Charity registration number 1090965
Company registration number 04282827 (England and Wales)
CUMBRIA WASTE MANAGEMENT ENVIRONMENT TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
CUMBRIA WASTE MANAGEMENT ENVIRONMENT TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Ms S Donnell Mr P M Younger Mr S Trotter (Appointed 1 December 2022) Key management personnel Mrs H C Squires Charity number 1090965 Company number 04282827 Registered office Unit 5A Wavell Drive Rosehill Carlisle Cumbria CA1 2ST Auditor Saint & Co. Sterling House Wavell Drive Rosehill Carlisle CA1 2SA Bankers Cumberland Building Society Cumberland House Cooper Way Parkhouse Carlisle CA3 0JF Penrith Building Society 7 King Street Penrith CA11 7AR Solicitors Burnetts Solicitors Victoria House Rosehill Carlisle CA1 2ST CONTENTS
CUMBRIA WASTE MANAGEMENT ENVIRONMENT TRUST
| Page | |
|---|---|
| Trustees' report | 1 - 6 |
| Independent auditor's report | 7 - 10 |
| Statement of financial activities | 11 |
| Statement of financial position | 12 |
| Notes to the financial statements | 13 - 25 |
CUMBRIA WASTE MANAGEMENT ENVIRONMENT TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 MARCH 2023
The trustees present their annual report and financial statements for the year ended 31 March 2023.
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 trust's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).
Objectives and activities
Cumbria Waste Management Environment Trust (CWMET)'s objectives are:
The protection, preservation and improvement of the environment for the benefit of the public and the advancement of the education of the public in matters concerning the environment, its conservation and protection.
In furtherance of the above objects the company has the following powers:a) To promote, undertake, fund and assist the reclamation, remediation, restoration or any other operation intended to facilitate the economic, social or environmental use of land where such use has previously been prevented or restricted because of the carrying on of an activity on the land which has now ceased.
b) To promote, undertake, fund and assist any operation intended to prevent or reduce any potential for pollution or to remedy or mitigate the effects of any pollution of land which may be, is being or has been polluted by the carrying on of an activity on the land which has now ceased.
c) To promote, undertake, fund and assist research and development, education or collection and dissemination of information about waste management practices and the development of products from waste or markets for recycled waste and to encourage the use of more sustainable waste management practices and the development of products and markets from recycled waste PROVIDED ALWAYS that the results of research shall be made publicly available. (This objective is now closed to applications due to Entrust rule changes)
d) To promote, undertake, fund and assist the provision, maintenance or improvement of public parks or other public amenities, provided that it is for the protection of the environment, and the maintenance, repair orrestoration of buildings or other structures open to the public and which are places of religious worship or of historic or architectural interest, provided it is for the protection of the environment.
e) To promote, undertake, fund and assist the protection of the environment by the conservation or promotion of biological diversity through: (a) the provision, conservation, restoration or enhancement of a natural habitat; or (b) the maintenance or recovery of a species in its natural habitat, on land or in water
Landfill Communities Fund Grant Scheme (Formerly the Landfill Tax Grant Scheme - LTGS)
The Government introduced a new tax in October, 1997, known as Landfill Tax. Operators of registered sites are required to collect and pay Landfill Tax to HM Revenues & Customs. The tax was introduced to offset the environmental impact of landfill and aims to encourage more sustainable waste management practices, including recycling. The scheme also aims to deliver long lasting environmental and community benefits.
Registered as an Environmental Body in 1999, CWMET was established in order to distribute Landfill Tax generated by Cumbria Waste Management and Lakeland Waste Management. Between them they contribute the total amount of credits they can claim from the Treasury.
Public benefit
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the trust should undertake.
Activities
CWMET's principal activity is acting as a grant distribution body funding projects within the local authority areas of Carlisle, Eden, and Allerdale providing the project is within 10 miles of an active tax paying landfill site. The grants are open to all
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CUMBRIA WASTE MANAGEMENT ENVIRONMENT TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
Parish Councils, Community Groups or organisations, which are non-profit distributing bodies and not under Local Authority Control. They must have a constitution that allows them to support CWMET's objects.
CWMET receives funding through Cumbria Waste Management Ltd and Lakeland Waste Management Ltd and is a Distributive Environmental Body within the terms of the Landfill Communities Fund.
Grant making policy
Landfill Communities Fund Grant Scheme (LCFGS)
It is possible that CWMET will not be able to provide grants for all potential eligible applications. CWMET therefore reserves the right to prioritise applications to achieve best value for money. This will be done using a scoring system based on the answers to questions in the application form.
Every project must be within a 10 mile radius of either Hespin Wood or Flusco Pike Landfill sites. Under certain guidelines applications may be considered if they are 10-15 miles from the two landfill sites we receive donations from. Confirmation of eligibility can be obtained by calling the CWMET office.
The rate of a grant will normally be up to 80% of project costs, up to a maximum of £50,000.
Achievements and performance
Significant activities and achievements against objectives
Since inception in 1999, and up to the 31st March 2023, CWMET has allocated funds to 1,056 (2022: 1,044) projects and awarded £9.385m (2022: £9.125m) in Landfill Community Fund grants levering in further grants, community money and in kind support into the Cumbrian economy. Prior to 1999 the Cumbria Waste Management Group awarded £1.5 million to projects. The total donated via the LCF scheme since 1996 is therefore in the region of £10.6 million.
Landfill Tax Donations from Cumbria Waste Management Group continue to be received from Hespin Wood in Carlisle and Flusco Pike in Eden. The CWMET Trustees continue to give priority to projects in a 10 mile radius of both Hespin Wood and Flusco. Consideration will be given to projects in a 15 mile radius of these sites if there is a second tax paying landfill site within 10 miles. CWMET staff will check eligibility of a project if you contact the office.
The total paid out in 2022/2023 was £219,095 to 15 projects. There was £35,000 transferred to other EB’s for 1 project. CWMET awarded £260,235 of funding to 12 different projects across Cumbria during the financial year. The projects ranged from improvements to village halls and community centres, sports facilities, new play areas and churches.
The Landfill Operators continue to be allowed to claim and donate 5.3% of the annual landfill tax bill to a registered Environmental Body. CWMET obtains donations from Cumbria Waste Management Ltd and Lakeland Waste Management Ltd.
HMRC advice is that management costs for running an Environmental Body should not exceed 7.5% and CWMET exceeded this in 2022/23. This was mainly due to decreased completions in the year due to lower grant applications. As income falls there is not scope to reduce management costs further but as long as it is viable CWMET will operate at the most cost efficient level.
Financial review
During the year, the principal funding sources were donations from Cumbria Waste Management Ltd £296,222 (2022: £335,488) and Lakeland Waste Management Ltd £86,373 (2022: £89,780). The trust has paid out grants of £219,095 (2022: £267,971) during the year in accordance with its objectives.
Reserves policy
The Trustees operate a reserves policy that notionally keeps £40,000 in true reserves with any remaining unspent and unallocated amount being available to allocate over and above the annual grants budget to projects they wish to support. The £40,000 is kept as a reserve to cover up to two years of administration costs in order to ensure that all grant money is allocated and spent should the source of the grants money no longer be available or at a viable level to run the LCF scheme. The reserves policy includes the cost of redundancy, redundancy counselling, retraining courses, and the costs of winding down the Charity. The winding down of the Charity costs include legal fees, accountancy fees and final audit fees as well as public advertising of the Charity situation. The reserves policy is checked annually by both the CWMET Trustees and by Entrust the government regulator.
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CUMBRIA WASTE MANAGEMENT ENVIRONMENT TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
The reserves of the charity are £748,499, this includes restricted funds allocated for grants awarded of £320,948 and restricted funds not yet allocated of £422,729. The charity also has unrestricted funds of £4,822 which is made up on designated funds of £3,470 and free reserves of £1,352.
Investment policy
The Trust's investment powers are set out in the Trust Memorandum of Association, clause 3(k), which reads:'To invest the monies of the Company not immediately required for the furtherance of its objects in or upon such investments, securities or property as may be thought fit, subject nevertheless to such conditions (if any) and such consents (if any) as may for the time being imposed or required by law.'
The Trustees believe in making ethical and local investments. The current account is held with the Cumberland Building Society. Other passbook accounts are held with two local Building Societies, the Cumberland Building Society and the Penrith Building Society, and earn a higher rate of interest.
Major risks
The trustees have produced a Statement of Recommended Practice (commonly known as SORP). This is a risk assessment detailing risk, actions to mitigate those risks and further actions needed. The trustees consider that the major strategic, business and operational risks to which the Trust is exposed have been identified and the Trust has systems in place to minimise or manage those risks. This is an on-going process rather than a one-off action and policies are reviewed annually and updated.
Plans for future periods
Cumbria Waste Group continues to landfill certain commercial and industrial wastes at its sites near Carlisle and Penrith, but the future of a proportion of this is uncertain as it becomes more economical to have it processed into fuel instead. Cumbria Waste Group intends to keep donating the maximum landfill tax possible via CWMET whilst the scheme exists.
With the changes in local government to two Unitary Authorities, Cumberland Council and Westmorland and Furness Council, applications continue to be accepted that are within a 10 mile radius of Hespin Wood or Flusco Pike. Consideration will be given to projects that are 10 -15 miles from Hespin Wood or Flusco Pike when other rules are met. The landfill site near Brampton is no longer paying fees to HMRC so this area is no longer covered. Please enquire if you feel you have an eligible project.
The Trust is based at Unit 5a Wavell Drive, Carlisle within Cumbria Waste Management Group. Since September 2023 the office is staffed part time by 2 members of staff, and whilst our income, and thus our activity, is reduced, our commitment to funding community based environmental projects remains as strong as ever.
The Trustees will consider staffing levels in view of costs and suitable cover. The move to having two staff members is to reduce the reliability on one staff member. COVID highlighted that need and the Trustees acted upon it by reorganising staffing levels but trying to maintain costs within acceptable levels.
The Trustees have also looked at administration costs and they have agreed to have two grant rounds per year instead of three. In future there will be two grant closing dates, June with a decision in August and December with a decision in February. Changes to the CWMET scheme will hopefully improve efficiency and help us manage administration costs.
For April 2022 to March 2023 the Landfill Tax Donations were £380,559 which included some unexpected income arriving from redirected landfill. At each Trustee meeting grants are awarded based on available funds in the bank account less allowances for core costs and winding up fees. Application enquiries have been slowly increasing since April 2023 as community groups are able to look at projects and obtain estimates.
Structure, governance and management
Cumbria Waste Management Environment Trust (CWMET) became a registered charity on 6th March 2002. It is also a company limited by guarantee and therefore has a Memorandum and Articles of Association as its governing document. The Company was incorporated on 6th September 2001. From April 2012 all staff had sole contracts of employment with CWMET.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
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CUMBRIA WASTE MANAGEMENT ENVIRONMENT TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
Mrs E Clegg (Resigned 13 December 2022) Ms S Donnell Mr P M Younger Mr A Banford (Resigned 25 January 2024) Mr S Trotter (Appointed 1 December 2022)
Recruitment and appointment of trustees
An appropriately skilled person is invited by the trustees to join CWMET Board when the Board members identify a need.
On appointment trustees are provided with a pack of information including:
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Charity Commission Guidance on trustees responsibilities
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List of meeting dates
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Previous three years' annual reports
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Copy of all paperwork to do with the grant making process from application pack and guidance notes through help sheets to claim forms and payment procedures
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Copy of memorandum and articles of association- Previous board minutes for the last full year
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Relevant in house documents to do with the history of the organisation
They are given the opportunity to spend some time with the staff either at the office or on visits to new and completed projects.
Trustees Remuneration and Expenses
The cost of trustee indemnity and employees liability insurance charged for the year was £512.02. There were no travel expenses for Trustees 2022/2023.
Organisational structure
Applications come in the first instance to the CWMET staff, whose role it is to manage the Landfill Communities Fund Grant Scheme. The application is looked at to ensure all the supporting evidence and documentation is present and a project summary produced. If the project is potentially eligible it is submitted to the Grant Advisory Panel. The Grant Advisory Panel has a maximum of 15 members and a minimum of 6 and is made up of people from various organisations and interests. The panel appraises the applications and make recommendations on the projects that should be supported, deferred or rejected, working within budget constraints set by the trustees. These recommendations are then presented to the Trustees who ultimately make the decisions on grants allocated etc.
The Grant Advisory Panel convenes twice a year in July and January and the Board of Trustees meet in August and February.
Once an allocation of a grant has been made by the Trustees, those projects applying for Landfill Communities Fund money are then submitted to Entrust, the government regulator of the scheme, for registration as eligible expenditure.
Since 1999 the CWMET's Trustees have set down a variety of policies and procedures, within which the CWMET staff work, as well as those given by ENTRUST who regulate the scheme. Any applications that depart from these policies and procedures or new concerns/risks/requests have to go to the Trustees for approval. Once agreed and minuted it is up to the staff to implement the policies and procedures and liaise with the grant recipients and applicants on a day to day basis.
The CWMET staff since September 2023 comprises of a Grants Manager (14 hours per week) and Financial/Administration Officer (7 hours per week) It is CWMET's aim to keep management and administration costs to a minimum whilst continuing to deliver an efficient and compliant service to the charity and wider Cumbrian economy.
Remuneration of Key Management Personnel
The directors consider the board of directors, who are the Trust's trustees, and the Grant Manager comprise the key management personnel of the charity, in charge of directing and controlling, running and operating the Trust on a day to day basis. All directors give of their time freely and no director received remuneration in the year. Details of directors' expenses and related party transactions are disclosed in notes 10 and 23 to the accounts.
The pay of the Grant Manager is reviewed annually in April and is normally increased in accordance with average earnings. In view of the target of ensuring management costs are at less than 7.5% of grants paid, the hours worked by the Grant Manager are also reviewed annually. The Grant Managers remuneration does not exceed £60,000.
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CUMBRIA WASTE MANAGEMENT ENVIRONMENT TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
Relationship with wider network
ENTRUST
ENTRUST is the Government regulator of environmental bodies for the Landfill Communities Fund. ENTRUST enrols, monitors and audits environmental bodies who receive money for projects from landfill operators, and ensures that they meet the Landfill Tax regulations.
Statement of trustees' responsibilities
The trustees, who are also the directors of Cumbria Waste Management Environment Trust for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the trust 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:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the trust 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 trust 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 trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
In accordance with the company's articles, a resolution proposing that Saint & Co. be reappointed as auditor of the company will be put at a General Meeting.
Small Company Provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
The trustees' report was approved by the Board of Trustees.
.............................. Mr P M Younger Trustee
Date: .............................................
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CUMBRIA WASTE MANAGEMENT ENVIRONMENT
TRUST TO THE TRUSTEES OF CUMBRIA WASTE MANAGEMENT
ENVIRONMENT TRUST
INDEPENDENT AUDITOR'S REPORT
Opinion
We have audited the financial statements of Cumbria Waste Management Environment Trust (the ‘trust’) for the year ended 31 March 2023 which comprise the statement of financial activities, the statement of financial position and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
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give a true and fair view of the state of the charitable company's affairs as at 31 March 2023 and of its incoming resources and application of resources, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act 2011.
In addition, we certify that Cumbria Waste Management Environment Trust has:
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complied with the Landfill Tax Regulations 1996, as amended by the Landfill Tax Regulations 1999, in that it has met its obligations under regulation 33A(1);
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complied with its own constitution;
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used landfill tax money only to fund projects approved by ENTRUST;
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only funded projects which are being carried out in line with ENTRUST's project approval;
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ensured that progress on the projects is in line with the money spent; - properly obtained all other consents needed for the projects to go ahead.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the trust in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
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CUMBRIA WASTE MANAGEMENT ENVIRONMENT TRUST
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF CUMBRIA WASTE MANAGEMENT ENVIRONMENT TRUST
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 trust’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
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the information given in the financial statements is inconsistent in any material respect with the trustees' report; or - sufficient accounting records have not been kept; or
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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.
Responsibilities of trustees
As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the trust 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 trust’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
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CUMBRIA WASTE MANAGEMENT ENVIRONMENT TRUST
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF CUMBRIA WASTE MANAGEMENT ENVIRONMENT TRUST
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and
non-compliance with laws and regulations, was as follows:
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the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
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we identified the laws and regulations applicable to the company through discussions with directors and other management;
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we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company;
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we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
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identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
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making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
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To address the risk of fraud through management bias and override of controls, we:
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performed analytical procedures to identify any unusual or unexpected relationships;
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tested journal entries to identify unusual transactions;
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assessed whether judgements and assumptions made in determining the accounting estimates set out in the accounting policies were indicative of potential bias; and
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investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
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agreeing financial statement disclosures to underlying supporting documentation; reading the minutes of meetings of those charged with governance;
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enquiring of management as to actual and potential litigation and claims; and
reviewing correspondence with HMRC, Charity Commission and the company's legal advisors.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Saint & Co.
.........................
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CUMBRIA WASTE MANAGEMENT ENVIRONMENT TRUST
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF CUMBRIA WASTE MANAGEMENT ENVIRONMENT TRUST
Chartered Accountants &
Statutory Auditor
Sterling House Wavell Drive Rosehill Carlisle CA1 2SA
Saint & Co. is eligible for appointment as auditor of the trust by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
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CUMBRIA WASTE MANAGEMENT ENVIRONMENT TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2023
| Unrestricted | Restricted | Total | Unrestricted | Restricted | Total | ||
|---|---|---|---|---|---|---|---|
| funds | funds | funds | funds | ||||
| 2023 | 2023 | 2023 | 2022 | 2022 | 2022 | ||
| Notes | £ | £ | £ | £ | £ | £ | |
| Income from: | |||||||
| Donations and legacies | 3 | - | 380,559 | 380,559 | 1,047 | 426,102 | 427,149 |
| Investments | 4 | - | 5,098 | 5,098 | - | 1,835 | 1,835 |
| 385,657 | 385,657 | 427,937 | 428,984 | ||||
| Total income | - | 1,047 | |||||
| Expenditure on: | |||||||
| Charitable activities | 5 | 5,300 | 256,212 | 261,512 | 10,470 | 293,992 | 304,462 |
| Total charitable | |||||||
| expenditure | 5,300 | 256,212 | 261,512 | 10,470 | 293,992 | 304,462 | |
| Net income/(expenditure) | and | ||||||
| movement in funds | (5,300) | 129,445 | 124,145 | (9,423) | 133,945 | 124,522 | |
| Reconciliation of funds: | |||||||
| Fund balances at 1 April 2022 | 10,122 | 614,232 | 624,354 | 19,545 | 480,287 | 499,832 | |
| 4,822 | 743,677 | 748,499 | 10,122 | 614,232 | 624,354 | ||
| Fund balances at 31 March 2023 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023
2023 2022 Notes £ £ £ £ Current assets Debtors 14 85,339 95,881
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CUMBRIA WASTE MANAGEMENT ENVIRONMENT TRUST
| 1 Accounting policies Cash at bank and in hand Creditors: amounts falling due within one year 15 Net current assets Net assets excluding pension liability The funds of the trust Restricted income funds 18 Unrestricted funds |
673,149 758,488 (9,989) |
748,499 748,499 743,677 4,822 748,499 |
531,561 627,442 (3,088) |
624,354 |
|---|---|---|---|---|
| 624,354 | ||||
| 614,232 10,122 |
||||
| 624,354 |
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 March 2023, although an audit has been carried out under section 144 of the Charities Act 2011.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements under the requirements of the Companies Act 2006, for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the trustees on .........................
.............................. .............................. Ms S Donnell Mr P M Younger Trustee Trustee Company registration number 04282827 (England and Wales)
NOTES TO THE FINANCIAL STATEMENTS
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FOR THE YEAR ENDED 31 MARCH 2023
CUMBRIA WASTE MANAGEMENT ENVIRONMENT TRUST
Charity information
Cumbria Waste Management Environment Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is Unit 5A, Wavell Drive, Rosehill, Carlisle, Cumbria, CA1 2ST.
1.1 Accounting convention
The financial statements have been prepared in accordance with the trust's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 trust is a Public Benefit Entity as defined by FRS 102.
The trust has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the entity.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the trust has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
1.4 Income
Income is recognised when the trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the trust 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 trust 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.
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CUMBRIA WASTE MANAGEMENT ENVIRONMENT TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 1 Accounting policies
(Continued)
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
Grants awarded to applicants are provided for when all performance conditions relating to the grant are met.
Support costs comprise costs for processing grants and applications and costs incurred in support of charitable activities. Resources expended for the management and administration of the charity represent the cost of managing the charity.
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.
Fixed assets costing less than £300 are not capitalised, but written off to the Statement of Financial Activities as incurred.
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:
Fixtures and fittings 5 years straight line Computers 2 years straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
1.7 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.
1.8 Financial instruments
The trust 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 trust's balance sheet when the trust 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
(Continued)
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CUMBRIA WASTE MANAGEMENT ENVIRONMENT TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the trust’s contractual obligations expire or are discharged or cancelled.
1.9 Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10 Contingent liabilities
Contingent liabilities arise as a result of past events when (i) it is not probable that there will be an outflow of resources or that the amount cannot be reliably measured at the reporting date or (ii) when the existence will be confirmed by the occurrence or non-occurrence of uncertain future events not wholly within the charity's control. Contingent liabilities are disclosed in the financial statements unless the probability of an outflow of resources is remote.
2 Critical accounting estimates and judgements
In the application of the trust’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
- 3 Income from donations and legacies
| Unrestricted Restricted funds funds 2023 2023 £ £ Donations and gifts Coronavirus Job Retention - 380,559 Scheme - - - 380,559 |
Total Unrestricted funds 2023 2022 £ £ 380,559 1,047 - - 380,559 1,047 |
Restricted funds 2022 £ 425,268 834 426,102 |
Total 2022 £ 426,315 834 427,149 |
|---|---|---|---|
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CUMBRIA WASTE MANAGEMENT ENVIRONMENT TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
| 1 Accounting policies Donations and gifts Contributions received Grant money refunded |
- - - |
380,559 - 380,559 |
380,559 - 380,559 |
- 1,047 1,047 |
425,268 - 425,268 |
425,268 1,047 426,315 |
|---|---|---|---|---|---|---|
- 4 Income from investments
| Restricted | Restricted | Restricted | |
|---|---|---|---|
| funds | funds | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Interest receivable | 5,098 | 1,835 |
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CUMBRIA WASTE MANAGEMENT ENVIRONMENT TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
| Project Environmental | Project Environmental | Project Environmental | Total | Project Environmental | Project Environmental | Total | |||
|---|---|---|---|---|---|---|---|---|---|
| expenditure | Bodies | expenditure | Bodies | ||||||
| 2023 | 2023 | 2023 | 2022 | 2022 | 2022 | ||||
| £ | £ | £ | £ | £ | £ | ||||
| Direct costs | |||||||||
| Grant funding of activities | |||||||||
| (see note 6) | 184,095 | 35,000 | 219,095 | 137,971 | 130,000 | 267,971 | |||
| Share of support and governance costs (see note 7) | |||||||||
| Support | 21,213 | - | 21,213 | 22,205 | - | 22,205 | |||
| Governance | 21,204 | - | 21,204 | 14,286 | - | 14,286 | |||
| 226,512 | 35,000 | 261,512 | 174,462 | 130,000 | 304,462 | ||||
| 5 | Expenditure on charitable activities | ||||||||
| Analysis by fund | |||||||||
| Unrestricted funds | 5,300 | - | 5,300 | 10,470 | - | 10,470 | |||
| Restricted funds | 221,212 | 35,000 | 256,212 | 163,992 | 130,000 | 293,992 | |||
| 226,512 | 35,000 | 261,512 | 174,462 | 130,000 | 304,462 |
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CUMBRIA WASTE MANAGEMENT ENVIRONMENT TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
| (Continued) | (Continued) | ||
|---|---|---|---|
| Grants payable | |||
| Project | Environmental Bodies | Total | |
| expenditure | |||
| 2023 | 2023 | 2023 | |
| £ | £ | £ | |
| Grants to institutions (15 grants): | |||
| Charles Gough Path - Sockbridge & Tirril | 400 | - | 400 |
| Carlisle Subscription Bowling Club East Wall | 12,225 | - | 12,225 |
| St Margaret Mary's Parish Community Centre | 25,000 | - | 25,000 |
| Hunsonby Swimming Pool | 30,000 | - | 30,000 |
| Shap Memorial Park Play Area | 25,500 | - | 25,500 |
| Talkin Tarn Hall Roof Upgrade | 8,950 | - | 8,950 |
| Upgrade of MUGA & Cycle Obstacles Thursby | 5,300 | - | 5,300 |
| St John's Church, Crosby on Eden | 3,920 | - | 3,920 |
| Dacre Church Organ Restoration Project | 5,700 | - | 5,700 |
| Askham Community Centre Refurbishment | 6,100 | - | 6,100 |
| Wetheral Village Hall - Green Energy | 10,000 | - | 10,000 |
| Community Seed Bank (CWT) | - | 35,000 | 35,000 |
| Dalston Victory Hall Upgrade (Phase 3) | 10,000 | - | 10,000 |
| Wetheral Platinum Jubilee Churchyard Path | 21,000 | - | 21,000 |
| Beaumont Parish Hall Play Area | 20,000 | - | 20,000 |
| 184,095 | 219,095 | ||
| 35,000 | |||
| Project | Total | ||
| expenditure | Environmental Bodies | ||
| 2022 | 2022 | 2022 | |
| £ | £ | £ | |
| Grants to institutions (13 grants): | |||
| Newbiggin VH - Extending the Community | - | 6,500 | 6,500 |
| Dale End Pump Track | 15,000 | - | 15,000 |
| The Swifts - Get Cumbria Buzzing | - | 80,000 | 80,000 |
| Aitkon Parish Rooms Refurbishment | 9,400 | - | 9,400 |
| Burgh By Sands Recreational Area | 10,140 | - | 10,140 |
| Calthwaite FC Ground Renovation | 25,500 | - | 25,500 |
| Stanwix Bowling Club Repairs | 10,000 | - | 10,000 |
| Scotby Playing Fields Pavilion | 10,470 | - | 10,470 |
| Church in the Barn | 15,461 | - | 15,461 |
| Newbiggin Village Hall - Additional | - | 3,500 | 3,500 |
| Penrith Cricket Club - Artificial Wicket & Scoreboard | 12,000 | - | 12,000 |
| Patterdale King George V Tennis Court Upgrade | 30,000 | - | 30,000 |
| Growing for Nature's Recovery (CWT) | - | 40,000 | 40,000 |
| 137,971 | 130,000 | 267,971 |
6 Grants payable
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CUMBRIA WASTE MANAGEMENT ENVIRONMENT TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
6 Grants payable
The grants payable to environmental bodies and other institutions are the same charitable activity. Therefore support costs are shown entirely against project expenditure.
Reconciliation of grants payable
| Reconciliation of grants payable | ||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Commitments at 1 April | 283,278 | 358,649 |
| Grants awarded in year | 260,235 | 213,600 |
| Grants paid in year | (219,095) | (267,971) |
| Grants withdrawn | - | (21,000) |
| 324,418 | 283,278 | |
| Commitments at 31 March |
All grants were awarded to institutions and none to individuals.
7 Support costs allocated to activities
| Project expenditure 2023 £ Staff costs 17,375 Premises costs 2,400 Other office expenses 539 Travel expenses 900 Governance ~~21,20~~3 42,417 |
Total 2022 £ 18,194 2,400 699 912 ~~14,28~~6 36,491 |
|---|---|
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CUMBRIA WASTE MANAGEMENT ENVIRONMENT TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
| 2023 2022 Number Number 1 1 Employment costs Wages and salaries Other pension costs 7 Support costs allocated to activities Governance costs comprise: Audit fees Accountancy Legal and professional Entrust fees Meeting expenses 8 Net movement in funds The net movement in funds is stated after charging/(crediting): Fees payable to the charity's auditor: - for the audit of the charity's financial statements - for other financial services |
2023 £ 15,367 2,008 17,375 2023 £ 2,613 1,622 13 16,933 22 21,203 2023 £ 2,613 1,622 |
(Continued) 2022 £ 16,186 2,008 18,194 2022 £ 1,310 1,699 13 11,264 - 14,286 2022 £ 1,310 1,699 |
(Continued) 2022 £ 16,186 2,008 18,194 2022 £ 1,310 1,699 13 11,264 - 14,286 2022 £ 1,310 1,699 |
|---|---|---|---|
| 14,286 | |||
| 2022 £ 1,310 1,699 |
9 Trustees
The Trustees are reimbursed for their expenses to attend the Trustees' meetings. These expenses were paid to no trustees in the year (2022: nil) and amount to £nil (2022: £nil). The trustees are not entitled to receive, and do not receive, any remuneration for their services to the charity.
10 Employees
The average monthly number of employees during the year was: 10 Employees
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CUMBRIA WASTE MANAGEMENT ENVIRONMENT TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
There were no employees whose annual remuneration was more than £60,000.
Remuneration of key management personnel
The remuneration of key management personnel was as follows:
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Aggregate compensation | 18,633 | 19,689 |
The aggregate compensation includes employers national insurance which is not paid by the charity due to claiming Employers Allowance.
11 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
12 Transfers
The transfer between the two restricted funds is for expenditure incurred in the year relating to allocated creditors at the start of the year.
- 13 Tangible fixed assets
| 13 Tangible fixed assets |
|
|---|---|
| Fixtures and fittings Computers Cost £ £ At 1 April 2022 111 1,444 At 31 March 2023 Depreciation and impairment 1,444 At 1 April 2022 111 1,444 At 31 March 2023 Carrying amount 1,444 14 Debtors 2023 Amounts falling due within one year: £ Prepayments and accrued income 85,339 15 Creditors: amounts falling due within one year 111 111 |
Total £ 1,555 |
| 1,555 | |
| 1,555 | |
| 1,555 | |
| 2022 £ 95,881 |
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CUMBRIA WASTE MANAGEMENT ENVIRONMENT TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
| Other taxation and social security Accruals and deferred income |
(Continued) 2023 2022 £ £ - 271 9,989 2,817 9,989 3,088 |
|---|---|
16 Government grants
The amounts recognised in the financial statements for government grants are as follows:
Coronavirus Job Retention Scheme £nil (2022: £834).
| 17 Retirement benefit schemes Defined contribution schemes Charge to profit or loss in respect of defined contribution schemes |
2023 £ 2,008 |
2022 £ 2,008 |
|---|---|---|
The trust operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the trust in an independently administered fund.
- 18 Restricted funds
| Restricted funds | |||||
|---|---|---|---|---|---|
| At 1 April 2022 | Incoming | Resources | Transfers | At 31 | |
| resources | expended | March 2023 | |||
| £ | £ | £ | £ | £ | |
| Landfill - Unallocated | 330,954 | 385,657 | (42,417) | (251,465) | 422,729 |
| Landfill - Allocated | 283,278 | - | (213,795) | 251,465 | 320,948 |
| 614,232 | 385,657 | (256,212) | 743,677 | ||
| - | |||||
| Previous year: | At 1 April 2021 | Incoming | Resources | Transfers | At 31 |
| resources | expended | March 2022 | |||
| £ | £ | £ | £ | £ | |
| Landfill - Unallocated | 121,638 | 427,937 | (293,992) | 75,371 | 330,954 |
| Landfill - Allocated | 358,649 | - | - | (75,371) | 283,278 |
| 480,287 | 427,937 | (293,992) | 614,232 | ||
| - |
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CUMBRIA WASTE MANAGEMENT ENVIRONMENT TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
18 Restricted funds (Continued)
Restricted funds relate to landfill tax receipts which can only be used for compliant expenditure on eligible projects and support costs relating to projects under the landfill tax regulations.
The company has £324,418 (2022: £283,278) of outstanding allocated funds relating to projects awarded both in the current and in prior years. This money has been allocated for specific approved projects and will be paid out in due course.
19 Unrestricted funds
| Unrestricted Restricted funds funds 2023 2023 At 31 March 2023: £ £ Current assets/(liabilities) 4,822 743,677 743,677 4,822 |
Total 2023 £ 748,499 |
|---|---|
| 748,499 |
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| At 1 April 2022 Incoming resources Resources expended £ £ £ Designated - Allocated Projects - - - General funds 10,122 - (5,300) Previous year: At 1 April 2021 Incoming resources Resources expended £ £ £ General funds 19,545 1,047 (10,470) 10,122 - (5,300) |
Transfers At 31 March 2023 £ £ 3,470 3,470 (3,470) 1,352 Transfers At 31 March 2022 £ £ - 10,122 - 4,822 |
|---|---|
Designated - Allocated Projects fund relates to projects that have been approved and awarded and will be paid out of unrestricted funds in due course.
20 Analysis of net assets between funds
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CUMBRIA WASTE MANAGEMENT ENVIRONMENT TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 20 Analysis of net assets between funds
| Analysis of net assets between funds | (Continued) | ||
|---|---|---|---|
| Unrestricted | Restricted | Total | |
| funds | funds | ||
| 2022 | 2022 | 2022 | |
| £ | £ | £ | |
| At 31 March 2022: | |||
| Current assets/(liabilities) | 10,122 | 614,232 | 624,354 |
| 614,232 | 624,354 | ||
| 10,122 |
21 Interest in other assets
The trust has an interest in the following assets. The assets are not reflected in the balance sheet of the trust. Asset Trust Date Purchased Period of Interest Cost CWMET Contribution Lunesdale United FC Pitch 02.04.2007 In perpetuity £15,000 £7,000 02.04.2007 Great Salkeld Village Green 28.02.2006 £25,000 £20,000 In perpetuity 28.02.2026 Great Musgrave Field Project 08.06.2005 In perpetuity £15,000 £7,500 08.06.2025
The contribution towards these assets was made in the normal project expenditure. CWMET's interest in all of these assets will remain in perpetuity.
22 Contingent liabilities
The charity has awarded several grants prior to the year end, which have not yet met the performance related conditions attached to them. The liability is therefore possible but not probable. The estimate of the grants due to be paid out within the next year, based on grants awarded is £324,418 (2022: 283,278).
A transfer has been made to the restricted fund "Restricted Landfill - Allocated" to bring this designated pot in line with the estimated value of the commitment.
- 23 Related party transactions
During the year Cumbria Waste Management Environment Trust (CWMET) awarded nil grants (2022: two grants) to Cumbria Wildlife Trust Limited for nil (2022: two) separate projects. Adrian Banford is a trustee of both CWMET and Cumbria Wildlife Trust Limited. Adrian Banford was not involved in any of the decision making regarding the award of the grants.
The projects were as follows:
Community Seed Bank: £45,715 awarded in previous year, £35,000 paid in the year so £10,715 outstanding at the year end.
The projects in the previous year were as follows:
- 23 -
CUMBRIA WASTE MANAGEMENT ENVIRONMENT TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
Growing for Nature’s Recovery: £40,000 awarded, £nil outstanding at the year end Community Seed Bank: £45,715 awarded, £45,715 outstanding at the year end
During the year Cumbria Waste Management Environment Trust (CWMET) awarded a grant (2022: no grants) to Cultura Trust for a project. Adrian Banford is a trustee of both CWMET and Cultura Trust. Adrian Banford was not involved in any of the decision making regarding the award of the grant. The grant awarded in the year was £8,965, this amount was still outstanding at the year end.
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