```
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
```