``` REGISTERED CHARITY NUMBER: 296531 ``` ## **`REPORT OF THE TRUSTEES AND`** ``` AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5TH APRIL 2024 ``` ## **`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 2024`** ||**`Page`**|**`Page`**|| |---|---|---|---| |**`Report of the Trustees`**|`1`|`to`|`5`| |**`Report of the Independent Auditors`**|`6`|`to`|`8`| |**`Statement of Financial Activities`**||`9`|| |**`Balance Sheet`**||`10`|| |**`Cash Flow Statement`**||`11`|| |**`Notes to the Cash Flow Statement`**||`12`|| |**`Notes to the Financial Statements`**|`13`|`to`|`26`| |**`Detailed Statement of Financial Activities`**|`27`|`to`|`29`| ``` REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5TH APRIL 2024 ``` ## **`THE WETLAND TRUST`** ``` Thetrusteespresenttheirreportwiththefinancialstatementsofthecharityfortheyear ended 5thApril2024.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.Surveysinrecentyearshaveshownthatthespecieslistfortheentiretyof 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.Thefocusofouractivityremainstoprotectandconserveplantandanimalhabitatsinthe local area and around the world. ``` ## **`Volunteers`** ``` Fromtimetotime,individualsinterestedinornithologyandespeciallybirdringing,willcometosite in ordertolearnhowtoringbirds.Allbirdringersrequireapermit.Ringerswillreceivetrainingand in returnfortheirassistanceinringingbirdsonthetrust'sland,theymayreceiveaccommodationfor 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 2024`** ## **`ACHIEVEMENT AND PERFORMANCE`** ## **`Charitable activities, achievements and performance`** ``` Throughouttheyearthecharityhascontinuedtomaintainandconservethenaturereserveinthe Pannel Valley,EastSussexandthesurroundingfarmlandunderitscontrol.Thissupportsthelargevariety of migrating and breeding bird species and the native flora and fauna. ``` ``` Theoutbreakofhighlypathogenicavianinfluenza(HPAI)in2022impactedthemajorityofEngland's main seabirdcoloniesresultinginmassmortalitiesofbothadultandjuvenileseabirdsacrossarange of species.TheWetlandTrustworkedwiththeRSPBtoimprovethebreedinghabitatavailabilityand create areasofrelativesafetyfrompredationfortherelevantbreedingbirdspecies(particularlyternsand gulls) viatheprovisionofnewnestinghabitatonTheWetlandTrustland.Thiswasenabledbyinstalling new fencing and tern rafts in order to provide a safe and protected environment for the breeding season. ``` ``` Workcontinuestomaintainthelandwhichismadeupofflower-richgrassland,scrub,reedbeds, wet grassland,freshwaterditchesandancientsemi-naturalwoodland.Thisistoensurethatthearea is attractivetothelargenumbersofmigratingandbreedingbirdspeciesthatareknowntousethis area and to promote the bio-diversity of the flora and fauna. ``` ``` TheWetlandTrustsiteishometooneofthemostprolificbird-ringingoperationsintheUK.In2023 over 15,000birdswereringed.Thetrusthasbeenresponsibleforthetrainingofover1,000ringersfrom more than50countriessinceitscreation.Theringerscometositeonavolunteerbasisinordertolearn and train to become bird-ringers. ``` ``` TheTrustcontinuestosupportoverseasornithologyprojectsnotablyresearchinThailandinto migratory and endangered species. ``` ``` TheTrustisnolongerpartoftheCountrysideStewardshipScheme.TheBasicPaymentSchemefor farms runbytheRuralPaymentsAgencyfinishedin2023andrelatedfuturepaymentsto2027are being steadilyreduced.Thiscanbeseeninthefactthatthegovernmentgrantshavereducedfrom£29,566 in 2023to£24,724in2024.TheTrusteescontinuetolookforalternativesourcesoffunding. Donations fromthechairmanandrelatedgiftaidintheyearended5April2024totalled£356,250 (2023:£390,000). It has been agreed that further donations will be made by the chairman in the next financial year. ``` ``` TheinterestontheloantothetradingsubsidiaryisatacommercialrateandalignedtotheBank of Englandbaserate.Theinterestreceivablewas£97,553in2023increasingslightlyto£103,270in 2024. The Trustees will continue to support the trading subsidiary in the next financial year. ``` ``` Rentalincomehasincreasedyear-on-yearfrom£96,211in2023to£103,240in2024.The Trustees continuetomonitortheconditionoftheproperties,ensuresuitabletenantsandlookatwaysto diversify in order to maintain this income stream. ``` ``` All income is used to maintain the land and properties and further the objectives of the Trust. ``` ``` Thecharity'stradingsubsidiarycompanyWinchelseaFarmFoodsLimitedwasincorporated8 November 2006.Thecompany'smainactivitiesaretherunningofashop.Duringtheyearended5April2024 the company made a loss of £151,262. ``` ``` Page 2 ``` ## **`THE WETLAND TRUST`** ## **`REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5TH APRIL 2024`** ## **`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. ``` ## **`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£3,942,506andinvestmentpropertyof£5,733,769representthemajorityofthe charity's reserves at 5 April 2024. ``` ``` 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. ``` ``` Page 3 ``` ## **`THE WETLAND TRUST`** ## **`REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5TH APRIL 2024`** ## **`STRUCTURE, GOVERNANCE AND MANAGEMENT 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. ``` ## **`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 ``` ``` Page 4 ``` ## **`THE WETLAND TRUST`** ## **`REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5TH APRIL 2024`** ## **`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.` ``` 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 2025 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 5thApril2024whichcomprisetheStatementofFinancialActivities,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 2024 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. ``` ``` Page 6 ``` ``` REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE WETLAND TRUST ``` ## **`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.` ## **`Responsibilities of trustees`** ``` AsexplainedmorefullyintheStatementofTrustees'Responsibilities,thetrusteesareresponsiblefor the preparationofthefinancialstatementswhichgiveatrueandfairview,andforsuchinternalcontrolas the trusteesdetermineisnecessarytoenablethepreparationoffinancialstatementsthatarefree 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`** ``` WehavebeenappointedasauditorsunderSection144oftheCharitiesAct2011andreportin 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: ``` - `Discussions with management which included consideration of known or suspected instances 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.` - `Challenging assumptions and judgements made by management in respect of 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. ``` ``` Page 7 ``` ## **`REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE WETLAND TRUST`** ## **`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 ``` ``` 3rd February 2025 ``` ``` Page 8 ``` ## **`THE WETLAND TRUST`** ## **`STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5TH APRIL 2024`** |**`2024`**
`Unrestricted`
`Restricted`
**`Total`**
`fund`
`funds`
**`funds`**
`Notes`
`£`
`£`
**`£`**
**`INCOME AND ENDOWMENTS FROM`**
`Donations and legacies`
`2`
**`356,350`**
**`-`**
**`356,350`**
**`Charitable activities`**
`4`
`Nature Reserve`
**`26,740`**
**`37,489`**
**`64,229`**
`Investment income`
`3`
**`206,509`**
**`-`**
**`206,509`**
**`Total`**
**`589,599`**
**`37,489`**
**`627,088`**
**`EXPENDITURE ON`**
`Raising funds`
`5`
**`97,822`**
**`-`**
**`97,822`**
**`Charitable activities`**
`6`
`Nature Reserve`
**`589,989`**
**`37,489`**
**`627,478`**
`Individuals - Ecological & conservation`
`research`
**`24,492`**
**`-`**
**`24,492`**
`Other`
**`81,680`**
**`-`**
**`81,680`**
**`Total`**
**`793,983`**
**`37,489`**
**`831,472`**
`Net gains/(losses) on investments`
**`(181,750)`**
**`-`**
**`(181,750)`**
**`NET INCOME/(EXPENDITURE)`**
**`(386,134)`**
**`-`**
**`(386,134)`**
**`RECONCILIATION OF FUNDS`**
`Total funds brought forward`
**`10,988,297`**
**`-`**
**`10,988,297`**
**`TOTAL FUNDS CARRIED FORWARD`**
**`10,602,163`**
**`-`**
**`10,602,163`**|`2023`
`Total`
`funds`
`£`
`390,250`
`35,132`
`193,764`
`619,146`
`115,939`
`553,662`
`24,468`
`89,581`
`783,650`
`(546,610)`
`(711,114)`
`11,699,411`
`10,988,297`| |---|---| ``` The notes form part of these financial statements ``` ``` Page 9 ``` ## **`THE WETLAND TRUST`** ## **`BALANCE SHEET 5TH APRIL 2024`** |**`2024`**
`Unrestricted`
`Restricted`
**`Total`**
`fund`
`funds`
**`funds`**
`Notes`
`£`
`£`
**`£`**
**`FIXED ASSETS`**
`Tangible assets`
`13`
**`3,942,506`**
**`-`**
**`3,942,506`**
**`Investments`**
`Investment property`
`14`
**`5,733,769`**
**`-`**
**`5,733,769`**
`Social investments`
`15`
**`60,032`**
**`-`**
**`60,032`**
**`9,736,307`**
**`-`**
**`9,736,307`**
**`CURRENT ASSETS`**
`Stocks`
`16`
**`8,905`**
**`-`**
**`8,905`**
`Debtors`
`17`
**`2,217,754`**
**`-`**
**`2,217,754`**
`Cash at bank and in hand`
**`9,564`**
**`-`**
**`9,564`**
**`2,236,223`**
**`-`**
**`2,236,223`**
**`CREDITORS`**
`Amounts falling due within one year`
`18`
**`(120,147)`**
**`-`**
**`(120,147)`**
**`NET CURRENT ASSETS`**
**`2,116,076`**
**`-`**
**`2,116,076`**
**`TOTAL ASSETS LESS CURRENT`**
**`LIABILITIES`**
**`11,852,383`**
**`-`**
**`11,852,383`**
**`CREDITORS`**
`Amounts falling due after more than one`
`year`
`19` **`(1,250,220)`**
**`-`**
**`(1,250,220)`**
**`NET ASSETS`**
**`10,602,163`**
**`-`**
**`10,602,163`**
**`FUNDS`**
`23`
`Unrestricted funds`
**`10,602,163`**
**`TOTAL FUNDS`**
**`10,602,163`**|`2023`
`Total`
`funds`
`£`
`3,962,324`
`6,565,519`
`60,032`
`10,587,875`
`11,390`
`2,063,238`
`17,084`
`2,091,712`
`(51,916)`
`2,039,796`
`12,627,671`
`(1,639,374)`
`10,988,297`
`10,988,297`
`10,988,297`| |---|---| ``` ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissue on 31st January 2025 and were signed on its behalf by: ``` ``` Mr S J R Rumsey - Trustee ``` ``` The notes form part of these financial statements ``` ``` Page 10 ``` ## **`THE WETLAND TRUST`** ## **`CASH FLOW STATEMENT FOR THE YEAR ENDED 5TH APRIL 2024`** |`Notes`
**`Cash flows from operating activities`**
`Cash generated from operations`
`1`
`Interest paid`
`Interest element of hire purchase`
`payments paid`
`Net cash used in operating activities`
**`Cash flows from investing activities`**
`Purchase of tangible fixed assets`
`Sale of tangible fixed assets`
`Sale of investment property`
`Interest received`
`Net cash provided by investing activities`
**`Cash flows from financing activities`**
`New loans in year`
`Loan repayments in year`
`New hire purchase in year`
`Capital repayments in year`
`Advanced to Group`
`Trustee loan advance/(repayment)`
`Net cash (used in)/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`**|**`2024`**
**`£`**
**`(131,417)`**
**`(97,968)`**
**`(231)`**
**`(229,616)`**
**`(60,544)`**
**`17,800`**
**`650,000`**
**`103,270`**
**`710,526`**
**`-`**
**`-`**
**`27,288`**
**`(4,548)`**
**`(122,016)`**
**`(389,154)`**
**`(488,430)`**
**`(7,520)`**
**`17,084`**
**`9,564`**|`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`| |---|---|---| ``` The notes form part of these financial statements ``` ``` Page 11 ``` ## **`THE WETLAND TRUST`** ## **`NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 5TH APRIL 2024`** ## **`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 on investments`
`(Profit)/loss on disposal of fixed assets`
`Interest received`
`Interest paid`
`Interest element of hire purchase and finance lease rental`
`payments`
`Decrease in stocks`
`(Increase)/decrease in debtors`
`Increase in creditors`
**`Net cash used in operations`**|**`2024`**
**`£`**
**`(386,134)`**

**`79,081`**
**`181,750`**
**`(16,519)`**
**`(103,270)`**
**`97,968`**
**`231`**
**`2,485`**
**`(32,500)`**
**`45,491`**
**`(131,417)`**|`2023`
`£`
`(711,114)`
`66,971`
`546,610`
`1,531`
`(97,553)`
`88,550`
`-`
`-`
`78,453`
`18,753`
`(7,799)`| |---|---|---| ## **`2.`** ## **`ANALYSIS OF CHANGES IN NET DEBT`** ||`At 6/4/23`|`Cash flow`|**`At 5/4/24`**| |---|---|---|---| ||`£`|`£`|**`£`**| |**`Net cash`**|||| |`Cash at bank and in hand`|**`17,084`**|**`(7,520)`**|**`9,564`**| ||**`17,084`**|**`(7,520)`**|**`9,564`**| |**`Debt`**|||| |`Finance leases`|**`-`**|**`(22,740)`**|**`(22,740)`**| |`Debts falling due after 1 year`|**`(1,639,374)`**|**`389,154`**|**`(1,250,220)`**| ||**`(1,639,374)`**|**`366,414`**|**`(1,272,960)`**| |**`Total`**|**`(1,622,290)`**|**`358,894`**|**`(1,263,396)`**| ``` The notes form part of these financial statements ``` ``` Page 12 ``` ## **`THE WETLAND TRUST`** ## **`NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5TH APRIL 2024`** ## **`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 isaccountedforonanaccrualsbasisandhasbeenclassifiedunderheadingsthataggregateall 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. ``` ``` continued... ``` ``` Page 13 ``` ## **`THE WETLAND TRUST`** ## **`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5TH APRIL 2024`** ## **`1. ACCOUNTING POLICIES - continued`** ## **`Stocks`** ``` Stocksarevaluedatthelowerofcostandnetrealisablevalue,aftermakingdueallowance for obsolete and slow moving items. ``` ## **`Taxation`** ``` The charity is exempt from tax on its charitable activities. ``` ## **`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. ``` ## **`Hire purchase and leasing commitments`** ``` Assetsobtainedunderhirepurchasecontractsorfinanceleasesarecapitalisedinthe Balance Sheet.Thoseheldunderhirepurchasecontractsaredepreciatedovertheirestimateduseful lives. Thoseheldunderfinanceleasesaredepreciatedovertheirestimatedusefullivesorthelease term, whichever is shorter. ``` ``` TheinterestelementoftheseobligationsischargedtotheStatementofFinancialActivities over the relevant period. The capital element of the future payments is treated as a liability. ``` ## **`Pension costs and other post-retirement benefits`** ``` Thecharityoperatesadefinedcontributionpensionscheme.Contributionspayabletothe charity's pensionschemearechargedtotheStatementofFinancialActivitiesintheperiodtowhich they relate. ``` ``` continued... ``` ``` Page 14 ``` ## **`THE WETLAND TRUST`** ## **`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5TH APRIL 2024`** ## **`2. DONATIONS AND LEGACIES`** |`Donations`
**`3.`**
**`INVESTMENT INCOME`**
`Rents received`
`Interest on loan to Winchelsea Farm Foods Limited`
**`4.`**
**`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`|**`2024`**
**`£`**
**`356,350`**
**`2024`**
**`£`**
**`103,239`**
**`103,270`**
**`206,509`**
**`2024`**
**`£`**
**`646`**
**`1,370`**
**`24,724`**
**`37,489`**
**`64,229`**|`2023`
`£`
`390,250`|`2023`
`£`
`390,250`| |---|---|---|---| |||`2023`
`£`
`96,211`
`97,553`|| |||`193,764`|| ||||`2023`
`£`
`3,196`
`1,220`
`29,566`
`1,150`| ||||`35,132`| ## `General volunteers` ``` Fromtimetotime,individualsinterestedinornithologyandespeciallybirdringing,willcometo site inordertolearnhowtoringbirds.Allbirdringersrequireapermit.Ringerswillreceive training andinreturnfortheirassistanceinringingbirdsonthetrust'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. ``` ## `RSPB - HPAI:` ``` RecoveryprogrammefollowingAvianfluandimprovingtheenvironmentfornestingseabirds. This project was completed in 2023/24. ``` ## `RSPB - Wetland enhancement:` ``` WetlandenhancementofthePannelValley.Thisprojectisduetocommencein2024/25 with completionduein2025/26.Thetimingoftheworkisbasedonthemigrationandnesting patterns of the birds. ``` ``` continued... ``` ``` Page 15 ``` ## **`THE WETLAND TRUST`** ## **`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5TH APRIL 2024`** ## **`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`
`Letting expenses`
`Rental property selling fees`
`Support costs`|**`2024`**
**`£`**
**`34,419`**
**`12,115`**
**`789`**
**`3,896`**
**`21,681`**
**`(14,621)`**
**`140`**
**`2,015`**
**`379`**
**`600`**
**`21,957`**
**`14,452`**
**`97,822`**|`2023`
`£`
`33,507`
`5,600`
`4,265`
`4,222`
`20,024`
`22,475`
`236`
`5,368`
`284`
`-`
`-`
`19,958`| |---|---|---| |||`115,939`| ``` Investmentmanagementcostsconsistsoftherepairsandotherexpensesincurredon the investment properties. ``` ## **`6. CHARITABLE ACTIVITIES COSTS`** |`Nature Reserve`
`Individuals - Ecological &`
`conservation research`|`Direct`
`Costs (see`
`note 7)`
`£`
**`592,345`**
**`-`**
**`592,345`**|`Grant`
`funding of`
`activities`
`(see note`
`8)`
`£`
**`-`**
**`24,000`**
**`24,000`**|`Support`
`costs (see`
`note 9)`
`£`
**`35,133`**
**`492`**
**`35,625`**|`Totals`
`£`
**`627,478`**
**`24,492`**| |---|---|---|---|---| |||||**`651,970`**| ``` continued... ``` ``` Page 16 ``` ## **`THE WETLAND TRUST`** ## **`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5TH APRIL 2024`** |**`7.`**
**`DIRECT COSTS OF CHARITABLE ACTIVITIES`**
`Staff costs`
`Livestock feed and vets`
`Donations and subscriptions`
`Travel and accommodation`
`Equipment`
`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`**
`Management`
`£`
`Investment management costs`
**`12,582`**
`Nature Reserve`
**`18,307`**
`Individuals - Ecological & conservation`
`research`
**`492`**
**`31,381`**|**`2024`**
**`£`**
**`295,707`**
**`38,868`**
**`734`**
**`-`**
**`2,590`**
**`13,303`**
**`17,005`**
**`11,041`**
**`86,727`**
**`804`**
**`41,497`**
**`11,390`**
**`(8,905)`**
**`2,503`**
**`79,081`**
**`592,345`**
**`2024`**
**`£`**
**`24,000`**
`Governance`
`costs`
`£`
**`1,870`**
**`16,826`**
**`-`**
**`18,696`**|`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`
`Totals`
`£`
**`14,452`**
**`35,133`**
**`492`**
**`50,077`**| |---|---|---| |||| ``` Investmentmanagementcostsconsistsoftherepairsandotherexpensesincurredon the investment properties. ``` ``` continued... ``` ``` Page 17 ``` ## **`THE WETLAND TRUST`** ## **`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5TH APRIL 2024`** ## **`9. SUPPORT COSTS - continued`** ``` Support costs, included in the above, are as follows: ``` ## **`Management`** |`Individuals`
`Investment`
`- Ecological`
`management`
`Nature`
`& conservation`
`costs`
`Reserve`
`research`
`£`
`£`
`£`
`Insurance`
**`11,866`**
**`11,866`**
**`-`**
`Administration and IT`
**`716`**
**`5,580`**
**`492`**
`Bookkeeping services`
**`-`**
**`861`**
**`-`**
**`12,582`**
**`18,307`**
**`492`**
**`Governance costs`**
`Investment`
`management`
`Nature`
`costs`
`Reserve`
`£`
`£`
`Wages`
**`460`**
**`4,139`**
`Social security`
**`51`**
**`458`**
`Pensions`
**`37`**
**`331`**
`Auditors' remuneration`
**`1,058`**
**`9,522`**
`Auditors' remuneration for non audit`
`work`
**`255`**
**`2,295`**
`Legal and professional fees`
**`9`**
**`81`**
`Loan arrangement fees`
**`-`**
**`-`**
**`1,870`**
**`16,826`**|**`2024`**
`Total`
`activities`
**`£`**
**`23,732`**
**`6,788`**
**`861`**
**`31,381`**
**`2024`**
`Total`
`activities`
**`£`**
**`4,599`**
**`509`**
**`368`**
**`10,580`**
**`2,550`**
**`90`**
**`-`**
**`18,696`**|`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`**| |---|---|---| ## **`10. TRUSTEES' REMUNERATION AND BENEFITS`** ``` Therewerenotrustees'remunerationorotherbenefitsfortheyearended5thApril2024nor for the year ended 5th April 2023. ``` ## **`Trustees' expenses`** ``` Therewerenotrustees'expensespaidfortheyearended5thApril2024norfortheyear ended 5th April 2023. ``` ``` continued... ``` ``` Page 18 ``` ## **`THE WETLAND TRUST`** ## **`NOTES TO THE FINANCIAL STATEMENTS - continued`** ## **`FOR THE YEAR ENDED 5TH APRIL 2024`** ## **`11. STAFF COSTS`** |`Wages and salaries`
`Social security costs`
`Other pension costs`|**`2024`**
**`£`**
**`288,390`**
**`27,982`**
**`19,230`**
**`335,602`**|`2023`
`£`
`240,342`
`23,789`
`16,506`| |---|---|---| |||`280,637`| ``` Totalremunerationreceivedbykeymanagementpersonnelintheyearwas£41,400 (2023: £40,150). ``` ``` The average monthly number of employees during the year was as follows: ``` |`Nature reserve`
`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`
`390,250`
**`Charitable activities`**
`Nature Reserve`
`35,132`
`Investment income`
`193,764`
**`Total`**
`619,146`
**`EXPENDITURE ON`**
`Raising funds`
`115,939`
**`Charitable activities`**
`Nature Reserve`
`553,662`
`Individuals - Ecological & conservation`
`research`
`24,468`
`Other`
`89,581`
**`Total`**
`783,650`
`Net gains/(losses) on investments`
`(546,610)`
**`NET INCOME/(EXPENDITURE)`**
`(711,114)`|`Nature reserve`
`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`
`390,250`
**`Charitable activities`**
`Nature Reserve`
`35,132`
`Investment income`
`193,764`
**`Total`**
`619,146`
**`EXPENDITURE ON`**
`Raising funds`
`115,939`
**`Charitable activities`**
`Nature Reserve`
`553,662`
`Individuals - Ecological & conservation`
`research`
`24,468`
`Other`
`89,581`
**`Total`**
`783,650`
`Net gains/(losses) on investments`
`(546,610)`
**`NET INCOME/(EXPENDITURE)`**
`(711,114)`|**`2024`**
**`10`**
`Restricted`
`funds`
`£`
`-`
`-`
`-`
`-`
`-`
`-`
`-`
`-`
`-`
`-`
`-`||`2023`
`8`
`Total`
`funds`
`£`
`390,250`
`35,132`
`193,764`
`619,146`
`115,939`
`553,662`
`24,468`
`89,581`
`783,650`
`(546,610)`
`(711,114)`| |---|---|---|---|---| |||||| |||||| |||||| |||||| |||||| ``` continued... ``` ``` Page 19 ``` ## **`THE WETLAND TRUST`** ## **`NOTES TO THE FINANCIAL STATEMENTS - continued`** ## **`FOR THE YEAR ENDED 5TH APRIL 2024`** |**`12.`**|**`COMPARATIVES FOR THE STATEMENT`**|**`COMPARATIVES FOR THE STATEMENT`**|**`OF FINANCIAL ACTIVITIES - continued`**|**`OF FINANCIAL ACTIVITIES - continued`**|**`OF FINANCIAL ACTIVITIES - continued`**|| |---|---|---|---|---|---|---| |||||`Unrestricted`|`Restricted`|`Total`| |||||`fund`|`funds`|`funds`| |||||`£`|`£`|`£`| ||**`RECONCILIATION OF FUNDS`**|||||| ||`Total funds brought forward`|||`11,699,411`|`-`|`11,699,411`| ||**`TOTAL FUNDS CARRIED FORWARD`**|||`10,988,297`|`-`|`10,988,297`| |**`13.`**|**`TANGIBLE FIXED ASSETS`**|||||| |||||`Fixtures`||| |||`Freehold`|`Plant and`|`and`|`Motor`|| |||`property`|`machinery`|`fittings`|`vehicles`|`Totals`| |||`£`|`£`|`£`|`£`|`£`| ||**`COST`**|||||| ||`At 6th April 2023`|**`5,543,335`**|**`732,482`**|**`18,457`**|**`47,768`**|**`6,342,042`**| ||`Additions`|**`-`**|**`60,544`**|**`-`**|**`-`**|**`60,544`**| ||`Disposals`|**`-`**|**`(50,410)`**|**`(1,157)`**|**`-`**|**`(51,567)`**| ||`At 5th April 2024`|**`5,543,335`**|**`742,616`**|**`17,300`**|**`47,768`**|**`6,351,019`**| ||**`DEPRECIATION`**|||||| ||`At 6th April 2023`|**`1,613,579`**|**`700,380`**|**`18,453`**|**`47,306`**|**`2,379,718`**| ||`Charge for year`|**`56,123`**|**`22,844`**|**`-`**|**`114`**|**`79,081`**| ||`Eliminated on disposal`|**`-`**|**`(49,129)`**|**`(1,157)`**|**`-`**|**`(50,286)`**| ||`At 5th April 2024`|**`1,669,702`**|**`674,095`**|**`17,296`**|**`47,420`**|**`2,408,513`**| ||**`NET BOOK VALUE`**|||||| ||`At 5th April 2024`|**`3,873,633`**|**`68,521`**|**`4`**|**`348`**|**`3,942,506`**| ||`At 5th April 2023`|`3,929,756`|`32,102`|`4`|`462`|`3,962,324`| ``` Includedinfreeholdpropertyis£3,611,251(2023-£3,611,251)ofassetsthatare not depreciated. ``` ``` continued... ``` ``` Page 20 ``` ## **`THE WETLAND TRUST`** ## **`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5TH APRIL 2024`** ## **`13. TANGIBLE FIXED ASSETS - continued`** ``` Fixed assets, included in the above, which are held under hire purchase contracts are as follows: ``` |**`COST`**
`Additions`
**`DEPRECIATION`**
`Charge for year`
**`NET BOOK VALUE`**
`At 5th April 2024`
`At 5th April 2023`
**`14.`**
**`INVESTMENT PROPERTY`**
**`FAIR VALUE`**
`At 6th April 2023`
`Disposals`
`Revaluation`
`At 5th April 2024`
**`NET BOOK VALUE`**
`At 5th April 2024`
`At 5th April 2023`||`Plant and`
`machinery`
`£`
**`40,545`**
**`10,136`**
**`30,409`**
`-`
**`£`**
**`6,565,519`**
**`(650,000)`**
**`(181,750)`**
**`5,733,769`**
**`5,733,769`**
`6,565,519`| |---|---|---| |||| |||| |||| ``` Investmentpropertiesarerevaluedannuallybyanindependentestateagent,apartfrom one valued by the trustees. ``` ``` Fair value at 5th April 2024 is represented by: ``` |`Valuation in 2017`
`Valuation in 2018`
`Valuation in 2019`
`Valuation in 2020`
`Valuation in 2021`
`Valuation in 2022`
`Valuation in 2023`
`Valuation in 2024`
`Cost`|**`£`**
**`305,000`**
**`142,326`**
**`(93,288)`**
**`265,714`**
**`129,167`**
**`140,574`**
**`(546,610)`**
**`(181,750)`**
**`5,572,636`**
**`5,733,769`**| |---|---| ``` continued... ``` ``` Page 21 ``` ## **`THE WETLAND TRUST`** ## **`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5TH APRIL 2024`** ## **`15. SOCIAL INVESTMENTS`** |**`MARKET VALUE`**
`At 6th April 2023 and 5th April 2024`
**`NET BOOK VALUE`**
`At 5th April 2024`
`At 5th April 2023`|`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`
`Prepayments and accrued income`
`Amounts falling due after more than one year:`
`Loans to group undertakings`
`Aggregate amounts`|| |---|---| ||| ``` continued... ``` ``` Page 22 ``` ## **`THE WETLAND TRUST`** ## **`NOTES TO THE FINANCIAL STATEMENTS - continued`** ## **`FOR THE YEAR ENDED 5TH APRIL 2024`** ## **`18. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR`** |**`18.`**|**`CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR`**|||| |---|---|---|---|---| ||||**`2024`**|`2023`| ||||**`£`**|`£`| ||`Hire purchase (see note 21)`||**`22,740`**|`-`| ||`Trade creditors`||**`18,096`**|`30,282`| ||`Taxation and social security`||**`21,750`**|`6,414`| ||`Other creditors`||**`57,561`**|`15,220`| |||**`120,147`**||`51,916`| ||`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`**|||| ||||**`2024`**|`2023`| ||||**`£`**|`£`| ||`Bank loans (see note 20)`|**`1,250,000`**||`1,250,000`| ||`Other creditors`||**`220`**|`389,374`| |||**`1,250,220`**||`1,639,374`| |**`20.`**|**`LOANS`**|||| ||`An analysis of the maturity of loans is given below:`|||| ||||**`2024`**|`2023`| ||||**`£`**|`£`| ||`Amounts falling between one and two years:`|||| ||`Loan from Trustees`||**`220`**|`389,374`| ||`Amounts falling due between two and five years:`|||| ||`Bank loans - 2-5 years`|**`1,250,000`**||`1,250,000`| |**`21.`**|**`LEASING AGREEMENTS`**|||| ||`Minimum lease payments under hire purchase fall due as follows:`|||| ||||**`2024`**|`2023`| ||||**`£`**|`£`| ||`Net obligations repayable:`|||| ||`Within one year`||**`22,740`**|`-`| ``` continued... ``` ``` Page 23 ``` ## **`THE WETLAND TRUST`** ## **`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5TH APRIL 2024`** ## **`22. SECURED DEBTS`** ``` The following secured debts are included within creditors: ``` |`Bank loans`
`Hire purchase contracts`|**`2024`**
**`£`**
**`1,250,000`**
**`22,740`**
**`1,272,740`**|`2023`
`£`
`1,250,000`
`-`
`1,250,000`| |---|---|---| ``` Thebankloanissecuredbyachargedated19January2023onthreepropertiesheld within Investment Properties with a combined Fair Value totalling £2,394,000. ``` ``` Thehirepurchaseissecuredontheequipmentwhichitrelatestountilsuchtimeastheoption to purchase is exercised. ``` ## **`23. MOVEMENT IN FUNDS`** |`At 6/4/23`
`£`
**`Unrestricted funds`**
`General fund`
**`10,988,297`**
**`TOTAL FUNDS`**
**`10,988,297`**|`Net`
`movement`
`At`
`in funds`
`5/4/24`
`£`
`£`
**`(386,134) 10,602,163`**
**`(386,134) 10,602,163`**| |---|---| ``` Net movement in funds, included in the above are as follows: ``` |**`Unrestricted funds`**
`General fund`
**`Restricted funds`**
`RSPB - HPAI`
**`TOTAL FUNDS`**|`Incoming`
`resources`
`£`
**`589,599`**
**`37,489`**
**`627,088`**|`Resources`
`expended`
`£`
**`(793,983)`**
**`(37,489)`**
**`(831,472)`**|`Gains and`
`losses`
`£`
**`(181,750)`**
**`-`**
**`(181,750)`**|`Movement`
`in funds`
`£`
**`(386,134)`**
**`-`**
**`(386,134)`**| |---|---|---|---|---| ``` continued... ``` ``` Page 24 ``` ## **`THE WETLAND TRUST`** ## **`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5TH APRIL 2024`** ## **`23. MOVEMENT IN FUNDS - continued`** ## **`Comparatives for movement in funds`** |**`Unrestricted funds`**
`General fund`
**`TOTAL FUNDS`**|`At 6/4/22`
`£`
`11,699,411`
`11,699,411`|`Net`
`movement`
`in funds`
`£`
`(711,114)`
`(711,114)`|`At`
`5/4/23`
`£`
`10,988,297`| |---|---|---|---| ||||`10,988,297`| ``` Comparative net movement in funds, included in the above are as follows: ``` |**`Unrestricted funds`**
`General fund`
**`TOTAL FUNDS`**|`Incoming`
`resources`
`£`
`619,146`
`619,146`|`Resources`
`expended`
`£`
`(783,650)`
`(783,650)`|`Gains and`
`losses`
`£`
`(546,610)`
`(546,610)`|`Movement`
`in funds`
`£`
`(711,114)`
`(711,114)`| |---|---|---|---|---| ``` A current year 12 months and prior year 12 months combined position is as follows: ``` |**`Unrestricted funds`**
`General fund`
**`TOTAL FUNDS`**|`At 6/4/22`
`£`
`11,699,411`
`11,699,411`|`Net`
`movement`
`in funds`
`£`
`(1,097,248)`
`(1,097,248)`|`At`
`5/4/24`
`£`
`10,602,163`| |---|---|---|---| ||||`10,602,163`| ``` continued... ``` ``` Page 25 ``` ``` NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5TH APRIL 2024 ``` ## **`THE WETLAND TRUST`** ## **`23. MOVEMENT IN FUNDS - continued`** ``` Acurrentyear12monthsandprioryear12monthscombinednetmovementinfunds,included in the above are as follows: ``` |`Incoming`
`Resources`
`resources`
`expended`
`£`
`£`
**`Unrestricted funds`**
`General fund`
`1,208,745`
`(1,577,633)`

**`Restricted funds`**
`RSPB - HPAI`
`37,489`
`(37,489)`
**`TOTAL FUNDS`**
`1,246,234`
`(1,615,122)`
|`Gains and`
`Movement`
`losses`
`in funds`
`£`
`£`
`(728,360)`
`(1,097,248)`
`-`
`-`
`(728,360)`
`(1,097,248)`| |---|---| ## **`24. EMPLOYEE BENEFIT OBLIGATIONS`** ``` Thecharityoperatesadefinedcontributionpension.ContributionsarechargedtotheStatement of Financial Activities in the period to which they relate. ``` ``` Thetotalcontributionspaidintheyearareshowninthestaffcostsnotetotheaccounts.At the balance sheet date £1,879 (2023: £1,589) was owed by the charity. ``` ## **`25. RELATED PARTY DISCLOSURES`** ``` The following transactions occurred in the year in connection with related parties: ``` ``` ThereisaloantoWinchelseaFarmFoodsLimited,awhollyownedtradingsubsidiary, of £2,168,681(2023-£2,046,665).Theloanwasmadeonanarmslengthbasisandinterest is chargedatcommercialrates.Thisloanisrepayableondemandbutthetrusthasindicated its willingnesstodeferanyrepaymentofthisloanuntilaftermorethanoneyear.ThedirectorMrS J RRumseyhasgivenapersonalguaranteeinsupportofthefullamountoftheloanowedto The Wetland Trust. ``` ``` ThereisaloanfromthetrusteesMrSJRandMrsARumsey,of£220(2023:£389,374). No interestischargedontheloan.Theloanisdueaftermorethanoneyearandisnotdiscountedas it is from trustees. ``` ``` DuringtheyearthetrusteeMrSJRRumseydonated£356,250tothecharitywithout any conditions. ``` ``` Page 26 ``` ## **`THE WETLAND TRUST`** ## **`DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5TH APRIL 2024`** |**`INCOME AND ENDOWMENTS`**
**`Donations and legacies`**
`Donations`
**`Investment income`**
`Rents received`
`Interest on loan to Winchelsea Farm Foods`
`Limited`
**`Charitable activities`**
`Other income`
`Sale of crops and animals`
`Government grants`
`RSPB - HPAI Seabird Colony Resilience &`
`Recovery Project`
**`Total incoming resources`**
**`EXPENDITURE`**
**`Investment management costs`**
`Wages`
`Social security`
`Pensions`
`Carters properties`
`Little Ashes`
`White Swan`
`Elms Farm`
`Rye & Winchelsea Properties`
`Camden Cottage`
`Luxford Farm`
`Jordans Farm`
`Letting expenses`
`Rental property selling fees`
**`Charitable activities`**
`Wages`
`Carried forward`|`2024`
`£`
**`356,350`**
**`103,239`**
**`103,270`**
**`206,509`**
**`646`**
**`1,370`**
**`24,724`**
**`37,489`**
**`64,229`**
**`627,088`**
**`28,980`**
**`3,121`**
**`2,318`**
**`12,115`**
**`789`**
**`3,896`**
**`21,681`**
**`(14,621)`**
**`140`**
**`2,015`**
**`379`**
**`600`**
**`21,957`**
**`83,370`**
**`254,811`**
**`254,811`**|`2023`
`£`
`390,250`
`96,211`
`97,553`| |---|---|---| |||`193,764`
`3,196`
`1,220`
`29,566`
`1,150`| |||`35,132`| |||`619,146`
`28,105`
`3,154`
`2,248`
`5,600`
`4,265`
`4,222`
`20,024`
`22,475`
`236`
`5,368`
`284`
`-`
`-`| |||`95,981`
`207,787`
`207,787`| ``` This page does not form part of the statutory financial statements ``` ``` Page 27 ``` ## **`THE WETLAND TRUST`** ## **`DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5TH APRIL 2024`** |**`Charitable activities`**
`Brought forward`
`Social security`
`Pensions`
`Livestock feed and vets`
`Donations and subscriptions`
`Travel and accommodation`
`Equipment`
`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`
`Freehold property`
`Plant and machinery`
`Motor vehicles`
`Grants to individuals`
**`Other`**
`(Profit) / loss on sale of tangible fixed`
`assets`
`Interest payable`
`Hire purchase`
**`Support costs`**
**`Management`**
`Insurance`
`Administration and IT`
`Bookkeeping services`
**`Governance costs`**
`Wages`
`Social security`
`Pensions`
`Auditors' remuneration`
`Auditors' remuneration for non audit work`
`Carried forward`|`2024`
`£`
**`254,811`**
**`24,352`**
**`16,544`**
**`38,868`**
**`734`**
**`-`**
**`2,590`**
**`13,303`**
**`17,005`**
**`11,041`**
**`86,727`**
**`804`**
**`41,497`**
**`11,390`**
**`(8,905)`**
**`2,503`**
**`56,123`**
**`22,844`**
**`114`**
**`24,000`**
**`616,345`**
**`(16,519)`**
**`97,968`**
**`231`**
**`81,680`**
**`23,732`**
**`6,788`**
**`861`**
**`31,381`**
**`4,599`**
**`509`**
**`368`**
**`10,580`**
**`2,550`**
**`18,606`**|`2023`
`£`
`207,787`
`20,121`
`13,902`
`27,252`
`1,226`
`188`
`-`
`8,293`
`19,943`
`14,998`
`78,176`
`1,204`
`1,150`
`11,390`
`(11,390)`
`2,796`
`56,123`
`10,696`
`152`
`24,000`
`488,007`
`1,031`
`88,550`
`-`
`89,581`
`22,488`
`5,808`
`754`
`29,050`
`4,450`
`514`
`356`
`7,260`
`2,550`
`15,130`| |---|---|---| ``` This page does not form part of the statutory financial statements ``` ``` Page 28 ``` ## **`THE WETLAND TRUST`** ## **`DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5TH APRIL 2024`** |`2024`
`£`
**`Governance costs`**
`Brought forward`
**`18,606`**
`Legal and professional fees`
**`90`**
`Loan arrangement fees`
**`-`**
**`18,696`**
`Total resources expended`
**`831,472`**
**`Net expenditure before gains and`**
**`losses`**
**`(204,384)`**
**`Fair value movement`**
`Increase/(decrease) in fair value of`
`investment property`
**`(181,750)`**
**`Net expenditure`**
**`(386,134)`**|`2023`
`£`
`15,130`
`-`
`65,901`
`81,031`
`783,650`
`(164,504)`
`(546,610)`
`(711,114)`| |---|---| ``` This page does not form part of the statutory financial statements ``` ``` Page 29 ```