HCT Workingfor amphibians and reptiles since 1989 Annual Report 2023-2024 The Herpetological Conservation Trust November 2024
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Introduction a. Background to the Organisation The Herpetological Conservation Trust is a charitable trust, established in 1989 with a generous endowment. The Trust was established to.. - Promote and advance the conservation of amphibians and reptiles, their habitats and the wider environment on which they depend. Establish and maintain herpetofaunal nature reserves and to undertake habitat management and to promote the study of and appreciation of sustainable practices in such nature reserves. Execute, promote, support and publish research relevant to species and habitat conservation pertinent to amphibians and reptiles., Advance the education of the public in herpetological conservation and conservation of the environment, and Advance the above objectives in the United Kingdom, Europe and elsewhere in the world The Trust was originally established as a registered charity. On 1 April 2005 we became incorporated as a Charitable Company Limited by Guarantee (Registered Company no. 5389839) with a new Charity Registration number for the operating charity (no. 1109031) and the Trust's constitution is oullined in its Memorandum and Articles of Association. The Charity benefits from the income of a permanent endowment held within the 'old' charity {no. 801265} In March 2009 a new incorporated charity, Amphibian and Reptile Conservation Trust (ARC), was set up. The activities of The HCT were undertaken in the name of the new organisation with the intention of transferring all its assets and activities to Amphibian and Reptile Conservation Trust in the financial year 2010111. Transfer of the operational assets was completed, in so far as is possible with the signing of a Deed of Transfer on 151 April 2011, however the endowment funds remain held by HCT. The capital in the endowments cannot be spent, however the income derived from these is passed across, as agreed by Trustees, to provide operating income for ARC. The Trustees have agreed that the boards of Trustees for both HCT and ARC shall be composed of the same individuals, thus ensuring that the interests of the charities are considered collectively while remaining as separate legal entities. This report covers the financial year 1 sl April 2023 to 31 $1 March 2024. b. The Trust's Aims for 2023124 All new lease agreements are now drawn up in the name of ARC. All new leases are now in the name of ARC and we will continue to do this to ensure that all lease agreements are transfefred over time. The Trust will continue to hold endowments to gift the income generated from these across to ARC as the operating charity to take forward its charitable activities to support herpetofauna conservation. Annual Report 2023-2024
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Key activities During 2023124 The HCT: Received, and passed to ARC, the income derived from the endowment funds. Held three Trustees Meetings in the year, with the AGM being held in March.
- The organisation of the Trust A Board of Trustees consisting of no less than three and no more than ten members directs the Trust. New Trustees are selected and appointed by the existing Board of Trustees at their formal meetings. The constitution requires the retirement of one third of the Trustees at each AGM. but these posts can be re-appointed at the meeting. The Trustees held formal business meetings three times during the financial year, on 15th July and 24th November 2023 and 16th March 2024. The Finance and Operations Committee met on 16th June and 6th October 2023 and 23rd February 2024. The current procedure of not advertising for Trustees remains, however the Trust is looking to attract a more diverse Board and is looking at succession and may advertise in the near future. The approach used to elect new Trustees is to identify interested individuals who are then invited to submit a biography and to meet with representative Trustees or attend a Trustees, Meeting, where a decision is made on their being invited to join the Board. New Trustees are provided with a copy of the Memorandum and Articles of Association and are invited to the Office to see the operation of the Trust. Relevant training courses identified by Staff and Trustees are brought to the Trustees, attention. All Trustees of HCT are also Trustees of Amphibian and Reptile Conservation. The Trust has no staff., any activity through The HCT was undertaken by the staff at ARC. a. Statement of Compliance The Trust has complied with all laws and regulations applicable to the Charitable Company.
- Summary of financial position for 2023124 a. Overview The HCT had total incoming resources for the year of £389,639 (£378,595 2022123). The Trust received £389,639 (£378,595 2022123) in investment income from its endowment funds. The Trust had a total expenditure of £430,628 (£421,434 2022123) as follows.. Donation to ARC of £389,639 (£378,595 2022123) (made up of investment income and fund balances carried forward as at 31. March 2024. Annual Report 2023-2024
£40,989 (£42,839 2022123) of expenditure incurred through Investment Management Fees for 2023124. These fees have been deducted from the Endowment Fund balance. 5. Future priorities and development of the Trust The operational aspects of the HCT have, from 1s1 April 2010, been taken forward by ARC. The Trust remains as an extant charity, with a view to managing the endowments on behalf of ARC and effective delivery of this function will remain the key purpose of the Trust. During 2024125 we will continue to transfer the Trust's remaining assets and liabilities to ARC, with a view to completing the process started in 2009110 and especially relating to nature reserves. By having shared Trustees, the governance of HCT and ARC charities remain closely aligned and aspects of both will be discussed during subsequent financial years. 6. Trustees (Directors) and Secretary Mr Jonathan Webster (Chairman) Mr Howard Inns (Vice- Chairman) Dr Roger Mitchell BSC, MSC, PhD, CBiol, FRSB (Treasurer) Mrs Jan Clemons BSC, MRSB- Retired April 2023 Professor Richard Griffiths BSC, PhD, FRSB Mr Jeremy Bruce MSC, BA Dr Robert Jehle BSC, PhD Mr David Elliott, BSC, MBA Miss Rebecca Turner, BSC, Msc Mrs Stephanie Davies Company Secretary.. Dr Tony Gent BSC, PhD, CBiol, MRSB Signed.. Company Secretary November 2024 Annual Report 2023-2024
Charity Number: 1109031
Company Number: 05389839
THE HERPETOLOGICAL CONSERVATION TRUST
REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
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THE HERPETOLOGICAL CONSERVATION TRUST
REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
CONTENTS
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2-3. Constitution and Officers 4-5. Report of the Trustees/(Directors) 6-9. Report of the Independent Auditors 10. Income and Expenditure Account 11. Statement of Financial Activities 12. Balance Sheet
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13-18. Notes to the Financial Statements
Registered Charity (Charity No. 1109031)
Company No: 5389839
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THE HERPETOLOGICAL CONSERVATION TRUST CONSTITUTION AND OFFICERS YEAR ENDED 31 MARCH 2024
Constitution
The Herpetological Conservation Trust is a registered charity constituted under a Memorandum and Articles of Association incorporated 11 March 2005. The Registered Charity number is 1109031.
Objects
The objects of the charity are:
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1) To promote and advance the conservation of amphibians and reptiles, their habitats and the wider environment on which they depend;
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2) To establish and maintain herpetofauna nature reserves and to undertake habitat management and to promote the study of and appreciation of sustainable practices in such nature reserves.
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3) To execute, promote, support, and publish research relevant to species and habitat conservation pertinent to amphibians and reptiles.
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4) To advance the education of the public in herpetological conservation and conservation of the environment.
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5) To advance the above-mentioned objects in the British Isles, Europe and elsewhere in the world.
Trustees (Directors)
Mr Jonathan Webster (Chairman) Mr Howard Inns (Vice-Chairman) Dr Roger Mitchell PhD, CBiol, FRSB (Treasurer) Mr Jeremy Bruce MSc BA Mrs Jan Clemons BSc, MRSB Mr David Elliot BSc, MBA Professor Richard Griffiths BSc, PhD, FRSB Dr Robert Jehle BSc, PhD Mrs Rebecca Turner BSc, MSc
Secretary
Dr Tony Gent BSc, PhD, CBiol, MRSB
Key Staff
Dr Tony Gent BSc, PhD, CBiol, MRSB (Chief Executive Officer) Mrs Philippa Goodwin (Admin & Finance Manager) Mr James Foster, BSc, MSc, MCIEEM (Conservation Director)
The Trustees are appointed by approval of the full Board of Trustees.
Registered office
744-748 Christchurch Road Boscombe Bournemouth Dorset BH7 6BZ
Auditors
PKF Francis Clark Chartered Accountants & Statutory Auditors Towngate House 2-8 Parkstone Road Poole BH15 2PW
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THE HERPETOLOGICAL CONSERVATION TRUST CONSTITUTION AND OFFICERS YEAR ENDED 31 MARCH 2024
Solicitors
Lester Aldridge Russell House Oxford Road Bournemouth Dorset BH8 8EX
Bankers
Lloyds Bank Plc 582-584 Christchurch Road Bournemouth Dorset BH1 4BH
Investment Managers
Rathbones Group Plc 30 Gresham Street London EC2V 7QN
Schroder & Co Ltd 1 London Wall Place London EC2Y 5AU
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THE HERPETOLOGICAL CONSERVATION TRUST
REPORT OF THE TRUSTEES/(DIRECTORS)
YEAR ENDED 31 MARCH 2024
The Trustees present their Report, together with the audited Financial Statements, for the year ended 31 March 2024. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” FRS 102 in preparing the annual report and financial statements of the charity.
Review of Activities
The Trustees have produced a separate Annual Report 2023/24 reviewing the Trust Activities for the Herpetological Conservation Trust and the Amphibian and Reptile Conservation Trust which incorporates the necessary narrative information required by the Statement of Recommended Practice.
On 1 April 2011 a transfer agreement between the Herpetological Conservation Trust and Amphibian and Reptile Conservation Trust became effective. This is intended to rationalise the way in which the two charities work by transferring all the assets and liabilities relating to the operational work of the Herpetological Conservation Trust to Amphibian and Reptile Conservation Trust. The agreement states that all assets and liabilities excluding the Permanent Endowment Fund be transferred from Herpetological Conservation Trust to Amphibian and Reptile Conservation Trust.
Trustees
The full list of Trustees is shown on page 2.
Public Benefit
The Trustees have given due regard to public benefit when planning the charity’s activities, in accordance with the Charity Commission’s Guidance on Public Benefit.
The annual report sets out our activities, achievements and performance during the year, which are directly related to the objects and purposes for which the charity exists. The charity achieves its principal objects and purposes through the conservation elements of biodiversity for people now and in the future, offering general and specialist advice free to members of the public, landowners and land managers and managing a suite of nature reserves. These benefits are directly related to the aims of the charity and are fully compliant with the Charity Commission Principles on Public Benefit.
Reserves Policy
The reserves held relate purely to the permanent endowment fund.
The restricted and unrestricted reserves held at 31 March 2011 were transferred to Amphibian and Reptile Conservation Trust. The reserves policy following this transfer is to balance the endowment fund value and return by appropriate investment.
The trustees consider this to be adequate and appropriate.
Risk Management
During the year the trustees reconsidered the major risks to which the charity is exposed and the procedures currently in place to mitigate these. The management of these and any other risks will be kept under annual review.
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THE HERPETOLOGICAL CONSERVATION TRUST
REPORT OF THE TRUSTEES/(DIRECTORS)
YEAR ENDED 31 MARCH 2024
Statement of Trustees' Responsibilities
The trustees (who are also directors of The Herpetological Conservation Trust for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including its income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the trustees are aware:
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there is no relevant audit information of which the charitable company’s auditor is unaware; and
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the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.
Auditors
A resolution to re-appoint PKF Francis Clark for the ensuing year will be proposed at the Annual General Meeting in accordance with Section 485 of the Companies Act 2006.
Small Company Provisions
The report of the trustees has been prepared taking advantage of the small companies exemption of section 415A of the Companies Act 2006.
This report was approved by the board on 23 November 2024 and signed on its behalf.
On behalf of the Trustees
Jonathan Webster (Chairman) Director
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THE HERPETOLOGICAL CONSERVATION TRUST
INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF THE HERPETOLOGICAL CONSERVATION TRUST YEAR ENDED 31 MARCH 2024
Opinion
We have audited the financial statements of The Herpetological Conservation Trust for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including FRS 102 ‘‘The Financial Reporting Standard applicable in the UK and Republic of Ireland (Charities SORP (FRS 102))’’.
In our opinion the financial statements:
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give a true and fair view of the state of the charity's affairs as at 31 March 2024 and of its results for the year then ended:
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity’s ability to continue as a going concern for a period for at least twelve months form when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The charitable company trustees are responsible for the other information. The other information comprises the information included in the annual report of the trustees (directors), other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
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THE HERPETOLOGICAL CONSERVATION TRUST
INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF THE HERPETOLOGICAL CONSERVATION TRUST YEAR ENDED 31 MARCH 2024
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the financial statements.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees’ remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Statement of Trustees’ Responsibilities set out on page 5, the charitable company trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the charitable company trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the charitable company trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the charitable company trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
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THE HERPETOLOGICAL CONSERVATION TRUST
INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF THE HERPETOLOGICAL CONSERVATION TRUST YEAR ENDED 31 MARCH 2024
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
As part of our audit planning, we obtained an understanding of the legal and regulatory framework that is applicable to the Charity. We gained an understanding of the Charity and the sector in which the Charity operates as part of this assessment to identify the key laws and regulations affecting the Charity. As part of this, we reviewed the Charity’s website for an indication of any regulations in place and discussed these with the relevant individuals responsible for compliance. The key regulations we identified was Charity legislation. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011 and Charities SORP - FRS 102.
We discussed with management how the compliance with laws and regulations is monitored and discussed policies and procedures in place. We also identified the individuals who have responsibility for ensuring that the Charity complies with laws and regulations and deals with reporting any issues if they arise. As part of our planning procedures, we assessed the risk of any non-compliance with laws and regulations on the Charity’s ability to continue trading and the risk of material misstatement to the accounts.
Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved the following:
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Enquiries of management and trustees regarding their knowledge of any non-compliance with laws and regulations that could affect the financial statements. As part of these enquiries we also discussed with management whether there have been any known instances, allegations or suspicions of fraud.
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Reviewed filings with the Charity Commission and whether there were any serious incident reports made during the year.
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Reviewed Board minutes.
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Audited the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness.
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Reviewed estimates and judgements made in the accounts for any indication of bias, of which there.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
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THE HERPETOLOGICAL CONSERVATION TRUST
INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF THE HERPETOLOGICAL CONSERVATION TRUST YEAR ENDED 31 MARCH 2024
Use of our report
This report is made solely to the charity trustees, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our work has been undertaken so that we might state to the charitable companies’ trustees those matters we are required to state to them in an auditors’ report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Adrian Way FCA (Senior Statutory Auditor) For and on behalf of PKF Francis Clark, Statutory Auditor Towngate House 2 – 8 Parkstone Road Poole BH15 2PW
Date: 4 December 2024
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THE HERPETOLOGICAL CONSERVATION TRUST
INCOME AND EXPENDITURE ACCOUNT
YEAR ENDED 31 MARCH 2024
| Note Gross income 2 Total expenditure 4 / 5 Net (deficit) for the year |
2024 £ 389,639 (430,628) (40,989) |
2023 £ 378,595 (421,434) (42,839) |
|---|---|---|
The notes on pages 13 to 18 form part of these Financial Statements.
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THE HERPETOLOGICAL CONSERVATION TRUST
STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 31 MARCH 2024
| Unrestricted | Unrestricted | Endowment | Total | Total | ||
|---|---|---|---|---|---|---|
| Funds | Fund | 2024 | 2023 | |||
| Note | £ | £ | £ | £ | ||
| Income and endowments | ||||||
| from: | ||||||
| Investment income | 2 | 389,639 | - | 389,639 | 378,595 | |
| Total income and | ||||||
| endowments | 389,639 | - | 389,639 | 378,595 | ||
| Expenditure on: | ||||||
| Raising funds | 4 | - | 40,989 | 40,989 | 42,839 | |
| Charitable activities | 5 | 389,639 | - | 389,639 | 378,595 | |
| Total expenditure | 389,639 | 40,989 | 430,628 | 421,434 | ||
| Net gains/(losses) on | ||||||
| investments | ||||||
| Realised | - | (1,477) | (1,477) | (5,388) | ||
| Unrealised | - | 138,425 | 138,425 | (564,737) | ||
| Net income/(expenditure) | - | 95,959 | 95,959 | (612,964) | ||
| Gross transfers between | ||||||
| funds | 10 | - | - | - | - | |
| Net movement in funds | - | 95,959 | 95,959 | (612,964) | ||
| Reconciliation of funds | ||||||
| Total funds brought forward | - | 6,071,765 | 6,071,765 | 6,684,729 | ||
| Total funds carried | ||||||
| forward | 10 | - | 6,167,724 | 6,167,724 | 6,071,765 |
All income and expenditure derive from continuing activities.
The notes on pages 13 to 18 form part of these Financial Statements.
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Company Number: 05389839
THE HERPETOLOGICAL CONSERVATION TRUST
BALANCE SHEET
AS AT 31 MARCH 2024
| Note Fixed assets Investments 6 Current assets Debtors 7 Cash at bank and in hand Creditors –amounts falling due within one year 8 Net current assets Total assets less current liabilities Funds of the charity Endowment fund 10 Total charity funds |
2024 2023 £ £ £ £ 5,917,479 5,781,093 70,346 79,379 179,899 211,293 280,623 290,672 - - 250,245 290,672 6,167,724 6,071,765 6,167,724 6,071,765 6,167,724 6,071,765 |
|---|---|
Approved by the Board of Trustees on 23 November 2024 and signed on its behalf:
Jonathan Webster (Chairman) Director
The notes on pages 13 to 18 form part of these Financial Statements.
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THE HERPETOLOGICAL CONSERVATION TRUST
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
1. Summary of significant accounting policies
a) General information and basis of preparation
The Herpetological Conservation Trust is a charitable company registered in the United Kingdom. The address of the registered office is given in the charity information on page 2 of these financial statements. The nature of the charity’s operations and principal activities are as detailed on page 2 and 4.
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Companies Act 2006 and UK Generally Accepted Practice as it applies from 1 January 2015.
The financial statements are prepared on a going concern basis and under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the charity.
The significant accounting policies applied in the preparation of the financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
The charity opted to adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements.
b) Funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Endowment funds represent those assets which must be held permanently by the charity, principally the 1991 Fund and the Appointed Fund. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the investments form part of the fund. Investment management charges and legal advice relating to the fund are charged against the fund.
c) Income recognition
All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.
Donations represent voluntary amounts receivable during the period and are recognised where entitlement has been established, there is certainty of receipt and the amount can be measured with sufficient reliability. Gift-Aid income is included gross of attributable tax recoverable.
Investment income including interest receivable is recognised in the period in which it is earned and is included gross of attributable tax recoverable.
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THE HERPETOLOGICAL CONSERVATION TRUST
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
1. Summary of significant accounting policies (continued)
d) Expenditure recognition
All expenditure is accounted for on an accruals basis and has been classified under the principal categories of charitable and other expenditure rather than the type of expense. Governance costs are the expenses arising in respect of the constitutional and statutory affairs of the charitable company.
e) Investments
Investments held as fixed assets are held under a discretionary management agreement, on behalf of the Fund’s Trustees, and are valued on the basis of the market value of the investments and uninvested cash comprising the portfolio (excluding accrued interest) at the accounting date. Income from this Fund is recognised on an accruals basis in the Statement of Financial Activities.
Market value for equities and fixed-interest securities is the last traded price or the closing midmarket quoted price. For unit trusts, the mid-market price prevailing on the balance sheet date is used. Accrued interest is excluded from the valuation of fixed interest stocks but is included in debtors as accrued income.
f) Taxation
The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.
The Trust is not registered for Value Added Tax (VAT) and is therefore unable to reclaim any input tax it suffers on its purchases. Expenditure in the Accounts is therefore shown inclusive of VAT where appropriate.
g) Going concern
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
h) Debtors and creditors
Debtors and creditors with no stated interest rate and receivable/payable within one year are recorded at transaction price. Any losses arising on impairment are recognised in expenditure.
i) Cash at bank and in hand
Cash at bank and in hand comprise short term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
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THE HERPETOLOGICAL CONSERVATION TRUST
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
2. Investment income (unrestricted funds)
| 2. | Investment income (unrestricted funds) | ||||
|---|---|---|---|---|---|
| 2024 | 2023 | ||||
| £ | £ | ||||
| Investment income on the 1991 fund | 153,618 | 146,170 | |||
| Investment income on the appointed fund | 236,021 | 232,425 | |||
| 389,639 | 378,595 | ||||
| 3. | Net incoming resources | ||||
| 2024 | 2023 | ||||
| £ | £ | ||||
| Are stated after charging/crediting: | |||||
| Auditors’ remuneration | - | - | |||
| The auditors’ remuneration for the Herpetological Conservation Trust is paid for by | the | Amphibian | and | ||
| Reptile Conservation Trust and is disclosed in their financial statements. | |||||
| 4. | Raising funds (endowment funds) | ||||
| 2024 | 2023 | ||||
| £ | £ | ||||
| Investment management fees | 40,989 | 42,839 | |||
| 40,989 | 42,839 | ||||
| 5. | Charitable activities (unrestricted funds) | ||||
| Donations made | |||||
| 2024 | 2023 | ||||
| £ | £ | ||||
| Donation paid to The Amphibian and Reptile Conservation Trust | 389,639 | 378,595 |
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THE HERPETOLOGICAL CONSERVATION TRUST
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
6. Investments
| i Listed nvestments £ Cost or valuation At 1 April 2023 5,781,093 Additions 309,215 Disposals (311,254) Revaluation 138,425 At 31 March 2024 5,917,479 Impairment At 1 April 2023 and 31 March 2024 - Carrying amount At 31 March 2024 5,917,479 At 31 March 2023 5,781,093 Investments at fair value comprise: 2024 £ UK Quoted Securities: Fixed interest 610,637 Equities 1,987,413 Overseas equities 2,340,047 Other investments 979,382 Market value of investments at 31 March 2024 5,917,479 Cash held by Investment Managers 179,898 6,097,377 |
Total £ 5,781,093 309,215 (311,254) 138,425 |
|---|---|
| 5,917,479 | |
| - | |
| 5,917,479 | |
| 5,781,093 | |
| 2023 £ 412,150 3,628,223 502,506 1,238,214 |
|
| 5,781,093 211,293 |
|
| 5,992,386 |
7. Debtors
| Prepayments and accrued income Amounts owed by Amphibian and Reptile Conservation Trust |
2024 £ 46,033 24,313 70,346 |
2023 £ 47,504 31,875 79,379 |
|---|---|---|
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THE HERPETOLOGICAL CONSERVATION TRUST
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
8. Creditors falling due within one year
| 2024 | 2023 | |||
|---|---|---|---|---|
| £ | £ | |||
| Amounts owed to Amphibian and Reptile Conservation Trust | - | - |
9. Controlling entity
The charity is controlled by the trustees who are all directors of the charitable company.
10. Funds
| Endowment fund (the 1991 Fund) Endowment fund (the Appointed Fund) |
2024 £ 2,359,999 3,807,725 6,167,724 |
2023 £ 2,413,180 3,658,585 |
|---|---|---|
| 6,071,765 |
The Funds comprise:
Endowment fund
| Original Endowment in 1991 Original gift (29 April 2010) Realised and Unrealised net gains Corresponding assets: Investments Accrued income Other current assets |
1991 Fund £ 1,500,000 - 859,999 2,359,999 2,204,510 31,486 124,003 2,359,999 |
Appointed Fund Total 2024 Total 2023 £ £ £ - 1,500,000 1,500,000 3,054,077 3,054,077 3,054,077 753,648 1,613,647 1,517,688 3,807,725 6,167,724 6,071,765 3,712,969 5,917,479 5,781,093 38,860 70,346 24,137 55,896 179,899 266,535 3,807,725 6,167,724 6,071,765 |
|---|---|---|
Unrestricted expenditure of £Nil (2023: expenditure of £Nil) was transferred from/to the Endowment Fund to maintain its value.
18
THE HERPETOLOGICAL CONSERVATION TRUST
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
11. Related party transactions
During the year the Herpetological Conservation Trust made the donation shown in note 5 to Amphibian and Reptile Conservation Trust, a charity with which the Trust has a transfer agreement (see page 4).
At the year-end £24,313 was owed from Amphibian and Reptile Conservation Trust (2023: £31,875), which is included in creditors.
No remuneration or reimbursed expenditure was paid to Trustees.
Charity Number: 1109031
Company Number: 05389839
THE HERPETOLOGICAL CONSERVATION TRUST
REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
1
THE HERPETOLOGICAL CONSERVATION TRUST
REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
CONTENTS
-
2-3. Constitution and Officers 4-5. Report of the Trustees/(Directors) 6-9. Report of the Independent Auditors 10. Income and Expenditure Account 11. Statement of Financial Activities 12. Balance Sheet
-
13-18. Notes to the Financial Statements
Registered Charity (Charity No. 1109031)
Company No: 5389839
2
THE HERPETOLOGICAL CONSERVATION TRUST CONSTITUTION AND OFFICERS YEAR ENDED 31 MARCH 2024
Constitution
The Herpetological Conservation Trust is a registered charity constituted under a Memorandum and Articles of Association incorporated 11 March 2005. The Registered Charity number is 1109031.
Objects
The objects of the charity are:
-
1) To promote and advance the conservation of amphibians and reptiles, their habitats and the wider environment on which they depend;
-
2) To establish and maintain herpetofauna nature reserves and to undertake habitat management and to promote the study of and appreciation of sustainable practices in such nature reserves.
-
3) To execute, promote, support, and publish research relevant to species and habitat conservation pertinent to amphibians and reptiles.
-
4) To advance the education of the public in herpetological conservation and conservation of the environment.
-
5) To advance the above-mentioned objects in the British Isles, Europe and elsewhere in the world.
Trustees (Directors)
Mr Jonathan Webster (Chairman) Mr Howard Inns (Vice-Chairman) Dr Roger Mitchell PhD, CBiol, FRSB (Treasurer) Mr Jeremy Bruce MSc BA Mrs Jan Clemons BSc, MRSB Mr David Elliot BSc, MBA Professor Richard Griffiths BSc, PhD, FRSB Dr Robert Jehle BSc, PhD Mrs Rebecca Turner BSc, MSc
Secretary
Dr Tony Gent BSc, PhD, CBiol, MRSB
Key Staff
Dr Tony Gent BSc, PhD, CBiol, MRSB (Chief Executive Officer) Mrs Philippa Goodwin (Admin & Finance Manager) Mr James Foster, BSc, MSc, MCIEEM (Conservation Director)
The Trustees are appointed by approval of the full Board of Trustees.
Registered office
744-748 Christchurch Road Boscombe Bournemouth Dorset BH7 6BZ
Auditors
PKF Francis Clark Chartered Accountants & Statutory Auditors Towngate House 2-8 Parkstone Road Poole BH15 2PW
3
THE HERPETOLOGICAL CONSERVATION TRUST CONSTITUTION AND OFFICERS YEAR ENDED 31 MARCH 2024
Solicitors
Lester Aldridge Russell House Oxford Road Bournemouth Dorset BH8 8EX
Bankers
Lloyds Bank Plc 582-584 Christchurch Road Bournemouth Dorset BH1 4BH
Investment Managers
Rathbones Group Plc 30 Gresham Street London EC2V 7QN
Schroder & Co Ltd 1 London Wall Place London EC2Y 5AU
4
THE HERPETOLOGICAL CONSERVATION TRUST
REPORT OF THE TRUSTEES/(DIRECTORS)
YEAR ENDED 31 MARCH 2024
The Trustees present their Report, together with the audited Financial Statements, for the year ended 31 March 2024. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” FRS 102 in preparing the annual report and financial statements of the charity.
Review of Activities
The Trustees have produced a separate Annual Report 2023/24 reviewing the Trust Activities for the Herpetological Conservation Trust and the Amphibian and Reptile Conservation Trust which incorporates the necessary narrative information required by the Statement of Recommended Practice.
On 1 April 2011 a transfer agreement between the Herpetological Conservation Trust and Amphibian and Reptile Conservation Trust became effective. This is intended to rationalise the way in which the two charities work by transferring all the assets and liabilities relating to the operational work of the Herpetological Conservation Trust to Amphibian and Reptile Conservation Trust. The agreement states that all assets and liabilities excluding the Permanent Endowment Fund be transferred from Herpetological Conservation Trust to Amphibian and Reptile Conservation Trust.
Trustees
The full list of Trustees is shown on page 2.
Public Benefit
The Trustees have given due regard to public benefit when planning the charity’s activities, in accordance with the Charity Commission’s Guidance on Public Benefit.
The annual report sets out our activities, achievements and performance during the year, which are directly related to the objects and purposes for which the charity exists. The charity achieves its principal objects and purposes through the conservation elements of biodiversity for people now and in the future, offering general and specialist advice free to members of the public, landowners and land managers and managing a suite of nature reserves. These benefits are directly related to the aims of the charity and are fully compliant with the Charity Commission Principles on Public Benefit.
Reserves Policy
The reserves held relate purely to the permanent endowment fund.
The restricted and unrestricted reserves held at 31 March 2011 were transferred to Amphibian and Reptile Conservation Trust. The reserves policy following this transfer is to balance the endowment fund value and return by appropriate investment.
The trustees consider this to be adequate and appropriate.
Risk Management
During the year the trustees reconsidered the major risks to which the charity is exposed and the procedures currently in place to mitigate these. The management of these and any other risks will be kept under annual review.
5
THE HERPETOLOGICAL CONSERVATION TRUST
REPORT OF THE TRUSTEES/(DIRECTORS)
YEAR ENDED 31 MARCH 2024
Statement of Trustees' Responsibilities
The trustees (who are also directors of The Herpetological Conservation Trust for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including its income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the trustees are aware:
-
there is no relevant audit information of which the charitable company’s auditor is unaware; and
-
the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.
Auditors
A resolution to re-appoint PKF Francis Clark for the ensuing year will be proposed at the Annual General Meeting in accordance with Section 485 of the Companies Act 2006.
Small Company Provisions
The report of the trustees has been prepared taking advantage of the small companies exemption of section 415A of the Companies Act 2006.
This report was approved by the board on 23 November 2024 and signed on its behalf.
On behalf of the Trustees
Jonathan Webster (Chairman) Director
6
THE HERPETOLOGICAL CONSERVATION TRUST
INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF THE HERPETOLOGICAL CONSERVATION TRUST YEAR ENDED 31 MARCH 2024
Opinion
We have audited the financial statements of The Herpetological Conservation Trust for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including FRS 102 ‘‘The Financial Reporting Standard applicable in the UK and Republic of Ireland (Charities SORP (FRS 102))’’.
In our opinion the financial statements:
-
give a true and fair view of the state of the charity's affairs as at 31 March 2024 and of its results for the year then ended:
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity’s ability to continue as a going concern for a period for at least twelve months form when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The charitable company trustees are responsible for the other information. The other information comprises the information included in the annual report of the trustees (directors), other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
7
THE HERPETOLOGICAL CONSERVATION TRUST
INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF THE HERPETOLOGICAL CONSERVATION TRUST YEAR ENDED 31 MARCH 2024
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the financial statements.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of trustees’ remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Statement of Trustees’ Responsibilities set out on page 5, the charitable company trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the charitable company trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the charitable company trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the charitable company trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
8
THE HERPETOLOGICAL CONSERVATION TRUST
INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF THE HERPETOLOGICAL CONSERVATION TRUST YEAR ENDED 31 MARCH 2024
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
As part of our audit planning, we obtained an understanding of the legal and regulatory framework that is applicable to the Charity. We gained an understanding of the Charity and the sector in which the Charity operates as part of this assessment to identify the key laws and regulations affecting the Charity. As part of this, we reviewed the Charity’s website for an indication of any regulations in place and discussed these with the relevant individuals responsible for compliance. The key regulations we identified was Charity legislation. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011 and Charities SORP - FRS 102.
We discussed with management how the compliance with laws and regulations is monitored and discussed policies and procedures in place. We also identified the individuals who have responsibility for ensuring that the Charity complies with laws and regulations and deals with reporting any issues if they arise. As part of our planning procedures, we assessed the risk of any non-compliance with laws and regulations on the Charity’s ability to continue trading and the risk of material misstatement to the accounts.
Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved the following:
-
Enquiries of management and trustees regarding their knowledge of any non-compliance with laws and regulations that could affect the financial statements. As part of these enquiries we also discussed with management whether there have been any known instances, allegations or suspicions of fraud.
-
Reviewed filings with the Charity Commission and whether there were any serious incident reports made during the year.
-
Reviewed Board minutes.
-
Audited the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness.
-
Reviewed estimates and judgements made in the accounts for any indication of bias, of which there.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
9
THE HERPETOLOGICAL CONSERVATION TRUST
INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF THE HERPETOLOGICAL CONSERVATION TRUST YEAR ENDED 31 MARCH 2024
Use of our report
This report is made solely to the charity trustees, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our work has been undertaken so that we might state to the charitable companies’ trustees those matters we are required to state to them in an auditors’ report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Adrian Way FCA (Senior Statutory Auditor) For and on behalf of PKF Francis Clark, Statutory Auditor Towngate House 2 – 8 Parkstone Road Poole BH15 2PW
Date: 4 December 2024
10
THE HERPETOLOGICAL CONSERVATION TRUST
INCOME AND EXPENDITURE ACCOUNT
YEAR ENDED 31 MARCH 2024
| Note Gross income 2 Total expenditure 4 / 5 Net (deficit) for the year |
2024 £ 389,639 (430,628) (40,989) |
2023 £ 378,595 (421,434) (42,839) |
|---|---|---|
The notes on pages 13 to 18 form part of these Financial Statements.
11
THE HERPETOLOGICAL CONSERVATION TRUST
STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 31 MARCH 2024
| Unrestricted | Unrestricted | Endowment | Total | Total | ||
|---|---|---|---|---|---|---|
| Funds | Fund | 2024 | 2023 | |||
| Note | £ | £ | £ | £ | ||
| Income and endowments | ||||||
| from: | ||||||
| Investment income | 2 | 389,639 | - | 389,639 | 378,595 | |
| Total income and | ||||||
| endowments | 389,639 | - | 389,639 | 378,595 | ||
| Expenditure on: | ||||||
| Raising funds | 4 | - | 40,989 | 40,989 | 42,839 | |
| Charitable activities | 5 | 389,639 | - | 389,639 | 378,595 | |
| Total expenditure | 389,639 | 40,989 | 430,628 | 421,434 | ||
| Net gains/(losses) on | ||||||
| investments | ||||||
| Realised | - | (1,477) | (1,477) | (5,388) | ||
| Unrealised | - | 138,425 | 138,425 | (564,737) | ||
| Net income/(expenditure) | - | 95,959 | 95,959 | (612,964) | ||
| Gross transfers between | ||||||
| funds | 10 | - | - | - | - | |
| Net movement in funds | - | 95,959 | 95,959 | (612,964) | ||
| Reconciliation of funds | ||||||
| Total funds brought forward | - | 6,071,765 | 6,071,765 | 6,684,729 | ||
| Total funds carried | ||||||
| forward | 10 | - | 6,167,724 | 6,167,724 | 6,071,765 |
All income and expenditure derive from continuing activities.
The notes on pages 13 to 18 form part of these Financial Statements.
12
Company Number: 05389839
THE HERPETOLOGICAL CONSERVATION TRUST
BALANCE SHEET
AS AT 31 MARCH 2024
| Note Fixed assets Investments 6 Current assets Debtors 7 Cash at bank and in hand Creditors –amounts falling due within one year 8 Net current assets Total assets less current liabilities Funds of the charity Endowment fund 10 Total charity funds |
2024 2023 £ £ £ £ 5,917,479 5,781,093 70,346 79,379 179,899 211,293 280,623 290,672 - - 250,245 290,672 6,167,724 6,071,765 6,167,724 6,071,765 6,167,724 6,071,765 |
|---|---|
Approved by the Board of Trustees on 23 November 2024 and signed on its behalf:
Jonathan Webster (Chairman) Director
The notes on pages 13 to 18 form part of these Financial Statements.
13
THE HERPETOLOGICAL CONSERVATION TRUST
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
1. Summary of significant accounting policies
a) General information and basis of preparation
The Herpetological Conservation Trust is a charitable company registered in the United Kingdom. The address of the registered office is given in the charity information on page 2 of these financial statements. The nature of the charity’s operations and principal activities are as detailed on page 2 and 4.
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Companies Act 2006 and UK Generally Accepted Practice as it applies from 1 January 2015.
The financial statements are prepared on a going concern basis and under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the charity.
The significant accounting policies applied in the preparation of the financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
The charity opted to adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements.
b) Funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Endowment funds represent those assets which must be held permanently by the charity, principally the 1991 Fund and the Appointed Fund. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the investments form part of the fund. Investment management charges and legal advice relating to the fund are charged against the fund.
c) Income recognition
All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.
Donations represent voluntary amounts receivable during the period and are recognised where entitlement has been established, there is certainty of receipt and the amount can be measured with sufficient reliability. Gift-Aid income is included gross of attributable tax recoverable.
Investment income including interest receivable is recognised in the period in which it is earned and is included gross of attributable tax recoverable.
14
THE HERPETOLOGICAL CONSERVATION TRUST
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
1. Summary of significant accounting policies (continued)
d) Expenditure recognition
All expenditure is accounted for on an accruals basis and has been classified under the principal categories of charitable and other expenditure rather than the type of expense. Governance costs are the expenses arising in respect of the constitutional and statutory affairs of the charitable company.
e) Investments
Investments held as fixed assets are held under a discretionary management agreement, on behalf of the Fund’s Trustees, and are valued on the basis of the market value of the investments and uninvested cash comprising the portfolio (excluding accrued interest) at the accounting date. Income from this Fund is recognised on an accruals basis in the Statement of Financial Activities.
Market value for equities and fixed-interest securities is the last traded price or the closing midmarket quoted price. For unit trusts, the mid-market price prevailing on the balance sheet date is used. Accrued interest is excluded from the valuation of fixed interest stocks but is included in debtors as accrued income.
f) Taxation
The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.
The Trust is not registered for Value Added Tax (VAT) and is therefore unable to reclaim any input tax it suffers on its purchases. Expenditure in the Accounts is therefore shown inclusive of VAT where appropriate.
g) Going concern
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
h) Debtors and creditors
Debtors and creditors with no stated interest rate and receivable/payable within one year are recorded at transaction price. Any losses arising on impairment are recognised in expenditure.
i) Cash at bank and in hand
Cash at bank and in hand comprise short term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
15
THE HERPETOLOGICAL CONSERVATION TRUST
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
2. Investment income (unrestricted funds)
| 2. | Investment income (unrestricted funds) | ||||
|---|---|---|---|---|---|
| 2024 | 2023 | ||||
| £ | £ | ||||
| Investment income on the 1991 fund | 153,618 | 146,170 | |||
| Investment income on the appointed fund | 236,021 | 232,425 | |||
| 389,639 | 378,595 | ||||
| 3. | Net incoming resources | ||||
| 2024 | 2023 | ||||
| £ | £ | ||||
| Are stated after charging/crediting: | |||||
| Auditors’ remuneration | - | - | |||
| The auditors’ remuneration for the Herpetological Conservation Trust is paid for by | the | Amphibian | and | ||
| Reptile Conservation Trust and is disclosed in their financial statements. | |||||
| 4. | Raising funds (endowment funds) | ||||
| 2024 | 2023 | ||||
| £ | £ | ||||
| Investment management fees | 40,989 | 42,839 | |||
| 40,989 | 42,839 | ||||
| 5. | Charitable activities (unrestricted funds) | ||||
| Donations made | |||||
| 2024 | 2023 | ||||
| £ | £ | ||||
| Donation paid to The Amphibian and Reptile Conservation Trust | 389,639 | 378,595 |
16
THE HERPETOLOGICAL CONSERVATION TRUST
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
6. Investments
| i Listed nvestments £ Cost or valuation At 1 April 2023 5,781,093 Additions 309,215 Disposals (311,254) Revaluation 138,425 At 31 March 2024 5,917,479 Impairment At 1 April 2023 and 31 March 2024 - Carrying amount At 31 March 2024 5,917,479 At 31 March 2023 5,781,093 Investments at fair value comprise: 2024 £ UK Quoted Securities: Fixed interest 610,637 Equities 1,987,413 Overseas equities 2,340,047 Other investments 979,382 Market value of investments at 31 March 2024 5,917,479 Cash held by Investment Managers 179,898 6,097,377 |
Total £ 5,781,093 309,215 (311,254) 138,425 |
|---|---|
| 5,917,479 | |
| - | |
| 5,917,479 | |
| 5,781,093 | |
| 2023 £ 412,150 3,628,223 502,506 1,238,214 |
|
| 5,781,093 211,293 |
|
| 5,992,386 |
7. Debtors
| Prepayments and accrued income Amounts owed by Amphibian and Reptile Conservation Trust |
2024 £ 46,033 24,313 70,346 |
2023 £ 47,504 31,875 79,379 |
|---|---|---|
17
THE HERPETOLOGICAL CONSERVATION TRUST
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
8. Creditors falling due within one year
| 2024 | 2023 | |||
|---|---|---|---|---|
| £ | £ | |||
| Amounts owed to Amphibian and Reptile Conservation Trust | - | - |
9. Controlling entity
The charity is controlled by the trustees who are all directors of the charitable company.
10. Funds
| Endowment fund (the 1991 Fund) Endowment fund (the Appointed Fund) |
2024 £ 2,359,999 3,807,725 6,167,724 |
2023 £ 2,413,180 3,658,585 |
|---|---|---|
| 6,071,765 |
The Funds comprise:
Endowment fund
| Original Endowment in 1991 Original gift (29 April 2010) Realised and Unrealised net gains Corresponding assets: Investments Accrued income Other current assets |
1991 Fund £ 1,500,000 - 859,999 2,359,999 2,204,510 31,486 124,003 2,359,999 |
Appointed Fund Total 2024 Total 2023 £ £ £ - 1,500,000 1,500,000 3,054,077 3,054,077 3,054,077 753,648 1,613,647 1,517,688 3,807,725 6,167,724 6,071,765 3,712,969 5,917,479 5,781,093 38,860 70,346 24,137 55,896 179,899 266,535 3,807,725 6,167,724 6,071,765 |
|---|---|---|
Unrestricted expenditure of £Nil (2023: expenditure of £Nil) was transferred from/to the Endowment Fund to maintain its value.
18
THE HERPETOLOGICAL CONSERVATION TRUST
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
11. Related party transactions
During the year the Herpetological Conservation Trust made the donation shown in note 5 to Amphibian and Reptile Conservation Trust, a charity with which the Trust has a transfer agreement (see page 4).
At the year-end £24,313 was owed from Amphibian and Reptile Conservation Trust (2023: £31,875), which is included in creditors.
No remuneration or reimbursed expenditure was paid to Trustees.