Watchtree Nature Reserve Limited IA company Ilrnlt¢d by gu•r•nt¢&l Annual Report and Financial Statements 31 March 2024 Company rogl$tratlon numb•r'. 05214585 Charlty r•gl•tratlon numb•r.' 1127029 dncDdd&co
Wat¢htrè• Nature Reserve Limitèd Contents Relertn¢e and AdrninistratNe Details Trustees, report Tru51ees' rèsponsibili88 in relation to the finantial statements Independent exarninerf5 report Slalem8nl of financi85 8clivi118S Balance sheet Note5 to thè financial statements 10
Wat¢htree Nature Reserve Llmited R•for•nc• and Administrative D•tails Charity nam• Watthtree Nature Reserve Limited Charity fegistration number 1127029 Company registrntion number 05214585 Prlnclpal office Wat¢htr Great Orton CARLISLE CA5 6NL Registered office Watchtree Great Ort CARLISLE CAS 6NL Trustees C M Tinker R W Bushty WL F J Mawby RWSSpei N Latimer A G Roberts K A Jores IApptyn¢menl 1 November20231 J Fell I1pnte(I1 November 20231 Bankers The Ctroperative Bank PLC 1 Balknn stet MANCPIESTER M60 4EP Accountant Dod¢J & Co Audrt Limited FIFTEEN Rosehl Montgomery Way Rosehill Estate CARLISLE G41 2RW In¥estrnent Advlsor Oavid Atjen Finanaal SeINi$ Dalmar House Barras Lane Eslate Dalston CARLISLE CA5 7NY Page 1
Watchtree Natur• Rès•rv• Llmlted Trustees. Rèport for the Yèar Ended 31 March 2024 Thèse financial statements have LEen prepared in ac¢CdanCe wlh Ihe aciy)untyng kx)Iicies sel out in Ihe accounts and ¢ornpty wth the chanty's g)vemin9 1)tunni, the Chari85 Acl 2011 and Accounling and Reporting by Ch8riks'. Statementof ReQXnnded Pracbce appli¢abl& the UK Republic of Ireland. Foroword by Rlch•rtl Sp•lrn. W•t¢htre• Chalr In our last Annual R8POrt we focused on progress agaw)st the Key Performance Intjicators IKPI's1 in our Slralegy Plan. Whilst th¢ report ¢onIae a knl of Inlormalion gardIng vthai had happened in 2022.23 and vth8re p8rfonnanc8 h•J improved or rded a118nlKsn il sn't exaclty a readabkn dcum8nt. So. lor thi5 Port * art going back to ow IrJilJnal lormal lo let you kntm s¢)me ol the high points of the la51 12 months. We 51111 th towards our KPI'$ and measur8 our performance againsl them Thi5 inforn)ation is Important 10 assure potential hJrJef8 Ihal do thIn èn Ove Strategy and that ccffltinualty monltor how artr pr¢yJre5sIng. Strur, Qov•rn•nu. •bxI maMnftt Gmrnlng Docurn•nt Th6 tompany was incofporaled on 25 August 2(X)4 a$ 8 rnpanY hmiied by guaranlae and 18 governed by Ils morandum and Articles ol ASS18t)n. The company was registered ith Ihe Charity Comrnission on 3 December 2008 (Charity numbgr 11270291 has a w$¢ed oifKe al W8tchtr8e. Gft8t Orton, Carfi$le. Cumbrkg. CA5 6NL. The Trustees are appolThMd by membwg 81 Ihg AGM. Tho Chair of t#)arf is pSIble for Ihg induction of any rth Iru$1888. Obl•ctlv•• and Actlvltl•• The obj¢¢iwe$ of the charity are to.. Maintain. irnpro¥8 or Pmvhye pubk •menrties. Prornote lor the publt benefit the Watchlre• SI In CumbriJ oTrY tts enykons. In parfkvlar by associaling local comrnunity organ158lion$ In 8 uJmftK)n effort lo advance educatv)n, 10 relieve pov8ty. nee(1 hardship. to provide facilities lor $Sur0 cCupa in the InSts ol sockql wellare and to conserya and impm Ihe ènwronrnenl. Th• charity mainiains Waichtffje N81urn Res8rye lor visitors, schrvJl parfivs and 9p$ •ftd conbnuas lo d8¥Mbp the wheelers facility providing cyclès for us& by dLsabked gp)LP$ and IndWidua. In selling Ihe ¢Jbjecls ol Ihe cwty. th• Irusiees hav8 paKI due ward lo the Charity ComMi88N guhyance on publit benefit. Rl¥l M•n•g•m•nt The Iruslees have assessed the rnajc ri$k8 lo whh the thanly Is ewsed. in particular iho$e relaled to Ihe opefalion$ and fin8nrM of Ihe charty and are salisf*<l Ihal 5yStem$ pedre$ are In place 10 mity9ate exposure lo the major ks. Flnance Revlew Finan¢ially. we #re covenThJ costs and ha made o ho¥tthy $urplus on the ar ol just under £34.000. During this year have Inve51ett In a55e15 such 8s a rew dry Store for the café and Ihe. much appr8ciat8d. Gglalo Parknur For Walchlree wheer5 0ratIOnS eonverted a garage inlc a proper CYC kshOp which should make condilK)ns much better lor those on Ihe keS in and weather. We also put limber ¢ladding on th8 buihaing to improve lis 8ppear8nco. Page 2
Watchtree Natu Reserve Llmit Trustees. Rèport for the Y•ar Ended 31 Mah 2024 Whilst on the sublecl of th8 we were saddened to see Matt Wind move from WatchIe to anolh8r organisalty?n. Cyck hi continues to b8 a partularfy imp)rtanl funthon for us, during the yÈar recorded 11.632 hinngs. Sa5 of quality second haThJ cydes and nÈw parts Increased by £4.000 frorn 2023 to £25,451. This a(Jdilional income was v8ry rnKh Elcond as our slaffing costs have contnualty In¢ffjas8d in line wlth visitor demand We now empby 11.6 Full Tsme Equiv3nI 51aff 10 (xwe wih the numbeTS of visilors Watchlr88 recew8s. The steady In¢rease In wsstor numbers 1$ makiry Itself 8ppafOni In Ihat tyjr cai parkitwj $pac is proving iD8doquate on a more frequent bas This has the knock on effect of Ggrs parking on the entrance road ar¥J roadside verges %there they can obstruct nom)al traff. To Ihi8 end a mapr pn fof rxI year to c4r paIng Spa5. Th¢s wll be u$ing plasti¢ mesh over grnssland rather Ihan uealing a surface IA ofderto minirnise environmentsi dam8g8. We never forget Ihai Walchlree was Iniiwlty cre8tsd as a Nature ReseNÈ CLMilinue 10 d8velop 8nd Improve 81 have on Sile. Thè quality ol our kIllAtr rneadows was rnflected in a noti¢eat4e Increasè in 5 6 spoi Bufnett Moths. We have also seen a steady incTease in the number of orchK15. even in the arèas dislurbed by Ihè excavaln$ repc8 the 9Clty supply 10 the Visitor Cenlro Our volunteers fepaired 80rn8 ol our bird hi(s and have plan5 fof ffurtr renewal rkS nex¢ ye8r. We al80 started a prograrnrne of Installing d88r lencsng lo prowl imr1 sc¥ub area5 ar%J mtnimise th8 b55 of important bird ne$iing hèbilals. l)Jr CendY planned Jubi¢ Tr)dnd 1$ d8vebpw wèll but will S11 require 8 k)t of mainiènanco unlll the trees beu¥n8 mr• established. Th• rngF)nty of rk on the reserye is cand wi by our amrya tèam olwluniaers %tho rne&t a eek aNI 8nsure thzl hed90$. re65. drtch85 10nd ara propety maintsiwd and ca for. Wllhoul Ihoir 1nv8klab help W8lchtrOe fxukl nol cCrtIn Bs il doe8 r)w. Tlw kny5 m#na9e to gUCrn88fulty res0 8ny problem5 Ihai come up dunng Ih? y•ar. W¢ have ahvay8 b88n k88n to d•9 a$ an Edwalion and Welfa resource aTrJ. thanks to Leanne Ftr. Ihls 1891 year saw 8 significont inw8$8 In tho numt¢rol schc4)I wsils. Oui 9dU¢aD. w)rk, linkod inlo Fore$l Schcols. ha$ an Increasing range of user diversity Irorn Srwal Edu¢atp)nal Neods sclKK)l$ aThY groups throughout Cumbria. r Kid$ wgnls arn pOpr and that thldren ki8m b valu& 8nd appreuat• Iheiremiimnment. W• or9gnised mony events durirrfJ t• wr, Irom our running. ¢ycliry 8TrJ walking chalon9e$ thrOh to local history Bnd aslronomy nighls. Som? of thesè only ask for donabons bul tslhers do require a minim81 tharge lo cover costs Overnll, 1337 Peop ICt part In the yearfs 8V8nts. th9h wa arrango many ol the events ourselves. tyain rety on V•Jrag aTrJ Oav•. wrtually 811 Iho running and walklng events. A rnajor part of our day to day IrKom co$ Irom thè cafe 8TrJ Ih¢s year $8W 8n increa8e of over 20% from Iho P18vious 12 months During Ihe year we sabj 9) to Sarnh S8S51ord man8ged and developed lh8 café so effeciivety. we wsh her ¥wll in her married lrfe The ¢¥fè is also ather 3rea where * benefit frorn Ihe enlhusi8srn 8n¢J wllingness of regular volunbers. Wè 8180 fvlty re¢ognise the vabJ8 ol our members r•x [mbr over 1,(W and subsptio make ¥BIL4gb &ldilion lo our ¢0. Whilst our rogular Inconw enabS us lo wr day lo day costs we ha lo rety on eeMaI charitie5 other lunder5 lor any major impK0venl5 afMI propcts. Thanks 10 Ihe skill of several of our employees in idonlifying suitable sources and 5ubmithry appropnats b5 were Successful in avractlng funds of over £48.000 durbrwJ year. All ol which is tirwJ used to irnprove w5110r expenence and ensu Ihal Walchtro ¢oniinues to provide an 4mpant communitywd educatwjnal rewjrce. The Walchlree Naluro Reserve r•sw¥es Fdicywas and updated ¢Juring Au9usI 2024. The Iru$l8e$ have set a level 8quival¢ni 10 six month5 of oporaiing eosis for the organisalion as a deSid level of reserve. This fund Is a contingency tn the event of 3 5udLlen redu¢ith in incorne. in order io prolecl the lulu Owdln of the trganis8tion Ircffj the 1¢ of any unfor8888n vonabon$ in its fftcome and oxptsndilure. It also prov1des a cash fl¢)w lor 9rants and conlfacls Ihal are Pa In afrears. P8ye 3
WatchIe Nature Rtserve LSmited Trustees. Report for the Year Ended 31 March 2024 The trustees have desKJnated serveS where ttre are planned commiknents thai cannot be rnet by anticipated futu income ale. These reseThE5 are broken into a of funds that te to". The txgani5atn.S reSponbilit$ as an empw io h)Id suffioent ftJnd$ provhJ8 proper notice and redulanCY costs in the event of dosure. The orgarii5atyon's resp115 as a leaseholjer to maintsin and improve the Natltre Reserve for publie befil. The reserves Folicy and the L8 of re58r¥e5 wired are 18vieed yearly as part of the annual bud9etary process. Free reseryes at the year•KI are £166.730 lexduding fixed asset estrrIs) and therefore suffi¢nt to meet these c05ts. To finish l rnust exp$$ Ihe apprecIa"On of the Directc$ aThJ myself to our nderhA1 empksyees and CAlaIlY to the ¥nteerS whose dedtn cthbi$tenty prov85 invaluabk in makirvJ Watchtree Ihe valued plxe Ihat it has become. RKhard Speirs chaIrnn Small company provlslons This report ha5 been ppad in accorda th the smJl cornkws regirne unthr Ihe Companies Acl 2006. Appmv8d by the &Jard on 9 Otloter 2024 arvj Sned on Ns behaifby". C Pl Tinker Trustee RWSSpe¥s Tru5¢ee Page 4
Watchtree Nature Rèsèr¥• Llmlted Trustees. Respon$ibllltSes Sn relation to the Ftnaneial Statements Th& Iru51ees (who are 8180 directors of WalchlrÈÈ Nature Resetve Limited for the purposes of company lawl are responsib for preparing the Trusiees, Annual Report and the finant131 slalemenls in accordance with applicable law and the Financial Reporting Standard 102 - 'The Finèncial Reporting Standard applicable in the UK and Republic of Irelan&. Company law quIreS the Irustees to ppare financial slalemenls for each financial year which give a true and fair view of the slate of affairs of the charitsble company and of Ihe Incoming resouices and application or resources. including incorne and expendilure. of the charitable cornpany for that period. In preparing these rinancial ststetnents, Ihe Iruslees are required to". select suilabl& accounting policie5 and Ihen apply Ihem con8islenlly.. obserwe the methods and pnnciples In th8 Charities SORP." make judgements and estimates that are reasonable and prudent., state whether applicable UK actounling standards have been followèd. subj8ct lo any rn8t8rial departur8S disclosed and explained in the financi31 st31ements,' and prepare the financial statements on the going ¢oncern basis unless il is inappropriate to psUM8 that the charitable cofflpany will tontinue in business. The trustees are responsible for keeping proper accounting o¢ords that disd08e with reasonable acxuracy at any lime the financial position of Ihe charitable company and enable thetn lo ensu that the financial stslements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitsble company and hence for taking reasonable steps for the prevention and dete¢tion of fraud and olh8r irregularities. P¥ge S
Independent Examinerf$ Report to the Trustees ol Watchtree Nature Rtserve Limited l on Ihe acuAJThts ol the ujmpary thè yweThJed 31 March 2024. which ¥e set out on page5 7 to 23. Respective responsibiliti•s of Irustees and euminef The Injstees (who are a150 the direciof5 of Ihe ¢omp8ny for purrM)ses ofcompany lawl a sponsible for th8 pparat)n of the accounts. The tnjstees conyder that an audrt LS fKJI required lor this sar under section 144121 of the Charrties Act 2011 Ilhe 2011 Acll and that an indewndent exarninalw is needed. The charitys gros$ Irwme exteded 50.000 and l am qualffjed to urxJÈrtake the examinatn by being a qualified memberof the Instrtute ofchartered Accountsnts in Eland wa5. Having satisfied rnyseK that ¢harity k rAX subject to audrt un(J8r Pafl 16 of the Companw Act 2006 and 15 eligible for independentex8rniDatDn. it Is my wrK)rtsibdityto". exaffline Iho aco)unts urKler secknr$ 145 of the 2011 NLt". folk)w Ihe prOdureS tknffi th the Cneral DirectnS gNen by the Chanty Comrntswn section 145151 Ibl of the 2011 Act. aThJ stste whether paitular rnatter5 have (xxne lo my attenlk)n. Ba•ls ol Indendant oxamlnerfs r•port My examination was carrd (Mjt accordaKe wth tho General Directs"ons gNen by the Charity CornmLE5ion. An exarninalion includes a eW of the accountiThJ records kept by the chanty and a tomparison of Ihe accounts psented wlh those re(x)rds. 11 also Includes consKleraiN)n of any unusual items or discknsures in the accounts. and seeking e¥planatK>n5 frotn you as trustees CA)nceming any such rnalter5. Tl pro(du$ undertaken do noi provide all the evidence that %)U be required in afi audit and tonseouenlly no OnIOn is given a$ to whelh8r the accounts presenl a 'true otKI lai¢ ard the rep(Kl is hmiled lo maitsrs sel out in the slalernent bel¢xv. Inthp•nd•nt examlmys statemont In connection wth my examlfy9n. Th) matter has come to my atteThiW)n" 111 gives rr reasonaL4e cause to that in any rnalerial resFect requirements." to keep acJnIW records in accordancewth seCtn 386 ofthe Companies Act 2006.. and to prepare xo)unlS which Xcofd wffjlh the accounling ocords. (J)mply %wth the accounling fequiremenls of section 396 of IhÈ Companies Act 2006 and wrth the rnethods prinPS of the Ststement of Recornwded Prodte" and Reporting by Charibes have not been mei". or 121 to bvhich. In rny opinw. attenD"on Sj t dra in order to enab a proper uthletstanding of the a¢Un$ to be reached. FIFfEEN Ros8hAI nlgornery Way Rosehill Estaio CARLISLE CA12RW neTh linson FCA d & Co Limited hartered Accounlants 9 (knber2024
Watchtree Nature Reserve Limited Statement of Flnanclal ActSvltles Ilncludlng Income and Expenditure Account and Statement of Totsl Recognised Gains and Losses) for the Year Ended 31 March 2024 Unrestrlcted Re8trlctod Tatal Funds Total Fund8 Funds Funds 2024 2023 Not• Income Don8lions and leg8cie8 Other trading aclivilies Inveslmenl income 27,004 25,541 9.050 310,035 371,630 48,327 75,331 25,541 9,050 310,035 419,957 37,429 21.406 6.566 Ch8ri18ble 8Ctivilie8 265.291 330,692 Total income 48,327 Exp•ndltur• Chantable a¢tivbtl&$ 382,269 2.587 384,836 32.456 414,725 2,587 417,292 346,574 2,512 349,086 Cosl of raising lunds To181 ¥xp¥ndilure 32,456 Transfer• Transfers beeen lund6 19,3011 9,301 G81n{lO$S83I on Inveslmenl 8ssels 31.248 31,248 123.7411 Nel inm?1[0Xp9ndIlUreI 8,741 25,172 33,913 142,1351 ReconcSllatlon of fund8 Totgl funds brought loard Tolal funds carried foard 479,073 487,814 18.310 497.383 539.518 43,482 531,296 497,383 All of Ihe Charity'5 activities derive from continuing op&rations during the above periods. The notes on pages 10 to 23 fomi an inle9ral part ol these financial sl8tomont$. Page 7
Watchtree Nature Reser4e Llmited Company reglstratlon number.. 05214S85 8Blanee Sheet as at 31 March 2024 2024 2023 Note Fixed 3s?ets Tangible assets Invesiments 77.498 243.586 321.084 70.597 262.465 333,062 12 Current •ssets Stocks and in pro9$$ Debtors Cash al bank and in hand 1.6 12,352 240,156 254,504 1,500 5.307 182,494 189.301 13 CreditOfS'. Amounts falling due within ohe y&ai 144,2921 124,9801 Nèt current assets 210.212 164.321 Net assets 531.298 497.383 The funds of tho ¢harlty'. Restrlcted funds In surplu5 R95tri¢¢Èd funds In demclt Jubilee Wood Total restricted funds 43.482 23,840 15,5301 18,310 43,482 Unre9tdcted funds Unreslricled income funds 487.814 479,073 Totol ¢harlty funds 531.296 497.383 The note$ on pages 10 to 23 form an integral part of thes8 financial 5talOmonts. Page 8
Watchtree Nature Res•rve Llmited Company regi$tsatlon numb•r: 05214585 B•lanc• Shwt a$ at 31 March 2024 .. coniinu8d For the financol year ended 31 Klar¢h 2024, thè ¢haritywJs enllued to exernplion trom audll under section 477 of Companies Act 2006. The memter5 have not requtred the charity to an athjit of its xcounts lor the year in question in actor<1•e sect)Tr 476 01 the Acl The directors 8cknowl8dge 5nSibIli1S ctyiiptyirMJ wrilh re4uiremenls of the kl 1h pect to sccouniing record$ and the preparalion of accwnts. These accounts have been pr8par•d in ctydanc8 the proVi5J ¥pr4Kablg to crnpBnies subject to th8 small cornpanl•¥ rogirno. AppThi•d by Ihe Boarf on 9 Cioter 2024 and ¥b3ned on ts behrtsy.. RWsSlrS Twstee The Th)tes pw 10 to 23 fowm an inw9 part ofthesa finarrial staiemgnts. p89
Watetttree Nature Reserve Llmlted Notes to the Financial Statements for the Year Ended 31 March 2024 Accounting policie¥ Summary of 8lgnlflcant accountlng pollcles and k•y aC¢¢untlng e$tlmates The pnncipal accounting policies applied in the poparalion of these financial st?lemenls are sel out below. These policies have been consisieniiy applied to all the years pre8enl8d. un18SS OtheiSe ststeé. ststement ol compliance The financial 51alernerit5 have been prepared in alordance ith Accounting 8nd RepoTting by Charilie8'. Slalemenl of R8commend&d Practice applicable 10 chafilies preparing their accounts In accorllance wth the Finantial RÈporting Standard applicable in the UK and Republic of Ireland IFRS 1021 letteclive 1 January 20191- Ichanlies SORP IFRS 10211. the Financial R8PDrtsng Standard applKabl8 in the UK and R8public of Iland IFRS 1021 and the Compankgs Act 2006. Ba¥15 of preparatioh The charitable company tneets the definilk)n of a publK b8n8fit enlily under FRS 102. Assets and liabilitie5 ar8 initfdlly recognised al historical c051 or transaction value unless otheise ststed in the levant ac¢ounling policy noi&s. Going con¢ern These financial slatements have beÈn prepared on a going concern bas. The twstee5 a55e55 whether the use of going concern is appropriate i.e. whether the ar8 any material uncertainties lated lo events or conditions that may cast significant doubt on the ability of the Ghanly to conlinue as a going concern. The trustee5 make this asses5rnenl In SPeCI of a period of one year frorn the dale of approval of Ihe financial statements. Fund accountlng pollcy Unrtstri¢ied In¢ome funds are general funds that are available for use al the Irustses, discretion in lurtherance of the objeIveS of the charity. Restrted income funds ar8 those donated for use in a parti¢ular awa or for Specific purpos8S. the u$& of which 15 re51ri¢led to that arÈa or purpo88. D8signal&d funds are unrestricted funds sel aside al tho dis¢r$tion of the trustees for swcific purpose5. Further details of each fund a disclosed In note 18. Page 10
Watchtree Nature Reserve Limited Notès to the Flnancial Statemgnts for th• Year Ended 31 March 2024 . continued In¢omp and ¢ttdowment8 Donations are recognised when the Chanly has been notified In writing of both the amount and settiem8nt date. In the event that a donation is subject 10 eondilions Ihal require a level of performance by the Charity before the Charity is enliled 10 the funds, the inGome is deferred and not recognised until either those conditions a fulty mel. or Ihe fullilment of those condition$ Is wholly within the control of the Charity and it is probablg that these conditions W11 bè fulfilled in the reporting perioLI. Legacy gift5 are recognised on a case by casÈ basis followng the grant of probate when the adminislorlexeculor for the estate has communicgted in writing both the amount and settMent dale In the event that the gift is In the form of an asset other than cash or a financial asset traded on a r8cognised stock exchange. cognit)n Is subject lo the value of the gift being liablY measured with a degree of reasonable accuracy and the lime to the asset having been Iransferrad lo the Charity. Income from &>v&rnmenl an(J other grants. whelher'tapilal. grants or'r8venue' grants. is togniSed when th8 charity has enli118m8nl10 the funds, any p&rformance conditions atta¢hed lo the grants have been tr*1. it Is probable that the Income will be ¢¢Ved and the amount Can be measured reliably and Is not deferyed. Deferred in¢otne pSentS amounts received for future perK)d5 Is released to iorning sourceS in the period for which. it ha$ been r8CeiV8d. Such in¢ome is only dglerred when.. The donor specifies that the grant or donation must only be used in future a¢¢ounting periods., or The donor has imposed conditions which rnu51 mei before the charity has unconditional enliUem&nt. Cafe income and Income deriv8d trorn evenl$ Is re¢ogni$8d as earn8d (that is. as the wlat8d good5 or services a prowdedl. Invesltnenl Income is recognised on a receivabl8 basi$. In(x)ms Irom eharilabl8 activities includes Incom8 recognised as earnod las the related gOrS or servi¢os a provided) under contract. Expenditure Liabilitie5 are recognisetl as soon as there is 8 legal or constru¢tDie obligation committin9 the charity to th8 e¥penditure. All expenditure is accounted for on an a¢¢ruals basis and h8s been classified under headings that aggregate all costs relaiet$ 10 the caiegory. Charitable expenditur& comprises those c0515 Incurred by the charity in the delivery of 11$ aeliviti&s and setvicÈs for Ils beneficiaries. 11 includes bolh Costs that be allocèled directly lo such activities and those costs ol an indirect nature necessary lo support them. Support cts Support costs inclu¢lè central functions and have been allocated lo activity cost cal8gorie5 on a basis con8lSt8nl with the use of resources, for exampl&. alloc2ling property C051$ by flcx)r areas, or per capita. staff c051s by Ihe time spent and other costs by their usage. Irrecovorable VAT InEcoverable VAT is charged against the ¢ategory of r&sources expended forwhi¢h il was incurred. Taxatlon The Charity 1$ ¢on$1dad 10 pass the t88ts set oul in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore il rneels the definitian of a charitable COTnpany for UK corpor8tion tax purposes. Accordingly. the Charity is potentially exempl from laxalion in respect of Income or capital gains reGeived thIn cèlegories covered by Chapter 3 P8rt 11 ofthe CorpDralK>n Tax Act 2010 or Seclion 256 of the Taxation ol Char9eable Galns Act 1992. to the &Ktent that such income or galns are applied exclusivgly lo tharitsble purpos&s. PagÈ11
Watchtree Nature Reserve Limited Notes to the Financial Statements for the Year Ended 31 Mah 2024 Ftxed a880ts IndivkJual fixed assets costing £1 ormte a initlly recA)rded at $t. D¢p¢1)Ion 0aprecial1 is provKled on fixed assets so as lo wte off tl ts)st or valualb)Th. K8ss any e5tirnate(I residual value. over their expected uselul )rlMI¢ life as follo.. PLanl arKI mhinery Fixtures and filbrvjs CLxnputer equipNnt 25% re(Juury ban basis 25% redwryJ baL4n¢e ba$6 25% reduting boL4n¢ basis Inw•stm•nts Fixed assei InvestnnIS are included at rnarkoivalue aithe balarth she8tdate. R8alised gains aThJ b5ses on investhnts are calcldated as the dthefen( between sales proceeds and their market Value at the start of the yw. or their subs4u8nt o)st. and are clwrged or credited lo Ihe Slaternent of financial actMts in the perwxl of dtsrKwl. Unrealised gains and bjsses repre5enl Ihe movement in market values thring the year and are credited or ¢harged to ststement of finarK•al actMIEs based on the marf(et al the yeareTrJ. Stock Stoek is valued at the Ir of cost and nel realrsable wdlue. alter due ward for Obsote and slow moving 51ocks. Nel rt31isyb walue is based on selling price less antscipaied (Xjsts lo ¢X)mpletn and selling cosls. Items ck)nalgJ for or dL%lributh)n are not indLNled in Ihe fThncial statements ufitsi they are sokl or di$tnbuied Trade D•btor8 Trade debtor5 a anUnts due from euslorrrs for rner¢hand 50hJ or serwces perforrned in the ordinary ursÈ of business. Trade debtor5 a recrynsed initth al the transaction ple. They are subsequent measured al amortised cosl using the effectNe Interest mellw)d. less proMsK)n for Impairrnent. A provi5K)n for the Impaimient of ttsde debtors Is estsblished when trre is ObjecVe eV¥Jere tkk3t the Charity will not be able lo colknl all ar)Unts due e0rdIng lo Ihe original teFrns of the wNae$. Cash and Cash Equlvalents Cash and cash equivants cofflpnse cash on hand and call (kM)sits. and other short4emi huhty liquKI investments that are reJity Cvertible to a amuntof r2sh and are subject to an In519nfficant risk of change in YdlJe. Trade ¢reditors a obligai)ns to pay lor gLMNJs or serw£e5 tkwt have been acquired in the ordinary ¢outse of busness frorn supplie. Ac(a)unts payabb8 are dasSrfd as curTenl liaixlityes rf the Charity does 1 have an ur0ndItIOnal nghl, al Ihe end of ttE retxjrting FWKKI. to defer sett18ment of the creditor for at least telve mnlhs after the reporting dale 11 re 15 an unC0onal right to defer seltlement for at least e rnonths after the rekwJrbNJ da. they are pf8sented as ncfroJThenl liabilites. Tfade cdrtQrs are recognised Inthaty at tr tranwtK)n pnce and subsequenuy Tneasured at amorbsed cost u$in9 the effectNe Intefesl rfvèlhod. Page 12
Watchtree Nature Reserve Llmbtèd Notes to the Financial Statèments lor the Yèar Ended 31 March 2024 . contiN>ued Operatlng beases Laasès in which subslanlially all the risk5 and rewards of ownership a retsined by the lessor are classified as operating leases. Rentals payable under operating leases are charg8d in Ihe Statement of Financial Activities Dn 8 Straight line basi5 over the leas8 term. P•nslon• The charity operates a defined ¢oniribution p8nsion sch8me. Coniribulions are charged In thè statement or finan¢ial activities as they become Payab In accordance with th8 rules of the scheme Flnancial Instruments Financial a55et5 and financial liabilities are recognised when the ¢hanty b&comes a party to the ¢onlraclu81 provisions of th8 instrument. Financial IK4bililies and equity instruments are classified accordin9 to the Substan of the ¢ontractual affèngem8nls entered into. An equity instrument is any conlracl Ihal avidences a reshdual intere51 in the assets of the Charity after deducting all of Its IK4bllltle8. I rinan¢ial assets and Iiabililies are initially meagured al transaction price (including ltsnsaclion costsl. except for thos8 financial assels classlffed as at fair Val through profil or los$. which are initially rneasud al fair value Ibvhi¢h 15 normally the transaction price ex¢luding transaction coslsl. unle55 the arrangement constilules a financing Iransaciion. If an arrangement constitutes a financing transaction. the financ21 asset or financial liability Is measured at the present value of the future payment5 discounted al a market rate of interestfor 8 sirni18rdebt instrument. Financial assÈt5 and Iiabililies are onty oftset in the 5ts1ement ol financial po51tn when. and only when ther¢ Èxists a legally enforceable right lo sel ofl the recognised arnounts and thè Charity intends eitl*r to settle on a nel ba51$. or lo realise the asset and seiue the Iiabilily simullaneou51y. Financial assets ère dereccgnised when and only when al the contractual nghts lo the cash flows from the financial asset expire tsr are settled. bl the Charity IransfÈrs kn another party subslanlially all of the risks and rewards of ownership of the finan¢ial asset, or cl the Charity. dè5piie having r8lain8d sorne. byl not all, 5ignifi¢anl risks and rewards of ownership. has transferred control of the asset lo another party. Financial Iiabilitse8 are dereLwnised only when the obligation Spefied in the contract is dischar9ed. Gancelled tsr expires. Pagè 13
Watehtree Nature Reserve Limited Notes to the Financial Statements for the Year Ended 31 March 2024 Oonations and lègaciès Unrestricted Restricted Total Funds Total Funds Funds Funds 2024 2023 Donation¥ and legacies Legacies and bequests Appeals and donations Sponsorship Calendar donations 1,933 15.294 17.570 2.165 7.269 27.(K)4 17.570 4.165 7,269 29,004 8.284 25.511 Grants Cumbria Communlty Foundath RPA Other agen(ies Joyce Wilkinson Emest Cook 970 12.885 13,442 12.885 13.442 8,573 2,375 20,( 46,327 46.327 11.918 27.(K 48.327 75.331 37,429 Of the donations and legacies in¢Mie in 2023. £30.659 related to unrestricteil funds and £6.770 related to reStrie funds. Cxher trading activities UntrIcd R•striet•d Total Funds Total Funds Funds Funds 2024 2023 Sale of bikes and parls 25.541 25.541 21,4(6 All ol the other trading a1VitieS income in 2023 related to unrestricted fvnds. InstMent income Unrestriettd Restricted Total Funds Total Fundg Funds Fun(ts 2024 2023 Dividends and interest receive(I Bank interest 4.934 4.116 9,050 4.842 1.724 4.116 9,050 All of Ihe inveslment inwme in 2023 related to uniestncie(l ftjnds. Page 14
Watchtree Nature Reserve Llmlted Noles to the Financial Ststements for the Year Ended 31 March 2024 eonfrnued Charitable activttie¥ Unrestrfeted Restricted Total Funds Total Funds FuThJs Funds 2024 J23 Membetship Cyde irKorne Cale Sa$ Gtsng income Educatvn and evetsts irw Other irKome 25.328 61.837 184.629 3.520 15,152 19.569 310.035 25.328 61.837 184.629 3.520 15,152 19.569 310.035 24.780 57.618 145.021 3.620 15.951 18.301 265.291 l of the ir#x)me from Charitab actNiW n 2023 related to unrestricted funds. Page 15
Watchtree Naiure Rès•rie Llmlted Notes to the Finanelal Statements lor the Y•ar Endèd 31 March 2024 contLd Expendlturn Natur• r•sory• In¥e8tm•nt rn•nag•m- •nt Total 2024 Tot41 2023 Dlrn¢t ¢o•ts Purchases W8ge5 and salaries Staff NIC IEmpbyar•l Staff pension5 Land rnainienance Portlolio managernonlco$ls Insurance Repairs and rnainl8nanc Hire of plant machirK•ry D¢precialion of pLqnl mxhirnry 91.972 239,717 91,972 239,717 7.0( 8.751 1,804 2.567 5.308 4.551 2.168 22,393 386,037 68.744 193,705 5.765 7.769 1.010 2.512 5.129 9.231 8.751 2.567 4.551 2,168 22.393 383.470 21.717 316.386 2.567 Support cMts Staff Irèining Volunio•f oxpen• TePhone and fax CoMp•r sofv8r ar m•int•Thanc8 c08ts Pnnling, poslage and ststh)n•ry Sundry trxpen¥•i Athertising Atcountsncy lees Independent 8XaMirI 199 Legal and woless# 1é•s 8ank charges IProfil>lb55 on Sale of thngibbo fixed a88•ts hehj chantya ovm 765 1.677 1,078 2.987 2.676 1,312 2,081 S,562 765 1,677 1.078 2,987 2.676 1,312 2,081 5,562 soo 7.036 S,581 3.454 1.285 4.429 2.822 1.290 1.386 3.623 7.036 5.581 S.844 5.426 1.073 31.255 31.255 32,720 414.725 2,567 417.292 349.086 Of eXndItUTe in 2023. £346.574 kled to unre5tnctgd fvnd5 and £2.512 related 10 restricted funds. Pa98 16
Watchtree Natur• Rèserv• Llmlted Notes to the Financial Stst¢mènts for the Y¢•r Ended 31 March 2024 . conb"n Governance costs 2024 2023 Accountsncy fee5 Independenl examinevs fee Legal and professional fee5 Portfolio rnan8gementfee5 5,562 SW 7,036 2,567 15,665 3.623 500 5,844 2.512 12.479 Trustees. remuneratlon •hd expense8 During the year no Iru51ee5 weo rèimbursed expen5es12023." £nill. No Iruslees r8ceived any remuner8tion during the year. Net In¢tsm•ll•xp•ndlturel Net Incom81lexpenditur81 15 51at¥d after charging.. 2024 2023 (Profitllloss on disposal of tangible fixed assets DevclaI10n oft8ngibla fixed assets 1.073 21.717 22,393 10 Employe, r•munoratlon The rnonlhly average numb8r of persons (including senior manag8m8nll 8rnploy&d by th8 charity during Ihe year wès as follows.. 2024 2023 No. Charitable a¢bvitles 27 20 Th8 aggregate payroll cos15 of these persons were as folow5" 2024 2023 Wages and salarie$ Social 8ecurity Other pension costs 239.717 7.006 8,751 255.474 193,705 5,765 7,769 207.239 No employee received emoluments of more than £60.000 during the year. The key managetnent prsonnel comprise Ihe Trnsl&e5 and reserve manager The loial 8mployee benefils of the key rnanagement pÈrsonnel of the Charity We £37.22612023- £34,190). Page 17
Watchtree Nattbrg Reservè Llmited Notes to the Financial StatÈm•nts for the Yoar Ended 31 March 2024 11 Tanllible fixed assets Plant and machinery Flxture irKluding motor fittIn and vehicle8 equipm¢nt Total ost As 81 1 April 2023 Aiklilions As al 31 MardL 2024 94.226 8.443 102.669 89,865 20.852 110.737 184.111 29,295 213.406 Depreciation As at 1 Apnl 2023 Charge for the year As at 31 March 2024 69.108 8.644 77.752 113.514 22.394 135.908 13.750 58.156 Nt¢ book value As at 31 March 2024 As at 31 March 2023 44.513 49.82CI 32.985 20,777 77.498 70.597 12 Inveslrnents held 8$ lfjxed Set$ Listrd Inve8tmFnts Alarket ¥alue As ai 1 April 2023 RevalualJn C115posats As al 31 March 2024 262.465 15.988 134.8671 243,586 N•t book valuè As al 31 March 2024 As 8131 March 2023 243.586 262.465 All inve51mentassets fld in the UK. Ll$¢ed Inve*tments InvesttrEnts having a t bcok (rf £243.586 12023 - £262.4651 are listed on a ¢(JnISed stock exthange and had a market value of £243.586 al Ihe eThl of year12023- E262.4651. PwJe 18
Watchtree Nature Res•Ne Llmlted Notes to the Flnancial Statements for the Year Ended 31 March 2024 . coniinued 13 O•btor• 2024 2023 Trad8 debtors Prepayment8 and accwed income 2.215 10.137 12.352 1,676 3,631 5,307 14 ¢r•dltor•'. Amounts falllng duo wlthln on• year 2024 2023 TrBde cr8dilors TaxBlion and social secudty Accruals 8nd deferred InMe 9.587 13,074 21.831 44,292 1.868 9,527 13,585 24,980 Credltors amounts falling due within one year include5 deferred incom•.' 2024 2023 As ai 1 April 2023 Amount deferrèd in thè y•8r AS 8131 March 2024 10,622 333 10,95S 9.935 687 10.622 15 M•mb•rs' Il•blllty The charlty 18 a privato Company limited by gu8fanlOe and con8oquenJy doo9 not h8V8 Share capit#l. E8¢h of the member8 18 118ble to conlribule sn amount not exceedlng £1 tOW8rd8 the a88èts of the ¢harlty In the evonl of liquidation. 16 P•n•lon •¢hgm• D•flned contrfbutlon pen•knn •¢h•m• The ¢harily operates a defined contribution pension scheme. The pension c05t charge for the p•ric*t ropresents conlribulion$ payable by the charily lo the Scme and amounted lo £8.75112023. £7,769). Tre were no outstandirYJ or Prepaid contributions 81 either the beginning or end of the financial y88r. P89& 19
W•t¢htréè Nature ReseNe Llmlted Notes to the Flnanclal Statements for the Yoar Endèd 31 March 2024 . ¢onliniJèd 17 R•l•ted p•rth• Controlllng •ntlty The charlly 5$ controlled by th8 Irusle8s %tho a all dlre¢iors of the company. 10 Analy818 of funds Other r•co9nl$•d galnsl At31 March 2024 At 1 Aprll Incomlng R••our¢•• 2023 r••ourc•i •xp•nd•d Trnn•hr• 0•81gn•t•d Fund* Genoral purpos8 r8$ervg fund Oesignaltsd re$eNe lund 200.000 200,000 400,000 200,000 200,000 400,000 G•n•ral Fundj Gengral unro$iricled funds 479,073 371,830 1384,8361 1409,3011 31,248 87,814 R••trlcted Funds Trail Projecl Educgtion Peopl88 Project Kitchen Relurbishmènt CCF Tools & equipmenl Jubi188 Wood Educatlon Fund 18,900 3,400 13,4881 18,812 20,000 20,000 4,027 913 15,5301 113,3281 9.301 913 3,757 12,885 12,042 48,327 13.5981 112,0421 132.4561 18,310 9.301 43,482 497,383 419,957 1417.2921 31,248 531,296 Gerftr81 purposè rèsoN6 fund. Funds to provhle six rnonlhs 5alarie$ and employers, Nl conlributions. Redund8n¢y1I8blIlaSIaTh1 requirod notice perlodl based on $tstutory minimum paymenls for all staff. Designated re5erwe fund.. Funds lo maintain, repair and improve premises and 18cillties owned and held on lea50. Sums 10 ¢onlriOule to exiernal grant fundlng for specsfic dev8lopmen15 8s per Strategy Plan Obje¢liv8. Page 20
Watchtree Nature Reserve Llmlted Notes to the Financial Statements for the Yèar EndÈd 31 March 2024 . GonfynL18d Trail Prtsp¢t.. The fund is being used to re-surface existing mulli-use trai15 to improve the recreatK)n Walchtr88 Nature Reserve offers 10 th8 community tnaking il a¢¢essible to all. Education Peoples Projecl.. A 3 year fund through Ernest Cook lo contnbute towards an e(lucation officer sBlary. Kilchen Refurbishmenl.. A fund lo update the tscililies in the re5erye Cafe's kitchen to widen ifs appeal and Increasa it's capabilitie5. CCF Tods and Equipment.. A grant received for the acquisition of tools necessary for ongoing charitable operdtions. Jubliee Wood".A grant receiveé tOW8rd5 planiing trees within the nature Serve. Education fund.. Miscellaneou5 grants re¢eived for the ongoing provi$K)n of educational workshops and actiwits. Page 21
Watchtrne Nare Reserve Llmltèd Notss to the Financial Statements for the Year Ended 31 March 2024 conb.nusd Prlor pedod At 1 Apwll 2022 In¢omi R•$our¢•$ re8ources expended At 31 March 2023 Trnnsfers COgn4ed 9alnsl losse45 Gen¢rnl Funds General unStrj¢te funds 510,538 323,922 1335.6451 3,999 123.7411 479,073 Restrlctod Fund$ Trail Project Education Peoples Project Kitchen Refurbi5hmenl Adaptive Fleet Replament CCF T(K)Is & Equipment jubi WLknJ 18.N) 18.0 5,054 2.300 IT.3541 4.027 1.027 3.0 13,9991 970 157) 16.0301 113.4411 913 15.5301 18,310 28.980 6.770 13.9991 539.518 330.692 1349.0861 123.7411 497,383 19 Transfern Th8 Ir8rn5fer from unr8slrthd furKls to reslricled fvrxts presents 3n overspend of reslrided grant incom8 receDied for the purkK)5e5 of krtchen refurbtshmenL Th8 transferWIh unreslriGled furth lateS to the e#b"on of fuNJ5 by trustees for Specif pUoSe$.
W•t¢htree Nature Reserve Llrnited Notes to the Flnancial Statements for th? Year Ended 31 March 2024 . conlinued 20 Net •s•e¢$ by fund Unrestrlcted Fund¥ Restrlcted Funds Total Funds 2024 Total Funds 2023 Tangible assets Inveslrnents Current assets Credilofs". Amounts falling due *ilhin one year Nel as5els n.498 243.586 211.D22 77,498 243.586 254.504 70,597 262.485 189.301 43,482 144.2921 487.814 144.2921 531,296 124.9801 49T,383 43.482 Prior porlod Uhrestrlctsd Fund5 Restrfctsd Funds Total Fund8 2023 Total Fund8 2022 Tangibl& assets Investments Current assets Cr8dilor5." Amounts falling due thin one year Nel assets 70.597 262.465 170,991 70.597 262,465 189,301 71.640 286,187 202,471 18.310 120,7801 539,518 124.9801 124.9801 479,073 18.310 497,383 Page 23