RAINFOREST
TRUST.
Annual Report and .
Financial Statements
- 2023
>J
## 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
- Tropical forests are biodiversity hotspots, providing a home to half of the world’s species.
- 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.
- 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:
protected over **45 million acres** across the globe.
locked up **7.5 billion metric tons** of CO₂ equivalents.
provided a safe haven for **2,776** Critically Endangered, Endangered and Vulnerable species.
supported **51 Indigenous and local communities** to gain or expand **legal rights** to their traditional lands and/or resources.
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.
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:
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.
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.
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.
**1,494,676 acres** protected with an additional 3,953,739 acres in progress.
**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!
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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.
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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.**
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.
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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
5. 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
6. Net income / (expeThJiture) for the year
2023
2022
This is stated after charging / (creditin9)=
Audit fees net of VAT
7. 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
8. Taxation
The charity is exempt from income tax as all its income is charitable and is applied for
charitable purposes.
9. Debtors
2022
Accrued income
31,967
26
10. Cd[tOrS.. amount falling due Ythin ¢)ne year
2023
20
Accruals
Other creditors
5.700
775
5.700
11. 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
12. 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
13. Related party transactions
During the year, the charity received a donation of £10.000 (2022.. £1,080) from one of the
trustees.
27