Company registration number: 3734220 Charity registration number: 1078362 The Wallacea Trust IA company limited by share capilall Annual Report and Financial Slatements for the Year Ended 30 September 2025 Forrester Boyd Waynflele House 139 Easlgale Louth Lincolnshire LN11 9QQ
The Wallacea Trust Contents Reference and Adminislralive Details Trustees, Report 2to3 Statement of Trustees, Responsibilities Accountants, Report Independent Examiner's Report Statement of Financial Activitie$ Balance Sheet Notes to the Financial Statements 91016
The Wallacea Trust Reference and Administrative Details Trustees Prof R Field Dr N P Mccann Mr S R Nolley, resigned 1st January 2026 Dr C G J Richards. Treasurer. appointed Chaimian 1st January 2026 Dr M R Speighl. Chaim)an. resigned 1st January 2026 MrJNMPage Mrs C A Palmer Mrs A Dixon S¢cretary Dr D A Exton Senlor Management I Leadershlp Team Dr M R Speight. Chaimian. resigned 1st January 2026 Dr C G J Richards. Treasurer. appointed Chairman 1st January 2026 Dr D A Exton. Secretary Charlty Reglstratlon Number 1078362 Company Reglstratlon Number 3734220 Rgglstergd 0ffl¢g Hope House Old Bolingbroke Spilsby Lincolnshire PE23 4EX Bankers Lloyds Bank PLC 14 High Street Horncaslle Lincolnshire LN9 5BL Page 1
The Wallacea Trust Trustees. Report The Iruslees, who are directors for the purFK)ses of company law. present the annual report together with the financial statements and auditors, report of the charitable company for the year ended 30 September 2025. Objectives and activities Objects and aims The Wallacea Trust exists to promote, for the public benefil, research and nServation efforts into global biodiversity. This is achieved via three core pillars- lil supporting Ihe next generation of conservation leaders by providing sludenlships to those seeking practical experience beyond their core studies. (ill funding on-the-ground conservation efforts seeking lo protecl and restore threatened species and ecosystems, and {iiil publishing a leading framework for the measuring improvements in biodiversty that supports the investment in nature by the private sector. Public bengfit The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Vvales. Structur0> governance and managomgnt Nature of govemlng document The Charity is governed by ils Memorandum and Articles of Association. which were adopted on 8th November, 1999, (amended by special resolutions of 20th October. 1999, 8th March. 2009 and 9th June 20231. Recrultment and appolntment of trustees Potential new Trustees may be identified by any Director, the Trustees collectively review and decide, on the basis of their capability to further the objectives of the charity and complement the conlnbulion of existing Trustees. Achlevemonts and perfomiance Proflle and fundlng A significant amount of effort this financial year has gone into negotiating the absorption of another charity, the Murray Foundation, into the W8llace8 Trust. The Murray Foundation administers the personal wealth of Dr Nicho18s Murray and uses these funds lo support students who are studyng environfflenl81 sciences, partieulady those involved in fieldwork around ecology and conservation. The Wallacea Trust has had a long-standing relationship with the Murray Foundation, who have funded an annual set of studentship grants via the Wallacea Trust for the past decade. Due lo the shared mission of both org8nis8tions, Nick Murray approached the Trustees about the possibility of the Wallacea Trust taking over the 8dfflinislralion of the Murray funds. due lo Nick's deteriorating health. By the end of this financi81 year, an agreement had been reached and a formal contract signed between both parties. The transfer of assets lin the form of cash and a retirement rental property) also took place within this financial year. As part of the absorption of the Murray Foundation. the Trust intends to set up an Investment Committee. to support the Trustees in the administration of the funds. Scholarships to support student fieldwork opportunities The Trust remains commilled lo providing a senes of scholarship opportunitie5 to students wishing lo join research and conservation expeditions. The Murray Foundation has provided an additional five grant5 of £1000 each to UK-based school groups joining expeditions to any desbnalion and up to len grants of £500 each lo university students completing expedilion-based undergraduate or Masters thesis projects. This is an are8 the Trust are hoping lo grow signtficantly once they take over administration of the Murray Foundation funds. allowing a larger number of students to be sUPPOrted across a wider range of activities. Page 2
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The Wallacea Trust Statement of Financial Activities for the Year Ended 30 September 2025 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestricted funds Restricted funds Total 2025 Income and Endowments from: Donations and legacies Investment income 1.361 22,174 580,592 581,953 22.174 Total income 23.535 580,592 604,127 Expendlture on: Charitable activities Governance costs (7.6401 2,218 121.7911 26,581 129.431 } 28,799 Total expenditure 9,858 48,372 58,230 Net income Transfers between funds 13.677 532,220 839 545,897 Net movement in funds 14,516 531,381 545,897 Reconclllatlon of funds Total fund$ brought forward Total funds carried forward 28,180 26,028 2,152 16 13,664 Unrestricted funds 557,409 Restrlcted funds 543,745 Total 2024 Note Income and Endowments from: Donations and lega¢ies Total income 2,727 2,727 2,727 2,727 Expenditure on: Charitable activities Governance costs (3.5931 9,564 4,(100 20,000 407 29,564 Total expenditure 13,157 16,000 29,157 Net expenditure 10,430 16,000 26,430 Net movement in funds 110,4301 116,000) 126,430} Roconciliation of funds Total funds brought forward 117,7501 42,028 24,278 Total funds carried fotward 16 28,180 26,028 2,152 All of the charity's activities derive from continuing operations during the above tsvo periods. The funds breakdown for 2025 and 2024 is shown in note 16. The notes on pages 9 to 16 fomi an integral part of these financial statements. Page 7
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The Wallacea Trust Notes to the Financial Statements for the Year Ended 30 September 2025 1 Charity status The charity is a charity limited by guarantee and consequenwy does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the chanty in the event of liquidation. The company was incorporated in England and Wales. The address of ils registered office is= Hope House Old Bolingbroke Spilsby Lincolnshire PE23 4EX These financial statements cover the individual entity, The Wallaa Trust. 2 Accountlng pollcles Summary of slgnlflcant accountlng polSclès and kèy accounting tstlmatès The principal accounting policies applied in the preparation of these financial slalemenls are set out below. These policies have been consistently applied lo all the years presented. unless otheiSe staled. Statement of compliance The financial stslements have been prepared in accordance with Accounting and Reporting by Charllies.. Statement of Recommended Practice (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021) lissued in October 20191- (Charities SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 and the Companies Act 2006. Basls of preparatlon The Wallacea Trust meet$ the definition of a public benefit entity under FRS 102. Assets and liabilities are initially re¢ognised al historical ¢o$l or Iransaelion value unless otherwise slated in the relevant a¢counting policy notes. The financial statements are prepared in steding which is the functional ¢uffency of the company and have been rounded lo the nearest pound. Going concern The financial statements have been prepared on a going concern basis. Tho charity is financially supported by a loan from Operation Wallacea Limited, while this is due within one year, il is however not expected lo be withdrawn al a short notice. only as and when fvnds pemiit. The chaity also merged with the Murrary Foundation in January 2025 which has improved the fvnds post year end. For these reasons, the financial statements have been prepared on a going concem basis. Examption from prgparing a cash Ilow statement The charity opted lo early adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements. Page 9
The Wallacea Trust Notes to the Financial Statements for the Year Ended 30 September 2025 Income and endowments All income is recognised once the charity has enlillemenl lo Ihe income. r( is probable that the income will be received and the amount of the income receivable can be measured reliably. Llonations and legacies Donations are recognised when the charity has been notified in writing of both the amount and settlement dale. In the event that a donation is subject lo conditions thal require a level of perfomiance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilmenl of those conditions is wholly within the control of the charity and il is probable that these conditions will be fulfilled in the reporting period. Expgnditure All expenditure is recognised once there is a legal or conslnjclive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated lo the applicable expenditure heading that aggregate similar costs lo that category. Where costs cannot be directly attributed lo particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of lime spent, and depreciation charges allocated on the wrtion of the asset's use. Other support costs are allocated based on the spread of staff costs. Charltable aclvltles Charitsble expenditure comprises those costs incurred by the chanty in the delivery of ils activities and services for ils beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary lo support them. Grant provlslons Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the liming of the grant or the amounl of grant payable. Support costs Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example. allocating property costs by floor areas. or per capita. staff costs by the time spent and other costs by their usage. Governance costs These include the costs attributable lo the chariws compliance with eonslitulion818nd statutory requirements, induding audit, strategic management and tnjstees meetings and reimbursed expenses. Taxation The charity is considered lo pass the lesls set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempl from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the 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 lo charitable purposes. Intangiblo assets Intangible assets are slated in the Balance Sheet at cost less accumulated amortisation and impaimient. They are amortised on a slraighl line basis over their estimated useful lives. Page 10
The Wallacea Trust Notes to the Financial Statements for the Year Ended 30 September 2025 Amortisation Amortisalion is provided on intangible fixed assets so as to wrile off the St. less any eslimaled residual value, over their expected useful economic life as follows.. Asset class Trademarks Amortisation method and rate 50/0 Straight line on cost Depreclatlon and amortisation Depreciation is provided on tangible fixed assets so as lo write off the cost or valuation. less any eslimaled residual value, over their expected useful economic life as follows- Asset class Computer equipment Leasehold Property Depreciation method and rato 15% reducing balance basis 2% straight line on cost Cash and cash equivalonts Cash and cash equivalents comprise cash on hand and call deposits. and other short-lerm highly liquid investments that are readily Convertible lo a known amount of cash and are subject lo an insignifi¢anl risk of Change in value. Trade credltors Trade creditors are obligations to pay for good$ or servi$ that have been acquired in the ordinary course of busines$ from $upplier5. Accounts payable a classified as current liabilities if the charity does not have an unconditional right, al the end of the reporting period. lo defer settlemenl of the creditor for at least Iwelve months after the reporting dale. If there is an unconditional right lo defer settlement for al least Iwelve months after the reporting dale, they are presented as non-current liabilities. Trade QdItorS are re¢ognised al the transaction price. Fund structur• Unrestricted income funds are general funds that ar& available for use al th& Iruslees discretion in furtherance of the objectives of the charity. Restricted income funds are those donated for use in a particular area or for spectfic purposes, the use of which 1$ restricted lo that area or purpose. Page 11
The Wallacea Trust Notes to the Financial Statements for the Year Ended 30 September 2025 3 Income frorn donations and legacies Unrestricted funds General Restricted funds Total 2025 Total 2024 Donations and legacies., Donations from companies. trusts and similar proceeds Donations from individuals 580.592 580,592 1,361 1,361 2,727 1.361 580.592 581,953 2,727 4 Investmont Income Unrestrlcted funds Goneral Total 2025 Total 2024 Income from rents 22,174 22,174 5 Expondlturo on charltablg actlvltiO8 Unrestrlcted funds General Restrlcted funds Total 2025 Total 2024 Note Cursuco national park expenses Project expendilu Grant funding of activities Governance costs 3,593 14.000 7,640 2,218 21,791 26,581 29,431 28.799 29.564 9.858 48.372 58,230 29,157 In addition lo the expenditure analysed above, there are also govemance costs of £28,799 12024 - £29,564) which relate directly to charitsble activities. See note 6 for further details. Page 12
The Wallacea Trust Notes to the Financial Statements for the Year Ended 30 September 2025 6 Analysis of governance and support costs Governance costs Unrestrlcted funds Genernl Restrlcted funds Total 2025 Total 2024 Leg81 fees Depreciation, amortisation and other similar costs Other govemance costs Allocated support cost5 1.359 41 18,423 2,333 3,118 2,707 19,782 2.374 3,182 3.461 6,000 134 246 23.184 754 2,218 26,581 28,799 29,564 7 Not In¢omSngloutgolng resou$ Net incominglloutgoing) resources for the year include: 2025 2024 Depreciation of fixed assets Amortisalion of goodwill Independent examination fees 2,374 41 93 2,079 2,150 8 Trustees remuneratlon and expenses During the year the charity made the following transactnS with trustees: Dr N P Mccann £54 {2024- £Nill of expenses were reimbursed lo Dr N P Mccann during the year. Travel expenses lo attend board meeting. g Stsff costs The monthly average number of persons (including senior management I leadership team} employed by the charity during the year expressed as full time equivalents was as follows.. 2025 No 2024 No Average number of employees No employee received emoluments of more than £60.000 during the year. 10 Taxation The charity is a registered charity and is therefore exempt from taxakn'on. Page 13
The Wallacea Trust Notes to the Financial Statements for the Year Ended 30 September 2025 11 Intangible fixed assets Trademarks Total Cost Al 1 October 2024 1,863 1,863 AI 30 September 2025 1,863 1,863 Amortlsation Al 1 October 2024 Charge for the year AI 30 September 2025 1,622 90 1,622 1,712 1,712 Not book valu8 AI 30 September 2025 151 151 AI 30 September 2024 241 241 12 Tanglbl• flxad assèts Land and bulldings Furnlture and equlpment Total Cost Al 1 October 2024 Additions 3,927 3,927 140,000 140,000 AI 30 September 2025 140,000 3.927 143,927 Doprociation Al 1 October 2024 Charge for the year 3,693 41 3,693 2,374 2.333 AI 30 September 2025 2.333 3.734 6,067 Net book value AI 30 September 2025 137,667 193 137,860 AI 30 September 2024 234 234 Induded within the nel b(K)k value of land and buildings above is £Nil (2024 £Nil) in respect of freehold land and buildings and £137.667 {2024 - £Nill in respect of leaseholds. 13 Debtors 2025 2024 Other debtors 242,214 11,146 Page 14
The Wallacea Trust Notes to the Financial Statements for the Year Ended 30 September 2025 14 Cash and cash equivalents 2025 2024 Cash at bank 179,504 6,832 15 Creditors: amounts falling due within one year 2025 2024 Trade creditors Other loans Accruals 320 13,514 2.150 18,526 2.079 15,984 20,605 16 Funds Grants are received from corporate bodies specthcally for the purpose of sponsoring students on expeditions. Balance at 30 Soptomber 2025 Balanc• at 1 Odober 2024 Incomlng resources Resources expended Transfers Unr•$trl¢t•d fund$ Gengrol Unrestricted 128.180) 23.535 (9,8581 839 113,664} R•8trlct•d funds Reslricled 26.028 48,372 839 557.409 Total fund8 2.152 604.127 58,230 543,745 Balancg at 30 September 2024 Balance at 1 October 2023 Incoming rosource$ Resources oxpondod Unrestrlcted funds General Unrestncted {17.750) 2.727 113,1571 {28,180} Restricted Reslricled 42,028 16,000 26,028 Total funds 24,278 2.727 29,157 2,152 Page 15
The Wallacea Trust Notes to the Financial Statements for the Year Ended 30 September 2025 17 Analysis of net assets between funds Total funds at30 September 2025 Unrestrieted funds General Restrleted funds Intsngible fixed assets Tangible fixed assets Current assets Current liabilities 151 193 151 137.860 421,718 115,984} 137,667 421,718 11,9761 114,0081 Total nel assets 13,664 557,409 543,745 Total funds at30 September 2024 Unrestrlded funds General Restrlcted funds Intsngible fixed assets Tangible fixed as$el$ Current assets Current liabilities 241 234 8.0501 20,605 241 234 17,978 20.605 26,028 Total nel assets 28,180 26,028 2,152 18 Related party transactlons During the year the charity made the following related paty transactions: D Exton (Providees company secretarial services on a monthly basis. 2025.. £6,00012024.. £6.00011 Al the balance sheet dale the amount due tolfrom D Exlon was £Nil12024 - £Nil}. Page 16
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