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 2024 ANNUAL REVIEW 2023-24 For Water. For Wildlife: For People 4 SEVERN RIVERS TRUST
SEVERN RIVERS TRUST (A company limited by guarantee) LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mrs P A Cameron Watt Professor I P Maddock Mr J Olstead (Resigned September 23) Mr J F Smilh50n (Resigned September 23) MrA Wedgbury (Resigned July 231 Mr S S Sidhu MrA S HaNey Ms L Stefantsova Mr l Gordon Mr G Peters Mrs L McFadzean Secretary Mrs J F Wharf- Head of Finance Charity registration number 1134096 Company registration number 06642409 Registered office Unit 1 Hope House Fam Barns Martley Worcestershire WR6 6QF Auditor Ormerod Rutter Limited Chartered Accountants The Oakley Kidderminster Road Droitwich Worcestershir8 WR9 9AY Senior management team Joe Pimblett- Chief Executive Officer Jennifer Wharf- Head of Finance (Appointed October 23) Alice Fallon- Head of Community Engagement
SEVERN RIVERS TRUST (A company limited by guarantee) CONTENTS Page Welcoine from the Chief Executive Officer Chair's report Tru5tees' report 3-12 Independent auditor's report 13-15 Con501idated statement of financial aclivilie5 Consolidated balance sheet 17 Company balance sheet 18 Consolidated statement of cash flows 19 Notes lo the financial statements 20-36
SEVERN RIVERS TRUST (A company limited by guarantee) WELCOME FROM THE CHIEF EXECUTIVE OFFICER FOR THE YEAR ENDED 31 JUL Y 2024 Chief Executive Officer, Joe Pimblett, reflects on another busy year It's been another exciting and impactful year for our charity. Perhaps the most defining feature of the past 12 months has been an acceleralion in delivery on the ground, across several of our larger programmes of work which have been months, if not years. in the making. There has been paleochannel & floodplain reconnection works, gravel augmentation. woodland planting and the mass mobilisation of citizen scientists. Overseeing a team delivering such a range of work, and at such a scale, is humbling and serves as a continued reminder of what it's all about. There have been many successes, with several that standout and require acknowledgement. Building on the success of Ihe Catchment Sensitive Thinking Cooperative (CaSTCol, a national citizen science inilialive, our Community Engagement Team have successfully rolled out our programme of activities to new catchments thi5 year. in Warwickshire and the Black Country region. This work is critical in both building an evidence base for the health of our river nehmork and providing opportunities for the public to act and play their part in its recovery. The conclusion of our collaborative Cinderford Low Flows initiative, a project seeking to build ecological resilience lo abstraction, and wider environmental pressure5. Innovation and a great deal of perseverance from the project team, have highlighted that even in the most modified of river catchment, opportunities exist for subslanlial enhancement. The delivery of an ambitious package of interventions throughout the Upper Teme catchment, including a particularly exciting paleochannel reconnection scheme on the River Onny. Alongside th6 outlined delivery, we have been busy looking to the future lo considér how we ready the Trust for forthcoming opportunities. Central to this. has been the development of new programmes, with an emphasis on large scale initiatives that have the potential to attract charitable and corporate investment. Alongside this, we have reviewed our corporate structure, to ensure our finanGial framework and VAT position is appropriate to our broadening income base. This has resulted in the fomialion of an overarching VAT group. encompassing the ¢harity and our subsidiary trading arm. Sevem Rivers Ecology. l am Optimistic that this new structure, coupled with the development of new 'shovel ready, inve51able programmes, positions the Trust well for future growth. Finally, I 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 tèam galvanisod by a common passion to improve the water environmenl and will Continue tirelessly in order to achieve our vision for the River Severn.
SEVERN RIVERS TRUST (A company limited by guarantee) CHAIR'S REPORT FOR THE YEAR ENDED 31 JUL Y 2024 Tony Harvey. Chair of the board of trustees, assesses the year's achievements As the Chair of Severn Rivers Trust I have the privilege of reflectin9 on what has been a further year of pos11ive change for our organisalion which has been marked by both challenges and achievements. Our rivers are a key component of the lifeblood of the natural world and essential to the health of our cornmunities. wildlife. and ecosystems. However, they also face unprecedented threats from pollution, climate change. and related habilal damage. Over the last year. the Trust has continued to address safeguarding of the Severn and ils tributariès, collaborating with local community organisations, project partners, and key individual local represantalives in the calchmenl to help drive meaningful change. This report confirrns our turnover has successfully achieved a planned increase and the board of Iruslees has acknowledged that our growth trajectory means we also need lo grow our management tools inlraslruclure. The challenge of maintaining stable growth means we have rightly reviewed our working financial management principles. This has included progress towards and completion of VAT registration during the period of the report to provide a sound basis For managing development of the trust in years to come. On govarnance, we ¢onlinue lo rightly address the board's statutory safeguarding responsibilities as a key responsibility for our operational work. We have also carefully considered the board's composition leading to implemenlalion of a programm8 of positive action to hopefully draw in new talent over the forthcoming year working. with the Nominations Committee. From a personal perspective. I have endeavoured lo maintain and develop relationships with strategic partners, recognising the value of raising the profile of the Trust, including attending the Sevem Estuary Forum where I saw that Case Study 2 in this report Ilhe Fromebridge fish passl highlighted in a presentation by the Environment Agency a5 an important example of successful calchment partnership working. Our sound financial performance along with the associated programmes outlined and Case Study examples s&t out here dernonstrate SRT'S achievements over the year. Reflecting the hard work and passion oflhe entire team. from dedicated staff led by the Chief Executive Officer. Joe Pimblett, through to the board of my fellow trustees. Looking ahead to the forthcoming year, l arn mindful of emerging shifts in the funding landscape after the 2024 change in gov8rnment. This rneans there will be challenges ahead for SRT. but l am conf5dent that the Trust is in a robust position lo respond and adapt as needed. Finally, I must also recognise that none of the positive impact achieved over the year would have been possible without the support and shared efforts of our stakeholders, programme and project partners, volunteers and the wide range of Communities in the Sevem catchment. As you read through this report. I hope you are as inspired as l am by the progress we have made. We will continue to develop suitable ambitions for the future.
SEVERN RIVERS TRUST {A company limited by guarantee) TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 JUL Y 2024 The Trustee5 have pleasure in presenting their report along with audited financial statements for the year ended 31 July 2024. The financial statements have been prepared in accordance with the accounting policies set oijt in note 1 of the financial statements and comply wilh Ihe charity's memorandum and articles of association, the Companies Act 2006 and 'Accounling 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 IFRS 102)" (effective 1 January 20191. Since the Gompany qualifies as small under section 383, the strategic report required of medium and large companies under The Companies Act 2006 {Stralegi¢ Report and Directovs Report) Regulations 2013 has not been provided. Strategic overview Sevem Rivers Trust was established as an active organisation, and we are not afraid lo get our feet wel in making real lasting improvements for the river and its wildlife. Over the years we have continued lo grow in size, knowledge and standing lo become a respected leading player in environmental conservation acrass the Severn Catchment, but we have always remained true lo ourfounders, ethos. We continue to work towards the Trust's 2025 strategy, which cover three key areas of our organisalion's development: Finance, Operational Delivery and Research & Development. Each work area has its own Objective {s} and set of Key Perforrnance Indicators, towards which we continue to work. The strategy serves as an invaluable guide to infom 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 Sevem for everyone, remains unchanged. Our current strategy is helping 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, lo aid future decision-making and support the development of new, innovative ways of working. 3. Inspire people and empower thern to take action for their rivers 4. lrnprove the ecological resilience of our land within the Sev8m catchment S. Improve the ecological resilience of our rivers within the Sevem calchment In summary, our ambition during Ihe 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 delivèry and expanding our impact along tha course of Britain's longest river. Achievements and performance a. Key financial performance indicators The Trust's financial reporting remains centred around monitoring progress towards the following four 2025 financial goals.
SEVERN RIVERS TRUST (A company limited by guarantee) TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 JUL Y 2024 Accumulate £150k of unreslricted financial reserves Increase consolidated annual lumover to £2.8m Increase SRE s annual net profit to £50k Increase unrestricted income to comprise £25 10 of organisational turnover Continued progress has been rnade toward5 all of the financial goals outlined during the course of this reporting period. As the Trust migrates toward5 a new VAT structure. which will enable primary trading activities lo be undertaken from within the Trust, there will be a requirement lo review the outlined KPI'S. This will be undertaken in tandem with selling the new strategy that will take the organisalion foNard from August 2025. b. Review of activities We Gontinue lo work closely with individuals and organisalions along the river induding farmers and land managers, environmental organisations, communities and businesses to preserve Ihis fantastic river catchment. The sub division of the Severn into six Isubl management catchments {Sevem Uplands: Shropshire Middle Sevem; Worcestershire Middle Severn., Teme-, Warwickshire Avon and Severn Vale) helps us lo focus resource and funding lo projects within the catchments. We continue to be a lead partner in the Catchment Baséd Approach ICaBA> 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 8nvironmenlal objectives and value for money bringing wider benefits to society as a whole. The Trusl will always work at a catchment Scale and continue lo influence river management on both sides of the WelshlEnglish bordef to benefit the environment and communities. A snapshot ofwork undertaken over the past 12 months is captured in the three case studies set out below. Case study 1: Funding source This project was funded by Severn Trent Water's Community Fund. and the Department for Education's SUDS in Schools programme. Blaok County River Schools Project objectives Green-blue infrastructure to help reduce surface water flooding at four primary schools. Extensive leaning programme including sessions on water stewardship. river wildlife and creativity and wellbeing activities. Communily celebrations lo bring children and families together and highlight the positive impact of the project. Progress to dale W8 have built strong relationships with two schools in the Dudley area. Central to the project is the involvement of students in every aspect of the environmental work. From tree plantin9 to designing and building rain gardens, pupils frorn Reception to Year 6 have taken an active role in transforming their school grounds. This hands-on involvement has given students a sense of ownership and responsibility for their local environment. We have implemented a leaming programme that connects students with their rivers through arts, workshops. and river visils. making environmenlal education more engaging and accessible. In total we have engaged just over 1,000 people so far.
SEVERN RIVERS TRUST (A company limited by guarantee) TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED} FOR THE YEAR ENDED 31 JUL Y 2024 Headline achievements Natural flood management opportunities have been identified and installed. These spaces improve the school environment, provide habitats for wildlife, and manage stormwater. They include.. Two green roof bike shelters A green outdoor "readin9 nook. for children not in mainstream education A rain garden within a paved playground area Trough planters lo intercept runoff We have had a positive impact on student wellbeing, with outdoor learning shown lo reduce stress and boost cognitive development. We have received excellent feedback and praise from teachers informing us that the project has fostered confidence and a sense of community, as students take pride in their work and the positive changes they ve made to their school anvironment. Figure1.' Hedge planting with 8 school group (lett) and a new green mofed bike sheller (righ¥ as part of our work to rewild school grounds and engage children the nseallOn ofiheir local environm&nl. Ak.. i. Nexl steps As we enter the final year of the project. we will be delivering SUDS installation5 and learning activities i two more schools. We have appointed mosaic artists to work with children in designing and creating a river mural for each school. In addition lo this. we have successfijlly secured fvnding for a Pfoject extension 8nd identified three further schools to lake paJt in the programme, bringing the total number of participating schools to seven across the Black Country and Worcestershire. Case study 2: Temeing with Life Funding source The programme comprises variou5 funding sources from acros5 several different projects. that colleclively, are enabling a catchmenl-wide re5toralion programme in the headwaters of the Sevem's second largest tribulary, the River Teme. Key fvnders include Environment Agency, Shropshire Hills National Landscape {Farming in Protected Landscapes Programme) and Department for Environment and Rural Affairs {DEFRA.I
SEVERN RIVERS TRUST (A company limited by guarantee) TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT} (CONTINUED) FOR THE YEAR ENDED 31 JUL Y 2024 Programme objectives The overarching ambition of our work is lo bring together nature conservation professionals and the farming community to develop and implement new funding mechanisms that enables the widespread shiftto nature friendly farming practice5 and habitat creation. Progress to dale The past year has been a frenzy of aclivity. Firstly, on a practical delivery level, there has been an ambitious programme of nalure-based solutions delivered across farms in the region. This work has included installing woody debris dams, creating wetlands and, at particularly exciting, reinstating the former course ofthe river. In addition lo work on the ground, we have been working with partners lo increase farm-to-farm collaboration. In the Spring. we established the Upper Teme Farm Cluster Group. bringing together landowners farming on the main stem of the river and have tsken deliberate steps to work more closely with neighbouring groups in the Onny & Clun catchment. Finally, on a more strategic level, the Teme Headwaters Working Group has been established. This group brlngs together active environmental bodies, alongside local landowner representation, to encourage Collaboration and the pursuit of largescale funding. Headline achievements Delivery of 20+ nalure-based solution projects on farms in the calchrnent Reconnection of large paeleochannel on the River Onny Fomation of the Upper Teme Farm Cluster Group Fomiation of the Teme Headwaters Working Group Nexl steps The priority for the next year, will be working in collaboration with the Teme Headwaters Working Group to secure new sources of long-term funding that will initiate progress towards the groups recently established vision for the region. Figure 2.. Bèlgrg (left) and aftgr fright) ofpaleochannol raconneclion works on the RNer Onny.
SEVERN RIVERS TRUST (A company limited by guarantee) TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JUL Y 2024 Case Study 3: Rea Demonstrator Funding source The Severn Valley Water Management Scheme (project board members include Environment Agency, Natural Resources Wales. Shropshire Council and Powys County Council. Project objectives Inslallalion of a range of ambitious nature-based soluliDns for natural flood management in the Rea Brook catchment 150 leaky dams ins1811ed 5 of Cross-sloping. riparian woodlands planted 35 hectares of mulli-beneficial wetland Creation 4 hectares of floodplain connection wotl( Progress to date The Reabrook flows into tha S8V8rn in Shrewsbury, Shropshirè. flowing northeast from Marton Pool. Th8 wider Rea catchment also contains the key Iribularies of the Minsterley Brook, WorthenlBracklon Brook, Habberley Brook and the Weslbury Brook. of which much of our work is focused. Several communities have suffered with flooding issues in the catchment. including the villages of Minslerley and Pontesbury, and the Realsevern confluence also contributes lo flooding in Shrewsbury itself. For these reasons, the Rea catchment was identified as a key area in which to focus one of the Severn Valley Water Management Schemes eight'Demonstrator projects, of which Severn Rivers Trust host two. the Rea and Guilsfield Demonslralor projects. The Sevem Valley Water Management is a multi-agency project aimed and using a variety of solutions to manage water in the Sevem catchment, including nature based solutions for water storage. This ambitlOU5 3-year flood management programme began in January 2024. with a range of projeols, in line with the key outputs already delivered. , This includes installation of leaky dams in headwater lribularies, planned riparian woodland sites for planting this winter season, and creation of new multi-beneficial wetland habilal. Next steps Our next steps arè to primarily continue lo build on our early success so far and deliver our suite of already planned projects when limings allow, induding an ambitious floodplain connection scheme in the heart of the catchment, and further gamer landowner relationship5 and continually develop a new pipeline of projects that hèlp meet our outputs.
SEVERN RIVERS TRUST (A company limited by guarantee) TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) {CONTINUED) FOR THE YEAR ENDED 31 JUL Y 2024 We are also aiming to continually scale and increase the ambition of our projects, to 'demonstrale' the benefit of larger Scale natural flood managem8nt schemes for water storage and natural capital, bul also further undersland the needs for blended funding lo make larger projects happen, by incenlivising landowners with legacy payments, through 8ith8r private finance. or top tier Countryside Stewardship options as an example. Figure 3.. Wetland Crgalion work (Igft) and a recently Anslalled leaky dam fright) psent just two of a package orth8 NFM inteNenlion types Ihat we aTr delivering in the Rea catchment. Severn Rivers Ecology The Severn Rivers Trust is the sole shareholder of the not-for-profit subsidiary, Severn Rivers Ecology Limited ISRE), company number 10081868. The principal activity of SRE is to provide ecological consultancy services, that generate an unrestricted source of incom8 that can be invested in our charitable objectives. SRE was incorporated in March 2016 and a profit-shedding agreement exists beiween the two companies. The past year has seen a continued growth in our commercial based work. Wider commercial work undertaken during this period included Biodiversity Net Gain appraisals. fam water audits, ecological monitoring services, notably eleGtro-fishing surveys. and running corporate away days for businesses operating within the catchment. Also during this period, further progress has been made to enrol landowners into the Trust's Biodivetsity+ scheme, a BNG facilitstion seiCe that brings together sellers and buyers of biodiversity offsets. SRE'S total turnover amounted to £1,038,837 (2023-£418,874} with an operating loss of£Nil12023'. £198}.
SEVERN RIVERS TRUST (A company limited by guarantee) TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JUL Y 2024 Financial Review Severn Rivers TTUSt works across three delivery teams to rneet its strategic direction. The breakdown for income type and expenditure are shown below. In 202312024, the total income for the Trust was £1,556,657 of which, £158,271 110 % ) was unreslricled income and £1,398.386 1900/0} was restricted to specific projects. This compares to £1,878.672 total income for the previous year 121 /0 unrestricted income and 7910 reslricled income). Going concern After making appropriate enquirri8S, the Trusle8s have a reasonable expectation that the Charity has adequate resources lo continue in operational existence for the foreseeable future. For this reason. they continue to adopt the going conGern basis in preparing the financial statements. Roserves policy The charity is committed lo using its reserves in pursuit of its charitable objective. The charitys policy on reserves is for them to be sufficient lo meet the anlicipaled needs of the trust as prudently estimated by the Iruslees. Th8 objective of the Trust is lo have a working reserve suitable to manage the risks of the Trust. The attached financial 5tstemenls show the total reserves at 31 July 2024 were £1,061.776 (2023.. £946,256). Thank you We are grateful for the financial support received by the Trust and would particularly like to acknowledge the following individuals and arganisalion5 that have supported our work over the past year. Dr Anne Wheeler Mr Andrew Jones Mr Chris Jenkins Mr Finn Oliver Mr Simon Rhodes Mr Steven Westerman Mrs Emma King Ms Ashley Phelps Ms Kaia Bellamy Ms Kathryn Ogden Ms Nicola Jones Ms Kate Ashley Mr Robert Fox Ms Tasmin Oliver Terne Valley Wildlife Group Bimiingham University Department for Environment, Food and Rural Affairs Environmènt Agency Natural Resources Wales Garfield Weston Foundation Sevem Trent Water Herefordshire County Council Powys County Council Shropshire County Council Worcestershire County Council Welsh Govemmenl And a huge thank you lo the many anonymous contributors who are not named in this list.
SEVERN RIVERS TRUST (A company limited by guarantee) TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JUL Y 2024 Governance and support Constitution The company is registered as a charTtable company limited by guarantee and was established and constiluted by a Memorandum of Association on 9 July 2008. The Gharily is controlled by its governing document, a deed of trust. and wnstitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. Method of appointment or election of Trustees The Board of Trustèes is made up of eight members al 31st July 2024. The make-up of the Board includes experts in finance, accounting, risk management, health & safety secondary & tertiary education and research. The board regularly review5 the experience profile of its members and whère necessary defines any additional skills required. Board members use their own network of contacts to identify suitable candidates possessing the necessary knowledge and skills lo act as trustees of the charity. The board appoints all new trustees after an ini1181 meeting with the Chair and CEO, followed by a guest invitation to the next Board meeting. 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 ar8 monitored by the Chair and CEO. A Code of Conduct is in place for tha Board of Trustees. Pay policy for senior staff The Senior Management Team benchmark staff rernuneration and terms and conditions of employment annually, with proposed recommendations for consideration by the Board of Trustees. Organisational structure and decision making The Chief Exe¢utlve is responsible for the day lo day running of the Trust and reports to the Board, which is constituted of the Tru51ees. The Trustees meet four times a year 31 regular intervals lo review finance, risk and organisational development. In beeen these meetings the Chief Executive consults with the Chair on material issues as they arise. The Board includes two sub-committees established to support the Board in their responsibilities and decision making in respect to finance & risk (Finance & Risk Committee) and a trustee recruitment (Nominations Committee.) Finance & risk management The Trustees are responsible for the management and control of the Severn Rivèrs Trust and subsidiary ompany, Severn Rivers Ecology, including the overall control of risk management, particularly setting the parameters of the process and reviewing and considering the resulls. Our risk idenlificalion process is set and rnanaged by the Finance & Risk Committee. All areas of risk are covered by our prOss, including financial, govemance, operational and reputational. io
SEVERN RIVERS TRUST (A company limited by guarantee) TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JUL Y2024 An annual audit on the controls lakes plac8. Day lo day management and coordination of the process is delegated to the Chief Executive who reports lo the Board of Truslees 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- Staff retention and recruitment challenges seclor-wide staff turnover and recruitment challenges continue to be a substantial risk to eNGOs. The major risks posed to SRT include interrupted delivery, affecting delivery mi18slones, and postponing project start-up. Deliberate steps have been taken to mitigale this risk over the past 12 months including- succession planning through the adoption of a trainee programme. regular remuneration review and the adoption of a competency matrix to identify skills gaps and encourage investment in staff CPD. Reducing dependence on grant funding sources the Management Team have wide ranging skills in charitable trust fundraising, including slatulory agencies, lotteries. European and charitable Irusls, and have over the years been highly successful. In a bid to reduce this over dependency, the Trust is investing in developing charitable giving platforms and commercial-based services, which align with the charitable objectives. Lack of budget control procedures The CEO and Head of Finance. alongside the Finance & Risk Committee, link business planning lo 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 cleady details what authority the Board has delegated to committees and slaff under the powers set OLJt in Clause 50 of the Articles ofAssociation. This provides.a robust and auditable means of managing financial delegation. Inflation Inflation pressure5 have reduced during the past 12 rnonths. but the impacl of subslanlial increases in recent years continue lo leave their mark, especially so on multiyear projects. Mitigating measures include negotiation with funders to reduce deliverables or increase funding allocations proportionately and ensuring that project budgets integrate inflation forecasts accurately during their development. Failure to meet Health & Safety standards and regulatlons - The Trust appoints a Safely Director IBoardl and Safely Manager (Staffl to implement a robust. annually reviewed Health & Safety Policy. An annual review with an independent frorn within the water industry ensures our approach is suitable. All staff undergo Health & Safety training. Lack of site safeguardlng - The Trust works with children and vulnerable adults across all aspects of ils work from schools lo fanllers. 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 lo ensure adherence to the policy. Global Pandemics The effects of the Coronavirus pandernic 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.
SEVERN RIVERS TRUST (A company limited by guarantee) TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JUL Y 2024 Statement of Irustees, respon5ibilitie5 The Trustees (who are also director5 of Severn River5 Trust for the purposes of company law) are responsible for preparing ihe Tnjstees. report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law require5 the Trustees to prepare financial statements for each financial year which give a true and fair view of the stale of affairs ofthe group and the company and of the incoming resources and applicatlon of resources, including income and expenditure for that year. In preparing these financial statements. the Trustees are required lo focus on: selecting suitable accounting policies and then apply them consistently obseTving the methods and principles in the Charities SORP making judgments and accounting estimates that are reasonable and prudent preparing the financial statsmenls on the going concem basis unless it is inappropriate to presume that the charitable company will continue in operation. The Trustees are re5pon5ible for keeping adéquate accounting records that are sufficient to show and explain the charitable company's transactions and disclos8 Wlth 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 inforniation to auditors Each of the persons who are Trustees at the time when this Trustees, report is approved has confirmed that= so far as that Trustee is awar8, there is no relevant audit information of which the charitable company's auditors are unaware, and that Trustee has taken all the steps thal ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the ¢haritable company's auditors are aware of that information. This report was approved by the Trustees, on 12.l2. g4 and signed on their behalf by: Mr A S Harvey, Chair of Trustees i?
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 'parenl charitable company'l and its subsidiary Ilhe'group'l for the year ended 31 July 2024 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 'Tha Financffal Reporting Slandard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial slatemenls.. give a true and fair view of Ihe stale of the group and the parent charitable company's affairs as al 31 July 2024 and of its incoming resources and application of resources, including its income and expenditure for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice-, and have been prepared in accordance with the requirements of the Companies Act 2Q06 and the Charities Act2011. Basis for opinion We conducted our audit in accordance with Inlemational Standards on Auditing IUKI IISAS {UK)) and applicable law. Our responsibilities under those stsndards are further described in trie Audilorfs responsibilities for the audit of the financial statements section of our report. We are indèpendent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit ofthe financial statements in the UK, including the FRC'S Ethical Standard, and we hav8 fulfilled our olher ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements. we have concluded that tre trustees, use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomed, 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 lo continue as a going conrn for a period of at least e1ve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the trustees wilh respect to going concem 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 slatemenls and our auditor's report Ihereon. The Irustees are responsible for the other inforrnalion contained within the annual report. Our opinion on the financial statements does not cover tre other infomiation and we do not express any fomi of assurance conclusion Ihereon, Our responsibility is lo read the other information and, in doing so, consider whether the other infomation is materially inconsistent with the financial statements or our knowledge obtsined in the course of the audit, or oth8rwise appears to be materially misstated. If we identify such material inconsislències or apparent material misstatements, we are required to determine whetherthis gives rTse to a material misstatement in the financial statements themselves. If, based on the work we have perfomed. we conclude that there is a material misslatemenl of this other infomation. we are required to report that fact. We have nothing to rèport in this regard. 13
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 {Accounls and Reports) Regulations 2008 require US to report to you if, in our opinion.. Ihe infornialion given in the financial statements is inconsistent in any material respeGI with the trustees. report". or sufficient accaunting records have not been kept- or the parent charitable company's financial slalements are not in agreement with the accounting records: or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more lully in the statement of trustees, responsibilities, the Iruslees, who are also the directors of the charity for thé purpose of company law, are responsible for the preparation of the financial statements and for being satisfied Ihat they give a true and fair view. and for such inlemal 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 goin9 concern, disclo&ing, as applicable. matters related to going concern ané using the going concem basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations. or have no realistic allemative but to do so. Auditorfs responsibilities for the audlt of the financial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Acl and relevant regulations made or having effect Ihereund8r. Our objective5 are lo obtain reasonable assurance about whether the financial stalernenls as a whole are free from material misslaternent, whetherdue to fraud or error. and lo issue an auditorfs 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 aayS delect a material misstalemenl when it exists. Misstalemenls can arise from fraud or error and are considered material if. individually or in the aggregate. they could reasonably be expected lo influen th8 economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instanc85 of non-compliance with laws and regulations. We design procedures in line with our responsibilities. outlined above, to delect rnaterial misstatements in respect of irTegularities, including fraud. The exlent to which our procedures ar8 capable of detecting irregularities, including fraud, is detailed below. Bas8d on our understanding of the company, we identif18d 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 ProdureS performed included discussions with management. review of board meeting minutes, testing of journals. designing and performing audit proGedures and challenging assumptions and judgements made by managernent in relation to accounting estimates. There arè inherent limitations in the audit procedures described above. We are less likely to become awaré of instanGes 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 concealmenl by. for examp18. forgery or int&nlional mi5representalions. or through collusion. A further description of our responsibilities for the audit of the financial stalements is located on the Financial Reporting Council's website at= htt .-Ilwww.frc.or .uklauditorsres onslbililies. This description forms part of our auditor's report. 14-
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 tsustees, as a body, in accordance with part 4 of the Chartties (Accounts and Reports) Regulations 2008. Our audit work has been undertaken $0 that we might slate to the charity's trustees those rnatters we are required to stale to them in an auditor5, report and for no other purpose. To the fullest èxtent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the chaTity's trustees as a body, for our audit work, for this report, or for the opinions we have formed. Colm McGrory FCA (Senior Statutory Auditor) for and on behalf of Ormerod Rutter Limited 1.7./111.2Q2.t Chartered Ac¢ountsnts Statutory Auditor Ormerod Rutler Limited Chartered Accountsnls The Oakley Kiddemiinster Road Droitwich Worcestershire WR9 9AY
SEVERN RIVERS TRUST {A company limited by guarantee) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JUL Y 2024 Note Unr8stri¢ted Restricted funds funds 2024 2024 Unrestricted Restricted funds funds 2023 2023 Total 2024 Total 2023 Income from.. Donations & grants Other trading activities 13.555 1.038,837 1,398,386 1,411,941 1,038.837 400.892 418.874 1,477,780 1,878,672 418,874 Total income 1,052,392 1.398.386 2,450,778 819,766 1,477.780 2,297,546 enditure on: Raising funds Charitable activities Corporation lax 894.121 143,804 894,121 1,297,333 1,441,137 419.339 49.961 268 419,339 1,416,423 1,466.384 268 Total expenditure 1,037.925 1,297,333 2,335,258 469.032 1,416,423 1,885,455 Net movement in funds before transfer of funds 14.467 101,053 115.520 350.734 61,357 412,091 Transfer of funds (10.2521 10,252 Net movement in funds after transfer of funds 4,215 111.305 115,520 Reconciliation of funds: Total funds brought fotward 555,573 390,683 946.256 204,839 329.326 534.165 Total funds carried forward 559,788 501,988 1,061,776 555,573 39Q.683 946,256 The Consolidated Statement of Financial Activities includes all gains and losses re¢ognised in the year. All income and expenditure derive from continuing aclivities. The Statement of Financial Activities also complies with the requirements for an income and expendtture aGGount under the Companies Act 2006. 16
SEVERN RIVERS TRUST (A company limited by guarantee) CONSOLIDATED BALANCE SHEET ASA T31 JULY2024 2024 2023 Notes Flxed assets Tangible assets 3,825 3.825 Current assets Debtors Cash at bank and in hand 13 234.653 1,780,505 2,015,158 346,113 1,372.020 1,718,133 Creditors: amounts falling due within one year 14 953,382 775,702 Nel current assets 1.061.776 942,431 Total assets less current liabilities 1,061.776 946,256 Total net assets 1,061.776 946,256 Charity funds Restricted funds Unrestricted funds 16 16 501.988 559,788 390,683 555.573 Total funds 1,061,776 946.256 The company was entitled to exemption from audit under section 477 oflhe 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 lo accounting records and preparation Df financial statements. The financial statements have been prepared in accordance with th8 provisions applicable lo entities subject lo the small companies regime. The financial statements were approved by Ihe Trustees on Ii.11.Z+ .and signed on their behalf by: MrASHa ey Chair of Trustees Company Registration No. 06642409
SEVERN RIVERS TRUST (A company limited by guarantee) COMPANY BALANCE SHEET ASAT31 JULY2024 2024 2023 Notes Fixed assets Tangible asset5 Investments 11 12 3.825 3,826 Current assets Debtors Cash at bank and in hand 13 366,071 732.133 1,098,204 206,615 860.506 1.067,121 Creditor5: amounts falling due within one year 14 37.118 125,381 Net current assets 1.061.086 941.740 Total assets less current liabilities 1.061.087 945.566 Total assets 1,061,087 945,566 Charity funds Restricted funds Unrestricted funds 501.988 559,099 390,683 554,883 Total funds 1.061.087 945.566 The companywas 8ntitied to exemption from audit under section 477 ofthe Companies Act 2006. The members have not required the entity lo 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 Ihe Act with respect to accounting records and preparation of financial Statements. The financial slatefflen15 have been prepared in accordance with the provisions applicable to entities subject to Ihe small companies regime. As permitted by s408 Companies Act 2006. the company has not presented ils own statement of financial activities and related notes. The charity'5 surplus for the year was £115,52012023 - £412,288). The financial statements were approved by the Trustees on 12 12.2& .and signed on their behalf by: MrAS arvey Chair of Trustees Company Reglstrdtion No. 06642409 18
SEVERN RIVERS TRUST (A company limited by guarantee) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JUL Y 2024 Notes 2024 2023 Cash f lows from operating activities Cash generated from operations Net eash flow from operating activities 21 408.485 408.485 137,099 745,471 Cash flows from investing activities Purchase of tangible fixed assets Net cash used in investing activities Cash flows from financing activities Hire purchase Répayment of loan {1.368} Net cash used In financing activities 1.368 Change in cash and oash equivalents 408,485 135.731 Cash and cash equivalents at beginning of the year 1,372.020 1,236.289 Cash and cash equivalents at end of the year 1,780,505 1,372,020 The notes on pages 21 to 37 form part of these financial statements. 19
SEVERN RIVERS TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JUL Y 2024 Accounting policies Charty information Severn Rivers Trust is a private company limited by guarantee incorporated in England and Wales. The registered office 15 1 Hope House Farm Bams. Hope House Lane, Martley, Worcestershire, WR6 6aF. 1.1 AGcountlng conventlon The financial statements have been prepared in accordance with the charity's memorandum and artlGles of association, the Companies Act 2006 and 'Accounting and Reporting by Charities.. Statement of Recornmended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102). leffeclive 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102. The ffnancial statements consolidate the results of the charity and ils whollyThowned subsidiary Sevem Rivers Ecology Limited on a ling by line basis. TTansaclions and balances beeen 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. 1.2 Golng concern At the time ofapproving the financial statements. the trustees have a reasonable expectation that the charTty has adequate resources to continue in operational existence for the foreseeable future. Thus, the trustees continue to adopt the going concem basis of accounting in preparing the financia5 statements. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Reslricted funds a subject to specific conditions by donors as to how they may be used. The purposes and us65 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 il after any performance Gonditions have been met, the amounts can be measured reliably, and il is probable that income will be received. The only exception to this is grants received for phases of projects which have yet lo 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 frorn the Charities SORP FRS102. but consider its recognition in the year of rèceipt would be misleading that it would conflict the requirement to give a true and fair view. The incomè ha5 therefore been deferred as shown in note 14. 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 lo donations received under Gift Aid or deeds of covenant is recognised at the tsme of the donation.
SEVERN RIVERS TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JUL Y 2024 Accounting policies {continued) 1.4 Incoming resources {continued) Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt 15 expected. If the amount 15 not known, the legacy is treated as a contingent asset. Grants are included in the consolidated statement of financial activities on a receivable basis. The balance of income received for specific purpose5 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. ils recognilion is deferred and included in creditors as defeed 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 lor or on completion of the service. Project income grants are recognised when there is entillemenl and are not deferred over the project term. Unspent amounts of project grants are reflected in the balance within the reslricled fund. 1.5 Resources expended Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity lo that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly allributed to particular headings, they have been allocated to activities on a basis consistent with the use of resources. Costs of raising funds are those costs incurred in generating voluntary income, and those costs incurred in trading activities that raise ftjnds. Expenditure on charitabl8 activities includes ¢05ts 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. Govemance costs are those costs associated with meeting the constitutional and statutory requirements and include any costs associated with the strategic management of the Gharity. 1.6 Tangible fixed assets Tangible fixed assets costing £1,500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the assel can be measured reliably. Tangible fixed assets are initially measured at cost and subsequent]y measured at cost or valuation, nel of depreciation and any impairment losses. Depreciation is recognised so as to write off the c051 or valuation of assets les5 their residual values over their useful lives on the following b8ses'. Plant and machinery Motor vehicle5 Cornputer equipment straight line over 10 years Straight line over 4 years straight line over 3 years 21
SEVERN RIVERS TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JUL Y 2024 Accounting policies (continued) The gain or loss arising on the disposal of an asset is determined as the difference beiween the sale proceeds and the carying value of the asset and is recognised in net incomel(expendilure} for the year. 1.7 Fixed asset investments Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently rneasured at fair value at each reporting date. Change5 in fair value are recognised in net incomellexpenditurel for the year. Transaction costs are expensed as incurred. A subsidiary is an entity Gontrolled by the charity. Control is the power lo govern the financial and operating policies of the entity so as lo obtain benefits from its activities. Investments in subsidiaries are at cost less provision for impairrnent. 1.8 Impalrment of fixed assets At each reporting end date, the charity reviews the carrying amounts of its tangible assets lo determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists. the recoverable amount of the asset is estimated in order lo determine the extent of the impairment loss lif any}. 1.9 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks. other short-term liquid investments with original maturities of three months or less. and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.10 Financial Instruments The charitable company only has financial assets and financial liabilities of a kind that qualify as basic financial instrum8nls. Basic financial instruments are initially recognised at transaction value and subsequently measurad al their settlement value. 1.11 Taxatlon The charity is exempt from Corporation Tax on its ¢harilable activities. 1.12 Retlrement beneflts The charitable company operated a defined contribution pension scheme. Contributions payable to the charitable company's pension s¢herne are charged to the Statement of Financial Activities in the period lo which thèy relate. 1.13 Liabilities and provislons Liabilities are recognised when there is an obligation at the balance Sheet date as a resutt of a past event, it is probable Ihat a transfer of economic benefit will be required in settlement and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount il has received as advanced payment5 for the goods or services It musl provide. Provisions are rneasured at the best estimate of the consideration required to settle the obligation. Where the effect of the lime value of money is material. the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific lo the liability. The unwnding of the discount rate is recognised as a finance cost in net in¢omel(expenditurel. 1.14 Operatlng leases Rentals under operating leases, including any lease incentives, are charged lo the Statement of Financial Activities on a straight line basis over the term of the leas8. 22-
SEVERN RIVERS TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JUL Y 2024 Critical accountlng estimates and Judgements In the application of the charity's accounting policies, the trustees are required to make judgements, e51imates and assumptions about the carying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered lo be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions lo a(untIng estimates are recognised in the period in which the estirnale 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. Donations and grants Unrestri¢ted Restricted funds funds 2024 2024 Unrestricted Restricted funds funds 2023 2023 Total 2024 Total 2023 Donations Grants 4,100 9,455 13,555 4,100 1,407.841 1,411.941 6.825 394,067 400,892 6.825 1.477.780 1,871.847 1.477,780 1,878,672 1,398.386 1.398.386 Other tradlng actlvltles ~ non ¢harltable income Unrestricted Restricted funds funds 2024 2024 Unrestricted Restricted funds funds 2023 2023 Total 2024 Total 2023 Consultancy Grants Other income 518,170 10.602 512,065 516,170 10,602 512,065 418,874 418,874 1.038.837 1.038,837 418.874 418,874 Other income relates to surveys, carbon offselling, biodiversity net gain and educational activities.
SEVERN RIVERS TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JUL Y 2024 Raising funds Unrestricted 2024 Unrestricted 2023 Project costs Rent and rates Motor and travel éxpenses Bank charges Printing and stationery Governance costs Sundry expenses Staff training Depreciation of tangible fixed assets 875.390 6,929 402.509 8.068 185 85 281 6,898 3,300 1,238 489 6.780 423 522 279 419.339 894,121 Charitable activities 2024 2023 Staff costs Depreciation and impalrmènt Project, travel and subsistence Project work Other project costs 642,924 3,825 69,670 617,308 18,407 1,352,134 521.517 5.649 55,860 782.232 15.524 1.380.782 Share of support costs (see note 71 Share of governancè costs (see note 7) 81,566 7,437 1,441.137 72,521 13,081 1.466,384 Analysis by fund Unrestricted funds Restricted funds 143.804 1.297.333 1,441,137 49,961 1,416,423 1.466.384 -24-
SEVERN RIVERS TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 JUL Y 2024 7 Support costs Support Govemance costs costs Total 2024 Support Governance costs costs Total 2023 Travel and subsistence Marketing costs Other support costs Gainlloss on foreign exchange Govemance costs 10.052 1,453 70,000 10,052 1,453 70,000 9,893 7,808 54,474 9,893 7,808 54,474 61 61 7.437 89,003 346 346 13,081 13,081 13.081 85.602 7,437 7,437 81,566 72.521 Analysed between.. Charitable activities 81,566 7,437 89,003 72,521 13,081 85,602 Governance costs includes payrnenls lo the auditors of £6.36412023 £6,026), legal fees £60012023 £nill, Iruslees expenses £36612023 - £nill and sundry Gosts of £10712023 - £551. Trustees remuneration and expenses During the year, no trustees received any remuneration or other benefits12023 - £nil). During the year. expenses amounting to £366 were reimbursed or paid directly in relation to èxpenses incurred supporting the charitable activities of the Trust12023 - £ni51. 25
SEVERN RIVERS TRUST {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JUL Y2024 9 Staff costs Number of employees The average monthly number of employees during the year for the group was as follows= Group 2024 Number Group 2023 Number Management Field Operatives 24 29 21 26 Employment costs Group 2024 Group 2023 Company 2024 Company 2023 Wages and salaries Social security costs other pension costs 707,577 64.942 56.860 829,379 559.148 46.093 40,788 646.029 521.122 64,942 56.860 642,924 434,636 46,093 40.788 521,517 The key management personnel ofthegroup are represented by the roleswithin managementand finance. The lolal employee benefits (including employer pension contributions) received by key management personnel was £201,986 {2023- £213,593}. The number of employees whose annual remuneration was more than £60.000 is as follows: 2024 Number 2023 Number 10 Net incomel(expenditure) This is slated after charging: 2024 2023 Depreciation Auditors. remuneration - audit Auditors, remuneration - other seNices Operating lease rentals 3.825 8,255 1,737 1.004 5,928 7.856 1.665 8.410
SEVERN RIVERS TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JUL Y 2024 11 Tangible fixed assets Group Plant and Machinery Computer Equipment Motor Vehicles Total Cost AI 1 ALJgust 2023 Additions Disposals At 31 July 2024 15,062 15,345 35,592 65,999 15.062 15,345 35.592 65.999 Depreciation and impalrment Al 1 August 2023 Depreciation charged in the year Eliminated in respect of disposals Al 31 July 2024 15,062 14,894 451 32.218 3.374 62.174 3.825 15.062 14,508 35,592 65,162 Carrying amount Al 31 July 2024 Al 31 July 2023 451 3,374 3.825 Company Plant and Machinery Computer Equipment Motor Vehicles Total Cost At 1 August 2023 Disposals At31 July 2024 15,062 14,508 35,592 65,162 15,062 14,508 35.592 65,162 Depreciation and impairment Al 1 August 2023 Depreciation charged in the year Elimination on disposal 15.062 14.057 451 32,218 3,374 61,337 3,825 Al 31 July 2024 15,062 14.508 35.592 65.162 Carrying amount Al 31 July 2024 At 31 July 2023 451 3,374 3,825
SEVERN RIVERS TRUST (A company limited by guarantee} NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JUL Y 2024 12 Fixed asset investments Company Investment in subsidiary company Cost or valuation Al 1 August 2023 & 31 July 2024 Carying amounl Al 31 July 2024 Al 31 July 2023 13 Dobtors Group 2024 Company 2024 Amounts falling due within one year: 2023 2023 Trade debtors Amounts due lo group undertakings Prepayments and accrued income 192,518 220,534 158.887 165.049 42.135 366,071 88,023 2.730 115,862 206,615 42,135 234,653 125,579 346.113 28-
SEVERN RIVERS TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JUL Y 2024 14 Creditors: amounts falllng due within one year Group 2024 Company 2024 2023 2023 Other taxation and social security Trade creditors Other creditors Accruals and deferred income 25,891 6,898 1,369 919,224 953,382 22,802 60,332 1,960 690,608 775,702 15,124 1.004 1.369 19.621 37,118 13,485 5.755 1,960 104.181 125.381 Group 2024 Company 2024 2023 2023 Deferred income Deferred income at 1 August 2023 Resources deferred during the year Amounts released from previous periods 581.175 423,806 1581.1751 881,003 581,175 1881,003} 75,648 687,344 75.648 1687,3441 {75,648} 423,806 581,175 75,648 Deferred income relates lo incorne received in advance. 15 Finance lease obligations Future minimum lease payrnenls due under finance leases= 2024 2023 Within one year ?9-
SEVERN RIVERS TRUST {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JUL Y 2024 16 Statement of funds The income funds of the group include restricled and unrestricted funds comprising the following unexpended balances held= Statement offunds - current year Movement in funds Resources expended Balance at 1 August 2023 Incoming resources Transfers Balance at 31 July 2024 Unrestricted funds General overhead fund Fishing passports Grants Severn Rivers Ecology 111,890 4,100 (53.714) 206,992 442.994 689 555.573 9,455 1,038,837 1,052,392 (90,090} 894,121 1,037,925 110,252) 352.107 689 559,788 10.252 30-
SEVERN RIVERS TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JUL Y 2024 16 Statement offunds {continued) Movement in funds Resources expended Balance at 1 August 2023 Incoming resources Transfers Balan¢8 at 31 July 2024 Restricted funds Cain SMS Nant SMS CaBA- All projects Knighlon NFM-LM-TE Leam Shipslon STEPS Cound Brook Teme Alne BCBN Ryeford Nrtill Springs of Rivers Warwick Eel Traps Suslainablts Farming Resilient River Teme Woodland for Waier Guilsfield Demonslralor CaSTCo Stour Enriching Landscapes Salmon PHD Reaction 4 SevemSkillsGap Resilient River Banwy Kyre Brook Mizuiku Rea Demonstrator Ll8nfyllin NFM Sevem Valley Reaction Smeslow Brook Black Country River Schools Teme Nature Solulions Illey Brook Ernst Cook Trust Upper Teme Fromebridge Elms Farm Temeing with Life Teme Big Fish BCBN-RR-WMS closed Sustainable Farming RB9 Fish easement Reaelion Upper Other Springs of Rivers Leadon {2,8781 11,3311 71,530 28,789 13,422 18D,000 100.000 50.000 117,4201 111,1371 1124,7981 194.5641 148.7611 134,0481 122,5401 166,6981 8,491 954 126,732 5.438 31,191 735 27.159 30.914 10.476 29.952 34,783 11,325 12,612 10,476 19,8791 56.038 5,002 58,386 3,024 38,374 85.000 9,879 120,4261 35,612 15,0021 14,2831 S4,103 {3,0241 14.821 55,248 69,425 61,200 8,000 15,000 19991 127.8461 189.444} 147.5661 17,381) 123.876) (6.5871 13.822 32.926 80 30.085 1.432 960 14,074 5.524 20,099 16,451 813 9,836 20.661 303 35,804 2,139 252 12411 13031 50,000 135,620 59,036 183.2181 1139,9881 139,9101 241 166,3091 150,5601 129,9601 119.3301 166,5651 143.6161 112,0711 2,586 12.2291 19.378 71.464 5D.000 30,000 20.000 109.750 45,000 5.155 15601 40 670 43.185 1,384 112,071) 20,000 14041 1261 11211 11401 1431 20,000 14041 {261 11211 11401 1431 139,7281 16,8051 134.8471 {3031 357 15.0021 {10,6111 49,608 3,782 34.847 19,8801 3.023 303 13571 5.002 10,611 390.683 1,398,386 1,297,333 10,252 501,988 Total funds 946.256 2,450,778 2,335,258 1,061,776
SEVERN RIVERS TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JUL Y 2024 16 Statement of funds (continued) statement of funds - prior year Movement in funds Resources expended Balance at 1 August 2022 Incoming resour¢es Transters Balance at 31 July 2023 Unrestricted funds General overhead fund Fishing passports Grants Severn Rivers Ecology 2,574 12,479 3,704 {3,7041 111,890 93,133 3,704 107,117 204,839 398,318 418.874 819.766 162,441) 419.D70 469.032 442,994 689 555,573
SEVERN RIVERS TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JUL Y 2024 16 Statement of funds (continued) Movement in funds Resources expended Balance at 1 August 2022 Incoming resources Transfer5 Balance at 31 July 2023 Restricted funds Unlocking the Severn Cain SMS Nant SMS CaBA - All projects Guilsfield Brook Knighlon Leam Shipslon STEPS Cound Brook Teme Wise ACNRW Alne 8C8N EMFF Kings of the River Ryeford Mill Springs of Rivers WaTrvick Eel Traps Weg Frome Worfe Resilient River Teme Sustainable Farming Illey Brook Woodland for Water Carter Weir Mill Road Guilsfield Demonstrator Reabrook CaSTCo stour Enriching Landscapes Salmon PHD Reaction 4 SevemSkillsGap Resilient River Banwy Kyre Brook Mizuiku 47,853 1.910 {9.188) 22,265 10,844 11.648 34.804 56,916 12.317 11,467 15,082 131,278 182,825 120,108 {62,9351 (136,0661 (174,9681 170.841} 110,844) 130.398) 144.852) 122.1331 132.5231 (48.8551 11371 (3.3481 12.8781 11.3311 71,532 18,750 40.000 29.952 34,783 11,325 12,612 31,531 50,000 138 111.0391 14.387 10,476 45,138 (10,1621 8,222 59.411 5,002 1718) (2.743) 9,600 127.8591 10,128 {3.669) {1,0211 55.089 127.759) (16.135} 1,104 10.476 {9,879} 96,537 15,816 18,030 250 1151,5541 15.6541 126.252) 13.623} 56.038 5.002 58,386 70,000 21,927 110,8961 119,1841 (9,6001 1109,3711 {19,931} 122.998) 125,289) 195,8481 1.461 197.9291 {1,1041 {44,255} {24,187) 15.164) 137,230 12,827 26.667 31.834 40,759 26,298 134,163 3.024 5,524 20,099 60,706 25,000 15,000 20,661 39,535 50,000 47,867 8.000 16.451 813 9,836 20.661 303 35,804 2,139 252 241 390.683 139,2321 114.1961 (45.7281 17,7481 241 1.416,423 329,326 1,477,780 Total funds 534,165 2,297,546 1,885,455 946.256 33
SEVERN RIVERS TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JUL Y 2024 16 Statement of funds {continued) Unrestricted Funds Include grants from central and l¢xal govemment agencies. water supply companies and charities with interests in the environment within the UK. The balanGes from Sevem Rivers Ecology Limited (trading subsidiary) are also included within unrestricted fvnds. Restricted Funds Comprise funding for specific projects undertaken. The summary of these projecls can be found within the Trustees Report from page 3 onwards. -34-
SEVERN RIVERS TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JUL Y 2024 17 Analysis of net assets between funds Analysis between funds - current year Unrestrlcted 2024 Restricted 2024 Total 2024 Funds balances al 31 July 2024 are Tepresenled by.. Tangible fixed assets Current assetsllliabilitiesl 559,788 559.788 501.988 501,988 1.061,776 1,061,776 Analysls between funds - prior year Unrestricted 2023 Restricted 2023 Total 2023 Funds balances at 31 July 2023 are represented by= Tangible fixed assets Current assetsl(liabililie5} 3,825 551,748 555,573 3,825 942.431 946,256 390,683 390,683 18 Operating lease commttments Al the reporting end date, the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases. thIch fall due as follows: GTOUP 2024 Company 2024 2023 2023 Within one year Between and five years 1,004 1,314 2,318 8,410 2,318 10,728 1,004 1,314 2,318 8.410 2.318 10.728 19 Related party transactions There are no related paty transactions lo disdose during the year (2023- £nil). 35-
SEVERN RIVERS TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JUL Y 2023 20 Subsidiaries Details of the charitls subsidiaries at 31 July 2024 are as follows.. Name of undertaking Registered office Nature of business Class of shares held Ordinary /. Held Dire Indirect Sevem Rivers 1 Hope House Fam Barns, Ecology Limited Hope House Lane. Martley, Worcesler5hire, Environmental consulting activities 100 WR6 6QF The aggregate capital and reserves and the results for the year of the subsidiaries are as follows.. Name of undertaking Profitl{Lossl Capital and Reserves Sevem Rivers Ecology Limited 690 21 Cash generated from operations 2024 2023 Surplusl{deficil) for the year 115.520 412,091 Adjustments for.. Depreciation and impairment of tangible fixed assets Taxation charge Movements in working capital: (Increaselldecr6ase in debtors IDecrease}lincrease in creditors 3,825 5,928 {33.256) 322,396 {90,1931 (190.727) Cash generated from operatlons 408,485 137,099 22 Analysls of changes In net funds At 1 August 2023 Cash ftows At 31 July 2024 Cash at bank and in hand Obligations under finance leases 1.372.020 408,485 1,780,505 1.372,020 408.485 1.780,505 -36-