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Charity Registration No. 1079038 (England and Wales)
Brazilian Atlantic Rainforest Trust
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Annual report and financial statements for the year ended 31 March 2024
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Brazilian Atlantic Rainforest Trust
Contents
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| Page | |
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| Legal and Administrative Information | 1 |
| Report ofthe Trustees | 2 |
| Independent Examiner’s ReporttotheTrustees | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| NotestotheFinancialStatements | 8 |
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Brazilian Atlantic Rainforest Trust
;
Legal and administrative information
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| Patron | Sir Michael Palin KCMG, CBE |
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| President | Professor Sir Ghillean Prance FRS |
| Vice Presidents | Robin Hanbury-Tenison OBE |
| Dr Jerry Bertrand | |
| Dr John Feltwell | |
| Trustees | Lindsay Bury (Chairman) |
| Frank Bury | |
| William Eccles | |
| Stuart Housden OBE | |
| Anastasios Paul Leventis CBE, OFR | |
| Robert Locke | |
| Kim Stewart | |
| Secretary | Alan Martin |
| Independent examiner | Cara Turtington FCA DChA |
| Saffery LLP | |
| 71 Queen Victoria Street | |
| London | |
| EC4V 4BE | |
| Bankers | HSBC Plc |
| 54 Clarence Street | |
| Kingston Upon Thames | |
| Surrey | |
| KT1 1NS | |
| Charity office | Alureds Oast |
| Northiam Road | |
| Rye | |
| East Sussex | |
| TN316J) |
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Brazilian Atlantic Rainforest Trust
For the year ended 31 March 2024
Report of the Trustees
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The Trustees of the Brazilian Atlantic Rainforest Trust present their annual report and financial statements for the year ended 31 March 2024.
Trustees’ responsibilities in relation to the financial statements
The trustees 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).
The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. in preparing these financial statements, the trustees are required to:
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® select suitable accounting policies and then apply them consistently;
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e@ observe the methods and principles in the Charities SORP; e make judgements and estimates that are reasonable and prudent;
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¢ state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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@ prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011 and the provisions of the trust deed. They are alsa responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Trustees
Trustees are appointed by the Board of Trustees and the Trustees throughout the period were:
Lindsay Bury (Chairman) Frank Bury William Eccles Stuart Housden Anastasios Paul Leventis Robert Locke Stephen Rumsey (resigned 22.11.23) Kim Stewart
Constitution and Objects
The Brazilian Atlantic Rainforest Trust is constituted by a Deed of Trust dated 1 May 1999 and amended on the 21* November 2023, and is a charity registered in England and Wales, number 1079038. The trustees shall hold the Trust Fund and its income upon trust to apply them for the following objectives in The Atlantic Rainforest region of south-east Brazil:
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@ to preserve and protect or assist in the protection and preservation of the world’s rainforests, particularly but not exclusively in Brazil, for the public benefit; and
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© to advance the education of the public in all or any of the subjects concerning ecological sustainability and natural resource conservation.
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Brazilian Atlantic Rainforest Trust
Report of the members of Trustees (continued) For the year ended 31 March 2024
ee; Review of developments, activities and achievements - Chairman’s Report for the year ended 31 March 2024
The Brazilian Atlantic Rainforest Trust (BART) received donations of £137,060 in the year to the end of March 2024 and transferred £99,619 to the Reserva Ecologica de Guapiacu (REGUA) in Brazil, and a further £301 was spent in the UK on their behalf. The operational costs incurred by BART amounted to only £3,212, leaving a surplus in the year of £33,928 which when added to the brought forward balance of £8,102 leaves carried forward funds of £42,030.
One trustee meeting was held in November 2023 and the next is planned for the 10 April 2024, however | as usual throughout the year the Secretary held regular Zoom meetings with the REGUA team to discuss the project’s progress and provide advice where appropriate. The Chairman visited REGUA in March 2024, and one trustee (Stuart Housden) and the Secretary visited in both April 2023 and March 2024. | The major planned business at the November meeting was to review and approve the revised BART Trust | Deed which brings it more in line with current Charity Commission guidelines and best practice, and this | documentcharitable hasobjectives, now beenbut registeredimproves with thesome of the Charityoperational Commission.processes The newand deedclarifies retains some theof same the trustee responsibilities. At this same meeting Stephen Rumsey resigned as a trustee of BART after more than twenty years service, and his contribution to BART and REGUA, especially in the early years when the project was in its infancy, has been critical to REGUA’s success.
The REGUA project in Brazil continues to grow and currently owns 20,145 acres but leases a further 1,611 acres and works in partnership with local landowners to protect a further 10,054 acres. REGUA has also received pledges to fund the purchases of a further 4,529 acres, which will increase their ownership by 22% and take the total protected area to 36,339 acres. It is hoped that these purchases are completed during 2024, but the legal process in Brazil can be very slow and complex especially when the land boundaries and ownership can be contested. Some of the lower elevation land purchased in recent years has been cattle pasture which REGUA is restoring, and the number of trees now planted is approaching a million, a milestone which REGUA and BART are both planning to celebrate.
Apart from land protection and habitat restoration REGUA has always recognised the need to work with the local communities and to encourage and support research. The education and local engagement work has been boosted in 2024 through a grant from Mitsubishi which will be directed primarily at school visits, and the Young Ranger and Nature Tots programmes. If successful, it is hoped that this initial one-year funding will be extended by Mitsubishi to provide an even more comprehensive education programme in ; future years. REGUA has also recently signed a three-year contract with Cologne University, funded by the German International Climate !nitiative, to run a series of courses on forest protection and habitat restoration directed at local landowners, local Government employees, NGOs and University students.
None of the REGUA project’s success would have been possible without the long-term support and funding provided by BART and its long list of supporters, to whom we offer our grateful thanks.
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Brazilian Atlantic Rainforest Trust
Report of the members of Trustees (continued) For the year ended 34 March 2024
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Review of financial transactions
The financial statements as set out on pages 6 to 12 summarise the transactions of the charity during the year ended 31 March 2024, at which date there was a deficit for the year on the unrestricted fund of £777 (2023: a deficit of £18,604), and a surplus of £34,705 for the year on the restricted fund (2023: a surplus of £2,690) which when added to the funds brought forward of £8,102 leaves total funds to be carried forward of £42,030.
Reserves policy
The trustees’ policy is to maintain a level of reserves which will provide a stable base for its continuing activities while at the same time ensuring excessive funds are not accumulated. The trustees believe that the free reserves of £1,266 are sufficient for its current purposes and these are reviewed ona regular basis.
Risk Management
The trustees have examined the major strategic, business and operational risks which the charity faces and confirm that systems have been established to enable regular reports to be produced so that necessary steps can be taken to lessen these risks.
Public Benefit
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 and setting grant making policies. They will only provide grants which clearly demonstrate public oenefit.
Lindsay Bury Signed on behalf of the board of trustees
ZEW (rowt 2024
ne
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Brazilian Atlantic Rainforest Trust
independent Examiner’s report to the Trustees For the year ended 31 March 2024
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|report to the trustees on my examination of the accounts of the Brazilian Atlantic Rainforest Trust (the Trust) for the year ended 31 March 2024.
Respective Responsibilities of trustees and examiner
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
| report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination | have followed al! the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Basis of independent examiner’s report
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.
Independent examiner’s statement
| have completed my examination. | confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination.
| have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
CEL Cara Turtington FCA DOPA “3 Seplinbe— 2024 Saffery LLP 71 Queen Victoria Street Chartered Accountants London EC4V 4BE
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Brazilian Atianitic Rainforest Trust
Statement of financial activities
For the year ended 31 March 2024
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| Unrestricted | Restricted | 2024 | 2023 | ||||
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| fund | fund | Totai | Total | ||||
| Note | £ | £ | £ | £ | |||
| income and endowments from | |||||||
| Donations and legacies | 4 | 39,293 | 97,767 | 137,060 | 57,053 | ||
| Total income and expenditure | 39,293 | 97,767 | 137,060 | 57,053 | |||
| Expenditure on | |||||||
| Charitable activities | |||||||
| Costs in furtherance ofthe | |||||||
| Charity’s objects:- | |||||||
| Donations to REGUA | 36,557 | 63,062 | 99,619 | 66,910 | |||
| Casts on behalf ofREGUA | 301 | - | 301 | 1,497 | |||
| Running costs | 5 | 3,212 | - | 3,212 | 4,560 | ||
| Total expenditure | 40,070 | 63,062 | 103,132 | 72,967 | |||
| Net income/(expenditure) | (777) | 34,705 | 33,928 | (15,914) | |||
| Fund balances at i April 2023 | 2,043 | 6,059 | 8,162 | 24,016 | |||
| Fund balances at31 March | 1,266 | 40,764 | 42,030 | 8,102 | |||
| 2024 | |||||||
| = | — |
The Statement of Financial Activities includes all gains and losses recognised in the period.
All incoming resources and resources expended derive from continuing activities.
The notes on pages 8 to 12 form part of these financial statements.
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Brazilian Atlantic Rainforest Trust
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Balance sheet
As at 31 March 2024
| Unrestricted | Restricted | 2024 | 2023 | ||
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| fund | fund | Total | Total | ||
| Note | £ | £ | £ | £ | |
| Current assets | |||||
| Cash at bank and in hand | 1,506 | 40,639 | 42,145 | 2,530 | |
| Debtors | 2 | 1,310 | 125 | 1,435 | 7,012 |
| 2,816 | 40,764 | 43,580 | 9,542 | ||
| Creditors: amounts falling | |||||
| due within one year | 3 | (1,550) | - | (1,550) | (1,440) |
| Net assets | 1,266 | 40,764 | 42,030 | 8,102 | |
| Fundbalances | 6 | 1,266 | 40,764 | 42,030 | 8,102 |
Approved on behalf of the Board by
Lindsay Bury Trustee
Zon. Avgust 2024
The notes on pages 8 to 12 form part of these financial statements.
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Brazilian Atlantic Rainforest Trust
Notes to the financial statements (continued) For the year ended 31 March 2024
- Accounting policies
1.1 Basis of accounting The financial statements have been prepared under the historic cost convention. The accounts (financial statements) have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice.
The accounts (financial statements) have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Brazilian Atlantic Rainforest Trust constitutes a public benefit entity as defined by FRS 102. The functional currency cf the charity is £.
- 1.2 Going concern
At the time of approving the financial statements, the Trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
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1.3 Income
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1.3.1 Donations and gifts Income is recognised in the year in which the charity is entitled to receipt and the amount can be measured with reasonable certainty.
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1.3.2 Investment income Investment income is accounted for on a receivable basis.
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1.4 Expenditure Expenditure is included on an accruals basis including irrecoverable VAT.
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1.5 Foreign currency translation Foreign currency transactions are translated into pounds sterling at the exchange rate prevailing at the transaction date. Monetary assets and liabilities are retranslated at the rate of exchange ruling at the balance sheet date.
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Brazilian Atlantic Rainforest Trust
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Notes to the financial statements (continued)
For the year ended 31 March 2024
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1. Accounting policies (continued)
1.6 Funds Unrestricted funds represent the balance of income from all sources after deduction of grants made and other necessary expenditure.
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Restricted funds are those funds where the donor has specified the use of their donation by the charity.
1.7 Taxation The Trust is a registered charity and is not liable to United Kingdom income tax or corporation tax on charitable activities.
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| 2. | Debtors | ||
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| 2024 | 2023 | ||
| £ | £ | ||
| Tax recoverable | 1,435 | 7,012 | |
| Other debtors and prepayments | - | = | |
| 1,435 | 7,012 | ||
| 3. | Creditors | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Accruals | 1,550 | 1,440 | |
| Held on behalf of REGUA | - | - | |
| 1,550 | 1,440 |
Fees are collected in the UK on behalf of REGUA by the Trust. These fees are not the income of the charity and are held in cash pending transfer. Movements in respect of these fees are as follows:
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| 2024 | 2023 | |
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| £ | £ | |
| Monies held brought forward | - | - |
| Received in the year | 103,438 | 57,090 |
| Paidacrossinyear | (103,438) | (57,090) |
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Brazilian Atlantic Rainforest Trust
Notes to the financial statements (continued)
For the year ended 31 March 2024
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4. Donations and legacies
| Currentyear | Unrestricted | Restricted | Total |
|---|---|---|---|
| £ | £ | £ | |
| Includes the following amounts with a value | |||
| in excess of£2,000: | |||
| The Millichope Foundation | 15,000 | - | 15,000 |
| TheTasso Leventis Foundation | 15,809 | - | 15,809 |
| The Swire Charitable Trust | - | 83,000 | 83,000 |
| JUCN National Com. ofthe Netherlands | - | 12,641 | 12,641 |
| KatherineCunningham | 2,020 | - | 2,020 |
Included in total unrestricted donations are aggregate donations from trustees and foundations controlled by trustees of £31,309 (2023: £16,550).
| Comparativeyear | Unrestricted | Restricted | Total |
|---|---|---|---|
| £ | £ | £ | |
| Includes the following amounts with a value | |||
| in excess of£2,000: | |||
| The Millichope Foundation | 15,0G0 | - | 15,000 |
| Angelica Green | ~ | 14,144 | 14,144 |
| Foundation Franklinia | . | 3,920 | 3,920 |
| MalcolmHutton | . | 6,885 | 6,885 |
- Running costs
| Running costs | ||
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| 2024 | 2023 | |
| £ | £ | |
| Bank charges | 236 | 209 |
| Independent examination and accountancy | 1,500 | 1,560 |
| Travel and other costs | 1,476 | 2,791 |
| 3,212 | 4,560 |
Running costs of the charity include governance costs and general administration. The trustees, who are considered to be key management personnel, received no remuneration or expenses during the year (2023: £Nil).
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Brazilian Atlantic Rainforest Trust
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Notes to the financial statements (continued) For the year ended 31 March 2024
6. Funds
Unrestricted Funds comprise those funds which the trustees are free to use in accordance with the charitable objects.
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Restricted Funds are funds which have been given for particular purposes and projects. The Trust supports the Reserva Ecologica de Guapiacu (REGUA) project to conserve one of the most critical examples of Atlantic Rainforest remaining in south-east Brazil. Income specifically received in respect of this project is accounted for separately as a Restricted Fund, along with the associated expenditure.
7. Related party transactions
Apart from where set out in note 4, there have been no transactions with related parties during the year (2023: none). 8. Comparative information 8.1 Comparative statement of financial activities
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| the year (2023:(2023: none). Comparative information Comparative statement of financialof financialfinancial activities |
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| 2023 | |||
| Unrestricted | Restricted | Total | |
| £ | £ | £ | |
| income and endowments from: | |||
| Donations and legacies | 25,453 | 31,600 | 57,053 |
| Total incomeandendowments | 25,453 | 31,600 | 57,053 |
| Expenditure on: | |||
| Charitable expenditure | |||
| Costs in furtherance ofthe Charity’s objects:- | |||
| Donations to REGUA | 38,000 | 28,910 | 66,910 |
| Costs on behalf ofREGUA | 1,497 | - | 1,497 |
| Running costs | 4,560 | - | 4,560 |
| Total expenditure | 44,057 | 28,910 | 72,967 —— ee |
| Net income/(expenditure} | (18,604) | 2,690 | (15,914) |
| Fund balances at 1 April 2022 | 20,647 | 3,369 | 24,016 |
| Fundbalancesat31March2023 | 2,043 | 6,059 | 8,102 |
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Brazilian Atlantic Rainforest Trust
Notes to the financial statements (continued)
For the year ended 31 March 2024
8.2 Comparative balance sheet
| Unrestricted | Restricted | 2023 | ||
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| Fund | Fund | Total | ||
| £ | £ | £ | ||
| Current assets | ||||
| Cash at bank and in hand | 1,783 | 747 | 2,530 | |
| Debtors | 2 | 1,700 | 5,312 | 7,012 |
| 3,483 | 6,059 | 9,542 | ||
| Creditors: amounts falling | ||||
| due within one year | 3 | (1,440) | - | (1,440) |
| Net assets | 2,043 | 6,059 | 8,102 | |
| Fundbalances | 6 | 2,043 | 6,059 | 8,102 |
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