Financial Statements TNC UK Foundation Limited
For the year ended 30 June 2024
Company number: 08960834 Charity number: 1167674
TNC UK Foundation Limited Financial statements for the year ended 30 June 2024
Company Information
Trustees
R Elchahal M Kleiberg M Lejkowski D Miller R Adams A Adye
Registered office and principal place of business 330 High Holborn London WC1V 7QH Auditor Azets Audit Services Gladstone House 77-79 High Street Egham Surrey TW20 9HY
TNC UK Foundation Limited Financial statements for the year ended 30 June 2024
| Chair’s report | 1 |
|---|---|
| Trustees’ report | 2-6 |
| Independent auditor's report | 7-10 |
| Statement of financial activities | 11-12 |
| Balance sheet | 13 |
| Statement of Cash Flows | 14 |
| Notes to the financial statements | 15 - 21 |
| Detailed statement of financial activities | 22 |
TNC UK Foundation Limited Financial statements for the year ended 30 June 2024
Chair’s report
I am pleased to report the TNC UK Foundation had another productive year. Foundation activities included two Trustee meetings and the acceptance of donations from third parties totalling £3,248,048.
In the coming year, the Foundation hopes to continue working towards the goal of supporting nonconfrontational, pragmatic, science-based programmes and solutions to build a world where biodiversity thrives, and people conserve nature both for its own sakes and for its ability to enrich humans lives.
This fiscal year has continued to be a very uncertain time for the global conservation sector and all charities relying on private philanthropy due to the effects of the pandemic and the downturn in the economy. Yet support for the TNC UK Foundation has continued to grow and as ever, the Trustees and I would like to thank donors for their tremendous supports of global conservation programmes.
Marianne Kleiberg Chair [05.02.2025]
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TNC UK Foundation Limited Financial statements for the year ended 30 June 2024
Report of the trustees for the year ended 30 June 2024
The trustees are pleased to present their annual report together with the Financial Statements of the charity for the year ending 30 June 2024 which are also prepared to meet the requirements for a directors’ report and Financial Statements for Companies Act purposes.
The Financial Statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their Financial Statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) published in October 2019.
Our purposes and activities
The objectives of the TNC UK Foundation are:
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To promote for the benefit of the public, the conservation, protection and improvement of the physical and natural environment of the world, including its plants, animals, natural communities and biodiversity, particularly (but not limited to) by the worldwide protection of lands and waters that all life depends on;
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To promote for the benefit of the public sustainable development that supports the conservation, protection and improvement of the physical and natural environment and its biodiversity;
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To advance the education of the public on environmental and conservation issues including (but not limited to): biodiversity; conservation, protection and improvement of the physical and natural environment; and sustainable development; and
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To promote and carry out research and, where appropriate, disseminate its results, for the public benefit, into environmental issues including (but not limited to): biodiversity; conversation; protection and improvement of the physical and natural environment; and sustainable development.
Achievements and performance
The Foundation’s activities over the past year focused on advancing the objectives of the Foundation including by:
- Convening two meetings of the Trustees
• Accepting new gifts totalling £3,248,048 for the following conservation areas: o TNC’s European operations o TNC’s Africa programme o TNC’s Cape Town Water Fund programme o TNC’s Africa Scale-Up programme o TNC’s Turtle conservation efforts in the Arnavon Islands o TNC’s general operations
More information about TNC and these programmes can be found at: nature.org
Fundraising standards information
The TNC UK Foundation works with legal counsel at Bates Wells on fundraising. All fundraising is done in-house and is not outsourced to any professional fundraisers or commercial participators.
The TNC UK Foundation is registered with the Fundraising Regulator. The Fundraising Regulator holds the Code of Fundraising Practice for the UK. We follow the standards for charitable fundraising, ensuring that our
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TNC UK Foundation Limited Financial statements for the year ended 30 June 2024
fundraising is respectful, open, honest and accountable to the public. The Foundation has not knowingly failed to comply with the standards of practice.
The Foundation has not received any complaints regarding its fundraising efforts in the year ended 30 June 2024 or to the date of this report. In all our policies and practices, we have not actively sought additional data that is not already in the public domain. We only record data that people opt to provide to us. Our communication programme focuses on less intrusive types of communication, for example, customised email messages. All fundraising requests are passive or by invitation only and we do not run face to face or telephone campaigns.
Financial review
The Foundation received third party donations in the year totalling £3,248,048. Grants of £3,248,048 were subsequently made to the appropriate programmes of the Nature Conservancy.
The Foundation also received financial and in-kind support from the parent company, The Nature Conservancy. The Nature Conservancy provided the Foundation with a donation (including both cash and in-kind support) of £105,406 for the last fiscal year.
Plans for future periods
The Foundation will continue to support a diverse set of approaches to address environmental challenges. In order to further this goal, the Foundation will continue to strengthen its development practices and engage new donors.
Reserves policy and management
The Foundation has chosen to maintain a minimal level of retained reserves. This reflects the fact that under the Cooperation Agreement dated 14 June 2017, The Nature Conservancy provides donations to cover operational expenses and contractual obligations allowing the Foundation to match all third party donations on appropriate charitable programs. Reserves at the year-end amounted to £1,281.
Risk management
The Trustees continue to work with legal counsel and advisors to ensure general risks related to fundraising and governance align with best practice and applicable rules and regulations.
Public benefit statement
The Trustees have given due consideration to the Charity Commission published guidance on the public benefit requirement. They will continue to promote environmental issues including (but not limited to): biodiversity; conversation; protection and improvement of the physical and natural environment; and sustainable development.
Reference and administrative details
Charity number: 1167674 Company number: 08960834 Registered office: 330 High Holborn London WC1V 7QH
Our advisers
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TNC UK Foundation Limited Financial statements for the year ended 30 June 2024
Auditors: Azets Audit Services Gladstone House, 77-79 High Street, Egham, Surrey, TW20 9HY Bankers: Bank of America 2 King Edward Street, London, EC1A 1HQ Legal advisors: Bates Wells 10, Queen Street Place, London, EC4R 1BE
Directors and trustees
The directors of the charitable company (the charity) are its trustees for the purpose of charity law. The trustees and officers serving during the year and since the year end were as follows:
Nominated chair: M Lejkowski Trustees: R Elchahal M Kleiberg M Lejkowski R Adams (Appointed on 21 August 2024) A Adye (Appointed on 21 August 2024) G Loudon (resigned 9 July 2024) D Miller M Ostlie (resigned 29 November 2023) Secretary: N Roberts
There are no other key management personnel other than those listed above.
Structure, Governance and Management
Governing Document
TNC UK Foundation Limited is a charitable company governed by its Memorandum and Articles of Association dated 25 March 2014.
Appointment of trustees
As set out in the Articles of Association, there shall be at least five Trustees. Any person who is willing to act as a Trustee, and who would not be disqualified from acting under the provisions outlined in the Articles, may be appointed to be a Trustee by ordinary resolution.
The Foundation may appoint one of the Trustees to be the Chair of the Trustees and one of the Trustees to be the Treasurer of the Trustees for such terms of office as it determines and may at any time remove him or her from that office.
The Foundation may appoint other Trustees or persons to such roles and offices from time to time as it deems appropriate and on such terms as it deems appropriate, subject to the Articles.
Organisation
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TNC UK Foundation Limited Financial statements for the year ended 30 June 2024
The Board of Trustees are responsible for the management of the Foundation’s business. The Board meets at least one a year. None of our Trustees receive remuneration or other benefit from their work with the charity.
At present, the Foundation has no paid staff. Legal advice is provided by the law firm of Bates Wells and financial services are provided by Azets.
Trustees’ responsibilities in relation to the financial statements
The charity trustees (who are also the directors of the TNC UK Foundation Limited for the purposes of company law) are responsible for preparing a trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing the financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent; and
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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 proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement as to disclosure to our auditor
In so far as the trustees are aware at the time of approving our trustees’ annual report:
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there is no relevant information, being information needed by the auditor in connection with preparing their report, of which the company’s auditor is unaware, and
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the trustees, having made enquiries of fellow directors and the company’s auditor that they ought to have individually taken, have each taken all steps that he/she is obliged to take as a director in order to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.
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TNC UK Foundation Limited Financial statements for the year ended 30 June 2024
Auditor
The auditor, Azets Audit Services are proposed for re-appointment in accordance with section 485 of the Companies Act 2006.
Small company provision
In preparing this report, the Trustees have taken advantage of the small companies’ exemption provided by section 415A of the Companies Act 2006.
This report was approved by the board of trustees and signed on its behalf by:
Marianne Kleiberg(Chair) Date: 05.02.2025
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TNC UK Foundation Limited Financial statements for the year ended 30 June 2024
Independent Auditor's Report to the Members of TNC UK Foundation Limited
Opinion
We have audited the financial statements of TNC UK Foundation Limited (the ‘charitable company’) for the year ended 30 June 2024 which comprise Statement of Financial Activities, Balance Sheet, Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
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give a true and fair view of the state of the charitable company’s affairs as at 30 June 2024 and of its incoming resources and application of resources, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
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TNC UK Foundation Limited Financial statements for the year ended 30 June 2024
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. 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 misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the trustees’ report, which includes the directors’ report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the directors’ report included within the trustees’ report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within the trustees’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees’ remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the trustees’ responsibilities statement, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
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TNC UK Foundation Limited Financial statements for the year ended 30 June 2024
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
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Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
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Reviewing minutes of meetings of those charged with governance;
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Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection;
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Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
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Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of noncompliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
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TNC UK Foundation Limited Financial statements for the year ended 30 June 2024
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Paul Creasey (Senior Statutory Auditor) for and on behalf of Azets Audit Services Statutory Auditor Egham
5 February 2025
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TNC UK Foundation Limited Financial statements for the year ended 30 June 2024
Statement of Financial Activities including Income and Expenditure Account
| Expenditure Account | |||||
|---|---|---|---|---|---|
| 2024 | 2023 | ||||
| Note | Restricted | Unrestricted | Total | Total | |
| funds | funds | ||||
| Income | |||||
| Donations | 3 | 3,144,048 | 209,406 | 3,353,454 | 2,558,935 |
| ------------------------------------------------ | ------------------------------------------------ | ----------------------------------------------- | ----------------------------------------------- | ||
| Total incoming resources | 3,144,048 | 209,406 | 3,353,454 | 2,558,935 | |
| Expenditure | |||||
| Charitable activities | 4 | (3,144,048) | (209,406) | (3,353,454) | (2,558,935) |
| ------------------------------------------------ | ------------------------------------------------ | ----------------------------------------------- | ----------------------------------------------- | ||
| Net (expenditure) and net movement | - | - | - | - | |
| in funds for the year | |||||
| Reconciliation of funds | |||||
| Total funds brought forward | - | 1,281 | 1,281 | 1,281 | |
| ------------------------------------------------ | ------------------------------------------------ | ----------------------------------------------- | ----------------------------------------------- | ||
| Total funds carried forward | - | 1,281 | 1,281 | 1,281 | |
| ================================================ | ================================================ | ================================================ | =========================================== |
The statement of financial activities includes all gains and losses in the year. All income and expenditure derives from continuing activities.
The notes on pages 15 to 21 form part of these accounts.
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TNC UK Foundation Limited Financial statements for the year ended 30 June 2024
Prior Year Statement of Financial Activities including Income and Expenditure Account
| 2023 | 2022 | ||||
|---|---|---|---|---|---|
| Note | Restricted | Unrestricted | Total | Total | |
| funds | funds | ||||
| Income | |||||
| Donations | 3 | 2,453,701 | 105,234 | 2,558,935 | 1,902,580 |
| ------------------------------------------------ | ------------------------------------------------ | ----------------------------------------------- | ----------------------------------------------- | ||
| Total incoming resources | 2,453,701 | 105,234 | 2,558,935 | 1,902,580 | |
| Expenditure | |||||
| Charitable activities | 4 | (2,453,701) | (105,234) | (2,558,935) | (1,917,770) |
| ------------------------------------------------ | ------------------------------------------------ | ----------------------------------------------- | ----------------------------------------------- | ||
| Net (expenditure)/income and net | - | - | - | (15,190) | |
| movement in funds for the year | |||||
| Reconciliation of funds | |||||
| Total funds brought forward | - | 1,281 | 1,281 | 16,471 | |
| ------------------------------------------------ | ------------------------------------------------ | ----------------------------------------------- | ----------------------------------------------- | ||
| Total funds carried forward | - | 1,281 | 1,281 | 1,281 | |
| ================================================ | ================================================ | ================================================ | =========================================== |
The statement of financial activities includes all gains and losses in the year. All income and expenditure derives from continuing activities.
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TNC UK Foundation Limited Financial statements for the year ended 30 June 2024
Balance Sheet as at 30 June 2024
| 2024 | 2023 | ||
|---|---|---|---|
| Note | £ | £ | |
| Current assets | |||
| Debtors | 13 | 9,570 | 9,570 |
| Cash at bank | 7,530 | 10,736 | |
| ------------------------------------ | ------------------------------------ | ||
| 17,100 | 20,306 | ||
| Creditors:amounts falling due within one year | 14 | (15,819) | (19,025) |
| ------------------------------------ | ------------------------------------ | ||
| Net current (liabilities)/assets | 1,281 | 1,281 | |
| ------------------------------------ | ------------------------------------ | ||
| Net assets | 1,281 | 1,281 | |
| ==================================== | ==================================== | ||
| The funds of the charity | |||
| Unrestricted income funds | 15 | 1,281 | 1,281 |
| Restricted income funds | - | - | |
| ------------------------------------ | ------------------------------------ | ||
| Total charity funds | 1,281 | 1,281 | |
| ==================================== | ==================================== |
The Financial Statements were approved and authorised for issue by the trustees and were signed on their behalf by:
Marianne Kleiberg
Date: 05.02.2025
Company number: 08960834
The notes at pages 15 to 21 form part of these accounts
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TNC UK Foundation Limited Financial statements for the year ended 30 June 2024
Statement of Cash Flows
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Net cash flow from operating activities | 7,421 | |
| Cash flow from investing activities | - | - |
| Cash flow from financing activities | - | - |
| ------------------------------------ | ------------------------------------ | |
| Net (decrease)/increase in cash and cash equivalents | (3,206) | 7,421 |
| Cash and cash equivalents at 1 July 2023 | 10,736 | 28,671 |
| ------------------------------------ | ------------------------------------ | |
| Cash and cash equivalents at 30 June 2024 | 7,530 | 10,736 |
| ==================================== | ==================================== | |
| Reconciliation in net income to net cash flow from operating activities | ||
| Net income/(expenditure) for the year | - | - |
| Decrease/(increase) in debtors | - | - |
| (Decrease)/increase in creditors | (3,206) | 7,421 |
| ------------------------------------ | ------------------------------------ | |
| Net cash flow from operating activities | (3,206) | 7,421 |
| ==================================== | ==================================== | |
| Analysis of changes in net funds | ||
| At 1 July 2023 | 10,736 | 3,315 |
| Cash flows | (3,206) | 7,421 |
| ------------------------------------ | ------------------------------------ | |
| At 30 June 2024 | 7,530 | 10,736 |
| ==================================== | ==================================== |
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TNC UK Foundation Limited Financial statements for the year ended 30 June 2024
Notes on the Financial Statements
1 Accounting Policies
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows :
Basis of preparation
TNC UK Foundation Limited is a charitable company limited by guarantee, registered in England and Wales. The registered office and principal place of business is disclosed on the company information page.
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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Companies Act 2006 and UK Generally Accepted Accounting Practice.
TNC UK Foundation Limited 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 note(s).
The financial statements are presented in Sterling which is the functional currency of the Company and are and presented to the nearest Pound (£).
Preparation of the accounts on a going concern basis
The trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future being for a period of at least 12 months from the approval of these financial statements and believe that it remains appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result in the going concern basis of preparation being appropriate.
The controlling party has confirmed it will provide sufficient operating and financial support to TNC UK Foundation Limited to enable it to continue in operating existence and meet its financial liabilities as they fall due for the foreseeable future and, in any event, for period of not less than twelve months from the dates of approval of these financial statements. The trustees therefore continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Income
Donations are recognised when the company has entitlement to the income, it is probable that the income will be received and the amount can be measured reliably.
Donated services and facilities
Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably.
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TNC UK Foundation Limited Financial statements for the year ended 30 June 2024
On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.
Interest receivable
Interest on funds held on deposit is included when it becomes receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.
Fund accounting
Unrestricted funds are available to spend on activities that further any of the purposes of charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the Trust’s work or for specific artistic projects being undertaken by the Trust.
Expenditure
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
Allocation of support costs
Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include office rent, computer cost, cost of hiring the room for conference and filling penalties.
Grants payable
Grants payable are payments made to third parties in the furtherance of the charitable objectives of the charity. In the case of an unconditional grant offer, this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the oneyear or multiyear grant. Grant awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled conditions attaching to the that grant is outside of the control of the charity.
The provision for a multi-year grant is recognised at its present value where settlement is due over more than one year from the date of the award, there are no unfulfilled performance conditions under the control of the charity that would permit the charity to avoid making the future payment(s), settlement is probable and the effect of discounting is material.
Irrecoverable VAT
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
Operating leases
Rentals under operating leases are charged to the Profit and Loss account on straight line basis over lease term.
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TNC UK Foundation Limited Financial statements for the year ended 30 June 2024
Debtors
Trade and other debtors are measured at transaction price less any impairment unless the arrangements constitutes a financing transaction in which case the transaction is measured at the present value of the future receipts discounted at the prevailing rate of interest.
Cash at bank and in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Creditors and provisions
Creditors and provisions 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 to 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.
Financial instruments
The Trust 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 subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
Judgements and estimates
The preparation of the financial statements requires the trustees to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
There are no material judgements and sources of estimation uncertainty that have a significant effect on the amounts recorded in these financial statements.
2 Legal status of the Trust
The charity is a company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.
3 Income from donations and legacies
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Donations | ||
| Donations in kind | 105,406 | 105,234 |
| Donations | 3,248,048 | 2,453,701 |
| ------------------------------------------ | ------------------------------------------ | |
| 3,353,454 | 2,558,935 | |
| ======================================= | ========================================== |
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TNC UK Foundation Limited Financial statements for the year ended 30 June 2024
4 Analysis of expenditure on charitable activities
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Support costs (see note 5) | 87,982 | 87,093 | |
| Governance costs (see note 6) | 17,424 | 18,141 | |
| Grant expenditure (see note 7 and 8) | 3,248,048 | 2,453,701 | |
| --------------------------------------------- | --------------------------------------------- | ||
| 3,353,454 | 2,558,935 | ||
| ======================================== | ==================================== | ||
| 5 | Support costs | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Office costs | 86,727 | 85,814 | |
| Bank charges | 1,254 | 1,279 | |
| ---------------------------------------- | ---------------------------------------- | ||
| 87,981 | 87,093 | ||
| ================================= | ================================= | ||
| 6 | Governance costs | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Auditor's remuneration | 8,430 | 8,010 | |
| Accountancy fees | 5,370 | 5,100 | |
| Legal and professional | 3,624 | 5,031 | |
| ------------------------------- | ------------------------------- | ||
| 17,424 | 18,141 | ||
| ============================== | ============================== |
7 Grant expenditure - Restricted
Grants were awarded in the year from restricted funds to The Nature Conservancy, a not for profit entity (and its parent) in support of the following programs:
| and its parent) in support of the following programs: | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Project | ||
| European programmes | 292,961 | 111,585 |
| Africa programmes | 223,767 | 86,235 |
| Africa scale up fund | 2,537,320 | 1,820,684 |
| Cape Town water programme | 40,000 | 15,000 |
| Turtle conservation | 50,000 | - |
| Natural Climate Solutions programme | - | 399,697 |
| Highest Priorities | - | 20,000 |
| ------------------------------------------- | ------------------------------------------- | |
| 3,144,048 | 2,453,201 | |
| ========================================== | ========================================== |
18
TNC UK Foundation Limited Financial statements for the year ended 30 June 2024
8 Grant expenditure - Unrestricted
Grants were awarded in the year from unrestricted funds to The Nature Conservancy, a not for profit entity (and its parent) in support of the following programs:
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Project | ||
| Unrestricted | 104,000 | 500 |
| ------------------------------------------- | ------------------------------------------- | |
| 104,000 | 500 | |
| ========================================== | ========================================== |
9 Net income for the year
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| This is stated after charging: | ||
| Operating lease rentals | 83,118 | 74,001 |
| Auditor’s remuneration | 8,430 | 8,010 |
| Accountancy services | 5,370 | 5,100 |
| - ---------------------------------- | --------------------------------- |
Accountancy fees of £5,370 (2023 £5,100) in the current year comprise non-audit services provided by the auditor.
10 Staff costs, trustee remuneration and expenses, and the cost of key management personnel
The charity employed no staff during the year.
The charity trustees were not paid and did not receive any other benefits from employment with the charity in the year (2023: £Nil) neither were they reimbursed expenses during the year (2023: £Nil). No charity trustee received payment for professional or other services supplied to the charity (2023: £Nil). The charity’s work is carried out by staff employed by the US parent and costs are recharged, and then a donation in kind made for that work.
11 Staff Numbers
The average number of employees during the year, calculated on the basis of full time equivalents, was nil (2023: nil).
12 Corporation Taxation
The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.
19
TNC UK Foundation Limited Financial statements for the year ended 30 June 2024
13 Debtors
| Debtors | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Other debtors | 9,570 | 9,570 |
| Prepayments and accrued income | - | - |
| ------------------------------- | ------------------------------- | |
| 9,570 | 9,570 | |
| =============================== | =============================== | |
| Creditors: amounts falling due within one year | ||
| 2024 | 2023 | |
| £ | £ | |
| Other creditors | - | - |
| Amounts owed to related parties | 2,019 | 5,915 |
| Accruals | 13,800 | 13,110 |
| ------------------------------- | ------------------------------- | |
| 15,819 | 19,025 | |
| ============================= | =============================== |
14 Creditors: amounts falling due within one year
15 Analysis of charitable funds
| At 1 July 2023 |
Income | Expenditure | At 30 June 2024 | |
|---|---|---|---|---|
| £ | £ | £ | £ | |
| Unrestricted funds | 1,281 | 209,406 | (209,406) | 1,281 |
| Restricted funds | - | 3,144,048 | (3,144,048) | - |
| ------------------------------- | ------------------------------------- | ------------------------------------------- | ------------------------------- | |
| Total | 1,281 | 3,353,454 | (3,353,454) | 1,281 |
| ============================== | ===================================== | ========================================== | ============================== | |
| At 1 July 2022 |
Income |
Expenditure | At 30 June 2023 | |
| £ | £ | £ | £ | |
| Unrestricted fund | 1,281 | 105,734 | (105,734) | 1,281 |
| Restricted funds | - | 2,453,201 | (2,453,201) | - |
| ------------------------------- | ------------------------------------- | ------------------------------------------- | ------------------------------- | |
| Total | 1,281 | 2,558,935 | (2,558,935) | 1,281 |
| ==================================== | ==================================== | ========================================== | ==================================== |
20
TNC UK Foundation Limited Financial statements for the year ended 30 June 2024
16 Operating leases
Total future minimum lease payments under non-cancellable operating leases are as follows:
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Between one and five years | 212,141 | 318,211 |
| - ---------------------------------- | --------------------------------- |
17 Financial instruments
Financial assets measured at amortised cost comprise of cash at bank and other debtors.
Financial liabilities measured at amortised cost comprise of accruals and other taxation and social security costs.
Financial assets
| Financial assets | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Financial assets measured at amortised cost | 17,100 | 20,306 |
| ============================== | ============================== | |
| Financial liabilities | ||
| 2024 | 2023 | |
| £ | £ | |
| Financial liabilities measured at amortised cost | 15,819 | 19,025 |
| ============================== | ============================== |
18 Related party transactions
Expenses totalling £103,461 (2023: £105,473) were paid in the year by the parent company, the Nature Conservancy. The company received the donation in kind from the parent totalling £105,406 (2023: £105,473) in the period. £2,019 was owed to the parent company at the balance sheet (2023: £5,915).
Grants were made to TNC Foundation UK Limited are detailed in note 7.
19 Ultimate parent undertaking and controlling party
The ultimate controlling party was The Nature Conservancy, an American charitable environmental organisation which is a sole subscriber to TNC UK Foundation Limited Memorandum of Association. Company registration number is FC027568 and charity registration number is 980660.
The Nature Conservancy is a global conservation organisation whose mission is to conserve the lands and waters on which all life depends. The Conservancy conducts its activities throughout the United States, Canada, Latin America, the Caribbean, Europe, Africa, Asia and Pacific.
Copies of consolidated financial statements are publicly available and can be obtained from the Company Secretary, 4245 N. Fairfax Drive, Arlington, USA, VA22203.
21
TNC UK Foundation Limited Financial statements for the year ended 30 June 2024
Detailed Statement of Financial Activities
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Income | ||
| Donations in kind | 105,406 | 105,234 |
| Donations | 3,248,048 | 2,453,701 |
| ----------------------------------------------- | ----------------------------------------------- | |
| 3,353,454 | 2,558,935 | |
| ======================================== | ======================================== | |
| 2024 | 2023 | |
| £ | £ | |
| Expenditure on charitable activities | ||
| Grants made | 3,248,048 | 2,453,701 |
| Property costs | 86,727 | 85,813 |
| Auditor's remuneration | 8,430 | 8,010 |
| Accountancy fees | 5,370 | 5,100 |
| Legal and professional | 3,624 | 5,031 |
| Bank charges | 1,254 | 1,279 |
| ------------------------------------------------ | ------------------------------------------------ | |
| 3,353,454 | 2,558,935 | |
| ======================================= | =================================== |
22