The Gaia Trust (CIO) Annual Report and Financial Statements Year ended 28 February 2025 Charity registration number 1156047
The Gaia Trust (CIO) Annual Report and Financial Statements Contents Trustees, Report Statement of Trustees, Responsibilities Independent Examinerfs Report Statement of Financial Activities Balance Sheet io Statement of Cash flows li Notes to the Financial Statements 12
The Gaia Trust (CIO) Trustees, Report The Trustees present their report and the financial statements of the charity for the year ended 28 February 2025. Objectives and activities Mission The Gaia Trust's mission is "Farmingfor people and wildlife". The Gaia Trust was established in October 1988 to promote public engagement with the techniques and philosophy of sustainable agriculture. Public benefit has therefore been at the heart of Gaia's ethos from the outset. The Trust believes that farming practice should pass onto future generations land that is both productive and in good heart, that is managed to enhance wildlife and to mitigate environmental challenges, and that provides communities with an asset that can be enjoyed both informally and therapeutically. Charitable objects The Trust's objects, set out in its constitution are to: Protect and preserve indigenous flora and fauna and in particular endangered species Advance the education of the public in rural crafts and skills and in subjects related to environmental and ecological issues Secure the preservation, protection, development and improvement of features of historic and public interest. Aims, objectives and activities The Trust regularly reviews its aims and objectives to ensure that they are still helping to achieve its mission and charitable objects. The Trust will: Continue to own, acquire and dispose of land, exercising its rights as a landowner and discharging its obligations as a steward of property that it holds in trust for public benefit Manage its properties directly and indirectly through tenancies and partnerships to be agriculturally productive, mindful of the Trust's intergenerational obligations as stewards of the land Manage its resources to ensure financial stability. generate income to support its charitable activities and allocate the resources at its disposal to deliver our planned programmes Manage its properties in an environmentally sustainable way, wherever possible to follow best practice in soil management and to protect the biosphere Reduce and ultimately eliminate the use of all pesticides. herbicides and chemical fertilizers on our land, in partnership with ourfarmers and tenants Engage the public with the work of the Trust through access, consultation, education, advocacy and communication Develop, deliver and participate in projects and partnerships that contribute to social as well as environmental outcomes Participate in partnerships that support the development of innovative techniques of environmentally friendly and socially responsible farming. The Trustees confirm that they have regard to the Charity Commission's guidance on public benefit when planning the activities for the year.
The Gaia Trust (CIO) Trustees, Report Properties The Trust seeks to achieve its charitable purpose on the land acquired over the years of the Trust's life. The Trust owns the following properties which it uses for this purpose. Treraven Farm - 68 hectares of farmland, woodland and saltmarsh alongside the Camel Estuary at Wadebridge, North Cornwall. The first land was acquired by the Trust in 1999 from money raised through the Heritage Lottery Fund, other trusts and individuals. With support from Defra's Countryside Stewardship Scheme, our main aims at Treraven are to enhance biodiversity by reverting land to permanent pasture. improving the condition of current pastures, restoring saltwater meadows and woodland, creating a new community woodland and increasing public access to the site. Treraven also hosts family activities designed to increase understanding of the natural world and encourage children to spend more time outside in a safe environment. Chark Moor- 15 hectares of wet grassland. heathland. mires and wet woodland acquired by the Trust in 1994. Adjoining Redmoor and part of the mid-cornwall Moors SSSI, the site is managed to restore the habitat of the marsh fritillary butterfly and is part of a Defra Countryside Stewardship Scheme. Work is underway to extend the area of grassland and mire habitat to benefit the butterfly. Home Farm Marsh- 75 hectares including Salt Pill duckpond, part of the Taw Torridge Estuary SSSI. The first land was acquired by the Trust in 2002 with support from the Heritage Lottery Fund, trusts and individuals. With the help of Defra's Countryside Stewardship Scheme, Gaia has worked to reverse the effects of more intensive farming practices to enhance biodiversity with the creation of intertidal habitats, wet grassland, scrapes and ponds, winter stubbles, arable margins and pasture. Public access and engagement have also been delivered through path improvements, the creation of bird hides and a volunteering programme. Bodwannick Manor Fami- 67 hectares of woodland and unimproved grazing land managed through a Mid-Tier Countryside Stewardship Scheme with low inputs and conservation focused hedge management. The site also includes a run-down farmhouse with associated, dilapidated outbuildings and garden. Options for the future use of this part of the site are under review. Henwood - was acquired by the Trust by deed of gift in 1993. The site is made up of established deciduous woodland on a steep slope to Penpoll Creek and includes an active heronry. It lies within a County Wildlife Site ICWSI, namely Colvithick Wood & Penpoll Creek CWS (ref: R/CN4.2). The deed of gift restricts public access. Achievements and performance Properties During the year, at all properties. the Trust worked to ensure compliance with the terms of our stewardship grant funding agreements with Natural England. The agreements are location specific and the requirements vary significantly between properties. The Trust undertook the following key activities in 2024125. Treraven Farm The work to plant more than 2,000 trees to replace those affected by ash dieback has been a major focus for the year. Volunteer help has been crucial to taking this activity forward and the investment in a wood chipper also improved the effectiveness. The Tamworth pigs continue to help create the necessary clearings and completing the Tree Health Grant work is a major focus for the site. A
The Gaia Trust (CIO) Trustees, Report woodland management company was also contracted to thin and remove stands of trees planted around the year 2000. At the end of 2024 the site's Countryside Stewardship scheme ended: our farm tenants were unable to submit a replacement Sustainable Farming Incentive application due to a surprise announcement by the Government to halt applications until further notice. This has affected their and Gaia's income prospects for the foreseeable future and delayed the environmental improvements that would have been delivered through the scheme. Wadebridge schools continue to use the site for education activities with their pupils and in November 2024. Treraven hosted our first Foster Care visit. 25 children and their carers explored the site and undertook wellbeing activities including planting sweet chestnuts in the mini tree nursery. Feedback from Cornwall Social services was extremely positive and they plan to use Treraven more in future. They say there are 500 children in Cornwall who would be eligible to attend. Chark Moor Grazing and scrub clearance in accordance with the site's Higher Level Stewardship Agreement continues at Chark. In addition, a Species Sunlival Fund Grant has allowed work to repair and replace the fence around the northern sector of the site to facilitate grazing. Ultimately, getting grazing to that area will increase the amount of open habitat available on the site and hopefully encourage marsh fritillary butterfly recolonisation from nearby Red Moor Nature Resenie. Dormouse box monitoring continues. Home Farm Marsh We continue to work with our farm tenant to deliver the site's Mid-Tier Stewardship Agreement. However, changes to the Defra agricultural/environmental farm support system - the withdrawal of the Basic Payment Scheme- have required Gaia to provide some additional financial support to our tenant. That notwithstanding, we continue to invest in arable field margins and fencing at the site. Our dedicated volunteers continue to devote thousands of hours, time to Home Farm Marsh. They carry out regular bird and insect monitoring that help us assess the impact of our site management on wildlife, but have also carried out hedge laying, path, fencing and gate repairs, wild flower planting and hosting group visits to the site from local communities and specialist wildlife organisations including Bumble Bee Conservation. Bodwannick Manor Farm Due to the impact of inflation. the poor prospects of attrarting grant funding and the increasing uncertainty surrounding the extent of the required works, the Trustees have decided not to proceed with the restoration of the Bodwannick farmhouse. A decision has been made to seek planning permission to convert a small on-site barn (the Bothy) into a 2-bedroom residence for a future tenant farmer, and to sell the derelict farmhouse to help fund that conversion. We are hoping to submit that planning application in the Autumn of 2025. On the farmland, since April 2025, we have secured a new farmer for 750A of the land area, whilst retaining our previous farmer, who is retiring, on the remainder. We planned for this transition throughout 2024 and both farmers are still farming according to the existing Mid-Tier Stewardship Agreement. The three wildlife ponds dug on the farm in 2023 have hugely increased the population of dragon and damsel flies.
The Gaia Trust (CIO) Trustees, Report Financial review Income and expenditure The net deficit for the year of £17,000 compares with a net deficit of £29,000 in 2023/24. Farm subsidy income has been relatively stable and rental income is a little down on last year. Both are facing downward pressures as the farm sector reacts to significant changes in government funding. Following our change of investment funds last year. total investment income has reduced by some £7,000, but values have improved and we are showing a unrealised profit for the year of £38,000 compared with a £50,000 loss last year. There have been significant reductions in revenue costs mostly in connection with site maintenance, partly because of reduced costs at Bodwannick where redevelopment plans were on hold, and partly because of a generally quiet year for maintenance. Investments and cash At the year end. the trust carried investments of £ 951,336 {2024, £873,528) and cash balances of £293,600 {2024, £365,573). Reserves and designated funds At 28 February 2025, the Trust's unrestricted funds (not already invested in land and other fixed assets) amounted to some £1.12 million {2024, £1.Ilm). The Trustees set aside £400,000 in 2016/17 to restore the Bodwannick Estate and a designated fund for that amount was established. The sale of barns on the site in 2021/22 increased this fund by some £251,000. During the year some £8.000 (2024. £22.0001 of this fund was used for professional fees in connection with drainage issues. Due to the increasing uncertainty surrounding costs, late in the financial year a decision was made by the Trustees to abandon this renovation project and sell the derelict farmhouse and certain of the derelict outbuildings. The designated fund has therefore been closed and a transfer of some £386.000 made to unrestricted funds. In 2017/18, £750,000 was invested in order to generate income to support the Trust's ongoing charitable activities, in particular the decision to employ our Trust Director on a full-time basis. Due to the stock market performance over the period, this fund has increased by £28,000 (2024: reduced by £40,000) to £666,000 at 28 February 2025 {2024, £639,000). The Trustees believe that they need to retain approximately one yearfs operating expenditure (currently between £80,000 and £95,000 depending on the level of maintenance required) in general reserves, as there continues to be uncertainty around the level and nature of future environmental subsidies and in the recruitment of future farming tenants. Following the decision to transfer funds from the designated Bodwannick restoration fund, at present the Trustees consider the amount held in reserves to be more than is needed and our recently completed strategic plan will be used to determine how these funds are to be used to best achieve the Trust's aims. Going concern The Trustees have reviewed the Trusys financial position and considered financial projections. In their opinion the Trust can be considered to be a going concern.
The Gaia Trust (CIO) Trustees, Report Strurture, governance and management The Trust is controlled by its governing document, based on the Charity Commission's Foundation Model for a Charitable Incorporated Organisation ICIOI. Trustees are appointed with regard to their specialist knowledge in key areas such as agriculture, conservation, accounting, law and property management, and additional support is given by key volunteers and advisers. Day-to-day running of the Trust is delegated by the Trustees to the Director, who provides Trustees with operational reports on a quarterly basis for consideration at Trustees, meetings. The Director works closely with the Trustees between meetings. Throughout 2024 and into 2025, the Gaia Trust has embarked on a Strategy review and renewal process with the aim of re-focusing the charity to reflect the many changes in the agricultural sector and the evolved unique circumstances at each of the properties we own. Reference and administrative details Charity Registration Number 1156047 9, Park Place, Eggesford Road, Winkleigh, Devon, EX19 8JN Trustees C Evans M Steer L Phippen J Richards (resigned 17 January 20251 C Hulbert-Powell V Herbert (appointed 17January 2025) Charles Evans- until retirement in 2017, Charles was a partner with PKF Francis Clark, the accountants, where he headed up their work across the region in the Not for Profit sector. He brings some 40 years of experience in the world of accounting and finance, working with many of the largest commercial and Not for Profit organisations in the South West. Mark Steer- Mark worked in health and social care, including clinical, executive director and management responsibilities, recently practising as a Cognitive Behavioural Therapist. Since retiring in 2016, Mark spends hi5 time on his smallholding, supporting his local village activities. He is a member of the governing bodies of two Cornish charities that support homeless people and people experiencing mental ill health. He is passionate about the environment. nature and conservation and is interested in how the Gaia Trust properties can support health interventions in nature. Laurence Phippen - Laurie has completed a Bsc in Conservation Biology and Ecology at the University of Exeter. During this degree, he worked at Cabilla Cornwall on Bodmin Moor where he is carrying out hands-on restoration work by planting native trees and wildflower meadows, constructing an oak nursery, hosting nature walks, and helping with the reintroduction of beavers to the river Bedalder. Charles Hulbert-Powell- Charles has a lifelong interest in agriculture and has owned a small farm in East Sussex rearing sheep and cattle. and now lives in Cornwall. He is a keen conservationist for wildlife and proponent of Agroforestry. He has worked in agricultural insurance and has been a
The Gala Trust (CIO) Trustees, Report dlrector of a number of insurance and underwriting agencles. He has held executive and trustee roles in a number of charlties that support children at risk of gangs, drugs and crime, knowledge exchange between surgeons In the westem world and global south and a charitable trust In Cornwall for people in disadvantaged circumstances. Vlctorfa Herbert- Vlcky has been working In the farming industry since graduating from the University of York in 2016. She has a wealth of experience in vegetable and livestock farming and would consider herself an advocate for nature friendly farming. Vlcky works as an agricultural advisor for Business Information Point and also runs her own farm business raising pigs In South Devon. The annual report was pproved by the Trustees on 2 October 2025 and signed on its behalf by: CD.Evans C Evans Trustee
The Gaia Trust (CIO) Statement of Trustees. Responsibilities The Trustees of The Gaia Trust (CIO) are responsible for preparing the Trustees, Report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations. The law applicable to charities in England and Wales require the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to- select suitable accounting policies and apply them consistently; observe the methods and principles in the Charities SORP; 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 statements,. and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity {Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Gaia Trust (CIO) Independent Examinerfs Report I report to the trustees on my examination of the accounts of The Gaia Trust {CIOI (the Trust) for the year ended 28 February 2025. Responsibilities and basis of report As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 20111'the Act,). I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515}{b} of the Act. Independent examinerfs statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fairf view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding to be reached. Darren Perry BA (Hons) ACA DChA Chartered Accountant Francis Clark LLP Lowin House Tregolls Road Truro Cornwall TRI 2NA Date 22 October 2025
The Gaia Trust (CIO) Statement of Financial Activities Year ended 28 February 2025 Note Unrestricted Designated Restricted funds funds funds Total 2025 Total 2024 Income from: Donations and legacies 508 508 29 Charitable activities - continuing 50,214 2,592 52,806 63,935 Investments 44,681 3,068 47,749 53,787 Total income 95,403 5,660 101,063 117,751 Expenditure on: Charitable activities continuing 91,688 24,042 2,592 118,322 146,811 Total expenditure 91,688 24,042 2,592 118,322 146,811 Net income/{expenditure) before unreal ised investment gains/llosses) 3,715 {24,042) 3,068 (17,259) 129,0601 Net gainslllosses) on investments io 10,293 27,711 38,004 150,9021 Net income/lexpenditure) 14,008 3,669 3,068 20.745 179,9621 Transfers between funds 358.726 (357.879) 1847) Net movement in funds 372,734 (354,210) 2,221 20,745 179,9621 Reconciliation of funds Funds brought forward 78,120 3,905,517 128,664 4,112,301 4,192,263 Funds carried forward 450,854 3,551,307 130,885 4.133.046 4,112,301
The Gala Trust (CIO) Balance Sheet At 28 February 2025 Note 2025 2024 Flxed assets Tanglble assets 2.885,024 2,873,055 Investments io 951,336 873,528 336,360 3.746,583 Current assets Debtors li 20.908 18,663 Cash at bank 293,6 365,573 314.508 384,236 Creditors: amounts falling due wlthin one year 12 17.822 18,518 Net current assets 296,686 365.718 Net assets 4.133,046 4,112,301 Funds of the charity Restricted income funds 15 130.885 128,664 Unrestrlrted funds Designated fixed assets fund 15 2,885,024 2,873.055 Other designated funds 15 666,283 1,032,462 Unrestricted general funds 15 450,854 78,120 Total unrestricted funds 4.1x12.161 3.983.637 Total charity funds 4,133,046 4,112,301 The financial statements on pages 9 to 21 were approved by the Trustees, and authorised for issue on 2 October 2025 and signe on their behalf bv: C D Evans- Trustee io
The Gaia Trust (CIO) Statement of Cash Flows Year ended 28 February 2025 Note 2025 2024 Cash flows from operating activities Net Ideficitl/income before unrealised losses on investments (17,259) {29,0601 Adjustments to cash flows from non-cash items Depreciation 15,831 15,261 Investment income (47.7491 {53,7871 Working capital adjustments Ilncreasel/decrease in debtors li 12.245) 15,962 IDecrease/{increase in creditors 12 (696) 13,348 Net cash outflows from operating activities (52,118) {38,2761 Cash flows from investing activities Interest receivable and similar income 47,749 53,787 Net unrealised gains/llossesl on investments 38.004 {50,9021 Purchase of tangible fixed assets (27.800) {23,3991 Net cash inflows/loutflows) from investing activities 57,953 {20,5141 Net increase/(decrease) in cash and cash equivalents 5,835 {58,7901 Cash and cash equivalents at l March 2024 1.239.101 1,297,891 Cash and cash equivalents at 28 February 2025 17 1.244.936 1,239,101 All the cash flows are derived from continuing operations during both years. li
The Gaia Trust (CIO) Notes to the Financial Statements Year ended 28 February 2025 l. Accounting policies Basis of preparation The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021- (Charities SORP {FRS 102}I, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The Gaia Trust {CIO} meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. Income Income from donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the Trust has entitlement to the income. it is probable that the income will be received and the amount can be measured with sufficient reliability. Expenditure All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Tangible fixed assets Individual fixed assets costing £500 or more are initially recorded at cost. Depreciation Depreciation is provided on tangible fixed assets so as to write off the cost, less any estimated residual value, using the following rates: Land and non-farming buildings- not depreciated Land/infrastructure improvements- 2% straight line Farm buildings- 2% straight line Building improvements - IO% straight line Fixtures, fittings and equipment - 20% straight line The Trust does not depreciate land and non-farming buildings as the estimated residual value is not less than cost and any depreciation charge for the year would be immaterial to the accounts. Funds Unrestricted general funds - unrestricted free resenies, available for use on activities satisfying the Trust's charitable pu rpose. Designated fixed asset fund - a fund equal to the net book value of fixed assets, representing unrestricted funds which are not free resen4es as they are invested in the Trust's long term assets. Other designated funds - funds earmarked by the Trustees for specific purposes. Restricted funds - to be applied to the specific purpose intended by the donor or grant provider. 12
The Gaia Trust (CIO) Notes to the Financial Statements Year ended 28 February 2025 2. Income from donations and legacies Unrestrirted funds Restricted funds Total 2025 Total 2024 From individuals 508 508 29 3. Income from charitable activities Unrestrirted funds Restrirted funds Total 2025 Total 2024 Rental income 15.110 15,110 17,620 Grants and subsidies 35,104 2,592 37,696 45,815 Other income 500 50.214 2,592 52,806 63,935 In the year ended 29 February 2024, restricted fund income receivable from charitable activities amounted to £13,351 the balance of £50,584 relating to unrestricted funds. 4. Investment income Unrestricted funds Restrirted funds Total 2025 Total 2024 Income from Eden Tree investment 39,804 39,804 45,465 Bank deposit interest 4,877 3,068 7,945 8,322 44.681 3.068 47,749 53,787 In the year ended 29 February 2024, bank deposit interest receivable of £8,322 included restricted fund income of £2,787. 13
The Gaia Trust (CIO) Notes to the Financial Statements Year ended 28 February 2025 5. Expenditure on charitable activities Unrestrirted Designated Restrirted funds funds funds Total 2025 Total 2024 Salaries and pension contributions 54,619 54,619 54,928 Sub-contract 18,909 18,909 18,372 Site maintenance 5,635 2,592 8,227 27,032 Bodwannick site development 8,211 8,211 21,985 Property 5,420 15.831 21.251 18,579 Office 905 905 818 Travel & subsistence 311 311 3,105 Legal and professional 4,000 4,000 Governance 1,588 1.588 1,823 Sundry 301 301 169 91,688 24,042 2,592 118,322 146,811 In the year ended 29 February 2024. expenditure on charitable activities from restricted funds, amounted to £14,039 from designated funds, £37.246, the balance of £95,526 being from unrestricted funds. 6. Net income/expenditure Net income/expenditure for the year includes: 2025 2024 Depreciation of tangible fixed assets 15,831 15,261 Independent examiner fees 1,410 1,320 7. Trustees, remuneration and expenses No Trustee has received any remuneration or reimbursed expenses from the Trust during the year or prior year. 14
The Gaia Trust (CIO) Notes to the Financial Statements Year ended 28 February 2025 8. Staff costs The aggregate payroll costs were as follows- 2025 2024 Salaries 51,216 52,866 Pension contributions 3,403 2,062 54,619 54,928 The monthly average number of persons employed by the charity during the year was 212024, 21. No employee received emoluments of more than £60,(K)O during the year12024, none). The Trust's Director is the only paid member of key management personnel and total employee benefits payable to the Director during the year amounted to £43,312 {2024, £43,312). 15
The Gaia Trust (CIO) Notes to the Financial Statements Year ended 28 February 2025 9. Tangible fixed assets Land & buildings Fixtures, fittings & equipment Total Cost At l March 2024 2,850,214 75,733 2,925,947 Additions 27,800 27,800 Disposals 11161 (1161 At 28 February 2025 2.850,214 103,417 2,953,631 Depreciation At l March 2024 20,081 32,811 52,892 Charge for the year 2.927 12.904 15,831 Disposals 11161 (1161 At 28 February 2025 23,008 45,599 68,607 Net book value At 29 February 2024 2,830.133 42,922 2,873,055 At 28 February 2025 2,827,206 57,818 2,885,024 10. Investments Eden Tree investment fund 2025 2024 Investments at valuation at l March 2024 873.528 878,965 Income reinvested 39,804 45,465 Revaluation 38.004 150,902) Investments at valuation at 28 February 2025 951.336 873,528 16
The Gaia Trust (CIO) Notes to the Financial Statements Year ended 28 February 2025 In October 2017, the Trust invested £750,000 with Eden Tree Investments in their Amity Balanced Fund for Charities. On 18 September 2023, the funds were transferred from the Amity Balanced Fund to Eden Tree's Responsible and Sustainable Managed Income Fund, a sister fund. This was in response to Eden Tree's decision to close the Amity Balanced Fund as part of an internal reorganisation. 11. Debtors 2025 2024 Trade debtors 3.057 9.546 Other debtors 1,148 Accrued income 17.453 7,588 Prepayments 398 381 20,908 18.663 12. Creditors: amounts due within one year 2025 2024 Trade creditors 3,771 11,835 Accruals and deferred income 13,592 5,994 Taxation and Social Security 689 Other creditors 459 17,822 18,518 13. Pension schemes The Trust contributes to a defined contribution pension scheme for the Trust Director. 14. Capital commitments There were no capital commitments at either 28 February 2025 or 29 February 2024. 17
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The Gaia Trust (CIO) Notes to the Financial Statements Year ended 28 February 2025 Restricted funds Restricted funds are/were as follows- Bodwannick general- donations received for use at Bodwannick. The Trust intends to use these funds to contribute to the costs of the disposal of the farmhouse at Bodwannick. Bodwannick Peace Garden - donations received specifically to be spent on the proposed Peace Garden. Treraven volunteer cabin- grant received for the construction of a cabin, substantially installed in 2023/24. The balance of £847 at 29 February 2024 has been transferred to unrestricted funds at 28 February 2025. From the evidence available these funds were spent on costs related to the cabin construction but included in general unrestricted maintenance expenditure in previous years. Chark Species Survival Fund- grant receivable form Cornwall Wildlife Trust for ground clearance at Chark. Spent in 202415, awaiting receipt at 28 February 2025. Col Welch legacy re bursaries- fund inherited from Yarner (a predecessor charity), with subsequent added interest earned, restricted to be used for educational purposes. Designated funds Designated funds are as follows: Fixed assets- this fund segregates fixed assets to better disclose the Trust's unrestricted free reserves. Strategic income support- this is an amount set aside for investment to generate an income to support the revenue expenditure to be incurred as part of the Trust's strategic plan. At year end this fund was increased by £27,711 (2024, reduced by £40,123) to reflect the unrealised profit (loss) on the revaluation of the associated investments. Bodwannick restoration - this was an amount set aside to cover the restoration costs of the Bodwannick estate. Costs incurred were for professional fees both in 2024125 and 2023124. The Trustees have decided not to pursue the restoration of the farmhouse and are intending to sell the property and some adjoining land, whilst retaining the farmland and, subject to planning, the Bothy for development and some surrounding land. Transfers between funds The following transfers between funds were made: £27,80012024, £14,326) transferred from unrestricted funds to the designated fixed asset fund, representing fixed asset additions in the year funded from unrestricted funds. £385,680 from the designated Bodwannick restoration fund to unrestricted funds to reflect the decision not to proceed with the Bodwannick restoration. £847 from the restricted Treraven volunteer cabin fund to unrestricted funds, as explained above. In 2023124, £9.073 transferred from the Treraven volunteer hut restricted fund to the fixed asset designated fund, reflecting the use of that fund to purchase fixed assets. In 2023/24, £12,768, from the designated Bodwannick garden fund to unrestricted funds in response to a need to increase free resenies. 20
The Gaia Trust (CIO) Notes to the Financial Statements Year ended 28 February 2025 16. Analysis of net assets between funds Unrestrirted Designated general funds funds At 28 February 2025 Restrirted Total funds funds Tangible fixed assets 2,885,024 2.885.024 Investments held as fixed assets 285.053 666.283 951,336 Current assets 183.623 130.885 314,508 Current liabilities (17,822) (17,822) Total net assets 450,854 3.551,307 130,885 4.133.046 At 29 February 2024 Unrestricted Designated general funds funds Restrirted Total funds funds Tangible fixed assets 2,873,055 2,873,055 Investments held as fixed assets 873,528 873,528 Current assets 96.638 158.934 128.664 384.236 Current liabilities (18,518) {18,5181 Total net assets 78,120 3,905,517 128,664 4,112,301 17. Cash and cash equivalents 2025 2024 Cash at bank and in hand 293.600 365,573 Investments 951.336 873,528 1,244,936 1,239,101 18. Related party transactions There were no transactions with related parties during the year or prior year. 21