OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2023-07-31-accounts

Charity Registration No. 1134096

Company Registration No. 06642409 (England and Wales)

SEVERN RIVERS TRUST AND IT’S SUBSIDIARY ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

----- Start of picture text -----
nt ‘ Sota bal s® a i rr ) ay Gh H
Git fo) SF), tad ao ee er"
|)cs gana i, ae | R el . : = 5 7 |
For Water. For Wildlife. For People
ad RIVERS TRUST
Severn Rivers Trust
Unit 2, Hope House Farm Bams, Hope House Lane, Marthey, Worcester, Wité 6OF
Registered Chanty No. 1434096, Company Registration No. 6642409
----- End of picture text -----

----- Start of picture text -----
on
----- End of picture text -----

}

SEVERN RIVERS TRUST (A company limited by guarantee)

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees MrC RS
Birrell		 (Resigned 01/12/2022)
Mrs P A Cameron Watt
Professor
P Maddock
Mr J Olstead (Resigned 28/09/2023)
Mr J F Smithson (Resigned 28/09/2023)
MrAWedgbury (Resigned 02/07/2023)
Mr S S Sidhu
Mr
1 T Gordon
MrA S Harvey
MsL Stefantsova
MrG Peters		 (Appointed 02/03/2023)
Mrs L McFadzean (Appointed 02/03/2023)
Mr P S Marshall (Resigned 06/10/2022)
Secretary Mrs J FWharf (Appointed 19/10/2023)
Charity registration number 1134096
Company registration number 06642409
Registered office Unit
1 Hope House Farm		 Barns
Martley
Worcestershire
; WR6 6QF
Auditor Ormerod Rutter Limited
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Senior management team Joe Pimblett - Chief Executive Officer
Liane Lafferty
- Head of Finance (Resigned 19/10/2023)
JenniferWharf - Head of Finance (Appointed 19/10/2023)
Alice Fallon
- Head ofCommunity Engagement
LiamReynolds-HeadofCommunityDevelopment(Appointed01/07/2023)

|

SEVERN RIVERS TRUST

(A company limited by guarantee)

CONTENTS

Page
Welcome from the Chief Executive Officer 1
Chair's report 2
Trustees’ report 3-13
Independentiauditor's report 14-16
Consolidated statement of financial activities 17
Consolidated balance sheet 18
Company balance sheet 19
Consolidated statement of cash flows 20
Notestothefinancialstatements 21-37

SEVERN RIVERS TRUST (A company limited by guarantee)

WELCOME FROM THE CHIEF EXECUTIVE OFFICER

FOR THE YEAR ENDED 31 JULY 2023

Chief Executive Officer, Joe Pimblett, reflects on another busy year

The past year has seen considerable growth at Severn Rivers Trust (SRT) with an expansion on all fronts, from our expanding portfolio of catchment restoration initiatives to the scale up of our educational & engagement programmes, to the roll out of new commercial activities within our trading arm, Severn Rivers Ecology. It's been a high-octane environment, with innovation, new projects, new funding mechanisms and an expanding team of dedicated staff & trustees. | consider myself immensely privileged to oversee such a broad and impactful scope of operations.

There have been many successes, with several that standout and require acknowledgement.

">s*.

Inevitably, with growth comes a requirement to review organisational frameworks. We have, therefore, also been busy behind the scenes, on this less glamorous, but fundamentally important, area of work, which has included developing a new business plan, setting out a roadmap for how we will achieve our financial aspirations, implementing a new staffing structure to improve resource allocation, and updateda raft of internal policies. All intended to underpin the footing of our charity and enable us to operate ever more efficiently and effectively.

This year has not been without its challenges, the most significant of which has been felt throughout the sector, that being continued workforce shortages. This is a challenge for any organisation, but especially so for one that is expanding. Despite this, a mix of dogged determination and flexibility within the staff team, has enabled our work programmes to continue largely unaffected.

Finally, | would like to conclude by acknowledging the unrelenting hard work, passion and dedication of our staff team and Board of Trustees, whom without, the achievements of the past year would not have been possible. We are a team galvanised by a common passion to improve the water environment and will continue tirelessly in order to achieve our vision for the River Severn.

-l-

SEVERN RIVERS TRUST (A company limited by guarantee) CHAIR’S REPORT FOR THE YEAR ENDED 31 JULY 2023

There has been progress on several levels at Severn Rivers Trust (SRT) during my second year as chair of the Board of Trustees. Not least in relation to governance and our operational work where project delivery has gone from strength to strength thanks to the efforts of colleagues in the Trust's motivated workforce.

On governance, with the help of my fellow trustees, we have reviewed the related mechanisms concerning the trustee board and looked at introducing changes to improve our advisory and oversight duties including:

| will continue to work with the Board in monitoring SRT’s governance and make sure that we regularly take account of our performance in this crucial area of work for us.

At the operational level, delivery of projects and programmes has seen challenges on recruitment over the last year. Although | am pleased to say that we have nevertheless been able to maintain timely delivery of outputs that addresses funding partners needs whilst maintaining a robust stance on financial management, Health and Safety and safeguarding. We continue to meet statutory and other guidelines in these latter two respects.

On the central issue of financial performance, there has been steady progress in increasing our overall turnover, as outlined in the financial statements within this report. This result is a tribute to the senior management and staff of SRT who have worked effectively with partners and funders to ensure that projects have been aligned with delivery timetables and in particular:

:

e Enabled Volunteers to continue to add their own efforts throughout the catchment, such as supporting our monitoring programmes through activities such as water sampling and macroinvertebrate sampling, helping us to better understand the overall health of the catchment and impact of our work. In winding up, | would like to highlight the efforts of our Chief Executive Officer, Joe Pimblett. The success of our work set out in this report is testament to Joe’s diligent attention to delivery of our business plan targets and liaising with the Trust Board. This gives the Board confidence in SRTs business performance and in looking ahead to the next twelve months. Last but by no means least, | would like to pay tribute to the trustees who have stepped down during the last year and our current trustee Board which includes new colleagues who have joined us. Their efforts underpin the positive picture painted in this report and the highlighted work benefitting the Severn and its communities.

Mr A S Harvey

=D

SEVERN RIVERS TRUST (A company limited by guarantee) TRUSTEES' REPORT (INCLUDING DIRECTORS’ REPORT) FOR THE YEAR ENDED 31 JULY 2023

The Trustees present their report and financial statements for the year ended 31 July 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's memorandum and articles of association, the Companies Act 2006 and “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).

Since the company qualifies as small under section 383, the strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013 has not been provided.

Objectives and activities

The charity's objectives, as set out in the governing document are to improve the management of the Severn River catchment for the benefit of the public generally, and to advance public education on the subject of management of water. The trustees have given due regard to the guidance issued by the Charity Commission on public benefit.

Strategic overview

Severn Rivers Trust was established as an active organisation and we are not afraid to get our feet wet in making real lasting improvements for the river and its wildlife. Over the past year we have continued to grow in size, knowledge and standing to become a respected leading player in environmental conservation across the Severn Catchment, but we have always remained true to our founders’ ethos.

OS

The Trust's 2025 strategy covers three key areas of our organisations development; Finance, Operational Delivery and Research & Development. Each area has its own Objective (s) and quantifiable Goals, towards which we will be working between now and August 2025. The strategy will serve as an invaluable guide to inform resource allocation and funding investment, whilst also providing a benchmark around which progress can be measured.

Our vision, to create a vibrant and resilient River Severn for everyone, remains unchanged. Our new strategy will help us deliver against this by working towards the following key objectives:

  1. Grow & diversify our income streams.

  2. Develop our understanding of the catchment and contribute to the scientific evidence base, to aid future decision-making and support the development of new, innovative ways of working.

  3. Inspire people and empower them to take action for their rivers.

  4. Improve the ecological resilience of our land within the Severn catchment.

  5. Improve the ecological resilience of our rivers within the Severn catchment.

= Be

yapoe

SEVERN RIVERS TRUST (A company limited by guarantee)

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 JULY 2023

In summary, our ambition during the current strategic period is one of evolution, not revolution. The scope of activities will not radically change, but the scale at which we are doing them will do, by means of identifying and exploiting new, innovative means of scaling our delivery and expanding our impact along the course of Britain's longest river.

Volunteering at Severn Rivers Trust

The scope of volunteer opportunities available at SRT has continued to expand over the past 12 months, especially so in respect to our citizen science monitoring work, as part of our Catchment Sensitive Thinking Cooperative scheme, a national OFWAT funded initiative.

In total, over 100 volunteers have engaged in our activities, over the course of 74 individual volunteer activity days. Importantly, of the total number of volunteers, 35 are new to volunteering with SRT and have been inducted and registered during this period. Collectively, the skills and additional resource that our volunteer base provides, remains an invaluable support mechanism towards helping us achieve our organisational Objectives.

The key focus of our volunteer activities during this period is as follows:

-4-

ora

:

SEVERN RIVERS TRUST

(A company limited by guarantee)

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

Achievements and performance

a. Key financial performance indicators

This year, in response to the adoption of our 2025 strategy, the Trust's financial reporting has been adjusted. Reporting is now centred around monitoring progress towards the following four 2025 financial goals:

Strong progress has been made towards all of the financial goals outlined during the course of this reporting period.

b. Review of activities

We continue to work: closely, with individuals and organisations along the river including farmers and landowners, environmental organisations, communities and businesses to preserve this fantastic river catchment. The sub-division of the Severn into six (sub) management-catchments (Severn Uplands; Shropshire Middle Severn; Worcestershire Middle Severn; Teme; Warwickshire Avon and Severn Vale) helps us to focus resource and funding to projects within the catchments. We continue to be a lead partner in the Catchment Based Approach (CaBA) to coordinate activities to the benefit of the river and its surroundings. Priorities have been established for each of the catchments in conjunction with our partners and government policy, and we have worked hard to deliver these projects in the best possible way to achieve set environmental objectives and value for money bringing wider benefits to society as a whole.

The Trust will always work at a catchment scale and continue to influence river management on both sides of the Welsh/English border to benefit the environment and communities. A snapshot of work undertaken over the past 12 months is captured in the three case studies set out below.

v5

;

SEVERN RIVERS TRUST (A company limited by guarantee) TRUSTEES’ REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

; Case study 1: Severn Skills Gap: River Interns

Funding source

Garfield Weston Foundation

Project objectives

Progress to date

During the spring of 2023, we successfully recruited for three new 12-month positions at Severn Rivers Trust: -two Regional River Interns (one for the northern areas of our catchment, and one covering the southern ©... . =.-reaches); and one River Intern for Communications (home based). We trailed some new recruitment strategies for these roles, to make them more welcoming and are pleased to report that we were faced with an overwhelmed response, with over 100 applicants.

alts

Six months into their placements, all the interns regularly support and shadow staff in project delivery for habitat restoration work and community outreach. A peer mentor system provides them with more informal support and guidance. Each intern has secured a 6—10-week placement with a complimentary organisation (charity, private business, government agency etc.). These help them explore a range of roles within the sector and gain an even wider set of skills for their CVs. Our interns have completed a range of professional qualifications for boosting technical capability and future employability.

Headline achievements

Development of a strong cohort of three skilled and confident river restoration professionals, who are becoming equipped with the experience and qualifications to enter a career in environmental conservation.

----- Start of picture text -----
Next steps
programme.Interns have Theyjust reachedare nowthelookinghalfwayaheadmark into theirgrowformaltheir se“SeegQeemWoeEE ee eR1 erCTEestas rsBe
independence with an individual project, which they will plan g@e72oe-o7 |<aRVic
and deliver end-to-end. We are also working with them on their iee Sb ates PGP
CVs and employability targets. Foe a a em oe UY [ir
In terms of future funding for this scheme, we have already eat ~ ee ook M eee
submitted three funding bids, and we are in conversations with #ey ey ‘ Beefoes Se Re
theUniversityEnvironmentof WorcesterAgency, Severn Trent Water and the hae P Pos wy <eep
growing the Severn Skillsto determineGap programme. options for continuing and VERNerON Vie(eeladSoothe cfIPEtenESe Aeposiewb orKO —Le)¢
----- End of picture text -----

-6-

vicsinie

a

SEVERN RIVERS TRUST (A company limited by guarantee)

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

Case study 2: Fromebridge Fish Pass

Funding source

Severn Rivers Trust, The Wildfowl and Wetlands Trust and the Environment Agency worked together to deliver this project as part of Severn Vale Catchment Partnership with funding through the Water Environment Grant. Wider partners included Farming and Wildlife Advisory Group South-West, Stroud Valley’s Project & Stroud District Council.

Project objectives

Progress to date

The Fromebridge Mill fish pass construction was completed and officially opened in April 2023, following a five month long construction period. Despite a challenging pre-delivery phase, caused by multiple delays including contractors’ availability, protected species considerations and principally, planning consent issues, the project was delivered within the pre-agreed extended timeframe and budget.

The project was identified in the River Frome Vision & Strategic Action Plan as one of three priority barriers to fish passage within the River Frome and successful delivery marks a fantastic achievement for the Severn Vale Catchment Partnership. An official opening event was held at Fromebridge Mill in April and attended by over 40 individuals from over 15 organisations.

----- Start of picture text -----
srt ase tan ac arabs mM tied cet e sie sa Nie TH,
----- End of picture text -----

Headline achievements

The successful installation of Fromebridge fish pass has provided a route for migratory fish species, such Atlantic Salmon, to navigate a >1,000-year-old barrier and has re-connected several kilometres of river system. Additionally, the preparation of design and consent works at neighbouring key barriers, Ryeford Mill & Whitmister Weir, has provided a robust foundation for legacy works to ultimately unlock the entire catchment.

Next steps

A legacy of this project, is the formation of the Frome Fish Passage Working Group, established as a delivery arm for the Severn Vale Catchment Partnership. This group, comprising several key organisations and individuals involved in fish passage works within the Severn Vale, will now work collaboratively to develop solutions and proactively seek investment to address remaining barriers within the Frome. Asa catalyst for this, this group are now undertaking an appraisal of all barriers to inform prioritisation.

ou

. ~ = = : ~-$2 aS

SEVERN RIVERS TRUST (A company limited by guarantee) TRUSTEES’ REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

Case study 3: Severn Woodlands

Funding source

This scheme is being delivered in collaboration with the Environment Agency and is intended to support the agency in achieving their carbon reduction objectives.

Project objectives

e To create a network of riparian woodlands, amounting to a minimum of 60ha, on farmland throughout the Severn catchment, by Spring 2025.

Progress to date

Key to the success of the Severn Woodlands programme, has been developing a suitably attractive offer for landowners, that incentivises ecological diversification, in the form of woodland creation, not the at the cost of the farm business, but as part of the farm business.

The past 12 months have enabled us to market-test our offer to landowners which, encouragingly, has resulted in strong uptake, primarily on account of the simplicity of the scheme.

~=:=To date, 25ha of new native woodland or successional habitats, have been identified and progressed through the scheme. This:has included a substantial:20ha rewilding initiative in the Teme catchment, where a more natural approach to woodland creation has been instigated, through the low density planting, alongside the introduction of Tamworth pigs, as a means of accelerating natural succession.

At all locations, the ambition is to create high value woodlands, capable of contributing to multiple ecological objectives including flood alleviation, river cooling and water quality improvements. To achieve this, most sites have seen several other interventions, beyond tree planting. This has included planting 2500 wildflower plug plants, the creation several ponds and wetlands and the planting of locally scare tree species such as black popular.

----- Start of picture text -----
er ay eeea i a ee
pees!SS)SN esaBe beeaeee,a ee ee eeeesaeSene Re ae pregSe
SgSS cs I Baten BekGg Peet eee eeee ae i, Seswe Nae
EE] ema eee Maman Oo caretee, Se Te ee MEE ai GRage
----- End of picture text -----

Headline achievements

Kickstarted the restoration of 20ha of rewilding initiative in the Teme catchment and created an additional 5ha of new native woodland habitat in the Severn basin.

Next steps

Already, our attention has turned to the forthcoming planting season, with site identification and landowner engagement underway. Alongside this, the Trust's Severn Woodlands sponsorship scheme has recently been launched, to encourage a wider uptake from a broader range of individuals, businesses and local groups.

-8-

SEVERN RIVERS TRUST (A company limited by guarantee) TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

Severn Rivers Ecology

The Severn Rivers Trust is the sole shareholder of the not-for-profit subsidiary, Severn Rivers Ecology Limited (SRE), company number 10081868. The principal activity of SRE is to provide ecological consultancy services, that generate an unrestricted source of income that can be invested in our charitable objectives. SRE was incorporated in March 2016 and a profit-shedding agreement exists between the two companies.

In 2022/23, our commercial activities gained momentum, most notably on account of the Trust's carbon offsetting programmes. Wider commercial work undertaken during this period included Biodiversity Net Gain audits for private landowners, electro-fishing surveys and running corporate away days for businesses operating within the catchment.

Also, during this period, a great deal of groundwork has been undertaken to prepare for mandatory Biodiversity Net Gain, and the associated emerging offset markets, in order to position SRE as a service provider. It is anticipated this area of work will become an increasingly important source of revenue for SRE in the coming years.

SRE’s total turnover amounted to £418,874 (2022 - £52,787) with an operating loss of £466 (2022 - £279)

Financial Review

Severn Rivers Trust works across three delivery teams to meet its strategic direction. The breakdown for income type and expenditure are shown below. In 2022/2023, the total income for the Trust was £1,878,672 of which, £400,892 (21%) was unrestricted income and £1,477,780 (79%) was restricted to specific projects. This compares to £1,573,526 total income for the previous year (10% unrestricted income and 90% restricted income)

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 foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

Reserves policy

The charity is committed to using its reserves in pursuit of its charitable objective. The charity's policy on reserves is for them to be sufficient to meet the anticipated needs of the trust as prudently estimated by the trustees. The objective of the Trust is to have a working reserve suitable to manage the risks of the Trust.

The attached financial statements show the total reserves at 31 July 2023 were £946,256 (2021/22 - £534,165).

eSe

SEVERN RIVERS TRUST

(A company limited by guarantee)

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

Thank you

We are grateful for the financial support received by the Trust and would particularly like to acknowledge the following organisations and individuals:

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |e|MrM|Morris| |e|Dr A|Wheeler| |e|Dri|Galleymore| |e|Mrs|P|Cameron|Watt| |e|Mrs|E|King| |e|MrC|Jenkins| |e|MrCG|Jessup| |e|Ms E|Ward| |e|Working|Planet| |e|Community|Infrastructure|Levy| |e|Department|for|Environment,|Food|and|Rural|Affairs| |e|Environment|Agency| |e|Natural|Resources|Wales| |:|e|European|Agricultural|Fund|for|Rural|Development|:| |e|Greggs|Community|Fund| |e|Heritage|Lottery|Fund| |e|Herefordshire|County|Council| |e|Powys|County|Council| |e|Severn|Trent|Water| |e|Shropshire|Council| |e|Worcestershire|County|Council| |e|Welsh|Government| |e|MrJ|Glover| |e|MsL|Beare| |e|Ms|R|Cunynghame| |e|Ms|M|Whithersby| |e|MrR|Hope| |e|MsR|O'Neil| |e|Ms A|Guyer|

----- End of picture text -----

And a large thank you to the many anonymous contributors who are not named in the list.

-10-

SEVERN RIVERS TRUST (A company limited by guarantee) TRUSTEES' REPORT (INCLUDING DIRECTORS’ REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

Governance and support

Constitution

The company is registered as a charitable company limited by guarantee and was established and constituted by a Memorandum of Association on 9 July 2008.

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Method of appointment or election of Trustees

The Board of Trustees is made up of ten members at 31 July 2023. The make-up of the Board includes experts in finance, accounting, risk management, health & safety secondary & tertiary education, research and public relations.

The board regularly reviews the experience profile of its members and where necessary defines any additional skills required. Board members use their own network of contacts to identify suitable candidates possessing the ~ = necessary knowledge and skills to act as trustees of the charity. The board appoints all new trustees after an initial meeting. with the Chair and an invitation to the next Board meeting as a guest.

Policies adopted for the induction and training of Trustees

New Trustees are given an induction briefing pack detailing the role and responsibilities. Safeguarding training is mandatory for all trustees. Additional training requirements are monitored by the Chair and CEO. A Code of Conduct is in place for the Board of Trustees.

Pay policy for senior staff

The Chair of Trustees benchmarks salaries for all staff and reviews and makes changes as necessary.

Organisational structure and decision making

The Chief Executive is responsible for the day to day running of the Trust and reports to the Board, which is constituted of the Trustees. The Trustees meet four times a year. In between the trustees’ meetings the Chief Executive consults with the Chair on material issues as they arise. An Audit Committee comprised of Trustees and senior management meets at least twice a year to review financial risk, reporting back to the Trustees.

Finance & risk management

The Trustees are responsible for the management and control of the Severn Rivers Trust and subsidiary company, Severn Rivers Ecology, including the overall control of risk management, particularly setting the parameters of the process and reviewing and considering the results.

Our risk identification process is set and managed by the Finance & Risk Committee. All areas of risk are covered by our process, including financial, governance, operational and reputational.

-ll-

SEVERN RIVERS TRUST (A company limited by guarantee)

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

An annual audit on the controls takes place. Day to day management and coordination of the process is delegated to the Chief Executive who reports to the Board of Trustees about the on-going effectiveness of the risk management and control processes together with all issues encountered and any recommendations for improvement.

The Trustees review individual risks on a regular basis regarding their significance and the potential impact on the company against the likelihood of occurrence. Current risks include:

Loss of key staff & recruitment challenges — A succession plan is in place as part of a Key Person Policy. This also includes support for staff through CPD, suitable notice periods for the Management Team and other key individuals and a health & well-being policy being implemented.

Staff contracts are regularly reviewed and, where appropriate, permanent contracts are issued in preference to temporary fixed-term contracts.

Reducing dependence on limited funding sources — the Management Team have wide ranging skills in fundraising from many potential sources including statutory agencies, lotteries, European and charitable trusts, and have over the years been highly successful. The Trust is also now securing unrestricted funding on an annual basis. The Trust has not undertaken direct fundraising campaign but has a number of supporters who provide donations at their discretion.

Lack of budget control procedures — The CEO and Head of Finance, alongside the Finance & Risk Committee, link business planning to budgets and projects. The use of Xero ensures that the financial management of the Trust is robust and controlled.

Additionally, a Scheme of Delegation has been adopted by the Board, which clearly details what authority the Board has delegated to committees and staff under the powers set out in Clause 50 ofthe Articles of Association. This provides a robust and auditable means of managing financial delegation. Inflation — Significant inflation increases over the past 12 months has placed stress on our budgets, especially so in respect to capital works. Contractual commitments are regularly reviewed and, for multi-year initiatives, inflation increases are accounted for. Failure to meet Health & Safety standards and regulations — The Trust appoints a Safety Director (Board) and Safety Manager (Staff) to implement a robust, annually reviewed Health & Safety Policy. An annual review with an independent from within the water industry ensures our approach is suitable. All staff undergo Health & Safety training.

Lack of site safeguarding — The Trust works with children and vulnerable adults across all aspects of its work from schools to farmers. To ensure safeguarding for customers and staff, a robust, annually reviewed policy is in place. A Designated Safeguarding Officer is appointed on the Management Team and a lead trustee is appointed on the Board. All staff receive suitable training, and a clear recruitment procedure is in place to ensure adherence to the policy.

Global Pandemics — The effects of the Coronavirus pandemic have continued to wane during 2023 and business as usual has returned to all of our operations at SRT. The situation will remain under close review.

«12«

“~~

SEVERN RIVERS TRUST (A company limited by guarantee)

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

Statement of trustees' responsibilities

The Trustees (who are also directors of Severn 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 which give a true and fair view of the state of affairs of the group and the company and of the incoming resources and application of resources, including income and expenditure for that year. In preparing these financial statements, the Trustees are required to focus on:

.

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain === =the charitable company's transactions and disclose with reasonable accuracy at any time the financial position ~ ~~ of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors

This report was approved by the Trustees, on 18 January 2024 and signed on their behalf by:

Mr AS Harvey, Chair of Trustees

= (3s

SEVERN RIVERS TRUST (A company limited by guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SEVERN RIVERS TRUST

Opinion

We have audited the financial statements of Severn Rivers Trust (the ‘parent charitable company’) and its subsidiary (the ‘group’) for the year ended 31 July 2023 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows 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, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

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 group and parent 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 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 charity's ability to continue as a going concern for a period of at least twelve 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 we do not express any form of assurance conclusion thereon. 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 course of 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.

-14-

Ram ta

SEVERN RIVERS TRUST (A company limited by guarantee)

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF SEVERN RIVERS TRUST

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charity for the purpose 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 charity'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 charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Based on our understanding of the company, we identified the principal risks of non-compliance with laws and regulations including those that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, and the extent to which non-compliance might have a material effect on the financial statements. Audit procedures performed included discussions with management, review of board meeting minutes, testing of journals, designing and performing audit procedures and challenging assumptions and judgements made by management in relation to accounting estimates.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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

-15-

SEVERN RIVERS TRUST

(A company limited by guarantee)

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE MEMBERS OF SEVERN RIVERS TRUST

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' 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 charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

" \ \ _ cee ° Joanne Baldwin ACA FCCA (Senior Statutory Auditor) for and on behalf of Ormerod Rutter Limited

lois mou : Af 242024

Chartered Accountants Statutory Auditor

Ormerod Rutter Limited Chartered Accountants The Oakley Kidderminster Road Droitwich Worcestershire WR9 9AY

-16-

SEVERN RIVERS TRUST

(A company limited by guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 31 JULY 2023

Notes Unrestricted Restricted Unrestricted Restricted
funds funds Total funds funds Total
Income from: 2023 2023 2023 2022 2022 2022
£ £ £ é £ £
Donations and 3 400,892 1,477,780 1,878,672 151,150 1,422,376 1,573,526
grants
Other trading 4 418,874 - 418,874 52,787 - 52,787
activities
Total income 819,766 1,477,780 2,297,546 203,937 1,422,376 1,626,313
Expenditure on:
Raising funds 5 419,339 - 419,339 53,066 - 53,066
Charitable 6 49,961 1,416,423 1,466,384 (60,963) 1,473,369 1,412,406
activities
Corporation tax (268) - (268) - - sire
Total 469,032 1,416,423 1,885,455 (7,897) 1,473,369 1,465,472
expenditure
Net income/
(expenditure)/ 350,734 61,357 412,091 211,834 (50,993) 160,841
Net movement in
funds
Reconciliation of
funds:
Total funds 204,839 329,326 534,165 (6,995) 380,319 373,324
brought forward
Total funds 555,573 390,683 946,256 204,839 329,326 534,165
carriedforward

The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The Statement of Financial Activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

-17-

SEVERN RIVERS TRUST (A company limited by guarantee)

CONSOLIDATED BALANCE SHEET

AS AT 31 JULY 2023

2023 2022
Notes £ £ £ £
Fixed assets
Tangible assets 11 3,825 9,753
3,825 9,753
Current assets
Debtors 13 346,113 255,920
Cash at bank and in hand 1,372,020 1,236,289
1,718,133 1,492,209
Creditors: amounts falling due within one
year 14 (775,702) (967,797)
Net current assets 942,431 524,412
Total assets less current liabilities 946,256 534,165
Total net assets ; 946,256 534,165
Charity funds
Restricted funds 16 390,683 329,326
Unrestricted funds 16 555,573 204,839
Totalfunds 946,256 534,165

The company was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. However, an audit is required in accordance with section 151 of the Charities Act 2011.

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved by the Trustees on 18 January 2024 and signed on their behalf by:

----- Start of picture text -----
Mr A » .
Chair of Trustees
----- End of picture text -----

Company Registration No. 06642409

-18-

SEVERN RIVERS TRUST (A company limited by guarantee)

COMPANY BALANCE SHEET

AS AT 31 JULY 2023

2023 2022
Notes £ £ £ £
Fixed assets
Tangible assets 11 3,825 9,473
Investments 12 1
3,826		 1
9,474
Current assets
Debtors
Cash at bank and in hand		 13 206,615
860,506		 384,780
870,831
1,067,121 1,255,611
Creditors: amounts falling due within one
year 14 (125,381) (731,807)
Net current assets 941,740 523,804
Total assets less current liabilities 945,566 533,278
Total assets 945,566 533,278
Charity funds
Restricted funds 390,683 329,326
Unrestricted funds 554,883 203,952
Totalfunds 945,566 533,278

The company was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. However, an audit is required in accordance with section 151 of the Charities Act 2011.

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

As permitted by s408 Companies Act 2006, the company has not presented its own statement of financial activities and related notes. The charity's surplus for the year was £412,288 (2022 - £161,120).

The financial statements were approved by the Trustees on 18 January 2024 and signed on their behalf by:

----- Start of picture text -----
Chair of Trustees
----- End of picture text -----

Company Registration No. 06642409

-19-

SEVERN RIVERS TRUST (A company limited by guarantee)

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 JULY 2023

Notes 2023 2022
£ £ £ £
Cash flows from operating activities
Cash generated from operations 21 137,099 745,471
Net cash flowfrom operating activities 137,099 ; 745,471
Cash flows from investing activities
Purchase oftangible fixed assets - (1,356)
Net cash used in investing activities - : (1,356)
Cash flows from financing activities
Hire purchase (1,368) (8,154)
Repayment of loan - (205,775)
Net cash used in financing activities | (1,368) (213,929)
Change in cash and cash 135,731 530,186
equivalents
Cash and cash equivalents at 1,236,289 706,103
beginning of the year
Cash and cash equivalents at end of
theyear oo 1,372,020 1,236,289

The notes on pages 21 to 37 form part of these financial statements.

-20-

SEVERN RIVERS TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

Charity information

Severn Rivers Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is 1 Hope House Farm Barns, Hope House Lane, Martley, Worcestershire, WR6 6QF.

1.1. Accounting convention The financial statements have been prepared in accordance with the charity's memorandum and articles of association, the Companies Act 2006 and “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). The charity is a Public Benefit Entity as defined by FRS 102. The financial statements consolidate the results of the charity and its wholly-owned subsidiary Severn Rivers Ecology Limited on a line by line basis. Transactions and balances between the charity and its subsidiary have been eliminated from the consolidated financial statements.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Incoming resources Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. The only exception to this is grants received for phases of projects which have yet to commence; in these cases the Trustees have agreed the amounts will be recognised in the year which it is spent. They are aware that this is a departure from the Charities SORP FRS102, but consider its recognition in the year of receipt would be misleading that it would conflict the requirement to give a true and fair view. The income has therefore been deferred as shown in note 15.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

-21-

SEVERN RIVERS TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

Grants are included in the consolidated statement offinancial activities on a receivable basis. The balance of income received for specific purposes but not expected 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.

Other income is recognised in the period which it is receivable and to the extent the goods have been provided for or on completion of the service.

Project income grants are recognised when there is entitlement and are not deferred over the project term. Unspent amounts of project grants are reflected in the balance within the restricted fund.

Costs of raising funds are those costs incurred in generating voluntary income, and those costs incurred in trading activities that raise funds.

Expenditure on charitable activities includes costs incurred on operations in line with charitable aims and objectives and their associated support and governance costs.

Support costs are those costs incurred directly in support of expenditure on the objects of the company and include project management.

Governance costs are those costs associated with meeting the constitutional and statutory requirements and include any costs associated with the strategic management of the charity.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery - straight line over 10 years
Motor vehicles - straight line over 4 years
Computerequipment -straightlineover3years

99 -

SEVERN RIVERS TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset and is recognised in net income/(expenditure) for the year.

1.7 Fixed asset investments Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently, measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

A subsidiary is an entity controlled by the charity. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities. Investments in subsidiaries are at cost less provision for impairment.

~93 -

SEVERN RIVERS TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Donations and grants

Unrestricted Restricted Restricted Unrestricted Restricted
funds funds Total funds funds Total
2023 2023 2023 2022 2022 2022
£ £ £ £ £ £
Donations 6,825 - 6,825 64,397 - 64,397
Grants 394,067 1,477,780 1,871,847 86,753 1,422,376 1,509,129
400,892 1,477,780 1,878,672 151,150 1,422,376 1,573,526
4 Other trading activities — non charitable income
Unrestricted Restricted Unrestricted Restricted
+i funds funds Total funds funds Total
2023 , 2023 2023 2022 2022 2022
£ £ £ £. £ £
SRE income 418,874 - 418,874 52,787 - 52,787
418,874 - 418,874 52,787 - 52,787

:

SEVERN RIVERS TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

5 Raisingfunds Unrestricted Unrestricted
2023 2022
£ £
Project costs 402,509 42,691
Rent and rates 8,068 5,250
Motor and travel expenses 185 109
Bank charges 84 228
Printing and stationery 489 189
Governance costs 6,780 3,924
Sundry expenses 423 67
Staff training 522 330
Depreciation oftangible fixed assets 279 278
419,339 53,066
6 Charitable activities
2023 2022
£ £
Staff costs 521,517 547,437
Depreciation and impairment 5,649 6,932
Project, travel and subsistence 55,860 48,143
Projectwork ; 782,232 722,977
Other project costs 15,524 9,653
1,380,782 1,335,142
Share ofsupport costs (see note 7) 72,521 62,152
Share ofgovernance costs (see note 7) 13,081 15,112
1,466,384 1,412,406
Analysis by fund
Unrestricted funds 49,961 (60,963)
Restricted funds 1,416,423 1,473,369
1,466,384 1,412,406

225 =

SEVERN RIVERS TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

7 Support costs
Support Governance Total Support Governance Total
costs costs 2023 costs costs 2022
£ £ £ £ £ £
Travel and subsistence 9,893 - 9,893 8,249 - 8,249
Marketing costs 7,808 - 7,808 5,732 - 5,732
Other support costs 54,474 - 54,474 46,905 - 46,905
Gain/loss on foreign
exchange 346 - 346 1,266 - 1,266
Governance costs - 13,081 13,081 - 15,112 15,112
72,521 13,081 85,602 62,152 15,112 77,264
Analysed between:
Charitableactivities 72,521 13,081 85,602 62,152 15,112 77,264

Governance costs includes payments to the auditors of £6,026 (2022 - £5,850), The Rivers Trust membership £1,500 (2022 - £1,500), Nurole charges £3,000 (2022 - £4,800), Afonydd Cymru £2,500 (2022£2,500) and various sundry costs of £55 (2022 - £462).

8 Trustees remuneration and expenses

During the year, no trustees received any remuneration or other benefits (2022 - Enil).

During the year, expenses amounting to £nil were reimbursed or paid directly in relation to expenses _incurred supporting the charitable activities of the Trust (2022 - £117).

26

SEVERN RIVERS TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

Number of employees

The average monthly number of employees during the year for the group was as follows:

Group Group
2023 2022
Number Number
Management
Field Operatives		 5
21		 4
18
26 22
Employment costs Group
2023		 Group
2022		 Company
2023		 Company
2022
£ £ £ £
Wages and salaries
Social security costs		 id 559,148
46,093		 491,868
40,374		 434,636
46,093		 470,159
40,374
Other pension costs 40,788 36,904 40,788 36,904
646,029 569,146 521,517 547,437

There were no employees who received remuneration amounting to £60,000 or more (excluding employers pension contributions).

The key management personnel of[the][ group][ are][represented][by][ the][roles][ within][management][ and][ finance.] The total employee benefits (including employer pension contributions) received by key management personnal was £213,593 (2022 - £187,477).

10 Net income/(expenditure)

This is stated after charging:

2023 2022
£ £
Depreciation
Auditors’ remuneration - audit		 5,928
5,576		 7,210
5,395
Auditors’ remuneration - other services 3,945 2,945
Operatingleaserentals 8,410 6,717

= 27

SEVERN RIVERS TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

11 Tangible fixed assets

Group
Plant and
Machinery		 Computer
Equipment		 Motor
Vehicles		 Total
£ £ £ £
Cost
At 1 August 2022 15,062 28,553 35,592 79,207
Additions
Disposals		 -
-		 -
(13,208)		 -
-		 -
(13,208)
At 31 July 2023 15,062 15,345 35,592 65,999
Depreciation and
impairment
At 1 August 2022 15,062 25,733 28,659 69,454
Depreciation charged in the - 2,369 3,559 5,928
year
Eliminated in respect of - (13,208) - (13,208)
disposals
At 31 July 2023 15,062 14,894 32,218 62,174
Carrying amount
At 31 July 2023 - 451 3,374 3,825
At 31 July 2022 - 2,820 6,933 9,753
Company
Plant and Computer Motor
Machinery Equipment Vehicles Total
£ £ £ £
Cost
At 1 August 2022 15,062 27,051 35,592 77,705
Disposals - (12,543) - (12,543)
At 31 July 2023 15,062 14,508 35,592 65,162
Depreciation and
impairment
At 1 August 2022 15,062 24,510 28,659 68,231
Depreciation charged in the - 2,090 3,559 5,649
year
Elimination on disposal - (12,543) - (12,543)
At 31 July 2023 15,062 14,057 32,218 61,337
Carrying amount
At 31 July 2023 ~ 451 3,374 3,825
At31July2022 - 2,540 6,933 9,473

The net carrying value of tangible fixed assets includes £3,374 (2022 - £6,933) in motor vehicles in respect of assets held under finance leases or hire purchase contracts.

SEVERN RIVERS TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

12 Fixed asset investments

Company

Investment
in
subsidiary
company
Cost or valuation £
At 1 August 2022 & 31 July 2023 1
Carrying amount
At 31 July 2023 1
At31July2022 1

13. Debtors

Group Company Company
Amounts falling due within one year: 2023 2022 2023 2022
£ £ £ £
Trade debtors 220,534 65,762 88,023 65,762
Amounts due to group undertakings - - 2,730 128,860
Prepayments and accrued income 125,579 190,158 _ 115,862 190,158
346,113 255,920 206,615 384,780

-~29 -

SEVERN RIVERS TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

14 Creditors: amounts falling due within one year

Group Company
2023 2022 2023 2022
£ £ £ £
Obligations under finance leases - 1,368 - 1,368
Other taxation and social security 22,802 52,253 13,485 12,560
Trade creditors 60,332 18,595 5,755 18,446
Other creditors 1,960 2,317 1,960 2,317
Accruals and deferred income 690,608 893,264 104,181 697,116
775,702 967,797 125,381 731,807
Group Company
2023 2022 2023 2022
£ £ £ £
Deferred income
Deferred income at 1 August 2022° 881,003 441,051 687,344 305,422
Resources deferred during the year 581,175 731,003 75,648 537,345
Amounts released from previous (881,003) (291,051) (687,344) (155,423)
periods
581,175 881,003 75,648 687,344

Deferred income relates to income received in advance.

15 Finance lease obligations
Future minimum lease payments due under finance leases: 2023 2022
£ £
Within one year - 1,368
- 1,368

= 30<

SEVERN RIVERS TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

16 Statement of funds

The income funds of the charity include restricted and unrestricted funds comprising the following unexpended balances held:

Statement of funds - current year

Movement in funds
Balance at Incoming Resources Transfers Balance at
1 August resources expended 31 July
2022 2023
£ £ £ £ £
Unrestricted funds
General overhead fund 93,133 2,574 12,479 3,704 111,890
Fishing passports 3,704 - - (3,704) -
Grants
Severn Rivers Ecology		 107,117
885		 398,318
418,874		 (62,441)
(419,070)		 -
:		 442,994
689
204,839 819,766 (469,032) - 555,573

-31-

SEVERN RIVERS TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

16 Statement of funds (continued)

Movement in funds
Balance at Incoming Resources Transfers Balance at
1 August resources expended 31 July
2022 2023
£ £ £ £ £
Restricted funds
Unlocking the Severn 47,853 15,082 (62,935) - -
Cain SMS 1,910 131,278 (136,066) - (2,878)
NantSMS (9,188) 182,825 (174,968) - (1,331)
CaBA— All projects 22,265 120,108 (70,841) - 71,532
Guilsfield Brook 10,844 - (10,844) - -
Knighton 11,648 18,750 (30,398) - -
Leam 34,804 40,000 (44,852) - 29,952
Shipston 56,916 - (22,133) - 34,783
STEPS Cound Brook 12,317. 31,531 (32,523) - 11,325
Teme 11,467 50,000 (48,855) - 12,612
Wise , (1) 138 (137) - -
ACNRW 14,387 (11,039) (3,348) - -
Alne 10,476 - - - 10,476
BCBN 45,138 96,537 (151,554) - (9,879)
EMFF (10,162) 15,816 (5,654) - -
Kings of the River 8,222 18,030 (26,252) - -
Ryeford Mill 59,411 250 (3,623) - 56,038
Springs of Rivers 5,002 - - - 5,002
Warwick Eel Traps (718) 70,000 (10,896) - 58,386
Weg Frome -; (2,743) 21,927 (19,184) - -
Worfe 9,600 - (9,600) - -
Resilient RiverTeme (27,859) 137,230 (109,371) - -
Sustainable Farming 10,128 12,827 (19,931) - 3,024
Illey Brook
Woodland forWater		 Water (3,669)
(1,021)		 26,667
31,834		 (22,998)
(25,289)		 -
-		 -
5,524
Carter Weir 55,089 40,759 (95,848) - -
Mill Road (27,759) 26,298 1,461 - -
Guilsfield Demonstrator (16,135) 134,163 (97,929) - 20,099
Reabrook 1,104 - (1,104) - -
CaSTCo
Stour		 -
-		 60,706
25,000		 (44,255)
(24,187)		 -
-		 16,451
813
Enriching Landscapes - 15,000 (5,164) - 9,836
Salmon PHD - 20,661 - - 20,661
Reaction 4 - 39,535 (39,232) - 303
SevernSkillsGap - 50,000 (14,196) - 35,804
Resilient River Banwy - 47,867 (45,728) - 2,139
Kyre Brook - 8,000 (7,748) - 252
Mizuiku - - (241) - (241)
329,326 1,477,780 (1,416,423) - 390,683
Totalfunds 534,165 2,297,546 (1,885,455) - 946,256

«= 3D «

SEVERN RIVERS TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

16 Statement of funds (continued)

Statement of funds - prior year

Movement in funds
Balance at Incoming Resources Transfers Balance at
1 August resources expended 31 July
2021 2022
£ £ £ £ £
Unrestricted funds
General overhead fund (14,785) 18,116 89,802 - 93,133
Fishing passports
Grants
Severn Rivers Ecology		 3,704
2,920
1,166		 -
133,034
52,787		 -
(28,837)
(53,068)		 -
-
:		 3,704
107,117
885
(6,995) 203,937 7,897 - 204,839

3 33 =

SEVERN RIVERS TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

16 Statement of funds (continued)

Movement in funds
Balance at Incoming Resources Transfers Balance at
1 August resources expended 31 July
2021 2022
£ £ £ £ £
Restricted funds
Unlocking the Severn 46,242 66,669 (65,058) - 47,853
Cain SMS (485) 109,654 (107,259) - 1,910
Nant SMS (1,326) 43,890 (51,752) - (9,188)
CaBA— All projects 22,718 140,000 (140,453) - 22,265
Guilsfield Brook (7,381) 67,624 (49,399) - 10,844
Knighton (1,674) 131,250 (117,928) - 11,648
Leam
Shipston
STEPS CoundBrook		 12,311
70,923
(1,253)		 50,000
60,000
30,822		 (27,507)
(74,007)
(17,252)		 -
-
-		 34,804
56,916
12,317
Teme 11,781 35,000 (35,314) - 11,467
Wise
j		 17,217 © * (26,318) 9,100 - (1)
ACNRW 3,811 130,524 (119,948) - 14,387
Alne 21,964 - (11,488) - 10,476
BCBN (1) 100,076 (54,937) - 45,138
EMFF 18,560 866 (29,588) - (10,162)
Kings of the River - 10,000 (1,778) - 8,222
Ryeford Mill 68,725 - (9,314) - 59,411
Springs of Rivers 24,782 - (19,780) - 5,002
Warwick Eel Traps (287) - (431) - (718)
Weg Frome (9,773) 19,778 (12,748) - (2,743)
Worfe - 9,600 - - 9,600
Resilient RiverTeme - - (27,859) - (27,859)
Sustainable Farming (3,851) 27,694 (13,715) - 10,128
llley Brook - 13,333 (17,002) - (3,669)
Woodland forWater - 18,456 (19,477) - (1,021)
CarterWeir - 85,000 (29,911) - 55,089
Mill Road - - (27,759) - (27,759)
Guilsfield Demonstrator - - (16,135) - (16,135)
Hoo Brook - - - - -
Corporate Partners 1,207 - (1,207) - -
Reabrook
Brimfield
Championing Coastal
Cil Frome		 22,239
7,113
-
(9,680)		 -
-
12,850
60,000		 (21,135)
(7,113)
(12,850)
(50,320)		 -
-
-
-		 1,104
-
-
-
Cradley 26,152 15,000 (41,152) - -
Enhancing the Cound (77) 50,000 (49,923) - -
FPAT 1,564 - (1,564) - -
Kyre Brook 30,021 25,000 (55,021) - -
Reaction 2 - 95,000 (95,000) - -
Salmon in the Stour (188) - 188 = -
Severn Uplands
Weg Toc		 (12,950)
(3,985)		 12,850
27,758		 (25,800)
(23,773)		 -
-		 -
-
380,319 1,422,376 (1,473,369) - 329,326
Totalfunds 373,324 1,626,313 (1,465,472) - 534,165

2 SA:

SEVERN RIVERS TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

16 Statement of funds (continued)

Unrestricted Funds

Include grants from central and local government agencies, water supply companies and charities with interests in the environment within the UK.

The balances from Severn Rivers Ecology Limited (trading subsidiary) are also included within unrestricted funds.

Restricted Funds

Comprise funding for specific projects undertaken. The summary of these projects can be found within the Trustees Report from page 3 onwards.

=35-

aca: Dy!

SEVERN RIVERS TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

17 Analysis of net assets between funds

Analysis between funds - current year

Unrestricted Restricted Total
2023 2023 2023
£ £ £
Funds balances at 31 July 2023 are represented by:
Tangible fixed assets - 3,825 3,825
Current assets/(liabilities) 390,683 551,748 942,431
390,683 555,573 946,256
Analysis betweenfunds- prioryear
Unrestricted Restricted Total
. 2022 2022 2022
5 £ £ £
Funds balances at 31 July 2022 are represented by:
Tangible fixed assets , - 9,753 9,753
Current assets/(liabilities) 204,839 319,573 524,412
204,839 329,329 534,165

Analysis between funds- prior year

18 Operating lease commitments

; At the reporting end date, the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group Company
2023 2022 2023 2022
£ £ £ £
Within one year 8,410 8,410 8,410 8,410
Between two and five years 2,318 10,728 2,318 10,728
10,728 19,138 10,728 19,138

There are no related party transactions to disclose during the year (2022 - £nil).

= 36=

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

SEVERN RIVERS TRUST (A company limited by guarantee)

FOR THE YEAR ENDED 31 JULY 2023

20 Subsidiaries Details of the charity's subsidiaries at 31 July 2023 are as follows:

Name of Registered office Nature of Class of % Held.
undertaking business shares Direct Indirect
held
Severn Rivers 1 Hope House Farm Barns, Environmental Ordinary 100 0
Ecology Limited Hope House Lane, Martley,
Worcestershire,		 consulting
activities
WR66QF

The aggregate capital and reserves and the results for the year of the subsidiaries are as follows:

/

Name of undertaking Profit/(Loss) Capital and
Reserves
: £ £
Severn Rivers Ecology Limited (198) 690
21 Cash generated from operations 2023 2022
£ £
Surplus/(deficit) for the year 412,091 157,624
Adjustments for:
Depreciation and impairment of tangible fixed assets 5,928 7,210
Taxation charge - 281
. Movements in working capital:
(Increase)/decrease in debtors (90,193) (16,192)
(Decrease)/increase in creditors (190,727) 596,548
Cash generated from operations 137,099 745,471
22 Analysis ofchanges in net funds
At 1 August 2022 Cash flows At 31 July 2023
£ £ £
Cash at bank and in hand 1,236,289 135,730 1,372,019
Obligations underfinance leases (1,368) 1,368 -
1,234,921
—		 137,098 1,372,019

47-