```
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
```