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2022-03-31-accounts

Report ofthe Trustees 1 —18
Report ofthe Independent
Auditors		 19-23
Statement of FinancialActivities 24
Statement ofTotal Recognised Gains & Losses 25
Balance Sheet 26
Statement ofCash Flows 27
Notes to Financial Statements 28 —54

The key management personnel
who make up the Se		 nior Manage men t Team are:
Sarah Kessell -Chief Executive Officer
Margaret
Drury		 - Finance Manager
Kerry Rogers -Conservation
Manager —resigned September		 2021
Lisa Morgan -Head ofIslands &Marine
Jon Cooper -Membership
Development		 Manager
Gina Gavigan -Marketing
Manager
Diana Clark -Executive Officer
Rhodri irranca-Davies -Nature
Recovery Manager		 —appointed October 2021
Megan Howells -Wilder Engagement
Manager —appointed		 October 2021

Board ofTrustees
Chairman Mike Alexander
Treasurer Stuart Bain'
Vice Chair Paul Culyer
Rob Pickford Resigned 17-3-22
Sally Weale Resigned 14-3-22
Mark Brian'
Rose
Grandage'
Shirley Matthews
Gillian Berntsen Resigned 18-11-21
Richard Payne Resigned 14-3-22
Tom Roberts Resigned 15-3-22
Mike Davies Appointed 18-11-21
Catrin
Evans		 Appointed 18-11-21
Leonora Thomson Appointed 18-11-21

Total Tota I
Unrestricted Restricted Endowment funds funds
Note funds funds funds 2022 2021
E E F. E f
Income and endowments from:
Donations
and legacies		 533,301 169,480 702,781 581,666
Charitable
activities		 317,257 637,621 954,878 1,799,037
Other trading activities 545,669 545,669 247,063
Investments 50,369 5,140 55,509 57,945
Other 120,786 120,786 23,389
Totalincome and endowments 1,567,382 812,241 2,379,623 2,709,100
Expenditure
on:
Raising funds 8 186,915 115,045 301,960 161,486
Charitable
activities		 8 546,248 810,128 1,356,376 1,508,371
Other 8 539,378 500 539,878 329,424
Total expenditure 1,272,541 925,673 2,198,214 1,999,281
Net gains/ (losses) on
investments 13 81,202 20p253 101,455 89,853
Net income/(expenditure) 376,043 (93,179) 282,864 799,672
Transfers between funds: 18 74,740 (74,740)
Net movement
infunds		 450,783 (167,919) 282,864 799,672
Reconciliation
ofFunds
Total funds brought forward 16,20 3,010,451 1,659,449 135,826 4,805,726 4,006,054
Total funds carried forward 16,20 3,461,234 1,491,530 135,826 5,088,590 4,805,726

2022 2021
E E
Surplus / (deficit) for the financial year 181,409 709,819
Unrealised
gain on the revaluation		 of investment assets 101,455 89,853
Total gains and losses recognised 282,864 799,672
Group Chadity Group Charity
Notes 2022 2022 2021 2021
f f f f
Fixed assets:
Tangible fixed assets 11 135,324 133,633 176,901 174,237
Heritage assets 12 2,011,972 2,011,972 2,011,972 2,011,972
Investment:
Quoted		 13 986,973 986,973 885,518 885,518
Unquoted 13 40 40
3,134,269 3,132,618 3,074,391 3,071,767
Current assets:
Stock 29,830 22,910
Debtors 14 101,125 141,185 624,015 631,288
Cash at bank and in hand 2,335,643 2,180,710 1,510,456 1,438,490
2,466,598 2,321,895 2,157,381 2,069,778
Uabilities:
Creditors: Amounts falling due within
one year 15 (468,730) (342,985) (332,240) (253,448)
Net current assets 1,997,868 1,978,910 1,825,141 1,816,330
Total assets less current liabilities 5,132,137 5,111,528 4,899,532 4,888,097
Creditors:
Amounts		 falling due after
more than one year 21 (43,547) (43,547) (93,806) (93,806)
Net assets 20 5,088,590 5,067,981 4,805,726 4,794,291
The funds ofthe charity:
Endowment
funds		 20 135,826 135,826 135,826 135,826
Restricted
income funds		 16,18,20 1,491,530 1,491,530 1,659,449 1,659,449
Unrestricted
income		 funds
Designated
funds		 19 637p817 637,817 550,000 550,000
Unrestricted
income		 funds 20 966,630 980,455 630,526 621,744
Fixed assets 20 1,856,787 1,822,353 1,829,925 1,827,272
Total charity funds 5,088,590 5,067,981 4,805,726 4,794,291

Note 2022 2021
f E
Net cash provided
by operating
activities		 24 876,741 472,666
Cash flows from investing activities:
Dividends,
interest and rents from investments		 55,509 49,883
Proceeds from the sale of property, plant and equipment 1,467
Purchase ofnature reserve 12 (28,760) (125,000)
Purchase ofproperty
plant		 and equipment 11 (18,360)
Net cash provided
by/ (used in) investing		 activities 26,749 (92,010)
Cash jfows from financing activities:
Repayments
ofborrowing		 24 (78,303) (20,027)
Cash inflows from new borrowing 24 91,726
Net cash used in financing activities (78,303) 71,699
Change in cash and cash equivalents in the reporting period 825,191 452,355
Cash and cash equivalents atthe beginning ofthe reporting
period 1,510,456 1,058,101
Cash and cash equivalents at the end of the reporting period 24 2,335,643 1,510,456

Unrestricted Restricted Total Total
funds funds 2022 2021
E E F. E
Membership subscriptions 297,140 297,140 2$2,030
297,140 297,140 282,030
Donations and gifts
Individuals 130,295 27,586 157,881 119,487
Appeals and events 670 108,424 109,094 107,338
Localgroups 33,470 33,470 9,749
130,965 169,480 300,445 236,574
Legacies
Dr W Howells 1,000
G D Smith 32,062
F Sylvester 30,000
C Ronslron 6,632 6,632
J M Jameson & LM Pheasant 3.111 3.111
J Raum 47,500 47,500
J Davidson 47,953 47,953
105,196 105,196 63,062
533p301 169,480 702,781 5$1,666
Unrestricted Restricted Total Total
funds funds 2022 2021
E E E E
Conservation
and education
Charitable trusts under E10,000 5,907 5,907 2,297
Charitable trusts over f10,000 15,971
Dow Corning Foundation 15,400 15,400 22,660
The National
Lottery Heritage		 Fund 185,689 185,689 352,899
Local Government 4,416 4,416 222,750
Moondance
Foundation		 50,000 50,000 35,000
The National
Lottery Community
Fund 112,698 112,698 34,475
Natural
Resources Wales		 105,472 105,472 168,421
Other grants 5,500
PPL Foundation 30,000 30,000 69,664
Royal Society ofWildlife Trusts 10'000 10,000 72,309
The Waterloo Foundation 30,500 30,500 60,000
WCVA —Landfill
Disposals Tax
Community
Grant		 9,363
WCVA —Third Sector Resilience
Fund 19,726 19,726 111,678
WCVA —Volunteer co-ordinator 8,893 8,893
Welsh Government 105,153 105,153 356,879
Wildlife Trust Wales 30,000
Other
Coronavirus
Job Retention Scheme		 3,767 3,767 222,133
Income from nature reserves 267,257 267,257 7,038
317,257 637,621 954,878 1,799,037
S. INCOME FROM OTHER TRADING ACTIVITIES
Unrestricted Restdcted Total Total
funds
E		 funds
E		 2022
E		 2021f
Fundraising
income
Trading activities (see below) 545,669 545,669 247,063
545,669 545,669 247,063
2022 2021
E E
The Wildlife Trust ofSouth and West Wales Ltd 105,060 114,205
DWT (Enterprises)
Ltd		 440,609 132,858
545,669 247,063

2022 2021
E f
Profit and Loss Account
Turnover 440,609 132,858
Cost ofsales (158,780) (43,361)
Gross profit 281,829 89,497
Administrative
expenses		 (237,154) (212,046)
Other operating
income		 500 111,195
(Loss)/profit forthe financial year 45'175 (11,354)
Statement ofChan csin E uit
Balance brought forward 11,319 22,673
(Loss)/profit
and total comprehensive		 income for the year 45,175 (11,354)
Distributions
to parent charity under		 gift aid (36,003)
Balance cardied forward 20,491 11,319
Balance Sheet
Fixed assets 1,692 2,653
Current assets 187,257 104,477
Creditors: amounts
falling due within		 one year (168,458) (95,811)
Total assets less current liabilities 20,491 11,319
Called up share capital 40 40
Profit and loss reserves 20,451 11,279
Total equity 20,491 11,319

Unrestricted Restricted Total Total
funds funds 2022 2021
E 6 E E
Investment income
Dividends receivable 39,327 5,131 44,458 49,251
Interest receivable 500 9 509 632
Rents receivable 10,542 10,542 8,062
50,369 5,140 55,509 57,945
INCOME FROM OTHER SOURCES
Unrestricted Restricted Total Total
funds funds 2022 2021
f f 6 f
Other income
Profit on sale offixed assets 90
Insurance claim 100,000 100,000 1,835
Sundry income 20,786 20,786 21,464
120,786 120,786 23,389
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ANALYSIS OF STAFF COSTS,TRUSTEE REMUNERATION
MANAGEMENT
PERSONNEL		 AND EXPENSES, AND THE CO ST OF KEY
2022 2021
E f
Staffcosts and trustees remuneration
Wages and salaries 913,264 926,748
Social security costs 64,405 56,940
Pension costs 24,176 22,616
1,001,845 1,006,304

2022 2021
No No
Fundraising and membership 5 5
Trading 9 10
Charitable activities 27 26
Administration 4 4
45 45

Qrry~nd
catha ri
Welsh Plant
Freehold Wildlife and Computer Motor
buildings
f		 Centre
E		 machinery
f		 equipment
E		 vehicles
E		 Total
E
Cost
At 1April 2021 4,313 270,482 340p725 14,103 157,542 787,165
Additions
in year		 28,760 28,760
At 31March 2022 4,313 270,482 343,558 11,270 186,302 815,925
Depreciation
At 1April 2021 2,155 225,826 272,896 10,402 98,985 610,264
Charge for the year 431 3,525 33,767 738 31,876 70,337
At 31March 2022 2,586 229,351 306,663 11,140 130,861 680,601
Net book values
At 31March 2022 1,727 41,131 36,895 130 55,441 135,324
Included
in above
restricted assets 8,804 22,234 130 10,665 41,833
At 31March 2021 2,158 44,656 71,753 (223) 58,557 176,901

Freehold Leasehold
Nature Nature
Reserves Reserves Total
E E
Cost as at 1April 2021 1,901,412 110,560 2,011,972
Cost as at 31March 2022 1,901,412 110,560 2,011,972
Included in the above restricted assets 148,678 100,000 248,678
Five year summary
Freehold Leasehold
Nature Nature
Reserves Reserves Total
E E E
Cost at 1April 2021831March 2022 1,901,412 110,560 2,011,972

13. INVESTMEN TS-Group
and		 charity
UK
listed Shares in
investments
f		 subsidiary
f		 Total
f
Market va lue at 1April 2021 885,518 885,558
Revaluation 101,455 101,455
Market value asat 31March 2022 986,973 40 987,013
Acquisition
value at 31March		 2020 736,393 40 736,433
Investments are represented by:
DWT Shares 40 40
Equity shares 986,973 986,973
Total 986,973 40 987,013
The Charity Total
Investment
Funds
f
Market value 31March 2022 986,973 986,973
Market value 31March 2021 885,518 885,518
14. DEBTORS
Group Charity Group Charity
2022 2022 2021 2021
f f f f
Trade debtors 20,930 20,930 77,031 77,031
Grant debtors 77,700 77,700 537,385 537,385
Other debtors 2,495 9,597
Amount owed by subsidiary undertaking 6,552 16,870
Gift Aid profits 36,003
101,125 141,185 624,015 631,288

Group Charity Group Charity
2022 2022 2021 2021
F. E f f
Trade creditors 167,598 145,917 149,411 141,315
Taxation and social security costs 30,798 22'080 20,931 19,163
Bank loans 32,971 32,971 61,015 61,015
Accruals and deferred income 237,363 142,017 100,883 31,955
468,730 342,985 332,240 253,448
2022 2021
f E
Balance brought forward 65,807 91,418
Income received/refunds in the year 72,866 (18,670)
Income released in the year (52,854) (6,941)
Balance carried forward 85,819 65,807

FUNDS OFTHE GR OUP
Endowment Restdcted General Designated Total
fund fund fund Fund
E E E
Funds brought
forward at
1April 2021 135,826 1,659,449 2,460,451 550,000 4,805,726
Increase/(decrease) in
funds during the year (167,919) 362,966 87,817 282,864
Funds carried forward at
31March 2022		 135,826 1,491,530 2,823,417 637,817 5,088,590
Endowment Restricted General Designated Total
fund fund fund Fund
f f f E
Funds brought
forward at
1April 2020 135,826 1,655,480 2,214,748 4,006,054
Increase/(decrease) in
funds during the year 3,969 245,703 550,000 799,672
Funds carried forward at
31March 2021		 135,826 1,659,449 2,460,451 550,000 4,805,726

18.
REST		 RI CTED FUNDS
Balance Balance
as at Transfer asat
1April Unrealised between 31March
2021 Income Expenditure gain/loss funds 2022
E E E E E
Restricted funds: Glamorgan
Betty Church
Fund		 40,650 40,650
Restricted funds: South &West Wales
Appeals
and donations		 225,001 136,010 (74,655) (45,830) 240,526
Castle Woods 8,465 8,465
Dow Corning 15,400 (15,400)
Emergency grants 113,774 19,726 (96,422) (8,790) 28,288
Green Connections 39,123 (47,341) (3,861) (12,079)
Green Recovery 70,668 (64,592) (6,162) (86)
Legacies 598,168 5,132 (14,596) 20,253 45,830 654,787
Local grou ps 49,289 33,470 (18,756) 64,003
Marine Wildlife Centre 2,779 12,869 (12,079) (790) 2,779
Nature
Reserves		 240,256 155,796 (240,916) 155,136
Nature
Networks		 Fund 57,792 (126,456) (3,751) (72,415)
Skokholm
Appeal		 156,668 9 (20,073) 136,604
Stand for Nature 22,265 112,698 (49,757) (24,392) 60,814
HNLF —Healthy Reds 34,374 83,750 (65,331) (26,994) 25,799
Welsh Government (PNCPA &ERDC) 13,347 66,031 (75,532) 3,846
Restricted funds: Brecknock
Alit Rhongyr
Fund		 106,178 106,178
Bat group 322 322
BRARG group 248 248
Otter group 5,165 5,165
Pwll y Wrach Fund 42,500 42,500
Other
Coronavirus
Job		 Retention Scheme 3,767 (3,767)
Total restricted funds 1,659,449 812p241 (925,673) 20,253 (74,740) 1,491,530

Balance Balance
as at Transfer as at
1April Unrealised between 31March
2020 Income Expenditure gain/loss funds 2021
E E E E E E
Restdcted funds: Glamorgan
Betty Church
Fund		 40,650 40,650
Restdcted funds: South 8 West Wales
Appeals
and donations		 253,360 87,472 (48,534) (67,297) 225,001
Castle Woods 8,465 8,465
Co-operative
Group		 9,626 (9,626)
Dow Corning 16,600 (16,600)
Emergency grants 302,978 (189,204) 113,774
Legacies 667,403 5,345 (14,763) (2,114) (57,703) 598,168
Localgroups 63,452 9,749 (23,912) 49,289
Marine Wildlife Centre 6,880 94,267 (69,756) (28,612) 2,779
Species/Nature
Reserves		 237,497 490,910 (449,208) (16,678) 262,521
Skokholm
Appeal		 156,821 17 (170) 156,668
HNLF —Healthy
Reds		 50,983 63,732 (53,744) (26,597) 34,374
Welsh Government (PNCPA &ERDC) 5,930 356,879 (325,438) (24,024) 13,347
Restdcted funds: Brecknock
Alit Rhongyr
Fund		 106,178 106,178
Bat group 322 322
BRARG group 248 248
Otter group 5,165 5,165
Pwll y Wrach Fund 42,500 42,500
Other
Coronavirus
Job Retention Scheme		 222,133 (222,133)
Total restricted
funds		 1,655,480 1,650,082 (1,423,088) (2,114) (220,911) 1,659,449

Balance at Balance at
1April 31March
2021
E		 Income
E		 Expenditure
E		 Transfersf 2022
E
Asset purchase reserve 125,000 125,000
Matched funding reserve 100,000 100,000 200,000
Income support fund 100,000 100,000
Reorganisation and
development fund 225,000 (12,183) 212,817
550,000 100,000 (12,183) 637,817

Balance at Balance at
1April 31March
2020
E		 Income
f		 Expenditure
f		 Transfers
f		 2021
f
Asset purchase reserve 125,000 125,000
Matched funding reserve 100,000 100,000
Income support fund 100,000 100,000
Reorganisation and
development fund 225,000 225,000
550,000 550,000

General Designated Restdcted Endowment 2022
funds funds funds funds Total
E f E E E
Fund balances at31 March
2022 are represented by:
Tangible fixed assets 93,491 41,833 135,324
Heritage assets 1,763,294 248,678 2,011,972
Investments 705,289 145,858 135,826 986,973
Current assets 773,620 637,817 1,055,161 2,466,598
Current liabilities (468,730) (468,730)
Long term liabilities (43,547) (43,547)
2,823,417 637,817 1,491,530 135,826 5,088,590
P"
General Designated Restricted Endowment 2021
funds funds funds funds Total
E E E E f
Fund balances at31 March
2021are represented by:
Tangible fixed assets 66,631 110,270 176,901
Heritage assets 1,763,294 248,678 2,011,972
Investments 624,087 125,605 135,826 885,518
Current assets 432,485 550,000 1,174,896 2,157,381
Current liabilities (332,240) (332,240)
Long term liabilities (93,806) (93,806)
2,460,451 550,000 1,659,449 135,826 4,805,726

Bank Other
loan
f		 Loansf Total
f
Less than one year 17,298 15,673 32,971
Between 1and 2years 25,794 7,890 33,684
Between 2 and 5years 9,863 9,863
43,092 33,426 76,518

2022 2021
6 f
Due in less than one year

RECONCILIATION
O
ACTIVITIES		 F NET INCOM E/(EXPEN DITURE)
TO N		 ET CASH FLO W FROM OPER ATING
2022 2021
E f
Net income for the reporting
period		 282,864 799,672
Adjustments
for:
Depreciation
charges		 70,337 74,410
(Gains)/losses
on investments		 (101,455) (89,853)
Dividends,
interest		 and rents from investments (55,509) (49,883)
Loss/(profit)
on the		 sale offixed assets (90)
(Increase)/decrease in stocks (6,920) 2,633
(Increase)/decrease in debtors 522,891 (200,699)
Increase/(decrease) in creditors 164,534 (63,524)
Net cash provided by operating activities 876,741 472,666
Anal
is ofCash and		 Cash E uivalents
Notice deposits (less than 3 months) 2,285,643 1,460,456
Overdraft
facility repayable
on demand		 50,000 50,000
Total Cash and Cash Equivalents 2,335,643 1,510,456
a~li
f
d r		 At 1April Cash New As at31
2021
E		 Flows
f		 Borrowing
E		 Iylarch 2022
Cash 1,510,460 903,099 2,335,643
Bank loans falling due within one year (61,015) 28,044 (32,971)
Bank loans falling due after more than
one year (93,806) 50,259 (43,547)
1,355,639 981,402 2,259p125
At 1April Cash New Asat31
2020 Flows Borrowing March 2021
f f f
Cash 1,432,544 77,916 1,510,460
Bank loans falling due within one year (17,298) (43,717) (61,015)
Bank loans falling due after more than
one year (65,824) 20,027 (48,009) (93,806)
1,349,422 97,943 (91,726) 1,355,639

Total
Unrestricted Restricted Endowment funds
funds funds funds 2021
E E E E
Income and endowments from:
Donations
and legacies		 484,445 97,221 581,666
Charitable
activities		 251,538 1,547,499 1,799,037
Other trading activities 247,063 247,063
Investments 52,583 5,362 57,945
Other 23,389 23,389
Totalincome and endowments 1,059,018 1,650,082 2,709,100
Expenditure
on:
Raising funds 118,389 43,097 161,486
Charitable
activities		 219,575 1,288,796 1,508,371
Other 238,229 91,195 329,424
Total expenditure 576,193 1,423,088 1,999,281
Net gains/(losses) on investments 91,967 (2,114) 89,853
Net income/(expenditure) 574,792 224,880 799,672
Transfers between funds: 220,911 (220,911)
Net movementin funds 795,703 3,969 799,672
Reconciliation
of		 Funds
Total funds brought forward 2,214,748 1,655,480 135,826 4,006,054
Totalfunds carried forward 3,010,451 1,659,449 135,826 4,805,726