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2025-03-31-accounts

REGISTERED COMPANY NUMBER: 06792524 (England and Wales) REGISTERED CHARITY NUMBER: 1130203

Report of the Trustees and

Unaudited Financial Statements for the Year Ended 31 March 2025

for

Ephesea UK

Morgan Griffiths LLP Chartered Accountants Cross Chambers 9 High Street Newtown Powys SY16 2NY

Ephesea UK

Contents of the Financial Statements for the Year Ended 31 March 2025

Page
Report of the Trustees 1 to 9
Independent Examiner's Report 10
Statement of Financial Activities 11
Balance Sheet 12 to 13
Cash Flow Statement 14
Notes to the Cash Flow Statement 15
Notes to the Financial Statements 16 to 26

Ephesea UK (Registered number: 06792524)

Report of the Trustees for the Year Ended 31 March 2025

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The Charity's objectives (as amended at the 2017 Annual Members' Meeting) are to promote for the benefit of the public the protection and conservation of the world's forests. In particular, by:

  1. Raising awareness of the value of responsibly managed forests

  2. Promoting and supporting a programme of voluntary forest management certification and chain of custody certification

  3. Developing consensus around standards for good forest management; and

  4. Increasing public awareness about independent forest certification.

Strategic Priorities

The FSC UK 2024-2027 Strategic Plan builds on our previous three-year plans and is developed in the context of FSC's global vision and mission and our own charitable objectives.

These strategic priorities are underpinned by our work to:

Activities demonstrating most significant progress are highlighted in the Achievements and Performance section below.

Page 1

Ephesea UK (Registered number: 06792524)

Report of the Trustees for the Year Ended 31 March 2025

OBJECTIVES AND ACTIVITIES

Public benefit

Deforestation and forest degradation continue to be global issues, impacting climate change and biodiversity loss. Deforestation destroys essential ecosystem services, leading to the loss of livelihood opportunities.

FSC is a global, not-for-profit organisation dedicated to the promotion of responsible forest management worldwide. The FSC system enables businesses and consumers to make informed choices about the forest products they buy and to create positive change by engaging the power of market dynamics.

Global Vision: The true value of forests is recognised and fully incorporated into society worldwide. FSC is the leading catalyst and defining force for improved forest management and market transformation, shifting the global forest trend toward sustainable use, conservation, restoration, and respect for all.

Global Mission: FSC will promote environmentally appropriate, socially beneficial, and economically viable management of the world's forests.

FSC UK works to develop and maintain a voluntary, auditable forest management standard for the UK, which complies with the FSC Principles and Criteria for responsible forest management. FSC forest management certification requires that forest management is not just environmentally appropriate but also socially beneficial and therefore protects the rights of those who live, work and play in the forest.

FSC UK also works to stimulate demand for FSC-certified products, empowering both businesses and consumers to easily identify and source forest products from FSC-certified forests, verified reclaimed sources and/or other controlled sources. Half of people in the UK surveyed in 2023 (FSC UK Consumer Survey via Kantar) were of the belief that all wood-based products available in the UK should be made from sustainable sources and a further quarter thought at least some should meet this standard. 60% thought that consumers have a responsibility to ensure that the products they buy, and the packaging they use, are responsibly sourced, but 71% held businesses responsible for the sustainability of their products and packaging. Credible certification supports compliance with national and international timber and forest-products, and green claims, legislations.

The trustees have had regard to the Charity Commission's guidance on public benefit when exercising any powers or duties to which the guidance is relevant.

Page 2

Ephesea UK (Registered number: 06792524)

Report of the Trustees for the Year Ended 31 March 2025

ACHIEVEMENTS AND PERFORMANCE Charitable activities Priority: Promote the value of forests and the products, ecosystem services and social benefits they provide.

Forests play a vital role in enabling and maintaining life and help to mitigate global challenges of climate change and biodiversity loss. At the same time, forest products are increasingly important as renewable materials that can be a main factor in enabling the bio-based and circular economy which the world needs to develop. Responsible forestry does more than protect the health and resilience of forests - it also protects the wellbeing of the people who live and work in them. These people include community and family forest managers, Indigenous Peoples living on their ancestral lands, and workers whose livelihoods depend on forest products.

FSC's vision is that the true value of forests is recognised and fully incorporated into society worldwide. Forest management certification and ecosystem services verification provide tools to deliver this. We should continue to promote FSC certification and demonstrate the positive impacts on our forests whilst also working with others to develop additional tools and solutions.

Interest and enquiries regarding Ecosystem Services schemes are continuing to grow and we continue to support those wishing to verify Ecosystem Services. A short film and accompanying case study, about the first ecosystem services verification in the UK has been promoted on our website, and a brochure created for potential sponsors.

We continue to work with Llais y Goedwig to develop their programme for a group scheme of small and community woodlands across the UK which they hope will, in time, be covered by Verified Impact.

Priority: Encourage stakeholder engagement and support FSC globally to ensure that the FSC system is fit for purpose, accessible, relevant and trusted.

The Global Strategy recognises the FSC's core strength is to co-create solutions. FSC convenes members and other partners from diverse interests to set a global benchmark for forest stewardship and deliver results that matter for the forests and the people who depend on them. FSC UK can play an important role in encouraging UK stakeholder engagement.

FSC is widely recognised as a credible forest certification scheme and maintaining this credibility is fundamental to the scheme's success. As a long-established National Office, FSC UK is well placed to support FSC as it works to deliver a trusted, accessible, fit for purpose system, providing input on the potential implications of proposed activities and encouraging stakeholders to engage as appropriate as well as working to maintain FSC's integrity and credibility in the UK.

In October, the Annual Members' Meeting took place in Kennington, London. FSC UK's Impact Investment Fund was launched at the event, with the aim of identifying and funding UK based projects that support FSC UK's charitable objectives. The meeting concluded with a panel discussion on the challenges and opportunities for greater uptake of certified timber in construction.

Priority: Improve forest management in the UK for all sizes and types of forest.

It is a fundamental requirement, in terms of both FSC UK's charitable objectives and our role as an accredited National Office, that we have an approved national forest stewardship standard. We need to identify mechanisms to reduce the financial and administrative burden on smallholders whilst ensuring that FSC's high forestry standards are maintained. We also have a wider role to play in promoting better forest stewardship in all forests.

Following feedback from FSC International the members of the UK Woodland Assurance (UKWAS) Working Group worked to achieve consensus on a revised pre-approval draft of UKWAS 5 for re-submission to FSC International.

Page 3

Ephesea UK (Registered number: 06792524)

Report of the Trustees for the Year Ended 31 March 2025

Our Forest Standards Manager met with two group scheme managers and a Forest Management Certificate Holder as well as responding to queries and supporting numerous other Certificate Holders.

FSC UK funded the Small Woods Association for the provision of advice to woodland owners. They delivered an advisory service, consistent with the requirements of the UK Woodland Assurance Standard, to small woodland owners in Scotland and Wales.

We continue to support the Royal Forestry Society (RFS) Excellence in Forestry Awards, sponsoring the award for Small and Farm Woodlands. In January, FSC UK's Forests & Ecosystem Services Manager visited last year's winner, Hole Farm in Norfolk to discover more about the farm's approach to incorporating sustainable woodland into the farm estate and the benefits to the land, the farm business and the owners.

Priority: Provide support and guidance to UK-based licence holders and enable them to realise the full potential of their FSC licence.

It is essential that the relationship we have with our licence holders is proactively managed and that we support those companies committed to the FSC system. As well as providing updates and guidance on the FSC system, we also want to encourage licence holders to make the most of their FSC status and promote their FSC-certified products. Alongside this, it is important that we address unauthorised use of our trademarks which potentially undermines both our credibility and the market advantage that our licence holders should benefit from.

Certificate Holder retention for the period remains high at 93%.

During the reporting period, 10 new FSC promotional licence agreements were issued, and the number of promotional licences managed by FSC UK remained stable at 126. The work to support our promotional licence holders to use our trademarks can significantly increase our reach and help to embed FSC commitments within the companies themselves. Specification of FSC-certified and labelled products is also a driver for FSC certification through retailer supply chains.

Online training for Certificate Holders and Promotional Licence Holders continues to be popular, with 826 registrants during the year. In early 2025 we released an updated online chain of custody training module and feedback from users has been positive.

Enquiries via phone and info@fsc-uk.org are logged to monitor enquiry topics and volumes. Our most significant area of enquiries relate to FSC chain of custody certification and compliance/ requirements. These included enquiries about gaining certification as well as queries from existing certificate holders. The next most notable area of interest was surrounding use of the FSC trademarks as well as those interested in becoming FSC promotional licence holders.

FSC UK's Trademark Enforcement Officer resolved/closed 337 trademark violation cases.

Priority: Promote the FSC system, FSC certification and the specification of FSC-certified products.

As a strong market country, the UK can have a significant impact on uptake on FSC certification of forests globally by driving demand for certification and certified products throughout the supply chain. Raising public awareness of FSC and, in turn, driving consumer demand is one aspect of this, but FSC UK recognises that this can be best achieved in conjunction with businesses and NGOs. In many cases, it is the procurement policies of retailers and other businesses and organisations that creates the demand rather than the consumer and emphasis will be placed on this work.

Page 4

Ephesea UK (Registered number: 06792524)

Report of the Trustees for the Year Ended 31 March 2025

Our Forest Matters newsletter included case studies from Sainsbury's, Gripsure, Abodo, BCL Timber Projects, Dancing Leopard, Notpla, Furniturebox, Travis Perkins, Whitehall Printing, Natural Resources Wales, Talking Tables, Limelight Beds, Whistlefish, Blueline and Canary Wharf. A forest-friendly festive gift guide was also promoted in Forest Matters.

An omnibus survey of UK consumers was commissioned and carried out in March. Key results include logo recognition/awareness of 76%, with 24% of respondents stating that they also knew what the logo means. FSC purchase preference is 78%. Preference for FSC-certified products is highest amongst millennials at 83%. 8 in 10 believe trustworthy certification is important to help people choose more sustainable products. FSC Forest Week took place between 21-27 September. 190 certificate and promotional licence holders registered to take part in the UK, an increase of more than 20% compared to 2023. We worked with six Instagram Influencers to help promote FSC Forest Week in the UK.

Our Executive Director presented to Pirelli employees at their convention in Manchester, highlighting the impact of their use of FSC-certified natural rubber and rayon in their tyres.

Our Communication Manager presented at the REA Wood Heat Conference in Nottingham and to British Promotional Merchandise Association (BPMA) members online. Our Forest Standards Manager gave a presentation on FSC Certification and UKWAS to Harper Adams Forestry and Countryside Management Students.

We continue to work with companies on a one-to-one basis on their specification/procurement policies and implementation of these.

Page 5

Ephesea UK (Registered number: 06792524)

Report of the Trustees for the Year Ended 31 March 2025

FINANCIAL REVIEW Income

Over the 2024-25 financial year, expenditure exceeded income by £20,482. We started the year with an opening balance from the previous period of £1,105,626 and ended with a carry-forward of £1,085,144.

Trademark licensing revenue continued to increase, providing £143,300 of income during the reporting period. Membership income accounted for a further £35,981, a slight decrease from the previous year.

Most of the income is received under the Principal Cooperation, Service and Licence Agreement (the Activity Compensation Fee now known as the Resource Allocation and Investment for the Network model [ACF/RAIN]) with FSC Global Development. Strategic funding is also allocated for specific projects. Some of these projects are managed by other FSC National Offices and the funding is received and administered by them. The income received indirectly from FSC Global Development through this strategic funding is included within the total ACF/RAIN figure.

Expenditure

Expenditure was higher this year compared with last year (£689,643 compared with £551,666) primarily due to the increased size of the staff team as we seek to meet the growing demands on the organisation. The Board of Trustees recognises that it should be investing the resources of the charity to meet the charitable objectives. An Impact Investment Fund was launched in 2024 to support projects that help deliver FSC's mission and £94,966 has been allocated to such projects.

Investments

£400,001 was transferred to Rathbones Investment Management in December 2022. The value of the holdings at 31st March 2025 is £429,357 (2024: £427,275) and the balance, held in cash, amounted to £2,884 (2024: £1,024). Dividend and interest income for the period was £11,731.

Investment policy and objectives

The financial objective of the investments is to produce some financial return, within an acceptable level of risk and in line with the agreed ethical policy, to help deliver the objectives of the charity.

The trustees of Ephesea UK have accepted a low to medium degree of risk for their investment portfolio and will ensure that their ability to meet future planned expenditure is not compromised by over-investment. The responsibility for the day-to-day management of the charity's investment assets lies with Rathbones Greenbank who have discretionary management powers with effect from 18 December 2022 under the investment policy agreement which was established by the charity on 15 June 2022.

A sub-committee of the Board of Trustees has been established to advise the wider Board on investments. Decisions on investments are undertaken by the Board based on input from the sub-committee.

Reserves Policy

The Board considers the charity's requirements for reserves in light of the main risks to the organisation. A policy has been established whereby the unrestricted funds not committed or invested in tangible fixed assets held by the charity should be equivalent to 6-months' of expenditure.

Page 6

Ephesea UK (Registered number: 06792524)

Report of the Trustees for the Year Ended 31 March 2025

The reserves are needed to meet the working capital requirements of the charity and, in the worse-case scenario, to cover the cost of closing the charity. The Board is confident that the charity would be able to continue at worthwhile activity levels in the event of a temporary significant drop in funding and that the estimated cost of closing the charity does not exceed 50% of the reserves.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

Ephesea UK, incorporated in England & Wales on 15 January 2009, is a private company limited by guarantee (as defined by the Companies Act 2006), which is also an association of members registered as an incorporated charity (for simplicity, this report refers henceforth to the company as 'the charity'). The charity is governed under Memorandum and Articles of Association that sets out its objects and powers. These were updated at the 2017 Annual Members' Meeting in agreement with the membership.

Membership of the charity is open to individuals and organisations who are:

Recruitment and appointment of new trustees

The charity is managed by a board of trustees of no less than four and no more than twelve. At least three trustees have to be members of the Forest Stewardship Council AC and ordinarily based or resident in the UK. The aim shall be to achieve chamber balance with at least one trustee and, normally, no more than four trustees representing each of the three chambers. However, the board reserves the right to increase the maximum to five in any one chamber where the individuals bring specific skills and expertise required by the Charity.

Trustees are either proposed or volunteer. They may sit on the board until the next annual members' meeting, when they have to seek election from the membership. A trustee pack, outlining trustee responsibilities, is given to all new trustees. Once elected, a trustee may sit on the board for a term of 3 years (from the date of joining the board) before seeking re-election. There is no limit to the number of terms for which a trustee may seek re-election. Re-elected trustees serve a term of 3 years from the date of re-election.

Trustees may elect from amongst themselves a chair, a vice chair and a treasurer.

Decision Making and Reporting

The board of trustees met five times during the year. Board meetings are attended by the Executive Director and, by invitation, members of staff. Between meetings, the Executive Director provides trustees with an Interim Report by email. Conference calls between some or all of the trustees may be arranged at any time. Finally, working groups of a small number of trustees can be put together to address particular issues.

Day to day management of the charity falls to the Executive Director, supported by the permanent staff. The Executive Director is responsible for ensuring that the charity delivers a range of services that meet its Objects and Strategic Priorities.

Wider network

The charity (under the title of FSC United Kingdom) is an accredited National Office of the wider, international FSC network. The charity receives an annual Activity Compensation Fee (ACF) from FSC Global Development Gmbh. In 2025, the ACF was replaced by the Resource Allocation and Investment for the Network (RAIN) model. The ACF/RAIN is paid to FSC National Offices that have agreed and signed a valid Principle Cooperation, Service and License Agreement with FSC Global Development. In the reporting period over 69% of income was generated via the ACF/RAIN.

The charity participates in FSC's European and Global networks and supports the Global Strategy. FSC International developed its global plan for 2020-2026. The FSC UK strategic plan has been developed in the context of FSC's global vision and mission and our own charitable objectives.

Page 7

Ephesea UK (Registered number: 06792524)

Report of the Trustees for the Year Ended 31 March 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT Related parties

The charity has contractual relationships and/or memoranda of understanding with some organisations to facilitate cooperation in the pursuit of its charitable objectives and guard against misunderstandings over areas of common interest.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number

06792524 (England and Wales)

Registered Charity number

1130203

Registered office

The Billiard Room Town Hall Great Oak Street Llanidloes Powys SY18 6BN

Trustees

J B Kirkpatrick (Chair) M Bekin (Vice-Chair) M C Poole (Treasurer) S Jennings H Kwisthout C McDermott H van Hensbergen O Davies M FitzHerbert (appointed 3.10.24) I Baker (appointed 24.4.25) J Griffin (appointed 24.4.25)

Independent Examiner

Morgan Griffiths LLP Chartered Accountants Cross Chambers 9 High Street Newtown Powys SY16 2NY

Bankers

Co-Operative Bank plc PO Box 101 1 Balloon Street Manchester M60 4EP

Page 8

Ephesea UK (Registered number: 06792524)

Report of the Trustees for the Year Ended 31 March 2025

REFERENCE AND ADMINISTRATIVE DETAILS

Management Team

Rosie Teasdale (Executive Director) Beth Bennett (Business Development Manager) Tallulah Chapman (Communications Manager) Rachel Hembery (Operations Manager) Andrew Sharkey (Forest Standards Manager) Karen Paterson (Forests & Ecosystem Services Manager)

Charity Name

The charity is also known as Forest Stewardship Council® (FSC®) United Kingdom (UK) and permutations thereof.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the board of trustees on 14 August 2025 and signed on its behalf by:

M C Poole - Trustee

Page 9

Independent Examiner's Report to the Trustees of Ephesea UK

Independent examiner's report to the trustees of Ephesea UK ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2025.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

Independent examiner's statement

Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Thomas Landers BA FCA

Morgan Griffiths LLP Chartered Accountants Cross Chambers 9 High Street Newtown Powys SY16 2NY

14 August 2025

Page 10

Ephesea UK

Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the Year Ended 31 March 2025

Notes
INCOME AND ENDOWMENTS FROM
Donations
2
Charitable activities
5
Forestry
ACF/RAIN
Membership
Other trading activities
3
Investment income
4
Total
EXPENDITURE ON
Charitable activities
6
Forestry
Licence holder support
Stakeholder Engagement
Promoting FSC
Value of Forests
Impact Investment Fund
Total
Net gains/(losses) on investments
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
£
140
-
469,256
35,981
144,825
24,676
674,878
94,074
245,182
74,169
138,320
42,902
94,996
689,643
(5,717)
(20,482)
1,105,626
1,085,144		 Restricted
funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 31.3.25
Total
funds
£
140
-
469,256
35,981
144,825
24,676
674,878
94,074
245,182
74,169
138,320
42,902
94,996
689,643
(5,717)
(20,482)
1,105,626
1,085,144		 31.3.24
Total
funds
£
60
636
439,907
37,614
123,169
16,241
617,627
85,528
211,539
63,336
145,859
45,404
-
551,666
20,185
86,146
1,019,480
1,105,626

The notes form part of these financial statements

Page 11

Ephesea UK (Registered number: 06792524)

Balance Sheet 31 March 2025

Notes
FIXED ASSETS
Tangible assets
14
Investments
15
CURRENT ASSETS
Debtors
16
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
17
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
20
Unrestricted funds
TOTAL FUNDS		 31.3.25
£
4,630
429,357
433,987
173,754
717,578
891,332
(240,175)
651,157
1,085,144
1,085,144
1,085,144
1,085,144		 31.3.24
£
6,894
427,275
434,169
194,658
638,918
833,576
(162,119)
671,457
1,105,626
1,105,626
1,105,626
1,105,626

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

The notes form part of these financial statements

Page 12

continued...

Ephesea UK (Registered number: 06792524)

Balance Sheet - continued 31 March 2025

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

The financial statements were approved by the Board of Trustees and authorised for issue on 14 August 2025 and were signed on its behalf by:

M C Poole - Trustee

The notes form part of these financial statements

Page 13

Ephesea UK

Cash Flow Statement for the Year Ended 31 March 2025

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash provided by operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Purchase of fixed asset investments
Sale of fixed asset investments
Interest received
Net cash provided by/(used in) investing activities
Change in cash and cash equivalents
in the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end
of the reporting period		 31.3.25
£
62,298
62,298
(515)
(7,799)
-
24,676
16,362
78,660
638,918
717,578		 31.3.24
£
38,640
38,640
(5,387)
(508,145)
300,561
16,241
(196,730)
(158,090)
797,008
638,918

The notes form part of these financial statements

Page 14

Ephesea UK

Notes to the Cash Flow Statement for the Year Ended 31 March 2025

1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING FLOW FROM OPERATING
ACTIVITIES
31.3.25 31.3.24
£ £
Net (expenditure)/income for the reporting period (as per the
Statement of Financial Activities) (20,482) 86,146
Adjustments for:
Depreciation charges 2,779 3,707
Losses/(gain) on investments 5,717 (20,185)
Interest received (24,676) (16,241)
Decrease/(increase) in debtors 20,904 (30,470)
Increase in creditors 78,056 15,683
Net cash provided by operations 62,298 38,640
2. ANALYSIS OF CHANGES IN NET FUNDS
Net cash
Cash at bank and in hand
Total		 At 1.4.24
Cash flow
At 31.3.25
£
£
£
638,918
78,660
717,578
638,918
78,660
717,578
638,918
78,660
717,578		 At 1.4.24
Cash flow
At 31.3.25
£
£
£
638,918
78,660
717,578
638,918
78,660
717,578
638,918
78,660
717,578
717,578
717,578

The notes form part of these financial statements

Page 15

Ephesea UK

Notes to the Financial Statements for the Year Ended 31 March 2025

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Governance costs

Governance costs are those incurred in connection with the administration of the charity and compliance with constitutional and statutory requirements.

Allocation and apportionment of costs

Support costs have been apportioned to activities based on the apportionment of salary costs.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings - 50% on cost and 15% on reducing balance Computer equipment - 33% on cost

Taxation

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

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Page 16

continued...

Ephesea UK

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

1. ACCOUNTING POLICIES - continued

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Operating leases

Costs in respect of operating leases are charged to the statement of financial activities on a straight line basis over the term of the lease.

2. DONATIONS

Donations
3.
OTHER TRADING ACTIVITIES
Trademark Licensing
Training
4.
INVESTMENT INCOME
Deposit account interest
Investment income		 31.3.25
£
140
31.3.25
£
143,300
1,525
144,825
31.3.25
£
12,974
11,702
24,676		 31.3.24
£
60
31.3.24
£
121,764
1,405		 31.3.24
£
60
31.3.24
£
121,764
1,405
123,169
31.3.24
£
9,657
6,584
16,241
16,241

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Notes to the Financial Statements - continued for the Year Ended 31 March 2025

5. INCOME FROM CHARITABLE ACTIVITIES

INCOME FROM CHARITABLE ACTIVITIES
Activity
Consultancy
Forestry
ACF / RAIN
ACF/RAIN
FSC Membership
Membership		 31.3.25
£
-
469,256
35,981
505,237		 31.3.24
£
636
439,907
37,614
478,157

Consultancy income includes fees paid by FSC for specific services beyond those covered under the Activities Compensation Fee.

The Activity Compensation Fee income includes fees paid for work undertaken by FSC UK on collaborative projects funded by FSC International under the Activity Compensation Fee model.

6. CHARITABLE ACTIVITIES COSTS

Direct
Costs (see
note 7)
£
Forestry
78,332
Licence holder support
192,680
Stakeholder Engagement
59,882
Promoting FSC
111,635
Value of Forests
34,822
Impact Investment Fund
-
477,351
DIRECT COSTS OF CHARITABLE ACTIVITIES
Staff costs
Telephone
Postage and stationery
Travel & subsistence
Publications & subscriptions
Recruitment & training
UKWAS subscription
Publicity
Consultancy fees
Sundries
Bad debts
FSC Membership Admin Fee
Sponsorship
Carried forward		 Grant
funding of
activities
(see note
8)
£
-
-
-
-
-
94,996
94,996		 Support
costs (see
note 9)
£
15,742
52,502
14,287
26,685
8,080
-
117,296
31.3.25
£
402,747
827
2,263
13,259
10,354
5,021
6,386
5,644
4,970
253
-
5,960
2,400
460,084		 Totals
£
94,074
245,182
74,169
138,320
42,902
94,996
689,643
31.3.24
£
366,885
763
1,950
14,568
8,213
4,298
5,942
15,758
6,700
297
3,790
5,358
1,700
436,222

7. DIRECT COSTS OF CHARITABLE ACTIVITIES

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7. DIRECT COSTS OF CHARITABLE ACTIVITIES - continued

Brought forward
Printing
Small Woods project
8.
GRANTS PAYABLE
Impact Investment Fund
Grants awarded to institutions during the year were as follows:
Centre for Advanced Timber Technology
Llais y Goedwig
Zoological Society of London		 31.3.25
£
460,084
3,417
13,850
477,351
31.3.25
£
94,996		 31.3.25
£
460,084
3,417
13,850
477,351
31.3.25
£
94,996		 31.3.24
£
436,222
4,718
4,500
445,440
31.3.24
£
-		 31.3.24
£
436,222
4,718
4,500
445,440
31.3.24
£
-
31.3.25 31.3.24
£ £
30,000 -
40,000 -
24,996 -
94,996 -

9. SUPPORT COSTS

SUPPORT COSTS
Management
£
Forestry
14,251
Licence holder support
47,531
Stakeholder Engagement
12,934
Promoting FSC
24,158
Value of Forests
7,316
106,190		 Governance
costs
£
1,491
4,971
1,353
2,527
764
11,106		 Totals
£
15,742
52,502
14,287
26,685
8,080
117,296

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Notes to the Financial Statements - continued for the Year Ended 31 March 2025

9. SUPPORT COSTS - continued

Activity Basis of allocation
Management Salary costs
Governance costs Salary costs

10. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

31.3.25 31.3.24
£ £
Auditors' remuneration - 4,086
Depreciation - owned assets 2,779 3,707
Independent Examination fee 2,400 -

11. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024.

Trustees' expenses

Travel expenses totalling £3,428 (2024 - £1,562) were paid to 7 (2024 - 5) trustees in the year to 31 March 2025.

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12. STAFF COSTS

Year Ended
31.3.25		 Year Ended
31.3.24
£ £
Wages and salaries 399,987 361,967
Social security costs 35,495 29,502
Pensions 23,987 21,682
459,469 413,151
The average number of employees during the period was as
follows:
Licence holder support 4.3 4.4
UK forest standards 1.0 0.9
Stakeholder engagement 1.0 0.8
Core 1.8 1.2
Value of Forests 1.0 0.6
Promoting the system 2.2 2.4
11.3 10.3

The number of employees whose emoluments as defined for taxation purposes amounted to over £60,000 in the period was one (2024 one).

The charity considers its key management personnel comprise the management team listed on page 8. The total employment benefits including employer pension contributions of the key management personnel for the year ended 31 March 2025 were £259,833 (2024 £236,276).

13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

There were no restricted funds during the year to 31 March 2025.

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14. TANGIBLE FIXED ASSETS

COST
At 1 April 2024
Additions
At 31 March 2025
DEPRECIATION
At 1 April 2024
Charge for year
At 31 March 2025
NET BOOK VALUE
At 31 March 2025
At 31 March 2024
15.
FIXED ASSET INVESTMENTS
MARKET VALUE
At 1 April 2024
Additions
Revaluations
At 31 March 2025
NET BOOK VALUE
At 31 March 2025
At 31 March 2024		 Fixtures
and
Computer
fittings
equipment
£
£
15,734
35,340
-
515
15,734
35,855
12,721
31,459
445
2,334
13,166
33,793
2,568
2,062
3,013
3,881		 Totals
£
51,074
515
51,589
44,180
2,779
46,959
4,630
6,894
Listed
investments
£
427,275
7,799
(5,717)
429,357
429,357
427,275

There were no investment assets outside the UK.

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15. FIXED ASSET INVESTMENTS - continued

Cost or valuation at 31 March 2025 is represented by:

Valuation in 2023
Valuation in 2024
Valuation in 2025
Cost		 Listed
investments
£
(136)
19,353
(24,970)
435,110
429,357

16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade debtors
Prepayments and accrued income
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Social security and other taxes
Deferred income
Accrued expenses		 31.3.25
£
150,718
23,036
173,754
31.3.25
£
-
13,295
96,041
130,839
240,175		 31.3.24
£
54,808
139,850
194,658
31.3.24
£
5,972
21,947
99,908
34,292
162,119

17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

18. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.3.25 31.3.24
£ £
Within one year 9,650 9,650

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19. ANALYSIS OF NET ASSETS BETWEEN FUNDS

31.3.25 31.3.24
Unrestricted Restricted Total Total
funds funds funds funds
£ £ £ £
Fixed assets 4,630 - 4,630 6,894
Investments 429,357 - 429,357 427,275
Current assets 891,332 - 891,332 833,576
Current liabilities (240,175) - (240,175) (162,119)
1,085,144 - 1,085,144 1,105,626
20. MOVEMENT IN FUNDS
Net Transfers
movement between At
At 1.4.24 in funds funds 31.3.25
£ £ £ £
Unrestricted funds
General Fund 1,098,732 (17,703) (515) 1,080,514
Capital Fund 6,894 (2,779) 515 4,630
1,105,626 (20,482) - 1,085,144
TOTAL FUNDS 1,105,626 (20,482) - 1,085,144
Net movement in funds, included in the above are as follows:
Incoming Resources Gains and Movement
resources expended losses in funds
£ £ £ £
Unrestricted funds
General Fund 674,878 (686,864) (5,717) (17,703)
Capital Fund - (2,779) - (2,779)
674,878 (689,643) (5,717) (20,482)
TOTAL FUNDS 674,878 (689,643) (5,717) (20,482)

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20. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Net Transfers
movement between At
At 1.4.23 in funds funds 31.3.24
£ £ £ £
Unrestricted funds
General Fund 1,014,266 89,853 (5,387) 1,098,732
Capital Fund 5,214 (3,707) 5,387 6,894
1,019,480 86,146 - 1,105,626
TOTAL FUNDS 1,019,480 86,146 - 1,105,626
Comparative net movement in funds, included in the above are as follows:
Incoming Resources Gains and Movement
resources expended losses in funds
£ £ £ £
Unrestricted funds
General Fund 617,627 (547,959) 20,185 89,853
Capital Fund - (3,707) - (3,707)
617,627 (551,666) 20,185 86,146
TOTAL FUNDS 617,627 (551,666) 20,185 86,146

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General Fund
Capital Fund
TOTAL FUNDS		 At 1.4.23
£
1,014,266
5,214
1,019,480
1,019,480		 Net
movement
in funds
£
72,150
(6,486)
65,664
65,664		 Transfers
between
funds
£
(5,902)
5,902
-
-		 At
31.3.25
£
1,080,514
4,630
1,085,144
1,085,144

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Notes to the Financial Statements - continued for the Year Ended 31 March 2025

20. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming
Resources
resources
expended
£
£
Unrestricted funds
General Fund
1,292,505
(1,234,823)
Capital Fund
-
(6,486)
1,292,505
(1,241,309)
TOTAL FUNDS
1,292,505
(1,241,309)		 Gains and
losses
£
14,468
-
14,468
14,468		 Movement
in funds
£
72,150
(6,486)
65,664
65,664

21. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2025.

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