COU ÈOST Westcountry Rivers Trust {A Company Limited by Guarantee) Trustees, Annual Report and Financial Statements For the year ended 31 December 2024 Registered Charity Number.. Registered Company Number.. 1135007 06545646 WESTCOUNTRY RIVERSTRUST IA Company Limited by Guarantee) CONTENTS Page Trustees, Report Independent Auditors, Report 15-18 Consolidated Statement of Fi nancial Activities 19 Consolidated Balance Sheet 20 Con501idatecJ Statement of Cash Flows 21 Notesto the Financial Statements 22-48 WESTCOUNTRY RIVERS TRUST (A Company Limited by Guarantee) 91 y TRUSTEES, REPORT FOR TrIE YEAR ENDED31 DECEMBER 2024 The Trustees are pleased to present their ann ua I d irectors, report together with the consolidated financial statements of the charity and its subsidiary for the year ending 31 December 2024.The financial statements comply with the Charities Act 2011. the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities." Statement of Flecompiended Practice applicableto charities preparing their accounts in accordancewith the Financial Reporting Standard applicable in the UKand Republic of Ireland IFRS 1021 leffectivel January 20191 Chairman's report 2024 was a positive year for the charity and having invested in the leadership structure. processes have improved resulting in more grant funding for our projects from a wide array of sources. Sraff numbers has stayed constant, another positive given the increased turnover in previous years. The Trust is now fully recovered from the pandemic and many of the practices have changed forever such as sh￿fting meetings on-line and curting out unnecessary travel This positively impacts our carbon emissions, as detailed in a Carbon Reduction Plan submitted in 2024. The increased working from home and adaption of the communal working spaces in the office, has meant rhe current office suffices for the present but all staff meetings do need to be held at a separate venue. During Ihe next lease period the working space may well need to be reconsidered Thechange in Government is impacting local and national funding opportunitieswith grant funding sometimes being stalled and, in some cases, removed. This is not only affecting the Trust but also confidence amongst farmers which alongside the longer-term changes in inpur costs linked ro inflation, Is someti mes delaying works a nd often increasi ng the costs of projects. The fi nancial impacts of Brexit have in part been subsumed by wider inflationary pressures, but the Trust is still restricted in term5 of its access to European funding currently bei ng limiied to Horizon fu nds. That said, the Trust has secured several partner roles in projecis i rn 2024 including Bio-capita I, EN FORCE and Euro Lakes. These projects allow the Trust to innovate and draw on cutting edge research from across the continent such as automatic satell ite assessment of l ive land use and soil loss. The legal impacts of Brexit are still playing out as laws that would have been enforced bythe EU are now subject to UK enforcement and this is variable and depends on how the new U K Government adapts or diverges from EU Environmental Law5. Despite the long-term funding environment remaining uncertain. the trust has continued to build resilience. We have managed to build unrestricted reserves over recenr years, to provide some security that we can invest in, and adapt to, our future operating environment, whatever that may be. We had sufficient reserves in 2024 to designate funds for an Education and Engagement Fund campaign to create greater impact in meeting thi5 charitable objective. Thisfund is designed to help build on the growing interest in the state of our rivers, whether that be represented by anglers. wild Iimmers, canoeists or just interested members of local communities. The Trust has seen the development of several community groups that are almost forming mini-Trusts. often because of our volunteer Citizen Science Investigation programme. We are working with grass roots communities, increasing our volunteer base and collecting more and more water quality samples acr055 the Westcountry. Finally, I would like to thank all the farmers, businesses, local communities and volunteers who engage with us. We acknowledge the impacr they have and the potential improvements theycan make for the benefit of everyone who lives, works and visits the Westcountry. Wo are extremely grateful to all our funders, donors and partner5 for their support, and it isthrough these strong relationships that the Trust has been able to continue to grow. For anyone who would like to know more about the charity please visit our web51te www.wrt,org.uk. If you would like to get involved and help the charity. we would love to hear from you. Andrew Southall Chairman WESTCOUNTRY RIVERS TRUST (A Company Limited by Guarantee) TRUSTEES, REPORT (continued) FOR THE YEAR ENDED31 DECEMBER 2024 Objectives and activities The purposes of the charity as set out in its governing document are.. lo secure the preservation, protection, development and improvement of the rivers, streams, watercourses. and water impoundments in the Westcountry,. and to advance the education of the public in the management ofwater. Our overarching ambition is to bring our rivers to life, from source to sea, for the benefit of everyone. Our work is d riven by the desi re to clean up our rivers and ensure that the fisheries, and the habitats and species that support them, are in good health. We believe that the natLJral environment can susfain and inspire people making u5 happier and healthier and we endeavour to engage with the public and re-con nect them to thei r loca I rivers. We provide a crucial contribution to improving the water environment at a time when the population continues to increase, and we are demanding more from our land and water resources. Floodin9, droug ht, pollution, health scares, high water bi I Is and food secu rity are increasi ng ly featuring in OLJr news and our lives, and we believe our enlightened approach can help tackle these challenges and make a real difference to the future of people's live5 in the Westcountry. I n setting ou r objectives for the future and plann ing our activities for the coming year, the trustees. have considered the Charity Commission guidance on public benefit. The primary strategies employed by the charity to fu rther its purposes for the pu blic benefit include.. bringing about physical i mprovementS to rivers and ri parian habitats. including i mproving the water qu21ity of our rivers. driving changes to policythrough changing perceptions in educarion, the public and governmenr. This includes helping to changeopinions using evidence and engagement tools so that future policy fosters good enviropmental management which benefits society overall. being a leading light in ttrie move toward5 a functioning integrated ecosystems approach that encourages a balanced approach to environmental management and all that it encompasses. In implementing these strategies, we have three major areas of acrivity 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 rivers- restoring freshwater habitat and species The primary objective for this area of delivery is to restore freshwater habitats and species. We believe fish populations are a key indicator species of r,'ver water quality. and wo use best Science and practical techniques to try and restore our rivers to their former abundance of fish species by improvi ng river habitat. structufe a nd fu nction. Our approach to fisheries management and improvement Is an action focused approach supported by a learning cycle of action, information, and ana lysis. Th is incl udes the followi ng specific activities". colla boraiive working to determine the genetic analysis of fish popu lations within a river system. Once we know the stock structure ofthe river. we can manage it with much more confidence and effeciiveness. identifyi ng the habitaf avai la ble for fish within the river system. We use fisheries wa Ikover su rvoys to assess the provision of fish habitat In a river system a nd to determine its cond ition. We also identify where barriers or obstacles exist in the river that may act to stop fish accessing those habitats.This helps us to target our work to achieve maximum impact monitor the status offish populations on rivers. We use a variety of methods to determine the number of fish in a river system including electro fishing surveys, automatic fish counters, fish taggi ng, and analysis of a ngler's catch returns and logbooks. WESTCOUNTRY RIVERS TRU (A Company Limited by Guarantee) TRugfEES' REPORT Icontinuedl FOR THE YEAR ENDED 31 DECEMBER 2024 promotion of angling. Anglers have a keen self-interest to ensure our rivers are in a good cor)dition and we aim to harnoss this via our Westcountry Angling Passport, which is administered through rheTrading Subsidiaw. The water quality within a river system can have a significant impact on the presence of fish and other species I n th e catchment and th is is where the charity'5 f isheries activities are inextricably linked to the charity's land management activities. Balancing land use- improving the water leaving the land The primary objective for this area of delivery is to i mprove the water leavi r)g 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 can develop a programme of tailored and targeted catchment management interventions to remove these sources and disconnect their pollution pathways. This includes increasing the resilience of ou r carchments Using natural flood management interventionsto slowwater down, hold it in thecatchment where beneficial, and ultimately reduce the flood risk to our communities and the risk of excess nutrients and sediment entering the watercourse. The Westcountry is a predominantly rural landscape and consequenily much of our focus has been on working with farmers to Improve raw water quality through a collaborative approach which sees landowners informed and as51Sted In the protection of river catchments, This includes the following specific activities.. tailored one-ro-one advice for farmers. We work with farmers and caTry out full farm surveys that culminate in the provision of a farm plan giving the farmer a full evaluation of all aspects of rheir farm business and highlighting opportunities for them to both save money and help to protect the environment our advice is often supported by a capital grant scheme that helps farmers to invest in on- farm measuresthat will minimise pollutant loss from their farms. promote the use of Payments for Ecosystem5 Services IPESI as a sustainable and balanced approach to funding environmental management and Improvement. providing soil management advice and training to encourage farmers and landowners to take action to i m prove the hea Ith of their soils, thereby reducing soil ru n-off and helping to improve water retention and keep soil on the land whore it belongs. Both the charity a nd trad ing subsid ia ry continue lo develop capa bilities to del iver advice and guidance on management of the urban water environment. Engaging people- reconnecting people Mth their river The prima ry objective for th is area of delivery is to reconnect people with the river and provide evidence to educate the public. and all the sub-groupsthat this includes, in the importance of looking after our water environment and howthis can be achieved. We believe that education is the key to changing behaviour and that this can best be achieved through the followi ng specific activities.. provision of robust evidence to support targeted actions. We create, manage, analyse and present sp3tial evidence of the h ighest q ual ity to ensure that actions are targeted, integrated and cost efficient. We aim to demonstrate qualitatively and quantitatively that the delivery of integrated catchment management interventions can realise genuine improvements in water quality. delivery of education via one-to-one visits with farmers. visits to schools, attendance at shows, presentations at regional and national conferences and even developing internaiional tieswith other organisations in order that we can learn from each other on a worldwide scale. We also supervise several work experience posts and Msc student projects as well as co-supervising Ph D a nd research studentship5 at universities WESTCOUNTRY RIVERS TRUST (A Company Limited by Guarantee) TRUSTEES, REPORT {continuedl FOR THE YEAR ENDED 31 DECEMBER 2024 continued development of partnership working. The charity fully supports partnership working and we are committed to the development of constructive catchment partnerships that can help deliver real environmental improvements on the ground. increasing engagement with the public to raise awareness of the charity's aims aiid get them involved in monitoring their river environmer)t ro increase our on the ground knowledge of catchments. We hope that this will encourage people to reconnect with their river and where necessary, change their behaviours where it will have a positive impact on the water environment. We believe that by undertaking Lhe activiLie5 set out above it will insti 5 i n people a responsi bility for the environmenc 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-maknng activities The charity's grant making policy and activities are largely dictated by the required outcomes of the projects It is involved In, whilst ensuri ng that gra nts give n will meet the requi rements of pu blic benefit In recent years the Trusts major grant making activities have been under the Upstream Thinking project funded by South West Water. This project aims to improve raw water quality. and most grants are givon 10 farmers as a contribuiion towards capital works on their farm that will support this aim Potentia I gra nt recipients a re identified using a combination of farm advisor knowledge and data and evidence collected by the charity. Sug9ested beneficiaries of grants are discussed and approved by an internal team offarm advisors having consideration to thewaLer quality benefits that are expected to be reali5ed because of completion of the work5. Grants are an important element of delivering the charity's objectives as the cost of works can be significant and the availability of a grant is a substantial incentive wherefarmers may not otherwise be able to Justify the cost. Furthermore, g rants are usually given for a proportion of the total cost of the project and the matching investment by the farmer derr)onstrates a commitment by the farmer to improved water qualiLy and allowsthe charity to maximise its impact with lessfunds. Our volunteers During 202/+, our Citizen science1nvestigations ICSII programme sawan Influxof sign-ups across all 4 counties. In total we now have 647159/Tr in 20231 active volunteer Cit12ep, Scientists and in 2024 these amaling individualswere responsible for submitting 6,791 samples16.343 In 20231, taking the total number to just under 27,000 samples since the programme's inception. The number of Scorecards created combining these data source5 increased to1591154 In 20231. With the CSI programme Increasing so rapidly and public appetite for water quality and environmental action growing, 2025 will see plans deveSoped further and further volunteer offers created by Westcountry Rivers Trust as well as increasin9 enga9ement in non-C51 volunteers1115 in 20241 Th is wil I rake the form of the Westcountry Rivers Collective a nd will provide multi ple data collection and volunteer opportunities wh ile increasing the value and usability of the data collected. WESTCOUNTRY RIVERS TRUST (A Company Limited by Guarantee) *4*7 TRu￿EES, REPORT Icontinuedl FOR THE YEAR ENDED 31 DECEMBER 2024 Achievements and performance The primary objectives for theyear 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 farmer5 and landowners,. develop increased awareness of the charity and its activities includ i ng our progra m me of schools visits, workshops. attendance at local events, recru iting Citizen Scientists and expand I ng the charity's on line and social med ia presence.. expand our delivery both in terms of geographical area to increase our presence in the east of the region. and thematicallyto increasethe rarige of environmental activitieswe are able to deliver,. i ncrease our involvement i n projects ai med at alleviaring flood risks with i n catchments using Natu ral Flood Managoment INFMI techniques,. increase the engagement and interest of local businesses and stakeholders in protecting the water environment,. bring about physical improvements to rivers and river habitat," and cornti nue to advise and i nfluence pol icy at a national and i nternational level. The rrusrees consider that the charity and trading subsidiary's activities and achievements in the year have contri buted to ach ieving these objectives a nd we will continue to pursue this level of delivery going forwards. Details of some of the activities that achieved our objectives are Set out below. The charity delivered a multitude of projects that either planned future works andlor delivered physical improvements to the river environment. In 2024 this included delivering over 15km of river habitat improvements including substantial work on the river Tamar. The charity continuesto deliver soils and nutrient advice via one-to-one farmervisits, workshops and conferences as a core activity within several of our projects. Good soil management is actively promoted to farmers and landowners via our farm plans as it plays a crucial role In flood risk, drought management and pollution control. Alongside soil managementihe focus has been to include both improvements in water quality and biodiversity outcomes by investing in Nature Based Solutions such as wetland and woodland creation. This has included several Natural Flood Management projects such as Rapid Response Catchments in Devon and Resilient Catchment Communities in Cornwall. These strategic projects use nature ensure water leaves the catchment slow and clean rather the quick and dirty. The Education and Engagement Fund has allowed the Trust to deliver educational activities and resources acr055 the region and in turn this ha5 secured further investment In 2025the Trust will continue to grow this approach by further promoting its Westcountry Rivers Champions scheme where donors agree to support the Trust for £Sk a year for five years. The charity maintained a leading in several catchment partnerships across Devon and Cornwall aswell as wider water groups including the Regional Flood and Coastal Committee and the West Country Water Klesource Group. This included running governance assessments throljgh the Horizon funded Innwater project to improve regional, area and loca l i ntegration and al low shari ng of resou rces. The Trust is at the forefront of irltegration. For further details of some of the individual projects we have been delivering please see Note 25 and visit our websire at v/vJw.wrt.org.uk. WESTCOUNTRY RIVERS TRUST (A Company Limited by Guarantee) TRUSTEES, REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 The culmination of all the separate outputs achieved by the charity throughout 2024120?3 in brackets where available) can be summarised as follows. River protection including fencing, planting. revetment, treatment for invasive species 15.5km of river habitat improv@ment has taken place on 48 sites. helping to improve biodiversity and water quality including fencing, planting, revetment and treatment of invasive species121km in 20231. This included introducing 244 tonnes of spawning gravel and clearance of So spawning sites Rivers under surveillance including fish survey5 using eSectro fishing or other meth¢xls. chemical or bio-monitoring surveys Electrofishi ng sites 2891320 in 20231 taking 578 surveys and 117 Fliver Habitat Surveys Improved fisheries includir)g fish pass installation or weir removal. in rtver habitat manipulation. Whilst the Trust ha5 not been able to directly improve fish passago in 2024 design works for several schemes have been taken forwards for 2025 and beyond. Improved land management including areas subject to advi￿ on management. areas where there is evidence of change in practice. areas surveyed in detail. 6,640 trees have been planted, helping to improve water quality, habitats, and carbon capture 110,3201 133 farms benefited from our assistance to support best practice for farming and nature154 in 20231. This Included installing 46 Natural Flood Nlanagement Features ap,d creating 5 wetlands protecting 8 communities at risk of flooding 10 farm infrastructure projects completed19 in 20231 Education. evidence, and engagement including student placements hosted or funded. number of third partiesengaged, social media engagemenL 6471594 In 20231 active volunteer Citizen Scientists ta king 6,7915amples16,343 in 20231 The Trust also took a furlher 119 samples at 15 sites via staff. 115 volunteers took part I n non-CSI projecis1613 in 20231. 16 schoo15 have received vislts from the charity to educate them on river focussed environmental activities116 in 20231. This included installing 2 school Sustainable U rban Drainage rain gardens. 769 children have been engaged in water-related projects, inspiring them to love water, rivers, and nature1536 in 20231 Social media & vRbsite.' FB. 276posts12931- 2,740 followers Insta.. 248 posis12601- 2,448 followers X. 253 posts12741- 4,970 followers Li n ked In 139 posts11161 YouTube' 26,356 views122,0871-1,170 subscribers 0,0301 Total visits to website 102,000140,1411 Press articles. 1241163 in 20231 WESTCOUNTRY RIVERS TRUST (A Company Limited by Guarantee) TRusfEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 Financial review 2024 has seen overall increase in income of £590k, with rnost of the current projects focussing pri mari ly on the del ivery of advice. non-capita l in-river fisheries work, and engagement activities i.e. relied on staff resources. This meant that the charity has maintained its staffing levels from an average monthly headcount of 74. Reliance on projectfunding continues to be one Df the keyfinancial risks facing the charity, although in 2024 the diversity of income streams has widened. Our major sources of income in the year came from the UST projects1£709k including £164k of resrricted income and £S45k of unrestricted income), Green Flecovery project1£529k including £145k of restricted income and £384k of unrestricted income), Cornwall and Devon County CoLJncil funded projects1£683kl, European funded projects1£194kl, Ofviat funded projects1£195kl and EA funded projects1£435kl The charity is involved in several EU funded projectswhich allows us to develop international partnerships and supports innovative thinking and approaches to environmental issues at a supra regional level. The charity's wholly owned trading subsidiary, Westcountry Rivers Limited IWRLI, had a consistent year, the results show a small increase in turnover of £7k from £65k in 2023 to £72k in 2024, with a surplus achieved of £2k in 20241£5k in 20231. Despite the mi n imal footprint of the su bsidiary, it is still a useful veh icle as it a IIDWS the Trust to operate outside it's remit both in terms of area and purpose. This includes delivering service-based work in other parts of the country and promoting the use of the WestcountryAngling Passport mobile app to other fish ing cl ubs across the U K. The Trust is also interested in exploring the potenrial to link the Trust's Responsible Body statu5 and abilityto hold ConseNation Covenants with an ecological survey and reporting for Biodiversity Net Gain. This is sti I l i n its infancy and is cur rently being explored th roug h the Trust. I n th is respect there is significant alig nment between the activities of the charity and the activities of it5 trading subsidiary a nd the overall determination of where project sits within the group largely comes down to the geographical location of the project's outputs and activitie5 and the assessment of risk associated with the project. As these activities a re actively soug ht to further the pu rposes of the cha rity by capitalising on the experience already gained. as opposed to being a purely fundraising activity, in accordance with SORP 4.54 the charity has analysed the income and expenditure associated with ecosystems Service del ivery and fisheries management as charitable activities in the consolidated accounts. Details of the breakdown of the subsidiary's income, expenditure and net assets are provided in note 6 to the accounts and in all other notes the income and expenditure is recorded in the totals for the relevant cha ritable activity to which it relates. The subsidiary's profit of £1.821 for the year will be gift aided in full to the charity. Investment po￿￿rS and policy The trustees. having regard to the liquidity requirements of the charity because of its involvement in several major projects that are funded in arrears, wish to keep available funds in a combination of low risk short term bank deposits and an instant access current account. In 2023 the trustees reviewed this approach,. an internal review of investment risk wa5 carried out and a revised investment policy was implemented. WESTCOUNTRY RIVERS TRUST (A Company Limited by Guarantee) TRusfEES' REPORT (continued) FOR THE YEAR ENDED31 DECEMBER 2024 I￿r/e$ policy and going concern The Charity recognises that reserves aro essential to bridge the gap between expenditure and income. as manyofthe charity'5 projects are funded in arrears. Fieserves enable the charity to fund specific activities al igned with Its charitable objectives that might not othervvise attract external funding. Bu i Idi ng reserves and reducing reliance on project-specific funding will helpthe charity take groaler control of its future and achieve its long-term vision. IN 2024 this included creating an Education and Engagement Fund with a cop.tribution of£50k in 2024 and £SOk in 2025 from unrestricted reserves. Future Strategic investments in reserves will be driven around the 2025-2030 charity plan. Furthermore, bui Id i ng reserves and reduci ng reliance on project-specific fu nd ing will help the charity to safeguard agai nst unexpected costs that could lead to prolonged disruptions in critical activities. It will also enable investment in core systems and functions essential for supporting the charity'sfuture growth. The Charity aims to generate positive unrestricted surplusesannuallyto build re5ervesfor the purposes outSi ned above. Any surplus generated from un restricted educational activities will be fully reinvested to su pport and fu rther develop rhe5e activitics. Annual budgets and cash flow forecasts are prepared with careful monitoring Ihroughout the year to ensurethat tarqeis are achieved The Charity acknowledgesthe importance of balancing the protection ofappropriate reserve leve15while mainLaining a minimum ofsix months, worth of operati ng expen5Ès in un restricted cash reserves, The group's level of restricted reserves has decreased by 037k from £724k as of 31 December 2023 to £J87k on 31 December 2024. Of Ihis amount £108k is committed for grant payments to farmers, as set Oui In Note 24. Delivory of Services bythe charity, iogether wiih the contribution of the trading subsidiary, h ès enabled the g rou p to build Ifs un restricted reserves in the current year by £62k from £1,491k as of 31 December 2023 to £1,553k on 31 December 2024. The level of Ljnrestricted funds regarded as free reserves, after allowing for fu nd5 tied up '.n tang ible a nd intangi ble fixed assets, is £1,437k. The trustees recognise the importance of building reserves to support the charity's long-term sustainability and strateg ic goals. Given that many projects a re funded i n arrears, reserves provide vital flexi bi l ity to manage cash flow, i nve5t in core functions. and fund activities al ig ned with the charity's objectives that may not attract external support. In 2024, th is included the creation of an Education and Engagement Fund, with £50k commilted in both 2024 and 2025 from unrestricted reserves. Looking ahead, the cha rity's 2025-2030 plan will gu Ide further strateg ic investment in reserves. The trustees consider the cu rrent approach of genorati ng an nua l un restricted su rpluses and reinvesti ng them into key activities to be essential i n reduci ng reliance on project-specific funding, enhancing resilience against unforeseen costs, and enabling future stability. The cash outf low from operati ng activitie5 of £74k in 2024 IS pri ma ri ly due to the i ncrease in trade receivables and payables at theyear end.-Ihe remaining cash outflow arises dueto net spend across the numerous other projectsthatthe charity is and has delivered throughouttheyear. Our consolidated balance sheet remains strong with net current assets of £2,024k. The trustees have reviewed the circumstances ofthe charity and group and specifically, have considered the worst- case scenario with regardsto the funding landscape impacton the charitslsabilityto continue as a going concern. The tru5tecs conf irm that there are currently no material uncertainties related to the events unfoldi ng a nd cond itions a rising as a result of the cost of living c risis or legacy impacts of Llrexit or any other factors that currently casts sig n ificant doubt on the charity's ability to conti nue as a going concern and the trustees consider that adequate resources are available to fund the activities of the charity and grou p for the foreseea ble future. WESTCOUNTRY RIVERS TRUST (A Company Limited by Guarantee) TRUSTEES, REPORT Icontinuedl FOR THE YEAR ENDED 31 DECEMBER 2024 Plans for future periods 2025 sees the end of our 2020-25 Charity Plan and the transition towards priorities for both 2025-30 but also where we see the environmental sector going in the next 20 years. Our ambitions for 2025- 30 are to growour robustness as a charity in terms of process and structures which in turn allow usto grow our level of impacr, both through ourselves but also our partners and wider beneficiaries. In 2025 we will also continue expanding delivery increasing the range of environmental activities we deliver and bui Id i ng ou r capacity over the region through ou r use of volu nteers, pa rtnersh i p projects and our own team. Over the longer term and as the new Government's priorities become clear we will start explori ng and pla nning for tho expected growth in the environmental sector as cli m ate change impacts deepen and this will be felt by not only increase in service delivery but also building capacity and capabilitythrough expanding training, apprenticeships. and mentoring. Alongside this our focus in 2025 will also be on increasing our bid writing and donations into the Education and Engagement Fund by continuing to promote individual giving and Dur Westcountry Riverschampion scheme.Thisvital drive isexpanding our educational offering sothat our second charitable remit of engaging the public in water management is not dwarfed by ourfirst charitable remit of protecti ng the rivers. As part of that 2025will see the Education and Engagement Manager expand their remit to not only deliver ed ucational activities but widen partici pation and involvement alongside developing restricted fund applications ro susta Inably expand the extent of ou r reach. This will run a longside our normal approach to identifying and targeting future funding. We are particularly keen to increase our involvement in projects aimed at integrating the Trusts offering to create Integrated Catchment Management schemes where we tackle flooding, drought, water pollution and biodiversity loss as a whole a pproach. We feel our collective skills and experience put us in a unique position to help funders develop and Implement schemes thatwill adapt and mitigate to the impacts of both climate change and the ecological crisis. Due to some staff changes in 2024, we were not able to expand our operations team. but new leadership mean5 in 2025 we will be consolidating our offer both in terms ofweir remova5s and the instal lation of Natu ral Flood Ma nagemernt features and consideri ng buildi ng an eastern operations yard that allows us to work acro￿ the whole ofour region. By using the Ops team to carryoutcharity work we were able to truly deliver a cross-team approach to enact environmental improvements from start tofinish. Wewould like to promote our abilityro deliver holistic solurions that access the entire wealth of knowledge acr055 the charity and believe this Is an attractive prospect for funders. We will continue to be actively involved in catchment partnerships throughout the region and are committed to the future of partnership working butwill be expanding our work linked to Citizen Science Investigations. This will include the rapid expansion of volunteers measuri ng water quality but algo helping them form community group5 to both expand their monitoring, evaluate and analyse rheir data. and ultimatelyform river action groups. We have seen several of these groups develop and are usirlg projects such as Innwater 10 automatically analyse some of the data created turning it into understanding and action. In 2025 thiswill include us increasing the diversity of groups working with the Trust. We would like to continue to raise interest and awarene55 of the impact that businesses have on rhe local water environment and see more people and businesses getting involved In conversation and activitiesto minimise negative impact so are building this Into our Education and Engagement Fund activities and 2025 will see an expansion to the Tamar Water Stewardship Business Board through a WRAP project building these businesses into potential Westcountry Rivers Champions. WESTCOUNTRY RIVERS TRUST (A Company Limited by Guarantee) TRUSTEES, REPOIU (continued) FOR THEYEAR ENDED31 DECEMBER 2024 As the Environmental Land Management Schemes, Sustainable Farming Incentive as well as other funding mechanisms like 8iodiversity Net Gain are still complex and variable, we will continue to embed ourselves in the future delivery of farm advice and the physical works required to achieve the objectives. As part of this the charitywill be building farming collectives and Landscape Recovery parLnersh i ps to i ncrease collective skills and capabi lities to deliver advice and actions u nder the current Countryside Stewardship programme, as well as the now live oppor:unities like Biodiversity Net Gai n and N utrient Neutrality. This also plays into our designation as a Responsible Body, able to hold Conservation Covenants which should be a major benefit in simplifying the design and deliver of schemes for landowners. Brand recognition is improving, particularly within the realms of existing projects that target the public arld volunteers, There continues to bework neoded 10 properly build on the current interest in water quality and pollution, and the launch of.he Education and Engagement Fund has helped raise our profi le. I n 2025 the TrLJSt aims to increase the authenticity of our voice by worki ng across the teamsto pull out content and promotethestories the team sees In 2025 this will be furthered by expanding the Trusts phi18nthropic and fundraising work. Reference and administrative details Charity number. Company number Regisiered office". 1735007 06545646 Flain-charm House, Kyl Cober Parc, Stoke Climsland, Cornwall, PL17 8PH OurAdvisors Aud itors.. PKF Francis Clark, Sigma House. Edginswell Park,OakView Close. Torquay TQ2 7FF Bankers-. Barclays Bank Plc, The Parade, Liskeard, Cornwall PL14 6A Solicitors. Wolferstans, 61 North Hill. Mutley Plain, Plymouih PL4 8EP Directors and trustees The directors of the charitable company Ithe charity) aro its trustees for the purpose of charity law. The trustees and officers serving during theyear and 51nce the year-end were as follows.. Key Management Personnel.. Trustees and Directors Chair ofthe frust& Board A Southall Chair ofthe Finonce Committee l Thompson Trustees A Blundell D Butler W Darwall A Gray T Graham C Huntington-whiteley Dr K Lancaster D Morris J M Phillips l Thomp50n Dr A Torrance Whitson lappointod 13 June 20241 (resigned IS June 20?.41 lappointed 13 June 202/+1 Irosigned 13 June 20241 Iresigned 11 Apri120251 (resigned 20 March ?0251 io WESTCOUNTRY RIVERS TRUST (A Company Limited by Guarantee) TRUSTEES, REPORT Icontinuedl FOR THE YEAR ENDED31 DECEMBER 2024 Companysecretary S Howe Key Management Personnel: Reporting Directly to Trustees and Directors Chief Executive Officer Lcouldrick Finance Director S Howe Director of Operations B Stockley Director of Flesources K Lewis Iresigned 25 April 20251 Structure, governance, and management Governing dccument Westcountry Rivers Trust is a company limited by guarantee governed by its Memorandum and Articles of Association. The charity is registered as a charity with the Charity Commission. Appointment of trustees The charity aims ro maintain a broadly respected body of trustees with sufficient experience to provide strong governance and to add value to the charity's decision making. Historically, the introduction and recruitment of trustees was by recommendation of existing trustees and personal contacts with othef organisation5 or landowners with related environmental or rivers, trust interests. Duri ng the last few years however. following the identification of Some gaps in the diversity and skills matrix of rhe Trustee Board, the charity has been usi ng a Cha rity recruitment specialisi to specifically target and identify suitable Trusteesto fill the gaps, whilst also selecting individua5swhowill bring with them the same passion and enthusiasm for the charity and its work that the existing Trustees have. The final power of appointment rests vvith the trustees in the annual general meeting. Trustees are appointed for a set term ofthree years and can serve a maximum of three terms, unless in the extraordinary circumstance when the Board consider it will be tothe detriment ofthe charity for a Trusree to retire at that time. In this case a fourth term may be served A Trustee who has served for three consecutive terms may be reappointed after an interval of at least three years. Trustee induction and training Fol lowing their appointment each new trustee receives a briefing pack outlini ng their role and providing information on theduties of a trustee including their legal obligations under charityand company law, a copy of the Ariicles of Association. a copy of the most recent audited trustees report and financial statements. and the most recent management accounts and board minutes. New Trusteos are invited to the charity's off ice and the CEO and Finance Director presenr some of the key i nformation relating to the charity and its staff and activities. Trustees will have the opportunity to meet other member5 ofthe charity's management team and to shadow charity staff in carrying out their duties. should they so wish. The trustees are a150 directed to the charity and subsidiary's website as a source of further information on the background of the group and all its current activities. WESTCOUNTRY RIVERSTRUST (A Company Limited by Guarantee) TRusfEES' REPORT Icontinuedl FOR THEYEAR ENDEDSI DECEMBER 2024 Orgonisation The full trustee board meet four times a year to consider all aspects of managing the charity Including the overall direction of the charity and its future development. One of the meetings includes the annual general meeting ofthe company. The board receives detailed reports covering delivery and finance from the CEO and Finance Director, and the trustee5 receive a verbal update from the Chairman of the Finance Committee. The Finance Committee meet four times a year and the committee provides a focu55ed forum for delving into the cha rity's fi na nces Incl udi ng all aspects of performance, position, risk5, opportunities and threats. The finance committee receive detailed reports covering finance and they monitor the performance of the charity against budgets and targets for theyear. The Board delegates the day to day running ofthe charityto the CEO, who is supported by a Leadership Team of Directors. A Scheme of Delegation sets out how the charity makes decisions and how decision making is delegated to the executive team. Related parties and co-operation with other organisations None of our trustees receive remuneration or other benefit from their work with tho charity. Details of trustee expenses and related party transactions are disclosed in nores14 and 16 to the accounts. W here a trustee m ight ind irectly benefit from improved fish stocks or ha bitat Is i ncidental. Any connection between a trustee or employee of the charitywith a supplier, beneficiary or partner must be disclosed to the management of the charity. Written confirmation of potential related party relationships a nd conf licts of interest Is obtai ned f rom staff on an ongoing basis th roughout the year, as and when a connection or conflict arises. All trustee related parties and interests are documented in a Pegister, and Lhis is reviewed on an annual basis. At all meeLings trustees are asked ro confir that the Register contains a complete list of rheir interests and they are asked to declare any known interests arising since their last declaration. The charity's wholly owned subsidiary, Westcoun-ry Rivers Limited, provides ep,viror)menial services as set out in the achievements and performance section above. It Is an ethos driven consultancy that gift aids its profits in full to the ch.arity The charity works in partnership with several other third sector organisations, government orga nisations, water compan ies, universities, a nd other funders to ach ieve our cha ritable objectives. The charity Is f u Ily supportive of The Rivers Trust, the u mbrel la organ isation for rivers trusts nationally. Paypolicy for senior staff The charity follows the principles of rhe remuneration pay scale guidelines issued by The Qivers Trust. The charity reviews pay annually and may make selective awards based on performance and a wi Iling ness to accept greater responsibi licy. Cost of livi ng i ncreases are also considered, but the charity is unable to commit to an automatic incremental award for all staff on an annual basis. Pay reviews are carried out by the executive toam and a recommendation is made to the finance committee who have the final say on approval of the suggested increases. Risk management The trustees have a risk management strategy which comprises.. a comprehensive risk register which is subject to an annual review of the principal risks and uncertainties that the charity and itssubsidiaryface including businesscontinuity planning. the establish ment of pol icies, systems, and procedures to mitigate rhose 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. 12 WESTCOUNTRY RIVERS TRUST (A Company Limited by Guarantee) TRu¥fEES' REPORT Icontinuedl FOR THEYEAR ENDED 31 DECEMBER 2024 Risk is assessed at several1evels Including identifying risks relevant to the charity and subsidiary overal I, and project specific a nd activity specific risk5. All staff receive training to assist in minim ising risks to themselves and others, particularly i n respect of risks related to fieldwork and hea Ith and safety. Insurance cover 15 reviewed at least annually. and the level of cover is considered adequate for the potentia I liabilities of the charity. The trustees have determined that the principal risks facing the charity and the steps raken to mitigate those risks are as follows.. StafF. Many of our staff undertake lone working which can involve them entering the river and/or walking remote areas ofthe countryside. several staff also work in other dangerous situations and/or with dangerousequipment The charitytakes its responsibility for the health and safetyofour staff extremely seriously and a detailed policy and procedure is in place including a buddy system and a clear action plan should emergency procedures need to be instigated. Ma ny of the more dangerous activities require specific safety tra ining to be carried out, qualifications achieved, rigorous completion of risk assessments and following a recognised protocol. Staff involved i n these activities underrake a sig nificant amou nt of training and refresher courses to ensu re they are on top of the latest developments in safety procedures and have the appropriate kit ro keep thom and others safe whilst they are at work. H&S breaches would be considered extremely serious due to the natu re of their work a nd the potential for significant injury 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 balances flexible working with the need for maintaining staff rapport and good working relationships. Volunteers and public pe￿ption. The Trust operates a key volunteer programme through its Citizen Science Investigations scheme. Th is i nvolves training members of the public to collect a nd post water q uality data aboui our rivers, so documentation of their acceptance of Health and Safety requirements is critical. To help manage this process the Trust has invested in a Volunteer Management System (Assemble) which was instigated i n 2024 and allows the Trust to mai ntai n records of tra in ing and next of kin wh ilst being GDPR compliant. Alongside managing volunteers safely,theTrust also hasto manage the Interest in our rivers and the perception of how the Trust operates, especially working with potential and actual polluters, like farmers and water compan ies. The Trust is clear in its position of working proactively in pa rtnersh ip to reduce pollution rather than al ienaiing and ostracizing groups, but this is under constant review. Income.. Dependency on a few sources of Income and/or a significant fall in future income has alway5 been a risk and with changes in EU funding following Brexit, changes in UK funding following changes in Government as well as coming to the end of the water company 5-year transition period this is a concern. However, in 2024 the Trust continued to access Horizon Europe fLJnding as well as winning significant U K fu nd Ing but for 2025 but with risi n9 Staff costs sufficient Income generation is still a high risk. The charity has an active team of staff who are continually identifying funding opportunities and meeting regularly to co-ordinate bid and tender opportunities. 13 WESTCOUNTRY RIVERS TRUST (A Company Limited by Guarantee) TRUSTEES, REPORT (continued} FOR THE YEAR ENDED 31 DECEMBER 2024 Trustees. responsibilities in relation to the financial statements The charity trustees (who are also the direclors of Westcountry Rivers Trust for the purposes of company lawl are responsible for preparing a trustees. annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom GenerallyAccepted Accounting Practicel. Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the situarion of the charitable company and the group, and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing the financial statements, the trustees are required to.. select suitable accounting policies and then apply them consistently. observe the methods and principles in the Charities SOFiP IFRS1021', make judgements and estimates that are reasonable and prudent state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained In the financial statements. prepare Ihe financial statements on the going concern basis unless it is inappropriate to presume the charify will continue In business. The trustees are responsible for keeping adequate accounting records Ihat are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at a ny time the fina ncial PQSltion of the charity and to enable them to ensure that the financial starements comply with the Companies Act 2006. They are also responsible for safeguarding the assers of the charity and the group and hence takin,g reasonable steps for the prevcnrion and detection of fiaud and other irregularities. The trustees are responsible for the maintenance and integriry of the corporate and financial information included on the charitable company's website. Legislaiion in the United Kingdom governing the preparation and dissemination of financial statements may d￿ffer from legislation in otherjurisdictions. Statement as to disclosure to our auditors In so faf as the trustees are aware at the time of approving our trustees, annual report.. there is no relevant information, being information needed by the auditor in connection with preparing their report. of which the group's auditor is unaware, and the trustees have each taken all sreps that he/she is obliged to take as a director to make themselves aware of any relevanl audit information and to establish that the audiior is aware of that information. By order of the board of trustees on . 2025. A Sourhall (Chairman) 14 WESTCOUNTRY RIVERS TRUST {A Company Limited by Guarantee) INDEPENDENT AUDITORS. REpofiTTO THE MEMBERS OF WEsfcouNTRY RIVERSTRUST FOR THE YEAR ENDED31 DECEMBER 2024 Opinion We have audited the financial statements of Westcountry Rivers Trust (the charitable company'l for rhe year ended 31 December 2024 which comprise the Group Statement of Financial Activities, 8alance Sheet and Consolidated Balance Sheet, Statemenr of Cash Flows and Consolidated Statement of Cash Flows and notes to thefinancial statements, including significant accounting policies. The fi nancial reporting framework that has been a pplied in Ihei r preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102The Financial Fieporring Standard applicable In the UK and RÈpublic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion,the financial statements.. give a true and fair view of the state of the Group's and Charity's affairs as ar 31 December 2024 and of its income and expendirure for the year then ended", have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibiliiies under those sta ndards are further described in the Aud itor's responsibilitiesforthe audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements In the UK, including the FFIC'S Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements We believe that the audit evidence we have obtained Is sufficient and appropriate to provide a basisfor our opinion. Conclusions relating to going concern In audiiing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting i n the preparation of the financial statements is appropriate. Based on the workwe have performed,we have not identified any material uncertainties relating to events or cond itions that, individ ua I ly or collectively. may cast significant doubt on the Charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsi bil ities of the trustees with respect to goi ng concern are described in the relevant sections of this report. Other information The trustees are responsible for the other information. The other information comprises the information included i n the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise expliciily stated in our report, we do nor express any form of assurance conclusion thereon. 15 WESTCOUNTRY RIVERSTRusr (A Company Limited by Guarant￿) *•$ y* INDEPENDENT AUDITORS. REPOFtr TO THE MEMBERS OF WEsfcouNTRY RIVERS TRUST FOR THE YEAR ENDED 31 DECEMBER 2024 I n con nection with our audit of Ihe financial staiements, our responsibilily is to read :he other information and, In doi ng 50, consider whether the other I nformation is ma:erially Inconsistent with the financial statements or our knowledge obtained In the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements or a material misstatement of the other information. If. based on the work we have performed. we conclude that theie is a material misstarement of this other information. we are required to report that faci. We have nothing to report in this regard. Opinion on other matters prescribed tyy the Companies Act 2006 In our opinion. based on the work undertaken in the COUTse of the audit. the information given in the Trustees, Report (which includes the directors, report prepared for the purposes of company lawl. for the financial year for which rhe financial statements are prepared is consistent with the financial statements: and the Directors, Report included within the Trustees, Report has been prepared in accordance with applicable legal requirements. Matters on which V¥E are required to report by exception In the light of the knowledge and undersiand:"ng ofthe Charity and its envirop,ment obtained in the course of the audit, we have not identified material misstatements in the Trustees Report. We have nothing to report in respect ofthe following matters in relation to which the Companies Act 2006 requires us to report to you. If, in our Opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us., or the financ1al statements are not in agreement with the accounting records and returns. or certain disclosures of trustees, remuneration specified by law are not made., or we have not obtained all the infoimation and explanations we require for our audit", or the Trustees were not entitled 10 prepare the financial statements in accordance with the small companies regime and trake advantage of the small companies, exemptions in preparing the Trustees, Report and from the requiremenL to prepare a straregic report. Responsibilities of the trustees As explained more fully in the S:atement 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 responsible for the preparation of the financial statemenis and for being satisfied that they give a true and fair view. and for such Internal control as they determ ine is necessa ry to enabSe the preparation of financial statement5 that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees arc responsible for assessing the Charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unle55 the trustees either intend to liquidate the Charity or to cease operations. or have no realistic alternative but to do so. 16 WESTCOUNTRY RIVERS TRUST (A Company Limited by Guarantee) ¢•$ 19 INDEPENDENT AUDITORS, REPORTTO THE MEM8ERS OF WEsfcouNTFIY RIVERSTRusr FOR THE YEAR ENDED 31 DECEMBER 2024 Auditorfs responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted accordance with ISAS IUKI will always detect a material misstatemenr when it exists. M isstarements can arise from fraud or error and are considered materia l if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliancewith laws and regulations We design procedures in li ne with our responsi bilities. outlined a bove, to detect material m isstatements in respect of irregularities. Including fraud. The extent to which our proced ure5 are ca pa ble of detecting irregu larities. i ncluding fraud is detai led below.. As part of our audit planning we obtained an undefstanding of the legal and regulatory framework that is appl icable to the Charity a nd the secror in which it operates to identify the key laws and regularions affecting the Cha rity. The key regulations we id entif led were Charity legislation, health and safety regulations, employment laws. and The General Data Protection Regulation IGDPRI and Charity Commission requirements. We also considered those laws and regulations that have a direct impact on the preparation of thefinancial statements, primarilythe Companies Act 2006, the Charities Act and the Charities SORP. We discussed with management how the compliance with these laws and regularions is monitored a nd discussed policies a nd procedures in place. We also identified the ind ivid uals who have responsibility for ensuring that the Charitycomplies with laws and regulations and deals with reporting any issues if they arise. As part of our planning procedures, we assessed the risk of any non- complia nce with laws and regulations on the Charity's ability to continue its activities and the risk of material misstatement to the accounts. Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved the following.. Enouiriesof management and those charged with governance regarding their knowledge of any non-compliance with laws and regu5ations by the charity or its sub5idiarythat could affect the financial statements. A5 part of these enquiries we also discussed with management whether there have been any known instances, allegations or suspicions of fraud Reviewed filingswith the Charity Commission and enquired with managementwhether there were any Serious Incident Reports made during the year of which there were nop,e. Reviewed legal and professional costs to identify any possible non-compliance or legal costs in respect of non-compliance., Reviewed Board minutes.. Audited the risk of management override of controls. including through testing Journal entrie5 and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business of which there were none. Reviewed estimates and judgements made in the accounts for any indication of bias and challenged assumptions used by management in making the estimates. 17 WESTCOUNTRY RIVERS TRUST (A Company Limited ty Guarantee) INDEPENDENT AUDITORS, REPOFtr TO THE MEMBERS OF wEsfcouTr￿￿V RIVERS TRUST FOR THE YEAR ENDED 31 DECEMBEFI 2024 Audited a sample of income and expenditure to ensure that IL had been allocated to the correct restricted fund_ A further descri ption of our respon sibilities is available on the Financial Reporting Council's website at.. vww fic or ditoi sres on4ibilifio This description forms part of our auditor's report. Use of our report This report Is made solely to the charitable company's members. as a body. in accoidance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so thai we might state to the Charity's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to ap,yone other than the Charitys members as a body, for our audit work, for this report, orfor the opinionswe have formed. PVFfv. CQ Sharon Ausien FCCA (Senior Statutory Auditor) PKF Francis Clark Sigma House Oak View Close Edginswell Park Torquay TQ2 7FF IZF 18 WESTCOUNTRY RIVERS TRUST (A Company Limited by Guarantee) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted Funds 2024 Restricted Funds Total Funds Total Funds Note 2024 2024 2023 Income from: Donations 24,009 I,S78.3 697 130,909 2,228,422 154,918 3,806,775 224,407 3.165,443 Charitable activities Other trading activities Investments 697 3,072 13,384 7,091 3.413,397 37,334 4.417 37534 4.417 4.004,141 Other 1.644.810 2,359.331 Expenditure on- Raising funds Charitable activities Other 2939 1,548,744 2,939 4,078,848 11,596 3366,491 io 1530.104 Total 1,551,683 2.530,104 4,081.787 3,378.087 Net Ilossesl /gains on investments 22 48 48 Is Net incomellexpenditurel Tra nsfers between funds 93.175 1170,7731 33778 (77,5981 35.325 25 133,7781 59,397 Net movement in funds (136.9951 177,5981 35,325 Reconci5iation of fu nds Total funds brought forward 1,491,810 724,168 Z215,978 2.180,653 Total funds carried forward 25 1.551,207 587,173 2.138,380 2.215,978 The statement of financial activities includes all ga ins and losses recognised in the year. All income a nd expenditu re is clerived from continu ing activities. The notes on pages 22 to 48 form part of these financial statements. 19 WESTCOUNTRY RIVERS TRUST (A Company Limited by Guarantee) BALANCE SHEET AND CONSOLIDATED BALANCE SHE (Company Registration number- 0654WI AS AT31 DECEMBER 2024 Group 2024 Group 2023 Charity 2024 Charity 2023 Note Fixed assets Inta ngible assets Tangi ble assets Investments 18 19 20 113,865 121p,779 113.865 ioo 124,779 ioo 113.865 124.779 113.96S 124.879 Current assets Debtors 21 22 29 1,522,984 367 1,173,306 319 1,483,771 367 1,1'78,624 319 Investments Cash at bank and in hand 1,250,946 1,342,965 1,205,337 1,318,22J 2,774.297 2,516.590 2.689.475 2,497,168 Liabilities Creditorsfalling due within one year Net current assets 23 1749,7821 1425,3911 1677,6101 1421,4601 2.024,515 2,091.199 2,011.865 2,075.708 Total assets less current liabilities 2,138,380 2.15,978 2.125,850 2,200,587 Net assets 2,138.380 2,215,978 2,125,830 2,200.587 The funds of the charity". U nrestricted fund5 Restricted fu nds Total charity funds 25 25 1,551,207 1,491,810 1,538,657 1,476,419 587,173 724.168 587.173 724,168 2.138.380 2.215,978 2.125,830 2,200.587 Thetrustees have prepared group accounts in accordance with section 398 ofthe CompaniesAct 2006 and section 138 if the Charities Act 2011 These accounts are prepared in accordance with the special provisions of Part IS of the Companies Act relating to small companies and constitute the annual accounts required by the Companies Act 2006 and are for circulation to members of the company. The note5 on pages 22 to 48 form part of these financial statements. proved by the trustees op, 11 The financial statements re and signed on their behalf by.. A Sc)Uthall Chairman 20 WESTCOUNTRY RIVERS TRUST (A Company Limited by Guarantee) y* STATEMENT OF CASH FLOWS AND CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED31 DECEMBER 2024 Group 2024 Group Charity Charity 2023 2024 2023 Note Cash from (used inl operating activities 28 174.1341 500,842 195.0031 511,854 Cash flows from investing activities Interest Income 37,334 155,2191 13,384 162,9231 37,334 13.384 155,2191 I62,9￿) Purchase of tangible fixed assets Cash provided by (used inl investing activities {17.8851 (49,5391 (17,8851 (49,5391 Increase Idecreasel in cash and cash equivalents in theyear Cash and cash equivalents at the beginning of the year 192,0191 451,303 1112.8881 462,315 1,342,965 891,662 1,318,225 855,910 Cash and cash equivalents at the end of the year 1.250,946 1.342,965 1,205.337 1.318,225 The notes on pages 22 to 48 form part of these financial statements. 21 WESTCOUNTRY RIVERSTRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 l Accounting Policies The principal accounting policies adopted, judgements made and key sources of estimation u ncertainty i n tho preparaiion of the f inancial statements are as follows.. a) Basis of preparation of financial statements and assessment of going concern The financial statements have been prepared In accordance with AccoLJnting and Reporting by C ha ritie5. Statemer)t of Recommended Practice a ppl icable to charities preparing their accounts in accordancewith the Financial Reporting Standard applicable in the UK and Republ ic of I reland IFFiS1021 leffective l January 20191- (Charities SORP IFFIS10211, the Financial Fleporting Standard applicable in the UK and Republic of Ireland IFRS102 (March 201811 and the Companies Acl 2006. The trustees consider that there are no material uncertai ntie5 a bout the charity s ability to continue as a going concern, see Trustees Report for further details. Westcountry Rivers Trust meets the definition of a public benefit entity under FTrS102. Assets and liabilities are initially recognised at historical cost ortransaction value Ljnlessotherwise stated i n the relevant accounti ng policy note. bl Group financial statements The financial statements con501idate the results of the charity and its who51y owned subsidiary Westcountry Rivers Limited on a line-by-line basis. A separate Statement of Financial Activities and Income and Expenditure Accountfor the charity has not been presented because the Trust has taken advaniage of the exemption afforded by section 408 of the Companie5 Act 2006 c} Income 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 itemlsl of income have been met, It is probable that the income will be received and the amount can be measured reliably. Where income is received before the conditions for entitlement are met, it is deferred. Income from the performance of services is recognised in accordance with the stage of completion as determined by reference to the contract specifications. This can be by milestones delivered, time spent by staff comparod to the time budgeted for delivery ofthe contract or more commonly by costs incurred compared to total expected costs. dl Fund accounting U n restricred funds are available for use at the discretion of the trustees in furtherance of the goneral objectives of the charity and which have not been designated for other purposes. Restricted funds are funds received which are to be used in accordance with specific restrictions imposed by donors or which have bèen raised by the charity for particular purposes. The aim and use of each restricted fund is set out in note 26 to the financial statements. Investment income, gains and losses are allocated to the appropriate fund. Transfers betvieen funds are executed for projects which have been completed but have required support from the charity's unrestricted funds to ensure maxirnum impact of the project, or where the fund has a remaining surplus. Transfers of a surplus to unrestricted funds only take place with the funders, consent. 22 WESTCOUNTRY RIVERS TRUST (A Company Limited by Guarant￿} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED31 DECEMBER 2024 l Accounting Policies (cont) el Expenditure and irrecoverableVAT Expenditure Is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required, and the amount ofthe obligation can be measured relia bly. Expenditure is cla55ified under the following activity headings.. Costs of raising funds comprise the costs of commercial trading including costsof the who11y owned trad ing subsidia ry that do not relate to charitable activifies, and their associated support costs. Expenditure on charitable activities comprise the costs of delivering projects and educational activities undertaken to further the purposes of the charity and includes 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 charity directly, usually due to the geograph ical restriction wiihin the charity's governing document. It also includes associated support costs. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred. Grants payable are inc5uded in expenditure in theyear in which the offer is made and communicated to the recipient except in those cases where the offer is conditional. Conditional grants are reco9nised as expenditure when the performance related conditions set out in the grant agreement are fulfilled. Grants offered subject to conditions which have not been met at the year-end, are noted as a commiiment, but not accrued in expenditure. Employee benefits Expep,diture on redundancy payments and other terminatior) benefits are recognised once there is a legal or constructive obligation to make a payment to an employee, it is probable that the employment will be terminated and settlement will be required, and the amount of the obligation can be measu red reliably. g) Allocation of SUPFM)rt costs Support costs are those functions that asslst the work ofthe charity but do not directly undertake charita ble activities. Support costs i nclude back office costs, finance, personnel, payroll. and governa nce costs which su ppori the chariry's delivery of projects and activities. These costs have been allocated between costs of raising funds and expenditLJre on charitable activities. The bases on which support costs have been allocated are set out in note 12. h) Operating leases Rental charges under operating leases are charged on a straight-line basis overthe term of the loase. il Intangible a￿ts Intangible assets relate to the purchase of timesheet and expenses software. Inrangible assets are capitalised at cost and are amortised over their estimated useful economic life a5 follows.. Software 25% straight line The amortisation rate reflectg the charity's assessment of the period over which economic benefits will flow to the charity as a result of reduced staff time costs before the software will face sig n ificant risk of technological obsolescence. All assets are exam Ined annually for potential i m pairment and any m arerial reductions in value are recorded and the asset written down attheyear-end. Go WESTCOUNTRY RIVERS TRUST (A Company Limited by Guarant￿) 451• NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 l Accounting Policies Icont.) jl Tangible fixed assets Individual fixed assets costing £500 or more are capitali5ed at cost and are depreciated over their esti mated useful econom ic l ives as follows.. Fu rnitu re, f ittings and equipment 25-33% straight line All assets are exa mined annually for potential impairment and a ny material reductions in value are recorded and the asset written down at the year-end. k) Debtors Trade and other debtors are recognised at the settlement 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 invoice has not been submittedlissued until after the year-end. The charity and trading subsidiary undertake the delivery of multiple projects thai span several months and can cross the year-end. Amounts recoverable on contracts are recognised based on their stage of completion and measured at cost plus profit to the exient that such profit Is reasonably certain a nd after ma king provision for any foreseeable losses in completing contracts, le55 payments on account received. l) Investments Investments are a form of basic financial instrument and are in1tially recogp.ised at their transaction value and subsequently ryeasured at their fair value as atthe balance sheet date using the closing quoted market price. The statement of financia l activi ties includes the r)et gains and losses arising on revaluation throughout theyear. Investments in su bsidiaries are va lued at cost less provision for impairment. m) Cash at bankand in hand Cash at bank and cash in hand include5 cash held in current and savings accounts in UK banking institutions and short term highly liquid investmentswith a maturityof three months or less from the date of deposit n) Creditors Creditors are recognised where thecharity has a present obligaLion resulting from a past evenTthat will probably result in the transfer of fundsto a rhird party and the amount dueto settle the obligation ca n be measured or estimated relia bly. Cred itors are normal ly recognised at their settlement amount after allowing for any trade discounts due. Creditors are discounted to their present value where they are due after more than 12 months and wherethe impact of discounting is material. ol Financial insrruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised attransaction value and subsequently measured at their settlement value. 24 WESTCOUNTRY RIVERS TRUST (A Company Limited by Guarantee) TP NOTES TO THE FINANCIAL STATEM ENTS FOR THEYEAR ENDED 31 DECEMBER 2024 l Accounting Policies IconL} pl Pensions The charity operates a defined contribution pension scheme and membership is open to all employees of rhe charity and its trading subsidiary. The assets ofthe scheme are held separately from those of the charity. The charity matches employee contributions of 6% with an employer contribution of 9% and rhe contributions are paid into thefund monthly.The contributions made for the accounting period are treated as an expense and were £46,279 12023.. £123.6371 Contributions totalli ng £ni112023.' £n 111 were payable 10 the fund at the balance sheet date. ql Foreign currencies Moneia ry assets and liabilities denomi nated in foreign currencies are translated into sterling at ratesofexchange ruling ai the balance sheet date. Transactions i n foreign currencies are translated into sterli ng at the rate ru ling on the date of the tra Trsaction. Exchange gains are recognised as other income in the Statement of Financial Activities and exchange losses are recognised as a support cost and allocated as set out in gl above. r) Classification of income and expenditure of the wholly owned trading subsidiary The charity's trading subsidiary provides a number of Services focu¥5ed on using the skills and experience developed in the charity to promote ecosystem services nationally and support delivery of the cha rity's objectives on a national scale. These activities are actively sought to furtherthe purposesof the charity rather than a purelyfundraising activity. Charities SORP IFRS 1021 states that activities undertaken by a su bsidia ry that fall within a parent charity's purposes shou Id be analysed as charitable activities in the consolidated fi nancial statements. The trustees believe that this classification reflects the true im pact that the charity a nd the g roup has i n ach levi ng its charita ble objeciives and that information presented in th is way is ore relevant to assessing the charity's activities and achievemenis. All income and expenditure derived from ch afitable activities carried out by the tradi ng subsidiary have been i ncluded with in income fromlexpenditure on cha ritable activities, se@ note 6 for detai l& 2 Legal status of the Trust The Trust is a company limited by guarantee and has no share capital. In the event of the charity being wound up. the liability in respect ofthe guarantee is limited to £1 per member of the charity. The Trust is incorporated in England and Wales. 25 WESTCOUNTRY RIVERS TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED31 DECEMBER 2024 3 Financial performance of the charity The consolidated statement of financial activities includes the results of the charity s wholly owned subsidiary which provides an array of environmental consuliancy services. The summary financial performance of the charity alone is= 2024 2023 Income 3.932,619 6.000 3.348.759 6,000 24,229 Managemerit charge to subsidiary company Gift aid from subsidiary company 4,663 3,943,282 3378.988 Expendiiure Net Ilossllg8in on investments 14.078,0871 48 I3.324.1￿) 15 14.018,0391 13,324.0941 Net income/(expenditurel (74.757) Y+.894 Total funds brought forward Total funds carried forward 2.200.587 2.145,693 2,125,830 1200,587 Flepresented by.. Unrestricted income fijnds 1,538,657 1,475,206 725,381 Restricted income funds 2,125,830 2,200,587 4 Income from donations Income from donations and non-performance related grants was U54,91812023'. £224,407) of which £24.009 was unrestricted12023, £67,839) and £130,909 re5tricted12023'. £156,568). Government grants received in the year and included In income from donations above amount to £33.70012023. £53,600). Government grants were received from the Environment Agency FuTther details ofthe nature and amount of government grants recognised in the accounts are included n note25. As noted In the trustees report the charity benefits noiably from the involvement and enthusiastic contributions of volunteers. In accordar)ce with FRS 102 and the Charities SORP IFRS 1021. the economic contribution of general volunteers is not recognised in the accounts. 26 WESTCOUNTRY RIVERS TRUST (A Company Limited by Guarantee) s i• NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 S Income from charitsble activities 2024 2023 Protecti ng rivers Balancing land use Engaging people Total income from charitable activities 1,135,301 3003,128 668,346 3,806,775 675,745 1,790,711 698,987 3,165,443 Income from charitable activities was £3,806,77512023. £3,165,443) of which £1.578.353 was u nrostricted12023'. £1,478,520) and £2.228,422 restricted12023', £1,686,923). Included within unrestricted income from charitable activities above is income generated by the su bsidiary from charitable activities of £70,82612023'. £61,5671 Further details of the trading su bsidia ry's operations and results are i ncluded in note 6. Government grants received In theyear and included in income from charitable activities above amount to £1,775,15412023". £1,456.0881. Government grants includes funding received from the Environment Agency1£401,3341, the European Union1£194,2051, Natural England1£95,8291, Defra 1£81,0151, Cornwall County Council1£413,2271, Devon County Council1£270,1001 and Ofwat 1£194.9971. Further details of the nature and amount of government grants recognised in the accounts are included in note 25. 6 Income earned from other trading activities The wholly owned trading subsidiary Westcountw Rivers Limited is Incorporated in the United Kingdom Icompany number 30903101 and pays all its profits to the charity underthe gift aid scheme. Westcountry Rivers Limited provides environmental consultancy Services that both di rectly further the charitable purposes of the charity or otherwise complement the charity'5 activities th rough its provision of ecological service5 A sum mary of the trading results is shown below. Other Trading Activities Charitable Activities 2024 2023 Turnover 70,826 160,7601 697 71,523 64,639 160,7601 149,9711 10.763 14.668 C05t of sales Gross profit Administration costs lincl. management charge) Net profit 18,9421 00,0051 1,821 4,663 27 WESTCOUNTRY RIVERS TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL gfATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 6 Income earned from other trading activities {contl 2024 2023 Opening capital and reserves Net profit for the year Distribution donation gift a ided to the charity C105ing capital and reserves 15.394 34,960 1,821 4,663 14,6631 124,2291 12.552 15.394 The assets a nd lia bi lities of the subsidia ry were. Current assets 87,726 $6,794 175,1741 141,4001 12.S52 15.394 Current liabilities Total net assets Share capital and reserves 12.552 34,960 The charity's subsidiaw company provides a number of services that are in furtherance of the charitqs objectives but that cannot be carried out bythe charity dueto the geographical restricLion within the charity's governing documenL limiting i=.5 area of operation to the West Cou ntry. These Services cover all the charity's cha rirable activities and in accordance with SORP IFRS1021 income and expenditure from the provision of these services has been included withirTr un restricted income from/expenditure on charitable activitie5 in the con solidated fi nancial statements. 7 Investment income All the group's investment income of £37,33412023 £13,3841 arises from money held in interest bearing deposit accounts. 8 Other income 2024 2023 Other income 4,417 4.417 7,091 7,091 Total other income 28 %¢OLY WESTCOUNTRY RIVERS TRUST (A Company Limited by Guarantee) NOTESTO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 9 Ana￿lS of expenditure on raising funds 2024 2023 Commercial trading operations Salaries and other staff costs Support costs Total expenditure on raising funds 2.939 4,960 6,636 11,596 2,939 10 Analysis of expenditure on charitable activities Current Year Activities Grant Undertaken Funding of Di rectly Activities Support Costs 2024 Protecti ng rivers Balancing land use Engaging people Total 958,630 1,229,697 682,782 2,871.109 184,685 319,948 10,725 515,358 212,353 357,200 122,828 692,381 1.355,668 1,906,845 816,335 4,078,848 Previous Year Activities Grant Undertaken Funding of Di rectly Activities Support Costs 2023 Protectir)g rivers 8alancing land use Engaging people Total 694,332 1,132,997 583,353 2.410.682 17,985 238,481 7,500 263,966 181,325 269.543 240.975 691,843 893,642 1,641,021 8J,828 3.366.491 Expenditure on charitable activities was £4.078,84812023. £3,366,491) of which £1,548,744 was unrestricted12023. £1,405,847) and £2,530,104 was restfiCted12023 £1,960,644). Included with i n un restricted expenditure on charitable activities a bove is expenditure incu rred by the su bsidiary on charitable activities of £60,76012023. £49,013). Further details of the trading subsid iargs operations and resu Its are included in note 6. 29 WESTCOUNTRY RIVERS TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENtrs FOR THE YEAR ENDED31 DECEMBER 2024 11 Analysis of grants Grants to Individuals Total Number of grants 2024 Total Number of grants 2023 2024 2023 Balancing land use Protecting flivers Engaging people Total 78,Z18 63.994 10 400 78.678 ii 63,994 io Grants to Organisations Tota I Number of Total Number of grants 2024 grants 2023 2024 2023 Balancing land use Protecting Rivers Engaging people Total 241,670 192,810 2,200 436,680 183,351 9,121 7,500 199.972 io 41 26 Recipients of institutional grants in the current yoar were partner organisations with whom the charityworks closely, in order thatthey can carry out activitie5 directly. 12 Analysis of governance and support costs The charity i nitially identifies the cost of its support functions. It rhen identifies those cosls wh ich relate to the governance function. Having identified these costs, the support costs together with the governance costs are apportioned between the three key charitable activities undertaken In the year Isee note 101. Support cost5 are not a IlocaEed to grant maki ng specifically as all g ra nt maki ng is undertaken with in the rem it of specific projects and therefore the key driver of g ra nt maki ng activities is the time spent by staff delivering the projects that form part of each charita ble activity. All support C05ts are allocated based on the direct labour hours charged by statF to each activity in the yea r. The analysis of support costs is as follows.. 30 Gor* WESTCOUNTRY RIVERS TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEM ENTS FOR THE YEAR ENDED 31 DECEMBER 2024 12 Analysis of govemance and support costs IconLI Providing Raising Protecting Balancing evidence & Funds rivers land use engaging people Current Year 2024 Sa laries and other staff cost5 126,217 212,310 72,964 411,491 Travel and subsistence 1,943 1,888 3,268 3,176 1,130 1,097 6341 6,161 Professional fees Finance costs and exchange losses Office cosLs 1,168 1,965 681 3,814 36,322 61.098 21,014 118,434 Communication and 204 342 669 engagement Depreciation and amoflisation 19,941 33,543 11,539 6S,023 Other costs 14,OZ7 10,643 212,353 23,595 17,903 8,119 6,161 122,828 45,741 34.707 692.381 Governance Total 357.200 Providing Raising Protecting Balancing evidence & Funds rivers land use engaging people Previous Year 2023 Salaries and other staff costs 4,161 117,712 169,036 151,120 442,029 Travel and subsistence 59 1,608 1,970 2,391 2,928 2,138 2618 6.196 ?,S88 Professional fees Finance cost5 and 72 109 exchangelosses Office costs Communication and 2,981 4,431 3,962 11,483 876 23,944 35.593 31,821 92,234 43 engagement Deprociation and amortisation S84 15,950 23.711 21,198 61.443 Other costs 409 11.163 9,968 18S,325 16,594 14,816 269,543 14,833 42,999 13,247 38,395 240,975 702.478 Governance 364 Tota I 6,635 31 WESTCOUNTRY RIVERSTRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 13 Net incomdlexpenditure) for the year Th is is stated after chargingllcrediti ngl: 2024 2023 Operating lease payry)ents Amortisation 34,451 32,OZ/ 1,076 60,368 5,742 Depreciation Exchange Igain£l/iosses recognised Auditors remuneiation.. 65.020 11.7341 Audit fees 14,475 100 18,525 3,460 10,363 Accountancy and tax services First Level Controller services 4.124 14 Anabsis of staff cost4 trustee remuneration and expenses and the cost of key management personnel 2024 2023 Salaries 2,205,782 199,589 146.779 Z55I.650 1,957,854 181,219 1?5,637 2.264.710 Social security costs Pension costs Four employees had employee benefits in excess of £60,00012023'. three) falling within the following bands.. 2024 2023 £60,000- £69,999 £70.000- r79,999 £80,000 - £89,999 £90,000- £99,999 Pension costs are allocated to funds and activities in proportion to the related staff ing costs incurred. The charity trustee5 were not paid nor did they receive any other benefits fTom employment with the charity or its subsidiary In the year12023.' £n ill. No trustee received re-i m bur5ement for travel expenses Itl the current year12023.£nill No charity trustee received payment for professional or other services Supplied to the cha rity12023'. £n ill. 32 WEsfcouNTRY RIVERS TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEM ENTS FOR THE YEAR ENDED 31 DECEMBER 2024 14 Analysis of staff cost4 trustee remuneration and expenses, and the cost of key management personnel IconLI The key management personnel of the group comprise the trustees, the Chief Executive Officer, Finance Director, Director of Operations and the Director of Resources. The total employee benefits of the key management personnel of the group were £294,27312023. £268,548). During theyear three employees of the charity ceased employment, and the charity made termination payments amounting to a9,06012023. £nill The charity pays an insurance premium to indemnify trustees and senior staff from any loss arising from the neglect or default of trustees or staff and any consequent loss. 15 Staff numbers Tho average monthly head count was 74 staff12023'. 731 and staff were engaged in the activities of the group as follows. 2024 2023 Trading Project delivery staff Core support staff 60 60 Is 12 74 73 16 Related paty transactions The trustees have considered related parties and have identified the following transactions requiiing disclosure.. During 2023 Andrew Southall, a trusree, commissioned the charity to deliver bankside reinforcements works on a property owned by him and his family. The works were planned and managed bythe charity In line with other similarworks and were carried out on an arm length basis. The charity received £2,022 from the trustee during 2023 for this work. During 2024 the charity paid one grant of £1,050 toAndyTorrance as owner of Stoodleigh Moor Farm, as part ofthe Upstream Thinking initiative. AndyTorrance is a trustee ofthe charity. An amount of£nil wasowed to Stoodleigh Moor Farm at theyear-end. Investment decisions made as part of the Upstream Thinking project are made by an inteTn81 panel of staff and Andy Torrance has no influence over such operational decis￿Ons. 17 Corporation tax The charity is exempt from tax on income and gain5 falling within section 505 oftheTaxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to rhe extent that these are applied to its charitable objects. 33 WESTCOUNTRY RIVERS TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED31 DECEMBER 2024 18 Intangible assets Croup Softwa re Charity Software As at l January 2024 Additions Disposals As at 31 December 2024 5,878 5.878 5,878 5,878 Arnorti5ation'. As at l January2024 Charge for the year On disposals As at 31 December 2024 s,￿8 S,878 5.878 5,878 Net bo¥)k value.. As at lJanuary2024 As at 31 December 2024 19 Tangible fixed assets Group Furniture, Fittings & Equipment Charity Furniture, Fittings & Equipment Cost". As at l January 2024 Additions 545,583 55.219 124,0941 576,708 545,583 55.219 124,0941 576,708 Disposals As at 31 December 2024 Depreciation., As at l January2024 Charge for the year On disposals As at 31 December 2024 420,804 65,020 122,9811 462,843 420.EA)4 65.020 122.9811 462,843 Net book value.. As at l January 2024 As at 31 December 2024 124,779 113,865 124,779 113.865 34 WESTCOUNTRY RIVERS TRUST (A Company Limited by Guarantee) 7• NOTES TOTHE FINANCIALsfATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 20 Fixed asset investments The charity holds100 shares of £1 each in itswhollyowned trading subsidiarycompany Westcountry fiivers Limited which is incorporated in the United Kingdom. Theso are the only shares allotted, called up and fully paid. The activities and results of the trading subsidiary are summarised in note 6. The registered office of Westcountry Rivers Limited is Rain-charm House. Kyl Cober Parc. Stoke Climsland, Cornwall. PL17 8PH. 21 Debtors Group 2024 Group Charity Charity 2023 2024 2023 Trade debtors Other debtors Prepayments and accrued income Amount due from subsidiary undertaking 38,689 748.291 736,004 31,433 491,010 650,863 748,291 735,480 491,010 650,245 37,369 1,522,984 1,173.306 1.483.771 1,178,624 22 Current asset investments Group 2024 Group 2023 Charity 2024 Charity 2023 Market value as atl January Unrea lised gain/llossl on reva luation Market value as at 31 December 367 319 367 319 Investmenrs are carried at their fair value. Investments conslst of equities traded on the London Stock Exchange. The basis of fair value for quoted investments is equivalent to the market value. by leference to the London Stock Exchange website. J9 304 319 304 48 Is 48 15 23 a) Creditors.. amounts falling duewithin oneyear Group Group Charity Charity 2024 2023 2024 2023 Trade creditors Other creditors Accruals 178,152 86,969 154.390 100 85,826 ioo 184.220 196.685 49,789 140,936 71.610 114,488 23.180 129.144 132,808 196,685 49,789 140,936 2,902 749,782 425.391 677.610 421,460 68,722 114,488 23,180 129,144 Deferred Income (Note 23bl PaymenLs received on account for contracts Socia I security a nd other taxes Amount due to subsidary undertaking 35 WESTCOUNTRY RIVERSTRUST (A Company Limited by Guarantee) ¢C* 1• NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 bl Deferred Income Amounts deferred at 31 December 2023 Amounts released in year Amounts deferred in the current year Amounts deferred at 31 December 2024 114,488 197,Z711 179,468 196.685 Project income received in advance Is deferred until the related project expenditure has been i ncurred. 24Grant Commitments The charity entered Into a number of grant agreements during theyear that have rTrOt been recogni5ed as a liability in these accounts. These funding commitments aro made to farmer5 as part of the SWW Upstream Thinking project. The charity enters Into grant agreements to fund a proportion of the total value of capital works being undertaken by the farmer to improve raw wator quality. No grant is payable unlèss the capital works are completed in full and in accordance with the approved works set out in the grant agreemenr. Once the commitment has been made, the timeframofor it to be realised isvariable depending on the scale of the capital works undertakon. The charity genei.ally expects commitments to be realised within one year of being rnade. Grant commitments are funded by South West Water within the scope of the SWW Upstream Thinking project and Green f2ecovery project. All incometo meet grant commitment5 and subsequent expenditure representing grant payments to farmers are separaiely recognised in a restricted fund Inote 251. At the year-end the charity had grant commitments equal to the restricted fund balance of £107,92912023. £225,552). 25 Analysis of charitable funds Analysis of movements in unrestricted funds Balance at Incoming Resources 01-Jan-24 resources expended Transfers Gainsl Balance at Ilossesl 31-Dec-24 General fund 1.491,810 1,644,810 11,551,6831 133.7781 48 1,557,207 36 WESTCOUNTRY RIVERS TRUST IA Company Limited by Guarantee) 46T• NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 25 Analysis of charitable funds Analysis of movements in restricted funds cont Balance at Incoming Resources 01-Jan-24 resources expended Gainsl Balance at Ilosse51 31-Dec-24 Tra nsfers Agri Carbon Kernow Allen Improvements ARSINOE Bio-capital Biospheres Communities CaBA South Devon 48,082 144,6361 19401 131,7641 n3,4451 17,2991 118,6031 06,5951 3,446 8,000 32,249 7,060 587 102 13,558 113 7,￿9 9,434 15,000 15,000 s,￿7 CaBA Tamar, 6,052 4,457 Ca8AWater Resources Communication & Engagement Fund 8,744 3.700 D23721 136,7181 158.3701 180,0471 14381 (7,2441 16.4831 180,8561 14,5671 114.8311 (5,9261 01,1741 113,1381 1721 Castco ' 49.962 03,2451 58,370 47,758 Climate Resilient Mevagissey Community Knowledge Fund Dartmoor Headwaiers NFM 32,291 5,614 6,870 5.176 Deer Project DEF CSI CommunityAnalysts DEFFIA Wwdlandsforwafer ' Draynes Improvements¥ ENFORCE, 373 6,632 10 0491 1561 81,015 113 3.000 7,825 14,943 6,258 112 Environmental Investment Fund EuroLakes 17,493 11,567 11,181 Exe Electrofishing Exe Phase 3- General 548 IZ590 47,936 13,0001 12581 44,936 Fal Valley Catchment Farm Net Zero Farming in Protected Landscapes Fisheries Improvement. Fowey Electrofishing Frome & Piddle 8,350 16.3751 142,3761 134,7021 12,4881 r7,1151 1.717 42,377 34,703 7,267 2.632 410 5,189 2,117 6,600 10,401 968 10,401 Innwater Mainstreaming Nature Based Solution5 Total Funds Carried Forward ,488 154,3981 152,4961 554,751 1665,3961 1.762 110,907 224,306 12,7541 37 WESTCOUNTRY RIVERS TRUST (Acompany Limited by Guarantee) ¢45 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 25 Analysis of charitable fund& Analysis of movements in unrestricted funds (conL) Balance at 01-Jan-24 Incoming resoL+rces Resource5 expended Transfèrs Gainsl Balance at Ilossesl 31- Dec-24 Total funds broughtforward P￿Mouth River Keepers Rapid Response Catchments Resilient Catchment Communities River Clyst Improvements iver Mole Improvements i Rivers Trust- Collaborative Fisheries Monitoring RiversTrust- Courtauld 2030 224.306 554,751 1665,3961 12,7541 14,2481 1265,0201 110,907 6,673 2,425 792 270,100 5,872 362.748 1349,9541 19081 12,794 22,545 21,637 18,088 18,088 16,852 U6.8521 16,5141 1691 (7,0451 7,000 14861 Salmon Trun 7,110 7,041 Sheppy Improvements stoke Climsland Fa rm Cluster Facilitation Fund Strategic F.xe Weirs Strategic Exe We'is- Species Recovery Suds 4 Schools, 7,045 12,617 02,6171 159,3231 65,776 47,449 3,000 56,902 69 95.829 195,8981 2,5921 1135,7651 079,2721 13,7451 59.9701 12,592 SWW Green Recovery Grants 174,439 145,406 184,080 SWW UpstreamThinking Grants Teign Restoration TransformAR 102,412 163.772 86,912 5,621 1,877 161,705 1,735 Water Environment Improvement Fund Projects WAtER pioiect WaterNetGain 70,J9 300,￿6 29,4041 11,4811 54,6711 131,0001 138,3601 12,530,104) 64 41,565 5,101 3,620 1.166 153,983 478 Wesicountry Angling Passport Other Funds 17 108 30,874 37,565 28,956 3,080 37,241 724.168 2.359,331 33.778 587,173 38 WESTCOUNTRY RIVERS TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEM ENTS FOR THEYEAR ENDED 31 DECEMBER 2024 25 Ana￿lS of charitable funds." Analysis of movements in unrestricted funds (conL) In the current year 4 projects that had been disclosed separately in the previous year, have been included in'other funds. in the table above duetofalling belowthe Trusts. threshold for material funds requiring disclosure. These are identified bya. next to thefund name in the comparatives table below. Additionally, there is two projects that had been included in 'Other funds, in the proviousyear, but due to exceeding the Trusts. threshold for material funds req ui ring disclosu re in the current year, have been shown separately in the current year. These are identified by a i next to the fund name in the table above. These are the reasons for the difference in the 'Balance at l January 2024. for Other funds. 26 Analysis of charitable funds Ana￿SiS of movements in unresiricted funds (previous year) 8alance Incoming Resources Gains/ resources expended Ilossesl at Transfer5 Balance 01-Jan-23 at 31-Dec-23 General fund 1,361.426 1.569.906 11,417.4431 122,0941 15 1.491.810 Analysis of charitable funds Analysis of m¢)vements in restricted funds {preMous year 8alance at I ncoming R8source5 Gain51 Balance at 01-Jan-23 resources expended Ilossesl 31.Dec-23 Transfers ARSINOE. 90 29,737 68,476 129,7251 167,4721 [7,1￿) 18.7981 D4.4781 114.2321 121.7741 102 Axe Nutrient Neutralitf. ridgetown Weil- capital work5. Ca8A North Devon,. 0,0001 11,836 4.653 8.802 15.000 15.000 21,059 Ca8ASouth Devon. CaBATamar' Chalkstream Project< CaBAWatei Resources Communicaiion & Engagement Fund. Cams Weir. Castco. 8.912 5.284 9,434 6,052 715 ii.100 12,3561 8,744 20.000 56,349 13,596 7,491 111.7471 145.2211 113,5961 18.2531 38.834 49,962 Resilieni Catchment Communities. CPES. (7.4911 Oartmoor Headw2ters NFM. 6,561 13,871 19471 17,0011 17,$681 163.4851 01,3641 5.614 6,870 6,632 io Deer Project DEF CSI Community Analysts Oefra Woodlandsfor Water" Ounmere Camel Connection. Enviionmental Investment Fund Ipreviously CPES Donationsl Exe electrofishing Exe Phase 3- General Farm Net Zero Tota I funds ca rried forwaid 14,200 63.495 11,364 17,493 17,493 7,464 U3,7661 119001 124,8011 1368.4141 1116851 6.850 13,S061 $48 54,342 47,936 24,801 157,223 387,934 164,OS8 39 WESTCOUNTRY RIVERS TRUST (A Company Limited byGuarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 26 Analysis of charitable funds.. Analysis of movements in restricted funds Ipreviousyearl Icont,) Balance Gain51 Bala nce at Ilosse51 Incoming Rosoureès resources expended Transfers 01-Jan-23 31-Dec-23 Total funds brought forward Fowey electrofishing i Fisheries Improvement Prc)gra mme Projects. Frome & Piddle 157,223 6,794 387.934 5,700 1368,4141 112,6851 P,8851 164,058 Z632 25,068 17,309 119,2901 4,409 Z7,496 10,401 10,401 Future Visions. Bokkidick Wet Woodland fiestoration. 12.500 38.889 113.4051 138,8271 15771 01.6501 145.3191 1622271 148,3891 18,4771 1158.3121 119.9311 I2,4￿) 217 1621 Green Maich Fund. Imerys G? Fal Valley Project Inr)Water" Plymouth Rwei Keepers Prevenring Plastic Pollution. PROWater' 5,093 4,516 8,350 968 20,000 46.287 66,788 2,642 2,112 6,673 1.429 47,176 13,618 157,382 19.854 15,1411 Rapid Flesponse Catchments. isk Aqua Soil. RVL er Clysi Improvemenis Rivers Tru5t- Collaboraiive Fisheries 1,722 90 79?. 13 000 22,545 1.540 Monitoring. Seedcorn- Lamprey project. Seedcorn- Shad proiect'- Stoke Climsland Farm Cluster Facilitation Fund. Strategic Exe Weirs strategic Exe Weirs- Species Recovery. SWW Upstream Thinking Grants SWWGreen f4ecoveryGrants Tei9n Restoiation Tran51ormAR' 10,456 111,4961 15DOI 7.353 10,000 16,8761 19.7401 477 260 5.286 15,2861 48.229 67,973 17,175 48,343 176,405 6,803 299,37B 10,392 39,474 147,0821 111,1061 1201.8751 121,9661 16,8211 13017461 110,392) 148.3081 13,3441 65,776 69 255,944 20,000 102,412 174,439 19 1,633 1,735 TrIp￿-c. Wat@rNetGa in. Water Environment Improvemeni Fund Projects. Water for Grovrth. Wesicountry CSI developmeni i. Fliver Wolf Improvements, Westcountry Angling Passport wOrthy￿ale Camel Connection- Young Foundation Community Knowledge Fu nd CSI Projeet WRAP- Wetland Restoration Proje¢tr° Othèr funds 10,000 1,166 77.010 222.866 70,319 1238.3301 8.773 64.717 3.761 10,556 1.275 3,144 165.9921 15.3551 16,2051 136.4081 113,0291 1,59) 4,351 17 19,197 13,054 17,228 25 57,758 125,4671 32291 36.076 135,9721 33,350 137.0341 1,843.491 11.960.644) 104 16901 22.094 1.038 724,168 819.227 I ncluded withi n restricted funds are several activities fu nded by government grants as identified by an asterisk ' 40 WESTCOUNTRY RIVERSTRUST (A Company Limited by Guarantee) 511L NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED31 DECEMBER 2023 Description, nature, and purposes of restricted fijnds "Agri Carbon Kernow- this Shared Prosperity Fund delivers water audit advice on farms across Cornwall alongside oiher partners offering Carbon and Biodiversity audits and recommendations. Allen Improvomonts- thiswork on the river Allen a tributary of the river Camel isfunded through an Enforcement Undertaking and has funded river habitat improvements in the catchment. "ARSINOE - is a Horizon 2020 funded project aimed at creating climate resilient-regions through Systemic solutions and innovations, building an ecosystem for climate change adaptation solutions. The Trust is one of n ine demonstrators, showcasing Its applicability, replicability, potential and efficacy. 'Axe Nutrient Neutrality - this Partnership project aims to move forward and establish the development of nutrient credits in the river Axe SAC catchment. Opportunitie5 such as wetland restoration and riparian buffers are to be identified and designed with landowners and a monitoring, reporting and verification scheme developed. Mitigation opportunities are then to be loaded on the North Devon Biosphere - Natural Capital Marketplace where costings can be calculated and buyers have the opportunity to purchase. 'Bridgetown Weir- capital works- is part of the Strategic Exe Weirs programme to help restore salmon populations in rhe catchment. The Bridgetown weir works is the construction phase delivery of a fish pass and smolt chute at Bridgetown weir (Fliver Exel to improve fish migration for diadromous freshwater fish. 'Bio-Capital - an EU Horizon project partnering with countries across Europe to look at the role of remote sensing in assessing biod iversity in order to create private habitat mar kets Biospheres Communities- the Trust is funded through the Lottery Community Fund via the North Devon Biosphere Reserve to help empower groups and individuals to champion nature's recovery in their loca1 area. 'Bokkidick Wet Woodland Qestoration-funding from the G7 Legacy Fund to carry out in-river woody material additions, bank protection and river fearure enhancement, in the form of., the addition of in-river woody debris. layi nglh inging of smal I trees into the edge of the watercourse, the add ition of untreated coi r rolls where nor possi ble add Ing locally sourced brash, creation of in- river features using woody material and brush flow deflectors/wetting of wet woodland. 'CaBA- the Catchment Based Approach brings people together to decide what they want from our river catchments and the best and most sustainable 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 action plan to manage our shared resources. halkstream projects- this is a group of projects funded bythe Environment Agency aimed at supporting r￿Ver improvements and maintaining or improving the WFD Iwater Framework Directive) classifications. 'CaBA Water Resources Communication & Engagement Fund - with an already well-established citizen Science programme ICS11 focussing on water quality, Westcountry Rivers Trust will explore the addition of water resources and flow rates into the existing volunteer monitoring program. 'Cams Weir- Cam5 weir is a fish barrier on the Par catchment which has previously had a bypa5S easement added. This latter phase includes a review ofthe effectiveness ofthis current bypass section and an appraisal of whether any future work or assessments should be considered to im prove river connectivity. 41 *sOL* WESTCOUNTRY RIVERS TRUST (A Company Limited byGuarant*) NOTES TO THE FINANCIAL sfATEMEpirs FOR THE YEAR ENDED 31 DECEMBER 2024 Description, nature. and purposes of restricted funds (conL} 'CastCo- a project funded through Ofwat's Water Breakthrough Challenge, which aims to test proof of concept for a novel collaborative approach to catchment monitowing. modelling and dara sharing. 'Climate Resilient Mevagissey- this Environment Agency funded project is designing and installing micro-catchment level Natural Flood Management features to slow and purify water to reduce flooding Community Knowledge Fund - this project comes through the Youngs Foundation to help upskill communities to achieve clean and healthy waters by putting people and their priorities at the heart of citizen science 'Dartmoor Headwaters NFM- project to deliver Natural Flood Management interventions within the Walkham Catchment, thus feducing flood risk to the village of Walkhampton. Deer Project- an enforcement undertaking to deliver aquatic habi¥at and species improvements on the River Deer DEF CSI Community Analysts- The CSI Community Analysts Project is developing methods to analyse and repoir Citizen Science data for commun ities in a ti melier fashion, so volunteers and understand the outcomes of their monitoring work. WRTwill develop a method using new coding techniquesto automare the production of our current CSI carchmont scorecards to keep pace with rapidly increasing volume and demand We will also work with selected communitie5 in Devon to develop a water quality monitoring workshop ,n'.orming local catchment rp.onitoring and action plans. 'Defra Woodlands for Water- multi-partner project supporting tree planting initiatives across river catchment5 to improve climate resilience and restore biodiversity to our catchments. 'Dunmere Camel Connection - Assessment and stakeholder engagement to progress the potential removal or easement of Dunmere Weir a priority barrier on the lower Camel catchment. Funded by the Open Rivers Programme. Draynes Improvements- a project funded by the Fowey Rivers Association to assess river condition across the Draynes Valley river, a tributary ofthe river Fowey and where needed make improvements to river habitat. 'ENFORCE - an EU Horizon project partnering with countries across Europe to look at the role of remote sensing and citizen science data in order to assess breaches in regulations such as significant soil loss under the farming rules for water Environmental Investment Fund Iprevious5y CPES Donations1- donations received from local business and interested stakeholders for funding targeted interventions within catchments in which the business ha5 an interest and/or presence. These donation5 were initially raised withi n the scope of the CPES Project and in lir7e wilh the CPES objectives which hope to see businesses take an Increased Interest in their local catchments 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 cont"'nue raising funds from stakeholders for f uture I nve£tment in tang ible i nterventions within catchments 'EuroLakes - an EU Horizon project partnering with countries across Europe to look at the role of cilizen science in understanding and protecting natural lakes from poll ution. 42 WESTCOUNTRY RIVERSTRUST (A Company Limited by Guarantee) NOTES TOTrIE FINANCIAL ￿ATEmENTs FOR THE YEAR ENDED 31 DECEMBER 2024 Description, nature. and purposes of restricted funds Icont.} Exe Electrofishing annual electrofi5hing monitoring on the Exe catchment, providing a baseline and evidence for WQT to target future projects and interventions and understand how these have benefited the Exe catchment. Exe Phase 3 - General- a project fund to support a River Exe officer delivering habitat restoration on the River Exe. These funds were received from the River Exe Tributary Association IRETAI. In the current year FiETA 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 Fal Valley Catchment - this G7 legacy funded project looked at Nature Based Solutions to manage. surface water flows on Imerys land holdings in the Fal Farm Net Zero- multi-partner project seeking to demonstrate how farmers can help to mitigate climate change through changing farming practise. The project aims to work with farmers and encourage them to drive the process forward via knowledge building and sharing. 'Farming In Protected Landscapes projects- is a group of government fund for National Landscapes and ha5 allowed the Trust in various locations to invest in specific projects such as a biodiversity and habitat assessment. 'Fisheries Improvement Programme projects- this is a group of project5 funded by the Environment Agency that faci litates activities for the benefit of maintai ning or increasi ng fish stocks in the rivers. Frome & Piddle- funding to co-ordinate the implementation of a fish pass on the Frome and Piddle in West Dorset. 'Future Visions- fu nding to envisage and then develop il lustrations of possi ble future la ndscapes based on alternative Scena rios, that maintain the availabi lity of sufficient water of appropriate q ua lity for all of society's uses a nd the envi ronment at all times. Fowey Electrofishing Annual electrofi5hing monitoring on the Fowey catchment, providing a baseline and evidence for WRT to target future projects and intervention5 and understand how these have benefited the Fowey catchment. Green Match Fund - a fund raising effort to support an otter holt and wildlife homes on the Fliver Fal. Imerys G7 Fal Valley project - Focused on wetland, riparian and in-channel habitat management and restoration along the Fal, with a combination of proposals for larger landowners and working wirh key community groups to educate and engage with people locally. Funded by the G7 Legacy fund via Natural England. 'InnWater- this project is an Horizon fundod European Consortium looking at issues surrounding Water Governance and the role of stakeholder participation and community engagement The West Country is one of five pilots and the the Trust is using its work on Citizen Science to pull together the eight catchment partnerships across the region to facilitate greater data sharing and communication acrossthe differing scales le.g. river reach, catchment, countyor region) and d ifferent inrerest5 le.g. biodiversity, flood, d roug ht. pollution). 'Mainstreaming Nature Based Solutions- this is an OFWATfunded project is looking to transform and upscale the use of Nature 8a5ed Solutions across the water sector. The Trust is using it to look for integrated catchment management solutions that deliver multiple outcomes. 43 WESTCOUNTRY RIVERS TRU (A Company Limited by Guarantee) •$ yiL NOTES TO TrIE FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 DECEMBER 2024 Description, nature, and purposes of restricted funds IconLI Plymouth River Keepers- an enforcement undertaking encompassing a diverse range of activities with a primary focus on community based environmental restoration coupled with physica I restorèlion of river featu res. 'Preventing Plastic Pollution - this is a 3 year Interreg project in which we a re working with 17 partner5 across france and England and seeking to understand and reduce the ￿mpact$ of plastic pollution in the marine environment. The project will look at catchmenrs from source to sea and identify and target hotspots for plastic, embed behavioural change in local communities and busi nesses, and I mplement effective solutions and alternatives to usi ng plastic. 'PROWater- this is a four year Interreg project in which we are working with partners in South England, Belgium and the Netherlandswith the aim of contributing to climate adaptation by restoring the water storage of the landscape via 'ecosystem-based adaptation moasuros, such as forest conversion, natura I water retention or restoration of soi I com paction. These i nterventions bu ild rosilionce against d roughts and f loods, and benefit water quality and biodiversity Alongside this the project aims to close the inform3tion gap between policy and the water user, by developing a vision to tackle water scarcity and drought risks in the long term. apid Response Catchments. . funding from Devon County Council for the Devon Resilience Innovation Project IDRI Pl The project will devolop and tost approaches to im prove flood res1 lience in 10 small rapid responsetype catchments, covering 8 communities, and working ro find local solutions tothe impactsof climate change including Nature Based Solutions. 'Resilieni Catchment Communities- funded by the Shared Prosperity Fund via Cornwall Council th is project is creating 6 exemplar N FN4 site5 at different geograph ical locations across Cornwall which can be accessed by communitie5 and landowners to improve avvareness, educaLion and engagement with NaLural Flood Management. Thi5 project is delivered in partnership WiLh rhe University of Plymouth and Duchy College. and the steering group is supported by the Environment Agency, Cornwall Council and Cornwall Wildlife Trust. *RiskAqua Soil-this is an Interreg funded project looking atthe impact of climate chap.ge and land use change on the way water Interacts with soils, and the risks that this poses to society. Through modelling, mapping, and monitoring, local farmers and landowners are being engaged to understand howtheirfarm can adapt to changes and build resilience in our catchments. River Clyst Improvements- an enforcement undertaking to deliver aquatic habitat and species improvement works on the River Clyst. River Mole Improvements- these funds will be used on the river Mole to enhance delivery of the Teign and Taw Fisheries Management project funded by the Water Restoration Fund to improve maize management around the North Molton Anaerobic Digestion Plant. 'Rivers Trust - Collaborative Fisheries Monitoring- funding from tho Environment Agency ad ministered by the Rivers Trust to collaborate co-ord ination of electric fish ing programs and to cover a new catchment fisheries program. Rivers I'rust - Courtau Id 2030 this fund ing allows the Trust to work with large basket retailers le.9. 5upermarketsl to look at water stewardship and resilience in the supply chain. 44 WESTCOUNTRY RIVERS TRUST (A Company Limited by Guarantee) $1• NOTES TO THE FINANCIAL ￿ATEmENTs FOR THE YEAR ENDED 31 DECEM BER 2024 Description, nature, and purposes of re¥cricted funds IconLI Salmon Run - thi5 Devon Environment Fund project 15 in partnership with Tidelines to organise the Salmon Run on the river Exe, a running race 10 raise awareness of the plight ofsalmon. Sheppy Improvements- this work is assessing fish barriers on the Sheppy as well as opportunities for ha bitat works along the length of the river. -Seedcorn- Lamprey project- Natural England funded project delivering habitat walkoversto identify and map potential freshwater 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 fieghwater habitat for shad fish species on the Taw &Torridge river catchments. This project also created a shad habitat specific habitat wa Ikover manual. "Stoke Climsland Farm Cluster Faciliration Fund - is a Defra funded Countryside stewardship Facilitation Fund project running for three years from 2023 to 2026. Twenty-three farmers across 3000ha have come togeiher to learn and work together, to further collaborative working and group applications, Wlth the aim of making Improvements to Water quality and Biodiversity in the Cluster area Strategic Exe Weirs- funding ro carry out preliminary investigation5 and assessments to inform plans to overcome obstacles in the Exe catchment with a priority focus on improving fish pa￿age. 'Strategic Exe Weirs- Species Recovery project - enables grant funding to address two barriers to fish migration in the Exe catchment. Preparatory work delivered under the Strategic Exe Weirs project funded by SWW and RETA enabled 'shovel ready. projects for the capital fund focused Species Fiecovew Both sites need to be delivered by end of Summer 2024 and the project funding ends March 202£. 'Suds 4 Schools - this Department for Education project allowed the Trust to work with Stoke Climsland primary school ro co-design and co-create a Sustainable Drainage area to slow and purify water to reduce flooding SWW Upstream Thinking Grants and SWW Green Recovery Grants - funds relating to the grant spend included within the project. Al I funds received u nder th is d i5tinct element of the project are to be spent specifical ly on d istributing grants to farmers for fa rm i mprovements that will improve water quality. These funds can only be applied for this particular purpose and are therefore treated as restricted. On occasion, where grants are subsequently cancelled. with the permission of SWW the funds can be used for other non-restricted project activity and a transfer is done out ofthisfund accofdingly. Teign Restoration - is a project that is N LH F Ilottery funded) partnersh i p project led by the Teign Angling and Conservation Association ￿ACA1, primarily to provide fish monitoring, training, and supporting science to facilitate and enable meaningful practical interventions by TACA and catchment volunteers. ransformAR- Horizon 2020 funded project with multiple European and UK partners aiming to show how Nature Based Solutior)s can be used to build climate change resilience and developing a financial mechanism bywhich investors in green bonds can be paid backfollowing delivery of environmental goods and services Ibu i Idi ng the caselpotential for phosphate credits). 45 WESTCOUNTRY RIVERS TRUST (A Company Limited by Guarantee) YP NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Description. nature. and purposes of restricted fvnds (cont) Yriple-C- Interreg funded project from the Atlantic area focused on the capitalization of successful initiatives on the prevention and management of risks deriving from climare change. 'Water Environment Improvement Fund projects-this Is a group of projects funded by the Environment Agency that aims to improve the water environment in rural England and achieve compliance with the Water Framework Directive IWFDI. WAtE41 Project- this Big Give Green Match funded project allowed the Trust to run a series of arts based en9agemeni activities as a Westcountry Artivists to Enhance Rivers pilot. 'WaterNetGain project is researching new ways we can support farmers to bolster drought affected water supplies and ease associated river health pressures. Working in partnership with South West Water, the Environment A9ency, Saputo Dairy UK and Duchy College, we will initially work with farmers in the Tamar and Fowey catchments. Through this, we will determine the feasibility of a catchment-scale approach where farmers are paid to store water on their land, and how this could impTove their farm's resi lience as well as rhat of wider Society and rivers. 'Water ior Growth Ihis is a project aimed at increasing tho fisheries potential and thereby developing the Natural Capital of the Cornish rivers Camel and Fowey. Westcountry Angling Passport IprevioLJslyAngling 20001- operation offishing on beats within the Westcountry Angling Passport The fund name has been amended following the re-branding ofthe scheme and the launch of the Fish Pass app. 'Westcountry CSI development - is a project funded through donations. that promotes the expansion of the CSI I nitiative. River Wolf improvements- delivering fiver and iiparian habitat restoration as part of an Enforcement Undertaking on the Wolf catchment. Electrofishing monitoring will provide a baseline and evidence of benefit. fiparian shade work has been completed and in-channel works 'Worrhwale Camel Connection - The removal of key barriers to fish passage in the upper River Camel, Including associated access. habitat and remedial works. Funded by the Open Rivers Programme. 'WRAP- Wetland Flestoration - is a NEIRF (Natural EnviTonment Investment Fleadiness Fund) project designed to support our other projects creat'"ng and restoring wetlands in the Camel catchment and potentiallyfurther afield in the longer term. It is focused on developing a form of agreement with landowners suitable for the long term retention of conservation features, without requiring site purchase. Young Foundation Community Knowledge Fund - grant is being used to develop the the Westcountry Rivers Collective This will become a citizen science 'college' to upskill and empower communities to achieve clean arid healthy waters by putting people and communities at the heart of citizen science. This will enable communities to identify specific outcomes they wish to achieve and to create actions towards improved local water quality. 46 WESTCOUNTRY RIVERS TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 27 Analysis of group net assets between funds Current Year Unrestricted Restricted Fund5 Funds Total Funds Intangible assets Tangible fixed asséts Cash at bank and in hand Other net current aSSet￿lI18bI1lries) Total 115,665 1,337,085 100.257 1.553,007 115,665 186,1391 1.250.946 673.312 773.569 587.173 2,140.180 Previous Year U nrestricted Restricred Fund5 Funds Tota I Funds Intangible assets Tangible fixed assets Cash at bank and in hand 124.779 1,133.123 124,779 209.842 1,34Z965 Other net current &￿et5/(liabIlitle$) 233,908 514,326 748.234 Tota I 1,491,810 724,168 1215,978 28 Reconciliation of net movement in funds to net cash flow from operating activities Group Group Charity Charity 2024 2023 2024 2023 Net income/lexpenditurel for the reporting period Adjustments for.. Depreciation and amortisation charges L05se4lgainsl on investments Dividends and interest from investments Loss/lprofitl on the disp(￿31 of fixed assets Ilncreaselldecrease in debtors Increase/ldecreasel in creditors Net cash provided by (used in) operating activities 175,7981 35,325 172,9561 54.894 63,220 1481 137.3341 1,113 1349,6781 324.391 174,1341 61,444 63.220 1151 1481 113,3841 137.3341 22 1,113 714,160 1305,1471 707,4 I￿6,770) 256,150 1298,6061 500,842 195,0021 511.854 61,444 113,3841 22 47 WESTCOUNTRY RIVERS TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 29 Analysis of cash and cash equivalents Group 2024 Group Charity Charity 2023 2024 2023 Cash at bank and in liand Notice deposits Iless than 6 months) Total cash and cash equivalents 518,159 636,896 472,550 612,157 '732,787 706,069 732,787 706.069 1.250,946 1,342,965 1,205,337 1.318,226 30 Operating lease commitments At 31 December 2024 the group and charity had total future minimum lease payments due under non-cancellable operating leases as follows.. 2024 2023 Group and Charity Within l yea r Between 2 and 5years 6,075 Z929 26,986 8,354 48