## **EAST MERCIA RIVERS TRUST** 

**Charity No. 1157922** 

**Company No. 08613863** 

**Trustees' Report and Unaudited Accounts** 

**31 March 2024** 



**EAST MERCIA RIVERS TRUST Contents** 

||Pages|
|---|---|
|Trustees' Annual Report|2 to 9|
|Independent Examiner's Report|10|
|Statement of Financial Activities|11|
|Summary Income and Expenditure Account|12|
|Balance Sheet|13|
|Notes to the Accounts|14 to 23|
|Detailed Statement of Financial Activities|24 to 25|



Page 1 



**EAST MERCIA RIVERS TRUST Trustees Annual Report** 

The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the unaudited financial statements of the charity for the year ended 31 March 2024. 

## **REFERENCE AND ADMINISTRATIVE DETAILS** 

## **Company No. 08613863** 

## **Charity No. 1157922** 

## **Principal Office** 

Loddington House Main Street Loddington Leicester LE7 9XE 

## **Registered Office** 

Loddington House Main Street Loddington Leicester LE7 9XE 

## **Directors and Trustees** 

The Directors of the charitable company are its Trustees for the purposes of charity law. The following Directors and Trustees served during the year: 

M.J. Ballard M.J. Bills J.S. Birch J. Bolland R. Dyson M. Hatfield (Resigned 20 September 2023) J.K. Leventhall A.S. Morriss 

## **Key Management Personnel** 

Chair Andrew Morriss 

## **Accountants** 

Brooks & Partners Accountants Ltd 22 St Peter's Street Stamford Lincolnshire PE9 2PF 

Page 2 



**EAST MERCIA RIVERS TRUST Trustees Annual Report** 

## **Bankers** 

The Co-Operative Bank PO Box 101 

1 Balloon Street 

Manchester M60 4EP 

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities. 

The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006 and in accordance with the Charities SORP (FRS 102). 

Signed on behalf of the board 

A.S. Morriss Trustee 

13 November 2024 

Page 3 



**CHAIR’S REPORT ..............................................................................................................................................2 TRUSTEES REPORT ...........................................................................................................................................3** RISK & GOVERNANCE COMMITTEE ............................................................................................................................. 3 RECRUITMENT AND APPOINTMENT OF NEW TRUSTEES .................................................................................................... 3 INDUCTION AND TRAINING OF NEW TRUSTEES ............................................................................................................... 3 RESERVES POLICY .................................................................................................................................................... 3 **MISSION & AIMS .............................................................................................................................................3** MISSION ............................................................................................................................................................... 3 AIMS .................................................................................................................................................................... 4 _Aim 1: Resilient Rivers ................................................................................................................................... 4 Aim 2: Rivers for Life ..................................................................................................................................... 4 Aim 3: Building Collaboration ....................................................................................................................... 5 Aim 4: Creating Security ................................................................................................................................ 5_ **PROGRAMME ACTIVITIES UPDATE ...................................................................................................................5** RESILIENT RIVERS .................................................................................................................................................... 5 RIVERS FOR LIFE...................................................................................................................................................... 6 

1 



## **CHAIR’S REPORT** 

The building blocks implemented during the last financial year, have enabled East Mercia Rivers Trust (EMRT) to increase income by over 50% and to reach the million-pound income milestone. Funds from grant sources remained high and EMRT has embarked on a new strategic partnership with Anglian Water. 

EMRT, along with the Environment Agency, Wild Trout Trust and South Kesteven District Council, was a finalist in the prestigious River Restoration Centre’s Annual River Prize with a programme of work that focused on the Upper Witham. Although the partnership did not win, it was very encouraging to be amongst much larger commercial organisations and demonstrated the growth of the trust over the last two years. 

The team grew from seven to nine employees, adding experience and skills, particularly in ecological surveying and community engagement. There is a new Senior Management Team in place leading the direction of the Trust. The Board continues to dedicate resources to staff training to develop the skills of the team. The board is very confident that these changes will enable the trust grow and become more effective in the coming years. 

A new financial management system was successfully put in place, which has simplified accounting and greatly improved monitoring and control of project expenditure. 

The Resilient Rivers Programme habitat priorities remain unchanged, principally the Welland and Witham upper reaches, limestone becks and chalk streams with a particular focus on invasives. EMRT has successfully upscaled restoration efforts on the globally rare chalk streams, securing the second largest project for community engagement and habitat enhancement from the UK Prosperity Fund, which is administered jointly by East Lindsey District, Boston Borough and South Holland District councils.  This programme was further bolstered by Anglian Water’s Get River Positive fund. 

Both catchments were badly affected by Storms Babet and Henk and EMRT provided information on the website to help communities prepare for flooding in the future. The flooding impacted the progress of several projects and particularly the main restoration project on Langton Brook, a key Welland tributary. 

The Rivers Academy continues to gain support, with funding secured to continue to grow this aspect of the trust’s work. Community engagement remains at the heart of all EMRT’s projects. 

One trustee stepped down from the board in the year and one new one, with a water sector communications and advocacy background, joined. 

Although many challenges lie ahead, the board is optimistic that EMRT will continue to be able to successfully work to improve the streams and rivers in its catchment areas. 

Andrew Morriss Chair September 2024 

2 



## **TRUSTEES REPORT** 

The Trustees present their Annual Report together with the financial statements of the Trust for the year April 2023 to March 2024. The Annual Report serves the purposes of both a Trustees’ report and a directors’ report. The Trustees confirm they both comply with the statutory requirements, the requirements of the charitable company’s governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102). 

## **Governance** 

East Mercia Rivers Trust is a registered charity governed by a Board of Trustees. The charity is controlled by its Articles of Association, and constitutes a company limited by guarantee, as defined by the Companies Act 2006. 

The day-to-day operations are led by the Executive Director with support from a Senior Management Team of two and a financial and administrator officer, the technical team grew from seven to nine during 23/24. EMRT remains part of the national Rivers Trust movement, which is growing and to date has around 70 member trusts. 

## _**Risk & Governance Committee**_ 

The Committee has provided support on overhauling EMRT’s policies and procedures during this financial year, which also included a full legal and risk register. 

## _**Recruitment and appointment of new trustees**_ 

The recruitment of Trustees is by invite from East Mercia Rivers Trust Trustees. Subject to the Articles of Association, selection is based on expertise that is judged to add value to the activities and growth of the Trust.  A trustee with communications and advocacy expertise was invited to join the Board in early 2024. 

## _**Induction and training of new trustees**_ 

The training and induction provided for new Trustees will depend on their existing experience. Where necessary, induction will be on an informal basis and tailored specially to the individual. Newly appointed Trustees receive a letter of appointment and a copy of EMRT’s Trustee Manual and Policy Manual. 

## _**Reserves Policy**_ 

EMRT maintains a minimum of one year’s reserves (unrestricted funds) that are freely available to spend on the charity's purposes. 

## **Mission & Aims** 

## _**Mission**_ 

Bringing rivers back to life for nature and communities. 

3 



## _**Aims**_ 

The headline KPI achievements for the aims are identified below. 

|**_Aim 1: Resilient Rivers_**|**_Achievements 2023 - 2024_**|
|---|---|
|To create and protect healthy,<br>clean, and resilient watercourses<br>by,<br> restoring<br>and<br>enhancing<br>habitats,<br> increasing water storage,<br> improving water quality and<br> controlling<br>and<br>removing<br>invasive species.| Delivered river restoration and enhancement<br>projects included.<br>`o` Buckminster Estates floodplain reconnection,<br>1.2KM restored<br>`o` Chapel Hill fish refuges<br>`o` Kibworth & Smeeton Nature Project (KSNP)<br>(partially delivered due to Storm Babet)<br>`o` Nocton Fish pass (delivered by Wild Trout Trust)<br> Volunteer work parties across the Limestone<br>Becks focused on invasives<br> Secured funding for multi-year & 2024/25 projects<br>`o` UKSPF for Horncastle Riverscape to deliver<br>enhancements & engagement<br>`o` Get River Positive Anglian Water programme for<br>Witham & Welland<br>`o` Rauceby Estate for NFM measures<br>`o` Chalk streams first stage Expression of Interest<br>for Esmee Fairbairn successful (with Norfolk &<br>Great Ouse Rivers Trusts)<br>`o` Limestone becks first stage Expression of<br>Interest for National Lottery Heritage Fund<br>successful (with Wild Trout Trust, Environment<br>Agency & Lincolnshire Wildlife Trust)|
|**_Aim 2: Rivers for Life_**|**_Achievements 2023 - 2024_**|
|To inspire local communities,<br>landowners, businesses, and<br>recreational river-users to act for<br>rivers by,<br> building data and evidence,<br> delivering educational activities<br>and advisory services,<br> Improving access to nature,<br>and<br> raising awareness.| Completed a feasibility study and business plan for<br>the Rivers Academy & secured funding for<br>equipment & PPE from UKSPF<br> 320 adults & 562 children along with 61 vols<br>attended various work parties & events of these<br>79 children, 28 adults & 14 volunteers attended<br>Rivers Academy<br> Earthwatch water quality monitoring & invasive<br>removal along with Academy workshops were the<br>main activities.<br> Spalding Reconnected project delivered Eels in the<br>classroom|



4 



|**_Aim 3: Building Collaboration_**|**_Achievements 2023 - 2024_**|
|---|---|
|To advocate the catchment-based<br>approach by facilitating the<br>Welland Valley and Witham<br>Catchment Partnerships.| New meeting regime agreed with the<br>Environment Agency with an annual Summit<br>planned for each catchment in F/Y 24/25|
|**_Aim 4: Creating Security_**|**_Achievements 2023 - 2024_**|
|To build organisational stability<br>and relevance by,<br> diversifying<br>projects<br>and<br>donors,<br> positioning as the knowledge<br>centre for the catchments,<br> creating a high profile, and<br> investing in staff.| Income percentage increased from non-<br>governmental sources including private sources.<br> Number of all year-round projects increased.<br> Staff training budget remains high.|



## **Programme Activities Update** 

There are over 120 watercourses within the Welland and Witham catchments, EMRT is operational in five counties: Lincolnshire, Leicestershire, Northamptonshire, Cambridgeshire, and Rutland. 

## _**Resilient Rivers**_ 

The upper catchment headwater programmes aim to increase water storage, slow water flow, and improve the water quality through large-scale restoration works such as reconnecting floodplains, reinstating paleo channels, installing back channels, wetlands, and scrapes or smaller scale natural flood management measures and in-channel installations such as berms. 

## 1. Voice for the Limestone Becks 

- On-going partnership with the Environment Agency and Wild Trout Trust.  Focus on developing volunteer work parties across the villages and successfully submitted an Expression of Interest to National Lottery Heritage Fund for accelerating engagement and restoration efforts across the Becks. Anglian Water Get River Positive funded the Nocton Fish pass project successfully completed by a key partner, the Wild Trout Trust. 

## 2. Rejuvenating Lincolnshire’s Chalk Streams 

- UK Shared Prosperity funding secured until March 2025 for the Horncastle Riverscape focused on engagement and river enhancements. Anglian Water Get River Positive funding secured to accelerate the programme. Successful submission of an Expression of Interest for funding a dedicated resource to accelerate restoration across the Wolds. 

## 3. Upper Witham Headwaters Programme 

5 



The Upper Witham is an important limestone watercourse forming the headwaters of the Witham catchment. The project is part of a strategy to restore the Upper Witham sub-catchment at a landscape level. Floodplain reconnection on Buckminster Estates successfully implemented and programme of landowner engagement in place. 

## 4. Upper Welland Headwaters Programme 

   - A major restoration began on Langton Brook at Smeeton Westerby, however due to Storm Babet the project was halted and completion planned for Spring 2024. Natural Flood Management is underway around Market Harborough in response to expert modelling work commissioned by the EA.  EMRT continued to engage with a group of landowners located on the Langton Brook - Welland confluence, who have an ambition to deliver a large-scale river restoration project. 

5. Greening Brayford Pool Project 

   - Working with Lincoln City Council, EMRT has continued to lay the groundwork through surveys and promotional activities to complete the floating ecosystems around Brayford Pool. Project was postponed as the area was flooded twice during the storms of 23/24. 

6. Lower Witham Programme 

   - Work was completed at Chapel Hill to install fish refuges. Installation was longer than expected due to the high-water levels following the storms. 

7. Stamford Millstream 

EMRT secured funding from Stamford Town Council to trial the release of Weevils to address the water fern that had infested the Millstream. 

8. Floating Pennywort Project 

   - An on-going Environment Agency partnership agreement with additional funding provided by the Canal and River Trust. 

## _**Rivers for Life**_ 

The main activities of this programme are centred on developing a Rivers Academy. 

1. Rivers Academy 

   - Located at the National Trust's Belton House near Grantham, it is set to be the UK’s first permanent rivers school. The National Lottery Heritage Fund, which funded the feasibility study, business plan and nine pilot educational workshops was successfully completed. Funding from UK SPF through South Kesteven District Council for equipment was secured during this year, to be pulled down in next financial year. 

2. Volunteer Activities 

Volunteer activities were mainly around invasive removal work parties and water quality monitoring on the Upper Witham, Limestone Becks, Chalk Streams, Spalding town and Rockingham Forest Vision project. 

6 



**EAST MERCIA RIVERS TRUST Independent Examiners Report** 

## **Independent Examiner's Report to the trustees of EAST MERCIA RIVERS TRUST** 

I report to the charity trustees on my examination of the financial statements of EAST MERCIA RIVERS TRUST for the year ended 31 March 2024. 

## **Responsibilities and basis of report** 

As the charity's trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act. 

Having satisfied myself that the financial statements of the Charity 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 financial statements 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** 

As the charity'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 ACCA, which is one of the listed bodies. 

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

- accounting records were not kept in accordance with section 386 of the 2006 Act ; or 

- the financial statements do not accord with those records; or 

- the financial statements do not comply with the accounting requirements under section 396 of the 2006 Act other than any requirement that the financial statements give a 'true and fair' view which is not a matter considered as part of an independent examination; or 

- the financial statements 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 financial statements to be reached. 

Kate Fleming ACCA Brooks & Partners Accountants Ltd 22 St Peter's Street Stamford Lincolnshire 

PE9 2PF 

27 September 2024 

Page 10 



**EAST MERCIA RIVERS TRUST Statement of Financial Activities** 

## **for the year ended 31 March 2024** 

|**Notes**<br>**Income and endowments**<br>**from:**<br>Donations and legacies<br>4<br>Other trading activities<br>5<br>**Total**<br>**Expenditure on:**<br>Raising funds<br>6<br>Charitable activities<br>7<br>Other<br>8<br>**Total**<br>Net gains on investments<br>**Net income**<br>9<br>Transfers between funds<br>**Net income before other**<br>**gains/(losses)**<br>**Other gains and losses**<br>**Net movement in funds**<br>**Reconciliation of funds:**<br>Total funds brought forward<br>**Total funds carried forward**|**Unrestricted**<br>**funds**<br>**2024**<br>**£**<br>180,560<br>3,029|**Restricted**<br>**funds**<br>**2024**<br>**£**<br>788,721<br>-|**Total funds**<br>**2024**<br>**£**<br>969,281<br>3,029|**Total funds**<br>**2023**<br>**£**<br>440,295<br>5,046|
|---|---|---|---|---|
||183,589<br>1,878<br>29,038<br>24,536|788,721<br>-<br>708,638<br>-|972,310<br>1,878<br>737,676<br>24,536|445,341<br>1,185<br>378,225<br>20,301|
||55,452<br>-|708,638<br>-|764,090<br>-|399,711<br>-|
||128,137<br>26,854|80,083<br>(26,854)|208,220<br>-|45,630<br>-|
||154,991|53,229|208,220|45,630|
||154,991<br>176,770|53,229<br>66,341|208,220<br>243,111|45,630<br>197,481|
||331,761|119,570|451,331|243,111|



Page 11 



**EAST MERCIA RIVERS TRUST Summary Income and Expenditure Account** 

## **for the year ended 31 March 2024** 

|Income<br>**Gross income for the year**<br>Expenditure<br>Depreciation and charges for<br>impairment of fixed assets<br>**Total expenditure for the year**<br>Net income before tax for the year<br>**Net income for the year**|**2024**<br>**£**<br>972,310<br>972,310<br>763,513<br>577<br>764,090<br>208,220<br>208,220|**2023**<br>**£**<br>445,341|
|---|---|---|
|||445,341|
|||399,217<br>494|
|||399,711|
|||45,630|
|||45,630|



Page 12 



**EAST MERCIA RIVERS TRUST Balance Sheet** 

## **at 31 March 2024** 

|**at 31 March 2024**||||
|---|---|---|---|
|**Company No.**<br>**08613863**|**Notes**|**2024**|**2023**|
|||**£**|**£**|
|**Fixed assets**||||
|Tangible assets|12|1,650|824|
|||1,650|824|
|**Current assets**||||
|Debtors|13|330,281|103,877|
|Cash at bank and in hand||155,310|145,090|
|||485,591|248,967|
|**Creditors:**Amount falling due within one year|14|(35,910)|(6,680)|
|**Net current assets**||449,681|242,287|
|**Total assets less current liabilities**||451,331|243,111|
|**Net assets excluding pension asset or liability**||451,331|243,111|
|**Total net assets**||451,331|243,111|
|**The funds of the charity**||||
|**Restricted funds**|15|||
|Restricted income funds||119,570|66,341|
|||119,570|66,341|
|**Unrestricted funds**|15|||
|General funds||331,761|185,810|
|Designated funds||-|(9,040)|
|||331,761|176,770|
|**Reserves**|15|||
|**Total funds**||451,331|243,111|



These accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. 

For the year ended 31 March 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies. 

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. 

Approved by the board on 13 November 2024 

And signed on its behalf by: 

## A.S. Morriss 

Trustee 

13 November 2024 

Page 13 



**EAST MERCIA RIVERS TRUST Notes to the Accounts** 

## **for the year ended 31 March 2024** 

- 1 **Accounting policies** 

## **Basis of preparation** 

The financial statements have been prepared in accordance with 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 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. 

## **Change in basis of accounting or to previous accounts** 

There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years. 

## **Fund accounting** 

- Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity. 

- Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. Revaluation funds These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values. 

- Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal. 

## **Income** 

- Recognition of Income is included in the Statement of Financial Activities (SoFA) when the charity income becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability. 

- Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SoFA. Donations and Voluntary income received by way of grants, donations and gifts is included in the legacies the SoFA when receivable and only when the Charity has unconditional entitlement to the income. 

- Tax reclaims on Income from tax reclaims is included in the SoFA at the same time as the donations and gifts gift/donation to which it relates. Donated services These are only included in income (with an equivalent amount in expenditure) and facilities where the benefit to the Charity is reasonably quantifiable, measurable and material. 

Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gains/(losses) on This includes any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gains/(losses) on This includes any gain or loss on the sale of investments. investment assets 

Page 14 



**EAST MERCIA RIVERS TRUST Notes to the Accounts** 

## **Expenditure** 

- Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT which expenditure cannot be fully recovered, and is reported as part of the expenditure to which it relates. 

- Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activities services in the furtherance of its objects, including the making of grants and governance costs. 

- Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid. 

- Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs. 

Other expenditure These are support costs not allocated to a particular activity. 

## **Taxation** 

The charity is exempt from corporation tax on its charitable activities. 

## **Tangible fixed assets and depreciation** 

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life: 

Plant and equipment 33.33% straight line 

## **Freehold investment property** 

Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arise. 

## **Stocks** 

Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market. 

## **Trade and other debtors** 

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 

## **Cash and cash equivalents** 

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management. 

Page 15 



**EAST MERCIA RIVERS TRUST Notes to the Accounts** 

## **Trade and other creditors** 

Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. 

## **Research and development** 

Expenditure on research and development is written off in the year in which it is incurred. 

## **Foreign currencies** 

Monetary assets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period. Transactions in currencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the transaction occurred. 

All exchange differences are are taken into account in arriving at net income/expenditure. 

## **Leased assets** 

Where the charity enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease. 

Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operating leases. 

Assets held under finance leases are initially recognised as assets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the charity's policy on borrowing costs. Assets held under finance leases are depreciated in the same way as owned assets. 

Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis. 

## **Pension costs** 

The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds. 

## **Receipt of donated goods, facilities and services** 

All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity. 

Page 16 



**EAST MERCIA RIVERS TRUST Notes to the Accounts** 

## 2 **Company status** 

The company is a private company limited by guarantee and consequently does not have share capital. The liability of each member in the event of winding up is limited to £1. 

## 3 **Statement of Financial Activities - prior year** 

|**Income and endowments from:**<br>Donations and legacies<br>Other trading activities<br>**Total**<br>**Expenditure on:**<br>Raising funds<br>Charitable activities<br>Other<br>**Total**<br>**Net income**<br>Transfers between funds<br>**Net income before other**<br>**gains/(losses)**<br>**Other gains and losses:**<br>**Net movement in funds**<br>**Reconciliation of funds:**<br>Total funds brought forward<br>**Total funds carried forward**<br>4<br>**Income from donations and legacies**<br>Donations<br>Grants|**Unrestricted**<br>**£**<br>150,021<br>30,539<br>180,560|**Unrestricted**<br>**funds**<br>**2023**<br>**£**<br>71,236<br>5,046<br>76,282<br>1,185<br>24,729<br>20,301<br>46,215<br>30,067<br>(6,317)<br>23,750<br>23,750<br>153,020<br>176,770<br>**Restricted**<br>**£**<br>65,000<br>723,721<br>788,721|**Restricted**<br>**funds**<br>**2023**<br>**£**<br>369,059<br>-<br>369,059<br>-<br>353,496<br>-<br>353,496<br>15,563<br>6,317<br>21,880<br>21,880<br>44,461<br>66,341<br>**Total**<br>**2024**<br>**£**<br>215,021<br>754,260<br>969,281|**Total funds**<br>**2023**<br>**£**<br>440,295<br>5,046|
|---|---|---|---|---|
|||||445,341<br>1,185<br>378,225<br>20,301|
|||||399,711|
|||||45,630<br>-|
|||||45,630|
|||||45,630<br>197,481|
|||||243,111|
|||||**Total**<br>**2023**<br>**£**<br>22,267<br>418,028|
|||||440,295|



£578,983 (2023: £206,656) in grants received from the Environment Agency 

Page 17 



**EAST MERCIA RIVERS TRUST** 

**Notes to the Accounts** 

- 5 **Income from other trading activities** 

|Consultancy and Speaking<br>6<br>**Expenditure on raising funds**<br>_Costs of generating voluntary_<br>_income_<br>Donations<br>7<br>**Expenditure on charitable activities**<br>_Expenditure on charitable_<br>_activities_<br>Wages<br>Professional fees<br>Habitat Contractors and<br>Equipment<br>Expenses<br>_Governance costs_<br>Accountancy<br>8<br>**Other expenditure**<br>Employee costs<br>Motor and travel costs<br>Premises costs<br>Amortisation, depreciation,<br>impairment, profit/loss on<br>disposal of fixed assets<br>General administrative costs<br>Legal and professional costs|**Unrestricted**<br>**£**<br>23,146<br>-<br>3,262<br>1,040<br>1,590<br>29,038|**Unrestricted**<br>**£**<br>3,029<br>3,029<br>**Unrestricted**<br>**£**<br>1,878<br>1,878<br>**Restricted**<br>**£**<br>212,775<br>11,770<br>477,419<br>6,674<br>-<br>708,638<br>**Unrestricted**<br>**£**<br>5,672<br>3,734<br>1,020<br>577<br>12,280<br>1,253<br>24,536|**Total**<br>**2024**<br>**£**<br>3,029<br>3,029<br>**Total**<br>**2024**<br>**£**<br>1,878<br>1,878<br>**Total**<br>**2024**<br>**£**<br>235,921<br>11,770<br>480,681<br>7,714<br>1,590<br>737,676<br>**Total**<br>**2024**<br>**£**<br>5,672<br>3,734<br>1,020<br>577<br>12,280<br>1,253<br>24,536|**Total**<br>**2023**<br>**£**<br>5,046|
|---|---|---|---|---|
|||||5,046|
|||||**Total**<br>**2023**<br>**£**<br>1,185|
|||||1,185|
|||||**Total**<br>**2023**<br>**£**<br>141,516<br>11,862<br>222,728<br>-<br>2,119|
|||||378,225|
|||||**Total**<br>**2023**<br>**£**<br>1,395<br>6,481<br>1,045<br>494<br>10,337<br>549|
|||||20,301|



Page 18 



**EAST MERCIA RIVERS TRUST Notes to the Accounts** 

|9|**Net income before transfers**||||
|---|---|---|---|---|
||||**2024**|**2023**|
||This is stated after charging:||**£**|**£**|
||Depreciation of owned fixed assets||577|494|
||Independent Examiner's fee||1,590|1,590|
|10|**Trustee remuneration and expenses**||||
||One or more of the trustees has been paid|expenses in the current or prior periods.|||
||||**2024**|**2023**|
||||**Number**|**Number**|
||Number of trustees paid expenses||-|1|
||The nature of the reimbursed expenses|Travel and meeting costs|||
||||**£**|**£**|
||Total expenses reimbursed to trustees||-|31|
|11|**Staff costs**||||
||No employee received emoluments in excess of £60,000.||||
||Total employee benefits received by key management<br>personnel||47,565|-|
||The average monthly number of full time equivalent employees during the year was as follows:||||
||||**2024**|**2023**|
||||**Number**|**Number**|
||Project Officer||4|3|
||Administrator||1|1|
||Project Manager||2|2|
||||7|6|



The Rivers Trust Pension & Life Assurance Scheme 

Page 19 



**EAST MERCIA RIVERS TRUST Notes to the Accounts** 

## 12 **Tangible fixed assets** 

|**Cost or revaluation**<br>At 1 April 2023<br>Additions<br>At 31 March 2024<br>**Depreciation and**<br>**impairment**<br>At 1 April 2023<br>Depreciation charge for the<br>year<br>At 31 March 2024<br>**Net book values**<br>At 31 March 2024<br>At 31 March 2023<br>13 **Debtors**<br>Other debtors<br>14 **Creditors:**<br>amounts falling due within one year<br>Other taxes and social security<br>Other creditors<br>Accruals|**2024**<br>**£**<br>330,281<br>330,281<br>**2024**<br>**£**<br>5,091<br>29,373<br>1,446<br>35,910|**Plant and**<br>**equipment**<br>**£**<br>1,782<br>1,403<br>3,185<br>958<br>577<br>1,535<br>1,650<br>824|**Total**<br>**£**<br>1,782<br>1,403|
|---|---|---|---|
||||3,185|
||||958<br>577|
||||1,535|
||||1,650|
||||824|
||||**2023**<br>**£**<br>103,877|
||||103,877|
||||**2023**<br>**£**<br>2,927<br>1,054<br>2,699|
||||6,680|



Page 20 



**EAST MERCIA RIVERS TRUST Notes to the Accounts** 

## 15 **Movement in funds** 

|15 **Movement in funds**||||||
|---|---|---|---|---|---|
||**At 1 April**<br>**2023**<br>-<br>-<br>7,675<br>33,149<br>(784)<br>144<br>-<br>26,157<br>66,341<br>185,810<br>(1,820)<br>(3,894)<br>(3,326)<br>-<br>-<br>-<br>-<br>-<br>(9,040)<br>243,111|**Incoming**<br>**resources**<br>**(including**<br>**other**<br>**gains/losses)**<br>**£**<br>30,000<br>68,000<br>25,000<br>33,576<br>203,395<br>272,000<br>-<br>156,750<br>788,721<br>151,984<br>-<br>15,339<br>16,266<br>-<br>-<br>-<br>-<br>-<br>31,605<br>972,310|**Resources**<br>**expended**<br>**£**|**Gross**<br>**transfers**<br>**£**<br>5,710<br>-<br>-<br>(26,783)<br>(896)<br>(7,293)<br>2,531<br>(123)<br>(26,854)<br>41,114<br>1,901<br>(7,494)<br>(8,667)<br>-<br>-<br>-<br>-<br>-<br>(14,260)<br>-|**At 31**<br>**March**<br>**2024**<br>**£**<br>-<br>10,481<br>1,940<br>16,429<br>74,184<br>-<br>-<br>16,536|
|**Restricted funds:**<br>**Restricted income funds:**<br>EN CABA Witham, Welland,<br>Snagging and Volunteers<br>IN Himalayan Balsam and<br>Floating Pennywort<br>EN Schools and River<br>Academy<br>LB Limestone Becks<br>LW Horncastle and Chapel<br>Hill<br>UW Upper Witham and<br>Natural Flood Management<br>LN Lincoln<br>WT Upper and Lower<br>Welland<br>_Total_<br>**Unrestricted funds:**<br>**General funds**<br>**Designated funds:**<br>LB Rauceby Estate<br>WT Spalding Heritage &<br>Rockingham<br>WT Langton Brook<br>Confluence||||||
||||(35,710)|||
||||(57,519)|||
||||(30,735)|||
||||(23,513)|||
||||(127,531)|||
||||(264,851)|||
||||(2,531)|||
||||(166,248)|||
||||(708,638)<br>(47,147)<br>(81)<br>(3,951)<br>(4,273)<br>-<br>-<br>-<br>-<br>-<br>(8,305)<br>(764,090)|||
||||||119,570|
||||||331,761<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-|
|||||||
|_Total_<br>**Total funds**||||||
||||||-|
|||||||
||||||451,331|



Purposes and restrictions in relation to the funds: Restricted funds: 

Page 21 



**EAST MERCIA RIVERS TRUST Notes to the Accounts** 

|**T MERCIA RIVERS TRUST**<br>**es to the Accounts**||
|---|---|
|EN CABA Witham, Welland,|The catchment hosting payments for the Witham and Welland are|
|Snagging and Volunteers|awarded on an annual basis and support project development work.|
|IN Himalayan Balsam and|Funded by the Environment Agency with contribution from Canal and|
|Floating Pennywort|River Trust. Each year EMRT works with RiverCare volunteers and expert|
||contractors reducing invasives on the catchments. All funding agreements|
||are based on an annual basis.|
|EN Schools and River|National Lottery Heritage Funding was sucessfully completed for the Rivers|
|Academy|Academy.|
|LB Limestone Becks|Funding for staff time to develop a larger multi-year funding bid to|
||accelerate restoration across this priority habitat. Nocton Fish Pass|
||completed.|
|LW Horncastle and Chapel|Chalk Streams project commenced around Horncastle and installation of|
|Hill|fish refuges at Chapel Hill successfully completed.|
|UW Upper Witham and|Major floodplain restoration project at Buckminster Estate, Colsterworth|
|Natural Flood Management|successfully completed.|
|LN Lincoln|Engagement work in Lincoln in preparation for larger bid.|
|WT Upper and Lower|Major restoration at Smeeton Westerby commenced in Autumn 2023 but|
|Welland|delivery was postponed until Spring 2024 due to flooding. NFM scoping|
||work commenced on the Upper Welland & support to Stamford|
||Millstream Group continued with release of weevils to remove water fern,|
||an invasive plant.|
|Designated funds:||
|LB Rauceby Estate|Continued WQM and invertebrate support to Rauceby Estates in|
||preparation for restoration project with funding secured.|
|WT Spalding Heritage &|Implementation of the educational elements for the Spalding Heritage &|
|Rockingham|volunteer training for Rockingham Forest Vision project.|
|WT Langton Brook|Continued support to landowners located at the Langton Brook|
|Confluence|Confluence.|



## 16 **Analysis of net assets between funds** 

|**Analysis of net assets between funds**||||
|---|---|---|---|
|Fixed assets<br>Net current assets|**Unrestricted**<br>**funds**<br>**£**<br>1,650<br>330,111<br>331,761|**Restricted**<br>**funds**<br>**£**<br>-<br>119,570<br>119,570|**Total**<br>**£**<br>1,650<br>449,681|
||||451,331|



Page 22 



**EAST MERCIA RIVERS TRUST Notes to the Accounts** 

## 17 **Reconciliation of net debt** 

|**Reconciliation of net debt**||||
|---|---|---|---|
|Cash and cash equivalents<br>Net debt|**At 1 April**<br>**2023**<br>**£**|**Cash flows**<br>**£**|**At 31**<br>**March**<br>**2024**<br>**£**|
||145,090|10,220|155,310|
||145,090<br>145,090|10,220<br>10,220|155,310|
||||155,310|
|||||
|**Commitments**<br>**_Operating lease commitments_**<br>Annual commitments under non-cancellable operating leases<br>**2024**<br>**Land and**<br>**buildings**<br>**£**<br>Operating leases with expiry date:<br>**_Pension commitments_**<br>Unpaid contributions due to the fund are<br>included in other creditors and amounted to:|are as follows:<br>**2024**<br>**Other**<br>**£**<br>**2024**<br>**£**<br>1,585|**2023**<br>**Land and**<br>**buildings**<br>**£**|**2023**<br>**Other**<br>**£**<br>**2023**<br>**£**<br>1,054|



## 18 **Commitments** 

## 19 **Related party disclosures** 

## _**Controlling party**_ 

The company is limited by guarantee and has no share capital; thus no single party controls the company. 

Page 23 



**EAST MERCIA RIVERS TRUST Detailed Statement of Financial Activities** 

## **for the year ended 31 March 2024** 

|**Income and endowments from:**<br>Donations and legacies<br>Donations<br>Grants<br>Other trading activities<br>Consultancy and Speaking<br>**Total income and endowments**<br>**Expenditure on:**<br>Costs of generating donations and<br>legacies<br>Donations<br>**Total of expenditure on raising**<br>**funds**<br>Charitable activities<br>Wages<br>Professional fees<br>Habitat Contractors and<br>Equipment<br>Expenses<br>Governance costs<br>Accountancy<br>**Total of expenditure on charitable**<br>**activities**<br>Employee costs<br>Staff recruitment<br>Staff training<br>Staff welfare<br>Motor and travel costs<br>Travel and subsistence<br>Premises costs<br>Rent|**Unrestricte**<br>**d funds**<br>**2024**<br>**£**<br>150,021<br>30,539<br>180,560<br>3,029<br>3,029<br>183,589<br>1,878<br>1,878<br>1,878<br>23,146<br>-<br>3,262<br>1,040<br>27,448<br>1,590<br>1,590<br>29,038<br>298<br>3,801<br>1,573<br>5,672<br>3,734<br>3,734<br>1,020<br>1,020|**Restricted**<br>**funds**<br>**2024**<br>**£**<br>65,000<br>723,721<br>788,721<br>-<br>-<br>788,721<br>-<br>-<br>-<br>212,775<br>11,770<br>477,419<br>6,674<br>708,638<br>-<br>-<br>708,638<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-|**Total funds**<br>**2024**<br>**£**<br>215,021<br>754,260<br>969,281<br>3,029<br>3,029<br>972,310<br>1,878<br>1,878<br>1,878<br>235,921<br>11,770<br>480,681<br>7,714<br>736,086<br>1,590<br>1,590<br>737,676<br>298<br>3,801<br>1,573<br>5,672<br>3,734<br>3,734<br>1,020<br>1,020|**Total funds**<br>**2023**<br>**£**<br>22,267<br>418,028|
|---|---|---|---|---|
|||||440,295|
|||||5,046|
|||||5,046|
|||||445,341<br>1,185|
|||||1,185|
|||||1,185<br>141,516<br>11,862<br>222,728<br>-|
|||||376,106|
|||||2,119|
|||||2,119|
|||||378,225<br>-<br>1,395<br>-|
|||||1,395|
|||||6,481|
|||||6,481|
|||||1,045|
|||||1,045|



Page 24 



**EAST MERCIA RIVERS TRUST Detailed Statement of Financial Activities** 

|General administrative costs,<br>including depreciation and<br>amortisation<br>Depreciation of Plant and<br>equipment<br>General insurances<br>Postage and couriers<br>Software, IT support and related<br>costs<br>Stationery and printing<br>Subscriptions<br>Sundry expenses<br>Telephone, fax and broadband<br>Legal and professional costs<br>Accountancy and bookkeeping<br>Other legal and professional<br>costs<br>**Total of expenditure of other costs**<br>**Total expenditure**<br>Net gains on investments<br>**Net income**<br>Transfers between funds<br>**Net income before other**<br>**gains/(losses)**<br>Other Gains<br>**Net movement in funds**<br>**Reconciliation of funds:**<br>Total funds brought forward<br>**Total funds carried forward**|577<br>5,293<br>75<br>3,435<br>390<br>2,080<br>8<br>999<br>12,857<br>655<br>598<br>1,253<br>24,536<br>55,452<br>-<br>128,137<br>26,854<br>154,991<br>-<br>154,991<br>176,770<br>331,761|-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>708,638<br>-<br>80,083<br>(26,854)<br>53,229<br>-<br>53,229<br>66,341<br>119,570|577<br>5,293<br>75<br>3,435<br>390<br>2,080<br>8<br>999<br>12,857<br>655<br>598<br>1,253<br>24,536<br>764,090<br>-<br>208,220<br>-<br>208,220<br>-<br>208,220<br>243,111<br>451,331|494<br>3,584<br>136<br>2,107<br>619<br>1,234<br>2,222<br>435|
|---|---|---|---|---|
|||||10,831|
|||||-<br>549|
|||||549|
||||||
|||||20,301|
|||||399,711<br>-|
|||||45,630<br>-|
|||||45,630<br>-|
|||||45,630|
|||||197,481|
|||||243,111|



Page 2 5