RAINFOREST TRUST. Annual Report and . Financial Statements - 2023
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Rainforest Trust’s mission
Rainforest Trust saves endangered wildlife and protects our planet by creating rainforest reserves through partnerships, community engagement and donor support. The simplest and most cost-effective solution to prevent deforestation and climate change is to create legally recognised protected areas, where forests and their species can thrive in perpetuity and contribute to the health of the global ecosystem.
Species, Climate, People
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Tropical forests are biodiversity hotspots, providing a home to half of the world’s species.
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It will be impossible to curb global warming without saving tropical forests. If deforestation were a country, it would be the third largest emitter of greenhouse gases after China and the United States.
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Millions of Indigenous people also depend on forests for their survival, and over a billion people rely on rainforest resources for their livelihoods.
By the end of 2023, Rainforest Trust had:
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protected over 45 million acres across the globe.
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locked up 7.5 billion metric tons of CO₂ equivalents.
provided a safe haven for 2,776 Critically Endangered, Endangered and Vulnerable species.
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supported 51 Indigenous and local communities to gain or expand legal rights to their traditional lands and/or resources.
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worked with 220 partner organisations in 72 countries.
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Golden Lion Tamarin by Jenhung Huang
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How Does Rainforest Trust Protect Rainforests?
Rainforest Trust’s projects are seen as exemplary models of international conservation as we:
focus on the most threatened and important sites across the globe.
build strategic partnerships with local organisations and governments to find viable, long-lasting solutions.
collaborate with local communities and Indigenous groups to come up with sustainable solutions that work for, and wherever possible are led by, local people.
secure land rights for Indigenous Peoples, support the establishment of community forests and national parks, and make strategic land purchases.
A Message from our CEO
It is hard to overestimate the global importance of rainforests. They defend our planet against climate change, provide livelihoods for millions of people and are home to 80% of the world’s terrestrial species. However, despite their irreplaceable value, an acre of rainforest is destroyed every three seconds. That’s an area the size of Bristol wiped out every day — putting a million species at risk of extinction by the end of this century. Recent data* shows that 9.1 million acres of tropical primary forest were destroyed in 2023. We cannot afford to let this situation continue.
Yet there is hope. Slowing deforestation is possible with strong political leadership, as we are currently seeing in Brazil and Colombia. Here, deforestation was reduced by 36% and 49% respectively in 2023. Also, when Indigenous Peoples secure tenure of their ancestral lands, their territories experience lower deforestation and are more likely to maintain their ecological integrity. This approach not only supports their human rights but is also a very cost-effective way to secure vast areas of rainforest.
*Source: Forest Pulse: The Latest on the World’s Forests, 4.4.24
As the leader of Rainforest Trust UK, I am humbled by the impact of Rainforest Trust projects and inspired by our team's and supporters' dedication. In this report, we share several successes from our work with partners across the tropics, which I hope you will find interesting and inspiring.
My highlight of the year was a trip to the Togo Volta Highlands in Ghana, where I saw the remarkable work of a conservation partner, Herp Ghana, in action. By engaging communities and generating income through ecotourism, they are delivering lasting change for local people and preserving habitat for threatened species like the Critically Endangered Togo Slippery Frog.
But so much more remains to be done. Rainforest Trust’s Strategic Plan sets ambitious goals, most notably to protect (or be in the process of protecting) 125 million acres by 2025, providing a sanctuary for half of all known threatened bird and mammal species. In the UK, we focus on growing our supporter base to help finance this ambitious plan.
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Thank you to all the individuals and organisations here in the UK who have generously supported our work over the last year. We pay special tribute to those who remembered Rainforest Trust UK in their wills or made donations in memory of a loved one in 2023. These gifts are one of the most powerful ways to fight climate change and preserve biodiversity for future generations.
The fate of the rainforests remains intertwined with our own, and their preservation is not just a moral imperative but a practical necessity. Together, let us become stewards of these precious ecosystems, ensuring a brighter, greener future.
Rachel Travers, CEO, visiting Rainforest Trust partner Herp Ghana.
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Rainforest Trust UK’s Contribution to Conservation
Rainforest Trust UK is a British charity working in partnership with Rainforest Trust in the U.S. to protect the planet’s remaining rainforests and other tropical ecosystems. We were established to enable people and organisations based in the UK to donate to Rainforest Trust’s world-class conservation projects while taking advantage of UK tax benefits such as Gift Aid and other charitable tax reliefs.
During 2023 Rainforest Trust UK raised £2,193,176 in donations (£1,901,336 restricted and £291,840 unrestricted) and £5,481 in investments, giving the charity a total income of £2,198,657. These funds contributed to Rainforest Trust’s global income for 2023 of $46,599,663 USD. For more information on how this money has been used, please see Rainforest Trust’s Global Impact Report.
Rainforest Trust UK guarantees that 100% of all donations to projects and funds (excluding transaction costs) will go directly to conservation action. All staff and marketing costs are covered by private donations and Gift Aid.
Our generous donors are helping Rainforest Trust to achieve significant conservation impact with partners across the world. In 2023, UK donations went to support projects in the following areas: Latin America — Brazil, Peru, Colombia, Argentina, Mexico, Belize; Africa — Liberia, Madagascar, Guinea, Republic of Congo, the Democratic Republic of the Congo (DRC), South Sudan, Zambia, Rwanda; and Asia — Nepal, Laos, The Philippines, Malaysia, and Myanmar, as indicated on the map below. A selection of these are profiled on the following pages.
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NEPAL
£51,806
BRAZIL LAOS
BELIZE GUINEA £9,002
MEXICO £1,694 £745,023 £51,520
SOUTH SUDAN PHILIPPINES
£5,569
£6,365 MYANMAR £5,123
£1,236
COLOMBIA
£19,243 DRC RWANDA
LIBERIA MALAYSIA
£23,308 £1,022
£69,966 £1,815
PERU
ZAMBIA MADAGASCAR
£145,073
£1,693 £54,978
ARGENTINA
£15,712
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Peruvian Amazon
3,825,000 acres 1.2 billion mT CO₂e
Peru is home to the second largest expanse of the Amazon rainforest after Brazil. It is within this forest that Rainforest Trust has partnered with Centro para el Desarrollo del Indígena Amazónico (CEDIA) to protect a vast area of high-integrity forest in the Loreto region. This project supports Indigenous communities to secure land tenure and management rights for their territories, totalling 3.8 million acres.
Here, the population of both the Giant Otter and Black-faced Black Spider Monkey have halved in the last 25 years due to deforestation. Habitat loss and fragmentation from the development of megafarms continue to threaten these and
other species like the White-bellied Spider Monkey, Lowland Tapir, Yellow-spotted River Turtle and Yellow-footed Tortoise.
The forests that lie within the Indigenous territories included in this project will secure 1,196,895,157 metric tons of CO₂ equivalents, helping to protect the planet against further climate change.
Rainforest Trust has successfully worked with CEDIA for over 25 years, safeguarding more than 19.3 million acres through several largescale projects, which is equivalent to an area one and a half times the size of Switzerland. These reserves are rich in stored carbon and home to a total of 68 threatened species.
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5 . Peru Aerial Landscape by CEDIA
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National Park
in Liberia
550,000 acres 120m mT CO₂e
The tropical rainforest of the Upper Guinean Forest in Liberia has 90% of undisturbed, old-growth and primary forest remaining. It is a biodiversity hotspot essential to the survival of many rare species, including the Critically Endangered African Forest Elephant and Western Chimpanzee, and the Endangered Pygmy Hippopotamus. Blackbellied, White-bellied and Giant Pangolin are also hunted in this region for cross-border trade of their precious scales.
Increasingly, habitat is being degraded or destroyed by logging companies and gold mining interests, which are cutting into the forest and leading to significant losses of habitat and biodiversity.
Here, Rainforest Trust and The Wild Chimpanzee Foundation are working together to secure the gazettement of these areas to create the fully designated and sustainably managed 550,000-acre Krahn-Bassa National Park.
The benefits of this work go beyond the local communities and the species that need this protection to rebound and thrive. These acres will also store more than 120 million metric tons of CO₂ equivalents — equal to the annual emissions of over 46 million cars — which will help to reduce the impact of climate change.
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Endangered Pygmy Hippo by Santa Gig5 . 6
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Nepal's Wetlands & Highlands
215,859 acres 120m mT CO₂e
As significant threats of road development, logging and land-grabbing continue across Nepal, Rainforest Trust and its partner, KTK-BELT, are protecting a 215,859-acre swath of wetlands and lower montane habitat to be designated as an Indigenous Community Conservation Area.
Where the Terai Jungle rises up towards the Himalayas, an astonishing transformation of ecosystem types and biodiversity occurs within a steep gradient of only 120 horizontal miles. An abundance of threatened species, like the Critically Endangered Bengal Florican, Elongated Tortoise, White-rumped Vulture, Indian Vulture and Chinese Pangolin, rely on the
General Conservation Funds
integrity of this type of wildlife corridor for their survival, and will increasingly depend upon it as they adapt to the impacts of climate change.
This project is the capstone to the successful conservation work conducted in the region over the past four years by KTK-BELT, in partnership with Rainforest Trust and local governments. When fully protected, this area will complete a wildlife corridor from the Koshi Tappu floodplains to the third tallest peak in the world, Mt. Kanchenjunga.
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Elongated Tortoise by Tontantravel
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In addition to specific projects, Rainforest Trust has several general funds which donors can support. In 2023, the Rainforest Climate Action Fund and Conservation Action Fund continued to be popular choices for UK donors, although the newly created Brazilian Amazon Fund proved to be the top choice. The split of donations between these funds is shown below.
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£293,953 Brazilian Amazon Fund (BAF) £246,059 Conservation Action Fund (CAF) £147,004 Rainforest Climate Action Fund (RCAF)
£2,345 Guardians of the Rainforest
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Brazilian Amazon Fund
The Amazon rainforest stores 111 billion metric tons of CO₂ equivalents, which is 1,000 kilograms (about 2,204.6 pounds), equivalent to more than five times the combined annual emissions of the top ten CO₂ emitting nations. This rainforest is also a refuge for an estimated one third of all Earth’s terrestrial species. However, the rate of deforestation in the Amazon jumped 60% during the four years of former president Jair Bolsonaro’s term from 2019 to the end of 2022.
Since the election of President Luiz Inácio “Lula” da Silva, there has been a clear commitment by Brazil’s leaders to protect the Amazon rainforest and defend the rights of the Indigenous Peoples of Brazil. Due to this change, deforestation levels in the Amazon fell by an impressive 36% in 2023. However, the potential window of opportunity is small and Rainforest Trust is striving to safeguard 20 million acres against imminent threats before it’s too late.
The goal is to raise $40 million globally by 2026 to directly fund urgent projects to save this rich and fragile forest and prevent it from reaching its tipping point, which would spell disaster for the Amazon and the planet.
The first project funded by the Brazilian Amazon Fund was launched in January 2023 and generously supported by UK donors. This project aims to protect 2,262,878 acres in the states of Amazonas and Pará, locking up 648 million mT CO₂e. Rainforest Trust is working with its partner, Instituto Internacional de Educação do Brasil, and the 7,250 people who are inhabiting these territories will soon be supported as they continue to protect their ancestral lands against surrounding threats.
Rainforest Trust has always held the rights, cultures and customs of Indigenous Peoples and local communities in the highest regard, and the Brazilian Amazon Fund emphasises partnerships that result in at least 50% of projects securing land tenure protections for Indigenous Peoples and local communities. This interactive BAF report contains updates on the six key projects the Brazil Amazon Fund has been supporting, which will:
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Protect 6,515,957 acres of threatened rainforest.
Safeguard 126 threatened species (59 of these are marine).
When protected, these areas will safeguard the CO₂ equivalent of 402 million vehicles driven for one year.
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Native Brazilian girl by Filipefrazao
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Rainforest Climate Action Fund
The Rainforest Climate Action Fund (RCAF) enables our donors to maximise their impact in the fight against climate change by supporting projects that sequester large amounts of carbon. Rainforest Trust aims to lock up 17.5 billion metric tons of CO₂ equivalents by 2025 by expanding protection to vulnerable rainforests, peat swamps and mangroves across the tropics.
One conservation success made possible with RCAF funding is Rainforest Trust’s work with Resguardo Kogui Malayo Arhuaco to expand the Sierra Nevada de Santa Marta National Park in Colombia. This site stores over 64 million metric tonns of CO₂ equivalents and is now benefitting from the highest level of environmental protection in Colombia.
If deforestation were a country, it would be the third largest emitter of greenhouse gases after China and the U.S.
This fund continues to be very popular with UK donors, for whom climate change is often a key driver for supporting us, with £147,000 given to this fund in 2023. Since its launch in 2021, this climate-focused fund has supported 27 projects worldwide and:
Protected 3,716,535 acres of rainforest, peat swamp and mangrove habitat. An additional 14,756,076 acres will soon be protected.
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Stored the CO₂ equivalent of 120 million vehicles driven for one year.
This interactive RCAF report contains updates from some of the high-priority climate projects made possible with the support of UK donors.
With peaks reaching nearly 19,000 feet, it is the highest coastal mountain range in the tropics and is considered one of the most irreplaceable places on Earth for threatened species. Its high-integrity forests are a refuge for hundreds of endemic, migrant and endangered species, including the critically endangered Santa Marta Sabrewing, Blue-bearded Helmetcrest and endangered Santa Marta Bush Tyrant, pictured below.
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Santa Marta Bush Tyrant by Agami Photo Agency
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Conservation Action Fund
Often, conservation is a steady march toward land preservation and species protection. But sometimes, conservation is a sprint where the work is urgent and the need is immediate. This is why the Conservation Action Fund (CAF) exists — to allow us to take swift action when and where it is most needed.
An example of the type of project supported by the CAF is in western Thailand, where Rainforest Trust and its local partner, Panthera, have successfully created the new Si Sawat Non-Hunting Area, a 28,878-acre stretch of forest that connects several protected areas within a vast wildlife corridor.
These corridors are vital to the survival of farranging species like the Endangered Tiger. This majestic animal has lost more than 93% of its historic range in the last 100 years, with poaching and illegal killing the greatest threats to the Tiger’s survival, second only to habitat loss.
Rainforest Trust UK received £246,059 towards the Conservation Action Fund during 2023. The latest interactive report for the CAF focuses on Rainforest Trust’s work across the Asia-Pacific region.
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1,494,676 acres protected with an additional 3,953,739 acres in progress.
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1,097 threatened species protected in Asia and the Pacific.
When protected, these areas will safeguard the CO₂ equivalent of 47 million vehicles driven for one year.
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. Supported 47 projects in Asia and the Pacific.
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Malayan Tiger by Rcardoreitmeyer 10
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A Message from our Chair
It is about nine years since I set up Rainforest Trust UK with my wife and fellow trustee Adela Pickles, and I am delighted to report that the charity has gone from strength to strength since we first began accepting UK donations in 2016. The charity’s income has grown over ten-fold during that time, and in 2023 Rainforest Trust UK raised £2.2 million, which is a 70% increase on our income from the previous year. This impressive growth has been overseen by our new CEO, Rachel Travers, who took over operational control of the charity at the beginning of 2023.
Since taking on the role, Rachel has put in place an ambitious three-year fundraising strategy for the UK charity, which aims to grow our annual income to £5 million by the end of 2025 – a target we are well on the way to achieving. This strategy was developed in close consultation with our board of trustees, and includes hiring new staff to enable us to fully exploit new fundraising opportunities in the UK. Despite this additional cost, we are still committed to holding our fundraising-costs-to-income ratio below our target of 10% (in 2023 our fundraising costs were just 7% of our total income).
This significant increase in our charity’s income last year could not have come at a more urgent time, as tropical deforestation continues to pose an existential threat to our planet. Rainforest destruction is one of the main causes of climate change, as well as threatening the existence of thousands of species and the livelihood of millions of Indigenous and local communities.
It is with this in mind that Rainforest Trust launched the Brazilian Amazon Fund in 2023, which aims to protect 20 million acres of threatened rainforest in this region over the next four years. I was delighted to see our donors have responded so generously to this ground-breaking new initiative, with over £1 million raised in the UK for projects in the Brazilian Amazon in 2023 alone.
I founded Rainforest Trust UK because I firmly believe there is no better way to fight climate change and prevent species extinction than protecting the planet’s existing rainforests. This conviction has only grown over the years as I see the positive impact that Rainforest Trust’s numerous projects are having on species, communities and the climate. I would therefore like to take this opportunity to thank all those who have already donated to Rainforest Trust’s urgent conservation projects across the tropics and encourage those who haven’t yet done so to join us in our vital mission.
For the rainforests!
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Chris Redston Chair of the Board of Trustees
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Governance & Operations
Structure
Founded in September 2016, Rainforest Trust UK is a Charity Incorporated Organisation (CIO) registered with the Charity Commission for England and Wales (No. 1169111). The charity’s objects and powers are set out in its CIO Constitution, which was last updated in February 2023.
Partnership
Rainforest Trust UK works in partnership with Rainforest Trust, a global conservation charity based in the U.S. Our primary focus is to raise funds in the UK for Rainforest Trust’s world-class conservation projects. These are all sourced and managed by Rainforest Trust in the U.S., who also maintain relationships with their trusted in-country NGO partners.
Rainforest Trust UK is responsible for its own fundraising, marketing, accounting, staffing and other operational matters. Our relationship with Rainforest Trust is defined by a Partnership Agreement and a Brand Sharing Agreement, and the charity minimises costs and overheads by sharing resources wherever possible.
Rainforest Trust in the U.S. has consistently been given the highest rating of 4-stars and a 100% approval score on Charity Navigator for Financials, Accountability and Transparency — one of only a handful of charities to achieve this rating.
Trustees are recruited to the board on the basis of their skills, knowledge, experience and commitment to the charity’s mission. They are appointed for a three-year term (for a maximum of three terms) by a resolution passed at a board meeting.
The Board is responsible for setting policy, agreeing strategy, oversight of risk management and controls, monitoring performance, approving major commitments and appointing the Chief Executive Officer. Each of the trustees is required to disclose actual or potential conflicts of interest to the charity secretary and chair for inclusion in the register of interests. None of the trustees receive any remuneration for their work, but may be reimbursed for reasonable expenses.
Statement of Trustees’ Responsibilities Trustees are responsible for producing the trustees' annual report and the financial statements following the Charities Statement of Recommended Practice (SORP). They ensure the charity keeps comprehensive accounting records that provide an accurate financial position, giving a true and fair view of the charity’s income and expenditure. They safeguard the assets of the charity and take reasonable and practical steps for the prevention and detection of fraud and other irregularities. Trustees delegate responsibility for all dayto-day operations to the CEO.
Trustees
Rainforest Trust UK has its own governance structure with a Board of Trustees composed of six trustees, two of whom were the original founders of the charity.
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Risk Management
The CEO maintains a risk register that summarises identified risks and how the organisation works to mitigate these. The key risks are discussed at each board meeting. Currently these include raising insufficient unrestricted funds to cover our costs, losing key staff, and technical failure of the website, CRM or donations software.
Environmental policy
In carrying out our mission to protect threatened tropical habitats, we are committed to minimising the impact of our activities on the environment. We continue to support our staff to work mainly from home, which reduces emissions from commuting. One of our corporate partners also provides us with free recycled paper, and prints all our fundraising materials using recycled paper and plant-based ink. In 2023 we updated our environmental policy that sets out our commitments in this area.
Staff
The success of Rainforest Trust UK relies on having a team of talented and committed employees. We have a 100% retention rate and staff have told us they like being part of a small, friendly and supportive team. They also feel they are making a real and positive difference and taking action on one of the biggest issues of our time.
Reward & remuneration of staff
Rainforest Trust UK’s cost base is lean, with staff salaries being our only major cost. While we aim to keep our costs as low as possible, we provide an attractive and competitive total rewards package, which helps the charity attract and retain high-quality staff. Starting salaries are initially determined by conducting an external review of similar roles and consideration of recent market benchmark data. Pay reviews are carried out in line with our policy.
Volunteers
We continue to have six trustees on our board. We were supported by one other volunteer during 2023.
Public benefit
The trustees have due regard for the Charity Commission’s guidance on public benefit when reviewing the aims and objectives of Rainforest Trust UK. Trustees monitor our progress by reviewing performance and efficiency in raising additional funds for Rainforest Trust’s projects. They also review and approve the conservation impact of the projects across the tropics that the UK charity invests funds in, including acreage of threatened habitat that has been successfully protected, quantity of CO₂e stored, species saved from extinction and numbers of Indigenous Peoples and local communities supported.
All staff are provided with monthly employee support and supervision meetings and an annual performance appraisal. The board and CEO seek to ensure career aspirations and development needs are identified and supported wherever possible. All staff contribute to setting our team priorities and each person understands how their work contributes to our wider mission.
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Financial Review
Summary financial position
During 2023, Rainforest Trust UK raised £2,193,176 in donations (£1,901,336 restricted and £291,840 unrestricted) and £5,481 in investments, giving the charity a total income of £2,198,657. This is 17% above the charity’s fundraising target of £1.9 million, and a 70% increase in income received during 2022.
A total of £1,914,669 of restricted money was transferred to Rainforest Trust in the U.S. for disbursement to conservation projects around the world. Unrestricted expenditure was £208,692, leaving a closing unrestricted balance of £88,629. At yearend, the bank held funds of £384,829. This included £192,752 of restricted money from donations received in December 2023, which was transferred to Rainforest Trust in the U.S. in January 2024. Unrestrict ed funds held at the year-end totalled £192,077, equivalent to seven months' worth of current operating costs, which is in line with the charity’s Reserves Poli cy.
Reserves Policy
Rainforest Trust UK guarantees that 100% of all restricted donations will be disbursed to Rainforest Trust in the U.S. monthly so that they can be promptly directed towards conservation projects and funds globally. This operational model means Rainforest Trust UK remains reliant on receiving regular unrestricted income to cover our ongoing fundraising and governance costs. As this is not guaranteed income and is prone to variation and fluctuation, the charity retains enough funds in our reserves to cover these costs if unrestricted income is lower than expected over a period of time. The current Reserves Policy allows the charity to hold the equivalent of between 6-9 months’ current operating costs.
Income
2023 Income Sources (Restricted)
2023 Income Sources (Unrestricted)
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£1,078,291
Individuals
£421,369
Trusts &
Foundations
£363,072
Businesses
£37,457
Community &
Schools
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£184,438
Donations
£107,404
Gift Aid
£5,481
Interest
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Expenditure
While the charity has invested in recruiting two more (part-time) staff this year to help ensure we achieve our ambitious growth targets, we are focused on keeping our fundraising costs as a proportion of income. raised as low as possible, and under the Board’s agreed target of 10%. The salaries for Rainforest Trust UK staff, and all other marketing and staff-related costs, are entirely funded by money received through Gift Aid and donations from our board of trustees and other committed supporters. Because our core costs are covered in this way, we can guarantee that 100% of every donation to a conservation project or fund (excluding transaction costs) will be used for direct conservation action.
2023 Expenditure
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Fundraising
£1,914,669
Charitable
Activities
£62,083
Governance
& Support
£146,609
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Financial Strategy
Rainforest Trust UK has experienced steady increases in income since it was established in 2016, attracting funds from a range of sources, notably individuals, corporate partners, schools and community organisations. Our financial strategy is to increase the proportion of funds we raise from larger donors, including trusts and foundations, and building new partnerships with businesses that share our values.
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Macaw by Luis Felipe Rios
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We will also continue to provide excellent donor care in order to maintain and grow donations from our existing supporter base, and we are also aiming to attract more regular monthly donors and bequests.
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Our Supporters
Thank you to the many people and organisations who supported our work in 2023. Our success was powered by your kindness and generosity.
We would especially like to thank Mike & Helen Brown, The Bradley Family, The Estate of Patricia Higgins, The EQ Foundation, The Gemma and Chris McGough Charitable Foundation, The Nature Recovery Project and Swire 2765.
We are also grateful to all our corporate donors and Conservation Circle partners, some of whom are shown opposite.
The Rainforest Trust UK Conservation Circle is our programme for corporate partners that make a positive difference to our planet by providing crucial financial support.
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Chairman Level: EnviroBuild One Tribe Global
President Level: Global Returns Project XLN
Director Level: Ecolibrium Eleos Compliance Global Conservation Solutions LiveTime Learning Michael O'Mara Books Nelsons Passenger Clothing Pump Technology Red Savannah Red-Inc Sugarhill Brighton Videndum Production Solutions
Patron Level: Alt Theory Archetype UK Bare Kind Bazoo Limited Bobble Digital Lbox Communications Lyonsleaf Mahogany Nordisk Tea Optimo Opus CNC Priory Direct Save The Student Savoo
The Book Shelf Ltd The FD Consultant The Planet League Trapp'd Trio Media Yellow Moon Tours
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Fundraising Practices
Rainforest Trust UK is registered with the Fundraising Regulator and our fundraising work complies with the Code of Fundraising Practice and the Fundraising Promise in terms of donor care, processing of personal data and processing of donations. All fundraising is carried out by our in-house staff and we do not use any third parties or agencies. Our staff are provided with relevant safeguarding training to ensure they recognise and protect vulnerable people. We have never received any complaints about our fundraising activities since the charity was established in 2016.
Engagement
The charity ran its first donor engagement and communication survey during 2023 to learn about our supporters’ motivations for supporting us and to gather feedback. We are regularly piloting and testing new approaches to fundraising and rely on our supporters’ h onest comments to ensure continuous improvement.
Administrative Details
Registered Charity number 1169111
Principal address
120 Muirkirk Road, Catford, London SE6 1BH
Trustees
C Redston (Chair: Re-elected 2023) A M E Pickles (Secretary: Re-elected 2023) J Brueton J Self (Re-elected 2023) J Baird Dr J Deutsch
Independent Auditor Goldwins Limited 75 Maygrove Road West Hampstead London NW6 2EG
This Annual Report, including the review of the charity’s governance, strategy and finances, was approved by order of the board of trustees on 15th July 2024 and signed on its behalf by:
Chris Redston Chair of the Board of Trustees
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Red Panda by Flickr
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Inclcpendcnt Auditur's Report to thc Trustces of Rainfurest Trust UK Oplnlon We have audited the financial statements of Rainforest Trust UK for the year ended 31 December 2023 which comprise the Statement of Financial Activities. the Balance Sheet, statement of cash flows and notes to the financial statements. including a summary of significant accounting policies. The financial rewrfing framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including Financial Reportin9 Standard 102.. The Financial Reportin9 Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepred Accounting Practice). In our opinion. the financial statements: glve a true and falr vlew of the state of the Charltys affalrs as at 31 December 2023 and of its income and expenditure for the period then ended.. have been properly prepared in accordance with United Kingdom Generalty Accepted Accounting Practice: have been prepared in accordance wlth the requlrements of the Charlties Act 2011. Basls for oplnlon We conducted our audlt In accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standard5 are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the f inancial statement5 in the UK. including the FRC'S Ethical Standard and we have fulfilled our other ethical responsibillties In accordance with these requirements. We belleve that the audlt evidence we have obtained is sufficient and appropriate to provide a basls for our oplnion. Concluslons relatln9 to golng concern In auditlng the financial statements. we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial 5tatementS 15 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 charity's ability to continue as a going concern for a period of at least te1ve months from when the financial statements are authori5ed for i55ue. Our responsibilities and the responsibilities of the directors wtth respett to golng concern are described in the relevant section5 of thi5 report. Other Informaticjn The trustees are responsible for the other information. The other information comprises the information included in the annual report other than the financial 5tatement5 and our auditorf5 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 expre55 any form of assurance conclusion thereon. 18
In connection with our audit of the financial statements our responsibility is to read the other informatlon and, in doing so. consider whether rhe 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 inconsistencie5 or apparent material misstatements, we are required to determine whether there is a material misstatement in the f inancial statements or a material mi55tatement 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 afe required to report that fact. We have nothing to report in thi5 regard. Matters on whlch we are requlred to report by exception In the light of the knowledge and understanding of the Charlty and envlronment obtained in the course of the audit, we have not identified material mlssratements in the Trustees. Annual ReporL We have nothing to report in respect of the following matters In relation to which the Charities Act 2011 requlres us to reporr to you If. in our oplnlon: sufficient accounting records have nor been kept.. the financial statements are not in agreement with the accountlng records and returns-, or we have not obtained all the Information and explanations necessary for the purposes of our audit. Responslbllltles of the trustees As explained more fully in the tru5tees' responsibilitie5 statement, the trustees are responsible for the preparation of the financial statements and f or being satisfied that they give a true and fair wew. and for such internal control as they determine 15 necessary to enable the preparation of financial statements that are free from material misstatement. whether ¢Yue ro fraud or error. In preparing the f inanciol statement5. the trustees are responsible for assessing the Charitys ability to continue as a going concern, disclosing, as applicable. matters related to going concern and using the going concern basis of accounting unles5 the trustees either Intend to liquKlate the Charity or to cease operations. or have no realSstic alternative but to do $0. Our responsibilltles for the audFt of the flnanclal statements Our objective5 are to obtain reasonable assurance ab¢wt whether the financial statements as a whole are free from material misstatement. whether due to fraud or error, and to 155ue an auditor's reF)Ort 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 avayS detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or ir) the aggregate. they could rea50nably be expected to influence the economi declsions of users taken on the basis of these financial statements. Irregularities. including fraud. are instances of non-compliance with laws and regulations. We desi9n procedures in line with our resF)onsibilities, Outlined above. to detect material misstatements in respect of irregularities. including fraud. The extent to which our procedures are capable of detecting irregularities. including f raud are set out below. 19
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance wth law5 and regulations. Ovf procedures included the following- We enquired of management, which included obtaining and reviewing 5UPPOrting aUmentatIon. concerning the chartty5 pollcies and predureS relating to.. Identifying. evaluating. and complying with laws and regulations and whether they were aware of any instance5 of non-compliance,. Detetting and responding to the risks of fraud and whether they have knowledge of any attual. suspected. or alleged fraud.. The internal controls established to mitigate risks related to fraud. We obtained an understanding of the environment that the charity operate5 In. focusing on those la and regulations that had a materlal effect on the f inancial statement5. We reviewed the financial statement disclosures and tested these to supporting documentatlon to assess compliance wlth appllcable accountlng Standard. We performed analytical procedures to Identify any unusual or unexpected relationships that may indicate risks of material mi55tatement due to fraud. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entrie5 and other adjustments. assessed whether the judgements made In making accountin9 estimates are indicative of a potential bia5 and tested Signif icant transaction5 that are unusual or those outslde the normal course of business. A further description of our responsibilities for the audit of the financial statements IS located on the Financial Reporting Councll's website at.. www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditorfs report. This report is made solely to the Charitys trustees. as a body. in accordance with section 144 of the Charities Act 2011 and the regulations made under section 154 of that Act. Our audit work has been undertaken so that we mighr state to the Charify5 trustees those matters we are requlred to State to them in an avditor's report and for no orher purpose. To the fullest extent permitted by law. we do not accept or assume respon51bility to anyone other than the Charity and the Charitys trustees as a body. for our audit work, for this reF)Ort. or for the opinions we have formed. Anthony Epton (Sermor StatutcryAudttor) For and beha of Goldwlns Llmited ststutory Auditor Charteied Accountants 75 May9rove Road West Hamp5tead London NW6 2EG Date.. 28105/2024 20
Statement of financial activities liiicorp()rariiisy an ilKUI)ie aiKI cxpci)diiurc accounrl For rhc vcar end( 31 Decenibcr ?0?3 21Yf2 Total FU15 FurKIs Fur#ts Totsl FurKIs Income fro Donations & legacies Investments 291,840 1.901,336 2,193.176 1.291,522 Expendlture . Fundralsing Charitable activitie5'. Rainforest Trust USA Governance & Supporr 144.690 144.690 97,876 1,914.669 1,914.669 1,188.225 31633 64 002 Net Incon*/lexperKlitU) for the ye Net movement in funds 24939) (24.939) 88.629 (13,333) 75,296 Transfers ben funds Total funds brought forward 103.448 206,085 309,533 334,472 All of the ats results are clerived from continuing activities. There Vre no other recognised gaSns or losses other than those stated alx)v4 attached te5 form part of these financlal statements. Balancc Shcct As at 31 Dcccnibcr 2023 31.967 283 266 315,233 Debtors Cash at bank and in hand Liabilities Creditors.. amounts fallirKJ due within o year 391,304 10 (6,475) (5,700) Net current assets Total net assets 384829 309533 309533 Funds Restricted funds Unrestricted funds Tctal fund5 . 11 192,752 192,077 206.085 103,488 21
Statement uf cash flows For ihc s'cai. cndcd 31 Dcccnibcr 2023 Cash flo+ from operating activiti Change in cash cash equivalents in the year Cash and cash equivalents at t innin ear Cash & cash equivalents at the erKI of the 108.038 (56.906) 283,266 340.172 283.266 a) Reconclliation of net Inccme / (exper)diture) to net cash flthv from operatlrKJ activlties Net / (&perKliture) for tf* reporting peri¢xl (as per the ststement of financial activities) (24,939> Decrease / (Increase) Sn debtors Increase / Idecrease) In creditors Net cash provided ty / (used In) Operati activities 31,967 (31,967) b) Analysls of cash & cash e(wfvalents Other At 31 CEc'ber changes 2023 January 2023 Cash at bank & In hand 283 266 Nvtcs tu thc financial statcmcnts For thc ycar ClKlcd 31 Dcccnil)cr 20?3 £counting pollcles Basis of pparation The financial statements have been prepared in accordance with Accounting and reporting Charities.. Statement of RecommerKled Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and republic of Ireland (FRS 102- effective 1 January 2015)- (Charities SORP FRS 102). The charSty meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless stated in the relevant accounting policy or note. b) Going concem The trustees consider that there are r)0 material uncertainties about the charity's ability to continue as a going concern. Sources of estimation untrrtainty The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period. 22
Incorne Income is recognised when the charity has entitlement to funds, any perFormance conditions attached to the income have been met, it is probably that the income will be received and that the amount can be measured reliably. Interest receivable Interest on funds held on deposit is irlded when receivable and the amount can be measured reliably by the charity. this is normally upon notification of the InteSt paSd or payable by the bank. Fund accounting Unrestricted funds are available to spend on artivities that further any of the purposes of the 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 donation which the donor ha5 specif led are to be solely used for particular areas of the charity's work or for specif ic projects being undertaken by the charity. Expenditure Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party. It is probably that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings.. Fundraising activities.. costs of generating funds Incurred by the charity in Inducing third parties to make voluntary contributi¢)ns to it, as well as the cost of any activities with a fundraising purpose. Charitable activities.. the vast majority of this expenditure line is in the allocation of funds to consetvation projects via Rainforest Trust U.S.A, but it includes a small level of govemance and support costs for the running of the UK charity. h) Allocation of SUPFMYt Costs Support costs are those functions that assist the %w)rk of the charity but do not directly undertake charitable activities. Support cost5 include back office costs. finance. personnel. payroll and governance costs %thich support the charitable activities. These costs have been allocated between the cost of generating funds and expenditure on charitable activitles. Cash at bar* and in hand Cash at bank and in hand includes cash arLI short term highly liquid investments with a short maturity of three months or less from the date of acquisition or openin9 of the dewsit or similar account. Creditors and provisions Creditors and provisions are recognised where the charity has a present obligation resulting from 3 past event that will probably result in the transfer of funds to a third part 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. k) Pensions The charity contributes into the pension of its employees. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension costs charge represents contributions payable under the scheme by the charity to the fund. The charity has no liability under the scheme other than for the payment of those contributions. 23
NL)tcs to the financial statements For tlic ycar ciidcd 31 Dcccnjbcr ?0?3 2. Detailed comparatives for the statement of financial activities 2022 2022 Unrestricted Unrestricted FurKIs Funds 2022 Total Funds Income from: Donations & Gift Aid Investments Total income 154,166 1,137,356 1,291,522 155439 1137356 1292 795 Expenditure on: Fundraising Charitable activities.. Rainforest Trust USA Governance & Support Total expenditure 97,876 97.876 1,188,225 1,188,225 129509 1188 225 1317734 Net incorre/(ex rKliture) for the Net mcvement in funds ar (50 869) (24.939) (50 869) (24939) Transfers between funds Net movement in funds 25,930 (50,869) (24,939) Total funds brou ht forward Total funds carried forward 256954 206 085 334 472 309533 103448 3. Income from donatlons and legacles 2022 Total Funds Funds FurKIs Total Funds Donations Gift Aid 184,438 107402 1.901,336 2,085,774 1,144,573 107402 140949 2193176 1291522 1901336 4. Income from Investments Unrestricted Restricted Funds Funds 2023 Total Funds 2022 Total Funds Bank interest 5.481 5.481 1.273 24
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Analysis of expenditure Fundraising Charitable Govemance activities & support 2023 Total 2D Total Staff costs (see note 8) Fundraising costs Grants to institutions.. Rainforest Trust U.S.A. Management & administration.. Postage & stationery Transaction charges IT costs Telephone Travel Legal & professional fees Audit fees Sundries 140.210 4.480 39.107 179.317 4,480 110.227 1.794 1.914,669 1,914.669 1,188,225 2,164 547 2,102 135 3.900 8,159 5,700 2.164 547 2.102 135 3.900 8,159 5,700 586 2,614 928 5,700 144 690 1914669 64002 2123 301 1317734 rt costs Of the total expenditure, £208,692 was unrestricted (2022.. £129,509) and C1,914,669 was restricted (2022- £1,188,225). Anatysis of prlor year. Fundraising Charftabl activities rnanc & support Total Staff costs (see note 8) Fundraising costs Grants to institutions-. Rainforest Trust U.SA Management & administration.. Postage & stationery Transaction charges IT costs Accountancy Audit fees Sundries 96,082 1,794 20,145 116,227 1.794 1.188,225 1.188,225 586 2,614 928 586 2,614 928 5,700 5.700 1188 225 31633 1317734 ort costs Total ex rKliture 2022 1188225 31633 1317734 25
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Net income / (expeThJiture) for the year 2023 2022 This is stated after charging / (creditin9)= Audit fees net of VAT
- Ana1$ of staff costs, trustee remuneration and expenses, and the cost of key management personnel 202 Salaries & wages Social security costs Other nsion costs T**1 staff costs 162,987 11,876 4.454 93 106.126 6,195 11622 One employee earned over £60.000 during the Par (2022.. Nil) The total employee benef its including pension contributions and employer's national insurance of the key management personnel were £72,194. The charity trustees Ere not paid and did not receive other benef its from employment with the charity during the year (2022: nil). In 2022. no trustees were reimbursed for expenses (2022.. nil). No charity trustee reiVed payment for professional or other services supplied to the charity (2022.. nil). Staff numbers The average number of employees (ead count based on number of staff employed) durSng the year was as foll 2023 2022 Fundraising Managers Fundraising Officers Governance & su ort
- Taxation The charity is exempt from income tax as all its income is charitable and is applied for charitable purposes.
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Debtors 2022 Accrued income 31,967 26
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Cd[tOrS.. amount falling due Ythin ¢)ne year 2023 20 Accruals Other creditors 5.700 775 5.700
- Analysls of net assets bets%een fuThJs- currert year Totsl funds Unrestritted Funds FurKIs Net current assets 192 077 192752 384 829 Anal sis of net assets beleen funds - rior ar Unrestricted Restricted Funds Funds Totsl funds Net current assets Net assets at the end of the 103.448 103.448 206 085 206.085 309533 309.533 ar
- Movement in funds- current ar start of sOurceS year & gains & Irfjses of the year Restricte(J funds.. Rainforest Trust U.S.A. Total restricted funds 206,085 1,901.336 206,085 1,901.336 (1.914,669 (1,914,669 192,752 192,752 Total unrestricted funds 103.448 297.321 (208.692) 192,077 Movements in f unds - rior ar At the ncoming Outgoing Transfers At the e start of resources resour of the year year &gains & losses Restricted funds.. Rainforest Trust U.S.A Total restricted funds 256.954 256.954 1.137.356 (1.188,225) 1.137.356 (1.188.225) 206.085 206.085 Total unrestricted funds 77,518 155,439 (129,509) 103,448 Total funds 334 472 1292 795 (1.317.734) 309533
- Related party transactions During the year, the charity received a donation of £10.000 (2022.. £1,080) from one of the trustees. 27