Company regislralion number. 04225307 Charty regislralion number.. 1089239 The Trent Rivers Trust IA company Iwnited by guaiantee) Annual Report and Financial Statements for the Year Endaj 31 July 2022 'A(2B4ZM8* 2710412023 COMPANIES HOUSE Page Kirk LLP SheThYood House 7 Gregory Boulevard Nottingham NG7 6LB
The Trent Rivers Trust Contents Reference and Administrative Details Chairman's Report 2103 Trustees. Report 4t018 Independent Audi(ors' Report 191022 Slalement of Finanual Actmlies 231024 Balance Sheet 25 Slalement of Cash Flows 26 Notes lo the Finanaal Statements 271038
The Trent Rivers Trust Reference and Admlnistrative Details Chief Executive Officer Mr M Easter Trustees Pllr l Buttetheltl rmowen Mrs V L Holi Mr D Jones Mr P Smith MrRJKay MrTHFarr Mr G D Nickokjs Secretary Mrs V L Holt Charity Registration Number 1089239 Company Registration Number 04225307 Registered Office The Old Police Slalion Wharncliffe Road Ilkeston DE7 5GF Auditor Page Kith LLP Sherwood House 7 Gregory Boulevard Nottingham NG7 6LB Page 1
The Trent Rivers Trust
Chaimian's Report for the Year Ended 31 July 2022
The last year has seen The Trent fv'vers Trust {the Trust) again ireaSe both the srLe of ils team and
our levels of expertise. This to respon¢J to the increasing level of funding the Trust is attracting and the
complexity of our prqects. We have again enhanced our pUtatK)n for delNering projec15 for lunders
and partners that not only meet our charrtable objectives bul also meet their requirements.
The Trusts team undepwenl some changes in the year. a main one being the malemity leave of a key
Senior Catchment Manager requiring lo bring in malernrty cover, whh we decided lo relain, therefore
increasin9 our number of Senior Catchment Managers to 4. The year also saw us recruit lo other new
positions, notably a new finance assistant and communications officer. ID reflect our need to increase
the capacity of our linanee team and meet our ambilion lo communicate more effectwely aboul what
we do. espe¢ialty with the public. The other new roles have increased our technical and specialist
projecl delivery ¢apacity. being a senior Calchmenl RestOTalion Officer, Environmental Project Officer
and Environmental Technical Officer. We fecruited a new lead Finance trustee Richard Kay, who
brings experience and expertise particulady from the private seclor. We have also seen two staff
members leave, though have now replaced these roles and our staff retention levels remain very
good. despite cost of living pressures and competition from the private sector.
Our income levels have again risen in 2021122 lo a rerd level for the charrty. There arè three main
asons for this", gater levels of business development activity. our track record of delivering
impactful projects in line with funder needs and the broader funding environment being supportive of
rivef resloralion, reducing pollutn and biodiversity improvements. We have started a major strategic
Natural Flood Management pro11 funded Ma AVIVA via WWFUK and now have 3 projects working
with WWF. Other lunding continues lo come mainty via Local Authorities, The Environment Agency
and Sevem Trent Walef.
One of our longef-standing projects 1$ focused on the river Mèase. splrt between River Resloralion
and a Developer Conlribution Scheme. The project reached the end of its Current phase wlh work
completed al further sites to reslore degraded unnatural channel sectKsns. reduce sillalion, enhance
iivefbanks and inlfoduce gravels increasing habiiat diversity- A major sile was the confluence sile
which is a new 2.5ha wetland, which is comprise
The Trent Rivers Trust Chaimian's Report for the Year Ended 31 July 2022 Another key projecl completed rn 2021122 was our Hatchford Brcok project. near Birmingham airport. We deliberalety priorrtised Work on Ihts project as we have not delNered many prqects in the urban wesl Midlands. The project included the removal of two weirs and the installation of WdY debris and brushwood mattresses and has increased Ial habrtat dtversty both in channel and wider and has reeeived widespread support from the public localty. A furthec major weir removal project was on Rolhley brook. where we W0ed with contractors to remove a longstsnding weir, thereby ¢realin9 a more natural flow regime and improving habil* diversity p$taM of the weir. The final piojecl I wll highlight is our Focus on The Eye pioiecl. This project was primarity funded through a govemmenl's Gen Recovery lund. wa the Heritage Lottery. 11 enabled us lo undertake river $toratIOn work along a number ol feaches of the river Eye near Melton Mowbray and included bankside resloralion woth and the additional of gravels, the creation of wetland scrapes and some Iree-planling. A second part of the piojecl was the development of a RNer Eye farmer liaison group and capital works wrth farmers including the fencing of water courses. improvement of livestock track5 and the inslallalion of a solar Ptr•vered water pump. The complexf(y of our proje¢t$ has again in¢ased, as has the number of projects attracting multi-year funding. We have wofkeé on over SO projects throughout the year, and developed a projeet tracker to help us plan and mange pioject delivery. We also Continue with management team - meetings that partieularty he with proiecl resourcing. Previously we hi9hlighled finaneial managernent and communiealions as tsvo areas for improvement. Having a 2 slroDg internal finance team has hugety dced risk in Ihis area. with improvemenls lo our financial management fully switching lo the Xero accounting system. We also dKI a lol of research into becoming VAT regislered. choosing to become a VAT registered charity rather than setting up a new consullancy arm. The priority for our new Communications Officer has been the improvement of our website. which has been achieved and we are seeing an upturn in users ol the website and followers on social media. The Trust has continued to grow, is cleaty meeting ts chariiable objectives and remains in a strong position financially. We have also finalised our new business strategy lo run from start of the Trusts financial year 2022 lo end of financial year 2025. This strategy contains both internal and external priorities going forward wth a focus on consolidating our income levels and team skills rather Ihan seeking significant growth while looking to prioriti5e, developing our Trenl-wide leadership role. increasing public awareness and engagement in our acliviiies and improv¥)g our inlernal policies and procedures. The Slfdte9ic rerx)rt behalf by.. approved by the trustees of the charrty on 26 April 2023 and signed on ils Mr M Owen Chairman and Irustee Page 3
The Trent Rivers Trust Trustees, Report The Iruslees. who are directors for the purposes ol company Law, are pleased lo present their annual report together with the financial statements and auditors. report ol the charity for the year ended 31 July 2022. This report 15 also Pfepared in order lo meet Ihe requirements for a Directors Report and Accounts for the Companies Act PLtrposes. The financial slalement$ ComY wth the chariti.es Act 2011. the Companies Act 20CE, the Memorandum and Articles of Association, and make reference to the guidelines provided by the Statement of Recommended Praclice- Accounting and Reporting by Charities ISORP 2005). Tho charity The Trust is a registered charity and also a company limited by guarantee. As such il does not have any share capital. The Trust was founded in 2001 as the Trent Salmon Trust and is govemed by the Memorandum and Articles of AsSocialn wh were crealed in 2001,. the Articles being amended in 2019. The charity is managed by a board of Iruslees comprising eight Iruslees. chaired by Mad( Owen, with Richard Kay becoming our finance Iruslee during this year. The Trust continues lo work closely with rts umbrella organisalK)n. the Rivers Trust {RTI and networks with other Rivers Twsts, on matters of governance. funding opportunrties, training and staff appoinlmenls. The Chair andlor the CEO of the Trvsl attends the national AGM organised by the R T each year and where possible, a number of the staff team attend the RT conference in the autumn and spring. The RT now employs a regional manager that the Tnjst regularty liaises with. partKularly about projecl development opportunrtie$. The Trust's key objective as 51aled in its Memorandvm. revised in 2019 is to protect. conserve and enhance. for public benefrt. the natural aquatic environmenl and biodiversity of the catchment of the River Trent and promote understanding of sustainable approaches lo water management in urban and iural areas. Structure. goveman¢e and management The strategic direction of the Trust Is direded by the Board ol Iruslees. The day-laY management of the charity is the responsibility of the CEO. wh) is a full time member of staff. The trustees, who are also Ihe [thCtorS of the Trust for Ihe purposes of Company Law. are responsible for preparing the Trustees Annual Report and the financial statements in a¢¢ordance wrth applicab law and regulations. Company Law requires the Iiuslees to prepare financ1 statements for each financial year. Under that law the trustees have elecled to prepare the financial statements in accordance th United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Stsndards and applicable law}. Under Company Law the Iru51ees musl not approve the financial statemen15 Unless they are satisfied that they gNe a true and fair wew of the slate of affairs of the charitable company and the Income and expendrture ol the charitable company for that period. Page 4
The Trent Rivers Trust Trustees. Report In preparing Ihese financial stalemenls. the trustees a required lo". select suitable aecounting poIleS and then appty them consistently. observe the methods and principles in the Charilies SORP 201 S FRS 102.. make jud9emenls and accounting estimates that are reasonab and prudent.. stale whether applicable UK Accounling Standards have been folkhved. subject to any material departures disclosed and explained in Ihe financial slalements.. prepare the financial statements on the going concem basis unless it is inappropriate lo presume that the charitabk company *MII continue in ¢weration. The trustees are SPOnSible for keeping up lo date accounting records that are sufficient lo show and explain the charitable company's transactions and to disclose with reasonable accuracy at any time the financial position of the charitable cornparty, to ensure Ihal the financial slatemenls comply wrth the Companies Act 20L%8. They are also responsible for safeguarding the asset5 of the Charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Trustees meet al least three tsmes each year. usualty four. to discuss the slralegi¢ direction and - business activitS of the Trust. The financial perfomiance of Ihe charity 15 an item on the agenda for every meeting and the Iruslees receive financial and project updates including the half yearly management accounts and forec8s15 for the followin9 year and at each meeting are fully briefed of the current s(tualion by the CEO and Finance Manager. The CEO also has regular meetings with the chair of trustees and the truslee responsible lor finance when necessary_ .Members ol the board are selecled lo bring a broad cros5-5ection of skills and expertise relevant to the carrying out ol activitie5 by the Trust. This skillsel includes financial and business management as well as skills and knovledge of river management and broader charity managemenl. Trustees also provide 5UPPOrt when required, gardIng specffic techn1 elements of projects, recruilmenl and HR matters. Potential new Iruslees can be identified by another member of the board or by a member of staff, usually in response lo a skills or geographical gap. Al the AGM. an election within Ihe board decides whelhef or not they are appointed. NeY eleded trustees meet wrth the CEO and the Chairman to arn more aboui the recent, current and future activities of the Tiusl. This is an informal brfing. New Iruslees also ceIve a copy ol the RT'S 'Trustees Guide'_ Guidance and informalKin notes provided by the Charitie5 Commission ale a150 circulated lo all Iwstees as il is published and any issues relevant lo the Trust are discussed al Iruslee meetings. This guKl8nce outlines the overarching responsibiliknes of Iruslees and the expectalK)ns of the role that they will lulfil. The Chair and CEO refer lo these documents at the initial briefing session. Exi51ing trustees receive no forrnal ongoing training bLrt also have access lo the comprehensive guidance documenls and are invited lo national and Iccalty organised evenl5. Mallhew Easter 15 the CEO ol the Trust and is responsible for the operal#)nal management of the organisalion and the delivery of ils busines5 strategy. The decisions made by the CEO are undertaken within a scheme of delegated authority and include mallers relating lo project and business development and projecl planning and delivery, human re50ur¢es. staff appointments (except Sen( management posrtK>ns). day lo day financial management including budgeis, wblic relations and funding. Paye 5
The Trent Rivers Trust Trustees. Report The 51ralegic direction of the Twst and polry decisions regarding finance. ernanCe, $lru¢lure and ongoing management arrangements are referred to the truslees for approval in advance of being formally adopted. In these instances. the CEO pOrtS the fflatters to the board in advance ol a Iruslees meetin9, and a decision is made al the meeting. A risk gister has been prepared for the organisalion to highlight 811 the organisalional and operational risks which the Trust may be exposed to. The risk register is reviewed tw'ce a year by the CEO and key risks and mitigating factors are noted in the CEOS report to each Iruslees meeting. Any subslanlial risks identified are addressed as a malter of urgency. The Trust began this reporting year engaging Ih"e services of a Fin"ance Manager on a consultancy basis. In January 2021 the Trust employed its first inlemal Finance Manager, Helen Cauldwell. Sinee this date she had been responsible for the financial management of the organisalion. Her areas of responsibility ineluded". . Preparation of the annual accounts". . Cashflow management and credit conlrd" Payioll. Invo1n9 and PUTcha5ing". . Budget monitoring induding prcyecl budget recording. • Finanaal procedu5 and VAT tracking. The employmenl of an inlernal Finance Manager in 2021 has meant closer working beNveen the charity's finance functw and its managemenl team and the opportunity to review its financial procedures. 11 has also meant a review of our internal financial management resource and the decision lo employ a third finance assistant. In 2021122 the Finance Manager has also assisled the CEO in decision-making about the Trusl becoming a VAT reglstered charity. This has been a very kjng process, though will mean full VAT registration in earty 2022Q3. The Trust team has also grown, increasing to over 20 for the first time. At a senior level we welcomed back Kim Jennings as a Senior Calchmenl Manager and look the decision lo extend the senior maftagement team by retsining Dr Jon Lewi5 also as a Senior Catchment Manager. We have 8150 furthei bolstered the team by recruiting an Environmental Project Officei, Emily Richardson, an Environmental Teehnical Officer Anton Cannell and a Senior Calehmenl Restoration Officer Mark Hudson. We bsl from the Team Colleen La0 following the end of the RNer Starts Here project and Josh Wells and would like lo Ihank them here for their work at TRT. The leam is now made up of people. Wofking at a wKler range of levels and with a wider range ol specialisms and experience. We have 2 members of the team Amy Taor ané Tina Bardill whose work focuses on farmer liaison, especial in regard lo the reduction of pollution, promoted Nick Wilding lo be a Senior Catchment Restoration Officer and continue lo work wrth our associates Louise Richmond and Adrian Rochford on work with famiers. Emma Small manages our river restoration and pollution reduction work on the river Mease and Alan Graham prowdes technical support across all project areas as well as supporting the CEO in H and S managemenl and scrutiny. Alison Thomhill remains the Trust's Trent Valley Way projed Offieer. focused currently on work In Staffordshire and South Defbyshi. The Trust has also employed Vanessa Sumpmann as our new Communicalion Offi¢er. This follows on from a review of the Trusts Communications output and planning. A PTiorily for this role has been an overhaul ol the Trusts website and an increase in our Social media oulpul. Page 6
The Trent Rivers Trust Trustees. Report The Headquarters of the Tru51 continues to be based in Ilkeslon. The Erewash Busine55 Cenlre, The Old Police ststn. Wharn¢liffe Road, Ilkeston. Derbyshire DE7 5GF whh provides a base for the staff team and ganisa[lOnal records. Objectives and activitles The Charitable objectives of Ihe.Trusl a set out in the organisalron's Memorandum and Artieles of As50cialion. Following agreement on the merger with the On Trenl Partnership in spring 2012, the Charitable objectives ol the Trust were revised and the Charitable objeclives for the Trust were agreed as follows.. . caling a rich éiversty of linked water and wetland habitats.. . Preserving, proleeting and enhancing biodiversty and cmjr river heriiage", Encouraging sustainable approaches to urban and rural land management to inprove the aquatic environment.. Increasing undersianding and appreoalion of water an¢J its management,. Encouraging involvement by 1 in our wor*.. • Piomoling the beneficial use and enjoyment of river$ and wellarKIs. As far as possible, rthv projects and actmties will be pursued only if they further these objectives. In additn to the charitable objectives, a statement of principles was also made.. Demonstrating leadership in the Trenl calchmenl through effeetive communication- Being a delivery focused organisalion.. Seeking to work in partnershrp with other organisations.. . RespKting and enhancing the local environment.. . Promoting the integration of a range of interests: balancing the needs of heritsge, ¥Id1•re and people. Encouraging an Ecosystem Servi¢e$ approach- • Taking account ol adapting to, and Mitating the effects of, climate charrfJe. The Trust also tjeveloped an aim as being to.. 'Work to Conserve and enhance the rivers of the Trent Catchment for people and wildlife.. Page 7
The Trent Rivers Trust Trustees. Report In the Business Plan 20122. six primary aa$ are identified: • Delivering NFM and SLbDS', River $toratIon., Habilal creation-, '.Conlrol.ol invasive non-native species". Improving fish passage- Preventing pollution. In addrtion lo these areas, three further seeondary worft areas were also slated.. • To promote understanding and positively influenerng behav+ur through education". . Catchment partnehip5-, . Access and recreation. Though at any given trme the Trust wll not be delNering work equalty across these areas. we strive to keep a balanced programme of work. evaluating ils effectiveness in meeting our charitable objectives. We have now mapped our income against each of these work areas and also internally report against progress in each area. We employ a team of people able to work across the area and work in partnership wilh conlraclor5 and partners Whe we do not have all the skills and experien¢8 in-house. Where we can. we employ a contractor to provide suppori. redu¢e the risk to the Trust and meet seasonal demands. We have a51n9lY done this in 2021122. 2022-2025 business strategy The Trust needed to neW its business strategy as the pviouS one vdas coming to its end_ Therefore in March-July 2022 work was undertaken lo scope and develop a new business strategy. A main milestone was a joint staff and Iruslee workshop held in April 2022 to look at reshaping TRT'S key work areas. outlining the main challenge for the business strategy in 2022-25 and drafting some internal organisalional prionties as well some external ambitions regarding project development. We agreed 4 new woth aa$. streamlining dthyn from the 9 prewously." These are.. . Catchment recovery {biodiversty, habrfat improvement. NFMI Reducing pollution (farm based pollution reduction work. Suos) . Connecting pgople and rlvers (to incfude engagement and adVa¢Y adivitie5 and TVW) Rlver restoration Irish passage. in channel pr(4ects and reconnecting the lloodplain). Page 8
The Trent Rivers Trust Trustees, Report In summef 2022 we were still working on the strategy but it has the main overarching objective ol 'consolidaling our income levels and team skills ialher than seek signilicanl growth while bokin9 10 priorilise.". 1. Developing our Trent-wide leadership ro 2. Increasing public aWanesS and engagemenl in our aCiNe$ 3. Improving our internal policies and procedu5 We have listerl below briefty some examples of prcyects beiro delivered in 2021122. These are grouped against our 4 new work area5." Catchment restoration: Aim.. To preserve. pmlecl and improve the l)KKlivefsity watee. livers and weuand habilats. These projects demonslfale TRT is meeb.ng its charitable aims in this area". Monitoring of the Lowdham NFM project as funded by the Enwronment Agency. This project is Particularly important for TRT as il helps us demonstrate the impact of a Natural Fiood Management project ané beeause funding for detailed monitoring of projects is scarce. Completion of the ¢apital phases of the Clarborough NFM projecl. TRfs largest scale Natural Flood Management project. This project both increases the flood resilience of the town of Clarborough and has biodiversity and pollution reduction benefft$. It has involved the installation 0150 inlervenlion5 including putting in 38 leaky barriers into an incised channel, creating 4 new bunds and r&profiling a major fiekl drainage ditch, a$ well as 5 storage ponds and 0.4 Ha of tree planting. Charnwood NFM project phases 1 and 2. This pioject is another major Natural Flc>)d Management project, funded via The National Forest Company. The year started wilh phase 1 scoping and modelling and ended wrth work on sile being carried out. This work led to the installation of 15 leaky barriers, 5 liviThJ bunds and the removal ol a defective weir and a bafge wetLand with 3 scrapes enhancing floodplain water storage. Trees on the Tienl Phase 2. Tree4antsng project working wrth landowners ah)ngside the River Trent lo improve riverside tree cover in appropriate lo¢alions funded by Severn Trent Water. Trees on the Dove Phase 1. This project's purpose agreed was lo engage with landowners and land managers lo identity areas adjacent lo the RNer Dove and in the wider floodplain area suitable for tree and hedgerow planting. Also lo woth wilh the landowner5 to identify a mutual agreement for the planting proposals whilst identifying, considering and milNJaling any wider ecological and herilage issues. 11 has now resulted in a funded Iree-planting project being delivered in 2022r23. Soar Air Wrck wF. This large prO¢t aims to ¢reate new areas of wild-flower mead¢M. particulady to prtsVe new habitats for pollinating insects. The project njns untsl 2024. The Trust ecided to wort( bwth a r8nge of partner5 to deliver this proje¢l. We have Iherefore provided funding via VVVVFUK lo Leicester City Council, Leicestershire County Council and LeeSter$hire and Rutland Wildlife trust amongst others. The Trust is also working th a number of landowners itself lo deliver projects al srte$ within the Soar Catchment. Dewenl Connections. This project started in 2022 and is due to finish in 2023. It is a Heritage LollerylDEFRA Green Recovery funded project, worf(ing with Derbyshire Wikjlife Trust. Our role in this project was mainty to scope out NFM opportunities with landowners as agreed with the Wildlife Trust. One of the key landowners we have been working wlh on this project has been the Chalsworth Estale. Page 9
The Trent Rivers Trust Trustees. Report Aviva Soar NFM. This is a major new project for TRT and will be our biggest Nalural Flood Management Project. In 2021r2022 the project started with funding for some of the earfy development woik. Funded by AVIVA the insurance company via WWFUK the projeet is designing 3 new methodology lo scope out NFM ¢)PPOrtunilies across the Soar and engage with local communities about the role NFM has lo play in floc#J mitallon in the conlexi of tsJrfding people's resilience lo flooding. . Top WIX. This project involved Ihe detailed deSn for a water management scheme al Top Wood. This sile is owned by The W¢odland Tnjsl, who have been pleased wrth our Tole on thi5 pr¢jeet. Hogshaw Brook. This project assessed a number of suitable Natural Flood Management INFMI inlervenlions for three lributarvès of the River Wye-. including the Hogshaw Brook, Nun Brook and Wesl Wye. These 1nleNenlnS aim to work alongsKle area's current agricultural and land management landscape whilst benef1tting the local community thcough flood risk reduction. A variety of NFM inlervenlions were explored including," welland rennedn. woodland creation and runknoff allenualirjn features. Report Successfully produced for the funder. River Devon NFM. This was a study th has now led on to further work that aimed to identify, priorilise and provide out11ne design5 for key inteThenlions to help improve the Water Framework Directive 51alu5 of the River Devon, along wilh solutions for managing fiood risk and opportunities for flood storage. In total. 23 NFM features and 29 WFD improvements were identified across Ihe calchmenl for implemenialion. These interventions were prioritised based on Iheif respective impact on flood reduction or their ability lo improve the WFD siatus of Ihe river. Mease NFM. The aim of this projecl was to identify and scope up future NFM options in priority areas of the Mease at flood risk. Work has focused on the areas of Appleby Magna, Packinglon and Moira and continued into late 2022. . NFM studies al Breedon. Golham, Retfwd. Rosliston. Sloney mKIdton. Eyam and Sookholme. Reducing pollution: Aim.. To impmve how 18nd management affects waletside rivers and wetland habilats. Mease DCS and River Restoration. This projed has enabled the Trust to delivef an Integrated Approach lo Catchment Resloralion on a RNer SAC. The Mease pollution reduction pro11, primarily targeting ph05phales and funded through the Developer Conlribulion Scheme is now well into its delwery phase. In this prqecl we have worked with multsple landowners lo identify over 150 projects and have priorilised the implementation of sediment trapping wetlands. Teducing phosphates through floodplain reconnection and supporting famiers to make improvements such as gateway resurfacing and improvement lo livestock drinkers and fencing. This project continues lo be a flagship project for the Trust. particularly important not just because of its local impact Ilhe Mease is a SAC site) bul because of ils scale and multi-year timescale. The River Resloralion element of the project concluded in early 2022. with capitsl delivery on a number of siles managed in autumn 2021. Key sites included Gran9ewood fam) and the confluence site where the Mease meets GiSkaW Brook. Al these sites we restored naluial river function and processes, worked in<hannel and close lo the channel and created a variety of new habrtals. Some of the outpvls of the project are", SOO trees planted, 1970 lonnes of gravel introduced to the channel, 9.74 Km of watercourse enhanced, 13.12 Ha of floodplain habilal improvements, 59 landowners engaged with and 1068m of farni track improved. We began a transition phase for this project in 2022, focusing on the measuiemenl of the impacts of the DCS project on phosphate levels..It is hoped new phases for the DCS and Rtver restoration sides of this projecl will begin in 2023. Page 10
The Trent Rivers Trust Trustees. Report Tittesworth and cropstontaunIO Harold. The Trust has continued work wth one employee and a consultant lo help address walei quality issues affecting Tittesworth. Cropston and Slaunlon Harold reservoirs. Severn Trent Water fund this wod( through annual partnership agreements which were renewed for 2021122 bLrt have now been renewed for a longer 3 year period. Advice is provided lo famers in each catchment including support for them to sign up to Sevem Trent's Environmental Protection Scheme (STEPS.) which funds capital investment on farms lo imprcsve agricultural practice and enhance water quality. Our woik with faM)e local lo Cropslon has also focused on raising awareness and promoting a Melaldehyde reductK)n initiative. Our work al Tf(tesworth for over 11 years has demonstrably reduced phosphates and other chemicals reaching Tittesworth reservoir. We also, through one of our consujlanls have again Lleljvered a proiecl focusing on soil and water samples and theif anatysis al numerous siles across Nottinghamshi. Tesco Diffuse Pollution. This prc¥ect is funded via WWFUK and was in its 3rd year. The Tesco I WWF Partnefship's objedive lor this pilot lanés¢apes wod( was for farm advKe and inlervenlions 10 delwer sustainable agricultural pcacti¢es at a landscape scale, Wh are effectively inlegraled with other advice prowsion and the enlorcement of regulations. This project involved the Trust. latterly via our Agricultural Advisor, Amy Ta01 lo liaise wilh farmers in the Soar catchment. particularjy suppliers lo Foyles, Arla and Muller. In 2021122 we completed the lann advice stage of the project and also provided funding lor a number of Thi fafm capital interventions induding fencing off water courses and farm track improvements. Connecting people and rivers: . Aim.. To demonstrate and enh the relationship belween people, wa¢erside. rive and wetlands. River Starts Here. This project finished in eaty 2022. though wrth some work on in51allation new inlerpfelive signs remaining. The project worked wilh 567 volunteer5 acTOS5 the various activrties and 511es136 in 2018., 215 in 2019. 270 in 2020., 46 in 2021, 20 businesses were awarded river-friendly business award hawng worke(1 wrth us to look * the impact or polential impact ol Iheir activities on local water tour5es, supi>orted a group of 20 young volunteers. worting on local biodiversity enhancements, improved water voie habitat wth 5 water voles took residency in our Hiicole river resloralion lealure and Improved access lo nalufe walk at Coppi¢e Brook. These are only the highlights of Ihis project, which akhough hampered by COVID, mel its targets and SLwessfully reported back lo our funding parfners. Ihe main ones being G9S an¢J Esme Fairbairn. Calchmenl H051ing SoarlL(wJer Trent and Erewash and Dove. We have continued to be funded lo host 3 calchmenl partnership5. where we play a key role in bringing partners together and leading work lo devel¢)p new plans and inilialives al a calchmenl scale. Trent Valley Way South Derbyshire and Staffordshire. This prqeet was due to complete in November 2022. Our new project officer Mison Thomhill worked with Lindowners and partners to priorilise small 5¢ale investments in the Trent-valley Way in Stsffordshire and Derbyshire. These improvements include better signage, Improv interpretation material, new styles and way markers and other access improvements. The projed is part of the broader Transfoming The Trent Valley projed. with our WO funded via the heritage Lottery and Tarmae. • Trent Gateway. The Trusl was contracted by the Environment Agency to undertake work to provide a focu5 for future projeel development in the Trent Gateway area around Nottingham. The main aspect of this wort( was a quèstionnaire sent c¥Jl to fesidenls, selected by poslcode to ask for their views on the River Trent, and in particular ae$S lo rt and its slalus a5 8 natural resource. We had a good response rate. with responses collated and which are now being used lo influence olher fuluie funding bids. Other parts of I$ project included preliminary engagement wlh an artist regarding new environmenlalty themed artwork alongside the Trent. We have now prc*lu¢ed a storymap which tells the reader about the survey and rt5 re5ulls. which has been very well4eceived by partners. Page 11
The Trent Rivers Trust Trustees. Report Our communicat5 Output has also generally increased, wrth greater inVoement in key working groups, webinars and attendance at conferences. Our new Communicalions Officer has a150 been wotking on a refresh ol oui website a Nottingham based design agenw. Rivgr r9Storation: Aim.. To create and improve linked rivers and we118nd h8bitals in the ft)plaIn to b&nefil fish and other aquatic wildlilè. River Eye SSSI. This project was funded through Ihe govemmenl's Green Recovery fund. via the Hentage Lottery. 11 enabled us lo undertake river resloration work along a number of reaches ol thè river Eye near Metton Mowbray and included bank5ide restoration work and the a¢Jditional of. gravels. the creation of wetknd scrapes and some Iree-planling. A second part of the project was the development of a River Eye farmer liaison group and capital works with famers including the fencing of water courses, irnprovement of liVestk tracks and the installal*)n of a solar powered water pump. Though the project mel rts objectives and delivered schemes on time, there were a number of adjuslmenls lo the original plans largely due lo difficulties in working with The Environment Agency. The project delivered 3HA of habilal improvements. included planting over 500 trees. benefited 3.4Km of the river Éye and involved workn.ng th over 40 landowners. ROthY Weir Enforcement Undertaking. This Project aims lo rmprove the Water Framework D1ClIve ecological slalu5 of the Rolhley Bro¢)k foll¢)wing a pollution incident in 2016. The desi9n work has continued for this project and extra funding has been secured. This projed was delNered in autumn 2021 wilh the biggest full removal of a weir undertaken by the Trust. Halchford Brook. This piojecl in urban Birmingham was EA and EU funded and important for the Trust as we have nol delivered many projects in Birmingharn. The project delivered 2.2Ha of habitat improvements and 800m of river was enhanced. The main part ol the project was the removal 012 weirs thal were inhibiting fish passage, bul it also invofved some woodland work and the use of woody debris and brushwood mattresses lo incre8se sinuosity. The Pfojecl was not easy lo deliver due lo funding conslrainls and the need lo consider the needs of an adjacent golf course and Birmin9ham international airport, while also not impacting nood risk for a local primary school. Saffron Brook Leicester. The Saving the Saffron Brook projecl aims to $tore the heavily modified river ecosystem along the Saffronmash Brook in southea51 Leicesler. Ma direct channel improvements, re•naluTalisation and floodplain reconnection. whilst engaging with local communitie5 lo bring them closer lo nature. Our key partner in the project is Leester Cty Council. Our work in 2Q21122 has been focused on designing schemes. working with landowners and undertaken a lol of preparatory woth regarding pemiissions elc. Neaty all the capilal works wll be undeflaken bette¢n summer 2022 and end June 2023. Eel miligalion project. Pfojecl funded via The EA and Scottish and Soulhem Energy who own power station close lo the projeel location. The project entailed lowering a 3000m2 area so that it would hold water all year long whth ineluded a 1500m2 deeper area. In addrtion, the channel connecting the wetland area wrth the River Trent was also deepened and wdened to allow an easier roule for incoming water lo enter the wetland. In total 1150m3 01 spoil was removed from the wetland and spread on farmland behind the ffiood bank. The project was delNefe(I below original cost estimates so we will be working with the p¢)wer station to Iwk into &Ydilional works. Trent Fry Refugia. This project funded by The EA looked at a number ol siles, where rt could be possible to create new fry refugia by reconnecting ponds to the main river channel. The scoping report was successlulty wmpleted and although found rt technicalfy possible lo undertake Ihis woth. the cosls associated wlh taking spoil off sile are prohibrtive and 50melhing that requires further onversation with the Environment Agency. Page 12
The Trent Rivers Trust Trustees, Report Tracking The Trent. Prqect started in late 2021. This project VAII establish a fish telemetry programme using a¢oustic tags to estsblish a baseline efficiency esbmate for fish passage at Averham weir and lateral ¢onneclivty in the floodplain. The project will assess the impact on the migration of toar5e and eel fish species and will be carried out as part of the TnI G8teway Partnership Project. A key partner is Hull University and the Trust hopes this work will proVe evidence more generally about the impacl of weirs on the movement of key fish species and specifically help in plans lo provide fish passage al Averham weir. Focus on the Eye_ The objective of the project was to identsfy a number of environmentally beneficial capital inleryenlions which primarily aim lo reduce sediment and phosphate inpul in Ihe.Eye calchmenl. The interventions identified land Il implemented) will deliver Water Framework Directive improvements, enhance biodiversity and sl¢)w the flow of waler into the main River Eye. The prqecl undertook scoping work on a number of small lribvlaries of the river Eye and has successfully scoped out lulure fiver resloralion and phosphate reduction projects that could be tsken foM8rd in futu phases. Achievements and perforniance The Tru51 increa5ingty seek5 10 improve how it monitors rts impact. It needs to do this= To demonstrate achievements to funders. To measure achievements against Trust set goals. helpiThJ decKle whh future projeels the Trust wants lo deliver. . To improve project delivery and close projects effeclNety. ."To eommunicale our ath*vements lo the public and a WKler range of funders and potential donors. Listed in the previous section are our 4 new project work areas. the aims of each work area by which we will conlinue to judge our perfomiance and a breakdown ol the major projects that have contributed lo the Trust meeting ils obj'ectives. There are a variety of way5 in which the Trust monrtors its perfom)ance against the aims of each of our work areas. In terms of catchment restoralion we have measures of Ha of land environmenlalfy improved, numbers of trees planted. where ielevant landowner liaison data. and number of natural Fbod Management Interventions installed. For our Reducing Pdlulion Trusl objectNe we include landowner liaison date where relevant, Ha of land environmentally improved, a3 of new habitat created and length of river in Km improved. It 1$ extremely difficult lo measure reducing pollution in temis of pollutants. due to the many laclois that influence pollution leve15. Our phosphate monrtoring wod( in the river Mease. In particular. is now beginning lo piovide dala about the effecliveness of our inleNentions (such as silt trapsl on reducing phosphate levels. For River Resloialion we again include Ha of new habilal Created and Ha of land environmenlalty improved. We also measure Km of river habital either cated or improved and the number of projects that remove weirs or irnPTove fish passage. For Connecting People and Rivers we measure number5 of volunteers and are developing new metrics related lo the use of our web511e and inleraclion with our stxial Media presence. We also measure numbers ol busine5se5 adVd including farTning businesses. Page 13
The Trent Rivers Trust Trustees. Report A high percentage of our work invofves the prc#J1n of K)rts. scoping studies and desn5 and so we also now measure the numbef of these types of reports that we complete. Doing this is also useful because il helps us monitor the percentsge of projects that are actually delivered flNing study or design work. This type of work can be specific lo each of our work areas or cover a combin*ion of them. During 2021-22. the Trust has worked on over 60 separate projects wrthin the ee-mOnth period. As part of this delivery.. 60 volunteers worked wlh us vnplementing impr¢)vemenls lo rivers. streams and surrounding h8bilals, even in Covid times", . Over 10 Ha of Riparian habrtats improved or created: . Over 9.6km of River habrtat enhan¢ed or created" . 3 weirs removed and over 3km of river opened up for fish passage". 3410 trees planted: . We have engaged wth over 2 famersnandowners: . Actively worked ¢)n 12 NFM prcyect5 delrvering 40 interventions: • Completed 24 scowng reports, studies or designs. In addition lo this we direclty engaged with more members of the public than ever before. mainly through our Trent Galeway project. where we had responses from 3.350 individuals Our river restoration prc¥e¢is also ilded the addrtwl Ot ¢)ver 2000 lonnes of gravel lo improve and diversify river habilals. The 2021122 period has again seen a lot of internal change al the Trust. This hastened the need for a new business strategy and focus at the end of this period on inlernal improvement priorities. This year has again been a year of significant further growih with team numbers again reaching a record level and our income levels again reaching a new high. I wanl lo highlight some fvrther key areas of progress for the Trusl_' Successful establishment of the Trusts new Finance Manager Helen Cauldwell and later in the year rinance Assistant Jayne Duggleby. The year saw the full migration of our accounting and financial management lo Xero and signtficanl improvement in how we track projecls, both in lems of budgets and delivery. Investigation into TRT'S VAT status. with a decision taken to become a VAT registered charity. Woth began on our 2022-2025 business sliategy including a bLZY 51aff and Iruslee workshop in April 2022. This has seen the reduction of our work into 4 work area5, each with a specific aim. Inlernal priority projects identified for 2022123 including SUPPOrt for hiring paid HR support. a potential team reslruclure and investment in priority Trent Rivers Trust projed$. R&analysis of our reserves and adoption of a reseNes poly vrfrth anatysis showing that our reserve levels are very healthy. Partulaty c0ft1pa with other eharrties of a similar size and purpose. Page 14
The Trent Rivers Trust Trustees. Report Consolidation of our longer-tem work on the Mease, with not only completion of the previous phase of our river resloration and pollution reduction woth. bul a short exiension lo our Mease project managemenl work and ongoing delivery of a Mease NFM project and Mease phosphate monitoring projecl. Completion of a new Mease film. Our business devel¢)pment work has led to diu$$I0ns abwt a new RNer Restoration project working in 2 catchments al Henmore Brook and Dover Beck. funded by Severn Trent Water. Severn Trenl Water also agreed lo fund our agri-advice work at Tiitesworth and Cropstonlslaunlon for further 3 years. Continued WO on a number of W"EIF funded projeds. . Mulli-year projects being delivered in Ihe Soar catchment focused on NFM funded by AvivamWFUK and wildliower meadow creation funded by Air WickMWFUK. Start of projects with a greater focus particularty on fish with our fry refugia project ar more importanlly fish tracking project fc¢used around Aireham weir. Rat40nalisalion 91 our Peak Angling Passporl project Wblh process UreaY to join an online bL%Jking system as developed by a partnei rivers trust. New communications officer. already making improvements lo the TRT website and increasing the reach of our social media. Organisational achievements Thtr Tru51 continued to record perfotmance on the basis of further set of indic*ors. The slalislics for these are provided below". • The attendance record for all employed siaff was 99 pereent. . 53 percent of stsff lime vrds spent on income eaming activity. . 3 percent of staff time was spent on proieci devekjpment. . 29 new projects wmmenced during this reported penod. . The team al U7e Trust wort(ed on a total of 71 drfferent projects durin9 this porting pericé. The Trust ¢onlinues to employ Alan Grahwn as the Healih and Safety officer for the Trust. wi¢hin his broader role. Alan conlinues to update the Trust's Heallh and Safely policies and to woA( on improving and ¢he¢king risk assessmenls. Health and Safety features as an rtem on every team meeting agenda and every trustees Meeting agenda. Any incmlents from the accident and near miss book are reviewed, and staff share any concems an¢J issues they might have. The Trust now has Heallh and Safety as an item in all team meetings. wularly iemewing Inadents which are thankfully few and far between. We have nol had any major H and S or RIDDOR reportable incidents in 2021122. Public benefit The tnjstees have had due regard lo the guKlance published by the charity commission on public benefft. The work of the Trust beneffts rwers, river wiidlrfe and the people who enjoy rivers an¢J who gain their livelihood from rivers. The work Ltndertaken by the Trust delivers a number of dtfferenl public benefits. These are summarised below and how not Changed markedly from the previous year.. Page 15
The Trent Rivers Trust Trustees, Report Wort by the Trust's Calchmenl Officers in three Sevem Trent drinking water catchments helps to ensure that water in the reservoirs is free from pesticide residues. excess phosphate and sediment. By supporting farmers to adopt best practice management of crop protection chemicals, lertiliser5 and organtc manures. the cisk of these substances inadvertently entenng Ihe water in the reservoirs is reduced, thus minimising the cost of treating the water before it is piped to the consumer. The Trust has worked on a number of flood management projects which have all made a significant contribution lo the reduclh)n of flood risk lo local villages in the nearby area. Though m¢fe monitoring is required it is clear that our NFM work is helping to reduce peak IIow5 and flow rates, wheie we have undertaken projects. The Trust has continued to seeure funding to delwer major river iesloralKJn projects across the Trent eatchmenl. Not only will these projects delNer large scale habrtal enhancement bul they will also help to reduce fiood risk downstream. Encouragingly. we now have a strong pip.eline of such prcijects and have been able lo continue lo work closely with The Environment Agency lo identify new projects that can be included wthin Iheir long-temi pL8nning documents. Many of our projects boost bic*Jiversity and 5UPPOrt wildlife to thrive. There is a strong link betmeen access lo wild places and the waterside environment wlh mental well-bei. Our projects that encourage lflOwerS and pollinators as part of Wkler restoralion or NFM works also have a clear public benefil. The Trust has worked wrth indrvmduals in our River Starts Here projecl. promding them with the opportunity lo undertake praclical environmental work, leam new skills and be rewarded through Participalion in a reward scheme. The RSH prqect has also worked with a nvmber of local businesses lo improve their environmental performance, reducing the risk of pollulion wilh that hawng ¢lear public benefits. Our Trent Gateway pro11 has alw substantplly raised awareness of the Rtver Trenl and ils value as well as ecological status. The Trust h0515 three Catchment Partnerships and one SutchMent partnership which help to bring organisalions and individuals together lo work for the benefit of the river environment. This partnership workin9 foslers collaboratn and contribulions from all those vAlh an interest in the river and the issues affecting rt. which in tum. benefits the local communty and those who tjepend upon the health ol the river lor Iheir livelihood or recrealK)nal pur5uIIs. Our work on The Trent Valley Way encourages the use of these footpaths by the public leading lo positive wrth the mental and physul health outcomes. Financial review The 2021-22 wa5 anothèr reeord-breaking year for InMe and is reffledwe of the volyme of projects and efforts made by the Trust's dedi¢aled team_ Careful monitoring of project spend Continues regular reviews against budget taking place between the Finance team and project leads. This allows the learn to revw spend against mileslones and lake any aelion rf necessary. The Trust aims lo cover lime spent on all aspects of projects including planning, ddtvery and evaluation is Vered by projected bu¢Ygets. Continuing cliligence on monrtoring expendrture on materials, equipment and incidentsl items has also been instrumental in ensuring projects are delivered within budget. The Trust has little eore lunding, so all costs must be covered by project income. The Finance Manager regularly reviews the running costs of the or9anisation in order to re-appraise the slaff éaily rates and the projected core cost contribulion and financial management eharges required. Page 16
The Trent Rivers Trust Trustees. Report Projects that require match fundirrfJ still psent a challenge for the Trust as very often projects are agreed al short notice so opportunitEs for securing match funding are somefimes limrted. In adértion. working with some OEFRA bodies which do not grasp the need for full cost recovery has caused ijs to reduce some aspects of wor, as we are unable to subsmlise projects to the extent they expect. The Trust is looking at how il can access the necessary element of match now needed for these partner collaborations. Reserves pollcy The adopted policy on reserves was approved by the trustees at a target of six months operating costs of the organisation. This fvjure gNes due ward to the Charity Commission's guidance bul also lakes into a¢wunl considers the approach adopted by our funders in respect ol reserve5 provision. Subsequent lo the approval of this largel, rt is now the aspiration that every project Contributes a minimum of Syo ol its value lo re5erye5. This fUre is buih into the budgeting process where possible and where allowable by lunders. As it is not always possible to budget for a nIrIbUtiorI lo ieserves, eIrlencY savings within project delivery has allowed the Trust lo generate a surplus whh Can be transferred lo reserves. As a resuli of this Nvoronged approach. the Ttust Is delighted lo have made steady progress towards achieving Ihe reserves targel. Statement of tru5tees' responsibilities The trustees (who are also the directors of The Trent Rivers Trust for Ihe purposes of company law) are responsible for preparing the tru$lees' report and the finanoal slalemenls in accordance with applicable law and United Kingd¢)m Accounting Standards Iuniled Kingdom Generalty Accepted , AOUntIng Praclicel. induding FRS 102 'The Financial Reporting Standard applieable in the UK and Republic of Ireland" . Company law requires the trustees lo piepare financial slalements for each financial year. Under company law the Iruslees musl not approve the financial statements unles5 they are satisfied that they give a true and fair view of the slate ol affair5 of the charitable company and of the in¢oming resources and application of resources. including rts income and expenditure, of the charitable company for that period. In preparing these financial statements. the trustees are required lo.. select suitable accounling policies and apply them consistenty. observe the methods and principles in Ihe Charities SORP.. makejudgements and eslimales that are reasonable and prudent- slate whether applicable accounting standards, comprising FRS 102 have been followed, subject to any material departures dIlOSed and explained in the financial slalemenls.. and prepare the financial slalements on the going concern basis Ljnless rt 15 inappropriate to presume thai the charitable company will conlinue in business. The Iruslees are responsible foc keeping proper accounting record$ that can disckjse with reasonable accuracy at any lime Ihe financial position of Ihe charitable company and enable them to ensure that the financial slalemenls comply with the Companies Act 2006. They are also responsible for safeguaiding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularilies. The Irusl8es are responsible for the mainlenance and integnty of the corporate and financial information included on the charitable compan$ website. Legislatn goveming the preparation and di5seminalion of financial slalements may differ Irom legislan in other jurisdictions. Page 17
The Trent Rivers Trust Trustees, Report Disclosurg of information to auditor Each trustee has taken steps thal Ihey ought lo have taken as a trustee in order lo make themselves aware of arby relevant audit infomalion and lo establish that the charity's audrtor is aware of that information. The Iruslees confirm that there is no rekvanl infomation thal Ihey know ol and of which they know the auditor is unaware. Reappointment of auditor The auditors Page Kirk LLP are deemed lo be ieappointed under section 48712} ol the Companies Act 2006 Small companies provision statement This report has been prepa in accordan¢e with the small companies regime under ltte Companies Act 2006. The annual report was approved by the trustees of the chanty on 26 April 2023 and signed on its behalf by. Mrs V L Holt Company secretary and Iruslee MrRJKay Trustee Page 18
The Trent Rivers Trust Independent Auditor's Report to the Members of The Trent Rivers Trust Qualified opinion We have audited the financial statements of The Trent Rivers Trust {the 'charity'l for the year ended 31 July 2022, which comprise the Statement of Financial Acttvities. Balance Sheet. Statement of Cash Flow$. and Notes lo Ihe Financial Stalements. in¢luding a summary of significant accounting policies. The financial reporting framework Ihal has been appl in their preparatKJn is United Kingdom Accounting Standards. comprising Charitie5 SORP - FRS 102 'The Financial Repong Standard applicable in the UK and Republic of Ireland. and applible (United Kingdom Generally Accepted Accounting Prath'¢el. In our opinion, except for the possible effects of the matter described in basis for qualified opinion section of our report. the financial slatements.- give a true and fair view of the slate of the charty's affairs as al 31 Juty 2022 and of ils incoming resources and appIltiOn of reSoUe$. including its in¢ome and expenditure. for the yeaf then ended., have been properly prepared in accordance with United Kingdom Generally knepted Accounting Practice," and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for qualified opinion on financial statement5 The basis for Ihis opinion was that the financial statements of The Trent Rivers Trust for the period 31 Juty 2021. which are presented as comparatives lo these Iinancial s18lements were not audited. Qualified opinion on the financial statements In our opinion, except for the effects of the matter dewibed ui the Basis for Qualified Opinion paragraph. the financial statements.. give a true and fair vwl of the stale of the chanty's affairs as at 31 Juty 2022 and of ils incoming resources and applKalK>n of resources, induding rts income and expenditure, for the year then ended.. have been properly prepared in accordance with Unrted Kingdom GeneIlY Accepted Accounting Practice.. and have been prepared in accordance with the requirements of the Companie5 Act 2006. Basis for oplnlon We conduded our audrt in accordance with International Slandaids on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit ol the finanual statements Section of our report. We a independent of the charity in accordance w¢th the ethicaj requirements that are relevant lo our audit of the financial statements in the UK. including the FRC'S Ethul Standard, and we have fUilled our other ethal responsibilities in accordance wth these requirements. We beIve that the audit evidence we have obtained is sufficient and approprole to prowde a basis for our qualif opinlon. -Page 19
The Trent Rivers Trust Independent Auditorfs Report to the Members of The Trent Rlvers Trust Conclusions relating to going concern In auditing the financial statements. we have eonduded that the trustees use of Ihe going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or condrtions that, indmdually or collectwely, may cast signthcant doubl on the charity's ability to continue as a going concem for a per of al least tWee months from when the original financial slalemenls were authorised for issue. Our SponSibl1111es and the responsibilities of the trustees with respect to going ¢¢)ncem are. deseribed in the levant sections of this report. Other information The Iru51ees are responsible for the other infom)ation. The other information comprises the information included in the annual report, other than the financial statements and our aLJdilor's report thgreon. Our opinion on the financial statements does not cover the other inlorma110n and, except lo the extent otherwise expli¢illy stated in our report, we do not express any form of assuranee conclusion Ihereon. In connection wrth our audit of the finanaal slalements, our responsibility is lo read the olher infomation and. in doing so. consider whether the other infomialKJn is materially inconsislenl with the financial stslemenls Of our knowledge obtained in the audit or otherwise appears to be materially misslaled. If we identify such material inconsistencies or apparent material misslalemenls, we are required lo determine whether there is a rnaterial misstalemenl in the financial stalernenls or a material misslalemenl of the other information. If, based on the work we have perforrned, we conclude that there is a malerial mis$latemenl of this other infomiation. we are required to report that fact. We have nothing lo report in this regard. Opinion on other matter prescribed by the Companies Act 2006 Excepl lor the possible effects of the matter described in the basis for qualffjied Opinic section of our port, in our opinion. based on the worti un¢Jertaken in the course of the audit.. the infomialion given in the Chaiman's Report and TnJslees' Report lor the financial yeai for whh the financial statements are prepared is consistent with the financial 51alemenls', and Ihe Chairman's Report and Truslees, Report have been ppare¢l in accordance with applicable legal feqtiirements. Matter5 on which we are required to report by exception Except for the matter described in the basis for qualffied opinion section of our pOrt. in Ihe lighl ol our knowle<lge and understanding of the chariiy and its environment obtained in the Course of the audit. we have not idenltfied maleiial misslalemenls in the Chairman's RepDrt and the Trustees, Report. We have nothing to report in respecl of the follwng mattels ¥the the Companies Act 2006 requires us lo ieport to you if, in our opinion.. adequate accounting records have not been kept. or ieturns quale for our audrt have not been receNed from branches not visrted by us., or the financiaj statements are not in agreement with the accounting records and retums." or certain disdosures of trustees, remuneral)n spè¢rfied by Law are not made.. or w& have not received all the inf0mli0n and explanatK)ns we qUITe for our audiL Page 20
The Trent Rivers Trust Independent Auditorfs Report to the Members of The Trent Rivers Trust Responsibilities of trustees As explained more fully in the Slalement of trustees. responsibiltties (set out on page. 171, the frustees are responsible for the preparation of the financial stalemenls and for being satisfied that they give true and fair view, and for such inlemal control as the trustees delemine is necessary to enable the preparation of financial statements that are free from malerial misslalemenl. whelher due to fraud or erTQr. In preparing the financial slalements. the trustees are responsible for assessing the charTly's ability lo continue as a going concem. disclosing, as applicable, matters related to going concern and using the going concem basis of accounting unless the Irustees either intend to IwJuide the charty or lo cease operations. or have no realistic amernative but lo do so. Auditor responsibilities lor the audit of the financial statements Our objectives are to obtain reas(able assurance about whether the financial statements as a whole are free from material misslalemenl. whether due lo fraud oc error. anij to issue an audilorfs report that includes our opinion. Reasonable assurance is a high level of assurance, but is nol a guarantee that an audit conducted in accordance wrth ISAS (UK) will aayS delecl a malerial misstalemenl when il exists. Misstalemenls can arise from fraud or error and are considered mater1 if. I1VIduallY or in the aggregate, they could reasonably be expected to influence the economic decisions ol users taken on the basis of these financial statements. Irregvlaiitses, includin9 fraud. are instsnces of non-ctynpliance th laws and gUlations. We design . procedures in line with our responsibilities, oullined above. to detect malerial misstalemenls in respect of irregularities. inclLrding fraud. The extent to whh our procedure5 are capable of delecling irregularities. including fraud is detailed below". We obtained an understanding of the legal and regulalory framework5 Wlthin which the company operates, focusing on those laws and regulatn5 that have a direct effect on the detemiinalion of material amoun15 and disclosures in the financial statements. The laws and regulaliDns we considered in this context were the Companies Act 2006. Taxation l$lation. COVID furlough income and Money Laundering. We identified the greatest risk of material wnpact on the financial statements from IrgUIantie$, including fraud, lo be the override of controls by management and the understatement of revenue. Our audit Procedures to respond to Ihese risks included-. Enquiries of management about Iheir ¢)wn idenlificalion and assessment of the risks of irregularities. Sample testing on the p051ing ofjournals. . Reviewing meeting minutes. regulatory correspondenee and professional fees. Detsiled substantive testing on the completeness of inm. Owing lo the inherent limitations of an audrt. there is an unavoidable ii5k that we may not have detected some material misstatements in the financial statements, even though we have properly planned and perfom)ed our audit in accordance with audrting standards. We are not responsible lor preventing non<ompliance and cannot be expecte(I to detect non<ompliance with all laws and regulations. These inherent limitations are particulady significant in the case of misslalemenl iesulling Irom fraud as this may involve sophislicaled schemes designed to avoid detection. induding deliberate failure to reeofd transactions, eollus)n or the provision of inlenti¢Mal misrepresentstions. Page 21
The Trent Rivers Trust Independent Auditorfs Report to the Members of The Trent Rivers Trust Use ofour report This pOrt is ma¢Je solely to the charitable company's Iruslees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might slate lo the charity's trustees those matters we are required to state lo them in an auditor's report and for n¢ other purpose. To the fullesl extent permitted by law. we do not a¢cepl or assume responsibility lo anyone other than the charitable company and its Irustees as a body. for our audit work, for this report. or for the opinions we have fony. James Haywood ACA (Senior Slalulory Audilorl For and on beham of Page Kirk LLP. Stalulory Auditor Sherwood House 7 Gregory Boulevard Nottingham NG7 6L8 26 April 2023 Page 22
The Trent Rivers Trust Statement of Financial Activities for the Year Ended 31 July 2022 Ilncluding Income and Expenditure Account and Statement of Totsl Recognised Gains and Losses) Unrestricted funds Restricted funds Total 2022 Note Income and Endowments from: Donations and lega¢*s Charitable activities Investment income 1.759 80,787 776 1.759 1,234.555 776 1,153,768 Total income 83,322 1.153.768 1,237.090 Expenditure on: Charrtable activities 154,747 1.005.820 1,160.567 Total expenditure 1 S4.747 1.005.820 1,160,567 Net {expendiluie}lincome 1.4251 147,948 76,523 Net movemenl in funds (71.425) 147.948 76,523 Reconciliation of fvnds Total funds brought forward Totsl funds ¢arrie(I foThd3rd 629,016 29.238 658,254 17 557,591 177.186 734,777 The notes on pages 27 10 38 fomi an integral part of these financial slalements. Page 23
The Trent Rivers Trust ststement of Financial Activities for the Year Ended 31 July 2022 (Including Income and Expenditure Account and Statement of Totsl Recognised Gains and Losses) Unrestricted funds Restricted funds Total 2021 Note Income and Endowments from: Don81ions and legacies Charrtable actiwlies Investment income 1,964 913,670 2,574 912.670 2.574 Total income 4,538 912.670 917,208 Expenditure on- Charitable adiwtie$ {54.801) 1879,3891 1934,190) Total expenditure 54.801 879.389 934,190 Nel lexpendrtureifinc(xne Transfers between lunds 150.263) 36,072 33,281 136.0721 116,9821 Nel movement in funds {14.191) 12,7911 116,982) Reconciliation of lunds Total funds brought foNard Tol81 funds carried forward 643.207 32,029 675,236 17 629.016 29,238 658,254 All of the ¢harity's aclivities derive from conlinuing operalions dufing Ihe above peri¢)ds. The funds breakdown lor 2021 is shown in note 17. The notes on pages 27 10 38 lom an integral part of these financial slalemenls. Page 24
The Trent Rivers Trust (Registration number: 042253071. Balance Sheet as at 31 July 2022 2022 2021 Note Fixed assets Tangible assets crn1 assets Debtors 13 Cash at bank and in hand 14 12 12.078 1.681 307,105 1,067,700 81,684 1.161,687 1.243.371 1.374,805 Creditors- Amounts falling due within one year 15 652,106) 586,798 Net current assets 722,699 656,573 Net assets 734,777 658,254 Funds of the ¢harlty: Restricted income funds Reslricled funds 17 177,186 29.238 Unrestrlcted income funds Unfeslricled funds 557.591 629,016 Total funds 17 734,777 658,254 These financial slalemenls have been prepared in accordance with Ihe special proviSh?ns relating 10 cijmpanies subject to the small companies iegime within Part 15 of the Companiés Ad 2006. The financial stalements on pages 23 to 38 were approved by Ihe trustees, and aulhori5ed for issue on 26 April 2023 and signed on their behaff by". Mr M Owen Chairman and truslee The notes on pages 27 10 38 fomi an integral part of these finaneial statements. Page 25
The Trent Rivers Trust Statement of Cash Flows for the Year Ended 31 July 2022 2022 2021 Cash flows from operating.activities Net cash incomellexpendrture) 73.774 {16.982) Adjustments to Cash flows from non4ash items Depreciation Investment income 664 776 73 2,574 119,4831 73.662 Working capital adjustments Ilncreaselldecrea5e in debtors Increase in creditors 1217.2751 59,686 40.972 249,958 Nel cash flows from operating activtties 83.927 271,447 Cash flows from investing activities Interest received Aequisilions of tangible assets 776 10.838 2,574 1,754 Net cash flows from investing activit5 10.060 820 Net (decrease}lincrease in cash and cash equNalents Cash and ¢05h equivalent5 al 1 August {93.9871 1.161,687 272,267 889,420 1,161,687 Cash and cash equivalents al 31 July 1.067.700 All ol the cash fl¢)ws are derived frcm conlinuing operations during the above iwo peric*Js. The notes on pages 27 10 38 fomi an integral part of these financial statements. Page 26
The Trent Rivers Trust Notes to the Flnancial Statements for the Year Ended 31 July 2022 1 Chartty status The charity is limited by guarantee, incOTated in England and Wales, and consequenlty does not have Sha caprtal. Each ol the trustees is liable lo contribute an amount not exceeding £1 lowards the assets of the charity in the event of14uidalion. The address of its registeied offe is.. The Old Police Slalion Wharncliffe Road Ilkeslon DE7 5GF These financial statements were authorised for issue by the trustees on 26 April 2023. 2 Accounting pollcles Summary of significant accounting policies and key accounting estimate5 rhe principal accounling policies applied in the pieparalion of these financol statements are sel out below. These policies have been consistenlly applied lo all the years presented. unless otherwise . slated. Ststement ol compliance -The financial statements have been prepared in accordance with Accounting and Reporting by 'CharitJes'. Statement of Recommended Practice (applicable to charilie5 prepacing their accounts in aecordznce with the Financrdl Reporting Standard applicable in the UK and Republic ol Ireland IFRS 102)) lissueé in October 2019} - (Charities SORP {FRS 102)). the Financial Reporting Standard applicab in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Basis of preparation The Trent Rivers Trust meet$ the definrtion of a pubh'c benefit entity under FRS 102. Assets and liabilities are initially recognised ot historic81 cost or liansaction value untess otherwise stated in the relevant accountin9 policy notes. Going concem The trustees consider that there are no material uncertainlies about the chartys ability lo continue as a going concem nor any sIgnrfanI areas of uncertainty that affect the carrying value ol as5els held by the charily. The Injstees have prepared and vieWed forecasts and are confident that these show thal the charity is able to operate within its available resoui¢es and meet ils Iiabililies as they fall due for the I0$eeable future. Accordingty, the trustees consider it appropriate lo continue lo adopl the going eoncem basis of accounting in preparing the fina181 statements. Page 27
The Trent Rivers Trust Notes to the Financial Statements for the Year Ended 31 July 2022 Key sources ol estimation uncèrtainty Preparation of the financial slalemertts qUireS the Iruslees to make slgnificanl judgements and estimates. The estimates and underlwng assumptions are reviewed on an ongDing basis. During the preparation of these financial stalement5 there have been no s1gnrfint or material critical judgements and estimates and that require disclosure. Income and endowments All ineome is reeognised once the Charity has enlitlement to the income, Il is probable Ihallhe income will be received and the amount of the income recevab can be measured reliably. Donations and legacies Donations are recognised when the charity has been nolified in writing of bolh the amount and selllemenl dale. In the event that a donation is subject to conditions that require a level of performance by the charity before the eharrty is enlrtled lo the funds. Ihe income is deferred and not recognised until either those conditions are fully mel, or the fulfilmenl of those condilrons is whol within the control of the charity and it is probable that these conditions will be fuwilled in Ihe reporting period. Grants receivable Grants are recognised when the charity has an entitlement lo the funds and any condrtions linked lo the grants have been mel. whe perfomiance ¢OAditions a attached to the grant and are yet to be mel, the Income is recognised as a liabilty 8T included on the balance sheet as deferd inccme to be released. Expenditure All expenditure is recognised on¢e Ihere is a legal or conslructNe obligation lo that expenditure, (( is probable setllement is required and Ihe amount can be measured reliably. All costs are allocated lo the applicable expendilufe heading th aggregate similar costs to that category. Where costs cannot be directly attributed lo particular headings they have been allocaled on a basis consislenl with the use of resources. with central staff costs alloced on Ihe basis of lime spent. and depreciation charges allocated on the POrtfi of the asset's use. Other support cosls allocated based on the spread of staff costs. Charitable activities Charitable expenditure ¢(prIseS Ihose costs in¢urfed by the ¢harity in the delivery of ils activities and seNices for ils beneflari¢S. 11 includes both Costs thal Can be alhxated diredty lo such adivilies and those costs of an indirect nature necessary to support them_ Grant provisions Provisi$ fof granls are made when the intention lo make a grant has been communicated lo the recipient but lhe is uncertainty about either the liming of the grant or the amount of grant payable. Support costs Support wsts in¢lLKle cenlral fvnctions and have been allocated lo actiwty cost categoiies on a basis consistent with the use resources. lor example, allocating property cosls by floor areas. or per capila, staff costs by the time spent ant1 other costs by their usage. Page 28
The Trent Rivers Trust Notes to the Financtal Statements for the Year Ended 31 July 2022 Governance costs These include the costs attributable lo the charity's compliance with constitutional and slatulory fequiremenls. induding audil. slrategic management and trustees. meetiThJs and reimbursed expenses. Government grants Government granls are recognised based on the accrual model and afe measuied al the fair value of the asset received or receivable. Grants are classified as relating erther lo revenue or to assets. Grants felaling lo revenue are recogni5ed in income over the period in which the related costs 8re iecognised. Grants relating to assets are recognised over the expected useful life of the a5sel. Where part of a grant relating lo an asset is deferred. it is recognised as deferred income. Taxation The charity is consKleied to pass the lesls set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore il meels the definition of a charitable company for UK corporation lax purposes. Accordingly. the charity potentially exempl Icom laxalK)n in respect of income or capital gains received within categories Cove by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 01 the Taxation of Chargeable Gains Act 1992. to the extent that such income or gains are applied exclusively to charitable purposes. Tangible fixed assets Individual fixed assets cosling £2,500 or more are inrtialjy recorded at cost, less any subsequent .accumulated depreciation and subsequent accumulated impairment los. . Depreciation and amortisation . Depreciation 15 provided on lang fixed assets so as to wri(e off the cost or valuation. less any estimated reswjual value. over their expected useful economic lrfe as louows" Asset Glo55 Plant and machinery Web511e Depreciation method and rale 2S•h slraighl line 25•h slraighl line Trade debtors Trade deblors a amounts due from cuslomers for merchandise sold or services perfomied in the ordinary course of business. Trade deblois are recognised ini(i8lly al the Iransaction price. They are subsequently measured at amort15ed cost using the effeetive Inte$1 method, less provision for impaimient. A provision for the impairment of trade debtors is established when there is objectwe evidence thal the charity will not be able lo wllecl al amounts due xcording lo the ors9inal temis of the CeiVable$. Cash and cash equivalents C8sh and cash equivalents comprise cash on hand and call deposits, and other short-lerm highly liquid investments that are readity convertible lo a knwn amount of cash al are subject to an insignificant risk of change in value. Page 29
The Trent Rivers Trust Notes to the Financial Statements for the Year Ended 31 July 2022 Trade creditor5 Trade creditors a obligations lo pay for goods or services that have been acquired in the ordinary course ol business from suppliers. Accounts payable are classified as CUT1 liabilrties if the charity does not have an unconditional right, al the end of the reporting peri¢yJ. lo defer settlement of the credrtor for al least hvelve months after the reporting dale. If there is an unconditional light to defer selllemenl for al least hvelve months after the reporting dale. they are presented as non•currenl liabilits. Tfade ¢redilors are recognised inilially * the transaction prTrce and Subsequenlty measured at amortised cost using the effective interest method. Fund structure Unrestricted income funds are general funds that are available for use at the trustees. dIscretn in furtherance of the objectives of the charity. Restricted income funds are those donated for use in a particular area or for specific purposes. the use of whh is iestricled lo that area or purpose. Pensions and other post-retirement obligation$ The charity operates a defined Conlribulion pension s¢heme vthich is a pension plan under which fixed conlribulions are paid into a pensK*n fund and the charty has no legal or conslruclive obligation to pay further conlributKJns even rf the fund does not hold SUfflent assets lo pay all employees the benefrts re181ing lo employee service in the current and prp)r periods. Contributions lo defined contribution plans are recognised in the Stslemenl of Financial Activities when they are due. If contribution payments exceed the contribUtn due for service. the excess is recognised as a prepayment. 3 Income from donations and legacies Unrestricted funds General Total 2022 Total 2021 Donations and legacies. Generai donations Grants, including capital grants; Govemmenl granls Grants from other institutions 460 460 303 661 1,000 1.299 1.299 1.759 1.759 1,964 Page 30
The Trent Rivers Trust Notes to the Financtal Statements for the Year Ended 31 July 2022 4 Income from eharitsbie activities Restr•¢ted fun-ds Total funds Income from projects Total for 2022 1.153,768 1.153,768 1.153,768 1,153,768 Total for 2021 912,670 912,670 S Investment incothe Unrestricted funds General Total 2022 Total 2021 Interest receivable and similar income.. Inlerest receivable on bank deposits 776 776 2.574 -.6 Expenditure on Charitable activities Unrestricted funds General Restricted funds Total 2022 Total 2021 Note Conservation and education Govefnance cosls 140,340 14.407 1.005.820 1.146.160 14.407 924,973 9.217 154.747 1,005.820 1,160.567 934.190 Page 31
The Trent Rivers Trust Notes to the Flnancial Statements for the Year Ended 31 July 2022 7 Analysis of goveman¢e and support costs Unrestricted funds General Total 2022 Total 2021 Support costs Premises Communicalions and IT . General office 9.000 17,941 21,045 9,358 16,589 14,214 17,941 21.045 47.986 47,986 40,161 Governance costs Audit of the financial slalements Other aOUntancY fees 5.OOQ 9,407 5,000 9,407 9,217 14.407 14,407 9,217 62.393 62,393 49,378 8 Trustees. remuneration and expenses No Iruslees. nor any peT50ns connected wth them. have received any remuneration from the charity during the year. 9 Staff costs The monthly average number of persons (inclu¢Jing senior management I leadership leaml employed by the charity during the year expressed as full time equNalenls was as follows.. 2022 No 2021 Staff member5 16 14 No employe8 receNed emotuments of MO than £60.000 during the year. The total compensation of the key managemelll personnel of the charty were £53,574 12021 £56,805). 10 Auditors. remuneration 2022 Audit of the financial statements 5,1)00 Page 32
The Trent Rivers Trust Notes to the Financial Statements for the Year Ended 31 July 2022 11 Taxation The charity is a giStered charity an¢J is therefore exempl from tsXa1n. 12 Tangible fixed assets Plant and machinery Webslte Tolal Cost At 1 August 2021 Adéilions 1,754 1.754 10,836 10,836 Al 31 July 2022 1.754 10,836 12,590 Oepreciation AI 1 Au9usI 2021 Charge lor the year 73 439 73 439 Al 31 July 2022 512 512 Net book value Al 31 July 2022 1,242 10,836 12,078 At 31 July 2021 1,681 1.681 13 Oebtor5 2022 2021 Trade debtors Prepayments Accrued income 163.872 6,070 137,163 35,315 4.680 41.689 307.105 81,684 14 Cash and cash equivalents 2022 2021 Cash al bank 1,C67,700 1,161.687 Page 33
The Trent Rivers Trust Notes to the Financial Statements for the Year Ended 31 July 2022 15 Cieditors: amounts falling due V4llthin one year 2022 2021 Trade cditorS Other eredilors Accruals 36,295 71,874 543,937 39,960 38,966 507,872 652.106 586,798 Deferred Income 2022 2021 Deferied income al 1 Augusl 2021 Ineome deferred In the penod 450.938 73.103 3C6,511 144,427 Deleried income al year end 524.041 450,938 16 Pension and other schemes Defined contribution penSn scheme The charity operales a defined contribution pension scheme. The pension cost charge for the year represents eonlributions paYae by the chanly to the scheme and amounted to £28.312 12021 £21,819). Page 34
The Trent Rivers Trust Notes to the Financial Statements for the Year Ended 31 July 2022 17 Funds Balance at 1 August 2021 Balance at 31 July 2022 Incoming resources Resources expended Transfe Un'restricted funds General General funds Regional SUDS Comms strategy Enforcement undertakings 495.560 7.707 2,715 123,034 46.922 (11,572} {68.1481 462.762 7.707 2.715 84,407 557.591 75.027 629.016 83,322 86.599 68.148 Restricted funds Catchment liaison work Rivw resloralion schemes Porous pols and sample testing Calchmenl partnerships - hostings River starts here I Cleaner water projects Sustainable drain4e systems Natural flood management schemes Robin Templeton memorial Lady Hind Trust Nottinghamshire Habil81 creation and resloralion Landowner deveknpment Moriiloring Partnership Access and recreation other restricted funds 119,185 216,296 1110.402) (246.433) 1.753 57,744 11.982 30,372 2,765 29.736 117,2201 {11,6641 2,496 2.794 (45,991} 48.750 5.553 7.394 111.642 1168.072} 7S.492 26,456 (2.7011 3.299 598 2,275 409.338 {359,8671 (24.6921 27.054 2.100 2,100 2,100 2.100 919 577 382 220,510 {54.8421 13.7581 18.2641 16.1591 133.1231 117,1361 {111,425} 4.532 6.087 6.261 3,436 8.575 55.162 1.351 2.118 102 6,534 3,208 3.913 889 3,953 35.332 7,816 Total restricted funds 29.238 1.153.768 1.073.968 68.148 177,186 Total funds 658.2S4 1.237.090 1,160.567 734,777 Page 35
The Trent River5 T51 Notes to th8 Financial Staternents fix the Year Ended 31 July 2022 Balanceat 1 Prloryeèr justmonts Balance at 31 July 1021 •Mpendad Unrqstrictod luft 210.3Z3 I14.5) 28.365 7.707 286.639 495.560 7,707 2.71S 123,034 RegKJfpal SUDS Cornrns stragy EnfQrcementvrklngs 111921 37.304 S.9)7 160,33 210.323 S4.801 36.072 629.016 Restrkted Cagchment v Rwei re5torKn xtromes Porou¥ 3aWele5twy tchmentpartnetships. Ix¥Sbngs Aver stsrts h9relcknr waterprt48ds Sustainable d898 systgms Ngiui21 manageMt$chelms Robin TernWDn fflemon LAdy Hind Tiust N(knn9hanshire Hsbitat crÈaK)n Ènd test1 61,381 3%25 158.31ai 13Z8.3541 118.09YI 140.3YI P28.5291 14.3791 {1D3.6781 19.11n 16.5681 15.WJZI 1.42 2,765 43,393 2,794 7,394 13.0861 4.181 13,435 2.1( 2,1 4.379 16.3671 2.275 2.100 2.100 919 577 392 35.118 133.609} (6,21SI (SWI Monitonng ptnerShIp 13.LB5 2.511 1D,7 33.C63 Py36 19,84 32.799 Other iestncied fimdy 276245 272.5481 3.953
Trenl Rivers Tr¢ Notes to the Financial Statements for thp Ye4r Ended 31 July 2022 Ptioryear adjustm•Trts 8at4neÈ at Ji Juty 2021 T¢)tsl restit1 fvrtds 304.575 912.670 1879,2891 (36,072 1272.546 29.238 Total lunds 514.898 .1 1WI.338 658.2S4 37
The Trent Rivers Trust Notes to the Financial Statements for the Year Ended 31 July 2022 18 Analysis of net assets bttween funds Unrestrieted funds General Total funds al 31 July 2022 Restricted funds Tangible fixed a$sel$ Current assets Current liabilrties 12,078 687,637 142,124 12.078 1,374.805 652,106 687.168 509,982 Total nel ?s$els 557,591 177.186 734.777 Unrestricted funds General Total funds at 31 July 2021 Restricted funds Tangible fixed assets Current assets Current liabili(ies 1,681 627,335 1,681 1,243,371 586.798 616,036 586.798 Total nel assets 629,016 29,238 658.254 19 Anatysis of net funds At 1 August 2021 At 31 Juty 2022 Cash flows Cash at bank and in hand 1,161.687 93,987 1,067,700 Net debt 1.161.687 93,987 1,067.700 20 Related paty transactions There were no related party transactions in the year or in the pri year. Page 38