Charity registration number 1080319 (England and Wales)
Company registration number 03343965
THE WYE AND USK FOUNDATION
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
THE WYE AND USK FOUNDATION
CONTENTS
Page
Trustees' report
1 - 11
Statement of trustees' responsibilities
12
Independent auditor's report
13 - 15
Statement of financial activities
16
Balance sheet
17 - 18
Statement of cash flows
19
Notes to the financial statements
20 - 37
THE WYE AND USK FOUNDATION
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

The trustees present their annual report and financial statements for the year ended 31 December 2025.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)".

Objectives and activities

The objects of the Foundation are:

1. to conserve and maintain, protect, rehabilitate and improve the salmon and other indigenous species of animal and plant life of the rivers Wye and Usk, their tributaries, streams and watercourses ("the rivers") and the banks, riparian lands and catchments of rivers ("the river corridors"); and

2. to advance the education of the public in the conservation of rivers, river corridors and their animal and plant life and the need for the conservation, protection, rehabilitation and improvement of such environments

In 2025 the activities of the Foundation centred on understanding the quantum and causes of the primary issues affecting the rivers listed below, and developing and delivering appropriate solutions:

- Increase in frequency of extreme high flows

- Increasing frequency of extreme low flows

- Increasing water temperature

- Eutrophication

- Excessive soil loss to water

- Chemical pollution

- Degraded riparian and instream habitat

- Faecal pollution

- Fish access

And through our work, considering how to address the:

- Lack of data evidence and collective knowledge

- An environmentally degenerative system

- Cross border misalignment

- Supply chain pressures

This involved using existing knowledge and techniques as well as developing and delivering new methods and partnerships to restore the rivers and their catchments.

During 2025, 11 employees left the Foundation and 3 joined, resulting in a headcount of 27 at the end of the year. There were changes in the CFO position during the year due to retirement.

Public benefit

We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set. Our achievements towards these aims are set out in this report.

THE WYE AND USK FOUNDATION
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
Achievements and performance

Summary of the main achievements during the year

- Bidding activity increased and during the year WUF secured 13 projects totalling £1,289,560 during 2025. A further £280k of projects are with funders awaiting approval. The end of the year was spent working on a £1.7m application to Ofwat Catalyst fund and there are 2 Heritage lottery projects lead by Bannau Brecheniog National Park Authority and Lower Wye Area of Outstanding Natural Beauty that we have key delivery roles within that are at EOI stage.

- During 2025, we progressively moved from output based to outcome based. Outputs attract grants, outcomes attract investment. This is key to our market development.

- During 2025, we have developed catchment markets to trade ecosystem services and so by deliver the system change required if we are to mitigate the impacts of climate change on the Wye and Usk. The rejection of an application to the Ofwat Transform fund to develop a market on the Usk and the servere impacts from Storm Claudia caused a pivot from a focus on a multiproduct market for the Usk, to a flood mitigation market on the Monnow. We intend to make this real in 2026.

- 2025 saw a further increase in our understanding of the quantum and cause of the issues affecting the rivers. The Castco project finished during the year. By combining data from eDNA, citizen science, sondes and electrofishing we were able to identify that temprature, flow and soil loss are now the main causes of declines in fish populations.

- The electrofishing programme conducted by WUF staff in 2025 showed the large increase in salmonid numbers in the upper sections of the Wye was maintained, but the Usk fell back and the Monnow and Lugg remained poor. We were able to link this to 2 floods in early December 2024 that affected the Usk but not the Wye, and soil loss and extreme flows in the Lugg and Monnow.

- The work with the supply chain (Courtauld and WUSSI projects) and farmers has reaped further rewards this year with agri businesses and supermarkets 'owing' the problems they are creating and both Avara and Noble comtinuing to take major steps to reduce the impacts of food production on the Wye. A high number of farms in Herefordshire are now applying less phosphorus than they are using as they are no longer disposing of manurers to land. Other companies have started to act on both nutrient and soil loss from their operations.

- Funders are seeing us as an effective delivery organisation. We are now one of the 4 largest rivers trusts in the UK and the nation bodies of Afonydd Cymru and the Rivers Trust are working closely with us.

- The Passport scheme, now in its 22 nd year, saw sales of £435,952 (2024: £427,717). The surplus was reduced to £12,446 (2024: £22,838) as we needed to invest in operation of the scheme.

- WUF has an excellent, capable and stable work force. We are governed by a strong group of trustees with expertise that covers all our operations.

Performance achieved against objectives

Achievements during 2025 include:

1) Habitat, fish access and invasive weeds

- 19.6km double bank of stream was restored/improved. 450km of 610km of degraded habitat has been repaired to date.

- 140 of 175 known fish access barriers have been removed by the end of 2025 (the surveys during last autumn found 19 problematic accumulations of woody debris which were eased). This is an annual cost.

- 240t of lime was introduced to the upper Wye and upper Irfon to mitigate acidic waters.

- 116km of the Wye and 60km of the Usk was surveyed for the remaining giant hogweed plants and Japanese knotweed. These were then treated/killed during the summer. After 15 years of action, we can forsee the point when we will have eradicated giant Hogweed from the freshwater sections of both rivers.

THE WYE AND USK FOUNDATION
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -

2) Landuses

- A further 71 farmers in Wales and 145 in England were supported by our Catchment Advisors. Over 2,400 of the C.5,200 farmers in our catchment areas have been engaged by either the farm or Habitat teams to date.

- There is a growing change in farmer behaviour in Herefordshire with a survey by Farm Herefordshire of 300 farmers showing that 81% are now applying less phosphorus than they need and so by are starting to utilise the legacy build up of this nutrient in the cathcment's soils. Avara's ground breaking road map is fundamental to this process and there is no longer a surplus of P to be disposed of. In Wales, there is an increasing willingness to change but outside the poultry sector the current system limits the ability to do so.

3) Nature Based Solutions (NBS)

- Natural capital continued to design, consent and deliver integrated wetlands with net gain for the rivers, tree planting opportunites and natural flood management.

- A key achievement was working with Dwr Cymru to develop a novel nature based solution that will treat all the sewage at Tremerchion.

- During 2025 two on farm wetlands to reduce the impact of food production on the rivers, were designed and built, funded by the agri-supply chain. Monitoring is showing these are very effective.

- The DIME 2, CaSTCo and Wye SOIL projects are delivering the evidential certainty required for investors to support farmers to change practices. This will accelerate during 2026 and what we are doing is novel and groundbreaking. Once proven it will lead to similar markets arising across the UK and allow farmers to access a substantial proportion of the UK's £1.2bn p/a flood budget, the £3.6bn p/a of flooding costs and the £1bn p/a of the water companies WINEP programmes.

- Developing these markets is expected to provide WUF with a new income stream and will deliver the fundamental change from a degenerative to a regenerative system that is required if we are to solve the new suite of problems arising from the changing climate which is afflicting the rivers.

4) Science

- Working across the Catchment, Advisory teams have identified and mapped the soils at risk of compaction issues and quantified the resultant overland flow and soil loss.

- During 2025 we supported 90 citizen scientists on the Usk, collecting data.

- During 2025, we ran 2 sondes in the Usk to quantify ammonia and soil loss issues in areas flagged up by citizens scientists.

- 192 sites were electro-fished, results analysed and shared.

- The Wye Algal project has been determining the cause of the eutrophication issues in the Wye. It will be published in 2026. The final report was shared with key partners to allow them to adapt practices before the report is published.

5) Supply chain

- The work with the agricultural supply chain has helped create an environment in which the farmer and agri-businesses make better decisions that take the effect of food production on water and soils into account. This culminated in work by Avara to ensure that no phosphorus generated by its activities would be spread in the catchments that was surplus to crop need by the end of 2025. During 2025 we worked with the farming community to develop ways of stripping the P from manures to allow for the catchment to be brought into P balance by 2028.

- During 2025, we widened the remit of this work to include soil loss and flood risk.

Risks and Opportunities

The trustees regularly review the major risks which the charity faces. Commercial risk is managed on an overall basis, as well as on a project by project basis. Risk assessments are formally undertaken and updated, with employees receiving the appropriate training. Our insurance cover is provided by a reputable company and reviewed annually to ensure that levels of cover are adequate for our changing needs. WUF keeps and regularly updates a risk register.

New risks and opportunities have arisen during 2025 and existing ones have been exacerbated; the changes are summarised below:

THE WYE AND USK FOUNDATION
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -

The highest risks are now around WUF’s ability to realise the new opportunities as grants dry up and we move to service delivery:

- Efficacy of delivery. The move from an output to an outcome approach has flagged up internal and external issues that are being resolved. Any system change inevitably has initial friction before taking off. This is being managed.

- Skills level and organisational structure. We are in the process of pivoting a deliever system change. This requires a reskilling of the foundation and a new structure. Both come with substantial short-term risk to the foundation. We have the capability to mitigate this and deliver the change but it is reliant on a few key staff.

THE WYE AND USK FOUNDATION
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 5 -
Financial review

Brief review of the financial position

2025 saw the foundation receive legacies totalling £152.7k that transformed our cash flow and working reserves. There were a mix of projects that were funded both in arrears and in advance, keeping a stable cash flow for the year.

Donations to unrestricted funds and the restricted river funds decreased from £65,326 in 2024 to £55,582 in 2025. Overall income to core increased as the service delivery and passport offset the reduction in donations.

The reduction was due to trialling a new method for collecting the river improvement fund. This did not work as planned and we are reverting back to letters in 2026.

WUF working reserves (unrestricted and river funds) total £141,842 (2024: deficit of £3,850).

Principal funding sources

Since 2015, the Foundation has been diversifying its funding streams to increase resilience and reduce risk. In 2025 our principal sources of income were from Dwr Cymru and the Ofwat innovation programme (27%), the 5 councils in the catchment (21%), Natural Resources Wales (13%) and Business (8%). We received funds from 10 different sources in 2025.

We would like to thank everyone who supported us in 2025 for their generosity. We have maintained our longstanding >1:10, donation to spend ratio by using donations to draw in additional funds.

Fundraising

WUF raises core funds internally through specific appeals to the owners and the wider public and by encouraging people to donate through our website and legacy programme. In 2025, we increased our number of individual donors by over 75% through the 'Flow for the Future' campaign.

WUF adheres to GDPR and raises funds from a pool of known individuals who receive 1 request a year, with a follow up letter if they have not donated, and specific appeals to the wider public. We investigated in 2019 if we needed to join a standards scheme and it was decided that our activity did not merit it. The trustees reviewed this in 2021 and decided no change was required.

WUF did not receive any complaints about its fundraising activity.

Any request for no further contact is recorded on our database through which we co-ordinate our fundraising.

Investment power and policy

The Memorandum and Articles of Association of the Foundation confers powers on the trustees to invest both the capital and the income of the foundation in any manner as the trustees in their discretion think fit. The policy is to keep any surplus funds in short term deposits or securities, which can be accessed readily. The trustees have recognised that while providing a short term means of achieving our objectives, project funding has been very successful. However, our reliance on it could present limitations on future activities as the trust gets nearer to completion of its capital works programmes. Accordingly, they have instigated a broader fund raising strategy that seeks to address this. The endowment fund is operational and has received donations from generous donors.

Investments are managed by Brewin Dolphin (Cardiff). The Wye and Usk Endowment Committee aims to grow the value of its endowment funds over inflation using a balanced, medium risk investment strategy and a long-term time horizon. Invested funds and donations grew the fund by 13.8% in 2025 to £429,957 by year end.

THE WYE AND USK FOUNDATION
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 6 -

Reserves Policy

It is the aim of the trustees to generate a level of reserves to allow activities delivering the objectives of the foundation to carry on through periods of uncertainty. The trustees are satisfied that adequate resources are available to meet all current obligations, but they will seek to continue with a level of reserves sufficient to meet cash flow requirements and continue without recourse to overdraft facilities.

Going concern

WUF finished the year with total unrestricted reserves of £650,259 and restricted funds of £66,958.

During 2025 we increased our total unrestricted reserves by £183,585.

WUF has a portfolio of secured funding through projects and opportunities that are expected to see a further expansion in delivery during 2026.

In addition, the Foundation now has a sizeable endowment fund that helps to protect and de-risk the foundation.

Plans for future periods

In the last 4 years there has been a shift in the ecological focus: work to mitigate problems caused by poor land use are assuming a greater priority as in-stream works, such as fish passes and riparian habitat restoration near completion.

The change in the relationship between rainfall and flood events and the excess phosphorus imperils the ecology of the rivers and the maintenance of our previous riparian work. WUF's priority to change the system and empower farmers to sell flood and drought mitigation, water quality improvements and restoration of protected habitats (as well as food) to those who are being economically impacted by these issues.

We will work to deliver a flood mitigation market on the Monnow in 2026 and build the evidence base for a multi serivce market on the Usk to become operational in 2027.

WUF will continue delivering and monitoring the efficacy of its current projects, maintaining existing funding streams and expanding new ones within Natural Capital and the Agri supply chain. We also will continue to strive to increase the endowment fund and working reserves.

WUF is expected to expand during 2026 as the markets develop and will require careful management to ensure efficient and effective delivery. As of 15 July 2026 the situation has changed. The market on the Monnow is to be a 1 year pilot in 2026, to generate a full market from 2027. The Ofwat Catalyst application was unsuccessful but we had encouraging feedback and are going to submit a revised project to the Ofwat Transform fund in Autumn 2026 for funding in 2027. We have been successful in securing £778k from Welsh Government NFM accelerator funds across 3 projects plus £320k from Fidelity Trust and £30k from Swire trusts which have ensured the foundation is able to continue to deliver its strategic objectives during 2026.

In 2026, we will develop the opportunites for long term funding for habitat, liming, gravel and fish pass work.

THE WYE AND USK FOUNDATION
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 7 -
Structure, governance and management

Governing Document

The Wye and Usk Foundation is a company limited by guarantee, registered in England and Wales (company number 03343965), governed by its Memorandum and Articles of Association dated 15 October 1996 as updated on 5 October 1997, 12 February 2000, 19 October 2000, 4 January 2001, 31 July 2002, 22 July 2007, 25 October 2011 and 1 March 2019. It is registered as a charity with the Charity Commission, registered number 1080319.

Appointment of Trustees

The Articles provide:

Any trustee who shall desire to retire shall notify such desire in writing to the secretary and thereupon his/her name shall be removed from the list of trustees and he/she shall cease to be a member of the trust but only if there remain at least three other trustees.

At the conclusion of each annual meeting of trustees one quarter or if their number is not three or a multiple of three, the number nearest to one quarter shall retire from office and unless re-elected in accordance with these articles shall on such retirement cease to be members of the trust.

The trustees to retire by rotation shall be those who have been longest in office, but as between those who became or were elected trustee on the same day those to retire shall be chosen (unless they otherwise agree among themselves) by lot. A trustee who has served for ten years or more is not eligible for re-election and must retire but becomes eligible again after an interval of one year.

The re-election of a trustee for a second term of office shall require the approval of a simple majority of trustees but a third or further term of office shall require the approval of a three quarters majority, such majorities are to be calculated by reference to those trustees voting at the relevant meeting.

Trustee Recruitment

The recruitment of trustees is by advertising. A nominations committee comprising three trustees and the chief executive places the adverts, scrutinises applications, seek references and ensure a balance of trustee skills is in place.

Trustee Induction and Training

Newly appointed trustees receive a letter of appointment including appointment declaration and an induction pack which covers the working of the Trust and the rivers trust movement generally. In addition, trustees are given copies of the Charity Commission’s – The Essential Trustee, what you need to know (CC3) and the Hallmarks of an effective charity.

For ongoing training purposes, the trustees have agreed that workshops and information from the auditors will maintain standards of governance on an ongoing and timely basis. New trustees will be given visits on site to explain the issues and solutions that the trust is currently managing.

THE WYE AND USK FOUNDATION
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 8 -

Organisational Structure

Officers

At 31 December 2025 the principal officers of the Foundation were:

Simon Evans (Chief Executive Officer)

Jon Fry (Chief Operating Officer)

Romily Hall (Chief Financial Officer)

Wendy Ogden (Business Development & Catchment Market Lead)

Consultants:

WUF is fortunate to work with the following experts:

John Lawson (Water Resources)

Tony Norman (Honorary Farming Consultant)

Related Parties

Throughout the year to 31 December 2025, the Foundation has continued working in partnership with the above representatives and their organisations and we take the opportunity to thank them all for their very considerable help and support.

Pay Policy for Senior Staff

The trustees consider the board of trustees and the senior management team comprise the key management personnel of the charity in charge of directing, controlling, running and operating the charity on a day to day basis. All trustees give of their time freely and received no remuneration in the year. Details of trustees’ expenses and related party transactions are disclosed in the notes to the financial statements.

The policy used for determining pay for all staff is in line with the guidelines set out each year by the Rivers Trust, the umbrella body for rivers trusts.

There were 2 employees with annual remuneration of £60,000 or more.

Decision Making

The Trustees confirm they have acted in accordance with their legal duties and have had due regard to the guidance published by the Charity Commission. All decisions during the year were made collectively in the best interests of the charity and in furtherance of our stated purposes for the public benefit.

The Trustees' decision-making process is formally documented in the minutes of our board meetings. This ensures that a clear and auditable record exists to demonstrate how key decisions were reached.

Decisions are shared between the board of trustees and key management, with the trustees holding ultimate legal responsibility for the organization. The trustees set the strategic vision and make high-level decisions, while key management handles the day-to-day operations through delegated authority.

THE WYE AND USK FOUNDATION
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 9 -

Decisions made by the trustees

The board of trustees is responsible for the overall governance, strategy, and direction of the charity. The board of trustees are responsible for:

- Strategic direction: Setting the charity's strategic aims, objectives, and future plans to ensure it is carrying out its purposes for the public benefit.

- Compliance and policy: Ensuring the charity complies with its governing document, all relevant laws, and best practices. This includes approving key policies on finances, risk management, and safeguarding.

- Financial oversight: Maintaining ultimate control over the charity's resources. Trustees approve the annual budget, monitor financial performance, and make major financial decisions, such as taking out large loans or selling assets.

- High-risk decisions: Decisions that are especially high-risk, novel, or could significantly impact the charity's reputation.

- Appointments: The recruitment, appointment, and management of the charity's most senior staff, such as the Chief Executive.

- Accountability: Trustees are accountable to the public, regulators, and beneficiaries, and ensure the charity is transparent and that reporting requirements are met.

Decisions delegated to key management

To ensure the charity can operate effectively, the board of trustees delegates the authority for day-to-day operations and management to key staff.

Operational management: Senior staff are responsible for carrying out the strategic plans created by the management with the trustees and agreed. This includes managing employees, volunteers, programs, and day-to-day finances within the approved budget.

- Operational decisions: Many tactical and operational decisions are delegated. This can include approving smaller-scale expenses, managing program logistics, and handling day-to-day human resources matters.

- Implementation: Key management implements the policies and strategies established by the board. They provide regular, detailed reports to the trustees so that the board can monitor progress and performance.

THE WYE AND USK FOUNDATION
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 10 -
Reference and administrative details
Company number
03343965
Charity number
1080319
Registered office
The Right Bank
The Square
Talgarth
Brecon
Wales
LD3 0BW
Trustees
C Newington-Bridges- Chair
J Bengough
C De Winton
R Edwards - resigned 21 March 2025
F Hillman
P Horsburgh
A Johnson
A Lavers
A Mcintyre - appointed 21 March 2025
R Norman
E Passey
A Pyle
M Taylor
Key management personnel
Simon Evans - Chief Executive Officer
Jonathan Fry - Chief Operating Officer
Romily Hall - Chief Financial Officer
Wendy Ogden - Business Development & Catchment Market Lead
Sian Mercer - Catchment Lead (Wales)
Louis Macdonald-Ames - Head of Operations
James Hawkins - Natural Flood Management Lead
Auditor
Azets Audit Services
Ty Derw
Lime Tree Court
Cardiff Gate Business Park
Cardiff
CF23 8AB
Bankers
NatWest
27 High Street
Brecon
Powys
LD3 7LF
THE WYE AND USK FOUNDATION
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -
Investment managers
Brewin Dolphin
2 Central Square
Cardiff
CF10 1FS

In accordance with the company's articles, a resolution proposing that Azets Audit Services be reappointed as auditor of the company will be put at a General Meeting.

The trustees' r eport was approved by the Board of Trustees.

C Newington-Bridges- Trustee
Dated: 27 July 2026
2026-07-27
THE WYE AND USK FOUNDATION
STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 31 DECEMBER 2025
- 12 -

The trustees, who are also the directors of The Wye and Usk Foundation for the purpose 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 which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

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 judgements and estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity 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 charity 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 charity and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

THE WYE AND USK FOUNDATION
INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF THE WYE AND USK FOUNDATION
- 13 -

Opinion

We have audited the financial statements of The Wye and Usk Foundation (the ‘charity’) for the year ended 31 December 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

-

give a true and fair view of the state of the charitable company's affairs as at 31 December 2025 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 Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

-

the information given in the financial statements is inconsistent in any material respect with the trustees' report; or

-

sufficient accounting records have not been kept; or

-

the financial statements are not in agreement with the accounting records; or

-

we have not received all the information and explanations we require for our audit.

THE WYE AND USK FOUNDATION
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF THE WYE AND USK FOUNDATION
- 14 -
Responsibilities of trustees

As explained more fully in the s tatement of trustees' r esponsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;

- Reviewing minutes of meetings of those charged with governance;

- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

THE WYE AND USK FOUNDATION
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF THE WYE AND USK FOUNDATION
- 15 -

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees 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 charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Azets Audit Services
Chartered Accountants
Statutory Auditor
Ty Derw
Lime Tree Court
Cardiff Gate Business Park
Cardiff
South Glamorgan
CF23 8AB
28 July 2026
2026-07-28

Azets Audit Services is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

THE WYE AND USK FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 16 -
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2025
2025
2025
2024
2024
2024
Notes
£
£
£
£
£
£
Income and endowments from:
Donations and legacies
3
244,771
28,123
272,894
59,315
70,845
130,160
Charitable activities
4
733,665
713,302
1,446,967
516,939
902,023
1,418,962
Investments
5
9,829
-
9,829
10,946
-
10,946
Other income
6
-
-
-
750
-
750
Total income
988,265
741,425
1,729,690
587,950
972,868
1,560,818
Expenditure on:
Raising funds
7
32,553
-
32,553
41,482
-
41,482
Charitable activities
8
802,977
1,019,923
1,822,900
642,333
1,235,018
1,877,351
Total expenditure
835,530
1,019,923
1,855,453
683,815
1,235,018
1,918,833
Net gains/(losses) on investments
14
20,291
-
20,291
22,306
-
22,306
Net income/(expenditure)
173,026
(278,498)
(105,472)
(73,559)
(262,150)
(335,709)
Transfers between funds
10,559
(10,559)
-
14,117
(14,117)
-
Net movement in funds
11
183,585
(289,057)
(105,472)
(59,442)
(276,267)
(335,709)
Reconciliation of funds:
Fund balances at 1 January 2025
366,674
356,015
722,689
426,116
632,282
1,058,398
Fund balances at 31 December 2025
550,259
66,958
617,217
366,674
356,015
722,689

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

THE WYE AND USK FOUNDATION
BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 17 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
17
429,957
377,682
Current assets
Debtors
18
223,496
282,788
Cash at bank and in hand
378,566
413,144
602,062
695,932
Creditors: amounts falling due within one year
19
(409,753)
(346,093)
Net current assets
192,309
349,839
Total assets less current liabilities
622,266
727,521
Creditors: amounts falling due after more than one year
21
(5,049)
(4,832)
Net assets
617,217
722,689
Income funds
Restricted funds
24
66,958
356,015
Unrestricted funds
Endowment fund
25
446,179
400,606
General unrestricted funds
104,080
(33,932)
550,259
366,674
617,217
722,689
THE WYE AND USK FOUNDATION
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2025
31 December 2025
- 18 -

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2025, although an audit has been carried out under section 144 of the Charities Act 2011.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements under the requirements of the Companies Act 2006, for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 27 July 2026
C Newington-Bridges- Trustee
Company Registration No. 03343965
THE WYE AND USK FOUNDATION
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 19 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
30
(68,678)
(249,421)
Investing activities
Proceeds from disposal of tangible fixed assets
-
750
Purchase of investments
(79,304)
(88,307)
Proceeds from disposal of investments
54,159
61,467
Investment income received
2,990
1,508
Net cash used in investing activities
(22,155)
(24,582)
Financing activities
Proceeds from borrowings
95,155
-
Repayment of borrowings
(38,900)
(9,881)
Net cash generated from/(used in) financing activities
56,255
(9,881)
Net decrease in cash and cash equivalents
(34,578)
(283,884)
Cash and cash equivalents at beginning of year
413,144
697,028
Cash and cash equivalents at end of year
378,566
413,144
THE WYE AND USK FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 20 -
1
Accounting policies
Charity information

The Wye and Usk Foundation is a private company limited by guarantee incorporated in England and Wales whose registered office is The Right Bank, The Square, Talgarth, Brecon, Wales, LD3 0BW.

1.1
Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

The charity finished the year with general unrestricted reserves of £104,080, designated funds of £446,179 and restricted funds of £66,958. The free reserves of the charity at 31 December 2025 were £104,080 and the Trustees have confirmed their wish to retain the designated funds balance which are are held to protect the longevity of the organisation and are not designated for any other specific purpose.

During 2025 we increased our general unrestricted reserves by £138,012.

WUF has a portfolio of secured funding through projects and other work-streams that will see a further expansion in delivery during 2026.

At the time of approving the financial statements, the trustees therefore have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Designated funds comprise funds which have been set aside at the discretion of the trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Further explanation of the nature and purpose of each fund are included within the notes to the accounts.

1.4
Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

THE WYE AND USK FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 21 -
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

Donated services are recognised in the period to which they relate and valued according to accepted project rates. Gifts in kind are included at market value and as resources expended at the same value when distributed.

Grants from the government and other agencies have been included as income from activities in furtherance of the charity's objects where these amount to a contract for services, but as donations where the money is given in response to an appeal or with greater freedom use.

Income from grants, whether 'capital' grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. Capital grants are released to the Statement of Financial Activities in the year of receipt. Fixed assets relating to capital grants are capitalised, and depreciation charged is offset against the grant income, in a restricted fund.

Income from the passport scheme is recognised in the period to which the service is provided with any amounts received in advance deferred.

Dividends income is recognised on the date the charity's right to receive payment is established.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

1.5
Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Costs of raising funds comprise the costs in relation to generating income and includes investment management fees.

Expenditure on charitable activities includes all costs relating to the furtherance of the charity’s objectives as stated in the trustees report. This also includes all costs relating to compliance with constitutional and statutory requirements.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance, personnel, payroll and governance costs. The basis for calculating the allocation of support costs is on the basis of staff time spent on those activities, over and above a material de-minimis.

Governance costs comprise all costs involving public accountability of the charity and its compliance with regulation and good practice.

THE WYE AND USK FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 22 -
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computer equipment
50% on cost
Motor vehicles
20% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

The charity's capitalisation policy is to capitalise any assets with a value exceeding £500.

1.7
Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.8
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

THE WYE AND USK FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 23 -
Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.10
Provisions

Provisions are recognised when the charity has a legal or constructive present obligation as a result of a past event, it is probable that the charity will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i s measured at present value, the unwinding of the discount is recognised as a finance cost in net income/(expenditure) in the period in which it arises.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

There is nothing to report in this regard.

THE WYE AND USK FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 24 -
3
Donations and legacies
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2025
2025
2025
2024
2024
2024
£
£
£
£
£
£
Donations and gifts
228,859
28,123
256,982
41,826
70,845
112,671
Donated goods and services
15,912
-
15,912
17,489
-
17,489
244,771
28,123
272,894
59,315
70,845
130,160

Donated goods and services relate to the quantifable value of work done by landowners under grant agreements with The Wye and Usk Foundation which is of benefit to, but is not funded by, the charity.

4
Income from charitable activities
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2025
2025
2025
2024
2024
2024
£
£
£
£
£
£
Passport scheme
96,498
-
96,498
92,845
-
92,845
Miscellaneous
22,204
-
22,204
7,248
-
7,248
Grants and contract income
614,963
713,302
1,328,265
416,846
902,023
1,318,869
733,665
713,302
1,446,967
516,939
902,023
1,418,962
THE WYE AND USK FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
4
Income from charitable activities
(Continued)
- 25 -
Performance related grants analysis
2025
2024
£
£
DEFRA
9,736
37,969
Environment Agency
77,028
76,323
Natural Environment Investment Readiness Fund
58,798
21,712
Herefordshire Council
140,776
179,188
Agri Supply Chain
56,038
-
Herefordshire Rural Hub
61,127
-
Natural Resources Wales
246,645
168,262
City St George's
54,573
-
Powys Council
314,410
117,605
Dwr Cymru / Welsh Water
122,327
68,843
Other
186,807
648,967
1,328,265
1,318,869
5

Investment s

Unrestricted
Unrestricted
funds
funds
2025
2024
£
£
Dividends and interest receivable
9,829
10,946
6
Other income
Unrestricted
Unrestricted
funds
funds
2025
2024
£
£
Net gain on disposal of tangible fixed assets
-
750
THE WYE AND USK FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 26 -
7
Expenditure on raising funds
Unrestricted
Unrestricted
funds
funds
2025
2024
£
£
Fundraising and publicity
Seeking donations, grants and legacies
3,082
1,426
Staff costs
26,737
37,610
29,819
39,036
Investment management
2,734
2,446
Total costs
32,553
41,482
8
Expenditure on charitable activities
2025
2024
£
£
Direct costs
Staff costs
970,144
1,009,687
Costs of donated services
15,913
17,489
Direct expenses
335,524
322,742
Marketing
-
1,288
Motor and travel
40,852
45,228
Premises and office costs
18,887
19,064
Financing
4,960
637
Consultancy
17,155
81,336
1,403,435
1,497,471
Share of support and governance costs (see note 10)
Support
401,965
363,980
Governance
17,500
15,900
1,822,900
1,877,351
Analysis by fund
Unrestricted funds
802,977
642,333
Restricted funds
1,019,923
1,235,018
1,822,900
1,877,351
THE WYE AND USK FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
(Continued)
- 27 -
9
Grants payable
2025
£
Farm grants
90,542

During the year the charity paid £90,542 (2024: £145,865) in farm grants to a total of 23 partnerships and individuals (2024: 30). Grants payable costs can be seen within Charitable Activities direct expenses £335,524 (2024: £322,742).

10
Support costs
Support costs
Governance costs
2025
Support costs
Governance costs
2024
£
£
£
£
£
£
Staff costs
257,942
-
257,942
227,582
-
227,582
Depreciation
-
-
-
240
-
240

Motor and travel

-
-
-
492
-
492

Premises and office costs

82,852
-
82,852
90,068
-
90,068

Financing

17,972
-
17,972
12,408
-
12,408

Marketing

5,982
-
5,982
5,426
-
5,426

Consultancy

12,460
-
12,460
12,860
-
12,860

Legal

3,493
-
3,493
34
-
34

Other expenditure

21,264
-
21,264
14,870
-
14,870
Audit fees
-
17,500
17,500
-
15,900
15,900
401,965
17,500
419,465
363,980
15,900
379,880
Analysed between
Charitable activities
401,965
17,500
419,465
363,980
15,900
379,880

Governance costs includes payments to the auditors of £15,500 (2024: £13,900) for audit services and £2,000 (2024: £2,000) for non audit services.

11
Net movement in funds
2025
2024
£
£
The net movement in funds is stated after charging/(crediting):
Fees payable for the audit of the charity's financial statements
17,500
15,900
Depreciation of owned tangible fixed assets
-
240
Loss/(profit) on disposal of tangible fixed assets
-
(750)
THE WYE AND USK FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 28 -
12
Trustees

No trustees received any remuneration during the current or prior year.

No trustees were reimbursed expenses during the current or prior year.

13
Employees

The average monthly number of employees during the year was:

2025
2024
Number
Number
Staff deployed in projects
24
26
Staff deployed in central administration
8
8
Total
32
34
Employment costs
2025
2024
as restated
£
£
Wages and salaries
1,081,180
1,128,426
Social security costs
110,354
81,774
Other pension costs
63,289
64,679
1,254,823
1,274,879

The comparative costs presented have been restated to more accurately reflect the classification between social security costs and wages and salaries. This has not resulted in any change to the total employment costs incurred by the charity in the prior year.

R edundancy and termination payments totalling £10,000 (2024: £Nil) were made in the reporting period and are included in the total payroll costs.

Key management personnel

The key management personnel of the charity received benefits (including gross salary, employers national insurance and employers pension contributions) totalling £394,573 (2024: £412,482).

The number of employees whose annual remuneration was more than £60,000 is as follows:
2025
2024
Number
Number
£60,000 - £70,000
1
1
£70,000 - £80,000
1
1

Pension contibutions for those members of staff with emoluments greater than £60,000 amounted to £8,502 (2024: £13,496).

THE WYE AND USK FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 29 -
14
Gains and losses on investments
Unrestricted
Unrestricted
funds
funds
2025
2024
Gains/(losses) arising on:
£
£
Revaluation of investments
19,560
21,858
Sale of investments
731
448
20,291
22,306
15
Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

16
Tangible fixed assets
Computer equipment
Motor vehicles
Total
£
£
£
Cost
At 1 January 2025
3,292
50,305
53,597
At 31 December 2025
3,292
50,305
53,597
Depreciation and impairment
At 1 January 2025
3,292
50,305
53,597
At 31 December 2025
3,292
50,305
53,597
Carrying amount
At 31 December 2025
-
-
-
At 31 December 2024
-
-
-
THE WYE AND USK FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 30 -
17
Fixed asset investments
Listed investments
Cash in portfolio
Total
£
£
£
Cost or valuation
At 1 January 2025
366,219
11,463
377,682
Additions
164,083
-
164,083
Valuation changes
19,560
-
19,560
Cash movement
-
(7,600)
(7,600)
Disposals
(123,768)
-
(123,768)
At 31 December 2025
426,094
3,863
429,957
Carrying amount
At 31 December 2025
426,094
3,863
429,957
At 31 December 2024
366,219
11,463
377,682
18
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
130,326
127,145
Prepayments and accrued income
93,170
155,643
223,496
282,788
19
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Borrowings
66,424
10,386
Other taxation and social security
52,179
89,363
Deferred income
20
120,874
44,178
Trade creditors
24,054
20,467
Other creditors
115,109
112,010
Accruals
31,113
69,689
409,753
346,093
20
Deferred income
2025
2024
£
£
Other deferred income
120,874
44,178
THE WYE AND USK FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
20
Deferred income
(Continued)
- 31 -

Deferred income is included in the financial statements as follows:

2025
2024
£
£
Deferred income is included within:
Current liabilities
120,874
44,178
Movements in the year:
Deferred income b/f
44,178
11,725
Received in year
120,874
44,178
Released in year
(44,178)
(11,725)
Deferred income c/f
120,874
44,178

Deferred income relates to prepaid season rods, fishing rod scheme and fishing sales as well as contractual income received in advance of recognition criteria being met.

21
Creditors: amounts falling due after more than one year
2025
2024
£
£
Borrowings
5,049
4,832
22
Loans and overdrafts
2025
2024
£
£
Other loans
71,473
15,218
Payable within one year
66,424
10,386
Payable after one year
5,049
4,832

The Other loans balance of £71,473 (2024: 15,218) represents two unsecured loans with the Esmee Fairbairn Foundation and HSBC (2024: HSBC only). The loans bear interest at 2% per annum and 2.5% respectively. As at 31 December 2025, the outstanding balances were £66,424 (2024: £Nil) and £5,049 (2024: £15,218).

There were no amounts due in more than five years (2024: £nil).

23
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
63,289
64,679
THE WYE AND USK FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
23
Retirement benefit schemes
(Continued)
- 32 -

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

24
Restricted funds

The restricted funds of the charity compri se the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be use d.

At 1 January 2025
Incoming resources
Resources expended
Transfers
Gains and losses
At 31 December 2025
£
£
£
£
£
£
Wye
19,663
17,342
-
(17,519)
-
19,486
Lugg & Arrow
821
319
-
-
-
1,140
Monnow
88
43
-
-
-
131
Usk
9,510
7,495
-
-
-
17,005
Habitat
233
235,545
(235,741)
292
-
329
Farm
22,746
326,152
(341,002)
3,131
-
11,027
Education
14,385
106
-
-
-
14,491
Monitoring
294,867
20,066
(318,659)
3,533
-
(193)
Natural Capital
(6,298)
134,357
(124,521)
4
-
3,542
356,015
741,425
(1,019,923)
(10,559)
-
66,958
Previous year:
At 1 January 2024
Incoming resources
Resources expended
Transfers
Gains and losses
At 31 December 2024
£
£
£
£
£
£
Wye
2,513
35,749
-
(18,599)
-
19,663
Lugg & Arrow
447
406
-
(32)
-
821
Monnow
44
44
-
-
-
88
Usk
21
9,489
-
-
-
9,510
Habitat
(21,249)
275,829
(257,224)
2,877
-
233
Farm
55,206
418,638
(448,967)
(2,131)
-
22,746
Education
14,279
106
-
-
-
14,385
Monitoring
573,478
169,175
(453,391)
5,605
-
294,867
Natural Capital
7,543
63,431
(75,435)
(1,837)
-
(6,298)
632,282
972,868
(1,235,018)
(14,117)
-
356,015
THE WYE AND USK FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
24
Restricted funds
(Continued)
- 33 -

Wye River Fund & Projects (including Lugg & Arrow and Monnow)

This restricted fund receives donations and project funding to further the Foundation's charitable objectives in relation to the River Wye and its tributaries. It includes donations from Wye Catchment Conservators members, patrons and other donors who specify that their contributions are to be applied to the River Wye, Lugg & Arrow or Monnow catchments. Donations designated for the Lugg & Arrow and Monnow are held as separately restricted funds. Projects within this fund remain subject to the individual funders' restrictions, with expenditure incurred against agreed milestones, outputs and objectives.

Usk River Fund and Projects

This restricted fund accounts for donations and project funding received in support of the River Usk. It includes contributions from organisations such as the United Usk Fishermen's Association, together with donations from patrons and other supporters. As with all restricted projects, expenditure is incurred in accordance with the specific conditions and objectives set by each funder.

Usk and Wye River Projects and Funds

This restricted fund comprises project funding and general donations that support activities benefiting both the River Usk and River Wye catchments. Funding includes grants for invasive species management, together with income relating to the Foundation's Passport scheme where it supports both river systems.

Habitat

This restricted fund supports projects that improve river habitats and ecological resilience. Activities primarily include riparian habitat improvement, invasive species control, improving fish passage, liming and gravel introduction. The balance on the fund reflects the timing of expenditure and the recognition of related income in accordance with the terms of the relevant funding agreements.

Education

This restricted fund supports projects that deliver education and community engagement activities to promote the understanding, conservation and sustainable management of rivers and their catchments. The balance on the fund reflects expenditure and the recognition of related income in accordance with the terms of the relevant funding agreements.

Farm

This restricted fund supports projects focused on providing farm advice and delivering practical on-farm solutions to improve water quality and the wider environment. The balance on the fund reflects expenditure and the recognition of related income in accordance with the terms of the relevant funding agreements.

Natural Capital

This restricted fund supports projects relating to the development of natural capital opportunities and environmental markets that improve water quality, biodiversity and river habitats. The balance on the fund reflects expenditure and the recognition of related income in accordance with the terms of the relevant funding agreements.

Monitoring

This restricted fund supports the monitoring of river health and environmental conditions. The balance on the fund reflects expenditure and the recognition of related income in accordance with the terms of the relevant funding agreements.

Transfers

Any surpluses generated from commercially funded projects are transferred to unrestricted reserves on completion of the relevant projects, in accordance with the Foundation's accounting policy.

THE WYE AND USK FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 34 -
25
Unrestricted funds

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:

At 1 January 2025
Incoming resources
Resources expended
Transfers
Gains and losses
At 31 December 2025
£
£
£
£
£
£
Endowment fund
400,606
28,016
(2,734)
-
20,291
446,179
General funds
(33,932)
960,249
(832,796)
10,559
-
104,080
366,674
988,265
(835,530)
10,559
20,291
550,259
Previous year:
At 1 January 2024
Incoming resources
Resources expended
Transfers
Gains and losses
At 31 December 2024
£
£
£
£
£
£
Endowment fund
353,452
27,324
(2,476)
-
22,306
400,606
General funds
72,664
560,626
(681,339)
14,117
-
(33,932)
426,116
587,950
(683,815)
14,117
22,306
366,674

Endowment Fund

The Wye and Usk Foundation Endowment Fund is a long term fund whose capital is invested to generate income to support the works and charitable objectives of the Wye and Usk Foundation. A sub-committee of 4 including at least one current Trustee and the WUF Director are responsible to the Board for selecting, appointing and monitoring the Fund manager. Donors to the fund are able to elect the income generated from their donations to be reserved for a specific catchment or for the general furtherance of the Foundation's charitable objectives.

26
Analysis of net assets between funds
Unrestricted
Designated
Restricted
Total
funds
funds
funds
2025
2025
2025
2025
£
£
£
£
At 31 December 2025:
Investments
-
429,957
-
429,957
Current assets/(liabilities)
109,129
16,222
66,958
192,309
Long term liabilities
(5,049)
-
-
(5,049)
104,080
446,179
66,958
617,217
THE WYE AND USK FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
26
Analysis of net assets between funds
(Continued)
- 35 -
Unrestricted
Designated
Restricted
Total
funds
funds
funds
2024
2024
2024
2024
£
£
£
£
At 31 December 2024:
Investments
-
377,682
-
377,682
Current assets/(liabilities)
(29,100)
22,924
356,015
349,839
Long term liabilities
(4,832)
-
-
(4,832)
(33,932)
400,606
356,015
722,689
27
Operating lease commitments
Lessee

At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
£
£
Within one year
12,139
12,139
Between two and five years
6,058
16,618
18,197
28,757
THE WYE AND USK FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 36 -
28
Related party transactions

As part of the Passport scheme amounts of £Nil (2024: £65,664) were collected by WUF as agent for, and were paid to, Mr M Timmis for the letting of a fishing beat owned by him.

As part of the Passport scheme amounts of £2,936 (2024: £2,624) were collect by WUF as agent for, and were paid to, Ms E Passey for the letting of a fishing beat owned by her.

As part of the Passport scheme amounts of £145 (2024: £83) were collect by WUF as agent for, and were paid to, Mr C De Winton for the letting of a fishing beat owned by him.

During the year the charity made purchases of £3,240 (2024: £3,610) and made sales of £23,792 (2024: £1,840) to Afonydd Cymru Cyfyngedig an entity in which Mr C Newington-Bridges is a director.

Income of £Nil (2024: £5,022) was received from Norman Partnership, an entity in which Mr R Norman is a director, for work done.

Income of £500 (2024: £514) was received from P Horsburgh in respect of fishing sales.

Income of £Nil (2024: £31) was received from A Johnson in respect of fishing sales.

Income of £31 (2024: £180) was received from A Lavers in respect of fishing sales.

Income of £99 (2024: £115) was received from J Bengough in respect of fishing sales.

During the year year trustees and key management personnel made auction donations, auction purchases and other donations totalling £7,309 (2024: auction donations, auction purchases and other donations totalling £23,543.)

29
Agency Transactions

The Charity acts as an an agent in respect of certain transactions. Where the Charity is acting as an agent, the funds do not belong to the Charity and are therefore not recognised as income or expenditure in the Statement of Financial Activities. During the year the Charity recieved a total of £431,255 (2024: £428,970) and paid out a total of £356,562 (2024: £356,974). As at the year end, the amount held in respect of these transactions was £98,468 (2024: £101,774) and is included within creditors.

THE WYE AND USK FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 37 -
30
Cash absorbed by operations
2025
2024
£
£
Deficit for the year
(105,472)
(335,709)
Adjustments for:
Investment income recognised in statement of financial activities
(9,829)
(10,946)
Gain on disposal of tangible fixed assets
-
(750)
Gain on disposal of investments
(731)
(448)
Fair value gains and losses on investments
(19,560)
(21,858)
Depreciation and impairment of tangible fixed assets
-
240
Movements in working capital:
Decrease in debtors
59,292
16,601
(Decrease)/increase in creditors
(69,074)
70,996
Increase in deferred income
76,696
32,453
Cash absorbed by operations
(68,678)
(249,421)
31
Analysis of changes in net funds
At 1 January 2025
Cash flows
Acquisitions and disposals
At 31 December 2025
£
£
£
£
Cash at bank and in hand
413,144
(34,578)
-
378,566
Loans falling due within one year
(10,386)
39,117
(95,155)
(66,424)
Loans falling due after more than one year
(4,832)
(217)
-
(5,049)
397,926
4,322
(95,155)
307,093
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