Bumblebee Conservation Bumblebee Conservation Trust (A Company Limited by Guarantee) Annual Report and Financial Statements For the year ended 31st March 2024 *ADHVBS84* 1311212024 COMPANIES HOUSE A15 Charity registration number: 1115634 Scottish Charity registration number: SC042830 Company registration number: 05618710 Bumblebee • Conservation Trust Thank you to our supporters Collaboration is at the core of our work to see 'a workl where bumblebees are thriving and valued by everyone,. We cannot do it alone. This is our opportunity to say a heartfelt 'thank you, to all our members, volunteers, individual donors, businesses, funders and organisations that so generously supported the charity financially in 2023-2024. including all donors who wish to remain anonymous. We do not have Spa￿ to individually name all donors but would like to acknowledge the following who provided financial support of £5.000 or rn0￿ within the financial year. Animal Friends Pet Insurance Baillie Gifford & Co. Charity Brechfa Forest West Wind Fami Communty Fund Cairngorms Nalional Park Authonty Dulverton Trust Esmee Fairbairn Foundation Frasers Group PIC Game Retail Ltd Garfield Weston Golden Acre Foods Groundwork UK G's Fresh Hetvellyn Foundation Highland Titles Ltd John Swire (1989) Charitable Trust Kelly's of Cornwall (Froneri Ice Cream UK Ltd) Kent County Council Kusuma Trust Lidl Great Britain Ltd Loppylugs & Barbara Morrison Charitable Trust National Lottery Hetitage Fund Nalural England Natural Resour￿ Wales via NLHF Nature Scot Perivoli Foundation Plum Trust RWE Renewables UK Swindon Ltd Simon Gibson Charitable Trust Much of our successful work is underpinned by the generosity of supporters who have left a gift in their Will. All gifts. whalever their size. are hugely valuable. We would like to thank our generous benefactors for these important gifts. BUMBLEBEE CONSERVATION TRUST Contents Page Legal and Administrative Infonnation Report of the T(ustees Indepen(lent Auditorfs Report to the Trustees of Bumblebee ConseNation Trust 17 Statement of Financial Activities 21 Balance Sheet 22 Statement of Cash Flows 23 Notes to the Financial Statements 24 BUMBLEBEE CONSERVATION TRUST Legal and Administrative Infomiation Trustees Zuleika Brett (Resyned 13 March 2024) Catriona Gardiner (Appointed 7 November 2024) Blake Gaffney {Resigned 7 November 2024) Theresa Anne Dauncey (Appointed 7 November 2024) Claire Inglis (Appointed 23 November 2023) Hazel Jackson Prof Lena Wilfert (Resigned 23 November 2023) Ruth Lin Wong Holmes (Resigned 20 September 2023) Nick Mann (Resigned 23 November 2023) DavÈd Mclntyre Sluart Roberts (Resigned 23 November 2023) Georgia Romeril Grace Deepa Senapathi (Appointed 23 November 2023) Angela Style Sophie Suk Yi Theen (Appointed 7 November 2024) Sabah Zdanowska Charity Commission number 1115634 OSCR number SC042830 Company number 05618710 Principallcorrespondence address Beta Centre Stirling Universty Innovation Park Stirling FK9 4NF Registered office Intemational House lo￿111 Fulham Pala￿ Road London W6 8JA Auditor Buzzacott 130 Wood Str*t London EC2V 6DL Bankers Bank of Scotland plc 7113 Port Street Stiding FK8 2EJ Shawbrook Bank Lutea House Warley Hill Business Park The Drive Great Warley Brentwood Essex CM13 3BE CAF Bank Limrted 25 Kings Hill Avenue West Malling Kent ME19 4JQ BUMBLEBEE CONSERVATION TRUST Report of the Trustees Foreword from the Chair of Trustees Vital to the success of any chanty in today's challenging environment is the willingness to reflect, interrogate impacts and learn lessons for the future. 2023124 saw the culmination of one strategic period and the setting of the guiding strategy for the next ten years, so alongside the 'day job, of facilitating and delivering crucial conservation, education and engagement works it has been a year of deep reftection and consideration for our tremendous staff and volunteers. We have a clear and ambitious strategy to drive the Trust for4•Jards guided by our vision of a world where bumblebees are thriving and valued by everyone. My thanks go to our many members, funders and supporters who have been involved in this process and make all of this essential work possible for a fvrther ten years. The biggest threat facing bumblebees remains a shortage of surtable habitat, foundational to our mission is to increase the quality and quantty of this habitat. During the past ten years we have managed 14 major projects which. together with consultancy work. have directly delivered an impressive 1.400 hectares and advised on an additional 8,168 hectares of bumblebee habitat. Our capacity for delivering on the ground conservation work for species recovery has more than doubled Sin￿ 2019 and we are better able to target and plan species recovery work as a result of the research and development work we have undertaken, including the Shrill carder bee Conservation Strategy and Welsh Landscapes for Rare Bumblebees report and our West Country Buzz project in Devon which ended in March 2024 after 7 years demonstrating our long temi appcoach to ensuring the maintenance of quality habitat. Targeting our advice within a discreet landscape area has helped to provide habitat connectivity for bumblebees to recover and increase their genetic diversity. making them more resilient lo diseases and better able to adapt to other stresses, such as those caused by climate change. Underpinning this work our flagship citizen science project Beewalk has gone from strength to strength, with double the records submitted in 2023 compared with our baseline in 2018. This unique and growing dataset allows us to draw more accurate and robust conclusions. We publish our findings and the raw data and collaborate widely. providing the data to power research by others in a virtuous circle of enhanced understanding. For example, we provided data to infonn the abundan￿ target of the 2021 Environment Act to ensure bees are represented in the Environment Act indicators. The offi￿ for National Statistics use Beewalk data to inform their calculations on the ecosystem services provided by bees. Use of our data in this way by partners increases the visibility of bumblebees and their value, so enhancing prospects for their conservation. Enhancing the understanding of bumblebees in our elected representatives and those who do their thinking for them is an area that has seen a major increase over the strategy period, with the Trust becoming vastly more active in the policy sphere and this will be a theme that is continued through the next strategic period. it is essential to Ihe broader-scale issues currently. such as pesticide usage. Biodiversity Net Gain. and Local Nature Recovery Strategies - which will frame Ihe bespoke day-to-day business of conservation work on the ground in the years to come. It is the passion of our people thal drives our success at the Trust and we pride ourselves on being a supportive and inclusive employer. We will take active sleps to encourage young people from underrepresented backgiounds to enter careers in conservation. Our team do BUMBLEBEE CONSERVATION TRUST Report of the Trustees their best work for bumblebees when they have the correct tools. support structures and training, so continuing to provide these will be a strong focus for our new strategy. We will maximise the impact of every penny donated to us by investing in our staff and delivering efficiencies in all areas of our work. We will mobilise people from all walks of lrfe to tske action for bumblebees and we will inspire people to share their passion with olhers so that our community of bumblebee champions can grow. Over the past century, we have lost two species of bumblebee from the UK. Two more have declined to dangerously low levels {the Shrill carder and Great Yellow bumblebees) and another 11 are listed as threatened in at least one county in the UK. We will work tirelessly over the next 10 years to make sure no more bumblebee species vanish from the UK. and to ensure that those that are threatened see a reverse in their declines. Angela Style BUMBLEBEE CONSERVATION TRUST Report of the Trustees Objectives and activities Purpose and aims The objectives of the Twst are set out in its Articles of Association, being: To promote, for the benefit of the public, conservation of bumblebees To advance the education of the public in the conservation, protection and improvement of the natural environment. The aims of the Trust, incorporated into a 2019-2024 strategic plan, are to: 1. Enhance the understsnding of bumblebee ecology and conservation 2. Increase the quality and quantty of bumblebee habitst 3. Inspire and enable a diverse range of people to take action for bumblebees 4. Be an effective and sustainable organisation Strategic outcomes have been estsblished to enable the Trust to monitor its performance against the strategic plan. Delivery against planned outcomes is monitored and evaluated. and reported al least twice a year. Ensuring our work delivers our aims and delivers public benefit The Trust has considered the Charity Commission's and OSCR'S guidance on public benefit in developing rts strategic aims and activities. Strategic outcomes have been developed to enable the Trust to monitor its perfon￿an￿ against the strategic plan. These are reviewed each year. Assessment of performance against the stralegic outcomes is undertaken Iwi year and reported to the Board of Trustees. To ensure that any new actIV￿￿es undertaken help to achieve the Trust's strategic aims, deliver public benefil and build on best practice developed throughout the organisation. a system is employed where new activities are matched against a combination of themes.. Habitat management- practical conseThation and habitat worft, landowner engagement and advice. The Trusl provides specialist advice to landowners, fanners and other land managers on how to manage their land sensitNely for pollinators and provide habitat for threatened bumblebee populations. Through its projects. the Trust offers site visits. bumblebee surveys, farm days and land management workshops to equip landowners with the knowledge and skills they need to help safeguard rare or priority bumblebee species. The Trust also works with partners and local communities to deliver practical conservation work parties. Bee With Us - supporting volunteers The Trust offers many different roles for volunteers. providing support and learning opportunities across all ages. including hard to reach groups. Volunteers are an essential part of the charity, at a national level, and within specific projects. their commitment and passion for bUmbleb￿S enables the Trust to extend its reach across the UK. Skills for Bees monitoring bumblebee populations Training people in identifying bumblebees to encourage participation in surveys is a key part of the Trusys work. People of BUMBLEBEE CONSERVATION TRUST Report of the Trustees all abilities (from beginner to expert) can access Trust courses and information, and leam about bees. The Trusys citizen science pr￿jraMS collect vital data on bumblebee abundance and distribution, and this is made widely available to maximise usage. The Trusl works with other NGOS, research institutes and universities to fill in gaps in our bumblebee knowledge and to work in a way which does the most good for bumblebees. Buzzing comm unities - working with individuals and communities to impmve their local green spaces for bees The Trust offers the opportunty for communities to come together and work on projects in their ovm local areas to benefit bumblebees. Gardens provide vital oases for bumblebees. no matter how big or small, so much of the Trust's work focusses on raising awareness about the simple steps people can take to improve their gardens. bee- friendliness. Buzzing schools - inspiring young people Encouraging more young people to study science, especialty entomology and ecology is essential to securing the future of bumblebee science. The Trusfs work with schools aims to excite young people about nature and increase knowledge of where our food actually comes from. Well bee-ing connection with nature beneffts mental health Exposure to the natural environment and outdoor recreation has b￿n proven to have a positive effect on human health, increase quality of life and heighten social interaction. The Trust's activities in this area benefit bees by working with people who are experiencing social exclusion, though learning disabilities. mental heallh issues or unemployment. Our work is delivered either Ihrough 'core' activilbes- those deemed fundamental to the operation of the Trust. and via projects. Core activities include our work in.. Science - undertaking research to further understand bumblebees and their needs to thrive. Conservalion - undertaking activities and research to establish and improve habitats. Fundraising - generating funds. Any projects undertaken by the Trusl further the Trusfs aims and deliver project outcomes in at least one of the above themes. BUMBLEBEE CONSERVATION TRUST Report of the Trustees How themes deliver the aims of the Trust is demonstrated in the following table: Aims 3) Inspire and enable a diverse range of people to take action for bumblebees 1) Enhance the understanding of bumblebee ecology and conservation 2) Increase the quality and quantity of bumblebee habitat 4)Bean effective and sustainable organisation Habitat mana ement Bee with us Skills for bees Buzzing communities Buzzing schools Well b*ing Our impact Enhance the understanding of bumblebee ecology and conservation The core of the Trusfs existen￿ is our understanding of how bumblebees are doing and how best to help them, which is provided by our science work. Beewalk is the Trust's flagship citizen science bumblebee recording scheme. and is the primary mechanism for gathering data on bumblebee populations. The central Beewalk training program delivered 17 training events to 676 people during 2023, while the more geographically focused Skills for Bees projects in Wales and the Cairngorms trained and mentored a range of people in those communities to become bumblebee recorders and surveyors. Overall, Beewalk continues to go from strength to strength. and the 2023 field season had the highest totals of transects walked (954). recorders (843), records (48,877). and individual bees (154,541) seen for any 8eeWalk year. allowing us an unprecedented window into bumblebee populations. This data is not just collected, bLrt is used as widely as possible in line with FAIR (Findable. Accessible. Interoperable. and Reusable) data principles. Within the Trust we analyse the data to assess population dynamics, published annually in the Beewalk Annual Report.. in 2023 this was published in June. This coincided with an uptick in public concern about bumblebee numbers which rneant that our work was featured on the BBC'S Springwatch programme in June. This was made possible because of improvements to the speed of our data-handling processes for validalion. verification, cleaning and modelling. which now allow us to process the data on a monthly basis. BUMBLEBEE CONSERVATION TRUST Report of the Trustees The dataset is updated annually and made available on both the NBN Atlas htt s'.Ilnbnatlas.or and via Figshare htt s.llfi share.coml in order to make it as widely available as possible. Beyond Beewalk, the Trust has continued to work with UK Centre for Ecology and Hydrology and others on the national Pollinator Monitoring Scheme (POMS) project, including data collection and supptying data. We are also collaborating with several research institutes to provide specimens and contextual information for the Darwin Tree of Life genetic sequencing project. genetic sequencing of the rare Great Yellow bumblebee to inform population management, and a PhD project at the Universrty of Oxford aimed at better elucidating the essential diets of bumblebees through sterol analysis. The Fowey Valley Project continued to work with both academia and landowners in the upper Fowey Valley, Cornwall. to assess the utilty of the Bee-steward model for planning habitat conservation work. The Trust conb'nues to contribute Our expertise to PhD research: in 2023 our students explofed the ability of bumblebees to utilise road verges (University of Cambridge) and the utility of remote sensing to evaluate landscape areas as bumblebee habitat (University of Worcester). Three newer students started their first field seasons during 2023: at the University of Cambridge (examining different aspecls of land use by bumblebees) and one at the University of Aberdeen (working on machair and the Great Yellow bumblebee). Increase the quality and quantity of bumblebee habitat Thanks to our generous funders this year we have again increased our staff capacity to deliver on our aim to increase the qualty. quantty and connectivity of bumblebee habitat. We were able to begin several new projects, as well as continuing worf( on existing projects. Our conservaiion projects deliver land management recommendations, and advice on bumblebee forage plants and nesting sites, pollinator-fnendly grazing regimes and enhancing grassland plant diversity, as well as engaging local communities in habitat work and bee monitoring and raise awareness and support throughout the area. In total. including all our projects and consultancy work, we have delivered 490ha of habitat improvements for bumblebees. engaged 135 new landowners, provKled habitat management advice on 2736ha of new land and 5394ha of land already within our projects. Quality of habitat is as important as quantity. so we are continuing to implement our new monrtoring scheme to ensure all the work we do is effectNe for bumblebees and our projects are evidence-based. Through the delivery phase of Species on the Edge we are leading on all implementation in the Outer Hebrides area. primarily for the Great Yellow bumblebee but also many other species on behalf of partners. Species on the Edge is a major programme in partnership with our fellow Rethink Nature htt s'.Ilrethinknature.co.u organisations wrth Naturescot to save some of the most threatened species around the coasts and islands of Scotland. Also in Scotland, thanks to funding from Highland Titles. we were able to start a new project 'Great Yellow Bumblebee: On the Verge,. In February 2024 we produced a comprehensive report of the condition of 343km of road verges in Carthness, which we can now use to target habitat management and evaluate effectiveness of verge management for Great Yellow bumblebee. The Carmarthenshire Coast was identified in our Welsh Landscapes for Rare Bumblebees (2021) project as a priority for many bumblebee species both for habitat work and further surveys. So it is very exciting that we have been able to start a new project, 'Connecting the Carmarthenshire Coast,. through funding from the Welsh Government via the Nature BUMBLEBEE CONSERVATION TRUST Report of the Trustees Networks Fund. The first year of the project has included undertaking comprehensive surveys to provide us with an accurate picture of populations and habrtat for target bumblebee species. Shrill carder bee Bombus sylvarnm. Moss carder bee B. musconim, Brown-banded carder bee B. humilis, Red-shanked carder bee B. mderarius and Ruderal bumblebee B. rnderatus as well as making plans for enhancing bumblebee habitat on and between Carmarthenshire's network of protected sites. Thanks to a generous legacy we are continuing our project Save Our Shrills (SOS) Somerset, the first project to begin under the umbrella of the Shrill Cafder Bee Recovery Strategy. It is focused on the core population areas in south Somersel to connect known sites and strengthen the local Shrill carder b￿ (SCB) recovery network. We are recruiting and training new volunteers, alongside support from the existing SCB volunteer group, to build the local network of bumblebee surveyors in the area. We completed the transition of the Short-haired Bumblebee Project into Bee Connected, expanding the area covered by over 1300A including more of south Kenl and further into the High Weald of East Sussex and the target species to include all rare or threatened species within the area. The leam have had good success so far recruiting 10 new farmers and 20 new landowners and increasing the landscape scale floristic resources for bumblebees. Buzzing in the East End (B.E.E) successfulty obtsined a grant from Kusuma Trust and with financial support from BBCT recTUited a full-time development project officer. The project has hit the ground running and set up online ID events, planned blitzes across 11 boroughs, met with community groups and landowners and developed a detailed plan of work. In North Devon, our West Country BL￿z project came to an end in March 2024. The project delivered habitat for several rare species including Brown-banded carder bee, Moss carder bee and Ruderal bumblebee with many new landowners. Natur am Byth, a sister programme to Species on the Edge, is another major Rethink Nature partnership project, with Natural Resources Wales, in which we are working in all the Welsh population areas for the Shrill Carder bee. Our bid to NLHF for delivery phase funding was confirmed as successfvl in June 2023 and we began work in the Gwent Levels, Port Talbot area and Pembrokeshire in January 2024. Also in Wales, our Calon Gwenyn project had 29 participating farms which are developing and implementing Fami Pollinator Plans to achieve 100/0 of their total farmed area managed for pollinators. In 2023 we comrnenced work on the 'Saving Brechfa's Bumblebees, project. The project aims to secure habitat for rare and scarce bUMbleb￿S found across the area surrounding the Brechfa West Wind Farm, working with Natural Resources Wales (NRW), local smallholders and farmers to deliver habitat management advice. undertake habitat works and sow wildflower seeds. The project aims to engage local communities wrth bumblebees and other pollinators, creating a programme of citizen science and activities. Through our paid-for consultancy we are able to provide advice to all types of landowners. such as solar farms. housing developers, etc. This has further increased our ability to influence land management for bumblebees across a whole range of sectors whilst also developing business relationships with the potential for closer collaboration. Be an effective and sustainable organisation Despite ihe wider economic backdrop of uncertainty, the T(usl continued to operate effectively and further its objective of being a sustainable organisation. Thanks to a diverse portfolio of fvnding sources. the reduction in individual membership and donations income we BUMBLEBEE CONSERVATION TRUST Report of the Trustees experienced during the year was balanced out by increased income from business partnerships and legacy gifts. In recognition of our ongoing commitment to our staff and the challenging recruitment environment in which we are operaling we undertook a salary benchmarking exercise during 2023. this work will be continued with a job evaluation process in 2024. 2023124 has seen the successful introduction of a new Customer Relationship Management and Engagement system and a new Finance system. Work is also nearing completion for the launch of the Trusvs new modern website in early 2024125. These digital tools provide the Trust with the platform to develop more efficient and automated processes and broaden its reach and effectiveness in engaging and working with supporters to help bumblebees. Equity, Equality, Diversity ond Inclusion The Trust continues to work towards these three key outcomes: An organisation aiming to become more diverse. Ability to evaluate any increase in our EEDI credentials which in tum means we attract more diversity. EEDI increases in importance and becomes embedded in the Trust's strategic aims. In the last year we have embedded EEDI considerations in our new strategic plan, ensuring that they are central to our policies and procedures. The Trust assesses its progress against the Ra￿ Report evaluation Criteria and the Wildlife and Countryside Link Road Map. Some positive changes have been recorded against these criteria. Outcomes from the Race report annual survey has shown a small percentage increase in diversity, particularly in our Trustee Board and through an increase in applicants to advertised positions from a more diverse range. The Trust engaged with the New to Nature programme and gained an applicant to support our GIS work. Our EEDI activities continue across all staff and Trustees. This year training. learning and EEDI conversations around neurodiversity, and how we can all work together more effectNely provided some interesting conversats'ons and changes in approach. The Trust also arranged for a facilitator to provide a full day training with Trustees and SMT on racism. We will build on this throughout 2024 providing space and learning for anti-racism conversations for staff and volunteers. Our work with Rethink Nature group continues. together we hope to Sour￿ funding for our own traineeship programme providing a route into conservation, encouraging young people from diverse backgrounds to join environmental organisations. In 2024125 we will be woiking on an HR and EEDI 3 year strategy. Sust(7inobility Environmental sustainability is of principal importance to the Bumblebee Conservation Trust. The Trust has been measuring and working to reduce our carbon footprint Sin￿ 2019 and in June 2023 achieved our fourth year of certification by Planet Mark. Planet Mark recognises organisations for their commitment to sustainability and the reduction of carbon emissions BUMBLEBEE CONSERVATION TRUST Report of the Trustees year on year. In this fourth year our total footprint was 35.5 tCO2e or 1.OIC02e per employee. This represents reductions of 3.1 Ok and 16.3 % respectively compared with the previous year and massive reductions of 15.8% and 47.4 % respectively Sin￿ our first year of ￿rtIfICatIon. This is a fantastic achievement as rt gets increasingly difficult each year to find additional ways to reduce our emissions. During 2023-24 we encouraged staff to make individual and team pledges to be more sustainable, have focused attention on reducing digrtal carbon emissions with a competition to reduce unnecessary file storage and plans to improve energy consumption of our website and highlighted the sustainability and financial beneffts of pre-loved and upcycled fashion wrth a Thrifty Fashion Show at the Full Team Meeting in November. Fundraising activities Funds are generated either to support the core activities of the Trust or to enable the delivery of specific projects. The Trust raises funds from a variety of primary sOur￿s. Grants - typically restricted for specific projects Charitable trusts - for both core activities or projects Legacies- being gifts in Wills from individuals Membership fees- from individualslfamilies and businesses Donations- from individuals and businesses Merchandise - bumblebee related products sold by the Trust Consultancy - Trust expert staff providing services lo landowners. managers and developers Fundroising standards The Trust is committed to ensuring high standards in respect of fundraising and is registered with the Fundraising Regulator and the Fundraising Preference Servi￿. The Trust has a small team of fundraisers who are employees of the Trust. The Trust has adopted the Code of Fundraising Practice and ensures its standards are met by all individuals and businesses when undertaking fundraising activities on behalf of the Trust. No professional fundraisers are appointed by the Trust. The Trust has commefcial participator agreements with businesses.. the substance of the agreements provides the Trust with a donation equal to a proportion of sales prO￿edS made by the commercial participator for specific goods or ServI￿S purchased by third parties. The agreement terms were reviewed and have been updated this year to specrfy how the commercial participator is to undertake its activities to ensure compliance with the Code of Fundraising Practi￿. This includes protecting vulnerable people from fundraising activities and the Trusys abilty to monitor compliance. During the financial year no complaints were received in respect of fundraising activities undertaken by Trust staff or other individualslbusinesses associated with the Trust. Financial review The Trust's activities largely relate to etther core activities, typicalty unrestricted, and project activities that are usually restricted activities. The Trust entered the 2023-2024 financial year with a resilient balance sheet, which has retained its strength during the year. The Trustees BUMBLEBEE CONSERVATION TRUST Report of the Trustees consider the Trust to be a going concern and have prepared the financial statements on the going concern basis. Overall, total income for the year was £2.253,432 compared to £1,804,853 in 2022-2023 and total expenditure was £2.214,083 compared to £1,718.143 in 2022-2023. Unrestricted income increased from £1,525,752 in 2022-2023 to £1,580.872 in 2023-2024. Most unrestrtcted income streams have seen growth, with increases in business donations and gifts, consultancy and legacies receivable. Unrestricted expenditure in 2023-2024 increased from £1.210.298 to £1,419,591. The majority of this increase is due to the expansion of the Trusys staff base and infraslwcture all increased costs compared to the prior year. Restricted income increased from £279.101 in 2022-2023 to £672,560 in 2023-2024. Significant projects were underway during including Bee Connected, Bee Inspired Walsall. Connecting the Carmarthenshire Coast and delivery of Species on the edge. New projects for Buzzing in the East End and Skills for Beewalk started towards the end of the year, Restricted expenditure increased from £507,845 in 2022-2023 to £794,492 in 2023-2024 refEecting the level of activity increasing on projects within the year. The primary expenditure within restricted activities is staff costs, funding dedicated staff members to undertake project activities, be they conseniation. Scien￿ or engagement. Overall, funds increased by £39,349 to £1,577.603 in the period. The balance of unrestricted funds held by the Trust as at 31 March 2024 was £603.136 and in line with the Reseroes Policy, designated reserves of £900.329. Restricted fund balances were £74,138 made up of balan￿S to be ub'lised on specific projects in future years. Reserves Policy Charities afe required to have a reserves policy to show that they have sufficient reserves to continue to meet their obligations and to show that excess reserves are not being held. Trustees have reviewed the reserves policy and detemined to hold four categories of reserve: 1. A "safety reserve" to cover budgel variances, to allow contingency actions to be effected, and to provide a buffer for more radical action in the event of a more serious or more sustained variance than anticipated: 2. An 'undetwriting reserve. to enable projects to proceed pending receipt of other funding: 3. A °project funding reserve. to enable co-funding of projects that help the Trust achieve its strategic aims., and 4. A °general reseNe" reflecting the balan￿ of unrestricted income. This balance will be used at the discretion of the Trustees to pursue the aims of the Trusys agreed strategy. BUMBLEBEE CONSERVATION TRUST Report of the Trustees Trustees reviewed the Reserves Policy in May 2024 and approved the allocation of unrestricted fund balances as at 31 March 2024 year-end as follows: Safety Reserve.. £400,000 (2023: £350.000). this has been reviewed following consideration of the size of the organisation and the weak global economic outlook. UndeThvriting Reserve £131,173 (2023.. £112,345). Projects Reserve £369,156 (2023: £290.399)" and General Reserve: £603,136 (2023.. £705,912). The General Reserve will be used to support the growth of the Trust, in particular to enable investment into education. outreach and digital transformation. Investment Policy Trustees have the power to invest in such assets as they see fit. GNen their obligations to safeguard the resources of the Trust. Trustees will consider options for investment primarily on the basis of the security of the investment and only then will they consider access to funds (liquidity) and the return of offer {yield). At 31st March 2024. the charity held cash balances of £1,260,180 (2023: £1.443,825). Several of the Trust's funders provide grant funding in advan￿ of expenditure being incurred and funds were held in cash to meet those cash flow requirements. Other funds were held to ensure that expenditure could be met pending receipt of income in respect of funders who settle in retrospect. During the 202>2024 financial year. funds were held on deposit among various financial institutions and no funds were held on investment. Plans for future periods The Trust completed Ihe final report on its 2019-2024 strategic plan. All objectives were achieved but it was noted we need to do better to measure impact. A new strategic plan for 2024-2029 was completed and the strategy was launched in April 2024. Key developments in Ihis strategy are to include specific aims for target species recovery, to develop our outreach and volunteering capacty and to increase our involvement in political advocacy and caMpa￿nIng. New projects being planned include action for our most threatened species: Shrill carder bee in the Thames Gateway region. Great Yellow bumblebee in Caithness and ecological research into Moss carder bees. We also plan lo extend our Skills for Bees projects to cover more areas and enhance our capacity to engage and emp0v￿r more volunteers throughout the UK The Trust's digrtal transfonnation is well undetway, during 2024-25 we will be launching our new website and working on embedding our new pro￿sseS across the organisation. BUMBLEBEE CONSERVATION TRUST Report of the Trustees Structure, governance and management The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Trusvs Memorandum and Articles of Association. the Companies Act 2006. the Charities and Trustees Investment (Scotland) Act 2005. the Charities Accounts (Scotland) Regulations 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (FRS 102), Accounting and Reporting by Charities: Slatement of Recommended Practi￿ applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. Governance The Trust is a company limited by guarantee and was incorporated on 10 November 2005 as amended by special resolutions dated 8 June 2006 and is govemed by its Memorandum and Articles of Association. Following the resoluts'on at the AGM in 2017, it was approved by the members thatthe Articles be amended to follow updated Charity Commission model guidance. The Trust was registered with Ihe Charity Commission (England and Wales) on 31 July 2006 and with the offi￿ of the Scottish Charity Regulator on 28 De￿mber 2011. The Trustees, who are also the Directors for the purpose of company law, and who served during the period from 1 April 2023 to the date the financial statements were approved (unless otherwise stated) is set out on page 1 of Ihis report. The Directors of the Trust are also charity Trustees for the purposes of charity law and under the Trust's articles are also the Members. Under the requirements of the Memorandum and Articles of Association. Trustees agree to a fixed tem of Offi￿ of three years which can be extended by re-election. None of the Directors has any beneficlal interest in the Trust. All of the Directors afe members of the Trust and guarantee to contribute £1 in the event of a winding up. The Trust's Board of Trustees holds at least four ordinary meetings per year to discuss a range of business activities and issues and to monitor progress. Trustees set the overall strategy of the Trust and work with the Chief Executive Officer (CEO) to develop policy, as well as oversee and monitor business activities. The CEO is responsible for the day-to4ay running of the charity. The trustees consider that they. together with the charitys senior staff noted below. comprise the charity's key management personnel holding the authority and responsibility for planning, directing, and controlling the activities of the Trust Trustees are not remunerated for their seNices to the charity. The remuneration of senior staff other than the Chief Executive Officer is determined by the Senior Management Team following benchmarking of salaries against similar organisations. The rernuneration of the CEO is agreed by the Board of Trustees Senior Staff Gill Perkins Dawn Ewing Dr Amy Plowman Sarah Martin Chief Executtve Offi￿r Head of Fundraising and Engagement Head of Conservation and Science Head of Finance and Operations BUMBLEBEE CONSERVATION TRUST Report of the Trustees Trustee recruitment The Trust's work focuses on the conservation of bumblebees and the creation of their flower- rich habitat both in urban and rural landscapes. Due to the specialised nature of its work, the Trustee board is made up of individuals wilh experience in this and allied fields. In addition, business, finance. fundraising, human resources and management skills needed to run a charity are also represented on the Board. Various Board activities are delegated to committees comprising Conservation and Scien￿, Finance, HR and Remuneration, and Fundraising and Engagement. Recruitment of Trustees is carried out with reference to the Chanty Commission's and OSCR'S guidelines. Trustees are co-opted by the Board during the course of the year or are appointed at the Annual General Meeting (AGM) by ordinary resolution. Co-opted Trustees appointed by the Board hold office until the following AGM at which they are subject lo formal appointment. Training is offered to Trustees on a range of rnatters and individually Trustees undertake their continuing professional development. Risk management The Trust's risk management policy implements and maintains an effective and efficient risk management framework which enables the early identification and management of risks to the organisation, and so helps ensure that the Trust achieves its objectives suc￿SsfUlly. Risk management procedures to support the framework are based on best practice and are regularly updated as appropriate. The Trust reviews its appetite for risk in consideration of its objectives and strategic plan regularty. In developing our risk policy and procedures we have taken into consideration the Charity Commission Guidan￿ (CC26) 'Charities and Risk Management, and NCVO Knowhow Non- profft's 'How to Manage Risk.. The Trustees are ultimately responsible for risk management. Our approach to risk requires that everyone (staff. volunteers and Trustees) are involved with the identification and actions required to minimise the likelihood and impact of our identified risks. One principal document, the risk register is maintained to facilitate the identification, recording. assessment and management of risks. Key risks identified include: consideration of whether internal systems are fit for purpose. economic recession andlor political tUrt)Ulen￿ affects'ng financial performan￿. and reliance on key staff and volunteers. Mitigations include: an IT strategy road map and significant digital transformation programme, overhauling systems and processes,. strong budgeting. performance monitoring and reserves policy to maintain financial health and resilience., embedded managernent structure, workforce planning and use of specialist HR services. Risks are mitigated through the implementation of a strong control environment which is regularly reviewed by both senior management and trustees. Embedded across the organisation are policies, prO￿dureS and project management methodologies which enable early identification and rectifications of issues. We ensure appropriate expertise is in place and outsource any knowledge gaps. .14 BUMBLEBEE CONSERVATION TRUST Report of the Trustees Auditor Buzzacott were re-appointed as auditots for this financial year. Trustees responsibilities The Trustees. who are also the Directors of Bumblebee ConseNation Trust for the purpose of company law. are responsible for preparing the Trustees, Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (UnFted Kingdom Generally Accepted Accounting Practi￿). Company law requires the Trustees to prepare accounts for each financial year which 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 thal year. In preparing Ihese accounts, the Trustees are required to: select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP (FRS 102); make judgements and estimates that are reasonable and prudent; state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the accounts: and prepare the accounts on the going concem basis unless it is inappropriale to presume that the Trust will continue in operats-on. The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the accounts comply with the Companies Act 2006. the Charities and Trustees Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 and the Charities Act 2011. They are also responsible for safeguarding the assels of the Trusi and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the Trusfs websrte. Legislation in the United Kingdom governing the preparation and disseminalion of accounts may differ from legislation in other jurisdictions. BUMBLEBEE CONSERVATION TRUST Report of the Trustees Disclosure of information to auditor Each of the Trustees has confirmed that there is no information of which they are aware which is relevant to the audit. but of which the audrtor is unaware. They have further confirmed that they have taken appropriate steps lo identify such relevant information and to establish that the auditor is aware of such information. This report has been prepared in accordance with the special provision of Part 15 of the Companies Act 2006 relating to small companies. The Trustees. Report was approved by the Board of Trustees. Angela Style Chair of the Trustees Dated.. 4 December 2024 BUMBLEBEE CONSERVATION TRUST Independent Auditor's Report to the Trustees of Bumblebee Conservation Trust for the Year Ended 31 March 2024 Opinion We have audited the financial statements of Bumblebee Conservation Trust (the 'charitable company,) for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements including a summary of significant accounting policies The financial reporting framework that has been applied in their p￿paratIOn is applicable law and United kn'ngdom Accounting Standards. including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland" (United Kingdom Generally Ac￿pIed Accounts'ng 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 March 2024 and of its income and expenditure for the year then ended. have been proFerly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordan￿ with the requirements of the Companies Act 2006, the Charities Act 2011, the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006. Basls for op5nlon We conducted our audit in accordan￿ with Intemational Standards on Audib"ng (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the 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 concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomed, 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 concem for a period of at least bAelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilits'es of the trustees with respect to going concern are described in the relevant sections of this report. Other inforniation The other information comprises the informats.on induded in the annual report and financial statements, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report and financial statements. Our opinion on the financial statements does not cover the other infomiation and. except to the extent otherwise explicitly stated in our report. we do not express any form of assuran￿ conclusion thereon. Our responsibility is to read the other infomation and. in d￿ng so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or othernise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are requir&J to determine whether this 17 BUMBLEBEE CONSERVATION TRUST Independent Auditor's Report to the Trustees of Bumblebee Conservation Trust for the Year Ended 31 March 2024 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 ￿port in this regard. Opinions 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 report of the truslees, which is also the directors, report for the purposes of company law. for the financial year for which the financtal statements are prepared is consistent the financial" and the directors, report has been prepared in accordance with applicable legal requirements. Matters on which we are requlred to report by exception In light of our knowledge and understanding of the charitable company and its environment obtsined in the course of the audit. we have not identified material misstatements in the trustees, report. We have nothing to ￿port in respect of the following matters in relation to which the Companies Act 2006. Charities (Accounts and Reports) Regulations 2008 and the Charities Accounts (Scotland) Regulations 2006 requires us to report to you if. in our opinion-. the charitable company has not kept proper and adequate accounting records. or returns adequate for our audit have not been re￿iVed from branches not visited by us., or the financial statements are not in agreement wth the accounting records and retums" 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 take advantage of the small companies exemption in preparing the directors, report and take advantage of the small companies exemption from the requirement to prepare a strategic reporL Responsibilities of Trustees As explained more fully in the statement of trustees responsibilities set out on page 15 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 sab'sfied that they give a true and fair view, and for such internal control as the trustees detemine 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 tnjstees are responsible for assessing the charitable companls ability to continue as a going COn￿rn. disdosing. as applicable. matters related to going concern and using the going concem basis of accounting unless the Trustees either intend to liquidate the charitable company or to ￿a* operations. or have no realistic alternative but to do so. Auditorfs responsibilities for the audit of the financial statements We have been appotnled as auditor under sethion 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005. under Section 144 of the Charities Act 2011 and under the Companies Act 2006 and report in accordance wrth regulations made under those Acts. BUMBLEBEE CONSERVATION TRUST Independent Auditor's Report to the Trustees of Bumblebee Conservation Trust for the Year Ended 31 March 2024 Our objectives are to obtain reasonab4e assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error. and to issue an auditorfs 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) wtll 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 Influen￿ the economic decisions of users taken on the basis of these financial statements. Extenr to which an audit is consider8d capable of det8Cting irregularities, including fraud Irregularities. including fraud, are instances of non-complian￿ with laws and regulations. We design prO￿dureS in line with our respJnsibilits"es. outlined above. to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularitEs, including fraud is detailed below: We obtained an understanding of the legal and regulatory frameworks that a￿ applicable to the charitable company, focusing on provisions of those laws and regulations that had a direct effect on the detemiination of material amounts and disdosures in the financial ststements. The most relevant frameworks we identified include UK GAAP, Companies Act 2006, Charities SORP (FRS 102), the Charities (Accounts and ReForts) Regulation 2008, the Charities and Trustee Inveslment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. We gained an understsnding of how the Charitable company is complying with these laws and regulations by making enquiries of those responsible for the operation of the charity. We corroborated these enquiries through our review of submitted returns. relevant correspondence with ￿ulatOry bodies and board meeting minutes. We assessed the susceptibility of the charitable company financial statements to material misstatement, including how fraud might occur, by meeting with management and those charged with governance to understand where it was considered there was susceptibility to fraud. This evaluation also considered how management and those charged with governance were remunerated and whether this provided an incentsve for fraudulent activity. We considered the overall control environmenl and how management and those charged with governance oversee the implementation and operation of controls. In areas of the financial statements where the risks were considered to be higher, we perfomed procedures to address each idents.fied risk. The following procedures were perfomed to provide reasonable assuran￿ that the financial statements were free of material fraud or error_ Reviewng minutes of meetings of those charged with govemance- Reviewng the level of and reasoning behind the charitable cornpany's procurement of legal and professional services., Perfoming audit worf( procedures over the risk of management override of controls, including testing of journal entries and other adjustrnents for appropriateness, evaluating the business rationale of significant transacts'ons outside the normal course of business and reviewing judgements made by management in their calculation of accounb.ng estimates for potential management bias., and Obtaining an understanding and inspecting evidence for the assumptions and judgements made by management in the timing of recognition of donation and legacy income and reviewing formal documentation in respect of this Income for any eviden￿ of restricb'ons that may affect ognition. Our audit procedures designed to respond to the risk of material misstatements in the financial statements, recognising that the risk of not detecb.ng a material misstatement due to fraud is higher than the risk of not detecting one resulting from error. as fraud may involve intentional 19 BUMBLEBEE CONSERVATION TRUST Independent Auditor's Report to the Trustees of Bumblebee Conservation Trust for the Year Ended 31 March 2024 concealment, forgery. collusion. omission or misrepresentatK)n. There are inherent limitations in the audit procedures perfomied and the further removed non-compliance with laws and regulations is from the events and transacb'ons reflected in the financial statements, the less likety we are to become aware of It. A further description of our responsibilities is available on the Financial Repjrting Council's website at.htt s"Ilwww.frc.or .uklOur-WorklAudiVAudit-and-assurancelStandards-and- uidancelstandards-and uidance-for-auditorslAuditors-res onsibilities-for-audiVDescri auditors-res onsibilities-for-audit.as x. This deSCript￿n forms part of our auditor's report. tion-of- Use of our report This report is rnade solely to the charitable company's members. as a body, in accordance with Chapter 3 of Part 16 of the Cornpanies Act 2006 and to the charitable company's trustees, as a body, in accordance with Regulation 10 of the Charits"es Accounts (Scotland) Regulations 2006 and in accordance V•llth Part 4 of the Charities (Accounts and ReFM)rts) Regulations 2008. Ouraudit work has been undertaken so that we might state to the charitable company's members and its trustees those matters we are required to state to them in an auditorfs 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. the charitable company's memtErs as a body and the charitable company's trustees as a body. for our audrt work, for this reporL or for the opinions we have fomed. ¢• 22aca Gumayel Miah (Senior Statutory Auditor) for and on behalf of Buzzacott LLP, Statutory Auditor 130 Wood Street London EC2V 6DL Date.. 10 December 2024 Buzzacott LLP is eligible to act as an auditor in tems of section 1212 of the Companies Act 2006. BUMBLEBEE CONSERVATION TRUST Statement of Financial Activities Including Income and Expenditure Account For the year ended 31 March 2024 Unrestricted funds general Unrestricted Restricted funds funds designatod Total 2024 Total 2023 Income from" Donations and legacies Charitable activities Other tradin9 activities Investments 1.508.954 47,743 9.265 14.910 620,639 51,2 631 2.129.593 1.683,009 99.033 97,094 9.8 16.454 14,910 8,296 Totsl income 1.580,872 672,560 2.253,432 1,804,853 enditu Raising funds Charitable activities 212.193 1.207,398 212.239 165,742 2.001.844 1.552.401 794,446 Total expendlture 1.419,591 794,492 2,214,083 1,718,143 Net income 161,281 {121,932) 39,349 86.710 Transfers between funds 19121 (264.057) 147.585 116.472 Net movement in funds (102.776) 147.585 IS.460) 39,349 86,710 Reconciliation of Funds Fund balances at 1 April 2023 705,912 752.744 79,598 1,538,254 1,451,544 Fund balances at 31 March 2024 603.136 900.329 74.138 1,577.603 1.538.2S4 The ststement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006. All ofthe charity's acliwties derived from ￿ntInuIng operations during the above two financial periods. All recognised gains and losses are included in the above statement of financial actiwties 21 BUMBLEBEE CONSERVATION TRUST Balance Sheet As at 31 March 2024 2024 2023 Notes Fixed assets Tangible assets Intangible assets 13a 13b 59.076 Current assets Stocks Debtors Cash at bank and in hand 14 15 19.303 257,376 1.443,825 392.410 1.260.180 1,660,242 1.720,504 Creditors: amounts falling due within one year 16 (141,715) (182,250) Net current assets 1.518.527 1.538.254 Total a88et8 less current liabilities 1.577,603 1,538.254 The funds of the charity: Restricted funds 19 74,138 79.598 Unrestricted fvnds - designated Safety resepie Underwriting reserve Project funding 21 21 21 400.(￿0 131.173 369.156 350.000 112,345 290.399 900,329 752.744 Unrestricted funds - general 603.136 705,912 1,577,603 1,538.254 The accounts were approved by the Trustees on 4 De￿rnber 2024 . Angela Style Trustee Company Registration No. 05618710 BUMBLEBEE CONSERVATION TRUST Statement of Cash Flows For the year ended 31 March 2024 2024 2023 Notes Cash flows from operdting activities Cash (used in)Igenerated from operations 24 (139.479) 121,625 Investlng activities Purchase of intangible fixed assets Interest received {59.076) 14,910 8.296 Net ¢a8h generatsd from Investing activities (44.166) 8,296 Net ¢a$h from financing activities Net (decreaseyincreaso in cash and cash equivalents 1183.645) 129.921 Cash and Cash equivalents at beginning of year 1.443,825 1.313.904 Cash and cash equivalents at end of year 1,260.180 1.443.825 Relating to: Cash at bank and in hand 1.260.180 1.443.825 BUMBLEBEE CONSERVATION TRUST Notes to the Financial Statements For the year ended 31 March 2024 Accounting policies Trust inforniation Bumblebee ConseNation Trust (the Trust) is a charitable company limited by guarantee incorporated in England and Wales. The registered office is Intemational House. 109-111 Fulham Palace Road. London, 8JA and the business address is Beta Centre, Stirling University Innovation Park, Stirling, FK9 4NF. The Trust is registered with the Charity Commission (England and Wales) (no. 1115634) and with the Office of the Scottish Charity Regulator (no. SC042830). Accounting convention These accounts have been prepared in accordance with FRS 102 Yhe Financial Reporting Standard applicable in the UK and Republic of Ireland" ("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), the Companies Act 2006. the Charities and Trustee Investment (Scotland) Acl 2005. the Chartties Accounts (Scotland) Regulations 2006 and the Charities Act2011. The Trust is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterting. which is the functional currency of the Trust. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. The Trust has availed itself of section 396 of the Companies Acl 2006, as permitted in paragraph 4(1) of Schedule 1 of Sl 2008 no 409, and adapted the Companies Act formats to reflect the special nature of its charrtable activities. Going concern At the time of approving the accounts, the Trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for at least the next 12 months and they have not identified any material Un￿rtaIntieS with regards to the Trust's ability to continue. Thus the Tnjstees continue to adopt the going concem basis of accounting in preparing the accounts. Charitsble funds Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes. Designated funds are those which have been allocated from the unrestricted funds of the charity by the Trustees to fulfil certain purposes. There are no legal or constructive restrictions on these funds and they can be allocated to different uses al the discretion of the Trustees. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the accounts. BUMBLEBEE CONSERVATION TRUST Notes to the Financial Statements For the year ended 31 March 2024 Income Income is recognised when the Trust is enkn'tled to it after any performan￿ conditions have been met. the amounts can be measured reliably, and it is probable thai income will be received. Income is represented by invol￿$ issued, grants and other monies re￿iVed in the course of the Trust's ordinary actSVities during the year. Cash donations are recognised on r￿lpt. Otherdonations are recognised once the Trust has been notified of the donation, unless perf0mlan￿ conditions require deferral of the amount. Income tax recoverable in relation to donab.ons re￿iVed under Gift Aid or deeds of covenant is recognised at the time of the donation. Income from legacies is recognised when there is sufficient evidence that a gift has been left to the charity and the executor of the estate has expressed satisfaction Ihat the assets so gifted are not required to satisfy claims on the estate. Deferred income represents income received in the current financial year for future periods. This is released to income in the period in which the charity becomes entitled to it. Membership income, including life subscriptions. is recognised when received. Income from trading aclivities includes income earned from fundraising events and trading activities to raise funds for the Trust. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred. Charitable activities relates to book sales and is recognised on receipt and consultancy income which is recognised On￿ the service has been delivered. Expenditure Liabilities are recognised as expenses as soon as there is legal or constructive obligation commrtting the Trust to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category and include irrecoverable VAT. Raising funds comprise all costs associated with generating income from all SoUr￿s, including donations. other than from undertaking charitable activthes. Charitable expenditure is inCUr￿d in pursuance of the Trusfs principal objects and as set out in the Trustees, report. Support costs are those functions that assist Ihe work of the Trust but do not directly undertake charrtable activities. 25 BUMBLEBEE CONSERVATION TRUST Notes to the Financial Statements For the year ended 31 March 2024 Fixed assets Assets acquired with an estimated useful economic life in excess of one year, and costing more than £5,000. are capitalised on the balance sheet as fixed assets. Fixed assets are initially measured at cost and subsequently measured at cost. net of amortisation and any impairment losses. Amortisation is recognised so as to write off the cost of assets less their residual values over their useful lives on the followllng bases: Intangible assets 200/0 Straight line The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net incomel(expenditure) for the year. Stocks Stocks are stated al the lower of cost and net realisable value. Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. Cash and cash equivalents Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and other short-tenn liquid investments with original maturrties of three months or less. Financial instruments The Trust has elected to apply the provisions of Section 11 'Basic Financial Instruments. and Section 12 '0ther Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Trust's balance sheel when the Trust becomes paty to the contractual provisions of the instrument. Basic financial assets Basic financial assets. which include debtors and cash and bank balances. are measured at transaction pri￿ including transaction costs. Derecognition of financial assets Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the Trust transfers the financial asset and substantially all the risks and rewards of ownership lo another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another paty that is able to sell the asset in its entirety to an unrelated third party. BUMBLEBEE CONSERVATION TRUST Notes to the Financial Statements For the year ended 31 March 2024 Basic financial liabilities Basic financial liabilities. including credrtors are recognised at transaction price. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities rf payment is due within one year or less. Derecognition of financial liabilities Financial liabilities are derecognised when the Trusfs contractual obligations expire or are discharged or cancelled. 1.10 Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the charitable company is demonstrably committed to terminate the employment of an ernployee or to provide termination benefits. 1.11 Retirement benefits The Trust operales a defined contribution pension scheme. Contributions are charged in the accounts as they become payable in accordan￿ wrth the rules of the scheme. 1.12 Leases Rentals payable under operating leases, including any lease in￿ntiveS received, are charged to expenditure on a straight line basis over the term of the relevant lease. Critical accounting estimates and judgements In the application of the Trust's accounting policies. the Trustees are required to make judgemenls, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and fulure periods. The key sources of estimation are summarised as follows: Legacies Income from legacies are recognised at the point Tt can be reliably measured and that the Trust is entitled to the legacy. This is typically atthe point probate has been granted, the value of the estate can be reliably measured along wilh the amount due to the Trust. BUMBLEBEE CONSERVATION TRUST Notes to the Financial Statements For the year ended 31 March 2024 Donations and legacies Unrestricted funds Restricted funds Total 2024 Total 2023 Donations and grfls Legacies receivable Grants receivable Membership fees 773,427 485.794 29 249.704 167,383 940,810 485,794 453,285 249.704 883,009 463.547 103,377 233,076 453.256 1,508,954 620.639 2.129,593 1,683.009 For the year ended 31 March 2023 Donations and gifts Legacies receivable Grants receivable Membership fees 709,290 463,547 13,023 233.076 173.719 883,009 463,547 103,377 233.076 90.354 1.418,936 264,073 1,683,009 Charitable activities 2024 2023 Consultancy income Book sales 93,581 5,452 89,681 7,413 99,033 97.094 Analysis by fund Unrestricted funds- general Restr￿ted funds 47,743 51,290 82.363 14,731 99,033 97,094 Other trading activities Unreslricted funds Restricted funds Total 2024 Total 2023 Fund generation income 9,265 631 9,896 16,454 For the year ended 31 March 2023 16.157 297 16.454 BUMBLEBEE CONSERVATION TRUST Notes to the Financial Ststements For the year ended 31 March 2024 Investments Total 2024 Total 2023 Interest receivable 14.910 8.296 All interest receivable related to unrestticted funds. Raising funds Unrestricted funds Restricted funds Total 2024 Total 2023 Fundraisin and ubli Fundraising and publicty costs Staff costs 12.030 183,318 12,030 183.318 16,227 151,834 195,348 195,348 168.061 Tradin costs Other trading activities 16.845 16,891 (2,319) 212,193 212,239 165,742 For the year ended 31 March 2023 Fundraising and pUbl￿ty Trading costs 168,CE1 (2.326) 168.061 (2,319) 165.735 165.742 BUMBLEBEE CONSERVATION TRUST Notes to the Financial Statements For the year ended 31 March 2024 Charitable actlvities 2024 2023 Staff costs Local projects and event costs Land management Printing, postage, stationery and computer expenses Consultancy, professional and PayPal fees Staff training and travelling expenses Voluntary seNices Equipment Publicty and advertising Rent, rates, insurance and p￿miseS expenses Telephone and internet Recruitment and payroll expenses Sundry expenses 1,487,127 9,927 33,200 7,329 36,657 44,200 4,525 7,108 1,000 864 4,523 1,122 217 1,138,379 6.438 3.407 14,217 14,387 28,971 693 5,814 (1,000) 939 3,392 473 495 1,637,799 1,216.605 Support costs (see note 9) Govemance costs (see note 9) 347,804 16,241 321,288 14,508 2.001.844 1,552,401 Analysis by fund Unrestricted funds - general Restricted funds 1.207,398 794,446 1,044.563 507.838 2.001,844 1.552,401 30. BUMBLEBEE CONSERVATION TRUST Notes to the Financial Statements For the year ended 31 March 2024 Support costs Basis of allocatii Govern- ance costs Support co818 2024 2023 Rent. rates, insurance and premises Printing, postage and stationery Telephone and intemet Staff training and travel Equipment Publicty and advertising Recruitment and payroll expenses Consultancy, professional and PayPal Sundry expenses Legal and professional fees Audit fees Board and governan￿ costs Direct 33.266 33.266 48,393 Direct Direct Direct Direct Direct 60.090 30,253 81.005 6.669 32,393 60,090 30,253 81,005 6,669 32,393 50,892 28.854 71,899 10,186 22.930 Direct 7.012 7,012 6.746 Direct Direct Direct Direct Direct 72.389 (301 24.757 72,389 (30) 24.757 14.178 2,(￿3 57,789 938 22,661 13,097 1,411 14.178 2,063 347.804 16.241 364,045 335,796 10 Audltorfs remuneration The anatysis of Ihe auditorfs remuneration is as follows". 2024 2023 Audit of the annual accounts 14,178 13,097 11 Trustees None of the Trustees (or any persons connected with them) (2023: none) re￿iVed any remuneration during the year, and two Trustees (2023: one) were reimbursed £147 (2023: £148) for expenses. .31 BUMBLEBEE CONSERVATION TRUST Notes to the Financial Statements For the year ended 31 March 2024 Employees Number of employees The average monthty number of employees during the year was (headcount).. 2024 Number 2023 Number 50 Charitable and support Employment costs 2024 2023 Wages and salaries Social security costs Employers contributions to defined contribution pension schemes 1,442,995 112,143 115,307 1,114.516 86.086 89,611 1,670,445 1.290,213 There were no employees whose annual remunerats'on was £60,000 or more. 13a Tangible fixed assets Tangible Plant and machinery Total ost At 1 April 2023 Additions Disposals 38,700 38.700 (38,700) (38,700) At 1 April 2024 reciation & im aim)ent At 1 April 2023 38,700 38,700 Depreciation charged in year Eliminated on disposal (38,700) (38,700) Al 1 April 2024 Car in Amount At 31 March 2024 At 31 March 2023 BUMBLEBEE CONSERVATION TRUST Notes to the Financial Statements For the year ended 31 March 2024 13b Intangible fixed assets Intangible Database Total ost At 1 April 2023 Addrtions Disposals 59,076 59,076 At 1 April 2024 59,076 59,076 reciation & im irmenl At 1 April 2023 Depreciation charged in year Eliminated on disposal At 1 April 2024 Ca in amount At 31 March 2024 At 31 March 2023 59.076 59.076 14 Stocks 2024 2023 Finished good5 and goods for resale 7,652 19,303 15 Debtors 2024 2023 Amounts falling due withln one year Trade debtors Other debtors Prepayments 54,462 328,122 9,826 68,325 184,814 4,237 392,410 257,376 BUMBLEBEE CONSERVATION TRUST Notes to the Financial Statements For the year ended 31 March 2024 16 Creditors: amounts falling due within one year 2024 2023 Trade creditors Other creditors Other tax and social security Deferred income Accruals 36,328 43.925 28.995 18,667 13,800 62,122 38,130 25,646 42,857 13.495 141,715 182,250 17 Deferred income 2024 2023 Total deferred income at 1 April Amounts credrted to statement of financial activrtEs Amounts deferred in year 38.130 (19,463) 25,530 (25,530) 38.130 Total deferred income at 31 March 18,667 38.130 Deferred income represents income received in the current and previous years for which enlrtlement lo the income arises in future accounting periods. 18 Retirement benefit schemes Defined contribution schemes The Trust operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Trust in an independently administered fund. The charge to the Statement of Financial Activities in respect of defined contributs'on schemes was £115.307 {2023: £89.611). BUMBLEBEE CONSERVATION TRUST Notes to the Financial Statements For the year ended 31 March 2024 19 Restricted funds The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific pU￿)Ses. Movement in funds At31 March 2024 Expend- iture 2023 Income Transfers #Green Welsh Landscapes for Rare Bumblebees Bee Connected Calon Gwenyn Donations Natur Am Byth (development) Natur Am Byth (delivery) Pollinating the Fowey Valley Saving Brechfa Bumblebee Kent Plan B Shrill Carder Recovery Skills for Bees (Cymru), formerly 8eeWalk Cymru Skills for Bee5 (Scotland) Bee Inspired Wallsall Save our Shrill (Somerset) Great Yellows on the Verge Species on the Edge (Delivery) Species on the Edge (Development) West Country Buzz (Phase11) Connecting the Camarthenshire Coast Moss Carder Bees of Cornwall Buzzing in the East End Skills for Bee walk 6,096 (32.192) 31,121 1,362 1,184 (6,096) 56,827 16,038 (1.362) (5.847) 94.317 (118.663) {47,731} (3) 289 (572) 72 75 4.663 1,433 {25.357) {49,012) (1.466) (254) (49,901) (23,924) 45,811 3,201 20,558 55.333 4,580 19.092 45,746 (39,366) (9.333) 8,647 (2,692) 40.700 16,280 (4,899) 6,746 43.350 77,488 198 40.000 (28,309) (32.298) (85.308) (75.260) (23.051) (19,137) 27,332 (12,719) (278) 16,564 74.784 (385) (26.632) 131.520 (141,940) (1,250) (38,302) 5.499 45.000 (44.286) 6.213 (1,655) 49.575 (57.129) (9,209) (234) (14.290) (234) 30,710 52.724 45.000 52.724 79.598 672,560 1794.4921 116,472 74.138 35 BUMBLEBEE CONSERVATION TRUST Notes to the Financial Statements For the year ended 31 March 2024 For the year ended 31 March 2023 Movement in fiAnds At31 March 2023 At 1 April 2022 Expend- iture Income Transfers #Green Welsh Landscapes for Rare Bumblebees Back from the Brink Bee Connected Bee the Change Beewalk Calon Gwenyn Donations Fifth Continent ￿raInee) Great Yellow Bumblebee Genelics HOSC and ESO Living Levels (Deltvery Phase} Making a Buzz for the Coast (Delivery Phase) Natur Am Byth Pollinating the Fowey Valley (Delivery Phase) Pollsnating the Peak {Defvery Phase) Saving the Great Yellow Bumblebee Shrill Carder Recovery Skills for Bees (Cymru), formerly Beewalk Cymru Skills for Bees (Scotland) Bee Inspired Wallsall Save our Shrill {Somerset) Great Yellows on the Veige Species on the Edge (Delivery) Species on the Edge (Development} West Country Buzz {Phase11} Connecting the Camiarthenshire Coasl 6,096 6.096 (8.503) 59.984 (94.784) {2) 11,111 (32,192) 17,486 (18) 1.547 35,000 8.380 5.147 {21.365) (7.000) (5.583) 31,121 1,362 (1,111) 8,300 (25,743) 17,443 {667) 34,759 (32,908) 1,184 62.119 20,050 (36,358) 45,811 33.774 22,643 4.185 34.202 (44,701) {59,537) 6.742 (2.692) 65.779 10,425 6.627 36.040 18.681 (31.706) (30.185) (38,580) (8,158) (385) 40,700 16.280 (4.899) 15,000 8,158 (385) 1.250 405 {28,287) (26,632) 30.766 15.641 {40,908) 5,499 (1,655) (1.655) 250.997 279,101 1507,845) 67,345 79,598 The transfers from unrestricted funds represent the Trust's contribution to restricled fund projects. Transfers from restricted funds to unrestricted funds represent the basis that the restriction has been satisfied. 36 BUMBLEBEE CONSERVATION TRUST Notes to the Financial Statements For the year ended 31 March 2024 20 Analysis of net assets between funds Unrestricted funds Designated funds Restricted funds Total 2024 Fund balances at 31 March 2024 are represented by: Intsngibie assets Current assetsl(liabilities) 59.076 544,060 59.076 1,518,527 900,329 74.138 603,136 900,329 74.138 1,577.603 For the year ended 31 March 2023 Unrestricted funds Designated funds Restricted funds Total 2023 Fund balances at 31 March 2023 are represented by= Tangible assets Current assetsl(liabilities) 705,912 752.744 79.598 1,538.254 705.912 752.744 79,598 1.538,254 21 Designated funds The income funds of the Trust include the following designated funds which have been set aside out of unrestricted funds by the Trustees for specific purposes: Movement In funds At31 March 2024 At 1 April 2023 Expend- iture Income Transfers Safety reserve Underwriling reserve Project funding 350.000 112,345 290,399 50,000 18,828 78,757 400,000 131.173 369,156 752,744 147,585 900.329 Details of each of the designated funds can be found in the Trustees, Report. BUMBLEBEE CONSERVATION TRUST Notes to the Financial Statements For the year ended 31 March 2024 For the year ended 31 March 2023 Movement in funds At31 March 2023 Al 1 April 2022 Expend- iture Income Transfers Safety reserve UndeNriting reserve Proiect funding 300,000 63,000 188,399 50,000 49,345 102.000 350,000 112,345 290,399 551.399 201.345 7S2.744 22 Operating lease commilments At the reporting end date the Trust had outstanding commilments for future minimum lease payments under non-cancellable operats'ng leases, which fall due as follows.. 2024 2023 Wrthin one year Belween tr40 and five years 12.204 3,355 13,439 4.002 15.559 17,441 The total lease cost recognised as an expense during the year was £14,640 (2023 £41,620). 23 Related party transactlons Remuneration of key management personnel The remuneration of key management personnel is as follows 2024 2023 Aggregate compensation £191.366 159,955 Key management personnel also received re1Mbu￿ernent of expenses of £4,418 (2023: £7.401). BUMBLEBEE CONSERVATION TRUST Notes to the Financial Statements For the year ended 31 March 2024 Transactions with related parties The following amounts were outslanding at the reporting end date: Amounts owed to related parties 2024 2023 Gill Perkins (Chief Executive) Amy Ploughman (Head of Science and Conservation) 173 28 195 439 Other than Ihe above, there were no other related party transactions during the year ended 31 March 2024 (2023 - no other). 24 Cash generated from operating activities 2024 2023 Net (expenditure)fincome for the year 39,349 86,710 Adjustments for- Investment income recognised in Statemenl of Financial Activities Depreciation and impairment of tangible fixed assets (14.910) (8,296) Movements in working capital= Decreasel(Increase) in stocks Decrease in debtors (Decrease) in creditors Increasel(Decrease) in deferred income 11.651 (135.034) {21.072) (19,463) (7,938) (33,208) 71,757 12,600 Cash (used in)Iprovided by operating activities 1139,4791 121,625 25 Analysis of changes in net debt The Trust had no external debt finan￿ during the year.