co ÈOST Westcountry Rivers Trust IA Company Limited by Cuaranteel Trustees, Annual Report and Financial Statements For the year ended 31 December 2023 egistered Charity Number.. Registered Company Number.. 1135007 06S45646 WESTCOUNTRY RIVERS TRUST (A Company Limited by Guarantee) CONTENTS Pa9e Trustees. Report Independent Auditor5, Report 16-19 Con501idated Statement of Financial Activities 20 Consolidated Balance Sheet 21 Consolid2ted Statement of C25h Flows 22 Notes to the Financial St£tements 23-48 WESTCOUNTRY RIVERS TRUST IA Company Limited by Guarantee) TRUSTEES, REPOF¥r FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees are pleased to present their annual directors, repori together with the consolidated financial stat&m&nts of the charity and its subsidiary for the year ending 31 December 2023ThÈ financial statements comply with the Charitie5 Act 2011. the Companies Act 2006, the Memorandum 3nd Articles ofA550ciation, and Accounting and Reporting by Charities.. Statèment of Recommended Practice applic8ble to charities preparirig their account5 in accord2nce with the Financ181 ￿epOrtIng Standard applscable in the UK and Republic of Ireland IFQS 1021 (effective l January 20191. Chairman's Tep(xt 2023 was 8 ch811enging ye8r as it started with a larger than average 9ap in funding compared to prewous years but, thanks to some structural changes the Trust was abl& to develop and secure more new projects thèn in previous years. However. thi5 brought its own issues as the Trust had to pivot from halting recruitment to a more active recruitment approach. The Trust Is now 8 yeaf on from fully recovering from Ihe impaci of Covid-19 and many practices have changed forever pariicularly shifting many meetings on-line arid cutting out unnecessary travel. This has had a helpful impact on our Carbon emi5510n5 and the Trust 15 building on this momentum through a Carbon Reductiorn Plan for 2024. The additional flexibility through increased working from home ha5 been enhanced by adapting the comrnunal working spaces in the office, with more shared project spaces. The impacts of Brexit are still rippling through society, such as increased uneeitalrnty in férm produce and European trading. Ihe impacts on project delivery have been le55ened as the Trust has been able to shift from Interreg Funding to Horizon Funding. Projects such as TfansformAr and Innwaier allow the Trust to innovate and at the tail end of 2023 the Trust Secur￿ three further Horizon projects that will start in 2024 The larger and longer-term impacts of Brexit will depend on how the UK Government adaprs or divergès from EU Environmental Law5 and with a general eleciion probable in late 2024, there is increased uncertainty. Despite this, 8nd despite the long-term funding environment remaining uncertain. are proud that we have continued to build resilience We are thankful that we have managed to builcl unrestricted reserves ovÈi rècent year5. to provide some security that we can invest In, and 2d2pt to, our future operating env1ronment. wh8tever that may be. We now have sufficient reserves to take forwards our own campaigns and in 2024 we are cleveltsping an Educatson and Engagement Fund to create greater impact in meeting our tharitable objectives. It Is therefore with great relief th8t whilst we started 2023 wilh a signifi'cant funding gap we have emerged stronger than ever and 2023 has seen another incredibly busyyear delivering complex projects across a wide rBnge of interests and areas. We are extremely gratèful to all our funders and partners for their sUPPOrt. and It 15 through these strong relationships that the Trust has been able to grow through the past year. One element that continues to work significantly in our favour is the growirig interest in the state of our rivers. whether that be represented by 8nglers. wild swimmers. canoeists or just intereste(J member5 of local communitie5. The Trust has seen the development of several community groups that are almost forming mini-Trusts. often as a result of our Citizen Science Investlgation programme. We are working with these grass roots communities, increasing our volunteer base collecting more and more water quality samples across the We5tcountry as well as delivering other voluntary actioris. The poténtl81 for this UP9Nell in interest-ls huge and is will be a substantial component of the new Education and Éngagom@ni Fund. which if successful. will allow us to build our Influènce acr05S the whole of the We5tcountry. WESTCOUNTRY RIVERS TRUST (A Company Ltmited by Guarantee) TRUSTEES, REPo￿r Icontinuedl FOR THE YEAR ENOED 31 DECEMBER 2 Finally, I would like to thank all of the farmers, businesses, local communilies and volunteers for eng2ging with us. We acknowledge the imp8Ct they have and the potential Improv?ments theycan make for the benefit of eveiyone who lives. works and visits the Westcouniry. For anyone who would lik& to know more about the charity please visit our website at www.wrtorg.uk. If you would like to gei Invol￿e￿ and help ihe charity in any way, please also gei in touch as we would love to hear from you. rewsouthall Chairman WEsfcouNTRY RIVEFIS Triusr IA Company Limited by Guarantee) TRUSTEES, REPORT Icontlnuedl FOR THE YEAR ENDED 31 DECEMBER 2¢Y23 object￿ and actfvftles The purposes of the charity a5 Set out in its governing document ore.. to secure the preservaiion. protection. development and improvement of the rivers. streams. W8tercourses. and water impoundments in the Westcountry," and to advance the education of the publie in the management of water. Our overarching ambitlon 15 to bring our rwers to life, from source to sea. for the benefit of everyone. Our work is driven by the desire to clean up our rivers and ensure that th& fisheries, and the habitats arnd species that support them, ale In good health. We believe that the natural environment can sustain znd Ir)5pire people making us happier and healthier arid we endeavour to engage with the public ancl re-connect them to their local rivers. We prowde a crucial contribution to improving the water enviionment at a time whèn the population continues to Increase. and we are demancling more from our land 8nd water resources. Flooding, drought, pollution, health scare5, high water bills and food security are increasingly fe2turir)g In our news and our lives and we believe our enlightened approach cèn help tècklè thése challenges and make a real difference to the future of people's lives In the Westcountry In setting our objective5 for the future and planning our activities for the coming year, rhe trustees, have considered the Charity Commission guidance on public benefit. The primary strategies employed by the charity to further its purposes for the public benefitinclude.. bringiry about physical improvements to rivers and riparian habitats, irncluding improving the water quality of our rivers.. driving changes to policy through changing perceptions in education, the public and government. This includes helping to change opiriions using evidence 2nd engagement tools so that future policy fosters good environmental management which ben&fits society 0￿[311., being a leading light In the move towards 3 fUnCt￿Oning integrated ecosystems approach that encourages a balanced approach to erivironmental management and all th2t it encompasses. In implementing these str2tegies, we have three major areas of activity which are.. protecting the river," balancing land use." and providing evidence and engaging people. Our activities described below are focussed wholly on achieving these objectives. Protecting rikts-restoring frethwaterhobltatandsFecI8S The primary obj&ctiv& for this are8 of delivery is to restore freshwater habitats and Species. We believe fish populations are a key indicator species of river water quality and we u* best science and practical techniques to try and.restore our livers to their former abundanc& of fish species by improving river habitat. structure and function. Our approach to fisheries management and improvement is an action focused approach supported by a learning cycle of action. information. and analysis. This includes the following specific activities.. collaborative working to determine the genetic anal￿1$ of fish populations within a river system. Once we kr)ow the stock Structure of the river, we can manag& It with much more confidence and effectivene￿. identifying the hèbitat available for fish within the river system. We use fisheries walkover surveys to assess the provision of fish habitat in a river system and to cleteimine its condition. We also identify where barriers or obstacles exist in the river that may act to stop fish accessing those habitats. This h&lp5 Usto target our work to achieve maximum impact. monitor the status of fish populations on rivers. We use a varietyof methods to determine the number offish in a river syst&m including eleciro fishing surveys, automatic fish cournters, fish tagging, and analysis of angler's catch returns and l￿books. WESTCOUNTRY RIVERS TRUST IA Company ￿Mited by Guarantee) TRusfEES' REPOAT Icontlnuedl FOR THE YEAR ENDED 31 DECEMBER 2¢Y23 promotion of angling. Anglers have a keen self-interest to ensure our rivers are in a good condition and we aim to harness thisvia our Westcountry Angling Passport. The water quality within a river system can have a significani impaci on ihe presence of fish 8nd other species in the catchment and this Is where tho charity's fisheries activities are inextricably linked to the charity's land management activities. Balancing land use- improwng the vA7ter1gawThJ the land The primary objeciive for this area of delivery is to irnprove ihe water leaving our land. We believe that if we can determine which pressures are exerting negative impacts on our aquatic ecosystems and identify where they are coming from, then we c2n develop a programme of tailored and targeted catchmeni management interventions to remove chese sources and disconnect their pollution paihways This includes increasirig the resilience of our catchments using rnatural flood manègement Intervention5 to 51owwater down, hold It In the catchment where beneficial, and U￿lmatelY redtjce the flood risk to our communiiies and the risk of excess nutrients and sediment entering rhe watercour*. The Westcountry 15 a predominantly rural landscape and consequenily much of our focus has been on workirig Vvith farmers to improve raw water quality through a collaboraiive approach which sees landowner5 Informed and a5SlSted in the protection of river catchments. This includes the following specific activities tailored one-t¢Fone advice for farmers. We work with farmers and carry out full farm surveys that culminate in the provision of a farm plan givirhg rhe farmer a full evaluation of all aspects of the1r farm busine￿ and highlighting opportunities for them to boih save money and help to protect the environment our advice is often supported by a capital orani scheme that helps farmers to invesi in on- farm moasures that will minimise pollutant loss from their farms. promotÈ Ihe use of Payments for Ecosystems Services IPESI as a sustainable and balanced approach to funding environrnent81 management and improvement providing soil management advice and tra1nirig to encourage farmers and landowners to take action to irnprove the he21th of their soils, thereby reducing soil run-off and helping to improve water retention and keep soil on the lancl where it belongs. 80th the ch8rity and trading sub51diary continue to develop c3pabilities to deliver advice and guidance on management of the urban water Ènvironment Engaglng people-re¢<￿n￿rhng Fwple ￿th theirri The primary objective for this area of delivery is to reconnect people with the river and provide evidence to educate the public, and all the sub-groups that this includes, In the importance of looking after our water environment and how this can be achieved. We believe that education Is the key to changing behaviour and that this can best b? achieved through the following specific activities.. provision of robust evidence to support targeted actlons. We cieate, mar)age. analyse and present spatial ewdence of the h1ghest quality to ensure that actions are targeted, Integrated and cost effici8nt W& aim to demonstrate qualitatively and quanritatively that the clelivery of inregrated catchmenr managemerit interventions can realise genuine improvements In water quality. delivery of education via one-to-one visits with farmer5, Vlslts to schools, attendance at shows. preseniations at regional and national conferences and Èven developing international ties with other organisations in order that we can learn from each other on a worldwide scale. We also supervise several work experience post5 and Msc student projects as well as co-supervising PhD and research studentships at universities. WEsfcouNTRY RIVERS TRUST {A Company Limited by Guarantee) TRUSTEE9 REPORT Icontlnuedl FOR ThE YEAR ENDED31 DECEMBER 2023 corntirnued development of partnership working. The char1ty fully supports parinership working and we are committed to the development of constructive catchment partnerships that can help deliver real environmerTrtEI improvements on the ground. increasing engagement with the public to rèise awareness of the chariws aims and get them involved in monitoring their river environment to incfease our on the ground knowledge of catchmenis. We hope that this wi15 ericourage people to reconnect with their river and wh&r& necessary, change their behaviours whefe li will have a positive Impact on the water environment. We believ& that by underiaking the activities set out above it will instil in people a responsibilityfor the environment which will be nurtured in the next generation of land care managers. advisors. policy makers and all those who benefit from the magnificent water environment that we are fortunate to have here in the Westcountry. Grant.moklr@ tjthknties The charity's grant making policy and activities are largely dictated by the required outcomes of the rojects It 15 Involved in. whilst ensuring that grants given will meet the requirements of public benefit ln recent years the Trusts major grant making activities have been under the Upstream Thinking project funcled by South West Water. This project aims to improve raw water quality and most grants are given 10 farmers as a contribution towards capital works on their farm that will support this aim. Potential grant recipiernts are identified using a combination of farm advisor knowledge and data and evidence collected by the charity suggested beneficiaries of grants are d15cussed and approved by an iniernal team of farm advisor5 having consideration to the water quality benefits that are expected to bè realised because of completion of the works. Grants are an Important element of delivering the charitys objectives a5 the cost of work5 can b significant and th& availability of a grant is a substantial incentive where farmers may not otherwise be able to justify the cost. Furthermore, gr2nts are usually given for 8 proportion of the total c05t of the pioiect and the matching investment by the farmer demonstrates a commitment by the farmer to Improved water quality and allows rhe charity to maximise its imp8CI With less funds. i)Jr volunteers During 2023. our Citizen Science Investigation5 ICSII programme s8w an influx of sign-ups across all 4 counties. In total we now h8ve 594 active volunteer Ciiizen Scientists and in 2023 these amazing individuals were responsibl& for submitting 6,343 surveys, up from 4,732 in 2022. taking the total number to just under 20.000 samples since the programme's Inception Combinod with samples taken by Trust sraff we Collective￿ take more samples thai Ihe Environment Agency, Elthough ours are very different in purpose. The number of Scorecards created combining these data source5 increased to 154 Scorecard5 from 127 In 2022. With the C51 programme increasing so rapidly and public appetite fof water quality and environmental action growing, 2024 will See plan5 developed further and 8 new volunteer offering create(f by Westcounty Flivers Trust This will take the form of the Westcountry Fliver5 Collective and will provide multiple data collection and volunteer opportunities while increasing the value and usability of the data collected. wE￿COUNTRy RIVERS TRUST (A Company Limited ty Guarantee) TtIUSTEES' REPORT IcontinLRdl FOR THEYEAR ENDEDJ DECEMBER2￿23 hrevemensand Ferformance The primary objectives for the year were to.. continue to be Involved in catchment partnerships and promote the partnership approach." promote good soil management and Nature Based Solutions across all of our interactions with farmers and landowners, develop Increased awareness of the charity and its activities Including our piogramme of schools Msits, workshops. attendance at local evenis, recruiring Citizen Scientists and expanding the charity's online and social media presence," expand our delivÈry both in terms of geographical area to increase our presence in th& east of the region. and theniaticèlly to increase the range of environmental activities we are able to deliver,. increase our involvement In proJ&cts aimed at alleviating flood risks within catchments using Natural Flood Management INFMI techniques.. increase the engagement and Interest of local businesses and stskeholders in protecting the w8ter environment", bring about physical improvements to livers and rivèr habitat". and conrinue to advise and influence policy at 8 national and international level. The Irustees consider that the charity and trading sUb51dia￿S activitl&S and achievements in the year have contributed to achieving these objectives and we will continue to pursue this level of delivery going forn￿ards. Details of some of the actimties that achi&ved our objectives are set out below. The charity delivered è multitude of proJect5 th3t either planned fuiure works andlor delivered physical Improvements to the river environment In the current year this Included commissioning the design of multiple fish passage improvement 501utions as well as the removal of Worthyvale weir to Improve fish migration for diadromous freshwater fish. The charity maintained 2 leading Of 5UPPOrting role In 5eveial catchm&ni partnerships across Devon ancl Cornw211 as well as wider water groups including th& Regional Flood and Coastal Committee and the Wesi Couniry Waier Resource Group. The charity remains committed to thè future of partnership working and using this approach to deliver environmental improvements In addition to our Cau roles within the Westcountry the charity corhtinues to receive funding from The Qivers Trust to provide CaBA suppori and mentoring across the nation31 network of rivers trusts. The charity is clelivering 50115 and nutrient advice via workshops and one to one f8rm&r visits as a core activity within several of our proJect5. Good soil management is aciiv&ly promoted to farmers 2nd landowners via Dur farm plans as it plays a crLJcial iole in flood risk, drought management and pollution control The objectives and ouiputs of one of the charitys longest running projects (Upstream Thinking) have been revi*d and expanded as it movès into thè final year of its third 5-year phase. Along51de soil management the focu5 has been to include both improvements in water quality and biodiversity outcomes by investing Iri Nature Based Solutions such as wetland and woodland creation. This is a much wder remit than previous phases of th& project and iepresents a more holistlc approach to environmental man8gement It is also a posiiive slep towards busines*s taking a stronger role In protecting the environment. For further details of some of the individual projects we have been delivering please see Note 25 and 51t our websiie ai wAtyw.wrt org.uk The culmination of all the separate outputs achieved by th& charity throughout 202312022 in brackets where available) can be summari*d as follows. River protection including." fencing. planting. revetment, treatmeni for invasive Species. 21km of river habitat impiovernent has taken place, helping to improve biodiversity and water quality 122kml Rivers under surveillance including fish surveys using electro fishing or other methods, chemical or bio-monitoring surveys. Electrof15hing sites 32012251 WESTCOUNTrY RIVERS TRU IA Company timited by Guarantee) TRUSTEES, REPORT Icontlnuadl FOR THEYEAR ENDEDJ DECEM8ER2023 Improved fisheries including.. fish pass Installation or weir removal. in river habitat manipulation. 2 man-niade barriers 2nd 21 trash dams in rivers have been eased or removed, ensuring fish can access swwning orounds More easily111 3.4km of rivers have been opened139kml Improved land management Including." areas subject to advice on management, èreas where there Is evidence of change in pr8Ctice. areas surveyed in cletail. 10,320 trees have been planted, helping to improve water quality, habitats, and carbor) capture 19,5821 54 farms benefited from our a￿l5[ance to support best practicè for frdrming and nature11901 9 farm infrastructure projects completed1221 Education, evidence, and engagement including". student placements hosted or furided, number of th1rcl parties èngaged. Social m8dia engagement. 613 volunteers took pait in projects from river clean ups to water quality monitoring n,2421 16 schools have received visits from the charity to educate them on r￿Ver focussed environmental activities1371 536 children have been engaged in water-related projects. inspiring them to love water, rivers. and natur& ￿53} Social media & website.. FB.. 293 posts13371 Insta.. 260 posts12921 X.. 274 post$13481 Linkedlri". 116 posts 0001 YouTube' 22.087 view$132,3941-1,030 5ubscribers11,1301 Total Msits to website. 40.141 190,7021 Press 8rticles". 1631801 Financial review 2023 has seen overall income decrease of £242k, with the majority of the current projects focussing prim8rily on ihe delivery of advicè, non-c8pital in-river fisheries work and engagement activities i.e. relied on staff resources. This meant that the charity has rnaintained Its Staffing leve15 from an average monihly headcount of 73. Fieliance on project fundir)g continues to be one of the key financial risks f8cing the char1ty. Our major sources of income in the year came from the UST projects1£646k including E52k of restricted income and £594k of unrèstrieteol income), Green fiecov&ry projèct IE457k including £176k of restricted income and £281k of unrestricted income), Europeari furnded projects I£￿}kI, and EA funded projects1£442kl. The charity is involved In several EU funded projects which allows us to develop international partnerships and supports innovative new thinking and approaches to environmenial issues at a supra regional level. However, there can be a significant del8y betw&&n submittiri9 claim5 for EU projects and receiving payment of the claim This requires significant working capit21 to be availabl to fund Ihese arreèrs-based projects which can result in 3 time lapse of c. 9 monihs betvveen incurring expenditure and receiving payment. Monitoring c8sh flow and ensuring sufficient availability of working capital is therefore a complex challenge for the charity. WESTCOUNTRY RIVERS TRU IA Company Limited by Guarantee) TRUSTEES, REPORT Icontinuedl FOR THEYEAR ENDED￿ DECEM8ER2023 The charitls wholly owned trading subsidiary. Westcountry fiivers Limiied IWRLI. had a consistent year and although the results show è decrease in turnover of £47k from £lllk in 2022 to £64k In 2023, with 2 5urplu5 achieved of £Sk in 20231£24k in 20221 In dev&loping its ecosystem service activities, the subsidiary has focussed on the provision of data nd evidence to inform catchment partnerships. land m8nagem&nt admce and training. and w8ter quality testing. There has also been a drive to win commercial fisheries work including the protection of eÈl populations (to meet regulatory requirements for clientsl, f15h re-location5 and non-n3tive invasive species river surveys. In thi5 respect there is significant alignment between the activitie5 of the charity and the activities of its Irading subsidiary and the overall determination of where a project. sits wiihin the group largely come5 down to the geogr3phical location of the project'5 Outputs and activities 2nd th* assessment of iisk associated with the project As these 8Ctivities 8re actively sought to further rhe purposes of the charity by capiralisirig on the experience already gained, as opposed to being a purely fundraising activity, In accord8nce with SOFIP 4.54 the charity has analysed the Income and expenditure associated with ecosysrems service delivery and fisheries manag&meni as charitable activities in the consolidated accounrs Details of the breakdown of the subsidiarys income. expendirure and net a55et5 are provided in note 6 to the account5 In all other notes the income and eX￿ndItUre Is recorded In the tota15 fof the rel&v8nt charitable activity to which It relates The subsidiary's profit of £4,663 for the yèar will be gift aidecl in lull to the charity. In￿rtMent￿0Wers and1￿leY The trustees. having reg3rd to the Iiquiolity requirements of the charity a5 a result of its involvement in several major projects that are funded In arrears. wish to keep 8vailabl& funds in a combination of low r15k short term bank deposits and an instant access current account. In 2023 the trustee5 reviewed this approach, an internal review of investment risk was carried OLJt and a revised invesiment wlicywas implemented. ReserveskX)Il¢yondgolng concern rieseNes ère needed to bridge the gap between expending and receiving ￿ncOme a5 many of the charitys projects, particularly the lèrge EU piDJect5. are funded In arrears The thèrity can be required to provide cash flow for those projects for up to 6 months under normal operating. but rhis can increase to more than 12 months following the completion of projects. They also allow the charity to manage the impact of other risks It faces including unplanned costs. growth that requires investment In structures 10 suppori increased activiiy and staff, and unplanned events thai cause rhe charity to cease a notzble portion of activityfor a prolonged period of time. From a positive perspective, reserves allow the charity to finance specific activities within its charitable objective5 that it cannol otherwise obtain support for from an external funder. 8uilding re*rves and reducing reliance on project specific funding will aid the charity to manage its own destiny and to realise its vision as set out in our 5-year plan.. to provide a dedicated long-term river officer for every catchment within the charity's geographic81 remit. a result of the unrestricted reserves that have built up to date the charity will continue to invest in core system5 and functions to help manage and enable future growth. The group's level of restritted reserves has decreased by £95k from £819k at ￿ December 2022 to £724k at 31 December 2023. Ofth15 arnount £226k Is committed for grant payment5 to farwer5, as ser out In Note 24 Delivery of services by the charity, together with the contribution of the trading subsidiary. has enabled the group to build its unrestricted re*rves in the currÈnt year t)y £131k from .361k at 31 December 2022 to £1,492k at 31 December 2023. The level of urTrrestricted funds regarded s frèè rese￿8s. after allowing for funds lied LIP in iangible and intangible fixed asseis, is ￿.367k WE￿coUNTRy RIVERS TRUST IA Company Limited by Guarantee) TRUSTEES, REPORT Icontlnuedl FOR THE YEAR ENDED 31 DECEMBER 2¢y23 Whilst the trustees have not currently put 3 revised figure on the ideèl lèvèl of ftee reserves. the growth of the charity. the need for investment in core support services including increasing our bid writing capacity. and ihe uncertainty èiound the future income streams that will replace EU funding. means the trustees consider the current l&vel of reserves to be reasonablè to me&t the charity5 rneeds. Furthermore. the charity is expecting to utili5e reserves in the near future to ensure we conrinue to increase our robustness, rèsilience. and our ability to respond to the changing erivironrnent we operate in. The cash inflow from operating activities of £501k in 2023 is primarily due to the d￿rease in trade receivable5 at the year end. In addition to this. in 2022 a receipt of £331k funding in advance for a orizon 2020 project was received. The remaining cash outflow ari*s due to net spend across the numerous other projects that the charity is and has delivered throughout ihe year Our consolidated balance sheet remains strong with net current assets of £2,091k. The tiustees have reviewed the circumstances of the charity and group and specifically, h£ve considered the worsi- ca* scenario with regards to the funding landscape impact on the charity's ability to continue as going concern. The trustees confirm that there are currently no matÈrial uncertainties relateol to the events unfolding and eonditioris arising as a result of the cost of living cris15 or legacy impacts of 8re¥it or any other factor5 that currently casts significant doubl on the ch311ty's ability to continue as a going concern and rhe trustees consider that adequate resources are available to fund the activities of the charity and group for the foreseeable fuiure. Plansfor future perlods 2024 is the last ye2r of our current 2020-25 Chariiy Plan and as we finish off the ambitions in this period our atteniion will also be turning to our long-term priorities both in 2025-30 but also where we see the environment81 sector going in the nèxt 20 years. Our ambitions for 2024 are to continue to grow our robustr)ess as a charity In terms of process and strucrures managing the growth we have 90ne through over the last S years as well as cementing the recent changes in the M8n8gement Team and the Leadership T&am We will also continue expanding delivery increasing the range of environmeritBI activities we deliver and building our capacity over the region. Over the longer term we will start exploring and planning for the expected growth In the environmental sector as climate change impacts deepen 3nd this will Oe felt as not only increase in service delivery but also building capacity and capability through expanding training. apprenticeships. and mentoring. Alongside this our focus in 2024 will also be on increase our bid writing and donauons for educatiorn by launching arid Educ3tiori and Eri9Bgement Fund. This vital drive aims to expand our educational offering so that our second charitable remii of engaging the public In water management is not dwarfed by our first charitable remit of pro¢ectin9 the river5. As part ofthat 2024 will see the launch of the Westcountry River Champions scheme to recruit donors and corporates that will feed into fund designed to consistently fund an Educ81ion Manager. Their remit will be to not only deliver educational activities but also develop restrictecl fund applicaiions to sustainably expand the eKtent of our reach. This will run alongside our normzl approach to identifying and targeting futuie funding. We are particulaily keen to increase our involvement in projects aimed at Integrating the Trusis offering to create Integrated Catchment Management schemes wher& we tackle flooding, drought, water pollution and biocjiversity loss as a whole approach. We feel our collective skills and experience put us In a unique position to help funders develop and implement schemes that will adapt and mitigate to the impacts of borh climate change and the ecological crisis. Whilst we were not able to make as much progress in 2023, we would like to expand our operations team In 2024 both in t@rms weir removals and the installation of Natural Flood Management features but also building an eastern opei3tions yard that allows us to work across the whole of our region. By using the Ops team to carry out charity work we were able to truly deliver 8 cross team approach to enact environmenta1 improvements from start to finish. We would like to promote our ability to deliver holisiic solutions that acce55 the entire wealth of knowledge across the charity believe th15 15 an 8ttractive prospeci for potential funders. WESTCOUNTRY RIVERS TRUST {A Company Limited by Guarantee) TRUSTEES, REPORT Icontinuedl FOR THE YEAR ENDED 31 DECEMBER 2023 We will coniinue to be actively involved in catchment partnÈrships throughout the region arè comrntrted to the future of partnership work1ng but will be expandirng our work linked to Citizen Science Investigations Th15 will include the rapid exp8nsion of volunteer5 measuring water quality but also helping them form community groups to both exparid their monitoring. evaluate ancl analy* their clata, and ultimately form river action group5. We have seen several of thes& groups develop and are using projects such as Innwater to automatically analyse some of the data created turrning It into understanding and action. We would like to contir)ue to r815e Interesi and awareness of the impact that busines*s have on the local water environment and see more people and busines*s getting involved in conversation 3nd activities to rninimi5e negative impact so are building this into our Education and Engag&ment Fund activities and 2024 will see an expan510n to the Tamar Warer siewardship Business Board. A5 the ELMS farm pEyment scheme roles out. we will continue to embed ourselves in ihe future deliv&ry of farm adv4ce and the phy51cal works reouired io achieve the objectpdes. As part of this the charity will be building farming coll&ctive5 and Landscape Recovery partn&rships in order to increase collective skills and ca[￿bilItieS to delwer advice and actions under the current Countryside Stewardship programme, 85 well as the now live opporrunities like Biodiversity Net Gain and Nutrient Neutralily. 8rand recognition is improving, particularly within Ihe realms of existing projècts that rèrget the public and volunteers. There continues to be work needed io propÈrly build on the current Interest In water quality and pollution. but the launch of the Educ8tion and Engagement Fund should help make the mo% ofthis opportunity 10 WE￿coUNTRy RIVERSTRUST Otr (A Company Limited by Guarantee) TRUSTEES, REPORT Icontlnuedl FOR ThE YEAR ENDED 31 DECEMBER 2023 Referen￿ and administratfve detalls Charity number". Company number.. Registered office". 1135007 06545646 riain-charm House, Kyl Cober Parc, Stoke Climsland. Cornwall, PL17 8PH Auditors.. PKF Franci5 Clark. Sigma House, Edginswell ParK Oak Vièw C105e. Torquay TQ27FF Bankers. 8arclay5 Bank Plc. The Par8de, Liskeard, Cornwall PL14 6AR Solicitors.. Wolferstans 61 North Hill, Mutley Plain. Plymouth PL4 8EP The directors of the charitable company (the charity) are its trustees for the purpose of charity law. The rrusiees and officers seNing during theyear and since the year-end were as follow5". W Management Personnel.. Trustees and Directors Chairman of the Trust A Southall ChaIm￿n of the Finance Committ88 l Thompson D Butler W Darwall A Fox-Edwards Acray C Huntington-whiteley Dr K Lancaster D Morris J M Phillips l Thomp50n Dr A Torrance R Whitson W F Wyldbore-smith (resigned 28 June 20231 (resigned 28 June 20231 coM￿nyseCreta S Howe Key Managarr*nt Pwsonnel.. Rewrtlng Dlreetty toTnJ5tees and Direct Chief Executive Officer Finance Director Director of Operations Head of Resources L Couldrick S Howe a stockley K Lewi5 WESTCOUNTRY RIVERS TFIUST {A Company Limited by Guarant&l TRUSTEES, REPORT Icontinuedl FOR THE YEAR ENDEDJ DECEMBER 2023 Structure. governance. and management Goveming docurnent Westcountry Rivers Trust is a company limited by guarèntee governed by its Memorandum and Articles of Associatiori. The charity is registered 8s a charity with the Charity Commission. Aopointrnentof trustoos The charity 3ims to maintain a broadly respected body of trustees Wlth sufficient experience to provide strong governance and to add valLie to the charity's décision making. Historically. Ihe introduction and recruitment of trustees wa5 by recommendation of exisiing trustees and pÈrsonal contacts with other organisatiohs or landowners with related environmental or rivers, trLJSt Interest5. During the last few years however, followng the identification of some gaps in the diversity and skills matrix of the Trustee Board. the charity has us1ng a Charity recruitment specialist to Specifically target and identify suitable Trusiees 10 fill the gaps, whilst also selecting individuals who will bring with them the same passion and enthusiasm for the charity and its work that Ih@ existing Trustees have. The final power of appointment rests Wlth the trU￿eeS in the annual general meeting. Trustees are appointed foi a sei term of ihree years and can seroe a maximum of thr￿ terms, unless in th& extraordinary circumstance when the Board consider it will be to the detriment of the charity for a Trustee to retire at th£t time. In this case a fourth term may be served A Trustee who has served for three consecuiive ierms may be reappointed after an Interval of at least thr&e years. Trustee inductlon and trtyining Following their appoiritment each new trustee receive5 a briefing pack ouilining their role and providing information on the duties of a trustee including their legal obligations under charity and comtkny law. a copy of the Ariicles of Association. a copy of the most recent audited tru5tee5 report and financial statements, and thÈ most recent managemernt account5 and board minutes. New Trusiees are invited to the charity's office and the CEO and Head of Finance present some ol the key information relating to the chariiy and irs staff and activities. Trustees will have the opportunity to meet other members of the charitys management team and to shadow charity 5Laff in carrying out their dutie5, should they so wish The truste&s are also directed to the charity and subsidiary's website as a source of furth&r iriformation on the background of ihe group and all its current activities. Organi5ation The full trustee board meet four times a year ¢0 consider all aspects of m3n8ging the charity Including the overall direction of the charity 2nd its future development. One of the mÈÈtings includes the annual general meeting of ihe company The board receives detailed report5 covering delivery and finance from Ihe CEO and Head of Finance, ancl the trusteè5 receive a verbal update from the Chairman of the Finance Committee. The Finance Committee meet four times a year and the committee provides a focussed forum for delving into ihe charity's finances Including all aspects of performance, position, risks. opportunities and threars. The finance committee receive dètailed reports covering finance and they monitor the performance of the charity against budgets Ènd target5 for the year The Board delegate5 th& dayto day running of Ihe charity to the CEO, who is supported by a Leadership Team of Directors and Heads. A Scheme of Delegatior) sets out how the charity makes decisions and how decision making is delryated to the execuiive team. 12 WESTCOUNTrY RIVERS TRUST IA Company Limited by Guarantee) TRusfEES' REPORT Icontlnuedl FOR THEYEAR ENDED￿ DECEMBER2023 elotedportlesand¢wMation ￿th other organwtions None of our trustees receive remuneration or other benefit from their work with the charity. Details of trustee expenses and related party transactions are disc105ed in notes 14 and 16 to the account& Where a trustee might indirectly ber)efit from Improved fish srocks or habitat is incidental. Any connection between a trustee or employee ol the charity with a supplier. beneficiary or partner must be disclosed ro the managemerTrt of the charity. Written confirmaiion of potential rel8ted party relationships and conflicts of Interest Is obtained from st3ff on an ongoing basis throughout the year, as and when 8 connection or conflict arises. All trustee related parties and interests are documented in a Fiegister and Ihis is remewed orn an annual b3sis. At every meeting trljstees are asked to confirrn that the Registei contain5 a complet& list of their interests ancl they are askecl to dèclare any known interests arising since their last declaration. The charitys wholly owned sub51di3ry, Westcountry Trivers Limited, provides environmental servicès as Set out In the achievements and performance section Ebove. It Is an ethos driv&n consultancy that gift aids its profits in full to the charity The charityworks in partnership with several other third sector organi5ations. government organisations, water companies, universities, 2rTrd other funders io achieve our charitable objectives. The charity 15 fully supportive of The ￿1verS Trusi. th& umbrella organisation for riveis trusts nationally. Up until July 2023 the ch8rity s CEO is also a Trustee and Director of The River5 Trust paYp￿￿yrorSenIOrst0ff The charity follows the principles of the remuneration pay scale guidelines issued by The QiversTrust. The charify revièw5 pay annually and may make selective awards based on performance and 8 willingness to accept greater responsibility. Cost of living increases are also con51dered, but the charity is unable to commit to an automatic Incremental 8ward for a115taff on an annual basis. Pay revi&ws are carried out by the executive team and a iecommendation is made to the finance committee who have the final say on approval of the suggested ir)crea5e5. Rskmanagornent The trustees have a risk management strategywhich compri5e5". a comprehern5ive risk iegister which is subject to an annual review of the principal risks ar)d uncertaintie5 that the charity and its subsidiary face", the establishment of policies, S￿temS. and procedures to mitigate those risks identified in the annual review, and the implementation of procedures designed to minimise or manage any potential Impact on the charity should those risks materialise. Risk is assessed at 5eveial leve15 including identifying risks relevant to the charity and subsidiary overall, and project specific and aciivity specific risks. All staff receive training to assist In minimising risks to themselves and other5, p£rticularly in respect of risk5 related to fieldwork and health Safety. Insurance cover is reviewed at le8s1 annually. and the level of cover Is con51dered adequate for the potential liabilities of the charity. The trustees h8ve determined that the principal risks facing the charity and the Steps taken to mitigat& those rists are as follows.. Staffr. Many of our staff undertake lone working which can Involve them entering th& river andlor walking remote areas of the country51de. Several staff also work in other dangerous situations andlor with dangerous equipment Th& charity lakes its responsibility for the health and ￿fety of our staff exrremely seriously ènd a detailed policy and procedufe Is In place including a buddy System and a cle2r action plan should emergency procedures need to be instigated. 13 WE￿coUNTRy RIVERS TRUST IA Company Limited by Guarantee) TRUSTEES, REPORT l¢ontinu FOR TrE YEAR ENDED 31 DECEMBER 2023 Many of the more darngerous activities require Specific safely training to be carried out. qualifications achieved. rigorous completion of risk assessments ènd following a recogni5èd protocol. gtaff involved in these activities undertake a significant amount of training and refresher course5 to ensure they are on top of the latest developmerits In safety procedures ar)d hève the appropriate kit to keep them and others safe whilst they are at work. H&5 brèaches would be considered extremely serious due to the nature of their work and the potential for signific8nt injuiy or death The charity values all its employees and actively pursues a system of ensuring both the career and personal development of staff. including Training. staff appraisals and pay and reward policies aligned to the sector. The charity ha5 adapted to 3 Post Covid normaliiy, balancing flexible working with the need for maintaining staff rapport and good working relationships. Cash flow.. As a result of several of the charitys major projects being ruri in ariears careful cash flow managemeni and planning Is neCe￿aly. The charity aims to mitigaie this risk by balancing ihe range of proJect5 we have between those funded in advance, those funded in arrears and those where a quick turnaround betr￿een expenditure and income is expected. Additionally, we engage in coniinuous financial forecasting 2nd implementing plansto mainiain our reserves ai or above our target reserves figure. With close monitoring of the cash flow and Internal resource planning systems. the charity is conlidenr It c8n actively manage this risk and respond to the changing environment In a timèly manner Income". Dependency on a few sourc&5 of income and/or a significant fall in future income. A5 a result of the significant levels of historical funding received from Intefreg funds, Brexit was considered a kÈy risk to the charity. However. in 2023 access to Horizon Europe funding has replaced, initially operating under the Government's UK Funding Guarantee, but now lully approved The Trust has several new projects starting in 2024 and will be developing future significant projects 2025+ The charity has an active team ol staff who are continually id&ntifydng funding opportunities and meeting iegularly to co-ordinate bids and tÈnders opportunities. 14 WESTCOUNTRY RIVERS TRUST IA Company Limited by Guarantee) TRUSTEES. REPOFrr Icontlnuedl FOR THE YEAR ENDED 37 DECEMBER 2023 Trustees resp(￿s[bIlitieS In relatlon tothefinancial statements The charity trustees Iwho are also the olirectors of Westcountry Rivers Trust for the purposes of compèny lawl are responsible for preparing a trustees. annual report and financial Statements in accordance with applicable law and Unitecl Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the charity tru5tee5 to prep8re financial statements for each ye8r which give a true and fair view of the state of affairs of the charitable company and the group, 2nd of the incoming resources and application of resources, Including the income and expenditure. of the charitable group for that period. In preparing the fin8ncial statements. the trustees are required to". seleet suitable 8ccounting policies and then apply them consistently", observe the methools anol principles Ir) the Charities SOQP (Ffis 1021,. make Judgements 2nd estimates that 8re reasonable and pruclent., state whether applicable UK accounting standards have been followed, subject to any material departures disc105ed and explained in the financial starements., prepare the financial statements on th? going concern basis unless it is inappropriate to presume the charity will continue in bu51ries5. The trustees are respon51ble for keeping adequate accounting records that are sufficient to show and explain the charity'5 tran￿CtIOnS and di%lose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. Thty are also responsible for safeguarding the 8ssets of the charity and the group and hence taking r&asonable steps for the prevention and detection of fraud and other The trustees are responsible for the maintenance and integrityof the corporate and financial information Included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Statement asto disclosureto our auditors In so far as the trustees are aware at the time of approving our trustees, annual rèport. there is no relevant information, being information needed bythe auditor in connection with preparing their report. of which the group's auditor 15 unaware. and the trustees have Èach taken all steps that hèlshe is obliged to take as 3 director in order to rnEke themselves aware of any relevant audit information and to estab115h that the auditor is aware of thai informaiion. By order of the board of trustees on . 2024.. A 5outh211 (Chairman) 15 WE￿coUNTRy RIVERS TRUST IA Company Limited by Guarantee) INDEPENDENT AUDITORS, REPORTTO THE MEMBERS OF WESTCOUNTRY RWERS TRusr FOR THE YEAR ENDED 31 DECEMBER 2023 Opinion WÈ have audited the financial statem&nts of Wesicountry Rivers Trust I'the charitable company'l for the year &nded 31 December 2023 which comprise the Croup Statement of Financial Activities. Balance Sheet arnd Consolidated B3lance Sheet. sratemeni of Cash Flows and Consolidated Statement of Cash Flo￿ and notes to the financial statements, incluoling Significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standarcjs. including Financial Reporting Standard 102 The Financi81 Reporting siandard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial 5tatements'. give a true and fair view of the state of the Groups and Charity's affairs as at 31 December 2023 and of 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 2006 Bass for opinion We conducted our audit in accordance with International Standards on Auditing IU KI IISAS IUKII ancl applicable law. Our re5porisibilities under those siandards are further described in the Auditor'5 re5pon51bilities for the audit of the financial statements section of our retK)rt. We are independent of the charity in accordance with the ethical requirements that 8re relevant to our audit of tho financial slaiemenis in the UK. Including the FRC'S Ethical Standard and we have fulfilled our other ethic£l responsibilitie5 in accordance with Ihese requirements. We believe that the audit evidence we have obtained Is sufficient and appropriate to provide a bags for our opinion condusic￿5 relating to going concern In auditing the lin8nci31 statements, we have concluded thai the Irustees, use of the going concern basi5 of accounting in the preparation of the financial statements is appropriate. 8a*cl on the work we have performed, we have not identified any material uncertainties relating to events or cor)ditions that. Indiv1dually or collectively, may cast significant doubt on the Charitls biliiy to continue as a going concern for a period of ai least twelve months from when the financial statements are authorisod for issue. Our responsibilities and the responsibilities of rhe trustees with respect to going concern are described in the relevant sections of this report. Other information The rrustee5 are responsible for ihe other information. The other information comprises the information includ&d in the annual report. other than the financial statements and our auditor s report thereon Our opinion on the financial statements d￿S not cover the other information and, except to the extent otherwise explicitly stated In our report, we do not expre55 any form of assurance conclusion theroon. 16 WE￿coUNTRy RIVERS TRUST {A Company Limited ty Guarantee} INDEPENOENT AUOITORS, REFQRTTO THE MEMBERS OF WESTCOUNTRY RIVERS TRUST FOR ThE YEAR ENDED31 DECEMBER 2023 In conneciion with our audit of the financial statements our responsibility is to read the other information and, in cloing 50, consider whether the other information Is materially Incon51Steni 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 inconsisiencies or apparent material misstatements, we are required to determine wheth&r this gives rise to a matèrial missiatement in the financial statements or a material misstatement of the other inform8tion. If. based on ihe work we have performed, we conclude that there is è material misstatemeni of Ihis other inform8tion, we 3re required to report that fact. We have nothing to report In this regard Opnion on other matters prescribed ty the CompaniesA£t 20J6 In our opinion, based orn the work undertaken In the coursÈ of the audit.. the informaiion given in the Trustees, Report (which Includes the directors, report prepared for the purposes of company lawl. for the financial year for which the fir)ancial statements are prepafed is consistent with the financial staiemer)ts," and rhe Direciors. Qeport inclLJded within rhè Trustees. Report has been prepared in accordance with applicable legal r&quirements Matters on which we ar• required to reFoXt ty eXcept￿n In the light of the knovvledge and understanding of the Charity and its environment obtained in the course of the audit, wè have not identified material missiaiements In the Trustees Report. We have nothing to report irn respect of thè following matters in relation to which the Comp3nie5 Act 2006 requires u5 to report to you. if. in our opinion. adequate accounting records have not been kept. or returns adequate for our audit have not been received from branches not visited by us., or the financial statements are not in agreement with the accounting records and returns, or certain disclosures of trust￿. remuneration specified by l£w are not made., or we have not obtained all the information and expl8nations we require for our audit.. or the Trustees were not entitled to prepare th& financial statements in accordance with the small companie5 regime and take advantage ofthe small comp3nie5' exemptions in preparing the Trustee5' Qeport and from the requirement to prepare a str£tegic report. ResFXJn5ibilitie5 of the trustees As explained more fully In the Stat&mÈnt of Trustees. Responsibilities set out on page 15, the trustees (who are also the directors of the Charity for the purposes of company lawl are iesponsible for ihe prepar8tion of the fi'nancial ststements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary io enable the preparation of financial st8tements that are free from material misst8tement, whether due to fr8ud or error. In preparing the financial statements, the trustees are responsible for a55essing the Charity's ability 10 continue as a going concern, d15c1051ng, a5 applicable. matters related to going concern and using the going concern basig of accounting unless the trustees either intend to liquidate the Charity or to cease operations, or have no rea￿lstiC alternative but to do so. 17 WESTCOUNTRY RIVERS TRUST {A Company ￿rnited by Guarantee) INDEPENDENT AUDITORS, FIEPORTTO THE MEMBERS OF WESTCOUNTRY RIVEASTRUST FOR THE YEAfl ENDED ￿ DECEMBER 2023 Auditorfs responslbllltles for the audlt of the financial statements Our objectives are to obtain ¥eag)nable assurance about whether the fin8ncial statements as a whole are free from mat&rial 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 a55urance, but Is not a guar8ntee that an audit conducted In accordance wilh Is￿ IUKI will always detect a material misstaiemeni when it exists. Misstatement5 c2n ar15e from fraud or error and are considered material If, individually or in the aggregate, they could reasonably be exp&cted to influence the economic decisions of user5 taken on the basis of these finèncièl statements. Irregularities, including fraud. are insiances of nOn-compl￿anCe with law5 and regulaiions. We desgn procedures in line with our responsibilities, outlined above. to detect material misstatements in respect of irregularitie5. Including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below-. As part of our aucjit p13nning we obtained an understanding of the legal and regulaiory frarnework that IS 8pplicable to the Charity and the Sector In which it operates ro identify the key law5 and regulaiions affectir)g the Charity. The key regulationswe identified were Charity legislation. health and safety regulations, employment laws, and The Ceneral Data Prot&ction Regulaiion IGDPRI and Charity Commission requirements. We 2150 consid&red those laws and regulations that hBve a direct impact on the preparation of the financial statements, primarily the Companies Act 2006. the Charitie5 Act and the Charities SOQP. We discussed with management how the compliance with these laws and regulations is monitored and discussèd policies and procedures In place We also identified the individuals who have responsibility for ensuring that the Charity complies with law5 and regulations 2nd deals with reporting zny Issues If they arise. ￿ part of our planning procedures, we assessed the risk of any non- compliance with lavts and regulations on the Charitgs ability to continue its activities and the risk of material misstètement to the accounig Based on this understanding we designed our audit proceclures to identify non-compliance with such laws and regulations. Our procedures involved the following. Enquiries of management and those chafged with governance regarding their knowledge of 8ny ntsn-compliènce with laws and regulation5 by the charity or its subsidiary that could affect the financial statemenis As pari of these enquiries we also d15CUS5ed with mar)2gement wh&th&r there have been any known Instances, allegations or suspicions of fraud. Reviewed filings with the Charity Commission and eriquired with management whether there were any Serious Incident Reports made cluring the year of which there were none. rieviewed legBI and professional costs to identify any possible non-compliance or leg31 costs in respect of non-compliance. Reviewed Board minutes.. Audited the risk of management override of controls, including through testirng journal entries and other adjustments for appropriaieness, and evaluating the business rationale of significant transactions outside the normal Coufse of bu5ine55 of which there were none. eviewed estimates ancl judgements m2de In the accounts for any Indication of bias and challenged assumptions used by management In making the estirnate5. WESTCOUNTRY RIVERS TRU IA Company Limited by Guarantee) INDEPENDENT AUDITORS. REPORTTO ThE MEMBERS OF WESTcouKfRY RIVERS TRUST FOR THEYEAR ENDED31 DECEMBER2023 Audited a ￿mple of Income and expenditure to ensure thèt it h8d been allocated to Ihe correct restrict&d fund. A furthei descflption of our r&sponsibilities is available on the Financial Reporting Council's website at". This description forms wrt of our auditor's report. Use ofour report This reFy)rt is made solely to the eharitable companys members as a body. in accordance with Chapt&r 3 of Part 16 of the Compènie5 Act 2006. Our audit work has bÈen undertaken so that we mighi stale to the Charity's members those matter5 we are reqvired to stale to them in an auditor'5 repoit and for no other purpose. To the fullest extent permitted by18w. we do not accept or assume re5pon5ibility to anyone other than the Charitys members as a body, for our auditwork, for this report, or for the opinions we have formed. Sharon Austen FCCA Isenior Statutory Auditorl PKF Francis Clark Sigma House OEk View Close Edginswell Park Torouay TQ2 7FF Date". ZOL 19 WESTCOUNTRY RIVERSTRUST IA Company Limited by Guarantee) CONSOLIDATED STATEMENTOF FINANCIALACTlVtfiES (INCLUDING CONSOLIDATED INCOME AND EXPENDITURE ACCOUND FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestricted Funds 2023 Restricted Funds 2023 Total Funds 2023 Total Funds 2￿23 Note Incomefrom.. Donations 67.839 156,568 224.407 I87.1￿4 Chariiable actwities 1,478,520 1,686,923 3,165.443 3,400,948 Other tr8ding activities Investments 3.072 3,072 SS,780 13,384 T3,384 2,783 Other 7,091 7,097 9.513 Totsl 1569.906 1,841491 4133Y7 3,654(fF8 enditure on.. Raising funds Charitable activitie5 11596 11,596 60,054 io 1.405,847 1,960,644 3,366.491 3.527.998 Other Totsl 1.4T7.443 1,960,644 33T8,087 35.88.OS2 Ner Ilossesl Igains on investment5 15 15 Net income 152478 17,1531 35325 S&￿0 Transfers between funds 122,0941 22.094 Net movement Sn fvnds (93.OS91 . 010 Reconclliation of fijnds Total funds brought forward 1.361.426 819,227 2.180.653 2.1Tr2,643 Total fundscarried forward 1,491BIO 724.168 221S978 1180,653 The staiement of financial èctivities includes all gains ènd 1055e5 recognised in the year. All income and expenditure Is derived from continuing activities. The notes on pages 23 to 48 form part of these financial statements. 20 WESTCOUNTrY RIVERS TRU IA Company knmited by Guarantee) BALANCE sHE￿AND CONSOLIOATED BALANCE SHE SAT31 DECEMBER2023 Group Group 2022 Charity 2023 Charity 2022 Note Hxed assets Intangible assets Tangible assets Investments 18 1,076 1,076 19 124.779 122,246 124,779 122,246 20 ioo ioo 124.779 123322 124F79 121422 Current assets Debtors 1,173.306 1.881,466 1,178,624 1.886,123 Inv&5tm&nts 319 304 319 304 Cash at bank and in hand 1342.965 891.662 1318,226 8SS.910 6￿ Z779,/+F2 14Y7.169 2742337 Uabllltles Creditors falling due within orTre yèar Net current assets 1425.3911 r722,1011 1421,4601 1720.0661 lo57￿ Z07S708 ZIT4Zll iC8i,i99 Totsl assets lesseurrent Ilablllties 2,215,978 2,180,653 2.200.587 2.145,693 Net assets 22IW8 1180,6S3 1200587 2145,693 The fundsof tha charty. Unrestricted funds 1,491,810 1361,426 1.476,419 1326,466 Restricted funds 724.168 819.277 724,168 819.227 Total charityfunds 2215978 1180,653 1200587 11￿695 The trustees have prepared group accounts in accordancewith section 398 ofthe CompaniesAct2006 and section 138 if the Charities Aci 2011. These accounts are prep2red In accordance wiih the special provisions of Part 15 of ihe Compariies Act relating to small companies and constitute the ènnual accounts required by the Companies Act 2006 and are for circulation to member5 of the company. The notes on pages 23 to 48 form part of these financial statements. Thé financial statements were a proved by the trustees on and signed on their behalf by.. A Southall Chairman 21 WE￿coUNTRy RIVERSTRUST IA Company Limited byGuaranteel STATEMENTOF CASH FLOWSAND CONSOUDATED STATEMENTOF C4SH FLOWS FOR THE YEAR ENDEDJ DECEMBER 2023 Group 2023 Group 2022 Charty Charity 2022 Cash from (used inl 0￿rating aetivlties 9JQ841 (2445561 5nO54 (2S753SI Cash flowsfrorn investing activities Interest Income 13384 2.783 13384 2,783 Purchase of tangible fixed assets Cash provkled by (used inl investlng 162,9231 1495391 187,9241 162,9231 187,9241 185,1411 1495391 18S1411 Increase Idecreasel In cash and cash equivalents in the yeaf Cash and cash eouivalents at the beginning of the year 451.303 1329,6971 462,316 1342.6761 891,662 1,221559 8￿,910 1,198,586 Cash and cash aqutvalents at the end of theyear lJ42 891,662 lJ8226 855￿0 The noies on pages 23 to 48 form part of these firnancial statements. 22 WESTCOUNTRY RIVERS TRUST IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED￿ DECEMBER 2023 l knounting Policies The principal accounting policies adopted, judgements made 8rnd key sources of estimation uncertainty in the preparation of the financial statements are as follows". al Basis of preparatlon of flnanclal statements and assessment of going concem The fir)ancial statements have been prepared In accordance with Accounting and Reporting by Charities. Statement of Recommended Pr8Ctice applicable to charities preparing their accounts In accordance with the Financial Reporting Standard applicable in the UK and epublic of Ireland IFRS 1021 leffective l January 20191- (Charities SORP IFQS10211, the Financial Reporting St£ndzrd applicable in the UK and Republic of Ireland IFRS 102 (March 2018112nd the Companies Act 2006. The trustees consider that there are no material uncertainties about the charitys ability to continue as 2 going concern. see Trustees Report for further details. Westcountry Rivers Trust meet5 the definition of a public benefit entity undèr FF15 102. ltssets and liabilities are ir)itially recognised at historical cost or tran5aCtiori value unless otherwise stated in the relevant accounting policy note. bl Group finandal *atements The financial siatements consolidate the results of the charity and its who11y owned subsidiary Westcountry River5 Limited on a line-by-lin& basis. A separate Statement of Finaricial Activitie5 and Income 8nd Expenditure Account lor the charity ha5 not been preseniéd because the Trust has taken advantage ofthe exemption afforded by section 408 of the Companies Act 2006. cl In￿me All income. including income from government and other grants, is recognised when the charity has entitlement to the funds. any performance conditions attached to the item(51 of income have been met, it is probable Ihat the income will be received ènd the amount can be measured reliably. Wher& income is received before the conditions for entitlement are met. it is cleferred. Income from the perform8nce of services is iecognised In accordance with the 51age of completion as determined by reference to the contract specifications This can be by milestones delivered. time speni by staff compared to the time budgeted for delivery ofthe contract or more commonly by costs incurred compared to total expected c05t5. d) Fund accounrlng Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity arnd which have not been designated for other purposes. Restricted funds are funds recetved which are ro be used in aceordance with specific resiriciions imposed by donors or which have been raised by the charity for particular purposes. The aim and use of each restricted fund is set out in note 26 to the financial statement& Investment income, gains arnd Ioss65 are allocated to the appropriate fund. Transfers between funds are executed for projects which have been completed but hav required suppon from the charity's unrestricted funds to ensure maximum impact of the project, or where the fund has a remaining surplu& Transfers of a surplus to unrestricted funds only take place with the fund&rs' consent. 23 WESTcOu￿rRy RIVERS TRUST IA Company Limited ty Guarantee) NOTES TOTHE FINANCIAL sTATEME￿s FOR THEYEAR ENDED￿ OECEMBER2(T23 I P£counting Policies leonLI el Expenditure and irrecoverableVAT Expenditure Is recognised once there Is 8 legal or constructive Obligation to make a payment to a third party, it is probable that Settlement will be required. and the amount of Ihe obligation can be meèsurecl reliably. Expenditure is Classified uncler the following activity h&adings". Costs of raising funds comprise th& costs of commercial trading including costs of th& wholly owned trading subsidiary that do not r&late 10 charitable activities. and their 8ssociated support cost5. Expenditure on charitable activities comprise the costs of delivering projects 2nd educational activitie5 undertaken to further the purposes of the charity and iricludes some of the activities of the wholly owned trading subsidiary where these are clearly linked to charitable activities but cannot be carried out by the chaiity directly, usually due ¢0 the geographical restriction within the charity's governing document. Ir èlso includes 8ssociated support costs. Irrecoverable VAT is chafged as a cost against the activity for which the expenditure was incurred. Grants payable are included in expenditure In the year In which the offer Is made and communicated to the recipient except those cases where the offef is conditional. Conditional gr8nt5 are recognised 85 expenditure when the performance related conditions set out in the grant a9reemeni are fulfilled. Grants offered subject to conditions which have not been met at the year-end, are noted a5 a commitment, but nol accrued in experiditure. Employee benefft5 Expènditure on r￿Und)neY payments and other terrnin8tion benefits are recognisecl ornce there is a legal or constructive obligation to make a payment to an employee. it is probable that the employm&nt will be terminated and seiilemeni will be required. and ihe amount of the obligation can be measured reliably. gl At1¢)catI￿ ofsupwrt costs Support cosis are ihose functions that assist rhe work of the charity but do not directly undertake charitable activitie5. Support C05t5 Include back office cDst5. finance. personnel, payroll, and governanc& costs which support the charitrfs delivery of projecis and aciivities. These costs have been allocated between cost5 of 18i5ing func15 arTrd expenditure on charitable activitie5. The base5 on which support C05t5 have been allocated are Set out in note 12. hl Operatlng leases rienial charges under operaiing leases are charged on a srraighi-line basis over the term of the lease. 51 Intanglble a*ets Intangible as*ts relare to the purchase of iimesheet and expenses software. Intangible 25sets are capitalised at C05t and are amoftised over their estimated useful economic life as follows.. Software 25% straight line The arnort15ation rate reflect5 the charity's assessment of the period over which economic benefits will flow to the ¢harity as a result of redueecl staff time cosis bèfore the software will face 51gnificant risk of technological obsolescence All ass&ts ai& examined annually for potential impairment and any material reductions in value are recorded and the 3sset written clown at the yeai-encl. 24 WESTCOUNTRY RIVERSTRUST (A Company Limited by Guarant&l NOTES TO THE FINANCIAL STATEMENTS FOR ThE YEAR ENDED 31 DECEMBER2023 l Accounting Policies Icontl J) Tangible fixed assets IndividLJal fixed assets costing £500 or more are capr(ali5ed at cost and are depreciated over their estimated useful economic liv&s as follows". Furniture, fittings and equipment 25-33% straight line All assets are examined annually for potential impairment and any material reduction5 in value are recorded and the asset written down at the year-end. k) Stc¢k stock is included at the lower of cost or net reali5able value. 11 Debtors Trade and other debtors are recognised at the *ttlement amount due. Prepayments are valued at the amount prepaid. Accrued income is recognised where the criteria for recognising Income has been met at theyear-end but the claim or Irivoice hzs not been submitiedlissued until after the year-encl. The charity and trading subsidi8ry undertake the delivery of muttiple projects th8t span several months and can cros5 the year-end. Amounts recover8ble on contracts are recognised based on their stage of completion and measLJred ai cosi plus profit to rhe extent that such profit is reasonably cert81n and after making provision for any foreseeable los*s in completing contracts, less payments on aceour)t receroed. ml Investments Invesiments are a form of basic fi'nancial instrument and are initially recognised at their transaction value ancl subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and Ios5e5 arising on revalu8tion throughour rhe year. Invesiments ir) subsidiarie5 are valued at COSt less prowsion for impairm&nt. n) Cash at bankand in hand Cash at bank and cash In hand Includes cash held in current and savings accounts in UK banking institution5 and short term highly liquid invesiments with a maturity of three month5 or less from the date of deposit ol Credltors Creditors are iecogni5ed where the charity has a present obligation resulting from a pasi event that will probably result In the transfer of fund5 to a third party and the amount due to settle the obligation can b& measured or esiimared reliably Creditors are normally recognised at their sottlement amount after allowing for any trade discour)ts due. Crèditors are discounted to their present value where they are due after more than 12 months and where the imp8Ct of discounting is material. pl Financial instruments The charity only ha5 financial assets and financial liabilities of a kind that qualify as basic financial instruments Basic financial instruments are initially recogn15ed at transaction value arTrd Subsequent￿ measured at their Settlement value. 25 WESTCOUNTRY RIVERS TRUST {ACompany Limited byGuarant&l NOTES TOThE FINANCIAL sTATEmE￿s FOR THE YEAR ENDED 31 DECEMBER 2023 I kcounting Policies Icontl ql Pensions The charity operares a defined contribution pension scheme and membership Is open to all employees of the charity and its trading subsidiary. The zsset5 of the scheme are held separètely from those of the charity The charity matches employee contributions of 6% with an employer coniribution of 9% and the contributions are paid into the fund monthly. Thè contrit)utions made for the accounting period are treated as an expense and were 025.637 12022.. £111.8181 Contributions totalling £nil12022 £nill were payable to the fund at the balance sheet date. rl Funds recew asAgent In Ihe current and previous year, the charity hès ècted ès agent in adminigtering the payroll of The Rivers Trust. The receipts from The Flivers Trust are not recogn1sed as income and the payrnents to employees and HM RC are not recognised as expenditure in the sratement of Financial Activities. Details of the payroll receipts and payment5 are set oui in note 32 sl Foreign currencies Monetary asset5 and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date. Transactions In foreign currencies are translated Into sterling at the r8te ruling on the date of the transaciion Exchange gains are recognised as other income In the Statement of Financial Activities and exchange losses are recognised as a support cost 8nd 811ocated as s&t OLJt in 91 abovo tl Clasgficatlon of Income and èxr*ndrcure of thewhollyowned trading subsidiary The chariry's trading subsidiary provicles a number of 5ervice5 focu5sed on u51n9 thè skills and experience developed In the charityto promote ecosystem services nationally 8nd support delivery of the charitls objectives on a national scale. These activities are aciively sought to further the purposes of the charity rather than a purely fundraising aciivity. Charities SORP IFRS 1021 state5 that activities unclertaken by a subsioliary that fall within a parent charitys purp05e5 should be analysed as chariiable activiiies in the consolidated financial statements. The tru5tee5 believe that this classification reflects the true impact that the charity and the group h85 in achieving its chariiable objectives and Ihai informaiion presented In this way is more relevant to assessing Ihe charity's aclivities ènd achievements. All income and expenclituie derived frory) charitable activities carried out by the trading subsidiary have been included within income fromlexpenfjiiure on charitable activities see riote 6 for details. 2 Legal status of the Trust ThÈ Trust is a company limited by guarantee and h25 no share capital. In the event of the charity being wound up. the liability in respect ol Ihe guarantee Is Iimitecl to £1 per member of the charity. The Trust is incorporated in England and Wale5. 26 WESTCOUNTRY RIVERS TFIUST (A Company Limited by Guarantee) NOTESTOTHE FINANCIAL sTATEME￿r$ FOR THE YEAR ENDED 31 DECEM8ER 2023 3 Financial performance of the ¢haTity Thè consolidated staiement of financial activities includes the resultsof the chariws whol owned subsidiary which providès an array of environment81 consultancy services. The summary fin2ncial performance of the charity alone is.. 21Y23 2¢y22 Income 3,348.759 3,544.607 7,200 Management charge to subsicliary company Gift aid from subsidiary company 6,000 24,229 3,378,988 9.174 3.560.981 Expenditure Net Ilossllgain on investmerTrts 13,324,7091 15 13.508.010) 061 13,508,026> 13,324,094) Net in¢omellexFxnditurel 52,955 TDial funds brought forward Totsl fvndsearrfed fThard 2.145.693 2,092,738 2.145,693 Represented by. Unrestricted income fund5 1.475,206 725,381 1326.466 Fiestricted income funds 819.227 2.145,693 4 IrKome from donatior Income from donation5 and non-performance related grants was £224.40712022.' ￿87.054) of which £67.839 was unrestricted12022'. £34,77312nd £156,S68 restricted12022 J52.2811. Government grants received in thè year and included in income from don8tions above 8mount to E53,60012022' £42,5001. Government gr2nts were received from the Environment Agency Further details of the natur& and amount of goverrimerit grants reeognised in the accounts are Included in note 25. As noted in the trustees r&port the charity benefits notably from the involvement and enthusiastic contributions of volunteers. In accorijance with FRS 102 and the Charities SOQP (Ffis 1021, the economic contributiorn of general volunteers is not recognised in the accounts. 27 WESTCOUNTRY RIVERS TRUST (Acompany Limited ty Guarantee) NOTESTO THE FINANCIAL ￿ATEmENTs FOR THE YEAR ENDED31 DECEMBER 2023 S In￿me from charitable actmties 2023 2022 Protecting fivers Balancing land use Engaging people Total Incornefrom charitable activfci8S 675,745 1.206.079 i.790.Tri 1.439,941 754,928 3.400.948 698.987 3.1&%443 Income from charitable activities wa5 £3,165,44312022. £3.400.9481 ofwhich £1,478.520 was unrestricted P022. a.428,3001 and £1.686,923 restricred12022.' £1,972,648). Included within unre51ricted income from charitable activities above is income generated by the subsid18ry from charitable activitie5 of £61,56712022. £SS,6921. Further details of the trading Subsidiary's operations and results are included in note 6. Government grants received in theye8r and included in income from charitable activities above amount to ￿,456,088[2o22.' ￿,6o7.7T21. Government grants Includes funding received from the Environment Agency1£3883741. the European Union1£631.3601. Natural England 1£34,5281, Defra 1fj22,384I, Cornwall County Council I￿3,5961. Devon County Council1£157,3821 and Ofwar 1£9S,8231. Fufther details of the nature and amount of government grants recogni5ed In the accounts are Included In note 25. 6 Incomg eamed from txhertrading activitle5 Th. e wholly owned trading subsidiary We5tcountry Rivers Limited is incorporated in the United Kingdom (company nurnber 30903101 and pays all Its profits to the charity under rhe gift aid sckTreme. Westcountry fiivers Limited provides environmerital consultancy services that both directly further the charitable purposes of the charity or otherwise complement the charity'5 activities through i¢5 provision of ecologie31 services. A summary of the trading results is shown below. Charitable Trading tlvtrles k¢wities 2022 Turnover 6T,567 149,0131 3.072 64,639 149.9711 14,668 111,472 IT,5321 39.940 C05t of sales 19581 Cross profit Administrètion c05t5 lincl. managem&nt charge) Net profit 110,0051 05,7111 24.229 28 WESTCOUNTRY RIVERS TRUST IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED￿ DECEMBEFI 2023 6 Incoma eamed from other trading actiwtles Icontl 20Z2 Openin9 capital and reserves Net profit for the year Distribution donation gift aided to the charity aosng capital and reserves 54.960 19.905 4.663 24,229 19,1741 34,960 124,2291 15394 The a55et5 and li3bilitie5 of the subsidiary were.. Current a55ets 56,794 141.4001 15394 80.726 Current liabilities 145.7661 34,960 Totsl net assets Share capital and reserves 15394 34,960 The charity's subsidiary company provid￿ a number of services that are in furtherance of Ihe chariws objectives but (hat cannot be c8rried Dut by th& charity due to the geographical resiriciion within the charity's governing document limiiing Its area of operation to the West Country. These Services cover all the charity's charitable activities and In accordance with sO￿p IFRS 1021 income and expenditure from the proM510n of these services has beèn included within unrestricted income fiomlexpenditurè on charitable activities in the consolidated financial Statements. 7 Investment Income All the group's investment income of £13,38412022' £2.7831 arises from money held In interest bearing dep051t accounts. 8 Other Sncon 2023 Coronavirus Job Retention Scheme grant Other income 7,091 7.091 9.S13 Totsl oth•r Income 9,513 29 WESTCOUNTrY RIVERS TRUST {A Company Limited ty Guarantee) NOTESTO THE FINANCIAL sTATEME￿s FOR THE YEAR ENDED31 DECEMBER 2023 9 Analyss of expenditufe on raising funds 2023 21Y22 Commercial trading operation5 Salaries and other sLaff costs 4.960 53,405 Support costs Total expendlture on raislrrfJ fijnds 6,636 11596 6.649 60,054 10 Ana￿sS of eyndfcure on charl¢able acc￿ltIeS Currentyear Activlties Grant Undertaken Funding of Dlredy ACtI￿tieS Support Costs Total 2023 Protecting river5 Balancing 18nd use Engaging peopl Total 694,332 1,132.997 583,353 2410,682 17.985 181.S25 893,642 238,481 269,543 1,641,021 7,500 240.97S 831,828 263,966 691.843 336fi491 Prewous Year Activities Grant Undertaken Funding of Dlrectly Athties Support Costs Total Protecting rivers Balancing land use Engaging people Total 1,204,623 794,906 9,121 255.110 216.549 221.743 1.430,293 1.271.759 620.021 17,500 188,42S 82S,946 1619550 62fiTr7 3SZ7,998 Expenditure on charitable activities was £3.366.49112022.' £3,527.9981 of which U.405,847 was unrestricted12022.' £1,329,546) and 0,960,644 was rèstricted12022." E2,198.4521 Included within unrestricted expenditure on charitable activities above is expenditure incurred by the subsidiary on charitable activities of £49.01312022. £26,636) Funher deiails of the trading subsidiarys operations and results are Included in note 6. 30 WE￿cOUNTRy RIVERS TRUST IA Company timited by Guarant*} NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEDJ DECEMBER 2023 11 An8￿1$of grants Grantsto IndhAduals Totsl Numbefof grants T¢)tal Number of 2022 grants Balancing land use Engaging people Total 63,994 io 241.052 io,coo 22 994 io Grantstoorganisation5 Toral Number of grants Total Number of 2022 grants Balancing land use Protecting rivers Engaging people Total 183,351 9,121 23 14,058 9,121 7,SOO 7,5 26 Fiecipients of institutional grants In the current year were partner organisaiions with whom the charity works closely. in order that they Can carly out activities directly. 12 Analyss ofgov8mance and supporr costs The charity initially identifies the cost of its support functions. It then identifies those costs which relate to the governance function Having ideniified these costs, the SUPPOft Costs together with the gov@rnance costs are apporiioned between the three key eharitable activities undertaken in theyear15ee note 101. Support costs are not allocated to grant making specifically as all grant making 15 undertaken within the remit of specific projecis and therefore the key driver of grant making activities is the time spent by staff delivering the project5 th8t form part of each charitable actwity. All support costs are allocated based on th& dirert labour hours charged by staff to each activity in the year The analysis of support costs is as follows.. 31 WESTCOUNTRY RIVERS TRUST {A Company Limited by Guarantee) NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 12 Ana￿sIS of governance and support Costs Icontl Current Year Provsding evldence & engaging people Raising Protecting Funds rivers Balancing land use T¢￿1 2023 Salarie5 and other staff costs Travel and subsistence Piofes5ional fees Finance costs arnd exchange losses Office costs Cornmunicaiion and engagement Depreciation and amortlS3tion Other costs GovernEnce 4.161 59 117,T2 1,608 1.970 169,036 2,391 2.928 151.120 2,138 2,618 442.029 6,196 7,588 72 2.981 4,431 3,962 11,483 876 23,944 35,593 31,821 92.234 29 43 584 15.950 i1,i63 23.711 16,594 14.816 269543 21,198 14,833 13,247 240.975 61.443 42,999 38,395 702.478 409 364 Total 6,635 18532S Premousyear pro￿dIng evidencè & engaging people Ra(slng Pr¢)tecting Fund5 Balancing land use Total Salarie5 and oiher staff costs Travel and subsisience Professional fees Finance costs and exchange losses Office costs Communication and enga9ement Depreciation and amortisation Other costs Covernance 4,089 73 133,160 2.369 3,912 136.354 2.426 4,006 115,867 2,061 3,404 389,470 6,929 11.442 120 1751 12,4281 114861 17.1001 994 32,376 33,152 28,171 94,693 141 122 411 783 25.506 13,453 8,060 216549 26,118 13,776 8.253 21.743 22,194 74,601 11.706 39,348 7.013 23.574 188.4Z7 633368 413 248 Totsl 32 WESTCOUNTRY fiivEFIS TRUST (A Company Limited by Guarantee) NOTESTO THE FINANCIAL STATEMENTS FOR ThE YEAR ENDED 31 DECEMBER2023 13 Net incomolleyndlturel for theyear This is stated after charging/lcreditingl'. 2¢)23 2022 Operating lease payments Amortisation 32.027 29,189 1.1 1,076 Depreciation Exchange Igainsl/los5e5 recognised Auditor5 remuneration". 60,368 5,742 73.426 112.7301 Audit fees 18,525 13.920 Accountancy and tax services First Levèl Controller services 675 10,363 18.405 14 Anal￿SofsLaff costs trustee remuneration and exF￿n￿ and the cc61 of W rnanagement Fersonnel 2023 2022 Salaries 1,9S7.8S4 1.892,611 Social security costs Pension costs 181219 125.637 Z264.i0 179,357 111,818 3183,786 Three employees had employee benefits in excess of £60,00012022. one) falling within the following bands.. 2¢J23 2(r22 £60.000- £69,999 E70,000- f19,999 Pension costs are allocated to funds arid activities in proportion to the related staffing costs incurred. The charity trustees were not paid nor did Ihey receive any other benefits from employment with the charity or its subsidiary in the year12022." £nill No trustee received re-imbursement for travel expenses In the current year12022."£nill No gifts were given 10 Trustees in the currer)t year P022. rnonel. No chariw tfU5tee received payment for professional or other services supplied to Ihe charity12022.' £nill. WESTCOUNTRY RIVERS TRUST {A Company Limited by Guarantee) NOTESTO THE FINANCIALSTATEMENTS FOR THEYEAfi ENDED31 DECEMBER2023 14 Analysis ofstaff trustee femuneratlon and expens* and the eost of kw management rsonnel IconLI The key management personnel of the group comprise the trustees, the Chief Executive Officer. Finance Director, Director of Operaiions and the Head of Resources. The total employee benefit5 ofthe key management personnel ofthe group wèrè £268.S4812022. E157,5171. During the year no termination payments were made to staff who ceased employment. The eh8rity pays an insurance premium to indemnify trustee5 and senior staff from any loss arising from the neglect 01 default of trustee5 or Staff arTrd any consequent loss. IS Staff numbers The èverage monthly head count was 73 siaff12022'. 731 and staff were engaged in the activitie5 of the group as follows". 2023 2m Trading Project delivery staff Core support staff 61 12 16 Relat8d partytransactlons The tru5tee5 have considered r&18ted parties and have identified the following transactions requiring disc105ure-. Polly Couldrick. vJife of the CEO, wa5 employed by the charity on a zero hours cor)tract. In 2022 William Wyldbore-smith, a trustee, commissioned the charity to deliver habitat improvement works on property owned by him and his family and for which he will receive CSF funding. The works were plannÈd and managed by the charity In line with other similar works and were carried out on an arm length basis The charty received £31,900 In 202212023. £nill from th8 trusiee for this work. Ouring the year Andrew Southall, a trustee. commissioned the ch8rity to deliver bankside reinforcements works on a property owned by him and his family. The work5 were planned and managed by the charity in line with other similai works and were carried out on an 8rm length basi5. The charity received £2,022 from the trustee during the year for this work During 2024 the charity paid one grant of ￿.050 10 Andy Torranco as owner of Stoodleigh Moor Farm. as part of the Upstream Thinking Initiative. Andy Torrance is a trustee of the harity. An amount of £nil was owed to Stoodleioh Moor Farm at the year-end Investment clecisions mBde as part of the Upstream Thinking proj&ct are made by an internal panel of sraff and AndyTorrance has no influence over such Dperational decisions. 17 CorpKJration tax The charity is exempt from tax on incom& and gains falling within section 505 of the Taxes Act 1988 or section 252 of thtr Ta¥ation of Chargeable Gains Act 1992 to the extent that these are applied to It5 chaTltable objerts. WESTCOUNTfiY RIVERS TRUST (A Company Limited by Guarantee) NOTES TOTHE FINANCIALSTATEMENTS FOR TrE YEAR ENDED 31 DECEMBER 2023 18 Intanglble assets Group Charlty C05t". t l January 2023 Additions 5.878 5,878 Disposals at 31 December 2023 5.878 5.878 Amortisation". at l January 2023 Charge for th&year On disposals at 31 December 2023 4,802 1,076 4.802 1.076 5,878 5.878 Net book value.. at l January 2023 at 31 December 2023 1.076 1.076 19 Tangiblefixed assets Group Furnlture, Fittings& Equipment Charty Furniture. Flttlngs & Equipment Cost.. A5 at l January 2023 Additions S08,197 62,923 I25,￿71 545583 508.135 62.923 125,47SI 545.583 Disposals As at 31 Oecember 2023 Depreciation.. A5 at l January 2023 Charge for the yezr On disposals As at 31 December 2023 385.951 60368 125,5Tr51 420.804 385.889 60,368 125,4531 420,804 Net book value". As at l January 2023 As 8t 31 Dec&mb&r 2023 122,246 124.779 122,246 124.779 WESTCOUNTRY RIVERS TRUST IA Company Limited by Guarant*} NOTESTO THE FINANCIAL sfATEMEKrs FOR THEYEAR ENDED￿ DECEMBER2U23 20 Fixed a55et investments The charity holds 100 shares of £1 each in Its wholly owned trading subsidiary company Westcountry f4ivers Limited which is incorporated in the United llancèat l January Incorning Resources Galn 2022 resources expended Translets Ilosse51 December 2022 8alance at General fijnd l215J8 1531.149 0389.EO)1 14.6751 061 I￿,426 nalws ofcharitsble hjnds Ana￿LS0fM0veMents in restricted fur)(ts Ipwous￿arj aalance at l january Incoming Resources Gains/ 2022 resources expended Transfers Ilos5e51 Jecembor 2022 Balance at ARSINOE* Bridgetown Weir- capital works. CaaA South Devon. CaBA Tamar. Chalkstrearn Projects. Castco Climate Resilience Catchments- Bude CPES. Dartmoor Headwater5 NFM. Deer Project Defra Woodlands for Water" Devon and Cornwall Soils Alliance. Environmental Investment FurTrd (previously CPES Donations) Educational activities. Exe Phase 3- Gene[21 FBrm Net Z&ro Total carried f￿ard 12.636 113,185 112,5461 1231,3491 130.000 11,836 7304 10328 Is,000 Is,000 52,820 51.011 9,820 035921 120.0441 152,8991 112,1771 8,912 5,284 79 38.834 279 472 21,530 126,9481 12,4241 12.4871 160,3941 1119,8581 1130,WOI 5,418 8,985 16,358 452 6,561 13,8 59,942 .249,858 17.493 17.493 1,403 7.420 21.361 119569 630.986 Ifs￿.049) S.220 13,0001 1.472 54,342 58.370 18,4481 8,189 146 40 WESTCOUNTRY RIVERS TRUST IA Company Limited by Guarantee) NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 26Ana￿lS ofcharltablefunds. Ana￿lS of mo*ments In unrestrfci8d fijnds IprWlous￿arl 8alance at l January Incoming ResLJurces Galn 2022 reg￿rCeS exwnd&J Transfers Ilossesl Jecemb8r Balance at Totsl brought fomard Fisheries Improvèment Programme Projects Frome & Piddle Future Visions. Bokkidick Wet Woodland Restofètion. Csl Fal & Par Water Quality Testing, Molinnis Nature Recovet Green Match Fund Plymouth River Keepers Preventing Plastic Pollution, priowarer. Rapid Response Catchments. Risk Aqua Soil. riiver Clyst Improvements River Taw Electrofishing River Wolf Improvement5 Rivers Trust- Collaborative Fisheri@s Monitoring. Somerset 8rue Water Pesources C51 ° StAR￿. Strategic Exe Weirs SWW Upstream Thinking Giants SWW Gre&n Recovery Grants Teign Restoration Taw Spawning Improvements TransformAri* Triple-c. Water Environmeni Improvement Furnd Projects. Water for Grovrth• Westcountry Angling Passport Womens Angling ° WRAP_ Wetland Restoration ProJect' Other fund5 Total 779￿ 630.986 16OJ,0491 10.845 48.866 134,7541 8.189 158.695 10,401 13,017 10,401 688 12,SC(I 10,913 124.8291 00,9771 64 5,591 IS,6401 49 35,535 5.093 135.4711 1641 S.{￿3 66,788 2.642 144,296 177.5081 1133,1881 166.0791 007,4761 118,5421 135.830 66.079 109,198 18,632 1,722 90 25,000 25,000 6,800 16.8001 12,0001 20.000 17.4441 133441 10.556 10,456 13,8 5,9S7 15,9331 32 54,342 54.070 189.306 IS4.3421 169,4811 1252.3351 60,287 318,973 3353 48.229 25S,944 20,000 10.131 10,156 87,585 46.441 286,957 20,000 (7,6311 14561 185.9521 146,4411 1261.7791 12,5001 19,7001 1,633 51,IT/ 65S 77,010 67,449 225.085 16,237 1228,2111 124,0441 394 7,807 64,717 8,961 18.3311 113,6741 630 13,674 47.450 S.76S 897.425 1124.9 114,5411 14,2411 4,675 33,833 819.271 Included within restricted funds are several artivities funded by government grants a5 identrfied by an asierisk 41 WESTCOUNTRY RIVERS TRUST IA Company Limited by Guarantee) NOTESTO THE FINANCIALSTATEMENTS FOR THEYEAR ENDED￿ DECEMBER2023 Description. nature. and purposes of restfKted fijnds 'AQSINOE- 15 a Horizon 2020 funded project aimed 8t creating climate resilient-regions through 5y5temic solutions and innovations. building an ecosystem for climate change adaptation solutions. The Tfust is orne of nine demonstrators, 5howc35ing its applicability. feplicability, potential and efficacy 'Axe Nutrient Neutrality- this Partnership project aim5 to move forward and establish the development of nutrient credits in the river AKe SAC catchment Opportunities such 35 wetland restorai.ion and riparian buffers are to be Identified and designed with landowners and a monitoring, reporting and verification scheme developed. Mitigation opportunities are th&n to be loaded on the North Devon Biosphere - Natural Capital Marketplace where costings can be calculaied and buyers have the opportunity to purchase. '8riclgetown Weir- capital works- is part of the Strategic Exe Weirs programme to help restore salmon populations in ihe carchment. The 8ridgetowrn weir works is the construction phase delivery of a f15h pas5 and smolt chute at Bridgetown weir (Fiiver Exel to improve fish migration for diadromous freshwater fish. 'eokkidick Wer Woocllancl Fle5toration- funding from the G7 Legacy Fund to carry out in-river woody material additions. bank protection and river feature enhancement. in the lorrn ofr, the addition of in-river woody debris, laying/hinging of smèll tr&s into the edge of the watercourse, the addifion of untreated coir ro115 where r)ot Possible adding Ioc8lly sourced brash. creation of in- river features using woody material and brush flow deflectorslwetting of wet woodl3nd. 'C8aA-the Catchmeni Based Approach brings people together to decide wh8t they want from our rivèr catchments and the best and most susrainable way to use, manage, and pay for our valuable local resources The charity Is hosting two catchments. Tamar and South Devon lin the previous year we also hosted North Devon), and will, together with the catchment partnership be developing an zction plan to manage our shared resources. 'chalk￿reaM projects- Ihis is a group of projects funded by the Environment Agency aimed at supporting river improvements and maintaining or Improving the WFD (Water Framework Directive) cla551fications. 'Ca8A Water Resource5 Communication & Engagement Fund - with an already well-established citizen science programme ICSII focussing on water quality, Westcountry Rivers Trust will explore the addition of water resources and flow rates Into the existir)g volunteer monitoring program. ram5 Weir- Cams weir is a fish b8rri&r on ihe Par catchment which has previously haol a bypass eas&ment added. This laiier pha* Includes a review of the effectiveness of this current byp855 section ènd an appraisal of whether any future work or assessments should be considered to Improv& river COnn￿1VIlY 'CastCo-a project furnded throu9h Ofviat'5 Water Breakthrough Challenge. which aims to tost a proof of concept for a novel collaborative approach to catchment monitoring. modelling and data sharing. 'Re511ient Catchment Communities- funded by the Shared Prosperity Fund via Cornwall Council th15 project is creating 6 exemplar N FM sites ai differerit geographical location5 across Cornwall which can be accessed by communities and 18ndowners to improve awareness, education and engagement with Natural Flood Managemenc This projeci is delivered in partnership with the University of Plymouth ancl Duchy College, and the steefing group is supportèd by the Environment Agency. Cornwall Council and Cornwall Wildlife Trust. 42 WESTCOUNTRY RIVERS TRusr ¢9 IA Company Limited by Guarantee) NOTES TO THE FINANCIALSTATEmE￿rs FOR THE YEAR ENDED 31 DECEMBER 2023 Description. nature. and purposes of restricted fiJnd5 Icontl 'CPES- Channel Payments for Ecosystem Services is an Interreg funded project aimed at developing the busines5 case for alternative sectors to pay for environmental restoration. The project will be working with businesses within two study area5, including 8 lake receptor and an estuary rec&ptor, to understand the individual ar)d collective benefits of improwng water Quality and quantity. •Dartmoor Headwaters NFM- project to deliver Natural Flood Management interveritions wthin the Walkharn C2tchment. thus reducin9 flood risk to the village of Walkhampton. Deer Project- an enforcemeni undertaking to deliver aquatic habitat and species improvement works on the River Deer. DEF CSI Community Arialy5ts- The CSI CommunityAnalysts Project is developing method5 to analyse and repori Citizen Science datè for communities in 8 timelier fashion. so volunteers and understand the outcomes of their monitoring work. WftTwill develop a method using new codirng techniques to automate the production of our current CSI catchment scorecards to keep p3ce with rapidly increasing volume and demand. We will also work with selected communities in Devon to develop a water quality monitoring woikshop informing local catchment monitoring arid 3ction plan5. 'Defrè Woodlands for Water- mulri-pariner project supporting tree p12riting Initiatives 8cross river catchments to Improvè climate resilience and restore biodiversity to our catehments. 'Dunmere Camel Connection - Assessment and st8keholder engagement to piogress the potential removal or easement of Dunmere Weir a priority barrier on the lower Camel catchment Funded by the Open Rivers Programme. Environmental Investment Fund Ipreviou51y CPES Donationsl- donations received from local business and Interested stakeholders for funding targeted intervent￿0￿5 WIth￿￿ catchments in which the business has an interesi andlor presence. These donations were initially raised within the xope of the CPES project and In line with the CPES objectives which hope to see businesses take an increased interest in their local catchm&nts and recognise the role they play in helping to conserve them. Following completion of this element of the CPES project the remaining funds have been re-named to reflect our ambition to continue raising funds from stakeholders foi future Investment In tangible interventions within catchments. Exe Electrofishing - annu81 electrofishing monitoring on the Exe catchmenl providing a baseline and evidence for WQT to target future projects and interventions and understancl how these have benefited the Exe catchment Exe Phase 3- Cener31- 3 project fund to support a Qwer Exe officer delivering habitat restoration on the River Exe. These funds were received from the River Exe Tributary Association IRETAI. In the current year RETA authorised a transfer from these funds into the Strategic Exe Weirs project in which the charity Is working closely with RETA to address barriers throughout the Exe catchment. Farm Net Zero- multi-partner project seeking to demonstrate how farmer5 can help to mitigate climate change through changing farming practlse. The project aims to work with farmers and encourage them to drive the process forward via knowledge building arid sharing. 'Fishèries Improvement Programme projects-this is a group of projects funded by the Environm&nt Agency that facilitates activities for the bènefit of maintaining or increasing fish stock5 in the rivers. 43 wE￿COUNTRy RIVERS TRUST {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Descrlption. nature. and PUfkW of restricted fiJnd5 Icontl Frome & Piddle- funding to co-ordinate the implementation of a fish pass on the From& and Piddle in West Dorsèt. 'Future Vi5ions- funding to envisage and then develop ￿lI￿stratIonS of p055ible future landscapes based on alternative scenarios. that m3int3in the Evailability of sufficient water of appropriat quality for all of society's uses and the environment at all times. Fowey Electrofishing - Annual electrofishing monitoring on the Fowey catchment, providing a baseline and evidence for WRT to target future projects and interventions and understand how these have benefited the Fowey caichment Green M8tch Fund- 3 fund raising effort to support an otter holt 2nd wildlife homes on the Fliver IMer￿ G7 Fal Valley projèct- Focused on wet18nd, riparian and in-channel habitat management and restoration along the Fal, with a combination of propo￿lS for larger landowners and working with key community group5 to eoluc8te 3nd engage with people locally Funded by the G7 Legacy fund via Naiural England. 'InnWater- this project is an Horizon funded European Cor)sortium looking at Issues surrounding Water Governance and the role of stakeholder participation and community engagement The West C'ountry is onè of five pilot5 and the the Trusi is using its work on Citizen science to pull together the eight catchment partnerships across the reglon to facilitate greater data sharing and communic3tion across the differing scales le.g river reach. catchment, county or region) and different intere5t5 le.g. biodiversity. flood. droughi, pollurionl. Plymouth River Keepers- an enforc&m&nt undertaking encompassing a diverse fange of activities with a primary focus on community based environmental restoration coupled with physical restoiation of river features. 'Preventing Plastic Pollution- this is a 3 year Interreg project In which we are working with 17 partners 8cross France and England and seeking to understand and reduce the imparts of plastic pollution in the marine environment. Th& project will look at carchments ffom source to sea and identify and target hotspots for plastic, embed behavioural ch2nge in local communities and businesses. and implement effective 505ut10ns and alternativ&s to using plastic •P￿0wate[- this is a four year Interreg project in which we are working with partner5 in South England, Belgium and the Netherlands with the aim of contributing to climate adaptation by restoring the water storage of the landscape via ecDSyStem-based adaptation measures. such as forest conversion. natural water r&tention or resioration of soil compaction. These Ir)terventions build re51Iience against droughts and floods, and benefit water quality arTrd biodiversity. Alongside this the project aims to c105e the Information g8p between policy and the wat&r user, by developing a vision to tackle wat&r scarcity and drou9ht risks in the long term. Rapid Response Catchments'_ funding frorn Devon County Council for the Devon Fiesilience Innovation Project IDRIPI. The proJect will develop and test approaches io improve flood resilience In 10 small rapid re5pon5e type catchment5, covering 8 communitios, and workirng to firnd local solutions to the impacts of climate change including Nature Based solutions. 'Fiisk Aqua Soil- this is an Iriterreg funded project looking at the impart of climate change and land use change on the way water interacrs with soils, and the risks that this poses to society. Through modelling, mapping, and monitoririg, local f8rmer5 and landowner5 ar? being engaged to understand how their fafm can adapt io changes and builcl resilience in our catchment5. 44 WESTCOUNTRY RIVERS TFiU IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED31 DECEMBER 2023 Dgscriptlon. nature, and purwse5 of restricted fiJnds {cont} riiver Clyst Impfovements- an enforcement undertaking to deliver aquatic habitat and species Improvement works on the fiiver Clyst. *Qivers Trusi_ Collaborative Fisheries Monitoring-funding from the Environment Agency administered by the Rivers Trust to collaborate co-ordinaiion of electric fishing programs and to cover a new catchment fisheries program. riiver Taw Electrofishing- funding received to enable the electrofishing programme within the r4iver Taw catchment. 'Seedcorn- Lamprey project- Natural England lundecl project delEvering habitat walkovers 10 identify and map potential freshwatei habitat for Sea lamprey species on the Axe river catchment. The work also identified and mapped potential barriers to lamprey migration 'Seedcorn- Shad project- Natural England funded project delivering habitat walkovers to identify and map potential freshwater habitat for 5h8d f15h species on the Taw &Torridge liver catchments. The project also created a shad habitat specifi'c habitat walkover m8nual. Somerset Brue Water Resources CSI- project aim at expanding the CSI initiative in the Brue Wat&r area £toke Climsland Farm Cluster Facilitation Fund is a Defra funded Countryside Stewardship Facilitation Fund projeci running for three years from 2023 to 2026 Tw&nty-rhree farmers across 3000ha have Come together to learn and work together. to further collaborative working and group application5, Wlth the aim of making improvèments to Water quality and Biodwersity in the Cluster area Strategic Exe Weirs- funding to carry out preliminary investigations and assessments to inform plan5 to overcome obstacles in the Exe catchment with a priorityfocus on Improving fish passage. 'Strètegic Exe Weirs- Species Recovery project- enables grant funding to address two barriers io rish migration in the Exe cètchmènt. PrepEratory work delivered under the Strategic Exe Weirs project funded by SWW and RETA enabled shovel r&ady' projects for the capital fund focused Species Fiecovery Both sites need to be deliver￿ by end of Summer 2024 and the project funding ends March 2025. SWW Upstream Thinking Crants 8nd SWW Green fiecovery Grants-fund5 relatirig to the grant spend includ&d within the project. All funds received uncjer this d15t1nct element of the project are to be spent spècifically on o115tributing grants to farmers for farm improvements that will Improve water qu21ity These funds can only be applied for this particular purpose and are thèrefore treated as restricted. On occasion. where grants are subsequently cancelled. with the p&rmission of SWW the funds can be used for other non-restricted project activity and a transfer s done out of this fund accordingly. Teign Restoration- is a project that is NLHF Ilotteiy funded) ￿rtnershiP project led by the Teign Angling and Conservation Associatior) trACAI, primarily to provide fish monitoring. training, and supporting science to facilitate and enable meaningful practical intervention5 by TACA and catchment volunteers ransformAQ- Horizon 2020 funded project with multiple European and UK partners aiming to show how Nature Based Solutions can be used io build climate change resilience and developing 8 financial mechanism by which investors in green borids can be paid back following delivery of environment21 goods and services Ibuilding the c3selpotential for phosphate credit51. 45 WESTCOUNTRY RIVERS TRUST IA Company Limited by Guarantee) NOTESTO THE FINANCIAL sTATEME￿[s FOR THEYEAR ENDED31 DECEM8Ef12023 D8scrSptlon. nature. and purposes of restrlcted fijnds leontl riple-C- Interreg funded project from the Atlantic area focused on the c2Plt8lization of successful initiatives on the prevention and management of risks deriving from climate change. 'WaterNetGain - projeci is r&searching new ways we can support farmers to bolster drought affected water supplies and ease a550Clated river health pressures. Working in partnership with South West Water, the Environment Agency. 5aputo Dairy UK and Duchy College. we will Initially Work with farmers in the Tamar and Fowey catchments. Through this, we will determine the f&asibility of a catchment-scale approach where farmers are paid to store water on their land, and how this could Improve their farm's resilience as well as that of wider society and rivers. ater Environment Improvement Fund projects- Ihis is a group of projects funded by the Enwronment Agency th2t aim5 to Improve the water environment in rural England and achieve compliance with the Wat8r Framework Directive IWFDI ater for Growth- this is a project aimed at increasing the fisherie5 Potential ancl thereby developing the Natural Capital of the Cornish riv&rs Cam&1 and Fowey. Westcountry Angling Pa55port (previously Angling 20001- operation of fi'shing on beats within the Westcountry Angling Passport. The fund rname has been amernded followirig the re-brancling ofthe scheme and the launch of the Fish P8ss app River Wolf Improvements - deliv&ring river and riparian habitat restoration as part of an Enforcement Undertaking on the Wolf carchment Electrofishing monitoring will promcle a baseline and evidence of benefit, riparian Shade work has been completed and In-channel works re plannèd foi summer 2024 when seasonal consirainis will allow delivery. 'Worthyvale Camel Connection - The rernoval of key barriers to fish passage in the upper fiiver Camel, including assoeièted acce55, habitat and remedial works Funded by the Open Rivers Programrne. Young Fourndation Community Knowledge Fund - grant is being used to develop ihe ihe Westcountry Trivers Coll&ctive This will become a citizen sciènetr'college, to upskill ancl emptswer communiiies to achieve clean and healthy waters by putting people and communities at the heart of cir12èn science. This will enable communities 10 identify specific ouicomes (hey wish to zchieve and to cre8te actions towards improved local water quality. 'Wornen'sAn91ing- funding received ffom Sport England to deliver a projecr that seeks io break down the barriers to angling participation for women and encourage more women into the sport, which is traditionally very male dominated. 'WRAP- Wetland Restoration- is a NEIRF (Natural Environrnent Investment Readine55 Fund) project designed 10 suppo￿ our other pioJect5 creating and restorir)g wetlands In the Camel catchment and potentiallyfuither afield in Ihe longer i&rm. 11 is focused on developing a form of agreement with landowners suirable for the long term retention of conservation fe2tures, without requiring site purchase. 'Westcountry CSI development- is a project funded through donations, that promotes thè expansion of the CSI initiative. Other funds-this includes s&v&ral smaller funds that have been received to fund either specific 8Ctivities or activities in a specific area within the We5tcountry 46 WESTCOUNTRY FIIVERS TRUST IA Company ￿rnited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAFi ENDE031 DECEMBER 2023 Z7 AnaV￿ls ofgroup net assets beThn funds Current Year Unre5trtcted Funds Restricted Funds Total Funds lrntangible assets Tangible fixed assets Cash at bank and in hand 124,T19 1,133,123 124.779 1542.965 514.326 748.234 r24.IE8 12E978 209.842 Other net current a5setsll1iabiliti￿I Total 233,908 1.491.810 Previousyear Unre5trthd Restricted Total Funds Funds Funds Intangible assets Tangible fixed as5els Cash at bank and in hand 1.076 1,076 122.246 891,662 1.165,669 122.246 872,722 365.382 18,940 800,287 Other net currerit assetsllliabilities) Totsl IW,426 819.277 2180.6S3 28 Retonclllatlon of net mov9ment In fvnds to net cash flowfrom oFerating aciNkle5 Group Group Charty 2023 Charlty 2022 Net incomellexpenditurel for the reporting period Adjustments for". Depreciation and amortisation charges Lossttsllgainsl on investments Dividends and interest from investments Loss/lprofitl on the disposal of fixed assets Ilncreasel/decrease in stock Ilncreasel/decrease in debtors Increaselldecreasel in creditors Net cash provided by (used inl operating aciwities 35,325 68,010 54,894 52.955 61,444 74.603 16 61,444 74.603 16 113.3841 22 12,7831 256 113,3841 22 12.7831 3,200 3.200 4,160 1432,4251 707.499 1432,0901 1296,7101 44.567 1298.6061 46,308 gX).84i P445S61 YiO54 P57535) 47 WESTCOUNTRY RIVERS TRUST IA Company Limited by Guarantee) NOTES TOTHE FINANc￿LSTATEMENTs FOR THE YEAR ENDEDJ DECEMBER 2023 29 Anatyss ofcash and cash wulvalents Group 2023 Group 2022 Charlty 2023 Charlty 2022 Cash at bank and in hand 636.896 691,662 612.197 655,910 Notice depos￿[5 (less than 6 monthsl 706,069 200,000 706,CE9 200,000 Total cash and cash ￿u1ValentS 134Z965 891.662 lJ8226 &4910 30 Operating lease commitments At 31 Oecember 2023 the group and charity had total future minimum lease paymenis due under non-caricellèble operating leases as follows.. 2023 2022 Groupand Charity Within l year 8etween 2 and 5 years 26.986 29.161 8,354 33,521 31 Capital Commitments As 8t 31 Oecèmbei the group and charity were committed 10 £nil12022 fj7,5341 ofcapital expenditure. F2 Funds receNed as agent In the previous yeai, the charity was acting a5 ag8nt to prDvide p8yroll services on behalf of The Rivers Trust. During the year, receipts from The River5 Trust totalled £nil12022." £397,399) and payments made to The Riveis Trust employees 2nd Hm￿c totalled £nil12022." E437,4391. At the reporting date, ther& was no balènce held in the charity in their capacity as 8gent12022 £nill. 48