co ÈosT Westcountry Rivers Trust IA Company Limited by Guarantee) Trustees, Annual Report and Financial Statements For the year ended 31 December 2025 Registered Charity Number.. Flegistered Company Number.. 1135007 06545646 WESTCOUNTRY RIVERS TRUST IA Company Limited by Guarantee) CONTENTS Page Trustees. Fièport Independent Auditors, Report 16-19 Consolidated Statement of Financial Activities 20 Consolidated Balance Sheet 21 Consolidated Statement of Cash Flows 22 Notes to the Financial Statements 23-49 ¢0 WESTCOUNTRY RIVERS TRUST IA Company Limited by Guarantee) TRUSTEES. FIEPORT FOR THE YEAR ENDED 310ECEM8ER 202S The Trustees ar& pleased to present their annual direciors. repoii together with the consolidated financial statements of the charity and its subsidiary for Ihe year ending 31 t)ecember 2025.The financial statements comply wilh the Charities Act 2011. the Companies Act 2006, the Memorandum nd Articles of Association, and AccoLJnting and Fieporting by Charitie5'. Statement of Recommended Piactice applicable to charities prèparing theii account5 in accordance with the Financial Rewrting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l JanLJaiy 20191 Chairman s report 2025 was a significant year for the charity as we came out of the 2020 to 2025 charity plan period, having fully recovered from Covid and focused on the 2025 to 2030 period where we iniend to increase our impact by working more with other group5 and individuals. The investmenis in the leacjership structure and processes have continued to Improve the Trust's resilience r&5ulting in more grant funding than ever before including securing Ihe lead role in an £8m European Horizon project building drought security Ihfough Ihe use ol pondg and other nature based solutions. Staff numbers have again stayed consiant and pandemic derived practice5 have meant meetings continue to be mostly on-line, CLJtting out unnecessary travel and ieducing our carbon impact. The change in Government continue5 to impact local and national funding opportunities Wlth grant funding sometime5 changing In Its volume and timing. This continues to affect the Trust albeit we have diversified our Income sources sufficiently that no one funder occupies more than 3 third of the income, but this uncertainly also hits confidence amongst farmeis and partners, which 15 further exacerbated by inflation and insecurity of supply from global instability. The Trust continues to innovate and draw on cuiting edge rèsearch from across the continent such as automatic satellite assessment of live land use and legal tools to protect lar)d through philanihropic conservation covenants and rhe5e tools ale being adopted by our larger habitat deliver schemes such as the fourrh iound of Upstream Thinking. Alongside grant funding Ihe Trust has algo gecured several Enforcerner)t Undertakings from polluters where the Environment Agency ha5 accepted an offering Iiom the company as the Incident was nor SLJfficiently impactful or there was limited culpability or negligence. These include a £430k projeci on the Fal to remove barriers to fish migration following a 5erie5 of china clay loss. There is a reputational risk to th&5e as commur)ication requires the Environment Agency to be clear on why they accepted the case and how It meets their strict requiremenis Despité the long-term funding environment remaining uncertain. the trust has continued to build resilience. We have managed 10 build Linrestricied reserves over recent 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 202S to Continue designating £50klyear for arTr Education and Engagement to create gr&ater impact in meeting this charitable objective as well as llook for 2026 to build our unrestricted fur)draising approach. This is designed to help build on the growing interest in the state of our rivers, whether ihai be represenied by angler5. wild swimmer5, canoeists or just interested members of local communities. The Trust continues to see and Increase in the number of community groups. oftèn bècausè of our volunteer Citizen Science Investigation programme and we are trying to secuie ie50urce5 to make our support to these groups stronger and more consistent. We continue to work with our gras5 roots communities, Increasing our volunteer base and collecting more and more water quality samples across the Wesicountry. Finally, I would like to thank all the supporters. farmers, bu5ine5*s, local communities and volunteers who engage wilh us. Wè acknowledge thè impact and influence they have and the potential and actual improvements they make for the benefit of everyor)e who lives, works and vi51ts the Westcountry. We are extremely grateful to all our funders. donors and pzitneis for their support, and it is through these strong relationships Ihat Ihe Trust has been able to continue to grow. For anyone who would like to know more zbour the chaiity please visit our website byiNw.wrt.org.uk. Ifyou would like to get involved and help the charity, we would love to heal from you. Andrew Southall Chairman *i WEStCOUNTRY RIVERS TRUST IA Company Limited by Guarantee) TFIUSTEES, REPORT Icontinuedl FOR THEYEAR ENDED31 DECEMBER 2025 Objectives and activities The purpose5 of the chaiity as ser out in its governing document are.. to Secure thè preservarion, protection, development and improvement of the rivers, stream5, watercour5e5, and water impoundments in the Westcountry,. and to ad￿rnce 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 bènefit of everyone. Our work is driven by the desire to clean up our rivers and ensure that the fisheries, and the habirats and spècies thèt support them, are Iri good health believe that the natural environment can 5UStain and ingpire people making us happier and healthier and we endeavour to engage with the public and re-connect them to their lo¢al rivers. We provide a crucial contribution to improving thè water environment at a time when the POPLJlarion continues to Increase. and we are demanding more from our land and water resources. Flooding. drought. pollution. health scares, high water bills and food security are increasingly featuring in our news and our lives, and we believe our enlightened approach can help tackle these challenges and make a real difference to ihe futurè of people's lives In the Westcour)try. In setting our objectives for the future and planning our èctivities for the coming year, the irustees, have considered the Charity Commission guidance on public benefit. The primary strategies employed by the charity to fLJrther Its purposes for the public benefit include". bringing about physical improv&mÈnts to rivers and riparian habitats, including improving Ihe water quality of our rive[5. driving change% to policy through changing perceptions in education, the PLJblic and government. This include5 helping to change opinions using evidence 2nd engagement too5s so that future policy fosters good environmenial management which bènefiis society overall. being a leading light in the move towards a functioning integrated ecosystems approach that encourages a balanced approach to environmental management and all rhat it encOmpa￿e5. In implementing these strategies, we have three major areas of activity which are.. protécting Ihe river," balancing land use., and providing evidence and engaging people. Our activities described below are focussed wholly on achieving Ihese objectives. Protecting river5- restoring freshwater hobitot and species The primary objective for this area of delivery is to restore freshwater habitats and species. We believe f15h populations are a key indicator species of river water quality, and we Ljse besi science arTrd practical techniques ro try and restore our rivers to their former abundance of figh species by improving river habitat, structure and function. Our approach to fisheries management and improvement is an action focused approach supported by a learning cycle of action. information, and analysis. This includes the following speciffic activities collaboraiive working to determine the genetic ana1ysi5 of fish populations within a river system. Once we know the stock strLJCture of the river, we can managè it with much more confidence and effectiveness identifying thè habit31 available for fish within the river sy5tern. WÈ use fisheries walkover surveys to a￿eSs the provision of fish habitat in a river sysiem and to determine its condition. identifying where barrierg or obstacles exist in the river that may act to stop fish accessing those habitats. This help5 US to target our work 10 achieve maximum impact monitoring the statu5 Qf fish populations on rivers. We use a variety of methodg to determine the number of fish In a river 5y5tem ir)cluding electro fishing surveys, automatic fish counters, fish tagging, and analysis of angler's catch retuin5 and logbooks. WESTCOUNTRY RIVERS TRUST IA Company Limited by Guarantee) TRUSTEES, REPOFIT Icontinuedl FOFITHEYEAR ENDED 31 DECEMBER 202S promotion of angling. Anglers have a keen 5elf-interest to ensure our rivers are In a good condition and we aim to harness this via our Westcountry Angling Passport, which 15 administered through the Trading Subsidiary. The water quality within a river system can have a signilicant impact on the presence of fish and othei species in the catchmeni and Ihis 15 where rhe chaiity's fisheries activities are Inextricably linked to the chariiy's land management activities. Balancing land use- improving the water leaving the land The primary objective for this area of delivery is to Improve the waier leaving OLJr land. We bèlieve thai If we can defeimine which pressures are exerting negarive impacts on our aquatic ecosystems and identify where they ale coming from, then we can develop a progiamme of tailored and iargeted catchment management Inierveniions to remove these 50UICe5 and di%or)nect their pollution pathways. This Includes increasing the iegilience of our catchments using natural flood management interventions to slow wafer down. hold it in the catchment where beneficial, and ultimately reduce the flood risk to our communities and the risk of excess nLJtrients and sediment entering Ihe watercourse. The Westcounrry is a prèdominantly rural landscape and consequently much of our focu5 has been on workirig with farmers to Improve raw water quality through a collaborative approach which sees landowners informed and a￿ls￿ed in the protection of river catchment5. This include5 the following specific activities.. tailoied one-to-one advice for farmers. We work with farmers and carry out full farm surveys that culminate In the provision of a farm plan giving the farmer a full evaluation of all aspects of their farm business and highlighting opportunitieg for them to both save money and help to protect the environmenr Our advice is often supported by a capital grant scheme that helps farmers to invest in on-farm measures that will minimise pollutant loss from their farms. promoting the use of Paymenrs for Ecosystems Service5 IPESI as a sustainable and balanced approach to funding environmèntal managernent and improvement. providing soil management advice and trzirnirng to encourage farmers and landowners to take action to improve the health of théir goi15, thereby reducing soil run-off and helping to Improve water rerention and keep soil on the land where It belongs. 80th the charity and Irading subsidiary continue to develop capabilities to deliver advice and guidance on management of the urban water environmeni. Engoging people- ￿connectIng people Mth their river The primary objective for this area of delivery is 10 reconnect people with the river and provide evidence to educate the public. and all Ihe sub-groLJPS rhat this includes, in the importance of looking after our water environment and how this can be achieved. We believe that education is the key to char)ging behaviour and that this can best be achièved through the following Specific activities.. provision of robust evidence to support targeted actions. We create, manage, analyse ènd present spatial evidence of the highest quality to ensLJre Ihai aciions are targeted, inrègrated and cost efficient. We aim to demonsirate qualitatively and quantitatively that the delivery of Integrated catchment managemenr inteivention5 can realise ger)uine improvements in water quality. delivery of education via one-to-one visits with farmers, visit5 to %hools, atter)dance at sho1￿, presentariong at regional and national conferences and even developing Internaiional ties with other organisations in order that we can learn from each other on a worldwide scale. We also supepdise several work experience posis and MSC student projecfs as well as co-sUpe￿I51ng PhD and research studentships at universities. ¢• WESTCOUNTRY RIVERS TRUST IA Company Limited by Guarantee) TRUSTEES, REPORT Icontinuedl FOR THE YEAR ENDED 31 DECEMBER 2025 continued development of paitnership working The charity fully 5upport5 partnership working and we are committed to the development of constructive catchment partnerships thai can help deliver real environmental improvemenrs on the ground. increasing engagement with the public to raise awareness of the charity's aims and get them involved In monitoring their liver enviionment to increase our on the ground knowledge of catchments. We hope that this will encourage people to reconnect with their river and wheiè nècegsary. change their behaviours where it will havè a positive impact or) the water environment. We believe that by undertaking the activities Set OLJt above it will instil in people a responsibility for the environment which will be nuriured in the next generation of land care managers, adv150rs, policy makers and all those who beneffii from the magnificent water environmeni that we are foriunate 10 have here in the Westcour)try. Grt7nt-moking octiwties The chaiity'5 grani making policy and activities are largely dictated by the required outcomes of the projects it 15 involved in, whilsi ensuring that grants given will meet thè requiremenis of public benefit. In recent ye3r5 the Trusts major grant making activities have been under rhé Upstream Thinking project funded by South West W3tèr. This project aims to Improve raw water quality. and most granis are given to farmers as a contribution tOW31ds capital works on their farm that will support this aim. Potential grant recipients are Identified using a combination of farm advisor knowledge and data and evidence collected by the charity Suggested beneficiaries of grants are discussed and approved by an iniernal team of farm advisors having consideration to the water quality benefits that ale expected to be realised because of completion of the Works. Grants are an important element of delivering the charitgs objectives as the cost of works can be significant and the availability of a grant 15 a substaniial incentive where farmers may not oiherwise be able tojustify the c05t Furthermoie. grants are usually given for a proportion of the total cost ol the projeci and the matching Investment by the falmer demonstraies a commitment by the farmer to improved water quality and allows the charity to maximise its impact wilh less funds. Our volunteers During 2025, our Citizen Science Investigations ICSII programme saw sign-ups across all 4 counties. In total we now havè 4511647in 20241 active volunteer Citizen Scientists and in 2025 these amazing individuals were ie5ponsible for submitting 4.652 samples16,791 In 20241, taking the total number to just under 3],￿j0 samples since the programme's inception. The number of Scorecaids created combining these data sources Increased to 1591159 in 20241. With the CSI programme increasing so rapidly and public appetite for water quality and environmental action glowing. 2026 will see plans developed furthei and further volunteer offers created by Westcountry Qivers Trust as well as increasing engagement in non-CSI volunteÈrs1590 in 20251 This will include working with the many data collection systems and volunteer groups across Ihe Westcountry in order to guide efforts on the ground and shine a light on the state of our rivers. WESTCOUNTRY RIVERS TRUST IA Company Limited by Guarantee) TRusfEES' REPORT Icontinuedl FOR THE YEAR ENDED 31 DECEMBER 2025 Achievements and performance The primary objectives for the year were.. to continue to be involved in ¢3t¢hmÈnt partnerships and promoie Ihe parinership approach." promote good soil management and Nature Based Solutions acros5 all of our interaction5 With farmers and landowners,. develop increased awarene55 of the charity and it5 activities including our piogramme of schools visits. workshops. attendance at local events, recruitir)g Citizen Scientist5 and expanding the charify'5 online and social media presence., expand our delivery both in terms of ge￿raphiCal area to increase our presence in thè eagt of the region, and themaiically to Increase the range of environmental activitie5 we ale able to deliver", Increase our Involvement in projects aimed at alleviating flood risk5 Wlthin catchments Using Natural Flood Management INFMI rèchniqueg." increase Ihe engagement and Interest of local businesses and stakeholde15 in protecting the water environment". bring about physical Improvemenis to rivers and river habitat., and continue to advise and influence policy at a national and internaiion21 level The trustees consider that the charity and trading sub5idiaiy's activities and achievemenrs in the year have contributed io achieving these obiectives and we will continue to pursuè thig level of delivery going fOn￿ardS. Derails of g)me of Ihe aciiviiies that achieved our objectives are set out below. The charity delivered a wide range of projects delivering physicèl improvements to the river environment. In 2025 this included 15.4km of river habitat improvemenr across multiple catchments and, for the first time since 2022, the completion of f15h passage improvements at four 5iie5. including Ihe full removal of Chipley Mill weir and new easements at Fingle Bridge and Castl¢ Dewey. The charity continues to deliver 50115 and nutrient advice via one-to-one farmer visits, workshops and conferences as a core activity within several of our projects. In 2025 the number of farms receiving our support nearly doubled to 260, reflectir)g the broadening of our advi50ry work across new projects and caichments including the Stoke Clim51and Farm Cluster. Alongside soil management. Ihe Trust continued to invest In Nature Based Solutions, with NFM feature installations doubling to 90 and over 6ha of wetland created. New projects such as the Climate Qe5ilient Otter Catchment and the Horizon-funded WaterGrid project are extending the reach of this work. demonsiraring how naiure-based approaches can address flooding, drought and water quality In an integrated way The Education and Engagement Fund continued to grow the Trust's reach in 2025, with Schools vi51ted nearly doubling to 29 and over 1,200 children èngaged In water-relaied activities. Overall volunteer paiticipation grew strongly. with $90 non-CSI volunteers taking part in Trust activities. The number of active Citizen Scientists reduced to 451, ieflecting a planned reconfiguration of the programme as the Trust develops it5 broader We5tcountry River5 Collective approach to commLJniiy engagement. The charity maintained a leading role in catchment partnerships across Devon and Coinwall and in wider water governance groups. In 2025 new Horizon-funded projects including Wateicrid and UrbaQuantum extended the Trust's International research connections, while N EIRF funding for the Westcountiy Fliver 8ank project is positioning the Trust ai Ihe forefront of Conservation Covenant and Biodiversity Net Gain delivery For further details of some of the Individual projects we have been delivering pleasè see Note 25 and visit our website at www.wrt.org.uk. ¢•tr WESTCOUNTRY RIVERS TRUST IA Company Limited by Guarantee) TRUStEES' REPORT Icontinuedl FOR THEYEAFI ENDED310ECEMBER 2025 The culminaiion of all Ihe geparare outputs achievèd by the chaii¢y throughout 202512024 in bracket5 where available) can be summarised as follows.. River protection including fencing, planting. revetmenL treatment for invasive specie5. 15.4km of river habitat improvement has taken place, helping to improve biodiversiiy and water qualiiy including fencing, planiing, revetmeni and Iieatmenr of invzsive species115.5km in 20241. This included introducing 385 tonr)es of spawning gravel and clearance of 52 spawning sites. Rivers under surveillance including fish survey5 using electro fishing or other method£ chemical or bio-monitoring surffjs. Electrofishing sites 3601289 in 20241 Improved fisheries including f15h pass installation or weir removal, in river habitat manipulation. In 2025 the Tiust improved fish pa￿age at 4 sites, easing migration barriers at Fingle Bridge, Chipley Mill and Castle Dewey10 in 20241. Improved land management Including areas subject to advice on management, areas where there is evidence of change in practice, areas surveyed in detail. 18,802 tr&g have planted, helping to improve water quality, habitat5. and carbon capturè16.640 in 20241. 260 farms benefited from our assistance to support best practice foi farming and nature1133 in 20241. This Included installing 90 Natural Flood Management Features and creating 6ha of wetland protecting 14 communities at risk of flooding. 4 farm infrastructure projects completed110 in 20241 Education, evidence, and engagement including student placements h05ted or funded, number of third parties engaged, social media engagement. 4511647 In 20241 active volunteer Citizen Scientists taking 4.652 g8mples16.791 in 20241. The Trust also took a further 4.445 samples at 889 51tesvia staff. 590 volunteers took pait in non-CSI projects 015 in 20241. 29 schoo15 have received visits from the chaiity to educate them on river focussed environmental activities116 In 20241. 1,228 children have been engaged in warÈr-rÈlatèd piojects. Inspiring them to love water, rivers. and naturè f169 in 20241. WESTCOUNTRY RIVERS TRUST IA Company Limited by Guarantee) TFiUSfEES' REPORT Icontinuedl FOR THE YEAR ENDED 31 DECEMBER 2025 2025 Èvs Tli 29 1,228 School sÈssions delivered ID 451 C515arnph 159 CldzeTh 5¢1ence CSI xgre c•rd¥ 14 Comrnunld floodlny suppurtEd 24 825 Chlldrnneroaged throughacfjvir 590 Ri¥er vo¢unteerSengagEd 41445 29 46 Wator quality daplu Watsf qualiLy Ipot5ampl8s T￿1 cameras Dronp 5urw5 18;-80? Farrn InlYastiu¢ture ImpiokEmet)ts 15.4 kmol rfveibank protsctlon planted Natutsl manayemertt r¥&tU￿5 In5ts11ud 45• 260 5UPPQrted for 4nvlronmqntal L*nèfit of and ripadan . ha￿tat$Un*ys WètlandscTeaied ¥lthGIS Ekctrkfishlnv 360..34 385: 52 clunlng $pJwning grw•l introduud 55e5 WESTCOUNTRY RIVERS TRUST IA Company Limited by Guarantee) TRUSTEES, FIEPORT Icontinuedl FOR THE YEAR ENDED31 DECEMBER 20 Financial review 2025 hès seen overall Increase In income of £578k, with most of the Current projects focussing primarily on the delivery of advice. non-capiial in-river fisheries work, and engagement activities i.è. relied on Staff rèsourcès This meant that rhe chariiy has mainiained Its staffir)g levels from an average monthly headcount of 74. Fleliance on project funding continues to be one of the key financial risks facing the charity. However, in 2025 the breadth of income streams continues to broaden, helping to reduce expose ro any single sourcè. The charity'5 major SOLJrces of income in the year were.. South West Water proje¢ts IE872kl. Ofvvat funded projects1£345kl, Cornwall and Dèvon County Council funded proiects1£573kl, Environment Agency project51081kl, Innovate UK project5 IE258KI, EU funded projects IQ40kl and funding from Enforcèment Undertakings1£497KI. The chaiity 15 involved in Several EU funded projecis which allows us to develop international partnership5 and 5UPPOIts innovafive thinking and approaches to environmental issues at a supra regional level. The charity's wholly owned trading subsidiary, Westcountry Rivers Limited IWRLI, whose results show a increase in iurnover of £35k from E72k in 2024 to £106k in 2025, with a 5urplu5 achieved of £5k in 20251£2k in 20241 Despite the minimal footprint of the subsidiary, it is still a useful vehicle as it allows the Trust to operate outside it'g remit both in térms of area and purpose. This includes delivering service-b85ed work In other parts of the country and promoting the use Of the Westcountry Angling Passport mobile app to other fishing club5 8ClOSS the UK. The Trusi is èlso interested in exploring the potential to link the Trust's Responsible Body statu5 and ability to hold Conseivaiion Covenants with an ecological survey and reporting for Biodiversity Net Gain, this includes the innovative use as Philanthropic Consepdation Covenants, where landowners leave the right to agriculture along our rivers to the Trusi in a tax efficieni way as pari of their inheritance tax estate plann5ng. Thi5 IS still in its infancy ènd ig CLirrently being explored Ihrough the Trust. In this respect there 15 sigriificant lignment between the activities of the charity and the activities of Its trading subsidiary 3nd the overall determinstion of where a pioject 51tg within the group largely comes down to the geographical location of the project'5 Outputs and activities ènd rhe assessment of risk associated with rhe project. As rhesè activities are aciively sought to further the purposes of the charity 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 associaied with ecosystems service delivery and fisheries management as charitable activitie5 in the congolidated accounts. Details of the breakdown of rhe subsidiary s income. expenditure and net assets are provided in note 6 to the accounts and in all othei notes the income and expenditure Is recorded in the totals for the relevant charitable activity to which it relates. The subsidi8iy's profit of £4.805 for the year will be gift aided in full to thè charity. Investment powers ond policy During 2025, the Trustees carried out a review of Ihe Charity's investment approach and formally approved a revised Ir)vestment policy and risk appetitè prior to undertaking any new investments. This established a moderate risk appetite and a five to ten-year investment horizon for financial ssetg. with capital preservation remaining a primary objective alongside the generation ol stable returns to SUPPOlt the Chaiity'5 education and engagement aciivities in furtherance of Its charitablè purposes. The revised policy also Introduced a strengtherned fiamework for ethical and sustainable investmenr, ensuring alignmeni with Ihe Charity's objectives and vaSues. In 8ccord8n¢e with this updatèd policy. £250k was invested during the year Into diversified, regu13ted Investment furid5, including ESG-5creened and mulri-asset vehicles. The Trustees consider this approach to appropriately balance liquidity iequirements, income generation, and long-term capital growth WESTCOUNTRY RIVEF2S TRUST IA Company Limited by Guarantee) TRUSTEES, REPORT Icontinuedl FOR THE YEAR ENDEDJ DECEMBER20 Pe5ervgs policyond going concern The Charity recognises that rèserves are essential to bridge the gap between expenditure and income, a5 manyof the charity's projects are funded in arrear5. They also enable the Charity fo support acrivities aligned with Its objective5 that might not otherwise attiact external funding, providing greater control over its long-term strategy and sustainability. In 2025, the Charity continued the Educ8tion and Engagement Fund. with a contribution of £SOk previously paid in 2024. £50k paid in 2025, and a fuFrher £50k ctsmmittèd for 2026 from unrestricied reserves. Future strategic investments will be aligned with the Charity's 2025-2030 plan The Board recognises the importance of investing in the Charitls long-term financial sustainability. In 2025, Trustees ctsmmitted E250k from unrestricied reserves togenerate ongoing unrestricted income, siructured lo provide sustainable SLJpport for the Charity s education and engagement activities. Trustee5 have also agreed to invest a further portion of uniegtii¢ted rèserves in 2026 to enhance fundraising capacity, 5UPPOrting future resilience and income diversification. Furthermore, building reserves and reducing reliance on pioiect-5pecific funding Iwhich can be subject to significant delays in receipt) will help the charity safeguard against unexpected costs that could lead to prolonged disruptions in critical aciivities. It will also enable investmeni sn core systems and functions ￿entIal for SLJpporiing the charity's future growth. The Charity aims to generate posltive unrestricted surpluses annually to build resèrves for the purposes outlirTred above. Any surplu5 generated from unre5tiicted educational activities will be fLJlly reinvested to support and further develop these activities. Annual budgets and cash flow forecast5 are prepared and moniiored throughout thè year to ensure financial targets are met. The Charity airris to maintain unrestricted cagh reserves equivalent to approximately six months of operatiTrg cost5, which based on the 2026 budget is £l.600k. covering staff ing, premises, and e￿ential overheads. This level provides a prudent buffer against delays in project funding, safeguards the continuity of critical activities, and reflect5 that the Charity doe5 not hold significani fixed asseis thai can be used to secure borrowing against. It a150 allows capacity for siraregic initiatives. investment in core systems and fundraising aciivities to support long-term suStainab￿lI[Y Reserve levels are reviewed annually by the Board and monitored quarterly against actual cash flov￿ to ensure they remain appropriate. The group s level of restricted reserves has increased by a49k from £587k as of 31 December 2024 to E736k on 31 December 2025. This balance includes a significant non-performance-relaied grant of £405k held for the Rivei Fal improvements Of the remaining balance. £24k is committed for grant payments to farmers, as Set out In Note 24.Delivery of Services by the charity, together with thè contribution of the trading subsidiary, has enabled the group to build its unfestricted reserve5 In the current year by £138k from £l,SSI k as of 31 December 2024 to O,689k on 310ecember 2025. The level of unrestricted funds reg3rded as free reserves. after allowing for funds tied up in tangible and intangible fixed assets, is O,593k. The cash inflow from operating activitie5 of £3,650k in 2025 is primarily driven by an increase in deferred income to £l,IOOk, representing project Income received In advance, and E2.275k of funds held as ageni (Note 231. The remaining movement arises from changes in trade receivabSes and payable5 at the ye81 end and net expenditure acio55 the Charity's project activitiès during the year The Charity'5 COn501idated balance sheet remains strong, with nèt currenr assets of £2.078k The Trustees have reviewed the financial position of the Charity and Group. including consideration of downside scenarios and potential pressures arising from the fundir)g environment and wider economic condirions. Based on this assessment. the Trustees consider it appropriate to adopt the going concern basis of preparation and are satisfied that. based on current forecasts and available re50urces, no material uncertainties exist that would cast significant doubt on rhe Charily's or Group's ability to continue as a going concern for the foreseeable future. WESTCOUNTRV F21VERS TRUST IA Company Limited by Guarantee) TRUSTEES, FIEPORT Icontinuedl FOR THEYEAR ENDED 31 DECEM8ER 2025 Plan5 for future periods 2025 saw the end of our 2020-25 Charity Plan arid the transition towards priorities for both 2025-30 but also where we see the environmental sectoi going In the next 20 years Our ambition for 2025-30 is 10 grow our robustness as a charity In terms of process and structures which in turn allow us to grow our level of impacr. both rhrough ourselves but also our partners and wider beneficiarie5. In 2025 we will also continue expanding delivery increasing the range of environmental activities we deliver and building our capacity over the region through our use of volunteeis. partnership projects and our own team. Over the longer term and as the new Government's prioritie5 become clear we will stari exploring and planning for the expected growLh in the environmental sector a5 climate change impacts deepen and this will be felt by not only increase in service delivery but also building capacity and capability through expanding training. apprenticeships, and mentoiing Alongside this our focus In 2025 will also be on increasing our bid writing and donations into the Education and Engagement FLJnd by continuing 10 promoie individual giving and oui We5tcountry Rive15 Champion scheme. This vital drive is expanding our educaiional offering so that our second charitable remit of er)gaging the public in water management is riot dwèrfed by our first charitable remit of protecting the rivers. As part of that 2025 will see the Education and Engagement Manager expand their remit to not only delivèr educational activities but widen partici￿rIOn and involvement alongside developing restricted fund applications to susrainably expand Ihe extent of our reach. This will rur) alongside our normal approach to identifying and targering future funding. We are particularly keen to increase our involvement in projects aimed at integrating thè Trusts offering to create Iniegrated Catchment Managemer)t schemes where we tackle flooding, drought. water pollution and biodiversiiy loss as a whole approach. We feel our collective skills and experience put Us in a unique position 10 help funders develop and implement schemes that will adapt and mitigate to thè impacts of both climate change and the ecological crisis. A key component of this drive for more engagement is the employment of a Head of Philanthropy with an intention 10 build more unrestricted funding. The current remit of protecting rivers is well served Ihrough grants and services but community engagement and our educational remit has historically been far harder to secure Thè dèvelopment of more philanthropic funding source5 from individual giving to legacies, and from corporate sponsoiship ro high-ner-worih Individuals was part of our Westcountry Champions Scheme. This Is a long-term approach and represents a fundamental addition to Ihe Trusts approach but is a also a cultural, financial and communicatiori challèngè as this requires up front funding and a shift in out tone from evidenliaiy to emotional. In 2025, we saw some changes in our operations team and under new leadership we expect this team to con501idate and grow in 2026 taking on more and more strategic work where the Trust can add real value concentrating on the elements, we are uniquely placed to deliver. Thi5 Includes elements of low-cost small barrier removal, drought pond creation and the Installation of Natural Flood Management features. By using the Ops team to carry out charily work we were able to truly deliver a cross-team approach to enact environmental Improvement5 from start to finish We would like to promote our ability to deliver holistic solutions that acce￿ the entire wealth of knowledge acros5 the charity and believe this is an attractive prospect for fLJnders. We will continue to be act1vely involved in catchment partnerships throughout the region and are committed to the future of partnership working but will be expanding our work linked to Citizen Science Investigaiions. This will Include the expansion of volunteers measuring water quality bLJt also helping them foim community groups to both expand their monitoring, evaluate and analyse iheir data, and ultimately form river action groups. We would like io continue to raise interesi and awareness of the impact ihat businesses have on the local warer environment and see more people and businesses getting involved in conversation and actwilies to minimise negarive impaci so are building rhis into our Education and Engagement Fund actwities and 2026 will See a further expansion to the Tamar Water Stewardship Business Board through a WRAP project building these busIne￿eS into potential Westcountry Rivers Champions. 10 WESTCOUNTRY RIVEF25 TRUST IA Company Limited by Guaranteel TRUSTEES, REPORT Icontinuedl FOR THEYEAFI ENDED310ECEMBER 2025 As the Environment81 Land Management Schemes, SLJStainable Farming Incentivè as well as other funding mechanism5 like Biodiversity 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 pari of this the charity will be building farming collectives and Landscape Recovery partnerships ro increa* collective skills and capabilities to deliver advice and aciions under Ihe curieni Countryside Stewardship programme. as well as the now live opporruniiies like Biodiversity Net Gain and Nutrient Neutrality. This also plays into our designation as a Responsible Body, able to hold Conserdaiion Covenants which should be a maior benefit In simplifying the design and deliver of schemes for landowners. In 2026 this will include us exploring their use a5 Philanthropi Conservation Covenants offset against either landowner Income tax or as part of estate inheritance planning. In 2026 we inient to have an enhanced focus on brand recognition building on the Head of Philanthropy's appointment Including the use of both external and internal support to communicate the work of the Trust. In 2026 the Trust will continue ro build on the authenticiiy of our voice started in 2025, by working across the team5 to pull out ¢ontent and promote the stories the team sees. Reference and administrative details Charity number". Company number.. Registered office.. 1135007 06545646 Rain-charm House, Kyl Cober Parc, Stoke Climsland, Cornwall, PL17 8PH OurAdwsors Audiiors". PKF Francis Clark. Sigma House. Edginswell P8rK Oak View Close, Toiquay TQ27FF Directors and trustees The directors of the charitable company (the charityl are its trustees for the purpose of charity law. The trusiees and officers sefving during the year and since Ihe year-end were as follows.. Key Management Personnel.. Trustees and Directors Chair of the Trustee Board Asouihall Chair of the Finan￿ Committee l Thompson Trustees Dr A Torrance AGray A 81undell D Butler TGraham Dr K Lancaster D Moiri5 J M Phillips l Thompson Dr S Bunney K Penney J Sutton R Whitson (resigned 4 December 20251 (resigned 31 March 20261 (resigned 11 April 20251 (resigned 20 March 20251 (appointed 12 June 2025 lappointed 25 September 20251 lappointed 27 April 20261 Iresigned 25 September 20251 WESTCOUNTRY RIVERS TRUST IA Company Limited by Guarantee) TRUSTEES, REPORT Icontinuedl FOR THE YEAR ENDED 31 DECEMBER 2025 Compunysecretaty S Howe Key Management Personnel." Reporting Directly to Trustees and Directors Chief Executive Officer Finance Director Director of Operations Director of Resources L Couldiick S Howe 8 Stockley K Lewis Iresigned 25 April 20251 Structure, governance, and managèment Governing document Westcountry Flivers Trust is a company limited by guarantee governed by Its Memorandum and Arlicle5 of As50Cl8tion The charity is registered 8$ a ¢h81ity with the Charity Commission. Appointment ofcrustees The charity aims to maintain a broadly respected body of trustees with sufFicient expeFiÈncÈ ro provide strong governance and to add value to ihe charity s decision making. Historically, the introduction and recruitment of trustees was by recommendation of existing trustees and personal contacts with other organisations or landowners with related environmental or rivers, trust inierests. During the last few years however, following the Identification of some gaps In the diversity and skills matrix of the Trusiee Board, Ihe chariiy has been using a Chariiy recruitmeni specialist to specifically t3rg&t and identify 5Ultable Trustees to fill the gap5, whilst also 5elecfing individuals who will bring with them the same passion and enrhusiasm for the charity and its work thai Ihe existing Trustees have. The final power of appointment rests with the trustees in the annual general meeting. Trustees are appointed for a set term of three years and can serve a maximum of three terms. unless in the extraordinary circumstance when Ihe Board consider it will be to the detriment of the charity for a Tiustee 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 threeyears. Trustee induction and troining Following their appointment each new trustee receives a briefing pack outlining their role and providing information on the dutie5 of 8 trustee including their legal obligationg under chariiy and company law, a copy of the Articles of A550ciation, a copy of the m05t recent audited trustèès report and financial siaiements, and Ihe most recent managemeni accounts and board minutes. New Trugteeg are invited to the chaiitys office and rhe CEO and Finance Director present some of the key iriformation relaring ro the charity and irs graff and activities. Tiustees will have Ihe opportunity to meet other members of the charitls management team and to shadow charity Staff in carrying out Iheir duties. should they so wish. The trustees are also directed to Ihe charity and subsidiary's website as a source of further information on the background of the group and all Its currer)t activities 12 WESTCOUNTRY RIVEF2S TRUST IA Company Limited by Guarantee) TRUSTEES. REPORT Icontinuedl FOR THE YEAR ENDE031 DECEMBER 2025 Orgonisarion The lull trustee board meét foLJr times a year to consider all aspects of managing the charity including the over811 direction of the charity and its future development Onè of the meetings ir)cludes the annual general meeting of the company. The board receives derailed reporrs covering delivery and finance from the CEO and Finance Director, and the trustee5 receive a verbal update from the Chairman of the Finance Commiitee. The Finance Committee meet four times a year and the committee provides a focussed forum for delving into the charity'5 finances including all aspects of performance. position. risks, opwrtunities and threats. The finance committee receive detailed reports covering finance and Ihey monitor the performance of the charity against budgets and targets for the year. The Board delegates the day to day running of the charity to the CEO, who is supported by a Leadership Team of Direciors. A scheme of Delegation sets out how the charity makes decisions and how decision making is dèlègzrèd to rhe executive team. eloced parties ond co-operution with ocher orgonisotion5 None of our tiustees receive remuneration or other benefit from their work with the charity. Details of trustee expense5 and related party transaciions are disclosed in nores14 and 16 to the accounts. Where a trustee might inolirectly benefit from improved fish stocks or habitat 15 incidental. Any connectior) between a trustee or employee of the charity with a 5LJpplier, beneficiaiy or partner must be disclosed to the management of the charity. Written confirmation of potential related party relationships and conflicts of interesi is obtained from staff on an ongoing basi5 throughout thè year, as and when a connection or conflict arises. All trustee related parties and interests are documented in a Regisier. and this is rèviewed on an annual basis. At all meetings trustees are asked to confirm rhar the Register contains a completè list of their interests and they are asked to declare any known interests ari51ng since their last declaration. The charl￿5 wholly owned subsidiary, Westcountry Rivers Limited, provides environmental services as set out in the achievements and performance section above. It is an ethos driven consultancy that gift aids its profits in fLJII to the charity. The charity works in partnership with several other third sector organisation5. government organisations. water companies, univeisiiies. and other funder5 to achieve our charitable objectives. The charity is fully supportive of The Rivers Trust. the umbrella organisation for rivers trusts nationally. Paypolicy forseniorstaff The charily follow5 the principles of the remuneration pay scalè guidelines issued by The Fiivers Trust. The charity reviews pay annually and may make selective awards based on performaF)ce and a willingness to accept greater responsibility. Cost of living Increase5 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 cairied out by the executive ream 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 comprise5'. a comprehensive risk register which is Subject to an annual feview of the principal risks and uncertainties that the charity and Its subsidiary face including bu51ne5s continuity planning. the e5tabli5hment of policies. systems. and procedures to mitigaie those risks identified in the annual review,. and the implementation of procedures designed to minimise or manage any porential impact on the chariiy should those risks materialise. 13 WESTCOUNTRY RIVERS TRUST IA Company Limited by Guarantee) TRUSTEES, REPORT Icontinuedl FOR THE YEAR ENDED31 DECEMBER 2025 Risk is assessed at several levels Including identifying risk5 relevani to the charity and subsidiary overall. and projeci specific and activity specific risks. All staff receive training to assist minimising risks to themselves and otherg. parricLJlarly in respect of risks related to fieldwork and health and safety. Insurance cover 15 ieviewed at least annually, and the level of cover is considered adequate for the potential liabilities of the charity. The trustees have determined that the principal iisks facing the charity and the steps takèn 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 ol Ihe countryside. Several staff a150 work in other dangerous situations andlor wilh dangerous equipmenr. The charity takes its responsibility for the health and safety of our Staff exiremely seriously and 3 detailed policy and procedure Is in place including a buddy system and a clear action plan should emergency procedures need to be instigated. Many of the more dangerous activities require specific safety training to be carried out, qualifications achieved. iigorous completion ol risk assessments and following a recognised protocol. Staff Involved in these activilies undeiiake a signif1cant amount of training and refresher course5 to ensure they are on top of the latesi developments in safely procedure5 and have the appropriate kit to keep them and others safe whilst they ale at work. H&S breaches would be considèred exrremely serious duè to the nature of their work and the potential for significant Injury or death. The charity values all its employee5 and actively pursues a system of ensuring both the career and per50nzl development of staff, including training, staff appraisals and pay and reward policies aligned to rhe sector. The charity balance5 flexible working with the need for maintaining staff rapport and good working relationships. Volunteers and public perception.. The Trust works with a lot ofvolLJnteers and community groups which is on the whole a huge benefit but the level of scrutiny on the water environment continues to grow and the depth and breadth of the Trusts funder5 and 5UPPOfter5 sometimes creates a reputatior)al risk. Example5 of this are funding from water companies to delivei catchment resilience or funding frorn Enforcement Undertakings to remedy pollution incidents. The Trust hag always worked with polluters to try and proactively change behaviour and deal with the pres5ure5 we see raiher than act as a lobbying group tryir)g to complètely revolutionise Ihe system. There Is a lot of polarisation. anger and fear in this debate, but the Trust continue5 to try and build a more evidenced based and iational approach whilst understanding the emotive Impacts acr055 Our rivèrs Income.. Dependency on a few sourcès of income andlor a significar)t fall in future income has always 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 S-year trar151tion period this is a concern. However, in 2025 the Trusi not only continued to acce55 Horizon Europe funding but secured the lead role in an £8m project. as well as winning significant U K funding but for 2026 but with rising staff costs sufficient income generafion 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 tendei opporiuniiies. 2025 saw the most significant income generation In total acr05S the 30+ years of operation coming from a wide diversity of sources, albeit 95% restricted ro specific project5. 14 WESTCOUNTRY RIVERS TRUST IA Company Limited by Guarantee) TFiUSTEES' REPORT Icontinuedl FOR THEYEAR ENDEO 31 DECEM8ER 2025 Trustees. responsibilities in relation to the financial statements The charity trustees Iwho are 3lso the diiector5 of We5tcounrry Rivers Trust for the PLirposes of company lawl are responsible for preparing a trustee5' annual report and financial Statements irTr accordance with applicable law and United Kingdom Accounting Star)dards (United Kingdom Generally Accepted Accounting Practicél Company13w requires the charity trustees to prepare financial statements for each year which give a true and fair view of the situation of the charitable company and Ihe group, and of Ihe incoming resources and application of resources, including the income and expenditure, of thtr charitable group for thai 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 50RP IFRS 1021., make jLJdgement5 and estimates that are reasonable and prudent. stale wheiher applicable UK accounting standards have been followed, Subject to any material departures disclosed and explained In the financial 5tatement5. prepare the financial Statements on the going concein basis unless it 15 inappropriate to presume the charity will continue in business. The trustees are responsible for keeping adeqLiate accounting records that are Sufficient to show and explain the chariiy's transactions and disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial staiemenis comply with the Companies Act 2006. They are also responsible for safeguarding the asseis of the charity and the gioup and hence taking re350nable step5 for the prèvention and deteccion of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of rhe corporate and financial information included on the charitable company's webgiie. Legislation in rhe Unired Kingdom governing the preparation and dissemination of financial statements may differ from legislation in otherjuri5diciions Statement as to disclosure to our auditors In so far as thè Irustees 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 Iheir report. of which the group s auditor Is unaware, and the trustees have each taken all steps that helshe is obliged to takè as a director to make themselves aware of any relevant audit informatior) and to establish that the auditor is aware of that information. By order of the board of trustees on 23,° June 2026. A Southall (Chairman) 15 WESTCOUNTRY RIVERS TRUST IA Company Limited by Guarantee) INDEPENDENT AUDITORS, REPORTTOTHE MEMBEFiSOF WESTCOUNTRV RIVEFISTRUST FOR THE YEAR ENDED 31 DECEMBER 2025 Opinion We have audiied the financial statements of Westcountry Flivers TrLJ5t I'the charitable company'l for the year ended 31 December 2025 which comprise the Group Statement of Financial Activities. Balance Sheet and Congolidated Balance Sheet, Statement of Cash Flow5 and Consolidaled Statem&nt of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework thai has been applied In their preparation 15 applicable law and United Kingdom Accouniing Standards. including Financial Reporting standard 102 The Financial Repoiting Slandard applicable in the UK ar)d Republic of Ireland Iunited Kingdom Generally Accepted Accounting Practice). In our opir)ion. the financi81 statements.. give a true and fair view of the state of thè GroLJP'S ènd Charity's affairs as at 31 t)ecember 2025 and of its income and expenditure for the year then ended, have been properly prepared In accordance with United Kingdom Generally Accepted Accounting Practice,. and h8vè been prepared in accordance with the requirements of the Companie5 Act 2006. Basis for opinion We conducted our audii In accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilitie5 under those 5tandard5 are furthèr degcribed in the Aucjitor's respornsibilities for the aLidit of Ihe linancial 5latements section of our reporf We zre independent of the charity in accordance with the ethical requirement5 that ar& ielevant to our aLJdit of the linancièl statements in the UK. in¢luding the FRC'S Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate 10 provide a basis for our opinion. Conclusions relating to going concern In 3udiring the financial stètèm&nts, we have concluded that the tru5tee5' use of the going concèrn basis of accounting in the preparation of the financial statements Is appropriate. Based on Ihe work we have performed, we have not identified any material Ljncerrainties relating to evenis or condiiions that. individually or collÈctively, may cast significant doubt on the Charity's ability to continue a5 a going concerr) for a period of at least twelve months from when the financial statements are authorised for Issue. Our responsibilitie5 and the responsibilities of the trustees with respect to going concern are described In the relevani seciions of Ihis ieport Other information The trusiees are reswnsible for the oiher information. The other informaiion comprises the information included in the annual report. other than the financial staiemenrs and our auditor's repoit therèon Our opinion on the financial statements does not cover the other information and. except to the extent otherwise explicitly stated In our report. we do not express any form of assurance conclusion thereon. 16 WESTCOUNTRY F2IVERS TRUST IA Company Limited by Guarantee) INDEPENDENT AUDITORS, REPORTTOTHE MEMBERS OF WESTCOUNTRY RIVERS TRusr FOR THE YEAR ENDED 31 DECEMBER 20 In connection with our audii of Ihe financial siatemenis. our responsibility is to read the other infoimatiorn and. in doing so. consider whether the other information Is materially inconsistent with the financial statements or our knowledge obtained in rhe couise of the audii. or otherwise appears to be materially misstated. If we identify such material inconsigtencies or appaieni maierial m15Statements, we are required to determine whether this gives rise to a material missiaiement in the financial statements or a material misstatement of the other information. If, based on the work we have performed. we conclude thai there is a material MI￿tateMent ofthis other ir)formation, we re required to report that fact. We have nothing 10 report in this regard. Opinion on other matters prescribèd by the Companies Act 2006 In our opinion, based on the work undertaken In the course of the audit.. rhe information given in the Trustees. Report (which includes the directors, report prepared for the purposes of company lawl. for the financial year foi which the financial staiements are prepared Is consistent with the financial statements". ènd the Directors. Report Included within the Trustees, Report has been prepared in accordancè with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the Charity and its environmènt obtained in the course of the audit, we have noi identified material misstatements in the Trustees Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you, if, in our opinion.. adequaie accouniing records have noi been kept, or returns adequate for our audit have not been received from branches not visited by us., or the financial statement5 ale not in agr&mènt with the accounting records and returns.. or certain disclosures of trustees, remuneratiori specified by law are not made". or we have not obtained all the ir)formation and explanation5 we require for our 8LJdit". or the Truste￿ were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies. exemptions In preparing the Trustees, Report and from the requiiement to prèpare a sirategic report. Flesponsibilities of the trustees As explained more fully in the Statement of Trustees. Responsibilities set out on page15, the trustees Iwho are a150 the diiector5 of the Charily foi the purposes of company lawl are responsible for the preparation of the financial statement5 and for being Satisfied th6t they give a true and fair view. and lor such internal control as they determine 15 necessary to enable the preparation of financial siatements that are free from material missiatement. wheiher due to fraud or error. In preparing the financial 5tatement5. the trustees ale responsible for assessing rhe Chaiiiy's ability to continue as a going concern, disclosing, as applicable, matters related to going concein and using Ihe going concern basis of accoLJnting unless the trustees either Intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do 5Q. 17 WESTCOUNTRY RIVERS TRUST IA Company Limited by Guarantee) INDEPENDENT AUDITORS. REPORTTOTHE MEM8ERS OFWESTCOUNTRY RIVERSTRU FOR THE YEAR ENDED 31 DECEMBER 2025 Auditor's responsibilities for the audit of the financial statements Our obieciives are 10 obiain reasonable assurance about whether the financial £t3tements as a whole are free from material misstatement, whether due to fraud or error, and to Issue an auditor's report that includes our opinion Reasonable assurance Is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when li exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to irnfluence the economic decisions of Ljgers taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and r*ul31iDns. We design procedure5 in line with our re5pon5ibilitie5, Outlined above, to detect material misstatements in respect of irregulaiitie5. including fraud. The extent to which our procedures are capable of detecting irregulariiies. including fraud is detailed below-. As part of our audit planning we obtained an understanding of the legal and regulatory framework that Is applicable to the Charity and the sector in which it operates to identify the key laws and regulaiions affecting ihe Chariiy. The key regulaiions we identified were Charity legi512rion. health 2nd ￿fetY regulations. employment law5, and The General Data Protection ReguSation IGDPRI and Charity Commission requirèment5. We 8150 considered those laws and regulations that have a direct impact or) the preparation of the financial statement5, primarily Ihe Companies Act 2006. the Charities Act and Ihe Charities SOQP. We discussed with management how the compliance with these laws and regulation5 Is monitored and discussed policies and procedures in place. We also Identified the individua15 who have resporisibility for ensuring that the Charity complies with laws and regulaiions and deals with reporting ariy 155ues If they arise. As part of our planning procedures, we assessed the risk of any non- compliance with laws and regulations on the Charitls ability to continue its activities and the risk of material missiaiement 10 the accounts. Based on this understanding we designed our audit procedure5 to Identify non-compliance with such law5 and regulations. Our procedures involved the following. Enquiries of management and those charged with governsnce regaiding theii knowledge of any non-compliznce with laws and reguSatioris by the charity or it5 subsidiary that could affect the fin3ncial statements. As part of these enquiries we also discussed with management whether there have been any known Insiances, allegaiions or suspicions of fraud. Fleviewed filings with the Charity Commissiorn and enquired with management whether there weie any Seriou5 Incident Reports made during the year of which there were nor)e. Reviewed legal and professional costs to identify any possible non-compliance or legal costs in respect of non-compliance. Reviewed Board rninute5", Audited the risk of management override of controls, Including through testing Journal entries and other adjustments for appropriateness, and evalLJating Ihe business rationale of significani transaciion5 Outside the normal course of bu5ine$5 of which there were none. Fieviewed estimates and judgemènts made in the accounts for any Indication of bias and challenged assumptions used by management Iri making the estimates. 18 WESTCOUNTRY RIVEF2S TRUST IA Company Limited by Guaranteel INDEPENDENT AUDITof4S' FiEPORTTOTHE MEM8EFiSOF WESTCOUNTFIY RIVERSTRUST FOR THE YEAR ENDED 31 DECEMBEFI 2025 Audited a 58mple of income and expenditure to ensure that It had been allocated to the correct restricted fund. A further description of OLJr responsibilities is available on the Financial Rèporting Cour)cil's web51te at This descripiion 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 accordance with Chapter 3 of Pari 16 of the Companie5 Act 2006. Our audil woik ha5 been undertaken 50 that we might State 10 the Charify's member5 those matters we are required to srate to them in an auditor'5 repori and for no othèr purpose To the fullest extent permitted by law, we do not accept or assume resp0Tr5ibility to anyone othei than the Charitgs members a5 a body, for our audit work, for this report, or for the opinions we have formed. fC6f (C￿-¢ COL Sharon Austen FCCA (Senior Statutory Auditorl PKF Francis Clark Sigma House Oak View Close Edginswell Park Torquay TQ2 7FF Date.. 19 WESTCOUNTRY RIVERS TRUST IA Company Limited by Guarantee) CONSOLIDATED STATEMENTOF FINANCIALACflVITIES IINCLUDING CONSOLIDATED INCOMEAND EXPENDITUFIE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2025 U nrestricted Fund5 Restricted Total Tota Funds Funds Funds Note 2025 2025 2025 2024 Income from.. Donation5 24,J5 I,S93,096 702,729 1233,629 7Z7.044 154,918 3,806.775 697 Charitable actiwties 3,826,725 other Irading activities Investments 2%256 25,256 3,446 4,582.S56 37334 4.417 4,004.147 Other 3,446 1.646,198 2,936,358 Expenditure on.. aising fund5 Charitable attivitie5 Other Z939 4.078,848 10 1,463,917 2806,298 4,ZIO,J5 Total 1,491,172 2,806,298 4,297,470 4,081,787 Net gains on investments Net incomellexpenditurel Transfers between funds 22 2174 2174 48 157.200 130,060 287,260 177,5981 119,2471 137,953 19,247 Net moverllent in funds 149,307 287,260 177,5981 Fieconciliation of funds Total funds brought forward Tota I funds ¢arried forwa rd I,￿7,207 1,689,160 587,173 736,480 2138380 2,425,640 1215,978 2,138,380 25 The statement of financial activities includes all gains and losses recognised In the year. All income and expenditure Is derived from continuing activities. The notes on page5 23 to 49 foim part of these financial statements. 20 WESTCOUNTRY RIVERS TRUST IA Company Limited by Guarantee) BALANCE SHEET AND CONSOLIDATED BALANCE SHEEr (Company Registration number- 065456461 ASAT31 DECEM8ER 2025 Group 2025 Group 2024 Cha rity 2025 Charity 2024 Note Fixed assets Intangible a55ets Tangible assets Investments 18 19 95,406 251,882 347,288 113,865 95,406 251,982 347,388 113.865 100 20 113,865 113,965 Cu rrent assets Debtors 21 1363,005 1522.984 367 7,356,607 1,483,771 367 Investments 22 Cash at bank and in hand 29 4 635.227 1,250.946 4.%7,053 1,205,337 5,998,890 2,774,297 5.904,318 2,689,475 Liabilities Creditors falling due within one year 23 13,920,538) 1749,7821 13,841.6041 1677,6101 Net cu rrent assets 2,078,352 2,024,515 2,062,714 2,011,86S Total assets less current 142S640 Z138380 Z410.102 1125,830 Net assets 2,425,640 2.138,380 2,410,102 2,125,830 The fu nds of the charity.. Unrestricted funds 25 1,689.160 736.480 IS￿,207 581,173 1,673,622 736.480 I,￿8,657 587,173 2,425,640 2.138,380 2,410.102 2,125,830 Restricted funds 25 Total charity funds The trustees have prepared group accounts in accordancewith section 398 of theCompanie5 Act 2006 and section 138 if the Charities Act 2011. These accoLJnts are prepared in accoidance with the special provisions of Pait 15 of rhe Companies Acr relating to small companies and constitute the annual account5 required by the Companies Act 2006 and are for circularion to members of the company. The notes on pages 23 to 49 form part of these financial statements. Thè financial statèmènts wère a by: pro ed by the rrLJStees on 23td lune 2026 and signed on Iheir behalf A SoLJihall Chairman 21 WESTCOUNTRY RIVERS TRUST IA Company Limited by Guarantee) STATEMENTOF CASH FLOWSANDCONSOLIDATED STATEMENTOF CASH FLOWS FOR THEYEAR ENDED 31 DECEMBER 2025 Group 2025 Group 2024 Charity 2025 Charity 2024 Note Cash fromllused in) operating activities 28 3.650.838 174,1341 3,608,273 195,0031 Cash flows from investing activities Interest Income 25,256 P50,0001 141,8131 37,334 25,256 1250,0001 141.8131 37,334 Cash Invested Purchase of iangible fixed assets Cash provided byllused inl investing activities 155,2191 155.2191 1266,$571 117,8851 1266.5571 7,8851 Increase/ldÈcrèasel in cash and cash equivalents in the year 3384.281 192,0191 3J41.716 D12,8881 Cash and cash equivalents at the beginning of the year 1,250.946 1,342,965 1,205,337 1,318.225 Cash and cash equivalents at the end of the year 4.635,227 1,250,946 4547,053 1,205337 The notes on pages 23 to 49 form pari of these financial statements. WESTCOUNTF2Y RIVERS TRUST IA Company Limited by Guarantee) NOTESTOTHE FINANCIAL STATEMENTS FOR THE YEAFI ENDED 31 DECEM8ER 2025 l Accounting Policie5 The principal accounting polici&s adopt&d,judgements made and key SOLJrces of estimation uncertainty In Ihe preparation of the financial statements are as follows.. al 8asis of preparation of financial statements and assessment of going concern The financial 51è1emenis have beer) prepared In accordance with Accounting and Reporting by Charities." Statement of Recommended Praciice applicable to chariiies preparing their accounts in accordance with the Financi31 Rèporting Standard applicable in the UK and Republic of Ireland IFRS1021 (effective l January 20191- (Chaiities SORP IFFIS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102 (March 201811 and Ihe Companies Act 2006. The rrusrees consider thar rhere are no material uncertainties about the charity's ability to continue as a going concein, see Trustees Fleport for fLJrther details. Westcountry Rivers Trust meets the definition of a public benefit entity under FRS 102 Assets and liabilities are initially recogni5ed at historical cost or transaction value unle55 Otherwise stated in the relevant accounting policy note. bl Group financial statements The financial stat&ment5 consolidate the results of the charity and lis wholly owned subsidiary Westcountry Rivers Limited on a line-by-linè bagis. A Separate Statement of Financial Activitie5 and Income and Expenditure Account for the charily has not been presented because the Trust has taken advar)tage of the exemption afforded by sèction 408 ofihe CompaniesAct 2006. cl Income All income. including income from government and other grants, Is recognised when the charify hag entitlemenr to the funds, any performance condiiions aitached 10 the itemlsl of Income have been met, It 15 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. ncome from the performance of services is recognised In accordance with the stage of completion as determined by ieference to the contract specifications. This can be by milestones delivered. time Spent by staff compared to the lime budgeted for delivery of the contract or more commonly by costs ir)curred compared to total expècted costs. dl Fund accounting Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objective5 of the charity and which have not been designated for other purposes. Restricted funds are fund5 received which are to be used in accordance with specific resiriciions Imposed by donors or which have been raised by the chaiity 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 between funds are executed for project5 which have been completed but have required support from the charity's unrestricted funds to ensure maximum Impact of the project, or where rhe fund hès a remaining surplLiS Transfers of a surplus to unrestricted fund5 only take place with the funders, consent. WESTCOUNTRY RIVERS TRUST IA Company Limited by Guaranteel NOTES TOTHE FINANCIALSTATEMENTS FOR THE YEAR ENDED31 DECEMBER 2025 l Accounting Policies Icont.) el Expenditure and irrecoverable VAT Expenditure 15 iecognised once there is a legal or constructive obligation to makè a payment to a third party. it 15 probable that settlement will be required. and the amount of the obligaiion can be measured reliably. Expenditure is classified under the following activity headirigs". Costs of raising funds comprise the costs of commercial trading including costs of the wholly owned trading subsidiary that do not relate to charitable activities, and their associated support costs. Expenditure on charitable 8ctivitie5 comprise the cos15 of delivering projects and educational activities undertaken to further the purposes of the charity and includès some of the activities of the wholly owned trading subsidiary where these are clearly linked to charitable aciiviiies but cannoi be carried our by Ihe charity directly, usually due 10 Ihe geographical restriction within the charitys governing document. It also includes associated support costs. Irrecoverable VAT 15 charged a5 a cost against the activity for which the expenditure was incurred. Grants payable are Included in expenditure in the year In which the offer Is made and communicated 10 the recipient except in those cases where the offer is conditional. Conditional grants are recogni5ed as expenditure when the performance related conditions set out in thè grant agreemènl alé fulfillèd Gr8nt5 offered subjèct to conditions which have not been met at the yeai-end, ar& noted as a commitment. but not 3ccrued in expenditure. Employee benefits Expenditure or) redundancy payments and other termination benefit5 are recogni5ed once there Is a legal or consiructive obligation 10 make a payment to an employee, it Is probable that the employment will be ierminated and seiilement will be required, and the amount of the oblioation can be measured reliably. gl Allocation of support costs Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Suppori cost5 include back office costs, finance, personnel, payroll, and governance costs which support the charity's delivery ol projecrs and activities. These cost5 have been allocated between costs of rai5ir)g funds and expenditure on charitable activities. The bases on which support costs have been allocated are set out ir) note 12. h) Operating leases Rental charges under operating leases are charged on a straight-line basis over the term of the lease. Intangible assets Intangible assets relate to the purchase of timesheet and expenses software. Intangible assets are capitalised ai cost and are amortised over their estimaied useful economic life as follow5 Software 25% straight line The amortisaiion raie reflects Ihe chariry's assessment of the period over which economic bènèlitg will flow to the charity as a result of reduced Staff time costs béfore the software will face significant risk of technological obsolescence. All assets are examined annually for potential Impairment and any material reduction5 in value ale recorded and the asset writien down èt the year-end 24 WESTCOUNTRY RIVERS TRUST IA Company Limited by Guarantee) NOTESTOTHE FINANCIALSTATEMENTS FOR THEYEAR ENDED31 DECEMBER 2025 l Accounting Policies IconLI jl Tangible fixed assets Individual fixed assets costing £￿0 or more ale capitalised at cost and aré dèpieciated over their estimated useful economic lives a5 follows FLJrniture. fiftings and eqLJipment 25-33% straight line All assets 8rè èxamined annually for potential Impairment and any material reduction5 In value are recorded and the asset writtèn down at the year-end. kl Debtors Trade and other debtors are recognised at the 5ettlemer)t amount due. Prepayments are valued at the amount prepaid. Accrued income Is recognised where the criteria for recognising income has been met ai the year-end but the claim or invoice has not beer) submitied/i￿￿ed until after the year-end. The charity and trading gubgidiaiy undertake the delivery of multiple projects that span sever31 months and can cr05S the year-end. Amounig recoverable on contracts are recognised based on their Stage of completion ènd measured at cost plus profit to the èxteni that such profit Is reasonably certain and after making piovision for any foreseeable losses in completing contracts, less payments on account received. Investments Investments are a form of basic financial Instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing qLJOted markei price. The statement of financial activities Includes the net gains and losses arising on revaluaiion throughout the year. Investments in subsidiaries are v8lLJed at cost less provision for impairment. ml Cash at bank and in hand Cash at bank and cash in hand includés ¢ash held in currènt and savings accounts in UK banking instituiions and short term highly liquid inve5tment5 With a maturity of three months or less from the date of deposit. n) Creditors Crediiors are recognised where the charity has a present obligation resulting from a past evernt that will probably result in the transfer of fLJnds to a Ihird pariy and the amount dLJe to settle the obligation c3n bè meagurèd or egtimated reliably. Creditors are normally recognised at their settlemer)t amount after allowing foi any ti&de discounts due. Creditors are discounted to their present value where they are due after more than 12 months and where the impact of discounting is material. ol Financial Instruments The chzriiy only has financial assets and financial liabilities of a kind that qualify as ba51C financial iristruments Basic financial instrumenis are initially recognised at transaction value and subsequently measured at their seltlement value. pl Changes to FRS102 in future periods The Financial Reporting Council has published changes to FRS102 which will take effect In next year'g financial statemenis. The main changes are to revenue and leases. There Is no requirement to restate figures from previous years, so we do noi expect any changes to the figures we report here for the year to 31 December 2025 We expeci Ihat in fuiure years. our main lease5 including those for our office building. will be broLighi onto the balance sheeis as right of use a￿et5 and lease liabilities. Payment5 on these leasès afrer l January 2026 will be classified as depreciation or interest payable 25 WESTCOUNTRY RIVERS TRUST IA Company Limited by Guarantee) NOTESTOTHE FINANCIALSTATEMENTS FOR THEYEAFI ENDED31 DECElvlBER 2025 l Accounting Policies Icont.) ql Pensions The charity operates a defined contribution pension scheme and membership is open to all employees of the charity and its trading sub5idiaiy Thè asgeis of the scheme are held 5epaiately from those of the charity. The charity matches employee contributions of 6% with an employer contribution of 9% and Ihe contributions are paid into the fund monihly. The contributions made for the 3ccounting period are treated as an expense and were £169.376 12024.. 046,2791. Contributions totalling £nil12024." £nill were payable to the fund at the balance sheet date. rl Foreign currencies Monetary assets and liabilities denominated in foreign currencies 8re tran518ted irnio sieiling t rates of exchang& ruling at the balance Sheet dale. Transactions in foreign currencies are Iranslated into sterling at the late iuling on the dare of the transaction. Exchange gain5 are recognised as other Income in the Statement of Financial Aciivities and exchange Io55e5 ale recognised as a support cost and allocated as Set out in gl above. 51 Funds held as an Agent The charity acts as an agent In respect of certain funds received 2nd disbursed on behalf of third parties Where the charity is acting as an agent, it does not have conrrol over the application of the Funds and therefore these transaction5 do not form part of the charity'5 Income or expenditure. Fur)ds held 35 agent alè excluded from Ihe Statement of Financial Activities. Amounis received and paid on behalf of third parties are accounted for on a net ba515. Any balances held at the reporting date respect of agency arrangements are disclosed separaiely In the notes to the acctsunts tl Classification of income and expenditure of the wholly owned trading subsidiary The chaiity's trading subsidiary provides a number of 5eivices focussed on using the skills and experience developed in the charity to promote ecosystem services nationally and support delivery of the charity's objeciives on a national scale. These activities are actively soughi to further the purposes of the chariry rather than a purely fundraising activity. Chaiities SORP IFRS1021 states that activities underiaken by a subsidiary that fall within a parent charity's purposes should be analysed 8s charitable activities in the cc>nsolidated financial statements. The trustees believe that this classification reflect5 the true impact that the charity and the group has In achieving its charitable objectives and that information presented in this way is mole relevant to assessing the charitls activities and achievements All income and exper)diture deiived from chariiable activitie5 cairied out by the trading subsidiary have been inclLJded within Income fromlexpenditure on charitable activities. see note 6 for dètails 2 Legal status of the Trust The Trusr is 3 company limited by gu3rantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limitèd to O per member of the charity. The Trust is incorporated ir) England and Wales. 26 WESTCOUNTRY RIVEFIS TRUST IA Company Limited by Guaranteel NOTESTOTHE FINANCIALSTATEMENTS FOR THEYEAR ENDED 31 DECEMBER 2025 3 Financial performance of the charity The consolidated staiement of financial activities includes the results of the charity'5 wholly owned Subsidiary which provides an array of enviionmer)tal consultar)cy services. The summary financial performance of the charity alone 15.. 2025 2024 Income 4.476.500 3,932,619 6,000 4,663 3.943.282 Management charge ro subsidiary company Cift aid from subsidiary company 6,000 1.821 4,484.321 Expenditure Net Ilossllgain on investments 14,202.2231 2.174 14.018.0871 48 14.200,0491 14,018,039) Net incomellexpenditurel 284,272 174,7571 Total funds broughi forward Total funds carried forward 2,125,830 2,410,102 2,200,587 2,125,830 Flepre5ented by.. Unrestricted income funds 1,673,622 1.538.657 Restricted income funds 736,480 587.173 2.410.102 2.125.830 4 Income from donations Income from donations and non-pèrfoimance related gianis was £127,04412024'. £154,918), of which £24,31512024". E24.0091 related to unre5tiicted donations and £102,72912024.' £130,909) related to restricted income, comprising donations of £87,486, non-performance related grants of £118,243 and Enforcement Underrakings of £497,000. Government grants received in the year and included in income from donatlOn5 above amount to £30.00012024 £33,700) Government grants were received from rhe Environment Agency. FLJiiher dètails of the nètuie and amounr of govèrnment grants recognised in the accounts are included in r)ote 25. As noted In the trustees report the chariiy benefiis noiably from the involvÈmÈnr and enthusiastic coniributions of volunteers. In accordance with FRS 102 and the Ch3ritie5 SORP IFRS 1021, th Èconomic ¢ontribution of geneial volunteer5 is riot recogni5ed in the accounts. 27 WESTCOUNTRY RIVERS TRUST IA Company Limited by Guaranteel NOTESTOTHE FINANCIALSTATEMENT5 FOR THEYEAR ENDED 31 DECEMBER 2025 S Income from charitable activities 2025 2024 Protecting rivers alancing land use Evidence and engagement Total income from charita ble activities 1.413,292 1,408,809 1,004.624 3,826,725 1.135,301 Z003,128 66&346 3,806,775 Income from charitable aciivities was £3,826,72512024'. £3,806,775) of which Q,593,096 was unrestricted12024. £1,578,3531 and £2,233,629 restricted12024'. £2,228,422) Included wiihin unrestricted income from charitable activities above is income generated by the subsidiary from charitable activities of £105,97112024". £70,8261. Further details of the trading 5ubsidiaiy's operations and resu115 are included in note 6. Governmeni granis received in the year and Included in Income from charitablè 8Ctivities above amount to £2,251.55712024 £1,T75,1541 Government granis Includes funding received from the Environment Agency1£726.8431. Ihe European Union1£240,1901, Natural England1£35,6351. Defr 1£11,4531, Coinwall CoLinty Council1081.0981, Devon County Council1£247,3071 and Ofwat 1£344,5001. Further (Jetails of the nature and amount of government grants recognised ir) the accounts are Included In note 25. 6 Income earned from other trading activities The wholly owned trading 5ub5idiary Westcounlry Rivers Limited is incorporated In the United Kingdom (company number 30903101 and pay5 511 it5 profits lo Ihe chaiily under Ihe gift aid scheme. Westcountry Rivers Limited provides environmental consultancy 5eivices rhat both directly fLJrthei Ihe charitable purposes of the charity or otherwise complement the charity's activitie5 rhiough its provision of ecological services. A summary of the trading results 15 Shown below. Other Trading Activities Charitable Activities 202S 2024 Turnover Cost of sales 105.9 192,6021 106,056 71,523 192.6021 160,7601 13,454 10,763 Gros5 profit Admini5rration costs lincl. management charge) Net profit 18,6481 1&9421 4,806 1.821 28 ¢• WESTCOUNTRY RIVERS TRUST IA Company Limited by Guarantee) NOTES TOTHE FINANCIALSTATEMENTS FOR THEYE4R ENDED31 DECEMBER 2025 6 Income earned from other trading activities Icont.I 2025 2024 Opening capital and reserves Net profit for the year Distribution.. donation gift aided to the charify Closing capital a nd reserves 72,￿2 15,394 1,8J 11,8Jl 14,6631 IS,537 12.552 The assets and liabilities of the subsidiary were.. Current assets 102320 87,726 186,7831 175,1741 15,537 12,552 Current liabilities Total net assets Sha re ca pital a nd reserves 15,537 12,552 The charitgs subsidiary company provides a number of services thai are in furtherance of the charity's objectives but that cannot be carried out by the charity due to the geographical restriction within the charity's governing document limiting irs area of operaiion to the West Country. These services cover all the charity'5 charitable activities and in accordance with SORP IFRS 1021 Income and expenditure from the provision of these service5 ha5 been included within unrestricted income fromlexpenditure on charitable activities in the consolidatèd financial statement5. 7 Investment income All the group'5 investment income of £25.25612024.' Q73341 arises from money held In interest bearing deposit accounts. 8 Other income 2025 2024 Other income 3.446 3,446 4.417 4,417 Total other income 29 WESTCOUNTRY RIVERS TRUST IA Company Limited by Guarantee) NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED31 DECEMBER 2025 9 Analysis of éxpenditLJre on raising funds 2025 2024 Commercial trading operations Salaries and other staff costs Support costs Total expenditure on raising funds 2,648 19,461 5,146 27,255 1939 2,939 10 Analysis of èxpenditure on charitable activities Current Year Activities Undertaken Di rectly Grant Funding of Activities Support Costs 2025 Protecting rivers Bala ncing land us Eviden￿ and engagement Tota I lJ21.237 971182 889,942 3,183,361 61,434 363,246 7,500 432,180 264.193 220.579 169.902 654.674 1.646.864 1.556,007 1,067344 4,270,215 Previous Year Activities Grant Undertaken Funding of Di rectly Activitie5 Support Costs 2024 Protecting rivers BalarTrcing land use Evidence and engagement Tota I 958,630 1,229,697 682,782 2,871,109 184,6 9,948 10,725 515,358 211 357,200 122,828 692.381 I,3￿,668 1,906,845 816,335 4,078,848 Expenditure on charitable activities was £4.270.21512024'. £4,078,8481 of which 0.463.917 was unrestricted12024.' £1,548,7441 and £2,806,298 was restricted12024.' £2,530,1041. Included wiihin unrestricted expenditure on chaiitable activiiies above is expenditure incurred by the 5ub%idiary on charitable aciivities of £92,60212024.' £60,7601. Further details of the trading subsidiary's operations and results are included in note 6. 30 WESTCOUNTRY RIVERS TRusr {A Company Limited by Guarantee) NOTESTOTHE FINANCIALSTATENIENTS FOR THE YEAR ENDED31 DECEMBER 2025 11 Analysis of grants Grant5 to Individuals Number of Number of Tota I Tota I grants 2025 grant5 2024 2025 2024 Balancing land use Protecting Rivers Evidence and engagement Tota I 68.590 78,Z78 400 68,590 78,678 Gra nts to Oiga n isations Number of Number of Tota I Total grants 2025 grants 2024 2025 2024 Bèlancing land use Protecting Rivers Evidence and engagement Tota I 294,656 61.434 7.500 363.590 18 241,670 192.810 2,200 436,680 25 10 25 41 Recipients of institutional grants in the current year were pariner organisations with whom the charity works closely. in order thai Ihey can carry out acrivities diiecrly. 12 Analysis of governance and support costs Thé charity initially identifies the cost ol its support functions. It then Identifies those costs which relate to the governance function. Having identified these costs, the Support costs together with the governance costs are apportioned beiween the Ihree key chariiable activiiies Lindertaken in the year (see note101. Support costs are noi allocated to grant making Specifically as all giant making Is underiaken within the femit of specific projects and rherefoie the key driver of gianr making activitieg is the time spent by staff delivering the projects that form part of each charit3ble 3Ctivity. All support cost5 are allocated based on the direct labour hours charged by staff to each activity In the year. The analysis of support costs Is as follows.. 31 WESTCOUNTRY RIVERS TRUST IA Company Limited by Guarantee) NOTESTO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED31 DECEMBER 2025 12 Analysis of governance and support costs Icont.) Providing Ra ising Protecting Balancing evidence & Funds rivers land use engaging people Current Year 2025 Salaries and other st3ff 2869 147.297 122.980 94,685 367,￿1 costs Travel and sub51Stence 46 2353 9.006 1,965 7.519 1,519 5,797 Professional fees 175 22,497 Finance costs and exchange105ses Office costs Communication and 11361 16,9991 15,8431 14,4961 117,4741 961 49,313 41.172 ,718 123.164 eng3gement Depreciation 3r)d amoriisation Other cos15 456 23,424 19.5S7 15,069 506 441 22,632 17.767 ia896 14.333 14,560 11,045 169,902 Governance 42.879 659.820 Tota I 5,146 264,193 220,579 Providing Raising Protecti ng Ba lancing evidence & Funds rivers lènd use engaging people Previous Year 2024 Salaries and other staff 126,217 211310 72,964 411.491 Costs Travel and subsist&n Professional fees 1,943 3,268 3,176 1.130 6,341 6.161 Finance costs and exchange losses Office C(￿t5 1.168 1,965 681 3,814 36,322 61,098 X,014 118,434 Communicaiion and 204 342 669 engagement Depreciation and amortisation 19.941 543 11.$19 65,023 Other costs 14.OZI 10.643 212,353 23.595 17.903 357,200 8,119 6,161 122,828 45,741 34,707 692,381 Governance Total 32 WESTCOUNTRY RIVERS TRUST IA Company Limited by Guarantee) NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED310ECEMBER 2025 13 Net income/lexpenditurel for the year This is stated after charging/lcreditingl'. 2025 2024 Operating lease payments Amortisation Depreciation Exchange Igainslliosses recognised Auditors remuneration". 35,594 34.4SI 58.502 118,1651 65.020 11.7341 Audit fees Accountancy and tax services First Level Controller Services 20,ISO 275 14.475 100 4,124 14 Analy515 of staff costs, trustee remuneration and expenses, and the c05t of key management personnel 2025 2024 Salaries Social security costs Pension cost5 I￿8,998 771148 169.376 2,760,522 Z205,782 I￿599 146,Z79 2,551,650 Four employees had employee benefits in excess of £60,00012024'. foLJrl falling within the following bands". 2025 2024 £60.000 . £69.999 £70.000. £79.999 £80,000 - £89,999 £90,000 - £99,999 Pension costs are allocated to funds and activitie5 In proportion to the related stafling costs incurred The charity trustees were not paid, nor did they receive any other benefiis from employment with the charity Or it5 subsidiaiy in the year12024" Enill During rhe year. I trustee12024. nil) was reimbursed a total of £13312024.. nil) for out-of-pocket expenses incurred in carrying out their duties. These expenses primarily related to travel to trustee meetings, site vi51ts, and charity events. All expenses were reimbursed in accordance with the charity s expenses policy. No charity trustee received payment for professional or other services gupplièd to rhe charity12024 £nill. 33 WESTCOUNTRY RIVERS TRusr IA Company Limited by Guarantee) NOTES TOTHE FINANCIALSTATENIENTS FOR THEYEAR ENDED 31 DECEMBER 2025 14 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel Icont.) The key managemenr personnel of the group comprise the trustees. Chief Executive Officer, Finance Director and Director of Operations. The iotal employee benefits of the kèy management personnel of the group were £267,20912024". £294,273). During the year. no terminaiion payments were made by the chèrity12024'. £19,060 in respect of three employees who ceased employment). The charity pay5 an insurancè prèmium 10 indemnify trustees and senior staff from any loss arising from Ihe neglect or default of trustees or staff and any consequent loss. 15 Staff numbers The average monthly head couni was 74 staff12024'. 741 and staff were engaged in the activities of the group as follows.. 2025 2024 Trading Project delivery staff Core support staff 60 13 13 74 74 16 Flelated party transactions The trustees have considered related paities and have identified the following transactions requiring disc105ure" During the year lan Townsend, a trustee. commissioned the charity to deliver b3nkside reinforcements works on a property owned by him. The works were planned and managed by rhe charity in line with other similar work5 and were Cafried OLJI on an arm length basis. The charity received 01,946 from the trustee during the year for this work. DLJring the prior year, the charity paid a grant of fl.OSO to Stoodleigh Moor Farm, owned by Andy Torrance. as part of the Upstream Thinking initiative. Andy Torrance is a trustee of the charity. No grants were paid to Stoodleigh Moor Farm during thè CLJrrent year, and no amounts were outstanding at the yèar-end12024. £nill. Grant awards under the Upstream Thinking project are approved by an internal panel of staff, and Andy Torrance has no involvement in, or influence over, these operational decision5. 17 Corporation tax Thè charity is exempt from tax on Income and gains falling within section 505 of the Taxes Act 1988 or *ction 252 of the Taxation of Chargeable Gain5 Act 1992 to rhe extent Ihat these are applied to its charitable objects. 34 ¢Q¥ WESTCOUNTRY F2IVERS TRUST IA Company Limited by Guarantee) NOTESTO THE FINANCIALSTATEMENTS FOR THEYEAFI ENQEO 31 DECEMBER 2025 18 Intangible assets Group Software Charity Softwa re Cost. As ai l January 2025 Additions Di5P05a15 As at 31 December 2025 5,878 5.878 s.￿8 5.878 Amorti￿tion. As at l January 2025 Charge for the year On dispo￿1% As at 31 December 2025 5.878 5,818 5,878 s,￿8 Net book value". As at l January 2025 As at 31 DeTrmber 2025 19 Tangible fixed assets Group FLJrniture, Fittings & Equipment Charity Furniture, Fittings & Equipment Cost.. A5 at l January 2025 Additions 576.708 41,813 151.8551 566,666 S76.708 41,813 151,8551 566,666 Disp￿1% As at 31 December 2025 Depreciation.. As at l January 2025 Charge for ihe year Orn d15posals As at 31 December 2025 462,843 58,502 150,0851 471,260 462,843 S9,502 150.0851 471,260 Net book value.. As at I lanuary 2025 As ai 31 December 2025 IT3.865 95,406 113,865 95,406 35 WESTCOUNTRY RIVERS TRUST IA Company Limited by Guarantee) NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDE0310ECEMBER 2025 20 Fixed asset investments Investments are recognised Initially at cost and 5ub5equently measured at fair value at the balance sheet date. Investments comprise Ljnits in pooled investment funds managed by third partie5 and 100 ordinary share5 of a each held in Ihe chariws wholly owned trading subsidiary, Westcountry Rivers Limited. The result5 of the trading subsidiary are summarised In noie 6. The registered office of Westcountry fiiver5 Limited 15 Rain-charm House. Kyl Cober Parc, sioke Clim£land. Cornwall, PL17 8PH. The fair value of pooled investment funds is determined by reference to the published net asset Value pei unit piovided by the fund manager at the rèporting date. The Invesimeni In the trading subsidiary Is held at cost less any impairment. The subsidiary 15 incorpoiatèd in the Uniied Kingdom and the shares held represent the only shares allotted, called up and fully paid Rèalised and unieali5ed gains and1055es on investmènts are recognised in Ihe Statement of Financial Activities in the period in which they arise. Group 2025 Group 2024 Charity 2025 Charity 2024 fdark&t value a5 at l January Additions during year Unrealised gairVIIDssl on revaluation Market value as ai 31 December 250,000 1,882 250,0 1.882 251.882 251,982 100 21 Debtors Group 2025 Group 2024 Charity Charity 2025 2024 Trade debtors Other debtors 4,302 420,$93 938,120 38,689 748,291 736,004 420.583 928.Z75 7.749 1,363,OOS 1,522,984 1,356.607 1,483,771 748.31 735,480 Prepayments and accrued income Amount due from subsidiary undertaking 22 Current asset investments Group 2025 Group 2024 Charity 2025 Charity 2024 Market value as èt l January Unrealised gainlllossl on revaluation Market value as at 31 December 367 J9 367 319 48 658 367 658 367 Invesimenrs are carried at their fair value. Investments consist of equities traded on the London Stock Exchange. The b8S15 of fair value for quoted investments is eqLiivalent to the market value, by reference to the London Stock Exchange website. Realised and unre31ised gains and losses are rècogniged in thè Statemenr of Financial Activities. 36 WESTCOUNTRY RIVERS TRUST IA Company Limited by Guarantee) NOTESTO THE FINANCIALSTATEMENTS FOR THEYEAfi ENDED31 DECEMBER 2025 23 al Creditor& amounts falling due within one year Group 2025 Group 2024 Charity Charity 2025 2024 Tiade creditors Other creditors Accruals Deferred Income (Nore 23bl Payment5 receivèd on account foi contracts Funds held as an Agent Inote 23cl Social security and other taxes Amount due to subsidary undertaking 171,095 178,152 137,963 ioo 154390 ioo IZ7,713 184,220 $2002 1,100.468 196.685 1,100,468 98,977 49,789 98,977 2,275,017 2275,017 147,268 140,936 147,077 140,936 2,902 3,920,538 749,782 3,841,604 677,610 132,808 196,685 49,7 bl Deferred Income Amounts def&rred at 31 December 2024 196,685 154,2731 958,056 1.100,468 Amounts relea*d in year Amounts defeired In the curient year Amounis deferred at 31 December 20 Project Income received in advance is deferred until the related project expenditure has been Incurred. l Funds held as an Agent Balance held at J Oecember 2024 Amounts received during the year Amounts paid Dut during the year Balance held at 31 December 2025 4,272,552 11,997,535) 2,275,017 The balance of £2,275.017 represents funds collected on behalf of the pariners of Ihe WaterGrid, Horizon project, that have not yet been disbursed at the year end. This balance is held in a sepaiare designated bank account, denominated in euros and maintained in euro cuiiency to mitigate the exchange raie risk associated with payments to project partners. A corresponding creditor of the same amoLJnt is recognised within crediiors falling due within one year. While the charity acts primarily in an administrative capacity in relation to these funds. il benefiis from retaining the interest earned on the balance held, In accordance with the project funding arrar)gement5. 37 WESTCOUNTRY RIVERS TRUST IA Company Limited by Guarantee) NOTESTOTHE FINANCIALSTATEMENTS FOFITHE YEAR ENDED 31 DECEMBER 2025 24 Grant Commitments The charity entered into a number ol grant agreements during the year that have not been recognised as a liability In these accounts. These funding commitments are made to falmers as pari ofthe 5WW Upstream Thinking project. The charity enters into grant agreement5 to fund a proporiion of the total value of capital works being undertaken by the farmer to improve raw water quality. No gr3nt ig payable unless Ihe c3Pltal works are complèted in full and in accordance with the approved work5 set out in the grant agreement. Once the commitment has been made, the timeframe for it to be realised Is variable depending on the scale of the capital works undertaken. The charity generally expects commitments to be realised within oneyear of being made. Grant commitments are funded by South West Water within the scope of the SWW Upstream Thinking project All income to meei grani commiiments and 5ubsequeni expenditure representing grant payments to farmers are 5eparat&ly recogni5ed in 3 regtricred fund (note 251. At the year-end the charity had giant commitments equal to the restricted fund balznce of 4,30912024. £107,929) 38 WESTCOUNTRY RIVERS TRUST IA Company Limited by Guarantee) NOTESTOTHE FINANCIAL StATEMENTS For4 THEYEAR ENDED310ECEM8ER 2024 25 Analysis ofcharitable fund> Analysi5 of movements in unrestricted funds Balance at Incoming Resources 01-Jan-25 resources expended Transfers Gèinsl Balanee at Ilossesl 31-Dec-25 General fund 1.551.207 1,646,198 11.491,1721 119,2471 2,174 1.689,160 Analysis of charitable funds.. Analysis of movements in restricted funds Ba la nce at Incoming Resou rces 01-Jan-25 resources expended Transfers Gainsl Ba lance at Ilossesl 31-Dec-25 Agri Carbon Kernow Allen Improvemenrs APprent￿eShIpfvndlng- Tamara * 3.446 ,056 159.4011 P,208 899 7,060 4.852 226 7,116 ,5821 I￿,068} 12401 ARSINOE 587 50.481 Atlantic Salmon Conservation In the Teign Bio-capitsl Biospherescommunities Ca8A South Devon, Ca8ATamar' 60.000 12,7101 57,290 69.946 r70,0591 09,3281 05.0521 03,7791 176.07SI 198.7941 IZ11.￿3) 14,0091 Dl.579 Pl,6191 15.6971 153,6061 UO,7371 152,5801 19.328 15,000 15,000 5,779 4,4 757 6,4 Castco. 86,076 98,794 10,003 Climate ResilEnt MeVagI￿ey. Climate Resilient Otter Catchment i,s Dartmwi Headwater5 NFM. DEFRA Woodland5 for Water 5,176 1,167 11,4 19,000 13 Draynes Irnprovement5 Ecfucation funding Enfor Environmental Investment Fund Eurolakes 6,258 179 3,639 16,Z78 269 11,029 53.494 11,567 52.Y13 Exe E￿ct[O￿5hInQ Exe Phase 3- General IZ415 44,936 12,6981 125,3861 ,0001 114 39,238 F3rming in Protected L3ndscapes 25.771 Farm Net Zero 47,732 147,7331 Fisheries Improvement Programme Projects, Fowey Electiofishing Frome & Pidd 5,183 7,860 19,7641 514 3.799 665 2,117 10,401 8,000 P.4521 0.4011 82.143 182.1361 107,835 1,084,549 11,047,3991 Innwater Tota I funds carried forward 65 144,SSI 14341 39 WESTCOUNTRY RIVERS TRUST IA Company Limited by Guarantee) NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED310ECEMBER 2025 25 Analysis of charitable funds.. Analysis of movements in restricted funds Icont.I Balance Balance at I ncoming fie50urce5 01-J8 n-25 resou rces expended Transfers Gainsl Ilossesl 31-Dec-2S Totalfunds broughtforward Mainstreaming Nature Based Solutions. Mai2È ManagementTri8ls Open Flivers Prouramme Projects i Rapid Response Catchments Res11ient C4t¢hment Communities FliverCfyEt Improvements River F81 Improvements iver Mole Improvements Rv/ÈrTaw Shad Mapping piersTrust- Collaborative Fisheries Monttoring. $8lmon 107.835 1,084,549 11,047,399) 14341 144.551 1.762 72,790 174.5521 20,000 20.000 ,635 13S6361 5,812 247,307 125&1451 34 12,794 93.655 001,6781 14.7711 21,637 0,6791 120.3971 061 051021 17.958 430,000 Is.0001 404.603 18,088 2700 20,772 15,660 600 1,158 11.608 18,6601 2948 7.041 2,619 18,3451 17,4471 130,8701 l.J5 Sheppy Improvernents. 7,503 IS61 s￿ Valley Improvements 28.500 IZ3701 Stoke Climsland Farm Cluster FaCilitat￿Th Fund 17,070 07,0701 Strategic Exe Weirs Strategic Exe Weirs- Species riecovery, SWWCapital Crants IGreen Recovery & Upstream Thinking Project) Teign and Taw- Watèr Resioration Fund. TransformAFI 56,902 40.380 149,6701 3.000 50,612 58.969 15&9691 270,994 I￿.401) 118&2841 24.309 100.793 1100,2931 1,735 134,637 1134,5951 058601 1.777 UrbaQuantum 15,860 Water Environment Improvenient Fund Projects Water Worth Working For WateiGrid 41,565 288.894 1306,5781 19 21900 6,￿5 6.401 39.211 139,2111 086,1121 124.6431 WaterNetGBIn' 478 185,634 WestcountryAngling Passport Westcountry River Bank- NEIQF 24,644 40,105 140,1061 otherfunds 40.469 14,665 137.8671 1,245 18.512 587,173 2,936,358 12,806,298) 19,247 736,480 WESTCOUNTRY RIVERS TRUST IA Company Limited by Guarantee) NOTES TOTHE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 25 Analysis of charitable funds.. Analysis of movements in restricted funds Icont.) In rhe current year 6 projects that had been disclosed separately in the previousyear, have been included In 'Other funds, In the table above due to f811ing below thè Trugts, threghold for material funds requiring disclosure. These are identified by a. next to the fund name in the compèrarives table bèlow. Additionally. there ère 3 projects that had been Included in 'Other funds, in the previous year, but due to éxceeding the Trusts, thrèshold for material funds requiring disclosure 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 alx)ve. These are the reasons for the difference in the'Balance at l January 2025, for Other funds Included within restricted funds are several activities funded by government grants as Identified by an asterisk, 26 Analysis of charitable fund& AnalyS￿S of movements in unrestricted funds (previous yearl alance Incom ing Resources Gainsl resources expended Ilossesl Balance at Transfers 01-Jan-24 Ht 31-Dec-24 GenÈral fund 1.491.810 1,644,810 11,551,683) 133,7781 48 1.551.207 Analysis of charitable funds". Analysis of movements in restricted funds (previous year) Balance at Incomirig Resources 01-Jan-24 resource5 expended Transfers Gainsl Balance at Ilosse51 31-Dec-24 Agri Carbon Kernow ' J￿n Impri)vemenis 48.082 &ooo 33249 13,558 144.6361 [9401 131,7641 113,4451 &446 7.060 INOE ' B￿-capItal 8iospheiès Communifies CaBASouth Devon ' C88A Tamèr ' 102 9.434 6,052 isooo i&ooo 8.6031 P65951 4.457 Ca8AWater Re50urcesCoFnrnunration & Engaoement Fund Castco 8,744 1700 01572) r72) 49,%2 V12451 5&370 47.758 136,7181 158,$701 ieo.0471 14381 ,2441 16,4831 180,8561 14,*71 4,8311 15,9261 01,1741 113,1391 vi Oimare Re*lient Mewag155ey ' Community Knowlèdge Fund Dartmoor Headwaters NFM ' Deer Projert OEFCSI CommunityAnaWs DEFFIA Woodland5forWater Dr8ynes ImprovÈmÈnts ENFOPCE Environmental InvesimentFund EuroLake5 Exe Electrofishing EXÈ Phase 3- General Tota I fu nds carfied forward Y2,291 5,614 6,870 S176 $13 0491 1561 Tro iooo 81.015 14.943 )7.493 11,567 11.1 12590 47.936 194,688 .0001 12.9061 44,936 89,661 363,325 1465,4461 41 WESTCOUNTRY RIVERS TRUST IA Company Limited by Guarantee) NOTESTOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED31 DECEMBER 2025 26 Analysis of charitable funds.. Analysis of movements in restricted funds (previou5 yearl Icont.) 8a18 nce Balance at Incoming Resources resource5 expend2d Transfers Gains/ 110sse51 01-Jan-24 31-Dec-24 Total funcls brought forward FalV3lley Catchment Farm Net Zero 194,688 363.325 1465.4461 16,3751 142,3761 12.9061 12581 89,661 1,717 42377 Farming In Protected Landscape5 Project5 34.703 134,702) Ftsheries Improvement Pr(NJramme Projects Fowey Electrotshing Froffte & Pidd 7.267 12,4881 410 S,189 2,632 10,401 968 [7,1151 2,117 10.401 Innwater 53.488 54.258 154,3981 IS2,4961 14,2481 1265,0201 49,9541 19081 Mainstreaming Nature Based SolLJtions Ptymouth Rwer Keepers. Rapid Response Catchment5 ' Resilieni olchmenicommunrt￿S ' tlpjer Clyst Improvements Rmer Mole Improvements IpJer5Trust- Collaboratwe FiSher￿S Monfforir)g ripJer5 Trust-courtauld 2030 Imon Flun Sheppy Improvements Stoke Climsland Farm Cluster Facilitation Fund 1.762 2.425 5.872 11794 6,673 792 0.100 1748 22,545 18,088 18.088 16.852 116,B521 7.000 7,110 7,045 I6.￿4) 1691 r7,0451 14861 7.041 11617 1126171 Straiegic Exe Weirs 5traiegic Exe Weirs- Spècies tlecovew Sud5 4 Schools SWWGreen Qecovery Grants SWW Upsireèm Thinking Grants Teign Re5ror8tK)n° TransformA Waier Environment Improvement Fund Projects. WAtQQ project. WaterNeiGain WestcountryAngling Pa55POrt Other Funds 65,776 69 47.449 95,829 12.592 145,406 163,772 5,621 161,705 159,3231 19S,8981 112,592) 035,7651 079,Y721 13,7451 PS9,9701 3.000 56.902 174.439 102412 184.080 86.912 1,877 1.73S 41.565 70.J9 300,586 1329,4041 64 5,101 153,983 108 0,4811 054.6711 131,0001 28,956 138,3601 2,359,331 12,530,104) 3,620 478 1.166 17 30.874 3,080 33.778 37.565 724,168 31,241 587.173 42 WESTCOUNTRY RIVERS TRUST IA Company Limited by Guarantee) NOTESTOTHE FINANCIAL STATEMENTS FOFI THE YEAR ENDEO 31 DECEM8ER 2025 Description, nature, and purposes of restricted funds 'Agri Carbon Keinow- thi5 Shared Prosperity Fund delivers water audit advice on farms across Cornw811 alongside other partners offering Carbon and Biodiversity audiis and recommèndations. Allen Improvements- this work on the river Allen a tributary of the river C8mel 15 funded through an Enforcemènr Undertaking and has fur)ded river habitat improvements in the catchment. Apprenticeship funding - funding from Tamara to fund 50% our plant operative apprenticeship scheme. ARSINOE- is a Horizon 2020 funded project aimed at creating climate regilient-region5 through systemic soluiions and innovations. building an ecosystem for climate change adaptation solutions. The Trust is one of nine demonstrator5. showcasing Its applicability, replicability, potential and efficacy. Atlantic Salmon Conservation in the Teign - An Enforcement Undertaking to support the removal of 1-2 barriers to migraiion on the River Teign as part of a larger prc>gramme of works to strategically improve f15h passage on the Teign. '8io-Capital an EU Horizon project partnering with countries across Europe to look at Ihe role of remote sensing in assessing biodiversity In order 10 create private habitat markets Bi05pheres Communities- the Trusi is funded through the Lottery Community Fund via the North Devon Biosphere Fleserve to help empower group5 8nd individua15 to champion nature'5 recovery in their local 3rea. 'Ca8A- the Catchment Based Approach bring5 people together to decide what they want from our rivei 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 previou5 year we also hosted North Devon), and will, iogether with the catchment partnership be developing an aciion plan to manage our shared resources. 'CaBA Waier Resources Communication & Engagement Fund - with an already well-established citizen gciènce piogiamme ICSII focus51ng on water quality, Westcountry Rivers Trust will explore the addition of water resources and flow rates into the Èxigting volunteei monitoring program. 'CastCo- a project funded through Ofvwat's Water Breakthrough Challenge, which aims to test a proof of concept for a novel collaborative approach to catchment monitoring, modelling and data sharing. "Climate Resilient Mevagissey- this Environmeni Agency fundèd project Is designing and installing micro-catchment level Natural Flood Management features to slow and purify water to reduce flooding 'Climate Resilient Otter Catchment- this Environment Agency fLJnded projeci focusing on Natural Flood Risk management on Ihe river Otter working wirh farmers and forestry owners to slow flows down at a micro catchment scale in order to protect communities and river health. 43 WESTCOUNTRY RIVERS TRUST IA Company Limited by Guarantee) NOTESTOTHE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 Description, nature, and purposes of restricted funds Icont.) Community Knowledge Fund - thig project comes through the Youngs Foundation to help upskill communitie5 to achieve clean and healthy waters by putting people and their priorities at the healt of citizen science 'Dartmoor Headwaters NFM- projecr to deliver Natural Flood Management interdentions within the Walkham Catchment, thus reducing flood risk to the village of Walkhampton. Deer Project- an enforcement undertaking to deliver aquatic habitat and species improvements on the River Deer DEF CSI Community Ana1￿[$- Thè CSI Community Analysts Project is developing methods to analyse and report Citizen Science data for communities in a timelier fashion, so volunteers and understand the outcomes of their mor)Itoring work. WQT will develop 3 method using new coding rechniques 10 automate the produciion of our current CSI catchment scoiecards 10 keep pace with rapidly increasing volume and demand. We will also work with selected commLJnities In Devon to develop a water quality monitoring workshop informing local catchment monitoring and action plans. 'Defra Woodland5 for Water- multi-P8rtner project supporting tree planting initiatives acr05S river catchments to improve climate resilience and restore biodiversity to our catchments. Draynes Improvements- a project funded by the Fowey Trivers Association to assess river eondition across ihe Draynes Valley river, a tributary of the river Fowey and where needed make impiovemerFts to river habit3t. Education funding - Providing educational opportunities to schools and communities to understand the valLie of their rivers and the wildlife that lives within them. Thi5 includes building an understanding of the actions ihey can do tts proteci water. 'ENFORCE - an EU Horizon project partnering wilh couniries across Europe io look at the role of remote sensir)g and citizen science data in order to assess breaches in regulations such as 5ignifi¢ant soil loss under the farming rules for water Environmental Invesiment Fund (previously CPES Donationsl- donation5 received from local bu5ine55 and interested stakeholders for funding iargeted Inierventions within catchments in which Ihe business has an interest andlor presence. These donations wère initially raised within the scope of the CPE5 project and In line with the CPES objectives which hope ro see businesses take an increased interest in their local catchments and recognise the role they play in helping ro conserve them. Following completion of thig element of the CPES project the remaining funds have been re-named to reflect our ambition to continue raising funds from stakeholders for future investment in iangible interventions wiihin catchments. 'EuroLakeg - an EU Horizon projeci partnering wilh countries across Europe to look ai the role of citizen science in understanding and protecting natural lake5 from pollution. Exe Electrofishing annual electrofishing monitorirng on th¢ Exe catchment. providing a baseline 8nd evidence for WRT 10 target fuiure projects and interventions and understand how Ihese have benefited the Exe catchment. Exe Phase 3- General- a project fund to Support a Rivei Exe officer delivering habitat restoration on the River Exe. These funds were received from the River Exe Tributary Asgociaiion IRETAI. In thè currènt year FIETA auihorised a transfer from these funds into the Strategic Exe Weirs project In which the chaiity is working closèly with FIETA to address barriers throughout the Exe catchment. WESTCOUNTRY RIVERS TRUST IA Company Limited by Guaranteel NOTESTOTHE FINANCIALSTATEMENTS FOR THE YEAR ENDED31 DECEMBER 2025 Description, nature, and purposes of restricted funds IconLI F81 Valley Catchment- this G7 legacy funded project looked at Nature 8ased Solutions to manage. surface water flows on Imerys land holdings in the Fal Farm Net Zero- mu1ti-partner projeci seeking to demonstrate how farmers can help to mitigate climate change through changing farming practise. The project aim5 to work with falmers and encouiage them ro diive the process forward via knowledge building and sharing. 'Farming In Protected Landscapes projects- 15 a group of government fund for National Landscapes and has allowed the Trust in various locations to invest in Specific projects such a5 a biodiversity and habiiai assessment. 'Fisheries Improvement Programme projects- this is a group of projects funded by the Environmeni Agency that faciliiaies aciivities for the benefit of mainiaining or increasing fish stocks in Ihe rivers. Fowey Electrofishing - Annual elecirofishing monitoring on the Fowey catchment, providing a baselinè and èvidence for WQT to target future projects and intervention5 and understand how these have benefited the Fowey catchment. Frome & Piddle- funding to co-ordinate the implementation of a f15h pass on the Frome and Piddle In West Dorset. 'InnWater this project is an Horizon funded European Consortium looking at issues surrounding Water Governance and the role of stakeholder participation and community engagement. The West Country is one of five pilois and the Ihe Trust Is using Its work on Citizen Science to pull together the eighi caichment partnerships across the region to facilitate greater data sharing and communicaiion across Ihe differing scales le.g. river reach. catchment, county or region) and different interests le.g. biodiver51ty, flood, drought, pollution). 'Mainstreaming Nature 835ed Solution5- this is an OFWAT funded project 15 looking to transform and upscale the use of Nature Based Solutions across the water sector. The Trust is using It io look for integrated catchment management solutions that deliver multiple outcomes. Maize Management Trials- Supporting maize management trials on the river Mole to reduce soil loss Into the river as well a5 supporting soil management and training events through the Devon and Cornwall Soils Alliance. Opèn River5 Piogramme Project5 - thi5 funding wa5 awarded a5 key match fundir)g to fully remove Chipley Mill weir in July 2025, with additional funds to progress the removal of Bradley weir to shovel ready statLJS. Plymouth River Keepers- an Enforcement Undertaking encompassing a diverse range of aciivities with a primary focLJS on commLJnity based environmental restoration coupled with physical restoration of river features. Flapid Response Catchm&nts'. funding from Devon County Council for the Devon Resilience I nnovation Project IDRIPI. The project will develop and test approaches to improve flood resilience In 10 small rapid response iype catchments, covering 8 communities, and working to find local solutiong to Ihe impacts of climate change including Naiuie 8a5ed Solutions 45 WESTCOUNTRY RIVERS TRUST IA Company Limited by Guaranteel NOTESTOTHE FINANCIALSTATEMENT5 FOR THEYEAR ENDED31 DECEMBER 2025 Description, nature, and purposes of restricted funds Icont.) 'Resilient Catchment Communitiès - funded by the Shared Prosperity Fund via Cornwall Council this pioject is creating 6 exemplai NFM site5 at different geographical locations across Cornwall which can be accessed by communities and13ndowners to improve awaiene55. educaiion and engagemeni with Natural Flood Management. This project Is delivered in partnership with the University of Plymouih and Duchy College, and the st*ring group Is supported by the Environment Agency, Corr)wall Council and Cornwall Wildlifè Tiust. Fliver Clyst Improvèments- an enforcement undertaking to deliver aquatic habitat and species improvement works on rhe River Clysr River Fal Improvement5 - Delivering catchment scale change for fish migration on the river Fal funded through an Imerys derived Enforcement Undeitaking. Th15 piojeci increases migratory fish access by removing barriers and passage over weirs as well as providing habitat improvement5. River Mole Improvements- these funds will be used on rhe river Mole to enhance delivery of the Teign and Taw Fisheries Management project funded by the Water Fiesioration Fund to Improve maize management around the North Molton Anaerobic Digestion Plant. River Taw Shad Mapping- a grant from Devon Environment Fund to conducted eDNA sampling and analysis for shad In partnership with River Taw Conservation snd Angling Association. Barnst3ple Anglers and Prof jamie Stevens. 'Rivers Trust- Collaborative Fisheries Monitoring- funding from the Environment Agency administered by the Rivers Tiusi to collaborate co-ordination of electric fishing program5 and to cover a catchment fi5heiie5 program Rivers Trust- Courtauld 2030- Ihis funding allows the Trust to work with large basket retailors le.g. supermarkets) to look at water stewardship and resilience in the supply chain Salmon Run - thi5 Devon Environment Fund project is in parrnership with Tidelines to organise the Salmon Run on the river Exe. a running race to raise awareness of the plight of Salmon. Sheppy Improvements- this work is assessing f15h barriers on the Sheppy a5 well as opportunities for habitat works along the lerngth of the river. Sid Valley Improvements - donations to create a partnership projecr, Opening the Sid, in partnership with the Sid Valley Biodiverslty Group. The project has delivered s¢oping walkovers, fisheriès monitoring and through match funding. commissioned designs for improved fish pas53ge over School Weir. Future project activity include5 further fish passage improvements, NFM and fish habitai Inierventions. 'Stoke Climsland Farm Cluster Faciliiation Fund - Is a Defra funded Countryside Stewardship Facilitation Fund project running for Ihree years from 2023 to 2026. Twenty-three farme15 across 3000ha have come together to leain and work together. 10 furiher collaboraiive working and group applications, with the aim ol making improvements to Wzrer quality and Biodiversity In the Cluster aiez 'Strategic Exe Weirs- funding to carry out preliminary investigations and 3s5es5ments to inform plans io overcome obstacles In the Exe catchment with a priority focus on improving fish passage. 46 WESTCOUNTRY RIVERS TRUST IA Company Limited by Guarantee) NOTESTOTHE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 Description. nature, and purposes of restricted funds Icont.) 'Strategic Exe Weir5- Species Recovery project- enables grant funding lo address Iwo barriers ro fish migration in the Exe catchment. Preparatory work delivered under the Strat￿lC Exe Wèirs project funded by SWW and RETA enabled'shovel reèdy. projecis for the capital fund focused Species Recovery 80th sites need to be delivered by end of Summer 2024 and the project funding er)ds Maich 2025. 'Sud5 4 Schools- thi5 Department for Educalion projeci allowed the Trust 10 work with Stoke Climslanol primary school to co-design and co-create a Sustainable Drainage area to slow and purify water to redLJce flooding SWW Upstream Thinking Grants and SWW Green Recovery Grants- funds relating to the grant spend included within the project. All funds received under this distinct element of the project are to be spent specifically on disrribLJting granis to farmers for farm improvemenis that will improve water quality These funds can only be applied lor this particular purpose and are therefore treated as restricted On occasion, where grant5 8re subsequently cancelled. with the permission of SWW the fund5 can be used for other non-re5tri¢ted project activity and è transfer is done out of this fund accordingly. Teign Restoration- is a project that Is NLHF (lottery funded) partnership project led by the Teign Angling and Conseroation Association ITACAI, primarily to provide fish mon1toring, training, and supporting science to facilitate and enable meaningful practical Interventions by TACA and catchmeni volunteers. eign and T3w- W&ler Restoration Funding to providè supporr on the river Mole on the river Taw to reduce sedimentation of spawning gravels by working with maize farmers producing crop for the anaerobic digestion plar)t in the area. a5 well as removing barriers ro salmon migration on the river Teign. TransformAR- Horizon 2020 funded project with multiple European and UK partners airning to show how Nature Based Solutions can be used to build climate change res11ience and developing financial mechènism by which Investors In green bonds can be paid back following delivery of environmental goods and services Ibuilding the caselpotential for phosphate credits). UrbaQuantum- Horizon funded project where the Trust is providing case studies on the river Dart to pull together academic, bu5ine55 and community interest in monitoring bacterial108ding and the role of citizen science and novel water quality probes. 'Water Environmeni 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 wilh the Water Framework Direcrive IWFDI. WAtER Project- this Big Give Green Match funded piojecr allowèd the Trust to run a series of arts based engagement activities as a Westcountry Artivists to Enhance Rivers pilot. WaterGrid The Trust Is lead pariner In this É8m Horizon project looking at the role ol Nature Based Solutions to slow and store water for drought management In a distributive network of assets like ponds. This demonstrates to fuiure funders like waier companies the collective value of holding 5toied water to both falmers to reduce demand on drinking water but also augment base flows In drought conditions. 47 WESTCOUNTRY FIIVERS TRUST IA Company Limited by Guaranteel NOTESTOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDEDJ DECEMBEFI 2025 Description, nature, and purposes of restricted funds IconLI 'WaterNetGain - project 15 researching new ways we can support farmers ro bolster drought affected water supplie5 and ease asgoci8ted river health pressures. Working in partnership with South West Water, the Environment Agency, Saputo 02iry UK and Duchy College, we will inifially work with farmers in the Tamar and Fowey catchments Through this, we will determine the feasibility of a c3tchment-scale approach where farmer5 are paid to store water on their land, and how this could improve their farm'5 resilience as well as that of wider society 8r)d rivers Water Worth Working For- this 8ig Give piojecr allows work with communities to hèlp build lasting connections to rivers through a program of volunteer tasks. Westcountry AF)gling Passport IprevioLJsly Angling 20001- operation of fishing on beats within the Wesicountry Angling Passport The fund name has been amended following the re-branding of the scheme and Ihe launch of the Fish Pass app. 'Wesrcountry River Bank- Support from Natural Environment Investment Readiness Fund allo the Trust to explorè irs role as a as a Responsible Body able to hold Conservaiion Covenant5 and position itself in providing waieicourse Biodiversity Net Gain units ag well as explore the potential for Philanthropic conservation Covenants. 27 Analysis of group net assets between funds Current Year Unrestricted Restricted Funds Funds Total Funds Intangible assets Tangible fixed assets Cash at bank and in hand 347. 347.288 3,593,402 1,041,825 4,63S2ZI Other net current aknetdlliabi1iti￿} Total 12,102,223) 1,838,467 1454.6521 12,556,W51 587,173 2.425.640 Previous Year Unrestricted Restricted Funds Funds Total Funds Intangible a55et5 Tangible fixed a*ets Cash at bank and in hand 113,865 113.B6S 1,337,0 186.1391 I,2SO.946 Othei net current a>etsliiiabilitiesl Total 100,2 1.551,207 673,M2 773569 587.173 2,138,380 WESTCOUNTRY RIVERS TRUST IA Company Limited by Guaranteel NOTES TO THE FINANCIALSTATEMENTS FOR THEYEAR ENDED31 DECEMBER 202S 28 Reconciliation of net movement in funds to net cash flow from operating activities Group 2025 Group 2024 Cha rity Charlty 2025 2024 Net Income/iexpenditurel for the reporting pericyJ Adju5tmeDt5 for. Depreciation and amortisation charges Cain5 on investments 287,260 175,7981 284,Z75 1729561 ,502 58,502 6&220 111741 12,1741 1481 125.2561 142601 137,3341 1.770 1.770 159.980 1349.6781 IZ7.166 1305,7471 3.170,7 324,391 &163.994 256.150 3.650.838 174.1341 3.608.273 195.0021 1481 137.3341 Dividends and interest from investments Loss on the disposal of fixed assets Decreaseliincreasel in debrors Increase In creditor5 Net cash provicled Ly lusecl inl i)pefating activities 29 Analysis of cash and cash equivalents Group 2025 Group 2024 Charity 2025 Charity 2024 Cash at bank and in hand Notice dep(￿ltS (le￿ than 6 months) Total cash and cash equivalents Notice Clepc￿It5[27S day notiTr account) Tota I cash. cash eq uivalents and short- term investments 1.230.232 S78.159 1.104.093 732.787 2.334.325 1,250,946 1300.90? 1,142.058 471SSO 1104.093 732.7&V 2,246,151 1.205.337 2.300,902 4.635.227 1.250,946 4,547.053 1.205,337 E2.275.017 of Ihe above funds represents amounts collected on behalf of the partners of the WaterGrid Horizon project which had not yet been disbursed at the ye81 end Inote 23.cl 30 Operating lease commitments At 31 December 2025 the group and charity had total future minimum lease payments due under non-cancellable operating leases as follows.. Group and Charity 2025 2024 Wiihirn l year Befweèn 2 and 5 ye8f5 6.075 2,929 Z7,711 49