Cliiil ity ¥:klStrdLion iiuiiiF)er 1120518 Coiiip¢%ny roElstration Iiuliibcr 05504806 (Liicliind -,,nd Vlcilo.41 ANNUAL REPORT AND UNAUDII-ED FIKIANCIAL S-I-ATEIVIEiiI I S FOR THE YEAR ENDED 3111.Iif4RCH 2024
COTSWOLD LAKES TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees Paul Ha1 Ichalrl Barry Butler Anne Cooper Thomas Corran Duncan IRobertl Hall Martin Kingston Plppa Langford Heldl Thompson Secratary Paul Hazel Charlty numbar 1120518 Company number 05504806 Reglstered offlee Cotswold House Manor Farm Down Ampney CIRENCESTER Gloucestershire GL7 5QF Independent examlner Old Mill Accountancy Llmited Unit2 Greenways Business Park Belllnger Close CHIPPENHAM Wlltshlre England SN15 IBN Bankehs Lloyds Bank PIC 14 Castlè Street CIRENCESTER Gloucestershire GL7 IQJ Soll¢ltors Hughes Paddison Solicitors 10 Royal Crescent CHELTENHAM Gloucestershire GLSO 3DA Gardner Leader LLP Hardwick House Prospect Place SWINDON SNI 3U
COTSWOLD LAKES TRUST CONTENTS Pale Chair's statement Trustees, report 3-13 Independent examiner's report 14 ConsolSdated statement of financial activities 15 Group balan sheet 16-17 Balance sheet 18 Consolidated statement of cash flows 19 Notes to the financlal statements 20-42
COTSWOLD LAKES TRUST CHAIR'S STATEMENT FOR THE YEAR ENDED 31 MARCH 2024 The year has proved somewhat difficult from a financlal perspective as matters beyond our control have had a materially negative effect on the results. However there have been numerous operatlonal positives which will ensure a robust future for the Trust. Focuslng on the downsides first, the weather last year dramatically reduced the income generated from our maln revenue generating source Cotswold Country Park & Beach. The visitor numbers for the year were down 19°A on the previous year which obviously reduced the prolit contributlon as well as Gift Aid receipts. The weather also led to the cancellation at a late stsge of the Lechlade Muslc Festival whlch of course also had a negative impact on our financial performance. The final substantive matter whlch we could not control wa5 a vehlcle accident resulting in the long-term c105ure of Ha'penny Bridge in Lechlade which significantly reduced the number of people parking at our Riverside car park, the man slte for the Trust's parking income. Although not part of our formal budget expectations for the year the writers and consequent actors strike in North America meant that the opportunities to generate film loeatlon Income at Cleveland Lakes disappeared. Turning to the positives that arose during the year, the major achievement was the successful grant application from National Lottery Heritage Fund INLHFI which has allowed us to recruit a full time Nature Recovery Officer, Richard Mundy, and a part time Nature Engagement Officer, Rachel Barnett. Both these appointments will now allow us to betterfulfil our key charitable objectives in the future. The benelits will accrue to not only the Trust but importantly also to thewider area. In addition to the NLHF grant we have also secured generous grants f rom a number of organisations including Hills Group 1£50,0001 and we a150 held a very successful iok run event in early Ortober at Cleveland Lakes which attracted nearly 2CMJ entrants. The weather was very kind and a great time was had by all including the winner setting a course record. will it be beaten at this year's event? A new fundraising event was organised last year, the Team Challenge. Thls Involved all members of staff, plus a few Trustees and volunteers, who between them held a relay from Lechlade at the eastern end of Cotswold Water Park concluding at Cleveland Lakes at the western end of the Park. The 28-mile route included cycling, open water swimming, paddleboardln& runnln& walklng and culminated in a war canoe race at Cleveland Lakes. It was a fantastic event which raised £4,2621 Followlng a successful tender process and subsequent contract negotiations we reached agreement to sell approximately one acre of the ranger compound slte at Cleveland Lakes with contracts exchanged in April last year upon receipt of a IO% non- refundable depos5t. Sales completion Is effected when planning approval has been received for one private dwelling on the site, which will not have access to the Wlckwater Lake Nature Reserve. Unfortunately, the planning process has been somewhat protracted to date, but we anticlpate completion later this year. The sale proceeds will allow us to meet our medium-term loan Ilabilities and provide worklng capital resources. The remaining approximate one acre of the site will continue to be used for nature-focu5ed aCVItieS Includlng blrd rlnglng activities and of course the important Twitchers Gate. Another hlghlight during the year was opening the new Visltor Centre, formerly the Muddy Duck Cafe at the De Vere Hotel, in partnership with Cotswold Canals Trust. The Centre was refurbished by volunteers and following the launch In May some 5,000 vlsltors made use of this wonderful asset in the year. Although the building is currently lea*d for only two years, we are hopeful of enjoying longer occupation. The new season has seen another marked increase in people vi%ting the Centre whlch conflrms yet again what a wonderful asset this IS. Plans for developlng the non-motorised water activities at Cleveland Lakes are taking longer than we hoped wlth only Ilmlted aceess by organised groups during the year. However, the new financial year is expected to witness an Inerease In aetlvlty as we look to partner with an existing operator with extensive experience in providing activities. Our ranger team has worked diligently durlng the year, despite the prevailing wet weather, and completed numerous conservation and general estate management prolects. These include: delivering wildlife trails at Lake 6 and the Old Railwav Line, attracting barn owls at cleveland Lakes uslng the recently erected owl boxes, creating a new pocket orchard on the old Railway Line at Crlcklade alongslde a large scale re-coppicing project and delivered improvements to security of sensitive nesting areas at cleveland Lakes. During the year we have seen the first breeding Marsh Harrier at Cleveland Lakes, fledging three young. Staying wlth blrds, there have been four Little Ringed Plover nesting attempts, also at Cleveland lakes, which resulted in three young belng ralsed and a150 flve successful nests of Great White Egret's. Finally, it is wonderful to report the first proved breedSng of Lesser Emperor and Small Red-eyed Damselfly at Cleveland Lakes.
COTSWOLD LAKES TRUST CHAIR'S STATEMENT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The year saw the successful completlon of a long-stsndlng land encroachment issue which. while it only produced a small financial contribution. emphasised that we contlnue to ensure that our extensive land boundarie5 are properly preserved. Another small, but well worthwhlle prolect. was achlevlng a slow worm translocatlon at one of our shs in conjunction wlth local housebuilder. Our volunteer5, whether at the Visltor Centre or with our estate working parties, provided invaluable support durlng the year and I would like to thank each of them for their significant efftjrts. They, along with our dedicated staff, have worked tremendously hard to ensure that the Trust continues to thrive despite the many challenges that we faced thls year. Thank you. Looking ahead into the new financlal year wlll see the Cleveland Lakes project move significantly forwards not only In terms of water-based activities but also plannlng for the medlum-term restoration of Westham Lake, the land purchased from Aggregate Industries in December 2022. Varlous grant appllcatlons will be submitted to assist in this work which will include the development of a new Conservation and Activlties Centre at the entrance to Cleveland Lakes and facilities for users of the lake such as suitable changlng rooms, buoys and a rescue boat. Financlally next year wlll contlnue to be challenging with cash flow management as ever top of our pr1orie$. As explalned earlier in my report we antlclpate the sale of the compound being completed later in the year however contingency plans wlll be fully explored In the event that there Is a delay. In summary the year under revlew has not generated the financial performance that we had expected due to matters outslde our control. Plans are in place to improve the sltuatlon in the current year and with the continuing support from our hard- working staff and volunte under guldance from the Board of Trustees, we expect to report Positive progress. Iio
COTSWOLD LAKES TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The trustees present thelr annual report and financial statements for the year ended 31 March 2024. The financial ststements have been prepared In accordance with the accounting policies set out In note I to the financial statements and comply with the charity's governlng document, the Companies Act 2006 and Accountlng and Reporting by Charities: Statement of Recommended Practice appllcable to charities preparing their accounts In accordance with the Flnanclal Reporting Standard applicable in the UK and Republlc of Ireland IFRS 1021" leffective l January 20191. Publlc Benofit The Trustees confirm that they have complled wlth thelr duty in Section 17 of the charltles Act 2011 to have due regard to the public benefit guidance publlshed by the Charlty Commlssion for England and Wales. ObJe¢tlves and acilvltles The objects of the Charlty I'the ObJects"l are to provide for the benefit of the publlc, and In particular for the inhabitants of Gloucestershire and Wlltshlre, facllitles In the interests of social welfare for educatlon, conservation, recreation and lelsure time occupation at the Cotswold Water Park I'the Park") and in particular to:_ try to achleve a balance between development, recreation, nature conservatlon and local community interests concurrently assist in achieving policles and practlces to sustain the current nature conservatlon value of the Park asslst In achieving the provision of appropriate publ1¢ access for all to sites and facilities in the Park for recreatlon purposes asslst In creating a cohesive image for the Park and provlde an educational resource for the public generally promote the Park and its facilities as a re50urce for publlc enloyment of appropriate countryside recreation, amenltv and wild Ilfe conserve and Improve the landscape by the integration of restored mlneral workings into a new landscape structure and general enhancement of the Park make representatlons to Local Authorities and other persons on land management and use in the Park encourage, promote and Implement the creation, conservation and management of wildlife habitat, particularly In those parts of the Park whlch have been identified as being of speclal Importance • assist the local communitles to prepare and carry out works relating to the Improvement and management of the settlement protection zones and such other areas as may be appropriate pursue quality sustainable Improvements In environmental regeneratlon In partnershlp with busines5, publlc authorities and communlties • encourage the public. prlvate and voluntsry sectors to take concerted actlon to Improve the environment interpret and present to the publlc the herltage, landscape and nature ConservaOn of the Park • assist in maintaining and Improvlng publlc rlghts of way to enable thelr use by all members of the publl encourage safe use of water areas In the Park the provision of public parks or other public facilities of an enmronmental, educatlonal or recreational nature, provided that the parks or facllltle5 are not to be operated at a profit SUMMARY MISSION STATEMENT Our key objectives are to improve the Cotswold Water Park by, enhancing its biodiverslty, provldlng recreational opportunities for its local communities and visitors and by provldlng an educational resource.
COTSWOLD LAKES TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 STATEMENTOF PURPOSE Trustees approved the following statement of purpose at their meetlng on 4 December 2020. LeAdorshlp we alm to be the focal polnt for.. lil the protectlon and Improvement of the Cotswold Water Park's rlch natural envlronment and,. lill for any discusslon concernlng the f uture development of leisure and recreatlon facllities and public access In the Cotswold Water Park. Blodlverslty and n•tural envlronment we manage our sites sensltlvely, ensurlng that thelr importance for wlldllfe Is eonserved and wherever possible enhanced. • we aim to carry out landscape-scale wildlife conservation and enhaneement projects at our sites and across the Cotswold Water Park In partnership with others. we provide advlce to mlneral companies, landowners and local communltles on wlldllfe issues. Recreatlon 4nd access wherever possible we encourage the publlc to access our sites for recreatlonal purposes. we pursue area wide In5tiatlves to Improve responsible access to and around Cotswold Water Park. Eduatton we aim to engage increaslngly wlth vlsltors, the local community, schools and unlversltles to pronKJte a greater understanding and appreciation of the herStage, wildlife and landscape of the Cotswold Water Park. This will encompass, among other thlngs, mlgratory blrdllfe, rich fossil finds in the sedimentary sand and gravel, precious wildflower meadows, the area's biodlverslty as well as the health and welbbeing to be fo¢Jnd In the outdoors. Promotlon In supporting the Cotswold Water Park, we are the prlmary gateway for hundreds of thousands of vlsitors, residents, lelsure 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 gained from the use of our own destination sltes. M¢mbershlp we are a small team wlth a blg-hearted membership. Members enjoy free parklng at our car parks from where they are able to visit our bird hldes, enloy talks and events such as dawn chorus walks, fossll hunts, and also lend a hand on our crucial conservation proJects. You too can Join and take part. Reslllence we are not central or local government funded. We work with donors. charitable funds, Individuals, companies, and our membership. In addition, we operate our own sites commercially to make sure collectively we are here to develop the Cotswold Water Park for the benefit of wildlife and people. we investigate the acquisltion of new sltes In order to protect and enhance their potentlal blodlversity value andlor recreational benefit5. PRINCIPAL ACTIVITIES Cotswold Wator Park Socloty Llmlted The Cotswold Water Park Soclety Llmlted ICWPSI is an asset-holding subsidlary of the Cotswold Lakes Trust. CWPS'S prlmary assets are land held on long lease from both Gloucestershire County Councll and Wlltshire Council, and freehold land at Cleveland Lakes. CWPS allows the Trust to have full use of its assets In pursult of Its eharitsble objectives. Cotswold Water Park Estates and Ranger Servl¢es Llmltsd Cotswold Water Park Estates and Ranger Services Limited ICWPERSI Is a tradlng subsldlary of the Cotswold Lake5 Trust.
COTSWOLD LAKES TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The trustees have pald due regard to guldanee Issued by the Charlty Commlsslon In deeldlng what actlvltles the eharlty should undertake. They have complled wlth thelr duty In Sectlon 17 of the Charftles Act 2011 to have due regard to the publlc benefit guldanee publlshed by the charlty Commlsslon for England and Wales. A¢hlevements and performance Detalls of the achlevements and performance of Cotswold Lakes Trust can now be found in a separate Impact Report which can be vlewed on its website.. www.cotswoldlakestrust.orglresources-documents. Highlights of the year include: Conservjtlon: Ongoing Water Vole Recovery Project. Purchased the remaining part of Cleveland Lakes Iwestham Lake) from Aggregate Industries and commenced developing a new restoration plan for the site. Successfully recruited Richard Mundy as our new Nature Recovery Officer. Developed relationshlp with Hills to get active quarry biodiverslty surveys establlshed. Successfully navigated the Natural England licensing process for works affectlng badgers on the Old Rallway Llne. Flrst breeding Marsh Harrler at Cleveland lfledging 3 young). Four Little Ringed Plover nestlng attempts at Cleveland13 ralslng youngl. Great Whlte Egret nestlng success at Cleveland1S nests). Barn Owls uslng the recently erected owl boxes at Cleveland Lakes. Flrst proved breedlng of Lesser Emperor and Small Red-eyed Damselfiy at cleveland Lakes. Dellvered a full wlnter programme of blodiverslty/safety works desplte extenslve and prolonged floodlng. Creatsd a new pocket orchard on old Railway Llne at Crlcklade alongslde large scale re-coppicing prolect. Delivered improvements to security of sensitive nesting areas at Cleveland Lakes. Re¢reatlon: Commenced work on developlng a new Landscape Master Plan for Neigh Brldge Country Park. Opened up Cleveland Lakes for water activltles to organlsed groups and events. Developing a maJor applicatlon for a Conservation and Access Centre at Cleveland Lakes. EdUCaOn and Inlormatlon.. Continued promotion of the CWP through the Leisure Map- 70,IJOO copies printed. Continued provision of information via our websites and social media Channels- all increasing in popularitv. Completion of the Beaver Bus educational trailer. Opened a new information centre next to the Gateway Centre and provided information to over 5,000 visitors. Successfully recruited Rachel Barnet ag our new Nature Engagement Officer. Delivered family wildlife trails at Lake 6 and the Old Railway Line. Fundr4lslng Ongoing support from Hills Group towards our Water Vole Recovery Project. Successful application to Hills GroLtp- £20,01]O received to deliver biodiversity enhancements at Cleveland Lakes. Successful application to Hills Group- £30,OCMJ received towards developing a new restoration plan for Westham Lake Ipart of Cleveland Lakes). Successful appllcation to the National Lottery Heritage Fund £237.CMJO over three years towards our BASE nature recovery project. Successful application to the Canoe Foundation - £6,000 towards a launch pontoon at Cleveland Lakes. Successful application to Gloucestershire County Council - 2,400 received towards developing activities at Cleveland Lakes. Organised fundraising events such as the Big Team Challenge Iraised £4,262) and the Iok run Iralsed £3,231>.
COTSWOLD LAKES TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Flnanclal rovlew Structure of or¢anlsatlon and financlal Mports The financial statements being presented to the members are for the Cotswold Lakes Trust ICLTI which Is a registered Charlty. The CLT financlal statements are presented as a entity. In addition, consolidated financial statements of CLT are presented. The consolldated financial statements include the income, expenditure, assets and liabilities of the two subsidlary companies of CLT, belng Cotswold Water Park Soclety Limited ICWPSI, and Cotswold Water Park Estates and Rangers Services Llmited ICWPERSI. The flnanclal statements are for the year ended 31 March 2024. Impact of past evénts and recoverles of f unds Mr Grant cont5nued to pay the outstanding amount of £5,000 on the 2014 conflseatlon order at the rate of £40 per month until April 2020. Payments recommenced with £ILX) In July 2023 then £45 per month from September 2023 onwards except March 2024. Income and Expendlture The consolldated statsment of flnancial activities for CLT shows a deflcit for the year before other recognised galns of £167,27112023- surplus £129,062). The flnanclal statements of CWPS show a deficit for the year of £89,49912023'. surplus £97,085) and an income of £129,916 12023: É343,5641. Balance sheet The consolidated balance sheet at 31 March 2024 shows net assets of E2,865,29712023: £3,032,568) but incorporatlng net current liabilities of £451,08912023'. £168,8511. The net current liabllltles figure includes only the element of the pension Ilablllties to the Gloucestershlre Local Government Pension Scheme IGLGPSI which falls due wlthin one year of the balance sheet date £76,77812023'. £7.2CNJI. CLT has a number of restricted funds where the donor restrlcts the purpose for whlch the fund can be used. These total £71,798 at 31 March 202412023: £102,100). Unrestrlcted funds totsl £2,793,499 as at 31 March 202412023.. £2,930,468). Unrestricted funds are used to fund general areas of the organisation.
COTSWOLD LAKES TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Fundlni l. Long term loans andfundlng As dlsclosed last year and in Note 19 to the CLT ¢onsolldated financial ststements, a member of the previous Board of CWPS arranged in 2010 for a loan of £575,(K)O to CWPS from the PTC Trust, a private trust of which he Is a Trustee. This loan is secured on the maln freehold property of CWPS, Cleveland Lakes. The loan enabled CWPS to meet its immedlate Ilabilities In time. The loan is repayable up to the date of this report or otherwise by 2038 and Is shown In the CLT consolidated balan sheet at 31 March 2024 as a long-term credltor. The Trust maintains regular contact wlth the PTC Trust and no request for repayment was made by the PTC Trust at the date of thls report. The Trustees of CLT are very grateful to the PTC Trust and the individual trustee of that Trust for the loan of £575.0 In 2010, wlthout whlch the CWPS would m05t Ilkely not have Su1ved. In 2014, the PTC Trust agreed to provlde a second loan of £67,551 on similar terms but through a *parate loan agreement. The purpose of this loan was to enable the Trust to purchase an additional parcel of land at Cleveland Lakes from Aggregate Industrles UK Llmlted. The second loan Is repayable by 2038 and Is shown In the CLT consolidated balance sheet at 31 March 2024 as a long-term creditor. Two loans totalllng £150,000 were obtained from Lloyds Bank In 2017 to enable preparatory work to be undertaken at Keynes Country Park prior to Planning Solutlons Llmited starting operation of Cotswold Country Park & Beach. The balance outstandlng at 31 March 2024 Is £57,86012023: £73,135). A Bounce Back Loan of £50,CMJO was obtsined from Lloyds Bank in 2020. The balance outstandlng at 31 March 2024 is £39,631 12023: E42,6881. Durlng the year, a loan of £140,000 was made to the Cotswold Water Park Society from a company whdly owned by a trustee of Cotswold Lakes Trust. 2. Penslon Lfablllties As part of the arrangements between Gloucestershire Loeal Government Pension Scheme IGLGPSI and CWPS, the pension liabilities of certaln past employees of GCC and CWPS were taken on by CWPS. A figure of £0,000 was agreed by Mr Grant and other partles on 10 October 2(J)8. £74,84112023'. E7,2001 Is to be repaid in the next financial year. At 31 March 2024 the total balance repayable Is £183,50212023: £190,700). On 5 February 2019 CWPS completed a new repayment agreement with GLGPS wlth the remaining balance to be repald In monthly instalments Spread over the perlod April 2019 to March 2026. 3. Short termfundingfvcilities The second source of fundlng reflected in the balance sheet at 31 Mareh 2024 Is the overdraft facility from Lloyds Bank. The consolidated balance overdrawn at that date stood at £153,918. There were also positive Cash balances In the group of £70,29712023.' £102.5651. The Trustees are grateful to Lloyds for Its contlnulng support. Proporttes and valuattons At 31 March 2024, the hlstorlcal cost of the freehold land Is £1,362,87512023 £1,362,875). The net book value of the freehold land, following revaluatlons, is £1,984,91712023- £1,984,917). At 31 March 2024. the hlstorical cost of the leasehold land Is E856,0(X)12023 £856,CY)Jl. The net book value of the leasehold land, following revaluatlons, is £830,32012023.' £838.8801.
COTSWOLD LAKES TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Reserves Poll¢y In the Trustees, view, the reserves should provide the charlty wlth adequate financial stability and the means for It to meet Its charltable obJectives for the foreseeable future. CLT has a long-term aim of maintsining group reserve5, in the form ol unrestrlcted funds, equivalent to 12 month5 of group total resources expended. The Trustees wlll revlew the amount of reserves that are required to ensure that they are adequate to fulfil the Charity's continulng obllgations on an annual basis at their Finance Committee meeting. As at 31 March 2024. unrestrlcted funds amounted to £2,793,499 or 452% of group total resources expended for that flnanclal vear. Unrestricted funds are fully represented by fixed assets which cannot easily be sold, act as securlty for existing borrowlngs and which are required to generate much of the Income the CharSty receives. The Trustees will work to bulld reserves by maxlmislng exlsting income sources, developing new sources of Income and controlling expenditure within strateglc framework. Reserves are belng held at a higher level than the policy to ensure that liquld reserves are avaiLgble if and when required. In the MeanMe, the assets underlying the reserves are being used to further the oblectlves of the Charity. In addition, the group held restrlcted funds of £71,79812023: £102,IWI. whlch are explalned In detall In note 23 to the financial statement5. Related party transa¢tlons Related party transactions are disclosed in note 27 to these financlal statements. RISKAND SAFEfY MANAGEMENr The Trustees have a duty to identify and revlew the risks to which the Charity is exposed and to ensure approprlate controls are in place to provide aSOnable assurance agalnst fraud and error, and to manage and mitigate risks. The Charity assesse5 Itself against the standards set out In ISO 22301, the international standard for Buslness Condnulty, and maintsins a Risk Register. The Charity's risk management framework is overseen by the Governance Risk and Compliance Committee. which monltors the Charity's Complian and risk i55ues. and reports at least twlce yearly to the Board. The Board Is provided with an updote at each Board meeting on the top slx slgnlflcant rlsks laccording to the Risk Register) and progress wlth their mitigatlon. These concern.. l. Health and safety 2. Financial 3. Reputational 4. Development of cleveland Lakes as a revenue generating asset whllst demonstratlng the right balance between ConservaOn and supporting economic activities 5. Strategic partnershlps 6. Entrust Compllance The Trustees are aware of and have due regard to the Charity Commi5slon gUIdan on reportlng serlous incldents and has processes In place for reportlng potentially serious incidents.
COTSWOLD LAKES TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Safety Perforrnanee The Charity had no Incldents to report. During the year, a systematle revlew of its key operational risk assessments was undertaken. As In 2022/23 our maln concern continue5 to be publlc behavlour,. Iltter, unauthorised swimming in dangerous locatlons desplte warnlng slgns, vandalism. drugs and parking on verges across entrances etc. We have continued to press relevant stskeholders for greater attention to public behavlour vta the loint initiative with Cotswold Distrlct, Wlltshire and Gloucestershire County Counclls, and the pollce service, which the CharSty Inltiated. Wlth limited police resOue9, and an absence of underpinnlng leglslatlon such as byelaws, formal compllance Is more dlfficult even where dangerous behavtours are a problem. Slructure, governance and management The Charity's operations are controlled from, and Its record5 maintained in, Its office at Cotswokl House. Manor Farm, Down Ampney. near Cirencester (charity number 1120518 and company number 055048061. The charity is a company limited by guarantee, incorporated with Companles House on 11 July 2005, and reglstered wlth Charlty Commission on 9 August 2007. The Charity is controlled by Its governlng document, which is the Charity's Artl¢les of Assoclation, as amended by resolution on 31 October 2016. The Trustees, who are also the dlrectors for the purpose of company law, and who served during the year and up to the date of signature of the financlal statements were.. Paul Hazel Ichalrl Barry Butler Anne Cooper Thomas Corran Duncan IRobertl Hall Martin Kingston Pippa Langford Heidi Thompson The Trustees are expected to hold a mlnlmum ol slx meetings per year to consider the Charlty's aefvltles and to monitor progress against the Charity's plans. Board The Board met six times during 2023124. The Board has six sub-committees: l. Finance Committee 2. Audit Committee 3. Nominations Committee 4. Remuneratlon Committee 5. Governanee R15k and Compliance Committee 6. People and Wlldllfe Committee
COTSWOLD LAKES TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Flnance Commlttee The Finance Committee reviews monthly management accounts, current cash position and cash flow forecasts, scrutinises budgets, contractual commltments and capitsl expenditure before maklng recommendation to the Board. The Finance Commlttee provldes summary reports to the Board at each meetlng. In 2023124 the Finance Commlttee met on nine occasions. During the year the committee consisted of between three to flve members with the Development Dlrector, Consultant Finance Director and the Property Director of Cotswold Water Park Society in attendance.. l. Barry Butler 2. Duncan Hall 3. Paul Hazel FCA FCT, Chair 4. Heidi Thompson 5. Thomas Corran Audlt Commlttee The Audlt Committee met on 04 September 2023 to revlew the financial statements of the Cotswold Lakes Trust and its subsidlarles and the further progress made on addresslng any remaining internal control and process Issues. In 2023124 the Audit Committee membershlp consisted of.. l. Barry Butler, Chair 2. Paul Hazel FCA FCT 3. Thomas Corran Nomlnatlons Commltteo New Trustees are recruited against a wrltten speclflcation, which is approved by a Nominatlons Commlttee, and which explains the role of Trustees and outlines the specific skllls and experience that are required. Potential Trustees are assessed by the Nomlnatlons Committee following which the Nomlnatlons Committee makes a recommendation for approval by the whole Board. In 2023124 the Nomlnations Committee membershlp conslsted of.. l. Paul Hazel FCA FCT 2. Barry Butler, Chalr Trustees are given an induction to the organlsatlon both during and after recrultment; the Inductbn includes details of the organisation's objects, role, achlevements, structure and finances. The Nominations Committee did not meet durlng the year. Remuneratlon Commlttee In 2023124 the Remuneration Committee membershlp conslsted of: 1. Barry Butler, Chair 2. Paul Hazel, FCA FCT 3. Thomas Corran The Remuneratlon Commlttee met on 04 Mareh 2024 to revSew staff salaries. In revlewlng pay the Commlttee considers varlous factors including current pay levels, several Indlces, Including Willis Towers Wat50n UK Forecast, and general industry pay levels. io-
COTSWOLD LAKES TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Gov•rnanco Rlsk and Compllance Commltte• In 2023124 the Governance. Risk and Compllance Commlttee membership consisted of.. l. Held5 Thompson, Chair 2. Barry Butler 3. Duncan Hall 4. Paul Hazel FCA FCT The Governance, Rlsk and Compllance Commlttee monltors compliance with Charity Commlsslon guldanee, Internal rlsk management procedures, and buslness contlnulty management. The Governance, Risk and Compllance Commktee met three times during the year. People and Wlldllfe Commlttee In 2023124 the People and Wlldlife Committee membership consisted of.. l. Pippa Langford, Chalr 2. Thomas Corran 3. Dr Peter Holmes, External Advisor The People & Wildlife Committee IP&WCI had it5 inaugural meetlng on 11 january 2024 and its Terms of Reference were approved by Trustees on 02 February 2024. The purpose of the P&WC is to review monitoring of the state of the natural envlronment of the Trt'S land and the visitor experlente and, where necessary, challenge significant plans for maintenance and Improvement for nature and people, Includlng plans for adaptation and mitigation of climate change. Annu41 General M•8tlng The AGM of the Trust was held by electronic and postal proxy votes on 12 October 2023. The Trustees, Report and Flnanclal ststements were all approved. Members duly re-elected Barry Butler, Anne Cooper and Duncan Hall as Trustees for a further three years. Buslness Plan Durlng the year, the Trust's Business Plan focused the Trusys limlted resources on developing Income from its 51tes and other actlvltles. A key part of the Trusvs future business model continues to be to re-e5tabllsh Income streams from its existing asset base. These include maximising the revenue from the operatlon at Cotswold Country Park & Beach and, In the long term, Cleveland Lakes which requires substantial restoratlon and enabllng works to open it up fully to the public, li-
COTSWOLD LAKES TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Govornance In the spirit of the Charity Commission's Guldance on Charlty Governance Code, and in line with good governance policy as contained In the UK Corporate Governance Code. the followlng governance measures continued to be Implemented: 1. 8oard of Trustees exercising effective oversight of the actlvltles of the Charity and promotlng the long-term sustalnable success of the Charity. 2. Governance Rlsk and Compliance Committee, responslble for the code of governance policy and supportlng governance and rlsk frameworks. 3. Audit Committee. 4. Nominations Commlttee. 5. Romuneration Commlttee. 6. Finance Committee which revtews and recommend to the Board on the followlng: a. Annual budgeting proces5 that is formally approved by the Board of Trustees b. Annual cash forecasts reviewed each month A system for approval of any capital expenditure d. A system for approval of any disposal of capital items or property e. A system for approval of major contracts f. Monthly management accounts scrutinised and subsequently reported to the Board 7. A scheme of delegated authority for Chair and senior staff / Trustees. 8. A system for approval of the recruitment of new staff. statement ot trustees, responslbllltles The trustees, who are also the dirertors of Cotswold Lakes Trust for the purpose of company law, we responslble for prepartng the Tru5tees' Report and the financial statements In accordante wlth applicable law and United Kingdom Accounting Stsndards (United Kingdom Generally Aceepted Accounting Practice). Company Law require5 the trustees to prepare flnanclal statements for each financial year whlch glve a true and fair view of the state of affairs of the charity and of the Incomlng resources and application of resources, Includlng the income and expenditure, of the charitable company for that year. In preparlng these financial statements, the trustees are requlred to: select sultable accounting policie5 and then apply them conslstentlv,- observe the methods and principles in the Charities SORP,. make Judgements and estimates that are reasonable and prudent,. state whether applicable UK Accounting Standards have been followed, subject to any material departures dlsclosed and explalned In the flnancial ststements; and prepare the flnanclal ststements on the going concern basls unless St is inappropriate to presume that the charity will contlnue In operatlon. The trustees are respon51ble for keeping adequate a¢Unting record5 that dlsclose wlth reasonable accuracy at any tlme the financial position of the Charlty and enable them to ensure that the financlal ststements comply with the Companles Act 2006. They are also responslble for safeguarding the assets of the charlty and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 12-
COTSWOLD LAKES TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The trustee5' por as approved by the Board of Trustees. halrl Tru 13-
COTSWOLD LAKES TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF COTSWOLD LAKES TRUST I report to the trustees on my examination of the consolidated flnanclal statements of Group comprlslng the Cotswold Lakes Trust Ithe charltyl and its subsidiary undertakings for the year ended 31 March 2024. Responslbllltles and basls of raport As the trustees of the charity land also Its dlrectors for the purposes of company lawl you are responsible for the preparation of the flnancial statements in accordance wlth the requlrements of the Companies Act 2CL)6 Ithe 2006 Act). Havtng satlsfied myself that the financial statements of the eharlty are not required to be audited under Part 16 of the 2006 Act and are ellgible for independent examination. I report in respect of my examination of the charlty's flnanclal statements carrled out under section 145 of the Charities Act 2011 Ithe 2011 Act). In carrying out my examination I have followed all the appllcable Dlrectlons given by the Charity Commission under sectlon 14515llbl of the 2011 Act. Independent examlnels statement Since the charity's gross income exceeded £250,OW your examlner must be a member of a body listed In sectlon 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am a member of Institute of chartered Accountants In England and Wales, which is one of the listed bodies. I have completed my examination. I confirm that no matters have come to my attention In connectlon wlth the examination glvlng Me cause to believe that in any material respect: aecountlng records were not kept in respect of the charlty as requlred by section 386 of the 2006 Aet,. or the flnanelal statements do not accord with those records,. or the finanelal statements do not comply with the accounting requlrements of section 396 of the 2006 Act other than any requlrement that the accounts give a true and fair view whlch Is not a matter considered as part of an Independent examlnation,. or the financlal statements have not been prepared in accordance wlth the methods and principles of the Statement of Recommended Practice for accounting and reporting by charitie5 appllcable to charitie5 preparing thelr accounts In accordance wlth the Flnancial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. I have no concerns and have come across no other matters in connection wlth the examlnation to which attention should be drawn In thls re rt in order to enable a proper understandlng of the flnancial statements to be reached. Tim Lerwlll, FCA old Mlll Accountan Llmlted Unlt2 Greenways Buslness Park Belllnger close CHIPPENHAM Wiltshire SN15 IBN England Datsd.. 2811012024 14-
COTSWOLD LAKES TRUST CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestrl¢ted funds 2024 Restrl¢ted funds 2024 Total Total 2024 2023 Notes co d endowments fro Donations and legacies Charitable activities Cotswold Water Park Society Limited Cotswold Water Park Estates & Ranger Servlces Llmlted Investments other Income 31,256 34,584 129,916 11,144 589 31,256 100,696 129,916 11,144 589 21,197 180,772 343,564 10,988 66,112 177,001 177,001 144.107 Total Income 384,49) 66,112 450,602 700,628 Ex •n iture o Raising funds.. Cotswold Water Park Society Limited Cotswold Water Park Estates & Ranger Servlces Llmlted Charitable activities 161,915 3,285 386,741 161,915 3,285 452,673 116,463 6,548 448,555 65,932 Total expendlture 551,941 65,932 617.873 571,566 Net loutgolng)Ilncomlng resources betore transfers 1167,4511 1167,2711 129,062 Gross transfers between funds 30,482 130,4821 Net lexpendlture}Ilncome for the yearl Net movemont In funds 1136,9691 130,3021 1167,2711 129,062 Fund balances at l April 2023 2,930,468 102,IC 3,032,568 2,903,506 Fund balan¢85 at 31 March 2024 2,793,499 71,798 2,865,297 3,032,568 The statement of financial activities includes all galns and losses recogn15ed In the year. The statement of financial activlties Includes all galns and losses recognlsed In the year. All Income and expenditure derive fmm continuing activities. The statement of financlal activities also complies with the requirements for an Income and expendlture attount under the CompaniesAct 2006. Durlng the year Cotswold Water Park Society entered into a contingent agreement to sell a proporttin of the Cleveland Lakes compound. The Soclety has recelved a non-refundable deposit during the year in relation to the contingent agreement of £72.500 which Is belng shown above. 15-
COTSWOLD LAKES TRUST GROUP BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Notes Flxed assets Tanglble assets Investments 13 2,960,955 1,300,OIXI 2,950,820 1,300,0(XI 4,260.955 4,250,820 Current assets Debtors Cash at bank and In hand 16 99,867 70,297 39,355 102,565 170,164 141,920 Credltoys: amounls falllng due wlthln oné vaar 17 1621,2531 1310,7711 Net current liabilities 1451,0891 1168,8511 Total assets less current Ilabllltl•s 3,809.866 4,081,969 Credltors: amounts lalllne due after more than one year 18 1944.569 11,049.4011 N•t a5S•ts 2,865,297 3,032,568 Income funds Restricted funds Unrestricted funds 23 71.798 2,793,499 102,ICL) 2,930,468 2,865,297 3,032,568 16-
COTSWOLD LAKES TRUST GROUP BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2024 The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2024. The dlrectors acknowledge their responsibilities for complying with the requlrements of the Companie5 Act 2006 with respect to accounting records and the preparation of financial statements. The members have not requlred the company to obtain an audit of its tinanclal statements for the year in question In a¢cordance with seetlon 476. These flnanclal ststements have been prepared in accordance wlth the provlslons applicable to companies subject to thè small companles regime. The financial statements on its behalf b ere approved by the board of trustees and authorised for issue on and are signed Trus 17-
COTSWOLD LAKES TRUST BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Notss Flxed assets Tanglble assets Investments 13 64,033 14 40.069 14 64.047 40,083 Currant assets Debtors Cash at bank and in hand 16 157.491 68,609 102,439 49,480 226,lQ) 151,919 Credltoys: amounts falllng due wlthln one vaar 17 1415.1361 1256,5841 Net current liabilities 1189.0361 1104,6651 Total assetsloss curront Ilabllltiès 1124.9891 164,5821 Income funds Restricted funds Unrestrlcted funds 23 71,798 1196,7871 102,lQ) 1166.6821 1124,9891 164.5821 The Charity's net movement In funds for the year was a deficit of £60,40712023.' surplus £52,745). The company is entitled to the exemption from the audlt requlrement contalned in section 477 of the CompaniesAct 2006, for the year ended 31 March 2024. The directors acknowledge thelr responslbllltles for complying with the requirements of the Companles Act 2006 with respect to accounting records and the preparatlon of flnanclal statements. The members have not requlred the company to obtaln an audit of its financial statements for the year In question in accordance with section 476. These financial statements have been prepared in accordanee wlth the provlsions applicable to companies sublect to the small companies regime. The financlal statemen ere approved by the Trustees on . us Company reilslratton number 05504806 18-
COTSWOLD LAKES TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 A¢¢ountln8 poll¢l•s Charlty Informatlon Cotswold Lakes Trust ICLTI Is a prlvate company limlted by guarantee incorporated In England and Wales. CLT is also registered as a charlty wlth the Charity Commission, in England and Wales, The registered office Is Cotswold House Manor Farm, Down Ampney. Cirenoster, Gloucestershire, GL7 5QF. Every member of the Charlty undertakes to contrlbute to the assets of the Charity in the event of It belng wound up while he or she is a member, or wlthln one year after they cease to be a member. Such a charge would be made for payment of the debts and liabilities of the Charlty contracted before ceasing to be a member, and of the costs, eharges and expenses of winding up, and for the adjustment of the rlghts of the contributories among themsetves, such amount as may be required not exceeding £1. The number of members at 31 March 2024 was 8. The reglstered and principal office of CLT land its wholly owned subsldlarles Cotswold Water Park Estates & Ranger Servlees Llmlted and Cotswold Water Park Society Limited) is Cotswold House, Manor Farm, Down Ampney Estate, Clreneester, GIOUstershIre, GL7 5QF. 1.1 Accountlng tonventlon The financial statements have been prepared In accordance wlth the charity's governing document, the Companles Act 2006, FRS 102 "The Financial Reporting Standard appllcable In the UK and Republic of Ireland" I"FRS 102.1 and the Charities SORP "Accounting and Reporknng by charltles.. Statement of Recommended Practice applicable to charltles preparing their accounts in accordance wlth the Flnanclal Reportlng Standard applicable in the UK and Republlc of Ireland IFRS 1021" (effective l January 20191. The charity Is a Publlc Beneflt Entity as defined by FRS 102. The flnanclal statements are prepared in sterling, whlch Is the functlonal eurrency of the charity. Monetary amounts In these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The princlpal accountlng policies adopted are set out below. The Charity has taken advantage of the exemptlon allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Financlal Actlvltles In these flnanclal statements. Basls of Consolldatlon The Group financial statements consolldate the flnanclal statements of the Charity and its subsidiaries Cotswold Water Park Society Limited (company number IP28479RI and Cotswold Water Park Estates & Ranger Servlces Llmlted (Company number 061492441 as at 31 March 2024. All Inter-group transactions and surpluses are fully ellmlnated on consolidation. The parent company's Income was £392,266 12023.. £501,300) and expenditure was £452,673 12023: £448,555) giving net expenditure of £60,40712023'. net Income É52,7451. 1.2 Going concern The financlal statements are prepared on the going concern basis. The charlty produces annual budgets and regularlv updated cash.flow forecasts which tske Into account expected changes in the funding streams which demonstrate that the Charity will be able to continlse to operate. The Trustees are satisfied with the reliability of these budgets and forecasts. The Trustees belleve that there are no material uncertainties about the Charity's ablllty to continue in operational existence for the foreseeable future. On this basis, the Trustees consider it approprlate to prepare the financial statements on the golng concern basls. 1.3 Charltable funds Unrestrirted funds are available for use at the d[S¢reOn of the trustees In furtherance of theircharltable oblectlves. Restricted funds are subject to specific condltlons by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out In the notes to the flnanclal statements. -20-
COTSWOLD LAKES TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting pollcl•s Icontlnuedl 1.4 Income Income recelved for a specific restricted purpose is credited to a separate restrlcted fund whlch Is shown In a note to the flnanclal statements. Total Income credited to restricted funds is disclosed In the Statement of Flnanclal Activities, whlch also shows the Income In respect of unrestricted funds. Grants receivable, Includlng government grants, and donations are credited to the Statsment of FiTr3nclal Actlvltfes In the year to which they are entltled to that Income. Donated facllitles and servlces or gift>in-kind are recognised in the Ststement of Flnanelal Aetfvltles at an appropriate value to the group. The charity benefits from gift>in-kind in the form of volunteer time and unelalmed out-of-pocket expenses - there are not recognised In the financial statements, but further Information Is provlded In the Trustees, annual report. 1.5 Expendltur• All expenses are accounted for on an accruals basis, Inclusive of any irrecoverable taxation. Charitable activlties comprlse all expendlture Incurred directly relating to the objects of the Charity. Raising funds comprise the tradlng expendlture Incurred by the Charity's subsidiaries. Governance costs are those incurred In connettlon wlth the administration of the Charity and compliance wlth constitutional and statutory requirements and are Included wlthln support costs. Support costs are those costs incurred directly In support of expenditure on the objects. These hwe been allocated to the activltles on a basls conslstent with the use of resources. 1.6 Tangiblo fixed assets Tangible fixed assets are Inltlally measured at cost and subsequently measured at cost or valuation, net of depreclatlon and any impalrment losses. Tanglble assets are capltalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. The capitalisation threshold is £250. Depreciation is recognised so as to write off the cost or valuatlon of assets less their residual values over thelr useful lives on the following bases.. Freehold land Leasehold land Leasehold improvements Equipment Not depreclated 1% straight Ilne 4% straight Ilne 20% reduclng balance 21-
COTSWOLD LAKES TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng policlos (Connued) The gain or10s5 arising on the dlsposal of an asset is determlned as the dlfference between the sale proeeeds and the carrylng value of the asset, and Is recognlsed in the statement of flnanclal activities. Revalu4tlon of t•nilble fixed asstts Individual freehold and leasehold properties are carrled at fair value at the date of the revaluatlon less any subsequent accumulated depreciation and accumulated impairment losses. Revaluations are undertaken wlth sufficient regularity to ensure that the carrylng amount does not differ materlally from that which would be determlned using fair value at the Balance Sheet date. Fair values are determlned from market based evldence normally undertaken by professlonally qualified valuers. Revaluatlon galns and losses are recognlsed In the Statement of Comprehenslve Income unle55 losses exceed the previously recognised gains or retlect a clear consumption of economie beneflts, In which case the excess losses are recognlsed In Income or Expenditure. 1.7 Flxed 4s$et Investments Investment land is held at market value. changes in valuation of Investments during the year are shown as galns or losses. Investments In subsldlaries are valued at cost less provislon for impairment. 1.8 Impalrment ot flxed assets At each reportlng end date. the charity revlews the tarrylng amounts of its tanglble assets to determine whether there is any indlcailon that those assets have suffered an impairment loss. If any such Indlcation exi5tS. the recoverable amount of the asset is estimated in order to determine the extent of the impalrment1055 lif any). 1.9 Cash and cash equivalents Cash and cash equivalents Include cash in hand, deposlts held at call with banks, other short-term Ilquid investments with original maturltles of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilitles. 1.10 Flnanclal Instruments The charity has elected to apply the provisions of Sèctlon 11 'Basic Financial Instruments, and Section 12 '0ther Financial Instruments155ues' of FRS 102 to all of Its flnancial instruments. Financial instruments are recognised in the charlty's balance sheet when the charlty becomes party to the contractual provisions of the Instrument. Financial assets and Ilabillties are offset, with the net amounts presented in the financlal statements, when there is a legally enforceable right to Set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the Ilabilltv 51multaneously. 8uslcflnunclalassets Basic flnanclal assets. which include debtors and cash and bank balances, are Inltlally measured at transaction prlee including transaction costs and are subsequently carried at amortised cost uslng the effective interest method unless the arrangement constitutes a financing transaction. where the transaction Is measured at the presert value of the future recelpts dlscounted at a market rate of Interest. Financial assets classified as recelvable Mrithin one year are not amortised. 22-
COTSWOLD LAKES TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 A¢¢¢unfjn£ pollclls (Contlnugdl Baslcflnanclalllabllltles Basic financial liabllltles, Including creditors and bank loans are initially recognlsed at transaction price unless the arrangement constitutes a flnanclng transaction, where the debt instrument Is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently earrled at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or serV5S that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade credltors are recognised initially at transaction price and subsequentlv measured at amortised cost using the effective Interest method. Derecognltlon oAflnanclal Ilubllltles Financial liabilities are derecognlsed when the charivs contrartual obligations explre or are dlscharged or cancelled. 1.11 Taxatlon As a reglstered Charlty, CLT is entitled to tax exemptions on all Its Income and galns, properly applied for its charltable purposes. 1.12 Employee benefits The cost of any unused hollday entitlement is recognised in the perlod In whlch the employee's services are received. Termination beneflts are reeognised Immediately as an expense when the charlty Is demonstrably committed to terminate the employment of an employee or to provide termination benefits. 1.13 Retlr<m¢nt bènefits The Group operates a defined penslon contrlbution scheme and the pension charge represents the amounts payable to the Charity to the fund in respect of the year. Further details are disclosed In the notes to the flnanclal statements. Crltlcal accountlng estlmates and Judiements In the appllcatlon of the charity's accounting policies. the trustees are requlred to make judgement5, estimates and assumption5 about the carrying amount of assets and liabilitie5 that are not readSly apparent f rom other source5. The estimate5 and assoclated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The e5tlmates and underlying assumptions are reviewed on an ongolng basls. RevlsSons to accounting estimatès are recognlsed In the period in which the estimate is revised where the revlsion affects only that perioj, or in the perlod of the revlslon and future periods where the revlsion affects both current and future periods. Crlttcal ludiements Useful e¢onoml¢ Ilfe of tanglble assets The annual depreclatlon charges for the tangible assets Is sensitive to changes In the estlmated useful economlc Ilves and residual values of the assets. The useful economic lives and resldual values are amended when necessary to reflect current estimates and the physical condition of the assets. The notes to the flnanclal statements s1Tr)ws the carrying amount of the tanglble assets, and the accounting policy states the useful Ilves for each class of asset. 23-
COTSWOLD LAKES TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 CrItI1 accountlni estlmates 4nd Judgements (Conttnuedl Impilrmont of debtors The Charity makes an estimate of trade and other debtors. When assessing the Impairment of trade debtors and other debtors, management conslders factors Includlng the current credit rating of the debtor, the agelng profile of debtors and historical experience. A¢cYual of rental expgndlturo The Charity has not been invoiced rental expendlture In respect of one of its properties for a number of years. In the absence of such correspondence, the Charity has made a best estimate of the expected costs and accrued for such Costs. Donatlons and legacles Unrestrlctsd funds 2024 Rostrlcted funds 2024 Total 2023 Donatlons Membership subscriptions 11,093 20,163 4,438 16,759 31,256 21,197 Forth• yéarended 31 March 2023 20,622 575 21,197 Income from charltable athvltles Total 2024 Total 2023 Map and website Events Grant income other income 22,177 7,261 66,112 5,146 24,151 26,732 129,889 100,696 180,772 Analysls by tund Unrestricted funds Restrlcted funds 34,584 66,112 90.983 89.789 ICMJ,696 180,772 24-
COTSWOLD LAKES TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Income from Investments Total Total 2024 2023 Rental income 589 Other Incoma Totsl Total 2024 2023 Fllmlng Income Management charge Income Contingent agreement income 144,107 104,501 72,500 177,001 144,107 Expendlture on charltable a¢tlvltl8s Totsl 2024 Tot41 2023 Dlrect costs Charitable expenditure directly relating to envlronmental acilvltles 55,446 100,062 Share of support and governance costs Is•0 noto 8) Support Governance 3SX),499 6,728 342,239 6,254 452,673 448,555 Analysls by fund Unrestrlcted funds Restrlcted funds 386,741 65,932 332,132 116.423 452,673 448,555 25-
COTSWOLD LAKES TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Support Costs Support Costs Governance costs 2024 Support Costs Govern4nc• costs 2023 Staff costs Depreciation Rent, rates and utilities Motor and travel IT and computer costs Printing. postage and stationery Telephone Legal and professional Insurance Bank and Credit charges cleanlng and waste dlsposal Sundry support costs 271.974 12,962 15,295 14,121 11,677 271,974 12,962 15,295 14,121 11,677 224,104 5,362 16,726 15,188 9,609 224,104 5,362 16,726 15,188 9,609 1,966 1,728 17,981 31,067 1,423 1,966 1,728 17,981 31,067 1,423 1,838 1,251 26,638 26,182 1,308 1.838 1.251 26,638 26,182 1,308 1,855 8,450 1,855 8,450 1,688 12,345 1,688 12,345 Independent examlner's fee Accountancv 1,764 4,964 1,764 4,964 1,764 4,490 1,764 4,490 390,499 6,728 397,227 342,239 6,254 348,493 Analysed between Charltable activities 390.499 6,728 397,227 342,239 6,254 348,493 Governance costs includes payments to the Independent examiner of £1.764 12023.. £1,764) for the independent examination. Also included in governanee costs are fees payable to the independent examlner of £4,96412023: £4,490) in respect of accountancy and other servlces. Trustees None of the trustees lor any persons connectsd wlth them) recelved any remuneratiory benefits or relmbursed expenses from the charlty during the year. 10 Independent Ex4mln•r Feas Fees payable to the charlty's audltor In respect of: 2024 2023 For audlt seNices For Independent examination services All other non-audit services 9,996 1,764 9,244 9,996 1,764 8,882 -26-
COTSWOLD LAKES TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 li Employe•s The average monthly number of employees during the year was: Charlty and Group 2024 Number Chaylty and Group 2023 Numbor Staff li CharSty and Group 2024 Charlty and Group 2023 Employrnent costs Wages and salarles Social securlty costs Other penslon costs 245,724 16,628 9,622 197,285 19,656 7,163 271.974 224,104 The remuneration of key management personnel, including employer's national insurance, amounted to £79,56312023: £80.0641. The values shown above are the same for both the charlty and the group, as the subsldlarles have no employees. There were no employees whose annual remuneration was more than £60,000. 12 Taxatlon The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. 27-
COTSWOLD LAKES TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 13 Tanglble ftxed ass•t5 Group Freehold land Leasehold land Leasehold Improvements E4ulpment Total Cost At l Aprll 2023 Additions 1,984,917 856,000 136.233 106,074 36,926 3,083,224 36,926 At 31 March 2024 1,984,917 856,OCK) 136,233 143.OCX) 3,120,150 Dopreclatton and Impalrment At l April 2023 Depreciation charged In the year 17,120 8,560 57,099 3,841 58.185 14.390 132,404 26,791 At 31 March 2024 25.680 60,940 72,575 159,195 Carrylng amount At 31 March 2024 1.984,917 830,320 75,293 70.425 2,960.955 At 31 March 2023 1,984,917 838,880 79,134 47,889 2,950,820 At 31 March 2024, historlcal cost of the freehold land owned by the subsidiary, Cotswold Water Park Society Limlted, Is £1,362.87512023.' £1,362,875). Property owned by the subsidiary, Cotswold Water Park Society Llmited. consisting of a collection of assets wlth both freehold and leasehold interests, was revalued to fair value at 7 May 2021 based on a valuation undertaken by Man Freeman IFRICSI of Fenn Wright LLP, an Independent valuer wlth recent experience In the location and class of the property being valued. The method of determining fair value was based on market reallsable value. If the assets were measured using the cost model, the carrylng amounts would be £1,362,87512023'. £1,362.8751. Members of the subsidiary, Cotswold Water Park Society Llmited, consider the year end values shown above to be falr market values for all of the investment properties held by the subsidiary. The value of the freehold land for Cleveland Lakes of £1.500,000 Is secured against the loan balances as detailed in note 19. -28-
COTSWOLD LAKES TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 13 Tanglble Ilxed assets Icontlnuèdl Charlty Equlpment Cost At l April 2023 Addltlons 69.785 36,926 At 31 March 2024 106,711 Depreclatlon and Impalrment At l April 2023 Depreciation charged In the year 29,716 12,962 At 31 March 2024 42,678 Carrylngamount At 31 March 2024 64,033 At 31 Mareh 2023 40,069 14 Flxed asset Investments Investment Land Group Cost or valuatlon At l Aprll 2023 & 31 March 2024 1,300,0(KJ Carrylng amount At 31 March 2024 1,300,0(K) At 31 March 2023 1,300,0 Flxed assèt Investments rovalu•d The historical cost of the investments is £25,00012023: £25,000). Property owned by Cotswold Water Park Society Llmlted, consisting of a collection of assets wSth both freehold and leasehold interests, was revalued to fair value at 7 May 2021, based on a valuation undertaken by Martin Freeman IFRICSI of Fenn Wrlght LLP, an independent valuer wlth recent experience in the location and class of the property being valued. The method of determining fair value was based on market realisable value. Members eonslder the year end values shown above, to be fair market values for all of the Investment properties held by the Soclety. -29-
COTSWOLD LAKES TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 14 Flxad asset Investments {Contlnued) Charlty Other Investments Group Cost or valuatfon At l April 2023 & 31 March 2024 14 Carrylni amount At 31 March 2024 14 At 31 March 2023 14 15 SubsldlaYl•s These financial statements are group financial statements of the Charlty and its subsidiaries Cotswold Water Park Society Limited and Cotswold Water Park Estates & Ranger Servlces Llmlted as at 31 March 2024. Details of the charity's subsldlarles at 31 March 2024 are as follows.. Name of undertaklni Reglstor•d office Natura of busln05S Class of shares held Yo Hold Dlrect Indlrect Cotswold Water Park Society Cotswold House Management of blodiversitv Limited Manor Farm, wlthln, and the promotion of and Down Ampnev, educatlon In respect of the Circencester, Cotswold Water Park Gloucestershlre, GL7 5QF Cotswold Water Park Estates & Cotswold House Trading aetlvltles relatlng to the Ordinary Ranger Services Limited Manor Farm. Charity Down Ampnev, Circencester. Gloucestershire. GL7 5QF Ordinary 67.00 33.00 ioo.oo The aggregate capital and reserves and the result for the year of subsldlarles included in the nsol1dati0n was as follows: Namt of undertaklni Profit/{Lo$s) Capltal and Reserves Cotswold Water Park Society Limited Cotswold Water Park Estates & Ranger Services Llmited 189,4991 117,3651 3,124,081 1133,7811 -30-
COTSWOLD LAKES TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 15 Subsldlarl8S (Continued) Management charges of £130,CHJO12023'. £130,000) and £25,22412023: £25,224) are Included within administration COSts of Cotswold Water Park Society Limited and Cotswold Water Park Estates & Ranger Services Limited respectively. These costs were paid to Cotswold Lakes Trust and have been ellmlnated on consolldation. 16 Debtors Group 2024 Group 2023 Charlty 2024 Charlty 2023 Amounts falling dua wlthln one yaar: Trade debtors Amounts owed by fellow group undertakings Other debtors Prepayments and accrued income 38,971 18,917 29,463 84,247 34,077 9,704 11,501 72,615 4,786 13,537 50,190 10,706 5,207 15,231 99,867 39,355 157,491 102,439 17 Credltors: amounts falllng due within one year Group 2024 Group 2023 Char5ty 2024 Charlty 2023 Notes Borrowings Other taxation and social security Deferred Income Trade creditors Amounts owed to fellow group undertakings Pension liabilitv Accruals 19 430,703 30,900 29,704 19,296 126,005 36,910 16,902 83,678 30,900 14,808 13,831 15,706 20 29.703 338,051 1.937 15,609 197.966 76,778 33,872 7,200 40,076 13.209 621,253 310,771 415,136 256,584 18 Credltors: amounts falllng du• after mora th4n one y••r Group 2024 Group 2023 Charlty 2024 Ch4rlty 2023 Notes Bank loans other loans Pension liability 19 75,176 760,732 108,661 94,890 771,011 183,500 19 944,569 1,049,401 31-
COTSWOLD LAKES TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 19 Loans and overdrafts Group 2024 Group 2023 Charlty 2024 Charlty 2023 Bank loans Bank overdrafts Other loans 97,491 153,918 1,015,201 115,823 876,083 1,266.610 991,906 Bank104ns Payable within l year Payable in I to 2 years Payable in 2 to 5 years Payable after 5 years 22,316 22,316 45,328 7,531 20,933 20,933 61,051 12,906 97,491 115,823 Bank overdrafts Payable within I year 153,918 153,918 Other loans Payable within l year Payable in I to 2 years Payable in 2 to 5 years Payable after 5 years 254,469 58,000 174,000 528,732 105,072 55,072 220,289 495,650 1,015,201 876,083 1,266,610 991,906 32-
COTSWOLD LAKES TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 19 Loans •nd overdrafts (Contlnued) Bank loans The value shown for bank loans conslst of three loans held by Cotswold Water Park Society Llmlted. Two of whlch, wlth a comblned total owing at 31 March 2024 of £57,86012023=£73,1351, are secured on freehold property of thè Soelety, belng Keynes Country Park, whlch are also secured over various leasehold land, and are repayable by 2027. The other loan. with an amount owing at 31 March 2024 of £39,63112023'.£42,6881 is guaranteed by UK Government under BBLS. Sècured lotherl loans £873,732 of the loan balance12023'.£876,0831 Is secured on a freehold property of the Society belng Cleveland Lakes. and is repayable at the earliest in 2023, and the latest by 2038. No quest has been received for any repayment of the loan at the date of this report. The loan balance Includes £71,22312023'.£23,5741 of accrued charges. Bank ovordrfjft The bank overdraft of £153,91812023:£nlll Is held by the Society and Is secured over the freehold property of the Society, being Keynes Country Park. 20 Deferred Income Group 2024 Group 2023 Charltv 2024 Charlty 2023 other deferred Income 29,704 16,902 14.808 Deferred income is included in the ftnanclal statements as follows: Group 2024 Group 2023 Charlty 2024 Charlty 2023 Deferred Income Is Included within: Current Ilablllties 29.704 16,902 14,808 Movements In the year.. Deferred income at l April 2023 Released from prevlous periods Resourees deferred In the year 16,902 113,5211 26,323 26,530 8.972 118,6001 7,930 17,9301 14.808 Deferred income at 31 March 2024 29,704 16,902 14,808 33-
COTSWOLD LAKES TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 21 Flnanclal Instruments Group 2024 Group 2023 Carrylng amount of flnancial assets Instruments measured at fair value through income and expenditure 1,300,OCXJ 1,300,OCMJ Finanelal assets measured at falr value through Income and expendlture comprlse of investment land. The charity holds no financial asset5 measured at falr value through income and expenditure. 22 Unrestrlcted funds The unrestricted funds of the charlty comprise the unexpended balanees of donailons and grants which are not subject to speclfic conditions by donors and grantors as to how they may be used. These Include designated funds whleh have been set aside out of unrestricted funds by the trustees for specifie purposes. At l Aprll 2023 Incomlng resources Resources expended Transfers At 31 Mar¢h 2024 General funds 1166,6821 326,154 1386,7411 30,482 1196,7871 Prevlous year: At l Aprll 2022 Incomlnz resources Resoure•s expendéd Transfers At 31 March 2023 General funds 1266,7651 410,936 1332,1321 21.279 1166,6821 -34-
COTSWOLD LAKES TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 23 Rastrlcted funds The restricted funds of the charlty comprise the unexpended balances of donations and grants held on trust subject to speclfic conditions by donors as to how they may be used. Movèment In funds In¢omlng resources Balan¢e at l Apill 2023 Resources expended Tran5fer5 alance at 31 March 2024 Cotswold Water Park Ball - Auction/Raffle Nationwide Grant- River Colne works Growing our Communities Fund CWP Community Environmentsl Improvement Fund CWP WILD Project IEAI Neigh Bridge Country Park- New play area Neigh Bridge Country Park- Landscape plan Water vole recovery project (Hills LCFI Water vole recovery prolect ILower Mill estate) Tarmac Shorncote - Thames Water Cleveland Lakes habitat enhancements Top Pit- landscape plan Nature reserves guide National Lottery Heritage Fund - Transforming the CLT other Small restricted funds Beaver Bus (formerly Perch Pod) Cleveland Lake Enhantement- Hills Summerfield Trust National Lottery Herltage Fund- Base Project Big Give 2022 The National Lottery ITNLI Community Fund Youth Provision5 Grant Scheme- CLT pllot Old Railway Line Enhancements- Phase I Restoration of Westham Lakes 7,213 19031 6,310 1,418 18,655 1,418 18,655 8,706 11,628 14,3311 110,5081 4,375 1,120 271 15001 229 111,0591 113,0381 11.059 20,000 6,962 14,608 114,6081 5.000 11.7261 2,629 3,274 252 16,612 118,9891 15,0241 5.024 18,518 115,8421 13,2441 2,676 26.756 30,000 102,1(KJ 66,112 196,4141 71,798 -35-
COTSWOLD LAKES TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 23 Restrlrted funds (Contlnuedl Prlor year Movement In funds Incomlng Resources resources expended balanceat l Aprll 2022 Transfers Balance at 31 March 2023 Cotswold Water Park Ball - AuctlonlRaffle Nationwlde Grant- River Colne works Growlng our Communities Fund CWP Community Environmentsl Improvement Fund CWP WILD Project IEAI Neigh Bridge Country Park- New play area Neigh Bridge Country Park- Landscape plan Water vole recovery project IHllls LCFI Water vole recovery projert (Lower Mlll estate) Tarmac Shorneote - Thames Water Cleveland Lakes habitat enhanMentS Top Plt- landscape plan Nature reserves guide Naonal Lottery Heritage Fund- Transformlng the CLT other small restricted funds Beaver Bus Iformerly Perch Podl Cleveland Lake Enhancement- Hllls Summerfteld Trust National Lottery Heritage Fund- Base Project Big Glve 2022 The National Lottery ITNLI Community Fund Youth Provisions Grant Scheme- CLT pilot Old Rallway Line Enhancements- Phase I 7,213 26 7,213 1341 12,7931 2,793 1,418 18,655 29,519 4,353 8,030 1,418 18,655 129.5191 4,353 8,706 11,628 13,000 19,4021 1,300 271 575 11,8751 271 11,059 11,059 4.353 4,837 14,3531 14,8371 8,063 11521 14,608 28,092 5,000 2,549 110,6121 1287) 439 14,608 128.0921 5,0(Xl 5,100 9,750 9,350 50,000 1761 19,9441 I9,3) 131,4821 5,024 194 18,518 149,438 90.324 1138.3431 641 102,ICKJ -36-
COTSWOLD LAKES TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 23 Restrl¢ted funds Icontlnuad) Cotswold Water Park Ball- Au¢tton/Raffl• Funds generated from the previous Cotswold Water Park Balls have been put towards CLT'S education programme and development of a play area at Rlverside Park. However, funds generated from the 2019 Auction / Raffle have been allocated as general charitable actlvlties and are therefore not classified as restrlcted funds. Natlonwlde grant - Rlver Colne works Grant toward5 volunteer equlpment and tree clearance on the River Colne. Growlng our Communltleg Development of six on-road cycle routes in the Cotswold Water Park. CWP Comrnunlty Envlronmental Improvemènts Fund Funding to support officer time in managing a community improvement fund for the Cotswold Water Park. CWP WILD Prole¢t {Envlronment Alencvl Funding for a project officer to carry out Improvement works to Cotswold Water Park rivers. Neigh Brldge Country Park- New play area Grant to create a new play area at Nelgh Bridge Country Park. Nelzh Brldg• Country Park- Landscgpe plan Grant to develop a landscape Improvement plan for Neigh Bridge Country Park. Water Vole Recovery Prolect (Hllls LCF and Lowèr Mlll estate) Grant to support CLT Water Vole Recovery Programme. Tarmac Funding for Cotswold Water Park farmland blrd project. shorncoto to Rlver Thames Wetland Connectlons Grant towards envlronmental enhancements to Cleveland Lakes, Shorncote Reedbed and the Cerney Wick Brook. Top Pit- Lands¢ape Plan Funding to develop a landscape improvement plan for part of Lake 31 at Cotswold Country Park & Beach. Nature Reserves Gulde Grant to design a nature reserves guide for the Cotswold Watsr Park. Natlonal Lottery Herltaie Fund - Transformlng the Cotswold L•kes Trust Grant to enable CLT to expand and enhance its membership scheme. Beaver Bu5 (formerly Perch Podl Funds generated to cover the cost of a mobile Informatlon and education traller. Cleveland Lakes Enhen¢ement- Hllls Grant to support with ongoing management activities at Cleveland Lakes. SummerfleldTrust Donation towards the costs of the outdoor education prolect. Blg Glve 2022 Funding towards CLT'S Biodiversity Prolect IBASEI. 37-
COTSWOLD LAKES TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 23 Restrlcted funds Icontlnued) The National Lottery Communlty Fund- AwardsforAII Funding to hold a communlty open day at Cleveland Lakes. Youth Provlslons Grant Scheme- CLT pllot Funding to deliver outdoor activity sessions for disadvantaged young people in Gloucestershire. Old Rallway Llne Enhancemants- Phase I Grant to carry our blodlversity enhancements on the old Rallway Line. Cleveland Lakas-Hablt Enhancement Fundlng to carry out further habitat enhancement works at Cleveland Lakes Nadonal Lottery Herltage Fund BASE Prol¢¢t Funding towards CLT'S Biodiversity Project IBASEI including the employment of a Nature Recovery Officer and Nature EngagementOffi¢er. Wastham Lgke Restoratlon Funding to revise the restoratlon scheme for Westham Lake- part of Cleveland Lakes 38-
COTSWOLD LAKES TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 24 Analysls of net assets between funds Unrestrlcted funds 2024 Restrlctad funds 2024 Total Group 2024 Fund balances at 31 March 2024 are represented by: Tanglble assets Investment properties Current assets/lliabilitlesl Long term liabilities 2,943,679 I,3,0(K) 1505,6111 1944,5691 17,276 2,960,955 1,300,0(X) 1451,0891 1944,5691 54,522 2,793,499 71,798 2,865,297 Unrestrlctod funds Restrlcted funds 2023 Total Group- Prlor year 2023 2023 Fund balances at 31 March 2023 are represented by: Tangible assets Fixed asset Investments Current assets/lliabilitiesl Long term Ilabilities 2,928,899 1,300,CkXI 1249,030 {1,049,4011 21,921 2.950,820 1.300,O¢X) 1168,8511 11,049,401) 80,179 2,930,468 102,ICKJ 3,032,568 Unrestrl¢ted funds 2024 Rostrlcted funds 2024 Total Charlty 2024 Tangible assets Investments Current assets/lliabllltlesl 46,757 14 1243,5581 17,276 64,033 14 1189,0361 54.522 1196,7871 71.798 1124,9891 39-
COTSWOLD LAKES TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 24 Analysls of net assets between tunds Icontlnuedl Unrestrl¢ted funds 2023 Restrl¢ted fund5 2023 Total charlty- Prlor year 2023 Tangible asset5 Investments Current assets/lliabilitiesl 18,148 14 1184,8441 21,921 40,069 14 1104,6651 80,179 1166,6821 102,1(X) 164.5821 25 Penslons commitmonts Cotswold Water Park Soclety Limited is party to a def6ned benefit scheme operated by Gloucestershire Local Government Penslon Fund. The Society entered in to a new agreement on the 5 February 2019. A repayrnt scheme has been renegoated whereby the liability is being settled over a perlod of 7 years from April 2019, payable in monthly Instalments from l April 2019. Although this agreement was non-contractual, the outstanding balance at 31 March 2024 of £183,50212023'.£190,7001 ha5 been included withln Ilabllities. £74,841 wlll be repaid in the next year. An Interest rate of 2.79% has been applied to this loan. The amount of the pension liability that Is due after more than five years is £nil12023'.£nill. 0e the agreed balance has been settled, the Society will have dlscharged all its pension obligations to Gloucestershlre Local Government Penslon Fund. £183.50212023:£190,7001 of the penslon Ilablllty relating to the defined benefit scheme is secured vla a charge over a Society property. Cotswold Lakes Trust does not have any pension commitments at the year end. 26 Op¢ratlng lease commltm•nts At the reporting end date the charity had outstanding commitments for future mlnlmum lease payments under non- cancellable operating leases, which fall due as follows.. Group 2024 Group 2023 Charlty 2024 Charlty 2023 Wlthln one year Between two and five years In over flve years 6,250 25.CMJO 51,563 6,250 25,000 57,813 SW 83 82,813 89,063 583 -40-
COTSWOLD LAKES TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 27 Related party transactlons Transaetlons wlth related partle5 Durlng the year the charlty entered Into the followlng transactions with related partles: Durlng the year, management charge5 were Charged from Cotswold Lakes Trust to Cotswold Water Park Soclety Limited and Cotswold Water Park Estates & Ranger Services Limited, totalllng £155,224 12023.'£130,CXJOI. At the year end, £338,051 12023.. £197,966) was owed to Cotswold Water Park So¢lety Llmited, and £84,247 12023.. £72,615) w35 Included in amounts owed to Cotswold Water Park Estates & Ranger Servlees Limited. During the year the charity received donations from trustees for the amount of £l,00012023'.£nill from Thomas Corran, £5251£2023:nill from Barry Butler and £77012023'.£nill Irom Paul Hazel. Other donations totalling £7812023.'£nill were received from staff and the trustees children and a donatlon of £1,7cK)12023.'£nill was received from Laynes Farm Two limited, a wholly owned company of trustee Thomas Corran. During the year, a loan of £140,CQO was made to the Cotswold Water Park Society from a compary wholly owned by a trustee of Cotswold Lakes Trust at a rate of 1% below the Bank of England's bank rate. At the year end, £141,469 was owed. There were no further related party transactlons In the year ended 31 March 2024. 41-
COTSWOLD LAKES TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 28 Cash ienerated from operatlons Group 2024 Group 2023 Ch•r5ty 2024 Charlty 2023 IDeficitllsurpus for the year 1167,2711 129,062 160.4071 52,745 Adjustments for: Investment income rècognised in statement of financial activities Depreciatlon and Impairment of tangible fixed assets 15891 26,791 15891 12,962 19,163 5,362 Movements In working capital: Ilncreasel In debtors Increase/lde¢reasel In credltors Increaselldecreasel In deferred income 1212,2291 73,046 16,814 136.797 125,1191 19,6281 155,0521 140.0501 143,744 137,0011 14,808 17,9301 Cash absorbed by operadons 1263,4381 250,275 55,466 126,8741 The charity had no materlal debt durlng the year. 29 Analysls of changas In net Idebtllfunds Group At l Aprll 2023 Cash flows At 31 March 20211 Cash at bank and In hand 102,565 132.2681 70,297 Loans falling due wlthin one year Loans falling due after more than one year 1126,0051 1865,9011 1304.8411 29,994 1430,8461 1835,9071 1889,3411 1307,1151 11,196,456) Charlty At l Aprll 2023 Cash flows At 31 March 2024 Cash at bank and In hand 49,480 19,129 68,609 49,480 19,129 68,609 42-