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Trustees Annual Report & Financial Statements for the Year Ended 31[st] March 2021

Registered Charity Number: 1145724

Company Number: 06339974

1. Legal & Administrative Information

Trust Director /Chairman	Anthony Rees MBE
Trust Secretary	Dennis Baynham
Correspondence Address	13 Alexandra Avenue
	Merthyr Tydfil
	Mid Glam
	CF47 9AE
Bankers	Natwest
	Barry Town Hall Branch
	117 Holton Road
	Barry
	Vale of Glam
	CF63 4TD
Accountants	BPU Chartered Accountants,
	Radnor House,
	Greenwood Close,
	Cardiff Gate Business Park,
	CF23 8AA
Registered Office	Former Glancynon Vestry
	Glancynon Terrace
	Abercynon
	Mountain Ash
	CF45 4TG

The Annual Report of the South East Wales Rivers Trust and the Financial Statements have been prepared in accordance with the requirements of the ‘Statement of Recommended Practice’, and ‘Accounting and Reporting by Charities’ (revised 2005).

2. Structure, Governance & Management

3. Governing Documents

The South East Wales Trust is governed by its Memorandum and Articles of Association as incorporated under the Companies Act 1985 on the 18[th] February 2003.

4. Trustees

The Trustees for the year 2020 -2021 were as follows:

Anthony Rees MBE Chairman Dennis Baynham Secretary Jonathan Mead Jonathan Davidson Taylor David Frank Roberts Dr Alan Edwards James Gregory Professor Bob Williams Richard Garner Williams

The Trust is a member of Afonydd Cymru, the overarching Rivers Trust body for Wales, and our Chairman sits on the board. We are able to draw on the expertise and resources of Afonydd Cymru when required. The following people from Afonydd Cymru supported the Trust in 2020 / 2021, and we are very grateful for their help:

Dr Steven Marsh Smith OBE CEO Afonydd Cymru Sadly and suddenly during 2020 Dr Steven Marsh Smith passed away: Viscount Christopher Mills Chairman Gail Davies CEO who replaced Dr Stephen Marsh Smith Caroline Orr Working on Grants Simon Evans CEO of Wye Usk Foundation Sian Gray Head of Finance Wye Usk Foundation

The Board of Angling Cymru that consists of the Chairman or CEO from each Trust in Wales under the guidance of Viscount Mills the Chairman quickly appointed a new CEO Gail Walsh Davies. Gail was previously Environment Manger with Dwr Cymru Welsh Water. Gail is employed currently on a Part time basis. She has successfully steered the Trusts through a difficult period. Her expertise is of great benefit to us all.

5. Organisation

Board of Trustees

Projects Group

Project Director, Chairman, volunteers

Identify and design river improvement projects, place contracts, oversee construction and verify effectiveness.
Organise and run annual European Eel Restoration Project Due to Brexit and Covid this Project did not run in 2020 or 2021

Operations Group

Chairman Director, Organise and run. The Trusts numerous Projects

Create and implement operational infrastructure eg IT, policies, procedures, risk assessments.
Obtain funding.

The current number of Trustees and volunteers does not allow us to have a large number of Committees or sub committees. Therefore, two groups above have been established who both report directly to the board of Trustees.

The Project Group is still focused primarily on river improvement projects, governance, and staffing. Plans and progress are discussed at the Board of Trustees meetings every two months, and each group leader presents an update. During 2020 -21 meetings were remote and mainly our work was carried out by E:mail and response. Our work was curtailed so much that two staff were furloughed for two months and one working on a community project for six months.

6. Key People

The Trust benefits from having a small group of experienced volunteers willing to provide their skills as needed.

Finance: Michael Bishop former Accountant: Helen Adams bookkeeping, BPU Accountants prepared the accounts.

Environment and Habitats: Brian Walkley, Tony Rees, John Coombs Keith Jones.

Our Staff: Project officers Paul Kent and Alyssia Thomas.

We work closely with Natural Resources Wales. We share information and successes among the Welsh trusts as well as those projects that have proved more challenging.

Education and Community Links: (Sadly all these stopped due to Covid) Tony Rees, Brian Walkley, Keith Jones John Coombs Gareth Edge our project officer previously RDP Project officer now working on our River Cynon Project. We also use the services of Merthyr Tydfil

Borough Council Biodiversity staff. Work by all the above has been restricted due to covid regulations

Communications and publicity: have been dealt with by the Chairman in 2020-2021.

Objectives

The objectives of the organization are: -

a. To promote the conservation, protection, rehabilitation and improvement of the rivers, streams, water courses and water impoundments in the rivers Taff, Ely, Rhymney, Ebbw, and Sirhowy together with their catchment areas in all their aspects in South East Wales and adjacent areas of their banks and riparian lands;
b. To promote the conservation, rehabilitation and protection of the indigenous species of animal and plant life of the rivers, streams, water courses and water impoundments in the Rivers Taff, Ely, Rhymney, Ebbw, and Sirhowy together with their catchment areas in all their aspects in South East Wales and adjacent areas of their banks, riparian lands and thereby enhance the biodiversity in the South East Wales area;
c. To advance the education of the public in the understanding of aquatic habitats, their related catchment areas, and their animal and plant life and the need for the conservation, protection and rehabilitation and improvement of such environments.

7. Goals in 2020/21

We continued to develop the Trust and look for funding opportunities whenever they arise as well as new opportunities to improve the way the trust works.
Develop fundraising capacity within the Trust. This was very badly curtailed in 2020.
We were able to Maintain involvement with community partnerships and local and national bodies. However covid restricted meant any meaningful progress was not possible
Further develop policies, procedures, and operating practices as a priority.
Maintain active involvement with Afonydd Cymru and the other Rivers Trusts working in partnership wherever possible.
Progress the use of the European Marine Fishery Fund.
Work closely with Natural Resources Wales to carry out work on the Taff Mitigation Project.
Continued our work on the river Thaw. we secured funding that enabled us carry out habitat improvements on a large scale and this has given us greater involvement with local landowners.
Work with local communities including schools to inform them of the importance of the rivers that run through their locality. We did manage late in 2021 to carry out some of this work
The employment of a Farm Advisor has proved invaluable to progressing our work.

Performance in Delivering Goals.

The River Cynon Project in 2020 using funding from Welsh Water Biodiversity fund to match fund funding from Pen Y Cymoedd Wind Farm Fund, and funding from Post Code lottery, has also been achieved. Although covid curtailed the start of the Project by the end of March 2021 the funders were pleased with progress.
During the Year Natural Resources Wales working with Welsh Government brought together a Strategic Fisheries Fund. SEWRT benefited from this enabling us to work right across the Trust area. See 8 above. However other rivers that now come under the Trust also benefited. SEWRT presented a case on the work we would be able to carry out to secure this funding.
Active involvement with Afonydd Cymru is resulting in promising prospects for 2021.
Difficulties with weather and procurement and covid still held work up on one project from Afonydd Cymru but an extension has been applied for and granted to September 21 this is our EMFF project

8. Plans for 2021/22

Our focus for the coming financial year will be to continually look for more funding and projects. Funding is confirmed for the Taff Mitigation Project. We will continue the project on the River Cynon where covid restrictions allow. The funding from Post Code Lottery for running a river restoration course and a River Fly monitoring course will be used to run both these courses depending on restrictions. They will link into the river Cynon Project to help advance the knowledge of volunteers working on this. Our Funders have been understanding in allowing the funding from 2020 to roll over to 2021. Afonydd Cymru is working with Natural Resources Wales on increased funding across Wales to bring our rivers up to a higher standard.

Natural Resources Wales completed a reorganisation in 2019 that resulted in the Southeast Area covered by SEWRT being split. The Southeast Area was retained in part and South Central was formed that took in part of Southwest. Covid resulted in SEWRT not being able to benefit from this until 2021. The SEWRT area now encompasses those rivers to the West of the Ely out as far as the River Kenfig. We have contacted the Angling Associations in this new area. As has been Trust policy, with positive results.

10 Financial Management

Financial Policy

In accordance with the Memorandum of Association, the Trustees retain overall responsibility for the implementation of financial policy in furtherance of the objects of the Trust. They delegate powers for day-to-day running of the Trust to the Projects and Operations Groups. The continual use of HRA Accounting based in Barry South Glam to

manage our bookkeeping side has enabled us to closely monitor all our funding. We also work to the financial procedures policy that the Trust has.

11.Reserves Policy

It is the aim of the Trustees to maintain a level of reserves sufficient to carry out the objects of the Trust. Where the Trust has been involved in habitat improvement projects, completed in partnership with Natural Resources Wales and other funds, these organisations meet the full capital costs of the schemes thus minimising the potential liability of the Trust. The Trust contributes to these projects with volunteer time. Where possible the Trust looks for extra funding.

12.Risk Management

As a small charity, the Trust is managed by a close-knit group of highly committed and professional individuals with the benefit of expertise and advice from Afonydd Cymru and the River Trust. Public Liability & Personal Accident and Trustees Indemnity insurance cover are in place. Careful risk management of projects undertaken in partnership with other agencies ensures that all projects have an agreed cost ceiling and on completion of each project no contractors are paid until money is received from the project partners. The use of HRA accounting has allowed us, with a new IT management programme to keep even closer cost control.

13.Principal funding sources

To date these have been from Natural Resources Wales, Welsh Water, Merthyr Tydfil County Borough Council, Welsh Government with European Funds. Some funding is ringfenced, as it has been given for specific purposes. This is ring fenced in the accounts. We also apply for funding from annual funding pots that are offered from such grantors as Post Code Lottery.

14.Trustees Responsibilities

Company and charity law requires the trustees to prepare financial statements for each financial year that give a true and fair view of the state of affairs of the charity and of the surplus or deficit of the charity for that period.

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 1985, applicable standards, the statement of recommended practice and the regulations made under the Charities Act 1993. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

15.Financial Statement of Accounts

The financial statement for year 2020/21 has been submitted to companies House and the Charities Commission separately.

REGISTERED COMPANY NUMBER: 06339974 (England and Wales} REGISTERED CHARITY NUMBER: 1145724 Chtsrtered Accountants Report of the Trustees and Financial Statements for the Year Ended 31 March 2021 for South. East Wales Rivers Trust Rodntr Hou Greenwooo close Coiditf Gol$ Bu5in8M Pork Cardiff CFYJ 8AA BPU Limited Chartered Accountants Radnor House Greenwood Close Cardiff Gate Business Park Cardiff CF23 8AA ACCO1&1Eworvth>. R•Tr5rdInWt5

South East Wales Rivers Trust Contents of the Financial Statements for the Year Ended 31 March 2021 Page Report ofthe Trustees 1 to5 Independent Examinerfs Report Slalement of Financial Activities Balance Sheet 8t09 Notes to the Financial Statements 101019 Detailed Statement of Financial Aolivilies 20

South East Wales Rivers Trust Report of the Trustees for the Year Ended 31 March 2021 The trustees who are also direGlors of the charity for the purposes of Ihe Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2021. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Slalement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). OBJECTIVES AND ACTIVITIES Objectives and aims The objectives of the charity are those of promoting the conseNation, protection and improvement of the waterways within the South East Wales catchment area together with that of the indigenous species of animal and plant life in such waterways. In doing so, the charity will undertake to advance the educalion of the public in the needs and requirements of aquatic habitats and support the social and economic regeneration of the catchments by engendering the sustainable use of the rFver valleys and the associated environment with benefits lo the region's economy. social well-being, tourism and regeneration. The charity will act as a focal point and coordinator belween similar organisalions and with the national authorities to achieve these goals.

South East Wales Rivers Trust Report of the Trustee5 for the Year Ended 31 March 2021 ACHIEVEMENT AND PERFORMANCE Business Review for the Year The start of the new financial year, that we were anticipating as one to look foNard to, quickly became one that looking back we will want to forget. In common with all organisations the lockdown did affect us. Some parts of our programme were affected more than others. Brexit has also caused us lo stop our Eels in the Classroom project. We could not continue it in 2021. The Taff Bargoed Rural Development Project came to an end in March 2020 Before completion we had, as previously posted, further funding from Welsh Water and the Penycymoedd Wind Fami Community Fund. We have called this River Cynon Project. The project was due to start on the 51of 31 March 2020, but the govemment restrictions and lockdown made this impossible. As it was a community project that required working with Schools, Community Groups, and close meetings with people we had to furlough the member of staff that was running the project. We had increased the scope of the project by working with an organisationlcharity called Salmon and Trout Conservation who have a branch in Wales to join the River Cynon on to Iheir Smart Rivers Project. This project has gained National recognition for using a programme called River Fly monitoring, normally carried out as part of citizen science but Smart Rivers takes this to a higher level. Samples are taken twice a year for monitoring and then analysed by a senior scientist. As this work was outdoors, we were able to undertake the initial start to the project. The first samples were taken in 202010 set it up. It will continue in 2021. Another part of the Cynon Project was for the SEWRT to run River Restoration Courses. We were able to run one of these when restrictions relaxed, by working with candidates online and using outdoor classroom facilities. Our Project Offi[ delivered the Agored Cymru qualificalion for the trust. We enrolled ten candidates., seven candidates studied logether in an outdoor classroom setting at Cynon Valley Organic Adventures in Abercynon. The other three candidates all studied remotely with regular contact with the tutor virtually and met up at distance for the practical elements of the qualificatiDn. The candidates have studied.. Preparing to work on Rivers, Health and Safety for work outdoors, River environments and human impact, and carrying out a walkover survey. The candidates were taught how to work safely when working in river environments,. learned to identify native species found in a healthy river system., lo idenlify non-native invasive species. and the process of kick sampling for river fly invertebrates. Nine of the len candidates have now successfully passed and received certificates for the qualification. One candidate has some work outstanding due lo the lockdown restrictions but will complete in due course. At least three of the candidates will progress to our Smart Rivers course in the Spring. During 2019 NRW one of our main partners, concluded their move to creating seven areas in Wales. The Trust area previously covered what was the Eastern valleys that encompassed.. from the Ebbw in the east to the Ely in the west, lo which we added the river Thaw. NRW have now changed their area structure and the Trust now work in what is their South-cenlral Area as well. This area now covers the river systems out to the river Kenfig. However in the East we have retained the Valley Rivers under our umbrella, even though some have now moved into a different NRW area. The result of this has seen the SEWRT break new ground with those angling associations and landowners in the area. Due to restrictions progress was slow in making contacts but this will improve. This can help to increase our volunteer base, introduce local groups to the benefil of the river on their doorstep, with the added advantage they will look after the river long term in their local area. A small balance left in this fund will be spent in 20221-22. We have been through an audit with NRW consultants on this.

South East Wales Rivers Trust Report of the Trustees for the Year Ended 31 March 2021 ACHIEVEMENT AND PERFORMANCE Business Review for the Year During 2020 Afonydd Cymru the overarching Rivers Trust body in Wales. Working with NRW who were in discussions with Welsh Government, obtained funding for all the rivers trust in Vvales from July 20 to March 21 This was called the SAF project (strategic Allocation Fund). SEWRT benefited from this, and we were able lo carry out nine habitat Fencing projecls and, fifteen Easement projects. Three hundred trees were plant. This has helped us to build up an increasing relationship with landowners across the Trust area. So important if we are to function. The works carried out will benefit all fish populations, improve water quality in our rivers so important for human health as well as the environment. The Trust ran in conjunction with the Institute of Fisheries management an Electro Fishing Course. Twelve candidates look part from various trusts and other interested parties in the two-day course. They all successfully passed. The Trust now has three employees competent to carry out this work. Electro Fishing is used to monitor fish populations. This can see an increase or a decrease depending on many factors. All this then has a bearing on what we spend our funding on in the future. During autumn 2020 we bid for funding to work on surveys on rivers in the Trust area. The survey was commissioned by NRW. Many of the main rivers had already been surveyed so this was aimed at other smaller tributaries and headwalers on those river systems. When surveying we look at such things as,. Where fencing could make a benefit.. whether any barriers need removing or work carried out on Ihem lo ease the passage of fish.. Tree Planting.. Any polluting inputs.. gravel areas for fish to spawn.. Invasive species such as knotweed.. whether the riverbank is natural or modified.. The resulls obtained were written into reports and passed to NRW. NRW the Trust and possibly other environmental bodies will use the information to further progress actions identified in the reports to improve and maintain the quality of these important areas. The funding was due for payment in March 21 when the surveying was completed bul due to NRW being late in making the payment it did not come in until April 21. We used Core funds to pay wages and expenses for this project. The sum received was £30,036 with £16,010 being spent We have used some of the funding remaining to carry out further Surveys in 21. Miscellaneous funds are derived from pollution incidents where a company or Person, mainly companies sometimes offer, when they commit an offence under the current regulations that causes minor damage to the environment, some funds to mitigate the damage. This is then used to help us expand. Training people on monitoring out of this fund enables us to keep a watching brief by doing more monitoring. We have been informed of a new round of SAF funding for 2021-2022. This will enable us to continue with our work to improve and protect the rivers and adjacent areas throughout the SEWRT area. We also had payment of whal are called mitigation Funds that had previously been paid to us into the Team Fund. These were paid in late March and are to be used for specified projects during 21 -22. Consultation will lake plaGe with NRW on how these funds will be used.

South East Wales Rivers Trust Report of the Trustees for the Year Ended 31 March 2021 FUTURE PLANS The directors and trustees will continue to work closely with all its partners and contacts to release additional funding that will be used to promote our aims and objective and to build on our past successful projects. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its governing document, a deed of trust. and constitutes 8 limited ompany, limited by guarantee, as defined by the Companies Act 2006. Organisational structure The Trust was established as a company limited by guarantee with each member agreeing to contribute £1 towards the payment of any debts should the company ever be wound up and unable to pay il in full ils liabilities. In the event of the company being wound up with a surplus of assets after all liabilities have been met, all such surpluses will be distributed lo like-minded 'nol-for-profit" organisations. Decision making The Charity is organised and policy implemented through the Board of Directors who meet every two months. STRUCTURE, GOVERNANCE AND MANAGEMENT Public Benefit delivery and charltable activities Through the implementation of the Trusts projects which promote and actively manage conservation, protection and improvement to the waterways, animals. plant life and public access within the South E8St Wales rivers catchment area, there is a charitable benefit to the public.

South East Wales Rivers Trust Report of the Trustees for the Year Ended 31 March 2021 REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 06339974 (England and Wales) Registered Charity number 1145724 Reglstered office Former Glancynon Vestry Glancynon Terrace Abercynon Mountain Ash CF45 4TG Trustees Mr D Baynham MrJlMead Mr A Rees MBE Mr D F Roberts Mr J Taylor Professor R J Williams Dr A Edwards Mr J Gregory Mr R G Williams Company Secretary Mr D Baynham Independent examlner Huw Palin FCA BPU Limited Chartered Accountants Radnor House Greenwood Close Cardiff Gate Business Park Cardiff CF23 8AA Bankers Natwest PLC 117 Holton Road Barry CF63 4TD Approved by order of the board oftrustees on behalf by.. and signed on its [q.i/ Mr A Rees Truste8

Independent Examiner's Report to the Trustees of South East Wales Rivers Trust Independent examiner's report to the trustees of South East Wales Rivers Trust I'the Company'l I report lo the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2021. Chorterod Accovnlonts Responsibilities and basis of report As the charity's trustees of the Company land also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'l. Having satisfied myself that the accounts of the Company are not required to be audited under Pari 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of Ihe Charities Act 2011 I'lhe 2011 Acl'l. In carrying out my examination I have followed the Directions given by the Charity Commission under section 14515) Ib) of the 2011 Act. Independent examiner's ststement I have completed my examination. I confirm that no matters have come to my atlention in connection with the examination giving me cause to believe.. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act, or the accounts do not accord with those records., or the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a malter considered as part of an independent examination., or the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities lapplicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicabl8 in the UK and Republic of Ireland IFRS 102)]. tladnor Hous G[eerVQd Close Cordi(l Gale knne5s PaTk Cordlff CF238AA I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Huw Palin FCA BPU Limited Chartered Accountants Date.. Iaon1 ¢gmpnnyNmtrH3Y2J AH51011*oEtoD%15(AW]bOMthI

South East Wales Rivers Trust statement of Financial Activitie5 for the Year Ended 31 March 2021 2021 Total funds 2020 Total funds Unrestricted Restricted fund funds Notes INCOME AND ENDOWMENTS FROM Donations and Trust Income 28,557 28,557 7.036 Charitable activities Specific Project Funding Income 274,707 274,707 131,327 Investment income 363 363 Total 28,920 274,707 303,627 138,364 EXPENDITURE ON Specific Project Direct Costs 216,218 216,218 123,295 Charitable activities Overheads 14,084 14,084 6,742 Total 14,084 215,218 230,302 130.037 NET INCOMEI(EXPENDITUREI 14,836 58,488 73,324 8,327 RECONCILIATION OF FUNDS Total funds brought forward 36,959 215,040 251,999 243,672 TOTAL FUNDS CARRIED FORWARD 51,795 273,528 325,323 251,999 The notes form part of these financial statements

South Eastwales Rivers Trust Balance Sheet At 31 March 2021 2021 Total funds 2020 Total funds Unrestricted Restricted fund funds Notes CURRENT ASSETS Debtors Cash at bank 17,060 36,978 17,060 310,506 4,790 252,203 273.528 54,038 273,528 327,566 258,993 CREDITORS Amounts falling due within one year 12,243) (2,243) (4,994) NET CURRENT ASSETS 51,795 273,528 325,323 251,999 TOTAL ASSETS LESS CURRENT LIABILITIES 51,795 273.528 325,323 251,999 NET ASSETS 51,795 273,528 325,323 251,999 FUNDS Unrestricted funds ReslriGted funds 51,795 273,528 36,959 215,040 TOTAL FUNDS 325.323 251,999 The notes form part of these financial statements

South East Wales Rivers Trust Balance Sheet- continued At 31 March 2021 The charitable company is entitled to exemplion from audit under Section 477 of the Companies Act 2006 forthe year ended 31 March 2021. The members have not required the company lo obtain an audit of its financial statements for the year ended 31 March 2021 in acGordanc8 Wlth Section 476 of the Companies Act 2006. The Irustees acknowledge their responsibilities for la) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Cornpanies Act 2006 and Ib) preparing financial statements which give a true and fair view of the slate of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. These financial slatemenls have been prepared in accordance with the provisions applicable to charitable Gompanies subject to the small companies regime. The financial statements were approved by the Board of Trustees on and were signed on ils behalf by.. bj Mr A Rees thBE -Trustee The notes form part of these financial statements

South East Wales Rivers Trust Notes to the Financial Statements foT the Year Ended 31 March 2021 ACCOUNTING POLICIES Basis of preparing the financial statements The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP {FRS 102) 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (effective 1 January 2015),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial slalements have been prepared under the hislorical cost convention. Financial reporting standard 102 - reduced disclosure exemptions The charity has taken advantage of the following disclosure exemption in preparing these financial statements, as permilted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,: the requirements of Section 7 Statemenl of Cash Flows. Income All income is recognised in the Statement of Financial Activities once the Charity has entillement to the funds and il is probable that the income will be received and the amount can be measured reliably. Specific Projects Funding Income is primarily received from Natural Resources Wales and Welsh Water with the remaining project income coming from other institutions both private and public. All Income and Donations received are in relation lo the charitvs primary objectives as detailed on page 1 of the report of the Trustees. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed lo particular headings they have been allocated to activities on a basis consistent with Ihe use of resources. Taxation The charity is exempt from corporation tax on its charitable activities. Fund accounting Unrestricted funds can be used in accordance vwth the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial slalements. 10

South East Wales Rivers Trust Notes to the Flnancial Statements - continued for the Year Ended 31 March 2021 INVESTMENT INCOME 2021 2020 Interest received 363 TRUSTEES. REMUNERATION AND BENEFITS There were no trustees, remuneration or olher benefits for the year ended 31 March 2021 nor for the year ended 31 March 2020. Trustees. expenses There were no Trustee expenses paid in the year. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Restrlcted fund funds Total funds INCOME AND ENDOWMENTS FROM Donations and Trust Income 7,036 7,036 Charitable activities Specific Project Funding Income 131,327 131,327 Investment income Total Income 7,037 131,327 138,364 EXPENDITURE ON Raising funds 123,295 123,295 Charitable activities Overheads 6,742 6,742 Total Expenditur8 6,742 123,295 130,037 NET INCOMEI{EXPENDITUREI 295 8,032 8.327 RECONCILIATION OF FUNDS Total funds brought forward 36,664 207,008 243,672 TOTAL FUNDS CARRIED FORWARD 36,959 215,040 251,999

South East Wales Rivers Trust Notes to the Financial Statements - continued for the Year Ended 31 Pdiarch 2021 STAFF COSTS 2021 2020 Wages & salaries {all expended on direct charitable acliviliesl Pension Cost Social security costs (net of small employer discount} 52,888 1,025 48,176 1,445 53,913 49,621 Average number of employees 2021 Number 2020 Number Project staff involved in direct charitable activities DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2021 2020 Trade debtors Other debtors Prepayments and accrued income 16,010 37 1,012 3,546 1,244 4,790 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2021 2020 Trade creditors Social security and other taxes Accruals and deferred income 269 774 1,200 2,956 1,198 840 2,243 4.994 12

South East Wales Rivers Trust Notes to the Financial Ststements - contlnued for the Year Ended 31 March 2021 MOVEMENT IN FUNDS Net movement in funds At 3113121 At 114120 Unrestricted funds General fund 36,959 14,836 51,795 Restrlcted Funds Natural Resources Wales Fish Passages under Fixed Structures (Raillrack) Taff & Ely Alternative Mitigation (fEAMI Welsh Water Ely and Vale Habitat Project Welsh Water Taff Salmon Habilal Improvement Project River Restoration PC Lottery WW River Cynon Project Blaenau Gwent Fly Project Electro Fishing Strategic Allocation Fund Natural Resources Wales Miscellaneous Fund 5,360 51,564 72,786 43,686 15,360) 45,723 (8,381) 97,287 64,405 43,686 6,169 31,345 1,400 2,730 {1,413) 4,394 4,756 35,739 1,400 12,7301 15,674 9,331 1.250 15,674 9,331 1,250 215.040 58,488 273,528 TOTAL FUNDS 251,999 73,324 325,323 13

South East Wales Rivers Trust Notes to the Flnancial Slatements - continued for the Year Ended 31 March 2021 MOVEMENT IN FUNDS - continued Net movement in funds, included in the above are as follows.. Incoming Resources Movement resources expended in funds Unrestricted funds General fund 28,920 114,0841 14,836 Restricted funds Natural Resources Wales Fish Passages Under Fixed Structures (Raillrackl Taff & Ely Alternative Mitigation (TEAMI Welsh Water Ely and Vale Habitat Project River Restoration PC Lottery WW River CynDn Project Electro Fishing Strategic AIIoc8tion Fund Income Natural Resources Wales Surveys Control Miscellaneous Fund {5,3601 {5,3601 52,360 287 16,6371 18,6681 11,4131 13,8141 14,6801 1167,686) 45,723 18,3811 11,4131 4,394 12,7301 15,674 9,331 8,208 1,950 183,360 9,331 16,010 3,200 {16,010) (1,950) 1,250 274,706 (216,2181 58,488 TOTAL FUNDS 303,626 230,3021 73,324 14

South East Wales Rivers Trust Notes to the Financial Statements - continued for the Year Ended 31 March 2021 MOVEMENT IN FUNDS - continued Comparatives for movement in funds Net movement In funds At 3113120 At 114119 Unrestricted Funds General fund 36,664 295 36,559 Restricted Funds RWE Power River Thaw Project Natural Resources Wales Fish Passages under Fixed Structures (Railtrackl Taff & Ely Alternative Mitigation (TEAMI Taff Bargoed Rural Development Project Welsh Water Ely and Vale Habitat Project Welsh Water Taff Salmon Habitat Improvement Project River Restoration PC Lottery WW River Cynon Project Blaenau Gwenl Fly Project Electro Fishing 17,518 117,5181 5,360 100,329 5,615 34,500 43,686 5,360 51,564 148,765> 15,615} 38,286 72,786 43,686 6,169 31,345 1,400 2,730 6,169 31,345 1,400 2,730 207,008 8,032 215,040 TOTAL FUNDS 243,672 8,327 251,999 15

South East Wales Rivers Trust Notes to the Financial Statements - continued for the Year Ended 31 March 2021 MOVEMENT IN FUNDS - continued Comparative net movement in funds, included in the above are as follows.. Incoming Resources resources expended Movement in funds Unrestricted funds General fund 7,038 (6,7431 295 Restricted funds RWE Power River Thaw Project Taff & Ely Allernalive Mitigation ITEAMI Taff Bargoed Rural Development Project Welsh Water Ely and Vale Habitat Project River Restoration Project IW River Cynon Project Blaenau Gwenl Fly Project Electro Fishing 117,518 162,6681 127,9771 115,132> {17,5181 {48,7651 15,6151 38,286 6,169 31,345 1,400 2,730 13.903 22,362 53,418 6,169 31,345 1,400 2,730 131,327 {123,295) 8,032 TOTAL FUNDS 138,365 130,038) 8,327 16

South East Wales Rivers Trust Notes to the Financial Statements - continued for the Year Ended 31 March 2021 MOVEMENT IN FUNDS- continued Information on the Restricted Funds for ongoing projects AMOUNTS RECEIVED SOURCE OF FUNDS PURPOSE P B Gelatins UK and Natural Resources Wales Taff and Ely Alternative Mitigation ITEAMI To improve the Rivers Taff & Ely for migratory fish, such improvements will also be of benefit lo other fish as well as to the biodiversity of the Rivers £179,209 Natural Resources Wales Fish Passages (River Easement) Project- To investigate and improve areas under fixed structures (eg bridges) where barriers to fish movement exist. £9,331 Welsh Water Ely and Vale of Glamorgan Habitat Improvement Project - Visit Farms to check and advise on the fertilisers and other nutrients on their farmland thal could drain off into nearby water courses thereby causing environmental issues within Ihe waterways. £87,918 Welsh Water Taff Salmon Habitat Improvement Projecl- To improve the habitat for migratory and other fish in the Taff calchment area. £43,686 Poslcode Lottery River Restoration Project Funding a river restoration Gourse for ten persons lo teach them the scope of river restoration. This is a course approved by Agored Cymru, hoping to help them look for work. £6,169 River Cynon Project and Fly Monitoring Engagement with Schools and Community across the Cynon valley to encourage the community lo value and look after the local river, as well as Fly Monitoring. Welsh Water £40,954 17

South East Wales Rivers Trust Notes to the Financial Statements - continued for the Year Ended 31 March 2021 Natural Resources Wales Electro Fishing - Funding that has enabled the training of three project officers and four competent persons on how lo monitor fish populations. All the data helps to assess the health of Ihe river and its flora and Fauna. £4,680 strategic Allocation Fund SAF- Funding that has enabled the continuation of work lo improve and protect the rivers throughout the SEWRT area. £230,360 Miscellaneous Fund mislIaneouS Fund- Derived from pollution incidenls where a company or person commits an offence under the current regulations that causes damage to the environment. These fines are used to help expand SEWRT. £3,200 18

South East Wales Rivers Trust Notes to the Financial Statements - continued for the Year Ended 31 March 2021 10. RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 31 March 2021. 11. MEMBERS FUNDS The liabilily of Ihe members is limited to £1 during membership or within one year after ceasing to be a member. 19

South East Wales Rivers Trust Detailed Statement of Financial Activities for the Year Ended 31 March 2021 2021 2020 INCOME AND ENDOWMENTS Donations and Trust Incomo Donations Administration of Funds Income 45 6,991 28,557 Investment income Interest received 362 Charitable activities Specific Project Funding Income 274,707 131327 Total incoming resources 303,626 138,365 EXPENDITURE Direct Project Costs Payment to organisalions carrying oul the specific project work 216,218 123,295 Support costs Overheads Insurance Meeting costs Sundries Subscriptions and Donations Printing and Stationery Accountancy and Bookkeeping fe8S Property costs Broadband and IT software Travel costs Consultancy Advertising and marketing Legal expenses Repairs and maintenance Protective Clothing 1,019 977 60 351 188 82 2,236 685 750 388 1,026 728 320 5,357 768 622 4.569 13 42 645 14,084 S,742 Total resources expended 230,302 13L),037 Net incomel(expendilure} 73,324 8,327 This page does not form part of the statutory financial statements 20

2021-03-31-accounts