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2025-12-31-accounts

GALAPAGOS CONSERVATION TRUST

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Company Number: 03004112

Registered Charity Number: 1043470

GALAPAGOS CONSERVATION TRUST

CONTENTS

Pages
Reference and Administrative Details 1 – 2
Report of the Trustees 3 – 19
Independent Auditor’s Report 20 – 22
Statement of Financial Activities 23
Balance Sheet 24
Cash Flow Statement 25
Notes to the Financial Statements 26 – 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 The Print Rooms Unit G02 164 – 180 Union St Southwark London SE1 0LH Trustees: Charmian Caines – Chair Amy Liddy – Honorary Treasurer Claire Blenkinsop Jane Tozer Niall Watson Dr Sally Uren OBE Sandra Charity Sara Patricia Zurita Serrano (resigned March 2025) Dr Marta Tufet – Vice-Chair Martin Saywell Vanessa Zampiga Key management personnel: Chief Executive Officer: Dr Jen Jones Finance Director/ Deputy CEO: Claire McKinley

HONORARY ROLES

President: Ambassadors:

Monty Halls Angela Darwin Dr Antje Steinfurth Dorothy Latsis Dr Henry Nicholls Sir James Barlow Bt Jennifer Stone Julian Fitter Liz Bonnin Dr Sarah Darwin Stanley Johnson Sir Stephen Fry

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GALAPAGOS CONSERVATION TRUST

REFERENCE AND ADMINISTRATIVE DETAILS

Independent Auditor: Azets Audit Services Chartered Accountants 2[nd] Floor, Regis House 45 King William Street London EC4R 9AN Accountants: Gravitate Unit 13E, 92 Burton Road Sheffield S3 8BX Bankers: Lloyds Bank plc 25 Gresham Street London EC2V 7HN 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:

In a world that often seems to be spinning out of control, the Galapagos Islands offer us something very special. They give us hope. This was the message that we heard again and again in 2025, as we celebrated GCT’s thirtieth anniversary and reflected on the many achievements of the last three decades.

Galapagos has already shown us what can happen when we take action for biodiversity. We know that when we remove invasive species from islands, nature bounces back. It can happen astonishingly quickly, as we’re already seeing with the restoration of Floreana island, a project that GCT has supported for more than 20 years. The Galapagos rail, a bird not seen on Floreana since Charles Darwin’s visit in 1835, surprised us all when it reappeared in 2025. Populations of ground finches, geckos, snails and doves are roaring back.

We know that when we carve out marine protected areas, fish stocks soon recover, which brings back sharks, whales and countless other marine species. Science supported by GCT was key in the establishment of the new Hermandad Marine Reserve in 2022, and in 2025 we continued to push for greater ocean protection, with new research showing the importance of the Paramount seamount, a vital marine refuge which currently lies just outside the protected areas.

We know that, if we support local communities and reconnect people with nature, they become the strongest advocates there are for a more sustainable way of living, in balance with the natural world. In 2025 we supported the expansion of environmental education programmes to reach all four populated islands for the first time, and we’re also driving efforts to ensure that tourism in Galapagos delivers greater benefits for both nature and people.

Our passionate team in both the UK and Ecuador are advocating for change at every level, from the grassroots right up to the global stage, calling for a strong, legally binding Global Plastics Treaty at the United Nations, and working with local authorities to strengthen legislation on single-use plastics and damaging fishing practices.

The Galapagos Islands are Islands of Hope, an inspiration for the world as we tackle the interlinked crises of climate change, biodiversity loss and pollution.

Once again, I want to thank everyone who helped us through gifts-in-kind, volunteering and financial donations – as you read our 2025 Annual Report, you will see the projects, partners and species that have benefited from your support. Looking ahead to 2030 and beyond, I am filled with confidence that together, we can stop extinctions, restore degraded habitats and show future generations that nature and communities can thrive together.

Charmian Caines Chair, Galapagos Conservation Trust

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REPORT OF THE TRUSTEES

The Trustees have pleasure in presenting their Annual Report and financial statements for the year ended 31 December 2025.

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

Without the last 30 years of action by GCT and our many partners, we would have seen more extinctions, fewer fish in the ocean and weaker environmental protections.

Instead we can celebrate whole islands cleared of invasive species, an expanded marine reserve, pioneering legislation to protect the Islands, and an incredible community of Galapagos-born conservation leaders, researchers and educators who we just know are going to do amazing things over the next 30 years.

But many of the threats to the Islands have become more acute during that time, and Galapagos is now at a crossroads. The actions that we take now will determine whether or not the unique biodiversity of the Islands is preserved.

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 2023-2025:

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Our Values:

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2. ACHIEVEMENTS AND PERFORMANCE

2025 Achievements

From representing the needs of Galapagos wildlife and communities at global events including the United Nations Ocean Conference and the Global Plastics Treaty negotiations, to launching our citizen science hub, formally partnering with the Galapagos National Park Directorate and local NGOs to develop a new model for tourism in Galapagos, and registering as an international NGO in Ecuador, our team has had a very busy year with some amazing wildlife wins, all of which would not have been possible without you.

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2. ACHIEVEMENTS AND PERFORMANCE (continued)

Historic Wins for Galapagos Wildlife

In October, we were thrilled to learn that our long-term partner, Dr Luis Ortiz-Catedral in collaboration with the Galapagos National Park Directorate and the Jocotoco Foundation had successfully reintroduced 1,500 land iguanas to Santiago island in a continued programme started in 2019 to reintroduce this species that has been locally extinct since the early 20th century due to introduced animals such as feral cats and goats (which have now been removed from the island). This landmark reintroduction, supported by GCT, will not only boost the survival of land iguanas but also help to restore Santiago’s ecological health.

In December, we received the welcome news that marine iguanas, land iguanas, oceanic manta rays and whale sharks have been uplisted to CITES Appendix I, meaning all of these species now have the highest level of international protection a species can get under the Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES). This landmark decision prohibits all international commercial trade of these animals, an important step needed to protect these species from extinction.

Galapagos Rail Rediscovered

In February, scientists were stunned after rediscovering the highly secretive Galapagos rail on Floreana island. This species was last recorded on the island by Charles Darwin in 1835 and was thought to be locally extinct. This ‘beautiful surprise’ came when scientists from the Charles Darwin Foundation recorded the presence of the Galapagos rail at three different sites. These official observations followed suspected sightings by Wilson Cabrera, a local island restoration specialist with Fundación Jocotoco.

This incredible discovery, which followed the first eradication attempt of invasive species from the island, demonstrates that ecosystems can recover quickly when given a helping hand.

Registration as an International NGO in Ecuador

On 28 July 2025 GCT successfully registered as an International NGO operating in Ecuador. This is a pivotal moment for GCT as an organisation, enabling us to operate more efficiently in country, set up formal agreements with a number of organisations, employee people directly in Ecuador, and apply for funds that are only open to local or registered organisations. This will significantly improve our ability and agility to work collaboratively across the islands and is integral to the delivery of our strategic goals.

From all of us at GCT, thank you for your continued support. Our work would not be possible without you and we can’t wait to see what the year 2026 will bring our team and the people and wildlife of the Galapagos Islands.

GCT’s 30th Anniversary Webinar and Seminar

In April, GCT held a very special webinar to reflect on both the successes and the challenges of the last 30 years, and to look ahead with hope to the next 30 years. Dr Jen Jones, CEO of Galapagos Conservation Trust, was joined by GCT Ambassador, author and editor of Galapagos Matters magazine, Dr Henry Nicholls, and GCT’s Ecuador-based Programmes and Policy Manager, Lucía Norris Crespo. On Santa Cruz, in November we hosted a seminar by Dr Sally Uren, Executive Director and Chief Acceleration Officer of Forum for the Future, and a GCT Trustee on system change approaches.

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2. ACHIEVEMENTS AND PERFORMANCE (continued)

United Nations Ocean Conference

In June, we attended the United Nations Ocean Conference in Nice, France, where we called on governments to commit to accelerating action for our oceans, including a legally binding Global Plastics Treaty, and ensure the voices of those most impacted by global ocean pollution have a place in decision-making processes.

During the event, we held an online panel discussion with the Galapagos National Park Directorate and Fundación Ariana Rapa Nui, with voices from grassroots to Government, and we explored the efforts of the Pacific Plastics: Science to Solutions network to break the plastic pollution cycle with innovation and collaboration. We also celebrated the launch of the Tangaroa Alliance, a collective of more than 10 Pacific islands uniting to co-design solutions for a healthy ocean and raise voices for a strong Global Plastics Treaty.

Launching our Citizen Science Hub

In September, we launched our citizen science hub (https://galapagosconservation.org.uk/support-us/galapagos-citizenscience-hub/), which brings together citizen science projects across the Galapagos Islands that are available for tourists and residents to get involved in. Citizen science is when people who aren’t scientists participate in scientific research. This could be anything from taking a picture of a shark to help track the species’ movements to reporting sightings of an injured sea lion.

To celebrate the launch of the hub, we spoke to some of the scientists leading these projects to understand what impact citizen science is having on their conservation work. We spoke to Dr Tierney Thys, who is using citizen science data to fill knowledge gaps for the elusive sunfish, Dr Diana Pazmiño, who is tracking the movements of oceanic manta rays using the data from citizen scientists, and Farah Hamdan, who is using data to determine the threats faced by Mobula rays in Galapagos.

Galapagos Day 2025: The Truth About Sharks

In October, we gathered at 1 Wimpole Street for Galapagos Day, our biggest event of the year. We were thrilled to be joined by so many of our members, supporters and partners, along with many new faces. Our theme this year was ‘The Truth About Sharks’, and we met the scientists, filmmakers and policymakers advocating for the protection of sharks and other marine life using cutting-edge technology and film to highlight the challenges facing sharks and the groundbreaking ways we can save them.

During the event, we shared the news that the High Seas Treaty, also known as the Biodiversity Beyond National Jurisdiction (BBNJ) Treaty, has met the required 60 ratifications for entry into force. This landmark treaty will allow marine protected areas to be created in international waters. This is a huge win for sharks and other migratory marine species, as currently, just 1% of the High Seas are properly protected.

Making Tourism a Force for Good

As the world’s first UNESCO World Heritage Site, the Galapagos Islands are a dream destination for wildlife lovers around the world. The tourism industry in Galapagos is an important source of revenue for residents, with 80% of the Islands’ economy dependent on the industry. However, a 260% increase in visitor numbers over the past two decades has put a significant strain on vital ecosystem services, including clean air, water and food, as well as infrastructure and waste systems. These rapid rises in tourist numbers have also been a driver of conservation threats to species.

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2. ACHIEVEMENTS AND PERFORMANCE (continued)

This year, GCT and our partners Fundació Un Cambio por la Vida (FUNCAVID) continued to bring together local authorities, tourism businesses and the Galapagos community to drive forward a new approach to tourism that delivers greater benefits for both people and nature. In December, the GCT team and FUNAVID supported the Galapagos National Park Directorate with a series of workshops across the islands of San Cristobal, Santa Cruz and Isabela to co-create a new Code of Conduct for tourists.

Supporting Early Career Researchers

We have been supported several early career researchers this year. They include a PhD student at the University of Exeter, who is investigating the impacts of chemical pollutants on giant tortoises and their habitats, a student who is looking at the potential impact of different viruses on giant tortoise populations and two students at the Galapagos Bullhead Shark Project, who are using state of the art techniques, including ultrasounds, to study the elusive Galapagos bullhead shark.

2025 Programme Highlights

In the final year of our current three-year strategy, we have made excellent progress against our ambition, furthering our core approaches of ‘Science to Solutions’ and ‘Grassroots to Government’, through our multiple partnerships and by growing our own direct action and policy advocacy.

Restoring Floreana

The Restoring Floreana programme is an ambitious, long-term and multi-partner programme led by the Galapagos National Park Directorate, the Galapagos Biosecurity Agency, co-executed by Fundación Jocotoco, Island Conservation and the Charles Darwin Foundation in partnership with the Floreana community, Durrell Wildlife Conservation Trust, Galapagos Conservation Trust, and others. 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. Following the 2024 eradication phase to remove the threat posed by invasive rats, mice and feral cats, the island has already shown signs of recovery. A highlight was the rediscovery of the Floreana Rail, a species that was last recorded on the island by Charles Darwin in 1835 and was thought to be locally extinct. In 2025, GCT continued to support biodiversity baseline surveying, including the collection of invertebrate samples by the Charles Darwin Foundation as an important indicator of ecosystem health and an essential food source for the endangered birds the programme is designed to protect. We continued our support to Galapagos Verde, an initiative of the Charles Darwin Foundation that aims to create an ecological corridor with essential plant species, to restore the Floreana mockingbird’s habitat. We provide vital financial support to Island Conservation for the care of Galapagos short-eared owls that were taken into captivity during the eradication process, and that as of the end of 2025 are being released back into the wild with a 96% survival rate. We have also contributed to work to fill critical knowledge gaps on site fidelity and population dynamics for lava gulls, in order to aid in their successful re-introduction.

During 2026, we will support the installation of smart-island technology solutions that will assist real-time monitoring on the islands, helping provide efficiencies in conservation management measures. We will continue to support these multiyear initiatives, with the aim of seeing the first reintroductions in the next three year period.

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2. ACHIEVEMENTS AND PERFORMANCE (continued)

Galapagos Tortoise tracking and community-led actions to remove threats

Since 2009, GCT has supported the long-running Movement Ecology Programme led by the Charles Darwin Foundation, which addresses many areas of research linking to giant tortoise conservation including movement and reproductive ecology, and tortoise health and impacts on 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. In 2025 we had 11 educational events taking place including workshops with local students and presentations to park rangers. We have also had one peer reviewed paper published with multiple papers in preparation to be submitted in early 2026. Throughout 2025, we have advanced our understanding of nesting success, hatching survival and gender ratios by monitoring and protecting 40 nests during the incubation phase. While this Programme centres on sites within the National Park boundaries, tortoises move across urban and farming landscapes outside of the Park where they are vulnerable to a variety of threats such as the consumption of littered plastic, traffic accidents and exposure to agrochemicals. For this reason, we partnered with community-based NGO Frente Insular de la Reserva Marina de Galapagos, to initiate a citizen science monitoring project along the main road into the highlands, with monthly removal of litter and observational data on tortoises using these areas. We have also supported research with Georgie Savage (PhD student at the University of Exeter) into a rapid assessment method to characterise heavy metals and emerging contaminants in highland ponds from different land-use categories (e.g. agricultural land, National Park, tourist ranches) on Santa Cruz island. Passive samplers were attached to tortoises about to start their migration to assess exposure of the tortoises, who wallow in these ponds and migrate through the different land-use categories, to emerging contaminants. This information will be analysed in 2026 and used to develop a mitigation and management toolkit for the Galapagos National Park, and for local community engagement campaigns.

During 2026, 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

This programme, led by the Charles Darwin Foundation, involves different teams and islands. The main areas of focus are parasite control in nesting birds, and improving breeding success for the Critically Endangered mangrove finch and the little vermilion flycatcher. After the successes of 2024, we are pleased to report the Critically Endangered little vermilion flycatcher population on Santa Cruz continued to grow steadily in 2025. The nesting season marked the most successful year since monitoring began in 2017 with 39 fledgelings recorded. The project, led by the Charles Darwin Foundation, has continued studying breeding success on Santa Cruz and producing baseline health data in potential source populations of the little vermilion flycatcher across the Archipelago for future reintroductions. The research has shown that the self-fumigation technique whereby treated nesting material is made available for birds to use, is an effective method to reduce the impact of the avian vampire fly (Philornis downsi) until effective long-term measures to control the avian vampire fly are established.

In 2026, the team will continue to focus on identifying and monitoring all breeding pairs, deploying and maintaining treated nesting-material dispensers, and track dispersed young birds with help from local guides and communities. They will also maintain restored habitat in optimal condition for the little vermilion flycatcher in collaboration with the Scalesia reforestation project.

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2. ACHIEVEMENTS AND PERFORMANCE (continued)

Marine Iguana Conservation

Through our partnership with Leipzig University and Universidad San Francisco de Quito, in 2025, we supported the monitoring of marine iguana colonies around eastern Isabela. This area was identified for more detailed research, given concerns around declines in iguanas populations, possibly related to predation by invasive species. The fieldwork in 2025 was successful, and a full assessment of the conservation situation in for marine iguanas around Southeastern Isabela is still underway. The team spent time in 2025 building links with the community and building plans for future projects.

Over the life-cycle of the successful Iguanas from Above project the team has accumulated significant data sets on marine iguana sub-species status across the Archipelago, and in 2026 we plan to support the analysis of this data to inform the IUCN assessment for this vulnerable species.

Endangered Sharks and Rays of Galapagos

This programme, led by our partners at MigraMar, the Galapagos Science Center/Universidad San Francisco de Quito, and the Galapagos Whale Shark Project, aims to improve the management and conservation of sharks and rays in the Galapagos Marine Reserve and its connected oceanic areas. In 2025 we initiated an exciting new project focused on an oceanic manta ray aggregation site which was discovered near a popular tourist site on Isabela island. The oceanic manta ray is classified as Endangered by the IUCN. Daily tourist boat traffic in this area poses a potential threat to these ocean giants from propellor cuts. The project offers a critical opportunity to combine cutting-edge science with community-led conservation to protect mantas whilst benefitting local livelihoods. The project will support ongoing manta ray research and consolidate existing population and movement information to help identify high-risk boat strike zones for mantas, supported by early career researchers. Evidence will be shared with the Galapagos National Park Directorate and community stakeholders and underpin the co-creation of best-practice guidance for tourism conducted near the manta aggregation site, also drawing on learnings from manta ecotourism projects globally.

We also supported the tagging of juvenile scalloped hammerhead and smooth hammerhead sharks in suspected nursery locations in the Galapagos Marine Reserve, to assess their use and movements in these areas.

In 2026 we will continue to support Migramar and Universidad San Francisco de Quito to contribute to the understanding of marine species’ movement ecology and conservation needs in the Galapagos Islands and to characterise and monitor biodiversity composition of coastal and pelagic ecosystems to inform policy and management decisions. This includes co-financing with the Bezos Earth Fund a new data analysis position for MigraMar.

Co-Galapagos

Co-Galapagos, launched in 2021, is an initiative of GCT and local NGO Fundación un Cambio por la Vida (FUNCAVID) to promote collaboration, cooperation and coordination to achieve the United Nations’ 2030 Sustainable Development Goals (SDGs) Agenda in Galapagos. Through Co-Galapagos, FUNCAVID manages community-led projects as well as a local internship scheme for young Galapagueños to gain experience in projects and work placements relating to the SDG targets identified for the Archipelago.

I n 2025, GCT supported two internships across the circular economy plastics programme, plastics policy and health and safety. We will continue our support in 2026 with the aim of further enabling community-led projects focused on but not limited to our circular economy plastics and regenerative tourism programme areas to achieve the SDGs.

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2. ACHIEVEMENTS AND PERFORMANCE (continued)

Regenerative Tourism Programme

The Galapagos Islands are among many destinations actively grappling with the challenges of overtourism while seeking to conceptualise what a regenerative tourism shift might look like. A regenerative system is one where biodiversity and community can thrive with minimal negative environmental consequences. Among the most wellknown tourism destinations on Earth, more than 80% of the Islands’ GDP is dependent on tourism and since becoming the world’s first UNESCO World Heritage Site, Galapagos has seen tourism rates grow. Following a tourism workshop in 2023, we have been active members of a regenerative tourism working group, which is charting objectives and key actions towards transforming tourism into a restorative force that can provide benefits to society and nature.

In 2025, we supported the Galapagos National Park Directorate to develop a visitor Code of Conduct, though a participatory approach which engaged more than 1,000 people from different sectors in consultation processes. The Code of Conduct is expected to be finalised and officially launched in 2026.

Connecting with Nature 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. GCTsupported education initiatives now span all four inhabited islands in Galapagos. Overall, the estimated number of students attending experiences supported by GCT is in the region of 4,700.

One of the core programmes we support, led by Galapagos Science Center on San Cristobal, has reached 1,267 individuals alone, and over 700 of these were children and young people. Activities carried out in 2025 included mentoring reading sessions with our series of educational children’s storybooks (279 participants), running family science events and workshops (400+ participants) and the 11[th] annual community Shark Day in San Cristobal island (500+ participants).

The Gills Club (Chicas con Agallas) aims to engage more girls in science in Galapagos and is supported by GCT as part of our education and outreach work. The Gills Club was extended to all four inhabited islands in 2025 with additional funding from the Galapagos Life Fund, supporting 20+ local girls (and boys in Floreana) between the ages of 8-18 to learn about different conservation topics, including plastic pollution, habitat degradation and the use of citizen science tools.

In 2025 we supported a new project with Fundacion Naveducando as part of the Galapagos Infinito programme, ‘Sailing Oceanic Classrooms’. The Sailing Oceanic Classroom model transforms private boats into platforms for immersive environmental education. By taking students on voyages into the Galapagos Marine Reserve, this model fosters a deeper connection to the marine environment, sparking curiosity, stewardship and a lifelong commitment to conservation. In 2025, 203 10 to 11 year-olds over 11 Oceanic Classroom days were able to participate in the programme.

In 2025, we continued our work on evaluations by building on and sharing the guidelines and tools developed as part of our evaluation of the Connecting with Nature programme project.

In 2026 we will continue our Connecting with Nature programme by growing our outreach activities in Galapagos and promoting our online Discovering Galapagos resources (https://galapagosconservation.org.uk/our-work/educationalresources/ ) to teachers and educators.

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2. ACHIEVEMENTS AND PERFORMANCE (continued)

Plastic Pollution Free Galapagos

Throughout 2025, our flagship plastics programme completed its fourth and final year of UK Government UKRI funding, and continued to grow and engage from grassroots to government levels in Galapagos. To mitigate the negative effects of plastic pollution in Galapagos, we have worked with local partners to design strategic intervention points for targeted pollution management. To tackle incoming pollution washed in on ocean currents, we have supported the Galapagos National Park Directorate to develop their ‘Plan for the reduction, mitigation and management of marine plastic pollution in the Galapagos Islands’, including a legal diagnostic and recommendations for reducing the risk of drifting fish aggregating devices (dFADs), defined by the Park as pollution once it enters the Galapagos Marine Reserve. In 2025, the coastal clean-up operation visited 16 remote sites, removing over 10 tonnes of pollution (5.2 tonnes due to direct GCTsupported clean-ups), and engaging 48 people with alternative income associated with the clean-up. Protocols for longterm monitoring of critical sites have been adjusted and troubleshooted with our partners - the Park and Conservation International-Galapagos teams - for maximum efficiency on site.

On land, we have supported a huge community clean-up effort, spearheaded by local NGO Frente Insular. They conduct urban litter surveys, bringing together community volunteers to remove and record plastic pollution, furthering our understanding on the hotspots for plastic pollution and how it interacts with giant tortoise movement pathways. Further upstream, we have completed GCT’s input into the new single-use plastic legislation in Galapagos, and National Plan for Ecuador, making recommendations to implement reusable and returnable schemes, reduce single-use plastics, and find circular solutions as aligned with GCT’s strategy.

We look forward to the launch aand implementation of the Plan for the reduction, mitigation and management of marine plastic pollution in the Galapagos Islands, as well as the single-use plastic legislation in 2026. To complement these policies, we will look to support pilot projects for plastic pollution solutions, with a focus on bottles and bags

Pacific Plastics: Science to Solutions (PPSS )

Our international plastics research network, co-managed with the University of Exeter, has completed its final year of UK Government UKRI funding. In 2025, five new papers were published across the network, with many others under review or in preparation, including an evaluation paper for the entire network (co-authored by GCT). In December, the PPSS network met online, to share the main findings over the last four years, and highlight future project ideas and potential multi-partner funding opportunities for the network.

During 2026, we will focus on securing financing for the next phase of the network, and for implementing solutions at key local intervention points in the meantime.

Tackling fishing-related ocean waste

Our research has highlighted the high proportion of plastic waste arriving on Galapagos beaches from at-sea sources such as fishing fleets. For the past two years, thanks to funding secured, we were able to increase our work on this topic, with a particular focus on drifting fish aggregating devices, which are employed in large numbers as a fishing accessory by the industrial tuna fishing sector in the High Seas and Ecuadorian waters. These drifting devices can be carried by the currents into the Galapagos Marine Reserve where they are illegal, and they can pose a major wildlife entanglement risk and become beached. In 2025 we worked closely with the Galapagos National Park Directorate to build an understanding of the legislative context for these devices, as well as collating and analysing data on the scale of the threats that these devices represent to marine species and coastal habitats. This is serving as a basis for recommendations on how Galapagos can be better protected from the incursion of these devices.

We will progress this work further in 2026, to include Park protocols for registering drifiting FAD sightings and safe retrieval methods.

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2. ACHIEVEMENTS AND PERFORMANCE (continued)

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 broad global issues such as plastic pollution and tourism pressures. We continue to work closely with a broad range of organisations including the Galapagos National Park Directorate and the Consejo de Gobierno de Galápagos.

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, Fundación Educación para Communidades Sostenibles (ECOS), Conservation International Ecuador, WildAid, Fundación de Conservación Jocotoco, Island Conservation, Utrecht University, University of Exeter, Durrell Wildlife Conservation Trust, Fundación Un Cambio por la Vida (FUNCAVID), Frente Insular de la Reserva Marina de Galápagos

(FIRMAG), Universidad San Francisco de Quito (Galapagos Science Center), Galapagos Whale Shark Project, Fundación Naveducando and others. We continue to co-manage to the Pacific Plastics: Science to Solution network, which brings together a vibrant community of researchers and practitioners from across the UK, Ecuador, Peru, Chile and beyond. We also convene an inspiring network of Pacific Islanders, the Tangaroa Alliance, uniting for a single campaign around the Global Plastics Treaty.

Communications

Raising awareness of our programmes and providing educational information is a vital part of our work. During 2025, we continued to develop our website and received 105,000 unique visitors to the GCT website. Press coverage included features in The Times, The Independent, Bloomberg Linea and Oceanographic Magazine. Our work also continues to have a significant scientific impact, with over 20 scientific papers and reports published directly linked to our work. More than 2,400 people received two editions of our Galapagos Matters magazine and our monthly eNewsletter reaches over 11,400 individuals.

We hosted four webinars, attended by 334 people, and in October, we hosted a sell-out Galapagos Day at 1 Wimpole Street, attended by 270 people.

Communications

Raising awareness of our programmes and providing educational information is a vital part of our work. During 2025, we continued to develop our website and received 105,000 unique visitors to the GCT website. Press coverage included features in The Times, The Independent, Bloomberg Linea and Oceanographic Magazine. Our work also continues to have a significant scientific impact, with over 20 scientific papers and reports published directly linked to our work. More than 2,400 people received two editions of our Galapagos Matters magazine and our monthly eNewsletter reaches over 11,400 individuals.

We hosted four webinars, attended by 334 people, and in October, we hosted a sell-out Galapagos Day at 1 Wimpole Street, attended by 270 people.

Our key operational priorities are outlined below:

To help us drive the purpose and ambition of GCT, we have registered as an international NGO in Ecuador.

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3. PLANS FOR THE FUTURE

2026 represents the first year of our new strategic period, and we must continue to build momentum to stop extinctions and heal habitats, giving ecosystems the best possible chance of weathering the effects of climate change. We must showcase more examples of humans thriving as a part of nature to inspire change both in Galapagos and further afield. We must continue to restore islands, better protect the ocean, cultivate community resilience and we certainly must not give up the fight on plastic pollution, driving science-based solutions from grassroots to Government. We must dial up the ambition to see 2030 targets achieved in Galapagos. We believe that together, we can make this happen.

In the first year of our new strategy, we have identified the top priorities within each of our four Strategic Objectives:

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GALAPAGOS CONSERVATION TRUST

REPORT OF THE TRUSTEES

4. FINANCIAL REVIEW

The Trustee Annual Report and Accounts for the year ended 31 December 2025 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 £2,073k (2024: £1,838k), a 12% increase compared to the previous year.

Total expenditure for the year was £1,651k (2024: £1,696k), broadly in line with the prior year.

The net surplus for the year was £416k (2024: surplus of £156k).

Long terms investments held at 31 December 2025 totalled £290k (2023: £296k).

Reserves

The Trustees have agreed that GCT should maintain sufficient unrestricted reserves to enable the charity to continue operating in the event of any unforeseen or significant reduction in income. These reserves are intended to cover essential operating commitments, including but not limited to staff costs, office and support expenses, supporter communications, and committed grants.

As of 31 December 2025, reserves total £1,665k, of which £199k were restricted. The Trustees have decided to designate £22k of general funds to our strategic programmes and legacy income of £740k to a special resilience fund. During the year, £383k of designated funds were used for programme spend (see note 21).

At the end of 2025, our general funds were £424k which is within our usual range of reserves £400k-£440k (2024: £380k - £420k).

At the end of 2025, our restricted funds were £199k.

Going concern

The management team continues to focus on high-quality forecasting for 2026 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.

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.

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REPORT OF THE TRUSTEES

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.

4. FINANCIAL REVIEW (continued)

In 2025, GCT received one complaint (2024: zero), which was treated seriously and used as opportunity to improve our future processes and service. All complaints are 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 is 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.

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.

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REPORT OF THE TRUSTEES

5. STRUCUTRE, GOVERNANCE AND MANAGEMENT

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.

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 combine office and home working to offer flexible options to staff members. Our inperson 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.

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 two managers on the Christ’s College Cambridge Charles Darwin and Galapagos Islands Fund.

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REPORT OF THE TRUSTEES

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 30 June 2026 and signed on their behalf by

Charmian Caines Amy Liddy Chair Treasurer

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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 2025 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:

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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:

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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 Maltby 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

for and on behalf of Azets Audit Services

Date: ......................................

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GALAPAGOS CONSERVATION TRUST

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

FOR THE YEAR ENDED 31 DECEMBER 2025

Notes Unrestricted Restricted Total Total
Funds Funds 2025 2024
£ £ £ £
Income:
Donations and legacies 2 1,121,958 700,324 1,822,282 1,564,223
Memberships 3 105,370 - 105,370 107,224
Other trading activities 4 87,123 32,182 119,305 151,959
Investment income 5 26,082 - 26,082 14,617
____ ____ ____ ____
Total income 1,340,533 732,506 2,073,039 1,838,023
____ ____ ____ ____
Expenditure:
Raising funds 6 223,138 - 223,138 224,567
Charitable activities 7 722,110 705,571 1,427,681 1,470,979
____ ____ ____ ____
Total expenditure 8 945,248 705,571 1,650,819 1,695,546
____ ____ ____ ____
Unrealised (losses)/gains 15 (5,771) - (5,771) 13,038
____ ____ ____ ____
Net movements in funds 389,514 26,935 416,449 155,515
Reconciliation of funds:
Total funds brought forward 1,075,678 172,409 1,248,087 1,092,572
____ ____ ____ ____
Total funds carried forward 20 1,465,192
____		 199,344
____		 1,664,536
____		 1,248,087
____

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 26 to 39 form part of these financial statements

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COMPANY NUMBER: 03004112

GALAPAGOS CONSERVATION TRUST

BALANCE SHEET

AS AT 31 DECEMBER 2025

Notes 2025 2024
£ £ £ £
Fixed assets
Intangible fixed assets 14 22,373 23,856
Investments 15 290,297 296,068
____ ____
312,670 319,924
Current assets
Debtors 16 43,810 127,585
Short term investments 402,751 195,126
Cash and bank 1,093,450 857,927
____ ____
1,540,011 1,180,638
Creditors:Amounts falling due within one
year 17 (188,145) (252,475)
____ ____
Net current assets 1,351,866 928,163
____ ____
Net assets 1,664,536
____		 1,248,087
____
Restricted funds 18 199,344 172,409
Unrestricted funds
Designated funds 19 1,041,445 684,000
General funds 423,747 391,678
____ ____
Total funds 20 1,664,536
____		 1,248,087
____

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 30 June 2026 and signed on its behalf by:

Charmian Caines Amy Liddy
Chairman Treasurer

The notes on pages 26 to 39 form part of these financial statements.

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GALAPAGOS CONSERVATION TRUST

CASH FLOW STATEMENT

AS AT 31 DECEMBER 2025

Notes 2025 2024
£ £
Cash flows from operating activities:
Cash generated from operations 22 423,275 224,969
____ ____
Net cash provided by operating activities 423,275 224,969
____ ____
Cash flows from investing activities:
Bank Interest received 26,082 14,617
Purchase of intangible assets (6,209) -
Purchase of investments - (34,000)
____ ____
Net cash provided by / (used in) investing activities 19,873 (19,383)
____ ____
Change in cash and cash equivalents in the reporting period 443,148 205,586
Cash and cash equivalents at the beginning of
the reporting period 1,053,053 847,467
____ ____
Cash and cash equivalents at the end of the reporting period 1,496,201
____		 1,053,053
____
Cash and cash equivalents consist of:
Cash at hand and in bank 1,093,450 857,927
Short term deposits 402,751 195,126
____ ____
Cash and cash equivalents at the end of the reporting period 1,496,201
____		 1,053,053
____

The notes on pages 26 to 39 form part of these financial statements

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GALAPAGOS CONSERVATION TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

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 2019, 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 2026 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.

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GALAPAGOS CONSERVATION TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

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.

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GALAPAGOS CONSERVATION TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

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) 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

(h) 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.

(i) 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.

(j) 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.

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GALAPAGOS CONSERVATION TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1. ACCOUNTING POLICIES - continued

(k) 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.

(l) 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.

(m) 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.

(n) 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.

(o) 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.

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GALAPAGOS CONSERVATION TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1. ACCOUNTING POLICIES - continued

(p) 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 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 technological 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
2025 2025 2025 2024
£ £ £ £
Donations 302,088 698,324 1,000,412 1,103,551
Legacies 770,118 - 770,118 408,346
Tax recoverable under Gift Aid 49,752 2,000 51,752 52,326
_____ ______ _____ _____
1,121,958
_____		 700,324
______		 1,822,282
_____		 1,564,223
_____

In 2024, £652,159 of donations and legacies income was attributable to unrestricted funds and £859,738 was attributable to restricted funds.

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GALAPAGOS CONSERVATION TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

3. MEMBERSHIP INCOME

Unrestricted
2025
Restricted
2025
£
£
Memberships
105,370
-
__
___		 Total
2025
£
105,370
_____		 Total
2024
£
107,224
_____

In 2024, all of the income from charitable activities was attributable to unrestricted funds.

4.

INCOME FROM OTHER TRADING ACTIVITIES

Unrestricted
2025
Restricted
2025
£
£
Fundraising events
34,390
-
Appeals and raffles
20,087
32,073
Fundraising trading
32,646
109
__
_
87,123
32,182
__
_		 Total
2025
£
34,390
52,160
32,755
__
119,305
__		 Total
2024
£
71,950
41,009
39,000
__
151,959
__

In 2024, £128,916 of income from other trading activities was attributable to unrestricted funds and £23,044 was attributable to restricted funds.

5.

6.

INVESTMENT INCOME

Unrestricted
2025
Restricted
2025
£
£
Bank interest
26,082
-
__
_
In 2024, all of the investment income was attributable to unrestricted funds.
RAISING FUNDS
Unrestricted
2025
Restricted
2025
£
£
Costs of generating voluntary income
223,138
-
__
_		 Total
2025
£
26,082
__
Total
2025
£
223,138
__		 Total
2024
£
14,617
__
Total
2024
£
224,567
__

In 2024, all of the expenditure was attributable to the unrestricted fund.

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GALAPAGOS CONSERVATION TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

7. CHARITABLE ACTIVITIES

CHARITABLE ACTIVITIES
Unrestricted Restricted Total Total
2025 2025 2025 2024
£ £ £ £
Awareness raising 142,416 - 142,416 173,122
Oceans 234,002 363,494 597,496 655,800
Islands 345,692 342,077 687,769 642,057
_____ ______ _____ _____
722,110
_____		 705,571
______		 1,427,681
_____		 1,470,979
_____

In 2024, £624,776 of the expenditure in relation to charitable activities was attributable to the unrestricted fund, with the remaining £846,203 being attributable to the restricted fund.

8. ANALYSIS OF EXPENDITURE

Direct
Charitable
£
Raising Funds:
Generating income
188,020
Charitable Activities:
Awareness raising
118,735
Oceans
310,226
Islands
257,905
__
874,886
__		 Grant
Making
(note 9)
£
-
-
232,917
371,570
__

604,487
__		 Support
Costs
(note 10)
Total
2025
Total
2024
£
£
£
35,118
223,138
224,567
23,681
142,416
173,122
54,353
597,496
655,800
58,294
687,769
642,057
__
_
__
171,446
1,650,819
1,695,546
_
__
_____

9. ANALYSIS OF GRANTS COMMITTED DURING THE YEAR

Restricted
Island
Environmental Education
Island Restoration
Plastic Free Galapagos – Island
Galapagos Tortoise inc CwN
Oceans
Oceans
Plastic Free Galapagos - Ocean
Total grants committed		 2025
£
138,717
210,021
22,832
-
138,149
94,768
__
604,487
__		 2024
£
108,489
164,527
63,091
15,292
162,265
191,972
__
705,636
__

32

GALAPAGOS CONSERVATION TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

9.1 RECONCILIATION OF GRANTS PAYABLE

Commitments at 1 January 2025
Grants committed during the year
Grants paid during the year
Commitments at 31 December 2025
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
Under/(over) provision in prior years
Staff costs
Board meeting costs and expenses		 2025
£
64,301
604,487
(660,221)
__
8,567
_
2025
£
52,866
45,714
7,692
16,252
48,922
_
171,446
__
2025
£
12,900
1,500
(62)
_
14,338
38,162
366
_
52,866
______		 2024
£
18,808
705,636
(660,143)
__
64,301
_
2024
£
56,888
53,852
6,658
5,926
43,153
_
166,477
__
2024
£
12,000
1,200
560
_
13,760
42,876
252
_
56,888
______

33

GALAPAGOS CONSERVATION TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

12.
NET INCOME/(EXPENDITURE) FOR THE YEAR
This is stated after charging:
Amortisation
Auditors remuneration		 2025
£
7,692
14,338
______		 2024
£
6,658
13,760
______

13. ANALYSIS OF STAFF COSTS, TRUSTEE REMUNERATION AND EXPENSES AND THE COST OF KEY MANAGEMENT PERSONNEL

Salaries and wages
Social security costs
Pension costs
Redundancy costs
The total average monthly number of employees (full-time equivalent)
during the year were as follows:
Generating funds
Charitable activities		 2025
£
514,017
46,108
31,110
-
__
591,235
_
3
10
___
13
______		 2024
£
541,926
46,743
12,736
14,136
__
615,541
_
3
11
___
14
______

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 (2024: one employee £70,000 to £79,999).

During 2025 and 2024, no Trustees were paid or received any other benefits from employment with the charitable company. Two trustees were reimbursed expenses totalling £387 (2024: One trustee - £233).

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 £126,824 for 2 employees (2024: £128,234 for 2 employees).

34

GALAPAGOS CONSERVATION TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

14. INTANGIBLE FIXED ASSETS

14.
INTANGIBLE FIXED ASSETS
Cost
At January 2025
Additions in the year
At 31 December 2025
Amortisation
At 1 January 2025
Charge for the year
At 31 December 2025
Net Book Value
At 31 December 2025
At 31 December 2024
15.
INVESTMENTS
Listed investments held in the UK
At 1 January 2025
Additions
Unrealised gains/(losses)
Market value at 31 December 2025
Cost		 Website
£
33,288
6,209
__
39,497
_
9,432
7,692
_
17,124
__
22,373
_
23,856
_
2025
£
290,297
__
296,068
-
(5,771)
_
290,297
___
237,000
______		 Total
£
33,288
6,209
__
39,497
_
9,432
7,692
___
17,124
__
22,373
____
23,856
______
2024
£
296,068
______
249,030
34,000
13,038
__
296,068
____
237,000
______

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

35

GALAPAGOS CONSERVATION TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

16.
DEBTORS
Accrued income
Tax recoverable under Gift Aid
Other debtors and prepayments
17.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Accruals and deferred income (note 17.1)
Grants payable (note 9.1)
Other creditors
17.1
DEFERRED INCOME
At 1 January
Additions during the year
Amounts released to income
At 31 December 2025		 2025
£
11,950
8,180
23,680
__
43,810
_
2025
£
-
175,723
8,567
3,855
_
188,145
__
2025
£
153,257
(153,257)
148,193
_
148,193
_		 2024
£
94,627
11,415
21,543
__
127,585
_
2024
£
2,010
182,690
64,301
3,474
_
252,475
__
2024
£
77,141
(77,141)
153,257
_
153,257
_

36

GALAPAGOS CONSERVATION TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

18. RESTRICTED FUNDS – Current year

Restricted funds
Island
Environmental Education
Island Restoration
Plastic Free Galapagos - Island
Ocean
Oceans
Plastic Free Galapagos – Ocean		 1 January
2025
£
45,505
37,389
6,406
64,464
18,645
___
172,409
_____		 Income Expenditure
£
£
155,771
(173,892)
138,890
(161,779)
-
(6,406)
311,611
(218,615)
126,234
(144,879)
___
_
732,506
(705,571)
_
___		 31
December
2025
£
27,384
14,500
-
157,461
-
___
199,344
_____

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.

37

GALAPAGOS CONSERVATION TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

18.
19.		 RESTRICTED FUNDS – Prior year
Restricted funds
Island
Environmental Education
Island Restoration
Plastic Free Galapagos - Island
Galapagos Tortoise inc CwN
Ocean
Oceans
Plastic Free Galapagos – Ocean
DESIGNATED FUNDS – Current year
Designated funds
Programmes fund
Conservation fund
Resilience fund		 1 January
2024
Income Expenditure
£
£
£
2,000
116,197
(72,692)
77,758
163,879
(204,248)
6,406
51,532
(51,532)
15,292
-
(15,292)
5,310
225,788
(166,634)
27,065
327,385
(335,805)
___
__
_
133,831
884,781
(846,203)
___
__
_
1 January
2025
New
designation
Designations
released
£
£
£
80,000
900
-
250,000
471,545
-
354,000
-
(115,000)
___
__
_
684,000
472,445
(115,000)
___
__
_		 31
December
2024
£
45,505
37,389
6,406
-
64,464
18,645
___
172,409
_____
31
December
2025
£
80,900
721,545
239,000
___
1,041,445
_____

As at the end of 2025, £81k has been designated to programmes spend in 2026. Additionally, £722k has been designated to the Conservation fund following large gifts in Wills generously received from supporters during 2025. The conservation fund was set up in 2023. These fabulous donations will enable the new fund to support conservation projects and local communities in the Galapagos.

19.1 DESIGNATED FUNDS – Prior year

Designated funds
Programmes fund
Conservation fund
Resilience fund		 1 January
2024
New
designation
Designations
released
£
£
£
118,738
80,000
(118,738)
450,000
-
(200,000)
-
354,000
-
___
__
_
568,738
434,000
(318,738)
___
__
_		 31
December
2024
£
80,000
250,000
354,000
___
684,000
_____

38

GALAPAGOS CONSERVATION TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

20.
ANALYSIS OF NET ASSETS BETWEEN TOTAL FUNDS – Current year
Unrestricted
funds
Restricted
funds
£
£
Fund balances at 31 December 2025 are represented by:
Intangible fixed assets
22,373
-
Fixed Asset Investments
290,297
-
Current Investments & Cash at bank and in hand
1,222,134
274,067
Other net current assets
(69,612)
(74,723)
___
_
1,465,192
199,344
_
_
20.1
ANALYSIS OF NET ASSETS BETWEEN TOTAL FUNDS – Prior year
Unrestricted
funds
Restricted
funds
£
£
Fund balances at 31 December 2024 are represented by:
Intangible fixed assets
23,856
-
Fixed Asset Investments
296,068
-
Current Investments & Cash at bank and in hand
817,344
235,709
Other net current assets
(61,590)
(63,300)
___
_
1,075,678
172,409
_
_
21.
RELATED PARTY TRANSACTIONS
There were no related party transactions during the year (2024: £Nil).
22.
RECONCILIATION OF NET INCOME TO NET CASH FLOW
FROM OPERATING ACTIVITIES
2025
£
Net income for the reporting period
(as per the statement of financial activities)
416,449
Adjustments for:
Gains/(losses) on investments
5,771
Bank Interest
(26,082)
Amortisation charges
7,692
(Increase)/decrease in debtors
83,775
Increase/(decrease) in creditors
(64,330)
_
Net cash provided by operating activities
423,275
_		 Total
£
22,373
290,297
1,496,201
(144,335)
___
1,664,536
__
Total
£
23,856
296,068
1,053,053
(124,890)
_
1,248,087
_
2024
£
155,515
(13,038)
(14,617)
6,658
(48,283)
138,734
_
224,969
____

39