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2023-12-31-accounts

GALAPAGOS CONSERVATION TRUST

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

Company Number: 03004112

Registered Charity Number: 1043470

GALAPAGOS CONSERVATION TRUST

CONTENTS

Pages
Reference and Administrative Details 1 – 2
Report of the Trustees 3 – 18
Independent Auditor’s Report 19 – 21
Statement of Financial Activities 22
Balance Sheet 23
Cash Flow Statement 24
Notes to the Financial Statements 25 – 39

GALAPAGOS CONSERVATION TRUST

REFERENCE AND ADMINISTRATIVE DETAILS

Governing Document: Memorandum and Articles of Association Charity number: 1043470 Company number: 03004112 Registered Address: Galapagos Conservation Trust 7-14 Great Dover Street London SE1 4YR Trustees: Charmian Caines - Chair Dr Marta Tufet – Vice-Chair Amy Liddy – Honorary Treasurer Philippa Carte (resigned December 2023) Sandra Charity Jane Tozer Vanessa Zampiga Martin Saywell Dr Sally Uren Niall Watson Sara Patricia Zurita Serrano (appointed March 2023) Key management personnel: Chief Executive Officer: Sharon Johnson (until May 2023) Dr Jen Jones (from May 2023) Finance Director/ Deputy CEO: Claire McKinley HONORARY ROLES President: Monty Halls Ambassadors: Sir James Barlow Bt Liz Bonnin Angela Darwin Dr Sarah Darwin Julian Fitter Stanley Johnson Randal Keynes (deceased March 2023) Dorothy Latsis Godfrey Merlen (deceased May 2023) Dr Henry Nicholls Dr Antje Steinfurth Jennifer Stone

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REFERENCE AND ADMINISTRATIVE DETAILS

Independent Auditor: Azets Audit Services Chartered Accountants 2[nd] Floor, Regis House 45 King William Street London EC4R 9AN Accountants: Clarity Iwerne Courtney Dorset Bankers: Lloyds Bank plc 1 Legg Street Essex CM1 1JS CAF Bank Ltd Kings Hill West Malling Kent ME19 4TA

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Welcome from our Chair

To all Galapagos Conservation Trust members and supporters:

2023 was a year of growth and change for GCT, starting with the launch of our 2023-2025 strategy, which focuses on two key pillars: island restoration and ocean protection. Our new strategy builds on our ‘science to solutions’ approach and addresses the key challenges facing Galapagos, namely invasive species, plastic and other forms of pollution, overfishing and climate change.

together to allow us to accelerate our goals and protect the wildlife of Galapagos.

conducted on an inhabited tropical island, 2023 was a truly remarkable year for GCT.

It was great to meet so many of you at Galapagos Day in October. Together, we explored the power of rewilding to repair island ecosystems with the help of our speakers, Ambassador Luis Vayas Valdivieso, Dr Sarah Darwin, Dr Birgit Fessl and Professor Alastair Driver. We were also treated to a surprise video message of support from the actor, presenter and

to thank Pippa Carte, who stepped down from the Board of Trustees during the year, for her invaluable support to the team over the last four years. I am excited to see what the future has in store for GCT and the Islands that mean so much to us.

Charmian Caines

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The Trustees have pleasure in presenting their Annual Report and financial statements for the year ended 31 December 2023.

The financial statement has been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s Memorandum and Articles of Association, the Charities Act 2022 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 issued in October 2019.

1. OBJECTIVES AND ACTIVITIES

Galapagos is one of the most pristine and protected archipelagos in the world, famed for its unique biodiversity and high levels of endemism (over 80% of land birds, 97% of reptiles and land mammals, 30% of the plant life and 20% of marine species are found nowhere else in the world). However, despite its protected status as one of the first UNESCO World Heritage Sites, over 55 Galapagos species are now listed as Critically Endangered on the IUCN Red List and more than 25 as Endangered, highlighting the urgent need to protect this unique biodiversity, particularly in the face of climate change and continuing pressures from invasive species and the human footprint.

We have nearly 30 years of experience supporting impactful conservation programmes across the Archipelago and partner with Ecuadorian authorities, NGOs, local communities and leading scientists, both in Galapagos and worldwide.

By raising funds and awareness in the UK, we are able to support and deliver projects in Galapagos and respond to key threats facing the Islands, including invasive species, plastic pollution, climate change and overfishing. Together with our project partners we gather the evidence needed for maximum conservation outcomes, whilst ensuring strong educational and communications campaigns garner public and political support for interventions.

Our Vision: Our Vision is of the unique nature and beauty of the Galapagos Archipelago conserved and protected in perpetuity.

Our Mission: The Trust supports, develops and promotes projects that achieve measurable conservation, sustainable living and protection of the environment of Galapagos.

Our Strategic Objectives:

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Our Values:

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2. ACHIEVEMENTS AND PERFORMANCE

2023 Achievements

From presenting research at the Our Ocean conference in Panama to supporting one of the largest and most complex eradication projects ever conducted on an inhabited tropical island, 2023 has been a truly remarkable year for GCT. We would like to share some of our achievements that we couldn’t have accomplished without your support.

GCT at the Global Plastics Treaty negotiations

In June, the team attended the second round of negotiations for a global agreement to end plastic pollution at UNESCO headquarters in Paris.

During the negotiations, GCT and our Pacific Plastics: Science to Solutions (PPSS) network were invited to share our positions at a GRULAC (Latin American countries and the Caribbean group) meeting and submit a joint action statement to the plenary, which called for world leaders to agree to an ambitious, legally binding Global Plastics Treaty that protects humans, biodiversity and promotes human rights and environmental justice.

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Our Ocean conference in Panama

At the beginning of March, the GCT team attended the Our Ocean conference in Panama, where our Chief Executive, Dr Jen Jones, presented preliminary results from the last five years of plastic pollution research in the Galapagos Islands and the wider Eastern Pacific. Jen also shared with those who attended our side event some of the innovative solutions that GCT is supporting, including introducing reusable cups in shopping malls on the South American mainland and developing new bioplastics.

Introducing Alberto the waved albatross

In November, we introduced the world to the third storybook in our Galapagos Journey series, Alberto the Waved Albatross! Aimed at primary school children (7-11 years old), the book invites us to join Alberto as he reunites with his partner Isabela on Española island, where they, along with 12,000 other breeding pairs, will take on the challenge of rearing a new chick together while overcoming many obstacles, including industrial fishing and plastic pollution.

Bringing Alberto and his family to life has been a long but rewarding journey involving many people in the UK and the Galapagos Islands. We want to thank our supporters for being a part of this journey and helping to shape the next generations of conservationists worldwide.

Connecting with our partners in Galapagos

Following our successful side event at the Our Ocean Conference, the GCT team set off on a three-week trip to visit many of our projects and partners in Galapagos. This included attending several workshops with Fundación un Cambio por la Vida, whom we partner with to deliver our Co-Galapagos project.

During these workshops, the team discussed on how we can most effectively support Co-Galapagos across the range of sustainable development themes the project tackles, including promoting sustainable tourism and improving employment prospects for young residents.

The team also conducted a drone workshop with the Galapagos National Park Directorate coastal clean-up team, during which the group learned how drone technology can assist with removing and documenting plastic pollution from coastal habitats.

Galapagos Day 2023: Rewilding Galapagos

In October, we were thrilled to be joined by so many of our members, supporters and partners, along with many new faces, at our annual Galapagos Day event. This year, our theme was ‘Rewilding Galapagos’, and together with our expert speakers, we took an in-depth look at some of the ways in which rewilding and island restoration can repair damaged ecosystems, both in Galapagos and here in the UK. A highlight from the evening was a special message from our surprise guest, Stephen Fry, who charmed us all with his tales of the Galapagos giant tortoise and the work that GCT is supporting to reintroduce tortoises to islands such as Floreana.

We would like to thank all of our speakers, our partners and our wonderful volunteers who helped out on the night, along with everyone who attended in person and online.

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2. ACHIEVEMENTS AND PERFORMANCE (continued)

2023 Programme Highlights

Despite a year of significant change in 2023, we have made a step change in our delivery, shifting our emphasis from ‘science to solutions’, a core element of the current GCT strategy. Importantly, these solutions are co-designed and delivered with partners spanning grassroots to government across both island and ocean ecosystems and aligned to global 2030 targets.

Restoring Floreana

This ambitious, long-term and multi-partner restoration programme is driven by a suite of partners including the Galapagos National Park Directorate, Fundación de Conservación Jocotoco, Durrell Wildlife Conservation Trust, University of Vienna, Charles Darwin Foundation, Island Conservation and Re:wild. The overall aim is to ensure the survival of Floreana island’s native biodiversity, including the 55 threatened vertebrate species present, as well as to enable conditions to reintroduce 12 locally extinct species, such as giant tortoises, Floreana mockingbirds and little vermilion flycatchers. It is currently in the final stages of its eradication phase, to remove the threat posed by invasive rats, mice and feral cats. In 2023, GCT continued to support biodiversity baseline surveying, including the collection of invertebrate samples which serve as an important indicator of ecosystem health and an essential food source for the endangered birds the programme is designed to protect. While the field teams continue to monitor Floreana, initial results are looking very hopeful for success. The first reintroductions of local extinct species are expected to take place from 2025.

Galapagos Tortoise Movement Ecology Programme

Since 2009, GCT has supported this long-running programme now led by the Charles Darwin Foundation, which addresses many areas of research linking to giant tortoise conservation including studying (i) movement and reproductive ecology, (ii) interactions of tortoises and humans and (iii) health and ecosystem services, contributing to a One Health approach to tortoise conservation. One Health is an approach to optimise the health of wildlife, humans and the environment simultaneously. 2023 was highly productive for the GTMEP, with three new research articles published on the topics of tortoise movement ecology, reproductive ecology, and health and two additional articles under revision for publication in 2024. The movement ecology work using radiotelemetry and GPS units continued and we have now fitted >120 adult tortoises with satellite tags to help us understand tortoise movements. Throughout 2023 there was increasing research addressing the reproductive ecology of tortoises, including detailed monitoring of nests. We have advanced our understanding of nesting success, hatchling survival and gender ratios by monitoring >350 nests and >100 hatchlings. During 2024 we will continue to support across the areas of research detailed above, whilst raising awareness amongst the local and international community and carrying out collaborative environmental education activities in the Galapagos to accelerate solutions to the major threats to tortoises.

Landbird Conservation Solutions

The little vermilion flycatcher population on Santa Cruz, estimated to be only 40 breeding pairs, is declining at an alarming rate, threatened by invasive species, including the avian vampire fly ( Philornis downsi ) and habitat degradation. The project, led by the Charles Darwin Foundation, has continued in 2023, studying breeding success on Santa Cruz and producing baseline health data in potential source populations of the little vermilion flycatcher across the Archipelago for potential reintroductions in the future. Using the insecticide Permacap, self-fumigation (i.e. treating nesting materials provided in a dispenser) and other nest treatment methods have been pioneered and tested in 2023 to tackle the avian vampire fly, with self-fumigation helping the little vermilion flycatcher to ultimately protect their own nests. Efforts in 2023 resulted in the most successful nesting season recorded, with 12 fledglings joining the Santa Cruz population. The plan is to continue testing these methods in Santa Cruz and at a broader scale in 2024.

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Landbird Conservation Solutions (continued)

Between February and May 2023, an Ecuadorian PhD candidate at the University of Exeter part-funded by GCT, Cristian Poveda, conducted exploratory surveys in the highlands and lowlands of Floreana island to assess the composition and extent of smooth-billed ani territories. Smooth-billed anis are an invasive bird species that are of concern due to their predation and competition with native species. We are continuing to support Cristian with his PhD into 2024 and will continue to support CDF to build baseline data for seven landbird species on Floreana, to increase bird nesting success through novel control methods, and to maximize breeding success of the little vermilion flycatcher on Santa Cruz through continued nest monitoring, nest injection and self-fumigation trials in the experimental plots, while supporting ongoing education activities.

Land & Marine Iguana Conservation

Following the successful reintroduction of land iguanas to Santiago in 2022, an expedition took place in April 2023, aimed at studying the current population on the island. The team, led by Dr Luis Ortiz-Catedral and the Galapagos National Park Directorate, also visited North Seymour, to determine whether a further translocation of individuals to Santiago could be conducted. Updated estimates of population density and distribution has helped identify better conservation management targets and will assist with the management of the species. A highlight from the April expedition was finding the oldest living male land iguana, first sighted in 1979, and estimated to be between 45 and 65 years old.

Through our partnership with Leipzig University and Universidad San Francisco de Quito, in 2023 we supported efforts to map marine iguana populations and plastic pollution exposure across the islands, through the use of drone surveys and citizen science; the “Iguanas from Above” project. This will be a particularly important baseline, given the onset of the El Niño phenomenon, during which marine iguana populations have previously been negatively affected by changes to their algal diets. In 2024-5 we will continue to support the monitoring of marine iguanas during the ongoing El Niño event via drone survey and with citizen science volunteers counting individuals from the aerial images. We are also supporting a study of the diet of marine iguanas, through non-invasive sampling and molecular techniques to assess if the genetic differentiation among populations is mirrored in their feeding pattern.

Endangered Sharks and Rays of Galapagos

This programme, led by our partners at MigraMar and the Galapagos Science Center/Universidad San Francisco de Quito, aims to improve the management and conservation of sharks and rays in the Galapagos Marine Reserve. In 2023, research expeditions have resulted in a population estimate of 260-545 whale sharks in the south of the Archipelago. Outputs of this phase of the project include four reviewed papers, six dissertations and 12 talks. MigraMar has achieved the establishment of the first IUCN Important Shark and Ray Area (ISRA), consisting of the Pacific Equatorial Front, and the Galapagos nursery complex, where we have been studying newborn hammerhead and blacktip sharks and have tagged seven juvenile scalloped hammerhead sharks and five spotted eagle rays.

In 2024 we will continue to support Migramar and USFQ to improve the management and conservation of sharks and rays in the Galapagos Marine Reserve. We will support a field trip to collect the first baseline data for the Hermandad Marine Reserve established in 2022 and fund a research assistant to collect underwater video surveys and eDNA samples, important tools in monitoring ocean health. In addition, we are monitoring juvenile sharks, tagging manta rays and studying habitat use of whale sharks. We will continue to support a Galapagos local and global catalogue for Whale Shark identification ‘Wildbook’ to improve knowledge on how populations are connected.

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Co-Galapagos

Co-Galapagos was launched in 2021 to promote collaboration, cooperation and coordination to achieve the United Nations’ 2030 Sustainable Development Goals (SDGs) Agenda in Galapagos. The SDGs consist of 17 goals which are broken down into 169 targets, 40 of which have been identified as the most urgent targets for the Archipelago. CoGalapagos aims to support and strengthen the capacity of a local NGO, Fundación un Cambio por la Vida (FUNCAVID), which manages community-led projects as well as a local internship scheme for young Galapagueños to gain experience in a project relating to the 40 targets.

During 2023, GCT supported the delivery of 15 projects and 20 internships across communications, projects, research and policy themes. The paid internship scheme has major potential to continue growing to develop local skills and generate relevant work experience for young adults in Galapagos. This project has empowered 17 young adults by supporting their leadership or contribution to projects progressing priority SDG targets and filling a notable gap in opportunities for paid work and skills development. In 2023, this project was kindly supported by a Darwin Initiative Capability & Capacity grant and the Evolution Education Trust. We will continue our support in 2024 with the aim of further enabling community-led projects to achieve the SDGs.

Connecting with Nature Education Programme

Our Connecting with Nature programme, carried out in coordination with a number of Galapagos partners, continues to engage young people, their families and teachers with the wildlife of Galapagos and conservation work. Activities carried out in 2023 included mentoring for reading sessions with our series of educational children’s storybooks (160 participants), running family science events (150+ participants), workshops and the 10[th] annual community Shark Day in San Cristobal island (500+ participants), something GCT has supported since the beginning.

The Gills Club (Chicas con Agallas) aims to engage more girls in shark science in Galapagos and is supported by GCT as part of our education and outreach work. A new cohort of the Gills Club was started in 2023 in Santa Cruz island, in addition to the group on San Cristobal, so we are now supporting 20+ local girls between the ages of 8-12 to learn about conservation, including plastic pollution, habitat degradation, use of citizen science tools etc.

In 2024 we will continue our Connecting with Nature programme by growing our outreach activities in Galapagos and we will promote our Discovering Galapagos website to teachers and educators.

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Fog Harvesting

During 2023, GCT co-led a fog/rainwater harvesting pilot in the highlands of Santa Cruz led by water expert Dr Charlie Ferguson, in partnership with FUNCAVID and supported by the Co-op and Co-op Foundation in the UK. The project aimed to reduce the need for municipal water supplies currently being transported via truck (up to 17 trucks a day), saving money and reducing the carbon footprint of water needed for farming. In this 18-month project, fog harvesting installations in 16 sites have collected 65,000 litres of water– this equates to a direct saving of approximately 0.2 tons of CO2 for the first year that they have been installed. We anticipate that if maintained correctly, each fog net could last around seven years – in order to ensure optimum sustainability, we have mapped opportunities to upcycle the nets when they are no longer fit for this purpose. Most of the sites for fog nets are situated on local farms and we will continue to support projects with local farmers to improve conditions for biodiversity and to adopt sustainability measures such as water harvesting that we have learned from this important project.

Plastic Pollution Free Galapagos

Throughout 2023, our flagship plastic programme continued to grow, engaging from grassroots to governments. To mitigate the negative effects of plastic pollution in Galapagos, we have worked with local partners to identify key capacity and knowledge gaps, which has led us to supporting the Galapagos National Park Directorate in developing their 2030 Strategic Plan for Marine Plastics Management in the Galapagos Marine Reserve. This includes recommendations for improving the effectiveness of coastal clean-ups, and establishing robust long-term monitoring and data collection, using standardised sharing protocols for sampling coastal plastic, discarded fishing gear and Fish Aggregating Devices (FADs) which have drifted into the marine reserve where their use is illegal. We have provided training to the Park on drone flight and aerial plastic surveys, coastal and urban sampling methods, data management, analysis and visualisation. The work to embed the 2030 Strategic Plan for Marine Plastics Management will continue to be a major focus in 2024, with key stakeholders brought together to share knowledge and resources, and accelerate potential solutions.

To prevent future plastic pollution, we have accelerated our work on policy, becoming key advisors to the Ecuadorian delegation for the Global Plastics Treaty negotiations. The evidence we have built in Galapagos over the last five years is directly contributing to these global discussions and also to local policy work with the Galapagos municipalities and the Inter-Institutional Commission for the Responsible Use of Plastics to strengthen existing single-use plastics bans and improve waste management. This work is reinforced by our circular economy solution trials, with a community innovation call that will be launched in the first quarter of 2024. 2023 also saw the outset of a circular economy research project in Galapagos, filling key knowledge gaps around plastic imports, consumer purchasing, use and disposal.

Pacific Plastics: Science to Solutions (PPSS), our international plastics research network co-managed with the University of Exeter, has accelerated our impact over the last year. A total of 29 papers have been published across the network, with results helping to develop the 2023 Strategic Plan for Marine Plastics Management.

Partnerships

GCT is recognised as a trusted advisor and partner, as well as a leading supporter and promoter of projects that achieve measurable conservation, sustainable living and protection of the environment of Galapagos. Our programmes tackle broader global issues such as plastic pollution and climate change. We continue to work closely with a broad range of organisations including the Galapagos National Park Directorate, the Consejo de Gobierno de Galápagos and the Swiss Friends of Galapagos Organisation, who supported GCT’s projects through trust applications and appeals.

We have active partnership agreements in place with all project partners delivering programmes in Galapagos, ensuring a strong and successful working relationship. Key partners include the Charles Darwin Foundation, MigraMar, Conservation International Ecuador, WildAid, Fundación de Conservación Jocotoco, Island Conservation, Galapagos Hub, CSIRO, Utrecht University, University of Exeter, Durrell Wildlife Conservation Trust, FUNCAVID, FIRMAG and Universidad San Francisco de Quito (Galapagos Science Center) and others. GCT remains a Governing Member of the Charles Darwin Foundation.

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Partnerships (continued)

During the last strategic period, GCT continued to develop relations with Ecuadorian government ministries. GCT is working with the Ecuadorian Ambassador to the UK to support Ecuador’s commitment to a legally binding global treaty on plastics, covering the ‘full lifecycle’ of plastics from production to disposal. GCT will continue working with the Ecuadorian Government to support delivery of the UN Plastics Treaty in 2024 and leading up to the signing of the Treaty in 2025, possibly in Galapagos.

Communications

Raising awareness of our programmes and providing educational information is a vital part of our work. During 2023 we engaged with 800 people at 3 events, redesigned our website, had coverage in over 20 printed and online news publications, and 17 scientific papers were published as a result of our work.

Organisational

During the current strategic period, we are focusing on ensuring we have the structure and resources in place to grow and support the team (both in the UK and in Galapagos); embedding our new strategy and values into the organisation and ensuring all our activities are fully operational by investing in both GCT’s physical (office) and digital infrastructure.

Our key areas of organisational objectives are set out below:

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3. PLANS FOR THE FUTURE

2024 will be an important year for GCT as we continue with the implementation of our three-year strategy. We have a new CEO supported by a motivated and talented team, ready to drive forward the current strategy and start laying the foundations for the next as we strive to achieve our longer-term goals for 2030, ensuring we are building the resilience we need to succeed. We will continue to invest in our people with a special focus on building our team on the Islands to support local delivery of our programmes and communications, and to further inform and build our reputation with local policymakers.

In the second year of our current strategy, we have identified below the top priorities for 2024 within each of our four Strategic Objectives:

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4. FINANCIAL REVIEW

The Trustee Annual Report and Accounts for the year ended 31 December 2023 is prepared in accordance with the Financial Reporting Standard applicable in the United Kingdom (FRS102) and the FRS102 Charity Statement of Recommended Practice (SORP).

Total income for the year was £1,815k (2022: £1,271k) - an increase of 43% compared to 2022. This increase was largely driven by two exceptional legacies received during the year (£449k) and an increase in major donor income.

Total expenditure for the year was £1,337k (2022: £1,332k) – broadly in line with the prior year as we continued to invest in and deliver high-impact programmes.

The net surplus for the year was £506k (2022: deficit of £83k) was largely driven by several large gifts in wills generously received from supporters during 2023.

Long terms investments held at 31 December 2023 totalled £249k (2022: £221k). This increase reflects movements in the market over the past 12 months.

Reserves

The Trustees have agreed that GCT should hold between three and six months of unrestricted operating costs in reserves in order to operate in the event if any unforeseen and significant reduction in income.

As at 31 December 2023, reserves total £1,093k (2022: £586k), of which £134k were restricted (2022: £123k). The Trustees have decided to designate £96k of general funds to our programmes fund and legacy income of £450k to a new conservation fund to support conservation projects and local communities in the Galapagos. In the prior year, £110k of general funds were designated to our strategic programmes. During the year, £104k (2022: £136k) of designated funds were used for programme spend (see note 20).

At the end of 2023, our general funds were £390k (2022: £337k) which is in-line with our usual range of reserves (£370k£410k).

At the end of 2023, our restricted funds were £134k (2022: £123k).

Going concern

The management team continues to focus on high-quality forecasting for 2024 to ensure a robust pipeline of income matched to programme demands. The Trustees have assessed the financial position and are confident that the financial resources are sufficient to meet liabilities for the next 12 months. There are no material uncertainties about the charity’s ability to continue as a going concern.

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4. FINANCIAL REVIEW (continued)

Fundraising

We are committed to ensuring that all fundraising is undertaken in an ethical, clear and transparent manner. The majority of GCT’s income is from its members, individual donors, transformational gifts, trusts and corporates. We do fundraise from the general public through events, print and online advertising. Our employees and volunteers carry out all our fundraising, and we do not employ any professional fundraisers or commercial participators to carry out fundraising on our behalf.

GCT is a member of the Fundraising Regulator and abides by the Fundraising Codes of Practice. We ensure our fundraising activities are in keeping with our values and comply with all relevant legislation. We do not sell lists of supporters to other organisations, nor do we purchase lists of other charities’ donors. Policies are in place to ensure that we protect vulnerable people and members of the public while we are fundraising.

In 2023 GCT received six (2022: four) complaints, which were treated seriously and are used as opportunities to improve our future processes and service. All complaints were logged and recorded by the relevant staff member and were resolved at stage one of the complaint process and within the four-day working limit.

Risk Management

The Trustees and CEO oversee a formal risk management process, identifying the major risks facing the Charity from both internal and external factors. Each risk is assessed according to its inherent likelihood and potential impact, along with the residual likelihood and impact following any mitigating actions.

Each Committee (Finance, Audit and Risk, Programmes and Fundraising and Communications) takes responsibility for maintaining the risk register for their area. The risk register is updated at Committee meetings every six months and approved by the board of Trustees on an annual basis. Existing controls are assessed, and any further action to control the risks are agreed. The actions are implemented by the CEO and staff.

Data Protection

Data protection is ingrained in how GCT operates and communicates, and we only process information where we have a legal basis to do so. All staff are aware of the data protection requirements and practice good data management within their roles. Internal policies governing data are reviewed regularly and updated where necessary.

GCT strives to be a transparent and trustworthy organisation and to live our values through all our actions. In line with these values, our privacy policy is available to view on our website.

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5. STRUCTURE, GOVERNANCE AND MANAGEMENT

Galapagos Conservation Trust was established in 1995 as a UK registered charity and is a company limited by guarantee, governed by its Memorandum and Articles of Association. The members of the company, whose liability is limited to £1, are the Trustees. The Trust’s objectives are to support the conservation and sustainable development of the Galapagos Islands and its unique biodiversity. The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the charity’s aims and objectives and in planning future activities.

The Trustees who served during the year are noted on page 1.

The Trustees are responsible for approving all significant decisions and ensuring they are delivered. The Board meets at least four times a year. In addition, the Board operates committees for Finance, Audit and Risk, Fundraising and Communications, and Programmes and Grants that meet prior to each full Board meeting while the Nominations and Recruitment Committee meets as required.

All Trustees give their time freely, and no Trustee received remuneration in the year. Details of expenses reimbursed to Trustees are disclosed in note 13 to the accounts. There are no related party transactions.

Trustee appointment and induction

The Trustees are appointed by the Members and serve for a period of three years from the AGM at which their appointment is confirmed, after which time they may be re-appointed, normally for up to two further terms (nine years in total). The Memorandum and Articles of Association of the company require a minimum of three Trustees, with no maximum.

The Board undertakes a bi-annual skills analysis and effectiveness review to ensure it has the appropriate skills to fulfil its duty as a Board. If a Trustee retires or additional new Trustees are required, GCT runs an open and rigorous recruitment process for new Trustees who have the appropriate skills and experience. The recruitment process includes where possible, advertising in the GCT magazine, on the GCT website and in the wider media. GCT is committed to diversity and welcomes applicants irrespective of gender, sexual orientation, disability, religion, race or age. All new potential Trustees are interviewed, and if provisionally accepted, they are invited to attend a Trustee meeting before they formally join the Board.

On joining, each Trustee undertakes an induction programme, meets with members of staff and is provided with a Trustee Handbook that includes details of their roles and responsibilities, terms and conditions of service, plus information about the charity including our strategy, business plan and financial plan.

We are thrilled to have welcomed one new Board member during 2023:

Sara Patricia Zurita Serrano

Staff and training

The Trustees and Chief Executive are committed to both staff development and wellbeing to support the effective development of the Trust and of individuals. To support this, staff have attended a variety of training courses, events and team days during the year. We have a small serviced London office and combine office and home working to offer flexible options to staff members. Our in-person team days help ensure the team remain connected and work in a collaborative and effective way.

The pay of the staff is reviewed annually in December by the Finance, Audit and Risk Committee and the Board, following an annual appraisal, which takes place in the last quarter.

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Volunteers

As an organisation with a small team of staff, GCT relies on the hard work of volunteers. They make a vital contribution to our office administration as well as at our events, and we are extremely grateful to them for their commitment and support. Support was provided in a variety of ways, including:

Associated Activity

Galapagos Conservation Trust holds a voting position on the General Assembly of the Charles Darwin Foundation, a not-for-profit organisation registered in Belgium that operates the Charles Darwin Research Station in the Galapagos Islands. This position does not give GCT any significant influence or control over CDF. GCT has one manager on the Christ’s College Cambridge Charles Darwin and Galapagos Islands Fund

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Trustees’ responsibilities statement

The Trustees (who are also directors of Galapagos Conservation 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, which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for the year. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

The report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved on behalf of the board on 2[nd] July 2024 and signed on their behalf by

LA Atmel oa Charmian Caines Amy Liddy Chair Treasurer

Date: 2/07/24

18

GALAPAGOS CONSERVATION TRUST

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF GALAPAGOS CONSERVATION TRUST

Opinion

We have audited the financial statements of Galapagos Conservation Trust (the ‘charitable company’) for the year ended 31 December 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement 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:

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 charitable company 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 charitable company'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 trustees 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, except to the extent otherwise explicitly stated in our report, 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

19

GALAPAGOS CONSERVATION TRUST

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF GALAPAGOS CONSERVATION TRUST

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Trustees’ responsibilities statement, the trustees (who are also the directors of the charitable company for the purposes 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 charitable company’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

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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:

20

GALAPAGOS CONSERVATION TRUST

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF GALAPAGOS CONSERVATION TRUST

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 is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-and-guidance-forauditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-for-audit.aspx. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. 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.

M Wilkes FCA (Senior Statutory Auditor) for and on behalf of Azets Audit Services Statutory Auditor, Chartered Accountants 2[nd] Floor Regis House 45 King William Street London EC4R 9AN Date: ...................................... 3 July 2024

21

GALAPAGOS CONSERVATION TRUST

STATEMENT OF FINANCIAL ACTIVITIES (Including the Income and Expenditure Account)

FOR THE YEAR ENDED 31 DECEMBER 2023

Notes Unrestricted Restricted Total Total
Funds Funds 2023 2022
£ £ £ £
Income:
Donations and legacies 2 818,295 751,961 1,570,256 1,048,598
Memberships 3 109,704 - 109,704 111,758
Other trading activities 4 82,613 45,231 127,844 108,777
Investment income 5 7,082 - 7,082 1,463
____ ____ ____ ____
Total income 1,017,694 797,192 1,814,886 1,270,596
____ ____ ____ ____
Expenditure:
Raising funds 6 201,926 - 201,926 166,694
Charitable activities 7 348,497 786,089 1,134,586 1,165,265
____ ____ ____ ____
Total expenditure 8 550,423 786,089 1,336,512 1,331,959
____ ____ ____ ____
Unrealised (losses)/gains 16 27,728 - 27,728 (21,876)
____ ____ ____ ____
Net movements in funds 494,999 11,103 506,102 (83,239)
Reconciliation of funds:
Total funds brought forward 463,742 122,728 586,470 669,709
____ ____ ____ ____
Total funds carried forward 21 958,741
____		 133,831
____		 1,092,572
____		 586,470
____

All income and expenditure derive from continuing activities.

All recognised gains and losses are included in the Statement of Financial Activities.

The notes on pages 25 to 39 form part of these financial statements

22

GALAPAGOS CONSERVATION TRUST

BALANCE SHEET

COMPANY NUMBER: 03004112

AS AT 31 DECEMBER 2023

Notes 2023 2022
£ £ £ £
Fixed assets
Tangible fixed assets 14 - -
Intangible fixed assets 15 30,514 16,200
Investments 16 249,030 221,302
____ ____
279,544 237,502
Current assets
Debtors 17 79,302 161,975
Cash and bank 847,467 257,457
____ ____
926,769 419,432
Creditors:Amounts falling due within one
year 18 (113,741) (70,464)
____ ____
Net current assets 813,028 348,968
____ ____
Net assets 1,092,572
____		 586,470
____
Restricted funds 19 133,831 122,728
Unrestricted funds
Designated funds 20 568,738 126,343
General funds 390,003 337,399
____ ____
Total funds 21 1,092,572
____		 586,470
____

The financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small charitable companies.

The financial statements were approved by the Board on the and signed on its behalf by: 2nd July 2024

AAD. ah ats Charmian Caines Amy Liddy Chairman Treasurer

The notes on pages 25 to 39 form part of these financial statements.

23

GALAPAGOS CONSERVATION TRUST

CASH FLOW STATEMENT

AS AT 31 DECEMBER 2023

Notes
Cash flows from operating activities:
Cash generated from operations
23
Net cash provided by (used in) operating activities
Cash flows from investing activities:
Bank Interest received
Purchase of intangible assets
Net cash provided by (used in) investing activities
Change in cash and cash equivalents in the reporting period
Cash and cash equivalents at the beginning of
the reporting period
Cash and cash equivalents at the end of the reporting period
Cash and cash equivalents consist of:
Cash at hand and in bank
Short term deposits
Cash and cash equivalents at the end of the reporting period
The notes on pages 25 to 39 form part of these financial statements		 2023
£
600,016
_
600,016
_
7,082
(17,088)
_
(10,006)
_
590,010
257,457
_
847,467
_
847,467
-
_
847,467
_		 2022
£
(180,145)
_
(180,145)
_
1,463
(16,200)
_
(14,737)
_
(194,882)
452,339
_
257,457
_
257,457
-
_
257,457
_

24

GALAPAGOS CONSERVATION TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

1. ACCOUNTING POLICIES

(a) General information and basis of preparation

The Galapagos Conservation Trust is a company limited by guarantee in the United Kingdom. The address of the registered office is given in the charity information on page 1 of these financial statements. The nature of the charity’s operations and principal activities are set out on page 4.

The charitable company constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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 (FRS 102) issued in October, the Financial Reporting Standard applicable in the United Kingdom (FRS 102), the Charities Act 2022, the Companies Act 2006 and UK Generally Accepted Practice as it applies from 1 January 2016.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the charity.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

(b) Going concern

The management team continues to focus on high-quality forecasting for 2024 to ensure a robust pipeline of income matched to programme demands. The Trustees have assessed the financial position and are confident that the financial resources are sufficient to meet liabilities for the next 12 months. There are no material uncertainties about the charity’s ability to continue as a going concern.

(c) Funds

Unrestricted funds - represent funds which can be used in accordance with the charitable objects at the discretion of the Trustees.

Designated funds – these are funds set aside by the Trustees out of unrestricted general funds for specific purposes or projects.

Restricted funds - represent funds that can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when the funds are raised for specific restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

25

GALAPAGOS CONSERVATION TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

1. ACCOUNTING POLICIES - continued

(d) Income

All income is included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

Donations and legacies are recognised in the financial statements when the Trust is convinced that there is entitlement to the income, there is certainty of receipt and the amount in question is measurable. Any administration fee is charged is recognised as unrestricted income.

Subscription income is accounted for at the time of receipt.

Income from trading activities includes income earned from fundraising events and trading activities to raise funds for the charity. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred.

(e) Expenditure

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:

Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.

Grants payable are charged in the year when the offer is conveyed to the recipient except in those cases where the offer is conditional, such as awards being recognised as expenditure when the conditions attached to the grants are fulfilled. Grants offered subject to conditions that have not been met at the year end are noted as a commitment, but not accrued as expenditure.

Staff costs are allocated between cost headings according to the function of each employee.

26

GALAPAGOS CONSERVATION TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

1. ACCOUNTING POLICIES - continued

(f) Allocation of support and governance costs

Support costs are those that assist the work of the charity but do not directly represent charitable activities and include governance costs, administrative office function costs, depreciation, amortisation, HR and recruitment, and premises costs. They are incurred directly in support of expenditure on the objects of the charitable company.

Governance costs comprise all costs involving the public accountability of the Trust and its compliance with regulation and good practice. These costs include costs related to the statutory audit and legal fees.

Support and Governance costs have been allocated across the charitable activities based on an analysis of the time spent on each project.

(g) Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost of each asset on a straight line basis over the asset’s estimated useful lives as follows:

Fixtures and fittings 25% - straight line Computer equipment 33% - straight line

(h) Intangible fixed assets

Intangible fixed assets are stated at cost less accumulated amortisation.

Amortisation is provided on all intangible fixed assets, at rates calculated to write off the cost of each asset on a straight line basis over the asset’s estimated useful lives as follows:

Website 20% - straight line

(i) Investments

Investments are recognised at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains/(losses) on investments’ in the SOFA.

Current asset investments are short term highly liquid investments and are held at fair value. These include cash on deposits and cash equivalents with a maturity of less than one year.

27

GALAPAGOS CONSERVATION TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

1. ACCOUNTING POLICIES - continued

(j) Debtors

Other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid. Accrued income is measured at the amount due to be received.

(k) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

(l) Creditors and provisions

Creditors are recognised where the Trust has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.

Other creditors and accruals are recognised at their settlement amount due.

(m) Financial instruments

The trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

(n) Operating leases

Rentals applicable to operating leases, where substantially all of the benefits and risks of ownership remain with the lessor, are charged to the Statement of Financial Activities as incurred.

(o) Foreign currency

Assets and liabilities in foreign currencies are translated into sterling at the 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. All exchange differences are reflected in the Statement of Financial Activities.

(p) Tax

The charitable company is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part II Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

28

GALAPAGOS CONSERVATION TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

1. ACCOUNTING POLICIES - continued

(q) Judgements and key sources of estimation uncertainty

Accounting estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The following judgements (apart from those involving estimates) have been made in the process of applying the above accounting policies that have had the most significant effect on amounts recognised in the financial statements:

Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 14 for the carrying amount of the fixtures and equipment and computer equipment, and note (1g) for the useful economic lives for each class of assets.

Useful economic lives of intangible assets

The annual amortisation charge for intangible assets is sensitive to changes in the estimated useful economic lives of residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on tecnological advancement, future investments and economic utilisation. See note 15 for the carrying amount of the website, and note (1h) for the useful economic lives for each class of assets.

There are no key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

2. DONATIONS AND LEGACIES

DONATIONS AND LEGACIES
Unrestricted Restricted Total Total
2023 2023 2023 2022
£ £ £ £
Donations 251,906 749,961 1,001,867 931,490
Legacies 518,158 - 518,158 60,629
Tax recoverable under Gift Aid 48,231 2,000 50,231 56,479
_____ ______ _____ _____
818,295
_____		 751,961
______		 1,570,256
_____		 1,048,598
_____

In 2022, £324,816 of donations and legacies income was attributable to unrestricted funds and £723,782 was attributable to restricted funds.

29

GALAPAGOS CONSERVATION TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

3. MEMBERSHIP INCOME

Unrestricted
2023
Restricted
2023
£
£
Memberships
109,704
-
__
___		 Total
2023
£
109,704
_____		 Total
2022
£
111,758
_____

In 2022, all of the income from charitable activities was attributable to unrestricted funds.

4.

INCOME FROM OTHER TRADING ACTIVITIES

Unrestricted
2023
Restricted
2023
£
£
Fundraising events
32,503
-
Appeals and raffles
23,686
45,028
Fundraising trading
26,424
203
__
_
82,613
45,231
__
_		 Total
2023
£
32,503
68,714
26,627
__
127,844
__		 Total
2022
£
19,100
63,903
25,774
__
108,777
__

In 2022, £87,550 of income from other trading activities was attributable to unrestricted funds and £21,227 was attributable to restricted funds.

5.

INVESTMENT INCOME

Unrestricted
2023
Restricted
2023
£
£
Bank interest
7,082
-
__
___		 Total
2023
£
7,082
_____		 Total
2022
£
1,463
_____

In 2022, all of the investment income was attributable to unrestricted funds.

6.

RAISING FUNDS

Unrestricted
2023
Restricted
2023
£
£
Costs of generating voluntary income
201,926
-
__
___		 Total
2023
£
201,926
_____		 Total
2022
£
166,694
_____

In 2022 all of the expenditure was attributable to the unrestricted fund.

30

GALAPAGOS CONSERVATION TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

7. CHARITABLE ACTIVITIES

CHARITABLE ACTIVITIES
Unrestricted Restricted Total Total
2023 2023 2023 2022
£ £ £ £
Awareness raising 148,918 - 148,918 136,462
Oceans 143,326 360,626 503,952 592,526
Islands 56,253 425,463 481,716 436,277
_____ ______ _____ _____
348,497
_____		 786,089
______		 1,134,586
_____		 1,165,265
_____

In 2022 £418,440 of the expenditure in relation to charitable activities was attributable to the unrestricted fund, with the remaining £746,825 being attributable to the restricted fund.

8. ANALYSIS OF EXPENDITURE

Direct
Charitable
£
Raising Funds:
Generating income
167,569
Charitable Activities:
Awareness raising
123,796
Oceans
148,927
Islands
115,990
__
556,282
__		 Grant
Making
(note 9)
£
-
-
311,496
323,604
__

635,100
__		 Support
Costs
(note 10)
Total
2023
Total
2022
£
£
£
34,357
201,926
166,694
25,122
148,918
136,462
43,529
503,952
592,526
42,122
481,716
436,277
__
_
__
145,130
1,336,512
1,331,959
_
__
_____

9.

ANALYSIS OF GRANTS COMMITTED DURING THE YEAR

Restricted
Island
Climate Smart Communities
Community Innovation
Environmental Education
Island Restoration
Plastic Free Galapagos – Island
Galapagos Tortoise inc CwN
Green Jobs – Barcoding Galapagos
Land Iguanas
Oceans
Oceans
Plastic Free Galapagos - Ocean
Total grants committed		 2023
£
48,916
45,136
42,761
80,456
91,447
14,888
-
-
76,324
235,172
__
635,100
__		 2022
£
28,253
78,090
26,590
102,710
-
31,942
31,900
18,500
156,710
222,659
__
697,354
__

31

GALAPAGOS CONSERVATION TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

9.1 RECONCILIATION OF GRANTS PAYABLE

9.1
RECONCILIATION OF GRANTS PAYABLE
Commitments at 1 January 2023
Grants committed during the year
Grants paid during the year
Commitments at 31 December 2023
10.
SUPPORT COSTS
Governance costs (note 11)
Administrative office function
Amortisation
HR & Recruitment
Premises costs
11.
GOVERNANCE COSTS
Auditors remuneration
Audit fee for the year
For other services
Staff costs
Board meeting costs and expenses		 2023
£
29,080
635,100
(645,372)
__
18,808
_
2023
£
45,222
41,509
2,774
27,019
28,606
_
145,130
__
2023
£
11,400
1,080
_
12,480
32,742
-
_
45,222
______		 2022
£
21,118
697,354
(689,392)
__
29,080
____
2022
£
47,471
46,619
-
15,808
19,180
__
129,078
____
2022
£
10,440
990
__
11,430
32,610
3,431
_
47,471
___

32

GALAPAGOS CONSERVATION TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

12. NET INCOME/(EXPENDITURE) FOR THE YEAR

This is stated after charging:
Amortisation
Auditors remuneration
Operating lease costs
13.
ANALYSIS OF STAFF COSTS, TRUSTEE REMUNERATION AND
EXPENSES AND THE COST OF KEY MANAGEMENT PERSONNEL
Salaries and wages
Social security costs
Pension costs
The total average monthly number of employees (full-time equivalent)
during the year were as follows:
Generating funds
Charitable activities		 2023
£
2,774
12,480
27,901
__
2023
£
463,845
49,146
10,168
_
523,159
___
3
11
__
14
____		 2022
£
-
11,430
18,532
______
2022
£
431,171
38,671
11,173
__
481,015
____
3
10
__
13
____

Employee time has been allocated to direct costs and support costs allocated on a percentage basis of time spent.

One employee received annualised remuneration in the band £70,000 to £79,999 (2022: one employee £70,000 to £79,999).

During 2023 and 2022, no Trustees were paid or received any other benefits from employment with the charitable company. Also, no Trustees (2022; £nil) were reimbursed expenses.

The key management of the charitable company comprise the Trustees, the Chief Executive Officer and the deputy Chief Executive Officer. The Trustees do not receive any remuneration for this role.

The total employee benefits of the key management personnel of the charitable company were £155,775 for 3 employees (2022: £226,471 for 4 employees).

33

GALAPAGOS CONSERVATION TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

14. TANGIBLE FIXED ASSETS

Fixtures
and fittings
Computer
equipment
£
£
Cost
At 1 January 2023
148
6,786
__
_
At 31 December 2023
148
6,786
_
__
Depreciation
_
_
At 1 January 2023 and 31 December 2023
148
6,786
__
_
Net Book Value
At 31 December 2023
-
-
_
__
At 31 December 2022
-
-
_
_
15.
INTANGIBLE FIXED ASSETS
Website
£
Cost
At 1 January 2023
16,200
Additions
17,088
__
At 31 December 2023
33,288
_
Amortisation
At 1 January 2023
-
Charge for the year
2,774
_
At 31 December 2023
2,774
__
Net Book Value
At 31 December 2023
30,514
_
At 31 December 2022
16,200
_		 Total
£
6,934
__
6,934
_
___
6,934
__
-
____
-
______
Total
£
16,200
17,088
__
33,288
_
-
2,774
___
2,774
__
30,514
____
16,200
______

34

GALAPAGOS CONSERVATION TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

16. INVESTMENTS

Listed investments held in the UK
At 1 January 2023
Unrealised gains/(losses)
Market value at 31 December 2023
Cost		 2023
£
249,030
__
221,302
27,728
_
249,030
___
203,000
______		 2022
£
221,302
______
243,178
(21,876)
__
221,302
____
203,000
______

All of the investment is held within the COIF Charities Investment Fund Accumulation Units.

17. DEBTORS

Accrued income
Tax recoverable under Gift Aid
Other debtors and prepayments
18.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Accruals and deferred income (note 18.1)
Grants payable (note 9.1)
Other creditors		 2023
£
51,602
10,332
17,368
__
79,302
_
2023
£
92,625
18,808
2,308
___
113,741
______		 2022
£
129,360
19,783
12,832
__
161,975
____
2022
£
40,109
29,080
1,275
__
70,464
____

35

GALAPAGOS CONSERVATION TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

18.1 DEFERRED INCOME

At 1 January
Additions during the year
Amounts released to income
At 31 December 2023
In 2023, grant income was received for the period ending 2023.		 2023
£
25,000
77,141
(25,000)
__
77,141
____		 2022
£
28,500
25,000
(28,500)
__
25,000
____

19. RESTRICTED FUNDS – Current year

Restricted funds
Island
Climate Smart Communities
Community Innovation
Environmental Education
Island Restoration
Plastic Free Galapagos - Island
Galapagos Tortoise inc CwN
Ocean
Oceans
Plastic Free Galapagos - Ocean		 1 January
2023
£
6,273
5,374
11,311
18,807
-
-
60,310
20,653
___
122,728
_____		 Income
Expenditure
£
£
38,610
(44,883)
58,816
(64,190)
38,055
(47,366)
134,481
(75,530)
123,943
(117,537)
26,412
(11,120)
68,619
(123,619)
308,256
(301,844)
___
_
797,192
(786,089)
_
___		 31
December
2023
£
-
-
2,000
77,758
6,406
15,292
5,310
27,065
___
133,831
_____

36

GALAPAGOS CONSERVATION TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

19. RESTRICTED FUNDS – Current year (continued)

Oceans:

Our ocean protection programme aims to keep the seas pollution free and full of life, through implementing projects to support the safeguarding of marine protected areas, deliver coastline cleanups and ocean based plastic pollution solutions at scale, strengthen shark and fishing policies, and engage communities in conservation through green jobs and circular economy opportunities.

Islands:

With the aim of returning species in a way that they thrive alongside people, our funds under this category are focussed on the eradication of invasive mammal and plant species, preparing the way for species recoveries and reintroductions, protecting giant tortoises from plastic and chemical pollution, boosting sustainable livelihood options for island communities and supporting young islanders to experience nature and the Park.

The structure of our programmes has evolved during 2023 from our previous pillars (driving sustainable solutions/ protecting species and restoring habitats) to better reflect the two ecosystem levels that we operate at. Within Oceans and Islands, we have four sub-pillars: ocean protection, plastic solutions, rewilding islands and community and nature.

19. RESTRICTED FUNDS – Prior year

Restricted funds
Driving Sustainable Solutions
Discovering Galapagos
Fog Harvesting
Plastic
Connecting with Nature
Sustainable Development
Saving Species
Giant Tortoise
Birds of Galapagos
Iguanas
Endangered Sharks Programme
Barcoding Galapagos
Restoring and Protecting Habitats
Floreana Island Restoration
Ocean Protection		 1 January
2022
£
15,000
-
39,378
-
-
-
-
10,000
29,186
-
-
30,980
___
124,544
_____		 Income
Expenditure
£
£
14,955
(24,192)
38,610
(32,337)
306,543
(325,268)
18,845
(13,297)
69,030
(63,656)
14,176
(14,176)
20,000
(11,693)
14,818
(24,818)
73,646
(77,832)
6,575
(6,575)
47,664
(37,164)
120,147
(115,817)
___
_
745,009
(746,825)
_
___		 31
December
2022
£
5,763
6,273
20,653
5,548
5,374
-
8,307
-
25,000
-
10,500
35,310
___
122,728
_____

37

GALAPAGOS CONSERVATION TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

20. DESIGNATED FUNDS – Current year

Designated funds
Programmes fund
Conservation fund		 1 January
2023
New
designation
Designations
released
£
£
£
126,343
96,762
(104,367)
-
450,000
-
___
__
_
126,343
546,762
(104,367)
___
__
_		 Transfers
£
-
-
__
-
_____		 31
December
2023
£
118,738
450,000
___
568,738
_____

As at the end of 2023, £97k has been designated to programmes spend in 2024. Additionally, £450k has been designated to a conservation fund following several large gifts in Wills generously received from supporters during 2023. These fabulous donations will enable the new fund to support conservation projects and local communities in the Galapagos.

These reserves provide us with a strong base from which to implement our strategy to achieve our goals set out on pages 4-5 of the annual report.

20.1 DESIGNATED FUNDS – Prior year

Designated funds
Programmes fund		 1 January
2023
New
designation
Designations
released
£
£
£
210,929
110,000
(194,586)
___
__
___		 Transfers
£
-
_______		 31
December
2023
£
126,343
_______

21. ANALYSIS OF NET ASSETS BETWEEN TOTAL FUNDS – Current year

Unrestricted
funds
Restricted
funds
£
£
Fund balances at 31 December 2023 are represented by:
Intangible fixed assets
30,514
-
Fixed Asset Investments
249,030
-
Current Investments & Cash at bank and in hand
654,814
192,653
Other net current assets
24,383
(58,822)
___
_
958,741
133,831
_
___		 Total
£
30,514
249,030
847,467
(34,439)
___
1,092,572
_____

38

GALAPAGOS CONSERVATION TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

21. ANALYSIS OF NET ASSETS BETWEEN TOTAL FUNDS – Prior year

21.
ANALYSIS OF NET ASSETS BETWEEN TOTAL FUNDS – Prior year
Unrestricted
funds
Restricted
funds
£
£
Fund balances at 31 December 2022 are represented by:
Intangible fixed assets
16,200
-
Fixed Asset Investments
221,302
-
Current Investments & Cash at bank and in hand
197,116
60,341
Other net current assets
29,124
62,387
___
_
463,742
122,728
_
___
22.
RELATED PARTY TRANSACTIONS
There were no related party transactions during the year.
23.
RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW
FROM OPERATING ACTIVITIES
2023
£
Net (expenditure)/income for the reporting period
(as per the statement of financial activities)
506,102
Adjustments for:
Gains on investments
(27,728)
Bank Interest
(7,082)
Amortisation charges
2,774
(Increase)/decrease in debtors
82,673
Decrease/(increase) in creditors
43,277
_
Net cash/(used in) provided by operating activities
600,016
_		 Total
£
16,200
221,302
257,457
91,511
___
586,470
_____
2022
£
(83,239)
21,876
(1,463)
-
(116,875)
(444)
_
(180,145)
_

39