REGISTERED CHARITY NUMBER: 296531
REPORT OF THE TRUSTEES AND
AUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2021
FOR
THE WETLAND TRUST
GMP Audit Limited
20 Eversley Road
Bexhill on Sea
East Sussex
TN40 1HE
THE WETLAND TRUST
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
|
Page |
Page |
Page |
Report of the Trustees |
1 |
to |
3 |
Report of the Independent Auditors |
4 |
to |
5 |
Statement of Financial Activities |
|
6 |
|
Balance Sheet |
|
7 |
|
Notes to the Financial Statements |
8 |
to |
16 |
THE WETLAND TRUST
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 5 APRIL 2021
Thetrusteespresenttheirreportwiththefinancialstatementsofthecharityfortheyear ended
5April2021.ThetrusteeshaveadoptedtheprovisionsofAccountingandReportingby Charities:
StatementofRecommendedPracticeapplicabletocharitiespreparingtheiraccountsinaccordance with
theFinancialReportingStandardapplicableintheUKandRepublicofIreland(FRS102)(effective 1
January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The charity is governed by its charitable trust deed created on 12 March 1987.
Thecharitywassetuptopromoteandconservenaturalbiosystemsbycreatingandrestoring the
habitatsofexistingandrarespeciesofplants,insects,birdsandmammalslocaltothePannelValley in
Icklesham, East Sussex and elsewhere for the benefit of the public.
Thecharityalsosupportsthestudyofecology,conservationandscientificresearchoftheabove and
publishes the results, in addition to the active promotion of public education in flora and fauna.
InplanningouractivitiesfortheyearwekeptinmindtheCharityCommission'sguidanceon public
benefit.Thefocusofouractivityremainstoprotectandpromoteawarenessoftheplantand animal
habitats in the area and around the world.
ACHIEVEMENT AND PERFORMANCE
Charitable activities, achievements and performance
Throughouttheyearthecharityhascontinuedtomaintainandconservethenaturereserveinthe Pannel
Valley,EastSussexandthesurroundingfarmland.Thissupportsthelargevarietyofmigrating and
breeding bird species and the native flora and fauna.
TheTrusthassupportedoverseasornithologyprojectsnotablyresearchinThailandintomigratory and
endangered species.
Thecharity'stradingsubsidiarycompanyWinchelseaFarmFoodsLimitedwasincorporated8 November
2006.Thecompany'smainactivitiesaretherunningofashop.Duringtheyearended5April2021 the
company made a loss of £71,494.
FINANCIAL REVIEW
Principal funding sources
Theprincipalfundingduringtheyearwasfromrentalincomederivedduringtheyearfromtheletting out
ofthetrust'sproperty.Thechairmancontinuestoprovideloansupporttothetrust.Donationsto the
trustbythechairmanareprovidedonatimelybasistomeetfinancialcommitments.Adescriptionof the
activities in the year are given in the chairman's report.
Reserves and investment policy
Itisthepolicyofthecharitytomaintainunrestrictedfundsthatcanmeetthemanagement and
administration and support costs of the trust.
Itisanticipatedthatthetrust'slevelofreserveswillbemaintainedandwillbesufficienttosupport the
daytodayrunningofthecharityanditsfutureactivities.Fixedassetsof£4,088,769and investment
propertyof£6,971,555representthemajorityofthecharity'sreservesat5April2021.Thereserves are
reviewed on a regular basis.
FUTURE PLANS
TheTrustplanstocontinueandbuildonitscurrentactivities,andparticularlytoextendtheboundaries of
itsnaturereserveatIckleshamasandwhensuitablelandbecomesavailableforpurchase.Any land
purchasedwillbemanagedonanenvironmentallyfriendlybasis,andwhereverpossible,restored to
increasethebio-diversityinterest.TheTrustwillcontinuetosupportconservationactivitiesina variety
oflessdevelopedoverseascountries.InrecentyearsthesehaveincludedmostnotablyBrazil, Colombia,
Thailand and Ukraine.
Page 1
THE WETLAND TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2021
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
Thecharityiscontrolledbyitsgoverningdocument,adeedoftrustandconstitutesan unincorporated
charity.
TheWetlandTrustisadministeredbyaboardoftrustees,allofthemservingalongsidethe paid
employeesthatoverseealltheprojectsonadaytodaybasisunderdelegatedauthority.The trustees
meet twice each year and receive regular reports from the staff between meetings.
Recruitment and appointment of new trustees
The power of appointing new trustees of the charity is vested in the settlor.
Anewtrusteemaybeappointedatanytime,eitherbywayofreplacementoraddition,solongas the
total number of trustees do not exceed eight at any time.
Atrusteemaybeappointedordischargedbyresolutionofameetingofthetrustees,providedthat a
memorandumissignedandsealedbyapresidingtrusteeandiswitnessedbytwootherpersonsat the
meeting.
Induction and training of new trustees
NewtrusteesvisittheTrusttogainanunderstandingoftheworkundertakenandreceivean induction
pack on appointment as a trustee.
Related parties
Thecharitycontinuestobeheavilyreliantonfinancialsupportfromthechairmanofthetrustees,SJ R
Rumsey,whichisprimarilyspentonthemanagementandmaintenanceofthePannelValley Nature
Reserve,togetherwithsupporttovariousconservationprojectsandexpeditionsasreportedin the
chairman's report.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity number
296531
Principal address
11/12 High Street
Winchelsea
East Sussex
TN36 4EA
Trustees
Mr S J R Rumsey
Mrs A Rumsey
Mr E W Rumsey
Auditors
GMP Audit Limited
20 Eversley Road
Bexhill on Sea
East Sussex
TN40 1HE
Solicitors
Hensby Law
Keasley House
10 Franklin Road
Portslade
East Sussex
BN4 1AF
Page 2
THE WETLAND TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2021
REFERENCE AND ADMINISTRATIVE DETAILS
Bankers
Coutts & Co
440 Strand
London
WC2R 0QS
STATEMENT OF TRUSTEES' RESPONSIBILITIES
ThetrusteesareresponsibleforpreparingtheReportoftheTrusteesandthefinancialstatements in
accordancewithapplicablelawandUnitedKingdomAccountingStandards(UnitedKingdom Generally
Accepted Accounting Practice).
ThelawapplicabletocharitiesinEnglandandWales,theCharitiesAct2011,Charity(Accounts and
Reports)Regulations2008andtheprovisionsofthetrustdeedrequiresthetrusteestoprepare financial
statementsforeachfinancialyearwhichgiveatrueandfairviewofthestateofaffairsofthecharity and
oftheincomingresourcesandapplicationofresources,includingtheincomeandexpenditure,of the
charity for that period. In preparing those financial statements, the trustees are required to
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charity SORP;
-
make judgements and estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the board of trustees on ............................................. 04.02.2022 and signed on its behalf by:
.......................................................
Mr S J R Rumsey - Trustee
Page 3
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF
THE WETLAND TRUST
Opinion
WehaveauditedthefinancialstatementsofTheWetlandTrust(the'charity')fortheyear ended
5April2021whichcomprisetheStatementofFinancialActivities,theBalanceSheetandnotesto the
financialstatements,includingasummaryofsignificantaccountingpolicies.Thefinancial reporting
frameworkthathasbeenappliedintheirpreparationisapplicablelawandUnitedKingdom Accounting
Standards (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the charity's affairs as at 5 April 2021 and of its incoming resources and application of resources, for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
WeconductedourauditinaccordancewithInternationalStandardsonAuditing(UK)(ISAs(UK)) and
applicablelaw.Ourresponsibilitiesunderthosestandardsarefurtherdescribedinthe Auditors'
responsibilitiesfortheauditofthefinancialstatementssectionofourreport.Weareindependentof the
charityinaccordancewiththeethicalrequirementsthatarerelevanttoourauditofthe financial
statementsintheUK,includingtheFRC'sEthicalStandard,andwehavefulfilledourother ethical
responsibilitiesinaccordancewiththeserequirements.Webelievethattheauditevidencewe have
obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
Inauditingthefinancialstatements,wehaveconcludedthatthetrustees'useofthegoingconcern basis
of accounting in the preparation of the financial statements is appropriate.
Basedontheworkwehaveperformed,wehavenotidentifiedanymaterialuncertaintiesrelating to
eventsorconditionsthat,individuallyorcollectively,maycastsignificantdoubtonthecharity'sability to
continueasagoingconcernforaperiodofatleasttwelvemonthsfromwhenthefinancialstatements are
authorised for issue.
Ourresponsibilitiesandtheresponsibilitiesofthetrusteeswithrespecttogoingconcernaredescribed in
the relevant sections of this report.
Other information
Thetrusteesareresponsiblefortheotherinformation.Theotherinformationcomprisesthe information
includedintheAnnualReport,otherthanthefinancialstatementsandourReportofthe Independent
Auditors thereon.
Ouropiniononthefinancialstatementsdoesnotcovertheotherinformationand,excepttothe extent
otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Inconnectionwithourauditofthefinancialstatements,ourresponsibilityistoreadtheother information
and,indoingso,considerwhethertheotherinformationismateriallyinconsistentwiththe financial
statementsorourknowledgeobtainedintheauditorotherwiseappearstobemateriallymisstated.If we
identifysuchmaterialinconsistenciesorapparentmaterialmisstatements,wearerequiredto determine
whetherthisgivesrisetoamaterialmisstatementinthefinancialstatementsthemselves.If,based on
theworkwehaveperformed,weconcludethatthereisamaterialmisstatementofthisother information,
we are required to report that fact. We have nothing to report in this regard.
Matters on which we are required to report by exception
WehavenothingtoreportinrespectofthefollowingmatterswheretheCharities(Accountsand Reports)
Regulations 2008 requires us to report to you if, in our opinion:
-
the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
-
sufficient accounting records have not been kept; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
we have not received all the information and explanations we require for our audit.
Page 4
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF
THE WETLAND TRUST
Responsibilities of trustees
AsexplainedmorefullyintheStatementofTrustees'Responsibilities,thetrusteesareresponsiblefor the
preparationofthefinancialstatementswhichgiveatrueandfairview,andforsuchinternalcontrol as
thetrusteesdetermineisnecessarytoenablethepreparationoffinancialstatementsthatarefree from
material misstatement, whether due to fraud or error.
Inpreparingthefinancialstatements,thetrusteesareresponsibleforassessingthecharity'sability to
continueasagoingconcern,disclosing,asapplicable,mattersrelatedtogoingconcernandusing the
goingconcernbasisofaccountingunlessthetrusteeseitherintendtoliquidatethecharityorto cease
operations, or have no realistic alternative but to do so.
Our responsibilities for the audit of the financial statements
WehavebeenappointedasauditorsunderSection144oftheCharitiesAct2011andreport in
accordance with the Act and relevant regulations made or having effect thereunder.
Ourobjectivesaretoobtainreasonableassuranceaboutwhetherthefinancialstatementsasawhole are
freefrommaterialmisstatement,whetherduetofraudorerror,andtoissueaReportofthe Independent
Auditorsthatincludesouropinion.Reasonableassuranceisahighlevelofassurance,butisnot a
guaranteethatanauditconductedinaccordancewithISAs(UK)willalwaysdetecta material
misstatementwhenitexists.Misstatementscanarisefromfraudorerrorandareconsideredmaterial if,
individuallyorintheaggregate,theycouldreasonablybeexpectedtoinfluencetheeconomicdecisions of
users taken on the basis of these financial statements.
Theextenttowhichourproceduresarecapableofdetectingirregularities,includingfraudis detailed
below:
-Discussionswithmanagementwhichincludedconsiderationofknownorsuspectedinstances of
non-compliance with laws and regulations and fraud.
-
Reviewing, evaluating and testing systems and controls to assess their effectiveness to prevent and detect irregularities.
-
Identifying, reviewing and testing of journal entries.
-Challengingassumptionsandjudgementsmadebymanagementinrespectof significant
accounting estimates.
Thereareinherentlimitationsintheauditproceduresdescribedaboveandthefurther removed
non-compliancewithlawsandregulationsisfromthateventsandtransactionsreflectedinthe financial
statements,thelesslikelywewouldbecomeawareofit.Also,theriskofnotdetectinga material
misstatementduetofraudishigherthantheriskofnotdetectingoneduetoerror,asfraudmay involve
deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
Afurtherdescriptionofourresponsibilitiesfortheauditofthefinancialstatementsislocatedon the
FinancialReportingCouncil'swebsiteatwww.frc.org.uk/auditorsresponsibilities.Thisdescription forms
part of our Report of the Independent Auditors.
Use of our report
Thisreportismadesolelytothecharity'strustees,asabody,inaccordancewithPart4ofthe Charities
(AccountsandReports)Regulations2008.Ourauditworkhasbeenundertakensothatwemightstate to
thecharity'strusteesthosematterswearerequiredtostatetotheminanauditors'reportandfor no
otherpurpose.Tothefullestextentpermittedbylaw,wedonotacceptorassumeresponsibility to
anyoneotherthanthecharityandthecharity'strusteesasabody,forourauditwork,forthisreport, or
for the opinions we have formed.
GMP Audit Limited
20 Eversley Road
Bexhill on Sea
East Sussex
TN40 1HE
Date: .............................................
Page 5
THE WETLAND TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2021
|
|
2021 |
|
2020 |
|
|
Unrestricted |
|
Total |
|
|
fund |
|
funds |
|
Notes |
£ |
|
£ |
INCOME AND ENDOWMENTS FROM |
|
|
|
|
Donations and legacies |
2 |
1,000 |
|
- |
Charitable activities |
4 |
|
|
|
Nature Reserve |
|
94,991 |
|
50,845 |
Investment income |
3 |
175,589 |
|
191,827 |
Total |
|
271,580 |
|
242,672 |
EXPENDITURE ON |
|
|
|
|
Raising funds |
5 |
110,999 |
|
191,395 |
Charitable activities |
6 |
|
|
|
Nature Reserve |
|
362,257 |
|
348,046 |
Ecological & conservation research |
|
24,468 |
|
- |
Other |
|
4,524 |
|
210,208 |
Total |
|
502,248 |
|
749,649 |
Net gains on investments |
|
129,167 |
|
265,714 |
NET INCOME/(EXPENDITURE) |
|
(101,501) |
|
(241,263) |
RECONCILIATION OF FUNDS |
|
|
|
|
Total funds brought forward |
|
11,894,660 |
12,135,923 |
|
TOTAL FUNDS CARRIED FORWARD |
|
11,793,159 |
11,894,660 |
|
The notes form part of these financial statements
Page 6
THE WETLAND TRUST
BALANCE SHEET 5 APRIL 2021
|
|
2021 |
|
2020 |
|
|
Unrestricted |
|
Total |
|
|
fund |
|
funds |
|
Notes |
£ |
|
£ |
FIXED ASSETS |
|
|
|
|
Tangible assets |
12 |
4,088,769 |
|
4,160,478 |
Investments |
|
|
|
|
Investment property |
13 |
6,971,555 |
|
6,842,388 |
Social investments |
14 |
60,032 |
|
60,032 |
|
|
11,120,356 |
11,062,898 |
|
CURRENT ASSETS |
|
|
|
|
Stocks |
15 |
8,260 |
|
11,655 |
Debtors |
16 |
2,040,027 |
|
1,848,516 |
Cash at bank and in hand |
|
84,212 |
|
39,618 |
|
|
2,132,499 |
|
1,899,789 |
CREDITORS |
|
|
|
|
Amounts falling due within one year |
17 |
(1,175,627) |
|
(30,748) |
NET CURRENT ASSETS |
|
956,872 |
|
1,869,041 |
TOTAL ASSETS LESS CURRENT |
|
|
|
|
LIABILITIES |
|
12,077,228 |
12,931,939 |
|
CREDITORS |
|
|
|
|
Amounts falling due after more than one |
|
|
|
|
year |
18 |
(284,069) |
(1,037,279) |
|
NET ASSETS |
|
11,793,159 |
11,894,660 |
|
FUNDS |
|
|
|
|
Unrestricted funds |
|
11,793,159 |
11,894,660 |
|
TOTAL FUNDS |
|
11,793,159 |
11,894,660 |
|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: 04.02.2022
.............................................
Mr S J R Rumsey - Trustee
The notes form part of these financial statements
Page 7
THE WETLAND TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
Thefinancialstatementsofthecharity,whichisapublicbenefitentityunderFRS102,have been
preparedinaccordancewiththeCharitiesSORP(FRS102)'AccountingandReportingby Charities:
StatementofRecommendedPracticeapplicabletocharitiespreparingtheiraccountsin accordance
withtheFinancialReportingStandardapplicableintheUKandRepublicofIreland(FRS 102)
(effective1January2019)',FinancialReportingStandard102'TheFinancialReporting Standard
applicableintheUKandRepublicofIreland'andtheCharitiesAct2011.Thefinancial statements
havebeenpreparedunderthehistoricalcostconvention,asmodifiedbytherevaluationof certain
assets.
Income
AllincomeisrecognisedintheStatementofFinancialActivitiesoncethecharityhasentitlement to
the funds, it is probable that the income will be received and the amount can be measured reliably.
Grantsarerecognisedinaccordancewiththeperformancemodelwithentitlementbeingwhen the
grantsareformallycommunicatedtothecharity,whenconditionsforitsreceipthave been
complied with, and the amount can be measured reliably.
Expenditure
Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructive obligation
committingthecharitytothatexpenditure,itisprobablethatatransferofeconomicbenefits will
berequiredinsettlementandtheamountoftheobligationcanbemeasuredreliably. Expenditure
isaccountedforonanaccrualsbasisandhasbeenclassifiedunderheadingsthataggregate all
cost related to the category.
Grantsofferedsubjecttoconditionswhichhavenotbeenmetattheyearenddatearenotedas a
commitment but not accrued as expenditure.
Allocation and apportionment of costs
Wherecostscannotbedirectlyattributedtoparticularheadingstheyhavebeenallocated to
activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciationisprovidedatthefollowingannualratesinordertowriteoffeachassetover its
estimated useful life:
Freehold property |
- 2% on cost |
|
- 5% on cost |
|
- 20% on cost |
Land |
- Nil |
Plant and machinery |
- 25% on reducing balance |
Office equipment |
- 33% on cost |
Motor vehicles |
- 25% on reducing balance |
Social investments
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in unlisted company shares are measured at cost less accumulated impairment.
Investment property
Investment property is shown at fair value.
Stocks
Stocksarevaluedatthelowerofcostandnetrealisablevalue,aftermakingdueallowance for
obsolete and slow moving items.
Taxation
The charity is exempt from tax on its charitable activities.
continued...
Page 8
THE WETLAND TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 5 APRIL 2021
1. ACCOUNTING POLICIES - continued
Fund accounting
Duetothenatureofthecharityalltheactivitiesareconsideredunrestrictedunless specifically
restricted.
Unrestrictedfundscanbeusedinaccordancewiththecharitableobjectivesatthediscretionof the
trustees.
Restrictedfundscanonlybeusedforparticularrestrictedpurposeswithintheobjectsof the
charity.Restrictionsarisewhenspecifiedbythedonororwhenfundsareraisedfor particular
restricted purposes.
Furtherexplanationofthenatureandpurposeofeachfundisincludedinthenotestothe financial
statements.
Debtors and creditors
Debtorsaremeasuredattheirrecoverableamounts,theamountthecharityanticipatesit will
receive from a debt or the amount it has paid in advance for goods or services.
Creditorsandprovisionsarerecognisedwherethecharityhasapresentobligationresultingfrom a
pasteventthatwillprobablyresultinthetransferoffundstoathirdpartyandtheamountdue to
settletheobligationcanbemeasuredorestimatedreliably.Creditorsandprovisions are
recognised at their settlement amount.
Pension costs and other post-retirement benefits
Thecharityoperatesadefinedcontributionpensionscheme.Contributionspayabletothe charity's
pensionschemearechargedtotheStatementofFinancialActivitiesintheperiodtowhich they
relate.
2. DONATIONS AND LEGACIES
3.
Donations
INVESTMENT INCOME
Rents received
Interest on loan to Winchelsea Farm Foods Limited |
2021
£
1,000
2021
£
138,931
36,658
175,589 |
2020
£
-
2020
£
156,291
35,536 |
2020
£
- |
|
|
191,827 |
|
continued...
Page 9
THE WETLAND TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2021
4. INCOME FROM CHARITABLE ACTIVITIES
INCOME FROM CHARITABLE ACTIVITIES |
|
|
Activity
Other income
Nature Reserve
Sale of crops and animals
Nature Reserve
Government grants
Nature Reserve |
2021
£
10,787
10,070
74,134
94,991 |
2020
£
3,376
7,398
40,071 |
|
|
50,845 |
The government grants are from the Rural Payments Agency.
5. RAISING FUNDS
Investment management costs
Staff costs
Carters properties
Little Ashes
White Swan
Elms Farm
Rye & Winchelsea Properties
Camden Cottage
Luxford Farm
Jordans Farm
Greyfriars
Support costs |
2021
£
41,019
2,631
4,383
1,064
22,315
7,551
-
11,171
433
-
20,432
110,999 |
2020
£
42,391
741
160
4,560
31,876
5,693
244
735
5,067
22,375
77,553 |
|
|
191,395 |
Investmentmanagementcostsconsistsoftherepairsandotherexpensesincurredon the
investment properties.
6. CHARITABLE ACTIVITIES COSTS
Nature Reserve
Ecological & conservation research |
Direct
Costs (see
note 7)
£
254,471
-
254,471 |
Grant
funding of
activities
£
-
24,000
24,000 |
Support
costs (see
note 8)
£
107,786
468
108,254 |
Totals
£
362,257
24,468 |
|
|
|
|
386,725 |
continued...
Page 10
THE WETLAND TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2021
7. DIRECT COSTS OF CHARITABLE ACTIVITIES
Staff costs
Livestock feed and vets
Donations and subscriptions
Habitat management
Track and fencing
General costs and tools
Vehicle and equipment maintenance
Opening value of livestock
Closing value of livestock
Consultancy expenses
Depreciation
SUPPORT COSTS
Management
£
Investment management costs
9,979
Nature Reserve
13,698
Ecological & conservation research
468
24,145 |
|
2021
£
105,751
2,013
4,989
3,435
-
7,332
53,215
11,655
(8,260)
2,632
71,709
254,471
Governance
costs
£
10,453
94,088
-
104,541 |
2020
£
122,309
229
1,477
2,652
489
14,481
64,539
10,885
(11,655)
42,844
77,544
325,794
Totals
£
20,432
107,786
468
128,686 |
|
|
|
|
|
|
|
|
8. SUPPORT COSTS
Investmentmanagementcostsconsistsoftherepairsandotherexpensesincurredon the
investment properties.
Support costs, included in the above, are as follows:
Management
Investment
management
Nature
&
costs
Reserve
£
£
Insurance
9,514
9,513
Administration and IT
465
4,185
9,979
13,698
Governance costs
Investment
management
costs
£
Wages
-
Social security
-
Pensions
-
Auditors' remuneration
774
Auditors' remuneration for non audit
work
291
Carried forward
1,065 |
Ecological
conservation
research
£
-
468
468
Nature
Reserve
£
-
-
-
6,966
2,619
9,585 |
|
2021
Total
activities
£
19,027
5,118
24,145
2021
Total
activities
£
-
-
-
7,740
2,910
10,650 |
|
2020
Total
activities
£
15,460
2,109
17,569
2020
Total
activities
£
1,900
147
152
7,740
2,430
12,369 |
|
|
|
|
|
|
continued...
Page 11
THE WETLAND TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 5 APRIL 2021
8. SUPPORT COSTS - continued
Governance costs - continued
Investment
management
costs
£
Brought forward
1,065
Legal and professional fees
6,969
Loan arrangement fees
2,419
10,453 |
Nature
Reserve
£
9,585
62,729
21,774
94,088 |
2021
Total
activities
£
10,650
69,698
24,193
104,541 |
2020
Total
activities
£
12,369
69,867
-
82,236 |
|
|
|
|
9. TRUSTEES' REMUNERATION AND BENEFITS
Therewerenotrustees'remunerationorotherbenefitsfortheyearended5April2021norfor the
year ended 5 April 2020.
Trustees' expenses
Therewerenotrustees'expensespaidfortheyearended5April2021norfortheyear ended
5 April 2020.
10. STAFF COSTS
Wages and salaries
Social security costs
Other pension costs |
2021
£
126,767
10,259
9,744
146,770 |
2020
£
146,705
9,642
10,552 |
|
|
166,899 |
Totalremunerationreceivedbykeymanagementpersonnelintheyearwas£33,000 (2020:
£68,541).
The average monthly number of employees during the year was as follows:
|
2021 |
2020 |
Nature reserve |
6 |
7 |
No employees received emoluments in excess of £60,000.
continued...
Page 12
THE WETLAND TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 5 APRIL 2021
11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
INCOME AND ENDOWMENTS FROM
Charitable activities
Nature Reserve
Investment income
Total
EXPENDITURE ON
Raising funds
Charitable activities
Nature Reserve
Other
Total
Net gains on investments
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD
TANGIBLE FIXED ASSETS
Freehold
property
£
COST
At 6 April 2020 and
5 April 2021
5,543,335
DEPRECIATION
At 6 April 2020
1,445,210
Charge for year
56,123
At 5 April 2021
1,501,333
NET BOOK VALUE
At 5 April 2021
4,042,002
At 5 April 2020
4,098,125 |
Plant and
machinery
£
754,939
694,074
15,216
709,290
45,649
60,865 |
Fixtures
and
fittings
£
139,392
139,388
-
139,388
4
4 |
Motor
vehicles
£
60,248
58,764
370
59,134
1,114
1,484 |
Unrestricted
fund
£
50,845
191,827
242,672
191,395
348,046
210,208
749,649
265,714
(241,263)
12,135,923
11,894,660
Totals
£
6,497,914
2,337,436
71,709
2,409,145
4,088,769
4,160,478 |
|
|
|
|
|
12. TANGIBLE FIXED ASSETS
Includedinfreeholdpropertyis£3,611,251(2020-£3,611,251)ofassetsthatare not
depreciated.
continued...
Page 13
THE WETLAND TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 5 APRIL 2021
13. INVESTMENT PROPERTY
INVESTMENT PROPERTY |
|
FAIR VALUE
At 6 April 2020
Revaluation
At 5 April 2021
NET BOOK VALUE
At 5 April 2021
At 5 April 2020 |
£
6,842,388
129,167 |
|
6,971,555 |
|
6,971,555 |
|
6,842,388 |
Investmentpropertiesarerevaluedannuallybyanindependentestateagent,apartfrom one
valued by the trustees.
Fair value at 5 April 2021 is represented by:
Valuation in 2017
Valuation in 2018
Valuation in 2019
Valuation in 2020
Valuation in 2021
Cost |
£
305,000
142,326
(93,288)
265,714
129,167
6,222,636
6,971,555 |
|
|
14. SOCIAL INVESTMENTS
MARKET VALUE
At 6 April 2020 and 5 April 2021
NET BOOK VALUE
At 5 April 2021
At 5 April 2020 |
Other
investments
£
60,032
60,032
60,032 |
|
|
Included in Programme Related Investments are the following:
NHBSLimited,acompanywhichsupplylibrariesandorganisationsaroundtheworldwith natural
history, environment and science title books.
WinchelseaFarmFoodsLimited,a100%subsidiary,isacompanyinwhichitsprincipalactivity is
that of running a shop.
continued...
Page 14
THE WETLAND TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2021
15.
STOCKS
2021
2020
£
£
Livestock
8,260
11,655
16.
DEBTORS
2021
2020
£
£
Amounts falling due within one year:
Other debtors
7,948
7,948
Funds held on account
131,185
-
Prepayments and accrued income
31,338
28,241
170,471
36,189
Amounts falling due after more than one year:
Loans to group undertakings
1,869,556
1,812,327
Aggregate amounts
2,040,027
1,848,516
17.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021
2020
£
£
Bank loans and overdrafts (see note 19)
1,159,902
-
Trade creditors
3,078
7,268
Taxation and social security
2,507
5,922
Other creditors
10,140
17,558
1,175,627
30,748
Other creditors includes deferred income of £1,250 (2020: £1,250) being rent received in advance.
18.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2021
2020
£
£
Other creditors
284,069
1,037,279
19.
LOANS
An analysis of the maturity of loans is given below:
2021
2020
£
£
Amounts falling due within one year on demand:
Bank loans
1,159,902
-
Amounts falling between one and two years:
Loan from Trustees
284,069
1,037,279 |
|
2020
£
11,655 |
|
|
2020
£
7,948
-
28,241 |
|
|
36,189 |
|
1,812,327 |
|
|
1,848,516 |
|
|
2020
£
-
7,268
5,922
17,558 |
|
|
30,748 |
|
|
2020
£
- |
|
|
1,037,279 |
|
continued...
Page 15
THE WETLAND TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 5 APRIL 2021
20. SECURED DEBTS
Thebankloanissecuredbyachargedated19March2021onfourpropertiesheld within
Investment Properties.
21. EMPLOYEE BENEFIT OBLIGATIONS
Thecharityoperatesadefinedcontributionpension.ContributionsarechargedtotheStatement of
Financial Activities in the period to which they relate.
Thetotalcontributionspaidintheyearareshowninthestaffcostsnotetotheaccounts.At the
balance sheet date £790 (2020: £559) was owed by the charity.
22. RELATED PARTY DISCLOSURES
The following transactions occurred in the year in connection with related parties:
ThereisaloantoWinchelseaFarmFoodsLimited,awhollyownedtradingsubsidiary, of
£1,869,556(2020-£1,812,327).Theloanwasmadeonanarmslengthbasisandinterest is
chargedatcommercialrates.Thisloanisrepayableondemandbutthetrusthasindicated its
willingnesstodeferanyrepaymentofthisloanuntilaftermorethanoneyear.ThedirectorMrS J
RRumseyhasgivenapersonalguaranteeinsupportofthefullamountoftheloanowedto The
Wetland Trust.
ThereisaloanfromthetrusteesMrSJRandMrsARumsey,of£284,069(2020:£1,037,279). No
interestischargedontheloan.Theloanisdueaftermorethanoneyearandisnotdiscountedas it
is from trustees.
MrSJRRumseyandMrEWRumseyaredirectorsofWealdFencingProductsLimited.A loan
accountexistsbetweenthecompanyandtheTrust.Norepaymentsweremadeintheyear leaving
£7,948 due to the Trust at the year end (2020 - £7,948).
Page 16