THE EUROPEAN NATURE TRUST
REPORT AND ACCOUNTS
YEAR ENDED 5 APRIL 2024
THE EUROPEAN NATURE TRUST
I N D E X
Year ended 5 April 2024
| Page | |
|---|---|
| General information | 2 |
| Report of the trustees | 3 |
| Auditor’s Report | 6 |
| Statement of financial activities | 9 |
| Balance sheet | 10 |
| Statement of cashflows | 11 |
| Notes to the financial statements | 12 |
1
THE EUROPEAN NATURE TRUST
G E N E R A L I N F O R M A T I O N
Year ended 5 April 2024
| Trustees | Paul Lister | (Chairman) |
|---|---|---|
| Toby Aykroyd | ||
| David Elton | ||
| Alexandru Ene | ||
| Catherine Capon | ||
| Address | c/o Apperley Limited | |
| 45 Welbeck Street | ||
| London | ||
| W1G 8DY | ||
| Solicitors | Wedlake Bell | |
| 71 Queen Victoria Street | ||
| London | ||
| EC4V 4AY | ||
| Investment advisers | J.P. Morgan Bank Luxembourg S.A. | |
| 6 C Rte de Trèves | ||
| 2633 Niederanven | ||
| Luxembourg | ||
| Auditors | Dixon Wilson Audit Services LLP | |
| 22 Chancery Lane | ||
| London | ||
| WC2A 1LS | ||
| Bankers | C. Hoare & Co | |
| 37 Fleet St | ||
| Temple | ||
| London | ||
| EC4Y 1BT | ||
| Registered charity number | 1091283 |
2
THE EUROPEAN NATURE TRUST
R E P O R T O F T H E T R U S T E E S
Year ended 5 April 2024
The Trustees present their report along with the financial statements of the charity for the year ended 5 April 2024. The financial statements have been prepared in accordance with the accounting policies set out on pages 11 and 12 and comply with the charity’s trust deed, the Charities Act 2011, and the Statement of Recommended Practice: Financial Reporting Standard 102 issued on 1 January 2019.
Structure, governance, and management
The European Nature Trust (TENT) is a trust constituted under a trust deed dated 21 November 2001, and is a registered charity, number 1091283. The deed provides for a maximum of 8 trustees. The Trustees who have served during the year and since the year end are given on page 2, together with particulars of the charity’s professional advisers.
The Trustees meet regularly to agree the broad strategy and areas of activity for the Trust, including consideration of grant making and reviewing investment policies and performance. The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity and are satisfied that systems are in place to mitigate their exposure to the major risks.
Financing
The charity has an endowment fund the value of which stood at £3,518,900 as at 5 April 2024 (2023 - £3,412,416).
The endowment fund is provided for investment purposes. The income generated from investment of the fund is used to finance the charity’s activities. Income from the invested endowment fund is all utilised for TENT’s administrative running and overhead costs thereby ensuring that 100% of donors’ and partners’ funds flow directly into project activities. J P Morgan Bank Luxembourg S.A. has been contracted to manage the investment of TENT’s endowment fund in a prudent manner. Investment income generated in the year amounted to £85,505 (2023 - £95,476).
During the year, TENT received direct external donations amounting to £210,342 (2023 - £170,352). The charity applied donors’ funds as well as funds from its own income stream for charitable purposes. Projects and activities financed during the year are detailed below.
Charitable expenditure and governance costs are paid out of the unrestricted fund, or in the event that this does not have sufficient funds there is an expendable endowment fund which can be used to cover these costs. During the year funds of £276,017 (2023 - £383,830) were transferred from the expendable endowment fund to the unrestricted fund. The adequacy of the reserves policy is reviewed annually.
Objectives and activities for the public benefit
TENT supports and funds initiatives that protect and restore wild habitats in Europe and Belize. The Trustees focus their activities in five geographical areas:
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(i) the preservation of old growth forests and wildlife in the Carpathian Mountains of Romania;
-
(ii) restoration and species reintroduction (red squirrel, wildcat) initiatives in the Scottish Highlands; (iii) the protection of wildlife in the Cantabrian Mountains of Spain, with a focus on large carnivores (brown bear, wolf, lynx);
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(iv) the protection of wildlife in the Apennine Mountains of Italy, with a focus on the critically endangered Marsican bear; and
-
(v) the protection of wildlife in Belize, with a focus on scarlett macaws, crocodiles and jaguars.
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R E P O R T O F T H E T R U S T E E S ( c o n t i n u e d )
THE EUROPEAN NATURE TRUST
Year ended 5 April 2024
In these areas the Trust works with donors and partners through its core activities – travel, communications, and events - to support leading conservation projects that protect and enhance wild habitats, protect and/or re-introduce wild animals and deliver social and economic benefits to local communities. They also fund youth education and outreach programmes that enhance understanding of, and connection with, the natural world.
The Trustees, having regard to the public benefit guidance published by the Charity Commission in accordance with section 17 of the Charities Act 2011, consider the purpose and activities of the charity satisfy the requirements of the public benefit test set out in section four of the same act.
Trustees’ responsibilities in relation to the financial statements
The Trustees are responsible for preparing the Trustees’ report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards. The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP;
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make judgements and accounting estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Projects and Initiatives
During the financial year 2023-24, TENT has participated in the following initiatives:
England
Education: TENT is supporting efforts to expand the beaver population in the UK. Through ‘noise for nature’ – including films, PR and communications, TENT are building coexistence between humans and beavers. TENT organised media trips to Cornwall in September 2023 to support work being done by the Beaver Trust. This highlighted the importance beavers have in the British landscape and national water management.
Belize
Education: TENT has organised and co-funded a documentary series called ‘Unknown Belize’; outlining conservation and wildlife projects that exist in Belize. The series will be distributed globally, with the aim of attracting further inward philanthropy and investment into the country. Net revenues from the production will be distributed to Belizean NGO’s and supporting PR trips for conservation & wildlife media.
In January 2024, TENT hosted a 12-night press trip for 8 journalists to visit Belize’s network of protected areas. Expertly led by local guides and Belize’s most integral environmental NGOs, journalists understood Belize’s pioneering approach to conserving nature on behalf of the planet.
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R E P O R T O F T H E T R U S T E E S ( c o n t i n u e d )
THE EUROPEAN NATURE TRUST
Year ended 5 April 2024
Wildlife: TENT supported Friends for Conservation and Development Belize (FCD) in their efforts to protect the scarlet macaws of the tropical rainforests in the Chiquibul National Park. By patrolling forests, FCD protect the Chiquibul ecosystem from illegal wildlife crime, with a mission to conserve the few remaining scarlet macaws.
Spain
Conservation : TENT continued to support the charity Fundación Oso Pardo in the Cantabrian Mountains of Northern Spain working towards the conservation of Spain’s brown bears. TENT also supported the work of the CBD-Habitat Foundation to recover, conserve and reintroduce the Iberia lynx.
In 2023, TENT facilitated a press trip for journalists to understand how conservation groups have helped the Iberian lynx to recover from a historic low of 100 individuals, to more than 1,600 today. The trip resulted in more than 60 unique media outputs across national TV, print and online media.
Scotland
Wildlife: TENT contributed to the conservation and recovery of the Scottish wildcat. TENT will continue to fund the husbandry of the four wildcats at Alladale Wilderness Reserve, which have now bred successfully. TENT also supported the recovery of the red squirrel, and, in the future will look to fund and fundraise for more squirrel translocations.
Education: TENT has also contributed £15,000 (2023 - £17,211) to Riverwoods (The Big Picture), a feature length documentation about the state of the wild salmon population and degraded river catchments. All of the proceeds raised from ticket sales will be distributed to Scottish water charities.
Conservation: TENT supported the work of the Highlands & Islands Environment Foundation – a grantmaking organisation supporting projects aiming to protect and restore the ecosystems of the Highlands. TENT also supported the Kyle of Sutherland Fisheries Trust in their efforts to restore woodlands on five rivers of the Kyle catchment in the Scottish Highlands
Romania
Conservation : Working with its partners and through Fundatia Conservation Carpathia (FCC), TENT continued to make significant progress towards its goal of creating ‘The Yellowstone of Europe.’ TENT is playing a key role in supporting FCC in their goal through networking, funding projects and fundraising.
Italy
Conservation : TENT continued to support the charity Salviamo L’Orso in the Apennine Mountains of central Italy. It’s focus is on working to save the Marsican brown bear from extinction.
Greece
Wildlife: TENT supported The NGO Archipelagos to protect the endangered species, the Mediterranean Monk Seals. Archipelagos is carrying out research in key areas to improve understanding of the species’ biology, its conservation needs and status, and to aid understanding between seals and fishermen.
Portugal
Conservation: TENT is playing a key role in supporting Rewilding Portugal Work. Rewilding Portugal is working with local partners to develop a 120,000 hectare wildlife corridor that connects the Malcata mountain range in the south to the Douro Valley in the north. Within the corridor, natural processes will shape the land; replenishing habitats will support higher bird and mammal diversity; scavenger species will recycle nutrients as they should; and carnivory and herbivory will help to regulate the ecosystem.
Other
Other contributions : TENT has made some other smaller one-off contributions.
The Trustees have approved the report above and authorised me to sign it on their behalf
PAUL LISTER 4 February 2025 Trustee
5
THE EUROPEAN NATURE TRUST
A U D I T O R ’ S R E P O R T
Year ended 5 April 2024
Opinion
We have audited the financial statements of The European Nature Trust (the ‘charity’) for the year ended 5 April 2024 which comprise the statement of financial activities, balance sheet, and notes to the financial statements, including a summary of 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:
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give a true and fair view of the state of the charity’s affairs as 5 April 2024 and of its incoming resources and application of resources for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
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 charity 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 charity’s ability to continue as a going concern for a period of at least twelve 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.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
6
A U D I T O R ’ S R E P O R T ( c o n t i n u e d )
THE EUROPEAN NATURE TRUST
Year ended 5 April 2024
In connection with our audit of the financial statements, 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
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the information given in the financial statements is inconsistent in any material respect with the trustees report; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the trustees’ responsibilities statement set out on page 4, the trustees 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 charity’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 charity or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
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THE EUROPEAN NATURE TRUST
A U D I T O R ’ S R E P O R T ( c o n t i n u e d )
Year ended 5 April 2024
We gained an understanding of the legal and regulatory framework applicable to the charity by considering, amongst other things, the sector in which it operates, and considered the risk of acts by the charity that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the assessed level of risk, but recognised that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to the Charities Act 2011.
Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of third parties.
As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by management that represented a risk of material misstatement due to fraud.
There are inherent limitations in the audit procedures described above and, the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud.
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.
Use of our report
This report is made solely to the charity’s trustees, as a body, in accordance with regulations made under section 154 of the Charities Act 2011. Our audit work has been undertaken so that we might state to the charity’s trustees 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 charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
……………………………………… Dixon Wilson Audit Services LLP, Statutory Auditor 22 Chancery Lane London WC2A 1LS
4 February 2025 Date:…………………………..
Dixon Wilson Audit Services LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.
8
THE EUROPEAN NATURE TRUST
S T A T E M E N T O F F I N A N C I A L A C T I V I T I E S
Year ended 5 April 2024
| Unrestricted Note Funds £ Income and expenditure Income from: Donations 2 26,713 Investments 3 85,505 Total income 112,218 Expenditure on: Raising funds 4 20,614 Charitable activities 7 367,621 Total expenditure 388,235 Net (expenditure) / income (276,017) Net gain/(losses) on investments - Net movement in funds (276,017) Transfer between funds 276,017 Reconciliation of funds Total funds brought forward at 6 April 2023 - Total funds carried forward at 5 April 2024 - |
Expendable Restricted Endowment Funds Funds £ £ 183,629 - - - 186,629 - - 20,396 136,049 - 136,049 20,396 47,580 (20,396) - 402,897 47,580 382,501 - (276,017) 30,046 3,412,416 77,626 3,518,900 |
Total funds 2024 2023 £ £ 210,342 170,352 85,505 95,476 295,847 265,828 41,010 47,124 503,670 599,848 544,680 646,972 (248,833)(381,145) 402,897_(161,199) 154,064(542,344) - - 3,442,462_3,984,805 3,596,526_3,442,462_ |
|---|---|---|
| 154,064 - 3,442,462 |
||
| 3,596,526 |
9
THE EUROPEAN NATURE TRUST
B A L A N C E S H E E T
At 5 April 2024
| Note | 2024 | 2023 | |
|---|---|---|---|
| £ | £ | ||
| Fixed assets | |||
| Investments | 8 | 3,439,035 | 3,558,167 |
| Tangible fixed assets | 10 | 2,813 | 1,446 |
| Intangible fixed assets | 11 | 4,451 | - |
| 3,446,299 | 3,559,613 | ||
| Current assets | |||
| Debtors | 12 | 44,316 | 8,834 |
| Cash at bank and in hand | 218,358 | 54,743 | |
| 262,674 | 63,577 | ||
| Creditors: amounts falling due within one year | 13 | (112,447) | (180,729) |
| Net current liabilities | 150,227 | (117,152) | |
| Total assets less current liabilities | 3,596,526 | 3,442,461 | |
| Funds | |||
| Restricted fund | 77,626 | 30,046 | |
| Expendable endowment fund | 15 | 3,518,900 | 3,412,415 |
| 3,596,526 | 3,442,461 |
The financial statements on pages 9 to 19 were approved by the Trustees on 4 February 2025 and were signed on their behalf by:
PAUL LISTER Trustee
10
THE EUROPEAN NATURE TRUST
S T A T E M E N T O F C A S H F L O W S
Year ended 5 April 2024
| Note Net cash generated by/(used in) operating activities 9 Cash flows from investing activities Interest and dividends received Proceeds from sale of investments 8 Purchase of investments 8 Purchase of fixed assets 10,11 Net cash (used in)/generated by investing activities Change in cash and cash equivalents Cash and cash equivalents brought forward Cash and cash equivalents carried forward |
2024 £ (436,178) 85,505 755,830 (233,802) (7,740) 599,793 163,615 54,743 218,358 |
2023 £ (530,237) 95,476 629,269 (212,796) (2,002) 509,948 (20,290) 75,034 54,743 |
|---|---|---|
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THE EUROPEAN NATURE TRUST
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
Year ended 5 April 2024
1. Accounting policies
(a) Basis of preparation
The financial statements are prepared under the historical cost convention, with the exception that investments are included at market value. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 1 January 2019 and the Charities Act 2011.
The trust constitutes a public benefit entity as defined by FRS 102.
(b) Consolidation
Consolidated accounts have not been prepared as the trustees consider that the results of the subsidiary undertakings are not material to the group.
(c) Funds structure
The charity has an expendable endowment fund which comprises the original donation plus the subsequent capital appreciation on the investments within the fund. Investment management charges are charged against this fund.
This unrestricted income fund comprises undistributed income of the charity.
The restricted fund compromises of donations and expenditure made specifically for the Belize Uncovered, Riverwoods Big Picture, Salviamo L’Orso, Io No Ho Paura del Lupo, Alladale Wilderness Reserve River Catchment Restoration, and HOWL projects.
The trustees are free to use both funds in accordance with the objects of the charity.
(d) Income recognition
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received, and the amount of income receivable can be measured reliably.
Donations receivable are recognised on the date that the trust is entitled to the donation.
Dividends and similar income are recognised on the date the trust becomes entitled to the income. Interest is recognised on an accruals basis.
(e) Expenditure recognition
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required, and the amount of the obligation can be measured reliably.
All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings.
Grants payable are recognised in the financial statements when a specific commitment has been made to the recipient and the charity has retained no discretion to terminate, or the grant has been paid, whichever is the earlier.
(f) Irrecoverable VAT
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
(g) Governance costs
Governance costs include those costs associated with meeting the consolidated and standing requirements of the charity. Governance costs relate to charitable activities.
12
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S ( c o n t i n u e d )
THE EUROPEAN NATURE TRUST
Year ended 5 April 2024
1. Accounting policies (continued)
(h) Costs of raising funds
The costs of generating funds includes investment management costs and publicity costs.
(i) Charitable activities
Costs of charitable activities include grants made and governance costs as shown in note 7.
(j) Fixed asset investments
Listed and unlisted investments are initially measured at cost and subsequently at fair value through the statement of financial activities if the shares are publicly traded or their fair value can otherwise be measured reliably. Investments in subsidiaries are initially held at cost and subsequently measured at cost less impairment.
(k) Gains and losses
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.
(l) Fixed assets and depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.
Depreciation is provided on all tangible fixed assets at the following annual rates in order to write off the cost less estimated residual value, of each asset on a straight-line basis over its expected useful life as follows:
Office furnishing – 3 years
Computer equipment – 3 years
(m) Taxation
The charity is exempt from taxation under sections 521 to 536 of the Income Tax Act 2007.
(n) Financial instruments
Financial instruments are accounted for, according to the substance of the contractual arrangement, as financial assets and financial liabilities.
13
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S ( c o n t i n u e d )
THE EUROPEAN NATURE TRUST
Year ended 5 April 2024
| 2. Donations and legacies Donations received |
2024 £ 210,342 210,342 |
2023 £ 170,352 |
|---|---|---|
| 170,352 |
In 2024, £26,713 of donations relates to the unrestricted fund and £183,629 related to the restricted fund. In 2023, £35,332 related to the unrestricted fund and £135,020 related to the restricted fund.
| 3. Investment income Interest on cash held as part of the investment portfolio Interest on Apperley Properties Limited Preference shares Income from listed investments Interest on other deposits |
2024 £ 2,185 63,000 18,595 1,725 85,505 |
2023 £ 365 63,000 31,992 119 |
|---|---|---|
| 95,476 |
All investment income in 2024 and 2023 relates to the unrestricted fund.
| 4. Raising funds Publicity Agents’ fees Investment management costs |
2024 £ 20,504 110 20,396 41,010 |
2023 £ 19,548 216 27,360 |
|---|---|---|
| 47,124 |
In 2024, £20,614 of raising funds expenditure related to the unrestricted fund (2023 - £19,764) and £20,396 related to the expendable endowment fund (2023 - £27,360).
5. Allocation of support costs and overheads
The breakdown of support costs and how these have been allocated between governance and charitable activities is shown in the table below:
| Cost type Staff costs Printing, postage & stationery Depreciation Subscriptions Amortisation Telephone and internet |
Charitable Basis of Total Governance activities apportionment £ £ £ £ 85,440 21,360 64,080 Staff time 123 - 123 Usage 1,321 - 1,321 Usage 54 - 54 Usage 601 - 601 Usage 602 - 602 Usage 88,141 21,360 66,781 |
|---|---|
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THE EUROPEAN NATURE TRUST
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S ( c o n t i n u e d )
Year ended 5 April 2024
| 6. Employment costs Wages and salaries The average number of employees during the year was 1 (2023: 1). There was one employee whose annual remuneration was £60,000 or more. |
2024 £ 85,440 85,440 |
2023 £ 59,144 |
||
|---|---|---|---|---|
| 59,144 | ||||
| 7. Charitable activities Grants for charitable work: Fomento de construcciones y contratas (FCC) Europe (includes: Salviamo L’Orso,Io No Ho Paura del Lupo and HOWL) Belize (includes: FCD (Scarlett Macaws), CRC (Crocodile), Belize Uncovered, Belize Jaguar Project and 'The Wild' Chris Morgan Podcast) Support costs associated with project expenditure and grants: Staff costs Printing, postage and stationery Depreciation Subscriptions Amortisation Telephone and internet Project expenditure: Australia Beaver Trust Eco Tourism Project Europe Project Other Event expenses Fundacion Oso Pardo Riverwoods (The Big Picture) Romania Royal Zoological Society Salviamo L’Orso Scotland Scotland Salmon and Rivers Spain CBD Para La Conservacion Spain ASCEL Spain Fundacion Global Nature Switzerland Wolves and Bears |
2024 £ 8,750 84,341 117,567 210,658 64,080 123 1,321 54 601 602 66,781 2,694 20,000 8,310 - 1,710 - 15,000 25,263 15,000 18,756 1,000 16,143 22,861 - - 4,000 150,737 |
2023 £ 50,000 56,895 225,268 |
||
| 332,163 | ||||
| 44,358 252 556 54 - - |
||||
| 45,220 | ||||
| - - - 17,882 969 20,642 17,211 - - 58,271 - 30,666 31,253 178 2,238 - |
||||
| 179,310 |
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THE EUROPEAN NATURE TRUST
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S ( c o n t i n u e d )
Year ended 5 April 2024
| 7. Charitable activities (continued) Governance costs allocated to charitable activities: Staff costs Accountancy fees Audit fees Administration and computer support Bookkeeping and management fees Bank charges and interest paid Legal and professional Exchange loss Total charitable activities during the year |
21,360 3,994 8,500 4,717 12,256 873 19,579 4,215 75,494 503,670 |
14,786 5,148 7,080 2,007 13,540 670 - (76) 43,155 599,848 |
|---|---|---|
In 2024, £110,688 (2023 - £42,069) of grants for charitable work and £25,361 (2023 - £62,877) of project expenditure related to the restricted funds.
| 8. Fixed asset investments Fair value At 6 April 2023 Purchase at cost Disposals Net gain/(loss) on revaluation to fair value At 5 April 2024 The portfolio is structured as follows: Listed investments Unlisted investments Investment in subsidiaries at cost UK assets Overseas assets |
2024 £ 3,558,167 233,802 (755,830) 402,896 3,439,035 1,454,205 1,984,828 2 3,439,035 1,454,205 1,984,830 3,439,035 |
2023 £ 4,135,839 212,796 (629,269) (161,199) 3,558,167 1,702,613 1,855,552 2 3,558,167 1,702,613 1,855,554 3,558,167 2023 £ (542,344) 556 161,199 (95,476) 10,728 (64,900) (530,237) |
|---|---|---|
| 9. Reconciliation of net movement in funds to net cash flow Net income Depreciation and amortisation Deduct gains on investments Deduct interest income shown in investments Decrease/(increase) in debtors Increase/(decrease) in creditors Net cash generated by/(used in) operating activities |
2024 £ 154,064 1,922 (402,896) (85,505) (35,481) (68,282) (436,178) |
16
THE EUROPEAN NATURE TRUST
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S ( c o n t i n u e d )
Year ended 5 April 2024
| 10. Tangible fixed assets Office Computer furnishing equipment Cost £ At 6 April 2023 - 2,002 Additions 2,688 - At 5 April 2024 2,688 2002 Depreciation At 6 April 2023 - 556 Charge for year 654 667 At 5 April 2024 654 1,223 Net book value At 5 April 2024 2,034 779 At 5 April 2023 - 1,446 |
10. Tangible fixed assets Office Computer furnishing equipment Cost £ At 6 April 2023 - 2,002 Additions 2,688 - At 5 April 2024 2,688 2002 Depreciation At 6 April 2023 - 556 Charge for year 654 667 At 5 April 2024 654 1,223 Net book value At 5 April 2024 2,034 779 At 5 April 2023 - 1,446 |
10. Tangible fixed assets Office Computer furnishing equipment Cost £ At 6 April 2023 - 2,002 Additions 2,688 - At 5 April 2024 2,688 2002 Depreciation At 6 April 2023 - 556 Charge for year 654 667 At 5 April 2024 654 1,223 Net book value At 5 April 2024 2,034 779 At 5 April 2023 - 1,446 |
10. Tangible fixed assets Office Computer furnishing equipment Cost £ At 6 April 2023 - 2,002 Additions 2,688 - At 5 April 2024 2,688 2002 Depreciation At 6 April 2023 - 556 Charge for year 654 667 At 5 April 2024 654 1,223 Net book value At 5 April 2024 2,034 779 At 5 April 2023 - 1,446 |
Total £ 2,002 2,688 |
|---|---|---|---|---|
| 4,690 | ||||
| 556 1,321 |
||||
| 2,119 | ||||
| 2,813 | ||||
| 1,446 | ||||
| 11. Intangible fixed assets Cost At 6 April 2023 Additions At 5 April 2024 Amortisation At 6 April 2023 Charge for year At 5 April 2024 Net book value At 5 April 2024 At 5 April 2023 |
Website development £ - 5,052 5,052 - 601 601 4,451 - |
Total £ - 5,052 |
||
| 5,052 | ||||
| - 601 |
||||
| 601 | ||||
| 4,451 | ||||
| - | ||||
| 12. Debtors Other debtors Prepayments |
2024 £ 43,970 346 44,316 |
2023 £ 8,834 - |
||
| 8,834 |
17
THE EUROPEAN NATURE TRUST
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S ( c o n t i n u e d )
Year ended 5 April 2024
| 13. Creditors Trade creditors Amount due to subsidiary and associated undertakings Other creditors Accruals and deferred income |
2024 £ 53,861 19,149 28,672 10,765 112,447 |
2023 £ 16,278 19,649 136,531 8,271 180,729 |
|---|---|---|
14. Related party matters
At the year end the balance due from the Trustees was £2,665 (2023 - £2,665) which relates to an unpaid donation from Bearwatching. No interest is charged on late payment.
At the year end the balance due to Apperley Investments LLP (Paul Lister is a member) was £nil (2023 - £120,000). The loan is interest free and repayable on demand.
The trust owns 100% of the ordinary share capital and voting rights of The European Trading Company Ltd. During the year the trust paid accounting fees of £500 (2023 - £500) on behalf of the subsidiary company. At the year end the balance due to The European Trading Company Ltd was £19,149 (2023 - £19,649).
Paul Lister is a shareholder of Apperley Limited which provides bookkeeping, payroll, management and services to the trust during the year amounting to £24,256 (2023 - £13,540). At the year end the balance due to Apperley Limited was £nil (2023 - £5,718).
The trust holds 1,575,000 preference shares in Apperley Properties Limited, which have a fair market value of £1,936,047 where Paul Lister is a shareholder. The shares accrued interest of £63,000 (2023 - £63,000) during the year.
15. Analysis of net assets/(liabilities) between funds
| Expendable Unrestricted Restricted Endowment Fund Fund Fund £ £ £ Investments - - 3,439,035 Non-current assets - - 7,264 Current assets 185,048 77,626 - Current liabilities (185,048) - 72,601 Net assets at 5 April 2024 - 77,626 3,518,900 |
Total £ 3,439,035 7,264 262,674 (112,447) 3,596,526 |
|---|---|
18
THE EUROPEAN NATURE TRUST
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S ( c o n t i n u e d )
Year ended 5 April 2024
16. Financial assets and liabilities
The following are financial assets that qualify as basic financial instruments and are initially recognised at their transaction value and subsequently measured at their fair value at the balance sheet date using the closing quoted market price:
| Financial assets Investments Debtors Cash in hand Financial liabilities measured at amortised cost |
2024 £ 3,390,472 44,316 218,358 3,653,146 112,447 |
2023 £ 3,558,167 8,834 54,743 |
|---|---|---|
| 3,621,744 180,729 |
19
na uretiust l)cdiLaied to the proreLiion and rLSto?"aiion of wild areas v & o Film Collabofaiion thjtreach & Education
"Evcrybody has to gct ach day and do something mcaningfiil, that hLrra solutcly nothing to do with themselves, to protect those things you love" Kris Tompkins . g Conservationist WLILome to TEN'r 'Whilst the majority of conservation work is directed to Africa, Asia and South America. TENTS main focus is on the protection of the last remaining wild corners of Europe and Belize. In Romania we are supporting the establishment of a National Park In Spain, we are catalysing efforts to recover the endangered Iberian lynx. a species that has rebounded from the brink of extinction. In Italy. we support efforts to expand the critically endangered population of the last 60 remaining Marsican brown bears. In Portugal, we are supporting the recovery of natural processes through landscape-scale rewilding. Belize IS the exception to our European activities,. a nation where 80 per cent of the country remains undeveloped and natural. To ensure that wild areas have a future, vital conseNation v4ork is yet to be done. Through TENfs activities we support well proven conservation projects on the ground in critical wildernegs ar@as, allowing comrnuniti•s and wildlife alike to thrive. Above all, we love connecting people to nature and making what we like to call'noi5e for nature.. Joln us In our mlsslon. and support th• r•storatlon of natur•. Paul Lister, Founder, The European Nature Trust
what do we do at TENT? Our three pillars Protect and restore wild areas Connect people to nature Create 'noise for nature, Outreach & Educaiion Conservaiion Film Collaboration We raise engagement with nature through communication and education We collaborate with companies and donors to maximise their impact for nature We fund conservation projects We produce and often fund environmental films what projects do we work with? Our focus is on large wild areas, where ecosystems can be regulated at scale by the recovery of natural processe& Rather than leverage our funding and resources for international conservation charities. we build partnerships with local. agile conservation NGOS with intimate knowledge of local ecology and sociology. We support efforts to complete ecosystems, championing the value of apex predators to exert trophic cascades, regulating herbivores and building biodiversity.
ftzs Our network of conservation projects across Europe and beyond. MOWL As a grant-making organisation, we fund the most effective NGOS while raising awareness of great conservation work. BEAVER TftUST CARPATHIA Rewlldlng Portugal P NUESTRCS ESPACIOS A tra1conSeri1atl0Ist knows that the world is not. 76 ren
SCOTLAND Kestoring the Kyle catchment The Kyle catchment in the heart of the Scottish Highlands are some of the most important rivers for salmon migration. Ye( they are some of the most vulnerable to thermal stre The Kyle of Sutherland is the natural tidal e51uary for the Flwer5 Carron, Oykel, Cassley, Shin and Evelix w¥th their many tributaries burns and freshwater Together they drain 163,647 hectares of land and arnount to Some 46 rniles of tal lone. 70 mi5es of principal river% miles of tribarteS and 61 named Ih5 and lochan& Native riparian woclland currentty covers on average. 7% of K of Sutherland's rivers with most heaoknter rivers featuring less than 5% cover. Tcxlay. therè are 86 full ttme job roles on the Kybe rNers related to salmon. If salmon dtsappear as our climate warms, the loss of thÈjobs would double the unem(ryrnent rate across the Kyle of Sutherland region. kne retrust A model 'lliverwoods' project in the making The Kyle Riverwoods project alms to restore more than 200krn of high priority rlvers Using a data.led approach, v have identified priority regions of Testoration for the five rNer& The European Nature Trust and Kyle ol Suther5and Fisherie5 Trust IKSFf) are Wofking together to build è'pipeline, of investment- ready woodland creation projects across tr priority area& Active planting of native SFxcies is necessary. due to the high deer densities and fragmentaiion of current native vnodland. Tby the na retrusl
First relea onlet continues to supAorW&ttV• releases. KZSS Saving Wildcats .%aving Britain s last remainingfclid European wildcat status-'Least concern. Scottish wildcat - 'Functionally extinct. At TENT, we support the Saving Wildcats Initiative through 9rntmaklngi whll• g•n•rtlng Int•M•On•I awar•n•ss of th• mlsslon. 22 wildcats released into the Cairngorrns Connert landscape in 2021 with another 40 to be released across 2024 and 202& Breeding c0ntt•4&str at Alladale Wilderness Re rettust ftzss Beaver Trust Bri171Ting baL k thL LLosry.f tL m cnyinLcr At the start of 20th century, there were just 1,200 beavers surviving. Now -1 million animals across 25 European countrie& hiou9h CfWI bi¢)dl tlands the global beaver 174MtCO, TENT focuses on the UK where there are more than 1500 wild living aver5 following SuccesUl trials We are supporting efforts to expand the b•av•r populatlon In th• UK. locuslng on Tr•w habltats In th• Scottlsh Hlghland Through 'nols• lor n•tur•'_ Includlng film PR and communlcatlon& w• r• bulldlng coexlstence b•twe•n humans and b•avw kne BEAVER TRUST retrust
ITALY Io non ho paura del lupo G rey wolf numbers have expanded Drfvers in the last decade alone Increosed legol protection Alurol-urbon migrotion, lond. obandonment Increasing prey base ouri isq.4gnlkant'- for coexistence Growing wolf numbers need renewed coexistence We affe SUPFM)iting the local Italian NGO, lo non ho paura del Iupo• to raise public awareness of wolf ecology. Our partnership seeks to promote wolf conservation in Italy* creating a healthy communlcation5 envlronment. lo non ho paura del lupo A future for Italy's Marsican brown bears Italls Marsican brown bear- a subspecies of the European brown bear- is now critically endangered, with just 60 remaining We are partners with Salviamo I'OTSO. SUPPOrting 'boots on the ground. conseNation. communications and adwxacy. to promote the safe expansion of the bear outside the core area of the tkhri177n l a7in An<4 Mnliw Natinnal DArlt
SPAIN Iberian Lynx Recovery - CBD-Habitat Species declared Critically Endangered in 2002 instigating caplive-breeding and translocation program 80% range k>ss from 1960 to 1985 After breeding program. habitat recovery and rabbit supplementati¢M: From less than 100 individuals in the early 2000s, to more than 1.500 today across eight subpopulations 252% increase in population size from l988- 2016 TENT is sUPPOrting CBD-HabiL4ts woik to recover the Iberian lynx population to mor• regions of its historlcal range. kne retrust CBD-Habltat Upper Tagus Ill ,Spain'$ 17 Naiional Park The Nuestros Espaclos Prot•gSdos (i.e. Our Protected Areas) initiarive aims to foster national pride and public support for Spain's protected areas, increase their size and improve management and conseniation. TENT is supporting efforts to Incf•ase the prot•ct•d ar•as Matus of th• Alto T•Jo and S•rrania de Cu•n¢a Nature Parks wlth an opportunlty to create Spain's 17th Nat5onal Park. Ihe NUESTROS ESPACIOS retrust PROTEGIDOS
ROMANIA Conservation Carpathia Creatin Euro e's Yellowston The Carpathian Mountaios dominate Rornania's central regiorri here, more than 250.000 hectares of virgin forests remain- the largést unfragmented ,'wforest reglon in Europe. Seat1 CC) in their efforts to protect the forests of the utheastern Carpathians from deforestation, nser¥e a crucial outpost for European iversity. and create a new national park for CARPATHIA PORTUGAL esses Over the years. many agricultural landholdings in rural Portugal have been abandoned. Together with the decline of wild herbivores, this has reduced the level of grazing on the landscape. allowing fire-prone vegetation to extend across the land. In the Greater Coa Valley. an unprecedented opportunity for ILindscape-scale nature restoration exists. ablishing a 120,000 hectare wildlife corridor, ere natural processes regulate the landscape ewilding Portugal o,
BELIZE Our London premiere of Unknown 8 attended by more than 350 gu conscious trOond was iring *h NGOS Unknown Belize Film 4 x 4S minute episodes More than 17 environmental NGOS featured Showcasing the blueprint that Belize is providing Connecting conscious travelers and inward investment for Belize's development Impact Proceeds will go towards the promotion and preservation of Bellz•'s environmental wealth pean ureliust UNKNOWN na BELIZ FriLnds for ConSLrvarion and Development A fvturcfor Beli&e's scarlci maLaws The scarlet macaw was once widespread across the whole of Central America. but due to illegal wildlife trafficking to serve the exotic pet trade. numbers in Belize have dropped to some 344 individual FCD protects the scarlet macaws tropical forest habitat in the Chiquibul Forest. FCD are increasing the presence of park rangers in the Chiquibul. patrolling the area to carry out day-to-day monitoring and research on the tropical forest ecosystem. vve support FCD in their efforts to monitor and conserve the Scarlet macav45 in Belize's ChKJuibul fnrpÉt FCD
oise for natu-re - film and events The European Nature Trust helps develop media that connects people with nature. We work with top photographers and filmmakers to cc<produc feature films and documentaries that raise awareness of crucial issues in conservation. RIVERWOODS Rccent evcnis Plverwoods Wlld Abruzzo Unknown 8ellze loy 2022 October 2022 Jijne 2023 300 attendees 200 attendees 350 attendees Screening of'Riverwoods' TENT funded film Screening of'path of the Bear. and'my Neighbour 15 a Bear' TENT funded films Screening of'unknown 8elize' _ TENT philanthropic production Proceeds kickstarted the Kyle Riverwoods project Proceed5 donated to Salviamo I'orso Proceeds allocated to protection and promotion of Belizean nature
TENT has fiindcd, co-fuiidcd or11clpcd to producc cnviropimcntalfilms thar rasc awa?-ciicss of wild arcas PATH OF THE IIHTAMEb- BEAR RIVERWOODS Carpat Noise for nature- PR and communications Along wlth dlrect fundlng commitments for 'boots on the ground, conservation, TENT creates media trips that raise awareness of great conservatlon work. .Ispa resul ore.tll es DBR BPIEQBL THTr. I'INlb NATIONAL GEOGRAPHIC Cmlé Nasl Travelet tbc '}¢ Ilork Eiin¢s TIK.
Team Emplc)N'ees Tru51ees kaic I IL i¥him2n i)uireJih ilJiiibL'r kate*tknr(yannaturemtst.com Dald Llion AlcxaiiJi"u Ene Paul Lister Fc)under & "I"rusree Carherine Capon Toh), .li.krciyd kne JaLob .ke5 (.i)T)serYarion Ilanager retrust