REGISTERED CHARITY NUMBER: 296531
REPORT OF THE TRUSTEES AND
AUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5TH APRIL 2023
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 2023
|
Page |
Page |
Page |
Report of the Trustees |
1 |
to |
5 |
Report of the Independent Auditors |
6 |
to |
7 |
Statement of Financial Activities |
|
8 |
|
Balance Sheet |
|
9 |
|
Cash Flow Statement |
|
10 |
|
Notes to the Cash Flow Statement |
|
11 |
|
Notes to the Financial Statements |
12 |
to |
21 |
THE WETLAND TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5TH APRIL 2023
Thetrusteespresenttheirreportwiththefinancialstatementsofthecharityfortheyear ended
5thApril2023.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.
The charity was set up to promote and conserve natural bio systems by creating and restoring the
habitatsofexistingandrarespeciesofplants,insects,birdsandmammalslocaltothePannelValley in
Icklesham, East Sussex and elsewhere for the benefit of the public.
The charity also supports the study of ecology, conservation and scientific research of the above and
publishes the results, in addition to the active promotion of public education in flora and fauna.
Thecharityachievestheseaimsbycontinuingtomanagethelandinanenvironmentallyand ecological
wayinordertocreatefurtherbio-diversity.Themeasureofsuccessisseeingthespeciesof plants,
insectsandbirdsincrease.Recentsurveyshaveshownthatthespecieslistfortheentiretyof the
WetlandTrustlandincludesaround350speciesofbird,aswellasaround50othervertebrate species,
almost 1900 invertebrates and 700 plants.
In planning our activities for the year we kept in mind the Charity Commission's guidance on public
benefit.Thefocusofouractivityremainstoprotect,conserveandpromoteawarenessoftheplant and
animal habitats in the local area and around the world.
Volunteers
Fromtimetotime,individualsinterestedinornithologyandespeciallybirdringing,willcometosite in
ordertolearnhowtoringbirds.Allbirdringersrequireapermit.Ringerswillreceivetrainingand in
returnfortheirassistanceinringingbirdsonthetrust'sland,theywillreceiveaccommodationfor the
duration of their visit. These visits are short term and no other benefits or remuneration are given.
Page 1
THE WETLAND TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5TH APRIL 2023
ACHIEVEMENT AND PERFORMANCE
Charitable activities, achievements and performance
Throughouttheyearthecharityhascontinuedtomaintainandconservethenaturereserveinthe Pannel
Valley,EastSussexandthesurroundingfarmlandunderitscontrol.Thissupportsthelargevariety of
migratingandbreedingbirdspeciesandthenativefloraandfauna.Workcontinuestomaintainthe land
whichismadeupofflower-richgrassland,scrub,reedbeds,wetgrassland,freshwaterditches and
ancientsemi-naturalwoodland.Thisistoensurethattheareaisattractivetothelargenumbers of
migratingandbreedingbirdspeciesthatareknowntousethisareaandtopromotethebio-diversity of
the flora and fauna.
TheWetlandTrustsiteishometooneofthemostprolificbird-ringingoperationsintheUK.In2023 over
15,000birdswereringed.Thetrusthasbeenresponsibleforthetrainingofover1,000ringersfrom more
than50countriessinceitscreation.Theringerscometositeonavolunteerbasisinordertolearn and
train to become bird-ringers.
TheTrusthassupportedoverseasornithologyprojectsnotablyresearchinThailandintomigratory and
endangered species.
TheTrustisnolongerpartoftheCountrysideStewardshipScheme.TheBasicPaymentScheme for
farmsrunbytheRuralPaymentsAgencyfinishesin2023andrelatedfuturepaymentsto2027are being
steadilyreduced.Thiscanbeseeninthefactthatthegovernmentgrantshavereducedfrom£69,453 in
2022to£29,566in2023.TheTrusteescontinuetolookforalternativesourcesoffunding. Donations
fromthechairmanandrelatedgiftaidintheyearended5April2023totalled£390,000(2022:Nil). It
has been agreed that further donations will be made by the chairman in the next financial year.
TheinterestontheloantothetradingsubsidiaryisatacommercialrateandastheBankofEngland base
ratehasincreased,sohastheinterestreceivableupfrom£37,876in2022to£97,553in2023. The
Trustees will continue to support the trading subsidiary in the next financial year.
Rentalincomehasdecreasedyear-on-yearfrom£157,269in2022to£96,211in2023.Themain reason
forthereductioninincomeistenantshavevacatedsomeoftheproperties.TheTrusteescontinue to
monitortheconditionofthepropertiesandlookforsuitabletenantsinordertomaintainthis income
stream.
DuringtheyearTheTrusthastakenonadditionalemployees.Thisistoensurethatthe Trust's
objectives of restoring and enhancing the land continue to be met.
All income is used to maintain the land and properties and further the objectives of the Trust.
Thecharity'stradingsubsidiarycompanyWinchelseaFarmFoodsLimitedwasincorporated8 November
2006.Thecompany'smainactivitiesaretherunningofashop.Duringtheyearended5April2023 the
company made a loss of £167,916.
FINANCIAL REVIEW
Principal funding sources
Thechairmancontinuestoprovideloansupporttothetrust.Donationstothetrustbythechairman are
providedonatimelybasistomeetfinancialcommitments.Rentalincomederivedfromlettingout the
trust'spropertiesandfarmingsubsidiescontinuetobeasourceoffunding.Allthesefundingsources are
used to meet the day to day running costs involved in managing the land.
Inadditiontothesesourcesthetrustwillseekoutotherfundingsourcesfromenvironmental partners
with similar aims and objectives, as and when appropriate.
Page 2
THE WETLAND TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5TH APRIL 2023
FINANCIAL REVIEW
Reserves and investment policy
It is the policy of the charity to maintain unrestricted funds that can meet the management and
administration and support costs of the trust.
Itisanticipatedthatthetrust'slevelofreserveswillbemaintainedandwillbesufficienttosupport the
day to day running of the charity and its future activities.
Thetrust'sportfolioofinvestmentpropertiesisconstantlyunderreviewinordertomaximisethe income
andinvestmentpotential.Intheyearunderreview,therehasbeenarelossinthevalueof the
investmentpropertiesasbasedonavaluationbyanindependentprofessional.Thislossis consistent
withthevaluationoftheUKpropertymarketasawholeduringthesametimeperiod.The investments
areheldaslongtermandtheTrusteesarenotundulyconcernedaboutthereducedvaluationat this
stage and will continue to monitor and review the position.
Fixedassetsof£3,962,324andinvestmentpropertyof£6,565,519representthemajorityofthe charity's
reserves at 5 April 2023.
The reserves are reviewed on a regular basis.
FUTURE PLANS
TheTrustplanstocontinueandbuildonitscurrentactivities,andpossiblytoextendtheboundariesof its
naturereserveatIckleshamasandwhensuitablelandbecomesavailableforpurchase.Any land
purchasedwillbemanagedonanenvironmentallyfriendlybasis,andwhereverpossible,restored to
increasethebio-diversityinterest.TheTrustwillcontinuetosupportconservationactivitiesinavariety of
less developed overseas countries. In recent years these have included Thailand and Kenya.
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.
Key management remuneration
TheTrusteesreviewthepayofallemployeesonanannualbasis.Salariesaresetatalevelthat reflects
the work undertaken and the level of experience and expertise required.
Related parties
Thecharitycontinuestobeheavilyreliantonfinancialsupportfromthechairmanofthetrustees,SJ R
Rumsey,whichisprimarilyspentonthemanagementandmaintenanceofthePannelValley Nature
Reserve, together with support to various overseas conservation projects.
Page 3
THE WETLAND TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5TH APRIL 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT
Risk management
TheboardofTrustees,workingcloselywiththepaidemployees,areawareofthemajorriskstothe trust
andworkwithallpartiestomitigateagainstthoserisksbyestablishingsystemsandprocedures to
manage those risks.
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
Maddox Legal
Octagon Point
5 Cheapside
London
EC2V 6AA
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;
-
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
Page 4
THE WETLAND TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5TH APRIL 2023
STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued
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 30th January 2024 and signed on its behalf by:
Mr S J R Rumsey - Trustee
Page 5
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF
THE WETLAND TRUST
Opinion
WehaveauditedthefinancialstatementsofTheWetlandTrust(the'charity')fortheyear ended
5thApril2023whichcomprisetheStatementofFinancialActivities,theBalanceSheet,theCash Flow
Statementandnotestothefinancialstatements,includingasummaryofsignificantaccounting policies.
Thefinancialreportingframeworkthathasbeenappliedintheirpreparationisapplicablelawand United
Kingdom 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 2023 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 6
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
1st February 2024
Page 7
THE WETLAND TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5TH APRIL 2023
|
|
2023 |
|
2022 |
|
|
Unrestricted |
|
Total |
|
|
fund |
|
funds |
|
Notes |
£ |
|
£ |
INCOME AND ENDOWMENTS FROM |
|
|
|
|
Donations and legacies |
2 |
390,250 |
|
100 |
Charitable activities |
4 |
|
|
|
Nature Reserve |
|
35,132 |
|
74,609 |
Investment income |
3 |
193,764 |
|
195,145 |
Total |
|
619,146 |
|
269,854 |
EXPENDITURE ON |
|
|
|
|
Raising funds |
5 |
115,939 |
|
88,861 |
Charitable activities |
6 |
|
|
|
Nature Reserve |
|
553,662 |
|
311,733 |
Individuals - Ecological & conservation |
|
|
|
|
research |
|
24,468 |
|
24,468 |
Other |
|
89,581 |
|
79,114 |
Total |
|
783,650 |
|
504,176 |
Net gains/(losses) on investments |
|
(546,610) |
|
140,574 |
NET INCOME/(EXPENDITURE) |
|
(711,114) |
|
(93,748) |
RECONCILIATION OF FUNDS |
|
|
|
|
Total funds brought forward |
|
11,699,411 |
11,793,159 |
|
TOTAL FUNDS CARRIED FORWARD |
|
10,988,297 |
11,699,411 |
|
The notes form part of these financial statements
Page 8
THE WETLAND TRUST
BALANCE SHEET 5TH APRIL 2023
|
|
2023 |
|
2022 |
|
|
Unrestricted |
|
Total |
|
|
fund |
|
funds |
|
Notes |
£ |
|
£ |
FIXED ASSETS |
|
|
|
|
Tangible assets |
13 |
3,962,324 |
|
4,029,480 |
Investments |
|
|
|
|
Investment property |
14 |
6,565,519 |
|
7,112,129 |
Social investments |
15 |
60,032 |
|
60,032 |
|
|
10,587,875 |
11,201,641 |
|
CURRENT ASSETS |
|
|
|
|
Stocks |
16 |
11,390 |
|
11,390 |
Debtors |
17 |
2,063,238 |
|
2,021,313 |
Cash at bank and in hand |
|
17,084 |
|
9,966 |
|
|
2,091,712 |
|
2,042,669 |
CREDITORS |
|
|
|
|
Amounts falling due within one year |
18 |
(51,916) |
(1,193,065) |
|
NET CURRENT ASSETS |
|
2,039,796 |
|
849,604 |
TOTAL ASSETS LESS CURRENT |
|
|
|
|
LIABILITIES |
|
12,627,671 |
12,051,245 |
|
CREDITORS |
|
|
|
|
Amounts falling due after more than one |
|
|
|
|
year |
19 |
(1,639,374) |
|
(351,834) |
NET ASSETS |
|
10,988,297 |
11,699,411 |
|
FUNDS |
|
|
|
|
Unrestricted funds |
|
10,988,297 |
11,699,411 |
|
TOTAL FUNDS |
|
10,988,297 |
11,699,411 |
|
ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissue on
30th January 2024 and were signed on its behalf by:
Mr S J R Rumsey - Trustee
The notes form part of these financial statements
Page 9
THE WETLAND TRUST
CASH FLOW STATEMENT FOR THE YEAR ENDED 5TH APRIL 2023
Notes
Cash flows from operating activities
Cash generated from operations
1
Interest paid
Net cash used in operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Sale of tangible fixed assets
Interest received
Net cash provided by investing activities
Cash flows from financing activities
New loans in year
Loan repayments in year
Advanced to Group
Trustee loan advance
Net cash provided by financing activities
Change in cash and cash
equivalents in the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the
end of the reporting period |
2023
£
(7,799)
(88,550)
(96,349)
(1,346)
-
97,553
96,207
1,250,000
(1,159,902)
(120,378)
37,540
7,260
7,118
9,966
17,084 |
2022
£
(30,735)
(90,472)
(121,207)
(15,208)
15,208
37,876
37,876
-
-
(58,680)
67,765
9,085
(74,246)
84,212
9,966 |
|
|
|
The notes form part of these financial statements
Page 10
THE WETLAND TRUST
NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 5TH APRIL 2023
1. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES
Net expenditure for the reporting period (as per the
Statement of Financial Activities)
Adjustments for:
Depreciation charges
Losses/(gain) on investments
Loss/(profit) on disposal of fixed assets
Interest received
Interest paid
Increase in stocks
Decrease in debtors
Increase in creditors
Net cash used in operations |
2023
£
(711,114)
66,971
546,610
1,531
(97,553)
88,550
-
78,453
18,753
(7,799) |
2022
£
(93,748)
70,647
(140,574)
(11,358)
(37,876)
90,472
(3,130)
77,394
17,438
(30,735) |
|
|
|
2. ANALYSIS OF CHANGES IN NET DEBT
Net cash
Cash at bank and in hand
Debt
Debts falling due within 1 year
Debts falling due after 1 year
Total |
At 6/4/22
£
9,966
9,966
(1,159,902)
(351,834)
(1,511,736)
(1,501,770) |
Cash flow
£
7,118
7,118
1,159,902
(1,287,540)
(127,638)
(120,520) |
At 5/4/23
£
17,084
17,084
-
(1,639,374)
(1,639,374)
(1,622,290) |
|
|
|
|
The notes form part of these financial statements
Page 11
THE WETLAND TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5TH APRIL 2023
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 12
THE WETLAND TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 5TH APRIL 2023
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 |
2023
£
390,250
2023
£
96,211
97,553
193,764 |
2022
£
100 |
|
|
2022
£
157,269
37,876 |
|
|
195,145 |
continued...
Page 13
THE WETLAND TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5TH APRIL 2023
4. DONATED GOODS, FACILITIES OR SERVICES
DONATED GOODS, FACILITIES OR SERVICES |
|
|
Activity
Other income
Nature Reserve
Sale of crops and animals
Nature Reserve
Government grants
Nature Reserve
RSPB - HPAI Seabird
Colony Resilience &
Recovery Project
Nature Reserve |
2023
£
3,196
1,220
29,566
1,150
35,132 |
2022
£
691
4,465
69,453
- |
|
|
74,609 |
General volunteers
Fromtimetotime,individualsinterestedinornithologyandespeciallybirdringing,willcome to
siteinordertolearnhowtoringbirds.Allbirdringersrequireapermit.Ringerswill receive
trainingandinreturnfortheirassistanceinringingbirdsonthetrust'sland,theywill receive
accommodationforthedurationoftheirvisit.Thesevisitsareshorttermandnootherbenefits or
remuneration are given. No monetary value has been recognised in the accounts.
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 |
2023
£
33,507
5,600
4,265
4,222
20,024
22,475
236
5,368
284
19,958
115,939 |
2022
£
32,985
2,379
4,430
4,165
17,492
10,281
151
4,288
1,837
10,853 |
|
|
88,861 |
Investmentmanagementcostsconsistsoftherepairsandotherexpensesincurredon the
investment properties.
continued...
Page 14
THE WETLAND TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5TH APRIL 2023
6. CHARITABLE ACTIVITIES COSTS
6.
CHARITABLE ACTIVITIES COSTS |
|
|
|
|
|
Direct
Costs (see
note 7)
£
Nature Reserve
464,007
Individuals - Ecological &
conservation research
-
464,007
7.
DIRECT COSTS OF CHARITABLE ACTIVITIES
Staff costs
Livestock feed and vets
Donations and subscriptions
Travel and accommodation
Habitat management
Track and fencing
General costs and tools
Vehicle and equipment maintenance
Health and safety
HPAI project costs
Opening value of livestock
Closing value of livestock
Consultancy expenses
Depreciation
8.
GRANTS PAYABLE
Individuals - Ecological & conservation research
9.
SUPPORT COSTS
Investment management costs
Nature Reserve
Individuals - Ecological & conservation
research |
Grant
funding of
activities
(see note
8)
£
-
24,000
24,000
Management
£
11,778
16,804
468
29,050 |
|
Support
costs (see
note 9)
£
89,655
468
90,123
2023
£
241,810
27,252
1,226
188
8,293
19,943
14,998
78,176
1,204
1,150
11,390
(11,390)
2,796
66,971
464,007
2023
£
24,000
Governance
costs
£
8,180
72,851
-
81,031 |
|
Totals
£
553,662
24,468
578,130
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
2022
£
24,000
Totals
£
19,958
89,655
468
110,081 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
continued...
Page 15
THE WETLAND TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5TH APRIL 2023
9. SUPPORT COSTS - continued
Investmentmanagementcostsconsistsoftherepairsandotherexpensesincurredon the
investment properties.
Support costs, included in the above, are as follows:
Management
Individuals
Investment
- Ecological
management
Nature
& conservation
costs
Reserve
research
£
£
£
Insurance
11,244
11,244
-
Administration and IT
534
4,806
468
Bookkeeping services
-
754
-
11,778
16,804
468
Governance costs
Investment
management
Nature
costs
Reserve
£
£
Wages
521
3,929
Social security
52
462
Pensions
36
320
Auditors' remuneration
726
6,534
Auditors' remuneration for non audit
work
255
2,295
Legal and professional fees
-
-
Loan arrangement fees
6,590
59,311
8,180
72,851 |
2023
Total
activities
£
22,488
5,808
754
29,050
2023
Total
activities
£
4,450
514
356
7,260
2,550
-
65,901
81,031 |
2022
Total
activities
£
17,263
7,036
1,125
25,424
2022
Total
activities
£
1,000
108
80
9,780
3,522
27
-
14,517 |
|
|
|
10. TRUSTEES' REMUNERATION AND BENEFITS
Therewerenotrustees'remunerationorotherbenefitsfortheyearended5thApril2023nor for
the year ended 5th April 2022.
Trustees' expenses
Therewerenotrustees'expensespaidfortheyearended5thApril2023norfortheyear ended
5th April 2022.
continued...
Page 16
THE WETLAND TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5TH APRIL 2023
11. |
STAFF COSTS |
|
|
|
|
2023 |
2022 |
|
|
£ |
£ |
|
Wages and salaries |
240,342 |
125,293 |
|
Social security costs |
23,789 |
11,334 |
|
Other pension costs |
16,506 |
8,717 |
|
|
280,637 |
145,344 |
|
Total remuneration received by key management personnel in the |
year was |
£40,150 (2022 |
|
£35,250). |
|
|
|
The average monthly number of employees during the year was as follows: |
|
|
|
|
2023 |
2022 |
|
Nature reserve |
8 |
6 |
|
No employees received emoluments in excess of £60,000. |
|
|
12. |
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
|
|
|
|
|
Unrestricted |
|
|
|
fund |
|
|
|
£ |
|
INCOME AND ENDOWMENTS FROM |
|
|
|
Donations and legacies |
|
100 |
|
Charitable activities |
|
|
|
Nature Reserve |
|
74,609 |
|
Investment income |
|
195,145 |
|
Total |
|
269,854 |
|
EXPENDITURE ON |
|
|
|
Raising funds |
|
88,861 |
|
Charitable activities |
|
|
|
Nature Reserve |
|
311,733 |
|
Individuals - Ecological & conservation |
|
|
|
research |
|
24,468 |
|
Other |
|
79,114 |
|
Total |
|
504,176 |
|
Net gains on investments |
|
140,574 |
|
NET INCOME/(EXPENDITURE) |
|
(93,748) |
|
RECONCILIATION OF FUNDS |
|
|
|
Total funds brought forward |
|
11,793,159 |
|
TOTAL FUNDS CARRIED FORWARD |
|
11,699,411 |
Totalremunerationreceivedbykeymanagementpersonnelintheyearwas£40,150 (2022:
£35,250).
continued...
Page 17
THE WETLAND TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5TH APRIL 2023
13. TANGIBLE FIXED ASSETS
COST
At 6th April 2022
Additions
Disposals
At 5th April 2023
DEPRECIATION
At 6th April 2022
Charge for year
Eliminated on disposal
At 5th April 2023
NET BOOK VALUE
At 5th April 2023
At 5th April 2022 |
Freehold
property
£
5,543,335
-
-
5,543,335
1,557,456
56,123
-
1,613,579
3,929,756
3,985,879 |
Plant and
machinery
£
749,615
1,346
(18,479)
732,482
706,854
10,696
(17,170)
700,380
32,102
42,761 |
Fixtures
and
fittings
£
139,392
-
(120,935)
18,457
139,388
-
(120,935)
18,453
4
4 |
Motor
vehicles
£
60,248
-
(12,480)
47,768
59,412
152
(12,258)
47,306
462
836 |
Totals
£
6,492,590
1,346
(151,894)
6,342,042
2,463,110
66,971
(150,363)
2,379,718
3,962,324
4,029,480 |
|
|
|
|
|
|
Includedinfreeholdpropertyis£3,611,251(2021-£3,611,251)ofassetsthatare not
depreciated.
14. INVESTMENT PROPERTY
FAIR VALUE
At 6th April 2022
Revaluation
At 5th April 2023
NET BOOK VALUE
At 5th April 2023
At 5th April 2022 |
£
7,112,129
(546,610)
6,565,519
6,565,519
7,112,129 |
|
|
Investmentpropertiesarerevaluedannuallybyanindependentestateagent,apartfrom one
valued by the trustees.
Fair value at 5th April 2023 is represented by:
Valuation in 2017
Valuation in 2018
Valuation in 2019
Valuation in 2020
Valuation in 2021
Valuation in 2022
Valuation in 2023
Cost |
£
305,000
142,326
(93,288)
265,714
129,167
140,574
(546,610)
6,222,636
6,565,519 |
|
|
continued...
Page 18
THE WETLAND TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5TH APRIL 2023
15. SOCIAL INVESTMENTS
MARKET VALUE
At 6th April 2022 and 5th April 2023
NET BOOK VALUE
At 5th April 2023
At 5th April 2022 |
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.
16. STOCKS
Livestock
17.
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 19
THE WETLAND TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5TH APRIL 2023
18. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
|
|
Bank loans and overdrafts (see note 20)
Trade creditors
Taxation and social security
Other creditors |
2023
£
-
30,282
6,414
15,220
51,916 |
2022
£
1,159,902
16,371
3,747
13,045 |
|
|
1,193,065 |
Other creditors includes deferred income of £1,250 (2022: £3,100) being rent received in advance.
19. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
Bank loans (see note 20)
Other creditors |
2023
£
1,250,000
389,374
1,639,374 |
2022
£
-
351,834 |
|
|
351,834 |
20.
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
Amounts falling due between two and five years:
Bank loans - 2-5 years
21.
SECURED DEBTS
The following secured debts are included within creditors:
Bank loans |
2023
£
-
389,374
1,250,000
2023
£
1,250,000 |
2022
£
1,159,902 |
|
|
351,834 |
|
|
- |
|
|
2022
£
1,159,902 |
Thebankloanissecuredbyachargedated19January2023onthreepropertiesheld within
Investment Properties with a combined Fair Value totalling £2,440,000.
continued...
Page 20
THE WETLAND TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 5TH APRIL 2023
22. EMPLOYEE BENEFIT OBLIGATIONS
Thecharityoperatesadefinedcontributionpension.ContributionsarechargedtotheStatement of
Financial Activities in the period to which they relate.
Thetotalcontributionspaidintheyearareshowninthestaffcostsnotetotheaccounts.At the
balance sheet date £1,589 (2022: £1,005) was owed by the charity.
23. RELATED PARTY DISCLOSURES
The following transactions occurred in the year in connection with related parties:
ThereisaloantoWinchelseaFarmFoodsLimited,awhollyownedtradingsubsidiary, of
£2,046,665(2022-£1,928,236).Theloanwasmadeonanarmslengthbasisandinterest is
chargedatcommercialrates.Thisloanisrepayableondemandbutthetrusthasindicated its
willingnesstodeferanyrepaymentofthisloanuntilaftermorethanoneyear.ThedirectorMrS J
RRumseyhasgivenapersonalguaranteeinsupportofthefullamountoftheloanowedto The
Wetland Trust.
ThereisaloanfromthetrusteesMrSJRandMrsARumsey,of£389,374(2022:£351,834). No
interestischargedontheloan.Theloanisdueaftermorethanoneyearandisnotdiscountedas it
is from trustees.
DuringtheyearthetrusteeMrSJRRumseydonated£390,000tothecharitywithout any
conditions.
MrSJRRumseyandMrEWRumseyaredirectorsofWealdFencingProductsLimited.A loan
accountexistedbetweenthecompaniesandthebalanceasat5April2022was£9,319owing to
The Wetland Trust. This was repaid during the year and no further transactions have taken place.
Page 21