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 Tr￿1¥•8 Paul Lister Toby Aykr￿￿ Daw'd Elion Alexandru Ene Cath￿Fne C8F4)n (chai￿nan> Address clo Apperky Limib 45 Weilxk Street London W1G8DY Sollcltorn Wedlake 8è11 71 Queen Vl¢lori8 Street London EC4V 4AY Investment advl*orn J.P. Mw Bank Luxembourg S.A. 6 C Rte dg Trèves 2633 N*deranv8n 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 bro*J stratsgy and areas ofactwty for tho Trust, including consideration of grant making remewing investm￿1 pOI￿leS 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 Ir￿oMe 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 transfe￿ed 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 l￿d Squir￿1. 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 LxInserva￿n projects that protect and enhance wlld habitats, protect andlor re-introduce wikl animals and deliver $O¢Fal and economi¢ benefits to local comnyjnities. They also fund youth education and outreach programm88 that enhance underslanding of, and connectron with, the nalufal wodd. The Trustees, having regard to the Publ￿ benefit guidance publi8hed by Ihe Charity Commiss*)n in accc*dance with gection 17 of the Charities Act 2011, Conshder the purpose and a¢twiti8s of the charty satysfy the requirements of the Publ￿ benefrt test set out in section four of the same act. Trysto06' re6pon8lbllltles In rnlatlon to the flnanclal 8tat•mont8 The Trustees are responsible for preparlng th• Trustees, report and the financial statements in acc(ffdarKe with applicable law and United Kingdom Accounting Standards. The Iw applicable lo charities in England and Wales requires the Iruslees lo prepare financral stalemenls for frach finarKial year which give a tru$ 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 r￿sonable 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 t*Éng reasonthe stsp$ for the prevention and deteclion of fraLKI and other Irregularrtie8. PrOj￿ts and Inltlatlve8 During Ihe financ&il year 2022-23, TENT particlpatod in the following inilk9tsve8: Englanal Educat￿n.. TENT organlsed media trips to CJrnw811 in September 2023 10 sUPPOrt work being done by Iho Beaver Trust. This high1￿hled the Importan￿ beavers have in the British landscape and national wa•r management. Belizo EdUcat￿n.. TETr￿ is has organi59d and ¢)>funded a dc￿umentary 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 I￿rn the pr0dl￿tion will b8 distributed to B&lizèan NGO'S and supporting PR trips for Conservation & wildllfe ff*dis. 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 F￿Jndati0n to reci>ver, C{￿se￿8 and re*)troduce the I1￿18 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 8q￿rr￿. 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 d￿M￿nIat￿jn 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 F￿ndatiOn- 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$h FWghlorKI$ ROM￿1• 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 Supp￿11￿9 FCC In thdr goal through nets¥ort(Ing. funding ￿eCt8 and fwrflraising. ftaly Consorvauon: TENT continued to support the charfty sa￿1•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 P￿tt￿al WOb*ing with local partnorn to develop a 120,000 hectare wldrfe corrtdor that connects the Makata mountain r8nge in the south to the Douro Val￿Y in lh8 riorth. Vthin the corrKlor, natural P￿$s&S WIII shape thè land,. rè*nishlng habltats wlll support hwher blrd and mammal dNerslty' ￿venger spec4es will recycle nutrients 8$ they 8houkl: and ¢arnrvory and hertjivory will help io regulala the aeosystsm.. Otherc¥)nlrfbuIio￿. TENT has mad8 50mo (thor 8maller¢)nerf ¢ontrbuthJ PAUL LISTER Tn￿tee 12 Novembèr 2024 THE EUROPEAN NATURE TRUST AUDITOR'S REPOR T Y￿rend￿ 6 Aprfl 2023 Opinion IAÈ hove audited the financFal statements of The European Nature Trust (the'charity} for the year ended 5 April 2023 wh￿h 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 suff￿ent 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 ffinan￿al 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 pericrn 2023 2022 Tr* creditors mount due to Subsidiary and associated undertakings Other creditors Accruals arKI deferred inc. At the year end the balanc? due to Apper* knmit￿l was £5.71812022 - £nil). The trust hokls 1.575,000 preference Shares in 4)perley Properbés LimiE8d, wh￿h hav• a fair rrtathot valu• of £1,855,334, where Paul Lister B a shareholder. The shares accnjed interest of £63.00012022- £63.0001 during lh8 year. At th• yew and th• balance from Appwby PrDperti8s Limited vras £nil12022- £nill. 13. Analy818 of nèt a88•Wliabiliti8#) b•tWoon funds Exptrndablg End¢)wmont Fund Unrn8tr1¢t•d Fund Restrlcted Fund Total Investm8nts NOn