REGISTERED CHARITY NUMBER: 296531
REPORT OF THE TRUSTEES AND
AUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5TH APRIL 2022
FOR
THE WETLAND TRUST
GMP Audit Limited, Statutory Auditor
20 Eversley Road
Bexhill on Sea
East Sussex
TN40 1HE
THE WETLAND TRUST
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5TH APRIL 2022
|
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 |
17 |
THE WETLAND TRUST
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 5TH APRIL 2022
Thetrusteespresenttheirreportwiththefinancialstatementsofthecharityfortheyear ended
5thApril2022.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.Duringtheyearended5April2022 the
company made a loss of £91,224.
FINANCIAL REVIEW
Principal funding sources
Theprincipalfundingduringtheyearwasfromrentalincomederivedduringtheyearfromtheletting out
ofthetrust'sproperty.Thechairmancontinuestoprovideloansupporttothetrust.Donationsto the
trust by the chairman are provided on a timely basis to meet financial commitments.
Reserves and investment policy
Itisthepolicyofthecharitytomaintainunrestrictedfundsthatcanmeetthemanagement and
administration and support costs of the trust.
Itisanticipatedthatthetrust'slevelofreserveswillbemaintainedandwillbesufficienttosupport the
daytodayrunningofthecharityanditsfutureactivities.Fixedassetsof£4,029,480and investment
propertyof£7,112,129representthemajorityofthecharity'sreservesat5April2022.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 5TH APRIL 2022
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
Elms Farm
Hog Hill
Winchelsea
East Sussex
TN36 4AH
Trustees
Mr S J R Rumsey
Mrs A Rumsey
Mr E W Rumsey
Auditors
GMP Audit Limited, Statutory Auditor
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 5TH APRIL 2022
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.
Thetrusteesareresponsibleforkeepingproperaccountingrecordswhichdisclosewith reasonable
accuracyatanytimethefinancialpositionofthecharityandtoenablethemtoensurethatthe financial
statementscomplywiththeCharitiesAct2011,theCharity(AccountsandReports)Regulations2008 and
theprovisionsofthetrustdeed.Theyarealsoresponsibleforsafeguardingtheassetsofthecharity 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 31st January 2023 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
5thApril2022whichcomprisetheStatementofFinancialActivities,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 5th April 2022 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, Statutory Auditor
20 Eversley Road
Bexhill on Sea
East Sussex
TN40 1HE
2nd February 2023
Page 5
THE WETLAND TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5TH APRIL 2022
|
|
2022 |
|
2021 |
|
|
Unrestricted |
|
Total |
|
|
fund |
|
funds |
|
Notes |
£ |
|
£ |
INCOME AND ENDOWMENTS FROM |
|
|
|
|
Donations and legacies |
2 |
100 |
|
1,000 |
Charitable activities |
4 |
|
|
|
Nature Reserve |
|
74,609 |
|
94,991 |
Investment income |
3 |
195,145 |
|
175,589 |
Total |
|
269,854 |
|
271,580 |
EXPENDITURE ON |
|
|
|
|
Raising funds |
5 |
88,861 |
|
110,999 |
Charitable activities |
6 |
|
|
|
Nature Reserve |
|
311,733 |
|
362,257 |
Ecological & conservation research |
|
24,468 |
|
24,468 |
Other |
|
79,114 |
|
4,524 |
Total |
|
504,176 |
|
502,248 |
Net gains on investments |
|
140,574 |
|
129,167 |
NET INCOME/(EXPENDITURE) |
|
(93,748) |
|
(101,501) |
RECONCILIATION OF FUNDS |
|
|
|
|
Total funds brought forward |
|
11,793,159 |
11,894,660 |
|
TOTAL FUNDS CARRIED FORWARD |
|
11,699,411 |
11,793,159 |
|
The notes form part of these financial statements
Page 6
THE WETLAND TRUST
BALANCE SHEET 5TH APRIL 2022
|
|
2022 |
|
2021 |
|
|
Unrestricted |
|
Total |
|
|
fund |
|
funds |
|
Notes |
£ |
|
£ |
FIXED ASSETS |
|
|
|
|
Tangible assets |
12 |
4,029,480 |
|
4,088,769 |
Investments |
|
|
|
|
Investment property |
13 |
7,112,129 |
|
6,971,555 |
Social investments |
14 |
60,032 |
|
60,032 |
|
|
11,201,641 |
11,120,356 |
|
CURRENT ASSETS |
|
|
|
|
Stocks |
15 |
11,390 |
|
8,260 |
Debtors |
16 |
2,021,313 |
|
2,040,027 |
Cash at bank and in hand |
|
9,966 |
|
84,212 |
|
|
2,042,669 |
|
2,132,499 |
CREDITORS |
|
|
|
|
Amounts falling due within one year |
17 |
(1,193,065) |
(1,175,627) |
|
NET CURRENT ASSETS |
|
849,604 |
|
956,872 |
TOTAL ASSETS LESS CURRENT |
|
|
|
|
LIABILITIES |
|
12,051,245 |
12,077,228 |
|
CREDITORS |
|
|
|
|
Amounts falling due after more than one |
|
|
|
|
year |
18 |
(351,834) |
|
(284,069) |
NET ASSETS |
|
11,699,411 |
11,793,159 |
|
FUNDS |
|
|
|
|
Unrestricted funds |
|
11,699,411 |
11,793,159 |
|
TOTAL FUNDS |
|
11,699,411 |
11,793,159 |
|
ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissue on
2nd February 2023 and were signed on its behalf by:
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 5TH APRIL 2022
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 5TH APRIL 2022
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 |
2022
£
100
2022
£
157,269
37,876
195,145 |
2021
£
1,000
2021
£
138,931
36,658 |
2021
£
1,000 |
|
|
175,589 |
|
continued...
Page 9
THE WETLAND TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5TH APRIL 2022
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 |
2022
£
691
4,465
69,453
74,609 |
2021
£
10,787
10,070
74,134 |
|
|
94,991 |
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
Support costs |
2022
£
32,985
2,379
4,430
4,165
17,492
10,281
151
4,288
1,837
10,853
88,861 |
2021
£
41,019
2,631
4,383
1,064
22,315
7,551
-
11,171
433
20,432 |
|
|
110,999 |
Investmentmanagementcostsconsistsoftherepairsandotherexpensesincurredon the
investment properties.
6. CHARITABLE ACTIVITIES COSTS
Nature Reserve
Ecological & conservation research |
Direct
Costs (see
note 7)
£
283,113
-
283,113 |
Grant
funding of
activities
£
-
24,000
24,000 |
Support
costs (see
note 8)
£
28,620
468
29,088 |
Totals
£
311,733
24,468 |
|
|
|
|
336,201 |
continued...
Page 10
THE WETLAND TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5TH APRIL 2022
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
9,401
Nature Reserve
15,555
Ecological & conservation research
468
25,424 |
2022
£
111,171
17,085
2,386
11,734
1,402
9,438
50,550
8,260
(11,390)
11,830
70,647
283,113
Governance
costs
£
1,452
13,065
-
14,517 |
2021
£
105,751
2,013
4,989
3,435
-
7,332
53,215
11,655
(8,260)
2,632
71,709
254,471
Totals
£
10,853
28,620
468
39,941 |
|
|
|
8. SUPPORT COSTS
Investmentmanagementcostsconsistsoftherepairsandotherexpensesincurredon the
investment properties.
Support costs, included in the above, are as follows:
Management
Investment
management
Nature
&
costs
Reserve
£
£
Insurance
8,632
8,631
Administration and IT
657
5,911
Bookkeeping services
112
1,013
9,401
15,555
Governance costs
Investment
management
costs
£
Wages
100
Social security
11
Pensions
8
Auditors' remuneration
978
Auditors' remuneration for non audit
work
352
Carried forward
1,449 |
Ecological
conservation
research
£
-
468
-
468
Nature
Reserve
£
900
97
72
8,802
3,170
13,041 |
|
2022
Total
activities
£
17,263
7,036
1,125
25,424
2022
Total
activities
£
1,000
108
80
9,780
3,522
14,490 |
|
2021
Total
activities
£
19,027
5,118
-
24,145
2021
Total
activities
£
-
-
-
7,740
2,910
10,650 |
|
|
|
|
|
|
continued...
Page 11
THE WETLAND TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 5TH APRIL 2022
8. SUPPORT COSTS - continued
Governance costs - continued
Investment
management
costs
£
Brought forward
1,449
Legal and professional fees
3
Loan arrangement fees
-
1,452 |
Nature
Reserve
£
13,041
24
-
13,065 |
2022
Total
activities
£
14,490
27
-
14,517 |
2021
Total
activities
£
10,650
69,698
24,193
104,541 |
|
|
|
|
9. TRUSTEES' REMUNERATION AND BENEFITS
Therewerenotrustees'remunerationorotherbenefitsfortheyearended5thApril2022nor for
the year ended 5th April 2021.
Trustees' expenses
Therewerenotrustees'expensespaidfortheyearended5thApril2022norfortheyear ended
5th April 2021.
10. STAFF COSTS
Wages and salaries
Social security costs
Other pension costs |
2022
£
125,293
11,334
8,717
145,344 |
2021
£
126,767
10,259
9,744 |
|
|
146,770 |
Totalremunerationreceivedbykeymanagementpersonnelintheyearwas£35,250 (2021:
£33,000).
The average monthly number of employees during the year was as follows:
|
2022 |
2021 |
Nature reserve |
6 |
6 |
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 5TH APRIL 2022
11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
INCOME AND ENDOWMENTS FROM
Donations and legacies
Charitable activities
Nature Reserve
Investment income
Total
EXPENDITURE ON
Raising funds
Charitable activities
Nature Reserve
Ecological & conservation research
Other
Total
Net gains on investments
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD |
Unrestricted
fund
£
1,000
94,991
175,589
271,580
110,999
362,257
24,468
4,524
502,248
129,167
(101,501)
11,894,660
11,793,159 |
|
|
continued...
Page 13
THE WETLAND TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5TH APRIL 2022
12. TANGIBLE FIXED ASSETS
COST
At 6th April 2021
Additions
Disposals
At 5th April 2022
DEPRECIATION
At 6th April 2021
Charge for year
Eliminated on disposal
At 5th April 2022
NET BOOK VALUE
At 5th April 2022
At 5th April 2021 |
Freehold
property
£
5,543,335
-
-
5,543,335
1,501,333
56,123
-
1,557,456
3,985,879
4,042,002 |
Plant and
machinery
£
754,939
15,208
(20,532)
749,615
709,290
14,246
(16,682)
706,854
42,761
45,649 |
Fixtures
and
fittings
£
139,392
-
-
139,392
139,388
-
-
139,388
4
4 |
Motor
vehicles
£
60,248
-
-
60,248
59,134
278
-
59,412
836
1,114 |
Totals
£
6,497,914
15,208
(20,532)
6,492,590
2,409,145
70,647
(16,682)
2,463,110
4,029,480
4,088,769 |
|
|
|
|
|
|
Includedinfreeholdpropertyis£3,611,251(2021-£3,611,251)ofassetsthatare not
depreciated.
13. INVESTMENT PROPERTY
FAIR VALUE
At 6th April 2021
Revaluation
At 5th April 2022
NET BOOK VALUE
At 5th April 2022
At 5th April 2021 |
£
6,971,555
140,574 |
|
7,112,129 |
|
7,112,129 |
|
6,971,555 |
Investmentpropertiesarerevaluedannuallybyanindependentestateagent,apartfrom one
valued by the trustees.
Fair value at 5th April 2022 is represented by:
Valuation in 2017
Valuation in 2018
Valuation in 2019
Valuation in 2020
Valuation in 2021
Valuation in 2022
Cost |
£
305,000
142,326
(93,288)
265,714
129,167
140,574
6,222,636
7,112,129 |
|
|
continued...
Page 14
THE WETLAND TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5TH APRIL 2022
14. SOCIAL INVESTMENTS
MARKET VALUE
At 6th April 2021 and 5th April 2022
NET BOOK VALUE
At 5th April 2022
At 5th April 2021 |
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.
15. STOCKS
Livestock
16.
DEBTORS
Amounts falling due within one year:
Other debtors
Funds held on account
Prepayments and accrued income
Amounts falling due after more than one year:
Loans to group undertakings
Aggregate amounts |
|
|
|
continued...
Page 15
THE WETLAND TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5TH APRIL 2022
17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
|
|
Bank loans and overdrafts (see note 19)
Trade creditors
Taxation and social security
Other creditors |
2022
£
1,159,902
16,371
3,747
13,045
1,193,065 |
2021
£
1,159,902
3,078
2,507
10,140 |
|
|
1,175,627 |
Other creditors includes deferred income of £3,100 (2021: £1,250) being rent received in advance.
18. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
Other creditors
19.
LOANS
An analysis of the maturity of loans is given below:
Amounts falling due within one year on demand:
Bank loans
Amounts falling between one and two years:
Loan from Trustees
20.
SECURED DEBTS
The following secured debts are included within creditors:
Bank loans |
2022
£
351,834
2022
£
1,159,902
351,834
2022
£
1,159,902 |
2021
£
284,069
2021
£
1,159,902 |
2021
£
284,069 |
|
|
284,069 |
|
|
|
2021
£
1,159,902 |
|
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 £1,005 (2021: £790) was owed by the charity.
continued...
Page 16
THE WETLAND TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 5TH APRIL 2022
22. RELATED PARTY DISCLOSURES
The following transactions occurred in the year in connection with related parties:
ThereisaloantoWinchelseaFarmFoodsLimited,awhollyownedtradingsubsidiary, of
£1,928,236(2021-£1,869,556).Theloanwasmadeonanarmslengthbasisandinterest is
chargedatcommercialrates.Thisloanisrepayableondemandbutthetrusthasindicated its
willingnesstodeferanyrepaymentofthisloanuntilaftermorethanoneyear.ThedirectorMrS J
RRumseyhasgivenapersonalguaranteeinsupportofthefullamountoftheloanowedto The
Wetland Trust.
ThereisaloanfromthetrusteesMrSJRandMrsARumsey,of£351,834(2021:£284,069). No
interestischargedontheloan.Theloanisdueaftermorethanoneyearandisnotdiscountedas it
is from trustees.
MrSJRRumseyandMrEWRumseyaredirectorsofWealdFencingProductsLimited.A loan
accountexistsbetweenthecompanyandtheTrust.Additionalexpensesof£1,371werepaid on
behalfofWealdFencingProductsduringtheyearbringthetotalbalanceoutstandingatthe year
end of £9,319 (2021 - £7,948).
Page 17