The Rivers Trust IA company limited by guarantee) Annual Report and Financial Ststements Year Ended 31 December 2021 Company rogistratlon numb•r: 05136671 Char•ty rogistration number. 1107144 *A8CINFVU* 1410912022 cC￿PANIEs HOUSE #3 The Rivers Trust Contents Tru$lee$ and Advisors Tru$lees' Report 21012 Statement of Trustees. ReSP￿sibIl￿¢S 13 Independent Auditorfs Report 141017 cons0lid8te¢J Ststernent of Financol Actsvities 18 Consolidated Balance Sheet Balance Sheet 21 Consolidated Statement of Cash Flc¢*s 22 Notes lo the Finawal Statements 23to48 The Rlvers Trust Trustees and Advisors Pr•sident l D Gregg OBE Trustees Dr G Bryhty {resNJned 0610712021) D R Brown Dr L B Couklrick Dr B R Davies J E Harrison C Hitchmough A W Muirhea JWASpees G D M Thomas A R Wallace J M Whfte Ichaimwn) Company Secretary P (resigned 3110112022) Chi•f Ex8cuti¥• Officer The charity 15 ino)rp)rnted in EngJaThJ and Wales. Company Registration Number 05136671 Charity R¢glstrafjon Numb•r 1107144 Bankers Santander UK ¥ Bridle Road BooUe Mersepde L30 4G8 The Co-operative Bank plc P.0. Box 101 1 Balbon Str8et Manchester M60 4EP Ind•p•ndeTrt Auditors PKF Franci5 Clark Statutory Audilor North Quay House Stjtton Harbour Pl￿nOuth Devon PL4 ORA P&3e 1 The Rivers Trust Trustees, Report The Trustees. who are directors for the purposes of company law. present the annual report together wtth the financial statements of the ¢h8ritsble Company for the year ended 31 De¢ember 2021. The rirbancial staternenls have been prepa￿d in a¢¢ordancg wth Ihe accounting policies set out in note 1 lo the accounts and comply wth the Trust's Memorandum and Artides of As50cialion, the Charities Act 2011 and Accounting and Reporting by Charities.. Statement of Re¢omrnended Pr8Ctice applicable to charities preparing their a¢¢ounts in a¢¢ordance wth Ihe Finanoal Repo￿n9 Slandard 8ppli¢able in the UK and Republic of Ire￿￿￿ published in October 2019. Aims. objectives and a¢tiviti•s Oblects and aims The objects of the Trust are.. . To advance tho etlucalion of Ihe public in the management of w*er and environrnental protection. nservation. r*habilitation and improvement. . To advance the education of the public in the understsncjing of rivers. their basins. fauna and flora. To prole¢l, conseNe. ￿habIlItate and improve the rivers. streams, watercourses and river b85ins, including adiacent coastal waters and waler impoundments ol ihe United ￿"ngdorn CK any part or parts Ihereof for the pU￿1C benefit. Our underlyng aim is lo promote suslainthe and integrated catchment managernent, based on the ecosyslem approach and sound enwronmenlal practices. which can bring economic and social benefits to local comrnunilie5. in additM)n to enwronm8nlal improvements. To complement this aim. Ihtr Trust promotes a grass roots or bottom-up approach to deliver local solutsons to issues. Poliei•s. obieetivès andpublie b•n•llt statement The Board'5 strategy for achie￿￿ its objects and aims is fvmfold.. through its core activib'es, the Trust acts as the umbrella organisat￿n to promote the developrnent of the Rivers Trust movernent, lo build capacity at the local Rivers Trust level to deliver the Trust's objects across England. Wales and Northern Ireland- through tts project activities. Ihe Trust pursues mainly public grant funded opportunities to promole and devel¢)p pracbcal sdutions lo erivironmenlal issues for wblTrc benefit. byt il is increasingly developing partnerships with the pnvate se¢lor to grow the scale of delivery. In setb'ng objectives. planning for activi1￿ and delivering those activities. the Trustees have regard for. and have given due consideration to, general guidance puUished by Ihe Charity Cornmission relating to wblic benefit. The Trustees are fully satisfied that the Trust has complied wilh its educational and environmenlal benefft puwp05es. ar￿ that suth pUryk￿$ are benefi¢ial to local communits.es and others wherever there a river. The Trustees confirm that they have complied wilh the requirements of section 4 of the Charities Act 2011 to have due regard to the publ￿ benefit guhyance published by the Charty Commission for England and Wales. The Rivers Trust Trustees, Report Fundraising dAKlosur•s The Trust un¢Jertakes limited fundraising activity dired from the public and has engaged no-one lo act on its behall to do so. We are a member ol the Fundraising Regulator and are committed to the Fundraising Promise and adherence to the Code of Fundr815ing Pracb"ce. We have $8feguards in place Should we require third parb.es to act on our behalf that require them to confimi they comply with the saffle Code of practice to protect our supporters and the Charitys ￿pUtatIon. We have no compliance disclosures o)vering the peri￿. We have receNed no complaints about fundraisiNJ activity and would undertake a risk assessment of any fvndraising activity or scheme in 8dv3nce of approval by our senior management team lo ensure that we have adequ8lety assured ourselves thal we will s￿Id unreasonably intwding on 8ny person's privacy, be unreasonably persislenl or place undue pressure on a person tr) give money or other propety. Activiti•s The Tru$t had 30 equivalent full-tsme employees at the end of 2021. It maintains a small central function to evaluate, develop. undertake and disseminate innovatNe ideas and solutions related to the wider river environment. The Trust. therefore, operates un¢Jer a unitary advancement of the Rivers Trust movement, wth two main funclional groupings." - CO￿ educalh)n and Rivers Trust devebpment The Trust's core &tivibes are to promote Rivers Trusts and their intarests at a nalional level and to provide technic81 and governance support to Rivers Tnjsts on generic issues affects'ng them. In so doing, il engages in an advisory role wth 9overnmenl arvj olhers on environmental policy related to river catchrnents and related issues. 'vers Trusts are community-led charitsble organisations rewnised as IM￿rtant deliverers of 8ducation. watef management advice and practical conservation work from sour¢8 to sea, and improving land use. rivers and We￿andS at the river catchment Scale. The aim is for them to build their reputsts.on as local "delivergrs" by adopts.ng and applwng sound environmental practice and techniques at a catchment management scale in a cost*ffective manner. The Tnjst assists with fundraising and securing ddivery contracts to enable the ￿"verS Trusts to achieve MO￿ than they would without support. Equally important is the disseminab.on of best practice and techniqu8s. The Tnjst accordingFy organises seminars etc.. a feature of which is that they are open lo all al modest or no cost to encourage wide partiapation acr055 various communitie5 arKI organisatsons involved with water and the environment. It also provides practul support lo Indi￿dual and groups of Fl'vers Twsts to build their c3pa¢ity. Page 3 The Rivers Trust Trustees, Report Nats'onal and European projects: The Trust Currently relies heavity on grant applications for projects to develop and disseminate innovative solutions related lo the river environment to a WKle audien￿ across the UK. Ireland and Europe. As the umbrdla body. it ¢JCCLyies a yvotal position in devek)P￿g relaled nelworks principalty across the UK. Ireland and Euro￿. It prO￿deS a cOr￿urt for know-how, lechnol(yJy and besl practice transfer and dissemination. Project b*Js encourage partnerships. target activty towards societal needs and promote fresh solutions lo problems. Projects enabye the Trust to undeThwite tts activities. In some cases. projects dire¢tty assist local Rivers Trusts lo deliver enwronmental irnprovefflents. In other case5, they enable the Trust to develop transnational policy initiatives or enable the Gov8mment and its agenC￿S to implement policies aimed al improving our wider river environment. Ttte Trust also raises funds from charitable trusts, indivKlual donors and SFKJnsors to SUPPOrt ils core adivities. These may be dassed as projects for ac¢ounlin9 purposes, but often the funds have very loose or no restriclions. excepl thal they must be appl*d to the charitable objects. Gr•nt making poliehTrs Where funds permit. the TnJst facilitates and delNers financial support through the provision of discretionary grants to River5 Trusts from ils core ftjnds, primarily in the 5tsrt-up phase or lo promote sustainability. The Trust also provides ￿ants to Rivers Trusts to undertake river improvements, devekjp IrKal capacity or implement ￿lcY inilialives through its projec15. However, in these cases the Trust is obliged lo wmply wth the eligib￿ty and ¢onsenl criteria set out by each funder. Revlew of a¢tivleies Pollcy . Continued to represent the Rrvers Tru51 movement and wider cat¢hment communtties, particularly with regard to delivery of River Basin Management Plans through taking a catchment-ba5ed, collaborative approath. Collaborated with the Blueprint for Water to advocale for a sustainable future for soils and water. Contributed amendments to the Agricullure and Environment Acts. W(¥ke¢J with govemmenl to propose methanisms for implementsbon of ihe 25 Yeaf Environment Plan. . Worked wilh a wide range of other organisab.ons to propose a road map t(wards better Gatthment management governance and how this might be integrated with nature recovery, Ilood defence and environmental land management schemes. . Chaired and provided a se¢￿tariat semo for Defra's Calchment Based Apwoach Natw)nal Support Group. Continued to promote education 8tK)Ut water management generally and thfough partnerships with acadèmia. other like-mindèd charities and through Wildlife and Countryside Link. Produced a State of Our River5 Re￿￿￿t for England joinlly wrth the Chartered 1nsb.tule of Water and Environmentsl Management, vthi¢h will be repeated annually and potentially extende¢J lo Wales and the isL4nd of Ireland. Page 4 The Rivers Trust Trustees. Report With support from the Prir￿e of Wa*'s charitab￿ Fund IPWCFI. developed a number of new policy inilialives arourHJ the delivery of thg 25 Year Environment Plan wth reference to the Agriculture and Enwronment Bills and proKK)sed Enmronmentsl Land Management Scheme IELMSI. This indudes cross sector working through the Catchment Based Approach ICaBA). the Courtauld 2025 inrtiative on Water Slewafdship and engaging W*er Companies. Influenced the development of the Water Industry Natural Environment Programme and Price Review process for 2024 - 2029_ Represented the BILteprinl for Water on the Governmenfs Storn Water Ovefflows Taskforco to add￿$$ the discharge of faw sewage to rivers and lake5. Support to local trnsts Conkn"nueU lo develop open dats. visualisation. and GIS tcols. lo support groups workirKJ on river improvement and catchment management. Developed a progr8mme to create an opon he8Nh ard safety cullure within the Rivers Trust movernent. . Support to deliver an ESIF funded project for a Ictal RNers Tnjsl and hou5iThJ develwr to work together to restore a river. . Completed the 2020121 phase of the Cat¢hm8nt Based Approach {CaBAI national support for the 100 plus river catchment partnerships and communilies across England and Wales. . Provided one-to-one support for the development of Rive￿ Trusts in Ireland and Northem Ire￿nd. Continued a large project, funded by WWF, to upscale $Lttessful work at a local level on Water Stewardship lo a nalional level and lo integfale wilh CaBA. Co-chaired a Catchrn8nt Data Users Group to support release of ¢yn dats ar￿ use by Rivers Trusts and other parties. . Secured a £7.1m grant over Ihree years from the OFWAT Breakthrough Chalenge Fund lo support the Catchment Monitoring C(Foperative vthich will demonstrate h(Y•V multiple sources of data Can be integratèd and enhanced atizen science data to create 8 much more detailed and informative picture of the condition of rivers. presented in a user-friendly lomiat. Continued to chair a working group of water companies and regulators to encourage the use of integrated o)nstructed weuands as an altemative lo hardengineered sewage treatment. Delivery ol improv•mènts at s¢al* Applied funding from WWF and the Coca Cola Replentsh programme lo extend bespoke w81er sensitive fam)ing advi￿ to ￿Uce diffuse water pollution from agriculture in the Cam Ely Ouse ICamEO} catchment to help deliver WFD improvements. Delivery of Source to Tap.. a fully funde(I cross-border calchment management project to address pesticide pollution in the Eme Catchment betsyeen Ireland and Northem Ireland. Delivery of Natural Course (Life Integrated Project).. bU￿dIng ¢ross-se¢loi ¢apacity to in¢r¢ase ambition in the delivery of the ￿ England River Basin PLIn. Delivery of FRAMES.. an Interreg funtjed project to unders13nd and pilot a multi-level safety approach to Ilc¥xI risk management ￿ thè Fknvers Trust worknng on natural flood risk managernent. Delivery of Topsoil- an Interreg project which explores the possibilitie5 f¢x using the uppemiosl soil layers to solve present and future water challenges. Delivery of Watercog.. an Interreg project which explores the role of govemance and increased stakeholder involvement in the martagement of water irr Ihe North Sea Region of Europe. Delivery of M-Floods= a Q_5m Ihree-year Interreg AtlantK Area funded projecl Ihal airns lo drive coll8boralive approach to address 41 aspects of Ilood risk management from early waming services, prediction and prevenlion lo wst-flood emergency iesponse. The Rivers Trust Trustees, Report Delivery of Carbon Connects." a É4.Sm four-year project funded by Interreg North Wesl Europe that aims to redtA¢g the carbon eMi￿onS and enhance carbon sequestration of degraded and mismanaged peauands across North Weslem Europe. Delivery of LIFE IP c￿anEs( a 10 year E16.7m LIFE integrated project in Estonia that will research how to improve the status of over 240.000 hectaTes1574km of Water￿UrSe5 and roughly 160,000 hectares of coastal waters and irnplement the findings. Oelivery of Preventing PlastK Pollution". a é14million funded EU INTERREG VA France {Channel) England Programme project Co-financed by the European Regional Development Fund which will work across seven pilot sites lo understand and reduce Ihe impacts of pL4stic pollution in the marine enwronm9nt. . Delivery of Wholescape Approach lo Marine Managernent IWAMMI.. a 16-month proitcl, funded by the European marits.me and Fisheries Fund IEMFFI wrth the Coastal Partnerships Ne￿Ork to support a more Int￿rat$￿ and ¢ollaboratsve approach to the Mar￿gement of estuarine and coastal waters nationwide. Delivery of the Woo<11ands for Watw Proj￿1 in partnership the National Tnjst, Woodland Trust and Beaver Trusl to support Rivers Trusts and others to plant 3.000 hecta￿& of woodland alongside rivers. Communlcatlons Continued to host seminars. confe￿n￿$ and events at modest cost to encourage participation by all those interested in Ihe river enwronment. including RNers Trusts. Pursued the Tnjst's open comrnunic8b.ons strategy to devdop its relalionships wth member Rivers Trusts and the wider general publ￿. . Managed a partnership website to promote and support the Catchrnent-8ased Approach with best practice. • Promoted volUnteerir￿ opportunities at Ictal trusts the sile. . Supported Rivers Trusts lo lake part in and be recognised as part of the Great British s￿ng Clean. . conb.nued devek>F¥nent of refreshed Rivers Trust brand. Fundraising Continued the awarding ￿ fvn¢Js from the Gregn Port Hull. Humberside devetopmenl mitigation fvnding. Continued the awarding of funds Irom the Greggs FourKlation for river-related community educational or environmental improvements. Distributed working capital loans on behalf of the Esmee Fairbaim Foundation to member trusts to enable them to deliver projects whth were pait1 in arrears. . Submitted numerous applications to the Natural Environment Investrnent Readin￿$ Fund on behalf of member Trusts. . Secured £736K in funding for our member Trusts over Ihe nexi three years to deliver the Woodlands for Water programme. Page 6 The Rivers Trust Trustees, Report Inveslment pollcy andperfomiance Financial review Reserves policy It is the airn of the Trustees to generate a level of reserves sufficient to ca￿Y out the objec15 of the TnJst on a steady and sta￿e basis. The Rivers Trust Reserves Policy requires that general lunresln'ctedl reserves are monitored throughout the year to ensure Ihal they are at an appropriate level and sufficient lo protect requ1￿￿ expènditure in the short lemi from any 5ud¢Jen drop in income. The Board has reviewed the requirement for general reserves as part of the annual planning process 8nd has resolved to retain at least three months of unreslricteil lunds expenditu{& in unrestricted fvnds. This level of reserves of the charity 7MII allow the Tnjsl to operate effectively and take the necessary ath'ons in the event of a Sudden unpredicted dmp in income. The Board has ￿$01Ved to hold the surplus liquid funds in short temi deposts that be accessed r&￿Ily. Al the end of 2021 the Trust held total funds of £1.2m. of which £1.03ffl comprised unrestricted free serves. which met the Reserves Polw and was suffiuenl to carry out the objectives of Ihe Trust. A rèview of the plans and forecast for 2022 has indicated that the unreslricted funds are sufficient to meet the Reserves Policy. However. the Boaryj is mindlul not onty of the long-payment ¢y¢le for Eu-funded projects bul also, in the context of Brexit and COVILk19, unforeseen delays outside of the Trust's ￿ntrol in claims settlements. The Board wll therefore (xJnb"nually review the adequacy of the Trust's reserves and its relbance on such sources of fun(Jing in Ihe medi￿7 and Wer term. Pnncipal fvnding Inwme.. Total income for the year was £3.8m 12020.. £3.9ml. The Trust receNed donakn.ons and grant support during the year from a numbor of sources induding various ongoing EU grant-funded programmes, the Greggs Foundation. the Prince of w￿eS Charitable FOuThJat￿n. Garfield Westm Foundalion. the Esmée Fairbairn Foundation, the John Ellemian Foundation, the Environment Agency and WWF. The Tnjst raised £126k in donatsons from indiwduals. including its Fellows, who donate a minimum of £5k each year for 5 year5. The Trust also benefils from the support given by Rivets Trusts and its other membets Ihrouth subscriptions lolaNing £34k. Expenditure-. Total expenditur9 for the year was £3.9m {2020". £3.2m): £3.5rn (90%) of tolal expendrture was spent on restricled fund proiecls,. and £332k19%1 on our CO￿ area of education and supporting Rivers Trust development, ol ￿1¢h £18k relates to govemance expendiiure. The Trust has regI￿1ble (und-raisin9 costs. Balance sheet.. The Twst endgd Ihe year with a cash balan￿ of £2.3m". Oebtors of £1.3m. of which most was attributable to accrued grant clairns- and ￿ljitorS of £2.4m. attributable mosljy lo deferred inwme and grants held for third Parb"e5 whilst awarting claims. The Board confirms that, since the year*nd. il is not aware of any events that woukl have a material detrimental impact on ils position. This statement lakes a prudellt account of the ongoing impact of COVID-19 in50far as il is possible to predict its impact al this tsme. Net movement in fvnds.. The Trust made a deficit in the year 01 £105k12020- Surplu5 £699kl- A significant proportion of this deficit relates to planned expenditure that was related to the unTe5tricted ¢k>natK>n of £500k received in 2020. 2022 is likely to see a fvrther defiat. as the balan￿ of the Mon￿ donated are spent. Pa9e 7 The Rivers Trust Trustees, Report Plan$ for the future During 2022 the Trust wll continue its work to identify and minimise impacts resulting from both COVID-19 and the UK'S decision to leave the EU. In the case of BTrxrt, the Trust Mll continue to expand its locus on non-EU project. UK government. corporate and individual income sources. After successfully increasng stsff numbers in 2021, the Trust wll seek lo inc¥ease its capacity further during 2022 and invest more in securing partnership funding and ¢Jèlivery contracts to grow the capacity of its mernber tws15. Significant funding bKls will be submitted to governmenl, its agencies and to charitable trusts and a range of offèrings to Ihe private sector will be developed to ertab￿ Thg Riv8rs Trust and its member trusts to secure new. reliable sources of incon￿. Core education activ￿"e5 and Rivefs Twst SUstanab￿ development: The Trust will maintain prograwnmes lo ensure il remains able to conts'nue lo meet and effeclivoly deliver its ¢haritsble objects. It will maintain stroThJ links wNh Detra and its agenoes including the Environment Agency and is posilively contributing lo pdicy development through a ratYJe of initiatives. This include5 buil¢Jing rwi delivery m(x1els based on cooperation be￿een the three sectors." public. busines$ and ¢ivil society. The Trust continues to seek potential benefrts from developments in environrnental legislalion. its enforcement and the redistribution of public funds. In support of this. the Trust ¢onb"nues to work wrth the Wildlife and Countryside Link and Bluepnnt for Water groups. which arè Ihe leading enwronmental polw charity groupings. These indude WWF, The Wildlrfe Trusts, RSPB and The National Trust_ 11 has built on the su¢¢esslul approach to the Prince of Wales Charitswe Foundation in 2018 10 make further joinl approaches to leading grant giwng trusts where successful ap￿¢cab.0nS are now supporting a growth in c8pa¢ity lo support member Rivers Trusts. • The Rivers Trust will continue lo expand its comrnunications fur1ct￿n and v￿1 explore the potential for funding to support its education a¢tiwb"e$ under the headin9 of ConnectiThJ ¥wlh Comrnunities. Rivers Trust Funding-. . The Rivers Trust ￿ffitinue to reuuil W￿l¥ldUal donor5 and make aptAbcatTrons to grant giving trusts. It will seek lo develop corw)ratè and stralegK partnerships wthh mapr Corporations. watgr ¢omp8nies and businesses in the food and drink supply ¢h8in through the Waler Stewardship programme. . It will conb.nue to seek funding from EU. UK government and other pr(4ecl furKling to maintain and increase The Rivers Trust's education and catchment improvemsnt programmes through both its own activities and building capacity al the ILKal Rivers Trusl level. Page 8 The Rivers Trust Trustees, Report National and European projects.. Catchment Based Approach ICaBAI - The Trust ¢￿tinUeS to play a major leading role in this Defra )licy ffamework Ipfoviding a national co-secretariat role The Wildlife Trust). based on supportin9 100 plus catchment community partnerships across England. the m8jorrty h051ed locally either by member Rivers Trusts or Wildlrfe Trusts_ Funding w711 continue lo be sought duriftg 2022 to expand capacity of the Catchment Based Approath National Support Group and the Catchment Partnerships. The Rivers Trust VAII seek fvnding from govemment and others during 2022 to support the further development of the nat¢onal Catchment Monitoring Co-operabve to bring together multiple sources of data into a single user-friendly plallorm, on vhKh lo base deci%on-makw)g at a local and strategic scale. The Trust will seek £muth'_mAlion funding to support a major programme of work to develop a wide range of nalur&based solutsons and identify hcy•V to overcome barrieTr to their implementst￿n al scale during 2022. Eu-funded Projects.. the Trust continues to progress the following major projects.- Natural Coursè,. Topsoil,. Water Co-Govemance', sour￿ to Tap, AA-Floods. Carbon Connects. LIFE IP CleanEsl and Preventing Plastic Pollution. Other projects.. continue to prcoress the fdlowng maior projects.. Ihe Coca Cola Foundation's Replenish projecl.. WWF Water Stewardship Upscaling project and river related comrnunily educational or environmental improvem8nts in conju￿bon V*ith IcKal Rivers Trusts funded by the Greggs Foundation. Going ¢oncèm After making appropriate e￿[lineS and due consideration. the TnJslees have a reasonable expectation that the Tnjst has adequate resources to continue in operational existence for the foreseeable fvlure. For this reason, the Trusteès continue to adopt the goirrfJ ¢￿)c￿n basis in preparing the financial ststements. Th* Trustees. enquirie5 ifKJuded a review of the Tnjst's FnJecb"ons for the next 18 months (ts4)th operational expectations arKI future financial wrformancel arxj Sight ol the future test of Ihe Trust's reserve5 wliw based on the assumptions made about future funding whith has been secured and that about which, ￿lIst not yet Secured. reasonabl8 assumptions may be made. Wilh this. the Trust￿ are sakn"sfie(1 that CO￿ costs can t* covered in full during this period. In reaching this Conclusion the Trustees a￿ satisfied that prt￿ent provision has been made for any impact ol COVID-19. Although they acknowledge that the full extent ol the impact is difficult to foresee at this time, the Trustees believe that the acb"vib"es thal Unde￿1￿ the Trust both operatronally and nancially are conyarats.vely unaffected by COVID-19. Structure. govemance and managernent Constitution The Trust is a registe￿d charity and company limited by guarantee. govemed by its Arti¢le$ of Association. which were update¢J in 2011 to alKJn wrfh the Companies Act 2006. Subjecl to the Artides of Associats"on. mgmbership is open to any individual or organisation. The Trust has a wholty owned subshliary. River Ecosystem Seryices ￿rnited. ￿lch was incorporated 2013. The distributable profit of the subsidiary is covenanted to the Trust. Page 9 The Rivers Trust Trustees, Report Method of appoinknent or electlon of t￿￿teeS The goveming body of the Trust is the Board of Truslees. which comprise5 UP to 11 Trustees. Rivers Trust members have the righl to nominate and appoint up to Six Trustees I"Rivers Tfuslees-l and all Members have the righl lo elect up to ffive Trustees l-Ele¢ted Trustees") al an AGM pursuant lo Articles 21 and 24. One Rivers Trustee and one Ekcted Trustee are required to retwe annually by rotation. The recruitrnenl of Twstees is by ￿mmunication with Rivers Trust mernbws and olhtrrs. Subied to the Arti¢les, selection is based on emiironmentsl or 5pectfic rivers trust interest, expertise in environmental or other relevant matters. general experience of chariknes and integrity. with the over-ridiryJ obje¢tive of maintsining a broadty representalive body. strong on govemance and with the ability lo add value. The Trust has adopted a thlls matrix apwoach to assist in megting this objeclive. Poli¢￿$ adopted for th• Induction and training of trustees N￿Y appointed Trustg8s have access to an on-line reference pack whi¢h Covers the modus operandi of the Twst and indudes pertinent infomiation on charities. such as the Charity Commission's The Hallmarks of an Effective Charity (CC10). The pack 15 continually updated and provides 811 Trusiees wth a dynamic support lo￿. For on-going training purposes, the 8oard has agreed that the on-line reference pack. presentations etc. and Board pa￿rS will maintain standards of govemance. Organisational strudur• and declslon4naking The Board rgccgnisès that as an umbrella organisation represents.ng the Trust movement there is an obluqalion on the Trust to embrace best govemance pradi¢• positively. The Board meels forrnally on a quarterly basis, but there is frequent consutiation with Trustees individually and as groups outside fomal meetiTrJs. The Board has a Business. Atldit and Risk Committee, principally lo deal with moniloring performance and risk, approving projects and detailed financk41 matters. This Committee Consists of at leasl three Trustees and il meets al least fotlr times per year and reports to the subsequent Board meetsng. In 2021. the Trust fomed a Nominations and Remuneration Committee to oversee the re¢ruitment of Trustees and senior staff and to consider the appropriate level of ￿n￿Jn$rati0n and pay awards for staff. The Trust mainlains a virtual communications channel wih the CEOS of rnefflber trusts and the Board hosts an annual "Chairs, and CEOS. Meeb"ng-_ T(MJether these provide a means of fomal communication with its Rivers Trust members on strategy, members, prioritie5 and the Board's own performanGe. The annual meetmig has proven successful and has been incorporatod into the annual calendar to coincide wth, and complement. the Annual General Meeting. There are numerous meetings with indiwdual trusts. groups of Trusts organised through infomial 'hubs'. in beh¥een these sel piece meetings. Pagtr 10 The Rivers Trust Trustees, Report Related partyrelationship$ The Trust works ¢losely with its fivers twst members and other tharities and organisations. However, all relationships are conducted on an arms. length basis. Rlsk management Th8 policy of the Trustaès ts to manage risk by relevant and proporbonate measures. The Trustees encourage the executive team lo adopt mr￿vatIVe approaches in developing the Rivers Trust movement, to promote leadership and initiative and lo make real and sTrgnffi¢anl contributions lo environmental improvements. The policy is eonducted againsl a framework of good governan￿. prudent financial control. sustainability ar￿ a ￿lI￿re of mLrtual trust. The Trustees promote continual risk assessrrent arKJ management, both by ts executive leam andlor any Trustee. In addrtion. the Tru51ees have adapted the framework sugg9Sted by the Charity Commission for a formal Annual RJ"sk Manag8ment Review undertaken by the Business Audit and Risk Committee and approved by the Board. Identif￿d higher priority risks are highlighted for ease of reference within a comprehensive table of risk assessmenl. measures and accountability. The Trustees are mindful of the negative repulational publiaty in respect of the charitsble sector in recent years related to govemance, opacity and commer(y81 conflicts of interest. They are fully satisfied that the Trust acts wrth the utmost integrity in resp8ct of fijndraising aThJ selection of suppliers and benefKiarie5 of grants and contracts. Moreover, go¥eman¢e is open and transparent and any polenlial commercial conllycts ol interest of both TnJslee5 and senior staff in The Rivers Trust are recorded on a register wh¢ch 15 updated at every board meeb"rwJ. Thg TrLtrSt maintains employers. liability and publi¢ liability insuranc8 Cover. professional indemnity and Trustees, indemnity insurance for addib.onal protection. InSUrar￿ cover is considered to b& the measure of last resort. Paypoll¢y The Twst operates a national pay policy guide and grading structure based on an independent review. benchmarked locally and against a study of organi5ab.ons within the enwronmental sector. This policy is applied lo all stsff of The Rivers Trust. including the key management personn81. Page11 The Rivers Trust Trustees. Report Key manag•mentpersonn81 At the end of 2021 the key management persorfftl ofthe Trust were.. A Aboobakar. Commerual Director 8 Bendall, Operats"ons Dire¢t¢y Dr R Collins, Director Policy & Science C Colvin. Director of Partnerships & Communications P Dillon, Finance Director and Cornpany Secrelary M Horton, Al-lreland Director D Johnson. Technical Director M Walker, Technical Director M Uoyd. Chief Exacutive Officer A Rickard, Chief Policy Advisor Small componles provlslon $tstem•nt This report has been prepared a¢(x)rdance with ihe special provisiorts relating to companies subject lo tt)e Sm￿1 compani&s règime wilhin Part 15 of the Companies Act 2LK)6. 7 2022 The annu￿ report wa5 approve(l ty th& Trustees of the charity on .................... and signed on its behalf by- J M White jChaim)anl Trustee Page 12 The Rivers Trust Statement of Trustees. Responsibilities Thè Tnjstees {who are also the directors of The RNers Trust for Ihe Purposes of company lawl are responsible for preparing the trustees. report and the finarrial statements in accordance wrth the United Kingdom Accounting Standards (United Kingdom Generalty Accepted Accounting Practice) and applicable and regulations. Company law requires the TnJstees to prepare finanaal statements for each financi81 year. Under company law the Trustees must not approve the financial slalements unlèss they are satisfièd that they give a twe and fair view of the 5ts1e of affairs of the charitable company and of its incoming resources and applIcat￿n of resources. induding ts income and expendilufft. for that period. In preparing these financial statements. Ihe Trustees are required lo.. selèct suitable ac(x)unbng polirx and apply tham consistently.. observe the meth¢xls and prinaples in the Chariti8s SORP,. make judgements and estimates that are reasonable arHI prudent.. stale whether applicable UK Accounting Standards have been followed. Su￿.eCt lo any material departures disclosed and eX￿ained in the financial statements- and Prepa￿ lh8 financial statements on the going ￿ncern basis unless it is inappropriate to presume that the charitable ￿lI4)any ￿11 continue in business. The Twstaes are responsible for keeping adequate a¢countiNJ records that are sufficient lo show and 8xplain the charitable companls transacts'ons arKI disdose wth reasonable acojracy at any time the financial position of the charitable company and enable them lo ensure that the financial statements comply wth Ihe Cornpanies Act 2006_ They are also responsible for safeguarding the assels of the Chantsble Company and hence for tsking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are responsible for the maintenance and integiity of thg corpoTate and financial infomialion included on the charitable o)mpanY5 website. Legisialion in the United Kingdom goveming the preparation and dissemination of fmancial statements may diff¢r from legislat￿￿ in other jurisdictions. ? Jur• Z022 ￿ signed on its behajf by. Approved by the Tnjslees of Ihe charity on .. . J M White jchairman) Trustae Pag613 The Rivers Trust Independent Auditols Report to the Trustees of The Rivers Trust Opinlon We have audited the finanoal statements of The Rivèrs Trust (the 'charitalJe parent cornpanl) and its subsidiary (the 'group'l for the year ended 31 December 2021, whiGh wnprise Ihe Con501idale(I ststemenl of Financial Acb"vib"es, ConsolKlated Balance Sheet, Balance Sheet, Consolidated ststement of Cash Flows and Notes lo the Finanoal Statemenls. induding a summary of significant accounting poliries. The financial reporting fr3mework thal has been applied in their preparation is United Kingdom Accounting Slandards. comprising Charibes SORP - FRS 102 'The Financial Reporting Standard appliCa￿e in the UK and Republic of Ireland. and appluble law {United Kingdom Generally Accepted Accounting Practice). In our opinion the financial stslemenls.. give a twe and fair view of the state of the group's aThJ parent charity's affairs as at 31 December 2021 and of its irKomtng resources and applICath￿ of resour￿$, including rts income and expendilure. for the year thèn ended". havè been prop8rfy p￿pared in accordance wth United Kingdom Generaly Accopted Accounling Praclice: and have been prepared in a¢¢ordan¢¢ wilh the requireff*nts of the Companies Act 2006. Ba$ts for oplnlon We conducted our audit in a¢￿da￿e wrth International Slandards on Auditing IUKI IISAS {UKII aThY applicable law. Our respM)nsibilibes under Ihose standards are fvrther de￿ribed in the Auditor's responsibilib.es for the au¢Jit of the financial siatements Secti￿ of our report. We are independent of the group in accordance with the ethical requirernents that are relevant to our audtt of the financial statements in the UK. including the FRC'S EthTrcAI Standard. and we have fvlfilled our other ethical responsibilitiès in accordance wilh these requiremènts. We believe that the audit eviden￿ we h8Vè oblained is sufficient and appropriate to wovide a basis for ujr opinion. Conclusions relating to going concern In auditing the financial statements. we have conduded that the TTUStees' use of the going ¢on¢em basis of accounling in the preparatTh of the fina￿1￿ ststements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or condiiions that. indiwdually or collectively. may cast Slgnificanl doubt on the group's ability to continue as a going concern for a period of at ￿3st ￿e1ve months frorn when the original financial statements were aulhorised for issue. Our responsibilities and the resp￿SibIlItieS ol the Truslees with respect io going concern are described in the rd$vant seth"on$ of this ￿POrL other infom•tion The Trustees are respor15ible for the other bnformabon. The other infomiation comprises the information included in the annual reporL other than the financial statements and our 3uditi)rfs ￿port thereon. Our opinion on the financial staiem8nts does ￿t ¢yJver the other infomiabon and. ex￿pt to the extent otheMise ewiotty ststed in our report we do not express any forrn of assurance condusion thereon. Page 14 The Rivers Trust Independent Auditorfs Report to the Trustees of The Rivers Trust In connection wilh our audit of the finarkcial ststements, our respt)nsibility is to read the other information and, in doing so. consider whether the other infomalion is materially inconsistenl with the financial statements or our knowledge obtained in the audii or othen¥ise appea￿ to be materially misstated. If we identify such material incon&sten¢ies or apparent material mi5s1alements. we are required lo deterniine whether there is a material misstatement in the financial slalefftents or a material misstatement of the other information. 11. based on the work we have performed. we conclude that there is a malerial misstatement of this other inform8tion. we are required lo report that fact. We have nothing to rewt in Ilws regard. Oplnion on other matters prescribed by the Companies Act 2006 In our opinion. based on the work undertaken in the course of Ihe audit: the information given in the TnJslees' Rel￿rt for the finanual year for which Ihe financial statements are p￿pared is con51Stenl ￿1th the fin8n¢ial ststements- and the Tru5tees' Report has been wepared in accordance wrth applicabje le9al requirements. Matters on which we are required to report by exception In the light of our knowledge and understaNJirvJ of the group and the parent charitable company and ils environment obtsined in the course of the audit, we have not identified material misstatements in the Trustees, Report. We have nothin9 to report in respect of the lollowry matters vthere the Companie5 Act 2006 requires us to report to you if. in our opinion: adequate accounting records have not been kept by the parent charitsb￿ company. or retums adequate for our audit have not begn received from branches not visited by us,. or the parent charitable company finanaal slatements are not in agreemenl with the accounting records and retums.. or certain disdosures of Trustees. remuneralK)n spectfied by law are not made,. or we have not re¢eived all the infomlalion and axplanth.ons wo require for our audit. Responsiknlities of Trustees As explained mofe fully in the Statement of Truste&s' Responsibilities {set OLrt on page 131, the Trustees are reSPon￿bIe for the preparat￿￿ of the finarrial statements and for being satisfied thal they give a true and fair view. and for such intemal control as the Tnjstees detennine is necessary lo enable the preparation of finanryal ststements that are free from material misstatement, whether dutr to fraud (Y error. In preparing the finanaal ststements. the Trustees are responsible for assessing the charity's ability to ¢ontsnue as a going coneern. disclosing, as applicable, matters rdated to going concem and using the going concem basis of accountsng unless the Trustees either intend to liquhjate the charity or lo cease operations. or have no realists"c altemative but to do so. Page15 The Rivers Trust Independent Auditorfs Report to the Trustees of The Rivers Trust Auditor's r•$ponsibllities for the audit of the financlal stalemenls Our objectives are lo obtatn rèasonable assurance aboul whether the financial statements as a whole ar& fr¢e from material misstatemenl, whether due lo fraud or error. and to issue an auditorfs report that includes our opinion. Reasonable assurance 1$ a high ￿Ve1 ol assurnnce. but is not a guarantee that an audjt conducted in accordance ISAS IUKI alwa￿ detect a material misslalemenl 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 statèments. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design pro¢edures in line with our responsibilities. ouuined above. to detect material misslatements in resp&¢t of irregularities, including fraud. The extent to which our procedures are capabl? of detecting i￿egula￿lies. induding fraud is detsiled below- Based on our understanding of the company and industry. we idenlffied that the principal risks of non-compliance wlh laws and regulations rdaled to 8¢ts by the ¢ompwy whith wefe contrary to applicable laws and regulations. induding fraud. We considered those laws and regulations that have a di￿￿ impact on the preparation of the financial 5tstements, including. blrt not limited to FRS 102 (effeclive 1 January 20191- (Charities SORP), the Companies Act 2006 and the Charities Act 2011. In addit￿n. we considered provisions of other laws and regulations that do not have a dired effed on the financial stalements but compliance with which may be fundamgntal to the grtyjp's abilty to operate or to avoid a material penalty. As part of our planni￿ procedures. we assessed the risk of any nO￿￿mplianCe ￿th laws and regulations on the entity's abilrty to conb.nue operating aThJ the risk of malerial rnisstatemenl to the accounts. Based on this understanding we designed our audit procedure5 10 i¢Jenlrfy r￿-cOmpliance with such laws and regulations. Our procedures involved the following." Reviewed legal and professional costs to ￿entify legal costs in respect of non Complian￿.. Enquiries wth management whethef there have been any known instsn¢es. allegations or suspicions of fraud or non cOm￿lanCe ￿ laws and regulations: . Rewew of boaril minutes or correspondence wrfh regulalor5 where availa￿e. We evaluate¢J management's irKenb"ves and opportunities for fraudulent manipulation ol the financial statements linduding the risk of override of contrdsl, and determined that the principal risks wo related to fraudulent finarrial reporting. Our procedure5 involvèd the following- Review of nominal joumal entri¢s for reasonableness- Review of significant acccHJnting estirnates for bias.. . Review of grant income recognition and Ihe year end deferred or accrned income position. Because of the inherent limitations of an audit. there is 8 risk that we wll not detect all irregularities, including those leading lo a rnalerial mi55talement in the financial statements. This risk increases the further removed non-compliance wilh laws and regulations is Irom Ihe events and transadions reflected in the finanaal statements as are less likely to b8come aware of instances of non-compliance. The risk of not detecting a material misstatement due to fraud 15 higher than the risk of not detecting one r¢sulbng from error. as fraud may involve deliberat¥ ￿nCe31M¢nI. collusion, omission or misrepre&enlation. A further description ol our responsibilities is available on th& Finan¢ial Rwrting Council's website al.. www.frc.org.uklauditorsre5ponsibilities. This des(xiption foms part of OUT audrtorf5 report. Page 16 The Rivers Trust Independent Auditorfs Report to the Trustees of The Rivers Trust Use of our r¢port This report is macle solely to the Charitable parent companys members, as a body, in accordance wlh Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might stste lo the group's m&mbefs those matters we are required to state to them in an audilorfs report and for no other purpose. To the fullest extent pem)ilted by law, we do not accept or assume responsibility to anyDne other than Ihe charitsble parent company and ts members as a body, for our audit Work. for this report. or for Ihe opinions we have foffi￿d. Duncan Leslie (Senior Statutory Audilor) PKF Francis Clark. Statutory Auditor North Quay House Sutton HarbLwr Plymouth Devon PL4 ORA Date.. 2610812022 Page 17 The Rivers Trust Consolidated Statement of Financial Activities Year Ended 31 December 2021 (Including Consolidated Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Restricted Unr•$trictèd fund$ funds Total funds 2021 Income from.. Donations and le9acie5 Charitable actiwbes Other trading activiti8s Investrnents 180,263 41.488 70.855 874 180.263 3.553,244 70.855 874 3,511,756 Totsl income 3.511.756 293.480 3,805,236 Exwndlluro on: Costs of trading activities Charitable activities {62.360) 332.112 162.360} 3,847,942 3,515.830 Total expenditure (3,515,830 394.472 {3.910,302 Net expenditure Transfe￿ bèkn¥8en funds 14,0741 70.610 1100,992) {70.610) (105.0661 Nel movement in fvnds {171.602) (105.0661 Recon¢illatlon of funds Total lunds br(xJght forward Total funds ¢arried fO￿ard 115.803 1.231.951 1.347.754 24 182.339 1,060.349 1,242,688 The stslement of financial activitss include5 all gains an(1 k)￿$ re¢o9nised in Ihe year. All of the group's aclbvitl'es derive from ¢i>nlinuing ¢)perations during the periods. The Trjttts on page$ 23 to 48 t￿7 an integral part ofthese ffinar￿1￿ slatements. Page 18 The Rivers Trust Consolidated Statement of Financial Activities Year Ended 31 December 2020 (Including Consolidated Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Re$tri¢ted Un￿$t￿Cled funds fund$ Total 2020 Note Income from: Donations and legarAes Charitable acliwties Other trading activitles Investments 754 3,156,297 614.752 50.757 117.319 19 61S.506 3.207,054 117,319 19 Total income 3.157,051 782,847 3,939.898 Expenditure on: Costs of trading activiknes Charitable activities 187.517) 10,918 187.5171 3.153,736 3.164,654 Total oxpenditure {3.164.6541 76.599 3.241.253) Net lexpenditureifincome Transfers beh¥een funds 17.6031 23.412 706,248 123.412) 698.645 Net movement in funds 15.809 682,836 698.645 Reconclllatlon of lunds Total funds brought forward 99,994 549,11 S 649,109 Totsl funds carried fopward 24 115.803 1.231.951 1.347.754 The notes on pages 23 to 48 form an integral partof Ihese finarfial stalemenls. Page 19 The Rivers Trust Consolidated Balance Sheet 31 December 2021 2021 2020 Flxed assets Tangible assets 16 33,927 26,035 Current a$s•ts Stocks Debtors Cash at bank and in hand 18 19 20 944 1.923.679 2.541.423 1.347,729 2.278,157 3,625,886 4.466.046 3.009.327 Crodltors: Amounts fa115ng due within one yeav 21 12,417.125 N8t current assets 1,208,761 1,456.719 Total assets less Current Ilabllltles 1.242,688 1.482.754 Creditors: Amounts falling due aft•r morè than ¢)n• year 22 135,000) 1.347.754 Net *sset$ 1,242,688 Funds ofthe group: Ro$tri¢tsd Income lunds 182.339 115,803 Vnrestflcted Income funds 1.060,349 1.231.951 Total funds 24 1.242.688 1.347.754 The financial statements on page5 18 to 48 were 8pproved by the Truslees. and authorised for issue on . 7 June 2022 . and signed on their behaw by. J M Whrtg (Chainianj Trustee Ci)mpany Registration Number.. 05136671 The notes on page8 23 to 48 fomi an integral pwtof ihese finanraal stslements. Page 20 The Rivers Trust Balance Sheet 31 December 2021 2021 2020 Note Fixed assets Tangible assets Investments 16 17 33.927 200 26.035 200 34.127 26,235 Curr•nt assets Debtors Cash al bank and in han 19 1.378.064 2.182.988 3,561.052 1,947.214 2.456,591 4,403.805 Cr•dltors: Amounts falllng due wlthln one year 21 {2.352.4911 2.947,286 Nèt current asset5 1.208.561 1.456,519 Total ass•ts hss curr•nt liabiliti•s 1.242,688 1,482,754 Creditors: Amounts falllng due after more than one year 22 Not a$$•ts 135.000 1.242,688 1.347.754 Funds of th• charity: Re5tri¢tsd in¢om• funds 182,339 115,803 Unrestrictod Income funds 1.060.349 1.231,951 Total fvnds 24 1.242.688 1,347,754 The company had a net negative movement in fijnds of £105,066 (2020 - positrve movernent of £698.645}. The financial statements on pages 18 to 48 were approved by the Tru51ees. and aulhorised for issue on 7 June 2022 . and signed on their behalf by.. J M While jchairnianj Trustee Company Registration Number. 05136671 The note5 on pagtrs 23 to 48 fc¥m an integrnl part (Itwe ffinwal ststem¢nis. Page 21 The Rlvers Trust Consolidated Statement of Cash Flows Year Ended 31 December 2021 2021 2020 Not• Cash flows from operating activitles Net lexpenditureyincome lor the reporting ￿rI)d {105.0661 698.645 Adjustment5 for.. Depreciation Investment income Decrease in slo¢ks Increase in debtors IDecrease)fincrease in crediltrs Incre8se in deferred income 15.462 18741 9.185 1191 99 (479,959) 503.309 453.495 18 19 21 {267.8251 131.3151 147.888 Net cash flows from operating activiiies 240,786 1,184,755 Cash flows Irom Investlng a¢tl¥lt5Ès Interesl receivable and similar income Purchase of tangiNe fixed ass8ts Loans made to other entities Proceed5 of loan repayments Nel cash flows from investing ath"vrtios Cash flows Irom ffinanclng activlties Value of new loans obtsine(I during the perKid Loan repayments rnade 874 123.3541 19 119.6611 (475,775) 16 843,775 821.295 495,417 475,775 {843.7751 Net ¢ash flows from finan¢ing aclivilies Net l(Jecreaseyin¢rease in cash and cash equNalents Cash and cash &quivalents at 1 January 843.775 475.775 23 {263.2661 1.165.113 2,541,423 1.376.310 Cash and cash equivalents at 31 December 2.278.157 2,541.423 All of the ¢ash fl¢)ws are derived from conlinur¥J operalions during the atM)ve two periods. The notes on pag•s 23 10 48 ftym an •itegral part of these finarKaal ststements. Page 22 The Rivers Trust Notes to the Financial Statements Year Ended 31 December 2021 1 Accounting pollcl•s Stat•mont of Compllance The financial ststements have been prepa￿d in accordan￿ Accounting and Reporting by Charities.. Statement of Recommended Practice applicable Io t*arities preparing their accounts in accordan￿ wilh the Financial Reporting Standard appliCa￿e in the UK and Republic of Ireland IFRS 102} (effective 1 January 2019) - (Charities SORP IFRS 102)}. the Financial Reporting Sland8rd applicable in the UK and RepuWi¢ of Ireland IFRS 1021- They also comply wth the Companies Act 2006 and Charities Act 2011. Basls of preparation The Rivers Trust meets Ihe definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical (x)st or transaction value unless othe￿ise ststed in the ￿levant accounting policy notes. 8asls of consolidation The consolidated financial statements consolidale the financial statemenls of the charity and its subsidiary undertakings drawn up lo 31 December 2021. No slatemenl of finantial aclivities is ￿sented for the charity as penmitted by section 408 of the Companies Act 2LKIS. Going concern Aft&r makiry approwFate enquiries and due consideration. the Trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the fofeseeable future. For this reason. the Trustees Continue to adwt the going concern basis in pY8paring the financial slalem8nts. The Trustees. enquiries include(J a review of the TnJst's projectior￿ for the next 18 months Ibolh operational expectations and luture finanaal perfornancel and sMJht of the fvlure tèst of the Trust's reseryes policy based on the assumpb"on5 made about futur? funding which has been secured and that about which. whilst nol yet secured. reasonable assumptThs may be made. With this. the Trustees are sats"sfied that core costs can be covefed in full during this period. In reaching this condusion the Trustèe$ are satisfied that prudent prov15ion has been made for any impact of COVID-19 and Ihe anticipated inflationary cost pressure in the UK at the current time. Although they acknowledge that the full extent of the impact is difficult to foresee al this time. Ihe Trustees believe that the activitie5 that underpin Ihe Tnjsl both operationally and financially a comparatively unaffected by COVID-19. Page 23 The Rivers Trust Notes to the Financial Statements Year Ended 31 December 2021 Judgements and kèy $ouic•s of •stimation unc¢rtsinty The Trustees are required to make a judgement whether Ihe grants received contain performance (xitgria in order to account for these transactions correctly under the performan￿ model in line with the SORP. In the Trustees. opinion there are no other key judgements or source5 of estimation uncertainty. Income and endowmerbts Income is re¢(yJnised when Ihe charity has entiuement lo the fvnds. it is probable that Ihe income will be received and the amount can be measured reliabty. Incomg tsx recoverablg in relation to dona￿nS rKeiv8d under Gift Pj'd or deeds of covenant is recognised at the lirne of the daim. Income tax ￿0Verable in relation to investrnent income is recognised at Ihe time the investment incorne is receivable. Grants receivable Grants ale recognised as income the terms atlach8d to the grant are within the Control of th& Trust. Where grants coniain perfom)ance condib.ons inLxJme is only credited to the Income and Expenditure Account rf it is malched by acts'vity within the grant contract to achieve the perfomiance condition5. Where income received to date exce8ds the calculated arn(￿nt, it is d8ferfed. where the Income received is less. it is aecrued. Fund a¢¢ounting Restrkted funds Restricted funds are furhds whr¢h a￿ to be usg(l in acc(Kdan¢e with spaufic restrKtsons imposed by donors or which have been raised by the company for parbcular purposes. The costs of raisng an administering such lunds are tharged against thè speUr￿ fuNJ. The abm and use of ¢ach restrs'cled fund is set cwjt in the r￿1￿$ to Ihe financi￿ statements. Unrestricted fvnds General funds are unrestricted fiJnds Wh￿ are available for use at the discretson of the Trustees in furtherance of the general obj'ecbves ol the company and which have not beon designated lor other pufposes. Page 24 The Rivers Trust Notes to the Financial Statements Year Ended 31 December 2021 Expenditur• All expenditu￿ is accounted for on an a￿al5 basis and has been induded under expense categories that aggregate all costs for allocation to actiwties. Where costs cannot be directly attributed to particular actiwties they have been allocaled on a basis consistent with the use of the resources. Fundraising Costs are those incutred in seeking voluntary conlributions and do not indude the cos15 of disseminating inlomation in supwrt of the charitable activities. Support costs are those costs incurred directly in support of expendilure on the obj.ects of the company and irKILKle project management carried out at the registered office. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional. such gran15 being recognised as expenditure vrt*n the conditions attaching are lulfilled. Grants offered subject lo condilions that have not been met at the year*nd are noted as a commitment, bul not a¢¢rued as expenditure. Ratslng funds These are costs incurred ￿ attracting vduntary income. the management of ￿VeStMentS and those irKurred in trading acts"vrttes that raise furKIs. Allocatlon of support and governance costs Support Costs are those frJnctions that assisl the work of Ihe ch8rrty but do not direcvy undertake charitable activities. Govemance costs comprise all costs involving the public accounlability of the charity and its compliance wrth regulab.on and go(Ml practice. These costs indude costs related to statutory examination and 18gal fees togèther wth an apF￿rtKlnrnent of overhead and support costs. These costs are induded within Charitable activth'es where relevant. Taxation The charity is consKIe￿￿ to P8SS the tests sel out in Paragraph 1 Schedule 6 of the Finance Act 2010 and the￿fOre it meets the definition of a charitable company for UK corporation tsx purposes. Accordingly. the charity is potentially exernpl from taxalion in respect of income or capitsl gains received within calegoiies covered by Chapter 3 Part 11 of Ihe corporab.on Tax Act 2010 or Section 256 01 the Taxation of Chargeable Gains Act 1992. to ihe extent that such income or gains are applied exclusively to charitable purposes. Tangible fixed assets All equipment costiThJ less than £500 is WTitten off in the statemgnt of financial activities wh9n th8 expenditure is incurred. Impairment reviews are carried out on a periodic basis. Ef an asset is found to have a ¢arrwNJ value rnalerially higher than ils TeGoverable arnount it FS written accordrngly. Depreclation Depreciation is provided on tangible fixed assets so as to write off thè cost or valuation. less any estimated residual value. over their expected useful ecOr￿le lrfe as fdlows.. A55?t class Office and ther equipment Dèpreciation m•thod and rat• 3 years straight line P*3e 25 The Rivers Trust Notes to the Financial Statements Year Ended 31 December 2021 Fixed asset investments Investrnents in subsidiaries a￿ valued al cost less wovision for impaim)enL Foreign exchange Transactions in foreign cUT￿nCIeS are translaled into 5terfw at the rate ruling on thg dato of the Iransaclion. Monetary assets and liabl1￿"e5 denomin8ted in foreign ¢urrencies at the balance sheet date are translated into sterling at the rate ruling at thal dale. Exchange gains and losses are recognised in the statement of financial activibes. P¢n$ion$ and other post r¢tirÈmtnt obligations The company operntes a defined contribution penS￿n scheme and Ihe pension charge ￿Presents the amounts payable by the company to the fvrhd in respect of the year. Financial instrum•nts The charitable company only has financia assels arKI ffin8nci¥ liabilib.es of a kind that qualfy as basic rinancial inslrumenls. Basic financial instruments a￿ initially recognised at transaction value and subsequenuy measured al lh￿r settlemenl value. The charity hdds the fdlowing finan(xal instruments.. • Short temi trade and other debtors and creditors: . Loans to and from other entities,. an . Cash and bank balances. All financial instruments are classified as bawc. Recognition and measurenjent The cornpany has chosen to apply the recognib.on and me8surement prin¢iptes in FRS102. Financial instruments are recognised when the company becomes party to the contractual provisions of the instnjmenl and derecogntse(I when in the Gase of assets. the contractual rights lo cash Ilows from the ass&ts frxpi￿ or substantially all the risks and rewards of ownership are transferred to another party, or in the case of lsabililies. vthen the compan￿5 obli9alions are discharged. expire or are cancelled. Except for bank loans. such instvuments are iThiialty measured al transaction pnce, Includlng trarbsadion ￿$t$, and are subsequently ¢arried at thè undiscounted amount of Ihe cash or other consideralion expècted to be paid or received. after taking account of impairment adju51men15. Bank loans are initially measured at transaction price. induding transaction costs. and 8rÈ subsequently carried al amorb.sed c051 using the effecliv& intorast Mell￿d. L•gal status of th• Trust The company is a company limited by guarantee. In the event of the company being wound up. ths liability in respect of the guaranlee 15 limited to £1 per member of the ¢ompany. Page 26 The Rivers Trust Notes to the Financial Statements Year Ended 31 December 2021 2 Income froffl donations and lega¢ie$ Unr•strlet•d funds Totsl 2021 Total 2020 Donation5 and legacies- Donatic￿$ from organisabry Donations from individuals 54.640 125.623 520,008 95,498 125.623 180.263 180.263 615.506 3 Income from ¢haritabk actlvlti•s Unrestricted funds Restrl¢ted funds Total 2021 National and European projects Education and River Trust development 7.697 33.791 3.511,756 3.519.453 33.791 41,488 3,511,756 3.553.244 Unrestricted funds Re$tri¢tsd funds Total 2020 National and European projects Educalion and River Trust develowent 25.710 25.047 3,156.297 3,182.007 25,047 50,757 3.156.297 3.207,054 Page 27 The Rivers Trust Notes to the Financial Statements Year Ended 31 December 2021 4 Incom? from oth•r trading acti¥ib•s Summary of trading results: 2021 2020 Tumover 70.855 49.884 20.971 12.476 8.495 8.495 117,319 Tl,642 39.677 19,875) 29,802 29,802 Cost of sales Gross profil Administrative expenses Profit for the financial year Gifi donation lo The Rivers Trust Movement in retsined eaminys Assets and liabilities 2021 2020 Assets 124.552 {125.3521 12001 109.111 {108.9111 (200) Liabilthes Capital Reserves 5 In￿me Irom Investments Unrestri¢ted funds Total 2021 Total 2020 Interest reCeiVa￿e and sirnilar income- Interest receivable on bank deFrf)5its 874 874 19 874 874 19 The Rivers Trust Notes to the Financial Statements Year Ended 31 December 2021 6 Expenditure on charitable activities Totsl funds 2021 Total funds 2020 Restricted fvnds Unr¢$¢ri¢tÈd funds National and Eur¢Jpean pmjects Education and River Trusts developmenl Govemance 3.515,830 148,848 3.664.678 3.164.654 165.147 18.117 165,147 18,117 110,9181 3.515.830 332.112 3.847.942 3.153,736 Overall expeThJitiJre on the Education and Rivers Trust development category 1$ negative in the prior year due to foreign ex¢han9e gains made in Ihe year. Aclivity undertaken dlrectly Grant funding of actlvity A¢tl¥lty support costs 2021 2020 National arHI Europ¢an projects Education and River Trusts dovelopment Other costs 2.1(￿.235 1.558.443 3.664.678 3.164.654 18,008 147.139 18,117 165.147 18.117 110.9181 2,124,243 1.558.443 165,256 3.847.942 3.153.736 Pa9e 29 The Rivers Trust Notes to the Financial Statements Year Ended 31 December 2021 7 Natlonal and European projects T¢)tal fvnd$ 2021 Total fund$ 2020 Actlvitles undertaken Project costs other costs 26.041 116,214 504.395 1.216.760 127,835 114,989 2.106,235 39.452 111,537 457.626 939.962 99.998 71.812 1.720,387 Consultancy Vvages and salaries Nalional insurance Pension costs Grants to inS￿tutIonS Environment Agency Essex aThJ Suffolk Rivers Trust 27.384 21.376 30,000 30.000 54.449 27,450 45.500 109.179 41,216 514.535 44,167 196,833 28,271 24.851 30,000 138,810 21,446 37,794 60,023 75,158 1.SS8.443 3,664,678 23.900 30.000 30.000 48.269 48.113 38.000 482,869 40,000 426.519 69,667 61,000 Loch Lomond Fisheries Trust Lune Rivers Trust Mersey Fl'vers Trust Norfolk Rivers Trust Northumbedand Rivef5 Trust Ribble Rivers Tnjsl Sev9m ￿'verS Trust Source lo Tap Land Incenb've Scheme South East Rivers Trust Thame$ 21 The National Trust The Vvoodland Trust Trent Rivers Trust 30.000 Watercog European Partners Westcounty Rivers Trust Wye and Usk Fowdation Wyre Rivets Trust Oiher grants to in$litutions 9,000 25,442 81.489 1,444.267 3.164,654 Total Page 30 The Rivers Trust Notes to the Financial Statements Year Ended 31 December 2021 8 Education and Rivers Trust d•velopmenl Total funds 2021 Total funds 2020 Activities undertaken Seminar costs 3.877 14,131 18.008 708 Other costs 708 Support ¢osts Office costs 28.157 3.393 18,791 39,044 35,256 3,704 3.332 15,462 147.139 Travel Consultancy Exchange rate I¢)￿(9a1n) Wages anil salaries National insurar {20.8101 Pension costs Depreciatson 9.184 11,626 Tolal 165.147 {10,9181 9 Analysi5 of governan¢¢ and suppgrt ¢0sts Tolal Totsl 2021 2020 Consultancy Wages and salaries National insurance 12.538 1.317 1.185 2,272 18.117 Pension cost Auditors remunerab.on - charity The Trust initially identifies the 10t￿ cctst of its suprxKt functions and then apportions the element associated wth the govemance of the charty to govemance costs. The remainder of these support costs are incurred in developirKJ the River Trusts and Educalion. P￿31 The Rivers Trust Notes to the Financial Statements Year Ended 31 December 2021 The Tnjst is able to absorb an element of its overt￿a￿ cos15 into eligible granl funded activities. Prior to this absorption total govemance and support costs wtrre £401.525 12020 - £180.6161. In the prior year. govemance and support ¢osts were fvlly absorbed. 10 Gov•mm•nt grants The Charity receives European and UK govemment grants primarily to fund ￿venue project costs. Most grants received crjntain performance criieria byhid) must be completed by Ihe charity before they becorne fully enlilled to the associated income. The amount of ￿ants recr4nised in the Ststement of Finan￿al Activities was £3,511.756 {2020 - £3,156,297). 11 TYu$tee$' r•muneration and expenses No Truslees, nor any persons connected with them. have received any remunerabon from the group during the year. No trustees received reimbursement of travgl and subsistence expenses In the cuffent year 12020 - £nill. 12 SLiff costs The aggregate pa￿11 costs were a5 follows: 2021 2020 Staff costs durin9 the year w•r•: Wages and salaries Social security ￿sts Pènsion costs 1.280,228 134,502 120,988 944.317 99,627 87,542 1,535.718 1.131,486 The average monlhly number of persons ernploJEd by the group during the year was as follows: 2021 No 2020 No 26 Page 32 The Rivers Trust Notes to the Financial Statements Year Ended 31 December 2021 The number of employees wlM)se emduments fdl wrlhin the fc4lowing bar￿5 was". 2021 No 2020 No £60.001 - £70,000 £90.001- £100.000 The key management personnel of the group during the year comprised A Aboobakar. B Bendall. Dr R Collins, C Colvin. P Dillon. M Horton. D Johnson. M Lloyd. and A Rickard. The loial employee beneffts of the key management personnel of the group were £671.790 {2020 - £521.9011. The compositron of the key management group changgd midway through the current rinancial year. 13 Auditors. Temun•ratlon 2021 2020 Audit of the financial stst*m8nts 7.005 6,741 other fees to auditors All olher assurance Services 15.918 16.700 14 Net outgolngllncoming resources Net loulgoingyin(x)ming resources Ihe year include: 2021 2020 Depreciati(￿) of fixed assets 15.462 9.185 15 Taxatlon The company is a registered charity and is therefore exempt from taxation on its charitsble activities. Page 33 The Rivers Trust Noles to the Financial Statements Year Ended 31 December 2021 16 Tangible fixed ass•ts Group Qfflce and oth¢r •qulpm•nt Cost At 1 January 2021 Additions 48.807 23.354 At 31 Oecember 2021 72.161 D•pr•clallon At 1 January 2021 Charge for the year At 31 December 2021 22,772 15,462 38,234 N¢1 book value Al 31 December 2021 33.927 Al 31 December 2020 26,035 Charlty Office and oth•r ¢quipm•nt Cost At 1 January 2021 Additions 42,543 23,354 Al 31 Decernber 2021 65,897 D•pr•clatlon Al J January 2021 Charge for the year At 31 December 2021 16,508 15,462 31.970 Net book ¥alu• At 31 December 2021 33.927 At 31 December 2020 26,035 Page 34 The Rivers Trust Notes to the Financial Statements Year Ended 31 December 2021 17 Fixed assel investsnènts Charlty Shares in group undertakings Subsidiary undertaking$ Cost At 1 January 2021 At 31 De¢*mber 2021 2C%) Net book value At 31 De¢&mber 2021 200 Al 31 0g¢ernber 2020 200 Deta•ls of undertakings Details of the investments in Ihe group holds 2¢Yh or more of the ￿)Minal value of any class of share capital are as follows: Proportion of voting rlghts and $haro$ held Country of InC￿POratiO Undertaking River Ecosy3tem Services Lirniled Holding Principal activity Environmental consults.ng aCtN￿eS England and Wales Ordinary 1fy)% The afjdress of its registered office is.. Rain Charm House. Cober Parc. Stoke Climsland. C811ington. Comwall. PL17 8PH. The actiwtses of this company ar8 summaris8d in note 4. The Rivers Trust Notes to the Financial Statements Year Ended 31 December 2021 18 St¢¢k Group 2020 Charity 2020 2021 2021 Stocks 19 Debtor$ Group 2020 Charity 2020 2021 2021 Trade debtors Due frorn group undertakings Other debtors Accrued income Prepayments 998.255 22.431 978,667 59.718 122,000 202.863 14,816 5,694 46.870 985,625 897,350 11.675 122.425 212.233 14.816 986.313 3.260 11.675 1.347.729 1.923.679 1.378.064 1,947,214 Group debtors includes £Nil12020.. £135.0001 r￿l¥abl& after mora than one year. Charity debtors includes £Nil12020.. £135.OC(l} re¢xivable after more than or* year. Other debtors of th8 Charity relate to loans to Rivers Trusts to support cash-flow where grants are received in arrears. The Rivers Tnjst retains a 3% management fee on loans granted. Repayment is due al the end of the project. with the latest repa￿nent dale at 30 September 2022. Group 2020 Charlty 2020 2021 2021 Other debl(ws 135.0(MJ 135.000 20 Cash and cash equivalents Group 2020 Charity 2020 2021 2021 Cash at bank Other cash and cash equivalents 2.278.150 2.541.416 2,182.981 2.456,584 2.278.157 2.541.423 2,182.988 2.456,591 Page 36 The Rlvers Trust Notes to the Financial Statements Year Ended 31 December 2021 21 Creditors: amounts falling due within one y Group 2020 Charity 2020 2021 2021 Trade creditors Other loans Other creditors Accruals Deferred income 30.774 122,(KXI 886.986 78.822 1,298.543 41.865 830,715 939.314 46.718 1,150.655 23,047 122,000 884,626 76,389 1.246.429 35.265 830.775 936,576 43.670 1.101,000 2.417.125 3.009,327 2.352,491 2.947,286 The olher108ns relate to a loan facilty mad8 avarfable to Th8 RNers Trust lo support cash-flow where grants a￿ received in arrears. The repayment date is after the completion of the project. This loan facility is provided interest tr88. The lasl repayment date is 30 Sept8mb&r 2022. These loans are unsecured. Deferred incorne Group 2021 2020 Deferred income al 1 January 2021 ReSoUr￿S deferred in the period Amounts released from previous p￿$ Deferred income 8t year end (1.150,655 (2.122,6221 1.974,734 1697,1601 (1.792,4271 1,338,932 1.298,543 1.150.655 Income has been deferred on the basis that the relevant performan(* Criteria have not been met. Charlty 2021 2020 Oeferred income al 1 January 2021 Resources deferred in the period Amounts releaseLf from previous peiiods {1.101.0001 12.067.908) 1.922,479 {648.9861 11.762.315} 1.310,301 Oeferred income al year end 1,246.429 1,101,000) Income h8s been deferred on the ba%s Ihat the relevant performance criten"a have not been met. Pw37 The Rivers Trust Notes to the Financial Statements Year Ended 31 December 2021 22 Creditors: amounts falling due after one year Group 2020 Charity 2020 2021 2021 Other loan$ 135.000 135,000 23 Anaty$i$ of change$ in net debl At 1 Jan 2021 Cash flow At 310ec 2021 Cash at bank and ￿ hand Bank overdrafts Cash and cash eqlthvalents Loans from other enlilie$ Loans lo other enknties Net debt 2.541.423 {263.266} 2.278.157 2.541.423 965.775 965,775 2.541.423 1263.266) 1843.775} 843.775 1263.266 2.278.157 122,000 122.000 2,278,157 Pas* 38 The Rivers Trust Notes to the Financial Statements Year Ended 31 December 2021 24 Funds Balan¢e at 31 O•cembor 2021 Balan¢e at 1 January 2021 Incoming Resources resources expendèd Translers Unrestricted 1,231.951 293.480 1394,4721 {70,6101 1.060,349 Restricted CaBA NSG & CamEO Catchment monit￿Ing Co-operative Coke Replenish Courtauld 2025 Grants Eels EF Regional Oevelopmenl Grant EFS NI EFSNI GFP21-26 Esmée Fairtmim Operatsons Grant Esmé8 Fairbaim WyTe NFM Fishmongers. Fisherie5 Garfield Weston Grant Greggs PBT In￿O-PlastIc$ Ireland Stsrt-up John Ellerman Foundation Granl Morecambe Bay Volunteer Hub Natural Course Preventing Plastic Pollution Primrose Lodge Blue Prince ofwales Charitable Foundation Source to Tap Strategic DeveloF¥nent Fund Topsoil 22.194 271.421 (271,499) 22.116 19,846) (292.147) {94.473) 16.714) 9.846 292.147 94.473 11,214 4,500 89.149 59,785 16,286 {89,149) {59.785) {16.288) 40,500 (40.51x1) 51.106 70.677 51.242 186,714 41.714 47.528 (51.106> (40.6771 (51,3671 1186.7141 143.1091 147.5281 30.001 124 {1) (1.3961 29.313 129.313) 11.622 224.587 {11.6221 (208.514) 50.382 66,455 (1) 100.124 84.781 (108.766) {85.064) 8.643 283 63.659 611.043 163.659) (653.830) 42.787 3.950 17,631 106.369 25.306 {106.369) {29.077) 3.950 17,830 3.770 Pa9e 39 The Rivers Trust Notes to the Financial Statements Year Ended 31 December 2021 Balance at 31 Docember 2021 Balance at 1 January 2021 Incoming Resources res¢Jur¢es expended Transfèrs Trees for Watsr {MSAI Water for Tomorrow Water Resources Priority Catchmen15 WalerCoG Wocxllands for Water WWFICoke Phase 3 Other reslTictgd funds 26.754 148.497 (26.7541 (140.1861 193) 8,218 69.505 223.417 149,539 33.402 291.096 {69,5051 (221.8581 (149.5391 (33,4021 277.472 (1,559) 10.431 6.809 30.864 Total r•stricted 115.803 3,511.756 3,515.830 70.610 182.339 T¢tal funds 1,347.754 3.805.236 3.910.302 1.242,688 The group transferre