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← River Waveney Trust

2025-03-31-accounts

Company registration number: 08189846 Charity registration number: 1149960

RIVER WAVENEY TRUST TRUSTEES' REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

River Waveney Trust Contents

Page
Trustees' Report 1—8
Independent Examiner's Report 9
Statement of Financial Activities (including Income and Expenditure Account) 10
Comparative Statement of Financial Activities (including Income and Expenditure Account) 11
Balance Sheet 12
Notes to the Financial Statements 13—19
The following pages do not form part of the statutory accounts:
Detailed Statement of Financial Activities (including Income and Expenditure Account) 20—21

River Waveney Trust Company No. 08189846 Trustees' Report For The Year Ended 31 March 2025

REPORT OF THE TRUSTEES

1 APRIL 2024 – 31 MARCH 2025

River Waveney Trust staff team enjoying an afternoon on the river

CONTENTS

1. INTRODUCTION

2. ABOUT RWT – OUR AIMS & STRATEGY

3. ACHIEVEMENTS

4. OUTLOOK

5. FINANCIAL REVIEW

6. STRUCTURE GOVERNANCE & MANAGEMENT

INTRODUCTION

During the 12-month period covered by this report, the River Waveney Trust has established significant new projects, and grown the size of team, including taking on the first ever support role of Senior Project Officer. The new projects have begun the important work needed to ensure the catchment is more resilient to flooding in the future, engaging with the community and landowners to implement Nature Based Solutions.

This report highlights the work that the Trust’s staff and volunteers have delivered over the past year. Much effort has been invested by all and great thanks go to all that have contributed to our success.

Page 1

River Waveney Trust Company No. 08189846 Trustees' Report For The Year Ended 31 March 2025

Young anglers on the River Waveney at Falcon Meadow in Bungay.

ABOUT RWT – OUR AIMS & STRATEGY

The purposes of our charity as set out in its governing document are the conservation of the River Waveney, its tributaries and natural habitats and the education of the public and other organisations supporting the charitable objectives.

We are guided by our new 5-year strategy (2024-29) and associated annual ‘Plans for Success’. Our work is reviewed at year end and measured against our aims and key performance indicators to ensure we are meeting our objectives.

Our Mission is: to protect, enhance and promote the health of the River Waveney for nature and people.

Our vision is: A River Waveney at the heart of our community where people, waters and nature thrive. In striving to attain our vision for the river and catchment we will keep our mission and values close to heart. We will deliver by working in partnership with other organisations, farmers, landowners and the community; supporting and empowering our volunteers and increasing organisational capacity and resilience.

Page 2

River Waveney Trust Company No. 08189846 Trustees' Report For The Year Ended 31 March 2025

Flooded fields in the natural floodplains of the River Waveney near Harleston

Our identified objectives for the 5-year strategic period are:

  1. To identify and deliver a range of projects that reduce pollution and flooding, improve water quality, restore habitats and enhance biodiversity.

  2. Maintain and increase access to the river for the benefit of the public, including provision for anglers and paddle navigation, whilst ensuring the protection and restoration of habitat for wildlife.

  3. Create advocates for the river and build healthier communities by connecting people to their local natural environment.

Page 3

River Waveney Trust Company No. 08189846 Trustees' Report For The Year Ended 31 March 2025

ACHIEVEMENTS

How our activities have delivered our aims & objectives:

This year saw the launch of three new projects – two new Natural Flood Management projects, one based in Diss and one catchment wide, and our community engagement work. These projects will deliver significant flood benefits as well as the creation of new habitat for biodiversity. Many new people from the community have been engaged with the work of the Trust, widening our reach in the catchment.

Existing projects have continued to manage river access, control invasive species, better understand water quality, support and train volunteers, manage and create habitat, and work with landowners and farmers through the Waveney Farm Cluster.

Of note this year is the significant step into working in natural flood management, and also the Soil Association supported gypsum farm trail, to understand the effect of a new product on soils and water quality. The physical office space has also been transformational to team development.

“The project was a ‘cracker’, a true partnership approach with a diverse group of stakeholders”. Feedback from funders Essex & Suffolk Water on our River Access project

Day of action on the River Waveney through the Bathing Water project

Page 4

River Waveney Trust Company No. 08189846 Trustees' Report For The Year Ended 31 March 2025

A summary of the years’ achievements are as follows:

OUTLOOK

A new ‘River Access for All’ project will consolidate all of our river access, bathing water and community engagement work into one project, better supporting our volunteers and taking on two new community riverside sites. Funding for all other projects is fully secured for the year ahead.

Subsequent to the year end, a 2-year National Lottery Heritage Fund was submitted and was successful in bringing in funding for the ‘River Access for All’ project.

A focus in the coming year will be increasing the team’s capacity to deliver our river restoration programme and increasing the time available for the Waveney Farm Cluster.

Areas for improvement: as with all organisations, there are areas that we could do better on. These have been identified as: better resourcing our river restoration team, improved external event advertising, the re-establishment of regular external newsletters and a refresh of our membership offer. Regarding governance, the Board recognises that there are some skills gaps in Human Resources, Health & Safety and finance, and will actively seek to recruit for these skills.

Page 5

River Waveney Trust Company No. 08189846 Trustees' Report For The Year Ended 31 March 2025

RWT Director out on site with Waveney Valley Green MP Adrian Ramsey

FINANCIAL REVIEW

Income has increased to £379,756 from a total of £193,761 in 2024.

Net assets increased to £190,201, from a total of £148,169 in the previous year.

Unrestricted funds are now £88,877. Liquidity and reserves are both held at a minimum 3-months running costs, with a maximum of 6-months held in reserves.

The main financial risk to the charity continues to be the lack of multi-year funding for some projects and the short time frame to secure significant project funding that results from this year-on-year funding. A further risk is the low earnt income leading to unrestricted funds being close to the 3-months minimum – as the Trust grows so does the minimum 3-months running cost. The challenge for next year continues to be to increase multi-year funding, increase the percentage of earnt unrestricted income to increase reserves and to increase income from Trusts, Foundations and Lottery. Although, since year end, a significant lottery grant has been successful.

A new accountancy firm (Van Dijk Accountants in Bungay) have been appointed to prepare the end of year accounts. Since year-end we have also employed a part-time Finance Manager.

Funding Sources: the breakdown of income this year was approximately 20% corporate grant and direct sponsorship, 60% government grant funding, 14% Trusts, Foundations & Lottery grant funding and 6% membership, events, donations, earnt income and other sources.

Page 6

River Waveney Trust Company No. 08189846 Trustees' Report For The Year Ended 31 March 2025

STRUCTURE, GOVERNANCE & MANAGEMENT

Governing Documents: The trust is governed by memorandum and articles of association published on the Charity Commission and Trust websites. These are based on a precedent used by all the UK Rivers Trusts and as advised by the national Rivers Trust Charity as good practice.

Recruitment and Appointment of Trustee Board Members: Recruitment of trustees follows the Trustee Recruitment Policy as adopted in 2013 and reviewed annually. Open advertising is used across a variety of platforms and applicants must apply with a cover letter and CV. Applicants are sent a comprehensive trustee recruitment pack to read before taking the application any further. A nominated person from the board will then arrange to speak to the applicant who will be invited to attend a board meeting as an observer. Following this, if both the board and the applicant wish to proceed, the applicant will be invited to join the board at which point they will be required to register with the Charity Commission via the Company Secretary.

Responsibilities of the Trustee Board and Organisational Structure: Our Trustees oversee everything the charity does, making sure we are fit for purpose and can rise to the challenges the River Waveney and its catchment face. Trustees are the most senior volunteers in the charity and work together strategically to guide the Trust. There are currently 10 Trustee Board Members who meet bimonthly and are responsible for the strategic direction and policies of the Trust. The Trust allocates areas of oversight to trustees with the appropriate skills and experience and hosts sub-committees in order to carry out this work more effectively (finance, communication and trustee recruitment). The Director also attends the bi-monthly board meetings but has no voting rights.

Day to day responsibilities for the work of the Trust including management of staff rest with the Director. The Director is responsible for ensuring the charity delivers projects in line with its aims whilst following all policies and procedures to ensure a safe and positive working environment.

Page 7

River Waveney Trust Company No. 08189846 Trustees' Report For The Year Ended 31 March 2025

Public Benefit

The trustees confirm that they have complied with the requirements of Section 17 of the Charities Act 2011 to have due regard to the Charity Commission’s guidance on public benefit.

Trustees

Mr W A Travis (appointed 03/04/2024) Mr D Mills (appointed 03/07/2025) Mr K Wiseman (appointed 03/07/2025) Ms C Chanin (appointed 03/07/2025) Ms K Phillips Mr O Berman Mr J Blair Mr T Strehlow Mr R Twigge Mr P Edwards

Charity Number

1149960 Company Number 08189846

Independent Examiner

J van Dijk Van Dijk Accountants 11 Trinity Street Bungay NR35 1EH

Small Company Rules

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

The trustees' report was approved by the board of trustees and signed on its behalf by:

Mr T Strehlow Trustee 26/11/2025

Page 8

River Waveney Trust Independent Examiner's Report to the Trustees of River Waveney Trust For The Year Ended 31 March 2025

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2025.

Responsibilities and Basis of Report

As the charity trustees of the Company (and 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”).

Having satisfied myself that the accounts of the Company are not required to be audited under Part 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 the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent Examiner's Statement

Since the Company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of The Association of Accounting Technicians, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. 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 matter considered as part of an independent examination; or

  4. 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 applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

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.

J van Dijk 26/11/2025 11 Trinity Street Bungay NR35 1EH

Page 9

River Waveney Trust Statement of Financial Activities (including Income and Expenditure Account) For The Year Ended 31 March 2025

Notes
INCOME AND ENDOWMENTS FROM:
Donations and legacies
3
Charitable activities
4
Investments
5
EXPENDITURE ON:
Raising funds
7
Charitable activities
7
NET INCOME
Transfers between funds
16
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS:
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD
16		 Unrestricted
funds
£
13,899
6,876
3,023
Restricted
funds
£

353,061

2,897

-		 2025

Total
funds
£

366,960

9,773
3,023		 2024
Total
funds
£

178,157

11,604

4,000
23,798
355,958
379,756
193,761
(3,250)
(39,521)		 (6,970)
(287,983)		 (10,220)
(327,504)		 (5,909)
(183,105)
(42,771) (294,953) (337,724) (189,014)
(18,973)
45,643		 61,005

(45,643)
42,032
-
4,747
-
26,670
62,207
15,362

85,962
42,032

148,169
4,747

143,422
88,877
101,324
190,201
148,169

The notes on pages 13 to 19 form part of these financial statements.

Page 10

River Waveney Trust Comparative Statement of Financial Activities (including Income and Expenditure Account) For The Year Ended 31 March 2025

Notes
INCOME AND ENDOWMENTS FROM:
Donations and legacies
3
Charitable activities
4
Investments
5
EXPENDITURE ON:
Raising funds
7
Charitable activities
7
NET INCOME
Transfers between funds
16
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS:
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD
16		 Unrestricted
funds
£
13,850
5,455
4,000
Restricted
funds
£

164,307

6,149

-		 2024

Total
funds
£

178,157

11,604
4,000
23,305
170,456
193,761
(665)
(28,891)		 (5,244)
(154,214)		 (5,909)
(183,105)
(29,556) (159,458) (189,014)
(6,251)
25,986		 10,998

(25,986)
4,747
-
19,735
42,472
(14,988)

100,950		 4,747

143,422
62,207
85,962
148,169

The notes on pages 13 to 19 form part of these financial statements.

Page 11

River Waveney Trust Balance Sheet As At 31 March 2025

Notes
FIXED ASSETS
Tangible Assets
12
Investments
13
CURRENT ASSETS
Debtors
14
Cash at bank and in hand
Creditors: Amounts Falling Due
Within One Year
15
NET CURRENT ASSETS (LIABILITIES)
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS OF THE CHARITY
Restricted Funds
Unrestricted Funds
TOTAL FUNDS
16		 Unrestricted
funds
£
-
100
Restricted
funds
£
8,058

-		 2025

Total
funds
£

8,058
100		 2024
Total
funds
£

-

100
100
1,974
118,816
8,058

79,119

49,255
8,158
81,093
168,071
100

39,966

131,471
120,790
(32,013)
128,374
(35,108)		 249,164
(67,121 )
171,437
(23,368 )
88,777
93,266
182,043
148,069
88,877
101,324
190,201
148,169
88,877
101,324
190,201
148,169
101,324
88,877
85,962

62,207
190,201
148,169

Page 12

River Waveney Trust Notes to the Financial Statements For The Year Ended 31 March 2025

1. General Information

River Waveney Trust is a company limited by guarantee, incorporated in England & Wales, registered number 08189846 and registered charity number 1149960. The registered office is C/O Waveney Heritage Centre Grove Road, Brockdish, Diss, England, IP21 4JP.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to 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)", Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

The charitable company is a Public Benefit Entity as defined by FRS 102.

2.2. Incoming Resources

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

2.3. Resources Expended

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 obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases: Plant & Machinery 15% reducing balance

Page 13

River Waveney Trust Notes to the Financial Statements (continued) For The Year Ended 31 March 2025

2.5. Investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred. An associate is an entity, being neither a subsidiary nor a joint venture, in which the charity holds a long-term interest and where the charity has significant influence. The charity considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

2.6. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

3. Income from Donations and Legacies

Donations and gifts
Member subscriptions and sponsorships
Grants
Donations and gifts
Member subscriptions and sponsorships
Grants
. Income from Charitable Activities
Charitable activities
Charitable activities		 2025
Unrestricted Restricted
Total
funds
funds
funds
£
£
£
8,056
19,387
27,443
4,511
-
4,511
1,332
333,674
335,006
13,899
353,061
366,960
2024
Unrestricted Restricted
Total
funds
funds
funds
£
£
£
1,990
971
2,961
9,342
10,875
20,217
2,518
152,461
154,979
13,850
164,307
178,157
2025
Unrestricted
funds £
Restricted
funds £Total funds £
6,876
2,897
9,773
2024
Unrestricted
funds £
Restricted
funds £Total funds £
5,455
6,149
11,604		 Unrestricted
funds
£
8,056
4,511
1,332		 Unrestricted
funds
£
8,056
4,511
1,332		 Restricted
funds
£

19,387

-

333,674		 Restricted
funds
£

19,387

-

333,674		 2025
Total
funds
£

27,443
4,511

335,006
13,899
353,061
366,960
Unrestricted
funds
£
1,990
9,342
2,518		 Restricted
funds
£

971

10,875

152,461		 2024
Total
funds
£

2,961

20,217

154,979
13,850
164,307
178,157
2025

Total funds £

9,773
Unrestricted
funds £
5,455
Restricted
funds £

6,149		 2024

Total funds £

11,604

4. Income from Charitable Activities

Page 14

River Waveney Trust Notes to the Financial Statements (continued) For The Year Ended 31 March 2025

5. Investment Income

. Investment Income
Interest on short-term deposits
. Net Income/(Expenditure)
he net income is stated after charging/(crediting):
Depreciation of tangible fixed assets - owned
. Analysis of Expenditure
Raising funds
Charitable activities
Raising funds
Charitable activities		 2025
Unrestricted
funds
£
3,023		 2024
Unrestricted
funds
£

4,000
2025
£
102		 2024
£
-
2025
Support
costs
(see note
8)
£
10,220
327,504
337,724
2024
Support
costs
(see note
8)
£
5,909
183,105
189,014

6. Net Income/(Expenditure)

The net income is stated after charging/(crediting):

7. Analysis of Expenditure

Page 15

River Waveney Trust Notes to the Financial Statements (continued) For The Year Ended 31 March 2025

8. Support Costs

Employee costs
General administration
Depreciation
Employee costs
General administration
. Independent Examiner's Remuneration
Independent examination of the financial statements
Other assurance services
Tax advisory services
Other financial services
0. Staff Costs
taff costs were as follows:
Wages and salaries		 Raising
funds
£
10,117
1
102		 Raising
funds
£
10,117
1
102		 Charitable
activities
£

175,140

152,364

-		 2025

Total
£

185,257

152,365
102
10,220
327,504
337,724
Raising
funds
£
5,909
-		 Charitable
activities
£

97,174
85,931		 2024

Total
£

103,083

85,931
5,909
183,105
189,014
2025
£
1,440
-
-
-
1,440
2025
£
171,160		 2024
£
1,062
-
-
-
1,062
2024
£
92,695

9. Independent Examiner's Remuneration

10. Staff Costs

Staff costs were as follows:

No employees received employee benefits (excluding employer pension costs) for the reporting period of more than £60,000.

11. Average Number of Employees

Average number of employees during the year was: 7 (2024: 5)

Page 16

River Waveney Trust Notes to the Financial Statements (continued) For The Year Ended 31 March 2025

12. Tangible Assets

Cost
As at 1 April 2024
Additions
As at 31 March 2025
Depreciation
As at 1 April 2024
Provided during the period
As at 31 March 2025
Net Book Value
As at 31 March 2025
As at 1 April 2024
13. Investments
Cost
As at 1 April 2024
As at 31 March 2025
Provision
As at 1 April 2024
As at 31 March 2025
Net Book Value
As at 31 March 2025
As at 1 April 2024
14. Debtors
Due within one year
Trade debtors
Other debtors		 2025
£
79,518
1,575
81,093		 Plant &
Machinery
£
-
8,160
8,160
-
102
102
8,058
-
Unlisted
£
100
100
-
-
100
100
2024
£
38,781
1,185
39,966

Page 17

River Waveney Trust Notes to the Financial Statements (continued) For The Year Ended 31 March 2025

15. Creditors: Amounts Falling Due Within One Year

5. Creditors: Amounts Falling Due Within One Year
Trade creditors
Other creditors
Taxation and social security
Accruals and deferred income		 2025
£
5,876
93
3,338
57,814
67,121		 2024
£
4,041
(18)
1,631
17,714
23,368

16. Movement in Funds

6. Movement in Funds
Unrestricted funds
General:
General unrestricted fund
Restricted funds
Restricted fund
Total funds
Unrestricted funds
General:
General unrestricted fund
Restricted funds
Restricted fund
Total funds		 As at 1
April 2024
£
62,207
85,962		 Income
£

23,798

355,958		 Expenditure
£

(42,771)

(294,953)		 Transfers
£
45,643
(45,643)		 As at 31
March
2025
£

88,877
101,324
148,169
379,756
(337,724)		 - 190,201
As at 1
April 2023
£
42,472
100,950		 Income
£

23,305

170,456		 Expenditure
£

(29,556)

(159,458)		 Transfers
£
25,986
(25,986)		 As at 31
March
2024
£

62,207
85,962
143,422
193,761
(189,014)		 - 148,169

17. Transactions with Trustees

No trustee expenses have been incurred.

Page 18

River Waveney Trust Notes to the Financial Statements (continued) For The Year Ended 31 March 2025

18. Related Party Disclosures

There have been no related party transactions in the reporting period that require disclosure, except for those disclosed in the Transactions with Trustees note.

19. Company limited by guarantee

The company is limited by guarantee and has no share capital.

Every member of the company undertakes to contribute to the assets of the company, in the event of a winding up, such an amount as may be required not exceeding £1.

Page 19

River Waveney Trust Detailed Statement of Financial Activities (including Income and Expenditure Account) For The Year Ended 31 March 2025

INCOME AND ENDOWMENTS FROM:
Donations and legacies
Donations and gifts
Membership subscriptions
Grants
Charitable Activities:
Charitable activities
Investments
Interest on short term deposits
EXPENDITURE ON:
Raising funds
Support cost
Sundry expenses
Depreciation of plant and machinery
Charitable Activities:
Wages and salaries
Travel expenses
Computer software costs
Repairs, renewals and maintenance
Insurance
Printing, postage and stationery
Training seminars and workshops
Telecommunications
Independent examiner's fees
Professional fees
Bank charges
Sundry expenses
Project delivery costs
General projects		 2025
Total funds
£
27,443
4,511
335,006
366,960
9,773
9,773
3,023
3,023
379,756
(10,117)
(1)
(102)

Page 20

River Waveney Trust Detailed Statement of Financial Activities (including Income and Expenditure Account) (continued) For The Year Ended 31 March 2025

Technical experts
Other charitable expenditure
NET INCOME		 (34,097)
(1,847)		 (749)
(298)
(327,504) (183,105)
(337,724) (189,014)
42,032 4,747

Page 21