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← Wwf - UK

2024-06-30-accounts

A Fy teak. ean ° 7 F Ca at Fe | Hi aed! oF a WWF-UK ANNUAL REPORT & FINANCIAL STATEMENTS 2023-24 ‘egies de Ee ko ae isk Tia eh ie ay ee

RAISING SUPPORT

Here’s a quick summary of our income and expenditure for the year ending 30 June 2024, along with equivalent figures for the previous year. You can find more detail in our Financial Statements on pages 68-94.

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INCOME

INCOME
MEMBERSHIP AND DONATIONS		 2023-24
£39.5M		 2022-23
£40.9M
CORPORATE DONATIONS AND INCOME £18.2M £16.7M
LEGACIES £16.4M £17.4M
CHARITABLE TRUSTS £7.2M £9.7M
AID AGENCIES AND GOVERNMENT GRANTS £4.3M £3.8M
WWF NETWORK AND OTHER CHARITIES £2.2M £2.3M
INVESTMENT INCOME £1.5M £1.2M
GIFTS IN KIND £1.4M £0.6M
LOTTERY PROMOTIONS £0.9M £0.7M
OTHER £0.9M £0.7M
TOTAL £92.5M £94.0M

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EXPENDITURE
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EXPENDITURE 2023-24 2022-23
CHARITABLE ACTIVITIES £70.8M £78.4M
COST OF RAISING FUNDS £24.6M £23.9M
OTHER £0.0M £0.1M
TOTAL £95.4M £102.4M

WWF's Great Wild Walk, Sherwood Pines © Paul Rogers / WWF-UK

Goats in an enclosure made with ‘living walls’, in Tanzania. This year, we funded and helped to construct livestock enclosures in Tanzania and Kenya that are secure against predators, and supplied lion deterrent lights. This has protected more than 67,000 domestic animals. © Greg Armfield / WWF-UK

CONTENTS

6 OUR SUCCESSES

TRUSTEES’ REPORT 10 A MESSAGE FROM OUR CHAIR 12 A MESSAGE FROM OUR CHIEF EXECUTIVE STRATEGIC REPORT ~~—SS~~ 14 OUR ACHIEVEMENTS AND PERFORMANCE 40 OUR FOCUS

46 FINANCIAL REVIEW

53 GOVERNANCE

64 INDEPENDENT AUDITOR’S REPORT 68 FINANCIAL STATEMENTS 96 WWF-UK CORPORATE DIRECTORY

HIGHLIGHTS FROM 2023

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© Rachel Palmer / WWF, RSPB & National Trust
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JULY
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RESTORING A RURAL HAVEN

CREATING A COMMUNITY FUND FOR NATURE

We teamed up with the RSPB and our partner Aviva to establish the Save Our Wild Isles Community Fund. Community groups raised more than £2.6 million across 248 projects in areas of the UK where there is the greatest need. The projects are helping communities to restore nature, tackle food poverty and poor mental health, and improve access to green spaces. Of those taking part, 88% now feel more connected to nature. The fund won ‘nature-based project of the year’ at the UK Green Business Awards.

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AUGUST
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Our work with Yorkshire Wildlife Trust to restore Wild Ingleborough has planted an impressive 31,591 native trees and created 75 hectares of woodland in the past year. The landscapescale project is centred on the community and powered by the knowledge and support of local people. During the year, volunteers gave more than 4,000 hours to grow saplings and plant 2,900 trees. This is helping to restore Ingleborough and creating a natural haven for wildlife and people.

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© Callum Bennetts / Maverick Photo Agency / WWF-UK
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SEPTEMBER

RETURNING OYSTERS AND SEAGRASS

Our Restoration Forth project helped return native oysters and seagrass meadows to the Firth of Forth in Scotland, thanks to support from the local community. The project trained more than 500 volunteers in skills such as surveying, harvesting and planting seagrass seeds – and more than 200 volunteers helped to clean 16,000 European flat oysters by hand. It’s the first time in 100 years the oysters have been in the Firth of Forth. They will improve water quality, help prevent coastal erosion by reducing marine energy, and provide a vital nursery habitat for fish and other species.

6

WE HELPED ESTABLISH A 68,000-HECTARE NATIONAL PARK IN COLOMBIA TO PROTECT 68,000 SOME OF THE WORLD’S RICHEST BIODIVERSITY

SHINING A SPOTLIGHT ON FORESTS

OCTOBER

Our State of the Planet Address was a compelling reminder of the plight of our world’s forests. It coincided with the launch of our landmark Forest Pathways report, which provided a first global blueprint to save our forests. The address was given to a large audience of influential people we invited to help us save three of the world’s most important forest regions. Juan Manuel Santos, the former president of Colombia and Nobel Peace Laureate, gave the keynote speech at the event. Our ambassadors Ellie Goulding and Cel Spellman also visited Colombia and Brazil to shine a global spotlight on the importance of forests for our planet.

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NOVEMBER

BOOSTING BIODIVERSITY IN COLOMBIA

We helped establish a new national park in Colombia to protect some of the world’s richest biodiversity. The Serranía de Manacacías National Park will provide a critical safe haven for wildlife in a region under pressure from expanding industrial agriculture and mining. At 68,000 hectares – about the size of Exmoor – the park covers habitats including tropical savannahs, forests, wetlands, rivers and lagoons. Through a programme called Heritage Colombia, we’ll continue to work with Indigenous and local communities, the Colombian government and other partners to secure the lasting protection of 30% of the country’s territory by 2030.

CELEBRATING NATURE THROUGH YOUNG VOICES

In partnership with the RSPB and the National Trust, we released a groundbreaking, youth-led film celebrating nature – Our Beautiful Wild. More than 200 young people from all over the UK, many from deprived communities, were supported to make the film, developing their skills in storytelling and filmmaking through our Young Voices in Nature project. The film has received overwhelmingly positive responses at community screenings and regional and national events – and has gained 9,000 YouTube views. It’s helping inspire other young people to share their voice for nature.

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DECEMBER
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Cesar David Martinez / WWF-Colombia
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7

WWF-UK Annual Report and Financial Statements 2023-24

HIGHLIGHTS FROM 2024

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JANUARY

SURVEYING SNOW LEOPARDS IN INDIA

We supported the first-ever national scientific survey of snow leopards in India. Based on the data collected, the total population was estimated at 718. The survey was a huge undertaking, lasting nearly five years and involving multiple partners. Survey teams walked 13,450km of trails to record signs of these majestic cats. They placed camera traps in 1,971 locations, and 241 different snow leopards were identified from photos. Having a good understanding of where snow leopards are found and how many there are, as well as the status of their prey populations, is essential in order to plan effective conservation strategies.

BRINGING BLACK RHINOS BACK FROM THE BRINK

Kenya’s black rhino population has more than doubled – from fewer than 400 in the 1980s to more than 1,000 today – according to new figures. We’ve supported the conservation of this critically endangered species in Kenya since the early 1960s. More recently, with the support of players of People’s Postcode Lottery, we helped to develop Kenya’s Black Rhino Action Plan for 2022-26. The incredible rise in numbers shows the huge success of ongoing conservation efforts in the area. Thanks to people, communities and organisations coming together to help, Kenya is now halfway to its longterm goal of 2,000 black rhinos by 2037.

FEBRUARY ih 4

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MARCH
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TRAINING CITIZEN SCIENTISTS FOR WETLAND CONSERVATION

We’ve supported communities in Tanzania to lead the conservation of a vital wetland ecosystem and the fish that provide food and livelihoods for thousands of people. The Mara wetlands contain globally important biodiversity and are home to Africa’s largest inland fishery, but overfishing threatens food security and livelihoods. So, alongside the UK government’s Darwin Initiative, we’ve helped train 39 locals to become citizen scientists, monitoring water quality to detect early signs of river pollution. We’ve also trained 327 women to promote sustainable fishing practices, such as allowing stocks to recover and sun-drying fish. This is reducing food waste and improving food security.

8

KENYA’S BLACK RHINO POPULATION HAS MORE THAN DOUBLED – FROM FEWER THAN 400 IN X2 THE 1980S TO MORE THAN 1,000 TODAY

SAFEGUARDING THE FUTURE OF WILD TIGERS

APRIL

As part of the Tiger Conservation Coalition, we worked with the Royal Government of Bhutan, other governments and key partners to agree to raise US$1 billion over the next decade to safeguard the future of wild tigers. This extra funding is needed to expand tigers’ range and enhance their existing habitats, while benefiting communities and other species living alongside them. Conservation efforts such as WWF’s Tigers Alive Initiative and our tiger landscape programmes have helped wild tiger numbers to increase in many countries, taking their numbers from as few as 3,200 in 2010 to an estimated 5,574 this year.

MAY

GOING THE EXTRA MILE FOR WWF

PROMOTING WELLBEING THROUGH NATURE

We were chosen as the winners of ITV’s inaugural Head First award, an initiative which aims to shine a spotlight on mental wellbeing. Our campaign, called ‘Prescription for Nature’, will encourage everyone to get their daily dose of nature. The initiative includes £1 million in advertising airtime to help promote the benefits of nature. Our chief executive, Tanya Steele, said: “This campaign will combine ITV’s unparalleled reach into Britain’s homes with our scientific expertise to get people outside and connecting to nature. Because when we restore nature, nature restores us.”

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JUNE
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After joining our inaugural Great Wild Walk, volunteer Simon returned to Epping Forest this year to help marshal more than 500 walkers. Participants at the event raised £30,000 for WWF by completing the five and 10-mile routes. Simon was keen to continue his support and took on our Lake District 10 Peaks Challenge, a one-day, 25km trek through stunning surroundings. Together, our wonderful team of runners, trekkers and cyclists have raised more than £500,000 for us during the past 12 months.

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9

WWF-UK Annual Report and Financial Statements 2023-24

A MESSAGE FROM OUR CHAIR

Looking back at the year in review, it is heartening to see the strength and depth of WWF-UK’s achievements. All the more so since those successes were accomplished in the face of some very concerning backward steps from both political and business leaders on their net-zero and nature-positive commitments.

That rowing back was precisely the opposite of what we needed in the face of a climate and nature crisis. WWF and our partners remain determined to press forward. The businesses we work with are showing that climate and nature can be at the heart of their strategies.

It was encouraging to see the framework for creating transition plans to a net zero future welcomed by businesses. WWF has made a real difference, through our work on the government’s taskforce – making the case for businesses to consider their impact on nature in their transition plans. Next, we need the new government to honour its pledge to make the plans mandatory.

We continued to achieve impressive results, working with partners, through the Save Our Wild Isles campaign. Notably this year, with the RSPB and £1 million in match funding from our partner Aviva, the campaign’s Community Fund supported 20,000 people and almost 250 grassroots community projects to take action for nature. As part of the campaign, we created Nature’s Workforce – an online resource to help employees call for nature-friendly action in their organisations. Take-up has been strong, with more than 26,000 people using the site in the first two months.

It was also announced in December that the Wild Isles TV series, presented by Sir David Attenborough and co-produced by the BBC with WWF and the RSPB, was 2023’s third-most watched factual show in the UK. The series gave us an invaluable opportunity to reach many millions with compelling messages about the beauty and fragility of UK nature and the urgent need to protect and restore it.

You can read more in these pages about our many achievements this year. But in truth, there is a very great deal more to be done, and rapidly diminishing time. Indeed, it will be on the watch of the new UK government – five crucial years – that the world must act decisively if we’re to bring nature and the climate back from the brink. And the UK must play its full part.

With this urgent need for change, colleagues worked with an external group who challenged our thinking as we developed the next stage of our strategy, which has now been endorsed by the board of trustees. Through a new, sharper focus we will prioritise tackling deforestation, especially where it is caused by food

production. We will support the WWF global network to achieve ever stronger impact to restore large-scale critical habitats for precious species. We will inspire greater numbers of people to take action for our natural world. And we will press governments, financial institutions and UK businesses to vastly raise their ambition to tackle climate change and restore nature.

Among the promising initiatives that could help is the work we have done with the UK grocery sector, towards a 2030 goal of halving the environmental impact of the average UK shopping basket. As we pass this to the Institute of Grocery Distribution, there is a real opportunity for this industry to make a big difference. We will watch its initiatives and progress with great interest.

We’ve strengthened our governance across the whole WWF network, as we apply the recommendations of an independent review to improve how we embed human rights in our conservation work programmes. The latest report sets out how we have recruited over 40 new positions across the network linked to safeguarding and human rights, and appointed 18 people from Indigenous and First Nations groups to governance roles. By January 2024, 96% of the 291 landscapes and seascapes where WWF works were being, or had been, screened for environmental and social risks. Every WWF office now has a clear complaints system at a country level to ensure we can be held to account. We will continue to strengthen our ways of working in this very important area.

Within WWF-UK, the guidance of the trustees has continued to strengthen our governance, and the board itself has continued to evolve. It covers a broad range of skills and knowledge and is well placed to give expert support to the focus of our new strategy – and we continue to diversify representation. I offer thanks to my fellow trustees for all their hard work.

Our sincere thanks also go to His Majesty King Charles III, following the announcement this year that he will continue his long-standing commitment to WWF-UK as our Patron. The influence of his lifelong support for nature and the climate was exemplified in his excellent speech at the UN climate conference in Dubai.

And I offer my thanks and congratulations to every member of staff at WWF for a very strong year, despite the many economic, political and environmental challenges. With their dedication, ability and commitment, WWF is in the best possible shape to achieve the impact we need in our urgent, renewed mission to bring our world back to life.

Dave Lewis

11

WWF-UK Annual Report and Financial Statements 2023-24

A MESSAGE FROM OUR CHIEF EXECUTIVE

This year there have been alarming signs that our precious planet remains under grave pressure. And yet there have been reversals and softening of environmental commitments from both government and business. Despite this, we and our supporters remain determined. Our goal is even more urgent – to do everything possible to help bring our world back to life.

Our latest Living Planet Report shows that continued habitat destruction and pollution have contributed to a 73% fall in average global wildlife populations since 1970. And after a year of record monthly average temperatures, the UN secretary general noted the target of staying within the 1.5°C warming target was “hanging by a thread”.

Increasing temperatures have consequences. Coral reefs experienced the worst planet-wide mass bleaching on record. Wildfires blazed across many parts of the world, including widespread destruction of forests, homes, infrastructure and wildlife across parts of Greece this summer. In response, our supporters acted with speed and generosity to help those fighting the fires and restoring habitats and wildlife in the wake of the fires.

This is the indomitable spirit I see every day – from volunteers, partners, supporters and staff. And it gives me hope that while humanity may cause the problems, we can also be the solution.

This year, I saw how collaboration can bring results for vital nature restoration. In Scotland, I joined our partners and many volunteers who are helping to restore the UK’s decimated seagrass meadows and return native oysters to the Firth of Forth. With its incredible capacity to store carbon and provide habitat for a huge abundance of wildlife, seagrass offers enormous potential. And in Wales, I saw first-hand how we’re helping a communityowned regenerative ocean farm measure the benefits of their sustainable seaweed project. Our projects across the UK are showing how ambitious ideas can make a difference. And they’re testing solutions that could help other nations.

The majority of the work we fund and support is overseas. I’ve been delighted to see the innovative coral restoration work WWF is supporting in the Philippines. And the large-scale community-based conservation our fundraising is supporting in Tanzania and Kenya. This work is restoring migratory corridors for wildlife such as elephants and lions, and reducing the risk of wildlife destroying crops or harming people. And on a visit to China, I met with partners to discuss how a sustainable approach to supply chains could be a force for good, especially in tackling deforestation.

12 TRUSTEES’ REPORT

Nearly eight million hectares of primary forest have been lost globally in the last two years alone, which is why protecting forests was central to our campaigning this year. We launched WWF’s Forest Pathways report, a blueprint on how to protect and restore the world’s forests. We hosted Colombia’s former president Juan Manuel Santos and Indigenous activist and member of WWF-Brazil’s board Txai Surui to speak about the fate of the Amazon at our State of the Planet Address. This supported our successful call for the UK government to announce new legislation to protect forests, which will require companies to ensure they avoid products from illegally deforested land. We continue to push for this law to be passed, so we can rid our supermarket shelves of goods that contribute to illegal deforestation.

We stepped up our urgent work in the Amazon and our support resulted in a new national park being announced in Colombia to protect some of the world’s richest biodiversity. It’s an important step towards securing lasting protection for 30% of Colombia’s land by 2030. Two of our ambassadors, Ellie Goulding and Cel Spellman, helped us shine a global spotlight on our work to protect the Amazon as they visited Colombia and Brazil. Deforestation is slowing in both countries, but there is still much to be done.

Our new strategy will continue to focus on tackling deforestation, as we plan and shape our work for the next three years. We will build on our strengths as we redouble our efforts to get the world back on track so it can meet essential global commitments to nature and the climate.

We’ll strive for more successes in protecting wildlife, such as this year’s announcement that Kenya’s black rhino population has more than doubled since the 1980s, to more than 1,000. And we’ll use our scientific knowhow to help plan the most effective conservation.

THE INDOMITABLE SPIRIT I SEE EVERY DAY – FROM VOLUNTEERS, PARTNERS, SUPPORTERS AND STAFF – GIVES ME HOPE THAT WHILE HUMANITY MAY CAUSE THE PROBLEMS, WE CAN ALSO BE THE SOLUTION

This year we supported the first national scientific survey of snow leopards in India. Our global reach and strong relationships with local partners, communities and Indigenous peoples gives us a unique ability to protect species and restore critical landscapes.

We know that as well as relying on nature for food, water and clean air, we depend on a resilient and functioning natural world for a healthy society and economy. So in our new strategy, we’ll build on the role we’ve played as part of the UK government’s Transition Plan Taskforce. We’ll continue to press financial institutions and big businesses to speed up their transition to an economy that actively helps to tackle climate change and supports our precious natural world.

None of this progress with governments would be possible without being able to demonstrate a strong mandate for environmental action. It doesn’t come much bigger than the Restore Nature Now march in London, which was possibly the UK’s largest ever gathering in support of nature. With many colleagues from WWF, I joined more than 200 organisations and 60,000 supporters of all ages at the march. Together, we showed the new UK government that the public really does want action.

Speaking up for nature and wanting urgent change is what unites our supporters and partners. Despite a cost of living crisis, we have seen your continued generosity and commitment. Together, you have helped us raise more than £90 million this year, with an incredible 319,000 new people choosing to give us their valuable support. I am enormously grateful to each and every one of you who has volunteered your time and expertise, taken campaigning actions or made a donation, however large or small. Thank you. Your support inspires everything we do.

Tanya Steele

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13

WWF-UK Annual Report and Financial Statements 2023-24

STRATEGIC REPORT

OUR ACHIEVEMENTS AND PERFORMANCE

In this section we outline our key achievements and our performance against our strategic objectives for the year ended 30 June 2024.

This reporting year was the last in our strategy from 2018 to 2024. Throughout this time our goals in our urgent work to bring our world back to life have been:

Turn to pages 40-45 to read about the outcomes we’re working to achieve by 2027 in our new strategy – and the priorities we’ve set for the coming year.

GOAL EXPENDITURE

Here’s how much we invested in our main goals during the past year, and the equivalent amount we spent in the previous year.

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AVERTING 2023-24
DANGEROUS £4.3M
CLIMATE 2022-23
CHANGE £6.3M
CREATING A 2023-24
£5.5M
SUSTAINABLE
2022-23
FOOD SYSTEM £5.6M
RESTORING 2023-24
THREATENED £35.7M
HABITATS AND 2022-23
SPECIES £38.2M
2023-24
GROWING £14.2M
SUPPORT 2022-23
£18.3M
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AVERTING DANGEROUS CLIMATE CHANGE

We’re pushing UK governments and businesses for the strongest ambition and measures to decarbonise, to help tackle the climate emergency.

1 2023-24 TARGET

We’ll continue to influence transition plans in the finance sector, ensuring there are robust standards for climate and nature and a strong legal and regulatory framework.

Finance and the flow of funding in the UK continues to support businesses and industries that produce a lot of carbon emissions. We urgently need this to switch, so our economy is low-carbon and helps to restore nature. UK companies need to produce transition plans to show how they will align with a net-zero future.

Influencing these transition plans is a priority for WWF. This year, as chair of the Transition Plan Taskforce’s nature working group, we built the case for mandatory transition plans that consider both nature and the climate. We developed a plan for making this happen. The taskforce is a government-sponsored group made up of members from different industries. It was formed following our advocacy work. We are a key member of its steering and delivery groups; we also chaired its working group on food and beverage.

Thanks to our efforts, the guidance now requires firms to consider their impact on the natural world in their plans, and to include solutions that work with nature to address climate change.

We worked with industry, academia and the financial regulator to develop proposals on how to implement transition plans. We want to make sure strong laws and regulations are in place, so plans lead to real world decarbonisation.

We’ve continued to pressure regulators to do more on climate and nature. In June 2023, our work helped ensure financial regulators must consider nature commitments in the Financial Services and Markets Act. And in this financial year we started mapping the steps regulators can take to prevent the build-up of climate and nature risks.

CLIMATE AND NATURE

WE BUILT THE CASE FOR MANDATORY TRANSITION PLANS THAT CONSIDER BOTH NATURE AND THE CLIMATE

17

2 2023-24 TARGET

We’ll defend and extend plans to reach the UK’s climate targets.

This year, political consensus on the need for rapid action on climate change threatened to fracture.

We advocated for the UK government to adopt a net zero investment plan to leverage investment in climate solutions, alongside a net zero test on government spending. We developed a coalition of businesses and financial institutions to push for these asks. This resulted in Labour commitments to introduce a net zero and nature test on public spending and to evaluate models for delivering key elements of the Net Zero Investment Plan.

We supported the Warm This Winter coalition, which delivered a successful campaign to demonstrate that fuel poverty and the climate crisis have the same solutions – more insulation, heat pumps and renewables. The campaign focused on areas such as policies that help people to install clean heating and energy efficiency measures, enabling cosier homes and lower bills, and both Labour and the Conservatives pledged to deliver reductions in standing charges. Together with ScottishPower, we published an update to our Better Homes, Cooler Planet report. This demonstrated that low-carbon technologies reduce both energy bills and carbon emissions – an important solution to the cost of living crisis. This contributed to wins including a 50% increase in the grant for heat pumps, and more funding for insulating homes.

In Scotland, we updated our Affordable Warmth report on lowering energy bills and cutting carbon, and commissioned polling that found strong public support for our recommendations. These helped us secure positive media coverage, and the Scottish government’s resulting consultation reflected many of our asks. Its proposals were praised as a template for the rest of the UK by the Climate Change Committee.

In Wales, we launched our Land of Plenty Cymru report, which outlined ways for agriculture to become nature positive and reach net zero. It was chosen as key evidence by the Wales Net Zero 2035 Challenge Group, whose forthcoming report will be crucial for shaping the Welsh government’s net zero plan. Our report also helped shape the Welsh government’s Sustainable Farming Scheme, demonstrating how WWF evidence can drive policy change.

In June 2024, we supported the Restore Nature Now march, where more than 60,000 people gathered in London to call on the UK government to take action for nature © Paul Rogers / WWF-UK

18 STRATEGIC REPORT

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WWF-UK Annual Report and Financial Statements 2023-24 19
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3 2023-24 TARGET

We’ll influence the UN’s COP28 climate negotiations, working with colleagues across the WWF network to get tangible progress on sustainable food systems.

Food systems are responsible for 27% of global greenhouse gas emissions and are highly vulnerable to climate impacts. We want food systems to be higher up the international climate agenda, and we’re asking governments to prioritise systemic and holistic approaches to make our food systems healthy, resilient and equitable.

At the UN climate summit (COP28) in Dubai we led a successful collective effort, with other NGOs and civil society allies, to include resilient food systems in the agreement adopted at the summit. It’s the first time a proposal about food systems has featured in the outcome of a major UN climate summit.

We and other civil society partners supported the establishment of the Alliance of Champions for Food Systems Transformation, a new coalition of governments committed to transforming food systems.

We engaged with governments from all regions and civil society allies to influence the negotiations on agriculture and food security. Governments eventually agreed on a roadmap to strengthen climate action on agriculture and food security several months later at the climate negotiations in Bonn. This is an important breakthrough, as it reflects our key ask for governments – anchoring a food systems approach in their actions to tackle the climate crisis.

1ST

IN A WORLD FIRST, A FOOD SYSTEMS APPROACH TO TACKLING CLIMATE CHANGE WE PROPOSED WITH OTHERS FEATURED IN A MAJOR UN CLIMATE AGREEMENT. WE USED OUR SCIENCE TO SHOW HOW TRANSFORMING THE WORLD’S CURRENT FOOD SYSTEM CAN BENEFIT CLIMATE, NATURE AND PEOPLE

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CREATING A SUSTAINABLE a . 2 t a <a = i FOOD SYSTEM

We’re fghting to reform our food system, to halt nature loss and ensure the UK leads a global transformation to sustainable production and consumption of food.

oohase OE

1 2023-24 TARGET

We’ll continue to hold the UK retail sector to account against WWF’s Retailers’ Commitment for Nature. We’ll drive progress on deforestation, climate and agriculture outcomes by continuing to convene businesses.

Retailers are the bridge between those who produce our food and the consumers who eat it, and have an essential role to play in making the food system more sustainable.

This year we continued our work with food retailers with the aim of supporting and challenging them to reduce their impacts – through direct business intervention, driving sector collaboration and advocating for policy change. We were instrumental in securing informal guidance from the Competition and Markets Authority that gives the grocery sector a benchmark from which to develop collaboration proposals that enable real progress towards net zero commitments.

We welcomed Aldi as a signatory to WWF’s Retailers’ Commitment for Nature. Aldi has pledged (alongside existing signatories Co-op, Lidl, Marks and Spencer, Sainsbury’s, Tesco and Waitrose) to take action for nature and to work with us to halve the environmental impact of UK shopping baskets by 2030.

We published our second What’s in Store for the Planet report, based on data received from 10 UK food retailers, which together represent more than 90% of the UK market share. Retailers showed greater transparency in their operations by supplying more data this year. The report also shows that during the year they made some progress on palm oil supply chains and scope 1 and 2 greenhouse gas emissions (those a company produces either directly or from the generation of the energy it uses). But they need to go much further and faster if they are to meet their commitments under our 2030 goal. Responsibility sits with the retailers, but also requires action from across the supply chain. There is a vital role for the government to set the regulations, standards and policy that drives a sustainable food system transition.

The signatories to our Retailers’ Commitment worked with us to engage the UK government on the need for legislation to ensure food that ends up on supermarket shelves is not linked to deforestation. The retailers also helped us build momentum for the new measures announced by the government in December to be locked into law.

50%

SIGNATORIES TO OUR RETAILERS’ COMMITMENT FOR NATURE HAVE PLEDGED TO WORK WITH US TO HALVE THE ENVIRONMENTAL IMPACT OF UK SHOPPING BASKETS BY 2030

23

2 2023-24 TARGET

We’ll promote greenhouse gas reduction strategies and nitrogen budgets for agriculture and land use, to ensure the climate and nature impacts of land use in England, Scotland and Wales become a political priority.

The way we use – and waste – nitrogen is one of the key drivers of pollution of our land and rivers in the UK, and has consequences for human health. Nitrous oxide emissions also have 273 times the climate warming potential of carbon dioxide. Tackling this issue is a priority for WWF.

This year, we created a balance sheet for nitrogen use in the UK. It complements an existing measure in Scotland, tracking flows of nitrogen across the economy, including agriculture. It identifies and visually highlights the biggest pollution sources to help prioritise action to address the problem.

We’ve presented it to more than 300 farming, business and government stakeholders. This will help us persuade the new UK government to introduce into law a comprehensive package of measures to halve nitrogen waste by 2030, helping to meet national commitments under the UN Convention on Biological Diversity. We secured objectives in most party manifestos related to nutrient pollution ahead of the general election.

We continued to challenge the UK government on its lack of greenhouse gas reduction strategies for agriculture. We also published a report with the RSPB that showed the government’s reliance on bioenergy, carbon capture and storage would have substantial negative impacts on nature and food production.

We launched a report on extreme weather and its impact on farming viability in Wales, which gained national media coverage. The report concluded that climate-induced extreme weather is costing farmers tens of millions of pounds each year, and the solution is to support farmers to mitigate and adapt to climate change. The Welsh government has since expanded support to farmers and launched a landscape-scale climate adaptation fund.

Scotland passed its Agriculture and Rural Communities Bill, which sets out the framework for land use payments and support. Campaigning by WWF Scotland and coalition partners ensured the legislation was strengthened to provide a framework for nature-friendly and lower-emissions farming. Also in Scotland, we published our Vision for Agriculture to inspire the decision-makers responsible for implementing the new legislation to rebalance funding towards regenerative farming and land use. We also called for an increase in investment in skills for farmers, along with changes in production that will guarantee nutritional security.

2030

WE CREATED A BALANCE SHEET FOR NITROGEN USE IN THE UK, IDENTIFYING THE BIGGEST POLLUTION SOURCES. IT WILL HELP US PERSUADE THE UK GOVERNMENT TO INTRODUCE MEASURES TO HALVE NITROGEN WASTE BY 2030

24 STRATEGIC REPORT

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RESTORING THREATENED HABITATS AND SPECIES

We’re working to halt the loss of habitats and restore natural life-support systems for people and species in some of the world’s most special places.

1 2023-24 TARGET

We’ll contribute to the WWF network’s focus on the Amazon by raising international attention to the urgent need to tackle deforestation and the impact of commodities on the Amazon biome and the Indigenous peoples who depend on it.

Right now, the Amazon faces a tipping point. Continued deforestation is predicted to result in regional warming and drying, and ultimately the loss of the world’s largest tropical rainforest. If we lose the Amazon, we lose the fight against climate change. Under this urgent scenario, we are providing critical support to our partners in the region and leveraging corporate and government influence from the UK.

This year we provided resources and strategic capacity to help develop a joint strategy called the Amazon Push. This will deliver transformational change through three ‘big wins’: to end deforestation by 2030, phase out illegal gold mining, and increase the proportion of the Amazon that’s either a protected area or Indigenous lands from around 50% to 80%.

To align with this collective effort, our flagship State of the Planet Address this year focused on the Amazon. With a keynote speech from Colombia’s former president Juan Manuel Santos, the event raised attention to the plight of the Amazon, and the urgent need to end deforestation and protect Indigenous peoples and local communities.

We also focused on critical supply chains like soy, by linking work in consumer countries such as China to producer countries in the Amazon. Through this we aim to avoid further deforestation and prevent conversion of land that’s vital to maintaining the balance in the Amazon basin.

We also provided support to colleagues in Colombia to help them raise public awareness about the importance of biodiversity, and influence key decision makers, ahead of the upcoming UN Convention on Biological Diversity conference (COP16) in Colombia. This led to a strategic partnership with the largest newspaper in Colombia, which will greatly increase the reach and impact of our network colleagues’ campaigning.

SUPPLY CHAINS

WE FOCUSED ON CRITICAL SUPPLY CHAINS LIKE SOY – AND AIM TO AVOID FURTHER DEFORESTATION AND PREVENT CONVERSION OF LAND THAT’S VITAL TO MAINTAINING THE BALANCE IN THE AMAZON BASIN

27

2 2023-24 TARGET

We’ll support work to encourage retailers and the private sector in China to improve their sourcing of sustainable palm oil. And we’ll support them to increase the transparency of information about the deforestation and conversion-free status of produce in their supply chains.

The rapid expansion of just three globally-traded commodities – palm oil, soy and cattle – is driving more than 90% of the world’s tropical deforestation and up to half of global greenhouse gas emissions from land conversion for agriculture. And agriculture, forest loss and other changes in land use account for around 15% of the world’s emissions. So at WWF, we’re focusing urgently on eliminating deforestation and forest conversion in supply chains, to reduce emissions from the food sector and help ensure we can still achieve a 1.5°C future.

This year, we’ve supported the efforts of our colleagues and partners in China who, together with the food supply chain department in China’s Federation of Logistics and Purchasing (CFLP), have achieved a significant breakthrough with the announcement of a new Forest-Friendly Initiative in China.

For the pilot phase of the initiative, five major Chinese companies from the food supply, supermarket and e-commerce industries have committed to start transforming their palm oil, soy and beef supply chains this year, to become more sustainable, with technical support from WWF and the CFLP.

Their key commitments include developing a time-bound plan to: eliminate the risk of deforestation, continuously increase proportions of forest-friendly products, and improve transparency and traceability.

Eleven further companies have also already joined the ForestFriendly Initiative and are committed to developing and implementing a work plan to contribute to a carbon neutral and nature-positive food supply chain in China by 2030.

The five pilot companies have started to map risks relevant to deforestation in their supply chains. Their commitment and actions will help us to encourage other trading or upstream companies to eliminate products from deforested and converted land. We are working with governments, retailers, traders and producers across the world to raise minimum global standards for forest risk commodities such as palm oil, soy and cattle. This will be a major focus at the upcoming UN climate and biodiversity conferences.

5

FIVE MAJOR CHINESE COMPANIES HAVE COMMITTED TO START TRANSFORMING THEIR PALM OIL, SOY AND BEEF SUPPLY CHAINS THIS YEAR, TO BECOME MORE SUSTAINABLE, WITH TECHNICAL SUPPORT FROM WWF

28 STRATEGIC REPORT

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3 2023-24 TARGET

We’ll aim to significantly reduce habitat and wildlife loss in key wildlife corridors within the transboundary landscape between southern Kenya and northern Tanzania, for the benefit of people and nature.

In southern Kenya and northern Tanzania, we work with local partners, communities and regional and national decision-makers to support the effective conservation of critical corridors that enable wildlife to move between formal protected areas. This was the fifth year of our ambitious programme to maintain a healthy, connected landscape here for wildlife, people and their livelihoods.

It’s an important area for elephants, lions and African wild dogs that share the landscape with local communities, outside protected areas. This year, we continued our work through several community-based conservation projects that support improved governance and management of natural resources.

The threat of wildlife causing human injury or death, or damaging crops and affecting livelihoods, remains significant here. So we’re working with communities to help reduce the risk and improve coexistence between people and wildlife – especially carnivores and elephants. Such improvements are significantly reducing retaliatory attacks on wildlife, a key driver of lion and elephant loss.

Over the past year, we supported teams in Kenya and Tanzania to secure livestock of 509 households in the Mara, Amboseli and Lake Natron landscapes. We funded and helped to construct livestock enclosures that are secure against predators, and supplied lion deterrent lights. This has benefited 4,787 people and protected more than 67,000 domestic animals (with a value of over US$7 million) from predation. In addition, we supported a school and a medical clinic to have solar-powered elephant deterrent fences fitted, benefiting 11 teachers, 200 pupils and over 3,000 users of the clinic.

In addition, our project to address poaching and illegal wildlife trade in the Amboseli-Kilimanjaro landscape has resulted in a fall in the proportion of people consuming wild meat – from 28% to 17.5% within two years. People also reported an improved tolerance to wildlife – up from 48% to 76%.

We’ve also helped to strengthen local business enterprises. This year, we’ve supported more than 8,500 additional people through diversified livelihoods, strengthened value chains and links to markets in critical wildlife corridors. Enterprises include sunflower farming, beekeeping, poultry farming, grass seed banks and Village Savings and Loans Associations.

>67,000

OUR SUPPORT TO SECURE LIVESTOCK AGAINST PREDATORS IN KENYA AND TANZANIA HAS BENEFITED 4,787 PEOPLE AND PROTECTED MORE THAN 67,000 DOMESTIC ANIMALS THIS YEAR

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31

GROWING SUPPORT

We’re urging as many people as possible to support our critical work and creating more opportunities for our supporters to be involved in what we do; inspiring them to act with us and have an impact on our mission.

WWF's Great Wild Walk, Sherwood Pines © Paul Rogers / WWF-UK

1 2023-24 TARGET

We’ll aim to increase our active supporter base to 1.5 million and raise more than £94 million in income to support our work and create more opportunities for people to take action.

In a year when the cost-of-living crisis continued to bite, we are incredibly grateful to our generous supporters who helped us achieve our second-highest ever income total, along with a heartening increase in our active supporter base.

Despite an uplift in donations in the second half of the year, we didn’t manage to reach our ambitious income target: we raised a total of £91.5 million. This figure was buoyed by £3.85 million thanks to crucial long-standing support from players of People’s Postcode Lottery. Our income was also boosted by £3.1 million from Omaze, and by the number of players of the weekly WWF lottery increasing by nearly 40%, meaning this initiative should now generate more than £1 million a year. We were delighted 319,000 new people chose to support us – either financially or through other actions. More than 100,000 of them were inspired to engage with us through our new campaigns, which offered many ways to get involved and show support – including a Nature Friendly Planner and our Great British Wildlife Guide.

Some 44,000 new people supported us through adoptions and membership during the Christmas period, thanks to our campaign to ‘Give the Gift of Hope’. Our legacy stewardship focus, including in-person events, has seen numbers of new legacy pledgers, prospects and notifications all increase substantially. And our philanthropy team secured vital grants including major support from the National Lottery Climate Action Fund.

This year we relaunched our junior membership product, Go Wild. And our tailored communications to young people (notably 13 to 17-year-olds), written by our Youth Ambassadors, performed well.

We’ve seen an increase in support for our community events: more than 2,000 people joined our Great Wild Walks, and thousands of supporters took part in our virtual 100 Miles in March challenge, raising over £100,000. We were the first charity partner for the Mini London Marathon, reaching over 300,000 schoolchildren and encouraging them to be active in nature. Joe Wicks led a warm-up for all 10,000 children at the start line.

Overall, our two-year active supporter numbers rose from 1.34 million to 1.42 million.

319,000

319,000 NEW PEOPLE CHOSE TO SUPPORT US – EITHER FINANCIALLY OR THROUGH OTHER ACTIONS

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33

2 2023-24 TARGET

We’ll maintain our brand prominence and trust among our supporters and the public, notably through our brand proposition of Bringing Our World Back to Life, as well as launching a mass engagement campaign to showcase our organisation as a leading voice on nature and climate change.

This year our brand-led work to Bring Our World Back to Life had a particular focus on forests. In October, we supported the launch of WWF’s global Forest Pathways Report, which details the state of the world’s forests and outlines what governments must do to better protect them. This achieved more than 1,200 pieces of media coverage globally and reached more than two billion people. Our supporting brand activity included a forest den at London Waterloo station, which invited commuters to experience the calm of a Borneo rainforest.

We encouraged more than 10,000 supporters to write to their MPs calling for new UK legislation to protect forests and ensure businesses can no longer sell products that come from illegally deforested land. This was followed by the then environment secretary announcing the ‘due diligence’ legislation at the UN climate summit in December.

Our focus on forests led to an increase in people recognising our work to address deforestation and an increase in trust for the brand; we also retained prompted awareness of WWF at the increased level we achieved last year.

In March, we inspired more than 90 sports teams, charities and other brands to take part in our World Without Nature activation by removing images of nature from their logos on social media to highlight the crisis facing our natural world. As well as strong media reach, it helped us gather more than 12,000 signatures on a newly launched petition calling on the upcoming new UK government to commit to stop fuelling the destruction of nature. The petition gathered more than 57,000 signatures before the general election.

Working in partnership with the RSPB, we continued our Save Our Wild Isles campaign. Together we supported more than 20,000 people to engage with UK nature in 248 grassroots community projects through the campaign’s Community Fund. This raised more than £2.6 million – with £1 million in match funding donated by our partner Aviva. The fund supported communities in areas where the need is greatest. Activities included tree planting, wildflower meadow restoration, work with schools, and improving access to green spaces. Many groups also tackled loneliness, food poverty and mental health. Of those who took part, 88% now feel more connected to nature.

>10,000

WE ENCOURAGED MORE THAN 10,000 SUPPORTERS TO WRITE TO THEIR MPS CALLING FOR NEW UK LEGISLATION TO PROTECT FORESTS AND ENSURE BUSINESSES CAN NO LONGER SELL PRODUCTS THAT COME FROM ILLEGALLY DEFORESTED LAND

34 STRATEGIC REPORT

Our forest den brought the calmness of the Borneo rainforest to London Waterloo station © Lucian-Mihai Koncz / WWF-UK

A volunteer at the Belgrave Community Garden Project, Leicester – supported by the Save Our Wild Isles Community Fund © Paul Rogers / WWF, RPSB, Aviva

3 2023-24 TARGET

We’ll continue to develop our existing strategic partnerships to support the delivery of our mission. We’ll also develop new partnerships and renew two major strategic partnerships. e€ Our corporate partnerships help us to extend the reach, scale and impact of our work. We work with companies to reduce their | environmental impact and accelerate sector and policy shifts towards a more sustainable future.

As noted above, we partnered with Aviva on the Save Our Wild Isles Community Fund. Aviva provided £1 million in match funding.

With NatWest, we launched a report that sets out a roadmap for the transition to regenerative agriculture in England. The aim of the roadmap is to ensure farmers are rewarded for producing nutritious food, tackling climate change and restoring nature.

As well as a campaign to collect a million phones for reuse or recycling in markets including the UK, Germany and Turkey, our partnership with Vodafone is exploring opportunities to use technology to support conservation. Working with WWF-Kenya and Safaricom, a Vodafone team travelled to Kenya to trial an AI model that’s being developed to help address conflict between people and wildlife.

Our Climate Solutions Partnership with HSBC and the World Resources Institute has supported more than 500 companies across Asia to shift to renewable energy. In Thailand we’ve helped scale up agroforestry and reduce human-wildlife conflict. Also with HSBC, we developed a toolkit to help financial institutions monitor the risks related to deforestation and land conversion in commodity supply chains.

During the fourth year of our global partnership, Reckitt has supported us to assess eight rivers for a gharial conservation plan in Uttar Pradesh, India. And it’s enabled us to resume work to test ‘pingers’ to keep river dolphins away from fishing nets in Tapajós, Brazil. This has helped protect the dolphins and increased yield for local fishers. In the UK, we exceeded by 20% our three-year target to restore 20 million square feet of wildflower habitat, with more than 10.8 million square feet delivered this year.

New partnerships this year included an international partnership with Lidl, which will support the company in achieving its global sustainability commitments.

20,000 WITH THE RSPB AND BACKING FROM AVIVA, WE SUPPORTED ae MORE THAN 20,000 PEOPLE TO ENGAGE WITH UK NATURE IN 248 GRASSROOTS COMMUNITY PROJECTS THROUGH THE SAVE OUR WILD ISLES CAMPAIGN’S COMMUNITY FUND

37

OUR PEOPLE

Our vision is to create an inclusive, safe and empowering environment so our culture and our people can thrive, individually and collectively, to help bring our world back to life.

This year we celebrated the first year of our Diversity, Equity and Inclusion (DE&I) strategy. Highlights included a highly successful reciprocal mentoring programme, and achieving Race Equality Matters Trailblazer bronze accreditation. We have also introduced innovative ways of learning, to provide a dedicated space for conversations on various DE&I topics through ‘Diversi-Teas’ and diversity challenges. This has allowed us to foster a more inclusive workplace culture.

One key initiative to support the health and wellbeing of our colleagues has been the revision of our leave policies, from holiday entitlement to parental arrangements, in line with best practice. We also brought in a new employee assistance programme to support our colleagues.

We see strong leadership as key to the successful delivery of our mission, so we’re investing in this area. Following the previous year’s development of our new Leadership Standards, which align with our values, we have spent this year ensuring all those in leadership roles are guided by the behaviours and actions covered by the standards.

38 STRATEGIC REPORT

Using tracking equipment to locate Bornean elephants in a plantation in Malaysia © Aaron Gekoski / WWF-US

39

OUR STRATEGY 2024-27

Nature is in crisis. Our latest Living Planet Report One of the main strengths of WWF is our global shows average population sizes of wildlife have reach, through the presence of our family of plummeted by 73% since 1970. Habitats are colleagues in nearly 100 countries across the | eyel under threat, with alarming declines in the extent world. In our new strategy, we’ll continue to fund, of tropical forests, grasslands, free-flowing rivers support and enable our partner offices to deliver and sea ice. This is putting grave pressure on the the vital conservation work that forms the bedrock ~ iA a precious species that live there. of what we do. Our approach will put Indigenous peoples and local communities at its heart, working ' :i The world is also falling woefully short against with them and other partners to protect precious ; critical targets set in the Global Biodiversity species and restore habitats in critical landscapes, =; Framework and the Paris Climate Agreement. There rivers and oceans. We’ll build on recent successes ° is an increasing danger that the world will warm by such as helping increase numbers of wild tigers, more than 1.5°C, which would dramatically raise mountain gorillas, black rhinos and other species. the threat posed by climate change to people and i the natural world. While we have a long history of achieving foil. ij - breakthroughs overseas, what we do in the In short, our vision of halting and reversing the UK is also critical. The UK is home to major ues loss of nature by 2030 is in jeopardy. financial institutions and big businesses whose — investments and operations have a big impact on In response, we have developed a new three-year nature. Our new strategy will build on our recent D L strategy to focus our contribution to the changes successes influencing the UK, Scotland and Wales " that are urgently needed to put the world back on governments and key institutions to accelerate track. At its heart is our determination to get global ni - action towards a net-zero and nature-positive leaders to meet their commitments on nature and economy. That way, we can build a resilient, climate change. prosperous, sustainable future in the UK.

Our science shows that conservation work remains vital, but it will not be enough to stop nature’s decline. We need to ramp up efforts to tackle the biggest drivers of nature loss.

Chief among these is the global food system, which is responsible for around 60% of all nature loss and 27% of greenhouse gas emissions. It’s critical that the world shifts to producing food sustainably in landscapes that support nature, people and climate. We’ll focus on influencing producers, businesses and investors to transform agriculture, so it no longer drives deforestation. We’ll concentrate on tropical forests that are rich in vulnerable wildlife, particularly the Amazon, as well as Borneo, Papua New Guinea and Western Congo.

The iconic and trusted WWF brand opens doors. It helps us talk to decision-makers in government and in business. We’ll use that trust to inspire people to act for nature. And when greater numbers of people show they want change, this in turn will strengthen our call for governments and businesses to step up their efforts.

The need for change has never been more urgent. We’re determined to ensure key policy moments over the next three years – such as the 2025 UN climate summit in Brazil – deliver action for nature, people and climate. Our role will be to catalyse large-scale action, by engaging with Indigenous peoples and local communities, governments, regulators, businesses and the public.

OUR OUTCOMES

We’ll draw on our greatest strengths – our trusted science, our iconic brand, our global network, and the generosity and influence of our supporters and partnerships – to meet the many challenges we face. Over the next three years, we’ll pursue four strategic outcomes to keep us on track for our 2030 vision:

STOP DEFORESTATION

DELIVER A SUSTAINABLE FUTURE IN THE UK BRING NATURE BACK FROM THE BRINK

INSPIRE PUBLIC ACTION FOR NATURE.

You can find out more about each of these outcomes on the following pages, together with our priorities for meeting them in the coming year.

Our new strategy also shows how we will improve the effectiveness of WWF as an organisation, attract and retain the best people to work for us, grow our income and maintain support for WWF. The incredible generosity of our supporters remains the lifeblood of WWF – our success is thanks to them.

TOGETHER, WE CAN BRING OUR WORLD BACK TO LIFE PLEASE JOIN US!

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WWF-UK Annual Report and Financial Statements 2023-24 et = Pa F F i 7 ;

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STOP DEFORESTATION

The world’s incredible forests sustain 80% of our land-based animals, insects and plants. They influence rainfall, water and soil quality – and are vital for flood prevention and regulating the climate. Hundreds of millions of people rely on forests as their home or for making a living.

But globally, an area of forest the size of a football pitch is destroyed every two seconds, with devastating impacts on people, wildlife and the climate. Most deforestation is to enable food production – particularly meat, soy and palm oil.

To address these challenges, in the next three years we’ll focus on reducing deforestation and land conversion in tropical forests, working with Indigenous peoples and local communities. We’ll concentrate particularly on the Amazon region, as well as rainforests in Borneo and Papua New Guinea.

OUR PRIORITIES IN 2024-25 INCLUDE:

We’ll also press the governments of Brazil, China and the UK to move to sustainable food systems and supply chains.

42 STRATEGIC REPORT

i

DELIVER A SUSTAINABLE FUTURE IN THE UK

The natural world is in crisis, and our 2030 goal to halt nature’s destruction and see signs of recovery is in serious jeopardy. Progress is far too slow towards an economy that supports net zero, helps nature recover, and shares the substantial benefits of the transition while supporting those who will lose out from it.

The lack of ambition is global, but what we do in the UK makes a real difference. The UK is home to major financial institutions and big businesses. How they operate and what they choose to invest in has a significant direct impact on nature.

In the next three years we’ll press major businesses, financial institutions and the UK governments to raise their ambition on climate and nature and set a global example.

OUR PRIORITIES IN 2024-25 INCLUDE:

43

WWF-UK Annual Report and Financial Statements 2023-24

——a | eiateaeal BRING NATURE BACK FROM THE BRINK

We must preserve the nature we have and put it on the path to recovery. To build on our proud history of successes in this area, over the next three years we’ll continue to fund, support and enable our partners in the WWF network to deliver conservation to protect precious species and habitats in critical landscapes, rivers and oceans.

We’ll support key WWF offices to develop and enhance their capability. This will also build the policy and advocacy capacity of the WWF network as a whole. And we’ll partner with those offices to enable them to achieve impact at scale by unlocking finance for nature-based solutions, as well as ensuring money flows to Indigenous peoples and local communities.

OUR PRIORITIES IN 2024-25 INCLUDE:

44 STRATEGIC REPORT

a “4 | wat | INSPIRE PUBLIC ACTION FOR NATURE

Through their concern and actions, people in the UK can play a fundamental role in helping to reverse nature loss and tackle climate change. We’re determined to rekindle the nation’s connection with nature, to inspire people to take action to protect and restore it.

In the next three years, we aim to increase the number of people taking action for nature and the climate. Their engagement, allied to our powerful and trusted brand, will help us convince governments and businesses of the need for change.

OUR PRIORITIES IN 2024-25 INCLUDE:

To this end, we’ll deliver a long-term initiative that shows how actions anyone can take to restore nature also benefit their own physical and mental wellbeing.

We’ll also engage people more widely in support of our mission and build transformational partnerships with businesses that will help us maximise our impact and achieve change.

45

WWF-UK Annual Report and Financial Statements 2023-24

FINANCIAL REVIEW

OPERATING STATEMENT Year ended
30 June 2024
Year ended
30 June 2023
£m
£m
Incoming resources excluding gifts in kind
Gifts in kind
Incoming resources		 91.1
93.3
1.4
0.7
92.5
94.0
Costs of raising funds
Cost of raising funds 24.6
23.9
24.6
23.9
Net income available for charitable purposes 67.9
70.1
Expenditure on charitable activities
Averting dangerous climate change
Creating a sustainable food system
Restoring threatened habitats and species
Growing support
Building capacity in the network
Reorganisation costs
WWF network priority support projects
Gifts in kind attributable to charitable activities
Net expenditure before gains/(losses) on investments
Net gain/(loss) on investment assets
Net expenditure
Fair value movements on cash fow hedges
Net decrease in reserves		 4.3
6.3
5.5
5.6
35.7
38.2
14.2
18.3
7.7
6.2
0.3
-
2.5
3.9
0.6
-
70.8
78.5
(2.9)
(8.4)
1.6
(0.3)
(1.3)
(8.7)
(0.1)
(0.4)
(1.4)
(9.1)

46 STRATEGIC REPORT

INCOME

Total income for the year for the Group (comprising WWF-UK and WWF-UK (World Wide Fund For Nature) Trading Ltd) decreased by £1.5m (1.6%), from £94.0m in the previous year to £92.5m.

MEMBERSHIP AND DONATIONS FROM INDIVIDUALS

Income from individuals decreased by £1.4m, from £40.9m to £39.5m. This was partly attributable to a reduction in spend and activity across some supporter acquisition channels. With increased costs owing to inflation, some of our channels were prohibitive, leading us to pivot our strategy to stronger performing fundraising channels. A number of our suppliers struggled with their capacity, so some of our campaigns launched later in the year. We further reduced the scale of some of our campaigns while we introduced new policies and improved due diligence and procedures to uphold our high compliance standards and supporter experience.

CORPORATE DONATIONS AND INCOME

Income from our corporate partnerships increased by £1.5m, from £16.7m to £18.2m. This growth was largely due to the new Omaze partnership, which generated £3.1m via the Million Pound House Draw. We also secured new partnerships with KPMG and Lidl and coupled this with faster spend on HSBC and AB InBev programmes. However, this was partly offset by the Tesco partnership coming to an end during the year, and because we recognised the income from our multi-year partnerships with Aviva and John Lewis in their first year.

AID AGENCIES AND GOVERNMENT GRANTS

Income from aid agencies and government grants is detailed in Note 4 to the accounts. The increase of £0.4m is predominately related to increased funding from the Department for Environment, Food and Rural Affairs (Defra) across several established programmes in east Africa, Nepal and the Himalayas. In east Africa, funding supports work to tackle human-wildlife conflict in the Ruvuma transboundary landscape so people and nature can thrive in harmony. In Nepal, the work is tackling illegal wildlife trade, and supporting conservation of smooth-coated otters, while improving livelihoods for local fishing communities. And in the trans-Himalayan landscape, we’re addressing the degradation of high-altitude rangelands, focusing on improving human-wildlife coexistence and enhancing local livelihoods.

LOTTERY PROMOTIONS

Income from lottery promotions increased by £0.2m to £0.9m and represents funds raised via WWF-UK’s own weekly lottery.

CHARITABLE TRUSTS

Income from charitable trusts decreased by £2.4m, to £7.2m. This was largely attributable to the Children’s Investment Fund Foundation, Quadrature and Esmée Fairbairn agreements coming to an end.

EXPENDITURE

The cost of raising funds increased by £0.7m, to £24.6m. The rise is due to higher supporter acquisition costs across some channels and an increase in the cost of goods sold, which is linked directly to increased WWF-UK shop sales. Included in the cost of raising funds are the costs of our fundraising teams, supporter acquisition and retention costs, supporter communications, supporter services and behavioural insights, retail, fundraising compliance and our events programme.

There was a decrease of £8.5m (11%) in our charitable activity expenditure, from £78.5m to £70.0m. This was due in part to a reduction in unrestricted income driven by a more challenging external environment. Programmes are listed in Note 5 to the accounts. Key movements are highlighted below:

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WWF-UK Annual Report and Financial Statements 2023-24

BALANCE SHEET AND RESERVES

The net expenditure for the year of £1.4m, with a £0.1m loss in cash flow hedges, resulted in a reduction in total reserves from £57.6m to £56.2m.

The decrease in total reserves consisted of a decrease of £5.0m in restricted funds (to £20.5m), counteracted by an increase of £3.3m in unrestricted funds (to £30.0m), and an increase of £0.3m in the value of endowments (to £5.7m).

The increase in unrestricted funds of £3.3m comprised an increase of £3.9m in designated reserves (including unrestricted funds held as fixed assets) from £12.5m to £16.4m. This was partly offset by a decrease in general reserves of £0.5m (see below), from £14.3m to £13.8m and a £0.1m increase in the hedge reserve to negative £0.2m.

The increase in designated reserves is detailed in Note 21 to the accounts, below. The decrease of £0.5m in general reserves can be summarised as follows:

Reserves

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----- Start of picture text -----
£m
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General reserves at 1 July 2023
Net income in unrestricted funds
Decrease in designated reserve for the Living Planet Centre
Increase in programmes designated reserve
Increase in designated reserve for Systems Transformation
Decrease in designated reserve for investments
General reserves at 30 June 2024		 14.3
3.4
0.3
(2.4)
(1.9)
0.1
13.8

WWF-UK’s reserves policy requires that general reserves are reviewed on at least an annual basis to ensure they are at an appropriate level and sufficient to protect programmatic expenditure in the short term from any sudden drop in income.

Applying the assumptions set out in the policy, we have reviewed the requirement for general reserves and decided to retain a range of between £12m and £16m (approximately 10 to 13 weeks of budgeted unrestricted funds expenditure).

The free reserves level at the end of the year was just below the midpoint of the target range for free reserves.

48 STRATEGIC REPORT

INVESTMENTS

WWF-UK’s investment policy is to maintain the real value of our investments and to maximise income by way of a diversified portfolio consistent with the trustees’ legal powers and duties. This is underpinned by our socially responsible investment policy, which promotes the principles of sustainable development and improvements to the environment and is designed to ensure there is no exposure to investments that may be inconsistent with our mission and objectives. A large range of potential investments are excluded on this basis, including any investments in the fossil fuel industry, the extractives industry or the aviation sector, while also taking into account positive, socially responsible, environmental and governance investment criteria. All equity investments are screened to ensure the portfolio complies with our investment policy.

GOING CONCERN

The financial forecasts for the next three years project that the organisation has sufficient cash and cash investments and reserves to continue to operate. The financial projections have been prepared on the basis of a number of scenarios so the organisation is prepared for different levels of potential impact with regards to the economic environment risks. Robust monitoring processes are in place to ensure the organisation is able to react quickly to any downturn in income. The free reserves of the organisation are held in cash and liquid investments in order that these may be liquidated quickly in the event that they are required. Accordingly, the trustees are of the opinion that it is appropriate for the financial statements to be prepared on a going concern basis.

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WWF-UK Annual Report and Financial Statements 2023-24

PRINCIPAL RISKS AND UNCERTAINTIES

The trustees are responsible for ensuring WWF-UK has a sound system of internal control to safeguard its assets and funds, and for ensuring its assets and funds are used only in furtherance of WWF-UK’s objectives. The system of internal control is intended to manage appropriately rather than eliminate risks and to give reasonable rather than absolute assurance.

The trustees exercise their responsibilities through their board meetings and the meetings of the committees of the board described on page 54.

Our strategy for FY22 to FY24 was approved by trustees and came into effect on 1 July 2021. The strategy covered the overall aims and objectives of the organisation for the last three years and has been used as a basis for annual planning, monthly progress reviews by the Executive Group and quarterly progress reviews by trustees.

The system of internal control in place over the last three years has included:

50 TRUSTEES’ REPORT

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Risk Mitigation
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Risk Mitigation
Cyber
Critical cyber attack
could take down our
systems, resulting in
loss of sensitive data,
GDPR breaches and/
or substantial business
disruption, potential
fines and reputational
damage.		 • All laptops have antivirus software and are managed centrally to deploy
security updates.
• A limited number of systems are exposed to the internet, all filtered
through firewall access control lists.
• Admin accounts are protected with complex passwords, multi-factor
authentication and privileged identity management.
• All staff undertake mandatory information security, cyber security and
GDPR training, with periodic security reminders and announcements.
• Data protection manager in post. GDPR policies and procedures
in place.
• Daily data back-ups and site recovery.
Delivery
There are many global
risks that can hinder
delivery of programmatic
work we are funding
overseas (disease,
natural disaster, civil
unrest, conflict, political
opposition).		 • Providing funding to build capability in other WWF offices.
• Liaising closely with other WWF offices to ensure risk management
is in place for conservation programmes that takes account of local
circumstances.
• Supporting WWF offices to strengthen staff safety policies and develop
frameworks to support environmental defenders.
• Strong coalition-building approach with civil society and Indigenous
peoples’ organisations.
• Planning for different political scenarios.
Finance
Not being able to
meet income targets
or increasing costs,
affecting our ability to
achieve our strategic
objectives.		 • Robust income generation strategy with diverse income streams.
• Integrated budgeting and planning processes.
• Monthly reporting on income and expenditure.
• Forecasts to reassess financial position and adjust plans.
• Regular long-term financial planning to ensure the organisation’s longer-
term plans are financially sustainable.
• Regular review of the general reserves target range to ensure it is
set at an appropriate level in light of the assessed risk to the various
income streams.
• Regular monitoring of supporter attrition and recruitment targets.
• Emphasis on supporter engagement to build long-term loyalty.
Geopolitical
There are many global
risks that are difficult
for WWF-UK to mitigate,
including insufficient
global political ambition
to address the
biodiversity and climate
crises, and unpredictable
political contexts in key
countries.		 • Advocacy to influence discussions and agreements at the UN
Convention on Biological Diversity Conference of the Parties (COP16)
in Cali in 2024 and the UN Climate Change Conference (COP30) in
Belem in 2025.
• Working with the UK government, other NGOs and the wider WWF
network to influence international and multilateral agreements relating
to climate and nature.
• Regular communication with our partners in the WWF network to
monitor emerging risks and issues, and to develop mitigations and
advocacy actions.
• Regular review of WWF-UK’s portfolio against our strategic intent.
• Stakeholder mapping and relationship building with governments and
influential organisations in key sectors.

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WWF-UK Annual Report and Financial Statements 2023-24

People
The ability to attract,
develop and retain
talented, diverse people
and to support their
health and wellbeing,
so we maintain the
capability and capacity
to deliver impact for our
ambitious strategy.		 • Diversifying recruitment; new sourcing pools and creative resourcing.
• Hybrid working arrangements that enable greater flexibility in working
practices and locations.
• Significant attention to leadership development, centred on values-
based standards, to maximise employee engagement and performance.
• A focus on learning for all employees; building emotional intelligence,
capability and confidence.
• A comprehensive wellbeing strategy with holistic support provision,
employee assistance and occupational health support.
• A competitive reward and recognition offer for all employees.
Reputation
Critical and sudden
impact on reputation
and brand, leading to
a significant and sharp
reduction in fundraising
and audience
engagement.		 • Established global values with localised behaviour frameworks.
• Adherence to WWF global network standards.
• Global whistleblowing and escalation framework, and local
complaints policy.
• Quality assurance processes for our conservation programmes.
• Due diligence processes in respect of our partners and suppliers.
• Approval processes for external communications to ensure they are
consistent with our brand and strategy.
Safeguarding
Incidents could affect
individuals, communities
we work with and
colleagues in WWF and
partner organisations.		 • A robust Environmental and Social Safeguarding Framework across
the WWF network, including a safeguards screening tool, a tiered
mechanism for communities to raise complaints and grievances, and
a global response protocol for escalating serious complaints. A global
safeguards unit is responsible for implementing and maintaining the
safeguards framework. Safeguarding assessments are undertaken
for the conservation projects WWF-UK supports, to ensure the views
of local people are reflected in project planning, implementation
and monitoring.
• Mandatory safeguarding training for all WWF staff and trustees.
• A WWF network Conservation Quality Committee (CQC), with
representation from WWF-UK, reviews and signs off on high-risk
projects and landscape safeguards plans.
• WWF-UK has a Safeguarding Committee with an executive director
accountable for safeguarding, a safeguarding director and two
designated child safeguarding leads who are responsible for oversight
of WWF-UK’s safeguarding framework. This includes safeguarding
policies and processes for children and vulnerable adults. There are
two trustees with safeguarding expertise on the board and a lead
safeguarding trustee is in place.

52 TRUSTEES’ REPORT

GOVERNANCE

STRUCTURE

WWF-UK is a charity registered with the Charity Commission for England and Wales (Registration No. 1081247) and the Office of the Scottish Charity Regulator (Registration No. SC039593). It is also a company limited by guarantee registered in England and Wales (Registration No. 04016725). It was founded in 1961 and was formerly known as the World Wildlife Fund. Its objects and powers are set out in its Memorandum and Articles of Association. The objects of the charity remain as follows:

The promotion of conservation of the natural environment and the sustainable use of natural resources and ecological processes, to include without limitation, fauna and flora, water, soils and other natural resources.

The promotion of education in nature conservation, the natural environment and the sustainable use of natural resources.

The promotion and support of scientific and educational studies, research projects and publication of scientific and educational works.

WWF-UK’s commercial activities are undertaken by its wholly-owned trading subsidiary, WWF-UK (World Wide Fund for Nature) Trading Limited. All taxable profits are donated under Gift Aid to WWF-UK. WWF-UK (World Wide Fund for Nature) Trading Limited was incorporated as a company in 1966 to conduct trading activities in support of WWF-UK’s charitable objectives. The company is registered in England and Wales (Registration No. 00892812). The principal activities are the licensing of the WWF logo, lottery activity, retail activities and corporate sponsorships. Details of transactions between WWF-UK and its subsidiary are included in Notes 20 and 28 to the accounts.

WWF NETWORK

WWF-UK is part of the WWF global environment network which is coordinated by WWF-World Wide Fund for Nature, a Swiss foundation, based in Gland, Switzerland. Tanya Steele is a member of the WWF Network Executive Team. Stephen Hay is a member of the Audit Committee of WWF-World Wide Fund for Nature. Within the network, we influence and support policy and programme priorities, working with our WWF colleagues worldwide to achieve our objectives. A large portion of our programmatic activity takes place overseas through local WWF offices and other partners we provide funding to. We adhere to the WWF network’s core standards and global values. In the UK, we run programmes alone or in partnership with funders and other complementary organisations. In addition, we undertake communications, campaigning and advocacy activity to further our objectives. Details of transactions with related parties are included in Note 28 to the accounts.

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WWF-UK Annual Report and Financial Statements 2023-24

TRUSTEES

The board of trustees is the governing body for WWF-UK.

It comprises up to 15 unpaid trustees, as listed on page 96 (who are also the directors and members of WWF-UK for the purposes of company law). The board is responsible for setting policy, agreeing strategy, oversight of risk management and controls, monitoring performance and approving major commitments based on advice from senior management, and the appointment of the chief executive. Day-to-day operations are delegated by the board to the chief executive, who leads the Executive Group.

The Articles of Association of WWF-UK provide that trustees may be appointed for two periods of up to three years at a time extendable up to a maximum of nine years, although in practice trustees usually serve for a maximum of six years. The chair of the WWF-UK board is appointed for a six-year term of office.

Each of the trustees is required to disclose actual or potential conflicts of interest to the chair and company secretary for inclusion on the trustee register of interests. None of the trustees receive any remuneration for their work as a trustee but may be reimbursed for reasonable expenses incurred in the course of their duties. The board adheres to the Charity Governance Code and conducts regular external assessments of its effectiveness.

The board has four principal committees – the Impact Goals Committee, the Finance and Business Committee, the Audit Committee, and the Nominations and Remuneration Committee. Membership of all these committees is detailed on page 96 of this report. The committees meet regularly and report back to the board on key topics discussed and any decisions taken.

The Impact Goals Committee advises the board of trustees on the current effectiveness and future strategic direction of WWF-UK’s global conservation programmes and advocacy and campaigns activities.

The Finance and Business Committee is responsible for providing advice and recommendations to the board on the financial management and strategic direction of the organisation, the monitoring of progress against targets and the oversight of the financial management and performance of the organisation. The committee has a sub-committee, the Investment sub-committee, to assist its work principally around the organisation’s investments and pension provision.

The Audit Committee is responsible for exploring the significant risks to the organisation and evaluating the steps taken to manage those risks including internal controls, risk management and compliance reporting (including safeguarding). It considers and evaluates the work of the internal and external auditors.

The Nominations and Remuneration Committee is responsible for undertaking the recruitment and selection process for trustees and for recommending new trustees to the board for approval and the remuneration of, and succession planning for, senior executives of WWF-UK.

A detailed skills and diversity audit of the board was conducted in February 2024. This regular exercise informs the recruitment of new trustees to the board. Trustee positions are widely and openly advertised and searches carried out among a range of networks in order to attract a diverse range of candidates. A full equality impact report for new trustee recruitment is presented to the Nominations and Remuneration Committee. We anticipate appointing up to four new trustees by the end of 2024. New trustees are provided with a mentor from the existing board to assist them in the transition to their new role. Each new trustee attends a series of induction sessions, where they learn about the organisation and the role and responsibilities of a trustee and meet the chief executive and members of the Executive Group. New trustees also receive an induction pack, including Charity Commission guidance on The Essential Trustee, WWF-UK’s governing documents, and the most recent annual report and financial statements.

54 TRUSTEES’ REPORT

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The trustees (who are also directors of WWF-UK for the purposes of company law) are responsible for preparing the trustees’ annual report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards).

Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable company and group for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions, disclose with reasonable accuracy at any time the financial position of the charitable company, and enable them to ensure the financial statements comply with the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the charity’s constitution.

They are also responsible for safeguarding the assets of the charity and the group 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 trustees are also responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Members of the charity guarantee to contribute an amount not exceeding £10 to the assets of the charity in the event of winding up. The total number of such guarantees at 30 June 2024 was nine. The trustees are members of the charity but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.

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WWF-UK Annual Report and Financial Statements 2023-24

S172(1) STATEMENT

The trustees are required to outline how they have met the requirements of s172(1) of the Companies Act 2006 in acting to promote the success of the charity to achieve its charitable purposes. This includes having regard to the likely long-term consequences of its decisions, the interests of its stakeholders and employees, the impact of its operations on the wider community and the environment, and the desirability of the charity maintaining a reputation for high standards of business conduct.

At WWF-UK, we recognise we cannot achieve our mission on our own. Collaboration and working in partnership with our stakeholders are essential to make our food system more sustainable, keep global temperature rise below 1.5°C and reverse biodiversity loss. We consider all our actions against these long-term strategic goals as well as our more immediate three-year strategy.

Our supporters, including members of the public, donors, philanthropists and corporate partners, enable us to raise the funds we need to deliver our critical work. We also work closely with our suppliers to ensure that as an organisation we live up to the environmental principles we promote. We would not be able to achieve our mission without our dedicated staff. We set out below how at WWF-UK we engage with our different stakeholders, listen to their views and take into account their interests in order to better achieve our charitable objectives.

EMPLOYEES

At WWF-UK, we know the delivery of our mission relies on the work of our talented and motivated people. Our talent management approach includes setting clear leadership standards that reflect our core values, regular performance and development reviews (PDRs), and a suite of learning and development. All this is designed to underpin our approach to work allocation, performance and development, ensuring all our people are set and measured against clear objectives. Work is scheduled in line with our strategic goals and outcomes, and our ways of working are aligned with our values and designed to create an inclusive culture. Individuals and line managers work together to ensure career aspirations and development needs are identified and addressed.

The trustees and Executive Group encourage widespread consultation and exchange of information at all levels of the organisation. We have an active and influential Employee Forum which ensures our compliance with the requirements of the Information and Consultation (I&C) Regulations 2004.

In addition, our Executive Group leads weekly all-staff ‘Get Together’ sessions to inform staff about our work, initiatives and planned changes, and quarterly Town Halls to allow staff to raise questions with the Executive Group. Our leaders and people managers meet regularly to share knowledge and best practice, solve problems and discuss topical issues. We are committed to measuring employee engagement and building and delivering on action plans to respond to employee feedback. We consult with colleagues on strategic and transformational change through focus groups and surveys.

We value diversity and are committed to equity and inclusion. We understand the value of an inclusive approach in which all colleagues can learn, contribute and challenge safely, and we recognise the value that different perspectives bring to the work we do in the UK and across the world as part of our global network. Our inclusion agenda is informed and shaped by our Diversity, Equity and Inclusion (DE&I) champions and active network groups. Our new DE&I strategy commits to progress and delivery across a number of action areas that have been identified to create maximum value and impact.

SUPPLIERS

WWF-UK’s procurement team works closely with key suppliers to ensure supplies meet objectives and achieve good value for money while also fulfilling environmental and ethical sourcing practices. We continue to adhere to the ISO 20400 standard for sustainable procurement and continue to use a sustainable procurement questionnaire for sourcing our high value contracts, to assess the sustainability credentials and solutions proposed by the suppliers we engage.

The questionnaire is additional to an eco-questionnaire we use to assess the products we purchase. It evaluates the supplier organisation as a whole, not just the delivery of goods or services for WWF-UK, and thus offers a holistic and responsible approach to procurement. Our procurement team continues its efforts to reduce the cost of supply, develop the diversity and quality of our supply solutions and eliminate products and services from our supply chain that may be detrimental to the environment.

56 TRUSTEES’ REPORT

CORPORATE PARTNERSHIPS AND PHILANTHROPIC DONORS

Building strong relationships and frequent communication are key to the success of our corporate partnerships. Before entering into a partnership, we conduct robust due diligence to ensure new partners meet our key criteria for partnership, including being committed to, or having, a science-based target that is validated as being on a 1.5°C pathway by the Science Based Target Initiative. We also monitor risks to existing partnerships, which we respond to appropriately. We create formal governance and decisionmaking structures and schedule regular meetings to allow for ongoing review of progress, feedback on partnership performance, and to provide a forum for discussing current and emerging issues.

We regularly conduct partnership reviews, often with third-party independent support, to assess the progress of our partnerships, identify challenges and opportunities, and ensure our partnerships are delivering the impact we need and expect. We also hold private events and opportunities for philanthropic donors to speak to or meet with key WWF-UK staff, to ask questions and discuss WWF’s work. Information is published in the International Aid Transparency Initiative registry on the grants we receive from public sector donors.

SUPPORTERS

Supporters are at the heart of our work and we regularly ask them for feedback on our work and the services we provide, to keep improving what we do. Supporter-facing teams continuously collect feedback, complaints, criticisms and compliments from supporters, and pass this feedback on to colleagues to improve our services and our fundraising campaigns.

Surveys and workshops are frequently conducted with our supporters to understand their motivations, feedback on services we provide, and help develop new ideas. We seek feedback on our campaign communications to make sure they are compelling and relevant for our supporters. We also regularly test new ideas and receive feedback from supporters on our fundraising products, so we can keep growing and optimising our portfolio in a way that inspires our supporters.

To ensure our supporters are empowered, use their talents and are supported, our supporter engagement team has developed principles and ways of working that ensure each campaign we deliver provides space for new and existing supporters to engage in the most appropriate way.

SCHOOLS AND YOUNG PEOPLE

Young people are living in the world we have created and are affected by the impacts of biodiversity loss, unsustainable food production and climate change. WWF has a key role to play in educating and inspiring young people, so they can survive and thrive in this changing world. Our work with and for young people is supported by our Youth Ambassadors, a group of diverse young people from across all nations of the UK. These amazing young people come together to create projects, campaigns and events that inspire their peers to take action and use their voice to create positive environmental change. As part of Save Our Wild Isles, our Youth Ambassadors collaborated with young people from the RSPB and the National Trust to create the Young Voices for Nature project, which supported hundreds of young people across the UK to develop their storytelling skills and use stories as a tool for change.

WWF works closely with partners in WWF network offices, and environmental and education organisations, to deliver programmes informed by evidence. Sustainable Futures is our free careers programme for schools and colleges across the UK that helps build public demand for action on climate change. The programme helps young people build sustainability knowledge, skills and experiences to thrive in a net-zero and nature-positive economy, whatever their career choice. Guided by a youth advisory group, this year we worked with more than 800 educators and hundreds of business volunteers to support young people to choose rewarding career pathways that are good for them and help bring our world back to life.

We have developed many new curriculum-linked primary and secondary school resources to accompany our Save Our Wild Isles campaign. These include classroom resources exploring the four habitats featured in the BBC TV series and hosting live webinars to thousands of school students featuring WWF experts and members of our education team. We also launched our Schools for Nature campaign, galvanising support from across the environmental sector to encourage schools to take action for nature and celebrate their achievements within their communities. More than 2,000 schools took part and received a signed certificate from Sir David Attenborough.

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WWF-UK Annual Report and Financial Statements 2023-24

RECIPIENTS OF OUR FUNDING

WWF-UK is in regular communication with colleagues across our WWF network partner offices, coordinated through regional teams in Conservation Programmes. We enter into partnership agreements with key WWF offices, where we hold ourselves to account against a set of mutually agreed partnership principles that include trust, equity, shared goals, risks and accountability.

LOCAL COMMUNITIES AFFECTED BY OUR CONSERVATION WORK

Inclusive conservation is at the heart of our work. It is backed up by a strong framework for community involvement and safeguarding in our conservation work across the whole WWF network. This includes a safeguards screening tool to identify risks and promote community engagement, a tiered mechanism for communities to raise complaints and grievances, and a global response protocol for escalating serious complaints. This is coupled with staff training, capacity building and strengthened guidance, including guidance on working with Indigenous peoples.

We have developed a thorough training course to embed this framework into the day-to-day approaches of all WWF offices. The training challenges teams to give more time to planning and implementing projects and programmes explicitly in partnership with local communities. A WWF-UK safeguards expert has supported further training on how the formal safeguards process can be used to enable local communities to be involved in planning, implementation and monitoring. This framework is used for all our work, whether in the UK or globally.

As a result of our work on safeguards in general we see a greater focus on community consultation as part of planning, so their input is informing programme design and implementation.

For example, we support WWF-Nepal’s work on community forestry, where 22,266 Community Forest User Groups are responsible for managing about 35% of Nepal’s forests. The work aims to be inclusive and participatory, and explicitly considers gender, ethnic groups, Indigenous peoples, and people from diverse social and economic strata. But until recently it has not included people with disabilities as a specific category.

In 2019, WWF-Nepal piloted an initiative in the Laljhadi-Mohana corridor, which connects Shuklaphanta National Park with Dudhwa National Park in India, to include people with disabilities. They have recently expanded this work into the Khata Corridor and part of the buffer zone around Chitwan National Park, focusing on providing alternative livelihood opportunities. This aims to empower people with disabilities to play more of a role in community forest governance, to ensure their needs are heard and addressed.

Inclusive conservation can only be achieved when all members of the community are included. We are committed to continuing to empower people with disabilities in Nepal, ensuring all community forestry stewards enjoy the benefits of conservation.

OTHER NGOS WE WORK WITH

WWF-UK worked in close partnership with the RSPB and the National Trust to deliver Save Our Wild Isles, a broad public engagement campaign for the restoration of UK nature, following the BBC TV series Wild Isles. This has led to ongoing partnerships with the RSPB and the National Trust. Projects we have worked on together include Nature Neighbourhoods, enabling communities to help increase the biodiversity in their areas, and Nature’s Workforce, a business engagement programme designed to encourage employees to take action for nature in their workplaces.

We have also continued to work closely with these NGOs and others in the environment sector and beyond on community mobilising and advocacy, through coalitions such as The Climate Coalition and Wildlife and Countryside Link. In particular, we joined many NGOs at Restore Nature Now, a march in June 2024 to call on all politicians to prioritise urgent action for nature.

WWF-UK is a leading member of various coalitions that work closely together on policy, advocacy and campaigning in and beyond the UK, including the following.

The Climate Coalition and its equivalents in the other nations of the UK bring together hundreds of organisations of all sizes to campaign on engaging ever more people to raise their voices on climate action.

58 TRUSTEES’ REPORT

Wildlife and Countryside Link and its sister Link organisations in the other nations of the UK bring together hundreds of organisations to work collectively for the protection of nature.

The Bond network connects 400 UK-based organisations with a worldwide presence, working on international development, including the interconnections between protecting the environment and supporting sustainable development.

The Just Transition Partnership advocates for action to meet climate change targets in ways that protect workers livelihoods and make Scotland more equal and inclusive.

The Scottish Food Coalition is a diverse alliance of civil society organisations working to achieve food justice.

WWF Cymru has worked with Europe’s largest youth organisation, Urdd Gobaith Cymru, to support residential sustainability courses for young people who might otherwise struggle to pay the fees. We also sponsored a day at the Science Village of the National Eisteddfod, the largest cultural festival in Europe, hosting three events around communicating sustainability.

Beyond the UK, the WWF network also works as a core part of the Climate Action Network (CAN), a worldwide network of more than 1,300 NGOs in over 130 countries. In the UK, WWF is part of CAN-UK.

This year, WWF-UK worked particularly with Impact24, a group of organisations that worked together with the Green Alliance to organise effectively around the general election (working within the guidelines set by the Lobbying Act and the Electoral Commission).

In all these cases, WWF is a leading voice in forming, shaping, resourcing and delivering policy, advocacy and campaigning. Working in collaboration with many others makes us more than the sum of our parts. All these coalitions work hard to evaluate and learn from our work, and ensure we continue to develop and grow and become more effective on these critical issues.

ENVIRONMENTAL MANAGEMENT

In carrying out our mission to safeguard the natural world by building a future in which people and nature thrive together, we seek to minimise the environmental impact of our activities. As an environmental charity, it’s vital to us that we reduce these impacts to a minimum. To achieve this, we have an Environmental Management System in place, and maintain certification to ISO 14001 – an internationally recognised and independently audited environmental standard that is awarded only after rigorous appraisal. Our certification recognises a commitment to environmental excellence and involves a process of continuous monitoring and targeted improvement.

Our largest impacts relate to business travel, working from home, producing our communications and fundraising materials, and electricity consumption in our offices. To manage our travel, we have a Sustainable Travel Policy and a carbon budgeting and tracking process for air travel. Our Paper, Timber and Print Purchasing Policy stipulates criteria for sustainable paper and timber products and for the printing process. We closely monitor all paper and timber products purchased by WWF-UK. We monitor our electricity use in all office locations, and compare the energy used at the Living Planet Centre to the Better Building Partnership good practice benchmark for offices. Other environmental impacts we target, monitor and work to improve include procurement, single-use plastics, water, waste and recycling.

We have a set of detailed environmental goals which include a science-based target consistent with a 1.5°C level of global warming, to reduce our carbon emissions from all activities by 46.2% by 2030, using the year ended 30 June 2019 as a baseline. We have also put in place processes to ensure no avoidable single-use plastic is used in our products, operations and supply chain.

You can find our full annual sustainability report, environmental policy and environmental goals on our website.

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WWF-UK Annual Report and Financial Statements 2023-24

STREAMLINED ENERGY AND CARBON REPORTING

The following data has been externally verified by EnviroSense Consulting Ltd.

Our FY24 (July 2023-June 2024) Sustainability Report will be available in December 2024. WWF-UK does not have Scope 1 emissions.

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Current performance Previous performance
FY24 (2023-24) FY23 (2022-23)
Energy consumption used England – 570,288 England – 570,649
to calculate emissions –
Scotland – 12,039 Scotland – 11,475
electricity (kWh)
Wales – 3,879 Wales – 6,406
Emissions from combustion England – 118.1 England – 118.2
of purchased electricity Scotland – 0 Scotland – 0
(Scope 2) (tonnes CO2e)
Wales – 0.8 Wales – 1.3
Total gross Scope 2 emissions 119 119
(tonnes CO2e)
Intensity ratio for the above 0.27 0.25
gross emissions (Scope 2)
(‘Intensity ratio’ measures the
tonnes of CO2e per full-time
equivalent member of staff)
Emissions from 6.2 5.6
reimbursed business travel
in rental cars or employee-
owned vehicles (Scope 3)
(tonnes CO2e)
Emissions from other business 322.7 250.5
travel including air, rail and
road (Scope 3) (tonnes CO2e)
Methodology GHG Reporting Protocol – Corporate Standard
Electricity emissions • Review of monthly Building Management System
reduction actions taken and meter readings, enabling us to identify areas of
in FY24 high use and alter settings in all three offices.
• Review energy performance of all new technology
and appliances to ensure usage remains low.
• Migration of data from on-site server room to the
cloud.
Scope 2 emissions were reported as 122 tonnes CO2e in last year’s report but an error
was discovered after publication. Total emissions were actually 119 tonnes CO2e, which
has been reflected here.
----- End of picture text -----

CHARITY GOVERNANCE CODE

WWF-UK continues to adhere to the Charity Governance Code.

In line with the Charity Governance Code, we regularly conduct an external review of the board’s effectiveness. Our last review was in FY21 and the next one will take place in FY25. Governance is also reviewed on an annual basis as part of the end of year assurance process.

60 TRUSTEES’ REPORT

GRANT-MAKING POLICY

At WWF-UK we make grants in line with our charitable and strategic objectives, to partners in the WWF network and other conservation organisations. We assess partners and programmes for their ability to deliver outcomes and uphold our social and environmental values. Many grants are made to long-running conservation programmes, the outcomes of which are reviewed at regular periods. All grants are subject to specific agreements with partners that define the policies, standards and practices they are required to adhere to, including social policies and safeguards.

All our WWF network offices have sub-grantees who co-implement parts of many projects and programmes. Our due diligence work includes documenting and tracking alignment to WWF’s policies, standards and practices across WWF offices and sub-grantees. In this way, we seek to ensure the whole funding chain is adhering to WWF good practices.

PUBLIC BENEFIT

WWF-UK promotes education in nature conservation, the natural environment and the sustainable use of natural resources and ecological processes. Our beneficiaries are the general public.

We conserve natural resources and ecosystems because we know the health and biodiversity of our environment is inextricably linked to people’s wellbeing, both in the short and long term. Our work to limit climate change protects people from increasingly dangerous impacts such as extreme weather events, rising sea levels and adverse effects on food production. We promote and support scientific and educational studies, research and projects, and publication of scientific and educational works, to raise public awareness of environmental issues and enhance the effectiveness of our work.

In continuing to review our charitable objectives and as part of planning our future programme of work, the trustees of WWF-UK have taken account of the Charity Commission’s published guidance on the Public Benefit requirement under the Charities Act 2011 and have considered how our planned programme of work will contribute consistently to the charity’s aims and objectives for the benefit of the general public.

FUNDRAISING STANDARDS AND APPROACH

We continue to be members of the Chartered Institute of Fundraising (CIOF) and the Fundraising Regulator, and champion and adhere to the excellent standards set out by the Code of Fundraising in all areas of our fundraising. We are committed to the Fundraising Regulator’s Fundraising Promise, and continually strive to ensure our fundraising is open, honest, legal and respectful.

In order to raise funds and awareness of our work cost-effectively and allow supporters to get involved in ways that suit them, we rely on a variety of different activities, including: private site and door-to-door fundraising, telephone campaigns, letters and emails, television, digital and press advertising; legacies, events and community fundraising; and philanthropists, trusts, foundations, public sector bodies and corporate partners.

We work with professional fundraising agency partners, along with our in-house fundraising teams, to speak to potential and existing supporters, both face-to-face and over the telephone. We have placed emphasis on growing our face-to-face fundraising and ensuring the best experience for members of the public. As a result of these conversations, many people are inspired to start a regular committed gift, generating significant income to support our conservation work. We require any professional fundraising agencies working on our behalf to adhere to our fundraising standards. This is enshrined in our contracts with them.

We also work with a number of strategic corporate partners who support our work through financial and non-financial donations, as well as employee and customer fundraising. Our material strategic corporate partnerships are subject to due diligence in line with our Gift Acceptance, Refusal and Return Policy and are reviewed by relevant governance forums to ensure effective oversight.

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WWF-UK Annual Report and Financial Statements 2023-24

Monitoring of fundraising activities and protecting people in vulnerable circumstances

We have processes in place, endorsed by our board of trustees, which govern our fundraising activities. In addition, we have comprehensive compliance and quality control frameworks. We use these to monitor adherence to the General Data Protection Regulations (GDPR), the behaviour of agencies, their staff and our in-house teams and fundraisers, and the conversations they have on our behalf with supporters and members of the public. This includes thorough due diligence and audit, regular training sessions, shadowing and mystery shopping, site visits, call listening, quality control calls, and monitoring of outcomes, thorough complaints investigations and remedial actions. Our aim is to ensure our supporters feel informed, appreciated and inspired by all interactions we have with them.

We are committed to ensuring we treat the public with sensitivity and respect at all times, taking special care to protect people who may find themselves in vulnerable circumstances. Our fundraiser training, regularly delivered to both professional and in-house fundraisers and supporter-facing teams, includes awareness of the signs of potential vulnerability, and how to respond appropriately. During the year we have strengthened our requirements around Disclosure and Barring Service (DBS) checks for third-party fundraisers and due diligence on subcontracted fundraisers, in line with the recommendations of the Fundraising Regulator’s market inquiry.

This approach is in line with the requirements of the Charities (Protection and Social Investment) Act 2016, the CIOF’s Treating Donors Fairly Guidance, and the Direct Marketing Association’s Guidelines for Dealing with Vulnerable Consumers. We continuously review and update our Vulnerable Supporters Policy and supporting practices.

Complaints

For the financial year ending 30 June 2024, we received 113 complaints (2023: 125) from members of the public about our fundraising activities.

We have chosen to report those where: we were approached by someone to raise a concern about our fundraising activities; there has been a potential breach or a lapse in standards in relation to our fundraising; an investigation has been instigated; or where we have received an expression of dissatisfaction relating to our use of specific fundraising methods. We have nothing to report in respect of failures and/or breaches, which we have taken to include complaints or breaches referred to, and upheld by, either the Information Commissioner’s Office or the Fundraising Regulator.

REMUNERATION PHILOSOPHY, PRINCIPLES AND POLICY

The Nominations and Remuneration Committee of our board of trustees determines the chief executive’s salary and reviews this each year, in line with the principles set for the organisation’s pay policy. This committee also approves annual recommendations made by the chief executive on any changes to the executive directors’ salaries and benefits. The chief executive attends the committee, but the chief executive is not present when their own remuneration is being discussed.

Reward and recognition at WWF-UK reflects the impact we all have on our objectives and our culture, in a way that nurtures talent, is sustainable, and considers all aspects of what it means to work for the organisation. Our principles are about being fair, purpose driven, taking a holistic approach and being forward looking. Our reward policy is designed to be inclusive and transparent and to enable the attraction and retention of talent in our organisation.

Our senior executive team is remunerated in line with all staff in the organisation and receives the same benefits package. All posts are evaluated using Mercer’s job evaluation framework and pay is typically set within a pay range around the median of the marketplace for similar roles in comparable organisations. These include large UK charitable organisations of similar size and complexity to WWF-UK.

Individuals are recruited through a competitive process and appointed within the appropriate pay range for the post, depending on skills and competencies and evidence of behaviours being aligned with our core values.

62 TRUSTEES’ REPORT

Full pay equality impact assessments are conducted before each appointment, and specific attention is given to gender and ethnicity pay, so we can continue to reduce our pay gaps. Our organisation is accredited by the Living Wage Foundation, and we are committed to never paying our employees less than the real living wage.

The organisation typically reviews pay awards to all staff annually, and the approved budget for any pay increases for executives aligns with that for the whole organisation. The annual pay award is informed by the cost of living, market pay movements and affordability.

We continue to develop our reward and recognition programmes to enable greater engagement and motivation of colleagues, to reflect the impact of our work and to enhance our employee value proposition.

GENDER PAY GAP

A total of 71% of staff at WWF-UK are female. The first gender pay gap data we published was for April 2017, which showed a mean gender pay gap of 18.2% (median 16.8%). Our latest published mean gender pay gap, for April 2023, was 9.0% (median 9.8%).

Some 11% of our staff identify as colleagues of colour. We formally reported on our ethnicity pay gaps for the first time in April 2022, on a voluntary basis. We continue to improve the collection and quality of our diversity data and we are tracking and monitoring pay across the various race groupings, considering intersectional data too. Our mean ethnicity pay gap for April 2023 was 8.9% and the median was 10.0%.

Understanding the drivers for all pay gaps, and reducing them, are key metrics for our organisational performance. We are committed to organise, select, recruit, reward and develop all staff on equitable and inclusive terms, taking positive action as needed to achieve equity. The 2024 data will be reported in March 2025, together with a full analysis and action plan.

INTERNAL AUDIT STATEMENT

Our internal audit team has assessed that the adequacy and effectiveness of the organisation’s framework of governance, risk management and internal controls for the financial year ending 30 June 2024 provides reasonable assurance to support achievement of the organisation’s objectives.

The trustees’ report and strategic report were approved by the board of trustees on 17 December 2024 and were signed on their behalf on 31 January 2025 by:

Dave Lewis

Chair of the board of trustees

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WWF-UK Annual Report and Financial Statements 2023-24

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF WWF-UK

OPINION

We have audited the financial statements of WWF-UK (‘the charitable company’) and its subsidiaries (‘the group’) for the year ended 30 June 2024 which comprise the Group Statement of Financial Activities, the Group and Company balance sheets, the Group Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 group 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 or the group’s ability to continue as a going concern for a period of at least 12 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.

64

OTHER INFORMATION

The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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 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 our audit:

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

In light of the knowledge and understanding of the group and charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report included within the trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charities Accounts (Scotland) Regulations 2006 requires us to report to you if, in our opinion:

RESPONSIBILITIES OF TRUSTEES

As explained more fully in the trustees’ responsibilities statement set out on page 55, 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.

65

WWF-UK Annual Report and Financial Statements 2023-24

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.

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

EXTENT TO WHICH THE AUDIT WAS CONSIDERED CAPABLE OF DETECTING IRREGULARITIES, INCLUDING FRAUD

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the charitable company and group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, the Charities Act 2011 and The Charities and Trustee Investment (Scotland) Act 2005, together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company’s and the group’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company and the group for fraud. The laws and regulations we considered in this context for the UK operations were General Data Protection Regulation (GDPR), anti-fraud, bribery and corruption legislation, taxation legislation and employment legislation.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the trustees and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing of recognition of income, end use of funds including funds granted to partner organisations and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, internal audit, and the Audit Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, analytical review and sample testing of income, sample testing and review of grants made to partner organisations, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, and reading minutes of meetings of those charged with governance.

66

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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, and to the charitable company’s trustees, as a body, in accordance with Regulation 10 of the Charities Accounts (Scotland) Regulations 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 and the charitable company’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Nicola May

Senior Statutory Auditor For and on behalf of Crowe U.K. LLP Statutory Auditor London 6 February 2025

67

WWF-UK Annual Report and Financial Statements 2023-24

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

(incorporating income and expenditure account) for the year ended 30 June 2024

Unrestricted
funds
Restricted and
endowment
funds
Total
2024
Total
2023
Notes £’000
£’000
£’000
£’000
Income and endowments from:
Donations and legacies
Membership and donations from individuals
Corporate donations
Charitable trusts
Legacies
Gifts in kind
25		 27,404
12,091
39,495
40,943
4,627
7,710
12,337
9,933
3,295
3,937
7,232
9,685
14,425
1,930
16,355
17,380
1,408
-
1,408
717
51,159
25,668
76,827
78,658
Charitable activities
Aid agencies and government grants
4
Corporate income
Income from non-governmental organisations		 (15)
4,275
4,260
3,833
-
980
980
486
142
2,051
2,193
2,278
127
7,306
7,433
6,597
Other trading activities
Corporate income
Lottery promotions
Other trading income		 670
4,259
4,929
6,242
850
-
850
682
637
311
948
693
2,157
4,570
6,727
7,617
Investment income
3		 1,640
(161)
1,479
1,164
Total income
Expenditure on:		 55,083
37,383
92,466
94,036
Raising funds
Costs of raising voluntary income
Investment management fees
Total expenditure on raising funds
6
Net income available for charitable activities		 18,676
5,662
24,338
23,665
210
42
252
233
18,886
5,704
24,590
23,898
36,197
31,679
67,876
70,138

68

(incorporating income and expenditure account) for the year ended 30 June 2024 continued

==> picture [492 x 92] intentionally omitted <==

----- Start of picture text -----
Restricted and
Unrestricted endowment Total Total
funds funds 2024 2023
Notes £’000 £’000 £’000 £’000
Total expenditure on raising funds brought forward 6 18,886 5,704 24,590 23,898
Charitable activities
----- End of picture text -----

Charitable activities
Reorganisation costs
6
Gifts in kind
25
Total expenditure on charitable activities
5,6
Total expenditure
Net expenditure before gains/(losses) on investments
Net gain/(loss) on investments
Net expenditure
Fair value movements on cash fow hedges
Net movement in funds
Total funds brought forward
21
Total funds carried forward
21		 33,262
36,707
69,969
78,482
278
-
278
34
588
-
588
-
34,128
36,707
70,835
78,516
53,014
42,411
95,425
102,414
2,069
(5,028)
(2,959)
(8,378)
1,305
342
1,647
(346)
3,374
(4,686)
(1,312)
(8,724)
(77)
-
(77)
(405)
3,297
(4,686)
(1,389)
(9,129)
26,698
30,896
57,594
66,723
29,995
26,210
56,205
57,594

There are no recognised gains or losses in the current or preceding financial year other than as shown in the statement of financial activities.

All activities derive from continuing operations.

69

WWF-UK Annual Report and Financial Statements 2023-24

CONSOLIDATED AND CHARITY BALANCE SHEET AS AT 30 JUNE 2024

Group Group Charity Charity
2024 2023 2024 2023
Notes
£’000
£’000
£’000
£’000
Fixed assets
Intangible assets
11
354
157
354
157
Tangible assets
12
11,734
12,556
11,734
12,556
Investments
13
26,138
26,940
26,138
26,940
Lo
Total fixed assets 38,226 39,653 38,226 39,653
Current assets
Stocks
14
1,018
1,171
577
729
Debtors
15
7,538
5,074
7,229
6,314
Investments
16
1,500
232
1,500
232
Cash at bank and in hand
19,012
22,221
17,996
18,568
C~~T~~
Total current assets 29,068 28,698 27,302 25,843
Current liabilities
Creditors: Amounts falling due within one year
17
(11,089)
(10,757)
(9,331)
(7,908)
L~~C~~
Net current assets
17,979
17,941
17,971
17,935
L~~C~~
Net assets 56,205 57,594 56,197 57,588
The funds of the charity:
L~~C~~
Unrestricted funds:
General reserves 21 13,833 14,300 13,825 14,294
Hedge reserve 21 (177) (100) (177) (100)
Designated reserves 21 16,339 12,498 16,339 12,498
Total unrestricted funds 29,995 26,698 29,987 26,692
Restricted funds 21 20,462 25,447 20,462 25,447
Endowment funds 21 5,748 5,449 5,748 5,449
Total funds 56,205 57,594 56,197 57,588

The net movement in funds for the financial year dealt with in the financial statements of the parent charity was negative £1,391,000 (2023: negative £9,129,000).

The financial statements were approved by the trustees on 17 December 2024 and signed on their behalf on 31 January 2025 by:

Dave Lewis

Chair of the board of trustees

70

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2024

==> picture [491 x 477] intentionally omitted <==

----- Start of picture text -----
2024 2023
£’000 £’000
Cash flows from operating activities:
Net cash used by operating activities (5,485) (8,532)
Cash flows from investing activities:
Dividends and interest from investments 1,479 1,164
Proceeds from the sale of property, plant and equipment - 17
Purchase of intangible assets (353) -
Purchase of property, plant and equipment (29) (347)
Proceeds from sale of investments 6,395 3,615
Purchase of investments (3,531) (4,525)
(Increase)/Decrease in cash held for fixed asset investments (417) 110
(Increase)/Decrease in cash held for current asset investments (1,268) 3,113
Net cash provided by investing activities 2,276 3,147
Change in cash and cash equivalents in the reporting period (3,209) (5,385)
Cash and cash equivalents at the beginning of the reporting period 22,221 27,606
Cash and cash equivalents at the end of the reporting period 19,012 22,221
Reconciliation of net expenditure to the net cash flow from operating activities
Net expenditure for the reporting period (as per the statement of financial activities) (1,312) (8,724)
Depreciation charges 1,009 1,411
(Gain)/Loss on investments (1,647) 346
Dividends and interest from investments (1,479) (1,164)
Gain on the disposal of fixed assets - (17)
Decrease/(Increase) in stocks 153 (91)
Increase in debtors (2,472) (80)
Increase/(Decrease) in creditors 263 (213)
Net cash used by operating activities (5,485) (8,532)
Analysis of cash and cash equivalents
Cash in hand 19,012 22,221
Total cash and cash equivalents 19,012 22,221
----- End of picture text -----

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WWF-UK Annual Report and Financial Statements 2023-24

NOTES TO THE ACCOUNTS

1. CHARITY INFORMATION

WWF-UK is a registered charity (No. 1081247 and SC039593) that is incorporated and domiciled in the UK. The address of the registered office is The Living Planet Centre, Rufford House, Brewery Road, Woking, Surrey GU21 4LL.

2. ACCOUNTING POLICIES

Basis of preparation

The accounts have been prepared under the historical cost convention, with the exception of listed investments and forward currency contracts which are included on a market value basis. The accounts have been prepared in accordance with the Companies Act 2006, Accounting and Reporting by Charities: Statement of Recommended Practice applicable in the UK and Republic of Ireland (FRS 102) (‘the SORP’), FRS 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (‘FRS 102’), the Charities Accounts (Scotland) Regulations 2006 and the Charities and Trustee Investment (Scotland) Act 2005, and applicable United Kingdom accounting standards.

The particular accounting policies adopted by the trustees are described below.

WWF-UK constitutes a public benefit entity as defined by FRS 102 and detailed on page 61.

Going concern

As explained in the Trustees’ Report, as per financial and cash flow projections, WWF-UK has sufficient cash and cash investments and reserves to continue to operate in all foreseeable circumstances. Accordingly, the trustees have a reasonable expectation that the charity has adequate resources and are of the view there are no material uncertainties about the charity’s ability to continue in operational existence for the foreseeable future. The accounts have therefore been prepared on the basis that the charity is a going concern.

Basis of consolidation

The statement of financial activities (SOFA) and balance sheet consolidate the financial statements of the charity and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

No separate SOFA has been presented for the charity alone, as permitted by Section 408 of the Companies Act 2006. The charity has taken advantage of the exemptions in FRS 102 from the requirements to present a charity only Cash Flow Statement and certain disclosures about the charity’s financial instruments.

72

Fund accounting

• Unrestricted funds

These funds can be used at trustees’ discretion in furtherance of the charity’s objectives.

• Designated funds

Designated funds comprise unrestricted funds that have been set aside for particular purposes by the trustees. The aim and use for each designated fund is set out in the notes to the financial statements.

• Restricted funds

These funds have been raised by WWF-UK for particular restricted purposes and include funds with specific project-related restrictions imposed by the donors, as well as funds where the donor has specified a broad restriction but not the specific projects to be funded. WWF-UK acts as a custodian of these funds and consequently they are not available for general use.

• Endowment funds

These funds are held permanently by the trustees on behalf of WWF-UK and provide income that can be used for any of the charity’s purposes.

Income

Income is recognised when the charity has entitlement, receipt is probable, and the amount can be reliably measured. If income is received in advance of providing goods or services, it is deferred until the charity becomes entitled to the income.

Membership income from individuals, as well as any other donations, are recognised upon receipt.

Residuary legacy income is recognised upon receipt or, if earlier, when estate accounts are agreed upon. Pecuniary legacy income is recognised upon notification.

WWF-UK operates a separate weekly lottery. Income received from these lotteries is recognised when the draws are made. Income received in advance for future lottery draws is deferred until the draw takes place.

Other income, including grant income and government grants, is recognised on an accrual basis when the charity becomes entitled to the resource, taking into account performance-related conditions.

Income from investments is included gross of tax and fees.

Gifts in kind are included at current market value where their value is ascertainable and material, with an adjustment based on the estimated worth to the charity.

Expenditure

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to a particular heading, they have been allocated to activities on a basis consistent with the use of the resource.

The analysis of charitable activities in Note 6 reflects the priority activities set out in the strategy.

Costs of raising funds are primarily those incurred in seeking voluntary contributions and other income.

In line with WWF-UK’s strategic objectives, grants are made to partners in the WWF network and to other conservation organisations. These grants are performance-related, with mid-term reviews. Although future years funding is indicated, the binding commitment is for annual funding only. The full commitment of the grants is stated in Note 26.

Governance costs relate to compliance with constitutional and statutory requirements and have been included as support costs together with management and finance costs, HR costs, IT costs and premises and facilities costs.

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WWF-UK Annual Report and Financial Statements 2023-24

Foreign currencies

Transactions in foreign currencies are recorded either at the rate of exchange on the date of the transaction or, in the case of expenditure, at the rate at which corresponding foreign currency income was recorded. Foreign currency balances have been translated at the rates of exchange ruling at the balance sheet date.

Financial instruments

WWF-UK 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 the present value of future cash flows (amortised cost). Financial assets held at amortised cost comprise current asset investments, cash at bank and in hand, and the group’s debtors, excluding prepayments. Financial liabilities held at amortised cost comprise the group’s creditors, excluding deferred income. No discounting has been applied to these financial instruments on the basis that the periods over which amounts will be settled are such that any discounting would be immaterial.

Investments, including bonds and cash held as part of the investment portfolio, are held at fair value at the balance sheet date, with gains and losses being recognised within income and expenditure.

Investments in subsidiary undertakings are held at cost less impairment.

WWF-UK enters into forward foreign currency contracts that do not qualify as basic financial instruments. These are held at fair value at the balance sheet date. Where hedging relationships are documented, they are accounted for using hedge accounting. Where the hedging relationship cannot be clearly documented, changes in fair value are recorded against the planned expenditure for the purchased currency.

Hedge accounting

WWF-UK enters into forward foreign currency contracts to hedge currency exposure on certain future expenditure. These are designated as hedging instruments in cash flow hedges. At the inception of the hedge relationship, the entity documents the economic relationship between the hedging instrument and the hedged item, along with its risk management objectives and clear identification of the risk in the item that is being hedged by the hedging instrument. Furthermore, at the inception of the hedge the Group determines and documents causes for hedge ineffectiveness. Note 19 sets out details of the fair values of the derivative instruments used for hedging purposes.

The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in fair value movements on cash flow hedges. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss. Amounts previously recognised in fair value movements on cash flow hedges and accumulated in equity are reclassified to profit or loss in the periods in which the hedged item affects profit or loss or when the hedging relationship ends.

Hedge accounting is discontinued when the Group revokes the hedging relationship, the hedging instrument expires or is sold, terminated or exercised, or no longer qualifies for hedge accounting. Any gain or loss accumulated in equity at that time is reclassified to profit or loss when the hedged item is recognised in profit or loss. When a forecast transaction is no longer expected to occur, any gain or loss that was recognised in fair value movement on cash flow hedges is reclassified immediately to profit or loss.

Intangible assets

Intangible fixed assets are stated at cost, net of amortisation and any provision for impairment.

Amortisation is calculated to write off the cost of intangible fixed assets by equal annual instalments over their expected useful lives as follows:

Contacts database system 7 years on a straight-line basis
Other software 5 years on a straight-line basis
Other intangible assets 3 years on a reducing balance basis

Amortisation is not charged on assets in the course of construction until they are complete and in use.

74

All intangible assets are reviewed for any indication of impairment and, where impairment is indicated, the value of the asset is reduced to reflect the estimated recoverable value.

Intangible fixed assets costing £3,000 or more, and where it is probable they will create future economic benefit, are capitalised.

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment.

Depreciation is calculated to write off the cost of tangible fixed assets by equal annual instalments over their expected useful lives as follows:

Freehold buildings 15 to 60 years over the expected remaining life of the asset on a straight-line basis Office furniture 8 years on a straight-line basis Equipment 3 to 5 years on a straight-line basis Leasehold improvements 3 to 10 years over the remaining life of the lease on a straight-line basis

All tangible fixed assets costing £3,000 or more are capitalised.

Investments

Investments are stated at market value.

The statement of financial activities includes the net gains or losses arising from revaluations and disposals of investment assets during the year.

Stock

Stock is valued at the lower of cost and net realisable value.

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Current asset investments

Current asset investments are bank balances held on deposit and are not available for immediate access. They have a maturity of one year or less.

Creditors

Creditors are recognised at their settlement amount after allowing for any trade discounts due.

Provisions

Provisions are recognised when the charity has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and the amount can be estimated reliably. Provisions are measured at the present value of the expenditure expected to be required to settle the obligation.

Operating leases

Rental costs under operating leases are charged to the statement of financial activities in equal amounts over the periods of the leases, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are, similarly, spread on a straight-line basis over the lease term.

Pensions

WWF-UK administers a group personal pension plan through Aviva, which is also a defined contribution scheme. Payments made by the charity on behalf of individual employees are charged to the Consolidated Statement of Financial Activities as incurred.

75

WWF-UK Annual Report and Financial Statements 2023-24

Significant areas of estimation and judgement

The preparation of the financial statements requires judgements, estimations and assumptions to be made that affect the reported values of assets, liabilities, revenues and expenses. The nature of estimation and judgement means that actual outcomes could differ from expectation. Significant areas of estimation and judgement include:

3. INVESTMENT INCOME

3. INVESTMENT INCOME
2024
2023
£’000
£’000
Dividends and fxed interest
Bank interest		 762
819
717
345
1,479
1,164

4. AID AGENCIES AND GOVERNMENT GRANTS*

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----- Start of picture text -----
2024 2023
£’000 £’000
Major grants from aid agencies and governments include funds from:
Foreign, Commonwealth and Development Office (FCDO)
Partnering for Accelerated Climate Transitions 1,218 1,011
Water Resource Accountability in Pakistan 959 862
Land for Life – Securing livelihoods and empowering vulnerable Maasai communities while recovering 606 565
wildlife in critical corridors in Kenya and Tanzania
Strengthened multilateral engagement and collaboration with China’s timber and palm oil supply chains to - 451
reduce deforestation and forest degradation in Gabon, Indonesia and Papua New Guinea
CDC water risk filter 50 90
Pakistan early warning forest fire detection system - 10
Department for Environment, Food and Rural Affairs (Defra)
Collaborative approaches to manage human-wildlife conflict in Ruvuma transboundary landscape 305 68
Reducing illegal wildlife trade (IWT) through community-led conservation in a transboundary landscape 231 196
Community-led fisheries management in the Mara Wetlands, Tanzania 175 212
Strengthening communities’ livelihood and stewardship to conserve otters in Karnal 174 42
Breaking the illegal wildlife trade chain in Bagmati Province, Nepal 165 37
Reviving Trans-Himalayan Rangelands: a community-led vision for people and nature 155 36
Sound of Safety: testing pingers for river dolphins and fishers 46 91
Women and IWT: understanding gender dynamics in Pakistan’s wildlife trafficking 38 12
Tackling IWT in Muslim communities in Sumatra 2 -
Closing the evidence gap on the role of community rangers (34) 101
NatureScot
Restoration Forth - 49
United Nations Environment Programme (UNEP)
Small-scale funding agreement 130 -
Faith and Restoration Project 40 -
Total aid agencies and government grants 4,260 3,833
----- End of picture text -----

*does not include institutional funding coming via a third party or WWF network office.

76

5. GRANT AND PROJECT COSTS

Individual conservation projects and grants are grouped as programmes that reflect our key conservation priorities. Grants are made to other offices in the WWF network as well as other partners in the UK and internationally. This information is normally the basis of reporting to donors, including government agencies. All our grants are performance-related, with mid-term reviews.

2024
2023
Organisation/programme £’000
£’000
WWF International
WWF network support 6,365
5,319
WWF network
East Africa savannahs
Amazon programme
UK land and seascapes including marine
Asia sustainable palm oil programme
Tiger landscapes
Nepal partnership
Energy transition
HSBC energy, innovation and learning
Water Resource Accountability in Pakistan
China policy (Green is Gold)
AB InBev water stewardship programme
Reckitt partnership restoring wildfower habitats globally
People’s plan for nature
Wildlife trafcking and demand
Organisational development
Ganges and Indus programme
Greater Virunga
Asian high mountain landscapes
Tesco partnership on landscape and food		 4,928
4,861
4,056
4,772
3,661
2,171
1,576
2,308
1,522
2,024
1,355
1,074
1,212
2,871
1,147
1,136
953
849
899
1,342
862
291
837
1,539
735
265
729
940
716
1,138
610
614
573
483
426
401
390
582
Other projects aggregated 3,471
4,900
Loss on forward foreign currency contracts not hedged
Total grant funding on programmes and projects
Other project activity undertaken directly (Note 6)
Total grants and projects expenditure (Note 6)
Support costs (Notes 6,7)
Total expenditure on grants and projects		 -
-
37,023
39,880
26,507
31,342
63,530
71,222
7,305
7,294
70,835
78,516

77

WWF-UK Annual Report and Financial Statements 2023-24

6. RESOURCES EXPENDED

==> picture [492 x 44] intentionally omitted <==

----- Start of picture text -----
Activities Grant
undertaken funding of Support Total Total
directly activities costs 2024 2023
£’000 £’000 £’000 £’000 £’000
----- End of picture text -----

£’000
£’000
£’000
£’000
£’000
Averting dangerous climate change
Creating a sustainable food system
Restoring threatened habitats and species
Growing support
Building capacity in the network
WWF network priority support projects
Reorganisation costs
Gifts in kind attributable to charitable activities
Total expenditure on charitable activities
Expenditure on raising funds
Total expenditure		 2,753
1,120
451
4,324
6,279
3,646
1,322
579
5,547
5,598
6,861
25,137
3,730
35,728
38,174
11,916
811
1,484
14,211
18,312
453
6,365
795
7,613
6,171
12
2,268
266
2,546
3,948
278
-
-
278
34
588
-
-
588
-
26,507
37,023
7,305
70,835
78,516
22,061
-
2,529
24,590
23,898
48,568
37,023
9,834
95,425
102,414

Basis for the support cost allocation

Support costs are allocated on a pro-rata basis, according to the total cost of activities undertaken directly and grant funding of activities.

7. SUPPORT COSTS

Governance
Management
& Finance
HR
IT
Premises
& Facilities
Total
2024
Total
2023
£’000
£’000
£’000
£’000
£’000
£’000
£’000
Charitable activities
Expenditure on raising funds
Total support costs		 1,445
1,275
1,269
1,311
2,005
7,305
7,294
501
441
439
454
694
2,529
2,151
1,946
1,716
1,708
1,765
2,699
9,834
9,445

Support costs remained static overall, with slight fluctuations in individual categories.

Governance costs include £705,000 (2023: £181,000) gifts in kind related to pro bono legal services provided.

78

8. STAFF COSTS

==> picture [492 x 26] intentionally omitted <==

----- Start of picture text -----
2024 2023
£’000 £’000
----- End of picture text -----

£’000
£’000
Wages and salaries
Social Security costs
Pension costs		 21,041
22,113
2,211
2,389
2,008
2,102
25,260
26,604

The above costs exclude 8 staff (2023: 9 staff) who were hosted by WWF-UK on behalf of WWF International, WWF-US, WWF-Norway, WWF-Sweden, WWF-Singapore and WWF-Vietnam. Total cost was £592,000 (2023: £514,000). Included within staff costs above is £131,000 (2023: £9,000) relating to redundancy and termination costs. At the end of the year nil (2023: nil) was still to be paid.

The cost of temporary staff in the year was £193,000 (2023: £387,000), of which nil (2023: nil) was for staff hosted by WWF-UK.

Pension costs are allocated to activities on the same basis as those staff costs to which they relate.

The average number of employees during the year was 455 (2023: 502).

The average number of employees calculated on a full-time equivalent basis was:

==> picture [492 x 89] intentionally omitted <==

----- Start of picture text -----
2024 2023
Number Number
Charitable activities 253 275
Generating funds 107 113
Support and governance 78 77
438 465
----- End of picture text -----

The number of employees whose emoluments exceeded £60,000 in the year was:

2024
2023
Number
Number
£60,001 to £70,000
£70,001 to £80,000
£80,001 to £90,000
£90,001 to £100,000
£100,001 to £110,000
£110,001 to £120,000
£120,001 to £130,000
£130,001 to £140,000
£140,001 to £150,000
£150,001 to £160,000		 26
30
19
18
15
11
2
2
-
-
-
1
5
4
-
-
-
-
1
1
68
67

Pension contributions for the 68 highest paid employees (67 in 2023) amounted to £526,000 (2023: £510,000).

The key management personnel of the charity are the members of the Executive Group in place during the year as referred to on page 97. The total employee benefits of the Executive Group were £1,158,581 (2023: £1,115,967).

The chief executive, Tanya Steele, received a gross salary during the year of £154,146 (2023: £151,964) and an employer’s contribution to the pension scheme equivalent to 10% of the gross salary, as part of the organisation’s standard pension programme.

79

WWF-UK Annual Report and Financial Statements 2023-24

9. TRUSTEES’ REMUNERATION AND EXPENSES

No trustee received any remuneration from WWF-UK during the year (2023: nil). During the year £1,674 was reimbursed to five trustees solely for travel costs incurred in attending and participating in meetings (2023: £16,067 for 10 trustees).

During the year, the charity paid £9,893 (2023: £10,003) in respect of trustees’ indemnity insurance on behalf of the trustees. No other costs were borne on behalf of any trustee.

10. NET INCOMING RESOURCES FROM OPERATIONS

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----- Start of picture text -----
2024 2023
£’000 £’000
Net incoming resources from operations for the year are stated after charging:
Auditors’ remuneration:
Fees payable to the charity’s auditors for the audit of the charity’s annual accounts 50 35
Fees payable to the charity’s auditors for the audit of projects 5 14
Fees payable to the charity’s auditors for the audit of the charity’s subsidiaries 20 29
Total auditors’ remuneration 75 78
Depreciation of tangible fixed assets 852 893
Operating lease rentals:
Plant and machinery 7 8
Other 248 256
Total operating lease rental 255 264
Unrealised gain/(loss) on foreign exchange translation 87 (726)
----- End of picture text -----

11. INTANGIBLE FIXED ASSETS

Other
intangible
asset
Contacts
database
system
Other
software
Total
£’000
£’000
£’000
£’000
GROUP AND CHARITY
Cost or valuation
At 30 June 2023
Additions in the year
At 30 June 2024		 1,946
1,206
434
3,586
354
-
-
354
2,300
1,206
434
3,940
Amortisation
At 30 June 2023
Charge for the year
At 30 June 2024		 1,849
1,206
374
3,429
97
60
157
1,946
1,206
434
3,586
Net book value
At 30 June 2024
At 30 June 2023		 354
-
-
354
97
-
60
157

Other intangible assets comprise the Finance Transformation System.

80

12. TANGIBLE FIXED ASSETS

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----- Start of picture text -----
Living Planet Leasehold Office furniture
Centre improvements and equipment Total
£’000 £’000 £’000 £’000
GROUP AND CHARITY
Cost or valuation
At 30 June 2023 19,443 132 1,562 21,137
Additions in the year 30 - - 30
Disposals in the year - (72) - (72)
At 30 June 2024 19,473 60 1,562 21,095
Depreciation
At 30 June 2023 7,250 132 1,199 8,581
Charge for the year 686 - 166 852
Disposals in the year - (72) - (72)
At 30 June 2024 7,936 60 1,365 9,361
Net book value
At 30 June 2024 11,537 - 197 11,734
At 30 June 2023 12,193 - 363 12,556
----- End of picture text -----

13. INVESTMENTS

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----- Start of picture text -----
2024 2023
GROUP AND CHARITY £’000 £’000
Investment – movement
Market value at 1 July 2023 26,584 26,020
Additions at cost 3,529 4,525
Disposals at market value (6,395) (3,615)
Net gain/(loss) on revaluation 1,647 (346)
Market value at 30 June 2024 25,365 26,584
Cash balances 773 356
Total market value at 30 June 2024 26,138 26,940
Historic cost at 30 June 2024 22,616 23,950
Portfolio distribution
UK fixed interest 6,020 6,240
UK equities 5,151 6,111
Overseas equities 11,328 11,137
Overseas fixed interest 1,350 1,482
Property funds 1,516 1,614
Cash funds 773 356
Total investment portfolio 26,138 26,940
Restriction analysis
Endowment funds 5,748 5,449
Unrestricted funds 20,390 21,491
Total 26,138 26,940
----- End of picture text -----

81

WWF-UK Annual Report and Financial Statements 2023-24

14. STOCK

Stock consists of finished goods for resale held by the charity.

Group
2024
Group
2023
Charity
2024
Charity
2023
£’000
£’000
£’000
£’000
Stocks
15. DEBTORS
1,018
1,171
577
729
Group
2024
Group
2023
Charity
2024
Charity
2023
£’000
£’000
£’000
£’000
Amounts due within one year:
Trade debtors
Amounts due from WWF-UK
(World Wide Fund For Nature) Trading Limited
Other debtors
Forward foreign currency contracts
Prepayments
Accrued income
Total debtors
16. CURRENT ASSET INVESTMENTS		 1,796
1,981
1,249
1,377
-
-
263
2,366
1,004
1,075
984
779
-
8
-
8
640
1,059
635
983
4,098
951
4,098
801
7,538
5,074
7,229
6,314
Group
2024
Group
2023
Charity
2024
Charity
2023
£’000
£’000
£’000
£’000
Amounts due within one year:
Bank balances held on deposit
17. CREDITORS
1,500
232
1,500
232
Group
2024
Group
2023
Charity
2024
Charity
2023
£’000
£’000
£’000
£’000
Amounts falling due within one year:
Trade creditors
PAYE & National Insurance
Other creditors
Forward foreign currency contracts
Accruals
Deferred income (see note 17(a) below)
Total creditors		 1,876
1,732
1,823
1,559
590
667
590
667
142
153
123
133
177
108
177
108
5,340
3,089
5,237
2,954
2,964
5,008
1,381
2,487
11,089
10,757
9,331
7,908

82

17(A). GROUP DEFERRED INCOME

17(A). GROUP DEFERRED INCOME
1 July
2023
Income received in
current year
Released in current
year
30 June
2024
£’000
£’000
£’000
£’000
Corporate sponsorship
Corporate donations
Other
Deferred income		 4,054
2,995
(4,773)
2,276
479
1,229
(1,200)
508
475
852
(1,147)
180
5,008
5,076
(7,120)
2,964

Deferred income relates to amounts received prior to entitlement.

18. FINANCIAL INSTRUMENTS

The charity has certain 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 amortised cost. Certain other financial instruments are held at fair value, with gains and losses being recognised within the SOFA.

The charity has the following financial instruments:

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----- Start of picture text -----
Group Group Charity Charity
2024 2023 2024 2023
£’000 £’000 £’000 £’000
Financial assets measured at amortised cost:
Current asset investments 1,500 232 1,500 232
Cash at bank and in hand 19,012 22,221 17,996 18,568
Amounts owed by group undertakings - - 263 2,366
Other receivables 6,898 4,007 6,331 2,957
27,410 26,460 26,090 24,123
Financial liabilities measured at amortised cost:
Accruals 5,340 3,089 5,237 2,954
Other creditors 2,608 2,552 2,535 2,359
7,948 5,641 7,772 5,313
Financial assets measured at fair value
Fixed asset investments 26,138 26,940 26,138 26,940
Forward foreign currency contracts - 8 - 8
26,138 26,948 26,138 26,948
Financial liabilities measured at fair value
Forward foreign currency contracts 177 108 177 108
177 108 177 108
----- End of picture text -----

83

WWF-UK Annual Report and Financial Statements 2023-24

19. CASH FLOW HEDGES – FORWARD FOREIGN CURRENCY CONTRACTS

The following table details the forward foreign currency contracts outstanding as at the year end:

Non-hedged – forward foreign currency contracts

There were no non-hedged – forward foreign currency contracts outstanding at the year end (2023: nil).

Cash flow hedges – forward foreign currency contracts

Notional value
Average contractual
exchange rate
Fair value
2024
2023
2024
2023
2024
2023
£’000
£’000
Rate
Rate
£’000
£’000
Due within 1 year
Buy CHF, Sell GBP
FV movement on cash fow hedges		 5,947
5,552
1.0846
1.0987
(177)
(100)
2024
2023
£’000
£’000
(177)
(100)
100
(305)
(77)
(405)
Amounts reclassifed to hedge reserve
Amounts reclassifed from hedge reserve

WWF-UK has entered into forward foreign exchange contracts to hedge the exchange rate risk arising from commitments to make WWF network support payments expected to occur and to affect profit or loss within the next financial year.

Forward foreign currency contracts are valued using quoted forward exchange rates and yield curves derived from quoted interest rates matching maturities of the contracts. Hedge ineffectiveness recognised in the year was £27,000 (2023: £11,000).

84

20. SUBSIDIARY COMPANY

WWF-UK has one active subsidiary company. The ordinary shares in the active subsidiary company, WWF-UK (World Wide Fund For Nature) Trading Limited (previously known as WWF-UK Trading Limited), are wholly owned by WWF-UK. The company is registered in England and Wales (Registration No. 00892812). The registered office is The Living Planet Centre, Rufford House, Brewery Road, Woking, Surrey GU21 4LL.

The main activities of the company during the year were receiving royalties licensing income from the use of the WWF logo, sponsorship income and miscellaneous trading activities.

The aggregate assets of the subsidiary company were £2,027,561 (2023: £5,221,394) and the aggregate liabilities were £2,021,273 (2023: £5,215,106), resulting in shareholders’ funds of £6,288 (2023: £6,288).

The taxable profits earned by the company are donated to WWF-UK and in the current year amounted to £2,645,006 (2023: £2,460,297).

A summary of the subsidiary company’s trading results is shown below:

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----- Start of picture text -----
Profit and loss account 2024 2023
£’000 £’000
Catalogue and retail sales 922 665
Corporate sponsorship and licensing 5,083 6,278
Turnover 6,005 6,943
Cost of sales (1,501) (1,040)
Gross profit 4,504 5,903
Administrative expenses (2,010) (3,564)
Operating profit 2,494 2,339
Interest receivable 151 121
2,645 2,460
Gift Aid donation to WWF-UK (2,645) (2,460)
Retained profit for the year - -
Profit & loss account brought forward 6 6
Retained profit carried forward 6 6
----- End of picture text -----

85

WWF-UK Annual Report and Financial Statements 2023-24

21. GROUP STATEMENT OF FUNDS

==> picture [492 x 129] intentionally omitted <==

----- Start of picture text -----
Transfers Net
At 1 July between gains/ At 30 June
2023 Income Expenditure funds (losses) 2024
£’000 £’000 £’000 £’000 £’000 £’000
Endowment funds
Kleinwort Endowment Fund 3,104 - (24) - 195 3,275
Willingdon Memorial Fund 2,345 - (19) - 147 2,473
Total endowment funds 5,449 - (43) - 342 5,748
Restricted funds
----- End of picture text -----

Project restricted funds
HSBC Global Partnership 3,047 3,532 (2,688) - - 3,891
Sky Ocean Rescue 1,610 - (209) - - 1,401
John Lewis UK Landscapes 1,848 - (453) - - 1,395
Trillion Trees 426 619 (358) - - 687
HSBC Asia Palm Oil 407 1,770 (1,574) - - 603
Aviva sustainable fnance 3,968 129 (3,547) - - 550
Sequoia Climate Foundation 495 866 (847) - - 514
Moondance Foundation Seagrass 293 642 (618) - - 317
Reckitt Finish 285 413 (420) - - 278
FCDO Land for Life (8) 606 (431) - - 167
Garfeld Western Seagrass 408 - (271) - - 137
Patrick Degorce coral reef 359 114 (343) - - 130
Esmée Fairbairn UK Rewilding 365 - (250) - - 115
Reckitt Botanica 277 1,112 (1,298) - - 91
Sodexo carbon performance and sustainable
meals		 135 - (49) - - 86
CIFF China Climate Communications 125 202 (256) - - 71
AB InBev clean water - 928 (928) - - -
Clean Cooling Collaborative – China (139) 228 (89) - - -
Tesco sustainable food - 1,407 (1,407) - - -
Quadrature climate foundation* 558 - (561) - - (3)
FCDO Pakistan WRAP* - 959 (965) - - (6)
BEIS UK PACT* (15) 830 (828) - - (13)
FCDO forest governance, markets and climate* (14) - (1) - - (15)
Art for your world* 75 - (118) - - (43)
Reckitt core partnership* 413 814 (1,298) - - (71)
Other project restricted, GAA and FCDO 3,206 7,919 (6,327) - - 4,798

86

At 1 July
2023
Income
Expenditure
Transfers
between
funds
Net
gains/
(losses)
At 30 June
2024
Broadly restricted funds
Amur leopards
Jaguars
Rhinos
Guardians appeal
Primates (orangutans)
Arctic
Mountain gorillas
Sabah
Turtles
Endangered species
East Africa
Snow leopards
Elephants
Pandas
Tigers
Penguins
Other broadly restricted funds
Hosting costs (including staf costs)
Total project and broadly restricted funds*		 627
322
(139)
-
-
810
61
856
(635)
-
-
282
159
526
(457)
-
-
228
9
251
(38)
-
-
222
52
660
(575)
-
-
137
95
821
(780)
-
-
136
236
719
(841)
-
-
114
348
2
(284)
-
-
66
427
422
(838)
-
-
11
161
981
(1,142)
-
-
-
415
59
(486)
-
-
(12)
170
1,394
(1,691)
-
-
(127)
570
1,482
(2,244)
-
-
(192)
(244)
577
(689)
-
-
(356)
(1,563)
2,240
(1,090)
-
-
(413)
251
867
(1,608)
-
-
(490)
1,117
1,470
(1,797)
-
-
790
(9)
644
(648)
-
-
(13)
21,006
37,383
(42,116)
-
-
16,273
Living Planet Centre
Living Planet Centre Ruford
Living Planet Centre other
Total Living Planet Centre funds
Total restricted funds		 3,111
-
(175)
-
-
2,936
1,330
-
(77)
-
-
1,253
4,441
-
(252)
-
-
4,189
25,447
37,383
(42,368)
-
-
20,462
Unrestricted funds
Designated reserves:
Living Planet Centre reserve
Fixed asset reserve
Capital expenditure reserve
Programmes reserve
Systems Transformation
Investment reserve
Designated reserves
Hedge reserve
General reserve
Total unrestricted funds
Total funds		 7,753
-
(436)
29
-
7,346
520
-
(323)
354
-
551
933
-
-
-
-
933
68
3,100
(3,167)
2,516
-
2,517
-
-
-
1,940
-
1,940
3,224
-
-
(172)
-
3,052
12,498
3,100
(3,926)
4,667
-
16,339
(100)
-
-
-
(77)
(177)
14,300
51,983
(49,088)
(4,667)
1,305
13,833
26,698
55,083
(53,014)
-
1,228
29,995
57,594
92,466
(95,425)
-
1,570
56,205

*There are negative balances on the restricted funds for Quadrature climate foundation (£3,000), FCDO Pakistan WRAP (£6,000), BEIS UK PACT (£13,000), FCDO forest governance, markets and climate (£15,000), Art for your world (£43,000), Reckitt Core Partnership (£71,000), East Africa (£12,000), Snow leopards (£127,000), Elephants (£192,000), Pandas (£356,000), Tigers (£413,000), Penguins (£490,000) and hosting costs (£13,000). This is due to the fact that future income is anticipated that will exceed the amount of the deficit balance.

87

WWF-UK Annual Report and Financial Statements 2023-24

PERMANENT ENDOWMENTS

The Kleinwort Endowment Fund was established in 1970. Income is available for the general purposes of WWF-UK. The fund is represented by fixed asset investments.

The Willingdon Memorial Fund was received by way of a legacy in 1991 and 1994. Income is available for the general purposes of WWF-UK. The fund is represented by fixed asset investments.

RESTRICTED FUNDS

Restricted funds are grants and donations given for specific purposes. They may be project-specific or more broadly restricted to a theme or country.

  1. Other project, GAA and FCDO restricted donations are where the donor has specified the project to be funded and neither income nor expenditure exceeds £300,000.

  2. Other broadly restricted donations are where the donor has specified the restriction, but not the project to be funded, and neither income nor expenditure exceeds £300,000.

  3. Donations restricted to the Living Planet Centre were used for the construction of the headquarters.

DESIGNATED RESERVES

HEDGE RESERVE

The hedge reserve represents foreign currency forward currency contracts that are hedged against committed expenditure.

CHARITY STATEMENT OF FINANCIAL ACTIVITIES

The total income of the charity in 2024 was £89.3m (2023: £90.8m) and total expenditure was £92.3m (2023: £99.3m).

88

22. ANALYSIS OF GROUP ASSETS AND LIABILITIES BETWEEN FUNDS

==> picture [492 x 46] intentionally omitted <==

----- Start of picture text -----
Unrestricted Restricted Endowment Total Total
funds Funds funds 2024 2023
£’000 £’000 £’000 £’000 £’000
Intangible fixed assets 354 - - 354 157
----- End of picture text -----

Intangible fxed assets 354
-
-
354
157
Tangible fxed assets – Living Planet Centre
Tangible fxed assets – Other
Investments
Total fxed assets
Current assets
Current liabilities
Net assets		 7,346
4,190
-
11,536
12,193
198
-
-
198
363
20,390
-
5,748
26,138
26,940
28,288
4,190
5,748
38,226
39,653
12,796
16,272
-
29,068
28,698
(11,089)
-
-
(11,089)
(10,757)
29,995
20,462
5,748
56,205
57,594

23. OPERATING LEASE COMMITMENTS

At the end of the year, WWF-UK was committed to making future minimum operating lease payments which fall due as follows:

2024
Land and
buildings
2024
Plant and
machinery
2023
Land and
buildings
2023
Plant and
machinery
£’000
£’000
£’000
£’000
Payments due:
within one year
within two to fve years
Total		 173
9
213
9
-
9
132
19
173
18
345
28

24. LEGACY NOTIFICATIONS

By the end of the financial year, WWF-UK had been advised of a number of legacies that indicated the charity as a beneficiary. These have not been included in the statement of financial activities as the charity’s final entitlement has not yet been established by the executors. The initial indicated values for these legacies are estimated to be £15.4 million (2023: £16.1 million).

25. GIFTS IN KIND

WWF-UK received gifts in kind during the year relating to the goods and services detailed below:

==> picture [492 x 26] intentionally omitted <==

----- Start of picture text -----
2024 2023
£’000 £’000
----- End of picture text -----

£’000
£’000
Campaigning costs:
Donation of internet search terms and social media advertising
Advertising
Charitable activity costs:
Consultancy
Support costs:
Pro-bono legal services
IT consultancy
Total gifts in kind received		 115
368
-
156
588
-
705
181
-
12
1,408
717

89

WWF-UK Annual Report and Financial Statements 2023-24

26. OUTSTANDING GRANT AWARDS

WWF-UK aims to continue to provide funding to a number of programmes and projects subject to the delivery of obligations contained in the grant awards. The amount of grants outstanding at the end of the year that did not meet the definition of an accounting accrual is detailed below. Payment of the grants is contingent on the outcome of reviews of the programmes and therefore the liability has not been recognised at the year end. The commitments will be funded through general funds or restricted funding from individual and institutional donors. The funding of these commitments falls due as detailed below.

==> picture [492 x 26] intentionally omitted <==

----- Start of picture text -----
2024 2023
Due within: £’000 £’000
----- End of picture text -----

Due within: £’000
£’000
1 year
2 years
3 years
4 years
5 years		 14,834
33,742
4,410
8,469
278
2,344
20
182
-
15
19,542
44,752

27. CONTINGENT LIABILITIES

In accordance with normal business practice, WWF-UK has provided indemnities to the executors of certain estates. These indemnities provide legal recourse to the recovery of any overpayments up to the total value of receipts by WWF.

The maximum possible liability arising from indemnities outstanding at the balance sheet date was £1,803,918 (2023: £1,803,918) with the maximum indemnity period being 12 years.

28. RELATED PARTY TRANSACTIONS

==> picture [492 x 36] intentionally omitted <==

----- Start of picture text -----
2024 2023
Position in 3rd party
3rd party organisation WWF-UK officer organisation Transaction type £’000 £’000
----- End of picture text -----

3rd party organisation
WWF-UK ofcer
Position in 3rd party
organisation		 Transaction type
£’000
£’000
WWF International
Dave Lewis, chair of WWF-UK
Ex-trustee
Stephen Hay, trustee of WWF-UK
Audit committee
member		 Income
544
465
Grant expenditure
7,137
7,402
Other expenditure
148
108
Debtor outstanding
19
57
Creditor outstanding
1
27
Aviva
Dr Steve Waygood, trustee
of WWF-UK
Chief Responsible
Investment Ofcer		 Income
4
589
Debtor outstanding
-
259
The Climate Movement
Katie White, executive director
of advocacy and campaigns
Director
Kate Norgrove, executive director
of advocacy and campaigns
Director		 Other expenditure
-
80
Creditor outstanding
-
25
Global Canopy
Justin Mundy, trustee of WWF-UK
Director		 Other expenditure
5
5
Creditor outstanding
-
5
The Labour Party
Katie White, executive director
of advocacy and campaigns
Applying to be Labour
Party candidate		 Other expenditure
17
-
Debtor outstanding
16
-
University of Oxford
Dr Jessica Omukuti, trustee
of WWF-UK
Professor		 Other expenditure
-
5
WaterAid International
Andrew Green, trustee
of WWF-UK
Director		 Income
-
6

Trustees and other related parties, including key management personnel, made donations to WWF-UK during the year totalling £12,173 (2023: £91,086).

90

The following transactions between WWF-UK and its subsidiary WWF-UK (World Wide Fund For Nature) Trading Limited took place during the year.

==> picture [491 x 26] intentionally omitted <==

----- Start of picture text -----
2024 2023
£’000 £’000
----- End of picture text -----

Intercompany balances
Amounts due from WWF-UK (World Wide Fund for Nature) Trading Limited 263 2,366
Transactions with WWF-UK (World Wide Fund for Nature) Trading Limited
WWF-UK income received by the subsidiary 18 89
Subsidiary income received by WWF-UK 1,794 2,278
Payments made by WWF-UK on behalf of subsidiary 1,816 1,808
WWF-UK expenditure recharged to subsidiary 1,901 3,184
Subsidiary VAT paid by WWF-UK 547 744
Gift Aid donation from subsidiary to WWF-UK 2,809 2,460
Loan from subsidiary to WWF-UK 5,805 3,000
Loan interest charged by subsidiary to WWF-UK 135 121
WWF-UK repayment of loan from subsidiary - 3,121

29. TAXATION

WWF-UK is a registered charity and as such is potentially exempt from taxation of its income and gains to the extent that they fall within the exemptions available to charities under the Taxes Act and are applied to its charitable objectives. WWF-UK (World Wide Fund For Nature) Trading Limited is subject to Corporation Tax but it remits by Gift Aid any taxable profit to WWF-UK.

30. COMMITMENTS

At the year end, WWF-UK had no capital commitments.

31. GUARANTEE

WWF-UK is a company limited by guarantee and each trustee has agreed to contribute up to £10 towards the assets of the company in the event of it being wound up.

91

WWF-UK Annual Report and Financial Statements 2023-24

32. PRIOR YEAR CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted
funds
Restricted and
endowment
funds
Total
2023
Notes £’000
£’000
£’000
Income and endowments from:
Donations and legacies
Membership and donations from individuals
Corporate donations
Charitable trusts
Legacies
Gifts in kind
25		 27,658
13,285
40,943
1,527
8,406
9,933
3,310
6,375
9,685
15,952
1,428
17,380
717
-
717
49,164
29,494
78,658
Charitable activities
Aid agencies and government grants
4
Corporate income
Income from non-governmental organisations		 -
3,833
3,833
-
486
486
177
2,101
2,278
177
6,420
6,597
Other trading activities
Corporate income
Lottery promotions
Other trading income		 613
5,629
6,242
682
-
682
606
87
693
1,901
5,716
7,617
Investments
3		 1,003
161
1,164
Total income
Expenditure on:		 52,245
41,791
94,036
Raising funds
Costs of raising voluntary income
Investment management fees
Total expenditure on raising funds
6
Reorganisation costs
6
Total expenditure on raising funds and reorganisation costs
6
Net income available for charitable activities		 18,163
5,502
23,665
186
47
233
18,349
5,549
23,898
27
7
34
18,376
5,556
23,932
33,869
36,235
70,104
Charitable activities
Charitable activities
5,6
Gifts in kind
Total expenditure on charitable activities
Total expenditure
Net expenditure before gains on investments
Net loss on investments
Net expenditure
Fair value movements on cash fow hedges
Net movement in funds
Total funds brought forward
33
Total funds carried forward
33		 39,572
38,910
78,482
-
-
-
39,572
38,910
78,482
57,948
44,466
102,414
(5,703)
(2,675)
(8,378)
(274)
(72)
(346)
(5,977)
(2,747)
(8,724)
(405)
-
(405)
(6,382)
(2,747)
(9,129)
33,080
33,643
66,723
26,698
30,896
57,594

92

33. PRIOR YEAR GROUP STATEMENT OF FUNDS

At 1 July
2022
Income
Expenditure
Transfers
between
funds
Net
gains/
(losses)
At 30 June
2023
£’000
£’000
£’000
£’000
£’000
£’000
Endowment funds
Kleinwort Endowment Fund
Willingdon Memorial Fund
Total endowment funds		 3,172
-
(27)
-
(41)
3,104
2,396
-
(20)
-
(31)
2,345
5,568
-
(47)
-
(72)
5,449
Restricted funds
Project restricted funds
Aviva sustainable fnance
HSBC Global Partnership
John Lewis UK Landscapes
Sky Ocean Rescue
Quadrature climate foundation
Sequoia Climate Fund
Trillion Trees
Reckitt core partnership
Garfeld Western Seagrass
HSBC Asia Palm Oil
Esmée Fairbairn UK Rewilding
Patrick Degorce coral reef
Moondance Foundation Seagrass
Reckitt Finish
Reckitt Botanica
Sodexo carbon performance and sustainable
meals
CIFF China Climate Communications
Art for your world
AB InBev clean water
FCDO Pakistan WRAP
Tesco sustainable food
FCDO Land for Life
FCDO forest governance, markets and climate
BEIS UK PACT
Clean Cooling Collaborative – China
Other project restricted, GAA and FCDO		 5,136
1,427
(2,595)
-
-
3,968
2,651
2,688
(2,292)
-
-
3,047
-
1,893
(45)
-
-
1,848
2,155
64
(609)
-
-
1,610
47
1,400
(889)
-
-
558
880
1,219
(1,604)
-
-
495
566
210
(350)
-
-
426
392
1,528
(1,507)
-
-
413
701
-
(293)
-
-
408
1,679
1,229
(2,501)
-
-
407
-
365
-
-
-
365
186
327
(154)
-
-
359
469
127
(303)
-
-
293
123
409
(247)
-
-
285
206
2,069
(1,998)
-
-
277
198
86
(149)
-
-
135
-
964
(839)
-
-
125
496
1
(422)
-
-
75
-
350
(350)
-
-
-
(1)
862
(861)
-
-
-
-
1,856
(1,856)
-
-
-
(7)
565
(566)
-
-
(8)
9
451
(474)
-
-
(14)
41
789
(845)
-
-
(15)
-
291
(430)
-
-
(139)
2,902
5,171
(4,867)
-
-
3,206
Broadly restricted funds
Amur leopards
Elephants
East Africa
Turtles
Sabah
Penguins
Mountain gorillas
Snow leopards
Endangered species
Rhinos
Arctic
Jaguars
Primates (orangutans)		 211
833
(417)
-
-
627
(431)
1,843
(842)
-
-
570
453
42
(80)
-
-
415
(41)
629
(161)
-
-
427
192
171
(15)
-
-
348
(210)
797
(336)
-
-
251
(39)
734
(459)
-
-
236
136
1,681
(1,647)
-
-
170
1,087
624
(1,550)
-
-
161
194
562
(597)
-
-
159
46
1,191
(1,142)
-
-
95
53
600
(592)
-
-
61
420
794
(1,162)
-
-
52

93

WWF-UK Annual Report and Financial Statements 2023-24

At 1 July
2022
Income
Expenditure
Transfers
between
funds
Net
gains/
(losses)
At 30 June
2023
£’000
£’000
£’000
£’000
£’000
£’000
Broadly restricted funds (continued)
Guardians appeal
Pandas
Tigers
Other broadly restricted funds
Hosting costs (including staf costs)
Total project and broadly restricted funds*		 162
1
(154)
-
-
9
(129)
625
(740)
-
-
(244)
585
2,317
(4,465)
-
-
(1,563)
1,890
1,424
(2,197)
-
-
1,117
(27)
582
(564)
-
-
(9)
23,381
41,791
(44,166)
-
-
21,006
Living Planet Centre
Living Planet Centre Ruford
Living Planet Centre other
Total Living Planet Centre funds
Total restricted funds		 3,285
-
(174)
-
-
3,111
1,409
-
(79)
-
-
1,330
4,694
-
(253)
-
-
4,441
28,075
41,791
(44,419)
-
-
25,447
Unrestricted funds
Designated reserves:
Living Planet Centre reserve
Fixed asset reserve
Capital expenditure reserve
Programmes reserve
Wild Isles
Investment reserve
Designated reserves
Hedge reserve
General reserve
Total unrestricted funds
Total funds		 8,173
-
(444)
24
-
7,753
1,180
-
(696)
36
-
520
933
-
-
-
-
933
2,244
3,000
(5,176)
-
-
68
280
-
(280)
-
-
-
3,138
-
-
86
-
3,224
15,948
3,000
(6,596)
146
-
12,498
305
-
-
-
(405)
(100)
16,827
49,245
(51,352)
(146)
(274)
14,300
33,080
52,245
(57,948)
-
(679)
26,698
66,723
94,036
(102,414)
-
(751)
57,594

*There are negative balances on the restricted funds for FCDO Land for Life (£8,000), FCDO forest governance, markets and climate (£14,000), BEIS UK PACT (£15,000), Clean Cooling Collaborative – China (£139,000), Pandas (£244,000), Tigers (£1,563,000) and hosting costs (£9,000). This is due to the fact that future income is anticipated that will exceed the amount of the deficit balance.

34. PRIOR YEAR ANALYSIS OF GROUP ASSETS AND LIABILITIES BETWEEN FUNDS

==> picture [492 x 45] intentionally omitted <==

----- Start of picture text -----
Unrestricted Restricted Endowment Total
funds funds funds 2023
£’000 £’000 £’000 £’000
Intangible fixed assets 157 - - 157
----- End of picture text -----

Intangible fxed assets 157
-
-
157
Tangible fxed assets – Living Planet Centre
Tangible fxed assets – Other
Investments
Fixed assets
Current assets
Current liabilities
Net assets		 7,753
4,440
-
12,193
363
-
-
363
21,491
-
5,449
26,940
29,764
4,440
5,449
39,653
7,691
21,007
-
28,698
(10,757)
-
-
(10,757)
26,698
25,447
5,449
57,594

94

HARNESSING AI TO PROTECT PEOPLE AND WILDLIFE

Together with the British Antarctic Survey and the Alan Turing Institute, we developed IceNet, an artificial intelligence model that could help protect Arctic species. The powerful tool predicts Arctic sea ice conditions by learning from past climate and satellite data. Our first study showed its potential to forecast when endangered caribou will migrate, helping our efforts to protect such routes from ice-breaking ships. Researchers are now exploring whether IceNet can provide an early warning of polar bear movements near communities to reduce the risk of conflict.

WWF-UK CORPORATE DIRECTORY

The information shown below is that pertaining between 1 July 2023 and 17 December 2024, the date of signing the accounts.

Patron: His Majesty the King

TRUSTEES

COMMITTEES

Sir Dave Lewis (Chair) N Professor Jos Barlow I David Barnes (Treasurer) F, Inv, A Kirsty Brimelow KC A Andrew Green CBE (retired October 2023) F, A Dorcas Gwata I Stephen Hay A, F Professor Julia Jones (appointed October 2024) I Professor Eleanor Milner-Gulland DBE (retired October 2023) I Steve Morris N Justin Mundy OBE (retired July 2024) A Dr Jessica Omukuti (retired May 2024) F, I Rachel Sexton (appointed October 2024) F, A, Inv Dr Rhian-Mari Thomas OBE Inv, N Dr Steve Waygood F Baroness Bryony Worthington (retired June 2024) I , N

THE FOLLOWING FORMER TRUSTEES HOLD HONORARY POSITIONS

Martin Laing CBE (Trustee Emeritus)

The Hon Mrs Sara Morrison (Trustee Emeritus) Ed Smith CBE (Trustee Emeritus) Sir Andrew Cahn (Trustee Emeritus)

INDEPENDENT MEMBERS AND EXTERNAL ADVISERS COMMITTEES

==> picture [491 x 139] intentionally omitted <==

----- Start of picture text -----
Osama Bhutta I
Professor Neil Burgess I
Paul Harrison I
Laura Hobbs Inv
Agno Kachappilly Shaiju (appointed October 2024) I
Oliver Riley-Smith (retired March 2024) I
Emily Robinson I
Dr Dilys Roe I
Dr Henry Travers I
Aarushi Verma (appointed October 2024) I
Professor David Viner I
----- End of picture text -----

96

COMMITTEES

(A) Audit Committee

(Inv) Investment Sub-Committee

CHAIR

Stephen Hay David Barnes Professor Jos Barlow Dr Rhian-Mari Thomas Sir Dave Lewis

THE EXECUTIVE GROUP/PRINCIPAL OFFICERS

Chief executive

Executive director of science and conservation (up to 1 May 2024) Chief scientific officer (from 1 May 2024)

Executive director of people and culture (appointed August 2024) Executive director of supporter income and engagement Executive director of people and culture (resigned May 2024) Executive director of communications (to 1 May 2024)

Executive director of brand, campaigns and communications (from 1 May 2024) Executive director of operations and strategy

Executive director of conservation, advocacy and policy (from 1 May 2024) Executive directors of advocacy and campaigns

Tanya Steele CBE

Mike Barrett Mike Barrett Emma Cannings Michael Dent Jane Drysdale Lisa Lee Lisa Lee Catherine McDonald Kate Norgrove Kate Norgrove (up to 1 May 2024) and Katie White (resigned March 2024)

COMPANY SECRETARY

Zoë Ballantyne

PRINCIPAL AND REGISTERED OFFICE

The Living Planet Centre Rufford House Brewery Road Woking GU21 4LL

PRINCIPAL PROFESSIONAL ADVISERS

Bankers

Lloyds Bank plc 2 City Place Beehive Ring Road Gatwick West Sussex RH6 0PA

Auditors

Crowe U.K. LLP 55 Ludgate Hill London EC4M 7JW

Legal advisers

Bates Wells 10 Queen Street Place London EC4R 1BE

Veale Wasbrough Vizards LLP Narrow Quay House Narrow Quay Bristol BS1 4QA

WWF-UK would also like to thank all those law firms and Counsel who have provided pro bono advice during the period.

Investment managers

Newton Investment Management Ltd 160 Queen Victoria Street London EC4V 4LA

S