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2021-12-31-accounts

31 December 2021

Vincent Wildlife Trust Annual Report and Financial Statements 2021 1

Contents

06 Trustees’ Report

28 Auditors’ Report

The late Honourable John Vincent Weir (1935-2014 founded Vincent Wildlife Trust in 1975 to focus on those mammal species in most need of help.

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Photo: Greater horseshoe bat ©Andrew McCarthy/andrewmccarthyphotography.co.uk
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VWT’s Ten-Year Strategy 2020–2030

At the beginning of 2020, Vincent Wildlife Trust embarked on its new Ten-Year Strategy to build on past successes and to drive forward a diverse programme of initiatives to deliver the most effective strategy for mammal conservation.

The Trust continues to work tirelessly to maintain the vision of its founder, Vincent Weir, who established VWT in 1975 to safeguard threatened mammals.

Our Vision is that VWT is a catalyst for mammal conservation.

Our Mission is to conserve threatened mammals by leading the way with scientifically sound conservation work.

Vincent Wildlife Trust Annual Report and Financial Statements 2021 3

An overview by the Chair of Trustees and CEO

Chair

I am delighted to have become Chair of Vincent Wildlife Trust’s (VWT) Board of Trustees in December 2021. VWT is a wonderful, unique organisation that plays a key role in the conservation of threatened mammals. This becomes increasingly essential in these critical times when climate change impacts on many mammal species. I am pleased to welcome you to Vincent Wildlife Trust’s Annual Report and Financial Statements for 2021. The report showcases our key achievements and results, explains our governance arrangements and outlines our future plans.

The late Honourable John Vincent Weir (1935-2014) founded Vincent Wildlife Trust (VWT) in 1975 to focus on those mammal species in most need of help.

For more than 40 years, VWT has led the way in the recovery of mammal species such as otter, water vole, horseshoe bats and, more recently, the pine marten. The Trust is now respected internationally as an emerging leader in the demonstration of innovative methods based on pioneering research that aims to halt and reverse declines in threatened mammal species.

We are hugely grateful to all our staff, students and volunteers who together make VWT such an effective team, and one of which I am very proud to be a part. Also, to the many organisations and individuals who supported us through grants and donations, and to the landowners and partners with whom we work. Without all your support and cooperation, we could not achieve the important work that we do.

The board welcomed me during 2021 and also said farewell to two Trustees — Clemmy Dymond and David Bullock. Both contributed significantly in the development of VWT to the strong position it is in today.

CEO

Welcome to our Annual Report for 2021, the second year of our TenYear Strategy. Despite much of our work during 2021 being delivered under COVID-19 restrictions, we still managed to deliver a full programme of work successfully, extending our reach to prioritise a greater range of species over a larger geographic area and working increasingly at a landscape scale to conserve threatened mammals — and leading the way with scientifically sound conservation work.

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Photo: ©Robert Cruickshanks/ootmahoosewindae.com
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We published our national pine marten recovery plan for Great Britain, working in partnership with NatureScot and Natural England. A very exciting part of our Carnivore Programme this year has been final translocations of pine martens to the Forest of Dean in partnership with Gloucestershire Wildlife Trust. We also developed a new partnership with Scotland: the Big Picture and Trees for Life, to look at the social feasibility of reintroducing Eurasian Lynx to Scotland. Our Bat Team has been fully occupied with delivering our Green Recovery Challenge Fund project to future-proof our bat reserves against climate change.

Our volunteers have made a tremendous contribution to our work, not least helping with wardening and general maintenance at our bat reserves. We also launched a

campaign, the Sussex Bat Appeal, with our partners Sussex Bat Group, to raise funding for the purchase and repair of a newly discovered and hugely significant bat colony in Sussex.

University where she is carrying out a PhD to research the role of citizen science in public engagement and ecological research.

The success of our work is closely linked to our partnerships, not least our academic collaborations, and we were pleased to see our staff member David Bavin complete his MPhil on the ‘Social and behavioural aspects of a pine marten translocation’.

We said goodbye to three staff members during 2021: Hilary Macmillan, Head of Communications; Anita Glover, Bat Programme Manager, and Kevin O’Hara, the Pine Marten Project Officer on our Back from the Brink project. We were delighted to welcome back David Bavin to work with us on the Lynx to Scotland project, and Mabli Agozzino joined us as Communications Assistant. We also welcomed our newest PhD student, Katie Allan, who is based at the University of Sussex and researching permeability of the landscape to rare bats. In addition, we offered a threemonth student placement to Sian Green, who joined us from Durham

Finally, an enormous and heartfelt Thank You to all our staff, volunteers, students and Trustees who have worked so hard this year to make VWT the success it is.

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VWT the success it is.
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Vincent Wildlife Trust Annual Report and Financial Statements 2021 5

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Trustees’ Report
The Trustees present their report and audited financial statements
of the charity for the year ended 31 December 2021.
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Photo: Eurasian lynx ©David Selbert-Pexels
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This report highlights the charity’s key achievements and results, explains our governance arrangements and outlines our future plans. The audited financial statements provide financial details of our work during the year and how it was funded.

The report has been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective January 2019), Part 8 of the Charities Act 2011 and Part 6 of the Charities and Trustee Investment (Scotland) Act 2005. It is also the report of the Directors for the purposes of the Companies Act 2006.

The financial statements comply with the Trust’s Articles of Association, applicable laws and the requirements of the 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) (effective 1 January 2019).

Public benefit statement

The Trustees confirm that they have referred to the Charity Commission and the Office of the Scottish Charity Regulator guidance on public benefit when reviewing the Trust’s mission and aims, and in determining the detailed plans for the year and planning for the future. The Trust’s activities in 2020 generated direct public benefit through volunteer involvement, education and advocacy, and profile and publicity. Generally, the public benefited indirectly from our practical efforts to conserve native and often rare mammal species, which are a part of the natural heritage of Britain and Ireland. Our figures show a significant increase in activity from last year.

Vincent Wildlife Trust Annual Report and Financial Statements 2021 7

2 3 4 5

VWT’s Ten-Year Strategy 2020–2030

By 2030, VWT will have:

1

strengthened the resilience of VWT priority bat populations at the local, regional and national level with a comprehensive network of bat reserves ;

improved methods of bat conservation at a landscape scale , including techniques for enhancing landscape permeability, roosting opportunities and habitat for VWT priority bats;

managed the recovery of VWT Priority Species so that they are self-sustaining , with minimal conflict, where habitat and other conditions are suitable;

developed, tested and implemented a number of cutting-edge techniques and effective conservation interventions that integrate social science and ecology for VWT priority mammal populations;

addressed evidence gaps and data deficiency for VWT Priority Species so that conservation effort is better informed.

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Surveys using the Mostela for stoats and weasels were carried out in England and Ireland during 2021.

Vincent Wildlife Trust Annual Report and Financial Statements 2021 9

By 2030, VWT will have:

1

strengthened the resilience of VWT priority bat populations at the local, regional and national level with a comprehensive network of bat reserves.

Main achievements during 2021

A Launched the Sussex Bat Appeal to acquire a new bat reserve. B Carried out extensive roost resilience work in England. C Expanded our volunteer base to assist with bat counts and routine reserve maintenance.

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Vincent Wildlife Trust Annual Report and Financial Statements 2021 11

By 2030, VWT will have:

2

improved methods of bat conservation at a landscape scale, including techniques for enhancing landscape permeability, roosting opportunities and habitat for VWT priority bats.

Main achievements during 2021

A Partnership in Natur am Byth! – a multi-partner National Lottery Heritage Funded project on species recovery in Wales.

B Investigating landscape-scale selection of woodland by breeding barbastelle.

C European Innovation Project funding to construct a network of lesser horseshoe bat roosts in partnership with the Mulkear River Catchment Project.

D Research into the interaction of lesser horseshoe bats with the landscape through the Fiddaun Circuitscape project.

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Vincent Wildlife Trust Annual Report and Financial Statements 2021 13

By 2030, VWT will have:

3

managed the recovery of VWT Priority Species so that they are self-sustaining, with minimal conflict, where habitat and other conditions are suitable.

14 Vincent Wildlife Trust Annual Report and Financial Statements 2021

Vincent Wildlife Trust Annual Report and Financial Statements 2021 15

By 2030, VWT will have:

4

developed, tested and implemented a number of cutting-edge techniques and effective conservation interventions that integrate social science and ecology for VWT priority mammal populations.

16 Vincent Wildlife Trust Annual Report and Financial Statements 2021

addressed evidence gaps and data deficiency for VWT Priority Species so that conservation effort is better informed. 5

Main achievement during 2021

A Carried out two surveys of weasel, stoat and Irish stoat using Mostelas.

A We continued to trial the use of Mostelas, a modified camera trapping device designed to capture footage of small mustelids. In Ireland, with funding from the National Parks and Wildlife Service and help from a few key volunteers, we installed and monitored 12 Mostelas with cameras and 12 external trail cameras.

team of home-based volunteers catalogued 6,500 camera trap clips from Mostelas using MammalWeb. Although we recorded weasels at just under threequarters of the sites, as well as polecats visiting the mostelas, no stoats were detected during this study.

The results of a previous Irish stoat study that we conducted in 2019 to compare different camera trapping methods was published in Mammal Research in September 2021.

In Britain, we carried out a study using Mostelas and camera traps on the Eastnor Estate. The survey in Britain included an element of citizen science as a

Vincent Wildlife Trust Annual Report and Financial Statements 2021 17

Other work to support our Ten-Year Strategy 1 People and partnerships 2 Skills We continued to work virtually where it was not We maintained our research collaboration with a Other work supporting our possible to meet in person, building relationships number of universities and research institutes to ensure with local communities where we are delivering our our conservation is evidence-led. During 2021, we work, engaging with volunteers and stakeholders, directly supported three PhD students working with and developing a wide range of Non-Governmental the universities of Sussex and Exeter and co-supervised Ten-year Strategy Organisations (NGO) and university partnerships. a number of other post-graduate students. Domhnall

• During 2021, 105 of our volunteers were new to volunteering with VWT and were recruited thanks to external funding .

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Other work to support our Ten-Year Strategy

Vincent Wildlife Trust Annual Report and Financial Statements 2021 19

Financial Review

The charity’s income and expenditure and its net movement in funds for the year is shown in the Statement of Financial Activities and within the relevant notes to the financial statements.

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The charity’s total expenditure for the year was £1,136,942 (2020: £1,039,819), of which 91% (2020: 85%) was attributable to charitable activities. Further details of the expenditure on the charity’s various research and conservation projects undertaken during the year are given within the notes to the accounts.

Other expenditure incurred in the year principally related to the costs of raising funds. Investment management costs for the year totalled £88,925 (2020: £121,283) and other general fundraising expenditure totalled £14,658 (2020: £10,613).

The charity’s ongoing work is funded partly by voluntary income from grants and donations and partly by the returns generated from its investment portfolio. On one hand, voluntary income from grants and donations increased to £424,215 in 2021, from £336,309 in 2020. On the other hand, investment income (revenue returns) fell from £183,827 in 2020 to £73,585 in 2021. Total income for the year saw an overall decrease from the prior year and was £499,577 versus £522,002 in 2020.

Before taking into account any gains or losses on investment assets, the charity’s net expenditure for the year was therefore £637,365 (2020: £517,818).

Realised gains from the sale of investments during the year totalled £30,001 (2020: £501,826) and unrealised gains on revaluation at the balance sheet date were £1,570,412 (2020: £394,541). After taking account of these investment gains, the net movement in the charity’s funds for the year was therefore an increase of £951,952 (2020: £338,464).

The charity’s total funds carried forward at the end of the year therefore increased to £21,810,374 (2020: £20,858,422), of which £200,358 (2020: £165,440) were restricted funds to be spent on specific purposes stipulated by the donor.

Reserves policy

The charity’s unrestricted funds carried forward at the end of 2021 were £21,610,016 (2020: £20,692,982). The Trustees have allocated the majority of these unrestricted funds to two designated funds – a Nature Reserves fund and a Core Costs Financing fund (as detailed in Note 18 to the financial statements). This is in line with the Trust’s policy to continue to concentrate its assets to maintain future income so that its core programme of mammal research and conservation work can continue. The remaining free reserves of the charity therefore stood at £547,265 at 31 December 2021 (2020: £543,576) and this represents approximately six months of operating costs at current levels.

The Trustees believe that whilst the free reserves of the charity are currently adequate they do not allow for future development. The charity is therefore seeking funds to finance future projects and developments as set out in its strategic plan, whilst aiming to maintain free reserves that are equivalent to at least six months operating costs.

Investment performance

Vincent Wildlife Trust’s investments are a critical aspect of the charity. The investments enable VWT to achieve the unique strategic scientific approach to the conservation of threatened mammals. The annual drawdown from the investments is allocated to core conservation programmes. This ensures VWT has security and breathing space to achieve strategic objectives. Divesting investments for key strategic projects also enables the charity to be fleet of foot and flexible.

Following a competitive tender in 2020, we continued to use Brown Advisory and CapGen Partners as our investment portfolio managers throughout 2021, alongside Trustee Managed investments in the Prestige Alternative Finance fund, BlackRock Emerging Markets Bond Fund, BlackRock UK Equity Hedge Fund and BlackRock Emerging Companies Hedge Fund.

In addition to the above investments, the Trust is a limited partner in the Black Rock Global Renewable Power Fund II, and, in 2017, agreed to a total commitment of US $2,000,000. At 31 December 2021, $1,814,229 had been invested leaving $185,771 as an outstanding commitment.

The Trust holds a mixed portfolio of fixed interest and equities which are spread across the managers, as well as some directly managed holdings to diversify risk. Investment income reflects the dividends and income payable from the portfolios.

The investment strategy is set by the Trustees and takes into account income requirements, present and future financial expenditure requirements, risk profile and the investment managers’ advice and view of the market prospects in the medium to long-term. A key concern has been to ensure the growth of capital is in line with inflation, to sustain future core income needs. The policy is therefore to maximise total return through a diversified portfolio. The performance of the portfolio and the charity’s investment strategy are reviewed regularly by the Trustees.

Vincent Wildlife Trust Annual Report and Financial Statements 2021 21

During this financial year the Board of Trustees engaged the support of Barnett Waddingham, an independent investment consultant to review the investment portfolio. The Statement of Investment Principles was updated to ensure VWT has a clear strategic asset allocation, follows good practice and is more clearly focused on impact investing and climate change. There are no restrictions on the charity’s power to invest; however, VWT has chosen to take environmental impact into account in all new investments.

The Trust’s investment policy allows a limited amount of capital to be drawn from the portfolios, in addition to the revenue income generated. The investment income shown in the Statement of Financial Activities amounting to £73,585 (2020: £183,827) represents only the revenue element of investment income generated in the year. The total amount drawn from the portfolio during the year was £649,184 (2020: £754,204).

Going concern

After making appropriate enquiries, the Board of Trustees has a reasonable expectation that the charity has adequate resources for the foreseeable future and that there are no material uncertainties about the charity’s ability to continue as a going concern. For this reason, it continues to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Statement of Accounting Policies.

Grants and donations

*Vincent Wildlife Trust is extremely grateful to all funders and donors that supported VWT during 2021 *** some of whom donated in 2020 but whose money was used in part in 2021.

Sussex Bat Appeal

More than 300 donations have been made to the Sussex Bat Appeal since it was launched in September 2021. These include 16 local Bat Groups and The People’s Trust for Endangered Species , as well as many individual donors.

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Vincent Wildlife Trust Annual Report and Financial Statements 2021 23

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Vincent Wildlife Trust Annual Report and Financial Statements 2021 25

Structure, governance and management

The Trust’s affairs, policies and strategies are overseen by the Trustees (see VWT website for biographies), with operations delegated to the Chief Executive.

There were 21 staff during 2021, with roles varying between business and administrative support to conservation and research fieldwork and project coordination. All of these staff were based in England and Wales, with the exception of two members of staff based in County Galway, Republic of Ireland.

and budgetary systems are overseen by the Chief Executive who regularly reports to the Trustees. When necessary, legal and other professional advice is sought by the Trust. Personnel policy is directed by the Chief Executive who also oversees all information and publicity issues relating to the Trust.

Auditors

An independent audit is conducted annually to fulfil the Trust’s legal obligations and for the Board to ensure financial statements have been properly prepared and give a true and fair view. The auditors’ report is given on pages 28 to 31. The auditors, Bishop Fleming LLP, were appointed in August 2021.

The charitable company was incorporated on 20 October 2005 and was subsequently registered with the Charity Commission for England and Wales on 17 November 2005. In Scotland, the Trust registered with the Office of the Scottish Charity Regulator on 06 April 2012 and in Ireland, the Trust registered with the Charities Regulatory Authority on 23 May 2017.

A full copy of the latest approved Articles of Association can be obtained from the Company Secretary at the VWT registered office.

To ensure the Board of Trustees is sufficiently skilled to carry out its responsibilities, it carries out a periodic skills analysis. Following the approval of a new Board Recruitment and Succession policy in March 2017, a plan for Trustee terms of office and the recruitment of new Trustees was enacted. New Trustees receive a full induction into the work and administration of the charity. All Board members are volunteers, give freely of their time and have no beneficial interest in the charity. The liability of members in the event of winding up is limited to £1 per member.

Remuneration Policy

Staff are remunerated in accordance with the policy agreed by the Trustees, which is reviewed annually. This enables delegation to the Chief Executive of salary bands and any increases excepting the Chief Executive’s own salary, which is reviewed annually by Trustees in accordance with the same policy as for other staff.

Risk management

The Trust is a small organisation with clear aims, a simple structure and short chains of command. Systems for assessing and insuring against all risks to the Trust are in place, as are policies to ensure that the Trust complies fully with Health and Safety legislation according to the country or devolved government within which it operates. Accounting

26 Vincent Wildlife Trust Annual Report and Financial Statements 2021

Responsibilities of the Trustees

The Trustees (who are also the directors of The Vincent Wildlife 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).

Company and charity law requires the Trustees to prepare financial statements for each financial year that give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. The requirements are set out in the Companies Act 2006, the Charities Act 2011, the Charities Accounts (Scotland) Regulations 2006 and the Charities and Trustee Investment (Scotland) Act 2005.

The Trustees’ Report, incorporating a strategic report, was approved by order of the Board of Trustees, as the company directors, on

15 July 2022

and signed on its behalf by

Ms Amy Coyte — Chair of Trustees Company Registration Number 05598716

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to 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:

Vincent Wildlife Trust Annual Report and Financial Statements 2021 27

28 Vincent Wildlife Trust Annual Report and Financial Statements 2021

Opinion

The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors’ Report thereon. The Trustees are responsible for the other information contained within the Annual Report.

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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Opinion on other matters prescribed by the Companies Act 2006

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

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 charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Vincent Wildlife Trust Annual Report and Financial Statements 2021 29

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 and the Charities Accounts (Scotland) Regulations 2006 (as amended) require us to report to you if, in our opinion:

Responsibilities of the Trustees

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

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

Auditors’ responsibilities for the audit of the financial statements

We have been appointed as auditor under section 44(1) (c) of the Charities and Trustee Investment (Scotland) Act 2005 and under the Companies Act 2006 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors’ 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 noncompliance 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.

The procedures undertaken in order to identify and assess risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, are as follows:

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud, which include incorrect recognition of income and accounting estimates, and these were identified as the greatest potential area for fraud.

30 Vincent Wildlife Trust Annual Report and Financial Statements 2021

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the charitable company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Charities SORP (FRS 102) - Accounting and Reporting by Charities and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and Charities Act 2011.

In addition, we have considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the charity’s ability to operate or to avoid a material penalty.

Our procedures to respond to the risks identified included the following:

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org. uk/auditorsresponsibilities. This description forms part of our Auditors’ Report.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the charitable company’s trustees, as a body, in accordance with regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charitable company’s members and 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 members, as a body, for our audit work, for this report, or for the opinions we have formed.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Andrew Wood FCCA (Senior statutory auditor) for and on behalf of

Bishop Fleming LLP Chartered Accountants Statutory Auditors 1-3 College Yard Worcester WR1 2LB

Date: 28th July 2022

Bishop Fleming LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Vincent Wildlife Trust Annual Report and Financial Statements 2021 31

Statement of Financial Activities

(Incorporating income and expenditure account)

for the year ended 31 December 2021

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Restricted Unrestricted Total Funds Total Funds
Funds 2021 (£) Funds 2021 (£) 2021 (£) 2020 (£ )
Notes
Income from:
Donations and legacies 383,554 40,661 424,215 336,309
Investments 4 - 73,585 73,585 183,827
Other income 5 100 1,677 1,777 1,866
Total income 383,654 115,923 499,577 522,002
Expenditure on
Raising funds 6 3,472 100,111 103,583 131,896
Charitable activities 7 366,440 666,919 1,033,359 907,924
Total expenditure 369,912 767,030 1,136,942 1,039,820
Net income/(expenditure) before 13,742 (651,107) (637,365) (517,818)
net gains on investments
Net gains on investments 13 - 1,589,317 1,589,317 856,282
Net income 13,742 938,210 951,952 338,464
Transfers between funds 19 21,176 (21,176) - -
Net movement in funds 34,918 917,034 951,952 338,464
Reconciliation of funds
Total funds brought forward 165,440 20,692,982 20,858,422 20,519,958
Net movement in funds 34,918 917,034 951,952 338,464
Total funds carried forwards 19 200,358 21,610,016 21,810,374 20,858,422
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The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 35 to 50 form part of these financial statements.

32 Vincent Wildlife Trust Annual Report and Financial Statements 2021

Balance Sheet

as at 31 December 2021 (Registered Number: 05598716)

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2021 (£) 2020 (£)
Notes
Fixed assets
Tangible assets 12 1,768,223 1,549,973
Investments 13 20,037,261 19,081,365
Total 21,805,484 20,631,338
Current assets
Stocks 14 189 203
Debtors 15 90,606 77,093
Cash at bank and in hand 270,516 345,797
Total 361,311 423,093
Creditors
Amounts falling due within one year 16 (356,421) (196,009)
Net current assets 4,890 227,084
Total assets less current liabilities 21,810,374 20,858,422
Total net assets 21,810,374 20,858,422
Charity Funds
Restricted funds 19 200,358 165,440
Unrestricted funds 19 21,610,016 20,692,982
Total funds 21,810,374 20,858,422
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The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

A M Coyte Chair of Trustees

Date: 15 July 2022

The notes on pages 35 to 50 form part of these financial statements.

Vincent Wildlife Trust Annual Report and Financial Statements 2021 33

Statement of Cash Flows

for the year ended 31 December 2021

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2021 (£) 2020 (£)
Notes
Cash flow from operating activities
Net cash used in operating activities 22 (553,902) (605,162)
Cash flow from investing activities
Dividends, interests and rents from investments 73,564 194,865
-
Proceeds from the sale of tangible fixed assets (1,055)
Purchase of tangible fixed assets (228,385) (23,274)
Proceeds from sale of investments 2,888,184 12,974,874
Purchase of investments (2,254,763) (12,292,942)
Interest received 21 168
Net cash provided by investing activities 478,621 852,636
Change in cash and cash equivalents in the year (75,281) 247,474
Cash and cash equivalents at the beginning of the year 345,797 98,323
Cash and cash equivalents at the end of the year 23 270,516 345,797
----- End of picture text -----

The notes on pages 35 to 50 form part of these financial statements

34 Vincent Wildlife Trust Annual Report and Financial Statements 2021

Notes to the Financial Statements for the year ended 31 December 2021 1 General Information/ 2 Accounting Policies

1 General Information

Vincent Wildlife Trust is an incorporated charitable company, limited by guarantee, incorporated in England and Wales, Scotland and the Republic of Ireland. The registered office is 3-4 Bronsil Courtyard, Eastnor, Ledbury, Herefordshire, HR8 1EP. The principal activity of the Charity is detailed in the Trustees’ Report.

2 Accounting Policies

2.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP (FRS 102) – 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) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Vincent Wildlife Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Going Concern

The Trustees assess whether the use of the going concern basis of preparing the financial statements is appropriate, ie, whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Charity to continue as a going concern, including the impact of macroeconomic events. The Trustees make this assessment in respect of a period of one year from the date of authorisation for issue of the financial statements and have concluded that the Charity has adequate resources to continue in operational existence for foreseeable future and there are no material uncertainities about the Charity’s ability to continue as a going concern, thus they continue to adopt the going concern basis of accounting in preparing the financial statements

2.3 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Income from grants is recognised at fair value when the charity has entitlement after any performance conditions have been met, it is probable that the income will be received and the amount can be measured reliably. If entitlement is not met then these amounts are deferred.

For donation income to be recognised, the charity has to be notified of the amounts and the settlement date in writing. If there are conditions attached to the donations, income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fufilled.

Investment income is earned through holding assets for investment purposes. Investment income is reported gross as investment management costs are separately reported. Income is included when the amount can be measured reliably.

Income from trading activities includes training and education workshops, and the sale of bat boxes. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occured.

2.4 Expenditure

Expenditure is included in the statement of financial activities when incurred and includes any attributable VAT which cannot be recovered.

Resources expended include the following: a The cost of generating funds compromises of investment manager fees payable b Charitable activities – mammal conservation charitable expenditure includes direct project costs together with the field office costs of the field officers located across England, Wales and Ireland.

Support costs include all overhead expenditure relating to head office. The basis for allocating non project funded conservation team costs and support costs

Vincent Wildlife Trust Annual Report and Financial Statements 2021 35

Notes to the Financial Statements for the year ended 31 December 2021 2 Accounting Policies continued

between projects and surveys and bat reserves reflects staff time spent on each area of activity. Support costs also include governance costs which compromise the Trust’s legal and other professional fees relating to the governance of the charity and premiums relating to Trustees’ indemnity insurance.

2.5 Government Grants

Government grants relating to tangible fixed assets are treated as deferred income and released to the Statement of Financial Activities over the expected useful lives of the assets concerned. Other grants are credited to the Statement of Financial Activities as the related expenditure is incurred.

2.6 Interest Receiveable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.7 Foreign Currencies

Assets and liabilities in foreign currencies are translated into Pound Sterling at the rates of exchange ruling at the balance sheet date.

2.8 Taxation

The Charity is exempt from corporation tax on its charitable activities.

of the bat reserves are reviewed annually and provision is made, if necessary, for any impairment value.

When sites are acquired under lease, all expenditure, including lease rentals and any premium paid, together with initial expenditure on the reserve is written off to the Statement of Financial Activities over the life of the lease. The bat reserves are protected sites under British, Irish or European wildlife legislation and as a result their use is restricted.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives. Depreciation is provided on the following bases:

Freehold property – 50 years’ straight line basis Leasehold property – over the life of the lease Motor vehicles – 4 years’ straight line basis Computer and IT equipment – 3 years’ straight line basis Other fixed assets – 10 years’ straight line basis

2.10 Investments

2.9 Tangible Fixed Assets and Depreciation

Tangible fixed assets costing £2,500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Bat reserves

The Charity operates 37 bat reserves which are either freehold, leasehold or controlled on licence.

Freehold bat reserves are capitalised at their purchase cost. Cost is the amount paid to acquire the freehold, together with initial expenditure on the reserve. For these reserves, the majority of the costs relating to the purchase of the sites relates to the land. Land is not depreciated. The depreciation charge for any buildings that are deliberately left in a condition unfit for human habitation is considered to be immaterial. Carrying values

Listed investments are stated at their market value at the period end. Realised gains equal the difference between sale proceeds and the market value at the beginning of each accounting quarter. Realised and unrealised gains and losses are dealt with in the statement of financial activities within the fund to which the investment disposed of or revalued belongs.

2.11 Stocks

Stocks of publications for resale are valued at the lower of cost and net realisable value.

2.12 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

36 Vincent Wildlife Trust Annual Report and Financial Statements 2021

Notes to the Financial Statements for the year ended 31 December 2021 2 Accounting Policies continued

2.13 Cash at Bank and In Hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.14 Liabilities and Provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.

2.15 Financial Instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.16 Pensions

The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.

2.17 Fund Accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes.

Vincent Wildlife Trust Annual Report and Financial Statements 2021 37

Notes to the Financial Statements for the year ended 31 December 2021

3 Income from Donations and Legacies

----- Start of picture text -----
3 Income from Donations and Legacies Restricted Unrestricted Total Funds Total Funds
Funds 2021 (£) Funds 2021 (£) 2021 (£) 2020 (£)
Donations – UK
Donations - 13,716 13,716 5,602
- - -
Donations – Other bat projects 1,250
Donations – Pine Marten Recovery Project 852 - 852 1,137
Donations – Bat Reserves 333 - 333 -
- -
Donations – Sussex Bat Appeal 96,931 96,931
98,116 13,716 111,832 7,989
Donations – Ireland
Other - 4,254 4,254 2,110
Grant income – UK
- - -
Programme Managers 22,836
-
Back from the Brink (BftB) 4,283 4,283 22,891
Bat Reserves UK 107,960 - 107,960 122,175
- -
Other bat projects 7,228 7,228
Two Moors - - - 44,627
- - -
National Pine Marten Strategy 10,929
- - -
Pine Marten Recovery Project 18,000
Bechstein’s Bats - - - 10,000
Forest of Dean 55,199 - 55,199 31,408
Wildcat PhD 7,250 - 7,250 7,500
- -
Back on our Map 2,050 2,050
- -
Lynx to Scotland 56,675 56,675
- -
Natur am Byth 4,040 4,040
- -
Sussex Bat Appeal 15,000 15,000
- - -
Miscellaneous grants 10,000
-
259,685 259,685 300,366
Grant income – Ireland
-
DECC via IEN funding 22,691 22,691 12,960
-
Hen Harrier Project (2,652) (2,652) 4,559
NPWS 9,862 - 9,862 4,038
Native Woodland Scheme 1,984 - 1,984 2,066
Virtual Bat Walk - - - 1,776
NPWS – Irish Pine Marten Website - - - 445
-
Heritage Council 8,498 8,498
-
Mulkaer EIP Project 4,528 4,528
DECC via IEN - Project Funding 3,533 4,528
25,753 22,691 48,444 25,844
Total 2021 383,554 40,661 424,215 336,309
Total 2020 282,801 53,508 336,309
----- End of picture text -----

The Euro equivalent of donations and legacies above relating to operational activities in the Republic of Ireland is €62,748 (2020: €31,095) as converted at the year-end exchange rate.

38 Vincent Wildlife Trust Annual Report and Financial Statements 2021

Notes to the Financial Statements for the year ended 31 December 2021

4 Investment Income/ 5 Other Incoming Resources/ 6 Expenditure on Raising Funds/ 7 Analysis of Expenditure on Charitable Activities

----- Start of picture text -----
4 Investment Income Unrestricted Total Funds Total Funds
Funds 2021 (£) 2021 (£) 2020 (£)
Income from listed investments 73,564 73,564 183,658
Bank interest receivable 21 21 169
73,585 73,585 183,827
Total 2020 183,827 183,827
5 Other Incoming Resources Restricted Unrestricted Total Funds Total Funds
Funds 2021 (£) Funds 2021 (£) 2021 (£) 2020 (£)
Publications – UK - 814 814 965
Other income – UK - 274 274 507
Other income – Ireland - 589 589 226
Other income – UK Bat Reserves 100 - 100 -
Sale of assets – UK - - - 168
100 1,677 1,777 1,866
Total 2020 153 1,713 1,866
----- End of picture text -----

Other income includes training and education workshops, the sale of bat boxes, a peer review, travelling expenses reclaimed and other miscellaneous income. The Euro equivalent of other income above relating to operational activities in the Republic of Ireland is €701 (2020: €254) as converted at the year end exchange rate.

----- Start of picture text -----
|||||| |---|---|---|---|---| |6 Expenditure on Raising Funds|Restricted|Unrestricted|Total Funds|Total Funds| |Funds 2021 (£)|Funds 2021 (£)|2021 (£)|2020 (£)| |-| |Investment Management fees|88,925|88,925|121,283| |Fundraising expenses|3,472|11,186|14,658|10,613| |3,472|100,111|103,583|131,896| |Total 2020|7,257|124,639|131,896|

----- End of picture text -----

----- Start of picture text -----
7 Analysis of Expenditure on Charitable Restricted Unrestricted Total Funds Total Funds
Activities – Summary by Fund Type Funds 2021 (£) Funds 2021 (£) 2021 (£) 2020 (£)
Research and Surveys – UK 181,063 275,502 456,565 470,980
Bat Reserves – UK 164,930 152,110 317,040 162,407
Research and Surveys – Ireland 20,084 126,718 146,802 137,054
Bat Reserves – Ireland 363 54,115 54,478 59,416
Governance Costs - 58,474 58,474 58,063
- - -
Loss on Disposal of Fixed Assets 20,004
366,440 666,919 1,033,359 907,924
Total 2020 209,649 698,275 907,924
----- End of picture text -----

The Euro equivalent of research and surveys and bat reserves above relating to operational activities in the Republic of Ireland is €239,664 (2020: €218,632) as converted at the year-end exchange rate.

Vincent Wildlife Trust Annual Report and Financial Statements 2021 39

Notes to the Financial Statements for the year ended 31 December 2021 8 Analysis of Expenditure by Activities

----- Start of picture text -----
8 Analysis of Expenditure by Activities Activities Support Costs Total Funds Total Funds
undertaken 2021 2021 2020
directly 2021 (£) (£) (£) (£)
Research and Surveys – UK 311,562 145,003 456,565 470,980
Bat Reserves – UK 255,971 61,069 317,040 162,407
Research and Surveys – Ireland 101,945 44,857 146,802 137,054
Bat Reserves – Ireland 42,679 11,799 54,478 59,416
Governance Costs - 58,474 58,474 58,063
- - -
Loss on Disposal of Fixed Assets 20,004
712,157 321,202 1,033,359 907,924
Total 2020 573,162 334,762 907,924
----- End of picture text -----

----- Start of picture text -----
8 Analysis of Expenditure Research Bat Reserves Research Bat Reserves Total Total
by Activities (continued) and Surveys – UK 2021 and Surveys – Ireland 2021 Funds Funds
Analysis of Direct Costs – UK 2021 (£) – Ireland 2021 2021 2020
(£) (£) (£) (£) (£)
- - -
Back from the Brink (BftB) 1,516 1,516 15,827
Other Bat Projects 72 - - - 72 4,675
Two Moors 4,014 - - - 4,014 14,049
National Pine Marten 307 - - - 307 14,265
Strategy
- - -
Pine Marten Recovery 4,704 4,704 35,003
Project
Bechstein’s Bats - - - - - 10,000
Forest of Dean 22,082 - - - 22,082 10,279
Wildcat 551 - - - 551 1,807
Lynx 34,166 - - - 34,166 341
Romanian Mink 966 - - - 966 5,463
- - -
Other Research Projects 40,679 40,679 27,399
- - -
Research and Project 21,036 21,036 10,950
Fieldwork
Non Project-Funded 198,561 67,349 78,915 24,417 369,242 368,835
Conservation Team Costs
Bat Reserves – Maintenance - 179,007 - 14,400 193,407 39,202
and Improvements
- -
Depreciation 4,560 3,332 7,892 11,816
Professional Fees 544 - - - 544 955
Life Assurance and Medical - - - - - 119
Other - - 1,994 530 2,524 2,177
- - - -
Natur am Byth 3,128 3,128
Back on our Map 272 - - - 272 -
- - - -
Sussex Bat Appeal 5,055 5,055
311,562 255,971 101,945 42,679 712,157 573,162
Total 2020 329,295 102,728 95,556 45,583 573,162
----- End of picture text -----

40 Vincent Wildlife Trust Annual Report and Financial Statements 2021

Notes to the Financial Statements for the year ended 31 December 2021 8 Analysis of Expenditure by Activities continued

----- Start of picture text -----
8 Analysis of Expenditure Research and Bat Reserves Research and Bat Reserves Governance
by Activities (continued) Surveys – UK – UK Surveys – Ireland – Ireland Costs
Analysis of Support Costs 2021(£) 2021(£) 2021(£) 2021(£) 2021(£)
Staff Costs 101,713 42,837 31,465 8,277 39,621
Legal and Professional Fees 6,000 2,527 1,856 488 120
Office Costs 37,290 15,705 11,536 3,034 13
Audit Fees - - - - 13,648
- - - -
Trustees’ Expenses 5,072
- - - - -
Loss on Disposal of Assets
145,003 61,069 44,857 11,799 58,474
Total 2020 141,685 59,678 41,498 13,833 58,063
Loss on sale of Total funds Total funds
assets 2021 (£) 2021 (£) 2020 (£)
-
Staff Costs 223,913 226,764
-
Legal and Professional Fees 10,991 9,132
-
Office Costs 67,578 63,100
Audit Fees - 13,648 13,056
-
Trustees’ Expenses 5,072 2,706
- -
Loss on Disposal of Assets 20,004
-
321,202 334,762
Total 2020 20,004 334,762
----- End of picture text -----

The Euro equivalent of support costs above relating to operational activities in the Republic of Ireland is €67,460 (2020: €61,572) as converted at the year-end exchange rate.

----- Start of picture text -----
|||| |---|---|---| |Support costs are split across the activities|2021 (%)|2020 (%)| |on the basis of time spent:| |Research and Surveys – UK|45|45| |Research and Surveys –|14|13| |Ireland| |Bat Reserves – UK|19|19| |Bat Reserves – Ireland|4|4| |Governance Costs|18|19| |100|100|

----- End of picture text -----

Vincent Wildlife Trust Annual Report and Financial Statements 2021 41

Notes to the Financial Statements for the year ended 31 December 2021

9 Auditors’ Remuneration/ 10 Staff Costs/ 11 Trustees’ Remuneration and Expenses

----- Start of picture text -----
9 Auditors’ Remuneration 2021 (£) 2020 (£)
Fees payable to the Charity’s auditor for the audit of the Charity’s annual accounts 10,890 9,900
-
Fees payable to the Charity’s auditor in respect of all non-audit services not 3,156
included above
10 Staff Costs 2021 (£) 2020 (£)
Wages and Salaries 528,499 511,048
Social Security Costs 51,267 48,879
Contribution to defined contribution pension schemes 35,286 34,968
615,052 594,895
The average number of persons employed by the Charity during the year was
as follows:
2021 2020
Field Staff (FTE – 2021: 10.71; 2020: 10.58) 12 13
Administrative Staff (FTE – 2021: 5.45; 2020: 5.64) 9 9
21 22
----- End of picture text -----

No employee received remuneration of more than £60,000 in either year

11 Trustees’ Remuneration and Expenses

During the year, no Trustees received any remuneration or other benefits (2020: None).

Trustees’ Expenses

During the year ended 31 December 2021, expenses totalling £1,108 were reimbursed or paid directly to nine Trustees (2020: £895 to seven Trustees).

42 Vincent Wildlife Trust Annual Report and Financial Statements 2021

Notes to the Financial Statements for the year ended 31 December 2021 12 Tangible Fixed Assets

----- Start of picture text -----
12 Tangible Fixed Freehold Leasehold Motor Vehicles Computer Other Fixed Total
Assets Property Property Equipment Assets
£ £ £ £ £ £
Cost
-
At 1 January 2021 1,400,678 550,387 44,699 18,568 2,014,332
Additions 225,058 - - - 3,328 228,386
- - - -
Disposals (35,957) (35,957)
At 31 December 2021 1,625,736 514,430 44,699 18,568 3,328 2,206,761
Depreciation
- -
At 1 January 2021 405,346 44,699 14,314 464,359
Charge for the year - 7,893 - 2,038 205 10,136
- - - -
On disposals (35,957) (35,957)
At 31 December 2021 - 377,282 44,699 16,352 205 438,538
Net Book Value
At 31 December 2021 1,625,736 137,148 - 2,216 3,123 1,768,223
At 31 December 2020 1,400,678 145,041 - 4,254 - 1,549,973
----- End of picture text -----

Included in the cost of land and buildings is freehold land of £1,625,736 (2020: £1,400,678), which is not depreciated.

Included within the total of fixed assets above are £1,047,780 (2020: £1,051,112) worth of fixed assets held in the Republic of Ireland. The Euro equivalent is €1,247,592 (2020: €1,212,040) converted at the year-end exchange rate.

Vincent Wildlife Trust Annual Report and Financial Statements 2021 43

Notes to the Financial Statements for the year ended 31 December 2021

13 Fixed Assets Investments/ 14 Stocks/ 15 Debtors

----- Start of picture text -----
13 Fixed Assets Investments Listed Investments Unlisted Investments Total
(£) (£) (£)
Cost or Valuation
At 1 January 2021 19,058,493 22,872 19,081,365
Additions 2,254,763 - 2,254,763
-
Disposals (2,869,278) (2,869,278)
Revaluations 1,570,196 215 1,570,411
At 31 December 2020 20,014,174 23,087 20,037,261
Net Book Value
At 31 December 2021 20,014,174 23,087 20,037,261
At 31 December 2020 19,058,493 22,872 19,081,365
14 Stocks 2021 2020
(£) (£)
Publications for Resale 189 203
15 Debtors 2021 2020
(£) (£)
Due Within One Year
Trade Debtors 56,500 47,610
Other Debtors 435 6,265
Prepayments and Accrued Income 33,671 23,218
90,606 77,093
----- End of picture text -----

Included within the total of debtors due within one year above are £3,274 (2020: £12,448) worth of debtors related to activity in the Republic of Ireland. The Euro equivalent is €3,898 (2020: €13,846) converted at the year-end exchange rate.

44 Vincent Wildlife Trust Annual Report and Financial Statements 2021

Notes to the Financial Statements for the year ended 31 December 2021

16 Creditors/ 17 Financial Instruments/ 18 Prior Year Adjustments

----- Start of picture text -----
16 Creditors 2021 2020
(£) (£)
Amounts Falling Within One Year
Trade Creditors 9,304 16,402
Other Creditors 150,022 126,722
Accruals and Deferred Income 197,095 52,885
356,421 196,009
Included within the total of creditors due within one year above are £10,652 (2020: £10,688) worth of creditors related to
activity in the Republic of Ireland. The Euro equivalent is €12,683 (2020: €11,889) converted at the year-end exchange rate.
17 Financial Instruments 2021 2020
(£) (£)
Financial assets measured at fair value through income and expenditure 20,037,261 19,081,365
Financial assets measured at fair value through income and expenditure comprise fixed asset investments.
-
----- End of picture text -----

18 Prior Year Adjustments

A prior year adjustment was made in respect of a historical error in the allocation of costs to restricted funds, resulting in restricted fund balances being higher than they ought to have been. This error specifically related to the Forest of Dean and Two Moors funds and were split across two financial years – £19,818 in 2019 and £10,867 in 2020.

These errors have been corrected in the current year by way of a prior year adjustment to opening funds for the 2019 error, a prior year adjustment to restricted expenditure for the 2020 error. This has no impact on the reported surplus/deficit in either year and is purely a presentational adjustment.

There has also been a prior year adjustment made in respect of the recallable reserve in relation to one of the Charity’s investment funds of £33,066 due to there being an understatement in the prior year. This has had an impact on the reported surplus/deficit brought forward in the prior year.

The fund position as laid out in the funds notes in the statutory accounts is now in line with management’s best assessment of the fund balance.

Vincent Wildlife Trust Annual Report and Financial Statements 2021 45

Notes to the Financial Statements for the year ended 31 December 2021

19 Statement of Funds – Current Year

----- Start of picture text -----
19 Statement of Funds Balance at Income Expenditure Transfers Gains/(Losses) Balance at
– Current Year 1 January In/Out 31 December
2021 (£) (£) (£) (£) (£) 2021 (£)
Unrestricted Funds
Designated Funds
- - -
Core Financing Fund 18,600,000 850,000 19,450,000
Nature Reserves Fund 1,545,717 - - - - 1,545,717
- - -
20,145,717 850,000 20,995,717
General Funds
General Funds 547,265 115,923 (767,030) (871,176) 1,589,317 614,299
Total Unrestricted Funds 20,692,982 115,923 (767,030) (21,176) 1,589,317 21,610,016
----- End of picture text -----

46 Vincent Wildlife Trust Annual Report and Financial Statements 2021

Notes to the Financial Statements for the year ended 31 December 2021

19 Statement of Funds – Current Year Continued

----- Start of picture text -----
19 Statement of Funds Balance at Income Expenditure Transfers Gains/(Losses) Balance at
– Current Year 1 January In/Out 31 December
2021 (£) (£) (£) (£) (£) 2021 (£)
Restricted Funds
Mulkear EIP - 4,528 (7,357) 2,829 - -
Pine Marten - 852 (4,704) 3,852 - -
Recovery Project
Back from the Brink - 4,283 (4,283) - - -
(BftB)
Forest of Dean 3,156 55,199 (39,673) - - 18,682
Rock Farm Revenue 1,484 - - - - 1,484
Wildcat - 7,250 (7,800) 550 - -
Two Moors 18,094 - (18,094) - - -
Lesser Horseshoe Bat - 4,200 (5,964) 1,764 - -
Action Plan
Bat Reserves UK 118,850 227,552 (192,558) - - 153,844
- - -
Hen Harrier Project 4,559 (2,652) (1,907)
Native Woodland 13,518 1,984 - - - 15,502
Scheme
National Parks and 467 432 (899) - - -
Wildlife Service
Lesser Horseshoe Bat - 8,498 (8,498) - - -
Survey Equipment
- - - -
Hibernation Project 5,312 5,312
- - -
Lynx 56,675 (66,192) 9,517
- - -
Natur am Byth 4,040 (5,431) 1,391
- - -
Back on our Map 2,050 (504) 1,546
Irish Stoat - 5,524 (3,116) - - 2,408
Towerhill Roof Work - 1,580 - - - 1,580
- - - -
Ireland Fundraising 1,659 (1,659)
Other Restricted - - (1,273) 1,273 - -
-
165,440 383,654 (369,912) 21,176 200,358
Total of Funds 20,858,422 499,577 (1,136,942) - 1,589,317 21,810,374
----- End of picture text -----

Restricted Funds

Restricted income funds held by the charity are made up of individual giving as well as grant funding from charitable trusts and partner organisations in support of the specific projects listed. These restricted projects contribute to the delivery of the Trusts’ TenYear Strategy through evidence-led research and conservation of threatened mammals in Britain, Ireland and Continental Europe.

Designated Funds

The Core Financing Fund of £19,450,000 (2020: £18,600,000) comprises assets forming part of the Charity’s investment portfolio and short term deposits. VWT will continue to monitor the investment income to ensure long term security for the charity, this clearly depends on the direction of investment returns. VWT needs to generate at least £600,000 per annum to fund the core conservation programmes. When investment returns are positive the income may be increased to enable the development of further programmes to deliver the Ten-Year Strategy. The investments underlying this designated fund have been earmarked, therefore, to provide a continuing source of income from which to fund such essential expenditure and thereby help ensure the future of the Charity’s day-to-day work.

The Bat Reserves Fund equates to the net book value of the Charity’s freehold and leasehold bat reserves. The existence of this fund highlights the fact that the bat reserves are integral to the Charity being able to achieve its charitabl objectives and as such their value should not be regarded as funds that would be ordinarily deemed as realisable in order to meet future operating expenditure.

Vincent Wildlife Trust Annual Report and Financial Statements 2021 47

Notes to the Financial Statements for the year ended 31 December 2021

19 Statement of Funds – Prior Year

----- Start of picture text -----
19 Statement of Funds As Restated Income As Restated Transfers Gains/(Losses) Balance at 31
– Prior Year Balance at Expenditure In/Out December
1 January 2020
2020 (£) (£) (£) (£) (£) (£)
Unrestricted Funds
Designated Funds
- - -
Core Financing Fund 18,400,000 200,000 18,600,000
Nature Reserves Fund 1,556,839 - (11,122) - - 1,545,717
-
19,956,839 (11,122) 200,000 20,145,717
General Funds
General Funds 543,576 239,049 (748,854) (342,788) 856,282 547,265
Total Unrestricted Funds 20,500,415 239,049 (759,976) (142,788) 856,282 20,692,982
Restricted Funds
Bechstein’s Bats - 10,000 (10,000) - - -
Pine Marten 1,293 19,137 (20,430) - - -
Recovery Project
- - - -
Back from the Brink (BftB) 22,891 (22,891)
Forest of Dean - 31,461 (28,305) - - 3,156
Rock Farm Revenue 1,484 - - - - 1,484
Wildcat - 7,500 (7,500) - - -
Two Moors - 44,627 (26,533) - - 18,094
National Pine Marten - 10,929 (10,929) - - -
Strategy
Bat Reserves UK - 123,525 (4,675) - - 118,850
- - - -
Hen Harrier Project 4,559 4,559
Native Woodland Scheme 11,452 2,066 - - - 13,518
National Parks and - 4,483 (4,016) - - 467
Wildlife Service
- - - -
Limerick County Council 1,776 (1,776)
- - - -
Hibernation Project 5,312 5,312
- -
19,541 282,954 (137,055) 165,440
Total of Funds 20,519,956 522,003 (897,031) (142,788) 856,282 20,858,422
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48 Vincent Wildlife Trust Annual Report and Financial Statements 2021

Notes to the Financial Statements for the year ended 31 December 2021

20 Summary of Funds/ 21 Analysis of Net Assets Between Funds

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20 Summary of Funds Balance at Income Expenditure Transfers Gains/(Losses) Balance at
– Current Year 1 January In/Out 31 December
2021 (£) (£) (£) (£) (£) 2021 (£)
- - -
Designated Funds 20,145,717 850,000 20,995,717
General Funds 547,265 115,923 (767,030) (871,176) 1,589,317 614,299
Restricted Funds 165,440 383,654 (369,912) 21,176 - 200,358
-
20,858,422 499,577 (1,136,942) 1,589,317 21,810,374
20 Summary of Funds As Restated Income As Restated Transfers Gains/(Losses) Balance at 31
– Prior Year Balance at Expenditure In/Out December
1 January 2020
2020 (£) (£) (£) (£) (£) (£)
- -
Designated Funds 19,956,839 (11,122) 200,000 20,145,717
General Funds 543,576 239,049 (748,854) (342,788) 856,282 547,265
Restricted Funds 19,541 282,954 (137,055) - - 165,440
20,519,956 522,003 (897,031) (142,788) 856,282 20,858,422
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||||| |---|---|---|---| |21 Analysis of Net Assets Between Funds – Current Year|Restricted|Unrestricted|Total Funds| |Funds 2021|Funds 2021|2021| |(£)|(£)|(£)| |-| |Tangible Fixed Assets|1,768,223|1,768,223| |Fixed Asset Investments|-|20,037,261|20,037,261| |Current Assets|200,358|160,953|361,311| |Creditors Due Within One Year|-|(356,421)|(356,421)| |Total|200,358|21,610,016|21,810,374| |21 Analysis of Net Assets Between Funds – Prior Year|Restricted|Unrestricted|Total Funds| |Funds 2020|Funds 2020|2020| |(£)|(£)|(£)| |-| |Tangible Fixed Assets|1,549,973|1,549,973| |Fixed Asset Investments|-|19,081,365|19,081,365| |Current Assets|165,440|257,654|423,094| |Creditors Due Within One Year|-|(196,009)|(196,009)| |Total|165,440|20,692,983|20,858,423|

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Vincent Wildlife Trust Annual Report and Financial Statements 2021 49

Notes to the Financial Statements for the year ended 31 December 2021

22 Reconciliation of Net Movement in Funds to Net Cash Flow from Operating Activities/ 23 Analysis of Cash and Cash Equivalents/ 24 Analysis of Changes in Net Debt/ 25 Pension Commitments

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22 Reconciliation of Net Movement in Funds to Net Cash Flow 2021 2020
from Operating Activities (£) (£)
Net Income for the Year (as per Statement of Financial Activities) 951,952 338,464
Adjustments for:
Depreciation Charges 10,135 13,163
Gains on Investments (1,589,317) (856,282)
Dividends, Interests and Rents from Investments (73,564) (183,658)
-
(Profit)/Loss on the Sale of Fixed Assets 19,836
Decrease in Stocks 14 10
Decrease/(Increase) in Debtors (13,513) 30,276
Increase in Creditors 160,412 33,197
Interest Received (21) (168)
Net Cash Used in Operating Activities (553,902) (605,162)
23 Analysis of Cash and Cash Equivalents 2021 2020
(£) (£)
Cash in Hand 270,516 345,797
24 Analysis of Changes in Net Debt At 1 Jan Cash Flows At 31 Dec
2021 (£) (£) 2021 (£)
Cash at Bank and In Hand 345,797 (75,281) 270,516
345,797 (75,281) 270,516
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25 Pension Commitments

The Charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Charity in an independently administered fund. The pension cost charge represents contributions payable by the Charity to the fund and amounted to £35,286 (2020: £34,968). £4,265 was payable to the fund at the Balance Sheet date and is included in Other Creditors.

26 Operating Lease Commitments

At 31 December 2021 the Charity had commitments to make future minimum lease payments under noncancellable operating leases as follows:

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|||| |---|---|---| |2021 (£)|2020 (£)| |Not later than 1 Year|23,483|-| |Later than 1 Year and not later than 5 Years|23,433|-| |Later than 5 Years|3,673|-| |-| |50,589|

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27 Related Party Transactions

There were no related party transactions for the years ended 31 December 2021 and 31 December 2020 other than key management personnel costs and Trustees’ expenses, as disclosed in notes 10 and 11.

28 Post Balance Sheet Events

After the year end, Caram Energy (Offshore) Limited, a company in which the Charity holds an investment in, has wound down and is no longer in operational existence. The value of this investment to the Charity is £23,087 and has been written off in the 2022 financial period.

50 Vincent Wildlife Trust Annual Report and Financial Statements 2021

Key people and advisors

Registered Charity Name

The Vincent Wildlife Trust

Founder

Honourable John Vincent Weir (director 1975–2007)

Auditor

Bishop Fleming LLP Chartered Accountants Statutory Auditors 1-3 College Yard, Worcester WR1 2LB

Investment Managers

Investec Wealth & Investment Ltd

Patron of the Pine Marten Recovery Project

Iolo Williams

Charity Number

England and Wales 1112100 Scotland SC043066 Republic of Ireland 20100841

2 Gresham Street, London EC2V 7QN

J Stern & Co LLP 21 Knightsbridge, London SW1X 7LY

Brown Advisory

6-10 Bruton Street, London W1J 6PX

CapGen Partners 3 Rue Gabriel Lippmann, L-5365 Munsbach Luxemburg

Bankers

Company Registration Number

05598716

Royal Bank of Scotland

62–63 Threadneedle Street, London EC2R 8LA

Citi Private Bank

Principal and Registered Office

3-4 Bronsil Courtyard, Eastnor Ledbury, Herefordshire HR8 1EP

Citigroup Centre, 25 Canada Square, Canary Wharf London E14 5LB

Cazenove Capital Management

12 Moorgate, London EC2R 6DA

Trustees

Solicitors

Dr David J Bullock (resigned 10 December 2021) Ms Amy M Coyte (appointed 17 June 2021)

Womble Bond Dickinson (UK) LLP

3 Temple Quay, Temple Back East, Bristol BS1 6DZ

Prof Robbie McDonald

Dr Liam Lysaght

Pension Consultants

Ms Clementine J Dymond (resigned 22 July 2021)

Ms Georgina RT Holmes-Skelton Ms Sarah H Binstead Ms Shelley Moledina

Winnell Douglas

Bideford House, Church Lane, Ledbury Herefordshire HR8 1DW

Chief Executive

Dr Lucy Rogers

Company Secretary

Tim Bennett

Vincent Wildlife Trust Annual Report and Financial Statements 2021 51

52 Vincent Wildlife Trust Annual Report and Financial Statements 2021