**Trustees' Annual Report for the period Period start date Period end date From** 1 April 2022 **To** 31 March 2023 



**This proforma has been modified as the charity is also registered as a company. As such, this report has been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime** . 

|Section A                        Reference and administration details<br>**Charity nameUnited Bank of Carbon**<br>**Other names charity is known by**UBoC<br>**Website**www.uboc.co.uk<br>**Registered charity number**1133285<br>**Charity's principal address**<br>1 Parliament Street,<br>Harrogate<br>North Yorkshire,<br>**Postcode **<br>**HG1 2QU**<br>**Registered Company name and address**<br>**United Bank of Carbon**<br>**(registered company 06924700)**<br>1 Parliament Street,<br>Harrogate<br>North Yorkshire,<br>**HG1 2QU**|Section A                        Reference and administration details<br>**Charity nameUnited Bank of Carbon**<br>**Other names charity is known by**UBoC<br>**Website**www.uboc.co.uk<br>**Registered charity number**1133285<br>**Charity's principal address**<br>1 Parliament Street,<br>Harrogate<br>North Yorkshire,<br>**Postcode **<br>**HG1 2QU**<br>**Registered Company name and address**<br>**United Bank of Carbon**<br>**(registered company 06924700)**<br>1 Parliament Street,<br>Harrogate<br>North Yorkshire,<br>**HG1 2QU**|Section A                        Reference and administration details<br>**Charity nameUnited Bank of Carbon**<br>**Other names charity is known by**UBoC<br>**Website**www.uboc.co.uk<br>**Registered charity number**1133285<br>**Charity's principal address**<br>1 Parliament Street,<br>Harrogate<br>North Yorkshire,<br>**Postcode **<br>**HG1 2QU**<br>**Registered Company name and address**<br>**United Bank of Carbon**<br>**(registered company 06924700)**<br>1 Parliament Street,<br>Harrogate<br>North Yorkshire,<br>**HG1 2QU**|
|---|---|---|
|**Charity name**<br>**Other names charity is known by**<br>**Website**<br>**Registered charity number**<br>**Charity's principal address**<br>**Registered Company name and address**|||
||**United Bank of Carbon**||
||||
||UBoC||
||www.uboc.co.uk||
||1133285||
||1 Parliament Street,||
||Harrogate||
||North Yorkshire,||
||**Postcode **|**HG1 2QU**|
||||
||<br>**United Bank of Carbon**<br>**(registered company 06924700)**||
||1 Parliament Street,||
||Harrogate||
||North Yorkshire,|**HG1 2QU**|



**Names of the charity trustees who manage the charity** 

|1<br>2<br>3<br>4|**Trustee name**|**Office (if any)**|**Dates acted if not for whole**<br>**year**|**Name of person (or**<br>**body) entitled to**<br>**appoint trustee (ifany)**|
|---|---|---|---|---|
||Jonathan Wild|Chair|Wholeyear|N/A|
||Piers Forster||Wholeyear|N/A|
||Jennifer Harrison|Treasurer|Wholeyear|N/A|
||Sheila Huntridge|Secretary|Wholeyear|N/A|



**Names of the trustees for the charity, if any, (for example, any custodian trustees)** 

|**Name**|**Dates acted if not for whole year**|
|---|---|
|N/A||



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## **Names and addresses of advisers (Optional information)** 

|**Type of adviser**|**Name**<br>**Address**|**Name**<br>**Address**|
|---|---|---|
|**Independent Examiner**|Simon Charles<br>Foreman<br>Peter Howard & Co|4 Wharfe Mews, Cliffe Terrace, Wetherby, LS22 6LX|
||||
||||
||||



## **Name of chief executive or names of senior staff members (Optional information)** 

## **Section B              Structure, governance and management** 

## **Description of the charity’s trusts** 

Trust deed Type of governing document (e.g. trust deed, constitution) Company Limited by Guarantee, United Bank of Carbon (registered How the charity is constituted company 06924700) (e.g. trust, association, company) Appointed by unanimous written decision of all existing Trustees Trustee selection methods 

(e.g. appointed by, elected by) 

## **Additional governance issues (Optional information)** 

You **may choose** to include additional information, where relevant, about: 

- policies and procedures adopted for the induction and training of trustees; 

- the charity’s organisational structure and any wider network with which the charity works; 

- relationship with any related parties; 

- trustees’ consideration of major risks and the system and procedures to manage them. 

## **Policies and Procedures** 

Trustees attend formal, minuted Steering Group meetings with the UBoC Team at the University of Leeds between three and four times per year to ensure good governance, management of donor funds and that the charitable work is meeting objectives. These meetings also consider and manage risks. 

The Trustees meet independently of the Steering Group between three to four times per year, to review the workings of the charity, its governance and reporting, and its strategy. The Trustees regularly review and assess the risks faced by the charity. Plans for managing and mitigating any potential and/or known risks are monitored, updated and acted upon accordingly. 

Trustees receive no remuneration and do not claim expenses. 

There is an Independent Examiner to ensure good accounting oversight. United Bank of Carbon (UBoC) ensures its own Companies House submissions. 

The School of Earth and Environment at the University of Leeds provided management and academic support during the Financial Year 2023. 

On appointment, new trustees are given guidance on good governance, managing donor funds, managing risk and environmental responsibility. They are also asked to read the Charity Commission’s online documentation on the role of trustees. 

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## **Organisational Structure** 

UBoC’s structure is designed to minimise running costs and long-term contractual relationships costs. 

Sheila Huntridge (SH), Trustee and Company Secretary, is responsible for UBoC’s day-to-day administration and accounting: organising Trustees’ meetings and recording of the minutes; preparing the annual statements and dealing with issues of governance. She is fully supported by the other Trustees in the execution of these responsibilities. 

The Trustees have regular meetings with the UBoC Steering Group (SG) at the University of Leeds (UoL). The SG report on progress and define both short-term objectives and longer-term strategy. Between these meetings commissioned work from the University of Leeds and pro-bono work by the Trustees and other co-opted team members deliver on these objectives. Each member of the UBoC SG team has a defined role. 

_University of Leeds Steering Group team:_ 

Professor Dominick Spracklen (DS) and Dr Catherine Scott (CS) are scientific advisors to UBoC at the University of Leeds. CS is Director of the Leeds Ecosystem Atmosphere and Forest (LEAF) centre at the University of Leeds. 

CS and DS are responsible for liaising with the University of Leeds on staffing and studentships. 

Anna Gugan (AG) was the Natural Capital Valuation Officer during part of the year ended 31 March 2023, leading on the i-Tree and natural capital valuation research and on designing the University of Leeds Woodland. Anna took up a new part-time role with Leeds City Council as Woodlands Creation Officer in July 2022. 

Robin Hayward (RH) is UBoC’s Science and Communications Officer and is responsible for preparing content for both the UBoC and LEAF websites, managing UBoC’s social media presence and delivering various engagement activities. 

Thomas Sloan (TS) is UBoC’s Forest Science and Policy Fellow and provides scientific oversight and input across UBoC funded projects. TS is responsible for organising Steering Group meetings and recording minutes of meetings. 

UBoC partially funds a number of postgraduate students at the University of Leeds, who also contribute to the charity’s activities: 

Steve Denison (SD), Hazel Mooney (HM), Charlotte Weaver* (CW), Will Rolls (WR), Jamie Carr (JC), Toby Green (TG) and Felicity Monger* (FM). UBoC-affiliated academic staff (Piers Forster, Dominick Spracklen, and Cat Scott) also supervise other students undertaking forest related PhDs: Hannah Birch (HB), Francesca Darvill (FD), Nike Doggart (ND), Hannah Sherwood (HS), Molly Simmons (MS), Elle Smith (ES) and Ian Willey (IW). 

(Students marked with * completed their studies during the current year.) 

To reduce overheads and financial risk, UBoC engages the University of Leeds and others on a consultancy basis for their time or solicits pro-bono work. The only longer-term financial commitment is to the part-funding or CASe partnerships of the five outstanding PhD programmes at the University listed above. 

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## **Section C                    Objectives and activities** 

UBoC’s mission is to promote environmental sustainability by protecting and restoring the world’s forests and green spaces through environmentally and socially responsible partnerships. UBoC’s primary objectives for the public benefit are to: 

**Summary of the objects of the charity set out in its governing document** 

- 1      Provide key research to assess the benefits of forests, woodland and green space for climate, biodiversity, water resources, local livelihoods, and health and wellbeing. Focusing on research with clear environmental, economic and societal impact. 

- 2      Support local and national businesses to realise the value of forests, woodland and green space for efficient and effective operational costs, net earnings, customer and employee retention and satisfaction, and environmental goals. 

- 3      Develop and maintain exemplar forest, woodland and green space projects with partners. 

- 4      Enhance environmental education around forests, woodland and green space in the Yorkshire region, UK national forests and tropical 

- forests within each local community. 

The Trustees determine that UBoC has complied with the duty in section 4 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission. 

UBoC has undertaken a number of public benefit activities: 

Main Activities: 

1. Work to quantify and communicate the role of trees and forests in achieving global net-zero greenhouse gas emissions, air quality improvement, flood risk reduction, biodiversity enhancement and contribution to human well-being. 

**Summary of the main activities undertaken for the public benefit in relation to these objects (include within this section the statutory declaration that trustees have had regard to the guidance issued by the Charity Commission on public benefit)** 

2. Provide robust information, tools, research support and advice to a range of stakeholders to translate national and global tree planting and restoration targets and policies to a local and regional level. 

3. Contribute to an increase in rural woodland area and urban tree canopy cover across Yorkshire through, for example, supporting the establishment of the Northern Forest, and to increased forest area around the world. 

4. Work with key local and national organisations to support the practical creation and restoration of native woodland and other habitats in the UK. 

5. Embed research and student engagement in practical forest restoration. 

6. Work with relevant stakeholders to identify and resolve challenges being faced by communities, organisations and individuals seeking to undertake tree planting or landscape restoration. 

7. Leverage practical and financial support from other national and global institutions working towards the same aims. 

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8. Communicate the importance of protecting and maintaining the world’s existing trees and forests to enable them to achieve their full potential in the delivery of environmental and social benefits. 

## **Additional details of objectives and activities (Optional information)** 

UBoC maintains a £1 dormant investment in its trading arm company You **may choose** to include United Bank of Carbon Trading Ltd. (registered company 06579824) further statements, where relevant, about: 

- policy on grant making; 

- policy programme related investment; 

- contribution made by volunteers. 

## Section D                      Achievements and performance 

We have a number of objectives, listed above in section C. Progress **Summary of the main** against these objectives is presented to the trustees in a written report on **achievements of the charity** a quarterly basis. **during the year** 

We raise private funds and public grants and commission work to deliver these objectives, with University of Leeds (UoL) as the principal delivery partner. UBoC has no direct employees. 

Currently the main focus of the charity is focussed on work in the UK, but we continue to be active in Tanzania and are developing work in Vietnam. 

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Section D                      Achievements and erformance p 

We also support specific postgraduate research around earth-atmosphere interactions. 

We have four key UK partnerships: 

1. White Rose Forest and Leeds City Council (LCC) where we provide research and insights to inform carbon strategies, tree planting and urban planning. In 2023 this has focused on incorporating UBoC research on felled tree replacement rates into the draft LCC Local Plan, and supporting the consultation process. 

2. The 630 hectare Restoring Hardknott Forest Project in South Cumbria, where we provide leadership and scientific monitoring to our partnership with Forestry England, UoL, the John Muir Trust and commercial sponsors. Practical restoration work at the project this year has included planting native trees and a first ever planting of juniper, a key component of montane scrub habitat which is in decline nationally. In addition the “Long Crag”, a prominent feature of the site, was cleared for restoration, and Sitka spruce and other non-native species were removed. 

3. The 1200 hectare Wild Ingleborough Partnership in the Yorkshire Dales, where we provide leadership and scientific monitoring to our partnership with Natural England, The Yorkshire Wildlife Trust, The Woodland Trust, WWF-UK, UoL and commercial sponsors. Highlights this year included the surveying of peat on the site in collaboration with the Yorkshire Wildife trust, and the development of tree regeneration surveys. Over 10,000 trees were planted between December 2022 and March 2023, along with 5,500 sphagnum plugs.  In addition the Wild Ingleborough and Restoring Hardknott Forest projects helped initiate two successful Landscape Recovery Scheme projects (Three Dales and Upper Duddon). These 2-year pilot projects will help develop landscape scale nature recovery across approximately 6000 hectares of land. 

4. The 36 hectare Gair Wood project in North Leeds, where we provide leadership and scientific and volunteering support to our partnership with UoL. Over the course of the year the UBoC supported team at UoL coordinated the design and creation of Gair Wood, securing funding from Defra and the White Rose Forest to plant 66,000 trees at the beginning of 2023, of which 6000 were planted by volunteers in a scheme run by the team. Work is ongoing to embed a research and teaching program at the site. 

Our principal overseas partnership is with Reforest Africa in partnership with The University of York, The University of the Sunshine State and local NGOs. Work by the Reforest Africa team included monitoring forest restoration trial plots in the 6200 hectare Magombera Nature Reserve, Tanzania, and installing water infrastructure to facilitate tree seedling germination at the Udzungwa Botanical Garden, Tanzania. Over the year UBoC has supported seven postgraduate students (via direct funding or CASE partnerships) doing specific research in support of our projects or work of global significance. Of these students, two successfully completed and defended their theses this year. UBoC supported staff at UoL also supervise other students. We encourage them to build networks and exchange knowledge through our support of the Leeds Ecosystem, Atmosphere and Forest Centre (LEAF), and to engage in education and outreach work. 

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## Section D                      Achievements and erformance p 

In addition to the specific projects listed above, the UBoC supported team has carried out numerous outreach and engagement activities over the year. Members of UBoC have also promoted work through presentations to groups including the Washburn Heritage Society, Leeds Beckett University, Gordon Research Conference on Biogenic Hydrocarbons and the Atmosphere, the Urban Tree Festival, the BIG Event science communication conference, iCACGP-IGAC joint International Atmospheric Chemistry conference, Forest Research, Royal Meteorological Society (Yorkshire branch) PhD showcase, and the British Ecological Society (BES) 2022 Annual Meeting. The LEAF Knowledge Exchange strand of seminars has also continued throughout the year providing a forum for UBoC staff and collaborators to share ideas and experience. A self-guided campus tree trail was also established at the University of Leeds. 

The trustees would like to thank the leadership delivery team at the University of Leeds: Professor Dominick Spracklen, Dr Cat Scott, Dr Thomas Sloan and Dr Robin Hayward for their outstanding work during the year. The trustees would also like to extend their thanks to the project teams, partnerships and volunteers for the truly amazing work and the significant progress that has been made during the year.  In addition the trustees would like to congratulate the successful doctoral students, Dr Charlotte Weaver and Dr Felicity Monger. 

## **Section E                    Financial review** 

**Brief statement of the charity’s policy on reserves** 

UBoC policy is to have sufficient reserve funds to enable the Trustees to disband UBoC at any time and meet all existing contractual arrangements and additionally support any UBoC funded PhD students until completion of their 3.5 year funded PhD programme. The balance sheet is assessed at Trustee meetings and core costs will be reduced as necessary to sustain this working policy. 

**Details of any funds materially in deficit** 

## **Further financial review details (Optional information)** 

You **may choose** to include additional information, where relevant about: 

- the charity’s principal sources of funds (including any fundraising); 

- how expenditure has supported the key objectives of the charity; 

In July 2020 a gift agreement between UBoC and the University of Leeds was confirmed, securing funding for three years, which will benefit UBoC objectives and activities. 

In addition, and following the year end 31 March 2021, UBoC signed a Gift Agreement with the Yorkshire Wildlife Trust to help support the acquisition and management of land at Ingleborough, North Yorkshire, by the Wild Ingleborough Partnership.  The Wild Ingleborough Partnership consists of representatives of the Yorkshire Wildlife Trust, United Bank of Carbon, University of Leeds, Natural England, Woodland Trust and WWF. 

- investment policy and objectives including any ethical investment policy adopted. 

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A Partnership and Funding Agreement was also signed between the Woodland Trust, the United Bank of Carbon and University of Leeds to help support the acquisition of land at Snaizeholme, North Yorkshire, and to support ongoing research and monitoring at the site. 

Furthermore, UBoC was awarded a grant of £140,900 in June 2021 by the Government’s Green Recovery Challenge Fund. The grant supports the ‘Restore Hardknott Forest Project’, which aims to restore one of the largest conifer plantations in the Lake District National Park to native woodland and is due to be paid in three instalments during 2021–2023. The University of Leeds is the Delivery Partner. 

## **Section F                     Other optional information** 

N/A 

**The trustees declare that they have approved the trustees’ report above.** 

**Signed on behalf of the charity’s trustees** 

|**Signatures**<br>**Names**<br>**Position (e.g.**<br>**Secretary,**<br>**Chair, etc.)**<br>**Date**|||||
|---|---|---|---|---|
||Jonathan Wild|Piers Forster|Jennifer Harrison|Sheila Huntridge|
||Trustee & Chair|Trustee|Trustee & Treasurer|Trustee<br>& Company<br>Secretary|
||9 October 2023|9 October 2023|9 October 2023|9 October 2023|



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Company Registration No. 06924700 Charity No: 1133285 

United Bank of Carbon 

Report and unaudited financial statements Year ended 31 March 2023 



|Contents|||
|---|---|---|
|**United Bank of Carbon**|**1**||
|Report and financial statements 2023||1|
|**Directors and Officers**||1|
|Directors’ Report||2|
|Income and Expenditure for the year ended 31 March 2023||5|
|Cash Flow for the year ended 31 March 2023||6|
|Balance sheet as at 31 March 2023||6|
|Audit Exemption and Accounting Policy Statement||6|
|Directors’ responsibilities:||7|
|Notes to the accounts as at 31 March 2023||8|
|1. The basis of accounting and accounting policies||8|
|2. Critical accounting judgements and statement of financial activities||8|
|3. Information regarding directors and employees||10|
|4. Funding||10|
|5. Significant Expenses||10|
|6. Commitments||10|
|7. Investment in the United Bank of Carbon Trading Limited||10|





Report and financial statements 2023 

## **Directors and Officers** 

Prof Piers Forster Dr Jonathan Wild Jennifer Harrison Sheila Huntridge 

## **Secretary** 

Sheila Huntridge 

Registered Office 

1 Parliament Street Harrogate North Yorkshire HG1 2QU 

1 

United Bank of Carbon.  Company Registration No: 06924700 Charity Registration No: 1133285 



## Directors’ Report 

## UBoC Outreach: 

During the year, the United Bank of Carbon (UBoC) has continued to direct and contribute to many community outreach initiatives designed to promote environmental sustainability by protecting and restoring the world’s forests and green spaces. 

UBoC Trustee, Professor Piers Forster (Director of the Priestley International Centre for Climate and Professor of Physical Climate Change at the University of Leeds), continues in his role as a member of the Government’s Committee on Climate Change (CCC) having been appointed for a five-year term in December 2018. 

The Leeds Ecosystem, Atmosphere and Forest (LEAF) centre at the University of Leeds, is now a well-established network with members from the University of Leeds Schools of Geography, Biology, Earth & Environment, Engineering, Chemistry, Law, Psychology, Music and English. 

Dr Cat Scott (UBoC’s Scientific Lead at the University of Leeds) is Director of LEAF. Dr Robin Hayward has worked throughout the year as UBoC and LEAF Communication & Engagement Officer, including writing content for UBoC and LEAF’s websites and management of social media. 

LEAF’s website (leaf.leeds.ac.uk) has an active presence on social media, with over 1,800 Twitter followers and is now recognised as a key local and national source of expertise on woodlands and forests. In addition, UBoC /LEAF members and University of Leeds (UoL) PhD students have contributed to several public events throughout the year. 

## UBoC Projects: 

UBoC continues to engage with councils and other stakeholders. This has included ongoing coordination with Leeds City Council (LCC) to incorporate UBoC work on tree replacement rates for the draft LCC Local Plan. The work was presented to senior officials and elected members of the Council. LCC launched a consultation on their local plan in October 2022 including a proposed policy on the ratio at which trees removed for development must be replaced, based on UBoC work. 

UBoC has continued to support the ‘Restoring Hardknott Forest’ project in Cumbria.  The Project is a partnership between Forestry England and the University of Leeds (supported by UBoC, students and volunteers) which aims to restore one of the largest conifer plantations in the Lake District National Park to native woodland, for the benefit of people, nature and the climate. This will be achieved through a combination of practical conservation, informed by research and monitoring, to create and restore 630 hectares of native woodland and other wildlife rich habitats. The Project also organises two volunteer sessions per month, contributing over 250 volunteer days of habitat restoration in a year. 

In addition, UBoC is a founding partner of Wild Ingleborough, in collaboration with Natural England, Yorkshire Wildlife Trust, University of Leeds, Woodland Trust and WWF to restore wildlife habitats in the Yorkshire Dales National Park. 

UBoC continues to partner with the Woodland Trust and University of Leeds to help support ongoing research and monitoring at Snaizeholme, North Yorkshire. 

_2_ 

United Bank of Carbon.  Company Registration No: 06924700 Charity Registration No: 1133285 



In partnership with the University of Leeds and the White Rose Forest, UBoC has helped to establish Gair Wood, a new 36-hectare woodland on former agricultural land in North Leeds to focus on research, teaching, and volunteering. The woodland will also increase biodiversity on the site and will ultimately sequester carbon as part of the university’s commitments to reach net zero emissions. Approximately 66,000 trees were planted as part of the project in January and March 2023. 

## UBoC Research: 

UBoC PhD students and members of research staff from the University of Leeds have attended and presented work at several local, national and international conferences, and professional meetings including: Washburn Heritage Society, Leeds Beckett University, Gordon Research Conference on Biogenic Hydrocarbons and the Atmosphere, the Urban Tree Festival, the BIG Event science communication conference, iCACGP-IGAC joint International Atmospheric Chemistry conference, Forest Research, Royal Meteorological Society (Yorkshire branch) PhD showcase, and the British Ecological Society (BES) 2022 Annual Meeting. 

## Postgraduate research programmes **:** 

UBoC has funded in part and/or provided supervision during the year ended 31 March 2023 for several PhD students at the University of Leeds. Two students successfully submitted and defended their theses this year. 

## Research impact: 

The UBoC team has contributed regular blogs and videos to the UBoC /LEAF website and social media posts throughout the year and has continued to develop articles for publication in peer reviewed journals. 

## Going Concern: 

UBoC’s policy is to have sufficient reserve funds to enable the Trustees to disband UBoC at any time while meeting all existing contractual arrangements and additionally support any UBoC funded PhD students until completion of their 3.5 year funded PhD programme. The balance sheet is assessed at Trustee meetings and core costs will be reduced as necessary to sustain this working policy. 

_3_ 

United Bank of Carbon.  Company Registration No: 06924700 Charity Registration No: 1133285 



The directors who all served throughout the year were as follows: 

Prof Piers Forster 

Dr Jonathan Wild Jennifer Harrison Sheila Huntridge 

Approved and signed on its behalf by Jonathan Wild (Chair), Piers Forster, Jennifer Harrison and Sheila Huntridge. 

|and Sheila Huntridge.|||
|---|---|---|
|Signature|Print Name|Date of approval|
||Jonathan Wild|9 October 2023|
||Piers Forster|9 October 2023|
||Jennifer Harrison|9 October 2023|
||Sheila Huntridge|9 October 2023|



## 1 Parliament Street, Harrogate, North Yorkshire HG1 2QU 

Date: 9 October 2023……..…………………………………………………………….. 

_4_ 

United Bank of Carbon.  Company Registration No: 06924700 Charity Registration No: 1133285 



|||||
|---|---|---|---|
|Income and Expenditure for the year ended 31 March 2023||||
|||**FY 23 Total**|**FY 22 Total**|
|||**£**|**£**|
|**Income from:**||||
|**Income from donations:**||||
|Donations to the company||112|~~-~~|
|Restricted funds,donations toprojects||176,917|440,350|
|HMRC Gift Aid||~~-~~|62|
|**Charitable activities:**||||
|Carbon credits sale(restricted)||~~-~~|68|
|**Other Income:**||||
|Savings bank account interest||76|~~-~~|
|||||
|**Total income**||**177,105**|**440,480**|
|||||
|**Expenditure on:**||||
|**Raising funds:**||||
|Fundraisingand marketing||~~-~~|~~-~~|
|**Charitable activities:**||||
|Project expenditure||1,660|254,284|
|Hardknott Project expenditure||64,368|71,644|
|Gift Agreement – Universityof Leeds||112,500|112,500|
|Carbon creditpurchase||~~-~~|~~-~~|
|PhD studentships and stipends||4,300|12,178|
|Consultancy+ training||482|2,584|
|**Other expenditure:**||||
|Bank charges||23|73|
|**Total expenditure**||**183,333**|**453,263**|
|||||
|**Net income/(expenditure) before other**<br>**recognisedgains/(losses)**||||
|Net movement in funds||**(6,228)**|**(12,783)**|
|Total funds brought forward||**124,540**|**137,323**|
|Total funds carried forward||**118,312**|**124,540**|
|||||



_5_ 

United Bank of Carbon.  Company Registration No: 06924700 Charity Registration No: 1133285 



||||
|---|---|---|
|Cash Flow for theyear ended 31 March||2023|
||**FY23**|**FY22**|
|**Operating Activities**|**£**|**£**|
|Cash received from donations<br>Other cash received<br>Cash paid to projects and core costs<br>Cash flow from operatingactivities|177,029<br>76<br>(183,333)<br>(6,228)|440,350<br>130<br>(453,263)<br>(12,783)|
|Total Net Cash Flow|(6,228)|(12,783)|



|Balance sheet as at 31|March 2023||
|---|---|---|
||**FY23**|**FY22**|
||**£**|**£**|
|**Non-Current Assets**|||
|Investments|1|1|
||1|1|
|**Current Assets**|||
|Cash at bank and in hand|118,312|124,540|
|Debtors|~~-~~|~~-~~|
|**Current Liabilities**|||
|Investment liability|(1)|(1)|
||||
|**Total assets less current liabilities**|118,311|124,539|
|**Net assets**|118,312|124,540|
|**Members’ Capital**|||
|Retained Earnings: profit and loss<br>account|118,312|124,540|



## Audit Exemption and Accounting Policy Statement 

For the year ending 31 March 2023, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 (‘the Act’) relating to small companies. 

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Act. 

_6_ 

United Bank of Carbon.  Company Registration No: 06924700 Charity Registration No: 1133285 



## Directors’ responsibilities: 

The directors acknowledge their responsibilities for ensuring that the company keeps accounting records that comply with section 386 of the Companies Act.  The directors also acknowledge their responsibilities for preparing accounts which give a true and fair view of the state of affairs of the company as at the end of the financial period and of its profit or loss for the financial year in accordance with section 396 of the Act and which otherwise comply with the requirements of that Act relating to accounts, so far as applicable to the company. 

The financial statements were approved and authorised for issue by the Board of Directors on 9 October 2023 and signed on its behalf by Jonathan Wild (Chair), Piers Forster, Jennifer Harrison and Sheila Huntridge. 

|Signature|Print Name|Date of approval|
|---|---|---|
||Jonathan Wild|9 October 2023|
||Piers Forster|9 October 2023|
||Jennifer Harrison|9 October 2023|
||Sheila Huntridge|9 October 2023|



_7_ 

United Bank of Carbon.  Company Registration No: 06924700 Charity Registration No: 1133285 



Notes to the accounts as at 31 March 2023 

## 1. The basis of accounting and accounting policies 

The company is a private company limited by guarantee without a share capital, registered in England and Wales (No. 06924700) with its registered office at 1 Parliament Street, Harrogate, North Yorkshire HG1 2QU. 

The functional currency of the company is considered to be pounds sterling and the financial statements are presented in pounds sterling. 

The financial statements have been prepared under the historical cost convention and in accordance with applicable United Kingdom law and accounting standards applicable to companies subject to the small companies’ regime and in accordance with the provisions of section 1A of FRS 102. 

The resources expended have been divided into categories in accordance with the Charity Commission guidance for a charity that is a company and annually with a gross income of over £25,000 but not exceeding £250,000. 

## 2. Critical accounting judgements and statement of financial activities 

In the application of the company's accounting policies, which are described in Note 1, the directors are required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that may not be readily apparent from other sources. 

The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. 

Estimates, along with the associated underlying assumptions, are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. 

There are no significant estimates or judgements used in presenting the accounts. 

_8_ 

United Bank of Carbon.  Company Registration No: 06924700 Charity Registration No: 1133285 



## **Section A** Statement of financial activities 

|**Recommended categories by**<br>**activity**<br>**Incoming resources**<br>**Income and endowments from:**<br>Donations and legacies<br>S01<br>Charitable activities<br>S02<br>Other trading activities<br>S03<br>Investments<br>S04<br>Separate material item of income<br>S05<br>Other<br>S06<br>**_Total_**<br>S07<br>**Resources expended**<br>**Expenditure on:**<br>Raising funds<br>S08<br>Charitable activities<br>S09<br>Separate material item of expense<br>S10<br>Other<br>S11<br>**_Total_**<br>S12<br>**Net income/(expenditure)**<br>**before investment**<br>**gains/(losses)**<br>S13<br>Net gains/(losses) on investments<br>S14<br>**Net income/(expenditure)**<br>S15<br>**Extraordinary items**<br>S16<br>**Transfers between funds**<br>S17<br>**Other recognised**<br>**gains/(losses):**<br>Gains and losses on revaluation of fixed<br>assets for the charity’s own use<br>S18<br>Other gains/(losses)<br>S19<br>**_Net movement in funds_**<br>S20<br>**_Reconciliation of funds:_**<br>Total funds brought forward<br>S21<br>**_Total funds carried forward_**<br>S22|**Unrestricted**<br>**funds**<br>**Restricted**<br>**income**<br>**funds**<br>**£**<br>**£**<br>F01<br>F02|**Unrestricted**<br>**funds**<br>**Restricted**<br>**income**<br>**funds**<br>**£**<br>**£**<br>F01<br>F02|**Endowment**<br>**funds**<br>**£**<br>F03|**Total**<br>**funds**<br>**£**<br>F04|**Prior year**<br>**funds**<br>**£**<br>F05|
|---|---|---|---|---|---|
||112|176,917|-|177,029|<br>440,412|
||-|-|-||68|
||-|-|-|-|-|
||-|-||-|-|
||-|-|-|-|-|
||76|-|<br>-|<br>76|-|
||188|176,917|-|<br>177,105|440,480|
|||||||
||-|-|-|-|-|
||4,782|<br>178,528|<br> -|183,310|453,190|
||-|-|-|-|-|
||23|-|<br>-|<br>23|73|
||4,805|178,528|-|<br>183,333|453,263|
||(4,617)|(1,611)|-|(6,228)|<br>(12,783)|
||-|-|-|-|-|
||(4,617)|<br>(1,611)|-|(6,228)|<br>(12,783)|
||-|-|-|-|-|
||-|-|-|-|-|
|||||||
||-|-|-|-|-|
||-|-|-|<br>-|-|
||(4,617)|(1,611)|-|(6,228)|<br>(12,783)|
|||||||
||124,540|-|-|<br>124,540|137,323|
||119,923|(1,611)|-|<br>118,312|<br>124,540|



_9_ 

United Bank of Carbon.  Company Registration No: 06924700 Charity Registration No: 1133285 



## 3. Information regarding directors and employees 

The company had no employees during the current and preceding year. No emoluments were payable to the directors of the company during the current and preceding financial year. 

## 4. Funding 

A Gift Agreement between UBoC and the University of Leeds was confirmed on 

1 July 2020 securing funding for three years, which will benefit UBoC objectives and activities. The intention of the Gift Agreement is that the funds be used by the University of Leeds to help support, inform and accelerate large-scale forest restoration in Yorkshire, the UK and globally through research, outreach and stakeholder engagement. 

In addition, a grant of £140,900 was awarded to UBoC in June 2021 by the Government’s Green Recovery Challenge Fund. The grant supports the ‘Restore Hardknott Forest Project’, which aims to restore one of the largest conifer plantations in the Lake District National Park to native woodland, and is due to be paid in three instalments during 2021–2023.  The University of Leeds is the Delivery Partner. 

## 5. Significant Expenses 

Significant expenses on charitable activities in the year included a sum of £112,500 which was paid to the University of Leeds in October 2022 as part of the three-year Gift Agreement, as outlined in note 4 above. 

In addition, £56,360 was the second of three payments to be paid to the University of Leeds as part of the Green Recovery Challenge Fund grant that had been awarded to UBoC with the University as Delivery Partner, as outlined in note 4 above. 

A payment of £4,300 for PhD studentships at the University of Leeds was also paid during the year. 

In October 2022 a new Business and Charity Deposit Account was opened with a sum of £50,000 transferred from UBoC’s Business account. A further sum of £25,000 was transferred in March 2023. 

## 6. Commitments 

UBoC funds PhD students and as at year ended 31 March 2023 £3,798 is expected to be paid to fund two ongoing studentships over the next two years. 

## 7. Investment in the United Bank of Carbon Trading Limited 

The company has an investment of £1, being the whole of the issued capital of the United Bank of Carbon Trading Limited (incorporated in the United Kingdom with Registration Number 6579824). United Bank of Carbon Trading Limited is dormant and has not traded since its incorporation in 2008. 

_10_ 

United Bank of Carbon.  Company Registration No: 06924700 Charity Registration No: 1133285 



Independent examiner's report on the
accounts
Section A
Independent Examinevs Report
Report to the trustees
United Bank of CartKJn
On accounts for the year
ended
31 March 2023
Charity no
(if any)
1133285
Set out on pages
1 tr>10
I report to the trustees on my examination of the accounts of the above
charity (Ihe Trusl") for the year ended 3110312023.
As the charitys trustees, you are resF)onsible for the preparation of the
accounts in accordan￿ with the requirements of the Charities Act 2011
("the A¢X").
Responslbililles and
basis of report
I report in respect of my examinatÉon of the Trusfs accounts carried out
under section 145 of the 2011 Act and in carying out my examination. I
have followed all the applicable Directions given by the Charity Commission
under section 145(5Xb) ofthe Aci.
Independent
examiner's ststement I have completed my examinatron. I confimi that no material matters have
come to my attention in connection with Ihe examination which gives me
cause to believe that in, any material respect..
the accounling records were not kept in accordance wtth section 130
of the Charities AGt" or
the accounts did not accnrd with the accounting records., or
the accounts did not comply with Ihe applicable requirements
con￿MIng the fomi and content of accounts sel out in the Charities
(Accounts and Reports) Regulations 2008 other than any requirement
that the accounts give a Irue and fair. view which is not a matter
considered as part of an independent examination.
I have no concems and have cnme across no other matters in connection
with the examination to which attention should be drawn in thi5 report in
order to enable 8 proper understanding of the accounts to be reached.
. Please delele the words in the brackets rfthey do not apply.
Signed:
Namo:
Simon Charles Foreman
Relevant professional
qualifi&ition(sl or body
(if any):
ICAEW
Address:
4 Wharfe Mews. Cliffe Terrace, Weth8rby LS22 6LX
IER
Oct 2018

Section B
Disclosure
Only complete if the examiner need5 to highlight material matters of concern
(see CC32. Independent examination of charity accounts: directions and
guidance for examiners).
Give herè brief details of
any items that the
examiner wishes to
disclose.
IER
Oct 2018