THE EUROPEAN NATURE TRUST REPORT AND ACCOUNTS YEAR ENDED 5 APRIL 2023
THE EUROPEAN NATURE TRUST SNDEX Yaar endèd 5 April 2023 General ffifommt Rewt ofihe truslees litorfs Report Statement of flnanclal actimtièy Balance she81 10 Notesto the finanGial 5talewEnts 11
THE EUROPEAN NATURE TRUST GENERAL INFORMA TION Yg#r gnded 5 Aprll 2023 Tr1¥•8 Paul Lister Toby Aykr Daw'd Elion Alexandru Ene CathFne C8F4)n (chainan> Address clo Apperky Limib 45 Weilxk Street London W1G8DY Sollcltorn Wedlake 8è11 71 Queen Vl¢lori8 Street London EC4V 4AY Investment advlorn J.P. Mw Bank Luxembourg S.A. 6 C Rte dg Trèves 2633 Nderanv8n Luxembourg Audltorn t)rAon Wlscn Audit SeNces LLP 22 Chafw Lane London C2A1LS Bank•rs C. Hoar• & Co 37 Fleet St Temp Londc EC4Y 1BT Roglslerod ¢harlty number 1091283
THE EUROPEAN NATURE TRUST REPOR T OF THE TRUSTEES Yoar onded S April 2023 The Trustae8 present their report along with the financial statements of Ihe chority forthe year ended S April 2023. The financial slalements havè been prepared In acD)rdance with the accounting wliue5 set out on pages 11 and 12 and comply with the charty's trust deed, the CharitN?s A£1 2011, and the Stalement of RecomrneTraed Praclice.. Financial Rewting Standard 102 issu•d i)n 1 January 2019. Structuro. govoman¢o. and managoment Th8 EurorEan Nabjre Trust rfEND is a trustCCrfFStilU urKler a thjst deed date(121 November 2001, and Is a regk8tered charity, numt¢r 1091283. Th8 dgod provhyes for a maxlmum of 8 trustees. The Trustses who have seNed during the year and Since the ye8r end are given on page 2. logetherwlth particulars of the d)arity'8 profe&gonal athsor5. Th8 Truste85 meet regulady to agree th8 broJ stratsgy and areas ofactwty for tho Trust, including consideration of grant making remewing investm1 pOIleS and performance. The TTUStees have assessed tha major risks to which the charsty exposed, in particulw those related to the operation¥ arxl ffinancts ofthe charity and are $8tisfied th8t systems are in place to nitigate the expwre to the m*r risks. Flnanclng The charity has an endowment fund tho vakn of whiGh sloTrJ at £3,412,416 as at 5 April 202312022- £3,984,805). The endowment frjnd is provid&J for irtv8stm8nt purposes. The Inceme gèneratéd from invèstrnènl of the fund k% used to ffinance the charity's activities. Income from the invested endowmenl fund is all utilised for TENT'S administratNe running and overhead cc6ls thereby ensuring that 100% of donors, and partners, funds flow dI¢11Y into project aGINilies. J P Morgan Bank Luxembourg S.A. has been contracted to rrtanage the investmenl of TEMfs encknvment nd in a prudent manner. InvastThnt income generated in the year amounted lo £95,47612022 - £85.0471 During Ihe yw. TENT receivèd direct external donali)n$ amounting to £170,35212022 - £110,555). The charity applied donors, funds as well as funds from its own IroMe stream for charitable purposes. Proiecis and actNities financed during the year are detailed below. Charilable expendlture and governanca costs are paid wt of the unrestricted fund, or in the event that thK8 does not have sufficient fvnds there is an expendab endowment fund which can be used lo coverthese costs. During Ihe year funds of £nil12022- £246,444) were transferred from the oxpendable endowment fvnd to the re81ricled fund. funds of £383,83012022 - £nil) were transferred from the expendab endowment fund lo the LtnreslrKted fund. and fvnds of £nil 12022 - £5,021) were transfeed from tho restrictsd fvnd to the unrestricted fund. The adequacy of the reserves policy is revlewed annually. ObJè¢tivo8 and activities fortha publlc benefit TENT SUPFQrts and funds initialve8 that Ixot&t and restore wlld habitats in Europe and BelrLe. The TN8tees focus thelr 8Ctlvitie$ li fNe geographical areas., the pfeservalion of otd growth forests and wihjlife in the Carpalhkgn Mountains of Romania; restoration and spgcies reintroduction ld Squir1. wllthatl inibatives in the Scottish Highlands: liiil the protection of wildlrfe in the Cantabrian Mountains of Spain, with a fccus on lafge camwores (brown bear, wolf, tynx)., IN) the Pfotection of wildlrfe in the Apennine Mountain8 of Italy, with a focus on the cdticalty endgngered Marsican bear., and Iv) the protsction of wddlife in 89lize, with a focus on scarlett macaws. crocodlles and jaguar&
THE EUROPEAN NATURE TRUST REPOR T OF THE TRUSTEES (contlnued) Yoar •ndod 6 Aprll 2023 In these areas the Trust works wllh donors and partners through 11$ cvre actlvllles- Iravel. comTNnlcat)ns. and events- lo Support leading LxInservan projects that protect and enhance wlld habitats, protect andlor re-introduce wikl animals and deliver $O¢Fal and economi¢ benefits to local comnyjnities. They also fund youth education and outreach programm88 that enhance underslanding of, and connectron with, the nalufal wodd. The Trustees, having regard to the Publ benefit guidance publi8hed by Ihe Charity Commiss)n in acccdance with gection 17 of the Charities Act 2011, Conshder the purpose and a¢twiti8s of the charty satysfy the requirements of the Publ benefrt test set out in section four of the same act. Trysto06' re6pon8lbllltles In rnlatlon to the flnanclal 8tat•mont8 The Trustees are responsible for preparlng th• Trustees, report and the financial statements in acc(ffdarKe with applicable law and United Kingdom Accounting Standards. The Iw applicable lo charities in England and Wales requires the Iruslees lo prepare financral stalemenls for frach finarKial year which give a tru$ and fair view of the stale of affairs of the charity and of the Incomlng resourees and applutK)n of re80urces of the ¢harity for that perfod. In weparing these financial statements. the Irustees are required lo.. select $urtable 8ccounling policies and then appty Ihem consistgntly,. observe the mgthods and principles of Ihe Charities SORP: make judgements and aGcounling estimates that are reasonable and prudent., State whether applic•ble a¢¢ounting standards have be8n followed, Bubject to any departures di8closed and explained in the financial Slalemenls; and prepare the financial statements on the going ¢0nGern basis unless il inappropriate to presuff that th• tharity will conlinue in busin$. The Trustees are rosponsible for keeping accounting rec>) which with rsonable accuracy the financial position of the charty and enable them to ensure Ihal thè financial ststements compty with Ihe Chatities Act 2011, the Charity (Accounts and Rewrtsl Regulations 2008 and the provisions of the trust deed. They are also responslble for saféguarding the assets of the charity and hence for tÉng reasonthe stsp$ for the prevention and deteclion of fraLKI and other Irregularrtie8. PrOjts and Inltlatlve8 During Ihe financ&il year 2022-23, TENT particlpatod in the following inilk9tsve8: Englanal Educatn.. TENT organlsed media trips to CJrnw811 in September 2023 10 sUPPOrt work being done by Iho Beaver Trust. This high1hled the Importan beavers have in the British landscape and national wa•r management. Belizo EdUcatn.. TETr is has organi59d and ¢)>funded a dcumentary geriès ¢alled 'Unknown Belvze.; oullinlng cons¢Nalion and wildlife projects that exist in B¢lvze. Thg series will be distributed globally. wrth the aim of attracling further inward phllanthropy and investment into the counlry. N¢1 venueS Irn the pr0dltion will b8 distributed to B&lizèan NGO'S and supporting PR trips for Conservation & wildllfe ffdis. Idlrfe." TENT supp)rted Friends for Conseryation and Devebpmenl BelTrze IFCD) in their efforts to protect the scarlet m8C8ws of the tropical rainforests in the Chiquibul National Parf(. By patrolling forests, FCD protect the Chiquibul ecosystem from Illegal wildllfe crime, with a missK*n lo con86N• th8 few remaining ¥Garlel macaw8.
THE EUROPEAN NATURE TRU8T REPOR T OF THE TRUSTEES (contlnuedl Yoftr endgd 6 Aprl 2023 Sp•ln Cons8Th8tlon'. TENT contlnued to support the charty Fundacion Oso Path In th& Cantsb17an Mountalns of Northern Spain thing towards Ihe conseNation of Spaln'$ brown beats. TENT also supported the woth ofthe C8I>Habitat FJndati0n to reci>ver, C{se8 and re)troduce the I118 tynx. S¢od•nd IIM•.' TENT contnbutsd to the conwvalion and recovery of the Scotti¥h wil(kal. TENT wlll ¢ontlnyo to fund the husbandry of the four wlkleats at Allad8 Imideffl Reserve. whlth havè now brtr successfully. TENT also supported the recoNw ofthe red 8qrr. and, in the futu wlll look to lund and fundraise for more aqulrrel transloc811on8. Educe1kn7.' TENT has alK contrtbuted £17.211 (2022- £10,960) lo Rlverwood8 (The Blg PEcturo), featur¢ lenglh dMnIatjn about tho stst¢ of the wild Sathon population and degraded Tiv catchments. Al of Ihe proce8dB rased trom ticknt sales will ba di8tributed to Scottish water chaliti. Conseryation.. TETr supported the work of the Highlancb &181ands Environment FndatiOn- a grant- making Organisati¢ supportirvJ projects aiming to proteGt and restore the ecosystwns of the Highlands. TENf aL80 supported the KW• of Sutherland Fisherns Trust in Iheir 8ffort8 to restore woodlands on five rlvers of Ihe Kylo catchment in the S¢otti$h FWghlorKI$ ROM1• Conserv81ion: Worklng ils partners and through Fundati8 Con8eNatton Carp8thia IFCCI, TENT continued to make svJnMcant pro9res8 towards fjts goal of creatlng Yhe YellThvstone of Europè.. TENT playlng a k•y rob In Supp119 FCC In thdr goal through nets¥ort(Ing. funding eCt8 and fwrflraising. ftaly Consorvauon: TENT continued to support the charfty sa1•MO L'orso in the ApeMin• Mounlalrts CA central ltsly. IV8 focus Is on workjng to save the Marsican brown bear from extlnction. kdlff8.' TENT 8upwrtèJ The NGO knhlFelago& to protect the endgng8red 8pgcles, the Mediten8nean Monk Seals. Archipelagos is ¢arrylng txrt re8earth in key ar to improve urwjerstanding of Ihe spec48s' blokngy, Ets conseNation needs and staiu8, and lo aid understanding betsveen seakn and fishemwn. Portugal Consernetlon.. TENT18 yIng a k6y role In supporting Rewilding Prytugal Rewilding Pttal WObing with local partnorn to develop a 120,000 hectare wldrfe corrtdor that connects the Makata mountain r8nge in the south to the Douro ValY in lh8 riorth. Vthin the corrKlor, natural P$s&S WIII shape thè land,. rènishlng habltats wlll support hwher blrd and mammal dNerslty' venger spec4es will recycle nutrients 8$ they 8houkl: and ¢arnrvory and hertjivory will help io regulala the aeosystsm.. Otherc¥)nlrfbuIio. TENT has mad8 50mo (thor 8maller¢)nerf ¢ontrbuthJ PAUL LISTER Tntee 12 Novembèr 2024
THE EUROPEAN NATURE TRUST AUDITOR'S REPOR T Yrend 6 Aprfl 2023 Opinion IAÈ hove audited the financFal statements of The European Nature Trust (the'charity} for the year ended 5 April 2023 whh comprisè thè slatém8nt offinancial a¢tivities, balance sheet, and notes to the financi81 Statements, including a summary of 8KJnificanl acc)unting policie8. Thè finanaal reporting fr8m8work that ha8 been applied in their preparation Is applicable law and United Kingdom Aco)unling Standards Including Financpl Reporting Standard 102 The Financial Reporting Slandard awlKable kn the UK and Republic of Ireland {Unrf(ed lfjngdom Generally Accèpted Accounting Practul. In our opinion, Ihe financial statements.. give a Irue and fair vtew of the stalè of th8 tharity's affai as 5 April 2023 and of its inceming r8sourcas and application of SourCeS for Ihe year then ended., havo been propety prepared In a¢¢ordan¢e with Unlled Kingdom Generally Accepted Ac%wnling Practtce.. and have been prepared in o¢Mrdan¢e with the requirements of the Charitiè8 Act 2011. Basits for opinlon We conducted ouraLKlit in accordance with Intemational Standards on Auditing (UK) IISAS IUK)) and appl¢cable law. Our responslbilities under those stsrKiards are furth•r d8sc¥ibed in the Audilorf$ respon8ibilit$ for the audit of the finanaal statements section of our report. We are indep&nd•nt of the charity in accordance with the ethical requirements that are relevant to our audit of the financsal stslements In the UK Including Ihe FRC'S Ethical Stsndard, and we have fulfil our other ethical responsibilitras in attordance wrth these requirements. We belleve ih81 the audit eviden w8 hav8 obtained is suffent and apFropfkgte to provlde a basi8 for our opinion. Conclu•lon8 r•lating to golng concwn In 8uthng the finaKial $tatém8nts, we have ¢onclud&l that the Trustees, use rf the going ccmcem basis of accounting in the pwparalon of Iha ffinanal stslemenls is approprial?. Based on tho work have performed. we have Tr)t id8ntfvd any materlal uncertainl¢88 relaing to events or conditions that individually or collectively. may cast $ignifunl doubt on the charity's ability to continue a$ a going concern for a peric<l of al18a8t Nvelve months from when the finanaal 8talemen18 are authorfsed for i¥sue. Our responSlI1[treS artd the responsibilibes of the trustees with respect lo ging concern are des¢yted in the relwanl ¥ectp)ns of this report. Other Inforniatlon The other infonnation comprf8es the inforni8t included in the annual repcwt, otherthan tho financial statements and our atsdilor's raport Ihereon. The Iru8leo$ are rgspon81bb for the other Information. Our Qplnion on the fan¢101 51atements does not tover the other Information and we (lo not &xFvess any fomi of assuCe eonclusiDn th8r80n. In connection with wr audit of the flnan¢k?I stslem•nts, OLK re8ponsibility is lo rewj the olher inlomialion and. in doing so, conslder whether the other information is materially inconsislenl wllh the finanaal statsments or our knledge obtained in the audit or otherwise appears to be materially misstated. If we identify such materk41 inconsislencies or apparent material misstaternenls. we are required to detemiine whether there 1$ a material mmlatemenl in the finAncial 81alements or a material mis8tatement of thè other information. If, based on thfj wotk we have performed. we conclL*Je that there 1$ a material misstatemanl of this other inbrmation, we are required lo rfjport that fact We have nolhlng to rep in thi8 regard.
THE EUROPEAN NATURE TRUST Y••r ended S Aprll 2023 In Gonne¢tion wth our audil of the financHI statement4 our r•sp)nsbility 1$ to read the other information and, in thing so, constder whether thè olhw infomialion 1$ materially inconsistent wrth tha financial statements Of our knowledge obtained in the audit or otherwise appears to be mrially misstAted. If we idenlify $ud) matsrial inconsistencies or apparent material misslments. we are required to delemin& whether ther8 is 8 material misslatement in the financial statements or 8 material misstatement of the other information. If. ba on the work we have perfomied, we ¢onclude that there 18 a material mi88t8tement of thi8 Othèr infomiation, we ar8 rwulred to rert thal It. We have nothing to report in this regard. Matt•r8 on whlch VM are rnqulr•d lo report by ex¢8ptlon We have nothing to report in respecl of Ihe folltrwing matters in relation lo th8 Charit1&8 IA¢counts and Reports) Ragulations 2CQ8 fequire ug to report to you rf, in our opinion: U)e infomiatnn grien in the fin8ncial Statements is ir)nSistenI in any matarial réspact wllh the trustees report,. or sufficient accounting recpxds have not been kepL or the flnan¢ial slalements are not In 8greemenl with the 8co)untlng re¢ords' or we have not r1ved all the infomiation and explanation$ we requre for our audit. Ro8ponBlbllltlo8 oltrustees As exPined more fully in the truslees. resFonsibililies statement sel out on page 4, the trusts are reSponsIb for th& préparallon of thé financial slat8m8nls and for being satisfied that they give a true and fair view, and for such int&mal control as the Iruslees delermlne is necessary to enable the preparation of financial statents that are frog from material mi$¥tatomenL whelher du8 to fraud or error. In preparing the finanual slatemenls. the Insstees are tssponsible for assessing the charity's ability to continue as a going concem. disdoslng, as applicable. matters related to going concem and using the going corKern basis of accounting unless the Irustees either intend lo liquidate the charity or to cease operation8. or have no realistic atternative but to (b so. Audltorf8 rnspon¥lbllltlg8 for tho audlt ofthe financlal 8tatsmonl8 We havo b•8n appointed as auditor under section 144 ofthe Ch8rithes Ad 2011 end report In a¢cordarKe wrth the Act and relev¥t regulations mado or having eff¢¢t Ih8reunder. Our objeclives are to obtain aSOnable urance about whelh•r th8 financial Stateménts as a whole are free from material mK8statement, whether due to fraud or error. and to issue an auditofs report that includes our opinKJn. Rea80nable as8uranGe 15 a high Ve1 of assuTance, bul is not a guarantee that 811 audil conducted in accordance wilh1&4s (UK) wlll avaYS detect a maleriol mi55tment when il exist& Mi8Stalemenl$ can arise from fraud or error and are ¢onsidered matsrial rf, indivtdualty or in a99regate. they could reasonably be expeded to inftuence the economic decisM)ns of users taken on the basis of these finanual sta1effnts. IrreguLgritie8, including fraud. are instsnces of non-compliance with Laws and regulations. We deSn proceduras in Ilne with our responsibilities, cutlined above. lo detect malerfal misstatèments in respect of irregularities, including fraud. Thè extènt to which our Predr95 are capable of detecting Irregularllies. including fr8ud is d•talad bgl¢yw:
THE EUROPEAN NATURE TRUST AUDITOR'S REPOR T (Gontinuedl Yoar ended S Aprll 2023 V¥e gained an undorsdIng ol the legal and r3#tOry Iramework appluts to the charity by consid•ring, amongst other things, the sector in wh¢ch il operate$. and Gi)n¥idQr the risk of acts by the charity that were contrary to applicAbl8 laws and régulation$, including fraud. We designed aud prwedures lo respond to the assessed level of risk. but reccgnised that the rlsk of not delecling a Mater mL89tatement due to fraud is higher thon the risk of not detecling one resulting from error. as fraud rrY involvp deliberate concealment ty, for examp. forgery or intentional misrepre8entslons. or through ¢olluston. We foCed (r¢ law5 and regulation5 whith coukl give rise lo a matwial misstatement in th8 financial statements, including, but not limited to Ch*ibes Act 2011, Our le818 included agreefftg thè flnancial stal8ment disclosures to underfylng SUPPOrting documentation, enquiries with management and gnquiries of third parties. As in all our audits. we also 8ddrgssed the of management ovefride of intemal controls. including testlng loumals and evaluating whether there was evldence of bbas ty managem8nl thot ropresented a risk of material misslatement due lo fraud. There are inh8r8nl limitation$ in audit proc•dure8 d88cribed above and, the further removed non- compliance with Lws and regulations is the events and transacttons refiecled in the finala1 statements. the less likely we would become aware of V¥& did not identlfy any key audlt matters latIj to irregularities, including fraud. A further d88cWbn of our r88pon8ibillli8s for the audit of the finandal statements is located on tho Financial ReFQrting Council's website 8L' www.frc.org.uklaudo81eSponblfiI1e5. This descrtption fom part of CAJr audltorf8 re[. U8• of our report This report Is made solely to the charity'8 trustees. as a l)ody. In accord reguSalion8 made under section 154 of the Charf(ie8 Act 2011. Our aud Vrk ha$ been undertaken 80 that we might slate to the ¢h8rity'$ tru$tee¥ Ih¢y&e matters we ere required to state to them in an audltorfs rep)rt and for no other purpose. To the fullest extent permitted by law. we do not aept CK assume resp¢$[bilItY to anyone other than the charity and the charty'$ trustees as a ty, for our audit WOFk. for report. or for th8 opinions we have fomied. Dlxon Wilson Audit SeNlce8 LLP, Statutory Audik 22 Ch8ncery Lane London C2A 1LS 13 November 2024 DLxon Wilson Audit Services LLP18 diglble to act as an auditor in tems of seetion 1212 of the Companles Act 2006.
THE EUROPEAN NATURE TRUST ST A TEMENT OF FINANCIAL ACTIVITIES Yoar ended B Aprll 2023 Expondable UnTO6trfcted Restricted Endowm•nt Fund8 Funds Funds 2023 2022 Income and •xp•ndltur• Incorn• from: Donations Investmerts 35,332 95.476 130,808 135.020 170.352 110.555 95,476 85047 265,828 I95,62 Totsl In¢orn6 135.020 Expondlthrg on: Raising fvnds 19.764 27.360 47.124 44,836 Charitable acfvitios 494,874 104,974 599,848 430,546 Total expendiiuro 514,638 104,974 27,360 646,972 475,382 Net (oxpendltur•l I In¢om• {383,830) 30.04e (27.360} (381.145) 436.394 Net gairl(losses) on investn*nts N•t movoment In fund6 (161,199) <161,199) 716,174 {188,5591 (542,344) 436,394 {383,830) 30,046 Transferbetween fund$ 383,830 {383,830} Reconclllatlon of fund8 Total funds ÈrfDught foftvard at 8 April 2022 Total funds carrl•d forwa at 6 Aprfl 2023 3,984,805 3,984,805 3.548.411 3.412.416 3.442,4V2 3,984.805
THE EUROPEAN NATURE TRUST BALANCE SHEET At S Aprll 2023 2023 2022 Investments Tang fix¢d assets 3,558,167 1,446 3,559,613 4,134839 4,134839 10 8,834 54.743 19,5ff2 75,034 Cash at bank and In nd 83,577 Crndltor•: afflou falllng due w*hln on•y¥r Nat rreNt Ilabllttlos 11 (180.729) (117.152) 3,442,461 44eA)) (151,034) 3.984,805 Total awt# lea• ¢wrent Ilablllll•8 Fund8 Restrkted fund Eyp¢rthbb ¢nd¢y&Thient fund 30,046 &412.415 13 3,984.5 3.984,805 3,442.461 Thé Ih)ancl81 statemonts on pages 9 to 18 wer8 by the Trugtags on 12 Novembèr2024 arnl Sned on their beha by: PAUL LISTER 10
THE EUROPEAN NATURE TRUST NOTES TO THE FINANCIAL STA TEMENTS Year ended S April 2023 Accountlng pollcle8 {a} Bas1• of pr•pawatlon The fina181 8taiements s prepared under the IMstort¢al cost convention, wlth the exe2pllon that investsnenls are included at market vBlue. The financial 81atements have been prepgred in accordance with the Statement of Recommended Practice.. Acc#)unting and Reporting by Charities preparing Ihelr accounts In awdan wilh the Finan¢kni1 Reportlng Standard 8ppllcable in the UK and Republic of Irdand {FRS 102) issued on 1 January 2019 and the Charilles AGI 2011. The trust consbtutes a wbliG benefft antity as def¢d by FRS fj. (b) ct$011datbon Consolidatsd &¢ounts havg not been prepared as the lrnslees consKlar that the results of the sthsljlary undertaklngs are not materfal to the group. (¢) Fund8 Structyre The charity has an exFendable endovfflt fund which ¢pAs•S tho origvMI donatbn plu8 lh$ subswnt capital apprection on the inveslments w(fhin the fund. Investment management charges are charged again51 this fund. This unrestrthd irwn8 fund ¢omprw undisln'btsted income ofts ¢lBrity. The wtricw fund compromlses of clonats'ons and expendltuffj mad& Speerfty for the Belr Uncovered, Wld Abruzzo and Rivepw¢)od8 Big PictUTe projects. trustees a free to use both fvnds in accordance with the objects of the Ghority. <d) Incomo rK¢gnition All income is rwnised once the charity ha5 entitlement lo tho inm*, il is Probab that thg irtom? wil be receNed. aThl the amount of income re¢•ivable can measured lIablY. Donathns receivablo a r¢¢¢4Jntsod on th8 date th81 th& trust is entitled to donation. tl'vklends aTrJ stmilar income are recognised on the date the trust becomes entilled to the Inccrne. Intere8t ts reco3ni8ed on an accruals basis. (•) Expgndltsre r•cognition Li8bilib'•s arè regnised as expendiiure as soon as there is a legal or conaructrve obligallon commttty'ng the charty to thal expenditure. il 1$ probabte that s$ttlem•nt will b8 reqUed, and the amount of the obligaoon can be measured reliably. All expenditure 18 accounted for on an erUel5 b8818. Al expenses Includlng support costs 8nd govemance costs are allocat&J or apporlloned to the applicable expendlture headSngg. Grants payabkg are recognised in the finan01 slatemenls when a Gomrnilment has been made to Ihe rvcipient and thg charity retained no dlscrelion to temiknate, or the grant has been pord, whichevw is the earfier. lfi Irrocovernblo VAT Irrecoverable VAT is charg&d as a t ownst the adNIty tr which the oxpenditure was incurred. lg) Governance co8t8 Govemanc8 costs include those costs associated wilh meettng the con601dated and standing requir8ments of the charity. Govemance costs relatè to charilablè activities. h) Cosls of r4181Thg fvnds Th& costs of genfjrallng funds Indudes Investment management o)sts and wblldty cos
THE EUROPEAN NATURE TRUST NOTES TO THE FINANCIAL STA TEMENTS Year ended S Aprfl 2023 Accounting policies Icontinuod) Costs of ral8ing funds The c06t8 of generatkng funds irKIL¥Jes investrnent management costs publfcty )Sts. IJ) Charltabl• actlvld06 Costs ofcharitable &tivitte8 indude grants made arml governCe costs as shown in note 7. {kl Flxed a8Sat Inv•8tm•nts Listed and unliSb investmènts aré intslty measur•J * g)sl and $ubsequenUy 8t fair value thTou9h the statement of finawal 8ctivf(ies if the shares are publdy traded or Iheirfair value can otherwise be meagurthl rdiabty. Investments in subsKllaries are inkialty held al cost and subsequentty measured at cost less imp8irynenl. 11) G•ln$ and1068gS All gains and losses are taken to the Statement of Financtal Actwibes as they arise. Realised and unrealtsed investment gains bsse$ ¥e combined in the Statement of Finarra1 Activili¥$. Flx•d a88e18 and depreclatlon Tangi118 fixed as88ls are Measu at cost less g(tumulated deprecialkin and any accUMd impoimienl losse8. Deprlat)n is provkled cffl all tangl8 assats at th• folking annual rates in Order to vrtib off the cost loss residual value, of each asset on a slraJht-line basls over its ¢xF*cted useful lrfe as follows: Comwter equipment- 3 years In) Tax•tion The chardy 18 exempl from tsx8tion und&r secticrn 521 to 536 of the Irthme Tax Acl 2007. (o) Flnanclal In#trumonts FinarKial irtstrumants We a¢ccwnled for. accordirg 10 the 8lbstan of contra¢bJAI arrangement, as finawol assets and financial Ilabllltlos. Donatlon8 and legacies 2023 2022 Donatio recefved 170,352 170,352 110.555 110,555 In 2023, £35,332 of donation5 releS to the unrestsicled fund and £135,020 r¢lated to th8 restrrA8d fund. In 2022, £64,805 related t¢ the unrestricied fund and £45.750 relatsd to the r8strictsd fvnd. 12
THE EUROPEAN NATURE TRUST NOTES TO THE FINANCIAL ST A TEMENTS Ypar •nd•d S April 2023 Invostment In¢omg 2023 2022 Interest on cash held 0$ part of the invèstmènt portfolto Intere¥t on Appertey Properties Preference ghare8 Incom from Ilsted investrnenls Interest on other deposits 365 63,000 31,992 119 12 95,476 85,047 l investrffjnt income in 2023 and 2022 Trhtes to the unrestricted fund. Ral$lng fLrnd8 2023 2022 PUlty Agents, lees Investmert management costs 19,548 216 27,360 11,284 216 47.124 In 2023. £19.764 of raising funds expendrfure relalgj to the unrestriLtsJ fund12022 - £11.500) and £27.360 Yelated lo the expendable endowmenl fund12022- £33.336). Allocatlon of Support Costs and ov•rh•ad8 Thè breakdown of support costs and h¢)w these have been allocated befv gOvancI8 and charitle aCtNIt L8 8hown In the tsble below.. CharK•blg Bas18 01 Total Gov¢mortt 8¢ilvHI•8 OPPOrtIonnt Costty Staff cosls Prlnting, posty & stationery Deprec&40 &Jbscript 59.144 252 556 14.786 44,358 252 Staff time Usage U8age Usage 14,7&8 45,220 Employm•nt ¢osts 2023 2022 èges and 8d8ries 59,144 59.144 17,988 17,988 The average numbercl émployees durtng the year was 1 {2022'. 0). There WaFO no phyeeS whw annual rUneration was £60,¢XKI ¢y more. 13
THE EUROPEAN NATURE TRUST NOTES TO THE FINANCIAL ST A TEMENTS Y•ar Ortd S Aprll 2023 Charitablg acllvltlgs 2023 Grants for charitable work.. Fomenlo de con8lruceh)nes y t41r0taS (FCC) Eurep8 Belize linGlud8s'. FCD ISc8rfett Maws}, CRC (Crocodile). Belrle Uno)vered, Belize Jaguar Project and The Wild, Chris M¢rgan Podca8ti 50,000 56,895 6&0 14301 225.268 66,023 146,324 332,163 Support Costs a$s91ed wth project •xpendrture and grants: Staff costs Printing. postage and stalior Depr¢¢iation 44,358 252 13,490 4859 45.220 19.385 Prole¢t exF¢nditure: Beaver Trust England'my Neighbour ISA Bearf fi England EcohUStr Europe Project Olhr Event expanse Portug81 Casa di Ci81ema Rewilding Iberk? River0d$ (The Big PiclLwe) Royal Zoo121 So¢iety Salviamo L'orso Scouand Highknds arKI ISIdS Foundatkin S¢oYand Bomff Wldlrf Scouand Beaver feasibilty Sto8nd Perfect stomi Fundaclen Oso Pardo Scoland Salmon arKI RNe Spaln CBD Pora L8 ccseNl0n Spain ASCEL Spain Fundacion Gh)bal Nature 31622 10,C 17.882 18,489 578 12,YJO 10,960 15,(lYO 17,519 15,000 17,211 58.271 20.642 30,666 31.253 178 2238 22.LYJ9 20,151 13.471 179,310 222.299 Govgm•nce Gosts 8llxated¢o ¢harftabh 8Ctwth8S.' Staff costs Akxountan¢y lees Audit fees Administration and (#Jrpvter SUPf#Xt 8ookkeeping and management fé8$ 8ank charges and interest paid Legal professional Exchar0 l¢)ss 14.786 5,148 7.080 2,Ix17 13,540 670 4.497 2.338 5,530 17,5LiI 10.430 1,321 4lQ5 (4.783) 42,538 1761 43.155 Total charllablo actlvltl•s durfng the year $99.848 430,546 In 2023. £42,06g {2022- £29.7891 of grants for charitable work 8rwJ £62.87712022- £10,960) of project expenditure relaled lo the restricted funds. 14
THE EUROPEAN NATURE TRUST NOTES TO THE FINANCIAL ST A TEMENTS Year ended 5 Aprll 2023 Flxod a88•t Invo8lmen18 2023 2022 Falr value At 6 April 222 Purchase al Gost Disposals Net gainl(loss) on r6valuatknn to fatr value At 5 April 2023 4,135,839 212,796 {629.269) {161.199) 3,558,167 3,664,455 418,415 (20.084) 73,053 4,134839 The porffolio ks structured as follthvs: Listed invostments Unli%ted investments Invesbnent in subsidories at cost 1,702,613 1,855.552 2,209, 133 1.926, 704 3,558,167 4, 135,839 UK assets 1.702.613 1.855.554 1,926.488 2,209,351 4, 135,839 3.558,187 Tanglblè fJxe(l assets Computsr •qulpmènt Total C08t Al 6 Awil 2tr22 dillons 2,002 2,002 2.oir2 At 5 April 2023 D•prlatIon At 6 April 2022 Charge for year At 5 April 2023 Not book valu• 558 556 At 5 April 2023 At 5 4)ri12tr22 10. Debtor8 2023 2022 Other debtor8 19,562 19,562 Q834 15
THE EUROPEAN NATURE TRUST
NOTES TO THE FINANCIAL ST A TEMENTS
Yearended 5 Aprtl 2023
11. Cr•diti>rn
2023
2022
Tr creditors
mount due to Subsidiary and associated undertakings
Other creditors
Accruals arKI deferred inc
THE EUROPEAN NATURE TRUST NOTES TO THE FINANCIAL ST A TEMENTS Year endod 5 April 2023 1& Flnan¢lal 8880ts and Ilabllltl88 The following are fin¥ncig1 assets that qltalfy as baslc finsnclal instruments and are inalty reccgnr4ed at Ihelr transactYJn value and sUbSequY measured at thwr fair value al the balar sheet date using the closing quoted mathet price.. Flnanclal aM•ts 2023 2022 Investments Debtor8 Cash in hand 3,558,187 8,834 54.743 4,135,839 19.562 74034 3,621,744 4,230,435 Financial Ik?1yleS measured at amort*ed c1 1KI,729 245.0 17