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 2024
THE WYE AND USK FOUNDATION CONTENTS Page Trustees, report Statement of trustees, responsibilities 11 Independent auditorfs report 12-14 Statement of financial activities 15-16 Balance sheet 17-18 Statement of cash flows 19 Notes to the financial statements 20-38
THE WYE AND USK FOUNDATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees present their annual report and financial statements for the year ended 31 December 2024. 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 goveming document, the Companies Act 2006 and "Accounting and Reporting by Charities= Statement of Recommended Practice applicable to charities pparIng 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= i. to conserve and maintain. protect. restore and improve the environments and habitats of the rivers We and Usk, their entire catchments, tributaries, watercourses and estuaries, including the Severn Estuary, together with their fish species especially salmon and other indigenous species of animal and plant life., and ii. (to advance the education of the public in the understanding of rivers, river corridors and their animal and plant life and the need for the conservation. protection, rehabilitation and improvement of such environments In 2024 the activities of the Foundation centred on understanding the quantum and causes of the below issues, and delivering the solutions to those issues.. Increase in frequency of extreme high flov Increasing frequency of extreme low flows Increasing water temperature Eutrophication and algal blooms Excessive soil loss to water Chemical pollution Degraded riparian and instream habitat. Faecal pollution Fish access And solving the compounding issues of.. Lack of data evidence and collective knowledge An environmentally degenerative system Cross border misalignment beeen England and IaleS Supply chain pressures This involved using existing knowledge and techniques as well as developing and delivering new methods and partnerships to restore the rivers and their catchments. During 2024 the staffing was mostly stable. The team increased by one staff member to 35 by the end of the year. There was a temporary change in CFO during the year due to long term absence. Public benefit We have referred to the guidance contained in the Charity Commission's general guidan on public benefit when reviewing our aims and objectives and in planning our future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set. Our achievements towards these aims are set out in this report.
THE WYE AND USK FOUNDATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Achievements and performance Summary of the main achievements during the year Bidding activity increased and during the year WUF secured 15 projects totalling £926,661 during 2024. A further £604k of projects are with funders awaiting approval and we are developing catchment markets, and our partnership with the water companies and agrSUpplY. which will realise further opportunities in the future. 2024 saw a leap forward in our understanding of the factors affecting the rivers. The Castco project has been intensively monitoring the Usk. By combining data from eDNA, citizen science, sondes and electrofishing we were able to identify that high and low flows, soil loss and stream turbidity are the main drivers for fish populations. During 2024 the electro-fishing programme conducted by WUF staff showed a large increase in salmonid numbers in the upper sections of both rivers. The numbers were on a parr with the best numbers on record which date back to the 1970's. These were produced from a run that gave the lowest rod catch on record. This questions the use of rod catch as a barometer for salmon populations. Our projects working with the supply chain and fanerS (working with Courtauld and DCW has reap further rewards this year wth agri businesses and supermarkets 'owning' the problems they are creating and both Avara and Noble continuing to take major steps to redu the impacts of food production on the Wye. Other companies have started to act as well. but the court case organised by Leigh Day, has prevented them publicising what they are doing. Natural capital opportunities developed further in 2024 as we were successful in getting onto the water companies procurement framework for the upcoming AMP (Asset Management Period). This will generate opportunities in the coming years as we share their objectives for cool clean rivers. Funders are seeing us as an effective delivery organisation. We are now one of the 4 largest rivers trusts in the UK and the national bodies ofAfonydd Cymru and the Rivers Trust are working dosely with us. WUF has an excellent, capable and stable work for. We are govemed by a strong group of twstees with expertise covering all our operations. The Passport scheme, now in its 21st year increased sales by 3Qkn to £449,819 generating a surplus of £22,838 {2023.' £29,283 surplus) which was used to support our work to aid the restoration of our rivers. The We Catchment Partnership, which WUF hosted, changed markedly during 2024 with the wider partnership taking control. The partnership. empowered by the increased understanding of the system, moved forward with a plan to quantify and tackle the main problems which have been determined in part by WUF. Perfomiance achieved against objectives Achievements during 2024 include= 1) Habitat, fish access and invasive weeds 8.8km double bank of stream was restoredrimproved. 450km of 610km of degraded habitat has been repaired to date. 140 of 175 known fish access barriers have been completed by the end of 2024, the surveys during kst autumn found 16 problematic accumulations of woody debris which were eased. This is an annual cost. During 2024 we progressed wth a feasibility study and conpt design for a more effective bypass for fish to get past Osbaston weir on the Monnow. which was then tsken on by EDF as mitigation for Hinkley. This would improve access to almost 900km2 of catchment. It is the largest fish access issue left in the catchment. 212t of lime was introduced to the upper Vfye and upper lrfon to mitigate acid waters. 116km of the Wye and 60km of the Usk was surveyed for the remaining giant hogweed plants and Japanese knoeed. These were then treatedlkilled during the summer. After 15 years we can see the point when we will have eradicated giant Hogweed from the freshwater sections of both rivers.
THE WYE AND USK FOUNDATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 2) Catchment Advisors {Farm) A further 53 famiers in Wales and 247 in England were supported by our Catchment Advisors. Over 2,300 of the C.5,200 farmers in our catchment areas have been engaged by either our Catchment Advisors or Habitat team to date. We are seeing a pronounced change in famer behaviour in Herefordshire. A recent survey by farm Herefordshire showed an ever-increasing number of famiers now applying less phosphorus than before, therefore starting to wnd back the legacy buil&up of this nutrient in the catchment's soils. Avara's road map is helping this process and there is no longer a surplus of P to be disposed of. In Wales there is an increasing willingness to change, but OLrtside the poultry sector the current system limits the abilty to do so. Our team C¢>ordinated and supported the installation of 16.6kn1 of new hedges to break flow lines and improve ecological connectivity. 3) Nature Based Solutions Nature Based Solutions continued to design, consent and deliver integrated wetlands to offset hOUng development with net gain for the rivers. tree planting opportunities and natural flood management. The key achievement was working with Dwr Cymru to develop a natur&based solution which will treat all the sewage. During 2024 on fami wetlands to redu the impact of food production on the rivers were designed and built, funded by the agri-supply chain. Monitoring is showng these are very effective. The DIME, CaSTCo and SOIL projects are delivering the evidential certainty required for investors to invest and farmers to change practices. This will accelerate during 2025. 112 natural flood management interventions were completed on famis. These are being monitored and the benefit quantified to support further investment. This is proving to be a new income stream to deliver the fundamental change from a degenerative to a regenerative system that is required if we are to solve the new suite of problems afflicting the rivers. 4) Science Working across the farm and Nature Based Solutions teams we identified and mapped the soils at risk of leaching P and also soil compaction issues. During 2024 we supported 90 citizen scientists on the Usk, collecting data. During 2024 we installed 2 further sondes in the Usk to quantify ammonia issues in the Catchment flagged up by the citizen scientists. 192 sites were electro-fished, results analysed and shared. The Wye Algal project has determined the cause of the eutrophication issues in the We. It will report in 2025. The preliminary results wre shared with key partners to allow them to adapt practices before the report is published next year. 5) Supply chain The work with the agricultural supply chain has helped create an environment in which the farmer and agri-businesses make better decisions that take the effect of food production on water and soils into account. This culminated in work by Avara to ensure that no phosphorus generated by its activities would be spread in the catchments that was surplus to crop need by the end of 2024. During 2024 we worked with the farming community to develop ways of stripping the P from manures to allow for the catchment to be brought into P balance by 2028. Our work with Noble and the EA resolved the uncertainties over the regulations of fre&range poultry sites $0 by enabling the wder supply chain to support changes to the existing infrastructure by increasing farm gate price and thereby de-nsk the production of food. Risks and Opportunities The trustees regularly review the major risks which the charity faces. Commercial risk is managed on an overall basis as well as on a project by project basis. Risk assessments are fomially undertaken and updated. with employees receiving the appropriate training. Our insurance cover is provided by a reputable company and reviewed annually to ensure that levels of cover are adequate for our changing needs. VWF keeps and regularly updates a risk register. New risks and opportunities have arisen during 2024 and existing ones have been exacerbated, the changes are summarised below..
THE WYE AND USK FOUNDATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 The highest risks are now around WUF'S ability to realise the new opportunities as grants dry up and we move to service delivery'.- Efficacy of delivery. The move from an output to an outcome approach has flagged up some issues which are being resolved. We are implementing a Culture change within the organisation to aid our move tO8rd$ engaging successfully with external investors in land use change. Uncertainty around, and short-temi nature of. fvnding. This is reducing functionality and needs to be resolved in 2025 with the development of longer-temi opportunities. Skills level and organisational structure. During 2023 and 2024 VVUF intrOdUd significant process and system changes with a new organisational structure. Our next step is to reskill key staff wthin the foundation to meet Ihe change in funding streams and the move into commercial arenas. It comes with a short-term risk to the foundation, but we have the capability to mitigate this and deliver the change needed in the new environment. Financial review Brief review of the financial position 2024 saw a stabilisation in the foundation's funding and capacity with the growth of Natural Capital and monitoring offsetting reduced opportunities for the Fami team. 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 unrestrided funds and the restricted river funds decreased from £76,109 in 2023 to £65,326 in 2024. Overall income to core increased as the Servi delivery and passport offset the reduction in donations. WUF working reseNes (unrestricted and river fvnds) £(3,850). Principal funding sources Since 2015, the Foundalion has been diversifying rts funding streams to increase resilien and reduce risk. In 2024 we received 90/0 of our income from Welsh govemment and NRW, 70A from Defra, EA and Natural England, 150/0 from 2 local Councils, 60A from donations. 140/0 from the agricultural supply chain and supermarkets, 220 from water companies and the OFWAT Innovation Fund, and 10kn from private sector contracts. The donations came from individuals, riparian owners and charitable trusts such as the Scott Eredine Trust, the MleY Family Trust, the Jenour Foundation and the Jordan Charitable Trust. We would like to thank everyone who supported us in 2024 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 intemally through specific appeals to the owners and the wider public and by encouraging people to donate through our website and legacy programme. 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. WUF did not receive any complaints about its fundraising activity. Any request for no further contad is recorded on our database through which we wrdinate our fundraising. Investment power and policy The Memorandum and Articles of Association of the Foundation confers powers on the trustees to invest both the capital and the 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 tenn deposits or securities, which can be accessed readily. The trLEtees have recognised that while providing a short temi 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 nd raising strategy that seeks to address this. The endowment fund is operational and has reiVed donations from generous donors. Investments are managed by Brewin Dolphin (Cardiff). The Ilfye and Usk Endoymient Committee aims to gow the value of its endowment funds over inflation using a baland, medium risk investment strategy and a long- term time horizon. Invested funds and donations grew the fund by 130A in 2024 to £400,605 by year end.
THE WYE AND USK FOUNDATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Reserves Policy It is the aim of the truslees 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 sats'sfied 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. Totsl reserves at 31 December 2024 amounted to £722,689 (2023.. £1,058,398) wth £356,015 (2023.. £632,282) relating to restricted funds, £400,606 (2023.. £353,452} relating to designated funds and a deficit of £33,932 (2023.. £72,664 surplus) relating to the general unrestricted fund. Although the foundation are ending the year wth a negative balance on the general unrestricted reserves, the actual available unrestricted funds are £366,674 when designated funds of £400,606 are included. The designated funds are held to protect the longevity of the organisation and are not designated for any other specific purpose. In addition, The Wye and Usk Foundation received a large legacy payment of £142,000 in 2025 and the general unrestricted reserves at the end of August 2025 are positive. Going concem WUF finished the year with total unrestricted reseNes of £366,674 and restricted funds of £355,935. During 2024 we decreased our total unrestricted reserves by £59,442. WUF has a portfolio of secured funding through projects and opportunities that are expected to see a further expansion in delivery during 2025. The cash balance at the end of Dember 2024 was £413,144, plus fixed asset investments of £377,682. 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 iTrstream 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 Imperi the ecology of the rivers and the maintenance of our previous riparian work. It is WUF'S priority to reduce the flood risk and bring the catchments back into phosphate balance. WUF wll continue delivering and monitoring the efficacy of its current projects, maintaining existing funding streams and expanding new ones within Natural Capital and the Agri supply chain. We also will continue to strive to increase the endowment fund and working reserves. WUF will expand during 2025 and will require careful management to ensure efficient and effective delivery. In 2025, we will further develop the opportunities for partnership working 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 2024 Structure, governance and management Governing Document The Wye and Usk Foundation is a company limited by guarantee. registered in England and Wales {cory)any number 03343965), govemed by its Memorandum and Artides of Association dated 15 October 1996 as updated on 5 October 1997, 12 Febwary 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 charty wth 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 hislher name shall be removed from the list of trustees and helshe shall ase 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 r&elected in accordance with these articles shall on such retirement cease to be members of Ihe Irust. The trustees to retire by rotation shall be those who have been longest in office, but as beeen 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 bLrt 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 the chief executive places the adverts, scwtinises applications, seek referen$ and ensure 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, tnjstees are given copies of the Charity Commission's The Essential Twstee, what you need to know {CC3) and the Hallmarks of an effective charity. For ongoing training purposes, the trustees have agreed that workshops and infomiation from the auditors will maintain standards of governance on an ongoing and timely basis. New trustees will be given visits C site to explain the issues and solutions that the trust is currently managing.
THE WYE AND USK FOUNDATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Organisational Structure Officers At 31 December 2024 the principal officers of the Foundation were: Simon Evans Jon Fry Sian Gray (Chief Executive) (Chief Operations Officer) (Chief Financial Officer) Consultants: WUF is fortunate to work with the following experts: John Lawson Tony Norman Adam Fisher Hogan Lovell (Water Resources) (Honorary Farming Consultant) (Fisheries Marketing Consultant) (Legal Structures of Markets) Related Parties Throughout the year to 31 December 2024. 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 transadions are disdosed 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 twsts. There were 2 employees with annual remuneration of £60,000 or more. Decision Making The Trustees confirm they have acted in accordance wth their legal duties and have had due regard to the guidance published by the Charity Commission. All decisions during the year were made collectively in the best interests of the charity and in furtheran of our stated purposes for the public benefit. The Trustees. decision-making pro$$ is fomially documented in the minutes of our board meetings. This ensures that a clear and auditable record exists to demonstrate how key decisions were reached. Decisions are shared between Ihe board of trustees and key management, with the trustees holding ultimate legal responsibility for the organization. The trustees set the strategic vision and make higlFlevel decisions, while key management handles the day-towday operations through delegated authority.
THE WYE AND USK FOUNDATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Decisions made by the trustees The board of trustees is responsible for the overall govemance, strategy, and direction of the charity. The board of trustees are responsible for- Strategic direction.. Setting the charity's Strategic aims, objectives, and future plans to ensure it is carrying out its purposes for the public benefit. Compliance and policy.. Ensuring the charity complies with its goveming document, all relevant laws, and best practices. This includes approving key policies on finances, risk management, and safeguarding. Financial oversight.. Maintaining ultimate control over the charity's resources. Trustees approve the annual budget, monitor financial perfomiance. and make major financial decisions. such as taking out large loans or selling assets. High-risk decisions.. Decisions that are especially high-risk, novel, or could significantly impact the charity's repLrtation. Appoinlmenls.. The recruitment, appointment, and management of the charity's most senior staff, such as the Chief Executive. Accountability.. Trustees are accountable to the public, regulators. and beneficiaries. and ensure the charity is transparent and that reporting requirements are met. Decisions delegated to key management To ensure the charity can operate effectively, the board of trustees delegates the authority for day-to-day operations and management to key staff. Operational management.. Senior staff are responsible for carrying out the strategic plans created by the management with the trustees and agreed. This indudes managing employees, volunteers, programs, and day- to-day finances within the approved budget. Operational decisions.. Many tactical and operational decisions are delegated. This can include approving smaller-scale expenses, managing program logistics. and handling day-to-day human resources matters. Implementation.. Key management implements the policies and strategies established by the board. They provide regular. detailed reports to the trustees so that the board can monitor progress and perfom)ance. Auditor Azets Audit Services have signified their willingness to Continue in office and a resolution to r&appoint them as auditors will be proposed at the forthcoming annual general meeting.
THE WYE AND USK FOUNDATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Reference and administrative details Company number 03343965 Charity number 1080319 Registered office The Right Bank The Square Talgarth Brecon Wales LD3 OBW Trustees C NeWnOn-Bridge$- Chair J Bengough W Bullough- Resigned 27 June 2024 C De Winton R Edwards- Resigned 21 March 2025 F Hillman P Horsburgh A Johnson A Lavers A Mcintyre - Appointed 21 March 2025 R Norman E Passey M Timmis- Resigned 12 June 2024 A Pyle M Taylor Key management personnel S Evans- CEO Jon Fry- COO S GraylJ Ray- Chief Financial Officer J Bashford - Head of Land Management S merr- Head of Land Management Wales L Macdonald-Ames - Head of Operations W Ogden - Head of Natural Capital 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 2024 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 twstees. report was approved by the Board of Trustees. C Newington-Bridges- Trustee Dated: .24..9..25........... 10-
THE WYE AND USK FOUNDATION STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2024 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 'ngdoM Generally Accepted Accounts'ng Practice). Company Law requires the trustees lo prepare financial slatements 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= select suitable accounting policies and then apply them consistently- observe the methods and principles in the Charities SORP: make judgements and estimates that are reasonable and prudent., and prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charity will continue in operation. 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 Maintenan and integrity of the charity and financial information included on the charity's website. Legislation in the United Kingdom goveming the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. 11
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 We and Usk Foundation (the 'charity') for the Ye ended 31 December 2024 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 standa applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting practi>. In our opinion, the financial statements- give a true and fair view of the state of the charitable company's affairs as at 31 December 2024 and of its incoming resources and application of resources, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practi. and have been prepared in accordance viith the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance wth Intemational Standards on Auditing (UK) IISAS (UK)) and applicable law. Our responsibilities under those standards are fvrther described in the Auditors sponsIbl1111eS for the audit ol 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 ststements 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 suffiaent 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 concem 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 vthen the financial statements are authorised for issue. Our responsibilities and the responsibilities of the twstees with respect to going concern are described in the relevant sections of this report. Other information The other information comprises the infomiation induded in the annual report other than the finala1 statements and our auditor's report thereon. The trustees are responsible for the other infomiation 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 wth Ihe financial statements or our knowledge obtained in the course of the audit, or otheiSe 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 materkgl 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 infomiation, we are required to report that fact. We have nothing to report in Ihis regard. Matters on which we are required to report by exception We have nothing to report in respect of the followng matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion= the information given in the finanual statements is inconsistent in any material respect with the trustees. report., or SLrfficient accounting records have not been kept; or the financial statements are not in agreement with the accounting records., or we have not received all the information and explanations we require for our audit. 12-
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 charitys ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concem basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic altemative but to do so. Auditors 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 vh)ether 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 th 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'.11 www.frc.org.uklauditorsresponsibilities. This description fomis part of our auditor's report. Extent to which the audit was considered capable of detecting irregularities. including fraud Irregularities, including fraud. are instsnces of non-compliance with laws and regulations. We design procedures in line with our resF)onsibililies, outlined above and on the Financial Reporting Council's website, to detect material misstatements in respect of irregularities, including fraud. We obtain and updale 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 th 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 perfom) 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.. Enquiry of management and those charged with govemance around actual and potential litigation and claims as well as actual. suspected and alleged fraud- Reviewing minutes of meetings of those charged wth governance., Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection., Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations., Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for approprialeness, evaluating the business rationale of significant transactions outside the nomial course of business and reviewing accounting estimates for indicators of potential bias. 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 ststements or non-compliance wth 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 norFcompliance. 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 intemal control. 13-
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 Iruslees 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. Awl hthF Azets Audit SeNices 25 September 2025 Chartered Accountants Statutory Auditor Ty DeTW Lime Tree Court Cardiff Gate Business Park Cardiff South Glamorgan 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 CompaniesAct 2006. 14-
THE WYE AND USK FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Current financial year Unrestricted Restricted funds funds 2024 2024 Total Total 2024 2023 Notes In Donations and legacies Charitable activities Investments Other income 59,315 516,939 10,946 750 70,845 902,023 130,160 1,418,962 10,946 750 140,098 1,869,668 8,143 Total income 587.950 972,868 1,560,818 2,017,909 Raising funds 41.482 41,482 15.368 Charitsble activities 642,333 1,235,018 1,877,351 1,973,273 Total expenditure 683,815 1,235,018 1,918,833 1,988,641 Net gainsl(losses) on investments 13 22,3C 22,306 21,887 Net (outgoing)lincoming resources before transfers (73.559) (262,150) (335,709) 51.155 Gross transfers between funds 14,117 (14,117) Net movement in funds (59,442) (276,267) (335,709) 51,155 Fund balances at 1 January 2024 426,116 632,282 1,058,398 1,007,243 Fund balances at 31 December 2024 366,674 356,015 722,689 1,058,398 The statement of financial activities indudes 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. 15-
THE WYE AND USK FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Prior financial year Unrestricted Restricted funds funds 2023 2023 Total 2023 Notes In Donations and legacies Charitable activities Investments 124,567 330,164 8,143 15,531 1,539,504 140,098 1,869,668 8,143 Total income 462,874 1,555,035 2,017,909 Ex enditure on: Raising funds 15,368 15,368 Charitable activities 375.933 1.597.340 1,973.273 Total expenditure 391,301 1,597,340 1,988,641 Net gainsl(losses) on investments 13 21,887 21,887 Net (outgoing)lincoming resources before transfers 93,460 (42,305) 51,155 Gross transfers beeen funds 24,814 (24,814) Net movement in funds 118.274 (67,119) 51.155 Fund balances at 1 January 2023 307,842 699,401 1,007,243 Fund balances at 31 December 2023 426,116 632,282 1,058,398 16-
THE WYE AND USK FOUNDATION BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Notes Fixed assets Tangible assets Investments 15 16 240 319,098 377,682 377,682 319,338 Current assets Debtors Cash at bank and in hand 17 282,788 413.144 299,389 697,028 695.932 996,417 Creditors: amounts falling due within one year 18 (346,093) 1242,388) Net current assets 349,839 754,029 Total assets less current liabilities 727,521 1,073,367 Creditors: amounts falling due after more than one year 20 (4.832) {14.969) Net assets 722,689 1,058,398 Income funds Restricted funds Unrestricted funds Designated funds General unrestricted fvnds 23 356,015 632,282 400.606 (33.932) 353,452 72.664 366.674 426,116 722,689 1,058,398 17-
THE WYE AND USK FOUNDATION BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2024 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 2024, although an audit has been carried out under section 144 of the Charities Act 2011. The directors aCknOedge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial ststements. 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 accordan wth section 476. These financial statements have been prepared in accordan with the provisions applicable to companies subject to the small companies regime. The financial statements were approved by the Trustees on 24.9.25 C Newington-Bridges- Trustee Company Registration No. 03343965 18-
THE WYE AND USK FOUNDATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Notes Cash flows from operating activities Cash absorbed by operations (249,421) {80,609) Investing activities Proceeds from disposal of tangible fixed assets Purchase of investments Proceeds from disposal of investments Investment income received 750 (88.307) 61.467 1.508 1158.900) 134.501 8.143 Net cash used in investing activities (24,582) {16,256) Financing activities Repayment of borrowings (9,881) (10,130) Net cash used in financing activities (9,881) {10,130) Net decrease in cash and cash equivalents (283.884) {106,995) Cash and cash equivalents at beginning of year 697.028 804.023 Cash and cash equivalents at end of year 413,144 697,028 19-
THE WYE AND USK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies Charity information The Wye and Usk Foundation is a private company limited by guarantee incorporated in England and VleS whose registered office is The Right Bank, The Square, Talgarth, Brecon, Wales, LD3 OBW. 1.1 Accounting convention The financial statements have been prepared in accordan 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 The charity finished the year with general unrestrrcted reserves of £(33,932), designated funds of £400,606 and restricted funds of £356,015. The free reserves of the charity at 31 December 2024 were £(33,932} and the Trustees have confimed their wish to retain the designated funds balance. Although the foundation are ending the year with a negative balance on the general unrestricted reserves, the actual available unrestricted funds are £366,674 when the designated funds of £400,606 are included. The designated funds are held to protect the longevity of the organisation and are not designated for any other specific purpose. In addition, the foundation received a large legacy payment of £142.000 in 2025 and the general unrestricted reserves at the end of August 2025 are positive. During 2024 we decreased our general unrestricted reserves by £106.596. WUF has a portfolio of secured funding through projects and other work-streams that will see a further expansion in delivery during 2025. The forecast cash flow is positive for the whole of 2025. At the time of approving the financial statements, the trustees therefore 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 COnM basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted fvnds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Designated funds comprise funds which have been set aside at the discretion of the trustees for SFEcific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements. Restricted funds are subject to speafic conditions by donors as to how they may be used. The purFx)ses and uses of the restricted funds are set OLrt in the notes to the financial ststements. Further explanation of the nature and purpose of each fund are induded wrthin the notes to the accounts. 1.4 Income Income is recognised when the charity is legally entitled to it after any perfomance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. -20-
THE WYE AND USK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies Icontinued) 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. Donated services are recognised in the period to which they relate and valued according to accept1 project rates. Gifts in kind are included at market value and as resources expended at the same value when distribLrted. Grants from the govemment 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 perfomiance conditions attached to the grants have been met, it is probable that the income wll 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 reipt. 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 defeed. Dividends income is recognised on the date the charity's right to receive payment is established. Interest on fvnds 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 relialjy. 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 charitys objectives as stated in the trustees report. This also indudes all costs relating to Complian 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 Offi costs. finance. personnel, payroll and govemance costs. The basis for calculating the allocation of support costs is on the basis of staff time spent on those tIvIties, over and above a material de-minimis. Govemance costs comprise all costs involving public accountability of the charity and its compliance with regulation and good practi. 21
THE WYE AND USK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies Icontinued) 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= Computer equipment Motor vehicles 500A on cost 200A on cost The gain or loss arising on the disposal of an asset is detemiined 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 v4ith 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 incomel(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 carying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impaimient loss. If any such indution exists, the recoverable amount of the asset is estimated in order to determine the extent of the impaimient 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 charitys 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 indude 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. -22-
THE WYE AND USK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies Icontinued) 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 liabilits'es dassified 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-temi employee benefits are recognised as a liability and an expense, unless th(x8e 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 rets"rement benefit schemes are charged as an expense as they fall due. 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 eslimate is revised where the revision affects (lY that period, or in the period of the revision and future penods where the revision affects both current and future periods. The charity does not have any key or significant accounting estimates. -23-
THE WYE AND USK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Donations and legacies Unrestricted Restricted funds funds Totsl Unrestricted funds Restricted funds Total 2024 2024 2024 2023 2023 2023 Donations and gifts Donated goods and services 41.826 70,845 112.671 91,946 15,531 107,477 17,489 17,489 32,621 32,621 59,315 70,845 130,160 124,567 15,531 140,098 Donated goods and services relate to the quantifable value of work done by landowners under grant agreements with The Wye and Usk Foundation which is of benefit to, but is not funded by, the charity. Charitable activities 2024 2023 Passport scheme Miscellaneous Grants and contract income 92,845 94.636 7,248 2.647 1,318,869 1,772.385 1,418,962 1,869,668 Analysis by fund Unrestricted funds Restricted funds 516,939 330.164 902,023 1,539.504 1,418,962 1,869,668 Performance related grants DEFRA Environment Agency Natural Environment Investment Readiness Fund Herefordshire Council Lower WyeAONB Natural Resources Wales Powys Council Dwr Cymru I Welsh Wdter Other 37,969 76,323 21,712 179,188 50.563 108.102 73.745 63,697 160,895 6,776 168,262 117,605 68,843 648,967 1,308,607 1,318,869 1,772,385 -24-
THE WYE AND USK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Investments Unrestricted Unrestricted funds funds 2024 2023 Dividends and interest receivable 10,946 8,143 -25-
THE WYE AND USK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Other income Unrestricted funds Total 2024 2023 Net gain on disposal of tangible fixed assets 750 Raising funds unstrICted Unrestricted funds funds 2024 2023 Fundraisin and ublici Seeking donations, grants and legacies Staff costs 1,426 37,610 7.032 6.227 Fundraising and publicity 39,036 13,259 Inv 2,446 2,109 41,482 15,368 -26-
THE WYE AND USK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Charitable activities 2024 2023 Staff costs Costs of donated services Direct expenses Marketing Motor and travel Premises and office costs Financing Consultancy 1,009,687 17,489 322,742 1,288 45,228 19,064 637 81,336 895,092 32,621 642,754 1,048 40.758 20.002 1,497,471 1,632,275 Share of support costs {see note 10) Share of governan costs (see note 10) 363,980 15,900 328,288 12,710 1,877,351 1,973,273 Analysis by fund Unrestricted funds Restricted funds 642,333 375.933 1,235,018 1,597.340 1,877,351 1,973,273 Grants payable 2024 2023 Farm grants 145,865 98.922 During the year the charity paid £145,865 {2023= £98,922) in fam grants to a total of 30 partnerthips and individuals (2023.. 301. Grants payable costs can be seen within Charitable Activities direct expenses £412,318 {2023'. £642,754). -27-
THE WYE AND USK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 10 Support costs Support Governance costs costs 2024 Support Governance Costs costs 2023 Staff costs Depreciation Motor and travel Premises and office costs Financing Marketing Consultancy Legal Other expenditure 227.582 240 492 227.582 240 492 176.270 1,497 1.645 176,270 1,497 1,645 90,068 12,408 5,426 12,860 90,068 12,408 5,426 12,860 83,881 22,099 19,522 21,861 1,513 83,881 22,099 19,522 21,861 1,513 14,870 14,870 Audit fees 15.900 15.900 12,710 12,710 363.980 15.900 379.880 328.288 12,710 340,998 Analysed between Charitable activities 363.980 15.900 379.880 328.288 12,710 340.998 Governance costs includes payments to the auditors of £13,900 (2023.. £11,710) for audit services and £2,000 12023= £1,000) for non audit seiS. 11 Trustees No trustees received any remuneration during the current or prior year. No trustees were reimbursed expenses during the cuent or prior year. 12 Employees The average monthly number of employees during the year was". 2024 Number 2023 Number Staff deployed in projects Staff deployed in central administration 26 23 Total 34 28 -28-
THE WYE AND USK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 12 Employees Icontinued) Employment costs 2024 2023 Wages and salaries Social security costs Other pension costs 1,080,827 81,774 112,278 893,046 83.898 100.645 1,274,879 1,077.589 Key management personnel The key management personnel of the charrty received benefits (induding gross salary, employers national insurance and employers pension contributions) totalling £412.482 (2023.. £255,416}. The number of employees whose annual remuneration was more than £60,000 is as follows= 2024 Number 2023 Number £60,000- £70,000 £70,000- £80,000 13 Net gainsl(losses) on investments Unrestricted Unrestricted funds funds 2024 2023 Revaluation of investments Gainllloss) on sale of investments 21,858 448 18,619 3,268 22,306 21,887 14 Taxation The charity is exempt from tax on income and gains falling wthin section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the exient that these are applied to its charitable objects. -29-
THE WYE AND USK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 15 Tangible fixed assets Computer Motor vehicles equipment Total Cost At 1 January 2024 Disposals 3.292 54.905 (4,600) 58.197 {4,600) At 31 December 2024 3,292 50,305 53,597 Depreciation and impainnent At 1 January 2024 Depreciation charged in the year Eliminated in respect of disposals 3,292 54,665 240 (4,600) 57,957 240 {4,600) At 31 December 2024 3,292 50,305 53,597 Carrying amount At 31 December 2024 At 31 December 2023 240 240 16 Fixed asset investments Listed Investments Cash in portfolio Total Cost or valuation At 1 January 2024 Additions Valuation changes Disposals 317,073 88,307 21,858 (61,019) 2,025 9,438 319,098 97,745 21,858 {61,019) At 31 December 2024 366,219 11,463 377,682 Carrying amount At 31 December 2024 366,219 11,463 377.682 At 31 December 2023 317,073 2,025 319.098 -30-
THE WYE AND USK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 17 Debtors 2024 2023 Amounts falling due within one year: Trade debtors other debtors Prepayments and accrued income 127,145 150,383 300 148,706 155,643 282,788 299,389 18 Creditors: amounts falling due within one year 2024 2023 Notes Borrowings Other taxation and social security Deferred income Trade creditors Other creditors Accruals 10,386 89,363 44,178 20,467 112,010 69,689 10,130 36,023 11,725 26,668 128,951 28,891 19 346,093 242,388 19 Deferred income 2024 2023 Other deferred income 44,178 11,725 Deferred income is included in the financial ststements as follows= 2024 2023 Deferred income is included within.. Current liabilities 44,178 11,725 Movements in the year.. Deferred income blf ReiVed in year Released in year 11,725 44,178 (11,725) 17,810 114,340 {120,425) Deferred income CIF 44,178 11,725 Deferred income relates to prepaid season rods. fishing rod scheme and fishing sales. 31
THE WYE AND USK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 20 Creditors: amounts falling due after more than one year 2024 2023 Borrowings 4,832 14,969 21 Loans and overdrafts 2024 2023 Other loans 15,218 25.099 Payable within one year Payable after one year 10,386 4,832 10,130 14,969 There were no amounts due in more than five years (2023.. £nil). 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 £112,278 (2023.. £100,645). At the year end amounts outstanding totslled £9,872 (2023.. £15,518). -32-
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THE WYE AND USK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 26 Operating lease commitments At the reporting end date the charity had outstsnding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows= 2024 2023 Within one year Between two and five years 12,139 16,618 11,714 22.060 28,757 33.774 27 Related party transactions As part of the Passport scheme amounts of £65,664 {2023: £63.040) 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 £2.624 (2023.. £3.796) were collect by WUF as agent for, and were paid to, Ms E Passey for the letting of a fishing beat owned by her. As part of the Passport scheme amounts of £83 (2023.. £Nil) were collect by INUF as agent for, and ere paid to, Mr C De Winton for the letting of a fishing beat owned by him. Income of £5,022 (2023.. £270) was reiVed from Nomian Partnership for Vrk done. Income of £514 (2023.. £531) was received from P Horsburgh in respect of fishing sales. Income of £31 {2023.' £Nil) was received from A Johnson in respect of fishing sales. Income of £180 {2023.' £Nil) was received from A Lavers in respect of fishing sales. Income of £115 (2023.. £Nil) was received from J Bengough in respect of fishing sales. Income of £Nil {2023: £416) was received from C Newington-Bridges in respect of fishing sales. During the year eleven trustees made auction donations, auction purchases and other donations totaiing £21,23612023.' e1ve trustees made auction purchases and other donations totalling £28.051). 28 Agency Transactions The Charity acts as an an agent in respect of certain transactions. INhere the Charity is acting as an agent. the funds do not belong to the Charity and are therefore not recognised as income or expenditure in the Statement of Financial Activities. Dunng the year the Charity recieved a total of £428,970 12023= £414,734) and paid out a total of £356.974 (2023.. £341,486). As at the year end, the amount held in respect of these transactions was £101,774 (2023.. £106,831) and is included wthin creditors. -37-
THE WYE AND USK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 29 Cash generated from operations 2024 2023 (Defi¢it)Isurplus for the year 1335,709) 51,155 Adjustments for= Investment income recognised in statement of financial activities Gain on disposal of tangible fixed assets Gain on disposal of investments Fair value gains and losses on investments Depreciation and impairment of tangible fixed assets (10,946) (750) (448) (21,858) 240 {8,143) (3,268) {18,619) 1,497 Movements in working capital.. Decrease in debtors Increasel{decrease) in Creditors Increasel(decrease) in deferred income 16,601 70,996 32,453 34.680 {131,826) {6,085) Cash absorbed by operations 1249,421) {80,609) 30 Analysis of changes in net funds At 1 January 2024 Cash flows At 31 December 2024 Cash at bank and in hand 697.028 1283.884) 413.144 Loans falling due within one year Loans falling due after more than one year (10,130) (14.969) (256) 10,137 {10,386) {4,832) 671.929 (274.003) 397.926 -38-