Charlty re815tratton number 1120518 Cornpany reglslratlon number05504806 (England and Wale51 COTSWOLD LAKES TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 cotswold lakes trust
COTSWOLD LAKES TRUST LEGAL AND ADMINISTRATIVE INFORMATION Tru5teES Paul H31el Ichairl rry Butler Anne CoDper Thomas Corran Duncan IRobertl Hall Martin Kingston Pippa Langford Heidi Thomp50n {AppOint 10 June 20221 5•£r•tsry Paul Hazel Charlty number 112051B Company numb*r 05504806 Registered office Cotswold House Manor F3rm Down Ampney CIRENCESTER fjloucestershire GL7 5QF Independent exarniner Qld Mlll Accountsn¢y Limited Unit 2 Greenway5 8u5ine55 Park Bellin8er Close CHIPPENHAM Wlltshire En8land SN15 IBN Banker5 Lloyds Bank PIC 14 Castle Street CIRENCESTER Gloucestershire GL7 Ir Solicltors Hughe5 Paddison Solicito 10 Royal Crescent CHELTENPIAM Gloucestershire GL50 3DA Gardner Leader LLP Hardwlck House Prospect Place SWINDON SNI 3U
COTSWOLD LAKES TRUST CONTENTS PaKe Chairf5 5tstement Trustee5' report 3-12 Independent exarniner's report 13 Consolidated statement of financial aElivitlES 14 Group balance sheet 15-16 Ba12ntÈ sheet 17 Con501idated Statement of cash flows 18 Note5 to the financial statements 19-41
COTSWOLD LAKES TRUST CHAIR'S STATEMENT FOR THE YEAR ENDED 31 MARCH 2023 It ha5 been another exciting time lor the Trust wheie WE have expeTienced thp usuBI highs and lows that typify activitie5 within a charity but, as Wlth the pre¥ious three years, l am delighted to report that overall, r( has been a successlul ye3r. The highlights include the purchase in December 2022 of the remaining 30-acre parcel of land at Cleveland lakes. previously known 2$ Cleveland Farm Quarry. Irom A88re8ate Industrles. Thls acqu15itlon means that WE now own the whole 330-acre Site at aeve13nd Like5 which will allow us to restore and enhance over the medlum term the vitally Irnportant nature reserve which is home to so many different specie5 of breeding birds othei irnportant wildlife. At the same tlme, we can now progress wlth the developmÈnt of non-moto$ed water sports and other leisure activitie5 such as Iok and sk runs. triathlon5 and opÈn water swimming. Thi5 is a rnedium-term wolect but the current year wlll dÈfinitely see incrÉasÈd org2nised activities at the 50Uthern lake buildin8 on the cCeSS of the previous Open Days for rowlng and canoeing and open water swimming. The Iok run held in October last yÈar was a greÈt Succe and attiacted over 150 entrants. It is hoped to repeat the event on 30 Septemberthls year. A Cotswold Lakes Trust Open Wpekend was held In March thi5 year where we welcomed many visitors who saw flrst hand some ol the work carried out by the ranger team and also enjoyed guided bird walks. In addition. we had an Open Water Switn Itrodury event in May which was attended by some 80 people who 811 had a great time aided by wonderful weather. This strategic addition to our property portfolio would not have been possible without another sUc5S of the ¥Ear, filmin locatlon in¢orne. Thi5 15 the Second big budget film we have welcomed to Cleveland Lakes in the $t three yÈ¥rs and whlle we would wsh 10 secure another one in future it cannot be guaranteed. Another major positive step forwards in the year was entering Into a new 15 year loan agreement with our lon8 term funder and supporter PTC Trust. Thls repla5 the previous shorter-terrn agreement. Interest for the new loan is based on the quarterly Bank of England Base Rate with annual repayrnent5 of c3Pltal and interest. This new loan provldes loTrg-terffl The tonservation ènd È5tate5 team have had a busy year as ever and achieved Fnany succEssEs which aTe detailed further in thi5 report. What they have achieved, ably assisted by the volunteers, is remarkable. To assist the team we have been able to purchase a new all-terrain vehlcle and a flail mower thi5 year which were fvnded by generous grant5 from the Hills Group and Thèmes Water. In March this yÈar we were delighted to open the fully lunded NeiAh Brid£e children'5 playground. a great 3sset in this wonderful lo¢ati¢n. The operation at Cotswold Country Park & Beach unfortun2ieW had a disappointlng year wilh the net financial performance con51derably lowerthan the prevlous year. This has materially affetted overall results forthe yeaT. ReturnlngtD more positwe news l am dell8hted to report that Ben Welbourn has fecently been promoted to Conservation & Estates Director frem his previous role as Operations Manager. Hi5 new position reflects the broader contributlon that he makes to the 5u¢¢ess of the Trust. The major fundraising Ball wa5 held in October last year and was a tremendous s4Jcces5 fdising approximately £9,0. The evening wa5 thoroughly enjoyed by guests and brilliantly compèred by Rory Bremner who left everyone kughinL and the Little Big Band who kepteveryone dancingl The next Ball wlll be held on 11 May 2024 sc keep the date free. In time for the Spring Bank Ho1id3y in May this year we were delighted tts open a new Cotswold Water Park Visitor Centre at the De Vere Hotel using thelr former Muddy Ouik 51te. We will be Dperating this exciting new venture in partnership with the Cotswold Canal&Trust. We recently appointEd 3 specialist company to prep3re landscape plan options for Nei8h Bridge Country Park which wlll help the Trust detidÈ the optlmum future use for thi5 wonderful asset. This is a medium-term prolett and wlll require funding from external 50ur£es.
COTSWOLD LAKES TRUST CHAIR'S STATEMENT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 FttndraSsln8 continuÉg to be an important priority lor the Trust and the small tearn are 5eekin8 funding for variou5 projects such as the ¥ecruitment of a Nature Recovery Offlter and a Nature Engagement Officer both of whom will increase our ffDrt5 to improve education and conservation ¥Mthin the Cotswold Water Park. Other funding priorities Include initlal infrastructure for the development of water ?ctsvitie5 at Cleveland Lakes. We were dellghied earlier this year to celebrate 25 years Df partnÈrshSp with the Hills Group who have supported the Trust tna8nifltlY over thls period. Their financi218vnts have allowed 518nificznt improvements to our sltes beinB carded out over the years without whlth the Trust would not be in such a PD51tive stzte today. We look f¢rward to continuing our pèrtnership with the Hills Group for many years to corne. Our small team of staff, ably assisted by volunteers, contlnue to work extrernely hard to achieve the results that l am pleased to now report. and my heartfelt thank5 £0 to each and every one of theml The yea¥ ahead wlll be ¢hallpngin8 a5 we continue to rely heavily on the performance at Cotswold Country Park & Beach. However, our gtrateEY remalns to secure new sources of sustainable income a5 one-off filming projects, whlle extremely beneficlal. are unlikely to occur on a frequeni basis in thÈ futurE. I would like to take this opportunlty to thank all our rnernber5, volunteers 8nd donors for all their support durlnÉ the last year. With your continuin hElp we will endeavour to make the current year another su¢¢essful one for conseTwation within the Cotswold Water Par nd financialty forthe Trust. hair Date...
COTSWOLD LAKES TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2023 The trustees present thelr annual report and financial 5taternents for the year ended 31 March 2023. The financial statements have been p¥epared in ?¢¢ordan¢e with the acwunting policie5 set out in note I to the financial 5tatement5 and comply with the Iharity'5 Eoverning document, thp Cornpanies Act 2006 and "Accountin8 and Reportlng by Charities.. Statement ol Recommended Pra¢tiee applicable to charities preparing their accounts in aCCOTdancÈ with ihè Financial Reporting Standard applicable ill the UK and Republic ol Ireland IFRS 1021" leffective lJanb?ry 20191. Publi¢ Benefrt The Tru5tee5 confirm thatthey have complled wSth their duty in Section 17 of the Charities Act 2011 to have due regard io the public beneflt gldance published bythe Charity CornMi5sion for England and Wales. Oblectlves and artlvitle$ The abjects of the Charity I'the Objects l are to provlde for the bÈnÈfit tsf the public, Bnd in particular for the Inhabitants of Gloucestershire an Wiltshire. facilities In the Inter@grs of saclal welfarè for education, conservation, recreation and 1È1sure me ottupation atthe Cotswold Water Park I'the Park l and in particular to:. al try to achievè a balance between development. nature CDnsetvation and local communlty intErests concurTefitly bl a3515t in achieving policies and prattices to sustain the current nature consÈrvarion value of the Park CI 3s515t In achievin8 the provision of approprlate publlc access for all to site5 facilities in the Park for recreatlon purposes dl assist in creating a toheslve Irnage for the Park and provide an educalton31 resource for the public 8ener3lly el promote the Park and Yis faclllties as a resource for public enjoyment of 3ppropri8te £ountrysidE recreation, arnenity and n CDn5Erve and irnprove the landscape by the inte8ration of restored mlneral worklngs In the new landscape Structure and general enhancement of the Park gl rnake representations to Local Authorities and other persons on land management and use in the Park hl encourage. promote and implement the tatiOn, conservation and management of wildlife habitat, particularly in those parts of the Park whlch have be@n identified as beinEof special importance il assist the local ¢oMmunitie5 to prepar2 and carry out works relating to the improvement and management of the settlÈmEnt prDteclion zones and such other area5 a5 may be appropriate Jl pur%uÈ quality sustainable improvements in environmental regeneration in partnership with bu5ineSSi public authorities and CDtnrnunitie5 kl encijurage the public, private 2nd voluntary sectors to tske ioncerted action lo improve the environment 11 interpret and present to the public th2 hpritage, landscape and nature conservation of the Park ml asslst in maintaining and Improving public right5 of way to enable their use by all members of the public nl encourage sage use of water areas in the Park al the provision of public parks or other facilities of an environmental. educatlonal or recreational nature, Provided that the parks or facilities 3re not to be operated at a profit SUMMARY MISSION STATEMENT Our key objettives are to improve the Cotswold Water Park by enhanclng Its biodlverslty, provldtng recreational opportunitie5 foi it5 lo1 cornmunities ind visitors and by providing an educational resource.
COTSWOLD LAKES TRUST TRusfEES' REPORT (INCLUDING DIRECTORS, REPORTI {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 STATEMENTOF PURPOSE Trustee5 approved the fdlowlng statement of purpose at their meetinB on 4 December 2020. Leadershlp we aim to be the fo¢èl pointfor.. lil the protection and Improvement of the Cotswold Water Park's rich nètural environmènt and- lill for any di5CU55ion concernlng the future development of leisure and recfeation facilities and public ac In the Cotswold Water Park. Blodlverslty and natural environrnent we manaee our sites sen51tively. ensuring that their Fmportance for wlldllle Is conserved wherever p055ible enhanced. we aim to carry out landscape-scale w11dlife Conservation and enhancernETrt projects at our sites and acr05S the Cotswold Water Park in p3rtner5hip with others. we provide advice to mineral companies, landowner5 and local communities on wildlile issues. Rècreatlon and acre55 wherever possihle we encourage the publlcto access our sites for recreational purposÈs. we pursue area wide initiatives to Improve responsible a£ce5S to and around Cotswold Water Park. Educ*lon we airn to enBa8e irKre3sir>gly with vlsitors. the local communSty. schoD15 and univetslties to promote a Breater understandlng Ind appreciation of the heritage, wildlife and landscape of the Cotswold Water Park. This will encornpa5s. among other thSngs, mlgratory birdlife. rich fossil find5 in the 5edirnentary sand and gravel, preciou5 wildfiower meadows, the area's biodiversity as well as the health and well-being to be found in the outdoors. Promotlon in supportlng the Cotswold Water ParL we are the primary gateway for hundreds of thou5and5 af vi5itoT5, residEnts, isure operator5, walkers. cyclists. birders, anglers. dreamers and nature lovers on land or water. We want èll vlsitor5 tv value their time here. As a charity we encoLtrage the benefits to be gained from the use of our own de5tinalion sites. Membershlp * we are a small team with a blg-hearted mernber5hip. Members enjoy free parkln8 at our car parks from where ihEY are ÈblE to v151t OUT bird hides, enjoy talks and events such as dawn chorus walks. fossll hunts, and a150 lend a hand on our crucial conservation projects. You too can join and tske pèrt. Reslllence we are not central or local government funded, We work with donor5, chaTitatsle funds, indivlduals. companies. and our membership. In addition, we operate our Dwll 51tes commercially to make sure collectively we are here lo develop the Cotswold Water Park fur the benefit of wildlife and people. we Investigate the 3cqui5itlDn Df new sites ill order ta protect and enhance their potential biodiversity value andlor rocreatlonal benefits. PRINCIPAL AcllviTIES Cotswold Watsr Park 5o¢lety Limited The Cotswold Water Park Society knlnited ICWPSI is an asset-holding subsidiary of the Cotswold Lakes Twst. CWPS'5 primary assets are ¢ad held on long lease from both Glouce5ter5hire County Councll and Wlltshire Ctruncil, 3nd freehold land at Cleveland Lake5, CWPS allows the Trust to have full use of its assets in pursult of its charitable ¢)bjÈ¢tnTes. Cotswold Water Park Estates and Ranger Servlces Umited Cotswold Water Pzrk Eststes and Ranger Services Mited ICWPERSI 1$ 8 tradlng subsldiary of the Cotswold LakesTrust.
COTSWOLD LAKES TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT} (CONTINUED) FOR THE YEAR ENDED 31 IknIARCH 2023 The trustees have pald due regard to guidance issued by the Charity Commi55ion in decfjding what aciivities the charity should undortake. They have complled whh their duty in Section 17 of the Chartties Act 2011 to have due re8ard to the public benefit 8uldan¢e published bythe Ch8rity Cornmission for England and Wales. A¢hlevements and performance Details of the achievements and performance tsf COtswd Lake5 Trnst tan now be foulld in a Separate lrnpacl Report which n be viewed on Its website.. www.cotswDldlake5trust.oryJresouTces-dDcuments. Highlights of the year include.. Corer¥tIOn. Established baselinÈ breedlng blrd surveys at Shomcote Reedbed5. On8oin8 breeding bird Surveys at Cleveland Lakes. Installation of 4 new Barn Owl boxe5. Installation of 1.5krn of fencing at Cleveland Lakes to protect sensldve wildllfe 2rÈas. On80in8 Water Vole Recovery Project. Continued wlth kllmalayan Balsam remov41 on the Old RHilwHy ne and alDng the River ChuTn wtth the help of corporate and regular volunteer groups. Coppi¢ing of ¥egetatioD on two sections of the Old Railway Line as part of the C)Id Rallway Line Blod1versiiv Enhancement project. COpPclg of islands at Shomcote Reedbeds nature reseNe tij Enhance reed fringe for Bittern and other reEd Coppiclng Island at Coke's Plt LNR for ground nesting birds. Built and installed varioStypeS of blrd boxe5 wlth help of volunteer5. Creatlon of outdoor nursery bed forgrowin8 Black Poplar. Continued restaratian of W8terhay Reedbed5. Planting cf trees donated by volunteers alonB the Old Railway Line. Recreation: Completion of new playground installation at Npi8h Bridge Country Park. Design ar)d Inaallation of bird Identification boird5. Installation of railway sleeper interpretation Signs along the Old Rallway L1ne. Repair works to interpretation board5 at Coke's Pit LNR. Continued replacement of balance trail at Nel8h Bridge Country Park. Improvement to the entrance ol Neigh Bridge Country Park.. HedEe Laying and 1¢xatiOn of not1 boards and waymarking post Educatlon and Informatlon.. Cornpletion and printing of the Cotswold Water Park Nature Reserves. Six Circular Cycling routes and Bird Watching in the Cotswold Water Park guide5. Desi8n and printing of a publlcatlon celebratlng our 25-year partnershlp wlth Hllls Group. Launch of a new information point in partnership with Ashton Keynes C¢mmunlty Shop. Continued provSsSon of Informatlon tu the publlc at the GateY Cenlre, expansion af the Visitor Irrformatio Voluntoerteam following a rÈcrttitmÈnt event. Contlnued provlslon of InlormatSon vla ourwebsites and social media channe15- all increasin8 in popularty. IncrEa5ed ctwerage in the IDcal pre55. Contlnued promotion of the CWP through the Leisure Map- 70,000 copie5 printed. Hosted vi51t fram Wiltshire Botsnic31 Society. Hosted vlsit fwm University of Glouce5ter5hire Msc Applied Ecology course.
COTSWOLD LAKE5 TRUST TRUSTEES, REPORT (INCLUDING DIREoR5, REPORT} (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Fundralsln Successful appllcation to Flills Group £50.(KM) received to dellver blodlversity enhancements on the Old Railway ne. On£oln8 SUPPOrt Irorn Hi115 Gioup towards our Water Vole Recovery Project. A suc(essful Blg Glve campaign provided funding toward5 our BASE IBiodiversityl project. Fundingfrorn Glcucestershire County cou£11 to delNer activities for disadvantaged young people. Fundingfrom The National Lottery Community Fund's Awards for All, to run an Open Weekend at Cleveland Lakes Sn March, the event attrècted over 100 visitors. Fundin8from Mobourne Cotswold for the blrd leaflets and information boards. Successfully held our fundraising ball and the Cleveland lakes Iok Run in October 2022. Flnan¢lal revlew Structure of orRani5ation and flnandal reports The financlal statements being presented to the mÈmbers are forthe Cotswold Lakes Trust ICLTI whi¢h Is a gIstered Charlty. The CLT financTral Statements are presented as a entity. In addillon, ¢onsolidated financial statements of CLT are presented. The consolldated flnan£lal ststements IndudÈ the income, expenditure, assets and liabllities of the two subsidlary companles of CLT. beine Cotswold Water Parksociety Mited ICWPSI. and Cotswold Water Park Est3tes and Rangers Services Limited ICWPERSI. The financial ststements are forthe year ended 31 Afjarch 2023. Impad of part events and recoverles of fvnd5 r Granl continued to pay the outstanding amount 01 £5.000 on the 2014 conflscatlon order at the rate of £40 per month until April 2020. Since that time no further monies have been received. Hmcfs have raised a warrant but have $0 lar been unable to locate him. CLT will contlnue to make all cost-effective effort5 to obtain the rem3ining fund5. As reported previously the prospetts of any further recover8 from Mr Grant are very remote. Income and Expenditure The cotysolidated ststement of financial activitie5 for CLT shows a surplus for the year befDre other retogni5ed giins of £129,06212022.. £51,019). The financlal statements of CWPS show a surplus for the VEar of E97,08512022.. £153,114) and 8n Income of £343,56412022.. E473,4481. 8alante sheet The consolidated balance sheet at 31 March 2023 shows net aetS of £3.032,56812022.. f 2.903.5061 but incorporating net current liabilities af £168,851 12022.. £14,524). The net current liabilities fieure includes only the element of the pensioft li3bilities to the Gloucestershire Local Govemment Pension SchÈrnÈ IGLGPSI which f3115 due within ope y2ar of the balan Sheet date £7,212022.. £127.2U)I. CLT has a number Df re5trirted hjnds where thE donor restritts the purpose for whlch the fund can be used. These tDtal £102,100 at 31 March 202312022: £149N381. Unrestricted fund5 total £2,930,468 as at 31 March 202312Q22.. E2,754.07ol. Unrestricted funds are used to fund general area5 of the organi5Btion.
COTSWOLD LAKES TRUST TRUSTEES, REPORT {INCLUDING DIREcfoRS' REPORTI (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Fundini l. Long tem? loons undfundin9 As dlsclosed last year and In Note 17 t¢ the CLT ¢on501idated financial statements, a Tnernber ol the prevlou5 Board ol CWPS 2rranged in 2010 for a loan of £575,000 to CWPS from the PTC Trust, a private trust of which he 15 a Trustee. Thi5 loan is secured on the rnain freehold property of CWPS. Cleveland Lakes. The loan enabled CWPS to meel its immediate liabilities in The loan Is repayablÈ up to the date of this rÈport or othÈrwise by 2038 and Is shown in the CLT tonsolldated balaft¢e sheet at 31 March 2023 as a long-term rreditor. The Trust rniintain5 re8ular contact with the PTC Trust and no reque51 for repayment was rnade bythe PTC Trust at the date of thi5 report. The Trustees of CLT are very grateful to the PTC Trust and the Indlvidual trnstee of that Trustfor the loan of £575,000 in 2010, wtthout whl¢h the CWPS would m05t Ilkely nor have Suve. In 2014, the PTC Trust agreeil to prtsvKle a second loan of £67.551 on similar terms but through a separate loan agreement. The purpose of this loan was to enable the Trust to purchase an additional parcel of land at Cleveland Lakes from Aggregate Industries UK Limited. The second loan is repayable by 2038 and 55 shown in the CLT tonsolidated balance sheet èt 31 March 2023 a5 a IDng-terrn creditor. Two loans totalling £150.000 were obtained from Lloyds Bank In 2017 to enable preparattsry work to be undertaken at Keynes Country Park prior to Planning Solutions Limited starting operation of Colswold Country Park & 8each. The balance outstsndlng at 31 March 2023 Is £73.135. A Bounce Back Loan of £50,(MY) was obtained from Lloyds Bank in 2020. The balance out5tandinB St 31 March 2023 is 42,688. 2. P8n5ion Liobtliues A5 part of thE arrangemEnt5 betWEEn Gloucestershire Local Governrnent PEnsion Scheme IGLGPSI and CWPS. the pension Ilabilities of certaln past employees ol GCC and CWPS were taken on by CWPS. A fiEure of E500.C4)O was aged by Mr Grant nd othei parties on 10 October 2008. £7,21XI 15 to be repaid in the next financial year. At 31 March 2023 the total balance repayable Is £190.700. On S February 2019 CWPS completed a new repayment a8reEment with GLGPS with ihe rErnaining balanGe to be pId i monthly instalments spread over the perlod April 2019 10 March 2026. 5horttermfvndingfucilibe5 The second 50urte of funding refletted in the balance sheet at 31 MaTch 2023 15 the overdraft facility frorn Lloyds Bank. The consolidated balance overdrawn at that date stood at £nil. There were also posltive cash balances in the group of £102.565. The Trustee5 are grateful to Lloyd5 fDr (ts contÈnuinB 5UPPOrt. Propertles and valuatlons At 31 Marth 2023. the historlc31 cost ol the freehold land is El.362.87512012 EI.212.9581. The net bookvalue of the frÈehold land. followlng revaluatlons, is £1,984.91712022= £1,A35,0001. At 31 March 2023. the historical CD5t of the leasphold land 15 £856,fKJD12022 f856,0001. The net boak value of the leasehold land, foll¢wlnE revaluatlons, is £838,88012022.. £847,440).
COTSWOLD LAKES TRUST TRUSTEES, REPORTIINCLUDING DIRECTORS, REPORn ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2023 Reserv*s Poh¢y In the Trustees, view, the reserves should provide the Charity with adequate linancial stabillty and the means for11 to meet It5 charitable objectives forthe fo¥esee8ble fvture. CLT has a long-term alm of malntainlng group re5erve5, in the of unrestrirted funds, equwalent to 12 months of gr0P total r250urces expended. The Trustee5 will ¥eview the amount of reserves that are required to ensure that they are adequate to fulfil the Chariiy's continuing obligatlons on an annual basls atthelr Finance Committee meeting. A5 al 31 March 2023, unrestrirted lund5 arnounted to £2,930.468 or 513% of group total fesources expended for that f1Th3nci31 ye£r, The Trustee5 will work to build reserves by maKimisin8 exÉsting income sources, devefoping new sources of Income and controlling expenditure within 8 Strategicframework. Reserves are being held at a hlgher level than the policy to ensure that liquid reserves are available if and when requlred. In the meantlme th2 a55et5 underlying the reserves are being used to furthpr the objectives of the Charity. In addition, the group held restricted funds of £102.10012022.. £149.4381, which aro explalned in detail In notè 20 to the ftTranciil statements. Related party tran5actlons Relatsd partytran5artlQll5 are disE105ed in Thote 25 to these flnancial staternents. RISK AND SAFETY MANAGEMENT The Trustees have a duty to identify and review the risks to which the Charity Is exposed and to ensure appropriate controls are in place to provlde reasonable assurance against fraud and error, and to manage and mitigate risks. The Charity a55e5ses itself against the stzndards set out in 150 22301. the Intern2tlonal stsndard for BuslTTre5s COntinuv, and maintains a Risk Register. The CharSty's risk managEment fr4mework is overseen by the Governall Risk and Compllance Commlttee Iformerly the Gavernance Camtnitteel, whlch monitors the Charity's compliance 8nd risk issues. and report5 at least tw£ce yearly to the Board. During the year. the Committee changed its name to reflect Its full remit. The Board 15 provided with an update at each Board meeting on the top Sl¥ $18nifieaAt risks laccgrding to the Risk Regi51erl and progress with their mitigation. These contern.. l. Health and safety risk 2. Reputational risk 4. DEmon51ratin8 the rlght balance Df conservation and sUPPOrting economic activities 5. Creating effective partnerships 6. Management The Trustees are aware of and have due regard to the Charity Commissfjon 8uidance on reportlng serious incidents and ha5 processes in place for reporting potentlally serlous In¢idents.
COTSWOLD LAKES TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORTI (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Safety PerformarKe The Charity had incidents to report during the year. We review 531ety performance of both relevant operators at Keynes Country Park Ip13nning 5olutlons LimitEd at Cotswold Country Park & Beach and Waterland fjear Lfjmited at Lake 32 Outdoor Centrel at least Dnce a year. We continue to monitor publlc behaviour at all our sites. Including litterin& unauthorised swimrning in dangerous locatlons despite whrnirt8 5ign5, waDdalism, drug-taking and parklng on verges l atross entnCeS etc. We work with local stakeholders, IncludinE Cotswold Di5tricL Wiltshire 8nd Gl)ucestershire County Councils, the pollce service and othÈrs. drawing attention to the issues. With limited pollce resources. and an absence of 5UPPOrtive le8is13tioTh. enforcement where poor and dangerous behaviours ère a problem is difficult. Structure* 8ovemance and martaEemertt The Charity is a compzny limited by guarantee, Incorporated with Companies House on 11 July 2}5. and rEgistered wlth Charlty Cornmis5ion on 9 August 21M)7. The CharitV'5 operations are controlled from. and its records maintained in, its office at Cotswold House. Manor Farffl. Down AEnpneyp near Cirecester. The Charlty Is controlled by it5 governing document, which is the Charity's Articles of AssoclatSM. as amended by ¥esolutlon on 31 OctobÈr 2DI6. The Trustee& who are also the dlrectors lor the purpose OF company law. and who served during the year and up to the date of 5i8nature of the linanclal staterneThts were., Paul Mazel Ichairl Bèrry Butler Anne Cooper Thomas Corran Duncan IRobertl Hall Martin Kingston Pippa Langford Heidi Thompson Edw4rd Wilson (Appointed 10 June 20221 IRe5i8ned IOJune 20221 The Tru5tee5 are expected to hold a mintmum of %x meetlnBS per year to consider the Charltvs activitie5 ar to monltor progre55 against the Charitys p12ns. Board The board nine tiniES during 2022n3. The Board has five sub-¢omrnittees.' l. Finance Commlttee 2. Audit Committee 3. Nominations Committee 4. Remuneration Commfttee S. Governance Risk and Cornpliance Comméttee
COTSWOLD LAKES TRUST TRUSTEES. REPORT (INCLUDING DIREcfoRS' REPORT) {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2023 Flnanre Committee The Finance Committee reviews monthly manageTHent ac£ounts, current 5h position and cash flow f¢xeeasts, scrutinise5 bud8eÉs, contractual comtnltments and capital expenditure before maklng recommendation to the Board. The FinanTr Colnmittee proe5 summary reports to the 803rd at each meeting. In 2022123 the Finance Committee met on eight o¢¢aslons. During the year the committee wnsisted of between three to five mernbers with the Development Oirector. Finance Oirector and the Property DirÈrtDr of Cotswold Water Park Society in attendance-. l. Barry Butler 2. Duncin Hall 3. Paul Hazel FCA FCT. Chèir 4. Heidi Thompson 5. Themas Corran (Appointed 10 June 20221 Audlt Commlttee The Audit Committee mEt on 22 July 2022 to review the financial statements ol the Cotswold lakes Trust and its subsldiarles and thÈ furthÈr pro#re55 made on addres5in8 any remalning internal control and Proc issues. In 2022123 the Audit Committee rnembershlp ¢tsnsi5ted of,. l. Barry Butler. Chair 2. Paul Hazel FCA Frr 3. Thama5 Corran lappolTrted 10 June 20221 Nomlnatlons ComnNtteE New Trustees are recruited against a written specification, which 15 approved by a No¥nination5 Committee. and which explalths the role of Trustees 3nd outlines sp*cifit skills and experlen¢e that are required. Potential Trustees are asse55ed by the NominatioTh% Committee following which the Nomlnations Comrnittee makes a recommendation for approval by the whole Board. On 202¥23 the Nominatlons Committee membership consisted of,. l. Barry Bler, Chair 2. Paul Hazel fCA FCT 3. Edward Wi150n (Retired 10 June Z0221 Trustee5 are given an induction to the organlsation both during and after (ruitment., the Induction Include5 detsi15 of the or8anisation's objects, role. lchievernents, structure and finances. The Nomination Committee did not meet during the year. Remuneration tommlttee In 2022123 the Retnunei4tion Cornmittee rnember5hlp consisted of.. l. Barry Butler, Chair 2, Paul Hazel, FCA FCT 3. Thomas Corran IAppointed 10 June 20221 The Remuneration Committee met on 17 March 2023 to review staff salaries. In revlewing pay Committee ¢onsider5 various factors tncluding current pay IEVE15, Several indices. including Wills Tower Watson UK Forecas( and general industry pay level5. -io-
COTSWOLD LAKES TRUST TRUSTEES, REPORT (INCLUDING DIREcfoRS' REPORn (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Governon¢¢ Risk afid Cornpllance Commlttee In 2022123 the Governance Risk and Compllan¢e Commlttee membership consisted of.. l. Heidi Thompson. Chalr 2. Barry 8utler 3. Dunian Hall 4. Paul Hazel FCA FCT During the year, the name of the Comrnittee was changed to the "Governance Risk and Compllance Comrnittee" from the "Governance Commlttee Thls is to better refflect the Committee's remit and a¢¢ovntsbilities. Thè Catnrnittee monitors compliance with the Charlty Commission's Charity Governance Code and guidance, risk manaÉement procedures. and business tontinuwty mana8ernenL The Commlttee met on 26 July 2022, 9 Septembef 2022 and l January 2023. Annual General Meetlng The AGM of tho Trust wa5 held at Cotswold Country Park & Beach on 6 October 2D22. The Trustees. Report and Financial statement5 were all approved. Members duly confirmed the appointment5 of Thoma5 CoTraTr and Heidi Thompsan and re- elected Martin Kingston and Pippa Langford as Trusteesfor a furthei three years. Business Plan During the year. the Charity's Bu5ines5 Plan focused the Charity's limited resources on developing income from ts sltes and other attivitles. A key p3rt of the Charity's future busine55 model continues to re-e5tabli5h income streams from its existing asset b3SE. These In¢lude maxirnising the revenue from the operation at Cotswoltl Country Park & Beach and, in the long term, Cleveland Lakes which requires substantlal restoration and enabllnEworks to open it up fully to the public. fjovernznce In the spirlt of th@ Charity Commlssl#n's Guidance on Charity Governante Code. and in line syith good governance policy as contsined In the VK Corporate Goverllan Code, the following governance mÈasures Continued to be implernented.. l. Board of Trustee5 exercising effective oversight of the artivities of ihe Charity and promotin8 the long-term sustalnatsle 5ucce55 Of the Charity. 2. Guvernance Risk and Compllanty Commitiee. re5pon5ible for the code of governance )11¢¥ and supportin¥ governance and risk fr£mework5. 3. Audit Committee. 4. Nominatians Committee. 5. Remun@ration CDmmittee. 6. Flnance Comrnittee which reviews and recommend to the Board Dn the following.. al Annual budgetlng process that is formally approved by the Boaid of Trustees bl Annual cash forecasts revlewed eÈch tnonth cl A system for approval of any capYÉal expendlture dl A systern for approval af any dlsposal of capital iterns or property el A system for approval af major Contracts n MDnthly management a¢¢ount$ scrutini5ed and 5ubsequendy repoited to the Board gl Longer term piofit and1055 1 cash flowforecasting 7. A scheme of delÈgated auth¢rity for Chair and senior stalF/ Trustees. 8. Asystem for approv?1 of the recruitment of new Staff. -li-
COTSWOLD LAKES TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORTI (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 StatemEnt of trustee5' respon51bllltle5 The trustees, who are also the dlrectors of Cotswold Lakes Trust for the purpose of company law, are re5pon5ible for preparin8 the Trustees. RepDrt and rhe financi41 statements in accordance wlth applliable law and Unlted Kingdom Accountlng Standards (United KinsdDrn Generally Accepted Accounting Practlcel. Company Law requlre5 the tTUStees to prepare flnancial statements for each financial year whith give a true and fair view of the state of affairs of the charity and of the incornirng resources and appllcatloTr of resources including the Inttjme and expenditu. of the charitable COpanyf0Tthat year. In preparing these financi415tatements. the trustees are required to.. select suitable accounting pDlicle5 and then applythern Consistently: - observe the method5 and prlnciples In the Charities SORP,. make judgements and estimates that arÈ reasonable and prudent- and prepare the finallcial Statements on the going concern b8sis unless it Is Inapproprlate to presurne th3t the charfty wlll contlnue In operatlon. The trustees are responsible for keeplng adequate accounting records that dlsclose with reasonable aceura¢y at any time the financial posltlon of the charity and enable them to ensure that the financlal statèments comply with the Companles Act 2006. They are also responsible for safeguarding the assets of the charity and hEnce for takin8 reasonable Steps for the pwention and detertion of fraud and other irregularities. The trustees, report w s approved by the Board of Trustees. ru Date.. 12-
COTSWOLD LAKES TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF COTSWOLD LAKES TRUST I report to the trustees on my eKaminatioD of the con5o1idated financial statemerbts of Group comprising the Cotswold lakes Trust (the charity) and Its subsldiary undertaking5 fortheyearended 31 March 2023. Respon41111e$and bas15 Ot report As the trustees Df the charity land also its dlreclors for the purposes of company lawl you are SponsIble for the preparatio of the financi81 statements in accordance with the requirements" of the CDFnpanie5 Art2{m Ithe 2D06 Acll. vlng satisfied myself that the fiThancial statements of the charity are not requ*red to be audited under Part L6 of the 2006 Act an(t are eligible for Independent examlnation, I report in respect of my examination of the charit¢s financlal stateffient5 carried out under sertion 145 of the Charities Act 2011 (the 2011 Act). In carryin8 out my Examinatlan I have followed all the applicable Direction5 given bythe Charity Comrni5510n under section 14515llbl of the 2011 Act. Independent examiner's statement Since the ¢haritV5 V055 income exceeded £250,000 your examiner must be a member of a body listed in sectioTh 145 of the 2DII Act. I confirm that I zm qu31rfied to undertske the exatnlnation because l am a rnember of Institute of Chartered Accountants in England and Wales. whkh is one of tho IlstÈd bodles. I have completed my examlnation. I confirm that no matters have come to my attention in conrettion wlth the examination glving me cause to believe that in iny material respect.. acrounting records were not kept in respect ol the charityas required by section 386 of the 2006Act- or the fin3ncial staternent5 do not accord with those re¢grds,' or the financlal 5tatewents do not comply with the accounting requirements of settion 396 (Ff the 2006 Act other than any requirement that the accounts yjve a true and falr view which 15 not a matter considered a5 part cf an independent Exarnination,. Dr the finanilal 5taternent5 h3ve not been prepared in accordance with the methods and prlnclple5 of the Statement of Recommended Practice for accounting and reporting by charitles applicable to charitips preparing their accounts in è¢cordènce with the Financial Reporting Standard applicable in the UK and Republit of Ireland IFRS 1021. I have no concern5 and have come across fto other matters In cornnection with the examination to which attention shotsld be drawn in this report in orderto enable a proper understanding of the financial statements to be reached. Tim Lerwill, FCA Old Mill Actountanry Llmlted Untt 2 Greenways Busir)ess Park Bellinger Close CHIPPENHAM Wiltshire SN15 IBN England Dated.. 1811012023 13-
COTSWOLD LAKES TRUST CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2023 Unre5trirted fund$ 2023 Re5trl¢ted fund$ 2023 Total Total 2023 20ZZ Incorne and endowmentsfrom" Don/tion5 and legacie5 Charitable actlvrtles Cotswold Water P3rk Society Llmlted Cotsw)Id Water Park Estates & Ranger Services Llmlted other ircgme 20,622 90,983 343,564 10,988 144,107 575 89,789 21,197 180,772 343,564 10,988 144,107 28,160 93,392 473,448 13,761 165 Total In¢ome 610,264 90,364 7¢XI.628 608,926 endiiure on.. Ralsing funds.. Cotswold Water Perk Society Limited Cotswold Water Park Estates & R3n8erServlces Limited Ch3ritsble activities 116,463 6,548 33Z,132 116,463 6,548 448.555 190,334 6,501 361,072 116,423 Total expendltwe 455,143 116,423 571.566 557,907 Net 1nrorn1n1Outgoingj resources before transfers 155.121 126,0591 129,(*2 51,019 Gr05S transfe between fijnds 21.279 121,2791 Net kncomellexpendlturel forthe yearl Net movement In funds 176,400 147,3381 129,062 51.019 Fund balance5 at l April 2022 2,754,068 149,438 2.903,506 2.852,487 Fund balances at 31 March 2013 2,930,468 102.100 3,032,568 2,9D3,506 The statement of financial actIveS includes all gairbs and losses rectygnised in the year. All income and expendiiure derl¥e from continulng activlties. The statement of financi81 attlvltles also ¢omplies with the requlrements for an income and expenditure account under the Companles Act 201. 14-
COTSWOLD LAKES TRUST GROUP BALANCE SHEET AS AT 31 MARCH Z023 2023 20ZZ Note5 xÈd assets Tangible a55ets Investments li 12 2,g50.820 1.300.000 2.766,711 1.300.000 4.250.820 4.066,711 Current a55ets Debtor5 Cash at bank and in hand 14 39,355 102,565 205.426 170.121 141,920 375.547 Credltors= amounts falllhg duE Wlthin one year 1310,7711 1390.0711 Net current Ilablllties 1168.8511 114.5241 Total asset5 legs current Ilabllltles 4.081,969 4.051187 Credltars: arnountslalllngdue after mre than one year 16 11.049,4011 11.148.681) Net assets 3.032.S68 2,903,506 Income funds Restricted funds Unre5trlcted funds 20 102,100 2,930.468 149,438 2.754,068 3,032,568 2,903,506 -1s-
COTSWOLD LAKES TRUST GROUP BALANCE SHEET (CONTINUED} AS AT 31 MARCH 2023 The company is entitled to the exemption from the audlt requlremevt CDntaIrd in section 477 of the Companies Act 20DG. for the year ended 31 M2rch 2023. The dlrectors acknowledge thelr respon5ibilitie5 for cornplying with the requlrements of the Companies Act 21J06 wlth respect to accounting records 2nd the preparation of financial Statements. The members have not required the company to obtain èn audit of it5 financial ststements for the year in question in accordance with section 476. These flnancial statements have been prepared in accordance wf(h the provlslons appllcable to companies subject to the sm311 companies reglrne. ThE finBncial 5tsterne on its behalf by. approved by the board of trustees and authorised for issue on l ol.l.'LSnd are 51Bned rus 16-
COTSWOLD LAKES TRUST BALANCE SHE AS AT 31 MARCH 2023 2023 2022 a¥ re$tthd Nots5 Flxed assets T2ngible assets Investments li 12 40,069 14 18,076 14 40,083 18,090 Current assets Debtors Cash at bank and in haTrd 102,439 49,480 62.389 103.709 151,919 166,098 cl.. amounts fallinR due vthhln one year 15 1256.5841 1301,5151 Net ¢urrent lihbilities 1104,6651 1135,4171 Totgl assets le5s£urrent IlabilEtle$ 164.5821 1117,3271 Income funds Restritted funds Unrestricted funds 102,iao 1166.6821 149,438 1266,7651 164,5821 1117,3271 The Charity's net mtsvement in funds forthe year was a surplus of E52,74512022.. dEfi£it f84,1191. The company Is entitled to the exemption from the audlt requirement contained In section 477 of the Companies Act 21)06, for the year ended 31 March 2023. The dirtOrS acknowledge their responslbilitles for mplying with the rEquirements of the Companies Act 2006 with respe¢t to accounting records and the preparation of financial statements. The members havE not required the cornpany to obtain aTh audit of its financial ststements for the year in question in accordance wlth section 476. The52 financial statements ha¥e been prepared in accordance with the provisions appllcable to ¢omFJanie5 subject tc the $mall companies re£ime. The flnanclal st2temÈ ere )pproved by theTrustees on Company re81str41ion number 05504806 17-
COTSWOLD LAKES TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 A¢¢ountlng pollcles Charlty Infovmatlon Cotswold Lakes Trust ICLTI is a private company Ilmired by guarantee l#¢orporated in EnEland and Wales. CLT Is also re8i5Eered a5 a chaiity with the Charlty Commission, in England and Wlae5. The giStered DffI 15 Cotswold House Manor Farm, Down Ampfjey, CIRENCESTER, Gloucestershire, GL7 5QF. Every member of the Charity undertakes to contilbute to Ihe assets of the 0)ar In the event of it being wound up whlle he or she Is 2 member, or wlthin one year after they cease to be a metnber. Such a charge would be made for payment of the debts and liabiliiies of the Charity ¢ontia¢ted befo Ceasing to be a member, and ol the costs, Charges and expense5 of windifjg UPI and for the adju5trnent of the right5 of the contributories arnong themselve5, such amount as May be required notextreding £1. The number of members at 31 March 2023 w35 The re8lStered and printipal office of CLT land its wholly owned subsidiaries Cotswold Water Park Estates & Ranger Servlces Llmlted and Cotswold Water Park Society knmitedl 15 Cotswold Wou5e, Manor Farm, Down Arnpney Estate. CirencÈ5ter, GloutesteT5hirè, GL7 5QF. 1.1 ArcountlnE coTrvEntlon The financial 5talefflent5 h3VE been prepared in accDrdance with the ¢harity's governin8 dotutnÈni, thÈ CoMnIeS Act 2006, FRS 102 "The Flnan¢ièl Reporting Standard applicable in the UK and Republic of Ireland" I"FRS 102.1 and the Charities SORP "Accounting and Report¥ng by Charitle5.' Staten7ent of ReCOrnTrrnded Prartice appllcable to ch&ritles preparing thetr 3ccount5 in accordance with the Financi81 Repcrting 5t8ndard applicable in the UK and Republic of Ireland IFRS 1021" leffective l January 20191. The charity Is a Publlc Benefli Entity as defined by FRS 102. The finan¢lal statements are prepared in steding. which 15 Ihe functional currenry of the charity. Monetary amount5 Èn these firnancial statements are rounded to the nearest £. The financial statements have been prepared under the historical c05t convention. The principal accounting policies adopted are set out below. The Charlty has taken advantsge of the exemption allowed under 5ertion 408 of the Cornpanie5 Act 20(6 and has not presented its own Slatement of Financial Activities In these flnancial ststements. Basls of Consolldatlon The Group financial statements consolidate the flnanual statement5 01 the Charlty and its subsidiaries Cotswold Water Park SDcl&ty Llmlted IcoTnpany number IP28479RI and Cotswold Water Park Estate5 & Ran8er Servtces litnited Icompany number 061492441 as at 31 Mar¢h 2023. All inter-group transactlons and surplu*s are lully elim1ned on Consolidation, The parent company'5 incorne was £501,300 12022.. £276,953) and expenditure w85 £448,555 12022.. £361,07218Ning net Income DI £52,74512022 net expenditure.. £84,119). 1.2 Going ¢on¢em The financial staternents are prepared on the going concern basls. The cha¥ity produces annual budgets znd regularly updated cash-flow forecasts which take into account experted changes in the lunding streams which dcmonstraie that the Ch3rity will be able to contlnue to operate. Th¢ Trustees are satlsfled with the rellability of these budgets and forecasts. The Trustees believe that there are nD tnaterial uncertaintie5 about the Charit¢s abllity 10 ci)ntinuÈ in operational existence for thÈ for&e81e future. On this basls. the Tw$tees conslder It appropriate to prep8re the linan¢ial statements on the going con¢ern ba515. l.J CharltsE>le fund5 Unrestrictsd fund5 are availablefor use at the discretion of the trustees in furtherance of their charitable objectNe5. Restrkted fund5 are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial st8tements. 19-
COTSWOLD LAKES TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Accountlng poll¢les Icontlnuedl IA Income Income received for a specific restricted purpose 15 credited to a separate restricted fund which is shown in a note to the flnancial statements. Total income credited to restricted funds is dlsclosed Sn the St#temenl of Finavcial Acli¥ities, which a150 shows the income In respect of unrestrlcred funds. Grants receivable, including 8overnment 8rants, and dDnatlOD5 are credlted tD the Statement of Financial Activities in tho yÈar to whl¢h they are entitled to that income. Donated facilities and services or Rifts-in-kind are recognised the statement of Financial Arlivities at an appropriate value to the group. The ch2rity benefits frtrm gift5-in-kind ill the forrn of volunteer time and unclaimed out-of-pocket expenses - there 8re not recognised in the financial statements, but furth2r inforrn3tion is promded in the Trustees. ènnual report. 1.5 Expenditure All expenses are accounted for on an accruals basi5, inclusive of any irrecoverable t2xatlon. Charftable activities comprise all expenditure ncUrred directly re12tingto the objects of the Charity. Raising funds comprise the tradlTrg expendlture incurred bythe Charity's subsidiaries. Governance ¢¢sts are those iured in connection with the administration of the Charity and compllance v4ith ¢Qn5twtIQnal and statutory requiTements and are included within support Costs. Support lost5 are those costs incurred directly in support of expenditure on the objocrs. These have been allotated to the activities on 3 bèsis consistent with the use of resources. 1.6 Tangible fixed assets Tangitle fixpd a55ets are initially mpasured at cost and subsequently measured at cost or valuation. net of depreciation and any impairrnent1055e5. Tangible assets are capitslised and recognised when future e¢onomic benefits are prDbable and the c05t or value of the asset can be measured reli2bly. The capltallsation threshold is £250. Depreciation bs recognised so as to write off the cost or valuation of assets less their residual v4lue5 oveT their useful lives on the followlng bases.. Freehold land Leasehold land Leasehold improvements Equipment Not deprEtTatEd 1% strai8ht line 4% straight line 20% reducing balance -20-
COTSWOLD LAKES TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2023 Acwuntln¥ polldes {Continuedl The galn or loss arlsinÈ on the dispo531 of an asset is determined as the dlllerence between the sale proceed5 and the carryingvalue of the asset, and is recognised in the statEment (rffinaniial artivities. Revaluation of tanglble flxed assets Individual freehold and leasehold properties are carried at fzir v31ue at the date of the revaluation less any subsequent a¢¢umulated depreclation and accumulated impairmeTht losses. Revaluatlons are undertaken wlth sufficient iegularity to ensure that the carrying amount does not differ materially from that whl£h would be determlned using fair value at the lance Sheet date. Fair values are determlned from market bas evitlence normally undertaken by professionally quallfied valuers. Rev81uation gains and losses are recognised in the Statement of ComprehensNe IncomE unfe55 105ses excped the previously recognised gains or reflert a clear consumption of economic nef. in which ¢ase the ex¢e5s 10s5e5 are recognised in Income or Expenditure. 1.7 Fixed asset investments Investrnent land is held at market value_ cnge5 in valuation of investments during the year are shown as galns or losse Investments in subsidiaries are valued at cost less provision fDr impairment. 13 IM1rent offixEd a&¥et5 At each reporting end date. the chariiy revlews the tarrying amDunt5 Df its tangible 3sset5 to detprrnine whether there 15 any indication that those asset5 have suffered an Impalfment loss. If any su¢h indication exists. the reco¥er3ble amount of the asset is estimated in order to determine the extent of the impairment loss lrfanyl. 1.9 Cash and cash equivalent5 Cash and cash equivaleTrt5 includE cash In haThd, deposits held at call with banks. other short-term liquld Investments wlth original maturitie5 of three rnonths or less. and bank overdrafts. Bank ovprdrafts are shown within borrDWingS in CUffEnt liabilities. 1.10 Finala1 instruments The charity has elected to apply the provi510115 (Ff Secticn Ll 'Basic Financial Instruments. and Section 12 '0ther Flnanclal Instruments15sue5' of FRS 102 to all of its financial iTh5truments. Financial in5trument5 are reco8ni5ed in the charity's balance sheet when the charity becomes party to the contrattual provlsions of the instrument. Financial a55ets and liabilitie5 are offset. with the net amounts presented in the flnan¢lal statement5, when there 15 legally enforceable right to set off the recognised amounts gnd there 15 an intention to settlE on a net basis Qr to realise the asset and setde the liabiliiy simultaneously. Bl¢finn¢1&1o$Sets Basic financial asset5, which include debtors and cash and bank balans. are initially measured at transattion price sncluding transaction costs and are subsequently carried at amortisÈd tost using the Effertive ItereSt TnethDd unless the arrangement constitutes a financing transaction. where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets ¢la$5if4ed a5 ieceiv3ble wtthin one year are not amortised. -21-
COTSWOLD LAKES TRUST NOTES TO THE FINANCIAL STATEMEP4TS (CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2023 A¢countln# policies IC¢ntlnuedl Boslcflnuntltslliobifitles Basic financial liabllitles. intluding creditors and bank loans are init1311y recognlsed at transaction price unles5 the airangewneryt COll5titutes a financing transaction, where the debt instrument is measured at the present value of the future poyrnents discounted zt 3 market rate ¢f interest. Finanual liibilities cla55ified a5 payable within one year are not amorttsed. Debt in5truinerts arp subsequentty carried at amortised cost usin8 the effective interest rate method. Tiade creditors are obligations to pay for goods or services that have been acqulred in the ordlnary course of operation5 from suppliers. Amounts payable are ¢lassllled as current liabilttie5 il payment is due within one year or less. If not, they are presEnted a5 non-current liabilitie5. Trade credltors are recogni5ed initially at transaction price and subsequentty measured at amortlsed cost Usin8 the effective interest method. Dererognitlon offinunthlllobllltles Financlal Ilabilitie5 are derecogni5ed when the chariws £ontractual OblatiOnS explre or are discharged or cantèlled. 1.11 Tajtatlon A5 a registwed Charity. CLT 15 entitled to tax exemptlons on all rts 5n¢ome and Eain5, propefly applied for its charitable purposes. I.IZ Employee beneflts The costof any unused holiday entitlernent is recognised in the period in whith the employee's setvlces a re£eivEd. Termlnation benefits are recognised immediately as an expense when the tharlty ts demonstrably committed to termiTrat? the employment of An employee or to provide termination benefits. 1.13 Retirement beneflts The Group opÈrates a dèfined pension contribution scheme and the pension charge represents the amounts payable to the Charltytoihe fund in respect of the year. Further detai15 are disclosed in the notes to the financial 5ktement5. -22-
COTSWOLD LAKES TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2023 Crltical accountlllg estlmates and ludgements In the 8pplitatioD of the charfjvs accounting policies. the trustees are required tD rnake judsemerts, estimates and assumptlons about the ca¥ryivg arnount of assets and liabilities that are noi ollY apparent from other sources. The estiFnatps and associated assumptions are based On hlstorl¢al experience and other factois that are con51dered to be relevant. Artual result5 may differ from these estimates. The estimates and underlying assumptions are revlewed on an ongoing basis. Remslons to actountlng estimates are re£ognlsEd in the period In which the estimate is revised where the revlsion affects only that period. or ij the period of the revislon and fvture periods where the revislon aflects both current and futu perlods. Critical judzemenls Useful economic Nfe of tanglble assets The 8nnJ81 depreclation charge5 for the tangible asset5 is sensitive tD ch3n8es in the estimated useful economic lives and residual value5 of the assets. The useful economit Ilves and residual value5 are amended when necessary to reflect current estimates and the physical ¢ondltlon tyf the as5et5. The notes to the financial statements shows ihe carrying amount of the LanglblÈ assets, and the accounting policy states the useful lives for each class of assei. Impalrment of debtors The Chanty m3ke$ 3n estimate of trade and ather debtors. When assessin8 the imp3irrnent of trade debtors and other debtors, man2gemont cot)siders factors including the current credit rating of the debtor, thE B8ein8 profile of debtors and historlol eXptrfen. Attrual ol rental expenditure The Charity has not been Invoiced rentsl expenditure in respect of one of its propeitles for a numbÈr of months, In the absence of such corresponden, the Charity ha5 made a best estimate of the expected costs and ac£rued for such costs. Donatlons and legacle5 Unre5trlcted lund$ 20ZJ Restrfcted funds ZD23 Total Ttttal 2023 Z02Z Donations Membership subscriptions 3,863 16,759 575 4,438 16.759 10.104 18,056 20.622 S7S 21,197 28,160 Forthe ye*ended 31 March 2022 18.056 10,104 28,160 23-
COTSWOLD LAKES TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Charitsble actlvltl¢s 2Q23 2022 Map and webslt Events Grant income 24,151 26,732 129.889 24,912 5,920 62,560 180.772 93,392 Analysis by fund Unrestricted funds Restricted funds ,983 89.789 26,689 66,703 180,772 93,392 other In¢om• Unre5trkted Unre5trlcted fund5 2023 fund5 20Z2 Mixellanpov5 iniorne Filming Income 165 144.107 144,107 165 -24-
COTSWOLD LAKES TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Charitable artlvltles Z023 2022 Charltable Expenditure directfy relatlng to environmental actiwties 100,062 68.089 Share of sUPPOrt C05t51see note 71 Share of Bovernance costs15ee note 71 342,239 6.254 288.9 4,083 448,555 361,072 Anolysis byfund Unrestricted funds Restricted lund5 332,132 116,423 318.773 42.299 448,555 361.072 -25-
COTSWOLD LAKES TRUST NOTESTOTHE FINANCIALSTATEMENT5 ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Support Costs Support costs Govemance 2023 Support ¢OSts Governance costs iozz staff costs DeprÈciation Rent. rates and utllldes Motor and travel IT and tomputer costs Printing. postage and stationery Telephone Legal and professional Insurance 224,104 5,362 15,726 15,188 9,609 224,104 5,362 16,726 15,188 9,609 192.487 3,218 13.399 26.748 7,588 192A87 3,218 13.399 26.748 7,588 1,838 1,251 26.638 26,182 1,308 1,838 1,251 26,638 26,182 1,308 1,527 1.473 9,398 22,944 2.G40 1,627 1,473 9.398 22,944 Bank and credit charges Cleaning and waste disposal Sundry support C05t5 1.688 12,345 1,688 12,345 4.513 2,865 4.513 2.865 Independent examiner's ountan¢y 1,764 4.490 1,764 4.490 1.900 2,183 1.900 2,183 342.239 6,254 348.493 288,900 4,083 292.983 Anafysed between Charitable a¢tivlties 342.239 6.254 348.493 288.900 4,083 292,983 Governance costs Includes payments to the indepeThdent examiner of £1.76412022.- £1.9001 for the Independent examination. Also Inclvded in Rovernance costs are fee5 payable to the lThdependEnt examinei of £4,490 12022.. £2,183) in respect of a£countancy and other services. Independent Examlner Ftts Fe¢$ payable tts the ¢h7riWs auditor in respect of: 2023 2022 For audit senAtes For independent examlnation 5etvices All other nDn-audit services 9.996 1.764 8.882 7,600 1,900 5.325 Trustees None of the trustees lor any person5 connetted with thernl received any remuneration. beneflts or relmbursÈd expenses from the Charity during the year. -25-
COTSWOLD iAKES TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 MARCH 2023 io Ernployees The average monthly nurnber Df employees dtJrlnE the yearwas.. Charlty and Group 2023 Nber Chaylty and Group 2022 Number Staff Charfty and Group Charityand Group 2022 Employment costs 2023 Wages and salaries Social security cost5 Other pen51on CDSts 197.285 19,656 7.163 171,570 IS.153 5,764 224.104 192,487 The remuner2tion of key rnanagement peryonnel, including employer's nationèl insurance. amounted to £80,064 12022.. £76,0611. The values shown above arp the 5arnefor both the charity and the group. as the subsidia¥iÈs have no employees. There were no employees whose annual remunerition wa5 rnowe than £60,)0. -27-
COTSWOLD LAKES TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 11 Tanlble ftxed assets Group Freehold L LeasEhold lènd ieB5Bhald Improyémtnts EqPrpt Tot Cost At l April 2022 Additlons 1.835,000 149.917 856,0 110,233 26,000 78,719 27,355 2.879,952 203,272 At 31 March 2023 1.984,917 856,O¢XI 136.233 106.074 3,083,224 Depreclation and Impalrmerrt At l Aprll 2022 Depreciation charged In the year 8.560 8.560 53.605 3.494 51.076 7.109 113,241 19,163 At 31 Mèr¢h 2023 17.120 57.099 58,185 132,404 Carryingarnount At 31 M?r<h 2023 1,984,917 838,880 79,134 47,889 2,950.820 At 31 M3r£h 2022 I.835,0 847.440 56,628 27,643 2,766.711 At 31 March 2023, historical cost of the freehold 12nd owned by the subsidiary, Cotswold Water Park SDciety Limited. is EI,362,87512022.. £1,212,958). Property owned by the subsidlary. Cotswold Water Park Society Limited, ¢onsisting of a colle£t4on of assets with both freehold and leasehold interests, was mared to fair value at 7 May 2021 based on a valuation undertaken by Martin Freeman IFRICSI of Fenn Wr4ght LLP, an independent valuer with recent experience in the location and class of the property bÈin£ valued. The method of determining fair value was based on Maet r2è115able value. If the a55Ets were MeaSud using the cost rrde1, the carrying amounts would be £1.362,87512022-. £1,212,958). Members of the subsidiary. Cotswold Water Park Society Limtted, consider the ypar end values shown above to be fair market Wdlue5 for all of the investment propere$ held by the subsidiary. The value of the freehold12nd ftsr Cleveland Lakes of £1S00.CKJO is secured a8ainst the loan balances as detalled In note 17. 28-
COTSWOLD LAKES TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 11 TanKlble fixBd as5et5 Itontlnued) CharSty Iqylpmtrt At l April 2022 Additlons 42.430 27,355 At 31 Marth 2023 69,785 Depreclatlan ard Impalrmert At l April 2022 DePlatIOn charyed in the year 24,354 5,362 At 31 Marth 2023 29,716 Corryingarnount At 31 Marih 2023 40,(9 At 31 Mafch 2022 18,076 Flxed asset Investsments Investment Land Group Cost orvaluatlon At l April 2022 & 31 March 2023 1.300.000 Carrylng amount At 31 MaTch 2023 1,300.000 At 31 March 2022 1.3(FO,000 Flxed a55et Investments ievalued The hlstorlcal Cost of the inve5tment5 is £25.00012022.. £25.()1. Property owned by Cotswold Water Park Society Limited. consisting of a collectlon ol assets wtth both freehold and leasehold intere5t5, W35 revalued to falr value at 7 May 2021, based on a valuation undertakEn by Martin Freema IFRICSI of Fenn Wright LLP. an independent valuer with recent experience in the location and class of the propertv being valued. The method of determining fair value was based on market reallsable value. Members conslder the year end values shown above, to be fair market value5 for all of the inve5trnent PTopertie5 held by the Society. -29-
COTSWOLD LAKES TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2023 Flxed asset InvE5tments Icontlnuedl Charlty Other investmer as restated Group Cost or valuadon At l April 2022 & 31 March 2023 14 Carrylng amount At 31 March 2023 14 At 31 M2rch 2022 14 13 Subsldlarles These finan¢lal statements ale group financial statements of the Charlty and its subsidiaries Cotswold W3ter Park Sa£lety mIted and Cotswold Water Park Estates & Ranger Service5 Limited as at 31 March 2023. Detsils of the char6ty's subsffidlarles at 31 March 2023 are as follDW5: ame of undertaklng ReBlstered offKe Nature of businws Cla55 0 share5 held % Held DirErt Indirert Cotswold Water Park Society Cotswold House Management of blodivetsity mited Manor Fartn, within, and the promolion of and Down Ampney, education in respect of the Circence5ter, Cotswold Water Park Gloucestershire. Ordinary 67.00 33.00 GL7 5QF Cotswold Water Pirk Ettates & Cotswold House Tradin8 activities relatlThgto the Ordinary Rangèr Seryires Limited Manor Farrn, Charity Down Ampney. Circencester. Gloucestershire. ioo.(x) GL7 SQF The aggregate capltal and reserves and the resuli for the year of 5ub5idiaries included in Ihe consolidation was as follows.. Ngme of undertaklng ProfftllL0551 Capitsl and Cotswold Water Park Society Llmlted Cotswold Water Park Estates & Ran8er Servlces Llmited 97,085 120,7841 3,213,580 1116,4161 -30-
COTSWOLD LAKES TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 13 Subsldlayles Icontlnuedl M3na8ement charges c¢f £130.00012022.. £130,OCQI and £25,224 12022.. £25.2241 are included wlthin administr*lon costs of Cotswold Water Park Society Limited and Cotswold Water Park Eststes & Ranger Servl¢es Urnited re5PECtively. These costs were paid to Cotswold Lakes Trust and have been ellminatEd on consolidation. 14 Dobtor$ Group 2023 GroLtp 2022 tharity 20Z3 Charity 2022 Amut5 falllnE due wlthin one year: Tra¢Je debtor5 ArnDunts owed by fellow group undertaknng5 Other debtors Prepayments and accrned income 18,917 184.869 ii.soi 72.615 4.786 13.537 5.108 44,209 468 12.604 5,207 15,231 1.142 19.415 39,355 205.426 102.439 62,385 IS C¥edltors'. amounts fallirb¥ due wlthlh one Group 2023 Group 2022 Charlty 2023 Charlty 2022 Notes Borrowin8S Other taxaEion and soclal secLJrity Deferted income Trade crÈditor5 17 126,005 36.910 16,902 83.678 21,284 11,660 26,530 127.824 15.706 11.660 7.930 36,613 18 29,703 Amounts owed to fellow group undertaking5 Pension liability Accruals 197.966 197.083 7,200 40.076 127,200 75,573 13.209 48,229 310.771 390,071 256,584 301.515 15 Credltsrs: amountsfalling due after morethan one VE•r Group 2023 Group 1022 Charlty 2023 Charlty 2022 Note5 Bank loans Other loans 17 17 94.890 771,011 183,SOO 115,472 852,509 180.7(K) l.Q49,401 1.148.681 31-
COTSWOLD LAKES TRUST NOTES TO THE FINANCIAL STATEMEWS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2023 17 Loan5 and overilrafts Group 2013 Group 2022 Charlty 2023 Charity 2022 Bank103ns Other loan5 115,823 876.083 136,756 8S2.509 991.906 989.265 Bk loan5 Payable within l year Payable in I to 2 ye2rs Payable in 2 to 5 ye3r5 Payable after S year5 20.933 20.933 61,051 12,906 21,284 21.605 67,052 26.815 115,823 136,756 thher loans Payable wrfchin l ye3r Payab1E in I to 2 year5 Payable In 2 to 5 years Payable after 5 years 10s.on 55,072 220.289 495,650 852,S09 876.083 852,509 991.906 989.265 Bank loafis The value shown for bank loaThs consist of three loans held by Cotswold Water Park Soclety knmited. Two of which. with a (ombined total owing at 31 March 2023 of £73,135. 3rE 5Ecured OD frEehold property i)f the Society beiryg Keynes Country ParK whith are also secured overvarfous leasehold land, and are rppayable by 2027. The other loan. vrith an 3rn0unt owin¥ at 31 March 2023 of £42,688 is guaranteed by UK Government under BBLS. Secured lotherl loan5 £876.083 01 the loan balance12022-.£852.5091 is secured on a freehold property of the society being Cleveland Lakes, and is repayable at the earliest in 2023. and the latest by 2038. No request has been received fDr any repayment Df the loan at the date of thls report. The loan balance includes £23.57412022..£209.9581 of accrued charges. 32-
COTSWOLD LAKES TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Deferred Income Group ZOZ3 Group 20ZZ Charlty 2023 Charlty 2022 Other deferted incotne L6,gJ2 26,530 7,930 Deferred Income Is In¢ludEd in the financial statements a5 follows.. Group 2021 Group 2022 Charlty 2023 Charity 202Z Deferred income Is included wlthln.. Current liabilitie5 t6,2 26.530 7,930 Movements in the year.. Deferred income at l April 2022 Released from prwDUS periods Resources delerred in ihe year 26,530 8,972 118,60DI 16.387 18,600 18.4571 7.930 17,9301 7,930 Deferred incame at 31 March 2023 16.902 26,530 7,930 19 Financial inslruments Group 2023 20Z2 CarryinKamount of finarbclal assets InruMentS measured at fair value through income and expenditure 1,300,000 1.300.000 Flnan¢lal a55et5 measured at fair value through income and expenditure comprise ol Investment land. The charity halds no financial assets measured atfalr value through Income and expenditure. 33-
COTSWOLD LAKES TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2023 Restrl¢ted funds The income funds of the charity include restricted funds ¢QFnprlsing the following unexpended balances of donations ?nd grants held on trust for speclfic purpase5'. Movement In lund5 In¢oMln¥ Resour5 resources exwded Translers 31fv1a*th2Q23 Cotswold Wator Park Ball- Au¢tlon/R3ffle Nationwlde Grant- River Colne works Growing our Comrnunltie5 Fund CWP Community Envlronmental lrnprovement Fund CWP WILD Project IEAI Neigh Bridge Country Park- New play area Neigh Bridge Country Park- Landscape plan Water vole recovery prolect IHllls LCFI Water vole recovery profrect ILower Mill e5tstel Tarma¢ 5horncote- Thames Water Top Pit- landscape plan Nature reserves guSde Nztional Lottery Heritage Fund- Transformlng the CLT Be4ver Bu5 (formerly Perch Podl Cleveland LakE Enhancernent- Hills Summerfield Trust Other 5rThaller restricted fund5 818 Give 2022 The National Lottery ITNLI Communlty Fund Youth Provlslons Grant Scheme- CLT pilot Old Railway ne Enhancements- Phase I 7.213 26 2.793 7,213 1341 12,7931 1.418 18,655 29.519 4,3S3 8.030 1.418 18,655 129,5191 4,353 8.706 11,628 13,¢J)O 19.4021 1,3 271 11,059 4.353 4.837 575 11.8751 271 11,059 14,3531 14,8371 8,(3 14,608 28.092 2.549 110,6121 14.608 128,0921 5,000 11521 12871 761 19.9441 19,3901 131,4821 439 5.100 9,750 9,390 50,000 5.024 194 18,518 149,438 90,364 1138,3431 641 102,IC -34-
COTSWOLD LAKES TRUST NOTESTO THE FINANCIALSTATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 20 Remrfcted fd$ Icontlnuedl Prior year Movement In fuhds Inrornlns Resources expe1 Trasfer$ BAIAnc4 at 31 Mèrch 2022 LAprll ZQZI Cotswold Water Park Ball- AUctnIaffIe Nationwlde Grant- River Colne works Growlng our Communities Fund CWP Community Environmental Improvement Fund CWP WILD Project IEAI Nelgh 8ridge Country Park- New play area Neigh 8rldge Country Park- Landscape plan Water vole recovery project (Hills LCFI Water vole rewvery project (Lower Mill E5tstel Tarrnac Shorncote- Thames Water Cleveland L3ke5 volunteer hub Top Pit- landscape pla Nature reserves guide Natlonal Lottery Fleritage Fund- Transforrving the CLT Thames Waier- Covld Rellef Beavef Bus Iformerty Perch Podl Cleveland Lake Enhancement- Hills SummerNeld Tntst Othef smaller restricted funds 10,210 26 6.835 12.9971 7,213 26 14,0421 2,793 1.418 18,655 29.519 4.353 6,103 1,418 18,655 29,519 4,353 8,030 12,000 110.0731 2,500 271 11.2(M)I 1.31J) 271 11,059 12.559 4,837 4.353 4,837 11.51)01 14,9971 160 4,353 4.837 5,483 3.000 14,160 111,5801 13,0Tr)1 18791 11,9081 8.063 15.487 30,OCK) 14,608 28.092 5.000 11521 1291 11231 114,930 76.807 142,2991 149,438 -35-
COTSWOU) LAKES TRUST NOTE5 TO THE FINANCIAL STATEfvIENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 2Q Rpslrictedfvnds IContinuÈdl toiswold Water Park Ball. AurtionlRaffle Funds generated from the prewlous Cotswold WatEr Park Balls have been put towards CLfs education pro8ramme and develaprnent of a play are3 at Riversid@ Park. However. fund5 generated from the 2019 Auctlon / Flaffle have been a110£3ted as general charltable ictivities and 3re therefore notclassified as restritted funds. Natjonwlde grant. River Colne work5 Grant toward5 valunteer equipment and tree clearznce on the River Colne. Grow5ng our Communriles Development of six on-road cycle routes in the Cotswold Water Park. CWP Communlty Envlronmental Improvements Fund Fundingto support officertime in managing a community Improvement fund forthe Cotswold Water Park. CWP WILD Project IEn¥ironment Agencvl Fundin8for a project officer to cany out impTovement works to Cotswold Water Pa¥k rivers. Nelgh Btldge Country Park- New play area Gravt to cieate a new play area at NElgh Brldge Country Par Nelzh Brld¥e Country Park- Landstape plan Grant to develop a landscape Improvement plan for Neigh Bridge Country Park. Watervole Recovery Project (Hllls LCF and Lower Mlll estate) Grant ta SUPPOrt CLTWaterVole Re¢¢>very Prograrnrne. Tamiac Fundlngfor Cotswold Water Park farmland bird prolecr. Shomcotèto RiverThames Wetland Connections Grant towards enronMental Ènhancements to Cleveland Lakes. Shorncote Reedbed and the Cerneywick Brook. Cleveland Lakes VolunteET Hub Funding ro Install a volunteer shelter and tool store at Clevedon Lakes. Tttp Plt- LaTrdsrape Plan Fundingto develop a landscape improvemEnt plan for part of Lake 21 at Cotswold Country Park & Beach. NatUTe Reserves Gulde Grant to design a nature reserves guide for the Cotswold Water Park. Natlonal Loitery HerTtag4 Fund-Transfomilng the Cotswold Lakes Trust Grant to enable CLT to expand and enhance its rnembership scheme. -36-
COTSWOLD LAKES TRUST NOTES TO THE FINANCIAL STATEMENT5 (cor1NvE0} FOR THE YEAR ENDED 31 MARCH 2023 20 Restrl(ted funds Icontinutdl Thames Water- Co¥ld Rellef Fundlng to Cover Ranger costs. Beaver Bu5 Iformerfy Perth Podl Funds genernted ta coverthe cost of a moblle Informatyon and education traller. Cleveland Lakes Enhancement- H1115 fjrant to support with ongoing management activttles at Cleveland lakes. SummerfleldTrust Donatlon towards the costs of the Dutdaor educatlon project. Bi8 Give 2022 Funding towards CLfs Biodiversity Project IBASEI. The National Lottery Cofflmumlty Fund-Awarfs for All Funding to hold a ¢otnmunTty open day at Cleveland Lakes. Ywth Prov15ion5 Grant kheme. CLT pblot Funding to deliver outdoor activity sessions for disadvanta8ed young people In Glou£e5ter5hire, Old Railway Line Enhancements- Phase I Grant to carry our bSodNersity enha#cements on the Old Railway Line. -37-
COTSWOLD LAKES TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 21 ATh•$1$ of net asset5 between fund5 Unre5trfcted funds Restricted funds Total Group 2023 2023 2023 Fund balances at 31 March 2023 aTe repre5errted by.. Tangible 355ets Investment propertles 2.928,899 1,300.000 1249,0301 11.049,4011 21.921 2,950,820 1,300,000 1168,8511 11,049,401) 80,179 Longterm liabilities 2,930,468 102.100 3,032,568 Uhwe5tricted funds Restricted nds Total Group- Prlor year 2022 as restated 2022 2022 as restated Fund balances at 31 March 2022 are represented bv.. Tangible assets Fixed asset invEstments 2.766,711 1,300,000 1163,9621 11,148,681) 2,766.711 1,300.000 114,5241 11.148.6811 149,438 Long term liabilities 2,754.068 149,438 2,903,506 Unrestrlthd funds 2023 REStikted funds 2023 Total Charity 2023 Tanglble assets Inve5trnent5 Current assets/lliabilstiesl 18,148 14 1184,8441 21,921 40,069 14 80,179 1104.6651 1166,6821 102.100 164.5821 Unrestrkted funds 202Z as restated Restrlcled funds 2012 Total Charlty- Prloryear 2022 as restated Tangible assets InvEStments 18.076 14 1284,8551 18,076 14 149A38 1135,4171 1266,7651 149,438 IIL7,3271 -38-
COTSWOLD LAKES TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Penslons commttments Cotswold Water Park Soclety Llmlted Is party to a definÈd benÈfit scheme operated by Gloucestershlre Local Government Pension Fund. The Society entered in to a new aereement on the 5 February 2019. A repayment scheme h8s been renegotlated wheieby the liability is being settled over a perlod of 7 year5 from April 2019, payable in monthly instalments from l April 2019. Although th¢s agreement was non-contractual. the outstandlng balance at 31 March 2023 of £190,70012022..£307,9001 has been included within Ilabilltles. £7,200 will be Tepaid In the Thert year. An interest rate af 2.79% hJ5 been applied to thi51ooD. The amount of the pension liability that 15 due after more than five years 15 £nil12021..£nlll. Once the agreed balance has been settled, the Society wlll have distharged all its pension obliBations to Glou£estershSre Local Guvernment Pension Fund. £190.7oo12022.. £307,X)Ql of the pen50on 114bility rel?lin8 to the defi'ned beneftL scheme is secured via a charge over a Socipty property. Cotswold Lake5 Trust does not haveany pension commitments at theyear end. Operating lease commltments At the reporting end date the ¢harlty had c513nding commitrnent5 for future minimum lease payments under non- cancellable opeiatln8 lea5e5, which fall due as follows.. Group 2023 Group 2022 as restsied Charity 2023 Charity 2012 Wlthln one year Befv4een two and fve years In over fi've years 6,250 25,IXIO 57.813 6.250 25,0Th) 64.063 89,063 95,313 Everrts after the reportlng date After the year end. Cotswold Water Park Sodety Llmited entered Into a contirFgent a8reernent to sell a proportion of the Cleveland Lakes compound for whÈch an estimate of the flnawial benefit cannot be made at this tirne. The society has received a non-refundable Jeposlt after the year end in relation to the contingent agreernent of £72,500. -39-
COTSWOLD LAKES TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2023 25 Related partytransactions Yransaclionswith related partles Duringthe year thE charity entered into the following tnsaCtIOnS Wlth related partle$= During the year, wnanagernent Ehargeswere charged from Cotswold Lakes Trustto Cotswold Water Park Socièty Limfjted and Cotswold Water Park Estates & Ranger Services Limited. ttstalllng £130,000 12022..£130,0001. At the year end, £197,966 12022= 197,0831 was owed to Cotswold Water Park Soclety Limked, and £72,615 12022.. £44.2091 was Included in amounts owed to CotSWDld Waier Park Estates & R3nKer Servi£e5 Limited. There were no further relatÈd p8rtytran5artions in the year ered 31 March 2023. 26 Cash generatsd from operatlons Group 2023 Group 2022 Charlty 2023 Charlty 2022 Surplu5lldelicitl for the year 129,062 51,019 52,745 184.1191 Adjustments for.. Depreciation and irnpairment of tangible fixed assets 19,163 16.855 5,362 3.218 Movements in working caplt31.. Decreasellincreasel in debtors IDecreasel/increase iri CTedltors (Decreaseifincrease in deferred Income 136,797 125.1191 19,6281 1102.1011 159.616 Z,213 140,0501 137,0011 17,9301 125.5881 105.748 7.930 Cash generated from aperatlon5 250.275 127,602 126.8741 7,189 The charity had no debt durlng rhe year.
COTSWOLD LAKES TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 27 Analys15 Df changes In net Idebtllfund5 Group Al IWt12022 Cashflow5 At31 Marth2023 Cash at b3nk and In hand 170,121 167,5561 102,565 Loans falling due wf(hin one year loans fallin8 due after more th3n one year 121,2841 1967,9811 1104,7211 102.080 1126.CQS1 1865,9)11 1819,1441 170,1971 1889.3411 Charity AE l Aprfl 2022 C•shffows Al 31 M•r¢h ZO23 Cash 8t bank and in hand 103,709 154,2291 49,480 103,709 154,2291 49,480 Prior Pedod Adlusknent The trustees have assessed the investmEnts in 5ub5idiarie5 held in ihe balance shp.et, and in order to more accurately present the balance sheet in thÈ prlor year, have increased the investment to include the £2 shareholding in Cotswold Waier Park Society Llmlted. A5 a result, fixed asset investments have increased by £2, and unrestrittod rÈserves has also Increased by £2. -41-