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← The South East Rivers Trust

2024-06-30-accounts

Registered number: 03969688 Charity number: 1091000

THE SOUTH EAST RIVERS TRUST

(A company limited by guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

THE SOUTH EAST RIVERS TRUST

(A company limited by guarantee)

CONTENTS

Page
Reference and administrative details of the Charity, its Trustees and advisers 1 - 2
Trustees' report 3 - 16
Independent auditors' report on the financial statements 17 - 20
Consolidated statement of financial activities 21
Consolidated balance sheet 22 - 23
Charity balance sheet 24 - 25
Consolidated statement of cash flows 26
Notes to the financial statements 27 - 46

(A company limited by guarantee)

THE SOUTH EAST RIVERS TRUST

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 JUNE 2024

Trustees

D R Brown, Trustee A J Dawtrey, Trustee M J Doble, Trustee J M Hurst, Trustee (resigned 31 January 2024)

J W Andrews, Trustee

G J Reeve, Trustee

S Laking, Trustee

Dr J R Collins, Trustee

M A Parker, Trustee

V J Finney James, Trustee (resigned 2 January 2025) Dr D J Hunt, Trustee (appointed 23 October 2024) - Dr M Carnegie Brown, Trustee (appointed 11 December 2024) R Daniels, Trustee (appointed 11 December 2024)

Company registered number

03969688

Charity registered number

1091000

Registered office

1st Floor Arthur Stanley House 40-50 Tottenham Street London W1T 4RN

Principal operating office

Connect House Kingston Road Leatherhead KT22 7LT

Co-Chief Executive Officer

Dr B Davies H Liakos

Page 1

THE SOUTH EAST RIVERS TRUST

(A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024

Independent auditors

Goodman Jones LLP Chartered Accountants 1st Floor Arthur Stanley House 40-50 Tottenham Street London W1T 4RN

Page 2

2023-2024

Trustees’ Annual Report for Accounts

The Trustees present their report and financial statements for the period 1[st] July 2023 to 30[th] June 2024.

The annual report serves the purposes of both a Trustees’ report and a directors’ report under company law.

The Trustees confirm that the annual report and financial statements of the company comply with the current statutory requirements, the requirements of the company’s governing document and the provisions of Statement of Recommended Practice (SORP), applicable to charities preparing their financial accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

Since the group and the Charity qualify as small under section 383 of the Companies Act 2006, the Group strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

The report aims to provide the context for our annual accounts so that the reader can easily and transparently understand how our activities have contributed towards the aims and objectives of the South East Rivers Trust (SERT) and that they have been carried out for public benefit.

The charity has previous names of The Jet Set Club and the Wandle Trust.

CHAIRPERSON’S REPORT

First, the good news; the public has never been more supportive of the need to tackle pollution in our rivers largely due to the headlines created around sewage discharges into our rivers, lakes and seas. It is to be hoped that public sentiment and government interest will translate into more action on the ground. This in itself breeds confidence that funding (from government, water companies etc) to tackle real issues by taking a catchment-based approach, will at least be maintained and, should with good reason be increased. The bad news perhaps is that our rivers, which are already in crisis from existing pollution sources, over-abstraction and climate change, also face a potential risk from the pressure of further development and exploitation.

At SERT, we pride ourselves in facing up to this challenge by working with all our partners and putting boots on the ground, in the classroom and in various stakeholder environments, to help nature fight back. The sector at large also faces challenges of its own in terms of resourcing, but we continue to strive to offer hope that if we do give nature a chance, she will grasp it. As a Board we are exceptionally proud of the projects our teams deliver, and the following are just a few examples of where such hope is realised:

River Restoration: After more than a decade of involvement and five years of careful planning, we have finally completed the installation of a wetland for the Hogsmill river, one of the world's rare and unique chalk rivers in Epsom and Ewell. We have witnessed two things already; the incredibly positive community response and engagement in helping deliver and sustain the project, and the return of nature to this area in the form of bird sightings. The significance of the project has been acknowledged

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by the Secretary of State and other organisations, who see this as a flagship project in our ability to help nature fight back.

Community Outreach: our on-going education flagship Project Kingfisher, continues to see increases in the number of children engaging with their local river environment, fostering a deeper connection with nature and the role that rivers play. A growing part of this is the Our River, Our Water education outreach programme sponsored by Southern Water where we have seen 607 children engaged in activities on the River Mole, to engage and inspire them about the importance of our rivers.

Catchment Focus: The establishment of our internal Catchment Boards has fostered internal dialogue around our approach to catchments and compliments our external roles as hosts or co-hosts in all 12 of our catchments. This has really helped consolidate our catchment based approach this year and has set the foundation for further change. An excellent parallel example of our ‘hosting function’ to support the sustainable use of water, comes in the form of Our Holistic Water for Horticulture Water project in Kent.

In this regard, we recognise the imperative to act for current and future generations and that we must do more in the years ahead. To meet this responsibility, we are continuing on a journey to enhance our impact across our 12 catchments. Our strategy is rooted in putting the environment first, and to this end collaboration with catchment stakeholders including water companies, is pivotal to our strategy to mitigate the crisis and restore our rivers to health in the most sustainable, holistic and expedient way possible.

As we look to the challenges ahead, the responsibility to sustain and preserve all of our rivers, including our unique chalk rivers, is very much a shared one. At SERT, we are committed to changing the way we address these challenges in our footprint, so we may become even more effective at engaging local communities, delivering impact and bringing opportunities for our staff to develop and grow at the same time. So, we have a year of exciting change ahead of us, and a year of considerable achievement behind us, and I remain convinced that we will succeed through the effort of the exceptional individuals we have on ‘our’ team; not just in SERT but with the many partners we work alongside. Together we make things happen and help nature fight back.

In this endeavour, I would like to thank you for your crucial and ongoing support.

Steve Laking, Chair of Trustees

OBJECTIVES AND ACTIVITIES

Policies and Objectives

The principal objects of the charity, as set out in its governing documents, are:

We believe rivers should be healthy and we take a holistic ecosystem approach to achieve this. Rivers reflect the character of their catchment areas and their health is determined by the activities and land uses taking place within them and further afield. With the increasingly intensive and complex demands that we make of our river catchments and the more acute pressure placed on them by the effects of

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climate change and population growth across the south east, river health has declined and, in turn, those services that are provided become less sustainable as the ecosystem infrastructure that underpins them also declines.

The good health and resilience of rivers and water catchments in the south east of England is vital for sustainable development, crucial to meet the business and population growth needs for the future, and essential to building resilience to the worsening climate crisis. We are working to achieve this through river and catchment restoration informed by science and evidence, and by connecting communities, schools and businesses to their local river to inspire greater stewardship and advocacy for rivers in the future.

Where we work

SERT carries out its work across 12 catchments in the south east, indicated by the green borders on the map. This is a large and varied area covering ~8232 m[2] , over 13,000 kms of river, and a maintaining a population in excess of 5.8m people.

Of particular importance is the presence of chalk streams in our area. Chalk streams are a globally rare habitat of phenomenal importance to nature. There are only around 220 chalk streams in the world, 85% of which are found in England, mainly in the south and south east of the country.

Strategy and Structure

Our vision is to achieve healthy river ecosystems for all in the south east of England. Our mission is to deliver outstanding river ecosystem enhancement through science-based action, collaboration, education and engagement across our area.

Our Strategic Goals are:

Key Activities for Public Benefit

When reviewing our aims and objectives and planning activities the Trustees have considered the Charity Commission’s general guidance on public benefit. Our key activities include:

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  1. Engaging communities and stakeholders with rivers and their catchment areas: to achieve healthy rivers for people and wildlife, we connect communities to their local river; build respect for our river environment; and inspire people to protect them for the future.

  2. Educating children and adults about the value of a healthy river, what it looks like and how to achieve it: to achieve healthy rivers for people and wildlife, we promote a wide understanding of what a healthy river looks like and why it is integral to society. By increasing understanding, we inspire and empower people to make positive changes.

  3. Enhancing, protecting and improving river ecosystems through high-quality delivery taking an ecosystem approach: to restore and enhance river ecosystems at both river and catchment scale, we deliver much of our work in-house and through sub contactors. Our work is informed by our deep local knowledge of rivers and catchments and uses science and evidence to identify the best solutions.

  4. Effective partnership and facilitation with communities and stakeholders who influence the health of rivers, facilitating the achievement of our common goals: we value our partnerships with other organisations and local stakeholders. We convene and lead many groups of stakeholders, encouraging, promoting and designing holistic and innovative solutions to the management of land and water, using data and evidence to inform our work and to support the work of others.

We use eight measures of success to ensure our effective delivery for public benefit. These are:

  1. A solid diversified funding base

  2. Making a difference

  3. Effective governance and direction

  4. A motivated and effective workforce

  5. Quality and productive relationships and partnerships

  6. Effective geographical coverage

  7. Effective, accessible and responsive systems

  8. A good reputation.

Our strategy and activities are delivered by our five core teams:

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Supporting our people:

In addition to our core teams SERT has an active Equity, Diversity and Inclusivity Working Group (EDI WG), a trained Mental Health and Wellbeing Group (MH&W) and a Health & Safety Team (H&S). We recognise that everyone can play their part in good and improving practice in EDI, MH&W and H&S. The groups are dedicated staff members who are committed to growing their own understanding and skills in each area so that they can support and train others across SERT to perform and act at their very best.

Working in Partnership

In addition to our core teams, Board and Executive, we also draw on the expertise of the wider Rivers Trust network and its umbrella body, The Rivers Trust. We engage with and contribute to the wider movement in key areas of work, and both support and benefit from their national profile and communications.

We have continued to work in partnership with a wide range of organisations. We work closely with the Environment Agency, DEFRA, Internal Drainage Boards, many local authorities, landowners, businesses and other non-governmental organisations, in particular Wildlife Trusts, the National Trust and the Kent Countryside Management Partnerships. We play a key role in Water Resources South East (WRSE), helping to develop a more regional approach.

We continue to work with water companies, acting as a critical friend to influence and deliver better outcomes for the environment and nature, and a more sustainable future for the water environment. We work in partnership with all five water companies active in our area: Affinity Water, SES Water, Southern Water, Thames Water and South East Water, and receive funding from each (though this varies significantly). We also receive support from key retailers active in our projects including Waitrose, Lidl and Marks and Spencer. It is notable that senior staff and Trustees sit on the customer groups and environmental advisory groups of Thames Water, SES Water, Southern Water and South East Water.

We also collaborate with other local rivers trusts on key issues, projects and partnerships through two regional hubs covering the south of England. We also actively contribute to the Communities of Practice set up to share knowledge through the rivers trust network and we help guide our national umbrella body, the Rivers Trust, by holding the position of an elected Trustee on their Board.

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ACHIEVEMENTS AND PERFORMANCE

Co-CEOs’ Introduction

It has been a challenging year for our rivers and also in many ways for SERT. Despite having experienced a slight increase in staff turnover, we have had a significant increase in engagement perhaps buoyed by public interest and sentiment. We have also delivered our largest ever project, the Chamber Mead wetland which helps to treat a contaminated tributary that has been polluting the Hogsmill River, one of the UK’s rare chalk streams. The project was delivered successfully despite exceptionally wet conditions and has had considerable engagement from the local community and a number of businesses and government groups. It is being showcased as an exemplar nature-based solution (NBS) to the issues faced by the environment.

We have continued our hosting role of the Catchment Partnerships in all 12 of our catchments. We have taken on hosting for the Eastern Rother only relatively recently and there is already an effective partnership of local stakeholders developing. Internally we have delivered on our goal to foster further collaboration in all our catchments through the establishment of Catchment Boards which are working towards developing Impact Plans for each of our catchments.

A particular highlight from the year was playing a key role in the UK River Summit which was held on the River Wandle in May 2024. The event was a great success bringing together politicians, scientists, water company and government agency representatives local community groups and river enthusiasts. A further highlight was the engagement of a growing number of volunteers and citizen scientists involved in our water quality monitoring programmes. Poor water quality is an increasing issue for rivers and for the first time we also began monitoring chemicals in collaboration with universities.

We are looking forward to the next year with anticipation as we take a step change to increase the physical interventions we deliver and enhance our positive impact for rivers and the water environment. We also look forward to implementing a new 3-year strategic plan which will lay strong foundations for our future growth.

Our staff and volunteers have worked tirelessly throughout the year and we thank every one of them for their dedication and the part they have played in improving rivers in the south east. We also thank our funders and partners who enable us to create positive environmental impact. We are determined to push forward and succeed for the environment and local communities despite the growing environmental crisis. We are now turning our attention to ensuring we have firm foundations on which we can scale up and meet the environmental need head on. We invite you to join us.

Hester Liakos & Dr Bella Davies, Co-CEOs

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Engaging communities

37 Community Events | 537 Volunteers | 2,200 Volunteer Hours

Through our Working With Communities team (WWC), we deliver a programme of volunteering and outreach events ranging from guided walks and talks to practical river enhancements days, all designed to connect communities to their local river and build a sense of stewardship. This year has seen a period of substantial change for the team with a significant number of staff movements both in and out of the organisation. Despite this turbulence, the team has doubled the number of volunteers we have engaged with compared to 22/23. In line with our strategic intent, our engagement activities also expanded geographically, spanning South London rivers as well as growth areas such as the Mole, Loddon, Maidenhead Ditch, and Beult. Over the year, we delivered 22 outreach events, engaging 1,800 attendees. These events included 5 guided walks, 7 stalls, 2 community days, 1 family activity day, and 5 community talks.

We also hosted 37 practical events, which involved 537 volunteers contributing a total of 2,200 hours toward river restoration. Included in these activities were six citizen science schemes monitoring river health. These included well-established initiatives such as Riverfly monitoring on South London rivers and eel trap monitoring at Molesey Lock, as well as training new volunteers for an Outfall Safari on the Beverley Brook and water quality testing on the River Mole.

Our corporate volunteering programme was relaunched this year, with 4 events involving 42 volunteers. While the programme's growth has been limited, these activities have begun to strengthen corporate partnerships and created a firm foundation for the forthcoming year.

Digital Growth and Reach

Once again, despite staff turnover, our digital reach experienced significant growth in the last year; our social media followers increased by 27% to 9,209, active website users grew by 21% to 10,106, and newsletter subscriptions rose by 9% to 1,816. We have also participated and supported a number of BBC local radio and TV broadcasts during this year to including a Channel 5 documentary ‘Swimming in Sewage’ where we highlighted the sewage issues on the Hogsmill river. We are confident that we can do more in the forthcoming year with recruitment of new staff complimenting our existing team, to bring fresh ideas to this area of our operations.

Educating children

6,040 Children | 114 outdoor sessions | 47 indoor sessions

WWC is also responsible for delivering our educational programmes in schools; through Project Kingfisher, our flagship education programme, we delivered 114 sessions to 5,433 schoolchildren across 47 schools, including outdoor activities on 5 rivers. Additionally, the Our River, Our Water programme, funded by Southern Water, provided sessions on the River Mole to 607 pupils, emphasizing water conservation. Collectively, these programmes reached 6,040 children, fostering environmental awareness and engagement.

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Enhancing, protecting and improving rivers

The headline for the Restoring Rivers and Catchments team (RRC) this year, has been the Chamber Mead wetlands coming to fruition. Ten years since the idea first germinated and after 5 years through the development phase, in August 2023 the diggers arrived on site and ground was broken. Chamber Mead represents SERT’s largest, most challenging and highest costing project that we have ever delivered. Funded with blended finance from seven different sources, totalling in the region of £1.4M, it demonstrated that private, public and third sector contributions can come together to see benefits realised for the betterment of the environment and local community. Designed in-house and delivered through a very challenging six month period extending through one of the wettest periods on record. Approximately 9,000m[3] of soil was excavated, in turn creating a 2,000m[2] wetland complex. Community, school and corporate planting events introduced the plants that will serve to trap, remove and remediate the pollutants and contaminants. In turn, this will function to improve water quality flowing down the Green Lanes Stream and into the Hogsmill chalkstream. Whilst also providing a valuable habitat, local birdwatchers have reported sightings of Kingfishers, Bearded Tits and a Hobby at the site since the wetland installation. The site was used for the launch event of Natural England’s Species Recovery Fund in September 2023, and its importance was recognised by the Labour Government’s Secretary of State for the Environment, Steve Reed, who later visited the site in July 2024 (as reported by BBC News).

Elsewhere, we were able to construct a backwater on the Lesser Teise, offering much needed refuge habitat for fish and other fauna from the spate flows and episodes of pollution passing through the system. What is becoming annual habitat works with the help of the local communities continued on both the Blackwater (Loddon) at Ivy Recreation Ground and at Morden Hall Park on the Wandle. The latter helping to build the foundations for ambitious future ongoing partnership working with the National Trust at the site. And finally, a small win in the form of a fish easement at the entrance to the Wish Stream, also on the Blackwater.

As is the nature of project development cycles, less physical delivery took place than in some previous years as the team was largely focused on the development of a suite of larger projects scheduled for implementation through the latter part of the year. This includes the continued forging of new working relationships with water companies, notably South East Water and Southern Water.

The team has been stretched in terms of resources this year, which has placed pressure to meet the demands of the existing projects and the increasing number of opportunities sourced through other teams. However, with a new Deputy Head of the team in place, we are now looking ahead to growth in the forthcoming year.

Effective partnership and facilitation

48 Catchment Partnership meetings hosted and attended

The Science and Partnerships Team (S&P) have continued to host and co-host all twelve Catchment Partnerships across the SERT area, delivering quarterly meetings in each catchment to align partners on priorities and facilitate collaboration on project delivery to address those priorities. We have successfully met the

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requirements of the funding that supports this work, from Defra Water Environment Improvement Fund (WEIF), Thames Water Catchment Partnership Support (CaPS) fund and Southern Water hosting support. The Darent and Cray Catchment Partnership received a tour of Long Reach Sewage Treatment Works (STWs) courtesy of Thames Water, due to a proposal to build a new STWs discharging into the Darent at Sevenoaks, a risk to this chalk stream that currently receives no wastewater discharges.

An important function of the S&P team is to identify projects and bring in funding for their implementation by all teams across the organisation. As a result the team has led and contributed to numerous funding bids, including Water Restoration Fund bids, Environment Agency WEIF projects, Thames Water competitive CaPS bids, partnered with Sevenoaks District Council on a HLF bid, Thames Water Enforcement Undertaking proposals, Innovate UK collaborative Research & Development bids, an application for an apprenticeship degree scheme with Birkbeck College and Catchment Partnership host funding for eleven catchments from WEIF and seven catchments from Thames Water CaPS.

The team has also been involved in the implementation of projects, including establishing and supporting citizen science water quality monitoring in five catchments with funding secured from competitive CaPS bids, development of a detailed catchment restoration plan for the River Darent through the development phase of the Darent Valley Landscape Recovery project, Loddon Rivers Week, monitoring of NbS in the Upper Beult catchment in partnership with Southern Water, Natural Flood Management in the Upper Mole in partnership with Gatwick Airport, monitoring species recovery in the Hogsmill river, mapping the invasive Himalayan Balsam using satellite imagery in three catchments, supporting the creation of the new Local Nature Recovery Strategies (LNRS) for Kent, Surrey, Hampshire, Sussex and Greater London by providing specialist knowledge and advice on freshwater priorities and measures,

The S&P team has also lead internal collaboration through the newly established Catchment Boards and Hubs and supported external engagement through the national coarse fish meeting Sparsholt College, collaborated with the Marden and Darent Valley Farm Clusters, supported Members of Parliament in the Darent, Stour and Wandle catchments, spoken at Friends of Groups AGMs, delivered three BBC TV interviews on chalk streams, River Stour condition, and River Darent gravels rehabilitation works, supported the Veterans River Volunteering conference and UK River Summit event.

Highlights of the year include: significant funding success through the Thames Water competitive CaPS fund, influenced the Environment Agency decision to NOT build a large flood storage area on North Wey catchment, increasing monitoring in our catchments through citizen science and bespoke chemical and eDNA investigations and building collaborations with Kings College London and Atlantic Salmon Trust on continuous water quality monitoring.

In parallel, the Water and Land Stewardship team (WLS), continues to build a reputation for excellence, technical expertise, support and positive engagement in the rural areas of the SERT region. We have worked with Affinity Water and the Kentish Stour Catchment Partnership, plus other stakeholders to carry out extensive scoping and reporting of river restoration and land management options along the entire length of the Nailbourne, Little Stour and Dour river systems as well as map natural capital for these catchments.

The Holistic Water for Horticulture (HWH) project continues to build a solid reputation for supporting and working with the horticulture sector and stakeholders for healthier sourcing catchments for food

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supply, for nature and for local communities. This has included updating the HWH online platform, continuing farm visits/farm plans and raising awareness on abstraction reform and collective working through a successful workshop in March 2024 plus targeted comms through the quarterly HWH newsletter. HWH is working closely with Water Resources South East, the NFU and regional water companies.

These projects, amongst others are helping the WLS team to mainstream and gain expertise in applying Biodiversity Net Gain [BNG] and the Replenish metric to quantify NbS benefits and draw in funding to develop and deliver further NbS measures. We also started the Ofwat Innovation funded, Mainstreaming Nature-Based Solutions project, where we along with 21 partners including water companies, River Trusts and other eNGOs and consultancies come together with the aim of overcoming the barriers to mainstreaming nature-based solutions. Our role is ‘Connector’ for the South East through which we will address barriers to upscaling and mainstreaming NbS with five water companies.

Some of our key project highlights are presented below:

  1. Holistic Water for Horticulture Water Roadmap project continues to innovate, engage, support and share knowledge on sustainable water management.

  2. The West Pikefish Farm demo farm project has secured funding [EA and UKRI] to develop, deliver and monitor a floodplain mosaic on the floodplain of lower Teise. This project has been one of the “firsts” for HWH working with the landowner on their BNG journey as part of their revised business plan

  3. Water resources: SERT/WLS has acted as a facilitator for SERCL client Thanet Earth, the second largest glass house grower in the UK in improving understanding about sustainable water resource opportunities with key stakeholders such as southern water, the Environment Agency and Kent County Council

  4. The Affinity Water funded Catchment resilience project successfully developed and applied a geospatial methodology for recording and instant formatted reporting of river restoration and land management options for the Nailbourne, Little Stour and Dour.

PLANS FOR FUTURE PERIODS

Looking ahead to 2024-2025 we will be in a change-and-growth phase. With a refreshed strategy and strategic objectives and a 3-year plan, we aim to consolidate the progress made and use it as a foundation for growth in the next 3 years. We look to reorganise SERT in order to consolidate the progress made through the establishment of the Catchment Boards by more closely aligning our internal structure to match our geographical footprint. This will enable us to deliver more efficiently and effectively and enable us to substantially grow the organisation going forward. This will also enable us to address resourcing challenges, recognising that growth will also enable us to offer our staff the opportunity to develop their careers even further by offering even more opportunities to take on responsibility. Of course all this needs to bring impact on the ground and we are gearing up to deliver the biggest year for physical intervention in terms of river restoration and catchment enhancements.

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All of the work of the last year and into the future depends on funding. SERT is >95% project-funded – this is testament to the quality of our work, our deep knowledge of local rivers and catchments and the high value we place on our relationships with partners across all sectors. But it creates vulnerability so we will explore options to build core income from investments, donations, corporate support and Trust and Foundation support.

We are, as ever, hugely grateful for the support we enjoy from our various project funders and supporters.

FINANCIAL REVIEW

Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason the Trustees continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.

Financial summary

As at year end, the charity has £2,178k in total funds. As in prior years, the majority of these funds represent restricted project funds, held as bank deposits. During the year the raised £2,999k (2023: £1,757k) and spent £3,164k (2023: £1,916k).

A total of £2,767k (2023: £1,723k) of restricted income was received in the year, a balance of £1,885k (2023: £2,086k) was brought forward from the previous year. Expenditure of £2,996k (2023: £1,949k) was set against this leaving a balance of £1,663k (2023: £1,885k) to carry forward to fund restricted activities in the future.

The charity and its trading subsidiary SERCL raised £232k (2023: £34k) of general or unrestricted income. The charity used £7k from unrestricted reserves to match fund/cover shortfall and extend work on projects.

The free reserves of the charity stand at £490k. (2023: £447k). These funds represent part of the unrestricted reserves available to the charity, which can be used for any purpose within its charitable objects.

The charity holds no material investments. Income for project delivery is usually received in instalments and needs to be immediately accessible on receipt to fund ongoing project expenditure. The Trustees have agreed that core funds, which do not need to be drawn upon in the short term, may be placed in medium term deposit accounts as and when favourable interest rates are identified.

In 2023/24, 34% of the charity’s income was comprised of government funding (2023: 38%). The Trustees identify a reliance on government funding as an ongoing risk, as its availability significantly fluctuates over time and between Governments. The Trust continues to work on diversifying income sources. Whilst we strategically plan and fundraise to meet this objective, we continue to take advantage of opportunities that arise from Grant In Aid funding, largely received via the Environment Agency.

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Reserves

The Trustees seek to maintain a sufficient level of reserves to enable the charity to meet its obligations as they fall due and to allow for such contingencies as might reasonably be expected to arise.

The Trust has no guaranteed income as it receives no regular unrestricted income from membership, donations or legacies. To mitigate this risk, and those associated with issues such as uncertainty around cost-of-living increases and changes in government priorities which mean that future funding, although currently healthy, may be more variable, the Trustees adopt a reserves policy which is designed to be greater than equivalent reserves held by charities that have a regular core income. In addition, the Board has agreed that given the risk of a hiatus in funding in 2024-2025 it may be appropriate for the next year to hold reserves somewhat in excess of the target.

The Trust sets both a minimum and a target reserve level. The minimum reserve is calculated to enable operation for 6 months by core staff; this currently equates to £285k. The target reserve combines the 6-month operational reserve and a provision for key risks the charity faces, including an unexpected change in income or expenditure. This equates to £360k.

The Trust aims to maintain reserves at the target level by sourcing unrestricted income streams, in the form of core funding and/or consultancy services. Our focus is on maintaining our target reserves, recognising that that there is a significant degree of uncertainty and competition for both core funding and consultancy services at this time.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Constitution

The South East Rivers Trust is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 11 April 2000. The registered charity number is 1091000. The charity is governed by its Memorandum and Articles of Association.

The Memorandum of Association was reviewed and was updated on 26 April 2023.

Appointment of Trustees

Recruitment of Trustees is undertaken through open recruitment via Trustee recruiting websites and via SERT’s supporter and partnerships networks. The new Governance Committee regularly reviews the Trustee’s skills base and undertakes a skills gap analysis to inform recruitment of future Trustees. All new applicants are interviewed by the Chairperson and a complement of other Trustees. Potential new Trustees are welcome to attend Trustees’ Meetings as a guest to observe proceedings ahead of making a final decision on whether they will join the Board.

Trustees may be co-opted throughout the year. Their formal appointment is made by resolution of the Trustees. Trustees are appointed for an initial three-year term. Trustees can resolve to continue the appointment for long standing Trustees by resolution. It is our intention to recruit 3 new trustees in the forthcoming year to account for retirements and to bolster our experience and skill sets at the Board level.

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Induction and training of Trustees

Following their appointment, each new Trustee receives an induction and guidance pack which outlines their duties as a Trustee and what is expected of them, as well as the Memorandum and Articles of Association and the most recent audited or independently reviewed accounts. New Trustees are required to familiarise themselves with the activities and operations of the Trust. Trustees are offered the opportunity to undertake site visits with Trust staff at least once a year so that they can see the Trust’s work on the ground. Trustees are also encouraged to attend a volunteer session each year (as a volunteer rather than a Trustee) and to regularly review the Trust’s website www.southeastriverstrust.org.

ORGANISATIONAL STRUCTURE AND DECISION-MAKING

Trustees meet quarterly for Board of Trustees Meetings. We have also established sub-committees of the Board to oversee more specific aspects of governance, operations and risk (People and Remuneration Committee (PARC), Governance Committee, Finance Risk and Audit committee (FRAC) and Policy and Communications committee).

The Trustees are responsible for the strategic direction of the affairs of the charity with day-to-day operational power delegated to the Co-Chief Executive Officers. The Co-Chief Executive Officers are authorised to sign documentation on behalf of the Trustees. In certain circumstances, this responsibility may be delegated to members of the Management Team.

The FRAC meets quarterly prior to the Board of Trustees’ meetings. The Committee undertakes detailed review of financial, risk and audit matters and makes recommendations to the full Board of Trustees, where decision making responsibility remains.

Day-to-day management of the Trust is delegated to the Co-Chief Executive Officers, Dr Bella Davies and Hester Liakos, and to the Management Team: Polly Bryant (partly on maternity leave during the year), Lucy Edington, Dr Chris Gardner, Cat Montcrieff, Katharina Bauer, Rio Rossarne (maternity cover for part of the year) and Toby Hull).

Risk management

The Trustees review the principal risks to which the trust is exposed as listed on a risk register. The risk register is reviewed quarterly by the Finance, Risk and Audit Committee and is copied to the full Board. It is informally reviewed by the Co-Chief Executive Officers, senior staff and individual Trustees on an ongoing basis. Where risks are identified, measures are implemented to reduce their likelihood or impact and to mitigate any remaining risk. Trustees and senior staff review project contracts before they are signed. Risks for each project are reviewed in advance of taking a project on and regularly throughout project delivery. A project risk register is kept and updated quarterly with all changes in strategic project risk being reported to the Board.

Insurance cover is reviewed annually and the level of cover is considered to be adequate for the activities undertaken and the liabilities that the charity is exposed to. The Trust’s insurances include: public and products liability, employers’ liability, Trustees’ liability, Professional Indemnity, hired in plant, cyber security and fully comprehensive vehicle insurance.

Related parties

Any interests from Trustees and the Chief Executive Officer are declared in a Register of Interests which is available at all Trustees’ Meetings for review.

2760891v1

The South East Rivers Trust is a member of The Rivers Trust and is part of the Rivers Trust network. It is very supportive of the work undertaken by The Rivers Trust as the umbrella body for Rivers Trusts. The charity is enrolled with Entrust, the regulator of environmental bodies under the landfill tax regulations, and is a member of the National Council for Voluntary Organisations, Charity Finance Group, the Angling Trust, and the River Restoration Centre.

Pay and remuneration

None of our Trustees received remuneration or any other benefit from their work with the charity. The charity follows the principles set out in its remuneration policy. The annual cost of living review is undertaken by the Executive (CEO and Finance and Operations Director) and People and Remuneration Committee (Rem Com). The grade review for staff is undertaken by the Executive and monitored by the Rem Com. The grade review for the Executive is undertaken by the Rem Com and the Chair of Trustees. Inflation and cost of living increases are considered when reviewing pay but the charity cannot commit to an automatic pay increase for all staff each year. All staff are offered membership of The Rivers Trust pension scheme.

Funds held as custodian trustee on behalf of others

N/A

Funds held as custodian trustee on behalf of others

N/A

Statement of Trustees’ responsibilities

The Trustees (who are also the directors of the Charity for the purposes 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 . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Charity and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

2760891v1

Disclosure of information to auditors

Each of the persons who are trustees at the time when this Trustees’ report is approved confirm that:

Approved by order of members of the board of Trustees and signed on behalf by:

18-03-25 …………………………. ………………….. Stea [aking S Laking Date

2760891v1

(A company limited by guarantee)

THE SOUTH EAST RIVERS TRUST

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE SOUTH EAST RIVERS TRUST

Opinion

We have audited the financial statements of The South East Rivers Trust (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the Consolidated statement of financial activities, the Consolidated balance sheet, the Charity balance sheet, the Consolidated statement of cash flows and the related notes, including a summary of 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:

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.

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 Group's or the parent charitable company'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.

Page 17

(A company limited by guarantee)

THE SOUTH EAST RIVERS TRUST

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE SOUTH EAST RIVERS TRUST (CONTINUED)

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditors' 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, except to the extent otherwise explicitly stated in our report, 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 where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees' responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes 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 Group's and the parent charitable company'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 Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Page 18

(A company limited by guarantee)

THE SOUTH EAST RIVERS TRUST

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE SOUTH EAST RIVERS TRUST (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

We have been appointed as auditor under section 151 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 Auditors' 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:

Based on our understanding of the charity and sector, we identified that the principal risks of non-compliance with laws and regulations related to sector regulations and unethical and prohibited business practices, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011, Charity Commission and sector regulations, and UK Tax Legislation. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls). Appropriate audit procedures in response to these risks were carried out.

These procedures included:

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members; and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

Page 19

(A company limited by guarantee)

THE SOUTH EAST RIVERS TRUST

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE SOUTH EAST RIVERS TRUST (CONTINUED)

Use of our report

This report is made solely to the charitable company'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 charitable company's trustees those matters we are required to state to them in an Auditors' 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 charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Goodman Jones LLP

Chartered Accountants 1st Floor Arthur Stanley House 40-50 Tottenham Street London W1T 4RN 18-03-25 Date:

Goodman Jones LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 20

THE SOUTH EAST RIVERS TRUST

(A company limited by guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 JUNE 2024

Note
Income from:
Donations and legacies
4
Charitable activities
5
Other income
6
Total income
Expenditure on:
Charitable activities
7
Total expenditure
Net income/(expenditure)
Transfers between funds
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward
16		 Unrestricted
funds
2024
£
16,029
178,696
36,846
231,571
168,275
168,275
63,296
(7,373)
55,923
458,398
55,923
514,321		 Restricted
funds
2024
£
560
2,766,578
-
2,767,138
2,996,174
2,996,174
(229,036)
7,373
(221,663)
1,885,133
(221,663)
1,663,470		 Total
funds
2024
£
16,589
2,945,274
36,846
2,998,709
3,164,449
3,164,449
(165,740)
-
(165,740)
2,343,531
(165,740)
2,177,791		 Total
funds
2023
£
10,950
1,743,495
2,665
1,757,110
1,916,277
1,916,277
(159,167)
-
(159,167)
2,502,698
(159,167)
2,343,531

Page 21

THE SOUTH EAST RIVERS TRUST (A company limited by guarantee) REGISTERED NUMBER: 03969688

CONSOLIDATED BALANCE SHEET AS AT 30 JUNE 2024

Note
Intangible assets
10
Tangible assets
11
Current assets
Debtors
13
Cash at bank and in hand
Creditors: amounts falling due within one
year
14
Net current assets
Total assets less current liabilities
Total net assets
Charity funds
Restricted funds
16
Unrestricted funds
16
Total funds		 665,538
2,207,331
2,872,869
(707,630)		 2024
£
10,452
2,100
12,552
2,165,239
2,177,791
2,177,791
1,663,470
514,321
2,177,791		 422,009
2,651,395
3,073,404
(729,873)		 2023
£
-
-
-
2,343,531
2,343,531
2,343,531
1,885,133
458,398
2,343,531

The Charity was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

However, an audit is required in accordance with section 151 of the Charities Act 2011.

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Page 22

THE SOUTH EAST RIVERS TRUST (A company limited by guarantee) REGISTERED NUMBER: 03969688

CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 30 JUNE 2024

................................................ Stour (aking

S Laking

Date: 18-03-25

The notes on pages 27 to 46 form part of these financial statements.

Page 23

THE SOUTH EAST RIVERS TRUST (A company limited by guarantee) REGISTERED NUMBER: 03969688

CHARITY BALANCE SHEET AS AT 30 JUNE 2024

Note
Fixed assets
Intangible assets
10
Tangible assets
11
Investments
12
Current assets
Debtors
13
Cash at bank and in hand
Creditors: amounts falling due within one
year
14
Net current assets
Total assets less current liabilities
Net assets
Total net assets
Charity funds
Restricted funds
Unrestricted funds
Total funds		 748,749
2,057,332
2,806,081
(654,489)		 2024
£
10,452
2,100
1
12,553
2,151,592
2,164,145
2,164,145
2,164,145
1,658,702
505,443
2,164,145		 474,096
2,596,006
3,070,102
(727,123)		 2023
£
-
-
1
1
2,342,979
2,342,980
2,342,980
2,342,980
1,885,133
457,847
2,342,980

The Charity's net movement in funds for the year was £(178,836) (2023 - £(149,925)).

The Charity was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

However, an audit is required in accordance with section 151 of the Charities Act 2011.

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

Page 24

THE SOUTH EAST RIVERS TRUST (A company limited by guarantee) REGISTERED NUMBER: 03969688

CHARITY BALANCE SHEET (CONTINUED) AS AT 30 JUNE 2024

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees on and signed on their behalf by:

S Larking

18-03-25

The notes on pages 27 to 46 form part of these financial statements.

Page 25

THE SOUTH EAST RIVERS TRUST

(A company limited by guarantee)

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2024

Note
Cash flows from operating activities
Net cash used in operating activities
19
Purchase of intangible assets
Purchase of tangible fixed assets
Net cash (used in)/provided by investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
20
The notes on pages 27 to 46 form part of these financial statements		 2024
£
(430,634)
(11,067)
(2,363)
(13,430)
(444,064)
2,651,395
2,207,331		 2023
£
343,811
-
-
-
343,811
2,307,584
2,651,395

Page 26

THE SOUTH EAST RIVERS TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

1. General information

The South East Rivers Trust is a charitable company limited by guarantee incorporated in England. The registered office is 1st Floor Arthur Stanley House, 40-50 Tottenham Street, Lodnon, United Kingdom, W1T 4RN.

2. Accounting policies

2.1 Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. The Charity continues to take the approach of carefully reviewing and predicting impacts on project delivery and associated finances, including monitoring cashflow forecasts regularly and undertaking financial stress testing to ensure the Charity remains a going concern under all reasonable scenarios. There is sufficient project work for the next 12 months from the date of signing.

2.2 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The South East Rivers Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

Accounts are prepared in Sterling, the functional currency of the Charity, and rounded to the nearest £.

The Consolidated statement of financial activities (SOFA) and Consolidated balance sheet consolidate the financial statements of the Charity and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

The Charity has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of financial activities in these financial statements.

2.3 Company status

The Charity is a company limited by guarantee. The members of the company are the Trustees named on page 1. In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the Charity.

Page 27

THE SOUTH EAST RIVERS TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

2. Accounting policies (continued)

2.4 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

2.5 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Gifts in kind donated for distribution are included at valuation and recognised as income when they are distributed to the projects. Gifts donated for resale are included as income when they are sold. Donated facilities are included at the value to the Charity where this can be quantified and a third party is bearing the cost. No amounts are included in the financial statements for services donated by volunteers.

Donated services or facilities are recognised when the Charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the Charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer time is not recognised and refer to the Trustees' report for more information about their contribution.

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the Charity which is the amount the Charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Page 28

THE SOUTH EAST RIVERS TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

2. Accounting policies (continued)

2.6 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 allocated on the portion of the asset’s use.

Support costs are those costs incurred directly in support of expenditure on the objects of the Charity and include project management.

Charitable activities and Governance costs are costs incurred on the Charity's operations, including support costs and costs relating to the governance of the Charity apportioned to charitable activities.

All expenditure is inclusive of irrecoverable VAT.

2.7 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.8 Intangible assets and amortisation

Intangible assets costing £NIL or more are capitalised and recognised when future economic benefits are probable, and the cost or value of the asset can be measured reliably.

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Amortisation is provided on intangible assets at rates calculated to write off the cost of each asset on a straight-line basis over its expected useful life.

The estimated useful lives are as follows:

Computer software - 3 years

2.9 Tangible fixed assets and depreciation

All assets costing more than £1,000 are capitalised.

A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of financial activities incorporating income and expenditure account.

Page 29

THE SOUTH EAST RIVERS TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

2. Accounting policies (continued)

2.9 Tangible fixed assets and depreciation (continued)

Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

The estimated useful lives are as follows:

Motor vehicles - 3 years Office equipment - 3 years

2.10 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Consolidated statement of financial activities.

Investments in subsidiaries are valued at cost less provision for impairment.

2.11 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.12 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.13 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.

2.14 Financial instruments

The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

Page 30

THE SOUTH EAST RIVERS TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

2. Accounting policies (continued)

2.15 Pensions

The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.

3. Critical accounting estimates and areas of judgment

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Page 31

THE SOUTH EAST RIVERS TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

4. Income from donations and legacies

Donations
Legacies
Total 2023
5.
Income from charitable activities
Charitable project income
Total 2023		 Unrestricted
funds
2024
£
16,029
-
16,029
3,905
Unrestricted
funds
2024
£
178,696
27,294		 Restricted
funds
2024
£
560
-
560
7,045
Restricted
funds
2024
£
2,766,578
1,716,201		 Total
funds
2024
£
16,589
-
16,589
10,950
Total
funds
2024
£
2,945,274
1,743,495		 Total
funds
2023
£
10,300
650
10,950
Total
funds
2023
£
1,743,495

IIncluded in charitable income is an amount of £1,001,393 (2023: £662,528) relating to government funds.

Page 32

(A company limited by guarantee)

THE SOUTH EAST RIVERS TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

6. Other incoming resources

Recharged service income
Investment income
Total 2023		 Unrestricted
funds
2024
£
-
36,846
36,846
2,665		 Total
funds
2024
£
-
36,846
36,846
2,665		 Total
funds
2023
£
1,782
883
2,665

7. Analysis of expenditure by activities

Direct Charitable activities
Total 2023		 Activities
undertaken
directly
2024
£
2,669,481
1,490,501		 Support
costs
2024
£
494,968
425,776		 Total
funds
2024
£
3,164,449
1,916,277		 Total
funds
2023
£
1,916,277

Analysis of direct costs

Staff costs
Direct charitable costs
Total 2023		 Activities
2024
£
952,788
1,716,693
2,669,481
1,490,501		 Total
funds
2024
£
952,788
1,716,693
2,669,481
1,490,501		 Total
funds
2023
£
984,971
505,530
1,490,501

Page 33

(A company limited by guarantee)

THE SOUTH EAST RIVERS TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

7. Analysis of expenditure by activities (continued)

Analysis of support costs

Staff costs
Rent, rates and insurance
Office admin and accountancy
Utilities and storage
Travelling and subsistence
Other staff costs
Bank charges
Audit fee
Marketing and bid development
Total 2023		 Activities
2024
£
389,084
27,041
42,311
7,133
6,184
10,917
1,818
10,000
480
494,968
425,776		 Total
funds
2024
£
389,084
27,041
42,311
7,133
6,184
10,917
1,818
10,000
480
494,968
425,776		 Total
funds
2023
£
293,559
42,922
55,821
3,102
5,725
13,402
612
10,400
233
425,776

8. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension
schemes		 Group
2024
£
1,139,327
117,046
85,499
1,341,872		 Group
2023
£
1,088,167
111,481
78,882
1,278,530		 Charity
2024
£
1,053,995
108,572
78,227
1,240,794		 Charity
2023
£
1,073,888
110,062
77,865
1,261,815

Page 34

(A company limited by guarantee)

THE SOUTH EAST RIVERS TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

8. Staff costs (continued)

The average number of persons employed by the Charity during the year was as follows:

Direct charitable
Management and administration		 Group
2024
No.
27
5
32		 Group
2023
No.
26
5
31

No employee received remuneration amounting to more than £60,000 in either year.

In the year, the expense incurred by the Charity in regard to key management personnel was £86,909 (2023 £83,116).

9. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2023 - £NIL).

During the year ended 30 June 2024, expenses totalling £293 were reimbursed or paid directly to Trustees (2023 - £NIL).

Page 35

THE SOUTH EAST RIVERS TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

10.
Intangible assets
Group
Cost
Additions
At 30 June 2024
Amortisation
Charge for the year
At 30 June 2024
Net book value
At 30 June 2024
At 30 June 2023		 Computer
software
£
11,067
11,067
615
615
10,452
-

Page 36

THE SOUTH EAST RIVERS TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

10.
Intangible assets (continued)
Charity
Cost
Additions
At 30 June 2024
Amortisation
Charge for the year
At 30 June 2024
Net book value
At 30 June 2024
At 30 June 2023		 Computer
software
£
11,067
11,067
615
615
10,452
-

Page 37

(A company limited by guarantee)

THE SOUTH EAST RIVERS TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

11. Tangible fixed assets

Group

Cost or valuation
At 1 July 2023
Additions
At 30 June 2024
Depreciation
At 1 July 2023
Charge for the year
At 30 June 2024
Net book value
At 30 June 2024
At 30 June 2023
Charity
Cost or valuation
At 1 July 2023
Additions
At 30 June 2024
Depreciation
At 1 July 2023
Charge for the year
At 30 June 2024		 Motor
vehicles
£
1,500
-
1,500
1,500
-
1,500
-
-
Motor
vehicles
£
1,500
-
1,500
1,500
-
1,500		 Office
equipment
£
-
2,363
2,363
-
263
263
2,100
-
Office
equipment
£
-
2,363
2,363
-
263
263		 Total
£
1,500
2,363
3,863
1,500
263
1,763
2,100
-
Total
£
1,500
2,363
3,863
1,500
263
1,763

Page 38

THE SOUTH EAST RIVERS TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

11. Tangible fixed assets (continued) Tangible fixed assets (continued)
Charity (continued)
Motor Office
vehicles equipment Total
£ £ £
Net book value
At 30 June 2024 - 2,100 2,100
At 30 June 2023 - - -
12. Fixed asset investments
Investments
in subsidiary
companies
Charity £
Cost or valuation
At 1 July 2023 1
At 30 June 2024 1
Net book value
At 30 June 2024 1
At 30 June 2023 1
Principal subsidiaries
The following was a subsidiary undertaking of the Charity: South East Rivers Consulting Limited.
Name Company Registered office or principal Principal activity
number place of business
South East Rivers Consulting 13881488 First Floor, Arthur Stanley House, Environmental
Limited Tottenham Street, London, W1T consulting activities
4RN

Page 39

(A company limited by guarantee)

THE SOUTH EAST RIVERS TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

12. Fixed asset investments (continued)

Holding Included in consolidation

100% Yes

The financial results of the subsidiary for the year were: £13,648 profit.

Income
£
Expenditure
£
Profit/(loss)
for the year
£
South East Rivers Consulting Limited
166,070
(152,422)
13,648
13.
Debtors
Group
Group
Charity
2024
2023
2024
£
£
£
Due within one year
Amounts owed by group undertakings
-
-
92,487
Prepayments and accrued income
192,803
261,520
183,527
Grants receivable
472,735
160,489
472,735
665,538
422,009
748,749		 Net assets
£
13,649
Charity
2023
£
52,087
261,520
160,489
474,096

Page 40

(A company limited by guarantee)

THE SOUTH EAST RIVERS TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

14. Creditors: Amounts falling due within one year

Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income
Financial instruments
Financial assets
Financial assets measured at amortised cost
Financial liabilities
Financial liabilities measured at amortised
cost		 Group
2024
£
72,880
42,416
5,394
586,940
707,630
Group
2024
£
2,835,988
Group
2024
£
(663,374)		 Group
2023
£
71,769
-
56,487
601,617
729,873
Group
2023
£
2,603,331
Group
2023
£
(125,653)		 Charity
2024
£
72,880
28,816
5,393
547,400
654,489
Charity
2024
£
2,769,200
Charity
2024
£
(624,253)		 Charity
2023
£
71,769
-
56,487
598,867
727,123
Charity
2023
£
2,593,540
Charity
2023
£
(125,653)

15. Financial instruments

Financial assets measured at amortised cost is comprised of cash and debtors, excluding prepayments.

Financial liabilities measured at amortised cost comprises creditors (excluding accruals).

Page 41

(A company limited by guarantee)

THE SOUTH EAST RIVERS TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

16. Statement of funds - current year

Balance at 1
July 2023
Income
Expenditure
Transfer
in/out
Balance at 30
June 2024		 Balance at 1
July 2023
Income
Expenditure
Transfer
in/out
Balance at 30
June 2024		 Balance at 1
July 2023
Income
Expenditure
Transfer
in/out
Balance at 30
June 2024		 Balance at 1
July 2023
Income
Expenditure
Transfer
in/out
Balance at 30
June 2024		 Balance at 1
July 2023
Income
Expenditure
Transfer
in/out
Balance at 30
June 2024		 Balance at 1
July 2023
Income
Expenditure
Transfer
in/out
Balance at 30
June 2024
Designated funds
£
£
£
£
£
SERT 11,751 - - - 11,751
11,751 - - - 11,751
General funds
General Funds-all funds 446,647 231,571 (168,275) (7,373) 502,570
Total Unrestricted funds 458,398 231,571 (168,275) (7,373) 514,321
Restricted funds
CaBA Funds 41,326 447,185 (381,928) 922 107,505
Cleanups 2,538 4,770 (3,396) - 3,911
Consultation 763 - - (763) -
Darent & Cray Catchment 38,992 98,498 (105,557) 15 31,949
Environment Agency 133,942 208,943 (220,865) 308 122,329
Hogsmill 639,871 873,302 (1,288,472) 858 225,559
Loddon 11,210 86,647 (32,714) 3,841 68,983
Medway 4,779 - (16,277) (120) (11,618)
Mole 302,009 85,864 (157,103) - 230,770
Richmond Park 4,997 - (4,910) (87) -
RIF Monitoring 11,597 - - - 11,597
River and Catchment
Education		 27,319 127,000 89,268 - 65,051
Rother 603 - (624) 21 -
SuDS 446 - (677) 231 -
Urban Diffuse Pollution 22,644 - (2,509) - 20,135
Wandle 314,228 48,202 (54,767) 682 308,345
Water for All 151,742 786,727 (626,873) 1,466 308,345
Wey 176,127 - (10,234) - 165,893
Total Restricted funds 1,885,133 2,767,138 (2,996,174) 7,373 1,663,470

Designated Funds:

South East Rivers Trust – The fund was set aside to provide support for the development of South East Rivers Trust.

Restricted Funds:

CaBA Funds – The fund is to run Catchment Partnerships and deliver projects through the Catchment Based Approach (CaBA).

Cleanups – The fund is to deliver river cleanups with volunteers.

Page 42

THE SOUTH EAST RIVERS TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

Consultation – This fund is to consult communities and stakeholders on project concept, design and detail.

Cuckmere – The fund is for projects to restore and enhance the River Cuckmere.

Darent & Cray Catchment – The fund is for projects to restore and enhance the catchment of the River Darent.

Environment Agency – The fund was given for a number of projects to deliver Water Framework Directive and fisheries related enhancements on rivers across the South East.

Hogsmill – The fund is for projects to restore and enhance the Hogsmill river and its catchment.

Loddon – The fund is for projects to restore and enhance the River Loddon and its catchment. .

Medway – The fund is for projects to restore and enhance the River Medway and its catchment.

Mole – The fund is for projects to restore and enhance the River Mole and its catchment.

Richmond Park – The fund is to deliver enhancements to the Beverley Brook in Richmond Park.

RIF Monitoring – The fund was given to monitor whether the measures undertaken through the RIF projects were effective.

River and Catchment Education - The fund is to run education projects.

Rother – The fund is to restore and enhance the Rother and its catchment.

SuDS – This fund is to deliver Sustainable Drainage Systems in Schools.

Urban Diffuse Pollution – The fund was given for work investigating water quality and sources of contamination in tributaries of the Thames in London.

Wandle Habitat Fund – The fund is for projects to restore and enhance the River Wandle.

Water for All – The fund is for projects addressing water scarcity.

Wey – The fund is for projects in the catchment of the River Wey.

Restricted funds showing a deficit at year end are all ongoing projects that are expected to return to a positive balance on receipt of future funds.

Page 43

(A company limited by guarantee)

THE SOUTH EAST RIVERS TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

17. Statement of funds - prior year

Balance at 1
July 2022
Income
Expenditure
Transfer
in/out
Balance at 30
June 2023		 Balance at 1
July 2022
Income
Expenditure
Transfer
in/out
Balance at 30
June 2023		 Balance at 1
July 2022
Income
Expenditure
Transfer
in/out
Balance at 30
June 2023		 Balance at 1
July 2022
Income
Expenditure
Transfer
in/out
Balance at 30
June 2023		 Balance at 1
July 2022
Income
Expenditure
Transfer
in/out
Balance at 30
June 2023		 Balance at 1
July 2022
Income
Expenditure
Transfer
in/out
Balance at 30
June 2023
Designated funds
£
£
£
£
£
SERT 11,751 - - - -
- - - - -
11,751 - - - 11,751
General funds
General Funds-all funds 404,738 33,863 32,777 (24,731) 446,647
Total Unrestricted funds 416,489 33,863 32,777 (24,731) 458,398
Restricted funds
CaBA Funds (5,427) 345,204 (298,555) 104 41,326
Cleanups 3,477 1,300 (2,239) - 2,538
Consultation 1,988 - (1,225) - 763
Cuckmere 9,555 - (9,414) (141) -
Darent & Cray Catchment 56,106 103,340 (120,502) 48 38,992
Environment Agency 113,300 219,068 (198,431) 5 133,942
Hogsmill 479,274 302,601 (142,004) - 639,871
Loddon 45,324 83,470 (121,294) 3,709 11,210
Medway 3,710 48,930 (48,080) 220 4,799
Mole 403,976 3,000 (104,967) - 302,009
Prevent Plastic Pollution (14,258) 140,848 (138,197) 11,607 -
PROWATER (28,029) 63,871 44,122 8,279 -
Richmond Park 8,370 19,939 (23,312) - 4,997
RIF Monitoring 11,597 - - - 11,597
River and Catchment Education 19,305 70,000 (61,986) - 27,319
Rother (4,022) 44,699 (40,073) - 603
SuDS 3,793 - (3,347) - 446
Urban Diffuse Pollution 18,656 12,000 (8,012) - 22,644
Wandle 320,168 42,000 (47,940) - 314,228
Water for All 444,640 222,977 (516,772) 889 151,742
Wey 194,707 - (18,580) - 176,127
Total Restricted funds 2,086,210 1,723,246 (1,949,054) 24,731 1,885,133
Total of funds 2,502,699 1,757,109 (1,916,277) - 2,343,531

Page 44

THE SOUTH EAST RIVERS TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

18. Analysis of net assets between funds

Analysis of net assets between funds - current period

Tangible fixed assets
Intangible fixed assets
Current assets
Creditors due within one year
Total
Analysis of net assets between funds - prior period
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2024
£
2,100
10,452
1,209,399
(707,630)
514,321
Unrestricted
funds
2023
£
1,188,271
(729,873)
458,398		 Restricted
funds
2024
£
-
-
1,663,470
-
1,663,470
Restricted
funds
2023
£
1,885,133
-
1,885,133		 Total
funds
2024
£
2,100
10,452
2,872,869
(707,630)
2,177,791
Total
funds
2023
£
3,073,404
(729,873)
2,343,531

19. Reconciliation of net movement in funds to net cash flow from operating activities

Net expenditure for the period (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Increase in debtors
Increase/(decrease) in creditors
Net cash provided by/(used in) operating activities		 Group
2024
£
(165,740)
878
(243,528)
(22,244)
(430,634)		 Group
2023
£
(159,167)
-
(101,241)
604,219
343,811

Page 45

(A company limited by guarantee)

THE SOUTH EAST RIVERS TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

20. Analysis of cash and cash equivalents

Cash in hand
Total cash and cash equivalents		 Group
2024
£
2,207,331
2,207,331		 Group
2023
£
2,651,395
2,651,395

21. Analysis of changes in net debt

Cash at bank and in hand At 1 July
2023
£
2,651,395
2,651,395		 Cash flows
£
(444,064)
(444,064)		 At 30 June
2024
£
2,207,331
2,207,331

22. Pension commitments

The Charity operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Charity in an independently administered fund. The pension cost charge represents contributions payable by the Charity to the fund and amounted to £81,354 (2023 - £79,946). There were nil contributions payable (2023 - NIL) at the balance sheet date.

The charity also operates an auto-enrolment scheme for those who are not a member of the defined contribution scheme. There were contributions payable of £784 (2023- £752) at the balance sheet date.

23. Related party transactions

Other than elsewhere disclosed in the accounts, there were no transactions with related parties during the current or the prior period.

Page 46