Charity registration number 1139483
Company registration number 07417972 (England and Wales)
MARTIN WILLS WILDLIFE MAINTENANCE TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
MARTIN WILLS WILDLIFE MAINTENANCE TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | R S Ponsonby |
|---|---|
| J S B Carson | |
| Charity number | 1139483 |
| Company number | 07417972 |
| Registered office | Henley Knapp Barn |
| Fulwell | |
| Chipping Norton | |
| Oxfordshire | |
| OX7 4EN | |
| Independent examiner | Critchleys Audit LLP |
| First Floor, Park Central | |
| 40-41 Park End Street | |
| Oxford | |
| OX1 1JD | |
| Bankers | Coutts & Co |
| 440 Strand | |
| London | |
| WC2R 0QS | |
| Solicitors | Farrer & Co |
| 66 Lincoln's Inn Fields | |
| London | |
| WC2A 3LH | |
| Investment advisors | Sarasin & Partners LLP |
| Juxon House | |
| 100 St Paul’s Churchyard | |
| London | |
| EC4M 8BU |
MARTIN WILLS WILDLIFE MAINTENANCE TRUST
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 7 - 11 |
MARTIN WILLS WILDLIFE MAINTENANCE TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2024
The Trustees present their annual report and financial statements for the year ended 31 March 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's [governing document], the Companies Act 2006 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 (FRS 102)" (effective 1 January 2019).
Objectives and activities
The Charity's objects are
-
The conservation and maintenance, for the benefit of the public, of the natural environment and its indigenous woodland flora and fauna, with particular reference to the conservation and maintenance of the character and amenity of rural areas.
-
The general purposes of such Charitable Bodies, or for such other purposes as shall be exclusively Charitable, as the Trustees may from time to time decide.
The policies adopted in furtherance of these objects are the expend of money directly on relevant projects and also the making of grants to relevant organisations.
The Trustees have complied with the duty in Section 17(5) of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission.
Achievements and performance
In the furtherance of its objects, the Trust incurred expenditure on wildlife projects of £69,295 and made donations to wildlife charities totalling £30,000.
Investment performance was satisfactory. During the year, quoted investments rose in value by £16,366 and achieved a total return of 10.17%.
Financial review
The results are shown in detail on page 4 of the financial statements. During the year to 31 March 2024 the Trust received a grant from The H D H Wills 1965 Charitable Trust, of £654,802 and incurred expenditure on charitable activities of £102,013. There was a net movement in funds of £569,166 (2023: (£84,669)) including revaluation gains.
The charity retained reserves to allow for fluctuations in income. The level of around £812,609 (2023: £243,443) held at the year end was considered adequate for this purpose.
Investment policy
The investment policy of the charity is to optimise returns from its assets over the long term whilst ensuring that nearer team liabilities for grants payable, activities undertaken directly and support costs are fully matched by Cash. The trustees monitor closely the level of projected grants receivable, grants payable and other expenditure and vary the level of Cash held accordingly. Funds which are unlikely to be spent in the near term are held in quoted investments which are now managed by Sarasin & Partners LLP.
Plans for future periods
The Trustees anticipate that the operations of the Trust will continue as previously, receiving periodic grants and generating income which will be used for environmental projects and making grants to wildlife charities.
Structure, governance and management
The Charity is a company limited by guarantee.
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MARTIN WILLS WILDLIFE MAINTENANCE TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
R S Ponsonby
J S B Carson
The charity is governed by its Memorandum & Articles of Association and any new Trustees are appointed by the existing Trustees in accordance with these governing documents. The current Trustees decide upon the procedures necessary for the induction and training of new Trustees. This will be tailored according to the experience of the new Trustee.
The Trustees are directly involved in grant administration and overseeing projects on a day to day basis and meet twice a year to review all aspects of the charity's affairs. Management of investment assets is delegated to investment professionals and reviewed by the Trustees at each meeting.
One of the Trustees is also a trustee of an associated trust, The H D H Wills 1965 Charitable Trust, from which the Trust receives periodic grants.
This report is prepared in accordance with the small companies regime under the Companies Act 2006.
The trustees' report was approved by the Board of Trustees.
J S B Carson
Trustee
5 July 2024
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MARTIN WILLS WILDLIFE MAINTENANCE TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF MARTIN WILLS WILDLIFE MAINTENANCE TRUST
I report to the Trustees on my examination of the financial statements of Martin Wills Wildlife Maintenance Trust (the Charity) for the year ended 31 March 2024.
Responsibilities and basis of report
As the Trustees of the Charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the Charity 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 the Charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Since the Charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of 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 that in any material respect:
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1 accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements 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
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4 the financial statements 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 financial statements to be reached.
Robert Kirtland (member of Insitute of Chartered Accountants in England and Wales) Critchleys Audit LLP
First Floor, Park Central 40-41 Park End Street Oxford OX1 1JD
Dated: .........................
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MARTIN WILLS WILDLIFE MAINTENANCE TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2024 | 2023 | ||
| Notes | £ | £ | |
| Income from: | |||
| Donations and legacies | 2 | 654,802 | - |
| Investments | 3 | 11 | 4 |
| Total income | 654,813 | 4 | |
| Expenditure on: | |||
| Charitable activities | 4 | 102,013 | 77,585 |
| Total expenditure | 102,013 | 77,585 | |
| Net gains/(losses) on investments | 16,366 | (7,088) | |
| Net income/(expenditure) and movement in funds | 569,166 | (84,669) | |
| Reconciliation of funds: | |||
| Fund balances at 1 April 2023 | 243,443 | 328,112 | |
| Fund balances at 31 March 2024 | 812,609 | 243,443 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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MARTIN WILLS WILDLIFE MAINTENANCE TRUST
BALANCE SHEET
AS AT 31 MARCH 2024
| Notes Fixed assets Investments 9 Current assets Debtors 10 Cash at bank and in hand Creditors: amounts falling due within one year 11 Net current assets Total assets less current liabilities Net assets excluding pension liability The funds of the Charity Unrestricted funds |
2024 £ - 640,650 640,650 (1,500) |
£ 173,459 639,150 812,609 812,609 812,609 812,609 |
2023 £ 6,336 41,370 47,706 (1,356) |
£ 197,093 46,350 |
|---|---|---|---|---|
| 243,443 | ||||
| 243,443 | ||||
| 243,443 | ||||
| 243,443 |
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2024.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Trustees on 5 July 2024
J S B Carson
Trustee
Company registration number 07417972 (England and Wales)
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MARTIN WILLS WILDLIFE MAINTENANCE TRUST
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024
| Notes Cash flows from operating activities Cash generated from/(absorbed by) operations 14 Investing activities Purchase of investments Proceeds from disposal of investments Investment income received Net cash generated from investing activities Net cash used in financing activities Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year |
2024 £ (392) 40,392 11 |
£ 559,269 40,011 - 599,280 41,370 640,650 |
2023 £ (305) 30,305 4 |
£ (77,459) 30,004 - (47,455) 88,825 41,370 |
|---|---|---|---|---|
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MARTIN WILLS WILDLIFE MAINTENANCE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
1 Accounting policies
Charity information
Martin Wills Wildlife Maintenance Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is Henley Knapp Barn, Fulwell, Chipping Norton, Oxfordshire, OX7 4EN.
1.1 Accounting convention
The financial statements have been prepared in accordance with the Charity's [governing document], the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The Charity is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
1.4 Income
Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.
1.6 Fixed asset investments
Fixed asset investments are initially measured at transaction price and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year.
1.7 Cash and cash equivalents
Cash and cash equivalents include cash in hand and deposits held at call with banks.
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MARTIN WILLS WILDLIFE MAINTENANCE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
2 Income from donations and legacies
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Donations and gifts | 654,802 | - | |
| 3 | Income from investments | ||
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Interest receivable | 11 | 4 | |
| 4 | Expenditure on charitable activities | ||
| Natural | Natural | ||
| environment | environment | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Direct costs | |||
| Trees and woodlands | 46,285 | 33,166 | |
| Pond work | 23,010 | 1,944 | |
| 69,295 | 35,110 | ||
| Grant funding of activities (see note 5) | 30,000 | 40,000 | |
| Share of support and governance costs (see note 6) | |||
| Support | 1,218 | 1,119 | |
| Governance | 1,500 | 1,356 | |
| 102,013 | 77,585 | ||
| Analysis by fund | |||
| Unrestricted funds | 102,013 | 77,585 |
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MARTIN WILLS WILDLIFE MAINTENANCE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
5 Grants payable
| Grants to institutions: Loch Ken Trust Barn Owl Trust Heart of Argyll Wildlife Organisation Phoenix Bird of Prey Rescue Centre for Alternative Technology Charity Comraich Skye and Lochlash Rivers Trust Burntisland Community Development Trust Carymoor Environmental Trust Garden Classroom Hogganfield Community Trust The 2 Minute Foundation Forest of Avon Trust Suffolk Environmental Projects Ltd Wild Oxfordshire Wilts & Berks Canal Trust Langdyke Countryside Trust International Tree Foundation Freshwater Biological Association Irish Peatland Conservation Council Northumberland National Park Foundation Pipal Tree Southern Thailand Elephant Foundation Clean Planet Clean Rivers Trust Stroud Valley Projects Small grants (£1,000 or less) 6 Support costs allocated to activities Bank charges Tax return fee Governance costs Analysed between: Natural environment |
2024 £ 2,000 2,000 5,000 2,000 2,000 1,500 2,000 1,500 1,500 1,500 1,500 2,000 1,500 - - - - - - - - - - - - - 4,000 30,000 2024 £ 750 468 1,500 2,718 2,718 |
2023 £ - - - - - - - - - - - - 2,000 2,000 2,500 2,000 2,000 1,500 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 8,000 |
|
|---|---|---|---|
| 40,000 | |||
| 2023 £ 675 444 1,356 |
|||
| 2,475 | |||
| 2,475 |
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MARTIN WILLS WILDLIFE MAINTENANCE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
| 6 Support costs allocated to activities Governance costs comprise: Independent examiner's fee |
(Continued) 2024 2023 £ £ 1,500 1,356 1,500 1,356 |
(Continued) 2024 2023 £ £ 1,500 1,356 1,500 1,356 |
|---|---|---|
| 1,356 |
7 Trustees
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year.
8 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
9 Fixed asset investments
| Cost or valuation At 1 April 2023 Additions Valuation changes Disposals At 31 March 2024 Carrying amount At 31 March 2024 At 31 March 2023 10 Debtors Amounts falling due within one year: Other debtors 11 Creditors: amounts falling due within one year Accruals and deferred income |
Listed investments £ 197,093 392 16,366 (40,504) 173,347 173,347 197,093 2024 2023 £ £ - 6,336 2024 2023 £ £ 1,500 1,356 |
Listed investments £ 197,093 392 16,366 (40,504) 173,347 173,347 197,093 2024 2023 £ £ - 6,336 2024 2023 £ £ 1,500 1,356 |
|---|---|---|
| 173,347 | ||
| 173,347 | ||
| 197,093 | ||
| 2023 £ 6,336 |
||
| 2023 £ 1,356 |
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MARTIN WILLS WILDLIFE MAINTENANCE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
12 Events after the reporting date
Since the year end £520,000 has been invested in listed investments.
13 Related party transactions
During the year ended 31 March 2024, a donation of £654,802 (2023: nil) was received from Martin Wills Fund or the HDH Will 1965 Charitable Trust,a charity with a common Trustee. There were no related party transactions in 2023.
14 Cash generated from operations
| Cash generated from operations Surplus/(deficit) for the year Adjustments for: Investment income recognised in statement of financial activities Fair value gains and losses on investments Movements in working capital: Decrease in debtors Increase in creditors Cash generated from/(absorbed by) operations |
2024 £ 569,166 (11) (16,366) 6,336 144 559,269 |
2023 £ (84,669) (4) 7,088 - 126 (77,459) |
|---|---|---|
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