Charity number: 1135007
Westcountry Rivers Trust
Registered number: 06545646 Trustees' report and financial statements
For the year ended 31 December 2012
WESTCOUNTRY RIVERS TRUST (A Company Limited by Guarantee)
CONTENTS
Page
Reference and Administrative Details of the Charity, its Trustees and Advisers 1
Trustees' Report 2 - 14
Independent Auditors' Report 15 - 16
Consolidated Statement of Financial Activities 17
Consolidated Income and Expenditure Account 18
Consolidated Statement of Total Recognised Gains and Losses 18
Consolidated Balance Sheet 19
Company Balance Sheet 20
Notes to the Financial Statements 21 - 39
WESTCOUNTRY RIVERS TRUST (A Company Limited by Guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2012
Trustees
K L Hill , Chairman N Allan P Arnott (appointed 11 July 2013) D Botsford (resigned 15 June 2012) Mrs J. Ingham Clark The Lord Clinton R L Constantine Sir Simon Day A Fox-Edwards Sir David Hoare Bt N Hood CBE C Huntington-Whiteley Dr K Lancaster (appointed 17 July 2013) H B Llewellyn The Hon. Massey Lopes The Hon. Mrs George Lopes M D Martin MBE , President C G Pole-Carew (resigned 23 July 2013) R Simpson Dr A Torrance M Wilson J H A Wood W F Wyldbore-Smith
Company registered number
06545646
Charity registered number
1135007
Registered office
Rain-Charm House , Kyl Cober Parc , Callington , Cornwall , PL17 8PH
Company secretary
Lynne Hyland
Independent auditors
Mazars LLP , 8 New Fields , 2 Stinsford Road , Nuffield , Poole , Dorset , BH17 0NF
Bankers
Duncan Lawrie Ltd , 1 Hobart Place , London , SW1W 0HU
Barclays Bank Plc , The Parade , Liskeard , Cornwall , PL14 6AR
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WESTCOUNTRY RIVERS TRUST (A Company Limited by Guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2012
The Trustees (who are also directors of the charity for the purposes of the Companies Act) present their annual report together with the audited financial statements of Westcountry Rivers Trust (the company and the group ) for the ended 31 December 2012 . The Trustees confirm that the Annual Report and financial statements of the company and the group comply with the current statutory requirements, the requirements of the company and the group's governing document and the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" issued in March 2005.
STRUCTURE AND GOVERNANCE
a. Constitution
The Trust was governed by a Trust Deed dated 28 March 1995 executed by the original Trustees under a declaration of trust and as amended by supplemental deeds executed on 22 June 1999, 26 February 2000 and 9 November 2000 respectively; in July 2010 the original charity was transferred to a charitable incorporated company to improve governance and reduce risk. The original deed, with no substantive changes, was used as the governing document of the new entity. In 2012 the definition of the geographic area within which the Trust operates was expanded to cover the whole of the westcountry.
b. Legal Structure
The Trust is a registered charity and company limited by guarantee governed by its memorandum and articles of association. The Trustees of the charity are also the directors of the company for the purposes of the Companies Act. The Trust has a wholly owned subsidiary, Westcountry Rivers Limited, which trades as Tamar Consulting. The profits of the subsidiary are covenanted to the Trust.
c. Trustees' Responsibilities
The Trustees are responsible for the overall direction and charitable activities of the Trust and the trading activities of its subsidiary and for ensuring that the Trust complies with the Charity Commission guidance on public benefit. d. Selection and appointment of Trustees
The introduction and recruitment of Trustees is by recommendation of existing Trustees and personal contacts with other organisations or landowners with related environmental or rivers trust interests. The overriding objective is to maintain a broadly respected body with sufficient experience to provide strong governance and to add value to the Trust’s decision making.
The right to approve the nomination of a Trustee rests with the South West Rivers Association which is an unincorporated association representing the river associations in Devon and Cornwall. The final power of appointment rests with the Trustees in general meeting. One fifth of the Trustees are required to retire by rotation in each year.
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WESTCOUNTRY RIVERS TRUST (A Company Limited by Guarantee)
TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2012
e. Induction and training of Trustees
Following the appointment as a Trustee and director each Trustee receives a briefing pack outlining their role. The Trustee will also have several opportunities to meet the management of the Trust and to shadow Trust staff in carrying out their duties should they so wish. The Trust’s website are also available which gives much background information. The briefing pack contains:
• A PowerPoint presentation outlining the duties of a Trustee • The memorandum and articles of association • The most recent Trustees’ report and financial statements • The most recent management accounts and board minutes • The latest issue of the Confluence newsletter
f. Organisational Structure and Decision Making
Trustees meetings
The Trustees meet twice a year to consider the overall direction of the Trust and its future development and to receive information about the issues and policies affecting the Trust’s work. One of the meetings includes the annual general meeting of the company. The Trustees receive a summary report following each meeting of the Management Board.
Management Board
The Trustees have delegated the general management of the Trust to a Management Board normally meeting on a bi-monthly basis. The Management Board provides a key forum for liaison between the Trustees and the management team. The Board receives detailed reports at each meeting, monitors performance of the Trust against targets and budgets for the year and considers development and longer term plans.
At the end of the year the Management Board members were:
K Hill (Chairman) L Hyland D Bright R Simpson A Fox-Edwards A Torrance C Huntington-Whitely M Wilson
Dr Dylan Bright is the Trust Executive Director and Lynne Hyland is the Finance Director of the Trust. Adam Fox- Edwards is Chairman, Dr Bright was a Director and Lynne Hyland is Company Secretary of Tamar Consulting.
Divisional Structure
The Trust has three main areas of delivery: Fisheries and Recreation, Catchment Management and commercial for profit Consultancy. Each delivery area is headed by a designated manager. There are also three cross-cutting themes: Education, Data Management and Communications, and Fundraising. Each theme is driven forward by a theme leader who coordinates activities.This structure ensures better allocation of resources and identifies cross-cutting responsibilities for all staff.
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WESTCOUNTRY RIVERS TRUST (A Company Limited by Guarantee)
TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2012
g. Risk management
The Trustees have established systems to mitigate the significant risks and these are reviewed annually. The Trustees review the major risks facing the organisation with responsibilities specifically allocated as appropriate using a modified Charities Commission template for the risk register. Commercial risk is managed on an overall basis as well as on a project by project basis. Risk assessments are undertaken and periodically updated. Employees receive training to assist in minimising risks to themselves and others particularly related to dangers that may be faced during fieldwork. Insurance cover is reviewed at least annually and the current level of cover is considered adequate for the potential liabilities of the Trust.
AIMS AND OBJECTIVES
a. Charitable Objectives
The objectives of the Trust as set out in the Memorandum and Articles of Association are:
• To secure the preservation, protection, development and improvement of the rivers, streams, watercourses and water impoundments in the westcountry. • To advance the education of the public in the management of water.
The Trust’s objects correspond with the Charities Act 2011 description of charitable purposes of advancing environmental protection and the advancement of education. The Trust’s activities meet the two key principles of public benefit, as follows:
Principle 1 : there must be identifiable benefits which are clear, related to the aims and balanced against any detriment or harm. The Trust’s work is both practical bringing about physical improvements to rivers and riparian habitats and policy led through changing perceptions and opinions in education, the public and government. This includes changing opinions about decoupling food production from subsidy so that future policy fosters good environmental management which benefits society economically and culturally. Other benefits include clean water from catchment restoration, fertile soil, clean air, functioning integrated ecosystems, preservation of endangered species, conserving the environment, preserving landscapes and providing education.
Principle 2 : the benefits must be appropriate to the aims and available to the public or a section of the public and private benefits must be incidental. The Trust’s work on improving water quality and the natural environment is of benefit to all. Where a Trustee might indirectly benefit from improved fish stocks or habitats this is incidental.
b. Aims and Activities to Support Objectives
The Trust’s aim is to protect, restore and enhance the rivers and streams of the westcountry by working at all geographic scales from the river bank to entire catchments and at all educational levels from primary school children to post graduate research. The principal aims for each area of activity are:
Catchment Management : to protect, restore and enhance rivers that have suffered damage or where habitats are threatened. These may be remote streams and ditches which are collection points for ground water, salmonid spawning grounds or a network of migratory corridors.
Fisheries Management and Recreation : to investigate better fisheries and fish stock management in rivers. This is underpinned by research encompassing both species specific and social factors that affect fish stocks, migration patterns and how rivers are exploited.
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WESTCOUNTRY RIVERS TRUST (A Company Limited by Guarantee)
TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2012
Education : to work in schools, colleges and universities and through dialogue with government agencies and utilities. The Trust aims to influence river and water management policies to embrace a more holistic approach to catchment management.
Partnership Working : the nature of the Trust’s work is such that partnership working and public engagement is essential to delivery. Volunteers are engaged from a wide range of backgrounds. Links and long term relationships with education institutions and rivers trusts are maintained.
Fundraising : the Trust seeks funding from a variety of sources including government, water utilities, European funding, grant awarding charities and private individuals through membership or the legacy endowment fund.
Data Management and Communications : back office support offering a high standard of service to front line staff is essential to achieving the Trust’s objectives. This includes geographic information systems (GIS), marketing, the Confluence newsletter and website development.
Tamar Consulting : carries out paid for consultancy services for private and public sector customers on a commercial basis and covenants its profits to the Trust through Gift Aid.
c. Performance Indicators
The Trust monitors performance by recording and forecasting integrated indicators of activity. Figures are given for the current year and (previous year in brackets).
River protection including : fencing, planting, revetment, treatment for invasive species, changes to land use, fish pass installation or weir removal, in-river habitat manipulation, chemical amelioration, re-stocking with fish using a scientifically informed process.
• River bank restored 6km (6km) • Fencing installed 51.5km (41km)
Rivers under surveillance including: full river corridor survey, fish abundance survey using electrofishing or other methods, genetic population structure survey, species specific survey, chemical or bio-monitoring survey.
• River bank surveyed 93km (156km)
Catchment management including: areas subject to advice on management, areas where there is evidence of change in practice and areas surveyed in detail.
• Farm visits and farm plans 216 (246) • Farm infrastructure projects 74 (13)
Fisheries management including: how and where fish brood stock are raised and by what methods fish are selected for breeding and release.
• Fish passes installed 22 (2) • Weirs, redds, spawning grounds restored 22 (2) • Fry released 81,000 (93,000)
Research and evidence including: the number of projects in which the Trust is a leader or a partner. This includes both where the objective is to further our understanding of the scientific bases for action and projects which scientifically examine the success of other delivery projects.
• Research projects and student places 6 (3)
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WESTCOUNTRY RIVERS TRUST (A Company Limited by Guarantee)
TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2012
Education and events including: the number of events attended by the Trust and number of attendees at events led by the Trust to inform the public. This includes school visits, shows and meetings where the Trust presents its work and workshops where the Trust has a coordinating role.
• Public events attended 42 (20) • Workshops attendees 351 (195) • Education events attendees 881 (846)
ACHIEVEMENT AND PERFORMANCE
a. Overview
2012 has been a very productive year for the Trust. The Trust has shown initiative and leadership in seeking to unify environmental protection activity across disparate sectors. The culmination of this is the production of the Tamar Pilot Plan, which is a ground-breaking vision of how society can live sustainably on the land. Over the year the Trust has been invited to present this vision to the House of Lords, to Ministers and to decision makers across the country. In addition to these strategic advances the Trust has secured six substantial Catchment Restoration projects across the region, which will deliver integrated catchment restoration for the next three years over a significant proportion of the westcountry.
The Trust continues to grow and has never been more active in the delivery of its objectives through tangible catchment restoration and education.
b. Catchment Management
The Catchment Management team is led by Laurence Couldrick. The strategy for this area of work is to:
• Raise the profile of balanced Ecosystem Service delivery. This is integrated catchment planning and management focused on delivering the full suite of benefits received by society from the land. Currently land is managed predominantly for food and other services such as water protection. biodiversity, flood limitation and recreation have been overlooked. • Promote land use planning which should include all of the services we derive from the land and promote their delivery through incentives, regulation and advice. The Trust will focus on areas that are most suitable rather than areas where interests may conflict resulting in compromise. • Encourage and stimulate the payment of incentives directly by beneficiaries and locally administered by an ethical broker to compensate for dominant land use by non-ecosystem users.
The principal projects delivering these objectives are:
WATER is a € 3.9 million Interreg IVA cross-border partnership lead by the Trust which ends in Spring 2013. The project has been pivotal to the Trust’s direction as it has pushed the payments for Ecosystem Services agenda and led to the Trust speaking at most major water and environment based conferences in 2012.
Upstream Thinking is a £2.8 million project to deliver improved raw water quality across five west country catchments working with farmers and funding improvements to farm infrastructure. During 2012 the team contracted around £800,000 of grants generating £1.6m of farm infrastructure investment. This included over 15km of fencing and over 40 farm capital works schemes.
Upstream Thinking Catchment Investigations is a £300,000 project to examine seventeen water supply catchments in the region and establish the best approach to dealing with water quality issues. The findings will be used in South West Water’s 2014 business plan so that an estimate of total required asset management spend can inform OfWAT in the setting of water prices from 2014-2019. All investigations are to be delivered in Spring 2013.
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WESTCOUNTRY RIVERS TRUST (A Company Limited by Guarantee)
TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2012
Fowey River Reverse Auction is a collaboration between the Trust and the University of East Anglia. The project has received DEFRA funding to develop and run a pioneering reverse auction to distribute the Upstream Thinking funds from South West Water. The auction worked with 140 farmers in the Fowey catchment and had bids from 40 farmers for over £800,000 of farm infrastructure projects. The process identified £250,000 of initial investment.
DEFRA funded investigation and justification work includes projects to define Ecosystem Service provision using case studies from across the UK. These projects investigate the evidence behind Water Framework Directive classifications and establish their validity. The Trust works with academics to establish a best practice guide for Ecosystem Service delivery projects.
River Tamar Pilot Catchment is one of fifteen catchment planning projects led by the private sector across the UK. The Environment Agency and DEFRA are funding the projects to establish the best approach for planning land use for the delivery of Water Framework Directive objectives. The successful approach will be adopted across the UK in all catchments within the next cycle of the Water Framework Directive delivery. The Trust proposed the Tamar catchment as a pilot and was accepted from a wide field of applicants.
Future Plans
Our future plans for this area of work are to:
• Contribute firm plans for catchment restoration to South West Water for their next asset management cycle. • Continue to engage with the Environment Minister and DEFRA directors to discuss changes to augment the paid Ecosystem Service approach to land management. • Raise funds to put catchment officers in place in at least three areas within the region. • Take steps to engender the adoption of new social norms alongside the implementation of catchment restoration projects. These will take the form of educational events and aids which will foster better understanding of how and why the general public should pay directly for local catchment management.
c. Fisheries Management and Recreation
The Fisheries Management and Recreation team is led by Bruce Stockley. The strategy for this area of work is to: • Adopt a systems level approach to manage fisheries successfully. This approach requires that management is undertaken at a scale relevant to the species rather than at scale relevant to farming or human habitation. The Trust believes that fish stocks are a good measure of how sustainably we, the community at large, make use of the land. • Implement local management of resources using fully researched best science. This contrasts with the current situation where generic national policies and instruments are used to manage local situations in such a way that relevant nuance and detail are lost or overlooked. • Support the fishery associations, rivers trusts and water utilities which historically have lobbied for and funded the protection of whole river catchments which are the recipients of diffuse pollution.
The principal projects delivering these objectives are:
Atlantic Aquatic Resource Conservation (AARC) is a €3.8 million Interreg IVB Atlantic Area project conceived and led by the Trust involving partners from five EU member states. The project is looking at systems level management of migratory fish species that use the whole river catchment and the sea during their life cycle. The project has developed best practice tools for sustainable management of fisheries including a genetic database of populations permitting the assignment of fish caught at sea to population of origin.
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WESTCOUNTRY RIVERS TRUST (A Company Limited by Guarantee)
TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2012
DEFRA River Improvement Fund has allowed the Trust to fund and deliver the removal of small barriers to fish migration and survey many miles of river to target future action. It comprised of ten small projects in Dorset, Devon, and Cornwall with a total value of £224,000. These projects were completed in 2012, and the Trust has applied for three additional projects in 2013 under this funding stream.
Rivers Association Projects are partnership projects with specific river associations that are often part (if not wholly) funded by private donations. The Trust works closely with the river associations on the Fowey, the Exe, the Dart, the Teign, the Axe, the Frome, the Piddle and West Dorset rivers, the Taw and the Tamar. Currently the largest active project is the Exe project, which supports a full time river officer undertaking targeted riparian habitat restoration to remove population bottlenecks identified through walkover surveys and annual electro- fishing to look at population changes in response to the works.
Country Sports South West is a dual approach project funded by the Rural Development Programme for England. The Trust’s role in the project is to expand the publicly available fishing resource in the region in the most environmentally sensitive and economically viable way. The main project, which is hosted by the British Association for Shooting and Conservation (BASC), is tasked to do the same with other country sports. The marketing arm of the BASC team is responsible for packaging and promoting the Country Sports South West product in an integrated manner.
COLLABOR8 complements the Country Sports South West project but has a greater focus on the formation of clusters of tourism delivery organisations. These can work together to give a regionally distinct and diverse experience to tourists with a level of quality assurance and local provider integration. The Trust’s advisers visit farms throughout the year which gives opportunities to offer advice on diversification and links into local tourism networks. The objective is to assist this area of the local economy to be environmentally sustainable.
Future Plans
The Trust’s future plans for this sector are to:
• Formalise partnership projects in four more river catchments and undertake significant habitat restoration. • Develop our project works in Dorset to sustain a full time Dorset officer. • Remove at least four significant barriers to fish migration and river continuity opening up 80km of river. • Collect migratory fish from the sea and assign them to their population of river origin using the new genetic database designed within the AARC project. • Survey an additional 160km of river. • Trial novel methods of re-linking river continuity where the continuity has been broken by dams and weirs. • Develop genetic monitoring approaches to complement our semi-quantitative catchment wide electro- fishing method.
d. Partnership Working
The Trust works almost exclusively in partnership with other organisations and individuals but has no statutory powers and owns no land. Accordingly the Trust encourages action on private and public land through partnership.
The Trust’s active partnerships were extended to embrace new organisations and areas of work resulting in greater scope and depth of involvement. The Trust worked closely with the statutory sector to deliver groundworks that required licencing and co-funding. New voluntary and private project advisory groups, based on catchments, were set up to discuss wide ranging restoration activities.
The Rivers Trust signed a national Memorandum of Understanding with the Environment Agency which describes and sanctions extensive streaming of data sharing and procurement activity.
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WESTCOUNTRY RIVERS TRUST (A Company Limited by Guarantee)
TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2012
Within catchments the Trust set up six new Project Advisory Groups to accommodate partners’ views in the delivery of catchment restoration projects which were successfully tendered and won in early 2012. The most significant of these is chaired by the Trust and delivered in partnership with 16 other organisations across North Devon. All include the statutory authorities and a mix of private and volunteer interest groups.
The Trust worked extensively with volunteers this year, training them in walkover survey and electro-fishing support roles and working with them to collect and collate significant volumes of environmental information, which is then used to plan restoration activity.
2012 also saw the launch of the Angling Ambassador Scheme whereby a small team of volunteers gain a privileged level of access to the Westcountry Angling Passport scheme in return for their action to promote the scheme and look after fishing beats, maintaining fish-ability and access.
Within the Tamar Pilot Project the Trust worked with over 50 partners to develop an Ecosystem Service spatial plan for the River Tamar which integrated all the other plans for the Tamar into one single set of objectives based on the suitability of the land to provide different services.
The Trust continued to work in close partnership with academic institutions on co-supervised research initiatives.
Higher education partners include the Universities of Exeter, Plymouth, Glasgow, East Anglia, and University College London. The Trust also has partnerships with universities in other European Member States working on transnational environmental problems like climate change and international migratory species.
Future Plans
The Trust’s future plans for partnership working include: • The Trust is working closely with other third sector organisations to deliver integrated conservation. The launch in 2013 of the catchment approach will adopt methods of integration learned from 2012 pilot projects like the Tamar Pilot and the approaches will become mainstream. The Trust’s collaboration with other delivery groups will grow and accelerate as a result. • In 2013 the Trust will work even more closely with the Environment Agency and Natural England as the second cycle of river basin planning for the Water Framework Directive commences. • The Trust hopes to deliver more fish passes and eel passes and consolidate our new role in west Dorset in partnership with the Frome Piddle and West Dorset Fishing Association. • The Trust will continue to advise on policy at a national and international level working with ministers and European institutions. • Most significantly, in 2013 the Trust expects to lead or collaboratively lead catchment-planning groups on most of the regions catchments as part of the government’s roll out of the catchment approach.
e. Education
This area of work is a cross-cutting theme led by Hazel Kendall. Education is fundamental to everything the Trust does and cuts across all sectors and therefore it is managed through a cross organisation group. The education strategy is supported by the Trust’s approach to communications which is to continue to develop opportunities for promoting an awareness in the general public and especially with students and children. The Trust’s strategy in this area is to:
• Deliver education through one to one visits with farmers and riparian owners, visits to schools, shows and presentations at regional and national conferences. • Supervise numerous work experience posts and MSc student projects as well as co-supervising and funding PhD and research studentships at universities. • Continue to influence regional or national policy via presenting or reporting to policy makers.
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WESTCOUNTRY RIVERS TRUST (A Company Limited by Guarantee)
TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2012
The Trust had three Plymouth MSc students on placement at the end of 2012 to assist in the preparation of the Tamar Pilot launch event, which involved background research, stakeholder engagement and event planning. The Trust also has a further two MSc placements now working on continued actions arising from the Tamar Pilot and the monitoring/research side of the Taw Rivers Improvement project.
Educational activities are delivered by all Trust staff as required. In 2012, school activities saw the Trust engage with over 800 children of primary or secondary age, including Salmon in the Classroom on the Exe, and large events such as Duchy College Countryside Day and the Penryn and Bideford College Science Days.
Trust staff distributed leaflets and promotional material to the public at local events or meetings, which are supported by further development of the website, linked to news and updates via social media.
Future Plans
The Trust’s future plans for education activities include:
• Setting up a science evening attracting guests from a wide variety of organisations: academic institutions, statutory bodies, fishing associations and environmental charities to explain the science underlying integrated catchment management. • Expanding the Trust’s capacity to deliver education events through developing a mobile classroom.
f. Fundraising
This area of work is a cross cutting theme led by Craig Proto who chairs the fundraising group. The Trust’s strategy in this area is to:
• Co-ordinate bidding to small education grant giving trusts and continue to develop online giving facilities. • Maintain the supporters scheme. These regular donors and founders receive invitations to key Trust events. • Reduce dependency on government or EU funds through the development of the paid Ecosystem Service approach.
In 2012,the practice of applying for small grant funding was re-established in order to boost core funds. To-date, £11,490 has been raised from the first round of applications, with a further £10,000 from miscellaneous donations.
A strategic plan will be developed with the knowledge of which trusts can be approached on an annual basis and which require longer periods between applications. Fifteen to twenty applications will be submitted annually. The Trust’s Trustees are encouraged lend their active support to applications.
g. Communications and Data Management Services
This area of work is a cross-cutting theme led by Nicholas Paling. The team delivers the communications strategy and co-ordinates data management resources. These support services are essential for the effective delivery of the Trust’s work. The Trusts’ communications strategy is to:
• Achieve policy change through influencing government and academic institutions. • Influence public opinion through effective use of the media. • Support the Trust’s education activities. • Achieve direct environmental benefits through influencing local stakeholders and land owners. • Assist in securing funding for the Trust. • Improve internal staff cohesion and build morale.
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WESTCOUNTRY RIVERS TRUST (A Company Limited by Guarantee)
TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2012
Achievements in this area included high profile exposure in leading publications and journals and an audio slide show commissioned by the BBC which was released onto their website. Newsletters both hard copy and online were produced and the websites for the Trust and various projects were further developed.
Geographic Information Systems (GIS) is a key support function including data mapping, evidence support, facilitation and delivery. The team provides training and increasingly is performing advanced analysis using field data and data from third parties to carry out targeted strategic mapping. The Trust’s capability in GIS is increasingly recognised nationally and this area of work is expected to grow.
h. Tamar Consulting
This area of work is the provision of environmental consultancy services for clients on a commercial basis. The services fall outside the Trust’s charitable remit although the activities are related. Tamar Consulting is led by Russell Smith. The strategy in this area is to:
• Increase the size and profitability of ecological survey consultancy projects for property and infrastructure development. • Continue to align consultancy services with core skills base within the Trust to capitalise on the growing profile of the Trust. • Raise profile of all trading arms to achieve steady sustainable growth whilst maintaining a spread of clients across different sectors.
Future plans
• Build strategic relationships with niche consultants and academic institutions to generate lead bids for large projects to compete with larger environmental/engineering consultancies • Re-brand Westcountry Rivers Ltd and launch new trading services: o Ecosystem Services Planning – focusing on landscape and catchment management. o Conservation Genetic Investigations – focusing on fisheries and species conservation using genetic and DNA based technology
i. Finance Function
The finance team is involved in every element of the Trust’s work. The team is led by Lynne Hyland, the Finance Director and Company Secretary. A qualified finance officer is assigned to each project to work alongside the project manager to ensure financial probity in the complex claims, reporting and evidential process. The team also delivers management accounts, financial statements, payroll, timesheeting, asset management, budgeting and forecasting, cash and treasury management, supplier contracting and procurement. Claims are submitted and records are maintained to EU Commission audit standards.
Financial review
a. Outturn for the Year
During the year WRT received a total of £3.5 million in incoming resources and expended £3.1 million. There was an increase in unrestricted reserves during the year of £69,134.
The Trust has concentrated on diversifying its income with both public and private investment through its restricted funds projects and a significant increase in UK funders compared to a historic reliance on EU funds.
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WESTCOUNTRY RIVERS TRUST (A Company Limited by Guarantee)
TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2012
Principal funding sources were; • South West Water funded Upstream Thinking project £935,000. • EU Interreg funded projects: Atlantic Aquatic Resource Conservation (AARC) project from the Atlantic Area secretariat and Wetted Land £718,000; Assessment, Techniques & Economics of Restoration (WATER) project from the France (Channel) England Cross Border secretariat £632,000. • DEFRA funds: Catchment Restoration Fund projects £313,000; River Improvement Fund projects coordinated through the Rivers Trust £276,000. • Income from the trading subsidiary of £154,000.
b. Reserves policy
It is the aim of the Trustees to maintain a level of reserves higher than the minimum required to carry out the objectives of the Trust. However, due to the nature of the funding streams available to, and employed by the Trust, it is not always possible to achieve this higher level. Therefore, the Trust’s policy is to strive towards the principle of holding unrestricted reserves but to be flexible in its execution. The current year is a positive position but this includes unrestricted fixed assets and so the reserve position is not liquid. However, the Trustees are satisfied that cash resources are available and adequate to meet all current obligations. They have set as a priority the need to establish a level of reserves sufficient to meet the cashflow requirements of funding projects in advance without the need to utilise overdraft facilities.
c. Investment Policy
The memorandum and articles confer powers to the Trustees to invest both the capital and income of the Trust in any manner the Trustees in their discretion think fit. The Trust has a policy of keeping any surplus liquid funds in short term bank deposits or fixed income securities which can be accessed readily. The Trust currently does not have sufficient investments to require a detailed review of performance, rates of return or institutional credit rating. No decisions have been made with regard to ethical guidelines for investment but should circumstances arise the Trustees will be consulted accordingly.
POLICIES AND ADMINISTRATION
a. Staff Development
The Trust encourages innovation and an entrepreneurial spirit in its staff. The Trust expects staff to see opportunities, explore new avenues and develop relationships with long lasting benefits with other organisations working in the same field. These expectations are balanced by an informal working environment where trust and commitment go hand in hand. Formal technical and safety training is available. Staff are encouraged to find opportunities for self development. The Trust welcomes work experience and placement students. b. Volunteers
The Trust is very fortunate in being able to call on the services of volunteers for active field work along rivers and for assisting with the role of works supervisor on weirs and other fisheries activities. The Trust’s policy for ensuring that volunteers are fairly treated is to use their talents and inputs wisely in consultation with individuals or groups. Out of pocket expenses are reimbursed where the volunteers are making a regular commitment to carry out works for the Trust.
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WESTCOUNTRY RIVERS TRUST (A Company Limited by Guarantee)
TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2012
c. Grants to Others
Minor grants to other organisations which complement the Trust’s charitable objectives are made from time to time. These may include a bursary to students at the Duchy College, small educational awards to enable schoolchildren to experience westcountry rivers and minor awards for local community groups as appropriate to support activities which fall within the Trust’s aims and objectives. d. Health and Safety
The Trust is committed to protect its employees and others, be they members of the general public or clients.
Although the Trust is involved in activities which are generally low risk, it recognises that employees may face hazardous situations and has prepared a set of guidelines that cover the main identified risks.
The Trust Director has overall senior executive responsibility for health and safety and has delegated that responsibility on a day-to-day basis to the Health & Safety Officer. Both of them have direct access to the Board of Trustees so that any health and safety issues can be raised and resolved at the highest level.
In 2012, the senior management team all undertook a training course “Directing Safely for SMEs” certificated by the Institution of Occupational Safety and Health (IOSH). e. Environment
The Trust is an environmental charity established to promote improvement of the rivers by engaging with farmers and other landowners and encouraging them to adopt best practice land use methods. It accepts responsibility to minimise its impact on the environment, to comply with all statutory requirements and to encourage others to do so in a sustainable manner. The Trust has detailed policies covering energy usage, transport water usage, ethical purchasing and waste management/recycling. The Trust will continually review its environmental performance and, where practicable, seek to introduce novel environmental ideas to its procedures, training and educational programme aimed at reducing its carbon footprint. f. Suppliers and Procurement
The Trust has adopted a procurement policy under which the Trust undertakes to conduct its business activities ethically and with integrity, comply with all applicable legislation and regulations and maintain the highest professional standards of financial and regulatory reporting. This includes the provisions of the Bribery Act 2010, human rights and environmental standards. g. Equal Opportunities
The Trust has a policy of promoting equal opportunities and is compliant with the Disability Discrimination Act, the Sex Discrimination Act, and the Race Relations Act. The Trust will not discriminate on the grounds of disability, race, religion, colour, nationality (including citizenship), gender, sexual orientation, marital status, age, ethnic or national origin. The Trust will not permit direct or indirect discrimination on any of the above grounds either in the delivery of its services or through its employment or remuneration or training practices. The Trust will train and encourage all employees to take action to implement this policy.
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WESTCOUNTRY RIVERS TRUST (A Company Limited by Guarantee)
TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2012
Trustees' responsibilities statement
The Trustees (who are also directors of Westcountry Rivers Trust for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) .
Company law requires the Trustees to prepare financial statements for each financial year . Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing these financial statements, the Trustees are required to:
• select suitable accounting policies and then apply them consistently;
• observe the methods and principles in the Charities SORP;
• make judgments and accounting estimates that are reasonable and prudent;
• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable group will continue in operation.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company and the group's transactions and disclose with reasonable accuracy at any time the financial position of the charitable group and enable them to ensure that the financial statements comply with the Companies Act 2006 . They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable group 's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Provision of information to auditor
Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that: • so far as that Trustee is aware, there is no relevant audit information of which the charitable group's auditors are unaware, and • that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any information needed by the charitable group's auditors in connection with preparing their report and to establish that the charitable group's auditors are aware of that information.
In preparing this report, the Trustees have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006 .
This report was approved by the Trustees on and signed on their behalf by:
______K L Hill Trustee
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WESTCOUNTRY RIVERS TRUST (A Company Limited by Guarantee)
INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF WESTCOUNTRY RIVERS TRUST
We have audited the financial statements of Westcountry Rivers Trust for the year ended 31 December 2012 which comprise the Consolidated Statement of Financial Activities, the Consolidated Summary Income and Expenditure Account, the Consolidated Statement of Total Recognised Gains and Losses, the Consolidated and Company Balance Sheets, and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Respective responsibilities of trustees and auditors
The trustees’ responsibilities for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) are set out in the Statement of Trustees' Responsibilities.
The trustees have elected for the financial statements to be audited in accordance with the Charities Act 2011 rather than the Companies Act 2006. Accordingly we have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.
Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board’s Ethical Standards for Auditors. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body for our audit work, for this report, or for the opinions we have formed.
Scope of the audit of the financial statements
A description of the scope of an audit of financial statements is provided on the APB's website at www.frc.org.uk/auditscopeukprivate .
Opinion on the financial statements
In our opinion the financial statements :
• give a true and fair view of the state of the group's and the parent charitable company's affairs as at 31 December 2012 and of the group's incoming resources and application of resources, including its income and expenditure, 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 Companies Act 2006.
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WESTCOUNTRY RIVERS TRUST (A Company Limited by Guarantee)
INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF WESTCOUNTRY RIVERS TRUST
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion:
• the information given in the Trustees' Report is inconsistent in any material respect with the financial statements; or
• the parent charitable company has not kept adequate accounting records; or
• the parent charitable company 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.
Mazars LLP
Chartered Accountants and Statutory Auditor
8 New Fields 2 Stinsford Road Nuffield Poole Dorset BH17 0NF Date:
Mazars LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.
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WESTCOUNTRY RIVERS TRUST (A Company Limited by Guarantee)
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2012
Restricted Unrestricted Total Total funds funds funds funds 2012 2012 2012 2011 Note £ £ £ £ Incoming resources Incoming resources from generated funds: Voluntary income 2 86,505 33,609 120,114 193,441 Turnover of trading subsidiary 3 - 154,061 154,061 92,591 Investment income 4 - 265 265 168 Incoming resources from charitable activities 5 3,181,171 85,908 3,267,079 2,014,693
Total incoming resources 3,267,676 273,843 3,541,519 2,300,893
Resources expended Costs of generating funds: Costs of generating voluntary income 6 - 26,784 26,784 24,484 Trading costs of subsidiary 3 - 78,639 78,639 52,418 Charitable activities 9 2,824,195 129,880 2,954,075 2,004,147 Governance costs 10 - 13,791 13,791 12,396
Total resources expended 13 2,824,195 249,094 3,073,289 2,093,445
Net incoming resources before transfers 443,481 24,749 468,230 207,448 Transfers between funds 23 (44,237) 44,237 - -
Net incoming resources before revaluations 399,244 68,986 468,230 207,448 Gains and (losses) on revaluations of investment assets 20 - 148 148 (267)
Net movement in funds for the year 399,244 69,134 468,378 207,181
Total funds at 1 January 2012 654,500 166,119 820,619 613,438
Total funds at 31 December 2012 23 1,053,744 235,253 1,288,997 820,619
The notes on pages 21 to 39 form part of these financial statements .
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WESTCOUNTRY RIVERS TRUST (A Company Limited by Guarantee)
CONSOLIDATED SUMMARY INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2012
Restricted Unrestricted Total Total funds funds funds funds 2012 2012 2012 2011 Note £ £ £ £ Total income 3,267,676 273,843 3,541,519 2,300,893 Less: Total expenditure 2,824,195 249,094 3,073,289 2,093,445
Net income for the year before transfers 443,481 24,749 468,230 207,448
Transfers between funds 23 (44,237) 44,237 - -
Income less expenditure for the year 399,244 68,986 468,230 207,448
Net income for the year 399,244 68,986 468,230 207,448
CONSOLIDATED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES FOR THE YEAR ENDED 31 DECEMBER 2012
Restricted Unrestricted Total Total funds funds funds funds 2012 2012 2012 2011 Note £ £ £ £ Net income for the year 399,244 68,986 468,230 207,448 Gains and losses on revaluations of investment assets - 148 148 (267)
Total gains and losses recognised since 1 January 2012 399,244 69,134 468,378 207,181
There is no difference between the income on ordinary activities for the year stated above and its historical cost equivalent.
The notes on pages 21 to 39 form part of these financial statements.
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WESTCOUNTRY RIVERS TRUST Registered number: 06545646
(A Company Limited by Guarantee) CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2012
2012 2011 Note £ £ £ £
Fixed assets
Tangible assets 17 84,538 97,560
Current assets
Debtors 19 1,458,355 561,984
Investments 20 321 173
Cash at bank and in hand 546,670 895,530
2,005,346 1,457,687
Creditors: amounts falling due within one year 21 (800,887) (584,628)
Net current assets 1,204,459 873,059
Total assets less current liabilities 1,288,997 970,619
Creditors: amounts falling due after more than one year 22 - (150,000)
Net assets 1,288,997 820,619
Charity Funds
Restricted funds 23 1,053,744 654,500
Unrestricted funds 23 235,253 166,119
Total funds 1,288,997 820,619
The Trustees consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act. However, an audit is required in accordance with section 151 of the Charities Act 2011. The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 31 December 2012 and of its net incoming resources for the year in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Act relating to financial statements , so far as applicable to the company .
The financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008) .
The financial statements were approved by the Trustees on and signed on their behalf, by:
______K L Hill Trustee
The notes on pages 21 to 39 form part of these financial statements.
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WESTCOUNTRY RIVERS TRUST Registered number: 06545646
(A Company Limited by Guarantee) COMPANY BALANCE SHEET AS AT 31 DECEMBER 2012
2012 2011 Note £ £ £ £
Fixed assets
Tangible assets 17 83,157 96,604
Investments 18 100 100
83,257 96,704
Current assets
Debtors 19 1,462,283 568,568
Investments 20 321 173
Cash at bank and in hand 514,953 873,210
1,977,557 1,441,951
Creditors: amounts falling due within one year 21 (782,926) (578,548)
Net current assets 1,194,631 863,403
Total assets less current liabilities 1,277,888 960,107
Creditors: amounts falling due after more than one year 22 - (150,000)
Net assets 1,277,888 810,107
Charity Funds
Restricted funds 23 1,053,744 654,500
Unrestricted funds 23 224,144 155,607
Total funds 1,277,888 810,107
The financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008) .
The financial statements were approved by the Trustees on and signed on their behalf, by:
______K L Hill Trustee
The notes on pages 21 to 39 form part of these financial statements.
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WESTCOUNTRY RIVERS TRUST (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2012
1. Accounting Policies
1.1 Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value , and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008) . The financial statements have been prepared in accordance with the Statement of Recommended Practice (SORP), 'Accounting and Reporting by Charities' published in March 2005 , applicable accounting standards and the Companies Act 2006.
The Statement of Financial Activities (SOFA) and Balance Sheet consolidate the financial statements of the company and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.
No separate SOFA has been presented for the company alone as permitted by paragraph 397 of the SORP .
1.2 Company status
The company is a company limited by guarantee. The members of the company are the Trustees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £ 1 per member of the company .
1.3 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the company and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements .
Investment income, gains and losses are allocated to the appropriate fund.
For funds held on behalf of other organisations, transfers between projects are executed at the fund holders' request, provided adequate justification and supporting evidence is supplied.
For funds held for the trust, transfers are executed for projects which have been completed, but have a remaining surplus. Transfers only take place with the funders' consent.
- 21 -
WESTCOUNTRY RIVERS TRUST (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2012
1. Accounting Policies (continued)
1.4 Incoming resources
All incoming resources are included in the Statement of Financial Activities when the company is legally entitled to the income and the amount can be quantified with reasonable accuracy.
The Trust acts as principal on behalf of the European Regional Development Fund with regard to the disbursement of the WATER and AARC funds. Receipts and payments are therefore included in the statement of financial activities on an accrual basis. The income is included within charitable activities and the expenditure as grants to institutions. See note 23 restricted fund analysis for more details on the movement.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
1.5 Resources expended
All expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Where costs cannot be directly attributed to particular activities they have been allocated on a basis consistent with the use of the resources.
Cost of generating funds are costs associated with attracting voluntary income.
Charitable expenditure and basis of allocation of costs comprises those costs incurred by the charity in the delivery of its activities and services to enable the charity to meet its charitable aims and objectives. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Staff costs and overhead expenses are allocated to activities on the basis of staff time spent on those activities, over and above a de minimis level.
Governance costs includes those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and costs linked to the strategic management of the charity.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
The trust facilitates a delegated grant scheme under the Cornwall Rivers Project. A fixed grant pool is awarded to applicants after applications have been scored appropriately, however all delegated grant funds originate from European Union projects. The trust also awards a small number of nominal grants to local groups.
1.6 Cash flow
The financial statements do not include a Consolidated Cash Flow Statement because the charitable company , as a small reporting entity, is exempt from the requirement to prepare such a statement under the Financial Reporting Standard for Smaller Entities (effective April 2008) .
- 22 -
WESTCOUNTRY RIVERS TRUST (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2012
1. Accounting Policies (continued)
1.7 Basis of consolidation
The financial statements consolidate the accounts of Westcountry Rivers Trust and its subsidiary undertaking.
The company has taken advantage of the exemption contained within 408 of the Companies Act 2006 not to present its own Income and Expenditure Account .
1.8 Turnover
Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year , exclusive of Value Added Tax and trade discounts.
Revenue is recognised at the point the invoice is raised.
1.9 Tangible fixed assets and depreciation
Equipment purchased under project funds has been written off at the point of purchase in line with the nature of the funding stream. Assets purchased costing £500 or more are capitalised.
All assets are examined annually for potential impairment and any material reductions in value are written down at the year end.
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Furniture, fittings and equipment - 25 - 33% straight line / 50% reducing balance
1.10 Investments
Investments are stated at market value at the balance sheet date. The Statement of Financial Activities includes the net gains and losses arising on revaluations and disposals throughout the year.
Investments in subsidiaries are valued at cost less provision for impairment.
1.11 Operating leases
Rentals under operating leases are charged to the Statement of Financial Activities on a straight line basis over the lease term.
1.12 Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date.
Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.
Exchange gains and losses are recognised in the Statement of Financial Activities .
- 23 -
WESTCOUNTRY RIVERS TRUST (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2012
1. Accounting Policies (continued)
1.13 Pensions
The group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the group to the fund in respect of the year .
1.14 Irrecoverable Value Added Taxation
Irrecoverable Value Added Taxation is charged as a cost within support costs.
2. Voluntary income Restricted Unrestricted Total Total funds funds funds funds 2012 2012 2012 2011 £ £ £ £ Donations, appeals and fund-raising events 86,505 33,609 120,114 193,441
3. Trading activities The charity is the beneficial owner of 100% of the issued ordinary share capital of Westcountry Rivers Limited, a company incorporated in England and Wales. Westcountry Rivers Limited undertakes consultancy work as defined within the scope of its Memorandum of Association. The company pays profits to the charity by gift aid.
All turnover arose in the UK.
Relevant financial information regarding Westcountry Rivers Limited is as follows:
Unrestricted Total Total funds funds funds 2012 2012 2011 £ £ £ Trading income Income from subsidiary 154,061 154,061 92,591
Trading expenses Cost of sales 70,451 70,451 44,847 Adminstrative expenses 8,188 8,188 7,571
78,639 78,639 52,418
Net income from trading activities 75,422 75,422 40,173
The deed of covenant to charity is £74,824 (2011: £40,173)
- 24 -
WESTCOUNTRY RIVERS TRUST (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2012
4. Investment income Restricted Unrestricted Total Total funds funds funds funds 2012 2012 2012 2011 £ £ £ £ Deposit Interest - 265 265 168
5. Incoming resources from charitable activities Restricted Unrestricted Total Total funds funds funds funds 2012 2012 2012 2011 £ £ £ £ Fisheries & Recreation 1,138,685 620 1,139,305 657,362 Catchment management 2,042,486 85,288 2,127,774 1,357,331
3,181,171 85,908 3,267,079 2,014,693
6. Costs of generating voluntary income Restricted Unrestricted Total Total funds funds funds funds 2012 2012 2012 2011 £ £ £ £ Support costs - 26,784 26,784 24,484
7. Grants to individuals Total Total 2012 2011 Number £ Number £ Catchment management 52 517,715 21 282,038
8. Grants to institutions Restricted Unrestricted Total Total funds funds funds funds 2012 2012 2012 2011 £ £ £ £ Fisheries & Recreation 500,933 - 500,933 49,833 Catchment management 445,003 - 445,003 333,506
945,936 - 945,936 383,339
- 25 -
WESTCOUNTRY RIVERS TRUST (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2012
9. Expenditure by charitable activity
Summary by fund type Restricted Unrestricted Total Total funds funds funds funds 2012 2012 2012 2011 £ £ £ £ Fisheries & Recreation 1,330,996 3,314 1,334,310 801,331 Catchment management 1,493,199 126,566 1,619,765 1,202,816
2,824,195 129,880 2,954,075 2,004,147
Summary by expenditure type Staff costs Depreciation Other costs Total Total 2012 2012 2012 2012 2011 £ £ £ £ £ Fisheries & Recreation 379,386 16,892 938,032 1,334,310 801,331 Catchment management 424,460 20,692 1,174,613 1,619,765 1,202,816
803,846 37,584 2,112,645 2,954,075 2,004,147
10 . Governance costs Restricted Unrestricted Total Total funds funds funds funds 2012 2012 2012 2011 £ £ £ £ Auditors' remuneration - 9,650 9,650 8,800 Support costs - 4,141 4,141 3,596
- 13,791 13,791 12,396
11 . Direct costs Education Fisheries & Catchment Total Total and public Recreation Management 2012 2011 engagement £ £ £ £ £ Charitable activities - 305,494 112,709 418,203 452,394
Basis of allocation is actual.
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WESTCOUNTRY RIVERS TRUST (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2012
12 . Support costs Fisheries Basis of and Allocation Fundraising Governance recreation £ £ £ Office Actual 11,365 3,105 72,616 Travel Actual 325 1,036 46,435 Financing Actual 1,200 - 4,363 Public relations Actual 67 - 8,191 Wages and salaries Hours 8,005 - 330,743 National insurance Hours 877 - 36,232 Pension cost Hours 300 - 12,411 Depreciation Actual 4,645 - 16,892
26,784 4,141 527,883
Catchment Total Total management 2012 2011 £ £ £ Office 63,986 151,072 142,515 Travel 29,026 76,822 89,232 Financing 5,345 10,908 15,927 Public relations 829 9,087 15,770 Wages and salaries 370,038 708,786 529,270 National insurance 40,536 77,645 57,663 Pension cost 13,886 26,597 21,561 Depreciation 20,692 42,229 42,518
544,338 1,103,146 914,456
- 27 -
WESTCOUNTRY RIVERS TRUST (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2012
13 . Analysis of resources expended by expenditure type Staff costs Depreciation Other costs Total Total 2012 2012 2012 2012 2011 £ £ £ £ £ Costs of generating voluntary income - - 26,784 26,784 24,484 Fundraising expenses 9,182 5,370 64,087 78,639 52,418
Costs of generating funds 9,182 5,370 90,871 105,423 76,902
Fisheries & Recreation 379,386 16,892 938,032 1,334,310 801,331 Catchment management 424,460 20,692 1,174,613 1,619,765 1,202,816
Charitable activities 803,846 37,584 2,112,645 2,954,075 2,004,147
Governance - - 13,791 13,791 12,396
813,028 42,954 2,217,307 3,073,289 2,093,445
14 . Analysis of resources expended by activities Activities Grant undertaken funding of Support directly activities costs Total Total 2012 2012 2012 2012 2011 £ £ £ £ £ Fisheries & Recreation 305,494 500,933 527,883 1,334,310 801,331 Catchment management 112,709 962,718 544,338 1,619,765 1,202,816
Total 418,203 1,463,651 1,072,221 2,954,075 2,004,147
- 28 -
WESTCOUNTRY RIVERS TRUST (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2012
15 . Net incoming resources This is stated after charging:
2012 2011 £ £ Depreciation of tangible fixed assets: - owned by the charitable group 42,954 43,322 Auditors' remuneration 9,650 8,800 Pension costs 26,597 21,561
During the year, no Trustees received any remuneration (2011 - £NIL). During the year, no Trustees received any benefits in kind (2011 - £NIL). 1 Trustee received reimbursement of expenses amounting to £1,036 in the current year (2011: 1 Trustee - £687).
The trustees have not acted as agents or made purchases on behalf of the charity during the year.
The charity does pay insurance premiums to indemnify trustees and senior staff from any loss arising from the neglect or defaults of trustees or staff and any consequent loss.
16 . Staff costs Staff costs were as follows:
2012 2011 £ £ Wages and salaries 708,786 529,270 Social security costs 77,645 57,663 Other pension costs 26,597 21,561
813,028 608,494
The average monthly number of employees during the year was as follows:
2012 2011 No. No. Project Staff 22 17 Core Staff 3 3
25 20
No employee received remuneration amounting to more than £60,000 in either year.
- 29 -
WESTCOUNTRY RIVERS TRUST (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2012
17 . Tangible fixed assets Furniture, fittings and equipment Group £ Cost At 1 January 2012 331,880 Additions 29,932
At 31 December 2012 361,812
Depreciation At 1 January 2012 234,320 Charge for the year 42,954
At 31 December 2012 277,274
Net book value At 31 December 2012 84,538
At 31 December 2011 97,560
Furniture, fittings and equipment Company £ Cost At 1 January 2012 328,112 Additions 28,782
At 31 December 2012 356,894
Depreciation At 1 January 2012 231,508 Charge for the year 42,229
At 31 December 2012 273,737
Net book value At 31 December 2012 83,157
At 31 December 2011 96,604
- 30 -
WESTCOUNTRY RIVERS TRUST (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2012
18 . Fixed asset investments Shares in group undertakings Company £ Cost At 1 January 2012 and 31 December 2012 100
Historical cost 100
19 . Debtors
Group Company 2012 2011 2012 2011 £ £ £ £ Trade debtors 71,285 27,028 - - Amounts owed by group undertakings - - 75,946 34,046 Other debtors 355,091 11,605 354,358 11,171 Accrued income 1,031,979 523,351 1,031,979 523,351
1,458,355 561,984 1,462,283 568,568
20 . Current asset investments Group Company 2012 2011 2012 2011 £ £ £ £
Market value at 1 January 2012 173 440 173 440 Unrealised gain/(loss) in market value 148 (267) 148 (267)
Market value at 31 December 2012 321 173 321 173
All of the stocks and shares above are investments which are listed on a recognised investment exchange in Great Britain.
- 31 -
WESTCOUNTRY RIVERS TRUST (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2012
21 . Creditors: Amounts falling due within one year Group Company 2012 2011 2012 2011 £ £ £ £ Other loans 150,000 100,000 150,000 100,000 Trade creditors 62,768 48,304 61,088 48,304 Social security and other taxes 63,018 29,767 49,837 26,814 Other creditors 424,197 100,926 421,097 97,799 Deferred income 100,904 305,631 100,904 305,631
800,887 584,628 782,926 578,548
Other loans include a £100,000 loan from Pennon Group which is repayable in June 2013. Interest is charged at 3.5% per annum on the sum outstanding. The loan is secured on the assets of the trust.
Included in other loans is a loan of £50,000 repayable in May 2013. Interest is charged at 6% per annum on the sum outstanding. The loan is secured on the assets of the trust. Group and Company £ Deferred income Deferred income at 1 January 2012 305,631 Resources deferred during the year 100,904 Amounts released from previous years (305,631) Deferred income at 31 December 2012 100,904
Income is deferred where the Trust receive advances for future budgetted expenditure for ongoing projects.
22 . Creditors: Amounts falling due after more than one year Group Company 2012 2011 2012 2011 £ £ £ £ Other loans - 150,000 - 150,000
- 32 -
WESTCOUNTRY RIVERS TRUST (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2012
23 . Statement of funds Brought Incoming Resources Transfers Gains/ Carried forward resources expended in/(out) (losses) forward £ £ £ £ £ £ Unrestricted funds General Fund 155,608 119,782 (95,631) 44,237 148 224,144 Trading Subsidiary 10,511 154,061 (153,463) - - 11,109
166,119 273,843 (249,094) 44,237 148 235,253
- 33 -
WESTCOUNTRY RIVERS TRUST (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2012
23 . Statement of funds (continued)
Brought Incoming Resources Transfers Gains/ Carried forward resources expended in/(out) (losses) forward £ £ £ £ £ £ Restricted funds Agri Impact Exmoor Mires - 15,000 (6,888) - - 8,112 AARC - 220,596 (206,910) (13,686) - - AARC Partners - 496,933 (496,933) - - - Angling 2008 6,548 25,716 (24,006) - - 8,258 Axe Valley Rivers Improvement 39 213 - - - 252 Camel Invasives 2,506 11,700 (1,277) - - 12,929 Camel Invasive Weeds - 4,993 (4,993) - - - Cplus+ 39,163 - - - - 39,163 CRF - 312,564 (312,564) - - - Dart Fisheries 4,896 - (1,200) - - 3,696 Dart Redds Project 9,389 - (2,340) - - 7,049 DEFRA (see note below) - 275,595 (263,466) - - 12,129 EA - Frome & Piddle 24,500 24,500 (128) (4,000) - 44,872 Education 10,081 2,511 (1,317) - - 11,275 Endsleigh Hatchery (39,586) 19 20,079 19,488 - - Exe Phase 3 - General 83,813 6,466 (15,011) - - 75,268 Fisheries Improvements 2,268 - - (2,268) - - Foweys Fisheries Development Project - 4,220 (2,577) - - 1,643 Frome & Piddle 16,671 2,000 (6,400) 4,000 - 16,271 Interreg ASAP partners 3,295 - - (3,295) - - Interreg ASAP 2 partners 4,471 - - (4,471) - - Interreg - Collabor8 - 29,522 (29,036) - - 486 LAA - Tamar Fund 500 - - - - 500 Lynher River Improvements 2,439 1,125 (1,550) - - 2,014 Otter Himalayan Balsam - 14,000 (10,296) - - 3,704 Pearl Mussels - 7,322 (5,942) - - 1,380 Pinpoint 12,439 8,458 (5,989) - - 14,908 RDPE 6,162 90,056 (96,218) - - - RELU IV 7,361 7,000 (7,200) - - 7,161 SWW 376,270 934,900 (640,101) - - 671,069 Tamar Pilot - 95,000 (57,643) (37,357) - - TAW Taw Access over Wiers 27,343 31,216 (4,163) - - 54,396 Teign River Improvements 4,000 - - - - 4,000 Trenant Stream Gravel Project 4,813 - - - - 4,813 Upper Torridge 8,213 688 - - - 8,901 WATER - 237,446 (237,446) - - - Water Partners - 394,714 (394,714) - - - Wet Feet 29,341 5,000 (501) - - 33,840 Other funds (see note below) 7,565 8,203 (7,465) (2,648) - 5,655
654,500 3,267,676 (2,824,195) (44,237) - 1,053,744
Total of funds 820,619 3,541,519 (3,073,289) - 148 1,288,997
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WESTCOUNTRY RIVERS TRUST (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2012
23. Statement of funds (continued)
DEFRA Brought Incoming Resources Transfers Carried forward resources expended in/out forward £ £ £ £ £ DEFRA 2 - Palmers Brewery Weir - 18,750 (16,876) - 1,874 DEFRA 2.5 - Teign Obstruction - 18,064 (18,064) - - DEFRA 2.5 - Dart Obstructions - 9,000 (9,000) - - DEFRA 2.5 - Irishmans Wall - 25,510 (24,710) - 800 DEFRA 2.5 - St James Weir - 249 (249) - - DEFRA 3 - Frome Migratory Passage - 23,190 (23,190) - - DEFRA 3 - Dart Fish & Eel Passage - 38,920 (38,920) - - DEFRA 3 - Dart Obstructions Fish Passage - 7,265 (7,265) - - DEFRA 3 - Teign Obstructions Fish Passage - 14,988 (14,988) - - DEFRA 3 - Axe Forton Brook Fish Access - 8,624 (8,624) - - DEFRA 3 - Piddle Migratory Passage - 15,662 (15,662) - - DEFRA 3 - Wey Migratory Passage - 6,901 (6,901) - - DEFRA 3 - Brit & Asker Migratory Passage - 38,309 (38,309) - - DEFRA 3 - Fal Eel Pass - 20,441 (20,441) - - DEFRA 3 - Keaton Weir Fish & Eel Pass - 20,222 (20,222) - - DEFRA PES Guide - 9,500 (45) - 9,455
Total - 275,595 (263,466) - 12,129
Other funds Brought Incoming Resources Transfers Carried forward resources expended in/out forward £ £ £ £ £ Balmain Trust - Lerryn 2,000 - - - 2,000 EA Axe Catchment Improvements - 5,000 (4,360) - 640 Lower Templar Way (Entrust) 2,765 - - - 2,765 Tamar and Tributaries - 250 - - 250 Wild Fish Sampling Project 2,800 - - (2,800) - UEA PES Fowey - 203 (203) - - Vodafone - 2,750 (2,902) 152 -
Total 7,565 8,203 (7,465) (2,648) 5,655
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WESTCOUNTRY RIVERS TRUST (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2012
23. Statement of funds (continued)
The funding transfer from restricted funds to general fund arises when either the pre-agreed budget for an item of expenditure is overestimated and thus a small surplus is generated, or when a fund closes whilst holding a balance, and with the assent of the fund holder and funder, this balance is transferred to core funds to support the other work of the trust.
Description of Funds:
The above projects can be summarised as follows:
Agri Impact Exmoor Mires - impact on Agricultural businesses of rewetting the Mires assessment.
AARC - The Atlantic Aquatic Resource Conservation project is an EU cooperation project examining sustainable management of rivers and fish species.
Angling 2008 – sales of angling tokens.
Axe Valley Rivers Improvements - is a collaborative project to deliver improvements on the River Axe.
Balmain Trust - Lerryn - contributes towards a fish pass on the River Lerryn.
Camel Invasives - work on Himalayan balsalm and Japanese knotweed on the river Camel.
Camel Invasive Weeds - are funds to help eradicate invasive weed in the Camel catchment.
CPlus+ – Funded by Business Link's Springboard fund, looking at the willingness of farmers to be paid for ecosystem services.
CRF - Catchment Restoration Fund to work on the Rivers Dart & Teign, Rivers Axe & Exe, in the South Hams area, in the River Taw area and in South Cornwall.
Dart Fisheries - are funds used to support a net buyout and other salmon conservation measures on the River Dart.
Dart Redds Project is funded by Dartmoor Sustainable Development Fund, this project is titled “Restoring Environments for Developing Dart Salmon”.
DEFRA 2 - funds the completion of the Head Weir Removal project and the funding derives from DEFRA via the National Association of Rivers Trusts.
DEFRA 3 - funds to carry out river works to facilitate fish migration in order to meet UK responsibilities under WFD.
DEFRA PES Guide : collaborative project to design a Best Practice Guide for Payments for Ecosystem Services to facilitate the emergence of user-financed PES programmes across England.
EA Axe Catchment Improvements : funds received for bankside tree planting and protective fencing to improve the habitat for fish species and invertebrates in the Axe catchment.
EA - Frome and Piddle is a fund to co-ordinate the implementation of a fish pass on the Frome and Piddle in West Dorset.
Education - funding to deliver the Trust's education programme.
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WESTCOUNTRY RIVERS TRUST (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2012
23. Statement of funds (continued) Endsleigh Hatchery is a ground breaking project designed to supportively stock salmon to the Tamar River and scientifically monitor the progress of stocked fish.
Exe Phase 3 – General - A project fund for a full time River Exe officer delivering habitat restoration on the River Exe.
Fisheries Improvements – Project to map areas for fisheries improvement on the Tavy, Lynher, Yealm and Plym tributaries, in collaboration with the Environment Agency.
Fowey Fisheries Development Project is a joint venture to start a coherent fisheries management approach on the River Fowey including electrofishing surveys and habitat walkover surveys.
Frome & Piddle - is a fund to co-ordinate the implementation of a fish pass on the Frome and Piddle in West Dorset.
Interreg ASAP Partners is payments to our European partners in the ASAP project who are paid and received in Euros, this account is used for these transfers.
Interreg Collabor8 - Sustainable tourism initiative in which the Trust will be developing the ‘Westcountry Angling Passport’.
LAA Tamar Fund - Launceston Angling Associations contribution to river improvements on the Tamar.
Lynher River Improvements - Project to fund habitat restoration and hatchery work on the River Lynher, in collaboration with angling groups and riparian owners.
Otter Himalayan Balsam - funds to help eradicate invasive weed in the Otter catchment.
Pearls Mussels - a project to survey the River Mole, a tributary of the River Taw for the auditability of stocking out freshwater pearl mussels.
Pinpoint - Funded by Catchment Sensitive Farming, through The Rivers Trust, training for other Rivers Trusts.
RDPE - Rural Sports is a project that will develop country sports opportunities across the south west – WRT focusing on Angling. Funded by structural funds through the South West Regional Development Agency
RELU IV - comparing global approaches to catchment management including Tamar and New York river basins.
SWW - a project to improve raw water quality on the river catchments Tamar, Fowey, Roadford, Wimbleball and the Tamar Lakes funded through the SWW Upstream Thinking initiative.
Tamar Pilot - To bring together catchment stakeholders and develop a catchment management plan for the Tamar.
Tamar and Tributaries : donations received for contribution to river improvements on the Tamar.
TAW - Taw Access over Weirs - Riparian Owner donations towards fish passes on the River Taw.
Teign River Improvements - funds for improvements on the River Teign.
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WESTCOUNTRY RIVERS TRUST (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2012
23. Statement of funds (continued)
Trenant Stream Gravel Project (Park Pit) - a joint project with the Environment Agency and the Fowey Rivers Association to restore gravel for salmon and sea trout spawning in a modified section of the upper river.
UEA PES Fowey : collaborative project to design and implement a Payments for Ecosystem Services mechanism with the aim of improving water quality.
Upper Torridge is a fund to undertake restoration plans on the River Torridge.
Vodafone : grant received from the Vodafone World of Difference fund to employ a young person to work for the charity for 3 months.
WATER (overall, not by work package) - a project exploring the methods to create new markets for conservation to meet WFD objectives using a Paid Ecosystem Services model.
Wet Feet Project funds an Education Officer to co-ordinate all our pre tertiary educational materials and services. It promotes a junior membership of the Westcountry Rivers Trust.
Wild Fish Sampling Project contributes to research into the role of social rank in development, physiology and reproductive strategy in salmonids.
Summary of funds Brought Incoming Resources Transfers Gains/ Carried forward resources expended in/(out) (losses) forward £ £ £ £ £ £ General funds 166,119 273,843 (249,094) 44,237 148 235,253 Restricted funds 654,500 3,267,676 (2,824,195) (44,237) - 1,053,744
820,619 3,541,519 (3,073,289) - 148 1,288,997
24 . Analysis of net assets between funds Restricted Unrestricted Total Total funds funds funds funds 2012 2012 2012 2011 £ £ £ £ Tangible fixed assets - 84,538 84,538 97,560 Current assets 1,053,744 951,602 2,005,346 1,457,685 Creditors due within one year - (800,887) (800,887) (584,626) Creditors due in more than one year - - - (150,000)
1,053,744 235,253 1,288,997 820,619
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WESTCOUNTRY RIVERS TRUST (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2012
25 . Pension commitments The group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £26,597 (2011: £21,561). Contributions totalling £3,877 (2011: £3,715) were payable to the fund at the balance sheet date and are included in creditors.
26 . Operating lease commitments At 31 December 2012 the group had annual commitments under non-cancellable operating leases as follows:
Land and buildings Other 2012 2011 2012 2011 Group £ £ £ £ Expiry date: Within 1 year 8,625 - - - Between 2 and 5 years - 17,250 4,030 4,030
At 31 December 2012 the company had annual commitments under non-cancellable operating leases as follows:
Land and buildings Other 2012 2011 2012 2011 Company £ £ £ £ Expiry date: Within 1 year 8,625 - - - Between 2 and 5 years - 17,250 4,030 4,030
27 . Other financial commitments The overdraft facility of £100,000 is guaranteed by a group of trustees. The guarantees are for a personal liability, both joint and separate.
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