```
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.
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continued...
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Page 20
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THE WETLAND TRUST
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NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 5TH APRIL 2023
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## **`22. EMPLOYEE BENEFIT OBLIGATIONS`**
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Thecharityoperatesadefinedcontributionpension.ContributionsarechargedtotheStatement of
Financial Activities in the period to which they relate.
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Thetotalcontributionspaidintheyearareshowninthestaffcostsnotetotheaccounts.At the
balance sheet date £1,589 (2022: £1,005) was owed by the charity.
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## **`23. RELATED PARTY DISCLOSURES`**
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The following transactions occurred in the year in connection with related parties:
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ThereisaloantoWinchelseaFarmFoodsLimited,awhollyownedtradingsubsidiary, of
£2,046,665(2022-£1,928,236).Theloanwasmadeonanarmslengthbasisandinterest is
chargedatcommercialrates.Thisloanisrepayableondemandbutthetrusthasindicated its
willingnesstodeferanyrepaymentofthisloanuntilaftermorethanoneyear.ThedirectorMrS J
RRumseyhasgivenapersonalguaranteeinsupportofthefullamountoftheloanowedto The
Wetland Trust.
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ThereisaloanfromthetrusteesMrSJRandMrsARumsey,of£389,374(2022:£351,834). No
interestischargedontheloan.Theloanisdueaftermorethanoneyearandisnotdiscountedas it
is from trustees.
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DuringtheyearthetrusteeMrSJRRumseydonated£390,000tothecharitywithout any
conditions.
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MrSJRRumseyandMrEWRumseyaredirectorsofWealdFencingProductsLimited.A loan
accountexistedbetweenthecompaniesandthebalanceasat5April2022was£9,319owing to
The Wetland Trust. This was repaid during the year and no further transactions have taken place.
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