and **Annual Report Financial Statements 31 December 2022**
## **Contents**
- **03** VWT’s Ten-Year Strategy
- **03** Our Vision and Our Mission
- **04** An overview by the Chair of Trustees and CEO
## **06** Trustees’ Report
- **07** Public benefit statement
- **08** VWT’s Ten-Year Strategy
**10** Main achievements during 2022
**18** Other work to support our Ten-Year Strategy
## **20** Financial Review
- **22** Grants and donations
- **24** Fundraising
- **25** Looking ahead
- **26** Structure, governance and management
- **27** Responsibilities of the Trustees
**28** Auditors’ Report
- **29** Opinion
- **29** Basis for opinion
- **29** Conclusions relating to going concern
- **29** Other information
- **29** Opinion on other matters prescribed by the Companies Act 2006
- **30** Matters on which we are required to report by exception
- **30** Responsibilities of the Trustees
- **30** Auditors’ responsibilities for the audit
- of the financial statements
- **31** Use of our report
- **32** Statement of Financial Activities
- **33** Balance Sheet
- **34** Statement of Cash Flows
- **35** Notes to the Financial Statements
**51** Key people and advisors
**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.**
**2** Vincent Wildlife Trust Annual Report and Financial Statements 2022
## **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 2022 **3**
## **An overview by the Chair of Trustees and CEO**
Welcome to Vincent Wildlife Trust’s Annual Report and Financial Statements for 2022. The report showcases our key achievements during the third year of our Ten-Year Strategy, 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 British 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. VWT 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.
This year we were back to full strength in delivering a packed programme of fieldwork following COVID-19, extending our reach to prioritise a greater range of species over a larger geographic area and working increasingly at a landscape scale so that we can conserve threatened mammals by leading the way with scientifically-sound conservation work.
For example, in early 2022, we concluded a study carried out on behalf of the Lynx to Scotland project — a partnership of Scotland
the Big Picture and Trees for Life — to explore the views of local groups on lynx reintroduction. And at the end of 2022, we visited Romania and met with organisations that we will be working with in 2023 on the conservation of the Critically Endangered European mink.
Working in partnership with Mulkear Catchment Ltd in Ireland on a European Innovation Partnership (EIP) project, we launched an exciting initiative working with farmers to build bat houses for lesser horseshoe bats within the Mulkear River Catchment. We also worked with The National Parks and Wildlife Service to co-author an Action Plan for lesser horseshoe bats, which is the first of its kind in Ireland.
**4** Vincent Wildlife Trust Annual Report and Financial Statements 2022
We were hugely relieved when the Sussex Bat Appeal that we launched in September 2021 raised the funds to purchase the site of a newlydiscovered greater horseshoe bat colony in Sussex early this year. We have continued to work closely with Sussex Bat Group to fundraise for the restoration of the derelict building and to clear the site in preparation for the building work to begin. Both the purchase and plans for the restoration would not have been possible without VWT’s Board of Trustees agreeing to underwrite the project and to use drawdown from the investments to contribute to the fundraising total.
We were delighted to welcome several new staff to the VWT team, including Dr Stephanie Johnstone, Martens on the Move Project Manager;
Rachel Leach, Administration Assistant; Daniel Hargreaves, Bat Programme Manager; Averil Clother, Operations Manager; and Rowena Staff, Volunteering and Community Engagement Officer (Maternity Cover). Sadly, we said goodbye to Helen Henderson, Operations Manager, and Lara Semple, Volunteering and Community Engagement Officer (Maternity Cover).
Without all your support and cooperation, we could not achieve the important work that we do.
We are so grateful to all our staff, students and volunteers who together make VWT such an effective team, and one of which we are very proud to be a part. We are also very grateful to the many organisations and individuals who have supported us through grants and donations, and to the landowners and partners with whom we work.
Vincent Wildlife Trust Annual Report and Financial Statements 2022 **5**
**6** Vincent Wildlife Trust Annual Report and Financial Statements 2022
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 2022 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 2022 **7**
## **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** ;
**2 3 4 5**
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.
**8** Vincent Wildlife Trust Annual Report and Financial Statements 2022
Vincent Wildlife Trust Annual Report and Financial Statements 2022 **9**
**1**
strengthened the resilience of VWT priority bat populations at the local, regional and national level with a comprehensive network of bat reserves.
**10** Vincent Wildlife Trust Annual Report and Financial Statements 2022
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Vincent Wildlife Trust Annual Report and Financial Statements 2022 11
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## **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 2022**
A Natur am Byth! — a multi-partner National Lottery Heritage Fund project on species recovery in Wales B Producing a lesser horseshoe bat Species Action Plan in Ireland
C Completion of the Mulkear Project — a network of small roosts for lesser horseshoe bats in the county
**12** Vincent Wildlife Trust Annual Report and Financial Statements 2022
Vincent Wildlife Trust Annual Report and Financial Statements 2022 **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 2022
Vincent Wildlife Trust Annual Report and Financial Statements 2022 **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 2022
addressed evidence gaps and data deficiency for VWT Priority Species so that conservation effort is better informed. **5**
a known-age population. This long-term monitoring project is still at its early stages but in time will allow us to establish population dynamics and carry out genetic analyses to better understand the species and to help with its conservation.
In contrast, at Bracketts Coppice, the Bechstein’s bats have been using the boxes since 1998. With 24 years of data, we have been able to study individual bats through their entire lifespan, determine molecular methods for ageing them and analysing the population structure as a whole. This year, the colony of Bechstein’s bats had 112 individuals compared to 88 individuals in 2021 with 41 pups this year compared to just 18 in 2021. This is likely to be due to the drier, milder spring enabling more females to give birth successfully this summer. Dr Sam Ellis, research fellow at the University of Exeter, has been helping us to analyse the data further and has found that when
recording the level of barbastelle activity around sunset with acoustic bat detectors. This methodology was subsequently used by VWT volunteers across the country to survey nearly 80 woodlands to determine the presence of nearby barbastelle colonies. During 2022, VWT re-visited some of these woodlands in order to validate what the acoustic data was telling us regarding the presence (or absence) of colonies. We surveyed 17 woodlands using mist nets and harp traps to catch barbastelles, attach tags to them and radio-track them back to their roost site. Once we located the roost tree, we set up infra-red cameras and filmed their emergence, enabling us to get an accurate count of the roost size. A total of 34 barbastelles were caught across all the sites, 13 of which were suitable for attaching radio tags. This led to the discovery of five new barbastelle colonies, at least one of which is the largest colony in its respective county.
Vincent Wildlife Trust Annual Report and Financial Statements 2022 **17**
## **Other work to support our Ten-Year Strategy**
**1 People and partnerships Volunteer hours breakdown for 2022 Other work s** Effective partnership working continues to be a core **Volunteering task Hours** ~~**upporting our**~~ of our success and we continued to build relationships Monitoring and maintenance on bat reserves 905 in Britain with local communities where we are working on the ground. We also worked closely with volunteers Bat box checks in Britain 147 **Ten-year Stra** and stakeholders, as well as a wide range of NGO ~~**tegy**~~ Bats miscellaneous (eg, radio tracking, 49 and university partnerships to deliver the Ten-Year helping with night roosts) Strategy. For example, local communities have Carnivore programme 129.5 been very important for the success of the Mulkear Martens on the Move 2 River Catchment Project in Limerick, as well as for Ireland emergence surveys 42.5 the development year of the Martens on the Move **Total 1,275** project. We have built up strong new partnerships for projects such as our European mink work with Fauna **Partnerships** & Flora International (FFI), the Romanian Wilderness We continued to work virtually with a wide range of NGO Society (RWS) and the Danube Delta Research Institute and university partnerships. We formed a new project in Romania, along with a partnership uniting nine partnership with Scotland: the Big Picture and Trees for environmental charities with Natural Resources Wales Life to evaluate the social feasibility of potential future (NRW) for Natur am Byth! — a National Lottery Heritage reintroduction of Eurasian Lynx ( _Lynx lynx_ ) to Scotland. Fund project.
## **Volunteering in 2022**
It has been another fantastic year for volunteering at VWT with dedicated volunteers contributing almost 1,200 hours of their time to a wide range of projects, particularly at our bat reserves. Following training during 2021, some have taken on responsibility as lead volunteers for the National Bat Monitoring Programme counts at a number of the reserves, as well as assisting with maintenance work and checking for impacts of the roost resilience work carried out last year in England. Volunteers also helped us with the long-term monitoring of Bechstein’s bats and barbastelles at two woodland study sites.
## **2 Skills**
We maintained our **research** collaboration with a number of universities and research institutes to ensure our conservation is evidence led. During 2022, we directly supported **three** PhD students working with the Universities of Sussex and Exeter and co-supervised a number of other postgraduate students.
We continued to publish our research and scientific work to share with the wider conservation and scientific community. Nine VWT staff and one student produced or contributed to **nine** academic and peer-reviewed papers, **two** books and **two** reports including:
At our newly acquired greater horseshoe bat reserve in West Sussex, volunteers from Surrey Bat Group and Sussex Bat Group were on site in spring and again in autumn, contributing 165 hours to clear the site, making it ready for building restoration work to take place in the winter. Other volunteers across Britain and Ireland carried out a number of other important tasks this year — catching and radiotracking barbastelles, carrying out bat box checks, monitoring trail cameras for mustelids, creating education materials and reviewing bat footage. In October we hosted our first ever online VWT Volunteer Conference with presentations from Katie Allan and Kieran O’Malley on their PhD projects, updates on bat emergence survey findings from across our British and Irish reserves, and an introduction to the Martens on the Move project by Stephanie Johnstone.
Registered volunteers in 2022 — **322** (Britain: 257; Ireland: 65) Volunteers active in 2022 **181** (Britain: 171; Ireland: 10)
## This equates to £15,090.00*.
* _Volunteer value is calculated on an hourly basis at a standard rate of £10 per hour in line with The National Lottery Heritage Fund Guidelines._
## **Papers**
- Allison Barg, Jenny MacPherson, Anthony Caravaggi (2022).
- Spatial and temporal trends in western polecat road mortality in Wales. PeerJ 10:e14291 https://doi.org/10.7717/peerj.14291
- Elizabeth Croose, Ruth Hanniffy, Andrew Harrington, Madis
- Pðdra, Asun Gómez, Polly L. Bolton, Jenna V. Lavin, Samuel S. Browett, Javier Pinedo Ruiz, David Lacanal Arnaez, Iñaki Galdos, Jon Ugarte, Aitor Torre, Patrick Wright, Jenny MacPherson, Allan D. McDevitt, Stephen P. Carter, Lauren A. Harrington. (2022). Mink on the brink: Comparing survey methods for detecting a Critically Endangered carnivore, the European mink _Mustela lutreola_ . bioRxiv. https://doi.org/10.1101/2022.07.12.499692
- Tom R. Dando, Sarah L.Crowley, Richard P. Young, Stephen P.
- Carter, Robbie A. McDonald (2022). Social feasibility assessments in conservation translocations. Trends in Ecology & Evolution, https://doi.org/10.1016/j.tree.2022.11.013
- Graham J. Etherington, Adam Ciezarek, Rebecca Shaw, Johan
- Michaux, Elizabeth Croose, Wilfried Haerty, Frederica Di Palma (2022). Extensive genome introgression between domestic ferret and European polecat during population recovery in Great Britain. Journal of Heredity. esac038, https://doi.org/10.1093/ jhered/esac038
- Domhnall Finch, Henry Schofield, Josh Firth, Fiona Mathews (2022).
- Social networks of the greater horseshoe bat during the hibernation season: a landscape-scale case study. Animal Behaviour 188: 25-34 https://doi.org/10.1016/j.anbehav.2022.03.019
**18** Vincent Wildlife Trust Annual Report and Financial Statements 2022
##
##
## **3 Profile and publicity**
- Lenihan, P., Flaherty, M., Finch, D., McAney, K. (2021). Modelling
- connectivity pathways between Lesser Horseshoe Bat ( _Rhinolophus hipposideros_ (Bechstein)) maternity roosts in Ireland. Irish Naturalists’ Journal 38: 14-19.
The Sussex Bat Appeal dominated our communications output during 2022 year with a peak of media interest in January, including interviews with The Guardian, BBC Breakfast News, Times Radio, Channel 4 News and BBC Radio Sussex. Further features throughout the year including BBC Spring Watch in June 2022 and ITV News Online with Malcolm Shaw on 2 October.
**•** Paul Tinsley-Marshall, Harriet Downey, Gilbert Adum, Nida Al-Fulaij, Nigel A.D. Bourn, Peter N.M. Brotherton, Winifred F. Frick, Mark H. Hancock, Josh Hellon, Michael A. Hudson, Kenny Kortland, Kate Mastro, Catherine M. McNicol, Tom McPherson, Simon Mickleburgh, James F. Moss, Christopher P. Nichols, David O’Brien, Nancy Ockendon, Stuart Paterson, Danni Parks, Stuart L. Pimm, Henry Schofield, Ashley T. Simkins, James Watuwa, Kathy Wormald, John Wilkinson, Jeremy D. Wilson, William J. Sutherland (2022). Funding and delivering the routine testing of management interventions to improve conservation effectiveness. Journal for Nature Conservation 67. https://doi.org/10.1016/j.jnc.2022.126184
## **Social media**
Our impact on social media continued to increase during 2022, with overall users across all four platforms (Twitter, Facebook, Instagram and LinkedIn) at **25,407** , which is a **5%** increase on 2021.
- Patrick G.R. Wright, Elizabeth Croose, Jenny MacPherson (2022).
- A global review of the conservation threats and status of mustelids. Mammal Review. https://doi.org/10.1111/mam.12288
**•** Patrick G.R. Wright, Tom Kitching, Ruth Hanniffy, Marina Bollo Palacios, Kate McAney, Henry Schofield (2022). Effect of roost management on populations trends of _Rhinolophus hipposideros_ and _Rhinolophus ferrumequinum_ in Britain and Ireland. Conservation Evidence 19, 21-26 https://doi.org/10.52201/ CEJ19BUJS9747
## **Print media**
VWT has written one article in one specialist magazine — an article by Hilary MacMillan on greater horseshoe bats for Sussex Wildlife Trust magazine.
## **Books**
## **Online**
- Schofield, H., Reiter, G., Dool, S.E. (2022). Lesser Horseshoe
- Bat _Rhinolophus hipposideros_ (André, 1797). In: Hackländer, K., Zachos, F.E. (eds) Handbook of the Mammals of Europe. Handbook of the Mammals of Europe. Springer, Cham. https://doi.org/10.1007/978-3-319-65038-8_39-1
We launched a new Sussex Bat Appeal video in September 2022 on the one-year anniversary of the appeal launch in September 2021.
- Colin Lawton and Kate McAney Chapter 18: The Mammals of
- Clare Island. In ‘New Survey of Clare Island, Volume 10: Land and Freshwater Fauna’. Royal Irish Academy, Dublin, 2022.
We continued to post blogs on our website, written by staff, Trustees and volunteers and during 2022 we posted **five** blogs, **three** of which were written by volunteers.
## **Reports**
## **TV and Radio**
**•** The Lynx to Scotland Project: assessing the social feasibility of potential Eurasian lynx reintroduction to Scotland (David Bavin and Jenny MacPherson) Scotland the Big Picture, Trees for Life and Vincent wildlife Trust. https://www.vwt.org.uk/wp-content/ uploads/2022/04/LynxReport4March2022Compressed.pdf
VWT took part in **eight** interviews on a range of TV and Radio programmes.
- NPWS and VWT (2022) Lesser Horseshoe Bat Species Action Plan
- 2022-2026. National Parks and Wildlife Service, Department of Housing, Local Government and Heritage, Ireland.
We also delivered a total of **38** presentations and **two** posters at events and conferences, **48** training events and hosted **two** online conferences:
**•** The 34th European Mustelid Colloquium in September 2022 attended by more than 100 participants from 18 different countries;
**•** The 3rd All Ireland Pine Marten Symposium in partnership with NPWS and Abbeyleix Bog, attended by 88 participants from seven countries.
Vincent Wildlife Trust Annual Report and Financial Statements 2022 **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.
**20** Vincent Wildlife Trust Annual Report and Financial Statements 2022
The charity’s total expenditure for the year was £1,156,055 (2021: £1,136,942), of which 90% (2021: 91%) 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 £99,278 (2021: £88,925) and other general fundraising expenditure totalled £16,643 (2021: £14,658).
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. Voluntary income from grants and donations increased to £481,484 from £424,215 in 2021. Investment income (revenue returns) also increased to £97,942 in 2022 from £73,585 in 2021. Total income for the year saw an overall increase from the prior year and was £680,276 versus £499,577 in 2021.
Before taking into account any gains or losses on investment assets, the charity’s net expenditure for the year was therefore £475,779 (2021: £637,365).
Realised gains from the sale of investments during the year totalled £92,221 (2021: £30,001) and unrealised losses on revaluation at the balance sheet date were £1,220,603 (2021: £1,570,412). After taking account of these investment gains, the net movement in the charity’s funds for the year was therefore a decrease of £1,555,091 versus an increase of £951,952 in 2021.
The charity’s total funds carried forward at the end of the year therefore decreased to £20,255,283 (2021: £21,810,374), of which £76,103 (2021: £200,358) 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 2022 were £20,179,180 (2021: £21,610,016). 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 £600,077 at 31 December 2022 (2021: £614,299) 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.
We continued to use Brown Advisory and CapGen Partners as our investment portfolio managers throughout 2022, alongside Trustee Managed investments in the Prestige Alternative Finance 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 2022, $1,868,276 had been invested leaving $131,724 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 2022 **21**
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 £97,942 (2021: £73,585) represents only the revenue element of investment income generated in the year. The total amount drawn from the portfolio during the year was £730,030 (2021: £649,184).
## 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 2022***
***** _some of whom donated in 2021 but whose money was used in part in 2022._
- **[ • ][Betty Phillips Charitable Trust]**
- **Chichester District Council**
- **Department of Agriculture, Food**
- **and the Marine (Ireland)**
- **Department of Environment, Climate and**
- **Communications, via the Irish Environmental Network (IEN)**
- **Department of Housing, Local Government**
- **and Heritage (Ireland)**
- **Eurobats Scientific Advisory Committee**
- **Forest Research**
- **Galway City Council**
- **The Helvellyn Foundation**
- **Idris and Margaret Jones Charitable Trust**
- **Natural Resources Wales**
- **Oakdale Trust**
- **Peoples Trust for Endangered Species**
- **The David and Claudia Harding Foundation**
- **The Generations Foundation**
- **The National Lottery Heritage Fund**
- **The National Parks and Wildlife Service (Ireland)**
- **The Swire Charitable Trust**
- **Trees for Life**
- **South Downs National Park Authority**
## **Sussex Bat Appeal 2021-2022**
Nearly **1,500** donations have been made to the Sussex Bat Appeal since it was launched in September 2021. These include **22** local bat groups, **18** ecological consultancies and **nine** grants — including from South Downs National Park Authority, Chichester District Council, The Swire Charitable Trust, The Generations Foundation and The Peoples Trust for Endangered Species, as well as many individual donors.
**22** Vincent Wildlife Trust Annual Report and Financial Statements 2022
Vincent Wildlife Trust Annual Report and Financial Statements 2022 **23**
**24** Vincent Wildlife Trust Annual Report and Financial Statements 2022
Vincent Wildlife Trust Annual Report and Financial Statements 2022 **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 2022, 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 2022
## **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 **8 July 2023** 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:
- [select suitable accounting policies and then apply ]
- them consistently;
- [observe the methods and principles in the ]
- Charity SORP;
- [make judgements and estimates that are ]
- reasonable and prudent;
- [prepare the financial statements on the going ]
- concern basis unless it is inappropriate to presume that the charitable company will continue in business.
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:
- [there is no relevant audit information of which ]
- the charitable company’s auditors are 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 auditors are aware of that information.
Vincent Wildlife Trust Annual Report and Financial Statements 2022 **27**
**28** Vincent Wildlife Trust Annual Report and Financial Statements 2022
## Opinion
We have audited the financial statements of The Vincent Wildlife Trust (the ‘charitable company’) for the year ended 31 December 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
- [give a true and fair view of the state of the ]
- charitable company’s affairs as at 31 December 2022 and of its incoming resources and application of resources, including its income and expenditure, 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, Charities Act 2011, the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 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 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 United Kingdom, including the Financial Reporting Council’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.
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.
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:
- [the information given in the Trustees’ Report ]
- for the financial year for which the financial statements are prepared is consistent with the financial statements.
- [the Trustees’ Report of the Trustees has been ]
- prepared in accordance with applicable legal requirements.
Based on the work we have performed, we have not identified any material uncertainties relating to events
Vincent Wildlife Trust Annual Report and Financial Statements 2022 **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:
- [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; or
- [the Trustees were not entitled to prepare the ]
- financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the Trustees’ Report and from the requirement to prepare a Strategic Report.
## 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 144 of the Charities Act 2011 and section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 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 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.
In assessing the risk of material misstatement in respect of irregularities, including fraud and non compliance with laws and regulations, our procedures included the following:
- [the nature of the sector, control environment and ]
- the Charity’s performance;
- [results of our enquiries of management and the ]
- Trustees, about their own identification and assessment of the risks of irregularities;
- [any matters we identified having obtained and ]
- reviewed the Charity’s documentation of their policies and procedures relating to: identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non compliance; detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; the internal controls established to mitigate risks of fraud or non compliance with laws and regulations;
- [the matters discussed among the audit engagement ]
- team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud, which included incorrect recognition of revenue, management override of controls using manual journal entries, purchase ledger, and identified the greatest potential for fraud as incorrect recognition of revenue and management override using manual journal entries
**30** Vincent Wildlife Trust Annual Report and Financial Statements 2022
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 identified and obtained an understanding of the laws and regulations that are of significance to the Charity by discussions with Trustees and by updating our understanding of the sector in which the Charity operated in. Laws and regulations that are of direct significance to the Charity and of which non compliance could result in material misstatement are the Charities Act, Charities SORP and tax legislation.
In addition, we 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:
- [Reviewing the financial statement disclosures ]
- and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
- [Reviewing the financial statement disclosures and ]
- testing to supporting documentation to assess the recognition of revenue, in line with longer-term contract accounting methodologies;
- [Enquiring of Trustees and management concerning ]
- actual and potential litigation and claims;
- [Performing procedures to confirm material compliance ]
- with the requirements of the above regulations;
- [Performing analytical procedures to identify any ]
- unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
- [Reading minutes of Trustee meetings; and]
- [In addressing the risk of fraud through management ]
- override of controls, testing the appropriateness of journal entries and other adjustments; and assessing whether the judgements made in making accounting estimates are indicative of a potential bias.
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.
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 Charity’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 accorance 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.
**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: 13 July 2023
Bishop Fleming LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
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
Vincent Wildlife Trust Annual Report and Financial Statements 2022 **31**
## Statement of Financial Activities
## (Incorporating income and expenditure account)
for the year ended 31 December 2022
**----- Start of picture text -----**
Restricted Unrestricted Total Funds Total Funds
Funds 2022 (£) Funds 2022 (£) 2022 (£) 2021 (£ )
Notes
Income from:
Donations and legacies 285,603 195,881 481,484 424,215
Investments 4 - 97,942 97,942 73,585
Other income 5 91,067 9,783 100,850 1,777
Total income 376,670 303,606 680,276 499,577
Expenditure on
Raising funds 6 8,032 107,889 115,921 103,583
Charitable activities 7 252,351 787,783 1,040,134 1,033,359
Total expenditure 260,383 895,672 1,156,055 1,136,942
Net income/(expenditure) before 116,287 (592,066) (475,779) (637,365)
net gains on investments
Net (losses)/gains on investments 13 - (1,079,312) (1,079,312) 1,589,317
Net income/(expenditure) 116,287 (1,671,378) (1,555,091) 951,952
Transfers between funds 18 (240,542) 240,542 - -
Net movement in funds (124,255) (1,430,836) (1,555,091) 951,952
Reconciliation of funds
Total funds brought forward 200,358 21,610,016 21,810,374 20,858,422
Net movement in funds (124,255) (1,430,836) (1,555,091) 951,952
Total funds carried forwards 19 76,103 20,179,180 20,255,283 21,810,374
**----- End of picture text -----**
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 2022
## Balance Sheet
as at 31 December 2022 (Registered Number: 05598716)
**----- Start of picture text -----**
2022 (£) 2021 (£)
Notes
Fixed assets
Tangible assets 12 1,840,608 1,768,223
Investments 13 18,240,204 20,037,261
Total 20,080,812 21,805,484
Current assets
Stocks 14 445 189
Debtors 15 49,117 90,606
Cash at bank and in hand 377,430 270,516
Total 426,992 361,311
Creditors
Amounts falling due within one year 16 (252,521) (356,421)
Net current assets 174,471 4,890
Total assets less current liabilities 20,255,283 21,810,374
Total net assets 20,255,283 21,810,374
Charity Funds
Restricted funds:
Restricted funds 18 76,103 200,358
Unrestricted funds 18 20,179,180 21,610,016
Total funds 20,255,283 21,810,374
**----- End of picture text -----**
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:8 July 2023
The notes on pages 35 to 50 form part of these financial statements.
Vincent Wildlife Trust Annual Report and Financial Statements 2022 **33**
## Statement of Cash Flows
for the year ended 31 December 2022
**----- Start of picture text -----**
2022 (£) 2021 (£)
Notes
Cash flow from operating activities
Net cash used in operating activities 21 (485,154) (553,902)
Cash flow from investing activities
Dividends, interests and rents from investments 97,412 73,564
Proceeds from the sale of tangible fixed assets 450 -
Purchase of tangible fixed assets (82,778) (228,385)
Proceeds from sale of investments 946,778 2,888,184
Purchase of investments (370,324) (2,254,763)
Interest received 530 21
Net cash provided by investing activities 592,068 478,621
Change in cash and cash equivalents in the year 106,914 (75,281)
Cash and cash equivalents at the beginning of the year 270,516 345,797
Cash and cash equivalents at the end of the year 22 377,430 270,516
**----- 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 2022
## Notes to the Financial Statements for the year ended 31 December 2022 **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 occurred.
## **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.
Vincent Wildlife Trust Annual Report and Financial Statements 2022 **35**
## Notes to the Financial Statements
## for the year ended 31 December 2022 **2 Accounting Policies** continued
Support costs include all overhead expenditure relating to head office. The basis for allocating Non project-funded conservation team costs and support costs 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.
is not depreciated. The depreciation charge for any buildings which are deliberately left in a condition unfit for human habitation is considered to be immaterial. Carrying values 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:
## **2.8 Taxation**
The Charity is exempt from corporation tax on its charitable activities.
## **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
**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**
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.
**36** Vincent Wildlife Trust Annual Report and Financial Statements 2022
## Notes to the Financial Statements for the year ended 31 December 2022
## **2 Accounting Policies** continued
## **2.12 Debtors**
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Pre-payments are valued at the amount prepaid net of any trade discounts due.
## **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.
## **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.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The 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.
Vincent Wildlife Trust Annual Report and Financial Statements 2022 **37**
## Notes to the Financial Statements for the year ended 31 December 2022
**3 Income from Donations and Legacies**
**----- Start of picture text -----**
3 Income from Donations and Legacies Restricted Unrestricted Total Funds Total Funds
Funds 2022 (£) Funds 2022 (£) 2022 (£) 2021 (£)
Donations – UK
Donations - 3,206 3,206 13,716
Donations – Pine Marten Recovery Project 781 - 781 852
Donations – Bat Reserves 2,320 - 2,320 333
-
Donations – Sussex Bat Appeal 102,817 102,817 96,931
105,918 3,206 109,124 111,832
Donations – Ireland
Other - 3,232 3,232 4,254
Grant income – UK
Back from the Brink (BftB) - - - 4,283
Bat Reserves UK 8,117 - 8,117 107,960
Other bat projects - - - 7,228
Martens on the Move 51,637 - 51,637 -
Forest of Dean - - - 55,199
Wildcat PhD 2,750 - 2,750 7,250
- - -
Back On Our Map 2,050
-
Lynx to Scotland 8,990 8,990 56,675
-
Natur am Byth! 10,637 10,637 4,040
-
Sussex Bat Appeal 45,000 45,000 15,000
-
Core Funding 10,000 156,100 166,100
137,131 156,100 293,231 259,685
Grant income – Ireland
-
DECC via IEN funding 33,343 33,343 22,691
- - -
Hen Harrier Project (2,652)
NPWS 11,110 - 11,110 9,862
Native Woodland Scheme 1,970 - 1,970 1,984
- -
Galway City Council 2,696 2,696
- - -
Heritage Council 8,498
-
Mulkaer EIP Project 26,778 26,778 4,528
- - -
DECC via IEN - Project Funding 3,533
42,554 33,343 75,897 48, 444
Total 2022 285,603 195,881 481,484 424,215
Total 2021 383,554 40,661 424,215
**----- End of picture text -----**
The Euro equivalent of donations and legacies above relating to operational activities in the Republic of Ireland is €89,234 (2021: €62,748) as converted at the year-end exchange rate.
**38** Vincent Wildlife Trust Annual Report and Financial Statements 2022
## Notes to the Financial Statements for the year ended 31 December 2022
## **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 2022 (£) 2022 (£) 2021 (£)
Income from listed investments 97,412 97,412 73,564
Bank interest receivable 530 530 21
97,942 97,942 73,585
Total 2021 73,585 73,585
5 Other Incoming Resources Restricted Unrestricted Total Funds Total Funds
Funds 2022 (£) Funds 2022 (£) 2022 (£) 2021 (£)
Publications – UK - 679 679 814
Other income – UK - 6,530 6,530 274
Other income – Ireland - 2,574 2,574 589
Other income – UK Bat Reserves 100 - 100 100
Sale of TImber – Ireland 90,967 - 90,967 -
91,067 9,783 100,850 1,777
Total 2021 100 1,677 1,777
**----- End of picture text -----**
Other income includes training and education workshops, the sale of bat boxes, the sale of timber, 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 €105,486 (2021: €701) as converted at the year end exchange rate.
**----- Start of picture text -----**
||||||
|---|---|---|---|---|
|6 Expenditure on Raising Funds|Restricted|Unrestricted|Total Funds|Total Funds|
|Funds 2022 (£)|Funds 2022 (£)|2022 (£)|2021 (£)|
|-|
|Investment Management fees|99,278|99,278|88,925|
|Fundraising expenses|8,032|8,611|16,643|14,658|
|8,032|107,889|115,921|103,583|
|Total 2021|3,472|100,111|103,583|
**----- 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 2022 (£) Funds 2022 (£) 2022 (£) 2021 (£)
Research and Surveys – UK 165,593 371,535 537,128 456,565
Bat Reserves – UK 30,257 164,898 195,155 317,040
Research and Surveys – Ireland 17,411 149,932 167,343 146,802
Bat Reserves – Ireland 39,090 44,223 83,313 54,478
Governance Costs - 57,645 57,645 58,474
- -
Profit on Sale of Assets (450) (450)
252,351 787,783 1,040,134 1,033,359
Total 2021 366,440 666,919 1,033,359
**----- End of picture text -----**
Vincent Wildlife Trust Annual Report and Financial Statements 2022 **39**
## Notes to the Financial Statements for the year ended 31 December 2022 **8 Analysis of Expenditure by Activities**
**----- Start of picture text -----**
8 Analysis of Expenditure by Activities Activities Support Costs Total Funds Total Funds
undertaken 2022 2022 2021
directly 2022 (£) (£) (£) (£)
Research and Surveys – UK 385,693 151,435 537,128 456,565
Bat Reserves – UK 125,209 69,946 195,155 317,040
Research and Surveys – Ireland 117,643 49,700 167,343 146,802
Bat Reserves – Ireland 69,056 14,257 83,313 54,478
Governance Costs - 57,645 57,645 58,474
- -
Profit on Sale of Assets (450) (450)
697,601 342,533 1,040,134 1,033,359
Total 2021 712,157 321,202 1,033,359
**----- 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 2022 and Surveys – Ireland 2022 Funds Funds
Analysis of Direct Costs – UK 2022 (£) – Ireland 2022 2022 2021
(£) (£) (£) (£) (£)
- -
Depreciation 4,560 3,332 7,892 7,892
- - -
Pine Marten Recovery 3,875 3,875 4,704
Project
Martens on the Move 47,891 - - - 47,891 -
- - - - -
Back from the Brink (BftB) 1,516
Two Moors 328 - - - 328 4,014
Professional Fees 777 - - - 777 544
National Pine Marten - - - - - 307
Strategy
Forest of Dean 9,361 - - - 9,361 22,082
Wildcat 4,376 - - - 4,376 551
- - -
Lynx 7,551 7,551 34,166
Romanian Mink 6,420 - - - 6,420 966
Bat Programme - - - - - 72
Other Research and 34,440 - - - 34,440 40,679
Projects
Bat Reserves – Maintenance - 78,183 - 53,469 131,652 193,407
and Improvements
Non Project-Funded 261,231 34,825 90,540 11,663 398,259 369,242
Conservation Team Costs
- - -
Research and Project 24,876 24,876 21,036
Fieldwork
Other - - 2,227 592 2,819 2,524
- - -
Natur am Byth! 8,824 8,824 3,128
Back On Our Map 619 - - - 619 272
- - -
Sussex Bat Appeal 7,641 7,641 5,055
385,693 125,209 117,643 69,056 697,601 712,157
Total 2021 311,562 255,971 101,945 42,679 712,157
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**40** Vincent Wildlife Trust Annual Report and Financial Statements 2022
## Notes to the Financial Statements for the year ended 31 December 2022
**8 Analysis of Expenditure by Activities continued**
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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 2022 (£) 2022 (£) 2022 (£) 2022 (£) 2022 (£)
Staff Costs 104,901 48,453 34,428 9,876 19,704
Legal and Professional Fees 9,659 4,461 3,170 909 1,814
Office Costs 36,875 17,032 12,102 3,472 15,731
Audit Fees - - - - 12,876
- - - -
Trustees’ Expenses 7,520
151,435 69,946 49,700 14,257 57,645
Total 2021 145,003 61,069 44,857 11,799 58,474
Loss on sale of Total funds Total funds
assets 2022(£) 2022 (£) 2021 (£)
-
Staff Costs 217,362 223,913
Legal and Professional Fees (450) 19,563 10,991
-
Office Costs 85,212 67,578
Audit Fees - 12,876 13,648
-
Trustees’ Expenses 7,520 5,072
(450) 342,533 321,202
Total 2021 - 321,202
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The Euro equivalent of support costs above relating to operational activities in the Republic of Ireland is €72,429 (2021: €67,460) as converted at the year-end exchange rate.
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||||
|---|---|---|
|Support costs are split across the activities|2022 (%)|2021 (%)|
|on the basis of time spent:|
|Research and Surveys – UK|48|45|
|Research and Surveys –|16|14|
|Ireland|
|Bat Reserves – UK|22|19|
|Bat Reserves – Ireland|5|4|
|Governance Costs|9|18|
|100|100|
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Vincent Wildlife Trust Annual Report and Financial Statements 2022 **41**
## Notes to the Financial Statements for the year ended 31 December 2022
**9 Auditors’ Remuneration/ 10 Staff Costs/ 11 Trustees’ Remuneration and Expenses**
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9 Auditors’ Remuneration 2022 (£) 2021 (£)
Fees payable to the Charity’s auditor for the audit of the Charity’s annual accounts 12,600 10,890
10 Staff Costs 2022 (£) 2021 (£)
Wages and Salaries 540,396 528,499
Social Security Costs 53,852 51,267
Contribution to defined contribution pension schemes 36,210 35,286
630,458 615,052
The average number of persons employed by the Charity during the year was
as follows:
2022 2021
Field Staff (FTE – 2022: 10; 2021: 11) 11 12
Administrative Staff (FTE – 2022: 6; 2021: 5) 9 9
20 21
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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 (2021: None).
## **Trustees’ Expenses**
During the year ended 31 December 2022, expenses totalling £921 were reimbursed or paid directly to three Trustees (2021: £1,108 to nine Trustees).
**42** Vincent Wildlife Trust Annual Report and Financial Statements 2022
## Notes to the Financial Statements for the year ended 31 December 2022
**12 Tangible Fixed Assets**
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12 Tangible Fixed Freehold Leasehold Motor Vehicles Computer Other Fixed Total
Assets Property Property Equipment Assets
£ £ £ £ £ £
Cost
At 1 January 2022 1,625,736 514,430 44,699 18,568 3,328 2,206,761
Additions 79,113 - - 3,665 - 82,778
- - - -
Disposals (12,330) (12,330)
At 31 December 2022 1,704,849 514,430 32,369 22,233 3,328 2,277,209
Depreciation
At 1 January 2022 - 377,282 44,699 16,352 205 438,538
Charge for the year - 7,892 - 2,168 333 10,393
- - - -
On disposals (12,330) (12,330)
At 31 December 2022 - 385,174 32,369 18,520 538 436,601
Net Book Value
At 31 December 2022 1,704,849 129,256 - 3,713 2,790 1,840,608
At 31 December 2021 1,625,736 137,148 - 2,216 3,123 1,768,223
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Included in the cost of land and buildings is freehold land of £1,704,849 (2021: £1,625,736), which is not depreciated.
Included within the total of fixed assets above are £1,044,448 (2021: £1,047,780) worth of fixed assets held in the Republic of Ireland. The Euro equivalent is €1,177,824 (2021: €1,247,592) converted at the year-end exchange rate.
Vincent Wildlife Trust Annual Report and Financial Statements 2022 **43**
## Notes to the Financial Statements for the year ended 31 December 2022
**13 Fixed Assets Investments/ 14 Stocks/ 15 Debtors**
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13 Fixed Assets Investments Listed Investments Unlisted Investments Total
(£) (£) (£)
Cost or Valuation
At 1 January 2022 20,014,174 23,087 20,037,261
Additions 370,324 - 370,324
-
Disposals (946,778) (946,778)
Revaluations (1,197,516) (23,087) (1,220,603)
At 31 December 2022 18,240,204 - 18,240,204
Net Book Value
At 31 December 2022 18,240,204 - 18,240,204
At 31 December 2021 20,014,174 23,087 20,037,261
14 Stocks 2022 2021
(£) (£)
Publications for Resale 445 189
15 Debtors 2022 2021
(£) (£)
Due Within One Year
Trade Debtors 6,484 56,500
Other Debtors 448 435
Pre-payments and Accrued Income 42,185 33,671
49,117 90,606
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Included within the total of debtors due within one year above are £17,851 (2021: £3,274) worth of debtors related to activity in the Republic of Ireland. The Euro equivalent is €20,131 (2021: €3,898) converted at the year-end exchange rate.
**44** Vincent Wildlife Trust Annual Report and Financial Statements 2022
## Notes to the Financial Statements for the year ended 31 December 2022
**16 Creditors/ 17 Financial Instruments/ 18 Statement of Funds — Current Year**
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16 Creditors 2022 2021
(£) (£)
Trade Creditors 57,473 9,304
Other Creditors 174,053 150,022
Accruals and Deferred Income 20,995 197,095
252,521 356,421
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||||
|---|---|---|
|Included within the total of creditors due within one year above are £49,457 (2021: £10,652) worth of creditors related to|
|activity in the Republic of Ireland. The Euro equivalent is €55,773 (2021: €12,683) converted at the year-end exchange rate.|
|17 Financial Instruments|2022|2021|
|(£)|(£)|
|Financial assets measured at fair value through income and expenditure|18,240,204|20,037,261|
|Financial assets measured at fair value through income and expenditure comprise fixed asset investments.|
|-|
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18 Statement of Funds Balance at Income Expenditure Transfers Gains/(Losses) Balance at
– Current Year 1 January In/Out 31 December
2022 (£) (£) (£) (£) (£) 2022 (£)
Unrestricted Funds
Designated Funds
- - -
Core Financing Fund 19,450,000 (1,705,000) 17,745,000
Nature Reserves Fund 1,545,717 - - 288,386 - 1,834,103
- - -
20,995,717 (1,416,614) 19,579,103
General Funds
General Funds 614,299 303,606 (895,672) 1,657,156 (1,079,312) 600,077
Total Unrestricted Funds 21,610,016 303,606 (895,672) 240,542 (1,079,312) 20,179,180
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Vincent Wildlife Trust Annual Report and Financial Statements 2022 **45**
## Notes to the Financial Statements for the year ended 31 December 2022
**18 Statement of Funds – Current Year** Continued
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18 Statement of Funds Balance at Income Expenditure Transfers Gains/(Losses) Balance at
– Current Year 1 January In/Out 31 December
2022 (£) (£) (£) (£) (£) 2022 (£)
Restricted Funds
Mulkear EIP - 26,778 (21,118) - - 5,660
Pine Marten - 8,845 (6,607) 5,826 - 8,064
Recovery Project
Martens on the Move - 51,637 (60,347) - - (8,710)
Forest of Dean 18,682 - (18,146) - - 536
Rock Farm Revenue 1,484 - - - - 1,484
Wildcat - 2,750 (8,739) 5,989 - -
Two Moors - - (647) 647 - -
Science and Research - 10,000 - (10,000) - -
Programme
-
Bat Reserves and Projects 153,844 163,666 (56,621), (258,990) 1,899
Romanian Mink - - (10,663) 4,243 - (6,420)
Native Woodland 15,502 92,937 (37,671) - - 70,768
Scheme
National Parks and - 430 - (430) - -
Wildlife Service
Lesser Horseshoe Bat - - - - - -
Survey Equipment
- - -
Hibernation Project 5,312 (3,789) 1,523
- - -
Lynx 8,990 (14,700) 5,710
- - -
Natur am Byth! 10,637 (17,228) 6,591
Back on our Map 1,546 - (1,123) - - 423
Irish Stoat 2,408 - (1,532) - - 876
Towerhill Roof Work 1,580 - (1,420) (160) - -
Ireland Fundraising - - (32) 32 - -
Other Restricted - - - - - -
-
200,358 376,670 (260,383) (240,542) 76,103
Total of Funds 21,810,374 680,276 (1,156,055) - (1,079,312) 20,255,283
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## **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’ Ten-Year Strategy through evidence led research and conservation of threatened mammals in Britain, Ireland and Continental Europe.
## **Designated Funds**
The Core Financing Fund of £18,033,386 (2021: £19,450,000) 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 charitable 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.
**46** Vincent Wildlife Trust Annual Report and Financial Statements 2022
## Notes to the Financial Statements for the year ended 31 December 2022
**18 Statement of Funds – Prior Year**
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18 Statement of Funds As Restated Income Expenditure Transfers Gains/(Losses) Balance at 31
– Prior Year Balance at In/Out December
1 January (£) 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
Restricted Funds
Mulkear EIP - 4,528 (7,357) 2,829 - -
Pine Marten - 852 (4,704) 3,852 - -
Recovery Project
- - - -
Back from the Brink (BftB) 4,283 (4,283)
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 and Projects 118,850 227,552 (192,558) 153,844
- - -
Hen Harrier Project 4,559 (2,652) (1,907)
Native Woodland Scheme 13,518 1,984 - - - 15,502
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
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Vincent Wildlife Trust Annual Report and Financial Statements 2022 **47**
## Notes to the Financial Statements for the year ended 31 December 2022
**19 Summary of Funds/ 20 Analysis of Net Assets Between Funds**
**----- Start of picture text -----**
19 Summary of Funds Balance at Income Expenditure Transfers Gains/(Losses) Balance at
– Current Year 1 January In/Out 31 December
2022 (£) (£) (£) (£) (£) 2022 (£)
- - -
Designated Funds 20,995,717 (1,416,614) 19,579,103
General Funds 614,299 303,606 (895,672) 1,657,156 (1,079,312) 600,077
Restricted Funds 200,358 376,670 (260,383) (240,542) - 76,103
-
21,810,374 680,276 (1,156,055) (1,079,312) 20,255,283
19 Summary of Funds As Restated Income Expenditure Transfers Gains/(Losses) Balance at 31
– Prior Year Balance at In/Out December
1 January (£) 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 Analysis of Net Assets Between Funds – Current Year Restricted Unrestricted Total Funds
Funds 2022 Funds 2022 2022
(£) (£) (£)
-
Tangible Fixed Assets 1,840,608 1,840,608
Fixed Asset Investments - 18,240,204 18,240,204
Current Assets 76,103 350,889 426,992
Creditors Due Within One Year - (252,521) (252,521)
Total 76,103 20,179,180 20,255,283
20 Analysis of Net Assets Between Funds – Prior 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
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**48** Vincent Wildlife Trust Annual Report and Financial Statements 2022
## Notes to the Financial Statements for the year ended 31 December 2022
**21 Reconciliation of Net Movement in Funds to Net Cash Flow from Operating Activities/ 22 Analysis of Cash and Cash Equivalents/ 23 Analysis of Changes in Net Debt/ 24 Capital Commitments/ 25 Pension Commitments**
**----- Start of picture text -----**
21 Reconciliation of Net Movement in Funds to Net Cash Flow 2022 2021
from Operating Activities (£) (£)
Net Income/expenditure for the Year (as per Statement of Financial (1,555,091) 951,952
Activities)
Adjustments for:
Depreciation Charges 10,393 10,135
(Gains)/Losses on Investments 1,220,603 (1,589,317)
Dividends, Interests and Rents from Investments (97,412) (73,564)
-
(Profit)/Loss on the Sale of Fixed Assets (450)
Decrease/(Increase) in Stocks (256) 14
Decrease/(Increase) in Debtors 41,489 (13,513)
Increase/(Decrease) in Creditors (103,900) 160,412
Interest Received (530) (21)
Net Cash Used in Operating Activities (485,154) (553,902)
22 Analysis of Cash and Cash Equivalents 2022 2021
(£) (£)
Cash in Hand 377,430 270,516
23 Analysis of Changes in Net Debt At 1 Jan Cash Flows At 31 Dec
2022 (£) (£) 2022 (£)
Cash at Bank and In Hand 270,516 106,914 377,430
270,516 106,914 377,430
24 Capital Commitments 2022 (£) 2021 (£)
Contracted for but not provided in these Financial Statements
-
Renovations to Freehold Property 111,331
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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 £36,210 (2021: £35,286). £4,101 (2021: £4,265) was payable to the fund at the Balance Sheet date and is included in Other Creditors.
Vincent Wildlife Trust Annual Report and Financial Statements 2022 **49**
## Notes to the Financial Statements for the year ended 31 December 2022 **26 Operating Lease Commitments/ 27 Related Party Transactions**
## **26 Operating Lease Commitments**
At 31 December 2022, the Charity had commitments to make future minimum lease payments under non-cancellable operating leases as follows:
**----- Start of picture text -----**
||||
|---|---|---|
|2022 (£)|2021 (£)|
|Not later than 1 Year|23,909|23,483|
|Later than 1 Year and not later than 5 Years|5,144|23,433|
|Later than 5 Years|3,676|3,673|
|32,729|50,589|
**----- End of picture text -----**
## **27 Related Party Transactions**
There were no related party transactions for the years ended 31 December 2022 and 31 December 2021 other than key management personnel costs and Trustees’ expenses, as disclosed in notes 10 and 11.
**50** Vincent Wildlife Trust Annual Report and Financial Statements 2022
## **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
## **Brown Advisory**
## Patron of the Pine Marten Recovery Project
Iolo Williams
18 Hanover Square, London, W1S 1JY
## **CapGen Partners**
3 Rue Gabriel Lippmann, L-5365 Munsbach Luxemburg
## Charity Number
England and Wales 1112100 Scotland SC043066 Republic of Ireland 20100841
## Bankers
## **Royal Bank of Scotland**
62–63 Threadneedle Street, London EC2R 8LA
## **Citi Private Bank**
Company Registration Number
05598716
Citigroup Centre, 25 Canada Square, Canary Wharf London E14 5LB
## **Cazenove Capital Management**
12 Moorgate, London EC2R 6DA
Principal and Registered Office
3-4 Bronsil Courtyard, Eastnor Ledbury, Herefordshire HR8 1EP
## Solicitors
## **Womble Bond Dickinson (UK) LLP**
3 Temple Quay, Temple Back East, Bristol BS1 6DZ
## Trustees
## Pension Consultants
Ms Amy M Coyte Prof Robbie McDonald
Dr Liam Lysaght Ms Georgina RT Holmes-Skelton
## **Winnell Douglas**
Bideford House, Church Lane, Ledbury Herefordshire HR8 1DW
Ms Sarah H Binstead
Ms Shelly Moledina
Mr Chris R Ellam (appointed 23 March 2023) Mr Mark R Hollinworth (appointed 23 March 2023)
## Chief Executive
Dr Lucy Rogers
## Company Secretary
Tim Bennett
Vincent Wildlife Trust Annual Report and Financial Statements 2022 **51**
## **Contact us**
3-4 Bronsil Courtyard, Eastnor, Ledbury, Herefordshire HR8 1EP 01531 636441 l enquiries@vwt.org.uk www.vwt.org.uk
## **Follow us**
©The Vincent Wildlife Trust 2023
Charitable Company Limited by Guarantee Registered in England No. 05598716, Registered Charity No. 1112100 (England and Wales), SC043066 (Scotland), 20100841 (Republic of Ireland). Cover photograph: Pine marten ©Jason Hornblow