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 p￿parIng
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 be￿een England and I￿aleS
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 agr￿SUpplY. 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 fa￿nerS (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 con￿pt 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 kno￿eed. 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 hOU￿ng
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 w￿re 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 tO￿8rd$
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 intrOdU￿d 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 M￿leY 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 re￿iVed 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 balan￿d, 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 De￿mber 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 be￿een 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 NeWn￿On-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 mer￿r- 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 fina￿la1 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 othe￿iSe 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 be￿een 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 aCknO￿edge 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 V￿leS
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 COn￿M 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 accept￿1 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 re￿ipt. 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 defe￿ed.
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
un￿strICted 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 se￿i￿S.
11 Trustees
No trustees received any remuneration during the current or prior year.
No trustees were reimbursed expenses during the cu￿ent 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
Re￿iVed 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 re￿iVed from Nomian Partnership for V￿rk 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-