2021-03-31-accounts

Registered Company No. 05504806 (England and Wales) Registered Charity No. 1120518 (England and Wales}

cotswold lakes trust

Cotswold Lakes Trust

(formerly Cotswold Water Park Trust)

(Company Limited by Guarantee)

Unaudited Reports and Financial Statements For the year ended 31 March 2021

Dedicated to the conservation and enhancement of the Cotswold Water Park for the benefit of wildlife and people

COTSWOLD LAKES TRUST (FORMERLY COTSWOLD WATER PARK TRUSTI CONTENTS YEAR ENDED 31 MARCH 2021 CONTENTS Page Charity Information Chalmian's Foreword Trusteeg Report 5-25 Independent Examinerfs Report 26 Consolidated St3tement of Ftnantial Activities 27 Group and Charity Balance Sheets 28 Consolidated Statement of Cash Flows 29 Notes to the Financial Statements

COTSWOLD LAKES TRUST IFORMERLY COTSWOLD WATER PARK TRUSTI CHARITY INFORMATION YEAR ENDED 31 MARCH 2021 CHARtrY TRUSTEE5 The CharityTrustEe5 uf Cotswold Lakes Trust ICLTI are a150 the directors for the purposes of the Companies Art 2006. Trustees who se¥ved during the year are., Barry Butler IAppointed 5 Febrvary 20211 Anne Cooper (Appointed 5 February 20211 Duncan (Robert) Hall IAppointed 5 February 20211 Paul Hazel Ichairrnan from 3 july 20201 Martin Kingston Pippa Langford Mike Low Dr Gtsrdon McGlonÈ OBE Gill Raikes MBE (Retired 4 December 20201 Robin Rogers IRetired 12 October 20201 Edward Wilson (Appointed 5 February 20211 Company Secretary Paul Hazel Chalrrnan Paul Hazel Reglsterèd Company Number 05504806 (England & Wale51 Aegistered Charity Number (England and Wale51 1120518 Principal & Registered Address Cotswold HDuse Manor Farm Down Ampney Cirencester Gloucestershire GL7 5QF Bankers Lloyds Bank PIC 14 Castle Street Cirencester Gloucestershire GL7 IQJ Independent Examiner Crowe U.K. LLP 4th FIoDr St Jame5 House St james, Square Cheltenham GL50 3PR Solicitors Thrings ILP 6 D￿ke5 Meadow Penny Lane 5windon SN3 3LL Gardner Leader ILP Hardwick House Prospect Place Swindon SNI 3U

COTSWOLD LAKES TRUST (FORMERLY COTSWOLD WATER PARK TRUSTI CHAIRMAN'S FOREWORD FOR THE YEAR ENDED 31 MARCH 2021 CHAIRMAN'S FOREWORD After a difficult time for everyone around the WDrld due to the COVID 19 pandemlt. l am pleased to report that the Trust has experienced a stable year from a financlal petspective with a break even result at operating level. Thi5 IS 3 signiflcant ptrform3nce in the context of the pandemic and 15 8 tribute to all the efforts of those involved in the work of the Trust. As hlghlighted in My statement at last yearf5 AGM we successfully applied for various sources of emergency grant funding amountin8 to approximately £IOO,CX)O and also secured an additional £IOO.000 in borrowing facilitie5. These two factors principally ensured that we minimi5ed the negative financial effects of the pandemic. In accordance with Companies Act requirements, our entire property portfolio has been professionally r￿alUed as at 31 March 2021. This has produced a total revaluatlon surplus of approximately £1.6 million which is included in the Incorne and Expenditure account to produce a Net Income for the financial year of £1,6L13.684. This result means that the Balance Sheet at the year end now reflects Total Fund Balances of just over £2.8 million, a wery healthy position to carry forward into the currÈnt financial year. Operationally we managed our sites in full compliance wlth all the lockdown regulations and when p055ible ensured atCÈS5 to the public for them to maxlmise the health and recreational benefits to be gained frorn visiting the Cotswold Water Park Icwpi. Unfortunately, the welcome easing of lockdown restrittion5 has producÈd a downside by creating a large number of antl-SOC131 behaviour Issues including unauthorised water activities, inappropriate car park￿n8 and excessive littor at our 51te5. These problems persist and while we continue to work clos&ly with local authoritSes, pollce and highway agencies to control these problems, more needs to be done at an cTrfficial level a5 we do not have the power. or adequate resource5, to act as we would wish to control these matters. Sadly, dtsring the year two Trustees retired, Robin Rogers and Gill Rèikes. They both made significant contributions while involved at the Trust especially Robin who provided a strong 8uidin8 hand durin8 the difficult early year5 before being appointed a Trust*. Thank you both. Despite all the challenge5 encountered during the year we have rnade tremendous strides in the development of the Trust which will produce positlve benefits irt the future. Firstly. l am delighted to welcome four new Trustees to the Board, all of whorn will be seeking election at the forthcoming AGM. They are Barry Butler, Anne Couper, Duncan Hall and Ed Wilson who between them bring conservation, fundraising, governance, project management and financial control expertisÈ. The Board now comprises nine Trustees with a wide range of skills and experience to help gulde and manage the Trust in the year5 to come. Following the expansion of the Board we reviewed, and subsequently updated. the Statement of Purpose to better reflect the Trust's objectives. However, the core aim5 Still remain conserwation, education and rEcreation working in harmony for the benefit of wildlrfe and people within CWP. Durin8 the process Df updating the Statement of Purpose it was recognised that it would be benefici31 to change the name of the Trust and consequently an EGM wa5 held in February 2021 when members unanimously voted to adopt Cotswold Lakes Trust as the new name. Followin8 the change of name we have recently launthèd our own dedicated website to further emphasise our separate identity, www.cotswoldlake5tru5t.or We will continue to rnaintain and develop the CWP websit& as this is an important tool for vi51tors to the area. Havlng adepted the revised Statement of Purpose a Strategic Plan for the next Five years has recently been completed intorporating a Five year Financial Plan and the exciting 2026 Challenge Fund appeal. The recently Saunched Appeal 15 aiming to raise over £1.5 rHillion during the nÈxt five years to enable the Trust to invest in some exciting projects such a5 improving the conserv3tion benefits of tree and surrounding land management at The Old Railway line. the creation of a new glf-road circular cycle route, new interpretation boards at all Dur sites and thE e5tablishrnent of water based recreational and educational activities at Cleveland Lake l am pleased to note that during the year our mernbership number5 have increased signiticantly from just tsver 470 at

theTTU5L Ch4lrwH

COTSWOLD LAKES TRUST {FORMERLY COTSWOLD WATER PARK TRUST) TRUSTEES. REPORT FOR THEYEAR ENOED31 MARCII 2021 The Trustees. who are also directors 91 the Charity for the purposes of comp3ny law, present their annual report for the year ended 31 March 2021 under the Companies Act 2006 and the Charities Act 2011 together with the financial statements for the year ended 31 March 2D21. The financial statements have been prepared iri accordance with the small companles regime of the Companie5 Act 2006 and the accounting policies set out in Note I to the financial statements 3nd comply with the Charities Act 2011 and the Statement of Recommended Practice.. Charitles SORP IFRS1021. STRUCTURE. GOVERNANCE AND MANAGEMENT The Charitvs operations are controlled from, and its records maintained in, Its office at Cotswold House, Manor Farm, Oown Ampney. near Cirencester (charity number 1120518 and cornpany number 055048061. The Charity is controlled by its governing document, which is the Charity's Articles of Association as amended by reso1urion on 31 October 2016. and constitutes a company Ilmlted by guarantee, as defined by the Companies Act 2006. The Trustees are expected to hold a minimum of six meetlngs per year to consider the Charit15 activitÈe5 and to monitor progress against the Charl￿S plans. Board The Board met 9 times during 2020121. The Board has five sub-committee5'. Finance Committee Audit Committee NDminations Comrnittee 4. Remuneratlon Commlttee 5. Governance Committee Flnance Committee The Finance Committee reviews monthly management accounts, current cash position and tash flew forecasts. scrutinises budgets, contractual tommitments and capital expènditure before making a recommendation to the Board. The Finance Committee provides summary reports to the 8oard at each meeting. In 2020121 the Finance Committee met on 12 occ85ions. During the year the committee consisted of five members with the Development Director, Finance Direcror and the Property Director of Cotswold Water Park Society in attendante-. Barry Butler IAppointed 5 February 20211 Duncan Hall (Appointed 5 February 2a211 Paul Hazel FCA FCT, Ichairl Mike Low Robin Ro8ers ACA IRetired 12 Ortober 20201

COTSWOLD LAKES TRUST IFORMERLY COTSWOLD WATER PARK TRUST) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2021 Audlt Committee The Audit Committee met on 9 July 2021 to review the financial statements of the Cotswold L3ke5 Trust and its 5ub5idiaries and thefurther progress made on addresslng any remainlng intemal ry)ntrrJl and process issues. In 2020121 the Audit Commlttee membership ¢onsisted of.. Barry Butler {Appointed 5 February 20211 Duncan Hall (Appointed S February 20211 Paul Hazel FCA Fcf, Chairman Robin Ro8ers ACA, Chair IRetired 12 October 20201 Nominations Comrnittee New Trustees are recruited agalnst a written specification, whlch is approved by a Nominations Committee, and which explains the role ol Trustees and outlines the Specific 5ki115 and expersence that are required. Potential Trustee5 ar asse55ed by the Nominations Committee following which the Nominations Committee makes a recommendation for approval by the whole Board. In 2020121 the Nominations Committee membership consisted of.. Paul Hazel FCA FCT MFkE Low, Chair IAppointed 3 July 20201 3. Gordc*n McGlone OBE Rgbin Rogers ACA, Chair (Retsred 12 October 20201 Tru.%tees are given an induction to the organisation both during and after recruitment,. the induction include5 details of the organisation's objects, role. achievement5. Structure 3nd fitt3ntes. The Nominations Committee met twice durin8 the year. Remuneratlon Cornmittee In 2020121 the Remuneration Committee membership consisted of.. Barry Butler, Chair (Appointed 5 February 20211 Paul Hazel FCA FCT Gordon McGlone 4. Robin Rogers Acffj Chair (Retired 12 October 20201 Thè Remurneration CommitteÈ met on 5 March 2021 to review Staff salaries. In reviewing pay the Committee consider5 various factors Includin8 current pay levels, several indice5. includin8 Willis Towers Watson LJK Forec2St, and genera1 industry pay level5.

COTSWOLD LAKES TRUST (FORMERLY COTSWOLD WATER PARK TRUSTI TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2021 Governance Commlttee In 2020121 the Governante Comrnittee membership consisted of.. Barry Butler (Appointed 5 February 20211 DUn￿n Hall IAppointed 5 February 20211 Paul Hazel FCA FCT Mike Low, Chair 5. Robin Rogers ACA IRetired 12 Ottober 20201 The GovernancÈ Committee monitors cowpliance with Charity Commission guidance, internal risk manaBement procedur￿, and busine55 contsnuity rnanagement. The Governance Committee met once during the year. Membership At 31 Marth 2021. the Trust had a total Df 830 memberships comprising 372 Joint/Fatnily membershTrps and 458 Single mernberships. This figure has significantly increased by 72% from the previou5 year Itgtal of 482 member5hipsl. Member5 receive newsletters detailin8 the work and current projects being tarried out along with features on wildlife and current issues. Members are also given priority booking for event5, free parking at Cotswold Lakes Trust sites and local discourtts. Annual fjeneral Meeting Due to COVID-19 restrictiDn the AGM of the Trust Was held online and by proxy vote on the l October 2020. The Tru5tees' Report and Financial Statements were all approved. Members duly confirmed the appointments of Martin n8Ston and Pippa Langford and re-elected Paul Hazel and Gill R81k￿ as Trustees for a further thrpp yea¥5. Extraordinary General Meetlng An Extraordinaiy General Meeting was held on 10 Febru3ry 2021 by electronic means for members to consider a special r2501ution to change the name of the charity from Cotswold Water Park Trust to Cotswold Lakes TYu5t, this was unarirnously approved. Businèss Plan During the year, the Trusvs Bu5ines5 Plan focused the TrusV5 limited resources on developing income from its 51tes and other activities. A key part of the Trusvs future business model continue5 to be to re-e5tablish income streams from its existing asset base. These include maximi5ing the revenue from the operation at Cotswold Country Park & Beach and, in the long term. Cleveland tskes which requires substantsal reSto￿tIon and enablTng works to open it up fully to the public.

COTSWOLD LAKES TRUST (FORMERLY COTSWOLD WATER PARK TRUSTI TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2021 Governance In the spirit of the Charity Commission's Guidance on Corporate Governance and in line with goDd governance policy as tontained in the UK Corporate Governance Code, the following governance measures continued to be implemented- E5tabli5hment cf a GDvernance Committee A code of govemance policy with supportillg governance frarnework. 3. Audit Committee Nominations Comrnittee Remuneration Committee Finance Committee which reviews and recommends to the Board on the following.. al Annu81 budgeting process that is formally approvÈd by the Board of Trustees bl Annual cash foret8St5 rèviewed each rnonth ¢1 A system for approwal of any capital expenditure dl A system for approval of any disposal of capital items or property el A system for approval of major contracts Monthly managemenr accounts strutini5ed and 5ub5eguently reported to the Board A scheme of delegated authority for Chairrnan and senior staff /Trustee5 A policy defining both roles of Chairman and senior staff ITru5tee5 9. A system for approval of the recruitment of new staff 10. Regular operations meeting5 to which the Chalrman l otherTrustees are Invited R15KANDSAFETYMANAGEMENT The Trustees have a duty to identify 3nd review the risks to which the Charity 15 EXP05ed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. ISO 22301 is the intemational Standard for Business Continulty origlnally created as a British Standard. ThÈ Board of Trustee5 3greed in autumn 2017 to establlsh compllance wlth this standard ¢n the basis of self-assessment. In 2019 the Board establlshed a Governance Committee chaired by the Trusys Chairman, the lead Trustee for Finance and the lead Trustee for Salety and Risk. The purpose of this Committee is to monitor the Trust's compliance issues and report twice yearly to the Board. Following approval of the Business Continuity Plan and the Risk Register. the Governance Committee reviewed compliance with the Standard and Charity Commission guid3nce in February 202Q and ported full cornpliance to the Board in March 2020. The 8oard is provided with an update at each Board rneeting the top six significant risks anij prOg￿$S with their mitigation. These are.. H¢alth and Safety 2. Reputational risk Finanaal rlsk Demonstrating the right balance of conservaiion and supporting economit attiwties Creating effective partnerships Management We have continued wlth our compliance with the ISO standard for business continuity, ISO 23001 and kept up to date our Rlsk Register. Thi5 involved both 51aff and trustees. Our top six risks remained unchanged in the sense of probability of an event and the rnitigatins measures we are taking. A good example being our Finance Committee's work to minimise the impact of Coronaviru5 ICOVID-191 which ha5 been well done. However, COVID-19 became a W major risk in ternis gf our

COTSWOLD LAKES TRUST (FORMERLY COTSWOLD WATER PARK TRusn TRUSTEES, REPORT FOR THEYEAR ENDED 31 MARCH 2021 operational and volunteer activities The latter activity was suspended and has only just resumed. We have tight control on office u5a8e and in the reportin8 year all meetings were remote. The Governance Cornmittee has reviewed our performance in line with the internal Monitoring approach recommended for sn7all organisations using this Standard. The Trustee5 are aware gf and have due regard to the Charity Cornmis5ion guidancE on reportsn8 serious incidents and will Ènsure thal any potentially serious incidents are reported. Safety Performance As in 2019120 there were very few reportable accidents, thÈsÈ were exclusively at Cotswold Country Park & Beach. This is the busiest site by far and 15 well monitored by the operator, PSL. The accident5 largely occurred on the water-based adventure playground the WIB1T. Thi5 is a physically challenging acti)rity, and PSL goe5 to great lengths to ensure users are competent swimmers with no underlying injuries. However, there have been inodents where the public have not declared existing conditions which put them at greater r15k of injury. PSL have joined an operators group usinE such farilitie5 to learn from experience and best practice. We review safety perform3nce of L¥oth operators at KCP IP5L and Lake 32 Outdoor, previously known as Waterlandl at least Once a year. An emergency exercise w35 held well into the season due to COVID-19 and both operators perfomied well in dealing with a complex accident scenario. Both Operators put in place fully cornpliant COVID-19 arrangements, and these were inspected by the Local Authorities. Our main concErn last Summer season wa5 public behaviour. litter, unakjthorised swimming in dangerous locations despite warnin8 Signs, vandalism, drugs and parking on ver8e5 across l entrance5 etc. The joint initiative with Cotswold District, Wiltshire and Gloucestershire County Councils, which the Trust initiated, to investigate public behaviour a15(J involved the police service. The focus wa5 tD attempt to improve mètters for this yearf5 summer seasgn but so far there h35 been Ilttle Ehange. The public attitude in recent years, made worse by Covid, is that in the summer months the countryside is a playground relieving stresses but for some with litde consideTation of the natural location or its inhabitants. Our efforts with local authorities coNcentr3ted on cotnmunication and a better understanding of the benefits of the countryside. With limited police resources formal compliance 15 more difficult even where danzerous parking is a problem. PUBUC BENÉFIT The Trustee5 corifirm that they have complied with their duty in Section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission fur England and Wales. OBJECT5 Tho objects of the Charity l.the Objects") are to prowde for the benefit of the public, and in particular forthe inhabitants of Gloucestershire and Wiltshire, facilities in the interests tjf social welfare for education. Conservation, recreation and leisure time occupation at the Cotsw(Fld Water Park I'the P3rk"l 2nd in particular to'.- al try to achieve a balance between development, recreation. naturé conservatlon and local communlty interests concurrently bl assist in achieving policies and practices to 5UStain thè current natu￿ conservation value of the Park cl assist in achieving the provision of appropriate public access for all to sites and facilities in the Park for recreation purposes dl assist in treating a cohesive image for the Park and provide an educational resource for the public general el promote the Park and its facilities as a resource for public Enjoyment of appropriate countryside recreation. amenity and wildlife conserve and improve the landscape by the integration of restored mineral workin8s into a new landscape structure and gener81 enhancement of the Park gl make representations to Local Authorities and other persons on18nd management and use in the Park h) encouragÈ, promote and implement the creation. con5eTvation and management of wildlife habitat, particularly in those parts of the Park which have been IdÈntified as being of speci81 irnportan

COTSWOLD LAKES TRUST {FORMERLY COTSWOLO WATER PARK TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2021 il assist the local communities to prepare and carry out works relating to the ifftprovement and management of the settlement protection zone5 and Such other areas as may be appropriate jl pursue quality 5U5tainable improvements in environmental regeneratlon In partneF5hip wlth buslness, PUt)lic authorities and communities kl encourage the publicl private and voFuntary sector5 to take concerted actign to improve the environment 11 interpret and present to the public the heritage, landscape and nature conservation of the Park ml ￿51st in maintsining and improving public rights of way to enable their LEse by all members of the public n) encouragÈ safe USÈ of w3ter areas in the Park ol the provision ol PLJblic parks or other public facilities of an environmentsl, educational 01 recreational nature. provided that ihe park5 or facilities are notto be operated at a profit SUMMARY MISSION STATEMEMr Our key objectives are to improve the Cotswold Water Park by- enhancing its biodiversity, providing recreational opportunities for its local communities and visitOf5 and by providing an educational resDurce. STATEMENTOFPURP05E Trustees approved the following statement of purpose èt their rneeting on 4 Oecernber 2020. Leadershlp we aim to be the focal point for.. the protection and improvernent of the Cotswold Water Park's rich natural envtronment and,. for any discussion concerning the future development of leisure and recreation facilities and public access in the Cotswol(I Water Park. odiversity and natulal envlronment we manage our sites sensitively. ensurin8 that their importance for wildlife 15 conserved 2nd wherever possible enhanced, WÈ aim to carry out landscape-scale wildlife conversation and enhan￿meNt project5 at our 51te5 and acr05S the Cotswold Water Park in partnership with others. we provide aijvice to mineral companies. landowners and local communities on wildlife issues Recreation and access wherewer possible we encourage the public to access our sites for recreational purposes. we pursue area wide initiatives to improve responsible ac￿$ to and around the Cotswold Water Park. Education we aim to engage increasingly with vi51tors, the local community. schools and universities to promote a greater understanding and appr@ciation of the heritage, wildlife and landscape ot the Cotswold Water Park. This will encompass, among other things, migratory birdlife, rich fossil finds in the sedimentary sand and gravel. preeious wildflower mèadows, the area'5 biodiversity as well as the health 3nd well- being to be found in the outdoor5. Prum¢tK*n in 5UPPOrting the Cotswold Water Parl we are the primary gateway for hundreds of thousands of visitors, residents, leisure operators. walkers, cyclists. birders, anglers, dreamers and nature lovers on land or water. We want all visitors to value their time here. As a charity we encourage the benefits to be gainod from the use of our own destlnation sites. io

COTSWOLD LAKES TRUST {FORMERLY COTSWOLD WATER PARK TRUSTI TRUSTEES, REPORT FOR THEYEARENDED 31 MARCH 2021 Membership we aro a sm311 team with 3 big-heartod membership. Members enjoy free parking at our car parks from where they are able to visit our bSrd hid￿, enjoy talks and events such as dawn chorus walks, fossll hurtts. and also lertd a hand on ouy trucial Conservation proletts. You too tan joln and take part. Resllience we are not central or local government funded. We work with donors, charitable funds, individual5. companies. and our membership. In addition. we operatE our own 51tes cornmercially to make sure collectlvely we are here to develop the Cotswold Water Park for the benefit Df wildlife and people. we investigate the acquisition of new 51tes In order to protert and enharn￿ their potential blodiverslty value and/or recreational benefits. PRINCIPALACTIVITIES Cotswold Water Park So¢lety Umlted The Cotswold Water Park Society Limited ICWPSI 15 an asset-holding 5ub5idiary of the Cotswold W3tÈr ParkTnJst. CWPS'S primary assets ère land held on lon8 lease from both Gloucestershire County Council and Wiltshire Council, and freehold land at Cleveland Lakes. CWPS allows the Trust to have full use ol its a55ets in pursuit of its charitable objective5. Cotswold Water Park Estates and Ranger Services Limited Cotswold Water Park E5t3tes and Ranger Services Limited ICWPERS) 15 a trading subsidiary of the Cotswold Water Park Trust. li

COTSWOLD LAKES TRusf IFQRMERLY COTSWOLD WATER PARK TRUST) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCII 2021 ACHIEVEMENTS AND PERFORMANCE Oblettlve l- Maintain and Improve blodlverslty Cotswold Lakès TKU5t reserves and other sltes Cleveland Lakes & Waterhay Reedbed ILake$ 68alblcld & 741 Extensive work has been carried out rnanaging the willow scrub around the Scrape5 area of aeveland Lakes with COVID-19 Secure volunteer work partÉes meeting regularly throughout the autumn and winter months while restriction5 allowed. 75% of the perirneter of the Scrapes had willow removed to ensure the area rerllains S￿itable for wadin8 birds. In addition to this. extensive managernent of Common Reed has been undertaken in thi5 a￿a. Over the y&ar5 the reeds have begun to encroach on the Scrapes and hève engulfed some of the islands on the outer fringes. Staff and volunteers have cleared reed frorn one of thE larger islands- centinued management on this island should prevent it from re-establishing and the island will once again become useful for the species found here. High water levels prevented much work being undertaken on the willow growth in front of the Waterhay Hide. Instead, willow copplcing work began in another part of the reed bed. Extensive rides and glades (see image below) have been created in a block of willow Lo create a more varied vegetative structure,. this should create an improved habitat suitable for several species found in the area. 47 Glode creation in Lake 68cReedbed 12

COTSWOLD LAKES TRUST (FORMERLY COTSWOLD WATER PARK TRUSTI TRUSTEES, REPORT FOR THEYEAR ENDED 31 MARCH 2021 De-shuding worksulong Cerney Wick Brook De-shadinB work Wds carried out along the Cerney Wick Brook to increase light penetration and to enhance the aqLfaiic vegetation. This will also provide more suitable habit&t for Water Voles which are known to use the brook. aeveland Lakes continues to support a number of scarce species includin8 Great White EEret5. Common Crane and Cattle Egrets. At least four different overwintering Marsh Harrier have regularly been recorded utilising habitat here. A second colony of Grizzled Skipper butterflies has been identified as well as regular retording of Clouded Yellow buttethies. Cleveland Lakes also continues to be an important site for passage and overwintering bird5. playinE host to rarities such a5 Temrnincvs Stint and Dusky Warbler as well a5 recording good numbers of w*nterin8 water birds on the national wetland bird surveys IWeBSI. Cokes Pil Local Nature Reserve ILake 341 Management of Cokes Pit Local Nature Reserve continued in line with the management plan drawn up by the Cokes Pit M?naEement Committee. Due to COVID-19 restrictions it was unfortunately not POS5ible to get volunteers Qut on tg th2 islafid5 to carry out coppicing of vegetation this year, however staff managed to coppice the largest island on the reserve to create suitable breeding habitat for 813ck-headed Gull, Common Tern and Oystercatcher among other species. Work has begun on sensitively laying a deTelict hedgèrow that runs along the eastern boundary of the site parallel with Spratsgate Lane. This will ensure the hedge is in a much more favourable condition for wildlife in the future. The arising5 from the work were used to create a dead hedge to prev&nt acces5 and disturban￿ to the b3nk51de vegetation hnd to create deadwood habitat fur invertebrates. Elmlea Meadow SSSI DI￿V￿10￿5 are ongoing regarding the poteritièl for Natural England to mana8e this site in conjunction with the adjacent larger Elrnlea SSSI sile. Grazing on the Small plot in i501atlDfi 15 not cUrren￿Y viable. 13

COTSWOLD LAKES TRUST (FORMERLY COTSWOLD WATER PARK TRUST) TRUSTEES, REPORT FOR THEYEAR ENDEO 31 MARCH 2021 Old Railway Line Management of the Old Railway ￿ne from South Cemey to Cricklade (excluding a short section adjacent to Lake 16 which 15 owned by Watermarkl wa5 carried out primarily in line with it5 Use as a Public Bridleway in Gloucestershire, perm15sive path in Wiltshire, and National Cycle NetWDrk (Route 451. A Small amount of tree work took place at the Crick13de end of the Old Railway Line to attempt to re-establish a 8raded structure DI vegetation from grass to scrub and trees. It is hoped that thi5 will improve the habitat for glow WOTrn5 amongst other 5peciE5. Ari5ing5 fiom the work were piled to create deadwood habitat suitable for insects. arnphibian5, small mammals, and bird5. Unfortunately, due to a lack of volunteering èctivity eaused by the COVID-19 pandemic, it was not possible to carry out any work remowing the invasive Himalayan Balsam along the Old Railway line. we hope to tontinue this work in the summer of 2021. Rlverslde Park The lack of events being run at Riverside Park in 2020 due to COVID-19, created an opportunity to reduce the amount ol grass cutting that took place, a substantial amount of grass was left to grow long and to flower. which supported 8 myriad of grassland speues including grasshoppers, crickets, and voles. with Kestrels often seen huntin8 over the long gTassy areas. Hedgerow5 Continue to be left uncut to support bird and srnall marnrnal pupulètions, althou8h some work laying or cutting may be required in the not-too-distant future. Nei8h Brid8e Country Park (Lake 561 The marsh creation has been successful with the translocated reeds also establishing well. The marsh ha5 hosted breeding Common Toad as well as provi(Jing refuge lor young ducklin85 and Coot. Dragonflies and damselflie5 have also been making use of the area and can be Seen in abundance on warm summer days. Now that the marsh has become mare established. the plastic mesh fencing that was put in place to prevent swans and ducks from grazin8 the emergent plants has beÈn removÈd. The front fence line which protert5 the area from human disturbance and datnège, will remain in place forthe tim2 being. Shomcote Reedbed Ilndudlng Lake 841 A small amount of coppicing around the hides has taken place to maintain good view5 of the reseNe. A small section ol hedgerow has been laid that will become improved for wildlife as well as provide a better b3rrier agalnst tr25p35S. The most significant works have taken pl8cè in front of the Hayward hide overlooking Lake 84, with channels being cut in the reeds to the lake edge, a5 well as Cutting of approximately five metres of reed at the lake edge itself. This wlll provide greater diversity of reed 28e and structure 35 well as improve view5 to the reeded fringe on the Opposite side of Lake 84. Overwintering M3r5h HaTrier5 regularly use the reserve to hunt, and Water Rail are oftÈn heard thrDughout the year. The hedgerows and scrub found on the resewe continue to provide excelleni habitat for a wide range of rosident and migratory birds including Garden Warbler and Whitethroat. The reeded fringes of the lakes support good numbers of birds such as Reed Warbler and Cetti's Warbler. 14

COTSWOLD LAKES TRUST (FORMERLY COTSWOLD WATER PARK TRUSTI TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2021 Cuttin9 Reeds on Loke84 ed9e Key speties and habitats Scarce Breedlng Specles A number of scarce species successfully bred in the Cotswold Water Park during the Spring of 2020. Bittern bred for the first time in the CWP at two differÈnt sites. Great White Egret simi13rly bred for the first time in the CWP and WiltshiTe. Little Ringed PIDver continued to breed in a small number of suitable sites in£ludin8 active quarries. Marsh harriers were thought to have possibly bred in the CWP for the first IiTne. but sadly without sufficient evidence to prove it. At tirne of writin8 however, there is evidence of confirmed breeding in 2021. 8arberry Carpet Moth Afte¥ discussion with local expert John Grearson regarding mana8ement of Barberry plant5, it was decided to toppite and trim approximate5y 50% of the Barberry on Trust sites, as larvae were often observed on youn8 regrowth. This approach will be monitored to assess its efficacy, although the scarcity of the moth it5è1f will be a signiflcant factor. Black Poplar The Black Poplar project continued during 2020121. Propagation succe55 rate was higher thi5 year in tompèrison to lasL SO there wlll be a good number of plants to distribute around the Cotswold Water Park and to be p13nted on Trust sites. Any surplus trèes will be offered to projects èlsewhere with revenues being fed back Into the project. Laying ol the hedge ailjacent to the planted clone bank at Cleveland Lakes will allow the Poplar trees to get more light and continue to Brow into healthy Individuals and prov(de a suitable source of cuttings for the future of thi5 project. Unfortunately, one of the larger specimens of Black Poplar ai Cleveland Lakes had to be felled due to health and safety concerns ès It was adjacent to the Thames Path and Cleveland Lake5 permissive path. However, the cut stump ha5 Started to Tegenerate shogts and hopefully these can grow on and ¢ontinue pravide a source of tuttlngs for the project. 15

COTSWOLD LAKES TRUST (FORMERLY COTSWOLD WATER PARK TRUST) TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2021 Hedge loying tst ClevelondLokes lettirt9 lightonto exi5¢in9 81ock Poplortree Water Vole Control of the non-native Amerlcan Mink has tèken place In the Cotswold Water Park since 2002 and despite COVID- 19 restrictions, largely continued through 2020121. thank5 to ongoing grant funding support. Volunteers and staff maintsined and checked up to 50 mink rafts on the dvers and streams of the Upper Thames catchment. Water Vole surveys were muth harder to contlnue with through the initial condltlons imposed by the pandemic, but Some stretches of rivers were completed with encourd8ing re5uIt5. BloloEical RecordinE Thé collation of biological data for submission to local Biologital Retord Centres IBRCS) continues to play an important part of thÈ Trusvs biodiversity work. Data arising from formal surveys and casual sightings from staff. volunteers, and the public, are èll digitised and submitted on a regular basls. This valuable work is supported by volunteer5 who dedicate many hours to the cause, ensuring that irnportaat land management declslons can be taken with access to the most up to date information. The Cotswold Water Park WILD Project WILD stands for Water and Integrated Local Delivery and 15 a collaborative project including the Gloucestershire Farming and Wildlife Advisory Group IFWAGI, Countryside and Community Research Institute ICCRII, Cotswold WatÈr Park Trust ICWPT) and Gloucestershire Rural Community Council IGRCCI. The projert aims to enable local CDmmunities in the Cotswold W3ter Park to work to improve the 'wat2r environment,. In 2020nl the Trust wa5 not able to progre55 projects to 5PEnd the remaining funding which h8s been earmarked to carry out in-channel ecological enhancement5 on watercourses in the CotswDI(I Water Park. It Is hoped to be able to make more progress on obtaining the relevant permissions during 21122. 16

COTSWOLD LAKES TRUST (FORMERLY COTSWOLD WATER PARK TRUST) TRUSTEE5' REPORT FOR THE YEAR ENOED 31 MARCH 2021 Objertive 2- Promote better understanding by engaglng with public. 5cho01s and partners Gateway Inforrnailon Centre The Gateway Centre is the si8npostin8 place lor vlsitor5 to the Cotswold Water Park. It is an extellent venue for travellers from all diredions. being equidistant from M4 and M5. It is also the obvious choice ftsrth05e 5eekin8 mainly water-based activities, though this does not preclude the numerous other dry land possibiliti£s including climbin8, shooting. off-road drivin& and archery. As an Information Centre, it can dirett visitors to their arÈ3 of choice and provides information on the available activitios. Many visitors seek inlormation on the ori8ins and development of the Water Part and come to enjoy the many historical. geological. and ecological featuie5 on offer. Our teèm of 13 volunteers would ordinartly be based at the Centre providing an invaluable service though the year at weekends and daily through the school holidays, answering around 3,000 queries annually. However, during 2020 due to the COVID-19 pandemic and the various lotkdtswn5 the volunteÈrs were absent from the Gateway cent￿ from March 2020. With the easing of lockdown volunteers hope to be back action by July 2021. Promotion of the CWP The Cotswold Water Park has attracted increased numbers of local day visitors and UK holidaymaker5 during the year, many ustng the area for local exercise during the lockdown months and those taking UK holidays due to restricted ovÈr5ea5 travel. Both the webslte and soual media ha5 seen a si8nificant increase in u58ge. The Trust convenes a forum Iwice a year with the tourism and leisure operators ta share objettives. information and plan artivities. Regionally, the Cotswold Water Park Is promoted through advertisements in two regional publications, the Cotswold Tourism Annual V15itor Gulde and the Time tor Wiltshlre Visitor Map with a combined print run of 400.OCL), widely dlstributed nationally and internationally. The Trust is a current member of Cotswold5 Tourism and Visit Wiltshire and is an ambassador of the Great West Way project. The Trust regularly engages in their promotion5, provides website material and other marketing activity to ensure the businesses in the Cotswold Water Park obtain maxirnuw exposure. Press and local medla Press releases are sent to local and regional news agencies, containing news of the area's events and tourism offering and also on the Trust'5 own actiwsties. Local newsletters including those produced by Watermark, Lower Mill Estate and the parish counci15 are regularly sent articles for inclusion. The Trust has an agreement throu8hout the year with south Cerney News to provide a monthly wildlife article. The publlcation is distributed to all household5 in the south Cerney area. Website The website, www.water ark.or is managed and hosted by Cotswold Lakes TrLbSt èad is the main portal for all leisure activity and accommodation- related enquiries for the Cotswold Water Park. The website experienced an exceptionally high level of usage during the 2020 summer months. Stati5tlC5 from April 2020 to Marth 2021 show 535,765 session5, 408,594 users and 1.3million page views lan increase of S0%1. Pages with the highest number of vlews continue to be the home page. Cotswold Country Park & Beach, visitor information. self-catering places to Stay, walking and maps. The website content is updated continuously with seasonal imagery, news iterns. blogs and 3 rolling events calendar. A new addition for the year was the online intÈractive map utilising funding from the Kickstart Tourism Fund. Operators from across the Cotswold Water Park and wider area are featured on the website and the income frorn advert15ers is Increa￿ng yèar on year. During 2020, the website w85 redeslgned w keep It leoking fresh and up to date and to continually attract morE users. 17

COTSWOLD LAKES TRUST (FORMERLY COTSWOLD WATER PARK TRUST) TRU5TEES' REPORT FOR THE YEAR ENDED 31 MARCH 2021 In 3ddition, following the re-brand of the Trust, a new website www.cotSWDld13kestTUSt.OT was created to separate the Trust from the commercial activities in the Cotswold Water Park and promote the broad range of the Trust's charitable work. We are very grateful to David Hall for hls work on both websites at significantly reduted rates. So¢ial Media In addition to a new website, the Trust has also set up new social media pège5 to enable the TtU5t and the Cotswold Water Park to focus on promoting it5 activities separately. Cotswold lak￿ Trusi Fa￿bOok page l@CotswoldLakesTru5tl has over 3,C¥JO followers. and 15 Used to Share Trust news. evènts and promote membership and fundraisin8 projerts. The newly set up accounts are Twitter l@CotsLakesTrustl and In5tagram l@cotswoldlakestrustl, Our social media following is growing year-on-year and it is vital to maintain an exciting and engaging online presence. A Social media plan is produced monthly for both the Trust's and Cotswold Water Park's pages with posts uploaded weekly. We are grateful to 811 who follow u5 and keep u5 PQ5ted with great content from around the area. Letsure Map Due to the lockdown during the year, a third of the 2020 edition of the CWP Leisure Map were not used. The Trust therefore decided not to re-design the Map for 2021 and instead add to the existing balance with an updated version. By doing this the Trust was able to offer reduced advertising rates to the Leisure Operators who contribute to the overall cost. The LeisurÈ Map is now in its eighth year and continuès to b@ vÈry popular as an introduction to the Cotswold Water Park showing detsils of the main leisure activities, accommodation, 8nd places to eat as well a5 the local footpath network. In 202L 44 local leisure operator5 and bU￿rnesseS took out an advertisement on the map andlor website. including two additianal busine55es. 42,000 topips of the LeiSUTe Map were printed to top up the existing 24,000 copies with 31.(rfMI of these distributed acTOSS tourist outlets in the South West, at loc8tions within an hour's drive of the CWP. The balance is distributed for free from the Gateway Centre and by the local operators themselves. Events During 202012021 thÈ Trust were unable to orgènise any events due to the COVID-19 pandemic. Fundr3i51ng events Due to COVID-19 restriction5 on eatherings. the Trust has been unable to hold fundraising events cluring the year. The annual Cotswold Water Park Trust Spring Ball was cancelled and replaced with an online silent auction and raffle, held in Jurte 2021.

COTSWOLD LAKES TRUST (FORMERLY COTSWOLD WATER PARK TRusn TRUSTEES, REPORT FOR THE YEAR ENOED 31 MARCH 2021 Objective 3- Improve P￿blIC access Cotswold Water Park pubfications The Cotswold Water Park Leisure Map 5huw5 dEtai15 of the public footpath5 and b￿dIewaYS in the area and 15 available free of charge from various outlets in the CWP. It 15 funded through advertising. The Cotswold W3ter Park Walks Guide is still a very popular publication, however. due to COVID-19. 5ale5 in 202012021 were significantly reduced to 739 sold. The Walks Guide is available to purchase as a full colour leaflet from the GatEway Centre or free to download as individual walks from the Cotswold Water Park website. The Springlsummer and Autumnlwintei Bird leaflets are available from the Gateway Centre or to download from the website free of chèrge. showing details of the various birds available to see in the CWP. ThE Cotswold Water Park Dragonfly Atla5 continu25 to be available to purchase through the website. Management of publ1¢ 51tes Cutswold Country Park & Beath IKeyne5 Country Parkl In April 2017, Planning Solution5 Limited IPSLI, took over occupation of Cotswold Country PaTr* & Beach ICCPBI following a n3tion31 tendering exercise carried out by the Trust. The summer of 2020 was lar From a normal year due to COVID-19 restrrctions in force. Despite these challenges CCPB was able to re-open from June 2020. albeit at a reduced capacity. and managed to operate 5ucce5sfully throughout the summer. Fencing has bèen erected along the boundary betweefi Cotswold Country Park & Beach 8nd Lake 32 Outdoor (previously known as Waterlandl to ensure visitors are aware of the sites th&y are accessing. New posts and signage to mark the angling swims have been in5ta112d around Lake 32, 5tEPS have been installed on some angling swim5 at Lake 31, and vegetation on an6ling swims cuntinues to be managed by Trust staff. A Small section of eroded bank was repaired on the south shoreline of Lake 32 to ensure that pedestrians and anglers have enough space. New fencing was 3150 installed around the perimeter of the Tru5Vs anglers, rar park 31 Lake 32. to separate it from public access rout￿. All other site rnanagement activities at Keynes Country Park site are carried out by on-site operators. Cleveland Lakes Cleveland Lakes 15 the largest of the Trust's Slte5 3nd is already one of the m05t important sites for wildlife in the Cotswold Water Park. Visitors can see large numbers of breeding and wintering birds here, along with Water Vole, Ottef and many 5pecles of wildflower5. including several specie5 of orchid. The importance of Cleveland Lake5 is demonstrated by the Breeding Bird Survey, which survey5 4.005 Ikm square5 across the UK in 2019 the Ikm square at Clevel3nd Lakes (Lake 741 was ranked as the most diverse in the UK for its breeding bird assemblage. The infilling 3nd 18ndscapillg works are practically complete in the 7-hectsre part of Cleveland L3ke5 that until recently wa5 a worked-out but un-restored quarry site. An irnportant part of the Trusvs busines5 Strategy 15 that Cleveland Lake5 becomes financially sustainable in the next few years. Therefore, the Trust continues to focus on the future operational model of the site and how it can be prggre55ively opened up for its intended use 35 a wetland nature resetve and non-motorised water Sports facility. Following thè production of the preliminary m85ter-plannin8 exèrcise work has commenced to revise the re5ttsration scheme fDr Cleveland Lakes to create the land forming for the Canoe Saf3ri course and for a new bund on which it is planned to site fLJture water activities buildings. A network of permi5siv£ foot and cycle paths is maintained acr05S the Cleve13nd Lake5 Slte. with links to the Thames Path National Trail and locally desi8nated Public Ri8hts of Way to Ashton Keynes, Crid(lade. South Cerney and 19

COTSWOLD LAKES TRUST {FORMERLY COTSWOLD WATER PARK TRUSTI TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2021 beyond. Bird watching is facilitated by way ol a roundhouse-in5pired bird hide overlooking the newty created reedbeds at Lake 68174. 3 timber viewin8 screen at the western end of Lake 74, a second viewing screen overlooking the old silt ponds at Pit 68r, Bnd the ever popular Twitchers. Gate. viewing screen on the north shore OF Lake 74. These features continue to Suffer damage from visitors and Inclement weather, so nÈed regu13f repair and maintenance. All paths throughout Oeveland Lakes are managed for weed encroachment throu8h mowing and strimmin& although at a very low level to preserve habitat for wildlife. South View Screen. overlooking Waterhay Reedb&d. was damaged in winter storrn5 and was repaired by volunteers who also laid a woodchip surface around Ihe scre2n and alon8 the path leading up to it. using woodchip derived from trèe work5 this woodchip wa5 3150 used to lay a path to the Lake 74 viewing screen. p. South viewscreen ufterbeing repL*ired tsndwith a new woodchlp path. ood damage to the pemiissive path and to the spillways continues to be a problem,. 5ignific3nt Etarnage has agaln otcurred and a more permanent solutson is being considered, Tree safety works are carried out as neceuary and unfortunately a large Black Poplar tree adjacent to both the Thames Path and the Cleveland Lakes permissive path had to be felled a5 It had significant damage and was at high risk of falling on the path. Twitchers Gatè. a popular viewing area overlooking Lake 74 and the Scrapes continues to be malntained for public access. Some issues with public trespass on to neighbouring property was addressed through the planting of a new hedge and some fence repairs. Additional ternporary security fencing has been erected at the Start of the centrdl maintenance track where there is no public access, a5 unfortunately there has been an increased aMO￿nt of trespassing reported. Staff continue to liaise with loc31 Police Wildlife Crime Officers due to the sensltiviiv of species in some trespass areas. Increased instances of fi'sh poaching have also b&en reported and enquiries are turrently ongoin8 as part of Operation Leviathan, a joint vÈThture between the police and the Environment Agency. Neigh Bridge Country Park Neigh Bridge Country Park cornprise5 a 12-acre lake and 8550ciated green sp3ces around the sho￿lIne. along with a small stretch Df the River Tharnes. Access from the car park to the Thames Path National Trail aided during the wet winter month5 by a wooden boardwalk. and there aro further Ilnks ro a permissiv£ path which completes the lake circuit. General maintenance including litter pickin£, grass cuitlng and weed Control take place regularly throughout the year. 20

COTSWOLD LAKES TRUST (FORMERLY COTSWOLD WATER PARK TRusn TRUSTEES. REPORT FOR THE ￿AR ENDED 31 MARCH 2021 During the summer months of 2020, as lockdown restrsctions were eased. there were considerable issues associated with the number of visttors to the site. Site rules which a￿ clearly stated on signage throughout the park were frequently being ignored with staff and volunteers spendirtg a significant amount of time clearing litter and policing antisocièl behaviour on s¢te at substantial cost to the Trust. Discu55ions with local ststutory authori￿eS and police are ongoing to try and find solution5 to some of these issues. Improvements were made to the children's balance trail. Some aspect5 of the trail had reached the end of their workin8 life and were removÈd due to health and safety concerns, other parts of the trail were improved by cutting new surfaees onto the 108 structures 3nd a coat ol wood prÈ5£rvative also being applied. Woodchip derived from work undertaken on a storm damaged tree was added around the balance trail arèa. Replacement of the children's play area ha5 been delayed due to the èvailability of thE COFltractors undertakin8 the work- the old equipment has been removed and the play area closed off to the public in the meantime, due to health and safety concerns. It 15 hoped that the new play equipment will be installed later in 2021. An old, decaying memorial bench overlookin8 the lake was replaced. part funded via a crowd funding effort, with a solid oak wood bench which should last for many years to come. 5t has drawn many positive tomments from anglers and local residents. Pothole repairs in the car park continue to be undertaken annualSy* or additionally as required. Rbverslde ParK nezr Lechtade Riverside Park lies at the head of the navigable reach of the Thames. just outside Lechlade and comprise5 a number of fields leadifig up to the riverbank. The cancellation of the Lechlade Music Festival and other event5 due to the COVIO-19 pandemic has seen a slight change in management of River5idÈ Pèrk. Areas around public infrastruciure such a5 picnic areas. benche5, litter bins and footpaths remain mowed but other areas of gras51and were left uncut until the end of summer to allow flowering plants to Set seed. Si8nifieant vssitor numbers continued especially during easing of lockdown restrictions in the sumrner month5, With staff clearing the site of large amounts ol litter, twice weekly durin8 this period. Shorncotè Reedbèd Nature Rèserve Public footpaths are mowed to keep them passable forvi5Stors and hides are maintained for public use. The hides are often subject to crimin31 d3m38e and are repaired by Trust staff. Rocks donated by Hills Shorncote Quarry and strategically placed on the footpath have been partially successful at preventing rwtorisèd vehicles travelling along the paths. Othèr Cotswold Lakes Trust sltes these Include:. Bridge Car Park, Clayhill Meadow, Coke5 Pit Local Natu￿ Reserve, Lakeside Car Park and Waterhay &r Park. These additional 51tes are all subject to regular ongoing maintenance includirtg car-park surface repairs, litter clearance. Scrub management, weed control, hedgerow and t￿e maintenance, tree safety survey and remedial work. Public rights ol way and permissive paths are all kept open and well-tnaintained, albeit with some flooding in winter. Gr355 cutting is implemented in a pollinator-frtendly way wherever possible, with high public-impact areas being the only ones cut more regularly. Car-park management continues t¢J be carried out by 8ransby Wilson and its enfortement company Minster Baywatch with no significant 15sue5. A Pay by Phone option Is available on all the Trusvs car-park sites. Free parking ss available to CWP Trust members. Increased visitor nurnbers during the easement of lockdown saw an increased number of issues at Coke's Pit Local Nature Res&rve, usually a quiet site, where there werè a number of inadents of people accessing the waterl group5 rneetin8 on site and leavin8 significant amounts of litter, and incidents of poaching. Some of the mount5 for the intErpretation board5 are reaching the end of their working life and staff have started replacing them. Aéditional rescue throwline5 have been added to increase thE safety of thÈ sitÈ. Bridge Car Park ha5 had some scrub management t3ke place order to reveal the pond on site. and a fence h3S been erècted to prevent people accessing the water. Large amounts of historic litter were removed from the pond at the same time. Further habitat restoration is planned in conjunction with the adjacent landowner. 21

COTSWOLD UIKES TRUST (FORMERLY COTSWOLD WATER PARK TRUSTI TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2021 A small are8 of Clayhill meadow continues to be cut as a public picnic area Wlth the remaining 3rea left to Ilower. the meadow CDntain5 a diverse number of flowering 5pecie5 5uEh a5 Meadowsweet, Cuckoo Flower and Common Spotted Orchid. The stile at the rear of the site has been subjectto repeated vandalism and repair, where cyclist5 are trying to 8ain aciess to the Public Footpath rather than u5in8 the Bridleway. Gloucestershire County Council contractor5 campleted their repairs to the Cerney Wick Bridgè on the Old Railway ne and are due to return to carry out some track repairs at a later date. Ongoing damage c3used by badger excavations continue5 to be monitored. Waterhay Car Park floods annually, and work ha5 been undertaken to replace the gravel surface at the site with larger gravel rnaterial to better prevent er05ion from flood water. In addition to the widespread littering ISSUES, fly-tipping continues to pose a problem around the Cotswold Water Park. induding on Trust 51tes where we bear the costs of clean-up 8nd disposal. It 15 estirn8ted that the TTU5t Spends on average between £IO,ODO and £20,000 per year on clearin8 and disposing of public waste. Objertive 4- Plan for the tuture Cotswold Water Park Wslon and Implementatlon Plan As in previous years, little progress has beon made in 2020121 on progressing the Cotswold W3ter Park Wision and Implementation Plan. However. the Trust has now begin to engage with its local authority partners and identifying fvnds and/or partner5 to commence this important work at Some future date. Funding bids Hills Gtoup Landfill Communities Funding The Trust is very grateful fur the support from Hills Group who continued to support the Cotswold Water Park Water Vole Recovery Project. In addition, the Trust V4as successful in elaiming £2,500 from the Lower Mill Estate Section 106 fund managed bv Cotswold District Council. Thi5 funding will 3150 go toward5 the Cotswold Water Park Water Vole Recovery Project and cover the Third-Party ContribLJtion as required by th@13ndfill communities fund re8ul3tions. Gloucestershire County Council- GrDwing our CDmmunitie5 Fund We made a successful application for £6,835 to Gloucestershire County Council to allow the Trust to create 150km of on-road cycle routes in the Cotswold Water Park plus a children's activity trail along the Old Railway ￿ne, it is anticipated that these new routes will be ready in September 2021. G-First Kickstartin8 Tourism Due to difficulties in distributing our paper Leisu￿ Guide5 during the CDvid-19 outb￿ak we successfully applied to G- First lor E2.958 to convert our leisure map into an on-line interactive rnap, this project wa5 5ucce5sfully completed in 2020121 and can be viewed at htt water ark.or interactive-ma National Lottèry HÈrita¥e Funding In 2019 we were d@118htÈd to be awarded a 8rant Irom the National Lottery Herita£e Fund toward the development and 2xpan5ion of our membership 5cherne. The projett wa5 delayed due to COVID-1g but is currenUy underway. In addition. we a150 Successfully applied for £22,5¢XJ to support our Estates Team during the COVIO-19 pandemic from the National Lottery Heritage Fund's Heritage Emergency Fund. Thames Water We successfully applied for £17,419 from Thames Waterfs Covid relief fund, again these funds were used t¢ support our E5tatesTeam durin8 the COVID-19 pandemic. 22

COTSWOLD LAKES TRUST (FORMERLY COTSWOLD WATER PARK TRUSTI TRUSTEES, REPORT FOR THEYEAR ENDED 31 MARCH 2021 FINANCIAL REWEW Strueture of organisatlon and financlal reports The fin3ncial llatements being pre5enled to members are for the Cotswold Lakes Trusl (formerly Cotswold Water Park Trust) ICLTI which 15 a registered Charity. The CLT financial 5tatement5 are presented as a single entity- In addition, the consolidated financial statements of CLT are presented. The consolidated financial statement5 include the income. expenditure, assets and liabilities of the two subsidiary companie5 of CLT, being Cotswold Water Park SociEty Ltd ICWPSI, and Cotswold Water Park Estates and Ranger Services Ltd ICWPERSI. The finanaal statements are lor the year ended 31 March 2021. lrnpact of past events and recoveries Df funds Mr Grant Continued to pay the Outstsnding a¥nount of £5.000 on ihe 2014 confiscation order at the rate of £40 per month until April 2020. Since that time no further monie5 have been received. HMCTS have raised a warrant but have so far been unable to locate him. CLT will continue to make all cost effective efforts to obtain the remaining funds. As reported previously the prospects ol any fvrther re¢overies trom Mr Grant arè very remote. Income and Expendlture The con501idated statement of financial 3Ctivitie5 for CLT shows a surplus for the year before other recognised gains of £500,094 12020.. £23,428). Of the surplus of E500,094, £500,000 represeftt5 the falr value movement on revaluation of investment prgperty a5 desuibed under Properties and valuation5 below. The finzntial statements of CWPS show a surplus for the yoar of £530,121 on an income of £21S.179 (2020.. surplus of £69.628 on ftncome of£345.081J. Balance sheet The con501idated ba13nte sheet at 31 March 2021 shows net assets of £2,826,506 (31 Morch 2020.. £1,222,822J but incorporating net curront liabilities 01 £51,401 (31 Murch 2020.. £96.1471. The net current liabilities figure includes only the element of the pension liabilities to thE Gltsucestershire Local Gowernment P2nsion Scheme IGLGPSI which fa115 due within one year of the balance Sheet date1£7,200- 31 March 2020.. £7,2001. CLT has a number of restricted fund5 Whe￿ the donor restrlcts the purpose for which the fund can be used. These total £114,930 as at 31 March 2021 (31 March 2020.- £127,441?. Unrestricted funds total £2.711.576 as at 31 March 2021131 Mor¢h 2020.. £1,095,381). Unrestricted fund5 are useij to fund general areas of the organisation. Fundlng Long term louns andfvnding A5 disclosed last year and in Note 11 to the CLT consolidated financial st3ternents, a member of the previous Board of CWPS arranged in 2010 lor a loan of £575,000 to CWPS from the PTC TTUSL a prNate trust of which he is a Trustee. This loan 15 5ecurÈd on the main freehold property of CWPS, Cleveland Lakes. The loan enabled CWPS to meet its immediate liabilities at the time. The loan 15 repayable up to the date of this report or otherwise by 2Q30 and is Shown in the CLT consolidated balance sheet at 31 March 2021 a5 3 long-term creditor. The Trust maintain5 regular contact with the PTC Trust and no request for repayment was made by the PTC Trust at the date of this report. The Trustees of CLT are very grateful to the FTC Trust and the individual trustee Of that Trust for the loan of £575.000 In 2010, without whith the CWPS would most likely not have survlved. In 2014, the PTC Trust agreed to provide a second loan of £67.551 on similar terms but through a separ3te loan agreement. The purpose of this loan to enable the Trust to wrthase an additional partel of land at Cleveland Lakes from Aggregate Industries UK Ltd. The secctnd loan is repayable by 2030 and 15 shown in the CLT consolidated balarn￿ Sheet at 31 March 2021 35 3 long term creditor. 23

COTSWOLD LAKES TRUST (FORMERLY COTSWOLD WATER PARK TRUSTI TRusfEES' REPORT FOR THE YEAR ENDED 31 MARCH 2021 Two loan5 totallin8 E150,0(K) were obtained from LIDyds Bank in 2017 to enable preparatory work to be undertaken at Keynes Country Park prior to Planning 5olutiOn5 Limited startin8 operation of Cotswold Country P3rk & Beach. The balance outstanding at 31 March 2021 is E103,696. A Bounce Back Loan of E50,000 was obtained from Lloyds Bank during the year and 15 outstanding at the year end. Pension Liobilities As part of the arrangements between Gloucestershire Loeal Government Pension Scheme IGLGPSI and CWPS, the pension liabilFties of Certzin past ernployee% of GCC and CWPS were taken on by CWPS. A figure of £500.000 was agreed by Mr Grant and other parties on 10 OttDber 2[￿8. £7,200 is to be repaid within the next financial year. At 31 March 2021 the total balance repayable is £313,936. On 5 Februsry 2Q19 CWPS completed a new repayment agreement with GLGPS with the remaining balance to be repaid in monthly instalments spread over the period April 2019 to March 2026. Short termfvndingfvcilities The second source of fullding reflected in the balance Sheet at 31 March 2021 is the overdraft facility from Uoyds Bank. The consolidated balance overdrawn at that date stood at £38,630. There were a150 Posltive cash balances in the group of £105.496. The TNstees are grateful to Lloyds for its continuing support. Propertie5 and vzluatlOn5 At 31 March 2021, the historical cost of thÈ freohold land is £1,209,68312020 - £1.209,6831. The net book value of the freehold land, lollowing rewaluations, is El.835.OW12020- EI,246,2501. At 31 March 2021, the historical c05t of the leasehold land is £420,00012020 £420,000). The net book value of the leasehold land, following revaluations, is £856,00012020- £357,960). For the purposes of these finantial statemertts. the directors took advice from an independent firm of Chartered 5urveyDfs Dn asset values as at 31 March 2021. This resulted in a revaluation of freehold land from El,246,250 to £1,835,OLXJ, of leèsehold land from £420,000 to £856,000 and of investment properties fram E800,OOLI to £1.300,000. Reserves Pollcv In the Trustees, view, Ihe reserves should provide the Charity with adequate financial stability and the means for it to meet its charitable objectives for the foreseeable futvre. CLT has 3 long-term airn of mairttaining group reserves, in the form of unrestrlcted funds, equivalent to 12 month5 of group total resources expended. The Trustees will review the amount of ￿SerVeS that are required to ensure that they are adequate to fulfil the Chadty's continuing obligatsons on an annual ba515 at their Finance Committee Meeting. As at 31 hAarch 2021, unrestricted funds amounted to £2.711.576 or 814% of group total resources expended for that firtantial year. The Trtssiees will work to build r￿erVeS by maxirnising existing income sources. developing new sources ol income and controllin8 expenditure within a strategic framework. In addition. the group held restrirted funds of £114.930131 March 2020.. £127,441>, which are explained in detail in note 14 to the financial statements. The group held total funi15 01 E2,826,506131 March 2020.. £1,222,822) at year-end. Related partytr3ns3Ctlons Related party transactlons are dlsdosed in noto 17 to these financial statements. 24

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF COTSWOLD LAKES TRUST

I report to the Charity trustees on my examination of the consolidated accounts of the Group comprising the Cotswold Lakes Trust ('the Trust') and its subsidiary undertakings for the year ended 31 March 2021, which are set out on pages 27 to 48.

This report is made solely to the charitable company's trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and the charitable company's trustees as a body in accordance with section 154 of the Charities Act 2011. My independent examiner's work has been undertaken so that I might state to the charitable company's trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charitable company, the charitable company's members as a body and the charitable company's trustees as a body for my independent examiner's work, for this report, or for the opinions I have formed.

Responsibilities and basis of report

As the Trustees of the Trust (and also its directors for the purposes of company law) you are responsible for the preparation of the consolidated accounts of the Group in accordance with the requirements of the Companies Act 2006 ('the 2006 Act') and you have chosen to prepare consolidated accounts for the Group. You are satisfied that the accounts of both the Trust and Group are not required by Charity Law to be audited and have chosen instead to have an Independent Examination.

I report in respect of my examination of the consolidated accounts I have carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent examiner's statement

Since the Trust's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

1. accounting records were not kept in respect of the Trust as required by section 386 of the 2006 Act; or

2. the accounts do not accord with those records; or

3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination; or

4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the.Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Guy Higgin FCCA 4[th ] Floor StJames House St James' Square Cheltenham GL50 3PR

Date: 2 December 2021

26

COTSWOLD LAKES TRUST (FORMERLY COTSWOLD WATER PARK TRUST) CON50LIDATED STATEMENT OF FINANCIAL ACTIVITIES Ilncorporatin8 an Income and Expenditure account) FOR THE YEAR ENDED 31 MARCH 2021 Total Funds 2021 Totol Fund5 2020 Note Unrestrlcted Fltnds Restrlct8d Funds INCOME FRthM: Donations Charitable activities Other trading activities Cotswold Water Park SDciety Limited 2b Cotswold Water Park Estates & Ranger Services Ltd 3a 3b 29.408 17.259 29.408 69A71 13.930 70,227 52.212 215.179 215,179 345.081 2a 3c 17.937 17.937 18.056 Other Total Income 455 281 E¥pENDmlRÈ ON: Raising funds Cotswold Water Park Society Limited Cotswold Water Park EstatES & Ranger Services Ltd Charitable Activities 155,0581 155,058) (145,453J 116.1601 116,1601 113.910J 197 293 262 16 273 490 Total expenditure 268 511 Fair value movements on revaluatlon of inve5trnent property Net Income I lexpenditurel Othèr retognisèd gains Gains on revaluation of fixed assets 512,fA15 {12,5111 1103 590 1103 590 Net Income I lexpenditurel Reconciliation of funds: Total funds brought forward 1.616.195 112,5111 13114 1095 381 Total lunds carrled forward 13114 26 The notes on pages 30to 48 ftsrm part of these financial Statements. 27

COTSWOLD LAKES TRusf IFORMEPLY COT5WIXDWATER PARKTftusn ALANCE SHEEYS- GROUP AND CHARITY AS AT 31 MARCH 2021 2020 2021 FI￿ASSE[S Tang[b￿ assets 1776J59 1694.789 U752 77343 633 36yJi 15.787 Cash ai ￿￿ka￿l in harKI 123.641 140.726 358 4)n4.758 9&w 1332091 126.629) year li TorxP4ET utaE5fRIC￿D F￿D5 lintknlin8 a reser¥e of£2.IWS55120￿.. £IQ14.WI Ini576 L095J81 {14&139) {IX070} 14 (harityonlyTtexpernlib&Te VL theyearwas£65W (2020-nttiKvn￿fj1221 ForthE final￿1 yèar in 4&￿$[10n the companyw45￿tsed to pxeft¥￿ lrnm a￿￿nd¥SeC￿0n 477ofthe CompanÈes Art 2￿6 relatin8 trj mall cornpanie5. No rnvnbers have required the rompary to obtain an Jdit of its finoniial 5taternetrtsfor the yearin questilm in with 5ectKm 476 oftheCofflpaniesAcl 2(￿. The Trwtees &nowledge their res5btrn&￿"llty for corn￿¥Ing the requirwwits of the rtspect to acwJr4tin8 records and preparation of the finaftoal ststefnerrts. The financial stsremEnts have been prepared sn attordan￿ with pro¥wuns4)pticable to cowuessthlectto the5[￿1 tomwies. wmo. e8pwryed or¥1 athorsed l•rlssue bythe Bowd olTntstee5 on K 0￿¥ and ThÈse fiftanaal sts 5i4nEd on sts b Cha4rtna The note5 On PaeES30tv48 frKm partofthesÈ knncial slatfft

COTSWOLD LAKES TRUST {FORMERLY COTSWOLD WATER PARK TRUSTI CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2021 2021 2020 Cash flows from tspèrating activities: Net cash from opÈratln8 actlvltles 18 38,977 Cash flows (used inl invèsting activities.. Proceeds from the sale of property & equipment Purchase of property & equtpment 1,082 Net cash (used Inl Investlng actlvltles Cash flows (used Inl ftnantln8 a¢tl¥ltles Repayment of borrowings Cash inflows from new borrowings 114,2131 50,849 120,673) NÈt cash provided by I (usèd inl finanting attivities Chaftge in cash and tash equivèlents forthe year 72874 1,492 Cash and cash equivalents brought forward Cash and cash equl¥alents caryjed forward 19 The notes on pages 30 to 48 form part of these financial statements 29

COTSWOLD LAKES TRUST {FORMERLY COTSWOLD WATER PARK TRUSTI NOTES TOTHE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 A¢¢ouniin8 Policles Legal Status of the ChaTIty Cotswold Lakes Trust ICLT) was incorporated in England and Wales as a company limited by guarantee (registered no. 055048061 on 12 October 2011 and has no share capital. CLT is a150 registered as a charity wlth the Charity Commission. in England and Wales (registered no. 11205181. The Charity 15 a cornpany lirnited by guarzntee. Every metnbew of the company undertakes to contribute to the assets of the Charity in the event of it being wound up while he or She is 3 member, or within one year after thev tease to be a member. Such a charge would be made for payment of the debts and liabilities of the Charity contracted before ce35ing to be a member, and of the cost5. charge5 and expenses of winding up. and for the adjuslment of tho ri8hts of the contributori@S 3mon8 themselves, such 3rnounts as may bè requirèd not exceeding £1. The number ofcompany membeTS as at 31 March 2021 was 7. Re8Jstered and Prlnclpal Office The registered and printipal offite trf CLT land its wholly owned subsidiaries Cotswold Water Park Estates & Ranger Servicos Ltd and Cotswold Wat@r Park Society Limited) is Cotswold House. Manor Farrh. Down Ampnèy Estate, CirEnce5ter, GIouTr5tershire, GL7 5QF. Basis of Preparation The financial statements have been prepared in acco¥danee with Accounting and Reporting by Charities.. Statement af Recommended Practice applicable to charit185 Preparing their atcounts in accordance with the Financial Reportin8 Standard 2pplicable in the UK and Republic of Ireland IFRS 1021 and the Finanti81 Reporting standard applicable in the United Kingdom and Republic of Irel3nd IFRS 1021 and the Charities Act 2DII, Companies Act 2006 and UK Generally Accepted kcounting Practice a5 It applies from l January 2015. The financial ststements have been prepared under historical cost convention as modified by the reva5uation of freehold, leasehold and investment land. CLT Meets the defbnltion of a public benefit entity under FRS 102. The Charity has taken advantage of the exernptions in FR5 102 from the requiroments to present a Charity only Cash Flow Statement. The Charity has a15D taken advantage ol the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Financial Activities in these financi31 statements. Basjs of Consolldatlon The Group financial 5taternents consolidate the financial statements of the Charlty and its svbsidiaries Cotswold Water Park Society Limited and Cotswold Water Park Estate5 & Ranger Se￿1£e5 Ltd a5 at 31 March 2021. All inter-Group transarttons and surpluses a￿ fully eliminated on consolidatlon. The parent comp3nVs income was £255.4361203Q-£247.3&¥1 and expenditure was £262,016 f2020- £273,490J giving net eypenditure of £6.580 (2C120- net income ofE26 122). Golng Concern The financial statements are prepared on the going concern basis. The Charity produces annual budget5 and regularly updatèd cash-flow ftsrecasts which take into account expected changes, including the implications of COVID-19, in the funding stream5 and which demonstrate that the Charity will be able to continue to operate. The Trustees are satisfied with the reliability of these budgets and forecasts. The Trustees believe that there are no material uncertainties about the Charity's ability to continue in operational existence for thè foreseeable future. On this basis. the Trustee5 consider it appropriate to prepare the financial statements on the going concern basis. Income Income receivable lor a Specific restricted purpose is credited to a separate restrlcted fund which is shown In a note to the financial statements. Total incorne credited to restricted lund5 15 di5closÈd in the Statement of Financial Activities, which also shows the income sn respect of unrestricted funds. 30

COTSWOLD LAKES TRUST (FORMERLY COTSWOLO WATER PARK TRUSTI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 counting Poli¢ies lcorttinuedl Income lcontlnuedl Grants receivable, incluijing government grants, ènd donations are credited to the Statement of Financlal Activities in the year to which they are entitled to that income. Donated facilities and services or gifts-in-klnd are reco8nised in the Statement of Financial Artivities at an apprtspriate value tts the Group. The charity benefits from gifts-in-kind in the form ol volunteer tirne 3nd unclaimed out-of-pocket expenses these are not reco8nised in the finanaal statements, but furthÈr informatSon Ss provided in the T￿Stees, annual report. Expenditure All expenses are accounted for on an accruals basis, inclLtsive of any Irrecoverable taxation. Charltable activilies comprise 311 expenditure incurred directly relating to the objects of the Charity. Raisin8 funds compr(se the trading expenditure Incurred by the Charity's subsidiaries. Governance costs are those incurred in connection with the administration of the Charlty and compliance with constitutional and statutory requirements and are included within support costs. Support Costs are those costs Incurred directly in support of expenditure on the objects. These have been allocated tc¢ attNities gn a basis wnsi5tEnt with the use of re50urce5. Taxation As a registered Charity, CLT is entitled to tax exemptions on all its income and gains. properly applied for its charitable purposes. Fund Attountin8 Unrestricted funds are funds which are available for use at the dlscretlon of the Trustees in furtherance of the general objects of the Charity. Deslgnated funds are funds set aside by the Trustees out of unrestricted funds for specific future purposes or projects. The aim and the use of the designated funds are set out in the note5 tts the financial statements. Restricted funds are funds which are to be used in accordance with 5pecifli restrlclions imposed by donors. The aim and use of each restricted fund is set out in the notes to the linancial statements. Tanglble Fixed Assets and Depre¢iation All tangible assets are stated at cost (the capitalisation limit being £2501 or valuation less depreciation. Depreciation 15 calculated to write down the cost, less estimated residual value, ol all tangible fixed assets, other than freehold land which 15 not depreciated, over their experted useful lives. The following bases are used.. Leasehold land Leasehold improvements Equipment Motor vehicles 4% straight line 4% strèlght line 20% reducing balance 25% reducing balance Investments Inve5tTnent land 15 held at market value. Chan8es in the valuation gf investments durlng the year are shown as gain5 or1055e5. Investments in the subsidl?ries are held al cost less any irnpairment. 31

COTSWOLD LAKES TRUST {FORMERLY COTSWOLD WATER PARK TRusn NOTESTOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 A¢countlni Pollcies Icontlnuedl Debtor5 Trade debtors, other debtors and amounts owed to other group entities are recoBnised at their settlement amount. Prepayments are valued at the èmount prepaid. Cash and cash equivalents sh 15 represented by cash in hand and deposits with linancial in5titLrtions. Creditors Creditors 3nd provisions are Tecognised where the Charity has a prÈsent obli8ation resultin8 from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estirnated reli4bly. Creditors are normally recognised at their Settlement afflount. Operatlng Lease Rentals Rentals applicable to operating leases where substantially all of the benefits and risk5 of ownership remain with the lessor are charged to the Statement of Financial Activities on the straight line basis over the lease term. Pension5 The Group 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. Further details are disc105ed in Dote 16 to these financial statement5. Financial instruments The Charity only has linanaal assets and financial Iiabllities of a kind that qualify as basic financial instruments. B35ic financial instruments are 5nitially recognised at trans3Ction value and 5ub5equently measured at their settlement amount. Financial assets include cash at bank and in hand, trade debtors, amounts owed frorn Group companies and other debtors. Financial liabilitie5 includes bank overdraft, trade creditors, other creditors. loan5, arnounts due to Group companies, accruals and pensions. JudBements In applying accounting policies and key 50urce5 of estlmatlon uncertanty Preparation ol the financial statements requires management to make signiticant judgernents and estimates. The items in thg financial 5t3tèments where these jud8emEnts and estimates have been made include: Uselul economic lives of tangible assets The annual deprEClation char8es for the tangible a55et$ 15 5ensltive to chan8es in the estimated useful economic lives and residual values of the assets. The usefvl economic lives and residual value5 are amended when necessary to reflect ctjrrent estimates and the physical condition of the assets. See note 7 for the carrying amount of the tangible assets and above for the useful lives for each class of asset. Impairment of d&btors ThÈ Charity makes an estimate of trade debrors and other dÈbtors. When ass@ssin8 the impairment of trade debtor5 and other debtors, managernent consider5 factDf5 including the current credit rating of the dÈbtor, thè ageing profile of debtors and historical experience. Accrual of rental expenditure The Charity has not been invoiced rental expenditure In respect of one of its properties for a number of months. In the absence of such correspondence, the Charity has made a best estimate of the expected costs and accrued For such wsts. 32

COTSWOLD LAKES TRUST {FORMERLY COTSWOLD WATER PARK TRUST) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 2a. Subsldlary- Cotswom Water Park Estate$ & Ranger SeNlces Ltd The Charity owns 100% of the 12 ordinary El Share capital of Cotswold Water Park Estates & Ranger Services Ltd Icompany number 061492441. The trading subsidiary participates in trading activities relating to the Charity. Its tradin8 results for the year are extracted from its financial staternent5'. 2021 2020 Turnover 17.937 18.056 Cost of sales Gr055 profit 7.272 9,308 Administration expenses Operating loss Interest payable and similar eharges 123.3331 114 f20,9709 108 Loss before tax Tax on profit 123,4471 121,078) Loss for the year Management fèes of £25,224 (3020 £25.224} included in administration costs were paid to Cotswold Lakes Trust. The agg￿gate amount of Cotswold Water Park Estate5 & Ranger Services Ltd assets. liab¥lities and lunds at 31 March 2021 was a deficit of £77.669 {2020-£54.222). 33

COTSWOLD LAKES TRUST {FORMERIY COTSWOLD WATER PARK TRUST) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 2b. Subsidiary- Cotswold Water Parksotièty Lsrntrted The Charity h2s crNitrol of two of the three shares in issue for Cotswold Water Park Society limitetl ICWPS company number IP28479RI. As an Industrial and Provident Society, Cotswold Water Park Society Limited is an exempt Charity. The entity's activities consist of the management of blodiverstty within, and the promotion of and education in respect of, the Cotswold Water Park. its trading results for the yoar a￿ extracted from It5 audited financial statements= 2021 2020 Income Z15,179 345,ag1 Dlrert costs Gross surplus 212,180 340,057 Administration expenses 1172.6361 1361359) Fair v8lue movements on revaluation of investment property Operatin8 profit 539.544 78.698 Interest Ipayablel/receivable Profit for the year Management fèes 01 £130.000 (202t> E130,0001 in¢luded in administration costs were paid to Cotswold Lakes Trust. The aggregate amount of Cotswdd Water Park Society knmited assets, liabilitie5 and funds at 31 March 2021 w4s surplu5 of£2.937,39912020- £1,303,688J. 34

COTSWOLD LAKES TRUST (FORMERLY COTSWOLD WATER PARK TRUST) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Income Donations 2021 2020 Donations Membership subscriptions Government grant income- Corenavirus Job Retention Scheme 4,492 15.294 4,190 9.740 All donations in the current and prior year were unrestricted. 3b. Charitable Activitie5. Enwrunmerrtal Grant iNcorne Map and website Events 60.199 14,584 35.000 21,030 Grant income amounting to £52,21212020-. £40,807) was restricted. All other income frorn tharitable activitie5 in the cu￿ent and prior yearwas unrestricteij. Other Other income All other income in the current and prior year wa5 unrestricted. Indepenilent E¥aminer Fees Independent Examinerfs remuneration.. For independent examination servlces For audit services For non-audit serv1￿5 1,820 3.800 4,8( 1.770 3.690 4.685 35

COTSWOLD LAKES TRUST (FORMERLY COTSWOLD WATER PARK TRusn NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Anatysls of Staff Costs and the costs of Key Mana8ement Personnel 2021 2020 Staff costs comprised.. Wages and salarles Social Security costs Pension costs 143,468 8,711 110,582 6,355 The average number of persons employed during the year All of the employees are employed by Cotswold Lakes Trust. Non& ol the employee5 earned more than £60,00012020- 0). The remuneration of key management personnel, including employerfs national insurance, amounted to £35,076 2020- £34.294J. No fee or other remuneration is payable to the Trustee512020- £Nill. No Trustees12020-Nill elalmed for expenses during the year12020-£NilJ. Penslon Costs The Group pays intts a defined contribution pension scheme. The asset5 of the stheme are held separately from those of the Group in independently administered funds. The pension c05t Eharge represents contributions payable by the Charity and amounted to £4,651 {2020- £2,923). Expendlture For the year ended 31 March 2021 Dkèct Support Costs Costs Siaff Costs Other Cosrs Depreclation 2021 Total 202CI Total Chailtable Activlties Envlronmentsl acthvities 47.515 76.308 134,167 1,021 3,005 262.016 273,4 Total for Charity 16 Tradlrt8 Costs of the sub5idiariÈs'. Cotswold Water Park S£￿Iety Ltd 15.210 17.494 2Z,354 55.058 145,453 Cotswold Water Park Estate5 & Ranger SeNices Ltd 3 8707 160 Total tor the Group 2021 Totalfor the Group 2020 Included within support Costs are governancE Costs of £1,820 12020 £1.770) in relation to the independenr examination. The remaining governance c05t5 of £1,85012020 - £3,325) relate to book keeping and accountancy 5ervicÈs. 36

COTSWOLD LAKES TRUST (FORMERLY COTSWOLD WATER PARK TRUSTI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Tangible Fixed A5sets- Group Freehold Land Leasehold Land Leasehold Motor Improvements Equlpment Vehlcle5 Totsl Cost or Valuation At l April 2020 Additions Disposals Revaluation 1,246,250 420.0 110,233 68.173 3,139 15.568 1,560.224 3,139 115,5681 l Q24 750 115,5681 588 750 At 31 March 2021 iio Oepreclatlon At l April 2020 Charge for thÈ yÈ3r Eliminated on disposal On revalued asset5 62.040 16,800 47.726 2,940 40,101 5.619 15.568 165.435 25.359 115,5681 115,5681 At 31 March 2021 666 Net Book Value At 31 March 2021 At 31 March 2020 Freehold land is not depreaated. At 31 March 2021, historical cost of the freehold land is £1,209,68312020- £1,209,583). For thE purpose5 of these financi81 statements, thÈ directors look advice from an independent firm of Chartefed Surveyors on asset valuès as at 31 March 2021. The numbers reported and the revaluatioThs retlect the discussion5 with and the opinion ol the Chartered surveyors. The value of the freehold land for Cleveland Lake5 of £1,500.000 is secured against the loan balance5 as detailed in Nete 11. Tangible Fixed Assets- Charity Equlpment Cost At l April 2020 Addition5 31883 At 31 March 2021 Depreclatlon At l April 2020 Charge for the year At 31 March 2021 18,131 Net Book Value At 31 March 2021 At 31 March 2020 37

COTSWOLD LAKES TRUST IFORMERLY COTSWOLD WATER PARK TRUSTI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Investments- Group Investm2nt Land Valuatlon At l April 2020 Revaluations 800,(k At 31 March 2021 The histori￿1 cost of the investments is £25.00012O20-£25,O￿). For the purposes of these financial statements, th2 director￿ took advice frorn an independent firm of Chartere Surveyor5 asset values a5 at 31 March 2021. The numbers reported and the revaluations refleet the discussion5 with and the opinion ol the Chartered Su¢veyors. Invesiments- Charity The Charity holds a £12 inv@stmÈnt in its trading subsidiary Cotswold Water Park Estates & Ranger Services Ltd. The Charity also holds a £3 investrnent in its subsidiary Cot5wolcl Water Park Society Limited. Dèbtofs Group 2021 GroLtP 2020 Charity 2021 Churity 2020 Trade debtors Other debtors Amounts due to Group companies Prepayments 68.139 I￿4$ 46.703 7,437 4.21Z 522 25,456 2,18CI 7,437

COTSWOLD LAKES TRUST (FORMERLY COTSWOLO WATER PARK TRusn NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 10. Creditors: Amountsfalline due wlthln one year Group 2021 Group 2020 Charlty 2021 Chority 2020 03nk overdraft Bank loan Trade creditDrs Other creditors Amounts due to Group ttsmpanies Social security and other taxes Accruals Deferred inCDme Pension fund (note 161 38.630 20.050 63.875 68,939 14,213 55.300 612 19,788 11,595 612 54.158 13.168 38,Q47 1.174 97,436 35,859 34.753 36.788 51,310 16.387 17.969 47,836 7.719 The bank overdraft is Secured over the part freehold and part leasehold land and buildings at Keynes Country Park. Deferred income Group 2021 Group 2020 Charlty 2021 Churlty 2020 Deferred income èt l April Re50urce5 deferred during the year Amounts released from previous perltsds 6,545 16,387 10,142 6.545 The deferred income at 31 March 2021 relates to income in respect of services prtsvided in the year ending 31 March 2022. 39

COTSWOLD LAKES TRUST {FORMERLY COTSWOLD WATER PARK TRusn NOTESTO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 MARCH 2021 11. CrÈditors: Amounts fallinB due after more than one year Group 2021 Group 2020 Charlty 2021 Chority 2020 Pension fund Inote ISI Other Loan5 Bank Loans 306.736 757,870 133 646 315,103 761,259 £757.870 01 the loao balance12Q20- £761,259) is secured on a freehold property an¢f is repayable at the earliest in 2020, and the latest by 2030. This balance includes accrued interE5t of £115,319 {2020- £118, 708). Analysis of the maturity of loan5 is given below.. Bank Loan5 2021 2020 Due in less thèn l year Due in I to 2 year5 Due in 2 to 5 years Due in over S years ZO,050 21,043 66.493 14.780 47,937 153,696 113,741 Other LDan5 Due in over 5 years 757 76 574 930 40

COTSWOLD LAKES TRUST (FORMERLY COTSWOLD WATER PARK TRUSTI NOTES TO THE FINANCIAL sTATEmE￿s FOR THE YEAR ENDED 31 MARCH 2021 12. NetAs5ets ofthe Funds The Charltys and Group's net assets belong to the various funds as follows= Net Current AssetsllLiabiiitiesl LoAg-Term Llabllltles Fund Balantes At 31 March 2021 Flxed Assets Charlty Unrestricted funds Restricted funds 13,901 1162,040) 114 930 147.1101 1148,1391 114 930 133.2091 13.901 Tiadln8 5ubsldlarles Revaluation re5eNe Designated reserve - General reserves 2,118,555 575,000 1368 703 2,118,555 575,000 166 160 1198 252 Group Net Current Assets/{LNGbilitiesl Lonq-ferm LiubilAties Ftsnd Olun￿5 At 31 Mt7rch 2020 FixedAs5ets Chority Unffstnctedfunds Restrirtedfvnds 13,767 1167,837) (154.070J 13,767 (40 396) 126 629) Trodffng Subsidiories - Rev(tluotion reserve - Designated reserve - Generctl reserves 1.014.965 575.000 891057 1,014,965 575,000 Grgup The designated reserve represents funds provided which enabled the purchase of freehold land iaevelènd Lakes). 41

COTSWOLD LAKES TRUST (FORMERLY COTSWOLD WATER PARK TRUST) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 13. Unre5tr1rted Funds: Movements In the Year BG¢lunce ut l April 2020 Income Expenditurè Galns on Investments Other Tecognlsed gains Balance at 31 Marth 2021 Forthe year ended 31 March 2021 Charity- Unre5trlcted (154,070) 203,224 1197,2931 1148.1391 Trading Subsidiarie5 Cotswold Water Park 5oclety 1.303.685 Limited (including desi8nated reserve of £575,WOI 215,179 1185.0581 500.000 1,103,59J 2,937,396 Cotswold Water Park Estates & Ranger Services Ltd 436,340 L103,590 1.095,381 (423 735) 2.711J76 Consolidation adlustments fjroup 8ol£rnce at Income Expenditure Gains on Investments Balante at 31 March 2020 l April 2019 For the year ended 31 March 2020 Charity- Unrestricted 1145.4021 206,561 (215,2291 1154.0702 Trading Sub5idiarie5 Cotswold Water Park Society Limited lincluding designated reserve of £S75.0001 1.234.057 345.081 1275,4531 1,303,685 Cotswold Water Park E5tate5 & Ranger ServÈces Ltd 1.055.499 569.698 1529.816) 1,095,381 Consolidation adjustments 155 224 155 224 Group 41 The consolidation 3djustments above of £155.22412020- £155,224) are the eKcIusiDn of man3gement charges to CWPS and CWPERS. 42

COTSWOLD LAKES TRUST (FORMERLY COTSWOLD WATER PARK TRusn NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 14. Restrlcied Fund5: MovèmÈnts in thè year Bolonce t7t l April 2020 Balance at 31 Marth 2021 Fof the year ended 31 March 2021 In¢orne Expenditure Cotswold Water Park Ball-AuctionlRaffle Nationwide Grant- River Coln works Growing our Communities Fund CWP Community Environmental Improvements Fund ICDCI CWP WILO Project IEAI Clayhill car park improvement5 Neigh Bridge Country Park- New play area Neigh Bridge Country Park- Land5upe plan Kickstart Tourism Fund Water vole recovery project (Hills LCFI W2tervole recovery project (Lower Mill estate) Tarma Shorncote to RNer Thames Wetland Connections Shorncote-Thames Water Cleveland L3kes volunteer hub Top Pit- landscape plan Nature reserves guide National Lottery Heritage Fund- Transfomiing the CLT National Lottery Heritage Fund- Emergency Funding Thames Water- Covid Relief Other smaller restricted funds 10.210 26 10,210 26 6.835 6.835 1,418 18,655 4,378 29,519 4.353 1,418 18.655 14378) 29.519 4.3S3 2,958 (2,9581 (4.6941 10,797 6,103 2.5 271 2,500 271 2.173 14,074 4.837 4.353 4,837 17,569 12,1731 11,5151 12,559 4,837 4,353 4A37 SA83 112,0861 122.5001 114,4191 22.500 17.419 3.000 29 29 43

COTSWOLD LAKES TRUST {FORMERLY COTSWOLD WATER PARK TRUST) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 14. Restrlcted Funds: Movements In the year Icontlnuedl Bt71ance ot l April 3019 Balance at 31 March 2020 For the year ended 31 March 2020 Income Expenditure Heritage Lottery Fund- Young Root5 Cotswold Water Park Ball-Auction/Raffle Nationwide Grant- River Coln works CWP Community Environmental Improvements Fund ICDCI CWP WILD Project IEAI Clayhill car park improvements Neigh Bridge Country Park (Play Trail 151161 Neigh Bridge Country Park- Cr&ation of m3rsh Neigh BridgÈ Country Park- New play area Neigh Bridge Country Park- Landscape plan Watervole r@covery projett (Hills LCFI Watervole recovery project (Lower Mill estate) Tarmac Shorncote to RiverThames Wetland ConnÈctiDns Shorn¢ote- Thames Water Cleveland Lakes volunteer hub Top Pit- landscape plan Lake 6 S106- equipment Nature reserve5 guide National Lottery Heritage Fund-Trar￿f0rmin8 the CWPT Other Smaller restricted funds 13,QWI 10,210 358 10.210 26 13321 1418 18,655 4,861 171 15.477 29,019 4,353 (259} 1.500 457 26,$09 15,OLX) 4.837 4,353 1373) 4,837 1,418 18,655 4.378 14831 11711 117.0771 1,600 500 29,519 4.353 10,797 12.000 7,500 1,500 19441 19.0001 11,6861 124,3361 19261 271 2,173 14,074 4,837 4.353 373 4,837 17,700 11311 17.569 29 512 Purpose of Restrlrted Funds Heritage Lottery Fund- Young Roots Arts ènd interactive project with local Youngste￿ which includes 3 local fflu5eum and a quarry to get a better understanding of how the are8 evolved. Cotswold Water Park Ball- AuctionlRaffle Fund5 generated from the previou5 Cotswold Water Park Balls have been put towards CLT'S education programme and development of 3 play 3rea at Riverside Park. However, lun(Js generated from the 2019 Auction l Raffle have been allocated a$ general charitable activitie5 and 3re therefore not classified a5 re5tricÈed funds. Natlonwlde grant- Rlver Coln works Grant towards volunteer eouipment and tree clearance works on the Rfver Colne. Growing our Communities Development of six on-road cycle rc¢utes in the Cotswold Water Park. CWP Community Environrnentsl Improvements Fund Funding to support officer time in managing a community improvement fund for the Cotswold Water Park. CWP WILD Project (Environment A8encyl Funding f¢r a projert officer to ¢arry out irnprovement works to Cotswold Water Park rivers.

COTSWOLD LAKES TRUST (FORMERLY COTSWOLD WATER PARK TRUSTI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 14. Restrlded Funds-. Movernents In the year {£ontlnuedl Clayhill Car Park Improvements Funding towards landsc3pe and amenity improvements at Clayhill Car Park. Nelgh Bridge Country Park (Play Trèil 151161 Grant to create 3 natural play trail at Neigh Bridge Country Park. Neigh Bridge Country Park-creation tsf marsh Grant to Create a wetland wildlife area at Neigh Brid8e Country Park. Neigh Bridge Country Park- New play area Grant to Create a new play area at Neigh Bridge Country Pa￿. Nel£h 8ridge Country Park- Landsczpe plan GrEnt to develop 8 landscape improvement plan for Neigh 8ridge Country Park. Kl¢kstart Tourlsm Fund Development ol an intera¢tive map. WatErVLile Recovery Proje¢t {Hills LCF and Lower Mill estate) Grant to support aT Watervole Recovery Programme. Tarmac Funding for Cotswold Water Park farmland bird project. Shorncote to Rtver Thames Wetland Connections Grant tgwards envirorbmental enhancements to Cleveland Lakes, Shorncote Reedbed and the Cerney Wick Brook. 5horncote Reedbed Improvements Grant to carry out irnprovements to Shorncote Reedbed. aeveland Lakes- Volunteer Hub Funding to instsll a volunteer shelter and tool stor¢ at Cleveland Lakes. Top Pit- Landscape Plan F￿ndIng to develop a landscape improvement plan for part of Lake 21 at Cotswuld Country Park & Beach. Lake 6 5106-Volunteer Equiprnent Grant to purtha5e volunteer equipment. Nature ReseNes Gulde Grant to design a n81ure reserve5 guide for the Cotswold Water Park. National Lottery Herltage Fund-Transformln8 the Cotswold LakesTrust Grant to Enable CLT to expand and enhance Its membership scheme. Nat￿nal Lottery Heritage Fund- Emergency Funding Furtdin8 to cover Ranger costs. Thames Water-covld Rellef Fundin8 to cover Ran8e costs. The fund5 in deficit are purely due to timing of entitlernent to the corresponding income. which will be recogni5ed a5 income in 2021122. 45

COTSWOLD LAKES TRUST (FORMERLY COTSWOLD WATER PARK TRusn NOTES TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 15. Other Financial Comrnitments At 31 March 2021, the Group had future payrnents under non-cancellable operating lea5e5 as follows.. Explry: Land & Bulldlngs 2021 2020 Equipment 2021 2020 Within l year Within 1- 2 years Within 2- 5 year5 6250 6,250 6.250 1260 16. Pension Commitments Cotswold Water Park Society Limited ￿ party to a defined benefit scheme operated by Gloucestershire Local Govemment Pension Scheme IGLGPSI. The Society entered into a new 3greement on the 5 February 2019. A repayment scheme has been rene8Otiated wh@reby the liability is bein£ settled over a penod of 7 ye3rs from Aprll 2019, payable in monthly in5talments frorn l April 2019. Ajthough this agTeement W85 non-contractual, the outstanding balance at 31 March 2021 of £313,93612Q20.. £322,303) ha5 been induded within liabilities. £7,200 will be repald in the nextyear. with the repayment increasiThs every year from 2022n3. until the loan 15 fully repaid by 2026. An interest rate of 2.79% has been applied to this loan. The amount of pension liability that wa5 due after rnore than five years was £nil12020- £60,234). Once the agreed balance ha5 been settled. the Society will have discharged all its pension obligations to Gloucestershire Local Government Pension Fund, 17. Related PartyTran5actlons Transactior15 between the parent company Cotswold Lakes Trust and the subsidiarie5. Cotswgld Water Park Estates & Ranger Services Ltd and Cotswold Water Park Society Lirnited, are as follows.. Management fee payable to the charity lor staff and 5UPPOrt seNces provided to the 5ubsidiaries-. £25,22412020.. £25.2241 from Cotswold Water Part¢ Estates & Ranger Services Ltd and £13O,00012020.. £130,t*)Ql from Cotswold Water Park Society Limited. At the year end. the Charity owed £97,436 to Cotswold Water Park Society knmited12020,- £51740. At the year end, the Charity was owed £25,456 from Cotswold Water Park Estates & Ranger Servites Ltd12020.. the Charity owed £1.412 to Cotswold Wuter PorkE5totes and Ron9erServices Ltd). There were no further rel?ted party transJrtions in the year ended 31 March 2021, 46

COTSWOLD LAKES TRUST (FORMERLY COTSWOLD WATER PARK TRUSTI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 18. Reconclllation of net income to net Cash Ilow from operatinE activitles 2021 2020 Net Incomè for the reportln8 perlod las per the Statement ot Flnanclal Artrvitiesl Adlustmeftts for- Depreciation charges IGainsl on investments IGainsl on fixed 3ssets Ilncreasel in debtors Increase in creditor5 1,603.684 22.428 25,359 I500￿00) 11,103.5901 117.0331 25.824 f16,749J Net cash provided by operatlng artlvltiÈs 19. Analysis of cash and cash equivalents Represented by.. 2021 2020 Cash at bank and in hand Overdraft facility r2pay3bl2 on demand 105.496 63,331 Total cash and cash equlvalents Analysls of changes In nèt debt A5 at l Aprll 2020 Cash flow5 Other nonrycash changes As at 31 Marth 2021 Cash at bank and in hand Overdraft Loan5 < l year Loans > I year 63,331 168,9391 114,2131 860 717 42.165 30.309 14.213 105A96 138.630} 120.050} 891516 120,0501 Total 47

COTSWOLD LAKES TRUST (FORMERLY COTSWOLD WATER PARK TRUSTI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 20. Comparative Statement of Flnanclal Activities for the year ended 31 March 2020 Total Funds 2020 Unre#ricted Funds Restrlrted Funds INCOME FROM: Donation5 Charitable activities Othertradlng activities Cotswold Water Park Society ￿Mited Cotswold Wate¥ Park Estates & Ranger SeTvice5 Ltd 13,930 29.420 13.930 70.227 40,807 345,081 345,081 18,056 18,056 Other Total Intome ExpENDITU*tE ON: Raising funds Cotswold Water Park Society Limited Cotswold Water Park Estate5 Ran6er Services Ltd Charitable ActI￿tieS 1145.4531 1145N531 113,9101 113,910) 1215,2291 158,2611 1273.490) Total expendlture Net income I lexpendiiurtl Aètontiliation of funds: Total funds brought forward as restated 39￿82 117.4541 22,428 1055 499 1 2(K) 394 Total funds rarrled frJn¥ard 48