2025-12-31-accounts - The Eden Rivers Trust

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Company registration number: 06460807 Charity registration number: 1123588

THE EDEN RIVERS TRUST STRATEGIC REPORT, TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

Seavor (South Cumbria) Limited Chartered Accountants 12 The Office, Mardale Road Penrith Cumbria CA11 9EH

The Eden Rivers Trust Contents

	Page
Reference and Administrative Details	1
Trustees' Report	2—8
Independent Auditor's Report	9—11
Statement of Financial Activities (including Income and Expenditure Account)	12
Comparative Statement of Financial Activities (including Income and Expenditure Account)	13
Balance Sheet	14
Statement of Cash Flows	15
Notes to the Statement of Cash Flows	16
Notes to the Financial Statements	17—26

The Eden Rivers Trust Reference and Administrative Details For The Year Ended 31 December 2025

Trustees	Prof J Quinton - Chair
	Ms H Wade
	Mrs S Bradney
	Mr M Barrow
	Mr A Bennett (resigned 30/08/2025)
	Ms J Lack
	Mr D Unwin
	Mr R Martin
	Mr G McGregor (resigned 27/02/2025)
	Mrs N Renison
	Ms I Tuer
Company Secretary	Prof J Quinton
Charity Number	1123588
Company Number	06460807
Registered Office	4 Cowper Road
	Gilwilly Industrial Estate
	Penrith
	Cumbria
	CA11 9BN
Accountants	Seavor (South Cumbria) Limited
	Chartered Accountants
	12 The Office, Mardale Road
	Penrith
	Cumbria
	CA11 9EH
Auditors	FCSC Audit Services Limited
	Chartered Accountants & Registered Auditors
	Unit 7 Cooper Way, Parkhouse
	Carlisle
	Cumbria
	CA3 0JG
Bankers	Cumberland Building Society
	Cooper Way
	Carlisle
	Cumbria
	CA3 0JF

Page 1

The Eden Rivers Trust Company No. 06460807 Trustees' Report For The Year Ended 31 December 2025

The trustees present their report and the financial statements for the year ended 31 December 2025.

Objectives and Activities

Aims and Objectives

Policies and objectives

The objectives of the Trust (set out in the Declaration of Trust and Article of Association updated in 2023) are to secure the conservation, protection, rehabilitation and improvement of the rivers, streams, water courses and water impoundments together with the related bank sides and estuary of the River Eden (Cumbria), its tributaries and the Eden Valley for the benefit of the public; and to advance the education of the public in: the understanding management and uses for all lawful purposes of rivers, river corridors and river catchments, including their fauna, flora, biodiversity, economic or social activity and river catchment management; and the need for, and benefits of conservation, protection, rehabilitation and improvement of aquatic environments.

The Trust's objects correspond with the Charities Act 2011 description of charitable purposes of advancing environmental protection and the advancement of education.

The Trust achieves its objectives by:

Carrying out and sponsoring ground investigations, research and monitoring to identify causes and impacts, their magnitude and effects on the river and its biodiversity.
Using the above information to prioritise restoration and enhancement projects that will help the river to meet its full ecological potential.
Running an education and engagement programme for specific groups and the public at large.

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

Significant Activities

Our five year strategic plan 2023 – 2028 is called RE THINKING RIVERS FOR GOOD

Vision : Clean and healthy rivers providing a brighter future for all. Mission: To improve and protect the River Eden - its tributaries and lakes, for the benefit of people and wildlife Values: Teamwork, Commitment, Relevance, Creativity, Partnership

The 2023 – 2028 strategic plan has seven objectives on the topics of:

Connecting and Engaging with communities, Raising the profile of ourselves and our work Improving, restoring and protecting natural habitats Improving water quality Protecting species Sustainable finance and governance,

All have targets and annually updated major actions associated with them and a progress is reported on quarterly to the board.

Our work is driven and underpinned by the catchment based approach and the priorities set out in the Eden Catchment Plan; which is developed and supported by the Eden Catchment Partnership. We aim to have a positive impact at the landscape scale, setting what we do in the context of working (alongside many others) to improve habitat connectivity and to build the climate resilience of the Eden landscape, even though individual projects may be at the scale of individual farms, fields and river reaches.

We seek to achieve appropriate local community engagement (non-professional) in every project.

Volunteers

The charity is grateful for the unstinting efforts of its volunteers who are involved in service provision. It is estimated that over 4,198 volunteer hours were provided during the year (an increase of 60% on 2024) by 123 active volunteers. This is equivalent of a time donation of £83,414. The charity has a Volunteer Coordinator to ensure that best value is derived from the sterling efforts of our volunteers and that a variety of training is providing responding to volunteers’ requirements and requests.

Page 2

The Eden Rivers Trust Trustees' Report (continued) For The Year Ended 31 December 2025

Plans for future periods

The strategic plan for 2023 – 2028 is operational, alongside a five year budget. Large new programmes in progress are Access to Eden: Breaking barriers, building bridges (National Lottery Heritage fund c £2.6 million led by Eden Rivers Trust) and Landscape Recovery funding c£2.4 million led by Forestry England with £300,000 for Eden Rivers Trust enabling an extension of our conservation work into the northern part of the Eden catchment (the River Irthing sub-catchment).

Achievements and Performance

Main Achievements

Connecting with people: Engagement and Profile

We completed the first full year of the £2.6 million project Access to Eden : Breaking barriers, building bridges partnership project that includes conservation and engagement projects focusing on improving access to the river and Eden environment for those who face barriers. Planning and engagement with the local community took place in Carlisle for the Engine Lonning and Petteril Vale doorstep improvement sites, with information events and discovery days providing opportunities to share stories and learn more about the natural and industrial heritage. Further developments at the Eden Community Tree Nursery in Penrith included the laying of French drains, a new water butt covered with a ‘green roof’ and a polytunnel to provide shelter for volunteers and additional growing space for tender plants. We continue offering a new CPD programme for helping teachers to take their schools groups into the field independently alongside a ‘Go With the Flow’ schools programme. An employment of a trainee enabled a large invasive species awareness programme including a ‘roadshow around Ullswater, as well as supporting the tree nursery and volunteer (River Revival) programme. as well as domestic nutrient pollution awareness (700+ pupils reached). Our partners in this work are using these funds improving access and engagement in rivers and nature in south and east of the Eden catchment.

Our volunteer programme expanded again and we continue to encourage with a greater diversity of groups to get involved with the river and the tree nursery. Volunteers have been critical in the management of mink and release of water voles this year and have received training in survey methods, including to undertake Priority River Habitat Assessments in two large sub catchment. 445 Volunteers have contributed to around 2,900 hours in the field and others over 1,300 hours in the tree nursery.

2025 saw the end of funding for the farmer facilitation group on Eden’s Fellside (advice on the transition to more environmentally / water friendly farming), however the team worked hard to find alternative opportunities to continue to engage with this audience in 2026. We continued to collaborate with other local organisations on farmer-focused events across the Eden as part of our Down to Earth programme focusing on buffers, water management and soil health.

We continue to host the Eden Catchment Partnership, bringing together all the water stakeholders in the Eden to implement priorities for management interventions to protect natural capital and its associated ‘free’ ecosystem services (water quality, water quantity, carbon, biodiversity, base flows, and recreation) – as written in the Eden Catchment Plan published in 2020.

In a new venture, we partnered with Our Rivers to promote septic tank replacement, holding two well-attended webinars (with over 150 views on our YouTube channel) and attending the Westmorland Dales Day held in the target area, to encourage residents to find out more about replacing their poorly-performing septic tank, focusing on how this can aid healthy rivers.

We continue to receive considerable and increasing coverage in local media outlets ( press, TV and radio) , and on social media ( a 16% increase following from on last year. Our talks programme ( on line and in person) reaches Supporters, the general Public and specific adult social groups such as local Women’s Institutes. We joined forces with the other Cumbria Rivers Trusts for a ‘Don’t Pack a Pest’ campaign over the summer to promote good biosecurity habits on the county’s Lakes. This included films and paid social media advertising, purchase of washdown equipment, attendance at 13 roadshows and print materials.

As part of the Access to Eden project, the Eden Rivers Trust website was refreshed in October, focusing on inspiration and information about Eden’s rivers and places and ways to explore Eden (revamped walks pages), encouraging participation in events and volunteering, and improved information about our charity’s work.

Page 3

The Eden Rivers Trust Trustees' Report (continued) For The Year Ended 31 December 2025

Charitable Activities

Improving, restoring and protecting natural habitats and water quality (nature based solutions to flooding)

The three programmes contributing to this work are: river and habitat restoration, water friendly farming and natural flood management. We aim that these projects integrate as fully as possible with one other developing multiple benefits for the catchment.

In 2025, we focused on a wetland project at Moorside Farm, Culgaith where 500 m river restored (de-culverted and remeandered) connecting the river with its floodplain to create 0.5 ha wetland + 3 ha floodplain grazing marsh. Ponds and scrapes were also created to store more water, reducing flood risk downstream. Early signs of success included the recording of two curlew nesting pairs.

Our natural flood management projects included the design and planning of peatland restoration and a bund at Brampton, ready for installation in early 2026, and the launch of a project at Warcop (on MOD land), our first project funded by CiFR.

Woodland creation remains a priority, for its habitat, biodiversity and natural flood management benefits. 2025 saw the end of the Woodlands for Water project where 40Ha of new woodland was created during the project. It also saw the start of a new partnership with Raise: Cumbria Community Forest, with plans developed with landowners to create woodland on 5 sites by April 2026 of 20Ha.

Protecting wetland and river species

Knowledge and data on our focus endangered species, water vole and White-clawed crayfish is critical to inform future habitat works and potential reintroduction sites. During 2025, our mink trapping network expanded across the Eden catchment with 80 active traps monitored largely by volunteers to understand the distribution of Americal mink and eradicate them from the catchment. 67 mink were humanely dispatched. We have joined forces with the other Cumbria rivers trusts to take a strategic approach with this invasive, non-native mammal with the goal of creating a mink free Cumbria.

Thanks to support from the Farming in Protected Landscapes programme administered by North Pennines National Landscape, we were able to employ an assistant on a short-term basis to assist our Species and Habitats Manager in conducting eDNA surveys in the remote becks on the North Pennines fellside. This non-invasive, cutting-edge technique uses water samples to identify the presence/absence of water voles, White-Clawed crayfish and American mink. 75 samples were taken from 19 watercourses in 2025 with the report to be published in Q2 2026.

Following our earlier efforts to control mink in the Lowther catchment, we were able to undertake our final release of water voles, taking the total released to 750. Staff and volunteer surveys conducted during the summer confirmed that populations of water voles previously released were thriving with breeding signs noted at multiple sites. Surveys continued in the Irthing catchment as part of the PRISM Landscape Recovery development project.

Habitat improvement for White-clawed crayfish included the establishment of a 24m+ buffer (2.88Ha) on a badly-eroded section of the River Eden at Langwathby. This meets our vision to have bigger buffers to maximise the opportunity to prevent pollutants such as nutrients from reaching watercourses, improve riverbank stability through vegetation and prevent livestock from entering the river, affecting health of both livestock and White-clawed crayfish.

Our Annual Big Balsam Bash goes from strength to strength with volunteers, local communities and schools participating in local events or downloading guidance to pull balsam independently. 470,000+ plants were estimated to have been removed in spring/summer 2025. There is also a citizen science aspect to the campaign, that was promoted alongside the events with an increase of 170% of records of sightings of the plant on INNS Mapper during the period.

Enable: professionally and sustainable management of Eden Rivers Trust

In 2025, two trustees resigned and two new trustees will be recruited in Q1 2026. The exploration of closer working with Sister Trusts in Cumbria was concluded. Significant match funding was secured to enable the National Lottery Heritage Fund project ( Access to Eden). Other fundraising included trust and foundation funding.

Financial Review

Reserves Policy

The Trustees have reviewed the charity’s needs for reserves in line with guidance issued by the Charity Commission. The Trustees keep their reserves policy and level of reserves held under review, monitoring the level of reserves held throughout the year as part of the normal monitoring and budgetary process. The main risks to both income and expenditure are highlighted and the level of committed expenditure taken into account. The Trustees reserves policy ensures that there are unrestricted funds that ensure that the Charity could continue during a period of unforeseen difficulty and that these are maintained in a readily realisable form. At the end of the year, the Trustees agreed that minimum reserves of £180,000 was necessary.

...CONTINUED

Page 4

The Eden Rivers Trust Trustees' Report (continued) For The Year Ended 31 December 2025

Reserves Policy - continued

Notwithstanding this the Trustees believe that every effort should be made to maintain free reserves as close to current levels as possible in order that the charity can continue to meet its current obligations and plan with confidence for the future.

Designated funds

The Trustees have considered carefully the need for designated funds and conclude that the designated fund is not necessary at present, though will remain under constant review.

Going Concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the next financial year. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.

The Trustees have examined the best estimates of future cash flows, under different stress scenarios. While we cannot predict future events with absolute certainty, our assessment is that the charity remains a going concern for the financial year 2026.

Principal Risk and Uncertainties

The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks.

Risk Management

The Trustees have examined the major strategic, business and operational risk which the charity faces (through a risk register) and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to mitigate these risks.

Assessment of risks is kept under continual review. In general, the nature of the Trust, together with its past experience, the professional status of the officers, and the control systems that have been put in place, ensure that the Trust’s activities have a generally low foreseeable risk.

Risk assessments are prepared for all activities in line with a Risk Assessment Procedure which is reviewed annually. Employees receive training to assist in minimising risks to themselves and others, particularly related to hazards that may be faced during fieldwork.

For additional protection the Trust maintains appropriate insurance policies covering employers’ liability, public liability indemnity insurance.

Principal funding

Funders in 2025:

Cumbria Community Foundation, Cumberland Council, Cumbria Connect (RSPB), DEFRA, EC Graham Charitable Settlement, Environment Agency, The Ernest Cook Trust, Forestry England, The Garfield Weston Charitable foundation, The National Lottery Heritage Fund, Nestle / First Milk, The Oglesby Charitable Trust, National Gas, Natural England, Network Rail, North Pennines National Landscape, Penrith Town Council, Raise: Cumbria Community Forest, The Rivers Trust, the Rural Protection Agency, Westmorland and Furness Council and Supporters of Eden Rivers Trust.

The Trust also receives a great deal of in-kind funding from the time that our volunteers and other organisation have donated to us, including local schools and community associations.

Reserves

Of the total reserves at 31 December 2025 of £422,817, £200,573 constitutes restricted reserves. These represent monies donated to the Trust in order to match specific projects. It is anticipated that the majority will be utilised in delivering the River Restoration Strategy, a water friendly farming programme, protection of iconic species and furthering sustainable integrated catchment management within the Eden.

At 31 December 2025 the Trust had unrestricted reserves of £222,244.

Page 5

The Eden Rivers Trust Trustees' Report (continued) For The Year Ended 31 December 2025

Structure, Governance and Management

Governing Document

The Trustees operate within the governing document, the Memorandum and Articles of Association having regard to the guidance provided by the Charities Commission and act in accordance with the Trustees Act 2000.

Constitution

The Eden Rivers Trust was constituted by a Declaration of Trust dated 12 October 1996 and registered as a charity on 2 December 1996. On 31 December 2007 Eden Rivers Trust became a newly formed company limited by guarantee under company number 06460807. The charity was transferred to the Company and re-registered with the Charities Commission under number 1123588. The Memorandum and Articles were updated in 2024.

The objects for which the Company is established are:

to secure the conservation, protection, rehabilitation and improvement of the rivers, streams, watercourses, water impoundments together with the related banksides and estuary with respect to the river Eden (Cumbria) its tributaries and the Eden Valley (the river catchment area of the river Eden (Cumbria)) for the benefit of the public; and to advance the education of the public or any association, institution, voluntary organisation, company, local authority, administrative or governmental agency or public body or representative body in:
the understanding, management and uses for all lawful purposes of rivers, river corridors and river catchments, including their fauna, flora, biodiversity, economic or social activity and river catchment management; and the need for, and benefits of conservation, protection, rehabilitation and improvement of aquatic environments.

These aims are met through our research, conservation and education projects. The Eden Rivers Trust is registered as a charitable company limited by guarantee and was set up by a Trust deed. During the year the Trust was governed by the Board of Trustees, who are directors of the company. In 2025, the Board of Trustees held 4 Trustee meetings. The Trust Deed provides for a minimum of five Trustees and a maximum of twelve.

Trustee Selection Methods

The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Memorandum of Association.

New Trustees are elected by the Board of Trustees, and each year one third of the Trustees are required to retire by rotation. Any Trustee retiring by rotation may be re-appointed for a maximum of three consecutive terms of office including their initial term, up to a maximum of nine years of service in total. A Trustee who is appointed as Chairman, ViceChairman or Treasurer may, if re-elected as such, serve two consecutive terms including their initial term, up to a maximum of six years in total in that role, and may be re-elected for a maximum of four consecutive terms including their initial term, up to a maximum of twelve years of service in total.

Trustees are formally inducted by the Chairman and are given the opportunity to understand the work of the Trust. This is done by:

Meeting all staff and Trustees.
Attending trustee/staff meetings. Receiving copies of the Trust Deed, Annual report and accounts. Most recent management accounts and minutes of Trustees’ meetings. Contact lists.
Familiarisation of current projects by Trust staff.
Time spent in the office, around the catchment area and visiting projects with staff. Website information.
Relevant Charity Commission guidance.

Key Management Remuneration

The Board of Directors, who are the Trust’s trustees, and the Chief Executive comprise the key management personnel of the charity in charge of directing and controlling, running and operating the trust on a day to day basis. All Trustees give their time freely and no trustees received remuneration in the year.

The pay of all staff is reviewed annually and where possible a cost of living increase is applied in line with the average of CPI and RPI. In 2020 the Trust introduced new pay bands which continue to be, as far as possible, benchmarked against other comparable organisations in the sector and region.

Page 6

The Eden Rivers Trust Trustees' Report (continued) For The Year Ended 31 December 2025

Organisational Structure

The Board of Trustees administers the Trust. There are currently eleven (April 2026) Trustees, the majority of whom live in the Eden catchment (Upper, Middle and Lower Eden), their areas of expertise include: land management and farming, fishing, education and museums, finance and governance, fundraising, research and administration. The Trustees agree annual budgets and strategic objectives contained within the five year strategic plan (2023-2028). They meet regularly to review these and to monitor the performance of the Trust against them and hold special meetings to discuss projects and issues if required.

The Trustees monitor the work and the internal controls of the Trust with particular emphasis on the management of risk. These include:

Employing professional staff with appropriate skills and training, by open recruitment and with adherence to an equal opportunities policy.
Commitment to ongoing professional development by all employees. Receiving regular written reports from the Chief Executive, reporting on all aspects of the organisation. Reviewing regularly the management accounts.
Reviewing annually the insurance policies of the Trust. Submitting the financial statements for audit.

The Trust employs a Chief Executive, who manages the day to day operations of the Trust in conjunction with the Trust Chairman and under the guidance of the Board of Trustees.

The Trust has a body of ‘supporters’ who donate, volunteer and advocate for the Trust. They receive information about current projects and they are asked to occasional events at which the work of the Trust is explained. The Trust also disseminates information about its work at other meetings, such as Catchment Partnership meetings, community groups, special interest seminars, Angling Association AGMs shows and events.

The Trust uses a large pool of volunteers for delivery of a number of areas of its work, particularly practical and monitoring.

The financial and practical support of friends and volunteers is essential to the delivery of the Trust’s work and the Trust is extremely grateful for their help.

Related Parties

The charity has one trading subsidiary, Eden Source to Sea Ltd.

The Trust works with other rivers trusts, the umbrella organisation (The Rivers Trust). All relationships are conducted at an arm’s length basis, and where required a standard Memorandum of Understanding or contract is negotiated.

Trustees' indemnities

The charity holds a standard insurance policy which includes a trustees' indemnity against any liability in connection with any negligence, default, breach of duty or breach of trust in relation to the charity.

Members' liability

The Members of the Charity guarantee to contribute an amount not exceeding £1 to the assets of the Charity in the event of winding up.

Page 7

The Eden Rivers Trust Trustees' Report (continued) For The Year Ended 31 December 2025

Statement of Trustees' Responsibilities

The trustees (who are also the directors of The Eden Rivers Trust for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statement unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing the financial statements the trustees are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charity SORP;
make judgments and accounting estimates that are reasonable and prudent; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The trustees are responsible for keeping adequate accounting records which disclose with reasonable accuracy at anytime the financial position of the charitable company and to enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement of Disclosure of Information to Auditors

Each of the persons who are trustees at the time when this trustees' report is approved has confirmed that:

so far as the trustee is aware, there is no relevant audit information of which the charitable company's auditors are unaware; and
they have taken all the steps that they ought to have taken as trustees in order to make themselves aware of any relevant audit information and to establish that the charitable company's auditors are aware of that information.

Small Company Rules

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

The trustees' report was approved by the board of trustees and signed on its behalf by:

Prof J Quinton Trustee 2 June 2026

Page 8

Independent Auditor's Report to the Members of The Eden Rivers Trust

Opinion

We have audited the financial statements of The Eden Rivers Trust (the "charity") for the year ended 31 December 2025 which comprise the Statement of Financial Activities (including Income and Expenditure Account), Balance Sheet, Cash Flow Statement and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

In our opinion the financial statements:

give a true and fair view of the state of the charitable company's affairs as at 31 December 2025 and of its incoming resources and application of resources, for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and the provisions available for small entities, in the circumstances set out in note 25 to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions Relating to Going Concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other Information

The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on Other Matters Prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Trustees' Report, which includes the Strategic Report and Director's Report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Director's Report included within the Trustees' Report have been prepared in accordance with applicable legal requirements.

Page 9

Independent Auditor's Report (continued) to the Members of The Eden Rivers Trust

Matters on Which We Are Required to Report by Exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Director's Report included within the Trustees' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records or returns; or certain disclosures of trustees' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' Report and from the requirement to prepare a Strategic Report.

Responsibilities of Trustees

As explained more fully in the Trustees' Responsibilities Statement set out on page 2—8, the trustees (who are also directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the laws and regulations that are applicable to the Charity, with the emphasis on those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements, utilising our experience and knowledge of the sectors involved. Our work included but was not limited to making appropriate enquiries of the Trustees and management, agreeing disclosures to supporting documentation, reviewing the minutes of meetings of those charged with governance, and making relevant enquiries of management. We considered such matters as remuneration and management incentives and the ability of management to over-ride controls.

Our methodology included identifying journal entries to identify unusual transactions. Analytical procedures were employed to identify any unusual or unexpected variances or relationships. We considered the presence of internal controls to mitigate the risk of fraud or fraud or non-compliance with laws and regulations. All relevant laws and regulations and potential fraud risks were communicated to the audit team. The audit team remained vigilant to the possibility of non-compliance throughout the audit. We assessed grant claims and other incomes and performed appropriate procedures to ensure that claims were reasonable, there was compliance with regulations and entitlement to other incomes was established.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Other matters

The corresponding year's figures are unaudited.

Page 10

Independent Auditor's Report (continued) to the Members of The Eden Rivers Trust

Use Of Our Report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters that we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Jonathan Miller FCA (Senior Statutory Auditor) (Senior Statutory Auditor) for and on behalf of FCSC Audit Services Limited, Statutory Auditor

2 June 2026

FCSC Audit Services Limited Chartered Accountants & Registered Auditors Unit 7 Cooper Way, Parkhouse Carlisle Cumbria CA3 0JG

Page 11

The Eden Rivers Trust Statement of Financial Activities (including Income and Expenditure Account) For The Year Ended 31 December 2025

Unrestricted funds £ 14,506 - 8,017	Restricted funds £ 51,076 1,302,671 -	2025 Total funds £ 65,582 1,302,671 8,017	2024 Total funds £ 76,570 817,652 6,769
22,523	1,353,747	1,376,270	900,991
- (44,312)	(944) (1,210,786)	(944) (1,255,098)	(807) (864,021)
(44,312)	(1,211,730)	(1,256,042)	(864,828)
(21,789)	142,017	120,228	36,163
(21,789) 222,244	142,017 200,573	120,228 422,817	36,163 386,654
200,455	342,590	543,045	422,817

The notes on pages 16 to 26 form part of these financial statements.

Page 12

The Eden Rivers Trust Comparative Statement of Financial Activities (including Income and Expenditure Account) For The Year Ended 31 December 2025

Unrestricted funds £ 41,884 - 6,769	Restricted funds £ 34,686 817,652 -	2024 Total funds £ 76,570 817,652 6,769
48,653	852,338	900,991
- (43,246)	(807) (820,775)	(807) (864,021)
(43,246)	(821,582)	(864,828)
5,407	30,756	36,163
5,407 216,837	30,756 169,817	36,163 386,654
222,244	200,573	422,817

The notes on pages 16 to 26 form part of these financial statements.

Page 13

The Eden Rivers Trust Balance Sheet As At 31 December 2025

Unrestricted funds £ 11,639 100	Restricted funds £ - -	2025 Total funds £ 11,639 100	2024 Total funds £ 17,048 100
11,739 23,560 278,250	- 272,887 115,307	11,739 296,447 393,557	17,148 327,280 284,055
301,810 (113,094)	388,194 (45,604)	690,004 (158,698)	611,335 (205,666)
188,716	342,590	531,306	405,669
200,455	342,590	543,045	422,817
200,455	342,590	543,045	422,817
		342,590 200,455	200,573 222,244
		543,045	422,817

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

On behalf of the board

Prof J Quinton

Trustee 2 June 2026

The notes on pages 16 to 26 form part of these financial statements.

Page 14

The Eden Rivers Trust Statement of Cash Flows For The Year Ended 31 December 2025

Notes Cash flows from operating activities Net cash generated from/(used in) operations 1 Net cash generated from/(used in) operating activities Cash flows from investing activities Purchase of tangible assets Interest received Net cash generated from investing activities Increase/(decrease) in cash and cash equivalents Cash and cash equivalents at beginning of year 2 Cash and cash equivalents at end of year 2	2025 £ 103,177 103,177 (1,692) 8,017 6,325 109,502 284,055 393,557	2024 £ (5,515)
		(5,515)
		(6,241) 6,769
		528

		(4,987) 289,042
		284,055

Page 15

The Eden Rivers Trust Notes to the Statement of Cash Flows For The Year Ended 31 December 2025

1. Reconciliation of income to cash generated from/(used in) operations

. Reconciliation of income to cash generated from/(used in) operations
Net income Adjustments for: Interest income Depreciation of tangible assets Movements in working capital: Decrease/(increase) in trade and other debtors (Decrease)/increase in trade and other creditors Net cash generated from/(used in) operations	2025 £ 120,228 (8,017) 7,101 30,833 (46,968) 103,177	2024 £ 36,163 (6,769) 7,819 (178,069) 135,341
		(5,515)

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

2025 £ Cash at bank and in hand 393,557 3. Analysis of changes in net funds As at 1 January 2025 Cash flows £ £ Cash at bank and in hand 284,055 109,502	2024 £ 284,055
	As at 31 December 2025 £ 393,557

Page 16

The Eden Rivers Trust Notes to the Financial Statements For The Year Ended 31 December 2025

1. General Information

The Eden Rivers Trust is a company limited by guarantee, incorporated in England & Wales, registered number 06460807 and registered charity number 1123588. The registered office is 4 Cowper Road, Gilwilly Industrial Estate, Penrith, Cumbria, CA11 9BN.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)", Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

The charitable company is a Public Benefit Entity as defined by FRS 102.

2.2. Going Concern Disclosure

The trustees have not identified any material uncertainties related to events or conditions that may cast significant doubt about the charitable company's ability to continue as a going concern.

2.3. Fund Accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

2.4. Incoming Resources

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received, and the amount of income receivable can be measured reliably.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Grant are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

2.5. Resources Expended

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

Page 17

The Eden Rivers Trust Notes to the Financial Statements (continued) For The Year Ended 31 December 2025

2.6. Tangible Fixed Assets and Depreciation

Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives.

Depreciation is provided on the following bases:

Leasehold over the lease term Plant & Machinery 20% straight line Motor Vehicles 25% straight line Fixtures & Fittings 25% straight line & 25% reducing balance

2.7. Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.

Investments in subsidiaries are valued at cost less provision for impairment.

2.8. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

2.9. Financial Instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.10. Taxation

The charity is exempt from tax as all its income is charitable and applied for charitable purposes.

2.11. Pensions

The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.

2.12. Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount repaid net of any trade discounts due.

2.13. Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pretax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.

Page 18

The Eden Rivers Trust Notes to the Financial Statements (continued) For The Year Ended 31 December 2025

2.14. Support costs

Support costs include central functions which have been allocated on a basis consistent with the use of resources. For example staff cost by time spent and other costs by their usage.

Income from Donations and Legacies

Unrestricted funds £ 13,688 818	Restricted funds £ 49,626 1,450	2025 Total funds £ 63,314 2,268
14,506	51,076	65,582
Unrestricted funds £ 41,238 646	Restricted funds £ 30,000 4,686	2024 Total funds £ 71,238 5,332
41,884	34,686	76,570
	2025 Restricted funds £ 1,302,671	2024 Restricted funds £ 817,652

4. Income from Charitable Activities

Page 19

The Eden Rivers Trust Notes to the Financial Statements (continued) For The Year Ended 31 December 2025

Environment Agency National Lottery Heritage Fund United Utilities Cumberland Council Natural England The Rivers Trust DEFRA North Pennines AONB Yorkshire Dales National Park Authority RSPB Network Rail The Ernest Cook Trust Brampton 2 Zero EC Graham Cumbrian Lake District National Park Messrs Findlay Penrith Town Council Westmorland & Furness Council Garfield Weston National Gas Hadfield Trust Yorkshire Dales Milenium Trust 5. Investment Income Bank interest receivable 6. Net Income/(Expenditure) The net income is stated after charging/(crediting): Bad debts Depreciation of tangible fixed assets - owned	2025 Restricted funds £ 208,333 502,477 31,000 7,500 36,169 32,446 123,735 - - 16,750 30,000 15,000 100,467 12,000 15,247 34,000 500 37,713 47,000 20,000 2,000 30,334	2024 Restricted funds £ 143,484 230,051 11,253 11,018 56,809 29,615 72,976 5,718 4,048 65,750 30,000 15,000 29,000 12,000 16,000 21,000 500 63,430 - - - -
	1,302,671	817,652
	2025 Unrestricted funds £ 8,017	2024 Unrestricted funds £ 6,769
	2025 £ 469 7,101	2024 £ - 7,819

Page 20

The Eden Rivers Trust Notes to the Financial Statements (continued) For The Year Ended 31 December 2025

7. Analysis of Expenditure

. Analysis of Expenditure
Raising funds Restoration Raising funds Restoration . Direct Costs Cost of goods sold: Fund raising Direct project costs Staff costs Cost of goods sold: Fund raising Direct project costs Staff costs	Activities undertaken directly (see note 8) £ 944 1,137,489	Support costs (see note 9) £ - 117,609	2025 Total £ 944 1,255,098
	1,138,433	117,609	1,256,042
	Activities undertaken directly (see note 8) £ 807 761,612	Support costs (see note 9) £ - 102,409	2024 Total £ 807 864,021
	762,419	102,409	864,828
	Raising funds £ 944 - -	Restoration £ - 593,506 543,983	2025 Total £ 944 593,506 543,983
	944	1,137,489	1,138,433
	Raising funds £ 807 - -	Restoration £ - 295,738 465,874	2024 Total £ 807 295,738 465,874
	807	761,612	762,419

Direct Costs

Page 21

The Eden Rivers Trust Notes to the Financial Statements (continued) For The Year Ended 31 December 2025

9. Support Costs

. Support Costs
		2025
		Restoration
		£
General administration:
Office costs		67,612
Governance costs		24,943
Repairs and maintenance costs		26
Staff cost		8,930
Audit fees		6,922
Accountancy fees		1,606
Bad debts written off		469
Depreciation:
Depreciation		7,101
		117,609
		2024
		Restoration
		£
General administration:
Office costs		58,921
Governance costs		25,396
Repairs and maintenance costs		32
Staff cost		8,179
Accountancy fees		2,062
Depreciation:
Depreciation		7,819
		102,409
0. Auditor's Remuneration
emuneration received by the charitable company's auditors and their associates during the year was as follows:
	2025	2024
	£	£
Audit Services
Audit of the company's financial statements	6,922	-

10. Auditor's Remuneration

Remuneration received by the charitable company's auditors and their associates during the year was as follows:

Page 22

The Eden Rivers Trust Notes to the Financial Statements (continued) For The Year Ended 31 December 2025

11. Staff Costs

Staff costs were as follows:

Wages and salaries Social security costs Contributions to defined contribution pension scheme	2025 £ 488,976 46,880 42,059 577,915	2024 £ 426,796 36,538 36,115
		499,449

No employees received employee benefits (excluding employer pension costs) for the reporting period of more than £60,000.

Average Number of Employees

Average number of employees during the year was as follows:

Management Adminisation staff Project staff	2025 2 1 14 17	2024 2 1 11
		14

13. Tangible Assets

Land & Property

13. Tangible Assets	Land & Property
Cost As at 1 January 2025 Additions As at 31 December 2025 Depreciation As at 1 January 2025 Provided during the period As at 31 December 2025 Net Book Value As at 31 December 2025 As at 1 January 2025	Leasehold £ 3,480 -	Plant & Machinery £ 39,591 -	Motor Vehicles £ 38,451 -	Fixtures & Fittings £ 93,968 1,692	Total £ 175,490 1,692
	3,480	39,591	38,451	95,660	177,182
	1,657 497	36,752 1,172	38,451 -	81,582 5,432	158,442 7,101
	2,154	37,924	38,451	87,014	165,543
	1,326	1,667	-	8,646	11,639
	1,823	2,839	-	12,386	17,048

Page 23

The Eden Rivers Trust Notes to the Financial Statements (continued) For The Year Ended 31 December 2025

14. Investments Cost or Valuation As at 1 January 2025 As at 31 December 2025 Provision As at 1 January 2025 As at 31 December 2025 Net Book Value As at 31 December 2025 As at 1 January 2025 Subsidiaries Details of the charitable company's subsidiaries as at 31 December 2025 are as follows: Name of undertaking Registered Office Class of shares held Eden Source to Sea Ltd (Company No. 10332734) 4 Cowper Road, Penrith, CA11 4BN Ordinary Shares The final results of the subsidiary for the year were: Eden Source to Sea Ltd (Company No. 10332734) 15. Debtors Due within one year Trade debtors Other debtors 16. Creditors: Amounts Falling Due Within One Year Trade creditors Other creditors Taxation and social security Accruals and deferred income	Direct holding 100.00% Capital and Reserves £ 152 2025 £ 272,887 23,560 296,447 2025 £ 102,414 139 12,165 43,980 158,698	Unlisted £ 100
		100
		-
		-
		100
		100
		Indirect holding - Profit/(loss) £ - 2024 £ 297,414 29,866
		327,280
		2024 £ 74,160 - 10,598 120,908
		205,666

Page 24

The Eden Rivers Trust Notes to the Financial Statements (continued) For The Year Ended 31 December 2025

17. Deferred Income

Deferred income movements in the year were as follows:

Balance at the start of the period Income deferred in the current period Amounts released in income from previous periods Balance at the end of the period	2025 £ 118,808 16,474 (118,808)	2024 £ - 118,808 -
	16,474	118,808

18. Financial Instruments

The charitable company has the following financial instruments:

he charitable company has the following financial instruments:
	2025	2024
	£	£
Financial assets
Financial assets measured at fair value through income and expenditure	393,557	284,055

Financial liabilities

19. Other Commitments

The total of future minimum lease payments under non-cancellable operating leases are as following:

Not later than one year Later than one year and not later than five years	2025 £ 25,500 29,167 54,667	2024 £ 28,000 54,667
		82,667

The following lease payments have been recognised as an expense in the Statement of financial activities:

	2025	2024
	£	£
Operating lease rentals	28,000	28,000

20. Pension Commitments

The charity operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the charity in independently administered funds. The pension cost charge represents contributions payable by the charity to the funds and amounted to £42,059 (2024: £36,115). Contributions totalling £139 (2024: £nil) were payable to the funds at the balance sheet date.

Page 25

The Eden Rivers Trust Notes to the Financial Statements (continued) For The Year Ended 31 December 2025

21. Movement in Funds

As at 1 January 2025 £ 222,244 200,573	Income £ 22,523 1,353,747	Expenditure £ (44,312) (1,211,730)	As at 31 December 2025 £ 200,455 342,590
422,817	1,376,270	(1,256,042)	543,045
As at 1 January 2024 £ 216,837 169,817	Income £ 48,653 852,338	Expenditure £ (43,246) (821,582)	As at 31 December 2024 £ 222,244 200,573
386,654	900,991	(864,828)	422,817

22. Transactions with Trustees

None of the trustees received any remuneration or any other benefits from an employment with the charity or a related entity during the current or previous year.

No trustee expenses have been incurred.

23. Related Party Disclosures

There have been no related party transactions in the reporting period that require disclosure.

24. Company limited by guarantee

The company is limited by guarantee and has no share capital.

Every member of the company undertakes to contribute to the assets of the company, in the event of a winding up, such an amount as may be required not exceeding £1.

25. FRC's Ethical Standard - Provision Available for Small Entities

In common with other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

Page 26