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2023-03-31-accounts

Earth Trust Trustee Report and Financial Statements Covering the period 1 April 2022–31 March 2023

Thank you to our growing community

We are grateful to the following for their support of Earth Trust in 2022/23:

Donors & Legacy

Corporate Sponsors and Supporters

Volunteer Groups and Community Supporters

Aspen Trust

Bartlett Taylor Charitable Trust Beard Charitable Trust Cecil Pilkington Charitable Trust DLM Charitable Trust

Benevity Civity DevComms Frovi

Abingdon Marathon

Abingdon Mothers’ Union of the Diocese of Oxford Adaptimmune Staff Team BBC Oxford Walking Group Harwell Harriers

D’Oyly Carte Charitable Trust Estate of Christopher Cornell Gerald Palmer Eling Trust Company Hugh Fraser Foundation

Google Ad Grants Infineum Institute of Insurance Reading Larkmead Vets Lucy Group Ltd Mishano

St Birinus School Wallingford 1155 Merton College Sheffield University Korfball Club Thames Valley Orienteers

Mr And Mrs J A Pye’s Charitable Settlement Sandra Charitable Trust Schroder Charity Trust The Adrian Swire Charitable Trust The Bothwell Charitable Trust The Doris Field Charitable Trust

Newbury Building Society Ridge Clean Energy Salon of Chi Scrumbles

All of our donors, volunteers and Friends

The Dorothy Holmes Charitable Trust The John Ray Initiative The Nineveh Charitable Trust The Reed Foundation Violet Black Charitable Trust

The Reed Foundation Vastern Timber Waitrose Wallingford Wenn Townsend Wondergrip

Earth Trust has been proud to work in partnership with the following in 2022/23

Contents

Project Partners

Our Farm Step Tenants

Brightwell Bees Emma’s Ewesful Acres Hedgecraft Meadow Plant Nursery Norton & Yarrow Cheese

Digventures Environment Agency Natural England North Wessex Downs AONB Oxfordshire Community Foundation Oxfordshire Local Enterprise Partnership (OxLEP) South Oxfordshire District Council Sylva Foundation

Welcome from Earth Trust CEO and Chair of Trustees

As the loss of our biodiversity and impacts of climate change are being felt across our planet by local communities, we find ourselves at a critical crossroads where the fate of our planet and our economic future intersect to shape life on Earth. Our work is more relevant than ever.

This impact report shows how we are responding to some of the most perilous issues facing our planet and the profound need for local action to drive broader, transformational change. Our recent impact is shown here through the lens of practical activity, objectives, outcomes and influencing over the last 12 months. Together with our supporters, we are building communities to enable real change to happen.

The challenges facing our planet are undeniable. Temperature records are being broken, wildfires are spreading on a larger scale than ever before, storms are intensifying, and flooding is occurring on an unprecedented level. We are no longer spectators of a distant environmental crisis, but active participants in a global emergency. The climate is changing faster than our ability to adapt, and the time for real action is now.

While the scale of the environmental crisis is global, the power to mitigate it lies with us and in our local communities. Local actions ripple outwards, catalysing wider change. The choices we make in our neighbourhoods, schools and workplaces are the building blocks of a more sustainable future. The fate of the planet, our willingness to be part of change and our economy are interconnected, and they all hinge on our collective effort to explore, learn and adapt.

The declining health of our environment is a universal concern that affects every living being on this planet. It transcends age, politics, county boundaries and ideologies, and will affect future generations. Eco-anxiety is now prevalent, but particularly felt amongst young people who are troubled by lack of action, or lack of commitments towards climate and nature targets. The health of our environment unites us in a shared vulnerability, but also as a common responsibility. The power of people united for a common cause is immense and this impact report shows the transformational impact of collective action.

Amid these challenges, the Earth Trust community stands as a beacon of hope and a testament to the impact that an ‘on the ground’ organisation can have. Dedicated to finding new solutions to our climate challenges, to enable nature recovery and provide opportunities for people to benefit from nature, we have supported significant change in the way policymakers think about access to green spaces; we have championed and influenced for Green Infrastructure Standards, and continue to build cross-sector partnerships and collaborations to build nature in to people’s lives.

Located in Oxfordshire, Earth Trust has not only been at the forefront of local environmental stewardship but has also emerged as a regional, at times national, demonstrator of innovative approaches to tackling global issues. Its unique position as a local and national influencer places us at the forefront of organisations driving meaningful change.

At the heart of the Trust’s mission lies a deep commitment to education and engagement. To create lasting change, we must empower this and the next generation with knowledge and inspire them to become champions of the environment. Earth Trust is not content with merely being a catalyst for change; with the enormity of the challenges, and the pace at which climate change is happening, we need to be bolder, louder and more impactful.

We recognise the importance of sharing learning and expertise, fostering a culture of collaboration and knowledge exchange. We are actively working to broaden and deepen our networks, working across sectors to share the challenge and collectively co-create solutions.

Through this impact report, we explore Earth Trust’s journey, the accomplishments of its inspirational community of changemakers, and the challenges facing us and all of society. We reveal the potential for local actions to drive global change, emphasising the collective efforts needed to build a more sustainable world which is resilient, healthy and underpinned by thriving ecosystems. Our work continues, and our voice grows louder, as we inspire others to join our collective force for good.

Earth Trust’s belief is that together we can build a more sustainable world for generations to come Ian Davidson, Chair of Trustees

Jayne Manley, Chief Executive Officer and Ian Davidson, Chair of Trustees

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Welcome
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Championing accessible natural green spaces for everyone Imagine a society where accessible, engaging green spaces enable nature and people to thrive in balance. Where everyone has access to nature-filled green spaces close to where they live, work and play. Where we all have a deep understanding of our ecosystem, and our role in caring for it.

This is the vision that Earth Trust are working towards, as we inspire people to address climate change, nature loss and a wellbeing crisis with the power of natural green spaces. Demonstrate. Engage. Influence. We understand that engaging people in nature can help to build a better world. A world where people understand their environment, the vital role healthy natural places can play in supporting biodiversity and addressing climate change, and their own role in caring for it.

For over 40 years Earth Trust has played a significant role in Oxfordshire, working to nurture and improve the green spaces in our care and to offer opportunities for others to experience them.

We use the places we care for to demonstrate nature based solutions and the power of engaging people with the natural world, in order to influence for more accessible and better green spaces – leading to people making good decisions for the environment and our planet, at home and through their work. 06

We influence decision makers so that more people can access and engage with green spaces where they live, work and play.

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Influence
People at
the heart of
environmental
connection
Engage
Demonstrate
We care for and improve the spaces
we manage to demonstrate their role
in addressing the climate, ecosystems
We engage and inspire
and health crises facing our world
people with the environment,
empowering us all to make
change happen.
Our Mission
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Connecting communities for change: Our strategy 2022-2027

We are facing a triple threat of biodiversity loss, climate change, and health & wellbeing. Humans have caused these crises, and it’s our collective responsibility to take action, now.

With the world in crisis, we recognise that we need to be louder and bolder in sharing our experience of balancing the needs of nature with the needs of people. To engage more people –in more ways –with the natural world. And, to do more than ever to ensure we are making a difference where it counts, prioritising our efforts on the big challenges we face, both nationally and regionally.

Earth Trust are rapidly growing a diverse community of individuals and partners, to achieve the following strategic goals:

Managing a wide range and scale of green spaces Ensuring everyone has access Making our voice heard

Engaging more people – in more ways – with nature Modelling financially sustainable land management On our way to net zero

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See Earth Trust
strategy for more.
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Earth Trust is a values-led organisation, committed to putting people at the heart of connection to nature, and learning together to make change happen.

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Strategy
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Key achievements and impact: April 2022 to March 2023

During this year we focused on creating real world change by developing projects and partnerships to enable us to:

In order to deliver our strategy, we are transforming the way we work. Alongside significant achievements in delivering impactful work we have also been working this year to grow a healthy, engaged team who live the values of Earth Trust, and enable an efficient, effective, smooth-running organisation. We continue to diversify our income to deliver financial sustainability.

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Our Impact
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Demonstrate

We have continued to pioneer and demonstrate the impact of nature based solutions with new learning and research partnerships.

Showcasing the role of wetlands in the fight against climate change and biodiversity loss.

Last year, we completed construction of the largest wetland habitat restoration project on the River Thames – known as River of Life II. Our ongoing monitoring work continues to generate new learning about the impact of wetland restoration, including new evidence generated on carbon capture potential of wetland habitat restoration with Bangor University. The Environment Agency’s first fish survey at River of Life II indicates that the 46,000m2 of wetland areas we have created are providing a perfect breeding ground for supporting wildlife and enhancing biodiversity.

Environment Agency fish survey found 9 species thriving with healthy numbers of fry at our new wetland

530m of hedgerow traditionally laid

280 new trees planted to supplement natural regeneration that’s supported by the management processes in our woodlands

Carbon audit revealed farm operations are carbon negative at -968.02 tonnes per year

40+ farmland bird species, including 21 identified as being of conservation concern, were observed at Earth Trust

1,429 tonnes of carbon captured by our woodlands

Wallingford Castle Meadows received Green Flag award for 15th consecutive year and the Green Heritage Site accreditation for 9th year in a row

Recognition for UK’s first biodiversity offsetting agreement Earth Trust signed the UK’s first formal biodiversity offsetting agreement with Taylor Wimpey in 2013, demonstrating how new partnerships can enable growth in business and improve the natural environment. The contribution and significance of Bushey Bank was recognised this year by the Chartered Institute of Ecology and Environmental Management (CIEEM) 2022 Award for ‘Best Practice – Small Scale Mitigation’.

Delivering Britain’s first ever Tested Oak Seed Orchard

To achieve the UK target to increase tree and woodland cover to 16.5% of total land area by 2050, tree planting rates in England need to treble by 2025. We are working with Future Trees Trust to develop a dedicated orchard and source of valuable genetic resources for oak tree planting Our Impact across the UK – the first of its kind in the UK.

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Engage

We have been connecting more – and more diverse – people to nature.

Inspiring our future green leaders

Reducing barriers to green space access

The Growing Places project with Aspire Oxfordshire aims to give some of the most disadvantaged people in our communities a greater connection to their local landscape. This year, we piloted activities with the needs and interests of those who are facing homelessness and disadvantage at their heart.

Our education programme has been refreshed this year – ensuring that we offer the opportunity for young people to take their classroom-based learning and come to understand its importance in a real world setting. We have seen record breaking demand for immersive outdoor learning experiences from schools, with 3,472 pupils visiting from 85 schools.

24/7 public access resulted in 200K visits across our 6 green spaces

240 trees planted on behalf of new UK citizens who settled in Oxfordshire in 2022 for Queens Green Canopy project

187 volunteers gifted us a combined total of 15,797 hours of their time

Providing opportunities for action

Our volunteers carry out much of our vital work to champion accessible natural green spaces – our work wouldn’t be possible without them. But volunteering also gives people an opportunity to engage with nature in a way that fosters social connection and wellbeing. This year, we have seen the highest ever recorded number of volunteering hours, with 187 people gifting us 15,797 hours of their time - a value of over £181,000.

3,472 school children 51% of our participated in active volunteers education visits are women

85 schools participated in our education sessions

93 new volunteers 26 public events, were welcomed into attended by our programme 6,200+ participants

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Our Impact
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PR reach extending
beyond 300k with 40+ Advocating for nature
opportunities to see/hear & people at regional and
Earth Trust content in national environmental
national & regional media networks, conferences
& events
Social media reach of
460,000 users (16% year on 12 new partnerships with
year growth) and 2x year on organisations actively
year growth in engagement supporting our work
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Influence We are supporting and encouraging our community to help make more change happen in pursuit of a world where nature and people can thrive together.

Standing up for nature

Facing the future of farming together

Making our voice heard Building on our long history and experience of working to influence local policy and practice, we are now connecting local action to national change by joining forces with RSPB, National Trust, Eden project and others through environmental coalitions such as Wildlife & Countryside Link, South East Nature Partnership & EcoAttractions. Our Building Nature In event brought together a unique audience of 100+ representatives from planning, construction, social enterprise and environmental groups to enable cross-sector collaboration to develop an approach that puts people and nature at the heart of future developments.

Collaborating with environmental coalitions, we lend our voice to national advocacy, fusing local action with broader change. We have actively empowered our community to drive change through campaigns such as Nature for Everyone, NetZero, Climate Coalition, People’s plan for nature.

The path to sustainable farming is paved through our partnership with the local farming community, fostering regenerative practices and sharing insights for a brighter future. With funding from the Farming in Protected Landscapes (FiPL) programme, Earth Trust is working with the North Wessex Downs AONB to create a local culture of sharing and learning for farmers and landowners. Paving the way for a farm innovation cluster, we convened a series of Regenerative Agriculture workshops, supporting farmers with the practicalities of shifting towards economically sustainable regenerative practices. We are also demonstrating, and loaning out new equipment for, best practice management of wildflower meadows and grasslands.

Our Impact

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11% £165k

18% £270k

Income and expenditure

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11% 12%
£175k £182k 1% 10%
£26k £177k
40%
£730k
Income Expenditure
48%
49%
£736k
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Expenditure

49% £885k

Financial summary

Grants and trusts £182k £177k Programmes for adults and children Donations £736k £885k Programmes for Farm income £270k landscape and wildlife Learning and £165k £730k Building communities engagement for change Enterprise £175k £26k Governance and activities administration

Total £1.5m

Total £1.8m

Total income to 31 March 2023 was £1.5 million (£3.1 million in 2021/22). Total expenditure for the same period was £ 1.8 million (£2.8 million in 2021/22).

Financial Year 2023 was a year of rebuilding our public-facing activities, including hire of our commercial and event spaces and reinvigorating our public programme of events and activities, whilst also looking to further develop Earth Trust centre in order to grow our capacity to welcome visitors in the future. Total unrestricted income was £1.5 million compared to £628k in 2021/22.

The progress achieved this year means we continue to move towards our goal of financial sustainability. The Trust’s unrestricted general funds for the year to 31 March 2023 were in surplus by £104k (compared with a deficit of £341k in 2021/22).

Finance

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Reserves and assets

Earth Trust has a significant capital base to enable our charitable activities and support our long term financial stability. Overall reserves stand at £15.1 million (2022: £15.3 million). The majority of reserves (79%) is held in the form of land, buildings and investment properties.

Our most significant asset is the value of green space land and buildings from which we operate, most recently enhanced by the construction of our Earth Lab and Innovation Hub buildings. In addition to these functional properties, Earth Trust owns four investment properties. These investment properties are held along with an investment portfolio (£2.91 million), which includes treasury bills (£1.00 million) and listed investments (£1.91 million), in order to generate income in support of our charitable objectives.

Only £480k (2022: £490k) are available as ‘free’ reserves .

Reserves policy

Free reserves are defined as general funds of the charity that are freely available to spend. Earth Trust requires these reserves to:

The required reserves are calculated and assessed according to an overall risk profile, and in doing so all major sources of income and long term expenditure requirements are reviewed. The total estimated cost of these risks is then compared to the total value of the reserves held. The reserves held are calculated based on the “general funds” available to the charity less the “fixed assets” figure, since these fixed assets are required for the functional operation of the charity, and the designated funds.

The current level of reserves required to cover risk on the basis of our calculation is £880,000. At the balance sheet date the charity held combined free and expendable endowment reserves of £1.4m, the latter of which, in line with previous Reserves policies, is available for release in extreme circumstances. This is calculated as the total Reserves less fixed assets, designated funds and restricted funds to generate the technically available reserves figure. In addition, the organisation is in a strategic growth period and the Trustees therefore consider it appropriate to retain higher reserves to support ongoing investment in the organisation in support of sustained and geared growth. Trustees have currently designated £1.5 million towards infrastructure development however, Trustees have acknowledged that, in the short term, some of these funds may be needed for day to day business operations. At the balance sheet date £1.5 million of its reserves in relation to the infrastructure development have been excluded from the £1.4m noted above.

Based on the level of Reserves shown above the Trustees are comfortable that there are sufficient Reserves available to meet the needs of the charity should the events noted above occur.

The level of reserves and their makeup is monitored by the Finance and Risk committee on a quarterly basis and the Board reviews the reserves policy annually in line with the annual audit process.

Investment powers and policy

The investment policy is reviewed annually by the Chair of the Finance and Risk Committee following a discussion with the investment managers and is approved by the full Trustee Board. We have an ethical investment policy, in line with our values and charitable purpose. In the next financial period, we are aiming to review our investment portfolio, with a view to strengthening the criteria we use for identifying alignment with our charitable objects and ethical criteria. The Trust’s investment portfolio is managed by Evelyn & Partners. Reports are produced quarterly and discussed at meetings of the Trust’s Finance and Risk Committee.

Listed investments are held in two portfolios governed by a mandate for each:

Governance Summary

Earth Trust is governed by its Memorandum and Articles of Association. The directors of Earth Trust are its Trustees for the purposes of charity law and are ultimately responsible for the management of Earth Trust (non-executive directors).

In line with plans to improve the culture of inclusivity across Earth Trust, the Board are reviewing how they ensure that representation on the board is inclusive of diverse experience and background, and during the period has begun a skills audit to identify the future skills requirements needed to support the Board.

The liability of the Trustees, as members, is limited to £10. The terms of the charity’s Memorandum and Articles of Association exclude the power to raise funds by the means of taxable trading, where such trading falls outside its charitable objects.

Board of Trustees

On 31 March 2023, the Board of Trustees, chaired by Ian Davidson, consisted of seven Trustees with diverse skills and experience of relevance to the Trust and its activities. The full Board meets quarterly, with the ability to call additional meetings when necessary. The Board has the power to set up sub-committees, and has a long established Finance & Risk Committee and a Safety Committee. Time-limited, themefocused Working Groups involving Trustees, staff and external advisers/experts are used to develop important work areas.

Trustees delegate the day to day administration of Earth Trust to the Chief Executive who works with a team of senior managers operating within an agreed framework of authority limits. The Trustees retain control over all decisions relating to capital expenditure, investments and financial payments exceeding pre-agreed limits.

Trustee appointment, recruitment and training

All Trustees are volunteers and therefore are not remunerated for their trusteeship. We have the ability to pay legitimate expenses.

The Trustees continue to refresh the Board, when gaps in skills are identified or as terms come to an end and seeking to make new appointments to strengthen the skills needed to guide the organisation.

New Trustee appointments receive an induction at Earth Trust centre which covers their obligations as Trustees and Members of the Board. They are provided with the terms of reference for Trustees, the articles of the charity and other key documents such as strategic and financial plans.

Trustees are invited – and encouraged to attend - events and activities with staff and volunteers, to support further understanding of the detailed workings of the charity.

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Leadership and management

The Board of Trustees delegates’ day to day leadership and running of Earth Trust to the Chief Executive. The Chief Executive, with a Senior Management Team, manages the Trust, supported by staff and volunteers.

Remuneration

Earth Trust aims to ensure that all members of staff are paid appropriately according to the nature of their work and experience, the function and skills requirements of their role and in line with our organisational pay strategy and pay structure which is benchmarked against the market rate for the sector. No Senior Manager is involved in decisions relating to their own remuneration

Volunteer support

Earth Trust would not be able to meet its charitable objectives without the time and energy of volunteers.

Volunteers undertake practical conservation, improve access arrangements, help run events and learning activities, collect, input and analyse data, fundraise, and help with office reception and administration roles.

Risk management

The Trust has a range of risk assessments that govern different functional areas of work which are reviewed regularly. Our comprehensive Risk Register details all potential, identified risks measuring likelihood and impact and allowing for the implementation of any potential mitigation.

The Risk Register is reviewed at quarterly Trustee meetings and the Senior Management Team act as required to ensure that necessary risks are minimised and managed as appropriate.

Public benefit statement

The Board continuously reviews the activities of Earth Trust against its charitable objectives and its Strategic Vision. The Board is satisfied that all activities are related to these objectives and that no specific issues to the detriment of these objectives have been identified.

The Trustees have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission in exercising their powers and duties.

Earth Trust’s public and economic impacts are, like its vision and activities, wide-ranging and multi-faceted. The Board can demonstrate that the management of accessible, engaging natural green spaces for all can help address the challenges of climate change, loss of biodiversity, and public health and wellbeing, which is made worse for those in disadvantaged communities who have little or no access to nature.

Earth Trust uses the green spaces we manage to engage and inspire people and to demonstrate nature-based solutions that we hope others will take and use elsewhere. Through our projects, we strive for sustainability, balancing people’s access and dependency on natural resources - such as food and water - with thriving biodiversity and healthy ecosystems. People benefit regardless of their age, background and ability. The impact of the public benefit we provide goes beyond that experienced by individuals themselves or the boundaries of local community greenspaces. Our impact is also regional and the significance and learning from our projects gives us national resonance as well.

Statement of Trustees’

responsibilities

The Trustees (who are also Directors of Earth Trust for the purposes of company law) are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.

The Trustees are responsible for keeping adequate accounting records, which disclose with reasonable accuracy at any time the financial position of the charitable company and enables them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charitable company and hence for taking any reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the Trustees are aware:

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

This report has been prepared having taken advantage of the small companies’ exemption in the Companies Act 2006.

Disclosure of information to

the auditors

We, the Directors of the company who held office at the date of approval of these Financial Statements as set out above each confirm, so far as we are aware, that:

Signed:

Ian Davidson, Chair Date: 11/12/2023

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Independent auditor’s report to the Trustees of Earth Trust

Opinion

We have audited the financial statements of Earth Trust (the “parent charitable company”) and its subsidiary (the “group”) for the year ended 31st March 2023 which comprise the Consolidated Statement of Financial Activities, the Group and Charity Balance Sheets, the Consolidated Statement of Cash Flows and the related notes 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:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial

statements section of our report. We are independent of the group and parent charitable company 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 group and charitable company’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 trustees are responsible for the other information. The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the group and parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the trustees’ responsibilities statement, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group’s and parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or noncompliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of noncompliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and to the charitable company’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company’s members and its 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 charitable company and the charitable company’s members as a body and the charitable company’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Benjamin Hayes FCA (Senior Statutory Auditor)

For and on behalf of Wenn Townsend Chartered Accountants and Statutory Auditor

30 St Giles, Oxford, OX1 3LE

11/12/23

26

Consolidated Statement of Financial Activities

(Including Income and Expenditure Account)

Note
Income and
Endowments from:
Donations and legacies
2
Charitable activities
3
Other trading activities
4
Investments
5
Total income and endowments
Expenditure on:
Raising funds
6
Charitable activities
7
Other
8
Total expenditure
Net gains/(losses) on revaluation of
Investments
15
Net income/(expenditure)
Transfers between funds
21
Net movement in funds
Reconciliation of funds:
Total funds brought forward
21
Total funds carried forward
21
Analysis of net assets between funds
Fixed assets – Earth Trust
Fixed assets – Earth Innovation
Investment properties
Investments
Cash and current investments
Other current assets / liabilities		 Unrestricted
Designated
Restricted
Endowment
Total
Unrestricted
Designated
Restricted
Endowment
Total
funds
funds
funds
funds
2023
funds
funds
funds
funds
2022
£
£
£
£
£
£
£
£
£
£
878,282
-
21,348
-
899,630
255,068
-
2,484,196
-
2,739,264
496,985
-
-
-
496,985
306,917
-
-
-
306,917
47,353
-
-
-
47,353
9,190
-
-
-
9,190
83,730
1,300
-
-
85,030
57,036
-
-
-
57,036
1,506,350
1,300
21,348
-
1,528,998
628,211
-
2,484,196
-
3,112,407
204,999
-
-
-
204,999
163,974
-
-
-
163,974
1,171,351
181,626
209,571
24,194
1,586,742
783,848
161,292
1,699,774
25,473
2,670,387
26,129
-
-
-
26,129
20,947
-
-
-
20,947
1,402,479
181,626
209,571
24,194
1,817,870
968,769
161,292
1,699,774
25,473
2,855,308
-
18,146
-
(59,693)
(41,547)
-
617
-
22,580
23,197
103,871
(162,180)
(188,223)
(83,887)
(330,419)
(340,558)
(160,675)
784,422
(2,893)
280,296
(112,866)
905,463
(792,597)
-
-
490,040
(115,013)
(375,027)
-
-
(8,995)
743,283
(980,820)
(83,887)
(330,419)
149,482
(275,688)
409,395
(2,893)
280,296
489,717
10,155,078
1,384,114
3,258,913
15,287,822
340,235
10,430,766
974,719
3,261,806
15,007,526
480,722
10,898,361
403,294
3,175,026
14,957,403
489,717
10,155,078
1,384,114
3,258,913
15,287,822
-
6,106,615
-
1,777,829
7,884,444
-
5,370,206
-
1,789,990
7,160,196
13,460
2,232,117
-
-
2,245,577
13,460
2,244,689
-
-
2,258,149
-
1,540,000
-
-
1,540,000
-
1,540,000
-
-
1,540,000
500,000
1,019,628
-
1,397,197
2,916,825
-
1,000,182
-
1,468,923
2,469,105
(60,775)
-
403,294
-
342,519
303,402
-
1,384,114
-
1,687,516
28,037
1
-
-
28,038
172,855
1
-
-
172,856
480,722
10,898,361
403,294
3,175,026
14,957,403
489,717
10,155,078
1,384,114
3,258,913
15,287,822

All income and expenditure derive from continuing activities. The statement of financial activities includes all gains and losses recognised during the year.

Balance Sheet

Balance Sheet

Note
Fixed assets
Tangible assets
14
Investments
15
- Investment in subsidiary company
- Loan to subsidiary company
- Listed investments
- Cash held by investment manager
- Investment property
Current assets
Stocks
16
Debtors
17
Cash at bank and in hand
Cash held pending investment
Creditors: amounts falling due
within one year
18
Net current assets
Total assets less current liabilities
Net assets
Charity Funds
Unrestricted funds - Operational
21
Unrestricted funds - Trading co
21
Designated funds
21
Restricted funds
21
Permanent endowment
21
Expendable endowment
21
Total charity funds
21
ompany number 04381522		 Group
Charity
Group
Charity
2023
2023
2022
2022
£
£
£
£
10,130,021
7,884,444
9,418,345
7,160,196
-
1
-
1
-
2,490,978
-
2,320,253
2,849,574
2,849,574
2,421,252
2,421,252
67,252
67,252
47,853
47,853
1,540,000
1,540,000
1,540,000
1,540,000
14,586,847
14,832,249
13,427,450
13,489,555
103,958
103,958
86,348
86,348
249,370
186,421
341,805
312,118
342,519
307,020
967,797
921,751
-
-
719,719
719,719
695,847
597,399
2,115,669
2,039,936
(325,291)
(305,643)
(255,297)
(171,710)
370,556
291,756
1,860,372
1,868,226
14,957,403
15,124,005
15,287,822
15,357,781
14,957,403
15,124,005
15,287,822
15,357,781
469,861
469,861
448,380
448,380
10,861
-
41,337
-
10,898,361
11,075,824
10,155,078
10,266,374
403,294
403,294
1,384,114
1,384,114
1,384,253
1,384,253
1,384,253
1,384,253
1,790,773
1,790,773
1,874,660
1,874,660
14,957,403
15,124,005
15,287,822
15,357,781

Company number 04381522

The financial statements have been prepared in accordance with the special provisions of part 15 of the Companies Act 2006 relating to small companies. The financial statements were approved and authorised for issue by the Board on 11th December 2023 The notes form part of the financial statements.

Signed on behalf of the board of Trustees

Stephen Dance - Chair of the Finance and Risk Committee

Consolidated Statement of Cash Flows

Note
Cash fow from operating activities
22
Net cash fow from operating activities
Cash fow from investing activities
Payments to acquire tangible fxed assets
Payments to acquire new investments
Receipts from disposal of investments
Dividends received
Rents received from investment properties
Net cash fow from investing activities
Movement in cash and cash equivalents
Net increase/ (decrease) in cash and cash
equivalents
Cash and cash equivalents at 1st April 2022
Cash and cash equivalents at 31st March 2023
Cash and cash equivalents consists of:
Cash at bank and in hand
Cash at bank and in hand pending investment
Cash and cash equivalents at 31st March 2023		 2023
2022
£
£
(23,265)
245,099
(23,265)
245,099
(905,462)
(452,232)
(500,000)
-
-
1,000,000
21,703
24,153
62,027
32,883
(1,321,732)
604,804
(1,344,997)
849,903
1,687,516
837,613
342,519
1,687,516
342,519
967,797
-
719,719
342,519
1,687,516

The notes form part of the financial statements.

Notes to the Financial Statements

1. Summary of significant accounting policies

(a) General information and basis of preparation

Earth Trust is a Company Limited by guarantee in the United Kingdom. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is given in the charity information on page 2 of these financial statements. The nature of the charity’s operations and principal activities are outlined in the Trustees Report.

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the charity.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

In applying the financial reporting framework, the Trustees have made a number of subjective judgements, for example

in respect of significant accounting estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The nature of the estimation means the actual outcomes could differ from those estimates. Any significant estimates and judgements affecting these financial statements are detailed within the relevant accounting policy below.

(b) Funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

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

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Where restricted funds are received in respect of capital projects, associated costs are capitalised as fixed assets and a fund transfer is shown in the accounts to the designated capital reserve as it is deemed that the restriction has been met at the point of spending this money.

Endowment funds represent those assets which must be held permanently by the charity, principally land and buildings. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the investments form part of the fund. Investment management charges and legal advice relating to the fund are charged against the fund.

(c) Income recognition

All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

For donations to be recognised, the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained, then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.

Donated facilities and donated professional services are recognised in income at their fair value when their economic benefit is probable, it can be measured reliably and the charity has control over the item. Fair value is determined on the basis of the value of the gift to the charity, i.e. the amount the charity would be willing to pay in the open market for such facilities and services. A corresponding amount is recognised in expenditure.

No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102). Further detail is given in the Trustees’ Annual Report.

Where practicable, gifts in kind donated for distribution to the beneficiaries of the charity are included in stock and donations in the financial statements upon receipt. If it is impracticable to assess the fair value at receipt or if the costs to undertake such a valuation outweigh any benefits, then the fair value is recognised as a component of donations when it is distributed and an equivalent amount recognised as charitable expenditure.

Gifts in kind donated for resale are included at fair value, being the expected proceeds from sale less the expected costs of sale. Where estimating, the fair value is practicable upon receipt it is recognised in stock and ‘Income from

other trading activities’. Upon sale, the value of the stock is charged against ‘Income from other trading activities’ and the proceeds are recognised as ‘Income from other trading activities’. Where it is impracticable to fair value the items due to the volume of low value items they are not recognised in the financial statements until they are sold. This income is recognised within ‘Income from other trading activities’.

Fixed asset gifts in kind are recognised when receivable and are included at fair value. They are not deferred over the life of the asset.

For legacies, entitlement is the earlier of the charity being notified of an impending distribution or the legacy being received. At this point income is recognised. On occasion legacies, will be notified to the charity where it is not possible to measure the amount expected to be distributed. On these occasions, the legacy is treated as a contingent asset and disclosed.

Income from trading activities includes income earned from fundraising events and trading activities to raise funds for the charity. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred.

The charity receives government grants in respect of farming activities. Income from government and other grants are recognised at fair value when the charity has entitlement after any performance conditions have been met, it is probable that the income will be received and the amount can be measured reliably. If entitlement is not met, then these amounts are deferred.

Investment income is earned through holding assets for investment purposes such as shares and property. It includes dividends, interest and rent. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend and rent income

is recognised as the charity’s right to receive payment is established.

Other income includes the conversion of endowment funds into income which arises when capital funds are released to an income fund from expendable endowments or when a charity has authority to adopt a total return approach to its permanent endowment fund. It also includes other income such as gains on disposals of tangible fixed assets.

(d) Expenditure recognition

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:

Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.

Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity.

(e) Support costs allocation

Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs, administrative and payroll costs.

They are incurred directly in support of expenditure on the objects of the charity and include project management carried out at Headquarters. Where support costs cannot be directly attributed to particular headings they have been allocated to cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resources. Overheads have been allocated on a percentage of overall expenditure basis.

Fund-raising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities.

The analysis of these costs is included in note 9.

(f) Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Freehold land 0% Freehold buildings 2% Straight Line Basis Plant, machinery and motor vehicles 20% Straight Line Basis 20% Straight Line Basis Fixtures and fittings

(g) Investment properties

Investment properties for which fair value can be measured reliably without undue cost or effort are measured at fair value at each reporting date with changes in fair value recognised in ‘net gains / (losses) on investments’ in the SoFA.

(h) Investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains / (losses) on investments’ in the SoFA

if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

(i) Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate. Donated stocks are included at fair value as described in (c) above.

(j) Cash

Cash balances include £2,496 (2022: £1,230) of funds held with our investment managers Evelyn and Partners, £338,785 (2022: £962,477) held in our NatWest bank accounts, £nil (2022: £719,719), the 2022 balance being held as a deposit pending the purchase of Bessie’s Field.

(k) Debtors and creditors receivable /

payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

(l) Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset’s cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

(m) Leases

Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors. Rentals payable and receivable under operating leases are charged to the SoFA on a straight line basis over the period of the lease.

(n) Employee benefits

When employees have rendered service to the charity, shortterm employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The charity operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

(o) Tax

The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.

(p) Going concern

The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held, including the expendable endowment investment fund which is available to be liquidated at short notice, and the expected level of income and expenditure for 12 months from authorising these financial statements. They have carried out a stress test using a number of possible outcomes and have concluded that the budgeted income and expenditure is sufficient with the level of reserves held for the charity to be able to continue as a going concern.

Notes to the Financial Statements

2 Income from donations and legacies

Gifts
Grants
come from charitable activities
Sale of crops and grazing licences
School visits and community work
Service income
Other income
Earth Innovation activities
Gift Aid
come from other trading activities
Earth Trust Centre Hire
come from investments
Dividends – equities
Rental income
penditure on raising funds
Fundraising
Support costs (note 9)		 Group
Charity
2023
2023
£
£
717,467
717,467
182,163
182,163
899,630
899,630
Group
Charity
2023
2023
£
£
270,285
270,285
29,373
29,373
55,754
55,754
42,428
42,428
80,266
-
18,879
18,879
496,985
416,719
Group
Charity
2023
2023
£
£
47,353
47,353
47,353
47,353
Group
Charity
2023
2023
£
£
23,003
23,003
62,027
62,027
85,030
85,030
Group
Charity
2023
2023
£
£
161,409
161,409
43,590
43,590
204,999
204,999		 Group
Charity
2022
2022
£
£
1,116,786
1,116,786
1,622,478
1,622,478
2,739,264
2,739,264
Group
Charity
2022
2022
£
£
154,591
154,591
-
-
60,555
60,555
32,819
32,819
47,283
-
11,669
11,669
306,917
259,634
Group
Charity
2022
2022
£
£
9,190
9,190
9,190
9,190
Group
Charity
2022
2022
£
£
24,153
24,153
32,883
32,883
57,036
57,036
Group
Charity
2022
2022
£
£
129,643
129,643
34,331
34,331
163,974
163,974

3 Income from charitable activities

4 Income from other trading activities

5 Income from investments

6 Expenditure on raising funds

Notes to the Financial Statements

7 Analysis of expenditure on charitable activities

Land Management
Communication and Engagement
Earth Innovation
ther Expenditure
Investment manager fees
Governance Costs
llocation of support costs
Support costs - 2023
Basis of
allocation
Management
Support
costs x %
of activity
/ overall
cost
Materials
Information technology
Depreciation
Establishment
Management charge
Total
Support costs - 2022
Basis of
allocation
Management
Support
costs x %
of activity
/ overall
cost
Materials
Information technology
Depreciation
Establishment
Management charge
Total		 Activities
undertaken
directly
Support
costs
(Note 9)
Total
2023
Total
2022
£
£
£
£
431,598
453,049
884,6472,307,333
256,226
268,960
525,186
228,072
176,909
-
176,909
134,982
864,733
722,009 1,586,7422,670,387
Group
Charity
Group
Charity
2023
2023
2022
2022
£
£
£
£
12,033
12,033
13,312
13,312
14,096
14,096
7,635
7,635
26,129
26,129
20,947
20,947
Earth Trust
Centre and
Investments
Land
Mgmnt
Engagement
Total
£
£
£
£
29,761
309,320
183,633
522,714
862
8,962
5,320
15,144
1,590
16,525
9,811
27,926
3,524
36,624
21,742
61,890
13,151
136,687
81,146
230,984
(5,298)
(55,069)
(32,692)
(93,059)
43,590
453,049
268,960
765,599
Earth Trust
Centre and
Investments
Land
Mgmnt
Engagement
Total
£
£
£
£
20,751
413,167
40,840
474,758
161
3,197
316
3,674
940
18,708
1,849
21,497
7,491
149,151
14,743
171,385
8,977
178,732
17,667
205,376
(3,989)
(79,424)
(7,851)
(91,264)
34,331
683,531
67,564
785,426

8 Other Expenditure

9 Allocation of support costs

Notes to the Financial Statements

10 Net income / (expenditure) for the year

Net income / (expenditure) is stated after charging / (crediting):

2023 2022 £ £ Depreciation of tangible fixed assets 193,786 173,418

11 Auditor’s remuneration

The auditor’s remuneration amounts to an audit fee of £8,750 (2022: £8,250), audit and accounts preparation for the subsidiary company of £3,450 (2022: £3,250) and other services totalling £1,896 (2022: £780) along with a prior year accrual difference of £nil (2022: -£4,645).

12 Trustees' and key management personnel remuneration and expenses

The Trustees neither received nor waived any remuneration or expenses during the year (2022: £nil).

The total amount of employee benefits received by key management personnel is £259,359 (2022: £364,727). The Trust considers its key employed management personnel comprise J Manley, I Nutt, S Huggett and D Lewis.

13 Staff costs and employee benefits

The average monthly number of employees and full time equivalent (FTE) during the year/period was as follows:

2023
2023
2022
2022
Number
FTE
Number
FTE
Raising funds
4
3
4
3
Charitable activities
13
8
20
9
Support Services
13
10
11
8
30
21
35
20
he total staff costs and employees’ benefits was as follows:
2023
2022
£
£
Wages and salaries
789,242
668,171
Social security
77,164
62,090
Defined contribution pension costs
52,627
44,661
919,033
774,922		 2023
2023
2022
2022
Number
FTE
Number
FTE
4
3
4
3
13
8
20
9
13
10
11
8		 2023
2023
2022
2022
Number
FTE
Number
FTE
4
3
4
3
13
8
20
9
13
10
11
8		 2023
2023
2022
2022
Number
FTE
Number
FTE
4
3
4
3
13
8
20
9
13
10
11
8
30 21
35
20
2023
£
789,242
77,164
52,627
919,033		 2022
£
668,171
62,090
44,661
774,922

The total staff costs and employees’ benefits was as follows:

One employee received total employee benefits (excluding pension costs) of £80,000 - £90,000 (2022: one) and one employee received total employee benefits (excluding pension costs) of £60,000 - £70,000 (2022: two).

Notes to the Financial Statements

14 Tangible fixed assets (Group) Current year

Cost
At 1 April 2022
Additions
At 31 March 2023
Depreciation
At 1 April 2022
Charge for the year
At 31 March 2023
Net Book Value
At 31 March 2022
At 31 March 2023
Comparative year
Cost
At 1 April 2021
Additions
Disposals / transfers
At 31 March 2022
Depreciation
At 1 April 2021
Charge for the year
At 31 March 2022
Net Book Value
At 31 March 2021
At 31 March 2022		 Land &
Fixtures &
Motor
Plant &
Buildings
Fittings
Vehicles
Machinery
Total
9,864,377
104,932
10,850
636,541
10,616,700
823,492
13,089
17,050
51,832
905,463
10,687,869
118,021
27,900
688,373
11,522,163
846,396
87,231
1,447
263,282
1,198,356
89,658
4,941
4,564
94,623
193,786
936,054
92,172
6,011
357,905
1,392,142
9,017,981
17,702
9,403
373,259
9,418,345
9,751,815
25,849
21,889
330,468
10,130,021
Land &
Fixtures &
Motor
Plant &
Buildings
Fittings
Vehicles
Machinery
Total
9,889,609
88,572
-
186,287
10,164,468
-
16,360
10,850
425,022
452,232
(25,232)
-
-
25,232
-
9,864,377
104,932
10,850
636,541
10,616,700
760,560
80,553
-
183,824
1,024,937
85,836
6,677
1,447
79,458
173,418
846,396
87,230
1,447
263,282
1,198,355
9,115,588
8,019
-
15,924
9,139,531
9,017,981
17,702
9,403
373,259
9,418,345

Notes to the Financial Statements

14 Tangible fixed assets (Charity)

Current year

Cost
At 1 April 2022
Additions
At 31 March 2023
Depreciation
At 1 April 2022
Charge for the year
At 31 March 2023
Net Book Value
At 31 March 2022
At 31 March 2023
Comparative year
Cost
At 1 April 2021
Additions
At 31 March 2022
Depreciation
At 1 April 2021
Charge for the year
At 31 March 2022
Net Book Value
At 31 March 2021
At 31 March 2022		 Land &
Fixtures &
Motor
Plant &
Buildings
Fittings
Vehicles
Machinery
Total
7,930,592
104,932
10,850
200,881
8,247,255
726,761
13,089
17,050
34,461
791,361
8,657,353
118,021
27,900
235,342
9,038,616
813,314
87,230
1,447
185,068
1,087,059
52,768
4,941
4,564
4,839
67,112
866,082
92,172
6,011
189,907
1,154,172
7,117,278
17,702
9,403
15,813
7,160,196
7,791,271
25,849
21,889
45,435
7,884,444
Land &
Fixtures &
Motor
Plant &
Buildings
Fittings
Vehicles
Machinery
Total
7,930,592
88,572
-
186,287
8,205,451
-
16,360
10,850
14,594
41,804
7,930,592
104,932
10,850
200,881
8,247,255
760,560
80,553
-
183,824
1,024,937
52,754
6,677
1,447
1,244
62,122
813,314
87,230
1,447
185,068
1,087,059
7,170,032
8,019
-
2,463
7,180,514
7,117,278
17,702
9,403
15,813
7,160,196

Notes to the Financial Statements

15 Fixed asset investments (Group – Current year)

Cost/market value
At 1st April 2022
Purchases
Disposals
Net transfers to investments
Investment gains/(losses)
Fees
At 31st March 2023		 Cash held by
investment
manager
Listed
Investments
Investment
Property
Total
47,853
2,421,252
1,540,000
4,009,105
(157,188)
157,188
-
-
167,614
(167,614)
-
-
-
500,000
-
500,000
20,870
(62,417)
-
(41,547)
(12,033)
-
-
(12,033)
67,252
2,849,574
1,540,000
4,456,826

Fixed asset investments (Group – Previous year)

Cost/market value
At 1st April 2021
Purchases
Disposals
Net transfers to cash
Investment gains/(losses)
Fees
At 31st March 2022		 Cash held by
investment
manager
Listed
Investments
Investment
Property
Total
20,104
3,439,151
1,540,000
4,999,255
(174,724)
174,724
-
-
215,390
(215,390)
-
-
-
(1,000,000)
-
(1,000,000)
395
22,802
-
23,197
(13,312)
(35)
-
(13,347)
47,853
2,421,252
1,540,000
4,009,105

Notes to the Financial Statements

15 Fixed asset investments (Charity – Current year)

Cost/market value
At 1st April 2022
Purchases
Disposals
Loan movement in year
Net transfers to inv’s
Investment gains/(losses)
Fees
At 31st March 2023		 Investment
in subsidiary
company
Cash held by
investment
manager
Listed
Investments
Investment
Property
Total
2,320,254
47,853
2,421,252
1,540,000
6,329,359
-
(157,188)
157,188
-
-
-
167,614
(167,614)
-
-
170,725
-
-
-
170,725
-
-
500,000
-
500,000
-
20,870
(62,417)
-
(41,547)
-
(12,033)
-
-
(12,033)
2,490,979
67,116
2,848,409
1,540,000
6,946,504

Fixed asset investments (Charity – Previous year)

Cost/market value
At 1st April 2021
Purchases
Disposals
Additional loan in year
Net transfers to cash
Investment gains/(losses)
Property gains/(losses)
Fees
At 31st March 2022		 Investment
in subsidiary
company
Cash held by
investment
manager
Listed
Investments
Investment
Property
Total
2,033,062
20,104
3,439,151
1,540,000
7,032,317
-
(174,724)
174,724
-
-
-
215,390
(215,390)
-
-
287,192
-
-
-
287,192
-
-
(1,000,000)
-
(1,000,000)
-
395
22,802
-
23,197
-
-
-
-
-
-
(13,312)
(35)
-
(13,347)
2,320,254
47,853
2,421,252
1,540,000
6,329,359

Investment properties are included at an estimate of their market value at the reporting date. They have not been independently valued during the year however the Trustees are satisfied that after considering available information, the value has not materially changed since the last formal independent valuation.

Notes to the Financial Statements

16 Stocks

Group
Charity
2023
2023
£
£
Raw materials (crops)
103,958
103,958
103,958
103,958
All stock held are crops for sale from our Arable Farming.
17
Debtors
Group
Charity
2023
2023
£
£
Trade debtors
69,702
9,792
Other debtors
-
-
Prepayments and accrued income
179,668
176,629
249,370
186,421
18
Creditors: amounts falling due within one year
Group
Charity
2023
2023
£
£
Trade creditors
134,196
122,876
Other taxes and social security
(18,594)
(19,231)
Other creditors
(44)
(44)
Accruals and deferred income
209,733
202,042
325,291
305,643		 Group
Charity
2022
2022
£
£
86,348
86,348
86,348
86,348
Group
Charity
2022
2022
£
£
47,610
19,552
1,212
-
292,983
292,566
341,805
312,118
Group
Charity
2022
2022
£
£
105,171
64,888
13,782
13,782
20,398
7,668
115,946
85,372
255,297
171,710

19 Leases

There are no minimum lease payments in either the charity or the group.

20 Deferred income

Deferred income
At 1st April 2022
Additions during the year
Amounts released to income
At 31st March 2023		 Under 1
year
£
Over 1
year
£
Total
2023
£
Total
2022
£
40,300
-
40,300
3,800
92,845
-
92,845
36,500
(40,300)
-
(40,300)
-
92,845
-
92,845
40,300

Income has been deferred due to timing differences between the monies being received and the activities taking place.

Notes to the Financial Statements

21 Fund reconciliations – 2023 Group Endowment Funds

Endowment Funds
01-Apr-22 Income Expenditure Investment
gains		 Transfer 31-Mar-23
Permanent
Permanent Endowment 1,384,253 - - - - 1,384,253
Expendable
Property 405,737 - (12,161) - - 393,576
Investments 1,468,923 - (12,033) (59,693) - 1,397,197
3,258,913 - (24,194) (59,693) - 3,175,026
Restricted Funds
01-Apr-22 Income Expenditure Investment
gains		 Transfer 31-Mar-23
Earth Trust Centre Development 219,751 - (72,534) - - 147,217
Lucas Legacy 8,500 - - - (8,500) -
Archaeology 5,995 - - - (5,995) -
Earth Lab and Innovation Hub 39,100 - - - (39,100) -
Bessies Field 719,719 - - - (719,719) -
Volunteer - - - - - -
Clifton Meadow Fields 15,345 - - - - 15,345
Countryside Skills 20,000 20,000 (24,209) - 4,209 20,000
Land Management Apprentice 23,091 - (23,091) - - -
Paradise Wood 25,724 767 (5,759) - - 20,732
Lucy Benyon Memorial 1,624 - (1,005) - (619) -
River of Life 2 5,265 581 (7,200) - 1,354 -
Director ofGI & NR 300,000 - (75,773) - (24,227) 200,000
1,384,114 21,348 (209,571) - (792,597) 403,294
Unrestricted Funds
01-Apr-22 Income Expenditure Investment
gains		 Transfer 31-Mar-23
Unrestricted Funds
Operational Reserve 448,380 1,426,084 (1,352,244) - (52,359) 469,861
Earth Innovation Limited 41,337 80,266 (50,235) - (60,507) 10,861
489,717 1,506,350 (1,402,479) (112,866) 480,722
Designated Funds
Capital Reserve 6,910,206 - (54,952) - 791,361 7,646,615
Capital Reserve – EI 2,244,689 - (126,674) - 114,102 2,232,117
Treasury investments 1,000,183 1,300 - 18,146 - 1,019,629
10,155,078 1,300 (181,626) 18,146 905,463 10,898,361
Total unrestricted & designated 10,644,795 1,507,650 (1,584,105) 18,146 792,597 11,379,083

Notes to the Financial Statements

21 Fund reconciliations – 2022 Group Endowment Funds

Endowment Funds
01-Apr-21 Income Expenditure Investment
gains		 Transfer 31-Mar-22
Permanent
Permanent Endowment 1,384,253 - - - - 1,384,253
Expendable
Property 417,898 - (12,161) - - 405,737
Investments 1,459,655 - (13,312) 22,580 - 1,468,923
3,261,806 - (25,473) 22,580 - 3,258,913
Restricted Funds
01-Apr-21 Income Expenditure Investment
gains		 Transfer 31-Mar-22
Earth Trust Centre Development 309,000 - - - (89,249) 219,751
Lucas Legacy 15,000 - - - (6,500) 8,500
Archaeology 31,189 - - - (25,194) 5,995
Earth Lab and Innovation Hub 293,184 - - - (254,084) 39,100
Bessies Field - 729,200 (9,481) - - 719,719
Volunteer 29,350 - (29,350) - - -
Clifton Meadow Fields 15,345 - - - - 15,345
Countryside Skills 14,402 20,000 (14,402) - - 20,000
Land Management Apprentice 39,002 - (15,911) - - 23,091
Paradise Wood 30,663 2,239 (7,178) - - 25,724
Lucy Benyon Memorial - 11,056 (9,432) - - 1,624
River of Life 2 10,860 1,471,701 (1,477,296) - - 5,265
Director ofGI & NR 186,724 250,000 (136,724) - - 300,000
974,719 2,484,196 (1,699,774) - (375,027) 1,384,114
Unrestricted Funds
01-Apr-21 Income Expenditure Investment
gains		 Transfer 31-Mar-22
Unrestricted Funds
Operational Reserve 322,495 580,928 (945,083) - 490,040 448,380
Earth Innovation Limited 17,740 47,283 (23,686) - - 41,337
340,235 628,211 (968,769) - 490,040 489,717
Designated Funds
Capital Reserve 6,918,363 - (49,961) - 41,804 6,910,206
Capital Reserve – EI 1,945,557 - (111,296) - 410,428 2,244,689
Living Ash 17,245 - - (17,245) -
Treasury investments 1,549,601 - (35) 617 (550,000) 1,000,183
10,430,766 - (161,292) 617 (115,013) 10,155,078
Total unrestricted & designated 10,771,001 628,211 (1,130,061) 617 375,027 10,644,795

Notes to the Financial Statements

21 Fund reconciliations (continued) Fund descriptions

a) Unrestricted funds Operational

The Operational Reserve represents the charity’s free reserves.

Clifton Meadow Fields

Funding for capital infrastructure for Clifton Meadow Fields.

The Group’s reserves include the profit and loss reserve in Earth Innovation Limited, this being the subsidiary company’s retained earnings.

Director of Green Infrastructure and Nature

Recovery

Designated

5 year funding of the Director of Green Infrastructure and Nature Recovery, Commenced 2020.

The Capital Reserve represents the value of fixed assets owned by the parent charitable company and included in note 15. This includes those fixed assets that have been funded from restricted funds. In particular, the designated capital reserve includes £1.49million of capital improvements that were funded by way of grants that would become repayable in the event that the charity ceased to operate the property before 2036.

c) Endowment funds

The permanent endowment fund was established in 1997 and comprises the main land holdings of the Trust. The land is used in the Trust's Nature Reserve and Conservation Farming Projects.

The expendable endowment fund comprises mainly the Trust's investment portfolio and some peripheral land holdings. This fund is invested to generate income and to support the long-term development of the Trust.

In addition, the Capital Reserve – EI represents the value of fixed assets held in Earth Innovation Limited that have been funded through restricted giving in to Earth Trust.

The Treasury Investments Fund represents the value of investments held in Treasury Bills. This has been funded from the sale of one of the charity’s properties in the previous financial period.

b) Restricted funds

Earth Trust has secured funding to enable it to undertake a large number of projects in the furtherance of its charitable objects. These funds are provided for a particular purpose and therefore not available for general use by the charity. They are grouped together for reporting purposes as shown above. Some of the funds are short-term in nature, and others fund projects that will last for a number of years.

Earth Trust Centre Development

Funding for the development and roll out Earth Lab and the Innovation Hub.

Countryside Skills Funding of core support for Countryside Skills.

Paradise Wood

Funding to be fully utilised in 2023/24 on seeding for Paradise Wood.

Notes to the Financial Statements

22 Reconciliation of net income / (expenditure) to net cash flow from operating activities

Net income / (expenditure) for the year
Dividends received
Rents received from investment properties
Depreciation and impairment of tangible fixed assets
(Gains)/losses on investments
Investment management fees
(Increase) / decrease in stock
(Increase) / decrease in debtors
Increase / (decrease) in creditors
Net cash flow from operating activities		 2023
2022
£
£
(330,419)
280,296
(23,003)
(24,153)
(62,027)
(32,883)
193,786
173,418
41,547
(23,197)
12,033
13,347
(17,610)
(28,741)
(78,291)
(199,818)
240,719
86,830
(23,265)
245,099

23 Pensions and other post-retirement benefits

Defined contribution pension plans

The Charity operates a defined contribution pension plan for its employees. The amount recognised as an expense in the period was £52,627 (2022: £44,661).

The defined contribution liability is allocated to unrestricted funds.

24 Financial commitments

There were no capital commitments at the year end.

Notes to the Financial Statements

25 Related party transactions

(i) For the year ended 31st March 2023 the subsidiary company showed the following results:

Earth Innovation
Limited
Turnover 80,266
Cost of sales (27,120)
──────
Gross profit 53,146
Administrative expenses (149,789)
──────
Operating profit (96,643)
══════
The balance sheets of this subsidiary at 31st March 2023 was:-
£
Fixed assets:
Tangible fixed assets 2,245,577
Current assets:
Debtors 62,949
Cash at bank and in hand 35,499
Current liabilities:
Other creditors (19,647)
Non-current liabilities
Inter-company account (2,490,979)
──────
Net assets (166,601)
══════
Represented by:
Share capital 1
Reserves (166,602)
──────
(166,601)
══════
Earth Trust holds 100% of the share capital of Earth Trust innovation (company number 11881235).

Represented by:

Notes to the Financial Statements

26 Charity Statement of Financial Activities

The Charity’s own results are summarised below:

The Charity’s own results are summarised below:
2023 2022
£ £
Donations and legacies 899,630 2,739,264
Charitable activities 416,719 259,634
Other trading activities 47,353 9,190
Investment income 85,030 57,036
─────── ───────
Total income 1,448,732 3,065,124
Cost of charitable activities (1,409,833) (2,535,405)
Cost of raising funds (204,999) (163,974)
Other (26,129) (20,947)
─────── ───────
Total expenditure (1,640,961) (2,720,326)
─────── ───────
Net income before gains/(losses) on investments (192,229) 344,798
Gains/(losses) on investment assets (41,547) 23,197
─────── ───────
Net income/(expenditure) (233,776) 367,995
═══════ ═══════

Looking to the future - Our aims for 2023–24

From ensuring that the amazing green spaces in our care are supporting landscape-scale nature recovery, to reducing barriers to access for under-served communities - we continue to work tirelessly to enable nature and people to thrive in balance, while using this work to inspire change at a national level too.

Our supporters have a vital role to play as we look to inspire more people with the power of natural green spaces. We will be launching a new cause-led membership scheme to attract more people to our shared cause –to make our voice heard and to ensure our sustainability into the future. And will be working in partnership with more businesses – including launching a new corporate membership scheme – to help create positive social and environmental impact and boost your employee wellbeing and engagement.

In 2020, we embarked on an ambitious project to develop the Earth Trust Centre to welcome a larger number visitors and provide a gateway of discovery to the natural green spaces and heritage at Earth Trust. Over the next 12 months, we will continue our work on this, improving our infrastructure (car park, access track, toilets) and identifying partners for the next phase of this exciting development project to transform how we are engaging people with the natural world.

Demonstrate: Sharing the power of nature

Developing a new long term green infrastructure and nature recovery framework for the spaces in our care, to guide and support the delivery of a farm transformation plan, landscape-scale nature recovery, and the protection of sensitive, designated features while continuing to improve public accessibility and engagement with our green spaces.

Continuing to evolve our farm operations to reflect regenerative agriculture principles, introducing a series of try outs as part of our own journey to better soil health, and provide learning and engagement opportunities to other farmers, landowners and the visiting public on how farming with the environment can be economically viable while also addressing climate, biodiversity and health.

Engage: bringing people closer to their environment

Realising our vision for exemplar visitor experience centre, by undertaking a series of improvement projects which respond to audience needs and remove barriers to visiting our green spaces. We will continue to expand our Growing Places project, working with partners to engage diverse underserved communities and audiences with the natural world.

Continuing to evolve our education offer of immersive real world learning experiences which foster relationships between young people and the natural world. We will be reaching out to new audiences – including the launch of a 3 year project with Reading schools to inspire Future Green Leaders and engaging teachers in the power of narrative led, real world learning for STEM.

Influence: supporting change at a local and national level

Launching a new Catalysing Nature Recovery for People and Nature project, to establish a multi sector knowledge network (a ‘network of networks’) that will advance practical approaches for delivering nature recovery while building nature into people’s lives.

The Future

50

Huge thanks to our volunteers. We simply would not be able to look after and champion our green spaces without their dedicated support. Jayne Manley, Chief Executive Officer

Trustees

Ian Davidson, Chair

Julian Sayers, Vice Chair (End of term of office – February 2023)

Sarah Bar-Lev (joined April 2023)

Liz Buckle, Safety Committee chair (From March 2023)

Stephen Dance

Jemma Davey (left June 2023)

Clare Fairbrother (joined April 2023)

John Harwood

Terry Hurley (joined April 2023)

Chris Philips, Safety Committee chair (End of term of office – February 2023)

Nusrat Shah, Finance & Risk Committee chair (left April 2023)

Robin Tucker

Senior Leadership Team

Auditor Wenn Townsend, 30 St Giles, OXFORD, OX1 3LE Solicitor Blake Morgan, Seacourt Tower, West Way, OXFORD, OX2 0FB

Bankers National Westminster Bank plc, 11 Market Place, ABINGDON, Oxfordshire, OX14 3HH

Investment managers Evelyn and Partners, 45 Gresham Street, London, EC2V 7BG

Jayne Manley, Chief Executive Officer Simon Atkinson, Director of Green Infrastructure and Nature Recovery (joined July 2023)

Stephen Huggett, Director of Finance

Ian Nutt, Director of Programmes & Partnerships (until February 2023)

Dave Lewis, Director of Operations

Lee Ann Norris, Head of Fundraising

Paul Hill, Head of Environmental Land Management Verity Warne, Head of Communications

Anna Wilson, Head of Experience & Engagement Colin Shone, Centre Operations Manager Sharon Ward, HR Manager (until February 2023) Marianne Meering, Finance Manager

52

Earth Trust, Little Wittenham, Abingdon, Oxfordshire, OX14 4QZ Company limited by guarantee Registered in England and Wales Company Number 4381522 Charity Number 1095057

Cover photo caption: Looking out over Thrupp Lake Photo credits: Burst Design unless stated. Design by www.burstdesign.uk Hard copies of this report are printed on 100% recycled materials at a factory powered by 100% renewables, using waterless printing technology. Seacourt is a Net Positive printer that makes a positive contribution to the environment and society.

earthtrust.org.uk