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 archae01￿iCal 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 r￿ultS 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
cOr￿spOndIng 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 aCc￿s1b1e 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-na￿Ve vegetation such
as the evergreen shrubs which are spreading from the shelter hedgerows around adja￿nt 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 SUCCe￿fUllY 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-comMi￿10ned 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 ConSe￿ation 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 Offfi￿r, 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 redU￿d 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 SUC￿Sful, 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 rePr￿entIng 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 d￿Uments 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.
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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. Th￿e 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 prepara￿on 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 charl￿eS 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 integ￿1 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 a￿ets
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.
A￿ets 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 re￿1Vable. 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 meaSU￿d at
amortised cost using the effertive interest method.
Fund strurture
Unrestricted income funds are general funds that are available for use at the trustees disc￿ts.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
aa￿fiCatIon
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 eviden￿5 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 n￿Suren?ent
All financial a55ets and liabilities are initially measured at transaction pri￿ (including transaction
Costs), ex￿pt 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 Ne￿ork)
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 all￿ted 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 redU￿d 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 PrOteC￿On 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 re￿iVed 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