Registered number: 07803739 Charily number: 1145854 NORFOLK RIVERS TRUST (A Company Limited by Guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 •AEH)L805* 1611212025 COMPANIES HOUSE A20
NORFOLK RIVERS TRUST (A Company Llmlted by Guarantee) CONTENTS Page Reference and Administrative Details of the Charity, its Trustees and Advlsers Trustees. Report 2-10 Indepandent Audllors. Report on Ihe Flnanclal Slat•ment$ Consolldated Statement of Flnanclal Actlvltles 15 Consolidated Statement of Financlal Position 16-17 Charlty Statement of Flnanclal Poslllon 18-19 Consolidated Statement of Cash Flows 20 Notes to the Financial Stalemenls 21-41
NORFOLK RIVERS TRUST (A Company Limited by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025 Trusteos Dr G C 8righty. Chairman N R Savory B C O Steward R J Cooke Dr R J Cooper T J Deards K A Foster A E Robinson (appointed 2 June 2025) G F A Mears (appointed 2 June 20251 Prof S Leamiount (appointed 2 June 2025) Company registered number 07803739 Charlty reglster•d numbgr 1145854 Reglstered offic8 15 Bale1d Brecks Bale1d Holt Norfolk NR25 7DZ Company secr•lary E Bramham-Jones Chlef Executive Offlcer E Bramharn-Jones (CEOI Independent auditors MA Partners Audit LLP Chartered Accountants & Statutory Auditors 7 Th6 Clos8 Norwich Norfolk NR14DJ Page 1
NORFOLK RIVERS TRUST (A Company Limited by Guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Trustees present their annual report together with the audited financial statements of the Charlty for the year 1 April 2024 to 31 March 2025. The Annual Report serves the purposes of both a Trustees, report and a directors. report under company law. The Trustees confinn that the Annual Report and financial statements of the charitable company comply with the current slatutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS102) (effective 1 January 2019). Slnce th8 group and the Charlty qualify as small under secllon 383 of the Comp8nles Act 2008, the Group Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Oirectors. Report) Regulations 2013 has been omitted. Chalrman's Introductlon It is a great pleasure to present the opening remarks for the statutory Annual Report for the year ending March 2025. Having seprfed as a Trustee for nearly 11 years and now completin9 my thlrd year as Chair. I'm proud to see the Trust leam consistenlly deliver high-impacl work in collaboration with a wide range of partners and stakeholders. Our grOh has been strong and sustained, and while we celebrate this progress, we also acknowledge the changes ahead following the formation of a new Govemm8nt midway through Ihe financial year. We are beglnnlng to understand how these shlfts wlll influence our future activities. Waler has remained a central focus. Defra's launch of the Cunliffe Commission and the Corry Review into environmental policy. alongside efforts to improve collaboration between regulators and eNGOs. marks a significant step forward. Although implementation will lake time, these iniliatiV8s signal a clear direction.. enabllng water and nature policies delivered through nalure-based solutlons. Climate change continues to be a constant challenge. In 2023, Norfolk experienced its wettest autumn on record, while 2025 is shaping up to be among the driest. With increasing pressure on water demand, the Trust has responded with innovative solutions reducing abstraction, working with farmers, and reconnecting rivers to floodplains to enhance aqulfer recharge and reduce downstream flood risk. Re-naturalising rlvers not only improves water quality by reduclng pollution but also creates vital habitats for wildlife. Our partnerships with the Univer511ies of East Anglia. Warwick, and Southampton have helped us gather and apply evidence to guide future projects. One standout example is our beaver enclosure. which continues to astonish scientists with the animals. ability to reshape their environment. Even during severe droughts. our eight beavers help the area relain water ihat supports a rich diversity of insects, amphibians, birds. and mammals. Remarkably, they also help remove agricultural phosphates, significantly improving water quality at the spring head. With Ihe River Glaven being one of our most Important rfvers, we believe beavers could play a kèy role in elevating its slatus from 'moderate' to 'good'. We also recognise the vital role of landowners in protecting and enhancin9 our water environments. Building long-temi. Irusted partnershlps is essenlial, especially as we confront the realities of climate change. Our goal is to create a shared vision for our waterscap8-one where nature returns to lost areas and water is available for people. farming, and wildlife alike. Continued open and honest dialogue will remain central to our approach. Page 2
NORFOLK RIVERS TRUST (A Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Internally, we've continued to strengthen our governance. Following a review of our risk profile, we are launching a non-financial Risk and Assurance Committee to help us better assess and manage fvture risks, ensuring accountability and resilience. Other initiatives have improved financial systems. refreshed our branding and website, and led to the successful recruitment of three new Trustees and a Non-Execulive Director for Rivers Ecology. A warm welcome to Ali. Gareth. Simon, and Oli. I'm pleased to report that the Trust conlinues to thrive, partnering with key organisations including Defra. Natural England, the Environment Agency, and Anglian Water. Our rolling programme of site visits brings our projects to life and informs thinking across regulation, policy, and operations. We remain open, non-partisan, and commilted to providing honest feedback on our work and how we can be empowered lo do more for the envlronment. Our long-standing partnerships with WWF, Anglian Water. and the Environment Agency continue into 2025, and we're exciled to be building new relationships with the Rivers Trust and other grant funding bodies. The Trust is well-positioned to deliver long-temi benefits both financially and in terms of politlcal capital. As Chair, I look forward to supporting the Trust in my fourth and final year of this lerm. working alongside my fellow Twstees. the Executive, and our exceptional team to protect and improve Norfolk's water environm8nls Objoctlves and acllvStles a, Pollcles and obJe¢tlvo8 The Norfolk Rivers Trust was established in 2011 with the objective of conserving and restoring Norfolk Rivers and welland habitats by enhancing the value of the aquatic landscape, through encouraging natural processes. Our vision is to ensure that th8 water environment provides the best habitat to benefit people and wildlife. The charbvs objects ("ObJects") a speciflcally restrlcted to the lollowlng: 1.1.1 to conserve. protect, rehabilitate and improve the rivers. streams, walercourses and water impoundments of the catchments comprising and ¢onne¢led to the rivers of Norfolk, including adjacent estuarine and coastal areas. for the advancement of environmental protection or improvement for th8 benefit of the public., and 1.1.2 to advance the educatlon of the publlc, or any associalion. institutlon, voluntary organlsation. company, landowner, land manager. local authority, administrative or govemmental egency or public body or representative body In.. the understanding of rivers. river corridors and river catchmenis, including their fauna. flora, biodiversity, the management of land (in so far as it can impact on rivers and water environments), economic or social activity and river catchment management., and <11) the need for, and benefits of, conservalion, protection, rehabilitatlon and improvement of aquatic_environments.-. In setting objectives and planning lor activities. th8 Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit.. running a charity (P82)'. Page 3
NORFOLK RIVERS TRUST (A Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Oblectlves and actlvltles (eontlnued) b. Strategies lor achleving objectlves To achieve its objectives, The Norfolk Rivers Trust (NRT) works across the 6 key areas below.. .Deliv8ring aquatic habitat creatlon, cons8Diation and restoration .Farming and Land Management Advice .Education and engagement .Species conservation .Data and Evidence .Innovation and research Our goal Is to establish and maintaln healthy, diverse river and wetland ecosystems that are abundanl In biodiversity and resilienl to a changing climate. These habitats include intemalionally rare chalk rivers and are vital wildlife corridors while providing benefits against the impacts of floods and droughts, and offering opportunities for recreation and enhancing well-being. Everything we do is grounded in evidence and scientific principles. Our team of Gollservation and restoration speclalists and land management advisers work holistically at a river catchmenl-level. utilising practical and cost-effeclive nalure-based solutions such as crealion of wetlands, ponds & scrapes. on-farm InteNentions, river and floodplain reconnection - to revitalise our freshwater environments. Strong partnerships wlth stakeholders, government bodies, businesses and communlties enable us to find local and sustainable solutions that work for all. c. Activities undèrtaken to achl•ve objo¢tiv•s 202412025 was a fantastic year for the Trust in delivering a diverse range of outcomes. These include.. Engaged with 241 volunteers Delivered 224 volunteer days Planted 5400 trees Worked with. 15 schools and engaged 520 pupils Worked with 97 farm businesses Dellvered 2 floodplaln reconnection prolecls and 25 sustalnable dralnage schemes {SuDs) Restored 9 ponds. 1 ghost pond resurrected and Improved 25.2 hectares of land use Created 2.7 hectares of wetland Created 1100 metres of new re-meandering channel on the river Sliffl(ey and Glaven Installed woody debris and in channel berms on 790 metres of chalk stream. Aquatic and Rlver Restoratlon conservatlon Norfolk-Rivers Trust-worked-on-projects-on-all- catchments across the-county-taking ideas'from'conpI all-the- way to d81ivery. Significant progress was made in North Norfolk with restoration and floodplain schemes delivered on Ihe main Stiffkey and it's headw81ers and a floodplain reconnection on the Glaven. Engagement with 67 land managers continued with North Norfolk Landscape Recovery pilot through Defra and in partnership wilh Norfolk Coast Partnership and Holkham Estate to baseline over 5000 ha of land and start proposing river restoration designs on 5 chalk streams. A long-awailed river restoralion scheme on the river Yare was completèd after previously being delayed due lo the previous y8ars flooding. An excelleni project of re-wriggling a chalk stream and reconnecting it to it's floodplain is already providing multiple benefits. Work was prioritised on the Wensum and Yare to undertake feasibility and design projects for delivery in 2025126. Feasibility Studies continued to look at fish passage on the Bure with the aim to build long term projects of opening up the chalk stream for fish to move and breed along it with th6 n8Xt goal to look for long temi funding here. Maln fundérs included WWF Finish, Environment Agency and Anglian Water. Page 4
NORFOLK RIVERS TRUST (A Company Llmlted by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Objectives and activities {contlnued) Educatlon and Engagement A new yearfs worth of funding was achleved through the WWF Aviva Access to Nature Fund whlch allowed the Trust to engage with a wide range of communities in over 30 practical volunteering activities. river walks, school visits and events. The Catchment Systems thinking cooperative (CaSTCol continues to be an exemplar citizen science project with regular volunteers sampling sections of the river Wensum and Lark catchments to monitor water quality, Riverfly and other key indicators of catchment health. The data and understanding being tak8n from this project is leading to innovative decisions being put forward at a local and national level. Catchment partnerships are still a significant tool for NRT'S engagement with stakeholders and we continue to co-host the Broadland Catchmenl partnership and host North Norfolk and North West Norfolk through CaBA. Farmlng and Land Managemont The farming and land management have had a busy year advising in supporting land managers. owners and farmers on a range of topics from waler rnanagemenl and quality, soil health and biodiversity. A mix of projects have been delivered including water quality and natural flood management schemes in catchments including the river Glaven, Nar. Stlffl<ey. Wensum, Yare and Waveney. The WWF Botanica by AlpNick partnership was concluded as a great success with a range of visits conducted with partner organisations to provide advice. diverse seed mixes and future management plans for managing species rich grasslands. Over 60 ha of wildflower meadows were created or enhanced over the last 2.5 years. Working with the food and drink supply chain through WRAP continues to see delivery towards the Courtauld 2030 initiative and water road map. These funds are focused in the Broadland and CAMEO catchments and involve knowledge exchange. advice and farm interventions. The WWF Wholescape project with the John Lewis Partnership has seen in depth farm visits and whole farm reports achieved in North Norfolk. This project is advising farmers and land managers and communities to work logether to increase biodiversity. climate resilience, sustainable food production and healthy landscapes. A partnership with WWF Carlsberg has entered it's second year and fami advlce and interventions such as slll traps. land use change and faming innovations are being delivered. Data and Evldence Through grant funding achieved through the CaSTCo project, a new data platform has been developed whlch will allow for better understanding and visibility of citizen science data. This will allow for better decision making and Ihe ability to be able to deliver solutions lo pollution issues. The creation of a new GIS and Data Officer post has benefitted the Trust greatly and further investment is planned to improve our GIS and data systems and serrfices internally and externally in 2025126. Specles- Through North Norfolk Landscape Recovery and the Brecks Landscape Recovery. a range of fish, water vole and crayfish surveys were undertaken to better understand numbers and presence across some of the key rivers in Norfolk. Priority species include the white claw8d {native) Crayfish with the partnership developed with the Zoological Association of East Anglia with Ihe breeding and release of young crarfish back to a chalk stream within Norfolk. Progress conlinues with the aim of bringing the extinct Burbot (freshwater species of Cod) back to Norfolk but challenges remain with licencing. The Beavers in North Norfolk have had a second set of kits and continue to create a diverse and vibrant ecosystem on the Glaven in their enclosure. Page 5
NORFOLK RIVERS TRUST (A Company Limited by Guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Objectlves and activities {¢ontinued) Research and Innovallon Research continues at the 4 constructed wetlands oversèen by NRT, working with The University of East Anglia, Warwick University and Cranfield, projects are undeNay to monitor plastics and other pollutants. nutrienls, greenhouse emissions and flow pathways through the wetlands. Monitoring projects are being undertaken lo provide more data and evidence on the role beavers play around natural flood management, water quality, biodlversily and carbon storage. Rlvers Ecology The trading arm of NRT has had another positive year working on a range of jobs wilh a diverse selection of clients from water companies, developers. corporate businesses through to private individuals. Constructed wetland plans were submitted for projects In Cambridge and Norfolk. Baseline suNeys and river resloralion proposals for landscape recovery within North Norfolk and the Brecks were undertaken throughout the year. Catchment plans for the river Wissey and Lark were submitted in March 2025 and we hope significant work will come from these. Work has started on submitting bids to get onto Framewort( contracts with water companies and statulory bodies. Communlcatlons and Medla A major piece of work was undertaken to design and implement new branding across the Trust; The team has worked incredibly hard to communicate the organisalion's work to a wide audience throughoul the year. This has included using social media, website articles, radio and local and national press. Followers of our social media accounts Continue lo grow and new platforms have been used to engage with newer audiences through short films. Online films of the Warham restoration site has seen very successful viewing figures and many radio and tv interviews were undertaken to discuss issues and solutions to water quality, climate adaption and species reintroduction. A new updated website is being developed for 2025126. People NRT has continued to grow, with a starting FTE number of employees of 29 in April 2024 to 34 in March 2025. New roles brought in include farm advice. rfver and wetland design, water quality monitoring and ecology. Recruitment is UndeaY for a new senior manger role in Head of Programmes to lead on income growth and overseeing the vast and diverse programme of projects. Operations The risk management syst8m and ISO 45001 annual accreditation was achieved and has been successfully implemented throughout the Trust to provide consistent and professional Health and Safety and CDM guidance and templates for-all 'employees to use-. Investment in'a n8w-lorie'workihg app has'been a-success and regular risk register reviews are undertaken by the SMT. CEO and Board of Trustees. A new Risk and Assurance Committee is to be created in 2025126. Looking tOard 2025126 Focus for the following year will be to implement a new 5-year strategy from 2026 for the Trust. This will work in tandem with a newly updated business plan. Operationally. new systems and processes will be implemented around quality control, risk management and governance. Investment is due to be made in providing more HR and financial support. Significant effort wll be pul into submitting plans for Landscape Recovery and working with Anglian Water as they start their new &year business plan. Funding for larger and catchm8nt scale projects wlll be put forward in partnership with other organisations to a range of funders and investors. Working with catchment partnerships will continue to be a key priority for the Trust. Page 6
NORFOLK RIVERS TRUST (A Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Objectives and activitles {continued) d. Grant4naklng policies Where funds pemilt, the Charity facilitates and dellvers financial support through the provislon of dlscretionary grants. The Charity Is obliged to comply with the ell9ibility and consent criteria set out in each projecl and by each funder. Achlevements and perfomiance Flnanclal review a. Going concern After making appropriat8 enquiries. the Trustees have a r8asonable expectation that the Group and the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason. they continue to adopt the going concern basis in preparing Ihe financial slatements. Further details regarding the adoption of the going concern basis can be found in the accounting policles. b. Reserves policy The Trustees have reviewed the Group's needs for reserves in Ilna with guldance issued by the Charity Commisslon, At 31 March 2025 the Group held total reserves of £1,824,829 (2024 restated £1.443,413). with £933,764 (2024 restated - £669, 769) conslituling restricted resenrfes. These represent monies donated to the Trust in ord8r to match specific projects. It is anticipated that the majority will be utilised in delivering conservation and restoration, land management and fann advice. education and community engagement in Norfolk. At 31 March 2025 the Group had unstrICted reserves of £891,065 (2024 - £773,644). The Trustees keep their reserves policy and level of reserves held under review, monitoring the level of reserves held throughout the year as part of the normal monltoring and budgetary process. The main risks to both income and expenditure are highlighted and the level of committed expenditure tsken into account. The Trustees reserves policy states that there are unrestricted funds that enable the Charity to continue during a period of unforeseen difficulty and that these are maintained in a readily realisable form. At the end of the year. the Trustees agreed that Charity should build unrestricted funds lo cover 1 year's labour and overhead costs required lo run the Charity. At the year end unrestricted reserves equate to approximately 8 months of such Costs. The Trustees took advice and made decisions to secure a more robust and interest-bearing investment approach giving higher interest rates. Also, the Trustees have instigated a project to secure longer-term support through endowments and legacies to build reserves. Page 7
NORFOLK RIVERS TRUST (A Company Limited by Guarantee TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Structure, governance and management a. Constltulion The Charity (charity number 1145854) is registered as a charitable company limiled by guarantee in England and Wales and was sel up by Memorandum ol Association on 23 September 2011. The Articles of Association were reviewed with professional support of Mills and Reeve, to ensure they are fit for purpose for the objects of Norfolk Rivers Trust and were submitted lo the Charities Commission. b. Mothod$ of appolntmenl or electlon of Truslees The management of th8 Group and the Charity is the responsibility of the Trustees who are elected and co.opt8d under the terms of the Memorandum of Assoclation. c. Organisatlonal structure and decision-maklng policies The CEO is responsib18 for the day to day runnlng of the Charity and reports to the Board which is constlluted of th8 Twstees. The Trustees meet at18ast four times a year. The Finance Committee - constitutes Chairperson, nominated Finance Trustee, CEO and Head of Finance (other Trustees are invited to attend) - meet in beeen the Trustees, meetings. The Head of Finance consults with the Chairperson and CEO on materials issues as they arise. d. Poll¢leg adopted for the Indu¢tlon and tralnlng of Trustees The Norfolk Rivers Trust adheres to the rules and guidance set out by the Charities Commission for the induction and training of Trustees. e. Pay pollcy for key management p6rsonnel The Board of Directors, who are the Trustees, the Chief Executive Officer, Head of Operations. Technical Director and Head of Finance comprise the key managemenl personnel of the Charity in charge of directing and controlling. running and operating the Trust on a day lo day basis. All Trustees give their time freely and no Trustees received remuneration in the year. The pay of all staff is reviewed annually and where possible a cost of living increase is appli8d in line with the average of CPI and RPI. The Trust currently use The Rivers Trust pay bands which have been, as far as possible, benchmarked against other comparable organlsations In the sector and reglon. f. Relat•d party relatlonships The Charity has one trading subsidiary, Rivers Ecology Limited. The Trust WOTks with other rivers trusts and the umbrella organisation (The Rivers Trust). All relalionships are conducted at an arm's length basis, and where required a standard Memorandurn of Understanding is negotiated. Page 8
NORFOLK RIVERS TRUST .(A Cornpany Limited by Guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Structure* governance and management (continued) g. Flnanclal rl$k management Financial risks are evaluated regularly between the CEO and Head of Finance at a monthly meeting including the nature of the agreements being entered into, and associaled reputation management of such contracts. These are also revi8wed with the Chairperson and Finance Committee on a regular basis. h. Trustees. Indemnltles A policy is In place which provides Trustees, Liability Insurance. Mernber8' Ilablllty The Members of the Charity guarantee to contribute an amount rK)t exceeding £1 to the assets of the Charity in the event of winding up. statement of Trustees. responslbiliti•s The Trustees {who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Trustees. Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Klngdom Generally Accepted Accounting Practice). Company law requires the Trust8es to prepare financial stalem8nts for each financial year. Under company law, the Trustees must not approve the financlal statements unless they are satisfied that they glve a true and falr vlew of the state of affairs of the Group and the Charily and of their incoming resources and application of resources, including their income and expenditure. for that period. In preparing these financial statements. the Trustees are required to: select suitable accounting policies and then apply them consistently: observe the methods and principles of the Charities SORP (FRS 102); makg judgements and accounting estimates that are reasonable and prudent., state whether applicable UK Accounting Standards IFRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements.. prepare the financial slatemenls on the going concem basis unless it is inappropriate to presume that the Group will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain -the .Group and Ihe_charitl-s transaclions_and disGlose.with.reasonable accuracy at-any-time the-financial position- of the Group and the Charity and enable them to ensure that the financial statemènts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the Charity and hen for taking reasonable steps for the pventIon and detection of fraud and other irregularities. Page 9
NORFOLK RIVERS TRUST (A Company Llmlted by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Disclosu of Inft)rmation to audltors Each of the persons who are Trustees at the time when this Trustees. Report Is approved has confirmed that: so far as that Trustee is aware. fthe is no relevant audit information of which the charitable group's auditors are unaware, and that Trustee has taken. all the steps that oughl to have been taken as a Trustee in order to be aware'of any relevant audit information and to establish that the charitable group's auditors are aware of that informalion. Auditors The auditors, MA Partners Audit LLP, have indicated their willingness to continue in office. The designated Trustees wlll propose a motion reappointing the auditors al a meets'ng of the Trustees. Approved by order of the members of the Board of Truslees and slgned on their behalf by.. Dr G Brlghty Chairman Date.. 20 November 2025 Page 10
NORFOLK RIVERS TRUST (A Company Llmlted by Guaranteo) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF NORFOLK RIVERS TRUST Oplnlon We have audited the financial statements of Norfolk Rivers Trust {the 'parent charitable companv) and its subsidiaries (the 'group'} for the y8ar ended 31 March 2025 which comprise th8 Consolidat8d Statement of Financial Activities, the Consolidated Balance Sheet. the Charity Balance Sheet, the Consolidated Statement of Cash Flows and the related notes, including a summary of significant accounting pollcies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accountin9 Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statem8nls: glve a true and fair view of the state of the Group's and of the parent charitable companvs affalrs as at 31 March 2025 and of the Group's incoming resources and application of resources, including its income and expenditure for the year then ended- have been properly prepared in accordance with Unlted Kingdom Generally Accepted Accounting Practice. and have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act2011. Basis for opinlon We conducted our audit In accordance wilh International Standards on Audlllng (UK) {ISAs (UK)) and appllcable law. Our responsibilities under those standards are further described in the Audilors. responsibilities for the audit of Ihe financial statements section of our report. We are independent of Ihe Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that th8 audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to golng concern In auditing the financial statements, we have concluded thal the Trustees. use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work ,we have performed, we have not idenlified any material uncertalnties relating to events or conditions Ihal. individually or collectively. may cast significant doubt on the Group's or the parent charitable companys ability to continue as a going concern for a period of al least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of.. th8 Trustees with respect to going concem are described in the relevant sections of this report. Page11
NORFOLK RIVERS TRUST (A Company Llmited by Guaranteè) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF NORFOLK RIVERS TRUST (CONTINUED) Oth•r Information The other information comprises the informalion included in the Annual Report other than the financial statements and our Auditors, Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinlon on the finanGial statements does not cover the other information and. except to Ihe extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read Ihe other information and, in doing so, consider whelher the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of Ihe audit, or otherwise appears lo be malerially misstated. If we identify such material inconsistencies or apparent material misstatements. we are required to determine whether this gives rise to a malerial misstatemenl in the financial statements themselves. If, bas8d on the work w8 have performed, we conclude that there is a material mlsslatement of thls other information, we are required to report that fact. We have nothlng to report In this regard. Oplnlon on other matters prescrlbed by the Companles Act 2006 In our oplnlon. based on the work undertaken In the course of the audit.. the information given in the Trustees. Reporl for the financial year for which the financlal statements are prepared is consistent with the financial slatemenls. the Trustees, Report has been prepared in accordance with applicable legal requirements. Mattern on whlch w• are requlred to r•port by exception In the Ilght of our knowledge and undersianding of the Charilable company and its environm8nl obtained In the course of the audit, we have not identified material misstatements in the Trustees, Report. We have nothing to report in respect of the following matters in relakn'on to which Companies Act 2006 requires us to report to you if, in our opinion: the parent charitable company has not kept adequate and sufficient accounting records. or returns adequate for our audit have not been received from branches not visit8d by us; or the parent charitable ¢ompany financial statements are not in agreement with th& accounting records and returns; or certain disclosures of Trustees, remuneration specified by law are nol made: or we have not received all the information and explanations we requir8 for our audit., or the Trustees were not entitled to prepare the financial stat8m8nts in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing the Tru.stees' _Rep_ort.and from the requirement to prepare a Strategic Report. Page 12
NORFOLK RIVERS TRUST (A Company Limited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF NORFOLK RIVERS TRUST ICONTINUED) Responslbllities of Trustees As explained more fully in the Trustees, Responsibilities Statement, th8 Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the prepardtion of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as Ihe Trustees determine Is necessary to enable the preparatlon of financlal statements that are free from malerial misstatement. wheth8r due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the Group's and the parent charitable company's ability lo continue as a going concern, discloslng, as appllcable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend lo liquidate the Group or Ihe parent charitable company or to cease operations, or have no realistic alternative but to do so. Audltors. responslbllltlos for tho audlt of the flnanclal statements Our objectives are to obtain reasonable assurance about whether the financlal statements as a whole are free from materlal misstatement, whether due to fraud or error, and to issue an Audltors. Report that Includ8s our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted In accordance with ISAS (UK) will always delect a material misstatement when it exists. Misstatements Gan arise from fraud or error and are considered malerial if, individually or in the aggregate, they could reasonably be 8xp8cled to Influence the economic decisions ol users taken on Ihe basis of these flnancial statements. Irregularities. including fraud. are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above. to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting Irregularitles, including fraud Is detailed below.. The objectives of our audit in respect of fraud. are: to identify and assess the risks of material misstatement of the financlal statements due to fraud. to obtaln sufficlenl appropriate audit evidenc8 regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks,. and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those Charged with governance of the Charity. Our approach was as follows: We obtalned an understandlng of the legal and regulatory requlrements appllcable to the Charity and considered that the mosl significant are the Charilies Act 2011 and UK financial reporting stsndards as issued by the Financial Reporting Council. We obtained an understanding of how the Charity complies with these requirements by discussions with those charged wlth govemance. We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with those charged with govemance. We inquired of those charged with governance as to any known instances of non-compliance or suspected non-complian with laws and regulations. Based on this underslanding, we designed specific appropriate audit procedures lo identify instances of non- compliance with laws and regulations. This included making enquiries of those charged with govemance and obtaining additional corroboralive evidence as required. Page 13
NORFOLK RIVERS TRUST (A Company Llmlted by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF NORFOLK RIVERS TRUST (CONTINUED) Because of the inherent limitations of an audit. there is a risk that we will not delect all irregularilies. including those leading io a material misstatemenl in Ihe financial ststements or non-compliance with regulation. This risk increases the mor8 that compliance with a law or regulation is removed from thè events and transactions reflected in the financial stat8ments, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery. collusion, omission or misrepresentation. A lurther description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.or .uklauditorsres nsibilities. Thls description forms part of our Auditors, Report. Use of our report This report Is made sole5y to the charltable companvs Members, as a body, In 8ccordance with Chapter 3 of Part 16 of Ihe Companies Acl 2006. and to the charitable companls Trustees, as a body. Part 4 of the Charities {Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to Ihe charitable companvs Members those matters we are required to slate to them in an Audilors, Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other Ihan the charitable company and its Members, a5 a body, for our audit work, for this report,. or for the opinlons we have formed. Alice Lynch Bsc FCA DChA (Senior Statutory Audltor) for and on behalf of MA Partners Audlt LLP Chartered Accountants & Statutory Auditors 7 The Close Nomich Norfolk NR14DJ Date: 12 December 2025 Page 14
NORFOLK RIVERS TRUST (A Company Limited by Guarantee) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2025 As restated Total funds 2024 Restrlcted Unrestrlcted funds funds 2025 2025 Total funds 2025 Note Income from: Donations and legacies Other trading activities Investments other income 2.129.675 1,275 595,516 38,585 255 2,130,950 595.516 38,585 582 2.196, 780 402.869 14.897 1,850 327 Total Income 2,130,002 635,631 2,765.633 2,616,396 Expendlture on: Raising funds Charitable activitles 199,722 461,383 199,722 2,184,495 278,552 2, 225,896 1,723,112 Total expondituro 1,723,112 661,105 2,384,217 2,444,448 Net Incomel(expendlture) Transfers bebNeen funds 406,890 <142,895) (25,474) 142,895 381,416 171.948 21 Net movement In funds 263,99S 117,421 381,416 171.948 Roconcillatlon ol funds: Total funds brought fonlvard Prior year adjustment 592,541 TT,228 773,644 1,366,185 77,228 1,271.465 Total funds brought forward Net movement in funds 669,769 263,995 773,644 117,421 1.443.413 381.416 7,271,465 171,948 Total funds carrled forward 933,764 891,065 1,824,829 1,443,413 Page 15
NORFOLK RIVERS TRUST (A Company Limiled by Guarantee REGISTERED NUMBER: 07803739 CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2025 As restated 2024 2025 Not• Tangible assets 14 22.462 29,176 22,462 29,176 Current assets Debtors Investments Cash al bank and in hand 16 17 406,075 1,051,968 714,451 582,092 514,384 707,999 2,172,494 1,804,475 Current liabilities Credltor8,' amounts falling due within one year 18 1298,549) (318.100) Not current assets 1,873,945 1,486,375 Total assel$1088 currnnt Ilabllllles 1,896,407 1.515,551 Creditors.. amounts falling due after more than one year 19 (71,578) (72. 138) Total net assots 1,824,829 1,443,413 Charlty lunds Reslricted funds Unrestricted funds 21 933,764 669, 769 General funds 21 891.065 773,644 Total unrestricted funds 21 891,065 773.644 Total funds 1,824,829 1,443,413 Page 16
NORFOLK RIVERS TRUST (A Company Llmited by Guaranteel REGISTERED NUMBER: 07803739 CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2025 The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect.to accounting records and preparation of financial stst8ments: The financial statements have been prepared In accordance with the provlslons applicable to entitles subject to the small companies regime. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by: Dr G C Brighty Chairman Dale: 20 November 2025 The notes on pages 21 to 41 form part of these financial statements.. Page 17
NORFOLK RIVERS TRUST (A Company Limited by Guarantee) REGISTERED NUMBER: 07803739 CHARITY BALANCE SHEET AS AT 31 MARCH 2025 As restated 2024 2025 Note Flxed assets Investments 15 100 100 100 100 Current assets Debtors Investments Cash at bank and in hand 16 17 531,502 1,051,968 530.382 601,050 514,384 523,287 2,113,852 1,638.721 Current liabilitles Creditors.. amounts falling due within one year 18 (314,396) (227, 584) Not currant assets 1,799,456 1,411, 137 Total net a8$•t$ 1,799,556 1,411,237 Charity funds Restricted funds Unrestrlcted funds 21 933.764 669, 769 General funds 21 865,792 741,468 Total unrestricted funds 21 865,792 741,468 Total funds 1,799,556 1.411,237 Page 18
NORFOLK RIVERS TRUST (A Company Limited by Guarantee) REGISTERED NUMBER." 07803739 CHARITY BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2025 The Charitys net movement in fijrids for the year was £388,319 (2024 - £139, 772). The Trustees acknowledge their responsibilities for complying with the requirements of the Acl with respecl lo accounting records and preparation of financial statements, The financial statements have been prepared in accordance with the provisions applicable to entities subject'to the small companies regime. The financial statements were approved and aulhorlsed for issue by the Trustees and slgned on thelr behalf by: Dr ts C BrSghty Chalrman Date: 20 November 2025 Th8 notes on pages 21 to 41 form part of these financlal statements. Page 19
NORFOLK RIVERS TRUST (A Company Limited by Guarantee) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 As reslated 2024 2025 Note Cash flows frorn operating actlvltles Net cash used in operating activities 24 505,452 (2.527) Cash flows from investing activitles Dividends, Interests and rents from investments Purchase of langible fixed assets Proceeds from sale of Investments Purchase of Investments 38,585 14.897 (23,569) 100,000 (637,5851 (343,378) Net cash used In Invesllng aGtlvltl•8 1499,000) 1352,050) Change in cash and cash equivalents In the yèar Cash and cash equivalents at the beginning of the year 6,452 (354,577) 1,062,576 707,999 Cash and cash equlvalenls at tho •nd of the year 25 714,451 707.999 The notes on pages 21 to 41 form part of these financial statements Page 20
NORFOLK RIVERS TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 General informatlon Norfolk Rivers Trust {"the Charity'> is a registered Charity (no. 1145854), and a private Company limited by guarantee and incorporated in England and Wales (no. 07803739), Accountlng pollcles 2.1 Basis of preparatlon of flnancial statements The financial slalements have been prepared in accordance with the Charities SORP {FRS 102) Accounting and Reporting by Charities.. Stalemenl of Recommended Practice applicable to Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102> and th8 Companles Act 2006. Norfolk Rivers Trust meet8 the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless otherwise stated in the relevant accountlng policy, The Consolidated Statement of Financial Activities (SOFA) and Consolidated Statement of Financial Position consolidate the financial statements of the Charity and its subsidiary undertaklng. The results of the subsidiary are consolidated on a line by line basis. The Charity has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Financial Activities in these financial statements. The financial statements are presented In Sterllng {£), the Charitys functlonal and presentation currency, and have been rounded to the nearest £. 2.2 Going concern After making appropriate enquiries, the Trustees have a reasonable expeclalion that the Group and the Charity has adequate resources to continue In operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial slatemenls. Page 21
NORFOLK RIVERS TRUST {A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies {continued) 2.3 Income All income is recognised once the Charity has entitlement to the income, it is probable that the Income will be received and the amount of income receivable can be measured reliably. The recognition of income frorn legacies is dependent on establishing ents'tlement, the probability of receipt and the ability to estimate with sufficienl accuracy the amount receivable. Evidence of 8ntitlement to a legacy exisls when the Charity has sufficient evidence that a gift has been left to them (through knowledge of th8 existence of a valid will and the death of the ben8factor) and th8 executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that il will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Charity, can be reliably measured. Grants ar8 included in the Consolldat8d Statement of Flnanclal Activlties on a recelvable basis. Th8 balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Statement of Financial Position. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued. Income lax recoverable in relation to investment income is recognised at the time the investrnent income is receivable. Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service. 2.4 Expendlture Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligatlon can be measured reliably, Expenditure on charitable activities is Incurred on directly undertaklng the activities which further the Group's objectives, as well as any associated support costs. Grants payable are charged in the year when the off&r is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subjecl to conditions which have not been met at the year end are noled as a commitment, but not accrued as expendilur8. All expenditure is indusive of irrecoverable VAT. 2.5 Intor•$t recelvabl• Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group,. this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. Page 22
NORFOLK RIVERS TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies (continued) 2.6 Tanglble Ilxed assots and depreclatlon Tangible fixed assets costing £1.000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially recognised at cost. After recognition, under ihe cost model. tangible fixed assets are measured at cost less a¢¢umiJlaled deprecialion and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be | Included in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the slraight-line method, from the month of acquisition up lo the month of disposal. Depreciatlon is provSded on the following basis.. Equiprnent 200/0 Straight line The assets. residual values, useful lives and depreciation methods are revlewed. and adjusted prospectively if appropriate, or if there is an indication of a slgnificant change slnce the last reporting dat8. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Consolidated Statement of Financlal Activitles. 2.7 Investments FIx8d asset Snv8slments are a form of financlal instrument and are initially racognised at Ihelr transaction cost and subsequently rne8sured at fair value al the reporting date, unless the value cannot be measured reliably in which case ti is measured at cost less impaim)ent. Investment gains and losses, whether realised or unrealised, are combined and presenled as 'Gainsl(Losses> on investments, in the Consolidated Statement of Financlal Activities. Investments in subsidiaries are valued at cost less provision for impairment. 2.8 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at.Ihe"amount prepaid-net of.any trade-discounls due. 2.9 Cash at bank and In hand Cash at bank and in hand includes cash and short-term highly liquid investments wilh a short maturity of three rnonlhs or less from th8 date of acquisition. 2.10 Liabilities and provisions Liabilities are recognised when there is an obligation at the reporting dat8 as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Page 23
NORFOLK RIVERS TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies (continued) 2.10 Llabllltlos and provlsions {contlnued) Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or th6 amount it has recelved as advanced payments for the goods or services It must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where Ihe effect of the time value of money is malerial, the provision is based on the present value of those amounts, discounted al the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated Statement of Financial Activities as a finance cost. 2.11 Flnanclal Inslruments The Group only has financial assets and financial liabilities of a kind that qualify as basic financial Instrum8nts. Basic financial instruments are initially recognlsed al transaction value and subs8quenlly measured at thelr settlement value with the excgption of bank loans which are subsequently measured at amortised cost using the effective interest method. 2.12 Pensions The Group operates a defined contribution pension plan for its employees. A defined contribution plan is a pension plan under whlch the Group pays fixed contributions into a separate entity. Once the Gontrfjbutions have been paid the Group has no further paymenl obligations. The contributions are recognised as an expense in the Statement of Financial Activities when they fall due. Amounls not paid are shown in creditors as a liabilily in the Balance Sheet. The assets ol the plan are held separately from the Group in independently administered funds. 2.13 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of lh8 general objectives of the Group and which have nol been designated for other purposes. Restricted funds are funds which are to be used In accordance th specific restrfctions Imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Investment incom8, gains and losses are allocated to the appropriate'fund. Page 24
NORFOLK RIVERS TRUST (A Company Llmited by Guaranteè) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Income from donatlons and legacles As restated Total funds 2024 Restrlcted Unrestrlcted funds funds 2025 2025 Total funds 2025 Donations Legacies Grants 3,705 1,276 4,981 6,292 29,481 2, 167.007 2.125.970 2,125,970 Total 2025 2,129,675 1,276 2,130,950 2, 196, 780 Total 2024 as Trst8ted 2,164,461 32,319 2, 196, 780 Income from other tradlng actlvltl•s Income from non charitable tradlng activities As restated Total funds 2024 Unrestrlcted funds 2025 Total funds 2025 Envlronmental Consultancy 595.516 595,516 402.869 Total 2024 as restated 402, 869 402,869 Page 25
NORFOLK RIVERS TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Investment Income Unrestricted funds 2025 Total funds 2025 Total funds 2024 Bank interest 38,585 38,585 14,897 Total 2024 14,897 14,897 Other Incomlng resources Restrl¢ted Unrestrlctod funds funds 2025 2025 Total fund$ 2025 Tot81 funds 2024 Other Income 327 255 582 1,850 Total 2024 1,850 1,850 Page 26
NORFOLK RIVERS TRUST (A Company Limitod by Guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Expenditure on raising funds Tradlng expenses - Rivers Ecology Limited Unrestricted funds 2025 Total lunds 2025 Total funds 2024 Cost of $8188 Cost of sales - staff costs Cosl of sales - depreciation Adminislralion 125,180 125,180 64.283 109.418 2.393 42,458 6,714 67.828 6,714 67,828 Total 2025 199.722 199,722 218,552 Tolal 2024 218,552 218,552 Analysls of grants Grants to Inslltutlons 2025 Total funds 2025 Total funds 2024 Grants, Conservation, educatlon and farming 123,893 123,893 81,168 Total 2024 81,168 81, 168 The Charity facililates and delivers financial support through the provision of discretionary grants. During the year 57 grants wer8 awarded. the highest grant awarded was £17,667. Page 27
NORFOLK RIVERS TRUST (A Cornpany Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Analysis of expenditure on charitable activities Summary by fund type Restrlcted Unrestrlcted funds funds 2025 2025 Totsl 2025 Tot81 2024 Conservation, education and farming 1,723.112 461,383 2,184,495 2,225,896 Total 2024 1,969,80T 256,089 2.225,896 10. Analys18 of expondlture by a¢tlvltl•• Grant fundlng of actlvltles 2025 Support costs 2025 Total funds 2025 Tot81 funds 2024 Dlrect costs 2025 Conservation, education and farming 1,682,264 123,893 378,337 2,184,494 2,225,896 Tot812024 1,754.971 81,168 389. 757 2.225,896 Analysis of direct Costs Totsl funds 2025 Total fvnds 2024 Slaff costs Site work and materials Monltoring Design and planning 1.006,950 607,516 37,840 29,958 713.051 930,335 40.275 71,310 1,682.264 1,754,971 Page 28
NORFOLK RIVERS TRUST (A Company Limited by Guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 10. Analysis of expendlture by acllvltles (contlnued) Analysis of support costs Total funds 2025 Total funds 2024 Staff costs Trainlng Hotels, travel and subsistence Legal and professional fees Rent and rates Insurance Computer costs Sundry Expenses Advertising and PR Governance costs 214,506 27,755 24,019 16,662 16,580 14,892 12,043 10,498 10,143 10,065 6,874 4,694 4,375 3,082 2,059 90 189,613 27.393 37.501 13.362 18.437 25.028 14,841 18,987 2,830 9,288 13,495 7,2T4 3,022 6.625 1.976 85 Evenl expenses Priniting, postage and stationery Repalrs and renewals Light and heat Cleaning Bank charges 378,337 389. 757 11. Audltors. remuneratlon The audltors, remuneration amounts to an auditor fee of £11,840 (2024 - £7,500). and other services of £3,250 {2024- £1, 788>. Page 29
NORFOLK RIVERS TRUST (A Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 12. Staff ¢03t$ Group 2025 Group 2024 Charity 2025 Charity 2024 Wages and salaries Social security costs Defined contribution penslon scheme costs 1,042,421 98,775 80,261 865,520 80,025 66.537 1,042,421 98,775 80,261 772.356 70.516 59, 792 1,221,457 1,012,082 1,221,457 902,664 The average number of persons employed by the Charity during the year was as follows: Group 2025 Group 2024 Charlty 2025 Charity 2024 No. Directors & Trustees Dlrect staff Support staff 27 24 28 21 39 3T 39 33 No employee received remuneration amounting to more than £60,000 in either year. The remuneration for Group key management personnel, Including employer national insurance contrlbutions and employer pension contributlons, for the year totalled £246,247 (2024 - £260.382). The remuneration for Charity key management personnel, including employer nalional insurance contributions and employer pension contributions, for the year lotalled £246,247 (2024 - £226,184). 13. Trustees. remuneration and expenses During the year. no Trustees recelved any remuneration or other benefits (2024 - £NIL). During the year ended 31 March 2025. expenses totslling r249 We reimbursed or paid directly to 2 Trustees (2Q24 £1481. These expenses related to a leaving gift and trav811ing costs incurred by the Trustees {2024 - tr8velling costs). Page 30
NORFOLK RIVERS TRUST (A Company Limitod by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 14. Tangible fixed assets Group and Charity Plant and machinery Cost or valuatlon At 1 April 2024 33,569 At 31 March 2025 33,569 D8pre¢latlon Al 1 April 2024 Charge for th8 year 4,393 6.714 At 31 March 2025 11,107 Net book value At 31 March 2025 22,462 At 31 March 2024 29.176 Page 31
NORFOLK RIVERS TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 15. Fixed asset investments Investments in. subsidlary companles Charity Cost or valuatlon At 1 Aprll 2024 100 'At 31 March 2025 100 Net book valua At 31 March 2025 100 At 31 M8rch 2024 100 Prlnclpal 8ub$ldlarle$ The following was a subsldiary undertaking of the Charily: Name Company number Prlnclpal activity Class of Holdlng shares Rivers Ecology Limited 09620643 Environmentsl consultancy and service provision Ordinary 1000/0 The financlal results of the subsidlary for the year were: Name Income Expenditure Profit for the year Nel assets Rlvers Ecology Limited 716,258 {589,980) 126,278 25,374 Page 32
NORFOLK RIVERS TRUST (A Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 16. Debtors Group Group As restated 2025 2024 Charity Charity As restaled 2025 2024 Due wlthln one year Trade debtors Prepayments and accrued income Olher debtors Amounts owed by group undertakings 127,526 278,438 111 162,427 419,665 79,631 232,032 60.095 411,307 219,728 129,648 406,075 582,092 531,502 601, 050 17. Current a8so1 Investments Group 2025 Group 2024 Chaflty 2025 Charity 2024 CCLA COIF Charities Deposit Fund 1,051,968 514,384 1,051,968 514.384 Page 33
NORFOLK RIVERS TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 18. Credltors: Amounts falllng due wlthln one year Group 2025 Group 2024 Charity 2025 Charity 2024 Trade creditors Accruals and deferred income 210.078 24,302 43,723 20,446 260, 118 20,260 31.210 6,512 193,797 9,840 90,213 20,446 100 211,684 9,288 Olher taxation and social security Other creditors Amounts owed to group undertakings 6,512 100 298,549 318,100 314,396 227.584 Group 2025 Group 2024 Deferred income at 1 April 2024 Resources deferred during the year Amounts released from prevlous periods 6,012 9,212 16,012) 55,654 6.012 (55.654) 9,212 6.012 19. Credltors: Amounts falllng duo after more than one year Group 2025 Gmup 2024 Accruals and deferred Income 71.578 72.138 20. Prlor year adJustmont$ During the current year. it was identrfied that Charity income totalling £77,228 relating to the year ended 31 March 2024 had not been accrued and recognised in the financial statements for that period. The comparative figures for income and accrued income have both been restated and as a result have both increased by £77,228. Page 34
NORFOLK RWERS TRUST (A Company Limited by Guarante8) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 21. Statement of funds Statement of funds - current year AS restated Balance at 1 Aprll 2024 Balance at 31 March 2025 Transfers Inlout Income Expenditure Unrestrlcted funds General Funds 773,6M 635,631 (661,105) 142,895 891,065 Restricted funds Farming and Land Management Aquatic and River Restoration conseniation Education and Engagement 167,275 237,919 1240,004) 123,337) 141,853 453,328 49,166 1,712,716 (1.360,101) 1108,571) 179,367 (123,007) 110,987) 697,372 94,539 669,769 2,130,002 (1,723,112) (142,895) 933,764 Total of funds 1,443,413 2,765,633 (2,384,217) 1,824,829 Page 35
NORFOLK RIVERS TRUST (A Company Llmited by Guarantoo) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 21. Statement of funds (continued Transfers beeen funds represent overhead reimbursements. Farmlng and Land Management We work closely wilh farmers and land managers to develop flexible and tsrgeted management interventions that benefit soil, water, biodiversity as w811 as farm business resilience. For 8xample, independent farm advisory visits are carried out to identify pollution sourGes. Bespoke mitigation MeasUS e.g. farm Weand$ - funded by a grant scheme are then installed lo intercept the pathway and captur8 valuable topsoil and nutrients whi18 Innovalive solutions for reducing pollution, improving soil health and biodiversity have included green cover trials, reduced tillage equipment and nutrient monitoring. Funding was received from WWF and their corporate partnerships such as Carlsberg, Botanica by Airwick and Aviva, Coca Cola, WRAP Courtauld 2030, the Environment Agency, Nalional Trust and Heritage Loltery Fund via Brecks Fen Edge to deliver farm advice and interventions. Working in partnership with the Norfolk Coast Partnership and Holkham Estate, we have been successlully working as a partner in the North Norfolk Landscape Recovery pilot which is working with 67 landowners across 5000 ha and 5 chalk stream catchments. Aquatic and River Restoratlon conservation By restorlng the aquatic envlronmenl lo a natural state and creatlng new habltats, wa work to enhance the value of the aquatic landscape. reinstate the self-regulaling function of th8s8 Systems, and provide Innovative, inlegrated and natural solutions to human-made problems. Funds were received from the Environment Agency, Anglian Water. National Trust, Water Resources East, WWF Finish partnership, to deliver river restoration prolecls, research and development of Constructed wetlands and ftoodplaln restoration projects. Fish passage schemes were developed through funding with the Environment Agency. Monitoring on projects was increased during the year through the CaSTCo citizen science on the river Wensum and other water qualily and aquatic moniloring initiatives were undertaken. Many of these are multiyear projects are contlnuing Into Ihe n8Xt financial year with significant plans for the Broadland, Cam and Ely Ouse and North Norfolk Rivers. Educatlon and Engagement An important area of our work is to educate and engage with people of all ages and backgrounds.. it Is key that we celebrate and promote the natural environment if we are to fosler good water stewards and inspire individual and collective aclion. Funds were received from the Brecks Fen Edge Heritage Lottery Fund and WWF Aviva partnership to engage with the local communities and schools. Tours have taken place within the Beaver enclosure and with community wellbeing walks through the WWF Aviva project. On-going research work with academic organisation such as UEA and Warwick have taken place with students focusing on wetlands and beavers in particular. Working in partnership with ZSEA Banham Zoo has contlnued, we are working to conserve and build a population ot crits'cally engaged white-clawed craffish with a hatchery and conservation programme to be able to release Ihese rare creatu$ back into the wild. Page 36
NORFOLK RIVERS TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 21. Slatement of funds (continued) Statement of funds - prior year As restated Balance at 31 March 2024 Balance al l April 2023 Transfers in/out Income Expenditure Unrestrlcted funds General Funds 592, 110 450,085 (474,641) 206,090 773,644 Restrlcted funds Farming and Land Management Aquatic and River Restoration conservation Education and Engagement 366,205 348.626 (498, 962) (48.594) 167,275 270,952 42, 198 1,735,618 (1,412,055) (141,187) 82,067 (58, 790) (16,309) 453,328 49, 166 679,355 2, 766,311 (1,969.807) (206,090) 669, 769 Totsl of funds 1,271,465 2,616,396 (2,444,448) 1,443,413 Page 37
NORFOLK RIVERS TRUST (A Company Limited by Guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 22. Summary offunds Summary of funds- current year As restatod Balancè at 1 April 2024 Balance at 31 March 2025 Transfers inlout Income Expenditure General fund5 Restricted funds 773,644 669,769 635,631 2,130,002 (661,105) 142,895 (1.723,112) (142,895) 891,065 933,764 1,443,413 2,765,633 (2,384,217) 1,824.829 Summary offunds - prlor year As restat•d 8alance at 31 March 2024 Balance al 1 April 2023 Transfers in/out Income Expendilure General funds Restricted funds 592, 110 679,355 450.085 2,166.371 (474, 641) 206,090 (1,969,807) (206,090) 773,644 669. 769 1,271,465 2,676,396 (2,444,448) 1,443,413 Page 38
NORFOLK RIVERS TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 202S 23. Analysis of net assets between funds Analysls ol net assets between funds - current year Restricted Unrestrieted funds funds 2025 2025 Total funds 2025 Tangible fixed assets Current assets Creditors due within one year Credilors due in more than one year 22,462 22,462 1,029,867 2,172,494 (89,686) 1298,549) <71,578) {71,578) 1,142,627 (208,863} Total 933,764 891,065 1,824,829 Analysls of net assets between funds . prlor year As restated Restricted UnstrICted lunds funds 2024 2024 As resfated Total funds 2024 Tanglble fixed assets Current assets Creditors due within one year Creditors due in more than one year 29,176 29,176 1,134, 706 1,804,475 (318,100) (318.100) (72,138) (72,138) 669. 769 Total As restated 669, 769 773,644 1,443,413 Page 39
NORFOLK RIVERS TRUST (A Company Limited by Guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 24. Reconciliatlon of net movement in funds to nel cash flow from operating actlvities Group Group As restated 2025 2024 Net Income for the year (as per Statement of Financial Activilies) 381,416 171,948 AdJuslment$ for: Depreciation charges Bank interest Decreasel{increase) in debtors Decrease in creditors 6,714 2,393 (38,585 (14.897) 175,918 (43.293) 120,011) (118,678) Net.cash provided byl(used In) operatlng actlvltles 505,452 (2,527) 25. Analysls of cash and cash equlvalent8 Group 2025 Group 2024 Cash at bank and in hand 714,451 707,999 26. Analysis of changes In cash and Inv•slments At 1 Aprll 2024 Cash flows At 31 March 2025 Cash at bank and in hand .Liquid_investments_ 707,999 514-,384-- 6,452 53.7,584- 714,451 -1-051-.968-" 1,222,383 $44,036 1,766,419 Page 40
NORFOLK RIVERS TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 27. Penslon commitments The Group operates defined ¢ontribulions pension schemes. The assets of the schemes are held separately from those of the Group in independently administered funds, The pension cosl charge represents contribulions payable by the Group to the funds and amount to £80,261 (2024 - £66.53n. Contributions lotaling £203 (2024 - £2,219) were payable to the fund at the reporting data and are included in creditors. 28. Operatlng lease commltments At 31 March 2025 the Group and the Charity had commllments to make future minimum lease payments under non-cancellable operating leases as follows: Group 2025 Group 2024 Charlty 2025 Charity 2024 Not later than 1 year Later than 1 year and noi later Ihan 5 years 15.758 34,320 14,850 50,078 15,758 34,320 14,850 50.078 50,078 64,928 50,078 64,928 The following lease payments have been recognised as an expense In the Statement of Flnancial Activltle5'. Group 2025 Gmup 2024 Charity 2025 Charily 2024 Operating lease rentals 15,592 14,850 15,592 14,850 29. Related party transactlons The Charity owns 1 OOQ/o of the share capital in the subsidiary undertaking. Rivers Ecology Limited. which is included in the consolidation. The Charity has taken advantage of the exemption available under Section 3.3..of.FRS_1.02_not.to.disclose_transactions-and_balances betsveen-wholly-owned. members-of.the- During the year a grant of £1.490 was paid to the Whitlingham Charitable Trust (2024- £Ni4, N R Savory IS also a Trustee ofwhiuingham Charitable Trust. There were no other related paty transactions during the year (2024 - none). Page 41