Trust for Oxfordshire's Environment TRUST FOR OXFORDSHIRE'S ENVIRONMENT (TOE) LIMITED REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDING 31ST MARCH 2024 REGISTERED CHARITY NUMBER- 1140563 COMPANY LIMITED BY GUARANTEE- 07492087 ENVIRONMENTAL BODY (ENTRUST)- 137171 INDEPENDENT AUDITOR WENN TOWNSEND CHARTERED ACCOUNTANTS OXFORD
CURRENT LEGAL AND ADMINISTRATIVE INFORMATION Company Number Charity Number 07492087 1140563 Roglst•red Office and The Old Counting House Operational Address 82e High Street Wallingford Oxfordshire OX10 OBS Trusto•s Justin Adams OBE (Chair) David Gwillim (Company Secretary) Russel Matthews Anita Prosser (Deputy Chair) Toni Robinson Peter Shepherd Nicholas Thorn Martin Wilkinson (Treasurer) Chl•f Executive Ben Heaven Taylor PrSnclpal Bankers CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ Auditors Wenn Townsend 30 St Giles Oxford OX1 3LE
FORWARD FROM THE CHAIR & CEO Welcome to our Annual Report & Accounts for 2023-24, which showcases the impact we have achieved in partnership over the year. The Trust for Oxfordshire's Environment has one aim- to halt the decline in nature and help restore Its richness. We believe that by working together to achieve this aim in the place where we live and work, we can help restore hope and inspire the transformational change necessary to restore balance in our relatlonship with nature. Scientlsts across the globe have made It clear that restoring nature Is a vltal element in tackling the environmental crisis that threatens our future. By working together, we can create bigger. better. more connected landscapes so nature can thrive. By helping people connect with nature, we build support for the systemic change needed to protect nature in the longer temi. This year, TOE distributed over £200,000 to 50 partners across the region. At Arncott near Blcester, TOE supported volunteers to contlnue vital habital management work at a site which hosts locally important populations of endangered butterflies. amphibians and birds. In Cothill and Frilford Heath, we funded a survey across 16 square kilometres of heathland habitat. establishing the presence of rare plants like Lesser Bladderwort, last seen in the region in 1931. We funded Banbury Omithological Society's Curlew Restoration Programme, whlch has helped protect thls beautlful blrd from predation of its nest sites. Much of this work was funded through our long-standing partnership wlth Grundon. But, for the first time. a proportion of the Local Environment Fund was funded by a 'nature dividend, generated by our work on Biodiversity Net Gain. This year saw TOE establish one of the UK'S first formally constituted 'habitat banks,, at Lopemede Farm near Thame. A habitat bank is a parcel of land where habitats are created to generate standardised biodiversity 'units' that can then be sold to buyers, including for biodiversity net gain. Lopemede Farm Habitat Bank, consisting of 27 hectares of restored floodplain mosaic habitat is the first of many TOE have planned across the county, In the coming years. TOE plan to restore hundreds of hectares of habitat through its work on biodiversity net gain and communsty grant-making, delivering more. better, and more joined-up spaces for nature and people across our beautiful County. Justin Adams OBE Ben Heaven Taylor Chair of Trustees Chief Executive
WHO WE ARE The actions of humankind are causing irreversible damage to the health and diversity of our natural world. There is growing public awareness and concem about the urgent need to act. both globally and locally. TOE enables people and organisations to take action locally to hall Ihe catastrophic decline in nature and help support Its recovery. TOE'S work focuses on increasing biodiversity and on helplng people connecl with the natural world. To achieve these goals. we raise funding and distribute grants to support impactful projects, supporting both community-level projects and larger landscape-scale schemes. OUR PURPOSE Working across Oxfordshire and its surrounding area. TOE'S purpose is to halt the decline in nature and holp restore its richness. STRATEGIC PRIORITIES TOE'S ambition is bold not just to slop the decline in nature in our local area. but to reverse it. We recognise that this is a huge task which cannot be achieved by organisations working in isolation. so our approach is rooted in partnership. We support and enable a broad range of partners to: Protect and enhance existing sites of environmental importance. Create biodiverse habitats where nature can thrive,. and Connect people to their environment, building engagement with nature and support for its recovery. More information on our approach to achieving change can be found In our strategy, available via our website (trustforoxfordshire.org.uklabout-us).
KEY ACHIEVEMENTS IN 2023-2024 24 grants worth £119 798 made to local community organisations to support biodiversity and nature recovery. 23 grants worth £95 394 made to local community organisations lo promote engagement with and access lo nature. grants worth £7 584 made to support better data and evldence about blodiversity. 4 Biodiversity Nel Gain (BNG) project agreed worth £538,737 ensuring 34 hectares in the county will be managed for wildlife for 30 years. £1,646,898 fund ing secured to support nature recovery and engagement in Oxfordshire & the surrounding area.
ACHIEVEMENTS AND PERFORMANCE TOE exists lo hall the decline in nature and help restore its richness. In this financial year. TOE raised more money than at any point since it was registered in 2011. Regardless of this success. our focus remains on allocating money effectively, working wilh our grant-holders to help them to achieve the greatest possible impact. Local Envlronment Fund TOE'S Local Environment Fund (LEF) is al the heart of the organisation's work. Through independent, evidence-driven grant-making, TOE channels funding to a wide variety of local community-based, charitable and other institutions, enabling their work to restore nature and promote engagement with nature. Working through an independent, voluntary grant panel made up of experts drawn from across multiple sectors and institutions, TOE allocates grants to projects which can demonstrate the potential for sustainable impacl. Projects receive support from volunteer expert assessors and from TOE'S in-house ecologist. The Core funding of the LEF is secured from Grundon Wasle Management Ltd, via the Landfill Communities Fund ('Landfill Tax'}. Additional funding has been provided by the Thames Valley Environmental Records Fund. South Oxfordshire District Council (via S106 funding) and individual donors who have supported the Fund. TOE are grateful to all those who have entrusted funds to us in the lasl year. In 2023-24, the key achievements of the LEF included Ihe following.. 50 new grants to support projects, together worth £202,623, of which: 19 grants were in support of biodiversity (totalling £99.000). 13 grants were in support of access to green spaces (totalling £39,788). 11 grants were In support of community engagement with nature {totalling £59.526) 3 grants were in support of tree-planting initiatives (totalling £1.224) 0 4 grants were awarded via the TVERC Recorders Fund in support of improving data and evidence about biodiversity (totalling £3,084).
Biodiversity Net Gain The UK Environment Act (2021 } requires the majorily of planning consent in England to demonstrate a 10/0 gain in biodiversity (compared to pre- development), using a scoring system developed by Natural England. In February 2024 this was made mandatory. In Oxfordshire, many local authorities were already applying a BNG policy to new developments. TOE has been working in close parlnership with local government, developers and landowners to enable the policy to have a positive impact for Oxfordshire and Buckinghamshire's habitats and wildlife. These partnerships and our funding have now enabled over 100 hectares of land to be managed for nature recovery. In 2023-24 a record £538.737 was contracted with landowners for the creation of habitat banks in Cherwell, VOWH and West Oxfordshire. Our pipeline of new habitat sites across Oxfordshire remains strong and we successfully launched our site in Buckinghamshire which is the first non-pilot site to be registered on the DefralNatural England. National Register. Other Natural Capital Programmes TOE received £42,546 from Thames Water in relalion to our joint work with the Evenlode CatGhment Partnership. Working with partners {Wild Oxfordshire, Thames Water and Natural England), this programme supports biodiversity and water quality projects with local farniers and landowners in the catchment of the river Evenlode. A grant of £16.530 was awarded during the year. Ourselves and our partners are currently reviewing how besl to utilise Ihe pool of remaining funds. In 2023-24, the TOE Community Fund was established utilising designated Unrestricted Funds. allowing us to support a wider range of projects. Grants of £10.660 were made, including for a botanical survey at Frilford Heath which recorded plant species last seen in the 1880's. Mobilising resources In the financial year, TOE raised £1,304.185 to support nature restoratlon and enable engagement with nalure. Our partnershlp wlth Grundon Waste Management Ltd continues to provide the majority of funding to the LEF. In 2023-24. Grundon provided £113,108 to the Landfill Communities Fund. This was down on the previous year which experienced a temporary increase in waste going to landfill across the county. In September 2023, we received an initial tranche of £50,000 of Community Infrastructure Levy (CIL) funding from SODC to support community projects across South Oxfordshire. Just under g0°/o of the fund was deployed as grants by 31st March 2024 and it is hoped to build on the Fund's success in 2024-25 through a second tranche of funds from SODC. Our multi-year agreement with Thames Valley Environmental Records Office (TVERC) continues to help increase the evidence base on biodiversity across the county. Funding from TVERC totalled £2.750 for the year.
Local authorities in Oxfordshire continued to trial BNG in their areas. TOE'S receipts from developers reduced to £1,000,475 for the year. This was mainly due to a slowdown in house building because of cost pressure and higher interest rates. Delays to Ihe introduction of mandatory BNG also caused some uncertainty for developers. TOE is profoundly Indebted to its funders and partners, without whom we could not support the fantastic projects funded via our grant schemes. THE YEAR AHEAD Looking to the coming year, our short-term objectives will include the following.. Develop our network of habltat banks. We aim to have a further 4 registered habitat banks in the coming year. Malntaln our current lev•1 of LEF grant-maklng. We will leverage the 'nature dividend, from our biodiversity net gain work. as well as corporate and other fundraising to offset any downward trend in landfill tax funding. Build our profile and reputation with developers, ensuring that biodiversity net gain in the county is implernented with skill. care and integrity. Build a stronger, more cohesive brand & identity, expressed through revamped digital communications channels. Continuè to build a strong and robust set of organisation policies, procedures and systems to ensure that the public and private funding TOE receives is managed efficiently and effectively.
STATUTORY REPORT AND FINANCIAL STATEMENTS The Trust for Oxfordshire's Environment is registered as a Charitable Company Limited By Guarantee. It is registered with Companies House (no. 07492087) and with the Charity Commission for England and Wales under charily number 1140563. The Trustees present their report and the financial statements of the charity for the year ended 31 March 2024. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities. (FRS 102) in preparing the annual report and financial statements of the charity. The report also serves as a Directors, Report as required by the relevant section of the Companies Act 2006.
STRUCTURE AND GOVERNANCE Governing Document The Trust for Oxfordshire's Environment (TOE) Limited was established as a charity on the 23 February 2011 and as a company limited by guarantee on the 13 January 2011. Its governing document Is its Memorandum and Articles of Association. Appointment of Trustees New Trustees are appoinled either lo fill a vacancy or because the Board have identified a skills gap. Emphasis is placed upon the appointment of Trustees with knowledge and experience relevant to the Trust's current and developing charitable activities and with experience of governance and fundraising. New Trustees are introduced to the Trust's work and provided with background information and induction training so they can fulfil their roles, which includes Information about the role of Trustees and their responsibilities under the Charltles Acl. Organisatlon of the Board The Direclors of the charitable company are its Trustees for the purposes of charity law. The Trustees who have served during the year and since the year end are as noted on page 1. Under the provisions of the Memorandum and Articles of Association, the Board must comprise a minimum of 3 Trustees. There is no maximum number of Trustees. Throughout 2023-24, the Board consisted of 8 members. Aside from the offices of Chair. Deputy Chair. Company Secretary and Treasurer, there are no further specialised roles or formal commiltee structures within the Board. There are a number of informal 'task and finish. groups, charged with developing aspecls of organisalional strategy and policy. The Board meets on a quarterfy basis with an annual AGM, which usually runs consecutively with a regular meeting. Minutes of the meetings are agreed and shared between all members of the Board. Members of the Board are required to abide by a Code of Conduct. fomially adopted in December 2018. An annual declaration of interest statement is made by Board members, the results of which are formally documented. Trustees are required to disclose all relevant interests and in accordance with the Trust's policy wilhdraw from decisions where a conflict of interest arises. 10
Governance and management structure The day-to-day administration of the Trusl has been delegated to the Chief Executive who reports to the Chair of the Board of Trustees. The Chief Executive has responsibility for the day-to-day management of the organisation within the str8tegy and objectives set by the Board of Trustees. The Chief Executive also has responsibility for developing and implementing the organisation's programme activities. Notwithstanding those powers delegaled as above, decision-making powers are retained by the Trustees and exercised al quarterly Board meetings. Pay policy for senior staff The Trustees consider the Board of Trustees and the Chief Executive as comprising the key management personnel of the charity in charge of directing and controlling the charity and running and operating the charity on a day-to- day basis. All Trustees give of their time freely and no Trustee remuneralion was paid in the year. Details of Trustee expenses are disclosed in note 7 lo the accounts. The pay of the Chief Executive and other staff is reviewed annually by the Board In March. The remuneration Is revlewed to ensure that It Is falr and In-llne wllh similar roles and takes into account prevailing rates of inflation. Risk management policy and principal rlsks TOE maintains a corporate risk register which is maintained by the Chief Executive and reviewed by the Board of Trustees on a bi-annual basls. The organisation's overall risk management framework is reviewed annually. Securing sufficient unrestricted funding to cover core costs is a key ongoing risk. Our management strategy is to diversify our funding base, carefully manage unrestricted expendlture and to recover core costs where possible. There are significant risks associated with delivering BNG. particularly given the emergent and dynamic regulatory environment. While Ihis funding stream provides the majority of TOE'S income at the present time, cash flow Is unpredictable and variable. Our management strategy focuses on developing our reputation as a competent and trusted partner for local authorities. developers and landowners. By developing a strong pipeline of fundable projects, building strong systems and processes, and developing its project management approach, TOE Is worklng to ensure that It remalns a cosl- effective, accountable and attractive option for BNG funding.
OBJECTIVES AND ACTIVITIES Legal Objects The objects of the charity as described within the TOE Memorandum and Articles of Association are to promote for the benefit of the residents of Oxfordshire and its surrounding areas: (a) The conservation protection and improvement of the physical and nalural environment including the promotion of biological diversity. (b) Sustainable development by: The prudent use of resources. (li) The relief of poverty and the improvement of the conditions of life in socially and economically disadvantaged communities., (iii) The promotion of sustainable means of achieving economic growth and regeneration. Sustainable development means 'development which meets the needs of the present without compromising the ability of future generations to meet their own needs" To further benefit the residents of Oxfordshire. without distinction of sex. sexual orientation, race or of political, religious or olher opinions to advance education in relation to (a) and (b) above and to provide facilities in the interests of social welfare for recreation and leisure time occupation with the objective of improving the conditions of life for the residents. Where it is for the protection of the environment, to provide or to carry out maintenance or improvement of: (1) A public park (2) Any other public amenity Strategy TOE'S strategy was refreshed in 2023-24. Its purpose and goals remain largely in line with its previous plan, but its priorities have been simplified to focus organisational effort and resources. Organisational Purpos• TOE'S core purpose is to halt the decline in nature in Oxfordshire and help restore its richness.
Strategic Priorities As Oxfordshire's independent environmental funder, TOE works to secure revenue to support the protection. enhancement and restoration of Oxfordshire's environment and its surrounding areas. By allocating funds to projecls that deliver real change and environmental improvements. TOE works to ensure more sustainable future for the benefit of all. To fulfil Its purpose. TOE'S work has three core priorities: Protect and enhance existing sites of environmental importance. Create biodiverse habitats where nature can thrive; and Connect people to their environment. building engagement with nature and support for its recovery. In addition. TOE'S Memorandum and Articles of Association allow it to engage In other exclusively charitable purposes in the United Kingdom and elsewhere which are In the opinion of the Trust beneficial to the community with a preference for those in the area of benefit. More information on our approach to achieving change can be found in our strategy, available via our websile (trustforoxfordshire.org.uklaboul-us). Public Benefit Statement TOE exists for the public benefit, enabling people and organisations to support nature's recovery and enhance the local environment. Through targeted. independenl and evldence-based grant-maklng, the organisation seeks to achieve its core purpose both through local Gommunity-based action and by seeking to leverage nature restoration at scale. The Trustees, in exercising their powers and duties, have complied with their duty under the relevant sections of the Charity Act. In shaping our strategy, policies and activities, the Trustees have also complied with their duty to have due regard to the guidance on public beneflt publlshed by the Charity Commission in exercising their powers and duties. 13
Acknowledgements The Trustees would like to gratefully acknowledge the support of our funders and partners. In particular, we would like to thank.. Grundon Wasle Management Ltd (vla Landflll Communities Fund) C,IlliNI)O South Oxfordshire District Council sOh Oxfordshire Vale of White Horse District Council Vale of Ivhfte Horse West Oxfordshire District Council wEsr ox¥oTrsNE D*TIICI COUNCIL Cherwell District Council Cherwell Oxford City Council OXFORD cou¥c Oxford County Council 'OXFORDSHIRE 'COUNf( COUNCIL Buckinghamshire County Council Vision XS VISION Thames Valley Environmental Records Cenlre Vamey Thames Water Lld Thames W¢)ter 14
Pro-bono work and volunteers TOE'S work depends to a large extent on the support of a dedicated and highly skilled cadre of volunteers. In addition to the Charity's Trustees, several groups of volunteers play key roles in delivering the organisation's charitable work. These include. Members of TOE'S independent grant panels, whose role it is to advise and recommend projects for funding to the Board of Trustees. Independenl project assessors. who advise and support applicanls to develop effective and evidence-based projects with the greatest chance of achieving impact. The Staff and Trustees extend their sincere and profound thanks to all those who volunteered for TOE in these or any other capacity throughout the year. 15
FINANCIAL REVIEW TOE ended the financial year with a net surplus of £336,069. The surplus in unrestricted funds was £34,157, whlch resulted In TOE finishlng the financlal year with unrestricted funds of £272,366. Total Income for the year was £1.304.185 of which £252,060 were unrestricted funds. As in the previous financial year, the majority of both restricted and unrestricted income was secured from BNG arrangements. Financial policies The Trustees have agreed a Financial Regulations and Accounting Policy. This policy covers all aspects of the organisation's financial management, including financial authorisation. banking and treasury, procurement and expenses. The policy is reviewed by Trustees on an annual basis and is kept under constant review by the Treasurer and Chief Executive. Reserves pollcy The Trustees have agreed a Reserves Policy which stipulates that the organisation should hold unrestricted reserves equlvalent to at least slx months operating expenses. As of 31st March 2024. unrestricted reserves stood at £272.366 of which £172.294 were 'free reserves.. These are sufficient to cover core operating costs for 9 months. Given the operational risks inherent in BNG, and given the current econornic climate. the Board are content to maintain a level of unrestricted reserves above the minimum sel out in the policy. The purpose of TOE'S Reserves Policy is to ensure that the organisation operates within Charity Law and Regulallon. It helps the organlsatlon manage Its cash flow risk and ensures that it can meet its liabilities in the event that it does not attract sufficient resources to remain a going concern in the future. This would include the cost of winding up the organisation and disbursing funds to those remaining projects it Is committed to supporting. The majority of reserves held by TOE are restricted. As a body which manages fund on behalf of our partners and for the benefit of the environment, we take our responsibilities as a custodian of restricted funds very seriously. Appropriate policies are in place to ensure segregation of restricted funds in our accounts. All fund balances are reviewed by the Board on a quarterly basis. As of 31 51 March 2024, total net restricted funds held by the organisation amounted to £1.646.898. 16
Statement of fundraising ethics TOE does not participate in any significant fundraising activities with the general public. Where it does undertake fundraising activity, it Is fully committed to working within the Fundraising Regulator's Code of Fundraising Practice. In particular. TOE will not: Intrude unreasonably on any person's privacy. Use unreasonably persistent approaches for the purpose of soliciting or otherwise procuring money or other property on behalf of the charity. Place undue pressure on a person to give money or other property. Given tha limited nature of TOE'S public fundraising, it has elected not to formally register with the Fundraising Regulator. Neither do we currently report on our activities. If, at any point, it is proportionate to the level of public fundraising to participate fully in voluntary registration and reporting, TOE will do so. TOE does not use third party fundraisers or agencies to approach members of the public and would never approach individuals who have not given permission to be contacted. In 2023-24, TOE recelved no complainls about fundralslng activities it carrled out. Runnlng costs Tolal Support costs increased from £145,633 to £206,172. The Increase was mainly due to the rise in Staff costs from recruitment and the annual pay review. Legal fees of £22,775 were also incurred in 2023-24 to support the development of new Landowner and Developer contracts to meet changes in the BNG regulatory environment. Governance costs rosa from £18.813 to £25,167 reflecting the staff cost increase through the allocation from Support costs and which included the recruitment of a Head of Finance. Investment policy TOE has no investment funds other than one Current Account and three inlerest- bearing Deposit accounts. The level of funds in the Current Account is actively managed to minimise cashflow risk while ensuring that interest on Deposit funds held is maximised. 17
Declaration This report is prepared in accordance with the special provisions of part 15 of the Companies Act 2006 relating to small companies. and was approved by the Trustees on 1st November 2024 and signed on their behalf by: Justin Adams f the Board of Trustees Martin Wilkinson Treasurer 18
Independent Auditor5, Report to the Members of the Trust for Oxfordshire's Environment ITOEI Limited Oplnlon We have audited th? frnancial statements of the Trust for Oxfordshire's Environment ITOE) Limited Ith8 'charitoble ¢ompany'l for the year ended 31$t M8r¢h 2024 whi¢h comprlse the Stalemont of Flnancial Activ[es. thg Balance Sheet, the Cash Flow Statement, and noles to the financial statements, including a surnrnary of sSgnifScant a¢¢ounting policies. Tha financial r•portSn9 framework that has been applied in their preparatlon is applicable law and United Kingdom Accounting Stsndards. including Financial Re porting Stsn(J8rd 102 The Financial Reporting Standard applic8ble in the UK and Republic of Ire18nd {United Kingdom Generally Acc8pted Accounllng Pracll¢el. In our oplnlon the flnanclal $tal8ments- give a true and fair view of the stale of the charitable company's affairs as at 31 st March 2024, and of 118 Incoming resources and applicallon of resources. including Ils Income expenditure Ilncluding income from th8 United Nations an¢J related exp8ndllure), for the year then endgd., have been properly prepared in accordance with Unitgd Kingdom Generally Accepted Accounting Practice. and have been prepared In accordance wlth the requirement8 of the Companies Act 2006. Basls for oplnlon We conducted our audit in accordanc8 With Intematlonal Standard8 on Audltlng IUKI IISA8 IUKII and applicablé law. Our rèsponsibilitiès under thosè standards are further d8scrib8d in thè Auditor's responsibilities for the audit of the financial 31atemenls 8eclion of our rep(>rt. We a ind$p$ndenl of the charilablè company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our olher ethical responsibilities in accordance wllh these requirements. We believe that the audlt evldence we have obtalned 18 sufficient and appropriate lo providg 8 basis for our opinion. ConclusSons relatlng to golng concgrn In auditing the financial statements, we have ¢oncludttd that the tru8tees' us8 ol the going ¢oncèm ba8is Qf accounting in the preparation of the ffin8ncial statements Is approprlate. Based on the work we havg pgrformed, wp havg n¢)t idgnlifigd any matgrial unG¥rtsintl85 rglating to •v•nts or conditions that, individually or collectively, may ¢8St signifTr¢8nt doubt on th$ ¢h8rilable company's ability to continue as a going concern for a period of al least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the tru$lo88 Wlth respo to going concem arg describod In the r8lovant sections of this report. Othér Informatlon The trustees are responslble for the other Information. The other informallon comprlses the Informallon included in the truslees. annual report, other than the financial Statements and our audilor's ieport Ihef$on. Our oplnlon on the financlal statements does not cover the other information and, except lo the extent otherwise expliciuy slated in our report, we do not expres5 any form of assurancg conclusion th¢ro0n. In ¢onnectlon wlth our audlt of the financial statements, our responslblllty Is to fead the other Information and, In doing 80. conslder whether the other Informatlon is matèrially incon8i$lenl with the flnancial ststements or our knowledge obtained In the audlt or otherwlse appears to be materlally misstated. If w6 Identify such matgrial inconsisl8ncie8 Qr apparent material tnisststèment$. wè arg r8quire¢J to dgtormine wh$ther there is a material misstslement in the financial slalements or a material rnisslalemenl of the other information. If. based on the work we have performed, we conclude that there is a material misststement of this other inform81ion. we are requlred to report th81 lacl. We have nothing to report in thls regard. 19
Independent Auditors. Report to the Members of the Trust for Oxfordshire's Environment ITOEI Limited Icontinuedl Opinlons on oth•r matt•r8 pr•¥crlb•d by th• Compani•$ Ad 2006 In our opinion. based on the work undertaken in the Course of Ihe aiJdit- the infomiation 9iv8n in th& tru8tee$' report (incorporating the direclor8' report) for the financial year for which the financial statemgnts arg prepared is Gonsislenl with the financial slatemenls.. and the directors, report has bn prep8rod in ac¢ordon¢o with appli¢obl* legal requifem¥nl$. atter• on whi¢h w• are required to report by exceptlon In th• light of our knowledge and understanding of the charitable company and Its envlronment obtained in the course of the audil. w$ have not idenlified material mis3latements in the directors. report. We have nothSng to raport in roSPOCt of the following mattgrs in relation to which the Companies Act 2006 requlres us to report to you rf. in our opinion= adequate 8¢counting record8 have not been kept, or returns adequate for our audit have not been received from branch88 not Vl8lt&d by us,. or the financlal statgments are not in agreement wlth the accountbng records and retums.. or certain disclosures of directors, remuneration specified by law are not made". or wè h8V8 not received all the information and explanations we require for our audit.. or the trustees were not &ntitled to prepare the financial statement8 in a¢cor(lance with Ihe sm811 companies, regime and lake advantage of the sm811 companlos, exemptlons in preparlng the dFrectors' report and from the requirement to prepare g $tralegi¢ report. R8$ponslbllltl•8 of tru8ts08 As explained mortr lully in the Iruslees. responsibilities statement, the trustees {who are also the directors of the ¢haTilable company for the purposes of company lawl are responsible for the preparatlon of the financial statements and for being satisfied that they glve a true and fair view. 8nd for Such intomal control as the Irust88s determine 18 necessary to enable the preparation of financial statements that are free from material misststement, whelh6r due to fraud or error. In preparfng the financi81 statements. the Iru8tees are re8pon8ible for 8s$o$sing the charitable comp8ny'$ ability to continuo as a going concern, dlscloslng. as applicable, mallers related to golng concgrn and u61ng thg going concern basis of accounting unless the trustees glther intend to liquldgt¢ the ¢harltable company or to cease op9ralions, or have no realistic allernalive bul lo do 80. Auditor'• r08ponslbllltles for the audlt of the ftnanclal statements Our obJ8ctlV6S 8re lo obtsin reasonable assurance about whether the flnanclal statements as a whole are free from material misstatement. whether duè to fraud or arror, and to issuè an 8uditor's rèport Ihat includes our opinion. Reasonable assurance is a hlgh level of assurance. bul i¥ not a gu8r$nteo that 3n audit conducted In accordance with ISAS IUKI will always detect a material misstaternent when it exists. Misstatemgnts can arise from fraud or error and are consldered material if. individually or In the aggregate, they could reasonably be expected to influgncg tho economic decisions of users taken on the ba8is of these financial statements. 20
Independent Auditors, Report to the Members of the Trust for Oxfofdshire's Environment ITOEI Lim.ited (continued Irregularitlg8. Including fraud. are inslancgs of non-¢omplian¢g with laws and rggulations. We do$ion pro¢pdures in line with our responsibilities, outlined above, to detect material misslatemenls in respect of irregularities. IncludSng fraud. The speclfic procedures for thls engagement and the extent lo whi¢h Ih&se ar8 capablè of del8¢ting irregularities. including fraud 1$ delailod below= Enquiry of rnanagpmenl and those Gharged with governanGg around actual and potential litigation and clalms- Enquiry of m8nag&mgnt and th0$0 charged wilh govemanco to iiitrntify any instances of non-cornpliancg wllh laws and regulations- Reviewing minutès of meetlngs of those charged with govemanc8' Revlewing financial statemenl dlsclosures and tèstlng lo supportlng do¢umentsllon to 8ssess compliance with applicable laws and regulations- Performing audit work over the risk of m8n8gtmenl override of conlrols. including testing of journal entries and other adlustments for approprlateness. evaluotlng the business ratlonale of 8ignlTicant trans3cllons outside the normal course of buslness and reviewing accounting eslSmales for bias. Bgcause of the inherent limitations of an audit, there is a risk that we will not detect all irregularities. including those leadin9 to a material misstalement In the financial statements or non-complianct with règulation. This rlsk incr6aSè$ the mor8 that MplIance with a 18w or règul81ion 1$ removed frorn the events and trans8clion8 refl8cleiJ in the financial $18temenls, as we will bè less likely to become aware of instances of non-compliance. The rlsk Is also greater regarding Irregularltles occurrlng due to fraud rather than error. as fraud involv98 Intantional concealfflent, forgery. colluslon, omisslon or mlsTepr8sent8tlon. A furth8r description of our re8ponsibililies for the audit of the financial statements is located on the Financial Reporting Council's website at.. www.frc.org.uklauditorsresponsibilities. This description forms part of our auditor'3 report. Other mattor8 The financial statèm8nts of Trust for Oxfordshire's Environment ITOEI Limited for the yèar 8nd8d 31 st March 2022 wÈr8 un8uditèd. An indapèndènt examination was psrformèd whi¢h expres¥ed an unmodified opinion on those slatemenls. Us• of our rèport This report 1$ m¥de solely to the charitable ¢ompany's members, a$ a body. In accordance with Chapter 3 of Part 16 of the Cornpanies Act 2006. Our audit work has been undertaken so that we mlght slate to the charltable company's members those matters we are required to state to them in an auditor's report and for no oth&r purpD$9. To e fullost gxlgfbl perrnittgd by law. we do not aGGepl or assume responsibility to anyone olhpr than the ¢ able company and the charitable cornp8ny'3 mefflbers as 8 body, for our audit work, for this report. or ns we have formad. or Bonjamln Hayos BSC FCA For and on behalf of W•nn Towns•nd Chart•r•d Accountants. Statutory Auditor 30 St Glles Oxford OX1 3LE 1*1 Mov•mber 2024 21
Tru$t for Oxfordshirv's Environment {TOEI Limited Statement of Financial Activiti6s (including th• InGorne and Expenditure Account) for the year ended 31 March 2024 Note Unrestrlcted Restricted 2024 2023 Funds Funds Total Total INCOME FROM: Charitable activities 176,232 1,038,897 1,215,129 1,512,438 Donations 12.515 2.029 14.544 21.075 Interest and Investments 62,856 8,156 71,012 22,136 Other income 457 3,043 3.500 4,150 TOTAL INCOME 252,060 1,052.125 1.304.185 1.559.799 XPENDITURE ON: Charitable activities 216,619 751,497 968.117 791,610 TAL EXPENDIT 216.619 751,497 968.117 791,610 N•t in¢omol(•xponditure) 35,441 300,628 338,069 768.189 Transfer5 between funds 13 (1,284) 1.284 Net mov•m•nt in funds 34.157 301,912 336.069 768.189 Funds at 1 April 2023 238,209 1,344,986 1,583,195 815,006 Funds al 31 Mar¢h 2024 272,366 1,646.898 1.919,264 1.583,195 All income and expenditure derive from continuing activities. The statgmfjnl of financial acliviligs in¢lude8 all gains and losses Tecognised during the year. The notes on pagos 26 to 37 form part of these flnanclal statements. 22
Trust for Oxford$hlro's Environmont (TOE) Limlted Balance Sheel as at 31 March 2024 Note 2024 2024 2024 2023 2023 2023 Unrestricted Restricted Total Unr•stricted Restricted Total funds funds funds funds funds funds Fixod assets Office equipment 962 962 1,082 1,082 Current asset8 Debtors 108.438 108,438 1,200 462,621 463.821 Cash al bank and in hand 170,467 2,320,489 2,490,956 270.245 1,852.557 2,122,802 278,905 2,320,489 2.599.394 271.445 2,315,178 2,586,623 Creditors: amounts falling due wlthln ona year 10 {7,501) 1300,8811 (308,382) 134,318) 1780.3091 (814,627) Nel current assets 271.404 2.019.608 2,291,012 237,127 1,534,869 1,771,996 Total assets less current Ilabllltles 272.366 2,019.608 2,291,974 238,209 1,534,869 1,773,078 Creditors.. amounts falling due after one year 11 1372,710) (372,7101 (189,883) 1189,883) Not ass•t8 272,366 1,646,898 1,919,264 238.209 1,344.986 1.583.195 Funds Unrestricted funds.. general designated 172,294 100,072 172.294 100,072 187.405 50,804 187,405 50.804 12 Re51ricled funds 13 1,646,898 1,646,898 1,344,986 1.344.986 272.366 1.646.898 1,919,264 238,209 1,344.986 1,583,195 23
Trust for Oxford$hlre'6 Envlronm•nt ITOEI Limited Balance Sheet (contSnuedl as at 31 March 2024 The financi81 statements ale prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. The financial statements were approved by the Board on 1 $1 November 2024 and signed on its behalf by ams Martin Wilkinson (Chair of Tr 8t•es) (Trusteo and Treasurer) Company numbei: 07492087 Tha noles on pages 26 to 37 forrn part of these flnanclal statements 24
Trust for Oxfordshire's Environmgnt ITOE> Limited Statefflent of Cash Flows For tho year ended 31 March 2024 2024 2023 Reconclllatlon of n•t incomé to net cash flow frorn operating activities Nel income for year 336,069 768,189 Depreciation ¢harge 1,403 1,084 Interest receivable {71.012) 122,136) Decreasel{incre8se} in debtors 462,621 {431,9901 (Deerea5ellincrease in creditors 1430.656) 368,162 Net cash flow from op8rating activities 298,425 683,309 Cash flow from Invagllng a¢tivitiO9 Inleresl received 71,012 22,136 Payments to acquire fixed as5el$ (1,2831 Not cash flow f rom Investing activiliès 69.729 22.136 Net cash flow from flnanclng a¢tlvitl•s Not incroase In cash and cash equlvalents 368,154 705,445 Cash and cash oquivalents at 1 April 2023 2,122.802 1,417,357 Cash and cash •quival•nts at 31 March 2024 2,490,956 2,122.802 25
Trust for Oxfordshlr¢'$ Envlronm?nt {TOEI Limited Not•S to tho FlnanGial Statemgnts for the year ended 31 March 2024 A¢¢ounting Pollcles The Trust for Oxfordshire's Environment ITOEI Limited is a charitable company limited by guarantee in the United Kingdom. In the event of the charity being wovnd up, the liability in respect of th8 guarantee is limited lo £1 per m8mb8r of the charity. The address of the registered office is given in the charity information page of these financial $talemenls. The nature of the charity's operations and principal activities are detailed in the Trustees, Report. The charity conslitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporlin9 Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities A¢1 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice. A55et5 and liabilities are Initially recognised al historical oost or transaction value unless otherwise stated in the relevant accounting policy note. The financial statements are prepared in sterllng which is the functional currency of the charity. The significant accounting policies applied in the preparation of these financial slatements are set out below. These policies have been consistently applied lo all years presented unless otherwise slated. Funds Unrestricted fund5 are built up from incoming resources received or generated for the charitable purpose. They are available for use at the discretion of the Trustees in furtherance of the general obje¢live5 of the charity. Designated funds comprise unre51ricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is sel out in the notes to the rinancial statements. Restricted funds are funds used for specified purposes as laid down by the donor. Expenditure meeting the criteria is charged against the fund, together with a fair allocation of overheads and support co$t$. Incom¢ r•¢ognltlon All incoming resources are included in the Slalemenl of Financial Activities {SoFAI when the charity Is legally entitled lo the income after any performance conditions have been met, the amount can be measured reliably and il is probable that Ihf income will be received. For donations to be recogniged the Gharily will have been notified of the amounts and the settlement date in wriling. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilmenl of those conditions is within the control of the charity and il is probable that they will be fvlfilled. Income from grants 1$ recogni5ed al fair valu8 when the charity has enllllement after any performance conditions have been met, it is probable that the income will be reGeived and the amount can be measured reliably. If enlillement is not mel then these a mounts are deferred. No amount is included in the financial slalements for volunteer lime in line with the SORP {FRS 102). 26
Trusl for Oxfordshir6'8 Envlronment {TOE} Limitod Notes to thg Financial Statements for tho yoar ¢nd¢d 31 Mar¢h 2024 {¢ontlnu¢dl A¢¢ounting PollGIg5 (Gontlnued) Expendlture recognltlon All expendlture is accounled for on an accruals basls and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there Is 2 legal or constructive obligation to make payments lo third parties, il is probable that the selllement will be required and the amount of the obligation can be measured reliably. It is calegorised under the following headings= Costs of raislng funds include PR and fundralsing costs. including the website., Expenditure on charitable activities includes grants awaided for projects., and Other expenditure represents those items not falling into the calegori8s above. Irrecoverable VAT is charged as an expense against the activity for which expenditure arose. Grants pay8ble lo third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant. as this gives rise to a reasonable expectation that the recipient will receive the gr8n15. Where grents are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity. Support costs allocatlon Support costs are those Ihal ?551$t the work of the charity bul do not directly represent Charitable activities and include office costs, governance costs, administrative payroll costs. They are incurred directly In support of expenditure on the objects of the charity and include project management. Where support costs cannot be directly attributed lo particular heading5 they have been allocated to Gosl of raising funds and expenditUTe on charitable activities on a basis consislenl with use of the resources. Fund-raising costs are those incurred in seeking voluntary conlributions and do not include the costs of disseminating information in support of the charitable activities. The analysis of these costs is included in note 5. Tangible fixed assets Tangible fixed assets are slated at cost lor deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost. less estimated residual value. or each asset on a systematic basis over ils expected useful life as follows: Office equipment - 25% slraighl Ilne Leases Rentals payable and receivable under operating leases are charged lo the SOFA on a straight line basis over the period of the lease. 27
Trus1 for Oxfordshire's Envlronmont ITOEI Limitod Not08 to tho Finan¢ial Statomgnts for the year ended 31 March 2024 (contlnued) A¢¢ounting Pollcles {contlnuedl Employee benefit¥ When employges have rendered service to the charlty, short-term employee beneflts lo whlch the employees are enlilled are recognised at the undiscounted amount expected lo be paid in exchange for that service. The charity operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable. Tax The charity 19 an exempl charity within the meaning of schedule 3 of the Charities Act 2011 and is considered lo pass the lests set out in Paragraph 1 Schedule 6 Finance Acl 2010 and therefore it meets the definition of a charitable company for UK corporation lax purposes. Golng con¢•rn The financial statements have been prepared on 8 going concern basis a5 the Iruslees believe that no material uncerlainlies exist. The Trust8es have considered the level of funds held and the expected level of income and expendlture for 12 months from authorising these financial statements. The budgeted income and expenditure is deemed 8uftiCi8nt with the lev&1 of reserves held for the charity to be able lo continue as a going concern. 28
Trust for Oxfordshire's Envlronment (TOE) Llrnll•d Notes to the FlTranGial Statements for the year ended 31 March 2024 {contlnuedl InGome from charltablo actlvltlos Unrestrlcled Restrlcted Total Total 2024 2024 2024 2023 Grundon 113.108 113,108 165,875 DEFRA Test and Trial Fund 16.624 TVERC Recorders, Grant 250 2.500 2.750 2,250 Evenlode catchment Scheme 12,500 30,046 42,546 137,500 Biodlversily Offsetting Fund SODC 27,200 141,000 168,200 219,072 Biodiversity Offsetting Fund - VOWHDC Biodiversity Offsetting Fund WODC 55.119 278.481 333,600 748.800 32.306 182,229 214,535 9,600 Biodiversity Offsetting Fund Oxford City 39,107 Biodiversity Offsetting Fund Cherwell 3,500 195.533 234.640 38,400 46,000 49,500 145,517 Biodiversity Offselling Fund County 28,800 CIL- SODC 6,250 50.000 56,250 176.232 1.038.897 1,215.129 1.512.438 Included within the above income for 2023 were amounts of £1,289.115 attributable to regtricted funds. Charitabl• 8xpenditurg Unrostrlcted Restrlcted Total Total 2024 2024 2024 2023 Grants awarded (see 3.11 10,660 738.443 749,103 631,089 ENTRUST payments 3,823 3.823 5.643 BNG monitoring costs 4,468 4,468 4,995 Governance costs Inole 41 25,167 25,167 18,813 Allocated from support costs (note 51 180,792 4.763 185.555 131,070 216,619 751,497 968,116 791,610 Included within the above expenditure for 2023 were amounts of £664,845 altributable lo restrlcled funds. 29
Trust for Oxfordshlro's Envlronm•nt (TOEI Limitod Notes to the Flnanclal Statements for the year ended 31 MarGh 2024 (continuodl Grants awarded Grants were awarded lo various local recipients out of the project funds as detailed bglow. The aim of each fund, Including how they relate lo the obj8Cts of the charily. and the nature of aclivilies or projects funded. is detaSled In nole 11. 2024 2023 Grundon 126,795 92,059 Carbon Offsetting Evenlode Catchment 3,043 3,697 16,530 42,545 Nelwork Rail 19 70,064 Thame S106 Fund 4.460 1.525 TVERC Recorders. Grant 3,001 1,826 Biodiversity Offsetting - VOWHDC 90,000 415.792 Biodiversity Offsetting Cherwell 121,263 Blodiversity Offsetting - WODC 327,473 CIL- SODC 44,635 Tree Planning Fund 1,224 3,581 TOE Communtty Fund 10,660 749,103 831,089 Governan¢• ¢osts Unrestricted Tolal Total 2024 2023 Alloraled from support costs (see note 5) 20.617 14,563 AuditorlExaminer's fees current year 4,550 4.250 25,167 18,813 30
Trust for Oxfordshire's Environment {TOEI Limited Notes to the Flnanclal Statemonts for the year ended 31 March 2024 {contlnuedl Support costs Charltabl• Gov•rnan¢o Total Total •xpenditure costs 2024 2023 Finance and insurance Sundry costs Staff costs 1,738 4,162 138,548 193 462 15,394 1.931 4,624 153,942 2,148 646 108,552 Premises costs 16.321 1.814 18.135 31,315 Travel and subsisten¢e 1,529 170 1,699 1,094 Legal expenses 20,497 2,278 22.775 Other support cost$ 1,497 186 1,663 794 Depreciation 1,263 140 1.403 1.084 185,555 20,617 206,172 145,633 Staff costs and numbers 2024 2023 Salaries and wages gross 140.041 100.274 Social security costs 8,056 3,758 Pension costs 5.845 4.520 153,942 108,552 The average weekly number of full-time equivalent employees during the year was deemed lo be four12023 three). with five staff employed in total {2023.' four). No employee received emoluments in excess of £60,000 per annuffl for either 2024 or 2023. 31
Trust for Oxfordshire's Envlronmgnt {TOEI Llmited Noteg to tho FlnanGlal Statements for Ihe year ended 31 March 2024 {contlnuod) Trustees. and key managernont PgTsonng1 rgrnuneration and exponses The trustees neither received nor waived any remuneration during the year (2023.. £Nil). The total amount of employee benefits received by key management pe¥sonnel is £40,08712023'. £40,275). The Trust considers ils key management personnel Gomprisg Ihg Board of Trustees and the Directorlchief Executive. No (2023.. none) Iruslees are accrulng pension arrangements. The trustees did not have any expenses reimbursed during the year {2023'. £Nil). Tangibl8 fixed assets Officè oquipment Total Cost: Al 1 April 2023 4,330 4.330 Additions in year 1,283 1,283 At 31 March 2024 5,613 5,613 Depreclation: At 1 April 2023 3,248 3,248 Charge for the year 1.403 1.403 Al 31 March 2024 4,651 4,651 Net book valuo.. At 31st March 2024 962 962 Al 31st March 2023 1.082 1,082 32
Trusl for Oxforfl$hir•'s Environm•nt {TOE) Limit•d Notes to th8 Flnanclal Statoments for tho year ondftd 31 March 2024 l¢onlinu•dl Debtors 2024 2023 Trade debtors 462.621 Prepaymentslaccrued income 38.440 1,200 Other debtors 69,998 108,438 463,821 10. Cr•ditors: amounts falllng duo wlthln one year 2024 2023 Grant payments Trade creditors 300,881 780,309 773 AcGruals 5,945 2.442 Other taxation and social security 1,556 31.103 308.382 814,627 11. Credltors: amount8 falling dut aftèr one year 2024 2023 Grant payments 372,710 189,883 Amounts due in over ftve years induded aiK)ve are £274,468 (2023: £131,921). 33
Trust for Oxfordshirg's Environment {TOEI Llmlted Not•s lo the Financial StatgmgntB for the year ended 31 Maich 2024 {contlnued) 12. Deslgnatgd funds The charlly Is responsible for the oversight of projects that run for a significant perlod, with funding of overhead contributions received on that basis for certain projects. As a result, the trustees deem it necessary to hold a designated fund for such expected future costs. As al the 31 st March 2024 this fund was calculated at £88,985. and will be assessed n7oving forward on a regular basis and updated at each year end. During the year an additional designated fund was created, being the TOE Community Fund. utiliging fees generat8d from BNG aclivities to support community grant projects. As at the 31 $1 March 2024. this fund wa5 calGvlaled al £11,087. 13. R•glrict•d funds 2023124 Balancg at Balance at 1st Aprll 31$t Mar¢h 2023 In¢om•Expendltur• Transf•r$ 2024 Grundon 104.569 121.264 1139.563) 86.270 Carbon Offselllng 3,043 (3.043) DEFRA Test and Trial Fund 3.870 {3.870) Thame S106 Fund 4.979 (4,460) 519 TVERC Recorders, Grant 501 2,500 (3,001) Evenlode Catchment 82,454 30,046 (16.530) 95,970 Biodiversity Offsetting Fund SODC Biodiversity Offsetting Fund ~ VOWHDC 589,687 Biodiversity Offsetting Fund - WODC 169,544 240.920 141.000 381.920 278,481 190,000) 778,168 182,229 {327.473) 24.300 Biodiversity Offselling Fund Oxford Cily32.000 195,533 227.533 Biodiversity Offsetting Fund Cherwell 116.414 Network Rail 46.000 {121.2641 4.850 46.000 (3041 304 Tree Planting Fund 48 2.029 (1,2241 853 CIL Fund- SODC 50.000 {44,6351 5.365 1,344,986 1,052,125 1751,497) 1,284 1,646,898 34
Trust for Oxfordshire's Envlronment (TOE) Llmited Notes to the Financial Stat•m•nts for th• y•ar éndéd 31 March 2024 Icontinu•d) 13. Restricted funds (continued) 2022123 Balance at Balance at 1st Aprll 2022 31st March Incom• Expendlturo Transfors 2023 Grundon 51.112 158,517 {105,0601 3,042 {3,6961 104,569 Carbon Offsetting 654 DEFRA Test and Trlal Fund 8.000 16,624 120. 7541 3,870 Thame S106 Fund 6,504 11.525) 4,979 TVERC Recorders, Grant 327 2,000 11,826) 501 Evenlode Catchment 125.000 142.546) 82,454 8iodiversily Offsetting Fund SODC 58,360 182,560 240.920 Biodiversity Offsetting Fund VOWHDC Biodiversity Offsetting Fund WODC 381,479 624.000 1415.792) 589,687 137,544 32,000 169,544 Biodiversity Offsetllng Fund Oxford Clty 32.000 32.000 Biodiversity Offselllng Fund Cherwell 116,414 116,414 Network Rail 77,120 170.0641 (7.0561 Tree Planting Fund 2,936 694 {3.5821 48 724.036 1.292,851 {664.8451 {7.05611.344.986 35
Trust for Oxfordshlre's Environment {TOE) Limited Note¥ to tho Financial Statomgnts for the year ended 31 March 2024 {contSnued) 13. Rostrlcted funds Icontlnued) The Grundon Fund is provided as landfill lax credits by Grundon Waste Management Ltd through the Landfill Communities Fund ILCF}. The funds can be used to support projects which comply with the Landfill Tax Regulations and which are registered with ENTRUST, the regulator of the LCF. The Carbon Off$etting Fund are funds from members of the public, networks and companies re51ricled lo funding inilialives designed lo sequester carbon. including bul not restricted to Iree-planting. The DEFRA Tést and Trial Fund relates lo a grant from DEFRA to lesl different approaches lo managing biodlversity nel gain, including testing the best approaches to engaging with landowners. The Thame $106 fund is to provode funds for a local green space in the Thame area. The TVERC Recorder8, Grant is for supportlng better ecological recording in Oxford$hire and Berkshire. Th• Evenlode Catchment Fund supports local individuals and organisations working to improve river water quality, enhance biod iversily, improve flood management and resilience within the area surroundin9 the Evenlode rlver. Blodlverslty Offsettlng Fund - SODC is to miligate for the loss of biodiversity through development, by 5UPPOrting habitat creation and management. Biodiverslty Offs•ttlng Fund - VOWHDC is lo mitigate for the loss of biodiversity through development, by 5upporling habilal creation and management. Blodlverslty Offsettlng Fund WODC is lo mitlgate for the loss of blodlverslly Ihrough development, by supporting habilal creation and management. Blodlverslty Off80ttlng Fund - Oxford Clty is to mitigate for the loss of biodiverslty through development, by Supporting habilal creation and manag8menl. Blodivarsity Offsetting Fund Cherwell is to mitigate for the loss of biodiversity through development, by supporting habitat creation and managemenl. The Notwork Rail Fund 15 to support the processing of funds from Network Rail to woodland management and creation projects that will deliver no net loss lo biodiversity in Oxfordshire and Berkshire lo mitigate for the loss of woodland and scrub habitats during the electrification of the Greater West Line. The Tree Planting fund (previously named a5 The Queens Green Canopy Fund) represenls funds donated by members of Ihe public, networks and companies and restricted to costs associated with planting trees. The CIL Fund SODC are funds provlded by SODC to support Communily-led projects in South Oxfordshire that are aligned to the funding criteria laid down by the Aulhorily. 36
Trust for Oxfordshire's Environment (TOE) Llmlt•d Notes to the Flnanclal Siatements for tho year ended 31 March 2024 (contlnued 14. Related party transactions During the currenl period the charity engaged in the following transactions with relate parties.. One of the Iruslees, Peter Shepherd, is also a Director of BSG Ecology. In 2023- 24 the charity was invoiG8d by this entity an amount of £3,595 for work carried out during the year. One of the trustees, Nicholas Thorn. is also 8 Director ?t the Hinksey Trail Regeneration CIC. In 2023-24 TOE awarded £9.898 of grant funding lo this organisation 12023.. £8.7671. In both cases above, the trustees named were not involved in the decision-making process or approval of expenditure for either transaction, an(J all amounts were paid al or below market rates. There were no other related party transactions during the current or preceding period. 37