Company registration number.. 04726698 Charity registration number.. 1097807 Isles of Scilly Wildlife Trust Limited (A company limited by guarantee) Annual Report and Financial Statements for the Year Ended 31 March 2024
Isles of Scilly Wildlife Trust Limited Contents Referen and Administrative Detsils Trustees, Report 2to7 ststement of Trustees, Responsibilities Independent Examiner's Report 9tolO statement of Financial Activities llto12 Balance Sheet 13 Statement of Cash Flows 14 Notes to the Financial Ststements 15to32
Isles of Scilly Wildlife Trust Limited Reference and Administrative Details Charity Registration Number 1097807 Company Registration Number04726698 The charity 15 incorporated in England & Wales. Trenoweth St Mary's ISLES OF SCILLY TR21 ONS Registered Offlce Principal Office Trenoweth St Mary'5 ISLES OF SCILLY TR21 ONS Independent Examlner N Hallam FCCA Crane & Johnston C&J Ltd Chartered Certified Accountsnts 11 Alverton Terrace PENZANCE Cornwall TR18 4JH Page I
Isles of Scilly Wildlife Trust Limited Trustees, Report The Trustees present their annual report for the year ended 31 March 2024, together with the financial statements for the year which are also prepared to meet the requirements for a directors. report and financial statements for Companies Act purposes. The financial ststements comply with the Charitles Act 2011, Companies Act 2006, the Memorandum and Article5 of Assoclation, and Accounting and Reporting for Charities.. Statement of Recommended Prattice applicable to charities preparing their accounts in accordance with the Financial Reporknng standard applicable in the UK and Republic of Ireland (FRS102). Purpose and activities Charitable purpose, aims and intended impact For the benefit of the public, to advance, promote and further the conseNation, maintenance and protertion, in the Isles of Scilly, of.. Terrestrlal and marine wildlife and their habitsts; Plates of natural beauty,. Places of z(K)logical, botanical, geographical, archaeological, historical or scientific interest. To advance the education of the public in the terrestrial and marine wildlife and their habitats and the landscape and archae01iCal and historical remain5 of the Isles of Scilly. To promote research in all branches of nature study pertaining to the Isles of Scilly and to publish the useful rultS thereof. Public benefit statement The trustees review the aims objectives and activities of the charity at least On each year to look at what has been achieved in the previous 12 months. The trustee5 refer to guidan contained in the Charity Commission's general guidance on public benefit when reviewing the aims and objertives and in planning future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set. Review of activities Incorporating future plan$ The 202312024 financial year saw a significant expansion in the work of the Trust to keep Scllly special. A wide range of achievements furthered the Trust's charitsble objectives, including developments in the Trust's land management work, a full breeding seabird survey of the archipelago, and important steps towards ftjrther rat eradlcation to allow seabird populations to recover. The year stsrted wlth the board of trustees agreeing a five-year strategy for the Trust, and a cOrspOndIng annual work plan for 2023124. With 678 hectares of land spread across the i51ands, land management for wlldlife, the care of archaeological sites and provlsion of public access is central to the work of the Trust. Of the wildlife-rich and aCcs1b1e countryside around the Isles of Scilly, the Wildlife Trust looks after it all, except for Tre5co, where Tresco Island Limited undertake a similar role. Page 2
Isles of Scilly Wildlife Trust Limited Trustees. Report For years, cattle have provided the backbone of our conservation grazing. Thls year we branched out, bringing goats to St Mary's a5 specialist browsers to complement the grazing of our cattle. Four wethers of the English Goat breed (considered a Priority or Red List - breed by the Rare Breeds SuNival Trust) arrived on the Island in the second half of 2023. They are proving successful in helping graze areas of coastsl heathland, where they help keep gorse and bramble in check. Two donkeys have also stsrted grazing our land at times, in partnership with the local community. A pilot Higher fier Countryside Stewardship application for Higher Moor5 and an extensive area of coastal land on St Mary's was submitted in April 2023. Followlng extensive discussions and revisions, by the end of 2023 Natural England was in full support of the proposals, and the supporting Management Plan. In January 2024 we signed a five year HTCS agreement. This secures support for increased conseNation grazing and control of bracken, gorse and invasive non-naVe vegetation such as the evergreen shrubs which are spreading from the shelter hedgerows around adjant flower fields, along with management of key archaeological sites. We now have over 140ha (350 acres) In sensitive conservatSon grazing management, indudlng our arrangements with local graziers on St Martin's, Bryher and St Agnes. This is a figure we hope to increase over the coming years, for the benefit of our nationally important marltime heath and coastal grassland, and all the species that depend on these open habitats. The ranger team was strengthened in January 2024, when a Community Ranger post was created, funded by the UK Government under their Community Levelling-up programme. The ranger team play a vital role in all our land-management work, to provide public access, benefit archaeological sites and look after rare species and habitats. The 23124 year saw the Trust again SUCCefUllY implementing an annual Delivery Plan for the Isles of Scilly Area of Outstanding Natural Beauty partnership. As part of a national exercise, resrx)nding to the Government-comMi10ned Glover Review into protected landscapes, our designation was rebranded the Isles of Scilly National Landscape in November 2023. A new work focus for the Isles of Scilly National Landscape (loSNL) was bringing together a wide range of individuals and organisations to consider the extent to which recreation (be that from visitors or local people) may be affecting local wildlife, and how this can be managed to benefit everyone. Expert consultancy Footprint Ecology was brought in to undertake workshops, and produ recommendations for further work to balance pressures. The Trust then obtsined fijnding from Natural England to consider these ISSU further over January to March 2024, given the vltal importance of tourism to the island economy, and our wonderful opportunities to have local people and visitors appreciate our wildlife without damaging our precious natural heritsge, The second year of the isle5-wide bat survey had volunteers continue to suNey every Ikm square of Scilly using Passive Acoustic Monitoring technology. This is giving us an increasingly full picture the use of our isles by bats, although in some respects, the more we study them, the more further fascinatSng questions come to the fore. Our breeding grey seal population was also surveyed again by an Oxford University team, supported by funding for boating costs from the IOSNL delivery plan. Grey seals are now one of the species which are a focus for conservation acts'on by the loSNL partnership, following the partnership's decision to recognise this species as part of our commitment to the Colchester Declaratlon to further nature ConSeation across the UK'S protected landscapes. These surveys provide vital baselines which will enable us to detect and respond to any future changes in specie5 population5. Page 3
Isles of Scilly Wildlife Trust Limited Trustees, Report One of the highlights of the year was the seabird survey. With support from Natural England and the Isles of Scilly National Landscape delivery plan, a large team of staff and volunteers was put together. Over 50 islands and rocks were landed on, complemented by drone photography surveys and coasdine walks around all the inhabited islands. This gave details of the full range of breeding seabirds in the Special Protection Area which covers their key breeding grounds, along with records from other parts of the islands. The results show continued declines of our breeding gull species, and equally worrying decllnes in the breeding shag population. However, the population of Manx shearwaters has now increased above 1,000 pairs for the first time since detsiled counts began in 1970, and storm petrels are also doing well, and are now the commonest breedlng seabird in the i51ands. The latter two species have benefitted from the eradication of rats from St Agnes and Gugh in wlnter 2023124. The full report is published on the Trust website. The Isles of Scilly Seabird Recovery Partnership is now actively considering rat eradication from the rest of the off-isles. The potential impact of such a programme could transform the prospects for a range of our breeding seabird species. Thls work can only be donè with the support of the communities of Bryher, Tresco and St Martin's, and through close working between all partners, namely the Wildlife Trust, RSPB, Duchy of Cornwall, Tresco Island Limited, Council of the IS1 of Scilly, Trinity House, Natural England and the Isles of Scilly Bird Group. The Wildlife Trusys Islands Offfir, funded by Natural England in partnershSp with RSPB, made good Strid in building relationship5 Wlth island communitles and in researthing the other issues fundamental to the feasibility of this rat eradication exercise. Substantial further Natural England support then enabled an ambitious trial clearance of rats from St Helen's in winter 2023124, to develop our understsnding of rat eradication in these circumstances, and to trial a novel rodenticide. The stsff team was strengthened to undertake this work, and around 50 residential volunteers were involved, many of whom were accommodated by Tresco 151and Limited through a volunteering partnership. Tregarthen's Hotel also offered the Woolpack Battery accommodation from November to early March, which was also vital. Together, this detemiined team greatly redUd the rat population on St Helen's, whi15t also identifying limitation5 Wlth this novel rodenticide in these field use circumstances, emphasising the importance of the trled and tested second generation anti-coagulant rodenticides {SGARs) which have long been used for such exercises. Thls is an important finding with implications for any fiJtL5re rat eradicatlon projects on Scilly. The winter 23124 work also found that rats had returned to Round Island (probably from St Helen's) Sin RSPB-led work cleared that island of rats between January and March 2022. The staff and volunteer team, working with the full backlng of Round Island tenancy-holder Trinity House, extended their work to clear rats from Round Island again using SGARS for this exercise. This was fully successful, and with the great reduttion in the rat population achieved on neighbouring St Helen's, this means that it is likely to be some time before Round Island is at threat from rat re-incurslon again. The lessons learnt regarding logistlcs and winter workn'ng on uninhabited islands will be vitsl if the Seabird Recovery Partnership is to undertake the full eradicatlon of rats from the remainder of the off-isles. An additional benefit was that the Trust greatly increased its capacity with regard to such exercises which will be vital to maintaining biosecurity and responding effectively to any rodent incursions to other islands which are currently rat-free, such as Annet, st Agnes and Gugh. Page 4
Isles of Scilly Wildlife Trust Limited Trustees, Report The growing staff complement and increased project work undertaken over the year led the trustees to create an Operations Manager role in January 2024. The Trust's processes and approach to programme management are now being improved. In spring 2023, the Trust had the opportunity to host the Duchy of Cornwall's Chief Executive (Secretary and Keeper of the Records) and members of the Prince's Council, including the new vice chair (Lord Warden of the Stannaries). They were impressed by the wildlife of Scilly and the breadth of the Trust's work tr) keep Scilly special. In the year, the Duchy provided £25k funding to cover half of the costs of employment of the Commtjnity Ranger, some of the costs on footpath maintenan, and element of work with the community to promote good mentsl health and well-being. Autumn 2023 also saw another major step for securing a more wildlife-rich archipelago, when the Wildlife Trust and other partners particularly the Duchy, Tresco 151and Limited, the IOSNL and the Famiers and Growers Initiative declded to make an application to the Landscape Recovery ELMS scheme. Our proposal, named Small is Beautiful, was SUCSful, and the resulting 0-year development phase starts in June 2024, with the Duchy of Cornwall as the responsible enabling body. The vision of this scheme is to return the islands to being flower and insect-rich at scale. Following the development phase, this can be secured by a ffenty year funding agreement with Defra and third party finance to provide adequate levels of monetary support to farmers and growers, the Wildlife Trust and Tresco Island Llmited for wildlife-friendly land management prartices which also provide high quality local prcKiuce wherever possible, The trustees would like to thank all the many individuals and organisations which have donated to the Trust over the year. The Trust gets no funding as of right, and is very grateful for the generosity of many visitors and local people, Scilly businesses and national ftjnding bodies, all of which recognise the enormous value of the islands, and the way this is served by the Wildlife Trust. This has to continue in order for us to keep Scilly special. We look fotward to developing how we can engage more people and find ways in which they are glad to support our vital work. With a five-year strategy In place, the Trust has a clear vision combined with a process of setting challenging annual work plans to achieve our goals. The 2024125 financial year will see further development of our funding and communlcations, conslderation of opportunities to get more accommodation to enable greater staff security and continuity, a new programme of work to conserve breeding ringed plovers and management planning for our off-islands land management. Flnancial revlew The results for the year are shown in the statement of financial artivities and show net Incoming resources of £87,592 {2023: £5,117), which together with the reserves brought fomard glves a total reserves figure of £1,063,391 as at 31st March 2024. Of this balan, restricted funds total £180,115, deslgnated funds £618,733 with the balance of £264,543 rePrentIng the general funds of the charity. Reserves policy The reseNes of the charty are revlewed at least annually to ensure that they remain at a suffldent level and that they reflect the ongoing financial needs of the charity. The trustees aim for the charity to hold sufficient reseNes to cover 12 months unrestricted expenditure to ensure the charity's viability in the event of lower than budgeted income being received. Page 5
Isles of Scilly Wildlife Trust Limited Trustees, Report Investment policy The trustees regularly monitor the bank balances held by the charity and balance the need to maintsin acces5 to funds for working capital purposes with the opportunity to generate a return on surplus funds in interest bearing deposit accounts. The charity holds funds in a Flagstone charity deposit account as part of this policy. StrurtureR governance and management Trustees T Anderton (resigned l February 2024) l Allsop D Appleton A Whitehouse B Archer R Teverson N Jones S Manning (resigned 18 December 2023) R Kaye R Eggins (reslgned 11 September 2024) L Simmonds E Eberlein R Rose (appointed 17 June 2024) B Hall {appointed 17 June 2024) The above trustees constitute director5 of the company for Companies Act purposes. No trustee has any beneficial interest in the company. Governing document The governing dUments of the charity are the Memorandum and Articles of Association. The Trust is registered as a charity wlth the Charity Commission. All trustees are members of the company and each guarantee to contribute an amount not exceeding £l"In the event of winding up. Appointment of Trustees The charity is managed by the trustees who may at any time appoint further trustees from the membership elther to fill a casual vacancy or as an additional trustee. Sultable individuals are identified by the existing trustees on the basis of thelr skills and knowledge and invited to become trustees. New trustees are inducted into the workings of the charity. Page 6
Isles of Scilly Wildlife Trust Limited Trustees. Report Risk managememt The trustees have assessed the major risks to whlch the charity is exposed and are satisfied that operating systems are in place which mltigate or minimi5e these risks. The trustees will continue to review potential risks on a regular basis using the risk register. Related parties None of the trustees receive remuneratlon or other benefits from their role as a trustee of the charity. Any conL]ection between a trustee or senior staff member wlth any beneficiary of the charity Is disclosed to the board of trustees in the same way as any other contractual relationship wlth a related party. Detsils of related party transactions during the period are disdosed in note 19 of the financial statements. Pay policy for Senior staff The Board consider that the trustees (who are also directors of the charty), along with the senior management team comprise the key management personnel of the charity. The individua15 are responsible for directing and controlling, running and operating the charity on a day-to-day basis. 1 trustw give their time freely and no trustee received any remuneration in the year. Details of related party transactions are dlsclosed in note 19 of the financial statements. The annual report was approved by the trustees of the charity on 27 November 2024 and signed on its behalf by,. B Archer Trustee Page 7
Isles of Scilly Wildlife Trust Limited statement of Trustees. Responsibilities The trustees (who are also the dirertors of Isles of Scilly Wildllfe Trust Limited for the purposes of company law) are responsible for preparing the trustee5' report and the financial statements in accordance with applicable law and Unlted Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 'The Financlal Reporting Standard applicable in the UK and Republic of Ireland" Company law requires the trustees to prepare financial ststements for each financlal year. Under company law the trustees must not approve the financial ststements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incomlng resources and application of resources, including its Income and expenditure, of the charitsble company for that period. In preparing these financial statements, the trustees are required to.. select suitable accounting kx)licies and apply them consistently; observe the methods and principles in the Charities SORP; make judgements and estimates that are reasonable and prudent,. state whether applicable accounting standards, comprising FRS 102 have been followed, subject to any material departur disclosed and explained in the financial ststements,. and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charltable company will continue in busines5. The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financlal statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hen for taking reasonable steps for the prevention and deteth'on of fraud and other irregularities. Page 8
Isles of Scilly Wildlife Trust Limited Independent Examiner's Report to the trustees of Isles of Scilly Wildlife Trust Limited ('the Company,) I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024. Responsibilities and basls of report 'As the charity's trustees of the Company (and also its dirertors for the purposes of company law) you are responsible for the preparaon of the account5 in accordance with the requirements of the Companles Act 20061'the 2006 ACV). Having satlsfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examinatioll of your charity's accounts as carried out under section 145 of the charleS Act 2011 ('the 2011 Act'l. In carrying out my examlnation I have followed the Direction5 given by the Charity Commission under section 145(5)Ib) of the 2011 Act. Independent examinerfs statement Slnce the Company's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am a member of the Association of Chartered Certified Accountsnts, whlch is one of the listed bodies. I have completed my examination, I confirm that no matters have come to my attention In connection with the examination givlng me cause to believe,. l. accounting records were not kept In respect of Isles of Scilly Wildlife Trust Limited a5 required by section 386 of the 2006 Act. or 2. the accounts do not accord with those records,. or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair view, which is not a matter considered as part of an independent examinatlon. or 4. the accounts have not been prepared in accordance with the methods and principles of the statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Flnbncial Reporting Standard applicable In the UK and Republic of Ireland (FRS 102)]. I have no concerns and have come across no other matters In connection wlth the examination to which attentlon should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Page 9
Isles of Scilly Wildlife Trust Limited Independent Examiner's Report to the trustees of Isles of Scilly Wildlife Trust Limited ('the Company,) N Hallam FCCA Crane & Johnston Chartered Certified Accountants 11 Alverton Terrace PENZANCE Cornwall TR18 4JH 28 November 2024 Page 10
Isles of Scilly Wildlife Trust Limited ststement of Financial Activities for the Year Ended 31 March 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestricted funds Deslgnated General Restrfcted funds Totrl 2024 Note Income and Endowments from: Donations and legacies Charltsble activities Other trading activitie5 Investment income 81,054 64,536 1,628 6,494 11,731 568,248 3,000 92,785 632,784 4,628 Total Income 153 712 582 979 736 691 Expenditure on: Raising funds Charitable actwities (38,700) (38,700) 610 021 551740 Totsl Expenditure Gainsllosses on investment assets (96,981) (551,740) (648,721) 378 378 Net (expenditure)lincome Transfers bebNeen funds (378) 56,731 31,239 87,592 Net movement Sn funds (13,168) 3,387 97,373 87,592 Reconciliation of funds Total funds brought forward Totsl funds carried foNard 17 631901 261 156 975 799 618 733 180 115 1063 391 The not on page5 15 to 32 form an integral part of these financlal statements. Page 11
Isles of Scilly Wildlife Trust Limited ststement of Financial Activities for the Year Ended 31 March 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Prior year Unrestricted funds Designated General Restricted funds Total 2023 Income and Endowments from: Donations and legacies Charitable activities other trading activities Investment Income 139,355 45,753 4,834 3,788 247,531 773 143,143 293,284 5,607 Total Income 193 111 252,092 Expenditure on: Raising funds Charitable activities (26,260) 141762 (26,260) 412 477 270 715 Totsl Expenditu Gainsllosses on investment assets (168,022) (270,715) (438,737) Net (expenditLJre)lincome Transfers between funds (1,349) 25,089 (18,623) 5,117 Net movement in fijnds (1,349) 35,158 (28,692) 5,117 Reconciliation of funds Totsl funds brought forward 633,250 631901 225,998 261 156 111,434 970 682 Totsl funds carried forward 17 975 799 All of the charity's activities derive from continuing operations during the above two periods. The fvnds breakdown for 2023 is shown In note 17. The notes on pages 15 to 32 fomi an integ1 part of these financial statements. Page 12
Isles of Scilly Wildlife Trust Limited (Registration number: 04726698) Balance Sheet as at 31 March 2024 2024 2023 Fixed assets Tangible assets Investments 12 13 158,519 126,143 178 861 146 863 Current assets Stocks Debtors Cash at bank and in hand 500 146,056 790 433 500 49,279 823 757 14 936,989 873,536 Creditors: Amounts falling due within one year 15 Net current assets 884 530 828 936 Net assets 1063 391 975 799 Funds of the charity: Restricted income funds Restrirted funds 180,115 82,742 Unrestricted income funds Designated Funds General Funds 618,733 264 543 631,901 261156 Total unrestricted funds 883 276 893 057 Total funds 17 1063 391 975 799 The financial ststements on pages 11 to 32 were approved by the board of tNstees and authorised for issue on 27 November 2024, and signed on thelr behalf by.. B Archer Trustee The note5 on page5 15 to 32 form an integral part of these financial ststements, Page 13
Isles of Scilly Wildlife Trust Limited Statement of Cash Flows for the Year Ended 31 March 2024 2024 2023 Note Cash flows from operating actlvities Net cash income 87,592 5,117 Adjustments to cash flows from non-cash items Depreciation Investment income Loss on disposal of tsnglble flxed assets Revaluation of investments 30,538 (6,494) 486 378 15,012 13,169) 112,500 18,309 Working capital adjustments Decrease in stocks Increase in debtors Increase in creditors 117 {23,509) 14 15 (96,777) Net cash flows from operating activities Cash flows from Investing activities Interest received Acquisitions of tangible aets Proceeds from sale of tangible assets Dividend income 5,293 (64,514) 1,114 2,003 {32,491} Net cash flow5 from investing activities Net decrease in cash and cash equivalents (33,324) 823 757 (8,647) Cash and cash equivalents at l April Cash and cash equivalents at 31 March 790 433 823 757 All of the cash flows are derived from continuing operatlons during the above two periods. Analysis of changes in net funds The trust had no debt during the year. The notes on pages 15 to 32 form an integral part of these financial statements. Page 14
Isles of Scilly Wildlife Trust Limited Notes to the Financial Statements for the Year Ended 31 March 2024 I Charity status The charfty Is limited by guarantee, Incorporated in England & Wales. The address of its registered offlce is.. Trenoweth St Mary's ISLES OF SCILLY TR21 ONS Number of members 2024 - 12, (2023 - 121 2 Accounting policles Summary of significant accounting policies and key accounting estlmates The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. statement of compllance The financial statements have been prepared in accordance with Accounting and Reporting by Charitie5: Statement of Recommended practi (applicable to charities preparing their accounts in accordance wlth the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102)) (issued in Ortober 2019) (Charities SORP (FRS 102)), the Financial Reporting Stsndard applicable in the UK and Repub11c of Ireland (FRS 102) and the Companies Act 2006. Basls of preparation Isles of Scilly Wildlife Trust Limlted meets the definition of a public benefit entlty under FRS 102. Aets and liabilities are initially recognised at historical cost or transaction value unles5 Otherwise ststed in the relevant accounting policy note5. Going concern The trustees consider that there are no material uncertaintie5 about the charity's ability to contlnue as a going concern nor any significant areas of uncertainty that affert the carrying value of assets held by the charity. Income and endowments All Income is recognised once the charity has entitlement to the income, it is probable that the income will be received arKJ the amount of the income receivable can be measured reliably. Page 15
Isles of Scilly Wildlife Trust Limited Notes to the Financial Statements for the Year Ended 31 March 2024 Donations andlegacies Donations are recognised when the charity ha5 been notifi& in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charty before the charity is entitled to the funds, the income is deferred and not recognised until either those condffions are fully met, or the fulfilment of those conditions 15 wholly withln the control of the charity and it is probable that these conditions will be fulfilled in the reporting pericxl. Legacy gifts are recognised on a case by case basis following the grant of probate when the administrator/executor for the estste has communicated in writing both the amount and settlement date. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition Is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title to the asset having been transferred to the charity. Grants receivable Capitsl based consetvation grants are credited to incoming resources when re1Vable. Depreciation on the fixed assets purchased with such grants is charged against the restrirted fund. Revenue based conservation grants are credited to incoming resources when they are receivable, unless they relate to a specific future period, in which case they are deferred. Investmentincon Dividends a recognised once the dividend has been declared and notification has been received of the dividend due, Expenditure All expenditure Is recognised once there is a legal or construrtive obllgation to that expenditure, It Is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directiy attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central stsff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Other support costs are allocated based on the spread of staff costs, The charity is not VAT registered and therefore Input VAT 15 included within the full expense to which it relates. Raising funds These are costs incurred in attrarting voluntsry Income, the management of investments and those incurred in trading artivities that raise funds. Charitable activities Charitable expenditure comprises those costs Incurred by the charity in the delivery of Its activitie5 and servlces for its beneficiaries. It includes both costs that can be allocated diredy to such activities and those costs of an Indirect nature necessary to support them. Page 16
Isles of Scilly Wildlife Trust Limited Notes to the Financial Statements for the Year Ended 31 March 2024 Governance costs These include the costs attrlbutable to the charity's Complian with constitutional and statutory requirements, including audit, strategic management and trustees meetings and relmbursed expenses. Taxation The charity Is considered to pass the tests set out in Paragraph I Schedule 6 of the Finan Art 2010 and therefore it meets the definition of a charitsble company for UK corporation tsx purposes. Accordingly, the charity is potentially exempt from taxation in respert of income or capltal gains received within categorles covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Sethon 256 of the Taxation of Chargeable Gains Art 1992, to the extent that such income or galns are applied exclusively to charitable purposes. Tangible fixed assets Individual fixed assets costing £1,000 or more are initially recorded at cost, le55 any subsequent accumulated depreciation and subsequent accumulated impairment losses. Depreclation and amortisatlon Depreciation is provided on tangible fixed assets so a5 to wrlte off the c05t or valuation, le55 any estimated residual value, over their expetted useful economic life as follows.. Depreciation method and rate Term of lease 250/0 per annum 200/0 per annum 250/0 per annum after held at Cost for 6 years Asset class Leasehold land & buildings Plant & Equipment Motor Vehicles Livestock Fixed asset Investments Fixed asset investments, other than programme related investments, are inclLJded at market value at the balance sheet date. Realised gains and losse5 on investments are calculated as the difference belNeen sales proceeds and their market value at the stsrt of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Actlvities in the perlod of disposal. Unrealised galns and losses represent the movement in market value5 during the year and are credited or charged to the Statement of Flnancial Activities based on the market value at the year end. Stock is valued at the lower of cost and net realisable value. Page 17
Isles of Scilly Wildlife Trust Limited Notes to the Financial Statements for the Year Ended 31 March 2024 Trade debtors Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of buslness. Trade debtors a recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insigniflcant risk of change in value. Trade creditors Trade creditors are obligations to pay for go¢)Js or 5erwces that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least Melve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilitie5. Trade creditors are recognised initially at the transaction Pri and subsequently meaSUd at amortised cost using the effertive interest method. Fund strurture Unrestricted income funds are general funds that are available for use at the trustees discts.0n in ftJrtherèn of the objertives of the tharity. Designated funds are unrestricted funds set aside for specific purposes at the dlscretion of the trustees. Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose. Flnancial instruments aafiCatIon Financial assets and financial liabilities are recognised when the charlty becomes a party tr) the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the Substan of the contractual arrangements entered into. An equity instrument is any contract that eviden5 a residual interest in the assets of the charity after deducting all of its liabilities. Page 18
Isles of Scilly Wildlife Trust Limited Notes to the Financial Statements for the Year Ended 31 March 2024 Recognition and nSuren?ent All financial a55ets and liabilities are initially measured at transaction pri (including transaction Costs), expt for those flnancial assets classified as at fair value through profit or loss, which are initially measured at falr value (which is normally the transaction price excluding transartion costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial a55et or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Flnanclal assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another paty substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retsined some, but not all, significant risks and rewards of ownership, has transferred control of the a55et to another party. Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires. Employee benefits The cost of any unused holiday entidement is recognised in the period in which the employees seNices are received. Termlnation benefits are recognised Immediately as an expense when the trust is demonstrably commltted to terminate the employment of an employee or to provlde termination benefits. 3 Income from donatlons and legacies Unrestricted funds General Restricted funds Total funds Donations and legacies. Donations Totsl for 2024 Total for 2023 139 355 143 143 Page 19
Isles of Scilly Wildlife Trust Limited Notes to the Financial Statements for the Year Ended 31 March 2024 4 Income from charltable activities Unrestrirted funds General Restricted funds Total 2024 Total 2023 Rural Payments Agencv - Single Farm Payment Scheme Council of the Isles of Scllly/Defra (AONB/lsles of Scilly National Landscape) Duchy of Cornwall Royal Society of Wildlife Trusts Council of IOS - Voucher Scheme Homes for Sheatwaters Development of Artificial Intelligen Asian Hornet Trap Innovate UK (Ios Community Research Neork) Natural England (Seabird suNey and St Helen's project) Margaret and John Campbell Charitable Trust CrowdfunderlAviva (goat appeal) Royal Botanical Gardens (seed harvesting) Other Income Cornwall Council {Local Nature Recovery Strategy) Community Levelling-up (Community Ranger project) Famiing in proterted landscapes 29,497 29,497 42,820 143,974 143,974 25,000 39,4PA 178,857 25,000 39,484 30,279 3,000 4,000 9,396 12,393 12,393 305,219 305,219 2,000 2,000 1,000 7,097 7,097 750 9,289 750 9,289 2,000 1,132 1,132 6,925 6,925 50,024 568 248 271352 Page 20
Isles of Scilly Wildlife Trust Limited Notes to the Financial Ststernents for the Year Ended 31 March 2024 5 Income from other trading activities Unrestricted funds General Restrirted. funds Total funds Tradlng income,. Other trading income Total for 2024 Total for 2023 773 6 Investment income Unrestricted funds General Total 2024 Total 2023 Interest Receivable Other income from fixed asset investments 5,293 5,293 2,003 7 Expenditure on raising funds Unrestricted funds General Total 2024 Total 2023 Salarles and wages Fundraising and Publicity 37,249 37,249 23,242 8 Expenditure on ¢haritsble activities 'Total 2024 Totsl 2023 Note Salaries and wages Estste management, tools and equipment Rent, rates and repairs Telephone Insurance 343,495 24,293 6,963 3,709 4,999 222,913 72,479 7,576 3,905 4,568 Page 21
Isles of Scilly Wildlife Trust Limited Notes to the Financial Statements for the Year Ended 31 March 2024 Total 2024 Total 2023 Note ght and heat Travel Printing, postage and stationery Motor expenses Training costs Subscriptions Computer costs Depreciation Loss on disposal of fixed assets Governance costs Sundry expenses Supplies Livestock Professional fees HR Accountsncy Bank Charges 6,036 60,520 2,273 6,809 7,125 8,953 17,212 30,538 486 15,273 3,565 13,678 3,328 32,894 1,450 15,204 38,774 2,632 6,814 8,550 6,596 15,012 5,341 16,058 610 021 412 477 9 Analysis of governance and support costs Governance costs Unrestricted funds General Total 2024 Total 2023 Staff costs Wages and salaries Independent examiner's fees Trustees remuneration and expenses Legal fees Other governan costs 8,993 8,993 3,360 1,492 420 3,360 1,492 420 2,330 3,011 Page 22
Isles of Scilly Wildlife Trust Limited Notes to the Financial Statements for the Year Ended 31 March 2024 IOTrustees remuneration and expenses No trustees, nor any persons connected with them, have received any remuneration from the charlty during the year or prior year. Ilstaff Costs The monthly average number of persons (including senior management I leadership team) employed by the charty during the year expressed as full time equivalents was as follows: 2024 No 2023 No Average number of employees 14 io 'Staff costs and numbers 2024 2023 Note Salarles and wages National Insurance payments Penslon costs 354,633 24,576 223,019 15,594 389 737 246 155 The totsl remuneration of the key management personal (senior stafn for the year was £138,445 (2023.. 113,885). There were no employees whose annual remuneratlon was more than £60,000. Page 23
Isles of Scilly Wildlife Trust Limited Notes to the Financial Statements for the Year Ended 31 March 2024 12Tangible fixed assets Leasehold Land and buildings Plant and equipment Motor vehicles Livestock Total Cost At l April 2023 Additions Disposals 139,511 118,055 62,514 59,281 1,600 2,000 318,447 64,514 At 31 March 2024 139 511 180 569 381361 Depreciation At l April 2023 Charge for the year 52,509 80,514 59,281 192,304 25,014 At 31 March 2024 105 528 Net book value At 31 March 2024 158 519 At 31 March 2023 126 143 Page 24
Isles of Scilly Wildlife Trust Limited Notes to the Financial Statements for the Year Ended 31 March 2024 13 Fixed asset investments Listed Investments Cost or Valuatlon At l April 2023 Revaluation 20,720 378 At 31 March 2024 Net book value At 31 March 2024 At 31 March 2023 The historlcal cost as at 31 March 2024 was £4,450, 14 Debtors 2024 2023 Trade debtors Prepayments other debtors 75,250 3,016 29,550 146 056 15 Creditors: amounts falling due within one year 2024 2023 Trade creditors other tsxation and soaal securlty other creditors Accruals 37,128 (1,000) 1,071 40,667 1,183 Page 25
Isles of Scilly Wildlife Trust Limited Notes to the Financial Statements for the Year Ended 31 March 2024 16 Commitments Other financial commitments The total amount of other financial commitments not provided in the financial ststements was £1,185 (2023 - £Nil). 17 Funds Balance Balance Other at31 at l April. Incoming Resources recognised March 2023 resources expended Transfers gainsl(losses) 2024 Unrestricted funds 261156 153 712 Capital Fixed Assets Legacies Running Costs Revaluation Reserve 41,400 8,389 355,437 210,495 (12,790) 28,610 8,389 355,437 210,495 378 631901 378 Totsl unrestricted funds 893 057 378 153 712 883 276 Restricted funds Trenoweth Building (Depreciation) Rs - Carbon Reduction (Depreciation) DEFR4 Farming in Protected Landscapes (Depreciation) los National Landscape Nextdoor Nature Seabird Survey St Helens Project 63,009 (4,000) 59,009 13,829 (1,290) 12,539 50,024 (15,929) 12,790 46,885 145,974 (146,032) 39,484 139,484) 71,591 (92,791) 107,528 (109,048) 58 21,200 1,520 Page 26
Isles of Scilly Wildlife Trust Limited Notes to the Financial Statements for the Year Ended 31 March 2024 Balance Balance Other at31 at l April Incoming Resources recognised March 2023 resources expended Transfers galnsl{losses) 2024 Business Energy Efficiency Scheme Seabird Recovery Project Community Research Network Green Growth Fund Recreational Disturbance Project Marine Natural Capital & Ecosystem Assessment (seabird monitoring) Community Ranger Goats Local Nature Recovery Strategy 904 (904) 5,000 102,000 (66,732) 19,223 59,491 12,393 (12,393) 6,731 (13,596) 6,865 23,700 (23,878) 178 8,400 6,925 7,097 (8,714) (10,911) (4,906) 314 3,986 2,191 582 979 551740 180 115 Total funds 975 799 736 691 378 1063 391 Page 27
Isles of Scilly Wildlife Trust Limited Notes to the Flnancial Statements for the Year Ended 31 March 2024 Prior Year Balan Balance other at31 at l April Incoming Resources recognised March 2022 resources expended Transfers gainsl{losses) 2023 Unrestricted funds General General Funds 225,998 193,111 (168,022) 10,069 261,156 Deslgnated Capital Fixed Assets Legacies Running Costs Revaluation Reserve 41,400 8,389 355,437 210,495 41,400 8,389 355,437 210,495 633 250 631901 Total unrestricted funds 859 248 193 111 168 022 10 069 893 057 Restricted funds Council of the Isles of Scilly AONB Nextdt)or Nature Homes for Shearwaters Seabird SuNey Development of Artificial Intelligence Aslan Hornet Trap Trenoweth Building (Depreciation) st Helens Project Historic England RS- Team Wilder In Memoriam Rs - Carbon Reduction Business Energy Efficiency Scheme 623 179,630 (178,752) 30,279 (25,175) (1,501) (5,104) 3,893 7,788 24,999 (7,788) (25,499) (3,893) 500 9,396 (9,840) ¢H4 67,009 2,622 1,531 (4,000) (2,622) 63,009 {1,531) 9,587 4,248 (15,749) 6,162 (4,248) 15,119 (1,290) 13,829 1,581 (677) 904 Page 28
Isles of Scilly Wildlife Trust Limited Notes to the Financial Statements for the Year Ended 31 March 2024 Balance Balance Other at31 at l April Incoming Resources recognDsed March 2022 resources expended Transfers gainsl(losses) 2023 Rs - Covld Recovery Seabird Recovery Project 221 (221) 111,434 252 092 270 715 Total funds 970 682 445 203 438 737 975 799 Page 29
Isles of Scilly Wildlife Trust Limited Notes to the Financial Ststements for the Year Ended 31 March 2024 The Specific purposes for which the funds are to be applied are as follows: Designated Funds Fixed Assets - Funds allted for the continued replacement of fixed assets. Capitsl - Funds designated for any spend of a capital nature a5 and when required. Running costs - Funds whlch will cover 6 months running costs in the event of income levels belng severely affected on a mid-long temi basis. Project development - Set aside income received from legacies to enable trustees to explore future projects to support the Trust's sustainability in the long .term, including fundraising and stsff and volunteer accommodation. Restrirted funds Trenoweth Thls fund represents the grant pald to the Trust to meet expenditure on the Trenoweth premises and reduces year on year by the depreciation charge. RS - Carbon Reduction - The Wildlife Trusts secured funding from the People's Postcode Lottery to support a collecbve approach to carbon accounting. The funding has enabled the Trust to deliver a Carbon Reduction Strategy, including purchase of solar panels on the roof of the Trust office, the value of which are reduced year on year by the costs of depreciation. Business Energy Efficiency Scheme (BEES) - awarded by the Council of the Isles of Scilly on behalf of Cornwall and Isles of Scilly Local Enterprise Partnership to support the Trust with the purchase of battery operated equipment to replace older less energy effficient equipment. It will be redUd year on year by the costs of depreciation. los National Landscapes (previously Council of the Isles of Scilly - AONB) Funding from Defra and local partners is provided to the Trust through a Grant in Aid agreement from the Council of the Isles of Scilly, so the Wildlife Trust can perform its role as delivery partner for the Ios National Landscape partnershlpi undertaking a wide range of work to maintain and improve this protected landscape. Next Door Nature - Next Door Nature is bringing communities together to help nature flourish where they live and work. This work is funded by The National Lottery Heritage Fund, provided through the Royal Society of Wildlife Trusts. It enables us to provide people with the advice and support they need to help nature on their doorstep, and leave a lasting natural legacy to mark The Queens Platinum Jubilee. Seabird Survey - A fvll survey of the breeding seabirds of the Isles of Scllly Special PrOteCOn Area was undertaken in 2023, funded principally by Natural England, with further support through the los National Landscapes partnership. st Helen's project funding from Natural England, with slgnificant in-klnd support from Tresco Island Limited and RSPB, enabled a significant rat eradication trlal on St Helen's and Round Island in winter 2023124. This project was separate to, but in 5UPPOrt of, the development of the Seabird Recovery Projert. Page 30
Isles of Scilly Wildlife Trust Limited Notes to the Financial Ststements for the Year Ended 31 March 2024 DEFRA Farmlng in Proterted Landscapes - In 2023124, a FIPL grant was reiVed to purchase a range of equipment and machinery to help us manage our extensive tenancy for people and wildlife. This fund reduces year on year in line with depreoation. Seabird Recovery Projett - fundlng from Natural England, supplied through RSPB under the Action for Birds in England Programme, is enabling the Isles of Scilly Wildlife Trust to work with partners to establish the feasibility of rat eradication on Bryher, Tresco, St Martin's and the surrounding uninhabited island5, to allow a recovery of the breeding seabirds which are currently greauy limited by rat predation. This work has been match-funded by contributions from the Peter Smith Charitable Fund for Nature, and the Lord JW Wilson Charitable Settlement. Community Research Network - funding from the UK Research & Innovation govemment funding agency has enable us to work with the Isles of Scilly Community Venture and other partners to identify how further funding for place-based research could bring particular benefits to the sustainability of the Isles of Scilly. Green Growth Fund - this Government funding stream, managed by Cornwall Council, enabled the Trust to deliver the Visitor Giving Innovations projert, through which the Trust introduced new approaches to getting donations, and a volunteer engagement programme on the SGlllonlan IIJ with the assistance of the Isles of Scilly Steamship Group. MNCEA - marlne Natural Capital & Ecosystems Assessment the marine element of the UK Government NCEA programme has enabled Natural England to support the development of seabird suNey and monitoring in the Isles of Scilly. Community Ranger - The UK Government Communlty Levelling Up Programme, managed by Cornwall Council, supported the a.ppointment of a new Communty Ranger role to the Wildlife Trust, and linked programme of training and development of the Trust office to provide a community facility. Goats A public appeal through Crowdfunder, with matched support from Aviva, ralsed funds to enable the introduttion of the rare breed English Goats to Scillyi where they now help control scrub on our land. Local Nature Recovery Strategy - Comwall Council, a5 lead agency for the Cornwall and Isles of Scilly Local Nature Recovery Strategy, sUPPOrted the part-time employment of a member of Wildlife Trust staff to help develop the strategy. Page 31
Isles of Scilly Wildlife Trust Limited Notes to the Financial Statements for the Year Ended 31 March 2024 18Analysis of net assets between funds Unrestricted funds General Total funds at 31 March 2024 Restrlcted funds Tanglble flxed assets Fixed asset Snvestments Current assetslliabilities 40,086 20,342 822 848 118,433 158,519 20,342 884 530 Total net assets 883 276 180 115 1063 391 Unrestrirted funds General Total funds at 31 March 2023 Restrl¢ted fund$ Tangible fixed a55ets Fixed asset investments Current assetslliabilities 49,305 20,720 823 032 76,838 126,143 20,720 828 936 Total net assets 893 057 975 799 19 Related party transactions During the year 4 trustees (2023.. 5) were reimbursed travel expenses that were incurred on behalf of the charity. The total amount of expenses reimbursed was £1,265 (2023.. £1,713). Hillslde Farm tenanted by a trustee and their family. Amounts totslling £3,653 (2023.. £2,642) were paid to Hillside Farm in the year for the Trust's purchase of cattle from the farm, and for contratted path-cutting on the Wildlife Trust land. There were no amounts due as at 31st March 2024 {2023: £Nil). Page 32