ecological sequestration trust Report and Accounts Year ended 31 March 2024 www.ecose uestrust.or Company number.. 07611969 Registered Charity: 1143397
the ecological sequestration trust Contents Pago Company information Independent examiner's report Trustees report Statement of financial activities 12 Balance sheet 13 Notes lo the financial slalements 15 Page 2
the ecological sequestration trust Company information for the ear ended 31 March 2024 Trust99S Professor Peter Head CBE FREng FRSA Professor Nilay Shah OBE FREng Risa Goldstein (resigned 25th May 20231 Barbara Ryan Robin Slott The Ecological Sequestration Trust is a charitable company limited by guarantee registered in England and Wales Company number: 07611969 Registered Charity number: 1143397 Registered Office 86-90 Paul Street London EC2A 4NE Page 3
the ecological sequestration trust Independent examiner's report for the ear ended 31 March 2024 Independent examiner's report to the trustees of The Ecological Sequgstration Trust I report lo the Iruslees on my examination of the financial slalements of the company for the year ended 31 March 2024 which are set out on pages 12 to 21. This report is made solely lo the trustees as a body, in accordance with the Charities Act 2011. My examination has been undertaken so that I might stsle lo the trustees those matters l am required lo stsle lo them in an independent examiner's report and for no other purpose. To the fullest extent pem)illed by law, I do not accept or assume responsibility to anyone other than the Trust and the trustees as a body. for my examination, for this report, or for the opinions I have formed. Responsibilities and basis of report As the trustees of the charitable company (and also ils directors for the purposes of company lawl you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 I'lhe 2011 Act'i. I report in respect of my examination of your charity's fi'nancial ststemenls as carried out under section 145 of the 2011 Act and in carrying out my examination I have followed 811 the 8ppIic8ble directions given by the Charity Commission under section 145{5llb} of the 2011 Act. Independent examiner's statement If the charity's gross income exceeds £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified lo undertake the examination because l am a member of the Association of Certified Chartered Accountants, which is one of the listed bodies. I have completed my examination. I confirm that no matters have come lo my all8nlion in connection with my examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the charitable company as required by section 130 of the 2011 Act., or the financial statements do not accord with those records- or • the financial statements do not comply with the applicable requirements concerning the form and content of financial statements sel out in the Charities (Accounts and Reports) RegLJlations 2008 other than any reqLJiremenl that the financial statements give a 'true and fair view, which is not a matter considered as part of an independent examination. Page 4
the ecological sequestration trust Independent examiner's report for the ear ended 31 March 2024 I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order lo enable a proper understsnding of the accounts to be reached. In reaching my conclusion on the financial stalemenls, I have considered the adequacy of the disclosures in note 1.2 to the financial statements conceming the charitable company s ability to continue as a going concem. The Trustees have confirmed that continual SLJPPOrt will be available from Professor and Mrs Head and expect that current and future sources of funding will be adequate for the company s needs. Wendy Smith Independent Examiner Date." 4 November 2024 Page 5
the ecological sequestration trust Trustees report (incorporating a Directors report) for the ear ended 31 March 2024 Objo¢tiVgs and a¢higVgmgnts 2023-2024 Our objectives Our achievements To attract the talent and expertise to establish and Tun the Trust, alongside a wider multidisciplinary advisory network. We have continued to attract high profile expertise lo act as Trustees and Advisory Board members. We have established a global research group lo look at post eovid-19 green and just recoveries with 200 expert members. To identify and allracl sponsorship lo fund the work of the Trust and implement our strategic aims. Securing sponsorship continues lo be challenging. We have, however, built the Resilience Brokers delivery am) into a viable business providing services aligned lo our strategic aims and basic stability lo the team which is enabling the group lo build new partnerships and opportunities, such as that with Dutch company Trust 2 Impact. To develop an open-source agenl-based integrated urban-rural design model Iresilien.lQl to represent actual and proposed economics and resource flows and Iransformalions for regional decision-making support to achieve the Global Goals. Our opportunities to build on the prototype urt)an-rural design model have been limited for this year. We have Continued lo develop expertise and applications of systems thinking in city-region settings which is allowing us lo bLJild knowledge and expertise to support future developments in this area. We are aligned with Trust 2 Impact and are bidding for funding which will enable this work lo progress. There are encouraging signs of increased demand for this globally. Objectives 2024- 2025 Our objectives for 2024-2025 are.. lo identify and attract grants and sponsorship to fund the work of the Trust through the development of our association with Trust 2 Impact., lo continue to grow the Resilience Brokers entity to a sustsinable profitable business. Strateglc alms 2024- 2029 The Trust is working lo a five-year programme, with the following strategic objectives: To establish city-region demonstrators of regenerative integrated planning around the world. For each of these, to develop a portfolio of collaboration, technology integration and infrastructure projects involving global and local partners. To further dovalop, test and daploy tools for collaboration and systams thinking to support integrated planning in city regions in order to develop practical deliverable scenarios for low carbon, healthy, just and resilient urban development. Page 6
the ecological sequestration trust Trustees report (incorporating a Directors report) for the ear ended 31 March 2024 To build on our global network, bringing talent and expertise together so as to rapidly deploy together with resour8 to support climate compatible impact. Structur9* govgrnancg and managgment Governing document and constitution The Ecological Sequestration Trust is a charitable company limited by guarantee No. 07611969, incorporated under and governed by ils Memorandum and Articles of Association. The Ecological Sequestration Trust was registered with the Charity Commission as a charity in England and Wales on 21 April 2011, No. 1143397. The administrative details of the charitable company are detailed on page 3 for the year ended 31 March 2024. Objects The objects of the Charity, as set out in the Articles of Association, are.. the conservation of the natural environment for the public benefit by promoting the reduction of greenhouse gases, particulady (without limitation} by developing and advancing carbon sequestration methods to reduce carbon dioxide levels in the atmosphere,. and lo promote and carry out for the public benefit research into climate change and methods to reduce climate change, and lo publish and widely disseminate the results of such research. Public benefit The Trustees have referred lo the guidance in the Charity Commission's general guidance on Public Benefit when reviewing our aims and objectives and in planning our future activities. In particular, the planned activities will have a direct and positive benefit for individuals, communities and economies through the improved ulilisation of scarce resources and resulting reduction in damage lo the natural environment. Recruitment and appointment of Trustees The Trustees are listed on pages 8 and 9 and constitute the Board that manages the company. Trustees are recruited according to a range of skills and experien required to ensure the organisalion's objectives are achieved. The minimum number of Board members is 0. One third of trustees must retire al each annual general meeting, but are all eligible for re-election. Normally, Trustees may serve a maximum of three years at which point they musl take a break from office. This rule may be disapplied by a unanimous resolution of the Trustees. Induction and training of Trustees Newly appointed Trustees are provided with an information pack detailing the Charity's work. its partnerships and its current policies. A programme of meetings is set up for new Trustees with the Chair and key members of staff. Organisational stmeture and decision making The Board is responsible for the policy and stffttegy of The Ecological Sequestration Trust and ils subsidiary Resilience Brokers Limited, ensuring the long-lem sustainability of the organisalion along with its financial and legal probity. 11 is also responsible for the appointment of Trustees. The Executive Management Team is responsible for implementing policies and strategies that have been approved by the Board, and for progressing organisational objectives. The Board aims to meet quarterly and receives financial and operational reports from the Executive Management Team. Risk management The Board and Executive Management Team continually examine the principal areas of the Charity's operations and it regulady considers the major risks that may arise in each of these Page 7
the ecological sequestration trust Trustees report (incorporating a Directors report) for the ear ended 31 March 2024 areas. The Executive Management Team continues to monitor carefully the financial outcome of initiatives undertaken during the year. It has done this in the knowledge that reserve funds need to increase in line with the Charitys reserves policy. This is an area that will continue lo be monitored carefully in light of future plans. The Trustees (who are also the Directors for Company law) are= Prof. Peter Head Professor Peter Head is a civil and slruclural engineer and a recognised world leader in major bridges, advanced composite technology and integrated systems planning for sustainable development in cities and regions, working for Maunsell, AECOM and Arup. In 2008 he was named by the Guardian Newspaper as one of 50 people that could 'save the planet, and was cited by Time magazine as one of 30 global eco-heroes. In April 2011 he set up The Ecological Sequestration Trust, a Charity which has brought together the world's top scientists, engineers, economists, financiers, health, ecology and other specialists lo create the www.resilience.io tool to help accelerate tackling climate change and inclusive regenerative development. 11 was prototyped and used by the Accra Metro Area lo create an inlegraled systems investment plan lo meet the United Nations Sustainable Development Goal SDG6- water and sanilalion by 2030. As well as working extensively with the UNDRR, Peter is visiting professor in sustainable systems engineering at University of Bristol. He also lectures on Performan Based Procurement at Oxford Brookes University. In 1998 he was awarded the OBE for his work on the Second Severn Crossing project and then in 2011 the CBE for services to Civil Engineering and the Environment. Prof. Nilay Shah Professor Nilay Shah is Head of Department of Chemical Engineering and Director of the Centre for Process Systems Engineering al Imperial College London. He has co-authored over 200 technical papers on energy systems modelling and engineering, bio-energy systems, hydrogen infraslruclures, supply chain modelling, process optimisalion, biochemical process design, and plant safety. He has developed an optimisalion-based design methodology for a variety of energy systems with strong spatial and temporal aspects. Nilay has received a number of awards including the IChemE Junior Moullon Medal119961, an RAEngllCI Engineering Fellowship11997- 2001}, the Royal Society of Chemistry Beilby Medal and Prize 120051, the Imperial College Rector's Award for Research EXllence 120061, RAEng MacRobert Award 120071 and Imperial College Engineering Teaching Excellen Award 120091. He was awarded the OBE for services lo decarbonising the economy in 2022. Barbara Ryan Barbara J. Ryan, was the Secretariat Director of the Intergovernmental Group on Earth Observations IGEOI in Geneva. Switzerfand to 2018. GEO is comprised of neady 100 Member Stales, the European Commission, and 90 intemalional scientific and technical partner organizations. Page 8
the ecological sequestration trust Trustees report (incorporating a Directors report) for the ear ended 31 March 2024 Under Barbara's leadership, millions of satellite images and other earth observation data have been made available to the general public al no charge, allowing scientists. planners and policy makers lo make betler-informed decisions on problems that transnd political boundaries. Herwork addresses critical issues in agriculture. biodiversity, climate change, disaster planning. energy, health and water. Since becoming Director of GEO in 2012, Barbara has worked to integrate earth observation systems from around the wodd into a single, comprehensive system that uses co-ordinated data to understand how environmental factors impact human life. Robln Stott Robin Stoll is a retired consultant physician with a lifetime interest in developing more socially and economically equal societies, which when created within environmental limits, are optimal precursors for good health. In addition to enjoying his roles as father and grandfather, Robin relishes exercise, which he sees as a magic bullet in the prevention of non-communicable disease. He runs, cycles and praclises tai chi regularfy, and is a keen amateur astronomer. Page 9
the ecological sequestration trust Trustees report (incorporating a Directors report) for the ear ended 31 March 2024 Financial review Total incomg Total income for the period amounted lo £126,47512023.' £101,499). This increase in revenue is attributed to an increased donation received from Professor and Mrs Head in the year and a donation received from our trading arm Resilience Brokers. Total expenditure Total expenditure for the year amounted to £2,504 12023.. £89,863). A grant of £84,941 was made to our trading arm, Resilience Brokers Limited in the prior financi81 year which has not been repeated this year. This has resulted in a reduction of expenditure incurred by the Trust in the current year. Of the total expenditure of £2,504, 850/.1£1.4901 was spent on charitable activities and promoting the Charity. In 2023, of the total expenditure of £89,113, 970/.1£86,277} was spent on charitable activities and promoting the Charity. The remaining 150/.12023.. 30/.) was spent on support costs and governance. The Charity generated a net surplus for the year of £123,971 12023: nel surplus £11,636) which has resulted in a closing unrestricted funds balance of negative £560,163 12023.. negative £684,134}. Reserves policy and going concern The Ecological Sequeslralion Trust aims lo achieve a level of unrestricted reserves that will allow il sufficient stability lo plan ahead for future ventures, whilst knowing that il can continue its operations and meet ils commitments in the event of an unexpected shorrfall in income. Future ventures are now being steered through a long-lerm partnership with a new Dutch company, Trust 2 Impact, which shares the ambitions of the Trust and is putting subslanlial in- kind effort into multiple bids for funding for projects in Kenya. These projects, and the funding raised. will fund agreed work by Resilience Brokers on new data driven modelling and provision of collaboration platforms. Agreements are in place for this work. Resilience Brokers are now being approached for similar support on UK based programmes. 11 is the Trustees, intention to ensure that new projects are undertaken only where there is sufficient specific additional funding available to cover related costs. Future income is anticipated from the ongoing support of Professor and Mrs Head as well as donations from our trading arm Resilience Brokers. The Trust currently has negative reserves which have been funded by a loan from Professor and Mrs Head, details of which is given in note 16 to the accounts. The loan capital is repayable by agreement either in full or part subject lo the Trust having sufficient funding lo do so. Without the support of this loan il is doubtful that the Trust could continue operating. The trustees have confirmation from Professor and Mrs Head that they will continue lo support the Trust and will not require the repayment of the loan until funding allows. Trustees. responsibilities The Trustees, who are also the directors of the company for the purposes of company law, are responsible for preparing the Annual Report and the Financial Slalements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Board of DireclorslTrustees lo prepare financial statements for each financial period that give a true and fair view of the stsle of affairs of the Charitable Company as al the balan sheet date, and of ils incoming reSoUrS and application of resources, including income and expenditure, for the financial period. In preparing these financial statements, the Board of Directorsttrustees are required to.. select SLJitable accounting procedures and apply them consistendy, observe the methods that are reasonable and prudent, Page 10
the ecological sequestration trust Trustees report (incorporating a Directors report) for the ear ended 31 March 2024 state whether applicable UK accounting standards and statements of recommended practi have been followed subject to any material departures disclosed and fully explained in the financial slalements, and prepare the financial statements on the 'going concern, basis unless it is inappropriate to presume that the charity will continue in operation. The Board of DirectorSrusteeS are responsible for maintaining proper accounting records that disclose with reasonable accuracy at any lime the financial position of the Charitable Company, and enable them lo ensure the financial statements comply with the Companies Act 2006. The Board of DireclorslTrustees are also responsible for safeguarding the assets of the Charitable Company and hence for taking reasonable steps to prevent fraud and other irregularities. In accordan with company law, the Charitsble Company s Trustees and Directors who held office at the date of the approval of this Trustees, Report certify that as Directors of the Charitsble Company they have taken all the steps that they ought to have taken in order lo make themselves aware of any relevant infom)alion. This report is prepared in accordance with the accounting policies sel out on pages 15,16 and 17 of the atiached financial statements and comply with the charitable company's memorandum and articles of association, applicable laws and the requirements of the Statement of Recommended Practice applicable lo charities preparing their financial slalemenls in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102). This report was approved by the Board of Trustees and signed on their behalf by.. (R l--J Professor Peter Head Company DireclorlTrustee Date.. 4 November 2024 Page 11
the ecological sequestration trust Statement of financial activities (incorporating an income and expenditure account) for the ear ended 31 March 2024 Restricted Unrestricted funds fund5 2024 Total fund5 2023 Total funds Incoming resources Donations Charrtable actmties Other actmties 126.475 126.475 60.001 40.941 557 Total incon)ing resources 126.475 126,475 101.499 Expendilu on Charrtable 3ctMties Govèmance costs (1.7541 17501 (1,7541 17501 (89.113} 17501 {2.5041 12.5041 {89.8631 Net movement in fvnds. being net incomel lexpendrturel for the year 123,971 123,971 11.636 Total fvnds brought fotwaid 1684.1341 1684.1341 1695.7701 Fund balance at 31 March 1560,163) 1560,1631 1684,1341 There were no recognised gains or losses other than those stsled above. The notes on pages 15 to 22 form an integral part of these accounts. All activities relate lo continuing operations. Page 12
the ecological sequestration trust Balance sheet as at 31 March 2024 Com an No. 07611969 2024 2023 Notes Current assets Investments C3sh in bank and in hand 501 502 611 612 crltOrs. amounts falling due wihin 1 year Trade 3nd other pay3bles Prls1oS 10 11 (337.1851 1402.2661 (132.0001 1132,0001 (469.1851 1534.2661 Net current liakn'lities (468.6831 1533.6541 Total assets less current liabilities (468.6831 1533,6541 Credltors: amounts falllng due In more than 1 year Loans payable 12 (91.4801 1150.4801 Total nei liabilities (560.1631 1684.1341 Funds Restricted funds Unrestricted fijnds 16 16 (560.1631 1684.1341 Total funds (560.1631 1684.1341 These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime. For the year ending 31 March 2024 the company was entitled lo exemption from audit under section 477 of the Companies Act I'the ACV'I relating to small companies. Directors, responsibilities.. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Act., The directors acknowledge their responsibilities for complying with the requirements of the Act with respect lo accounting records and the preparation of accounts. The financial slalemenls were approved and aulhorised by the Board. Siqned on behalf of the Board of Trustees.. Professor Peter Head Company DirecIorrUstee Date.. 4 November 2024 Page 13
the ecological sequestration trust Balance sheet as at 31 March 2024 Com an No. 07611969 The notes on pages 15 to 22 form an integral part of these awounts 2024 2023 Notes Cash flow from operatlng actlvltles 14 1110) 16,8521 Cath flow from Inve*lng actlvltles Sale of fixed assets Cad) flow from financing activities 955 Interest paid Net Idecreasellincrease in cash and cash equivalents 1110} 15,8971 Cash and cash equivalents at the &art of period 611 6,508 Cath and cash 9quiva19nts al thg ond of pgriod 501 611 Page 14
the ecological sequestration trust Notes to the financial statements for the ear ended 31 March 2024 Accounting policigs The principal accounting policies adopted in the preparation of these financial statements are set out below. 1.1 Basis of preparation The financial statements have been prepared under the historical cost convention and in accordance with UK Generally Accepted Accounting Practice, the Companies Act 2006 and 'The Financi21 Reporting Standard applicable in the UK and Republic of Ireland. I'FRS 102.1 and "Accounting and Reporting by Charities.. Statement of Recommended Praelice" applicable to charities applying FRS1021"SORP"I. The Ecological Sequestotion Trust meets the definition of a public benefit enlily under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise staled in the relevant accounting policy notelsl. 1.2 Preparatlon of accounts on a golng concern basls The Iruslees have confirmation from Professor and Mrs Head that they will continue to support the Trust and will not require the repayment of the loan until funding allows. The Iruslees are of the view that this ongoing support by Professor and Mrs Head as well as prospective funding sources have secured the immediate future of the Trust for the next 12 to 18 months and that on this basis the assessment of the trustees is that the charity is a going concern. 1.3 Income recognition Income from charitable aclivilies.. Income is recognised over the period that the service is provided. Voluntary income.. Patron and donor income is recognised when the inwme is received. Grants received for specifi¢ purposes are allocated against the expenditure to which they relate within restricted funds. Investment income.. Investment income is recognised when the income is receivable. 1.4 Foreign currencies Transactions in foreign currencies are initially recorded at the rates of exchange prevailing on the dates of the Iransaclions. Monetary assets and liabilities denominated in such currencies are retranslated at the rates prevailing on the balance sheet dale. Profits arbd losses arising on exchange are included in the net profit or loss for the year. 1.5 Taxation The company is considered to pass the tests sel out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a Charitable company for UK corporation tax purposes. Accordingly, the company is not liable lo income lax or corporation tax derived from ils charitsble aclivilies. 1.6 Grants payable Grants payable represent amounts awarded by the charity during the yearfor charitable purposes. Grants payable are shown under creditors in the balance sheet and represent the full liability lo pay grants lo recipients over the full duration of their research projects. The grants are recognised as being payable On the recipient has met the conditions for receipt and the grant has been minuted at the trustees, meeting. Page 75
the ecological sequestration trust Notes to the financial statements for the ear ended 31 March 2024 1.7 Fixod assets and d9prgciation Assets are included at cost and are capilalised where the cost eXedS £500. Depreciation is provided on all tangible fixed assets in use at rates calculated lo write off the cost or valuation, less estimated residual value, of each asset over its expected useful life, as follows.. Computer equipment- straight line over 3 years 1.8 Expenditure All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related lo the category. Charitsble expenditure includes all expenditure directly relating to the objects of the Charitable Company, primarily sub-grant expenditure, and is allocated on an actual cost basis. Governance costs are those costs incurred for the compliance with constitutional and slatulory requirements, and are allocated on an actual cost basis. Support costs are those functions that assist the work of the charity but do not directly undertake charitable aclivilies. Support costs include back Offi costs, finance and governance costs which support the Trusts aclivilies. The bases on which support costs have been allocated are set out in note 5. 1.9 Investments Investments held as fixed assets are shown al cost less provision for impairment 1.10 Debtors Trade and other debtors are recognised al the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid, net of any trade discounts due. Accrued income and tax recoverable is included at the best estimate of the amounts receivable at the balan sheet date. 1.11 Cash at bank and in hand Cash at bank and in hand inclLJdes cash and short term highly IiqLJid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar awounl. 1.12 Creditors Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due lo settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. Provisions are measured at the best estimate of the amounts required to setue the obligation. 1.13 Financial instruments Financial assets and liabilities are recognised when the charity becomes a party to the conlraclual provisions of the instrument. All financial assets and liabilities are initially measured at transaction price (including transaction coslsl. The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subs8qU8nlly measured at their settlement value. 1.14 Unrestricted Funds Unreslricled funds are funds available for use in accordan with the charitable objectives. Page 76
the ecological sequestration trust Notes to the financial statements for the ear ended 31 March 2024 1.15 Critical accounting estimates and areas of judgement In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and undedying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the eslim8le is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. There are no critical accounting eslimales lo declare. Detalled comparatlves for the statement of flnanclal actlvltles Restricted Unrestricted 2023 funds funds Total funds Incoming resources Donations Charitable actlmlies 60,001 60,001 40,941 557 40,941 other actiiAties 557 Total incoming resources 40,941 60,558 101,499 Expenditure on Charitable actlmlies 140,9411 148, 1721 17501 189,1131 17501 Gokemance costs {48,922) 148,9221 Net M0ment in funds, being nel incomel lexpendilurel for the year 11,636 11,636 Total fvnds brought fOard 1695,770) 1695,7701 Fund balance at 31 March 1684,1341 1684,1341 Income from charitable activities 2024 2023 Totsl Total Grant funding 40,491 Page 77
the ecological sequestration trust Notes to the financial statements for the ear ended 31 March 2024 l income from charitable activities is reslricled. Income from other activities 2024 2023 Total Total Profit on sale of fixed assets 557 Resources expended- Charitable activities 21J24 2024 Support costs 2024 Direet costs Total Grants awarded Insurances Cornputer expenses Other office costs 667 667 931 16671 823 931 1667) 823 1.490 264 1.154 2023 2023 Support costs 2023 Direct costs Tolal Grant8 awarded 84.941 84.941 2.255 581 408 1.195 12611 69.113 Insurances Cornputer expenses Oiher office costs Depreciation Exchange losses on reyalualion 2.255 581 408 1.195 126T 86.277 2.836 Governance Costs 2024 2023 Independent examiner's fee 750 750 Page 78
the ecological sequestration trust Notes to the financial statements for the ear ended 31 March 2024 Net incoming resourcesllrgsourcgs gxpgndgd) This is slated after charging.. 2024 2023 Depreciation of tangible fjxed assets owned by the Trust Independent examinerfs fee 1,195 750 750 Staff costs 2024 2023 Full lime equivalent emFAoyees On 1 April 2022 all employees were transferred to the employment of Resilien Brokers Limited, a 100 /0 owned subsidiary of the Trust. Investments 2024 Cost Al 1 April 2023 Al 31 March 2024 Net book value Al 1 April 2023 At 31 March 2024 Subsldlary undertaklngs The following were subsidiary undertakings of the company.. Name Class of shares Holding Resilience Brokers miled Ordinary 100Vo Page 79
the ecological sequestration trust Notes to the financial statements for the ear ended 31 March 2024 10. Crgditors.. amounts falling dug Within 1 year 2024 2023 Trade creditors Accruals Amounts owed to group undertakings Other creditors Inole 15 Total 73,425 3,062 201,698 59.000 337.185 73,919 2,498 227.829 98.020 402 266 11. Provisions 2024 2023 Promsion for grants payable 132,000 132,000 12. Croditors.. amounts falling dua in moro than 1 year 2024 2023 Loans payable 91,480 150,480 13. Reconciliation of net (expenditure)lincome to net cash flow from operating activities 2024 2023 Net income l {exnditure) for year Depreciation and impairment of tangitrAe )Ixed assets Decrease in debtors (Decreaseyincrease in credrtors IDecreaseyincre3se in loans payable Net cash flow from operalin aclmties 123.971 11.636 1.195 6.024 72.313 (98.020 {6.852 165.0811 159.0001 (1101 14. Trustee remuneration No trustees received nor waived any remuneration or expenses during the year12023.. £Nill. No trustees received any reimbursement for expenses incurred during the year12023.. £Nill. Page 20
the ecological sequestration trust Notes to the financial statements for the ear ended 31 March 2024 15. Rglatgd party transactions Mame of related Relationship lo the Trust Description of the transaction 2024 2023 Resilience Brokers Ltd 100% subsidiary Grants paYale Donation feceNed Owed to subsidiary 84.941 3.886 201.698 227.829 Professor P Head Chair Donation receNed Owed to Prof Head 98,020 150.480 48,000 248.500 Professor P Head is the Chairman of the Trust. Al the year end, the Charity had loans outstanding to Professor P Head and Mrs S Head tol811ing £150,480 {2023.. £248,500) ofwhich £59,000 is current {2023.. £68,020). The loan capitsl is repayable by agreement either in full or part subject to the Trust having sufficient funding lo do so. 16a. Movements In funds (current yearl Income & gains Expenditure & losses At 31 March 2024 2024 Restricted fvnds Unrestricted funds {684,134) 126,475 12,504) {560,163) Total funds 1684,1341 126,475 12,504} {560,163) The narrati to explain the purwse of each nd is gilen al the foot of the note below. Page 21
the ecological sequestration trust Notes to the financial statements for the ear ended 31 March 2024 16b Movements in funds (prior ygar) At 1 April 2024 Income & gains Expenditure & losses At 31 March 2024 Restricted funds GIZ- DelopMent ofa Mexican sustainability architecture lo implement Agenda 2030 40,941 140,941) Unrestricted fvnds {695,7701 60,558 148,9221 {684,1341 Total funds {695,7701 101.499 189,8631 1684,1341 Purposes of restricted funds - 2023 GIZ- Development of a Mexlcan sustalnablllty archltecture to Implement Agenda 2030 The primary objective of the project is the green growth for the slate of Yucatan, Mexico as a key part of its recovery from the Covid pandemic defined by the following benchmarks.. introduction of integrated systems, and data and modelling approaches that support effective green growth planning and decision making., Co-creation of a strategy and action plan that builds skills and digital infrastructure to support green growth planning and decision making. Page 22