Trust for Oxfordshire's Environment TRUST FOR OXFORDSHIRE'S ENVIRONMENT (TOE) LIMITED REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDING 31ST MARCH 2025 REGISTERED CHARITY NUMBER- 1140563 COMPANY LIMITED BY GUARANTEE - 07492087 ENVIRONMENTAL BODY (ENTRUST) - 137171 INDEPENDENT AUDITOR .WENN TOWNSEND CHARTERED ACCOUNTANTS OXFORD •AEG9UCH6* 28111r2025 CC•APANIES HOUSE A14 #10 CURRENT LEGAL AND ADMINISTRATIVE INFORMATION Company Number Charity Number 07492087 1140563 Registered Offlce and The Old Counting House Operational Address 82e High Street Wallingford Oxfordshire OX10 OBS Trustees Justin Adams OBE (Chair) David Gwillim (Company Secretary) Russel Matthews Anita Prosser (Deputy Chair) Simon Brooks (appointed 25.04.25) Toni Robinson (resigned 01.11.24) Peter Shepherd Nicholas Thorn Martin Wilkinson (Treasurer) Chief Executbve Ben Heaven Taylor Principal 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 2024-25, which showcases the impact we have achieved in partnership over the year. The Trust for Oxfordshire's Environment {TOE) Ltd has one aim= to halt the decline in nature and help restore its richness. In a world grappling with the combined threat5 of climate change and biodiversity loss, this aim has never been more critical. This is a pivotal time for nature in Oxfordshire, the UK and the world. At the end of the period covered by this report, a new UK Government has been elected and is facing multiple competing policy challenges. The realities of the loss of biodiversity and abundance are becoming increasingly apparent, and we are seeing the impacts of a warming workl in our own lives. such as increased drought and flood risk. As an organisation rooted in Oxfordshire and its surrounding area. the Trust for Oxfordshire's Environment understands the solutions lo these global problems are often best understood at local level. While the loss of nature can feel so utterly oVe￿helmIng when viewed in its enlirety, working at the local level can illicit both hope and real impact. We can tum things round. This year. through our grant to the Banbury Ornithological society. TOE have helped protect some of Ihe last breeding pair5 of Curlew in the county from nest- predation. Our grants to the National Trust's estate at Coleshill have helped the team there to trial new approaches to drought-resistant tree-planling and grapple with invasive species. At Pudlicote. our second fully-registered habitat bank (registered this year) has seen 35 hectares of formerly intensively-farmed arable land restored to a mosaic of wetland, grasslands, Scrub and woodland. To continue to have impact. TOE must continually adapt. shifting how we operate to respond to a changing world and political environment. This year, we invested in communications and rnarketing as well as Ihe ba¢kground systems and legal frameworks necessary for our work. We are proud that, in spite of being a small, locally-based charity, we are the largest BNG habitat bank operator in Oxfordshire and represent 60k of the total national offsite BNG market. 'Net Contributions, fiom our BNG work. instead of going to shareholders or directors, are reinvested in Oxfordshire's wild spaces dividend for nature, not private interests. With our dedicated, capable and hard-working staff. TOE is in Ihe best possible shape to achieve the impact we need in our urgent mission to restore nature's richness. 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 concern about the urgent need to act. bolh globally and locally. The Trust for Oxfordshire's Environment (TOE) Ltd enables people and organisations to take action locally to halt the catastrophic decline in nature and help support its recovery. Our work focuses on increasing biodiversity and on helping people connect with the natural world. To achieve these goals. we raise funding and distribute grants to support impactful projects. supporting both communily-level projects and larger landscape-scale schemes. OUR PURPOSE Working across Oxfordshire and its surrounding area, the Trust for Oxfordshire's Environment {TOEI Ltd's purpose is to halt the decline in nature and help restore its rlchness. STRATEGIC PRIORITIES Our ambilion is bold not just to stop 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 aCh￿ving change can be found in our strategy, available via our website (trustforoxfordshire.org.uklabout-us). KEY ACHIEVEMENTS IN 2024-2025 23 grants worth £153,330 made to local community organisations to support biodiversity and nature recovery. 24 grants worth £114,607 made to local Community organisations to promote engagement with and access to nature. grants worth £3 500 made to support better data and evidence about biodiversity. additional Biodiversity Net Gain {BNG) projects registered on the National Biodiversity Register ensuring that a nother 51 hectares in the county will be managed for wildlife for 30+ years. £1,600,094 funding se¢ured to support nature recovery and engagement in Oxfordshire & the surrounding area. ACHIEVEMENTS AND PERFORMANCE Trust for Oxfordshire's Environment (TOE) Ltd exists to halt the decline in nature and help restore its richness. In thi5 financial year, Trust for Oxfordshire's Environment (TOE} Ltd 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 with our grant-holders to help them to achieve the greatest possible impact. Local Environment Fund Trust for Oxfordshire's Environment (TOE) Ltd's Local Environment Fund (LEF) is at the heart of the organisation's work. Through independent. evidence-driven grant-making, we channel 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 Ihrough an independent. voluntary grant panel made up of experts drawn from across multiple sectors and institutions, we allocale grants to projects which can demonstrate the potential for sustainable impact. Projects receive support from volunteer expert assessors and from in-house ecologists. The core funding of the LEF is secured from Grundon Waste 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 C IL funding) and individual donors who have supported the Fund. We are grateful to all those who have entrusted funds to us in the last year. In 2024-25, the key achievements of the LEF included the following.. 42 new grants to support projects. together worth £196.887, of which: 13 grants were in support of biodiversity (totalling £76.899) 8 grants were in support of access to green spaces Itolalling £63,574). 16 grants were in support of community engagement with nature (totalling £51,033) 2 g rants were in support of tree-planting in itiatives (totalling £1 , 881) 3 grants were awarded via the TVERC Recorders and TOE Community funds in support of improving data and evidence about biodiversity (totalling £3,500). Biodiversity Nel Gain The UK Environment Act (2021) requires the majority of planning consent in England to demonstrate a 100A 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. Trust for Oxfordshire's Environment (TOE) Ltd has been working in close partnership 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 150 hectares of land to be managed for nature recovery on 11 Habitat Bank sites. In 2024-25 a record £1,398.261 was contracted with landowners for the creation of habitat banks in 8uckinghamshire, South Oxfordshire and West Oxfordshire. Our pipeline of new habitat sites across Oxfordshire remains strong and we have now successfully launched three sites onto the DefralNatural England, National Register. Other Natural Capital Pfogrammes Although funding from Thames Water has now ceased, we Gonlinue to support the Evenlode Catchment Partnership. Working with partners (Wild Oxfordshire and Natural England). this programme supports biodiversity and water quality project5 With local farmers and landowners in the catchment of the river Evenlode. 7 9rants totalling £74.550 were awarded during the year. In 2023-24, the TOE Community Fund was established utilising designated Unrestricted Funds. allowing us to support a wider range of projects. Since inception. £50.000 of Unrestricted Funds have been transferred into the Community Fund and in 2024-25. grants of £19,944 were made including £11,310 for floodplain meadow invertebrate surveys and grants to three schools. Mobilising resources In the financial year, we raised £2.138.929 to support nature restoration and enable engagement with nature. Our partnership with Grundon Waste Management Ltd ¢ontinues to provide the majority of funding to the LEF. In 2024-25. Grundon provided £117,786 to the Landfill Communities Fund. This was an in¢Tease of £4,678 over the previous year. In September 2024, we received a second tranche of £50.000 of Community Infrastructure Levy (CIL) funding from SODC to support community projecls across South Oxfordshire. Just under 900kn of the fund was deployed as grants by 315t March 2025. A third tranche of funding is planned for 2025-26. Our multi-year agreement with Thames Valley Environmental Records Offi¢e {TVERC) continues to help increase the evidence base on biodiversity across the county. Funding from TVERC totalled £2,750 for the year. The offsite market for BNG units continues to develop with a range of new entrants and services coming on stream. Although the number of regi51ered Habitat Bank sites has grown nationally, registered unil sales remain below expectation5 as only around 10°/0 of developments require offsite BNG and the average volume of units per sale is around 2. However. activity is picking up and we saw a strong Q4 performance. Our receipts from developers increased 850 to £1,853,778 in the year. We are profoundly indebted to our 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 3-4 registered habitat banks in the coming year. Maintain our current level of LEF grant-making. 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 implemented with skill, care and integrity. Build a stronger. more cohesive brand & identity, expressed through revamped digital communications channels. Build up TOE'S capacity to influence nature-critical policy at both local and national level. All our work is dependent on a web of local and national policies. whether they be local plans or national Biodiversity Net Gain policy. Working through partners. TOE will leverage its practical experience to influence policy in nature's favour. 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 charity number 1140563. The Trustees Present their report and the financial statements of the charity for the year ended 31 March 2025. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) -A¢counting and Reporting by Charities. (FRS 1021 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 Environmenl (TOE) Limited was established as charity on the 23 February 2011 and as a company limiled by guarantee on the 13 January 2011. Its governing document is its Memorandum and Articles of Association which wa5 updated in January 2025. Appointment of Trustees New Trustees are appointed either to 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 wilh 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 Charities Act. Organisation of the Board The Oirectors of the charitable company are ils 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 2024-25. the Board consisted of 7-8 members. Aside from the offices of Chair, Deputy Chair. Company Secretary and Treasurer, there are no further specialised roles or formal committee structu res within the Board. There are a number of informal 'task and finish, groups. charged with developing aspects of organisational strategy and policy. The Board meets on a quarterly basis with an annual AGM. which usually runs consecutively with a regular meeting. Minutes of the meetings aTe agreed and shared between all members of the Board. Members of the Board are required to abide by a Code of Conduct, formally adopted in December 2018. An annual declaration of interest stalemenl is made by Board members, Ihe results of which are formally documented. Trustees are required to disclose all relevant interests and in accordan￿ with the Trust's policy withdraw from decisions where a conflict of interest arises. 10 Governance and management structure The day-to-day administration of the Trust 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 strategy and objectives sel by the Board of Trustees. The Chief Executive also has responsibility for developing and implementing the organisation's programme activities. Notwilhstanding those powers delegated as above. decision-making powers are retained by the Trustees and exercised at 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 remuneration was paid in the year. Details of Trustee expenses are disclosed in note 7 to the accounts. The pay of the Chief Executive and other staff is reviewed annually by the Board in March. The remuneration is reviewed to ensure that il is fair a nd in-line with similar roles and takes into account PTevailing rates of inflation. Risk management policy and principal risks Trust for Oxfordshire's Environment {TQE) Ltd maintains a corporate risk iegister which is maintained by the Chief Executive and reviewed by the Board of Trustees on a bi-annual basis. 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 15 to diversify our funding base, carefully manage unrestricted expenditure and lo recover core costs where possible. There are sign ificant risks associated with delivering BNG, particularly given the emergent and dynamic regulatory environment. While this funding stream provides the majority of our income al 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 aulhorilies, developers and landowners. By developing a strong pipeline of fundable projects. building strong systems and processes, and developing its project management approach. we are working to ensure that it remains a cost- effective. accountable and attractive option for BNG funding. OBJECTIVES AND ACTIVITIES Legal Objects The objects of the charity as described within Trust for Oxfordshire's Environment (TOE) Ltd Memorandum and Articles of Association are to promote for the benefit of the residents of Oxfordshire and its surrounding a reas.. (a) The conservation protection and improvement of the physical and natural environment including the promotion of biological diversity. (b) Sustainable development by= The prudent use of resources; 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 a¢hieving 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 d istinction of sex. sexual orientation. race or of political. religious or other 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 publi¢ park (2) Any other public amenity Strategy Our strategy was refreshed in 2024-25. Its purpose and goals remain largely in line with its previous plan, but its priorities have been simplified to focu5 organisational effort and resources. Organisational Purpose Our core purpose is to halt the decline in nature in Oxfordshire and help restore its richness. Strategic Priorities As Oxfordshire's independent environmental funder, we work to secure revenue to support the protection, enhancement and restoration of Oxfordshire's environment and its surrounding areas. By allocating funds to projects that deliver real change and environmental improvements. our work ensures a more sustainable future for the benefit of all. We have three core priorities to fulfil our purpose= Protect and enhance exisling siles 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, our Memorandum and Articles of Association allows us to engage in other exclusively charitable purposes in the United Kingdom and elsewhere which are in the opinion of the Trust beneficial to the cornmunity with 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 website {trustforoxfordshire_org.uklabout-us). Public Benefit Statement We exist for the public benefit. enabling people and organisalions to support nature's recovery and enhance the local environment. Through targeted, independent and evidence-based grant-making, the organisalion seeks to achieve its core purpose both through local community-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 lo have due regard to the guidance on public benefit published 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 lo thank: Grundon Waste Management Ltd (via Landfill Communities Fund) GRUYDON South Oxfordshire District Council sO￿h Oxtord5hire Vale of White Horse District Council Vale of Whité Horse West Oxfordshire District Council DOIRICT CQVt*cii Cherwell District Council Cherwell Oxford City Council oxTruK LIT)" COLI,%LII. Oxford County Council OXFORDSHIRE CQUNTY CQUNCIL Buckinghamshire County Council Vision XS Thames Valley Environmental Records Centre Thames Vallry Pro-bono work and volunteers Our 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 Trust for Oxfordshire's Environment (TOE) Ltd's independent grant panels, whose role it is to advise and recommend projects for funding to the Board of Trustees: Independent 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 in these or any other capacity throughout the year. FINANCIAL REVIEW Trusl for Oxfordshire's Environment (TOE) Ltd ended Ihe financial year with a net surplus of £236.489. The surplus in unrestricted funds for the year was £83,293, and £200,000 was also transferred into an unrestricted designated fund resu Iting in closing u nrestricted funds of £555.659. Tolal income for the year was £2,138.929 of which £335,273 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 Gonslant review by the Treasurer and Chief Executive. Reserves policy The TrLrstees have agreed a Reserves Policy which stipulates that Ihe organisation should hold unrestricted resep4es equivalent to at least six months operating expenses. As of 31st March 2025. unrestricted reserves stood at £555.659 of which £254.288 werè 'free reserves,. These are sufficient lo Gover core operating costs for approximately 12 months. Given the operational risks inherent in BNG, and given the current economic climate. the Board are content to maintain a level of unrestricted reserves above the minimum set out in the policy. The purpose of our Reserves Policy is to ensure that the organisation operates within Charity Law and Regulation. It helps the organisation 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 fulure. 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 Trust for Oxfordshire's Environment (TOE) Ltd 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. Appropriale 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 31sI March 2025. total net restricted funds held by the organisation amounted to £1.600,094. 16 Statement of fundraising ethics Trust for Oxfordshire's Environment (TOE) Ltd 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. we 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 the limited nature of our public fundraising, we have elected not lo formally register with the Fundraising Regulator_ Neither do we currently report on our a¢livities. If, at any point. it is proportionate to the level of public fundraising lo participate fully in voluntary registration and reporting, we will do so. We do not use third party fundraisers or agencies to approach members of the public and would never approach individuals who have not given permission lo be contacted. In 2024-25. Trust for Oxfordshire's Environment (TOE) Ltd received no complaints about fundraising activities it carried out. Running costs Total Support costs increased from £206.172 to £234.327. The increase was mainly due to the rise in Staff costs from recruitment and the annual pay review. Office costs also increased by £6.929. primarily from increased rent and IT costs and new HR support services. Governance costs rose from £25, 167 to £28.282 reflecting the staff cost increase throug h the allocation from Support costs. Investment policy Trust for Oxfordshire's Environment (TOE) Ltd has no investment funds other than one Current Account and three interest-bearing Deposit accounts. The level of funds in the Current Account is actively managed lo minimise cashflow risk while ensuring that interest on Deposit funds held is maximised. ststement of trustees. responsibilities The trustees (who are also directors of the Trust for Oxfordshire's Environment for the purposes of company law) are responsible for preparing the Trustees. Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounling Practice). Company law requires the trustees to prepare financial statements for each financial year. 17 Under company law the Irustees must not approve the financial statements unless they are Satisfied that they give a true and fair view of the state of affairs of the ¢haTltable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements. the trustees are required to: select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP 2019 (FRS make judgements and estimates that are reasonable and prudent- state whether applicable UK Accounting Standards have been followed[, subject to any material departures disclosed and explained in the financial slalements1]2- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation. The trustees are responsible for keepin9 adequate ac¢ounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies AGt 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the trustees are aware- there is no relevant audit information of which the charitable company's auditor is unaware- and the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. 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 Trust s on 31 $1 October 2025 and signed on their behalf by.. Justi Chair of the Board of Trustees artin Wilkinson Treasurer 18 Independent Auditors. Report ro the Members of the Trust for Omfordshire's Envifonmefjt ITOEI Lirnited Opinlon We have audited the financial slalements of the Trust for Oxlordshire's Environment ITOEI Lirnited (thè 'charitabl8 company I for the year ended 31 sr March 2025 which cofflpri5e the Stalernent of Financial Activities. the 8alance Sheel. the Cash Flow Statement. and notes lo the financial 5taternenls. including a sumrnary of significant accounting policies. The financial reporting framework that has been applied ith their preparation Is applicable law and Unite(J Kingdom Accounting Standards. incluLfing Financial Reporting standard 102 The Financial Reporling Stèndartl applicable in the UK and Republic ol Irgland Iunited Kin9dom Generally Accepted Accounting Practicel. In our opinion the financial stalements". give a true and fair view of the sta¢t of the charitable company's affairs as at 31 st Klarch 2025. and of its incoming resources and application of resources. including its income and expenditure (including incorne from the United NatlOF15 and related expenditure). for the year then ended. have t)een properly prepared in ac¢ordan¢e wth United Kingdom Generally Acceple(J Accounling Practice.. and have been prepared In accordance ￿th the requiremenls of the Cornpanies Act 2006. Basis for oplnlon We conductèd our audil in accordance vmth International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described In the Au¢YJtor's responsibilities for the au(Jit of the financial statements section ol our report. We are in¢Yepen¢Jent of the ch8ritable company in accordance with the ethical requirements that are felevant to our audit of the financial 5tatefflents in the UK, including the FRC'S Ethical Slandard. and we have fvlfilled our other ethical responsibilities in accordance with these requirement5. We believe that the au¢Jit evioence we have obiained is sufficient and appropriate to provide a basis lor our opinion. ¢on¢lu$lons relating to going con¢ern In au¢Jiiing th• financial 5tataments. we h8ve concluded that Ihe trustees, use ol the 90ing concem basis of accounting in the preparation ol the financial staiements is appropriate. 8ased on the work we have performed. we havè not Identified any material uncèrtainties relating to evènts or conditions that. individually or collectively. may ￿&t significant doubt on the charitable company S abilily to continue as a 90ing concern lor a penod of at least twelve rnonths from when the fi'nancial stalernen15 are authorised lor issue. Our responsibilities and the responsibiliti•s ol Ihg trustees wilh respect to going coneern are dascribed in the relevant sections of this report Oth•r Infomiation The tru51¢es are responsible lor tho other inloimation. The other information comprises the information InclLtded in the trustees. annual report. other than the financial stalements and our audilor's report thereon. Our ownion on the financial statements does not cover the olher informatton and. except to the extent olherwise explicitly stated in our re￿)rt. we do not express any form ol assurance conclusion thereon. In coftnection with our audit of the financial 6tatgmèn15. QUT Tgspon5ibility is ID read the other information and, in doing 50, consider whether the other information is rnalerially inconsistent vAth the financial stalernents or our knowleijge obtaine¢J in the audit or otherwse appears to be rnaterially rnisstaie(J. If we identify such material inconsistencies or apparent material misstatements. we are required to determine whether there is a material misstatement in the financial statements or a material rnisstatement of the other inlorrnation. If, based on the work we have perlorrne(l. we conclude that there is a m8terial misstaternent of thi$ olhew information, we are required to report that fact. We have ngthing to report in this regard. 19 Independent Auditor5. Report to the Members of the Trust lor Oxfordshire's Environment ITOEI Limited Icontinuedl OpinSon$ on oth•r matt•r$ pres¢r•bed by th• Cornpanle8 Acl 2006 In o(Fr opinion. based on the work undertaken in the course of ihe audit". Iht information given in Ihe tTUStees' repNt lin¢orpoTating thè directors. i•portl for the financial y•ar for hich th8 finallcial statement5 are prepareij Is consistenl with Ihe financial statements". arn the ¢Jire¢tors' report has been prepared in accordance with applicable legal requirements. Matterd on which we •re requlred to r•port by exc•ption In the lighl of our kno￿edge and undersianding of the thariiable company and Its environment oblained in thè Course of th8 audit, we have not identified rnaterial misslatements in lh& tlireclors. report. We have nothing to r•port in respect of the following matters in ielation to which the Companies Act 2006 requires us to report lo you if. in our opinion adequate accounting recortjs have nol been k8Pt. or retvms adeouate for ovr audit have ntst been rèceived Irom branches nol visited by us. or the financial statements are not in agreernenl with the accounling records ancl returns.. or certain disclosurts of directois. remuneration speafied by law are nol made., or wè have not received all the inlormation and explanalion5 we require for our audil, or Ihe trustees were not entilled to prepare the financial statements in accoidanc8 wilh the small companies. regirne and take advantage of the small companies, exemptions in preparing the directors, report and Irom the requirement to P¥8pare a slralegi¢ Feporl. R•¥ponsibllitie8 of trustees As axplained rnore fully in the trLJslees' responsibilities stalement. the trustees (who are also the directors of the charitable company lor the purposes of company lawl are Te5ponsible for the preparation of th8 financi81 slatemenls 3n¢J for being Satisfied that they give a Irue and fair view. and for such internal control as the trusta85 ¢Jèterrnine is necessary to enable the preparation of finanrial stalements that are Iree from material misstatement, whether due to fraud or error. In preparing the financial slatemen15, the tTuslees are responsible lor assessing the chari18ble company's ability to conlinue as a going cOn￿rn. disclosing. as applicable. matters ielated tts going concern and using the going concern basis of accounting unless the trustees either inien. 26 Trust for Oxfordshire's Environment ITOEI Llmited Note$ lo Ihe Financial Statement5 for the year ended 31 March 2026 Icontlnuedl A¢counllng Policies {continuedl Expendlture recognition All expenditure is accounted lor on an accruals basis and has been classrfied under headings that aggregate all costs felated lo the category. Expenditure is iecognised where there is a legal or constructive obligation to make paymenls to thir¢J parties. it is piobable that the settlement will be required and the amount of the obligathon can be measuTed reliably. 11 is categori5ed under the following headings". Costs of raising funds include PR and fun¢Jrai5ing costs, including the website", Expenditure on charitable activities incltjdes grants aw8rded for projects.. and Other expendiluTe Tepresenls those items nol falling into the categorTes above Irrecoverable VAT 15 charged as an expense againsl the a¢livity for which expenditure arose. Grants payable to third parties are within the charilable objectives. I￿ere unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise lo a reasonable expectation that the recipient will receive the grants. Where grants are conditional relaling to performance then the grant is only a¢crued when any unfullilled conditions are outside of the control of the charity. Support Costs allocatlon Support costs are those that assist the work of the charity bul do not directly represent charitable activities and include office costs, governance costs. administrative payroll c0515. They are incurred directly in support of expenditure on the objects of the charity and include projeet managernenl. Where support costs cannot be directly attributed lo parlicular headings they have been allocated to cost of raising funds and expenditure on charitable activities on a basis consislenl with use ol the resources. Fund-raising costs are those incurred in seeking voluntary contributions and do not include the ¢osts of disseminating information in support of the charitable activities. The analysi5 of these costs 1$ included in note 5. Tangible fixed assets Tangible fixed assets are slated al cost lor deemed e0511 or valualion less accumulated depreciation and accumulated impairmenl losses. Depfe¢iation is pfovided on all tangible fixed a$$et$. at rates calculated to Wflte off the cost, less eslimated residual value. or each asset on a systematic basis over its expected uselul life as follows.. Oflice equiprnenl 2S% straight line Leases Rentals payable and receivable under operating leases are charged lo the SOFA on a slraighl line basis over the period of the lease. 27 Trust for Oxfordshlre's Envlronment {TOEI Llmlted Notes to the Flnancial Statemenls for the year endèd 31 March 2025 (continued) Accountlng Policles l¢ontinueql) Employee benefits When employees have rendered seTrice to the charity. short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange lor that $ef¥lCe. The charity operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable. Tax The charity is an exempt charity within the meaning of schedule 3 of the Charilies A¢t 2011 and Is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance A¢t 2010 and therefore it meets the defini140n ol a charitable company for UK corporation tax purposes. Going ¢onc•rn The financial statement5 have been prepaied on a going Concern basis as the tTU5tees believe that no material uncertainlies exist. The Trustees have considered the level ol funds held and the expe¢led level of income and expenditure for 12 months from authori5ing these financial slalements. The budgeled income and expenditure is deemed sufficient with the level of reserves held fof the charity lo be able to continue as a going concern. 28 Trust for Oxfordshire's Environment {TOEI Limited Nolos to the FinaThclal Statements for the year end•d 31 March 2025 (continued) Incomè from charitable activities Unr•stricted Restrlcted Total Total 2025 2025 202S 2024 Grundon 117.786 117.786 113,108 TVERC Recorders. Grant 250 2.500 2,750 2.750 Evenlode catchment scheme 42.546 8iodiversity Funds - Pre-mandatory 195.756 1,328.240 1.523,996 1.000.475 Biodiversity Funds - Mandatory 40,550 289,231 329.781 CIL - SODC 6,250 50,000 56.250 56,250 242.806 1.787,757 2,030.563 1.215,129 Ineluded within the above for 2024 were amounts of £1.036.897 attributable to restricted funds. Charitable expendltur¢ Unrestricted Restricted Total Total 2026 2025 2025 2024 Grants awarded Isee 3. 1) 19,799 1,637,372 1,657,17 1 749,103 ENTRUST payments 3,451 3.451 3.823 BNG monitoring costs Governance co$1$ (note 4) 2,641 2,641 4,468 28,282 28.282 25,167 Alloeate(J from support costs Inole 51 203,899 6.996 210,895 185.555 251.980 1,650.460 1.902,440 968.116 Included within the above for 2024 were amounts of £751,497 attributable to restricted funds. 29 Trust for Oxfoffdshire's Environment (TOE) Llmlled Notes to the Finan¢lal Statemgnt$ for the year ended 31 March 2025 {continuedl Grants awarded Grants were awarded to ¥ariou5 local iecipients out of the project funds as detailed below. The aim of each fund. including how they relate to the objecls ol the charity. and the nature of activities or projecls funded, is detailed in note 11. 2025 2024 GnJndon 128.579 126,795 C8ibon Offselling 3.043 Evenlode Catehmenl 68,275 16,530 Network Rail Thame S106 Fund 4,460 TVERC Recordeis. Grant 2.500 3,001 Biodiversity Funds - Pre-mandatory 1,109,030 538.736 Biodiversity Funds - Mandatory 289.231 CIL - SODC 38,270 44.635 Tree Planning Fund 1,487 1,224 TOE Community Fund 19,799 10,660 1,657,171 749,103 Governance ¢ostS Unrestricted Total Total 2025 2024 Allocated from support costs (see note 51 23,432 20,617 AuditorlExaminer's fees current year 4,850 4.550 28.282 25.167 30 Trust for O¥fordshire's Environmenl ITOEI Llmit•d Notes to th• Flnanclal Statements for the year end•d 31 Ma￿h 2025 {conllnued) Support costs Charitable Governance Total Total expendilure ¢o$ts 2025 2024 Finance an¢Y insurance Sundry costs Staff cos15 1.498 909 176,805 166 101 19,645 1.664 1,010 196,450 1.931 4.624 153,942 Premises costs 22.557 2,507 25.064 18,135 Travel and subsistence 1.650 183 1.833 1.699 Legal expenses 6,628 737 7.365 22,775 Other support costs 340 37 377 1,663 Deprecialion 508 564 1,403 210,895 23,432 234.327 206,172 staff Costs and numbers 2025 2024 Salaries and wages gross 176.726 140.041 Social security costs 11,875 8,056 Pension costs 7.849 5,845 196,450 153,942 The average weekly number of full-limg equivalent employee$ during the year was deemed lo be five 12024 four). with six staff employed in total12024'. five). No employee received emoluments in excess of £60,000 per annum for either 202 5 or 2024. 31 Tfusl lor Oxfofdshlre's Envlfonment {TOEI Llmlted Notes to the Flnancial Statern•Trts for the year ended 31 March 2025 {continuedl Trnstees. and k•y management personnel remuneration and expenses The trustees neither received nor waived any remuneration during the year12024". £Nill. rhe total amount of employee benefits received by key management personnel is £41,94812024'. £40,087). The Trust considers its key management personnel comprise the Board of Trustees and the Direclorlchief Executive. No 12024.. none) trustees are accruing pension arrangements. The trustees did not have any expenses reimbufsed during the yeaf12024.. £Nill. Tanglble flxed a$$ets Offlce equlpmènt Total Cost: At 1 April 2024 5,613 5.613 Additions in year 973 973 At 31 March 2025 6.586 6,586 Depre¢lation". At 1 April 2024 4.651 4,651 Charge for the year 564 564 At 31 March 2025 5,215 5.215 Net book value.. Al 31 sl March 2025 1,371 1.371 At 31 sl March 2024 962 962 32 Trust for Oxlordshire's Environrnent ITOEI Limited Notes to the Flnancial Statements for lh¢ year ended 31 March 2026 Iconllnued) Debtors 2025 2024 Trade debtors 107.192 Prepaymenlslaccrued income 1.200 38,440 Other debtors 69,998 108.392 108,438 10. Cr•dltors: amounts falling due within one year 2025 2024 Grant P8yments 908,455 300.861 Accruals 6.149 5,945 Other taxation and social securrty 169.675 1,556 1,084.279 308.382 Cred•tors- amounts falllng dug aft9r one year 2025 2024 Grant payments 586,949 372,710 Amounts L*Je in over fve years I￿￿Yed at()ve ¥e £375.34912024'. £274,468). 33 Trust for Oxfordshlre's Environment {TOEI Limit•d Noles to the Flnanclal Statements for th• year ended 31 March 20251¢ontlnued) 12. D*slgnat•d funds The charity is responsible for the oversight of projects Ihat run for a significant period, with funding ol overhead contributions received on that basis for certain projects. As a result. the trustees deem il necessary lo hold a designaled fund for such expected future costs As at the 31 st March 2025 this fund was calculaled al £100.000 and will be assessed rnovin9 lorward on a regular basis and updated at each year en(J. During 2024 an additional designated fund was created. being the TOE Community Fund, ulilising fees generated from 8NG aclivities to 5UPPQrt community grant projects. As al the 31 $t March 2025, this fund was calculated al £22,288 During 2025 an additional designated fund (Oxfordshire Nal¥Jre Recovery Fund) of £200,000 was created, ulilising funds available from discharging historical BNG Ltnit obligations in South Oxfordshire where there was • f8vouTable variance between the Cost of units from Habilal Bank owner$ ¢ompared lo prices paid by Developers. The Board agreed Ihal these funds should be ringfenced specifically for nature recovery in Oxfor(Jshire (consistent with BNG aclivilyl. and the purpose ol this fund is lo acl as a calalysl for new sources of private financing for nature recovery in Oxfordshire, bringing in new private donors. investors and Corporate sponsors interested in supporting nature projects capable of creating self-sustaining revenues. Trust for Oxfordshire's Environment (TOE) Limited Notes to the Financlal Statements for the year ended 31 March 2025 (continued) 13, Restrl¢ted funds 2024125 Balanc• at Balance at 1st April 31st March 2024 In¢omeExpendlture Transler$ 2025 Grundon 86.270 125.403 {141.1481 70,525 Carbon Offsetting 6.085 6,085 Tharne S106 Fund 519 15191 TVERC Recorders. Grant 2.500 12,5001 Evenlode Catchment 95,970 {68.275 27,695 Biodiversity Funds - Pre-mandalory Biodiversity Funds - Kqandatory 1.457.921 1,328.240 {1, 109.030) 1200.000} 1,477, 131 289,231 {289.231 Tree Planting Fund 853 2.197 11,4871 1,563 CIL Fund - SODC 5.365 50.000 138.2701 17.095 1,646,898 1.803,656 11,650.460) 1200,000) 1,600,094 J435 Trust for Oxfordshire's Environrnent (TOEI Limited Notes to the Flnancial Statements for the year end•d 31 March 2025 Icontlnued) 13. Restri¢ted funds {contlnuedl 2023124 8al•nce at 8alan¢e at 1st Aprll 31st Ma￿h 2023 Income Expenditure Transfèrs 2024 Grundon 104,569 121.264 1139,5631 86,270 Carbon Oflsetling 3.043 13.043} DEFRA Tesl and Trial Fund 3.870 13,870) Thame S106 Fund 4.979 {4,4601 519 TVERC Re¢order$' Granl 501 2.500 13,0011 Evenlode Catchmenl 82.454 30.046 116.5301 95,970 Biodivefslty Funds Pre-mandatory 1.148,565 843.243 1538,7371 4.850 1.457,921 Network Rail 13041 304 Tree Planting Fund 48 2.029 11,2241 853 CIL Fund- SODC 50.000 {44.6351 5,365 1,344.986 1.052. 125 1751,4971 1,284 1,646,898 36 Trust for Oxfordshlre'$ Efivlronment ITOEI Limited Notes lo the Financlal Statements for the year ènded 31 March 2025 l¢ontlnuedl 13. Rostricted fund$ l¢ofitinuedl The Grundon Fund is provided as landfill lax credFts by Gfun(lon Waste Management LtLI 11)rough the Landfill Communilies Fund {LCFI. The funds can be used to support projects which comply with the Landfill Tax Regulations and which are regislered with ENTRUST. the re9ulalor of Ihe LCF. The Carbon Offsetting Fund are funds from members of the putslic, networks and Companies restricted to funding initiatives designed lo sequester carbon. including bul not restricted to tree- planting. Th• Tharn• S106 lund is to yovpje lurKls lor a hxal tyeen space in the Tha￿ area. The TVERC Recorders. Grant is for supporting betler ecological recording in Oxfordshire and Berkshire. The Evenlode Calchm8nt Fund support$ local individuals and organisalions working lo improve river water quality, enhance bFodiversity. improve flood management and resilience within the area surrounding the Evenlode river. Brodlversity Funds are lo mitigate for the loss of biodiversity through development, by supporting habitat ciealion and managemenl". Blodlversfty Funds - Pr• Mandatory: Funds cre8led by the provision of BNG unit$ prior lo the inlioduclion of mandatory registration of uni15 onlo the Natural England Slalulory Register by legislation inlroduced in Feb 24. Blodlversity Fund$ - Mandatory- Funds created by the provision of BNG units required to be registered onlo the Nalural England Stalulory Register by legislation introduced in Feb 24. The Tree Plantlng fund (previously named as The Queens Green Canopy Fund} represents funds donated by members of the public. networks and companies and reslricled lo costs associated with planting trees. The CIL Fund - SOOC are funds provided by SODC lo support Communily-led projects in South Oxfordshiie that are aligned to Ihe funding criteria laid down by the AuthoTIIy. 14. Related party Iran$action5 During the current period the charity engaged in the following transactions with related parties.. One ol the trustees. Peter Shepherd, is also 8 Directoi of BSG Ecology. In 202 3-24 the Charity was invorced by Ihis entity an amount of £3.595 for work carried out during the year. There were no such transaclions in 2024-25. One of the Irustees, Nieholas Thorn. is also a Difeclor at the Hinksey Trail Regeneration CIC. In 2024-25, no grant funding was awarded lo this organisalion {2024.' £9, 8981. In both cases above, the tru$lees named were not involved in the decision-making process or approval of expenditure for either transaction. and all amounts were paid al or below market rates. There were no other related party transactions during Ihe current or pre¢edin9 Period. 37