these We appked to its chantable objects, -27- THE WYE AND USK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 14 T•nglbh fix￿ •••et¥ Cornputor Mrtwv•l*l•s Cogt At 1 January 2023 3,292 58.197 At 31 Decemi*i 2023 3,2¥2 54.905 58,197 Oepreclatlon and Impalm*nt At 1 January 2023 Depr￿lat￿Oft charged In the ye 3.292 53,168 1,497 56,480 1.497 At 31 Decsnber 2023 3.292 54.665 57,&57 rArrylng amount At 31 Decembef 2023 240 240 At 31 D•¢wnbgr 2022 1.736 1,736 16 FIX￿ 488et Inveslmonts Llstod Cash In knv•gtrrnnts Portfolio Cost or valuation At 1 January 2023 Addition8 Valuation than Disp08a18 269,403 158.900 18,619 (129,849) 272,812 158.900 18,619 {131.233) (1.384) At 31 DO￿be¥ 2023 317.073 1025 319,098 Carying amount At 31 December 2023 317.073 2.025 319.098 At 31 Docfflnbo12022 269.403 272.812 16 D•ltsB 2021 2022 Amounts falllng du• wlthln ono year: Trade debto Other deblors Prepayments aThJ ac4xued Income 150,383 31J) 148.7C 208,200 125.570 299,389 334,070 THE WYEAND USK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 17 Crèoitors: Arno￿ falllng due wI￿n one year 2023 Z012 Borro*ingS Other taxation and social seGwity Dgfefred incom¢ Trnde ueditor8 Other creditors ruals 10,130 38,023 11,725 26,668 128.951 28.891 9.880 145,928 17,810 36,1iJO 151.384 18,947 242.388 380.049 18 Do1off•d Incom• 2023 2022 Other defeffed *icom 11,725 17.810 D•l8rréd irtame is induded in the financial statements as folk￿. 2023 2022 D¢ferrnd irKome 13 inGknded withfft: Current liabilities 11.725 17,810 Movernents in thg ygar, Deferred income 81F Rec8iV8d In year Released in year 17.810 114.340 (120.425) 11,Q97 95.169 (88.456) 11.725 17,810 Deferred relates to prepaid 8oay3n rod5. rod scheme fishlng sates. 19 Cr•ditor4: •mounl• f•lling due after more than one year 2023 2022 Borrowings 14,￿9 25,349 THE WYEAND USK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Loans and OVaf(Iraft* 2023 2022 Other h)ans 25,099 35.229 Payabk within (￿ y￿r Payable after oné year 10.130 14,969 9,880 25,349 Thore were no due in n￿re than fve years (2D22: £ril). 21 Rettrement b2nefft Defined contribution scheme$ The thanty opeiales a defined oNrtnlxJlicffl pension 5theme for all qUa￿Y1￿j employees. The assets of the scheme are held separalety from those of the charity In an Ind8pendenty admirnstere(I lund. The Charge kn profit or loss n resm ￿ defi￿ cAJnirthllitin schÈrnÈ& was £1 tx).645 (2(r22'. £97.184). At the year erKI amounts ¢xrtstandtng lolallgd £15.518 (2022, £11,612). ! 'Ii a> 10 - a> *- *V)r toinp*O> ? f£4 (g Iri I •) w• • rf> (Y* o) a• aj THE WYE AND USK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 26 Oporatlng loa8• commllments At the reportlng end dale Ihe charrty had outslanrfing commitmenis for futsjre minimum Eease payments under non-canceVabl¢ operating leases, which fall due as foNows.' 2023 2022 thin one year Belween two and Ilve yea[5 11.714 12,L 33,TT5 33,774 45,835 26 Relat¢d party transacthns A8 part ol the Passport 8thgmg ￿)UnIS of £63.040 P022: £58,730) war• coll8ct8d by VWF as agent for, were pakl to. Mr M Tlmmis for Ihe lettlng ol a fishing beat owned by hwn. A* part of th• Pagsport sthèmo an￿unt$ of £3.7￿ {2022.. É2.926) were by WUF as 3g@nt for. and were paid to. Ms E Passey for the lelkng ol a fishing beat owned ity her, Income of £270 (2022: £880) was re￿ik￿d from NOrrn￿ Partnershlp for wotk don8. InC%M￿ of £531 (2022: £nll) was received from P Horsbufgh in respect of fishing 5*8. Inrypme ol £416 (2022: £nlD 7Kd5 reGewed from C NBwington4fldges in tpspect of fithing solvb. tho year trustees p￿d VLF £840 <2022: £285) in rasped of Miscell￿us and event sales. Duting the year Iwelve trustees made auction donats'ons. auclion purcha5efj and other donations totalllng £28.051 (2021. nine trustees made audion purc*as88 and other donatSons tolalling £5.193). 27 Cash genernted from operallons 2023 2022 s￿￿5 forthe year 51,155 346,905 Arfjustments for.. Investsnenl in(y)me TeLY)gnised in &tatemenl of finanaal ac￿￿11￿5 Gain on disposal of Investments Fair value ga*n8 and losses on investments Depreciath'on and impaiTmenl of tsngible fixed assets (8.143) (3,268) 118.619) 1,497 (5.460) 39,293 3,547 Movements in working capital: Deryeasel(In¢rease) in debtors (l)ecrease)fin¢rease in cJedrlors (D￿c￿s@¥I￿￿se In d8Jfarred Incomè 34,680 {131,826) {6,085) 160,728) 90.003 6.713 Ca8h (ab￿rbed byyq•nerated Irom operathms (80,809) 420.273 -35- THE WYE AND USK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Anaiysls of changes ki net funds Al l J•nuary 21123 ¢•¥h Il•Jn At 31 Del￿￿￿•r C8th al bank and In haThl 804.(r23 (106.995) 697.028 Loans fallkng du8 within one year Loan¥ fallthg due aftel IINJ(¥ Ilwii L¥ie ￿at {9.880) (25.349) (250) 10.380 (10.130) {14,￿9} 768,794 {98.865) 671,929