2025-04-05-accounts

Charity registration number 1117270

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www.rufford.org ¥Z
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REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED

5 APRIL 2025

THE RUFFORD FOUNDATION

CONTENTS

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||||||||| |---|---|---|---|---|---|---|---| |Page| |REPORT OF THE TRUSTEES|1-11| |INDEPENDENT AUDITOR’S|REPORT|12-15| |STATEMENT|OF|FINANCIAL ACTIVITIES|(including|Income|and|Expenditure)|16-17| |BALANCE|SHEET|18| |STATEMENT|OF CASH|FLOWS|19| |NOTES TO|THE|FINANCIAL STATEMENTS|20-63|

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THE RUFFORD FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED5 APRIL 2025

The Trustees are pleased to submit their report together with the audited financial statements for The Rufford Foundation (also referred to as “the Charity” or “Trust” or “Foundation”) for the year ended 5 April 2025.

The financial statements comply with the Charities Act 2011, and where relevant, the Charities Act 2022, the Charity’s trust deed dated 15 November 2006 as revised in 2024 and 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 - SORP (FRS 102) (issued in October 2019).

REFERENCE AND ADMINISTRATIVE DETAILS FOR THE CHARITY, ITS TRUSTEES AND ADVISERS

Founding Patron: JH Laing

Trustees: The Trustees serving during the year and since the year end were as follows: E S$ Brunwin H B Edwards MIT Smailes JH Laing (retired 15 November 2024) T Kenny (retired 15 November 2024) S Jones (appointed 10 October 2024) S R Broad (appointed 10 October 2024) H P Nelson (appointed 21 January 2025)

Chief Executive Officer: Stuart Paterson

Website: www.rufford.org

Website: Charity registration number: www.rufford.org 1117270 Principal address: Bankers: 6th Floor Virgin Money 250 Tottenham Court Road 177 Bothwell Street London Glasgow W1T 7QZ Scotland G2 7ER

Auditor: Rawlinson & Hunter Audit LLP Eighth Floor, 6 New Street Square New Fetter Lane London EC4A 3AQ

Investment advisers: Evelyn Partners Investment Management Services Limited 45 Gresham Street London EC2V 7BG

Investment custodians: Evelyn Partners Investment Services 45 Gresham Street London EC2V 7BG

Solicitors: Harbottle and Lewis LLP 7 Savoy Court, London, WC2R OEX

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THE RUFFORD FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED5 APRIL 2025 (continued)

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The Charity is an unincorporated charity established by deed of trust dated 15 November 2006 (the “Trust Deed”).

Appointment of Trustees

The power to appoint Trustees is vested in the Founding Patron of the Trust, J H Laing.

Trustee induction and training

New Trustees undergo an orientation day to brief them on their legal obligations under Charity Law, the decision-making processes, the business plan and recent performance of the Charity. During the induction day, they meet key employees and other Trustees.

Trustees, the Chief Executive Officer (‘CEO”) and the Grants Manager are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role.

Organisation

In this reporting year, the Foundation was administered by six members of staff, the CEO (Stuart Paterson), Grants Manager (Simon Mickleburgh), Grants Officer (Jo Cook), Administrator (Jane Raymond), Finance Administrator/Executive Assistant (Monika Fried) and Communications Officer (Ayeasha Johnson).

The CEO reports to the Chairman, MI T Smailes, on a regular basis. The CEO and Chairman update the Founding Patron on specific grants made. The Trustees extend their gratitude to J H Laing who retired after 42 years of outstanding leadership as Chairman and Trustee of The Rufford Foundation. His generosity, vision, ambition and commitment have shaped the Charity into a globally recognised grantmaker, dedicated to a range of meaningful causes - most notably nature conservation. The Trustees are honoured that he is the Founding Patron of the Charity.

The Trustees also extends their thanks to Terry Kenny who has worked alongside J H Laing for 27 years, first as Foundation Director and later as Trustee. In both roles, Terry has served as a primary advisor to the Chair and as mentor to the CEO, offering wise counsel and expertise on matters relating to charity governance and management.

The Trustees formally meet three times a year but individual Trustees also maintain regular contact with the Charity staff.

Related parties

None of the Trustees receive remuneration or other benefit from their work with the Charity. The Charity received computer services at a favourable price from Simplicat, in which H B Edwards is beneficially interested. Any work undertaken by Simplicat for the Charity is approved by the other Trustees prior to its commencement and any invoice being paid. The Charity received digital design services from Olivia Smailes, daughter of Trustee M | T Smailes. Any work undertaken by Olivia Smailes for the Charity is approved by the other Trustees prior to its commencement and any invoice being paid. H P Nelson is an employee of Fauna & Flora and withdraws from any business matters related to Fauna & Flora. S R Broad is married to an employee of TRAFFIC. Fauna & Flora and TRAFFIC are both recipients of grants from the Charity. S Paterson is married to M Fried, the Finance Administrator/Executive Assistant also employed by the Charity. Transactions with related parties are disclosed in Note 15 to the financial statements.

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THE RUFFORD FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED5 APRIL 2025 (continued)

Pay policy for senior staff

The Trustees consider they, together with the CEO, comprise the key management personnel of the Charity who are in charge of directing and controlling, running and operating the Charity on a day-to-day basis.

All Trustees give their time freely and no Trustee received remuneration in the year. Details of Trustees’ expenses and related party transactions are disclosed in the notes to the financial statements. The pay of the staff is reviewed annually and normally increased in accordance with inflation data as at the end of September each year.

Governance and risk management

The Trustees have a risk management strategy, including a regularly updated Risk Assessment which is formally approved annually by the Trustees and which comprises:

• e aregular review of the risks the Charity may face;

• e the establishment of systems and procedures to mitigate those risks identified in the plan; and

• e the implementation of procedures designed to minimise any potential impact on the Charity should those risks materialise.

Particular attention has focused on risks in respect of assets and income, grant-making processes, people and technology. A key element in the management of financial risk is its regular review by the Trustees.

The Trustees have given consideration to the main risks to which the Charity is exposed and are satisfied that systems and procedures are in place to manage these risks.

In addition, the Trustees have taken due consideration of Good Governance — A Code for the Voluntary and Community Sector, ensuring that the seven main principles of the Code are adhered to. These are:

• e Organisational purpose; e Leadership; e Integrity; e Decision-making, risk and control; e Board effectiveness; e Equality, diversity and inclusion; and e Openness and accessibility.

The Trustees recognise that good governance plays an essential part in securing the future of the Charity and confirm that the said main principles of the Code are followed by them in leading, directing and managing the Charity.

Grant-making policy

The four main areas of giving are The Rufford Small Grants Programme, Organisational Grants, Conferences and Learning Events Grants and General Grants.

1. The Rufford Small Grants Programme

The Rufford Small Grants Programme provides funding to early career conservationists, mostly in emerging markets or developing economies. Typically, the grants focus on supporting MSc or PhD

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THE RUFFORD FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED5 APRIL 2025 (continued)

students or those who have graduated within the past three years. We also consider other applicants if the project fits our main objectives. Funding is a staged process. In line with our strategy, and following consultation with our grantees, conservation professionals, other donors and reviewers of Rufford Small Grant applications, we have revised and streamlined our online application process.

Applications are completed online and are reviewed once three independent references have been received. Applications are assessed initially by the Charity’s staff and, if deemed suitable for independent evaluation, they are referred to Fauna & Flora which allocates reviewers as appropriate. The reviewers have appropriate expertise to make a recommendation. The final decision on all Rufford Small Grants, Boosters and Completion grants lies with the CEO and/or the Trustees.

Grants are awarded on a rolling basis but only one grant is made per applicant per year. Grants are only continued where the applicant is able to report clear progress that satisfies the Grants Officer, Grants Manager and CEO.

The programme has four stages of funding. Successful grantees are encouraged to apply for further support following completion of projects provided that reporting on prior grants is satisfactory and that they meet the eligibility criteria.

48t Rufford Small Grants and 2™ Rufford Small Grants These are aimed at small conservation programmes and pilot projects. Both these grants are available to individuals and small groups. Having successfully completed a 1** RSG of up to £7,000, applicants can apply for a 2"? RSG of up to £8,000.

Booster Grants Having successfully completed a 2" RSG, applicants can apply for a Booster Grant of up to £12,000. At this stage applicants are encouraged to seek funding from additional sources.

Completion Grants Having successfully completed a Booster Grant, applicants can apply for a Completion Grant of up to £18,000. At this stage applicants are expected to have significant funding from additional sources. These grants should provide a final boost to applicants who have already been supported through previous grants and enable them to then apply for support from other major funders. Once an applicant has received a Completion Grant they are not eligible for any further funding through The Rufford Small Grants Programme.

The Charity has made good progress in its aim to encourage more former grantees to apply for the next level of funding and 7 Completion Grants were awarded this year compared to none in the previous year. These have enabled grantees to continue and scale up on their previous projects.

Case Study: In 2025, Anoop Nadukkalathil Ravi received a Completion Grant for his project entitled “Improving Human-Elephant Coexistence Through Alternative Livelihood and Community Empowerment in Kerala State, India”. Prior funding had been crucial to the delivery of projects results and career development including attainment of a PhD, drafting of a key document submitted to the Supreme Court of India in 2023 for conflict mitigation and habitat management, delivery of a report to the Forest Department to manage the spread of invasive plants, and the training of volunteers to identify and track crop-raiding elephants which has helped volunteers to gain paid employment. 2. Organisational Grants Small, local NGOs often struggle to find core support (such as salaries, office costs or help with strategic planning) to ensure their long-term viability. Organisational Grants are designed to provide that support with grants of up to £25,000 a year for a 3-year period. Applications are by invitation only and focus on organisations set up by, or linked to, Rufford grantees. In 2024-25, 12 organisations received an Organisational Grant.

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Case Study: After the first year of funding, Botswanan NGO Ecoexist reported on the following key achievements: strengthening of board or trustees and improved governance policies and processes; approval of a new fundraising strategy; completion of an organisational assessment; creation of a new management workplan and reporting system; and updating of fundraising and communications materials.

3. Conferences and Learning Events Grants

Learning Events are a development of Rufford Conferences that began in 2012. They are targeted at Rufford grantees and provide training as well as an opportunity to build networks. Learning Events are organised by a local contact with support and funding from the Rufford office. Prior to each event, a questionnaire is circulated asking for suggestions about what kind of training would be beneficial. Suitable trainers are then sourced focally. Learning Events are usually in a local language. The Grants Officer provides support throughout the process and attends each event. Reports are posted on the Foundation’s website. In 2024-25, Learning Events were held in Borneo (17 grantees) and Nepal (18 grantees).

Case Study: The Learning Event in Nepal brought together Rufford grantees at various stages of their conservation and academic journeys. The event featured a diverse range of activities, including workshops, discussions, presentations, interactive games, and a field trip. It aimed to strengthen participants’ conservation skills, with a particular emphasis on community-based conservation and research tools. As a result, participants reported a greater enthusiasm for collaboration, along with improved abilities in fundraising, project management, and media communication.

The Charity also provides funding for conferences worldwide, which goes towards event hosting and travel costs for attendees. Funding helps increase the profile of the Charity and encourages more people to apply for Rufford Small Grants. In 2024-25, the Charity provided sponsorship for several events including the 60th Annual Meeting of Association of Tropical Biology and Conservation in Rwanda and the Conservation Leadership Transformation Network Symposium in South Africa. Funding was also granted for two international events in Australia and a Learning Event in Indonesia, delivered by the Conservation Leadership Programme.

Case study: The Conservation Leadership Transformation Network is a cross-sector network of professional conservation leadership practitioners dedicated to advancing effective approaches through peer learning, collaboration, and knowledge exchange. It brings together organizations and individuals committed to enhancing and accelerating the design and delivery of conservation and leadership initiatives globally. The Charity funded the cost of travel and attendance for two people from Cameroon and Vietnam.

4. General Grants

Grants are made, generally to small or medium-sized organisations, for nature conservation projects, predominantly in emerging or developing economy countries. Details of these grants are given in Note 20.

As part of the Strategic Review 2023-26, the Trustees agreed to taper down General Grants to organisations. By financial year 2025-26, the only organisations that the Trustees plan to support through General Grants will be Fauna & Flora, Whitley Fund for Nature (WFN) and Zoological Society of London (ZSL). These organisations have strong links to the Foundation’s work: Fauna & Flora are the external reviewers for Rufford Small Grant applications; WFN applicants and winners frequently have had Rufford support; and ZSL is involved in the IUCN Red List, a key element in the Foundation’s reviewing process for Rufford Small Grants.

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THE RUFFORD FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED5 APRIL 2025 (continued)

Case Study: In the aftermath of Hurricane Beryl, which devastated infrastructure and natural habitat on Union Island in the Caribbean, the Charity rapidly responded to an urgent fundraising appeal. The Trustees approved a grant of £60,000 to support the reconstruction of the Union Island Environmental Alliance (UIEA) Head Office, which had been completely destroyed. A report submitted by the grantee stated that the building, including its fittings and facilities, had taken shape, providing the UIEA team with critical core operations as well as shelter for their displaced team members. The grantee explained that “the rebuilding of the UIEA office stands as more than just a structural recovery, it represents a revival of purpose, a reclaiming of hope, and a space that will once again anchor this community of conservationists.”

Grants of £10,000 and below

Grants are made on an annual basis, some being strictly ‘one-off. These grants are generally made at the discretion of the CEO, following a recommendation of the Grants Manager on the basis of the written information received, which includes the latest annual report and accounts. These grants are reviewed and ratified by the Trustees at their next meeting.

Grants of over £10,000 and up to £30,000

The procedure is as above, although a visit may be made or a meeting arranged in order to obtain additional details. All these grants are approved by at least one Trustee on the basis of a recommendation made by the CEO and Grants Manager. These grants are reviewed and ratified by the Trustees at their next meeting.

Grants of over £30,000

Where a grant of over £30,000 is contemplated, if practical, the CEO, Grants Manager or a Trustee visit the organisation concerned prior to making a recommendation to the Trustees. Alternatively, an organisation may be invited to a Trustees’ Meeting to make their proposal in person. Where appropriate, applications are also referred, for advice, to experts with whom the Charity has close links. None of these grants are made without the approval of MI T Smailes and a majority of the remaining Trustees.

OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT

The objects of the Charity are to use the income to:

• ° Promote for the benefit of the public predominantly in countries other than those denoted by the International Monetary Fund as ‘Advanced Economies’, the conservation and protection of fauna and flora and the conservation, protection and improvement of the natural environment.

• ° Advance the education of the public in the conservation and protection of fauna and flora and the conservation, protection and improvement of the natural environment including research into the same and the dissemination of the useful results of such research.

• The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Charity's aims and objectives and in planning future activities and setting the grant-making policy for the year.

The Charity carries out these objects by providing grants to finance the related projects.

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THE RUFFORD FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED5 APRIL 2025 (continued)

FINANCIAL REVIEW

Reserves policy

The reserves at the year end comprised the capital fund of £119,513,056 (2024 - £119, 140,787) and income fund of £736,604 (2024 - £1,197,424).

The Trustees have used the annual net income for grant-making and related support and governance costs. The Trustees intend to use up the entire annual net income for future years, although they do have power to accumulate income and capitalise it as an accretion to the Trust.

The Trustees have in the past determined that the capital fund is held in order that the Charity is able to generate income for its future charitable expenditure and that the capital funds of the Charity will not generally be applied for its objectives and activities. However, the Trust Deed revised in 2013 allows up to 2% of the capital fund per annum to be used for its objectives and activities.

Fundraising

The Trustees have referred to the Code of Fundraising Practice (‘the Code”) which was developed by the fundraising community through the work of the Institute of Fundraising and Public Fundraising Association, and the Guidance on Charities and Fundraising issued by the Charity Commission (“CC20”). They confirm that the new Code and CC20 have no impact on the Charity as it does not engage in any public fundraising activities.

Investment powers

The Trustees’ investment powers are unrestricted.

Investment policy

The Trustees’ investment policy shall, unless the Trustees resolve otherwise for good reason, be to maintain the real capital value of the Charity, whilst at the same time achieving and maintaining a reasonable level of income for distribution in accordance with the objects of the Charity.

The Trust fund should be invested within the following asset class ranges.

AssetClass	Range
Equities Fixed interest	35-65% 15-45%
Alternative	0-30%
Cash	0-5%

Evelyn Partners are requested to advise the Trustees should the asset allocation move outside of these parameters. The value of the Diversified Property Fund for Charities units is to be included within the “Alternative” asset class and is based on the last value provided to Evelyn Partners.

The Trustees have agreed in principle for a long-term period of investment.

No direct investment may be made in any company that derives the majority of its income from airlines, alcohol, oil and gas exploration or production, mining, armaments, gambling or tobacco-related activities.

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THE RUFFORD FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED5 APRIL 2025 (continued)

Investment performance

Financial markets have experienced notable volatility since President Trump’s election win in November 2024. Initial investor enthusiasm for parts of his agenda went into reverse following his announcement of new trade tariffs at the beginning of April, although the tariffs actually introduced were not as severe as initially feared. US equity markets have now more than recovered the falls experienced in the wake of Trump’s initial tariff announcements; however, the US dollar has remained under pressure in part due to diminished confidence in US policymaking and the Trump administration's undermining of the independence of the Federal Reserve. Global bond markets in general have come under pressure in recent months in the face of rising government debt levels and persistent inflation. Yields on long-dated issues, in particular, have risen reflecting the prospect of significantly increased supply of debt over the coming years. The economic outlook remains reasonably encouraging, however, with most leading economies forecast to grow modestly over 2025.

The portfolio continues to meet its “Investment objective” of "Aiming to provide a mixture of income and capital growth”.

The overall composition of the portfolio continues to be considered appropriate in light of the Trustees’ aim « to maintain the real capital value of the Trust Fund, whilst at the same time achieving and maintaining a reasonable level of income for distribution...”

The investments remained within the asset allocation bands agreed with the Trustees and detailed annually in the Charity’s “Policy Statement for the investment of the Trust Fund’.

Over the financial year, the Charity’s investments provided a positive total return of 3.17%. During the same period, the ICE BofA UK Gilts All Stocks Index rose by 1.5%, while the MSCI United Kingdom Net total return index increased by 5.6%, both on a total return basis.

Overall, the Trustees were satisfied with the portfolio’s performance.

HOW OUR OBJECTIVES AND ACTIVITIES DELIVERED PUBLIC ACHIEVEMENTS AND PERFORMANCE

BENEFIT: A REVIEW OF

The Trustees are pleased that the achievements and performance of the Charity, as set out below, demonstrate the continuing delivery of public benefit.

The results for the year are set out on pages 16 and 17.

This year a total of 363 (2024 - 319) grants were awarded. This reflects our strategy to increase the number of grants within the Rufford Small Grants Programme.

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THE RUFFORD FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED5 APRIL 2025 (continued)

		2024-25		2023-24
Type	Number	Total	Number	Total
		£		£
Rufford Small Grants Programme 15 Rufford Small Grants	209	1,276,746	175	1,005,200
24 Rufford Small Grants	76	503,694	60	354,623
Booster Grants (including former 1% Booster and 2"4 BoosterGrants) Completion Grants Conferences and Learning Events Grants	29 7 5	295,970 119,807 76,795	@ 0 9	anAyaee 0 99,263
Organisational Grants	12	246,413	1	25,000
SUB-TOTAL	338	2,519,425	293	1,959,014
General Grants	25	836,054	26	831,500
TOTAL	363	3,355,479	319	2,790,514

A complete breakdown of grants made during the year including the name, country, title of the project funded and amount is shown on pages 35 to 63.

FUTURE PLANS

The Foundation will continue to deliver its strategy which revolves around delivering the following strategic outcomes.

Outcome 1

Grantees are conserving nature in emerging economy countries.

The Trustees’ medium-term target (3-5 years) is to underwrite grants of £3,000,000 per annum with ideally £2,000,000 per annum funded through The Rufford Small Grants Programme and £1,000,000 through General Grants, Organisational Grants, Conferences and Learning Events and other funding opportunities.

A recently recruited Monitoring, Evaluation & Learning Officer will update the Rufford Small Grant project reporting templates and will design materials to help grantees in the monitoring and evaluation of their work.

We will evaluate the short-term impact of Organisational Grants with the aim of extending this initiative to grant core funding to locally-led organisations.

Outcome 2

Grantees will have enhanced conservation capacities to work within the conservation related roles.

Rufford Learning Events will enhance capacity, create national networks, increase the number of follow up applications and build trusting relationships between the Charity and grantees. Our target will be to fund and participate in at least three learning events in Indonesia, Madagascar and Cameroon.

Staff at the Charity shall plan to deliver or attend workshops and networking events at conservation conferences in the UK and overseas. The Charity shall also consider sponsoring conservation conferences and meetings, specifically to enable early-career conservationists to travel to such events.

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THE RUFFORD FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED5 APRIL 2025 (continued)

FUTURE PLANS (continued)

Outcome 3

The Charity will collaborate with experts and institutions to achieve the stated purpose.

The Charity shall continue to collaborate with conservation donors and capacity building initiatives that can prove beneficial to Rufford grantees.

The Charity plans to further enhance its expertise with support from new Trustees with expanded knowledge of conservation and environmental issues as well as organisational development.

Outcome 4

The Charity will continue to be an effective and responsible charity.

The Charity will continue to ensure that funding is being used effectively. Investments shall continue to be managed in line with the Charity’s charitable objects.

The production of a legally compliant staff handbook has been initiated and will be operational in 2025.

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THE RUFFORD FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED5 APRIL 2025 (continued)

TRUSTEES’ RESPONSIBILITIES STATEMENT

The Trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the Charity for that period. In preparing these financial statements, the Trustees are required to:

• e select suitable accounting policies and then apply them consistently;

• ¢ observe the methods and principles in the Charities Statement of Recommended Practice 2019 (FRS 102);

• e make judgements and estimates that are reasonable and prudent;

• e state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation.

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, and where relevant, the Charities Act 2022, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the Charity 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 Charity and financial information included on the Charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other[jurisdictions.]

AUDITOR

A resolution will be proposed at the Trustees’ Meeting that Rawlinson & Hunter Audit LLP be re-appointed as auditor to the Charity for the ensuing year.

Approved by the Trustees and signed on their behalf by

M 1T Smailes Trustee Date: (GS OcGLer DoldLc

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INDEPENDENT AUDITOR’S REPORT

TO THE TRUSTEES OF

THE RUFFORD FOUNDATION

Opinion

We have audited the financial statements of The Rufford Foundation (“the Charity”) for the year ended 5 April 2025 which comprise the Statement of Financial Activities (including Income and Expenditure), 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:

• e give a true and fair view of the state of the Charity’s affairs as at 5 April 2025, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

• e have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Charities Act 2011, and where relevant, the Charities Act 2022.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the 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.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity's ability to continue as a going concern for a period 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.

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INDEPENDENT AUDITOR’S REPORT

TO THE TRUSTEES OF

THE RUFFORD FOUNDATION (continued)

Other information

The Trustees are responsible for the other information. The other information comprises the information included in the Report of the Trustees and Financial Statements, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities, (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

• « the information given in the Report of the Trustees is inconsistent in any material respect with the Financial statements; or

• e sufficient accounting records have not been kept; or

• e the financial statements are not in agreement with the accounting records; or

• we have not received all the information and explanations we require for our audit.

Responsibilities of Trustees

As explained more fully in the Trustees’ Responsibilities Statement set out on page 11, the Trustees are responsible for the preparation of 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 Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.

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INDEPENDENT AUDITOR’S REPORT

TO THE TRUSTEES OF

THE RUFFORD FOUNDATION (continued)

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 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 auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Based on our understanding of the Charity and the charitable sector, we identified that the principal risks of non-compliance with laws and regulations related to breaches of UK regulations. We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011, and where relevant, Charities Act 2022. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to inflate revenue of the Charity, and management bias in accounting estimates and judgemental areas of the financial statements, such as revenue recognition and provisions. Audit procedures performed by us included:

• e discussions with the Trustees and key management involved in the risk and compliance functions including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;

• e the analytical review of the detailed Statement of Financial Activities for variances that are either unexpected or considered not to be in accordance with our understanding of the business during the year;

• e obtaining and reviewing for completenessa list of entities and persons considered to be related parties (as defined by Financial Reporting Standard 102) and reviewing the ledgers of the Charity for previously unreported related party transactions;

• e reviewing correspondence and agreements between the Charity and its grantees and suppliers, and discussions with the management in relation to their compliance with laws and regulations;

• e challenging assumptions made by management in arriving at accounting estimates and judgements, in particular in relation to the recognition of revenue and grant provisions;

• e identifying and testing journal entries, in particular, any journal entries posted with unusual account combinations, such as a credit to revenue and a debit to the balance sheet (other than to expected accounts), which may be indicative of the overstatement or manipulation of revenue; and

• e designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing.

14

INDEPENDENT AUDITOR’S REPORT

TO THE TRUSTEES OF

THE RUFFORD FOUNDATION (continued)

Auditor’s responsibilities for the audit of the financial statements (continued)

Because of the inherent limitations of an audit and the audit procedures described above, there is an unavoidable risk that we will not have detected all irregularities, including some leading to material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remains a higher risk of non-detection of irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing noncompliance and cannot be expected to detect non-compliance with all laws and regulations.

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 auditor's report.

Use of our report

This report is made solely to the Charity’s Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Charity’s Trustees those matters we are required to state to them in an auditor's 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 Charity and the Charity's Trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Rawlinson & Hunter Audit LLP Statutory Auditor Chartered Accountants

Eighth Floor 6 New Street Square New Fetter Lane London EC4A 3AQ

Date: 1S Dekolar ZozT

Rawlinson & Hunter Audit LLP is eligible for appointment as auditor of the Charity by virtue of its eligibility for appointment to act as auditor under section 1212 of the Companies Act 2006.

15

THE RUFFORD FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES

(INCLUDING INCOME AND EXPENDITURE)

FOR THE YEAR ENDED 5 APRIL 2025

UNRESTRICTED FUNDS

		Capital	Income _Total	Total Funds	Total Funds
	Note	Fund	Fund	2025	2024
		£	£	£	£
Income from:
Donations and legacies	2	-	-	-	307,552
Investments Bank interest receivable	3	- -	3,892,099 26,134	3,892,099 26,134	3,842,685 22,967
Other income		-	-	-	24,650
Total income		-	3,918,233	3,918,233	4,197,854
Expenditure:
Costs of raising funds:
Investmentmanagement costs	4	-	356,028	356,028	329,384
Charitable activities
Rufford Small Grants Programme	5	-	3,019,752	3,019,752	2,423,047
General Grants	5	-	1,003,273	1,003,273	1,007,205
Total expenditure		-	4,379,053	4,379,053	3,759,636
Net expenditure before (losses)/gains on investments		-	(460,820)	(460,820)	438,218
Net gains/(loss) on investments:
Realised gain/(loss) on disposal of
fixed asset investments		282,590	-	282,590	(561,143)
Unrealised gain on revaluation offixed asset investments	11	89,679	-	89,679	2,795,674
Netincome/{loss)(carriedforward)		372,269	(460,820)	(88,551)	2,672,749

The notes on pages 20 to 63 form part of these financial statements

16

THE RUFFORD FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES

(INCLUDING INCOME AND EXPENDITURE)

FOR THE YEAR ENDED5 APRIL 2025 (continued)

UNRESTRICTED FUNDS

		Capital	Income	Total Funds	Total Funds
	Note	Fund	Fund	2025	2024
		£	£	£	£
Net income/(loss) (broughtforward)		372,269	(460,820)	(88,551)	2,672,749
Transfers between funds		-	-	-	-
Netmovement infunds	8	372,269	(460,820)	(88,551)	2,672,749
Reconciliation offunds:
Total funds brought forward		119,140,787	1,197,424	120,338,211	117,665,462
Totalfundscarriedforward		119,513,056	736,604	120,249,660	120,338,211

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 20 to 63 form part of these financial statements

17

THE RUFFORD FOUNDATION

BALANCE SHEET

5 APRIL 2025

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |Note|2025|2024| |£|£|£|£| |Fixed|assets:| |Tangible|fixed|assets|10|449,650|462,554| |Investments|11|118,920,664|119,086,781| |119,370,314|119,549,335| |Current|assets:| |Debtors|12|567,250|298,247| |Cash|at|bank|and|in|hand|817,291|771,326| |1,384,541|1,069,573| |Liabilities:| |Creditors|- amounts|falling|due| |within|one|year|13|(505,195)|(280,697)| |Net|current|assets|879,346|788,876| |Net|assets|120,249,660|120,338,211| |Unrestricted|Charity|funds| |Capital|Fund|19|119,513,056|119,140,787| |Income|Fund|19|736,604|1,197,424| |Total|Charity funds|120,249,660|120,338,211|

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

Approved by the Trustees and signed on their behalf by

M1 T Smailes Trustee

Date 1 f. Orbluc. 202f,

The notes on pages 20 to 63 form part of these financial statements

18

THE RUFFORD FOUNDATION

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 5 APRIL 2025

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |2025|2024| |Note|£|£| |Net cash|outflow from|operating|activities|18|(4,410,636)|(3,403,257)| |Cash|flow from|investing|activities| |Payments|to|acquire|investments|11|(4,118,478)|(26,868,201)| |Receipts|from|sales|of investments|11|4,354,025|26,736,511| |Interest|received|26,134|22,967| |Investment|income|received|3,892,099|3,842,685| |Net cash|inflow from|investing|activities|4,153,780|3,733,962| |Net (decrease)/increase|in|cash|and|cash|(256,856)|330,705| |equivalents| |Cash|and|cash|equivalents|brought forward|1,085,383|754,678| |Cash|and|cash|equivalents|carried|forward|828,527|1,085,383| |Cash|and|cash|equivalents|consists|of:| |Cash|at|bank|and|in|hand|817,291|771,326| |Short term|deposits|11|11,236|314,057| |Cash|and|cash|equivalents|at|§ April|2025|828,527|1,085,383|

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

The notes on pages 20 to 63 form part of these financial statements

19

1. ACCOUNTING POLICIES

THE RUFFORD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

5 APRIL 2025

General information

The Rufford Foundation (“the Charity” or “Trust”) is a registered charity (charity number 1117270) whose principal object is to use the income of the Charity to:

• e Promote for the benefit of the public predominantly in countries other than those denoted by the International Monetary Fund as ‘Advanced Economies’, the conservation and protection of fauna and flora and the conservation, protection and improvement of the natural environment.

• ° Advance the education of the public in the conservation and protection of fauna and flora and the conservation, protection and improvement of the natural environment including research into the same and the dissemination of the useful results of such research.

Basis of preparation and assessment of going concern

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and where relevant, the Charities Act 2022, and UK Generally Accepted Accounting Practice.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value.

The Charity constitutes a public benefit entity as defined by FRS 102.

The ongoing geopolitical conflicts and events and the increases in previous year in interest rates and inflation have created significant operational and financial pressures on some businesses. Having considered the contingency plans in place and reviewed updated cashflow forecasts, the Trustees consider that, given the substantial net asset base of the Charity and its ability to manage its grant making within the resources available to it, there are no material uncertainties about the Charity’s ability to continue as a going concern. The Trustees therefore consider the adoption of the going concern basis in preparing these financial statements continues to be appropriate.

The financial statements are prepared in Sterling which is the functional currency of the Charity.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Income

All income is recognised once the Charity has entitlement to the funds and it is probable that the funds will be received within the Charity or on behalf of the Charity and the monetary value of the income can be measured with sufficient reliability.

20

THE RUFFORD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

5 APRIL 2025 (continued)

1. ACCOUNTING POLICIES (continued)

Donations

Donations received for the general purposes of the Charity are credited to unrestricted income funds. Donations for purposes restricted by the wishes of the donor are credited to restricted income funds.

Investment income

Investment income represents dividends and interest receivable from investments.

Expenditure

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably.

• e Thecost of raising funds consists of investment management and custodian fees.

• Charitable activities include grants payable to third parties in furtherance of the charitable objectives of the Charity and include both the direct costs and support costs relating to these activities.

Irrecoverable VAT is charged as an expense against the activity for which the expenditure was incurred.

Grants payable to third parties are within the Charity’s objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when the recipient is notified of the grant and any unfulfilled conditions attaching to the grant are outside of the control of the Charity.

Support costs allocation

Support costs are those functions that assist the work of the Charity but do not directly represent charitable activities. Support costs include back office costs, finance, personnel, payroll and governance costs which support the Charity’s programmes and activities. These costs have been allocated between cost of supporting the charitable activities and governance costs. The bases on which support costs have been allocated are set out in Note 6. Governance costs include those incurred in the governance of the Charity and its assets and are primarily associated with constitutional and statutory requirements.

Status of funds - capital and income

Unrestricted funds are those 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.

21

THE RUFFORD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

5 APRIL 2025 (continued)

4. ACCOUNTING POLICIES (continued)

Status of funds - capital and income (continued)

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. There are no restricted funds.

The Trustees have complete discretion for the use of the income funds in pursuance of the Charity's objectives. In accordance with the terms of the Trust Deed, up to 2% of the capital fund per annum can be used to meet the Charity’s objectives and activities.

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less accumulated depreciation. The leasehold property is stated at its deemed cost at 5 April 2014 in accordance with FRS 102. Provision for depreciation of tangible assets is made on the straight line basis at rates calculated to write off the cost of the assets less their estimated residual values, over their expected working lives, which are considered to be: Leasehold property - over 50 years Office equipment - over 4 years

Investments

Investments are recognised initially at fair value which is normally the transaction price including transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains / (losses) on investments’ in the Statement of Financial Activities if the shares are publicly traded or their fair value can otherwise be measured reliably.

The fair value of listed investments is determined by reference to the quoted price being the Stock Exchange mid-price. The fair value of unlisted investments is determined by reference to the quoted price for identical assets in an active market.

Current asset investments are short term highly liquid investments and are held at fair value. These include cash on deposit and cash equivalents with a maturity of less than one year.

Realised and unrealised gains and losses

Realised gains and losses are recognised on disposal of investments. Unrealised gains and losses are recognised on the market value of investments at the balance sheet date.

Debtors and creditors receivable/ payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in “Expenditure” within the Statement of Financial Activities.

22

THE RUFFORD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

5 APRIL 2025 (continued)

4. ACCOUNTING POLICIES (continued)

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amount of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Charity’s cash management.

Financial instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are recognised initially at transaction cost and subsequently at amortised cost.

Employee benefits

When employees have rendered service to the Charity, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The Charity contributes to personal pension plans in respect of all employees. The expenditure charged in the financial statements represents contributions payable in respect of these schemes during the year.

Foreign currencies

Assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. Transactions denominated in foreign currencies are converted at the rate of exchange ruling at the date of the transaction. All translation differences are taken to the Statement of Financial Activities as they arise.

Operating lease

Rentals under operating leases are charged to the Statement of Financial Activities as they are incurred. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the period of the lease.

Judgements and key sources of estimation uncertainty

In preparing these financial statements, the Trustees have to make judgements on how to apply the Charity’s accounting policies and make estimates about the future. The critical judgement that has been made at arriving at the amounts recognised in the financial statements and the key areas of estimation uncertainty that has a significant risk of causing a material adjustment to the carrying value of assets and liabilities in the next financial year, are discussed below:

23

THE RUFFORD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

5 APRIL 2025 (continued)

4. ACCOUNTING POLICIES (continued)

Judgements and key sources of estimation uncertainty (continued)

Property fund investments valuation

----- Start of picture text -----
|||||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |The Trustees|use the property|fund|valuation|prepared|by the|property fund|itself,|The|Diversified|Property| |Fund|for|Charities.|The|valuation|of the|property fund|investment|is|expected|to|be|largely|in|line|with|the| |performance|of the|commercial|property|market|in|the|UK.| |2.|DONATIONS AND|LEGACIES|2025|2024| |£|£| |Legacy|income|-|307,552| |-|307,552| |3.|INCOME|FROM|INVESTMENTS|2025|2024| |£|£| |Investment|assets|within|the|United|Kingdom:| |Quoted|dividends|-|UK|equities|1,582,616|2,344,811| |Unquoted|dividends — UK|equities|1,118,596|1,099,253| |Interest|-|UK|fixed|interest|securities|584,978|125,545| |Investment|assets|outside|the|United|Kingdom:| |Dividends|- Overseas|equities|605,909|273,076| |3,892,099|3,842,685| |4.|INVESTMENT|MANAGEMENT COSTS| |Investment|management|costs|are|costs|of|managing|the|investment|portfolio|payable|to|the| |investment|manager and|the|investment custodians|for the year ended|5|April|2025.|

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

5. CHARITABLE ACTIVITIES

Analysis of charitable activities

The Charity undertakes its charitable activities through grant-making to a number of charitable organisations in furtherance of its charitable activities.

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |Grants|Total|support| |Type of Grant|payable|costs| |(Note|20)|(Note|6)|Total| |2025|2025|2025| |£|£|£| |All|for|nature|conservation:| |Rufford|Small|Grants|Programme|2,519,425|500,327|3,019,752| |General|Grants|836,054|167,219|1,003,273| |3,355,479|667,546|4,023,025| |24|

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

THE RUFFORD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

5 APRIL 2025 (continued)

5. CHARITABLE ACTIVITIES (continued)

		Total
	Grants	support
TypeofGrant	payable	costs
		(Note 6)	Total
	2024	2024	2024
	£	£	£
All for nature conservation:
Rufford Small Grants Programme	1,959,014	464,033	2,423,047
General Grants	831,500	175,705	1,007,205
	2,790,514	639,738	3,430,252

6. ANALYSIS OF SUPPORT COSTS

The Charity allocates its governance and support costs as shown in the table below.

Costtype	Total
	Support
	costs	Basis of
	(Note 5)	—_ allocation
	2025	2025
	£
Governance (Note 7)	155,346	Stafftime
Wages and salaries (Note 9)	348,301	Stafftime
Premises costs	93,889	Stafftime
Office expenses	29,252	Stafftime
Computing and website development
consultancy Depreciation (Note 10)	10,242 12,259	Stafftime Stafftime
Bank fees	4,512	Invoice
Subscriptions	4,332	Invoice
Travel expenses	12,413	Invoice
	667,546

25

THE RUFFORD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

5 APRIL 2025 (continued)

6. ANALYSIS OF SUPPORT COSTS (continued)

Costtype	Total
	Support
	costs	Basis of
	(Note 5) = allocation
	2024	2024
	£
Governance (Note 7)	104,367	Stafftime
Wages and salaries (Note 9) Premises costs	354,595 97,658	Stafftime Stafftime
Office expenses	13,968	Stafftime
Computing and website development
consultancy Other consultancy	10,891 5,250	Stafftime Invoice
Depreciation (Note 10)	13,462	Stafftime
Bank fees	4,602	Invoice
Subscriptions Travel expenses	967 33,978	Invoice Invoice
	639,738

1. GOVERNANCE COSTS

	2025	2024
	£	£
Wages and salaries (Note 9) Premises costs	37,726 4,942	8,003 5,140
Office expenses Insurance	1,540 11,530	736 7,262
Trustees meeting expenses Audit Accountancy Legal and professional fees Computing and website development consultancy Depreciation (Note 10)	1,230 48,938 15,732 32,524 539 645	710 40,906 14,715 25,613 573 709
	155,346	104,367

26

THE RUFFORD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

5 APRIL 2025 (continued)

8. NET MOVEMENT IN FUNDS

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |2025|2024| |£|£| |This|is|stated|after|charging:| |Operating|leases — land|and|buildings|72,540|72,540| |Depreciation|12,904|14,171| |Auditor’s|remuneration|-|audit|48,938|40,906| |Auditor’s|remuneration|-|non|audit|fees|15,732|14,715|

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

The increase in capital funds totalling £372,269 (2024 — increase of £2,234,531), arose due to an unrealised gain on revaluation of fixed asset investments of £89,679 (2024 — unrealised gain £2, 795,674) and a realised gain on disposals of fixed asset investments of £282,590 (2024 — realised loss £561, 143).

1. STAFF COSTS

----- Start of picture text -----
|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |2025|2024| |£|£| |Staff costs|as|disclosed|in|Notes|6|and|7|were|as|follows:| |Wages|and|salaries|315,856|282,341| |Social|security|costs|35,256|29,114| |Pensions|and|other|staff|costs|34,915|51,143| |386,027|362,598| |2025|2024| |The|average|monthly|number of employees was|5|(2024|-|5).|Number|Number| |Number|of employees|earning|between|£60,000|- £70,000|1|1| |Number|of employees|earning|between|£80,001|- £90,000|1|1|

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

The Trustees received no remuneration for their services during the year (2024 - ENil). See Note 15 for other Trustees related transactions.

The key management personnel of the Charity comprise the Trustees and the CEO. The total employee compensation (gross salaries, pension contributions and private medical premiums) received by the key management personnel of the Trust were £99,629 (2024 - £93,391).

27

THE RUFFORD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

5 APRIL 2025 (continued)

10. TANGIBLE FIXED ASSET

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |Leasehold|Office| |property|equipment|Total| |£|£|£| |Cost| |At|5 April|2024|575,000|75,144|650,144| |Additions|-|-|-| |Disposals|-|-|-| |At|5 April|2025|575,000|75,144|650,144| |Depreciation| |At|5|April|2024|115,000|72,590|187,590| |Charge|for the|year|11,500|1,404|12,904| |At 5 April|2025|126,500|73,994|200,494| |Net|book|value| |At 5 April 2025|448,500|1,150|449,650| |At 5 April 2024|460,000|2,554|462,554|

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

The leasehold property held at 5 April 2025 was valued at £575,000 on 1 April 2014 by Martin Heath Associates, Chartered Surveyor on a vacant possession basis. The Trustees have elected to use the valuation of £575,000 at 1 April 2014 as the deemed cost in accordance with the transition rules of FRS 102. The leasehold property is used for charitable purposes. The proceeds of any future sale of the leasehold property will be used for charitable purposes. The other assets are used for the management and administration of the Charity.

41. FIXED ASSET INVESTMENTS

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |2025|2024| |£|£| |Investments|comprise:| |United|Kingdom|69,462,536|70,892,265| |Overseas|49,458,128|48,194,516| |Total|Investments|118,920,664|119,086,781| |Unrealised|gain/(loss)|on|investments|in|the|year:| |United|Kingdom|1,164,210|222,487| |Overseas|(1,074,531)|2,573,187| |Total|unrealised|gain|on|investments|in|the year|89,679|2,795,674|

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

28

THE RUFFORD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

5 APRIL 2025 (continued)

11. FIXED ASSET INVESTMENTS (continued)

Investment assets within the United Kingdom

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |Cash| |Unquoted|Quoted|held|by| |Securities|Securities|custodian|Total| |2025|2025|2025|2025| |£|£|£|£| |Cost/market value| |At 6|April|2024|19,479,419|51,098,790|314,057|70,892,266| |Additions|-|866,278|7,126,699|7,992,977| |Disposals|-|(3,157,397)|(7,429,520)|(10,586,917)| |Unrealised|investment|1,627,094|(462,884)|-|1,164,210| |gain/(loss)| |At|5|April|2025|21,106,513|48,344,787|11,236|69,462,536|

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

investment assets within the United Kingdom

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |Cash| |Unquoted|Quoted|held|by| |Securities|Securities|custodian|Total| |2024|2024|2024|2024| |£|£|£|£| |Cost/market|value| |At|6|April|2023|19,539,417|69,671,149|449,606|89,660,172| |Additions|-|8,442,810|29,479,942|37,922,752| |Disposals|-|(27,297,654)|(29,615,491)|(56,913,145)| |Unrealised|investment|(59,998)|282,485|-|222,487| |(loss)/gain| |At|5|April|2024|19,479,419|51,098,790|314,057|70,892,266|

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

Investment assets outside the United Kingdom

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |2025|2024| |Quoted|securities| |Total|Total| |£|£| |Cost/market|value| |At|6|April|2024|48,194,516|27,195,956| |Additions|3,252,182|18,425,373| |Disposals|(914,039)|-| |Unrealised|investment|(loss)/gain|(1,074,531)|2,573,187| |At|5|April|2025|49,458,128|48,194,516|

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

29

THE RUFFORD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

5 APRIL 2025 (continued)

11. FIXED ASSET INVESTMENTS (continued)

----- Start of picture text -----
|||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---| |The|following|investments|represent|material|investments|(more|than|5%|of|the|total|investment| |portfolio)|of the Charity:|Market|Percentage| |Value|of|total| |2025|2025| |£|%| |UK|Investments| |The|Diversified|Property|Fund|for|Charities|(unquoted|securities)|21,106,513|17.75| |UK|(Gov|of)|3.25%|Bonds|31/01/2033 GBP|8,391,604|7.06| |Vontabel|Management|S.A|Twentyfour Absolute|Rtn|7,017,154|5.90| |Overseas|Investments| |Guard|Global|Equity|||Gbp|Inc.|8,373,599|7.04| |Fundsmith|Sustainable|8,104,462|6.82| |Tb|Evenlode|Global|Inc.|F|Gbp|Inc.|7,881,731|6.63| |Morgan|Stanley|Inv Management|Global|Sustain|F|Gbp|dis|6,364,586|5.35| |Baillie|Gifford|Responsible|Global|Equity|Income|6,319,850|5.31| |Guinness|Global|Equity|Income|Z Gbp|Inc|6,180,662|5.20| |Market|Percentage| |Value|of total| |2024|2024| |£|%| |UK|Investments| |The|Diversified|Property|Fund|for Charities|(unquoted|securities)|19,479,419|16.36| |UK|(Gov|of)|3.25%|Bonds|31/01/2033 GBP|8,670,318|7.28| |Vontabel|Management|S.A Twentyfour Absolute|Rtn|6,921,745|5.81|

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30

THE RUFFORD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

5 APRIL 2025 (continued)

11. FIXED ASSET INVESTMENTS (continued)

		Market	Percentage
		Value	of total
		2024	2024
	.	£	%
	Overseas Investments
	Fundsmith Sustainable	8,681,734	7.29
	Guard Global Equity	Gbp Inc.	8,506,759
	Tb Evenlode Global Inc. F Gbp Inc.	7,904,012	6.64
	Brown advisory Funds Global Leaders SI GBP Inc	6,115,465	5.14
12.	DEBTORS
		2025	2024
		£	£
	Prepayments and accrued income	567,250	298,247
		567,250	298,247
13.	CREDITORS -amounts falling due within oneyear
		2025	2024
		£	£
	Taxation and social security	10,029	9,489
	Other creditors	21,894	-
	Accruals and deferred income	473,272	271,208
		505,195	280,697

1. COMMITMENTS UNDER OPERATING LEASE At 5 April 2025, the Charity was committed to making the following future aggregate minimum lease payments under a non-cancellable operating lease for land and buildings:

payments under a non-cancellable operating lease	for land and buildings:
	2025	2024
	£	£
Within 1 year	72,540	72,540
Between 2and5 years	176,119	248,659
	248,659	321,199

31

THE RUFFORD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

5 APRIL 2025 (continued)

15. TRANSACTIONS WITH TRUSTEES AND CONNECTED PERSONS

No Trustee received any remuneration although Trustee expenses of £1,018 (2024 - £546) were reimbursed during the year. Transactions with key management personnel are disclosed in Note 9.

During the year, the Charity received computer services at a price favourable to the Charity of £8,055 (2024 - £9,249) from Simplicat (“Simplicat”), an entity in which H B Edwards is beneficially interested. The amount is inclusive of VAT where applicable.

Olivia Smailes (daughter of Trustee, M | T Smailes) completed digital design work for The Rufford Foundation in August 2024 for which she received £1,007 (2024 - £1,267).

TRAFFIC, an entity in which S R Broad is beneficially interested, received a grant of £15,000 during the year.

Trustee H P Nelson is an employee of Fauna & Flora, an entity which received 4 grants during the year amounting to £355,390. H P Nelson excludes himself from board meetings relating to decisions involving Fauna & Flora.

Any work undertaken by Simplicat or Olivia for the Charity, or grants to TRAFFIC and Fauna & Flora are approved by the other Trustees prior to any amount being paid.

1. ULTIMATE CONTROLLING PARTY

The ultimate controlling parties are the Trustees.

1. FINANCIAL INSTRUMENTS

The carrying amounts of the Charity’s financial instruments are as follows:

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|||||||||| |---|---|---|---|---|---|---|---|---| |2025|2024| |£|£| |Financial|assets:| |Measured|at|fair|value|through|SOFA:| |-|Fixed|asset|listed|investments|(Note|11)|97,802,915|99,293,306| |-|Fixed|asset|unlisted|investments|(Note|11)|21,106,513|19,479,419| |- Cash|at|investment|managers|(Note|11)|11,236|314,057| |- Cash|at|bank|817,291|771,326| |Measured|at|amortised|cost:| |- Accrued|income|(Note|12)|539,925|276,849| |Financial|liabilities:| |Measured|at|amortised|cost:| |-|Other|creditors|(Note|13)|(21,894)|-| |- Accruals|(Note|13)|(473,272)|(101,183)|

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32

THE RUFFORD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

5 APRIL 2025 (continued)

17. FINANCIAL INSTRUMENTS (continued)

The income, expenses, net gains and net losses attributable to the Charity’s financial instruments are summarised as follows:

	2025	2024
Incomeandexpense:	£	£
Financial assets measured at fairvalue through SOFA:
Net gains (including changes in fairvalue)	372,269	2,234,531
RECONCILIATION OF NET MOVEMENT IN FUNDSTO NET CASH FLOW FROM		OPERATING
ACTIVITIES
	2025	2024
	£	£
Net movement in funds	(88,551)	2,672,749
Dividends received	(3,892,099)	(3,842,685)
Interest receivable	(26,134)	(22,967)
Depreciation and impairment oftangible fixed assets (Note 10)	12,904	14,171
Gains on investment revaluations (unrealised)	(89,679)	(2,795,654)
(Gains)/losses on disposal offixed asset investments (realised)	(282,590)	561,143
(Increase)/decrease in debtors	(268,985)	3,252
Increase in creditors	224,498	6,734
Netcashoutflowfromoperatingactivities	(4,410,636)	(3,403,257)

1. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES

33

THE RUFFORD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

5 APRIL 2025 (continued)

19. FUND RECONCILIATION

	Fund					Fund
Unrestricted funds	balances brought forward	Total income	Total expenditure	Gains on investments	Transfer between funds	balances carried forward
	£	£	£	£	£	£
Capital funds	119,140,787	-	-	372,269	-	119,513,056
Incomefunds	1,197,424	3,918,233	(4,379,053)	-	-	736,604
Totalfunds	120,338,211	3,918,233	(4,379,053)	372,269	-	120,249,660

Fund descriptions

Capital funds are funds donated by the Settlor that are invested in listed and unlisted investments and includes accumulated gains and losses from the investments.

Income funds are accumulated funds from ad-hoc donations, dividends, fixed interest and other income receivable net of grants payable, support costs, investment management costs and other expenditure.

34

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