Company number: 10719031 Charity number: 1174975 South Downs National Park Trust Report and Financial Statements For the year ending 31 March 2024 South Downs Natlonal Park Trust Contents For the year endlng 31 March 2024 Page l. Reference and admlnlstrative detalls 2. Report ofthe Trustees 3. Independent Audltorfs Report li 4. Slatement of Flnanclal Artivltles 14 5. Balance Sheet 15 6. Statement of Cash Flow 16 7. Notes to the FlTrandal Ststements 17 South tknwns Natlonal Park Trust Reference and admlni5tratlve details For the year endin8 31 March 2024 This repori has been drawn up In accordance with the requirements of the CharitTres Act 2011 ènd the A¢¢ouTrtlng and Reportln8 by Charilies.. Statement ofRecommended Pract1￿ applicable to charities preparln8 thelr aetovnts in accordance with the Finandal Reportingstandard applicable In the UK and Republlc of l¥eland IFR51021 (published O¢tober 20191. Company number "I071￿31 IEngland & Walesl Charlty number . 1174975 IEnBland & Wales) G¢vemln8 Document Memorandum and Artides Intorporated 10 Aprll 2017 Reglstered ollke South Downs Centre. Norih StreeL Midhufst, West Sussex. GU29 9DH Trustèes TnJsiees who ère also directofs under company law who served during the year and up to the date of ihFs report were as follows.. Dean Orgill (Chairl Chris Knell ITreasurerl Greg Mahon Iresi8ned 13 October 20231 Dan Montagnanl Iirice Chairl Josephine Carr Vance Russell Toni Shaw Janet Ounrton Richard Waring Paul Coffey Ana Mundim Robert Robson rimothy Burl Iresi8ned 19 May 20231 Iresigned 30 September 2023} lappolnted l December 20231 (appointed l OecembEr 20231 (appointed l December 20231 lappolnted 24 May 20241 Cornparbv Secretary Richard Sandrford Senlor staff James Winkworth, Head of ChaTity Sophre Ritson. Fundraislng Developmenl Manager Bankers Uoyds TSB Bank PLC City of11￿, PO Box 72. Bailey Drive, Gillingham Busit)es% Part Kent. ME8 OLS. Audltor= Galloways Accountin8 (Avditl Limited The Old Casino, 28 Fourth Avenue Hove, East Svssex. BN3 2PJ. Inveslment Athilsors: Quilter(hevloi Senator House. 85 Queen Victoria Street, Lon(lon, EC4V 4AB South Downs Natlonal PdrkTrust 2 Report of the Trustees For the year ended 31 March 2024 TheTru5tees, who are also the dIrert￿$ forthÈ purposes of company law* present thelr Annual Report and accounts for theyear end1￿9 31 Marth 2024. The accounts have been prepared in accordan￿ wlth accountlng pollcies set out In notes to the accounts and"tompty wlth the tharltrfsBovernin8 documènL the Charltles Act 2011 and Accountin8 and Reportlng by (haritles: Statement of recommpnded Pratilce appll¢ablèto charftles preparin8 thelr 3ccounts In accordance i¥lth the Financial Report1￿ Standard applkable In the UKand Republ1¢ of Ireland IFRS 1021 published In October 2019. The reference and adff#nlstratfvÈ Inforinallon set out in the previous 5ettlon forms part of thls report. The financial statern￿ts comply wlth C￿￿ent statutory requlremenls. Ihe TTu5Vs Memorandum and Artldes of A5soclailon and the Statern￿t of Recommended Pr¥ctlo- Accoul￿nE and Reportlng by Charities Icharltles. SORP FRS 1021. The Trustees have referred to thecharity Commisslon's general guldance on publlcbeoellt when revlewlng the Trust's alms and obiecti¥e5. and kn *.nnlng itsluture attNlties. Chalrfs Report l am pleased to report on another fantasthc year for the South Downs Natlonal ParkTrust. Flfstly, I would Ilke to extend my deepest gratltude to our dedicaied stsff, volunteers, and supporters. Your hard work and commltmeftt have been the comerstone of our success thls year. Over the past 12 months we have suecessfully consolldated the si8nlflcant grovAh athkved lastyear while Implementingthe necessary changes due to our new status as a ￿arge tharlty." In IlnevAth tNs. we made several key appointrnents to our Trustee board, In¢ludlng the appolntment of Dan Montagnanl as Chalr aDd fouT new T¥ustees. These new member5 brlng valuable Èxpertise In audiL diwal marketifi& tharlty governance, and 5UStalnablllty, further strengthenlngour leadership team. Our fundralslngefforts conllnue toTrleld wisIt￿e resutts. A new substsntlve lottery appll¢atlon Is nèaTln8 compleilon, and we have seen a si8nifLtant Increase ID unrestrlcted Income. This Increase allows us to Cgnsider strategic Investments In our futufe developmenL These ellorts have enabled substaniial investment5 in our prloTlties, wlth over £lm all¢xated to support landowner5, partners. and the South Downs National Park Authority In achlevin8 our conservatlon and ujmmunity 8oais. We sutcessfully completed our flrst large projed. Hampshire Hedgerows. inillated In 2021, surpassln8 our targets by supportlng over 20km hedgerow restoration withln the Wlnchester and Selbourrte Farm austers. Our s18nillcant OVCA prolect is also off to a faTh￿SE1C siar¢ faulltating and supporting a wealth of communlty workwlthln the Ouse. As wè move Into the new finandal year. our focus shifts to bulldin8on the suc￿se$ ofihe pastyear bv investin8 in future growth in our fundralsln8 efforts and ￿haftdr￿ our Impact in the cornlDEvear. Thank you once agaln io everyonewho has contrlbuted to our success. Together, we look forward to another year of growth, ImpacL and ¢onservatsi)n. Charltable Oblectlves To promote forthe benèllt of the publlc the Consuvation. protedlon. and lrnprovement of the physlcal, natural, and cultural envlronment prlmarilywithin the South Downs National Park and surrounding area5 and wlthln such Oth￿ National p¥ks as theTrustees mayfrom timeto tlme determlne In particular but not exdusively by= l. Carrwng out worktolmprove the laThlsope. environment and bullt herit4e. 2. Recordlng IDeal tradltions and custoThts. supportin8 troditlonal skills, and promotlng all arts Inspired bv the South Downs. and 3. Supportlng communliv groups and facillties whkh help acbleve these alms. South Downs Natlonal Park Trust A secondary alm Is to advance the educatlon of the publlo In parthcular the sustainabllity. conservatlon, proièttton and enhan￿rn￿nt of the physkal. natural and cultural envirffirna)t ofthe sO￿h Downs Natlonal Park. strateg1¢ Report I vèments and rformance Hi8hllghts of our *hievements and perfomuno are wlalned In relatSon to ourstrate8k 8031s. OblectEve I,. Phllanthropy-The South Downs Natlonal ParkTnbsÈ wlll d￿MpIon phllanthropyforth• South t)Dwns Natlonal Park and kKrease resour￿9 Invested th11. Over 2023124 we malntalned thè st8nlflcant8rowth securèd lastyear ralslng £1,733.640 from all sour￿. aBalnst a target of £I,6¢X).c￿. Thls Indudes a glft in klnd eontributlon from the South Downs Nailonal Park Authorfty to support our cole costs. The FundTalslngTeam contlnue to provide a fantasti¢ return on Investment. with a drca £8 to £1 ROI on those re50ur¢es Invested in"Ralsln8 Fund¢. Durlng the year we ran our second fundraislng auction at Arundel Cast5é. Alongslde ralslng £80.C(o. the Èvent helped expand and diverslfy the membershlp of our development board. During the year over Elm was provlded in 8rant support Includlr6£736A37 for strate8lc Natlonal Park Authorlty Proje¢t> Oblettlve 2: PartnÈrshlp- Thè South Downs Natlonal ParkTrnst wlll work wlth partnersto develop• lrtltlate and 5UPPOrt projectsihat delfverthe South Dwns Natlonal Palk Partnershlp Management Plan12014.19 and 2019-241. In prevlous years. our hl8hlights can bedbAded Into our key thematic pillars. ConseNatlon and Herltage Beellrtes: Thls year. we supported nearty 20 hectares of habltat restoratton, Including the contonued enhancement of our fla8shlp 15ha project at Penn Hill. Downs to thè Sea.. Durlng the development phase, we conducted varfous envSronmental and communlty engagement Inltiatfves, indudln8 RSPB surveys. water level gauge Installatlons, pond restoration plannln& and ecologtcal assessments. We also delivered health and wellbelng sesslons, mapped prloilty areas for educatlonal enga8ement. and ¢ollaboTated wlth diverse stakeholders 10 develop an Evaluatlon Framework and Theory ofChan8e. As thi5 phase condudes. wè are preparln8 to submlt our full dellvery bld before the end of May fftnancial year. Hampshlre Hedgerows.. In 2024. we completed Hampshire Hedgerows prolert wlth thè thlrd and fbnal year of plantlng. Thls resulied In 23.898 meter5 of hed8erows planted, 187 people tralned In hedge layln& and 42.709 trees planted. Pounds for Pobxls.. Of ihe ten projèds supported last year, eFght havè been compleied, wlth two cu¥rently In development. Reports Indlcate the afrival of dragonflies, swall¢)ws. and butteinies In these new habltats. Addltionally. threè more ponds were restored thls year wlth supportfrom Portsmouth Water, at siies Induding Goodwood and stsple Ash Fam). ReNature Campal8n.' An additional E93k was allotsted to create 495 heciares of new havens for butteiflles and barn owls, esiabllsh nv4Ywetlands, and protect the thre31¢nedJunlpers, thefeby Impiowng 495 hectsres of habitat. Rlver Work.. In response to the 8rowlnÉ need to support the clean-up of our rlvers, the Trust suppoited a survey of the Rlver Lavant thls year. Th15 comprehensive assessmertt alms to Identlfy potentlal and prlorlty proletts to Improve the river's blodiverslty. Additlonally. èlongslde other partners, the Trust ¢¢Trfunded a Project Coordlnator to lead Initiatlves stemmln8 from the Rlver Rother summlt, whith Seeks to develop a multl-faceted corkser¥atlon approath tothis Important rlver catchment. Trees for the Downs: In 2023n4. we planted I1.c￿ trees, bdn8ing us two-thlrds oftheway towards ourtarBet. Thls effort Included the dlstrlbutlon of over 3CrfJ disease4eslstsnt elms to willl landowners across the National Park. South Downs Natlonal Park Trust Educatlon and R•ueatlon Apprefitkes: Our Woodland Apprent1￿ Pro8ramme continues to thflve. with our apprentl completln8 her second ￿aCement year. Her actfvltles have ￿duded plantln& wlldlife Surveys, and habitst management. London Resldentlal.. Unfortunatety..we had to dday this veals trlp due to urgènt capital works at the planned accommodation. However. the trlp was restheduled for June, when partldpants enjoyed better weather. OutdoorTravel Grant'.This year, 3.984 chlldren ba)effted from a 8fant to help them"access outdoor learnln8 In the South Downs Natlonal Park. We also developed a partnership wlth Natlonal Expre5$ Transport Solutlons to provlde school transport at a slgnificantly reduced rate durSn85thool hours, whlch should allow our 8r*tsto re8th even more thldren next y.ear. Youth Voluntter1￿ Throu8h the Youth Action Fund. we supported 116 youn8 people aged 12.25 In varlous volunteer a¢tlvitles. Health and WellbelnB Trav•1 Grant.. We suc(es5fully tsunched our new Health and Wellbelngfravel Grantwhlch. alongside support Iroffl our CommurthtyTran5Wt partners. wlll help people In extreme isolation acce55 the South Downs National Pa￿. Walklngand Cydlng Route5 Centurlon Way.. This year, the Trust secured fundingfor thè development of a ramp at West Dean. Thls ramp complements the exlstlng steps. makin8 the area attessible to all and Improylng usabllity for cydists. Addltlonallyi Trust lundlngenabled the hjrther development of the rovte throu8h Sln8leton Statian to West Dean Tunnel. expanslon means the route wlll now be open all the way from Chichester to uttlewood Farm. thanrtonbury Rln8: We secured a sl8nlflcant glft froTn the BMC, which wlll fund ihe refurblshment of the South Downs Way approach at Washln8ton. Thlsheovlty rutted section wlll be reprofiled to ensure continued enloyThent by walkers. c¥dlsts, and horse rlders. South Downs Way.. Fundlngwas pr?￿ded tg SUPPOrt the general maInt￿ance ofthe route, Includlng the replacement of gates. flngerposts, and mlnor resurfacing. Help for cornmunltlesthatore lor th•* Njtlonal Pa Sustalnable Communlties and Volunteer Conservation Fund= In 2023124. we supported four new communlty-led projects across the National Park andlts 5urroundin8 areas, allocatln81ust over £44,000. Addillonally, we supported four projetts through the Boltinl utter Fund, alding Iltter-plcklng groups In MldhuTSt and Trotton, and allocated £4554 to support volunteerln8throu8h the Volunteer Conservatlon Fund. Ousè Valley Cllmate Actkln Iwevl¢MtslyOuse Valeycaresl.. Our L0tte￿fUnded project has had a great slarl. wlth efforts Includi￿transf0Miln8 610,O)O hectares Into nature haveris. tree plantlng, blodiverslty restoratlon. and promoling sustalnablÈ Practi￿5. Key inltlatives Involve extenslve community engagement. Infrastfudure development, and collaboratlon wlth local group5, farmers, and bUsInes￿ to iedu¢e carbon emt551ons and support nature. Ouse Valley Climate Actlon also continued our'communlty Pitch. Inillatfve, whlth supported S projectswlth w £31.￿￿. helplnB communities kn(kstart inltlatives almed at Mlti8a￿ng dlmate change. Obledlve 3: Impa¢t-The South Oowns Natk>nal ParkTrust wlll seekto better understsnd and communl¢ate ¢h• effertlvene5s of Its worK wlth practlol and proportlonal measures, allowln8 Itto Increase funds ralsed and the effectlveness wlth whkhthèy are 5penL Thls year. to better understand and ¢ommunlcate our worl we have: Impad Video and Websfte: The impatt ¥ldeo and website developed last year were launthed at the be8lnnlng of 2023. AIoTwide maps of current initlatives. the website includes a 'Recenl Grants" settion, featurlng case studies 01recent￿ funded projects. Ar¢ GIS Suryey: Our Arc GIS Survey ¢ontlnues to be effectNety deployed for newly supported Beelin¢s South Downs Natl¢)nal Park Trust and Trees for thè Downs ￿￿eCts. with past prolects now uKdoadkn8 monlttiriftg informatlon. We plan to roll this Out for pou￿1$ for Ponds and ReNature 8rants In the comlng year-and contlnue to work vAth the GIS team to optimise thlssysiem, and make the most of the mapplng and data outputs. Medla CoveraKè: Overthe past year, we secured $18nllkant media coverage. Forworld Bee Day. our Beellnes releaseB?rnered over 21XI medla hits aLYOSS ihe UK. Indudlng B8C Radio 2. B8CSouth Eas¢ Even5ng Standard. Express, IndeperidenL and even Thè Sun. Injvne. we launthed ihe Pounds for Ponds Inltlative wlth a hl8h-profile press releasethat was wldely picked up acr055 the UK. The story appeared In The fimes. DallyTde8raph Ilndudlng thelr Edltorfs Comment section), I newspaper, Dalty Exwess, MSN. Yahoo, and re810￿1 oudets In yOT￿hlre, Jetsey. MonmouthShl￿ Portsmouih. and Brl8hton. In total. Ihe Inltlativè recelved 218 medla hlts ￿05$ the UK and covera8e on Wave 105, V2 Sussex ftadlo, and Petersfield Shlne Radlo. ObJe¢ifve 4: Flnandal sustalnabllRy-The $￿th Downs fiathnal ParkTrustwMI alm to athlevefinandal Sustalnabllity. Support from South Downs National ParkAuthorlty.' The South Downs Natlonal Park Authoiity Contlnues to support the Trust's tore costs untll 2026. Whlle we believe thls Is the optlmal model flir the South Downs Natlonal ParK as ouroveTheads are underwritten In exchange for a return on Investrnent through funded projects. we are also pursulngthe capadty for potential self-sufficlency. Growth In Unrestrlrted Intome: Unrestricted income giew by over 79% to £406k (Includl￿d the 81ft 1n.klnd from the south Downs National Park Atsthmi. Whlle thls repre5enls a slgnlficant success. It stlll flurtuates wlthin anyBlven year. Therefore. thè Tnjst Is focused on u51n8 Its ojrrent resources to secure a more rellable ufftre5tikted Income stream, whkh would proyldegreaterstablllty In the went of Teduced support from SDNPA and enabte further Investment. Explorlng Core Cost F￿ndIn8. In Ilnewth this. the Trnst ¢onUnue5 to explore addTrllonal opportunltles for core tost funding that do not Impede our Impart. Thls Indudes a wlder focus on full cost recovery le.8., Incluslon In large blds suth as Downs to ihÈ Seal. encoura8lnB donors to glve unrestrl¢ted funds, and ¢onslderln8Strateglcinvestments Sn fundralsln8 for tsnrestrirted Income during the upcomln8 5trate8lc period. Enhanced Budgetlng and Mnanclng Proces3=Thls year, we Introdutsd a more extenslve budgeting and finandn8 Pfoce$5 to better monltor our funds and provide Trustees wlth Improved Informatlon for declslon-m#kin8. We plan to fvrthersupport thi% process over the next year throu8h Increased esour¢es. ObJectlvo 5: GOVern￿-The South Oowns Natlonal PartTrust wljl havé exemplar8overnantè prO￿dur*S and pracllce& Trustee Recrultment and Skllls E￿h3￿(eMent.' Followlng our 2022 Skllls AudtL we recrulted three new Trustees, each bringlnevaluable expertLse In tharity adminlstration and regulatlon, dtgltal marketin& and sustalnablllty. Addrtlonally. we welcomed a new appolntee from the Natlonal Park Authority, who brings $18nlficant audlt experience-an asset a5 theTrust contonues to evolve. Governano Improvements.. In line wlth ovr Governan￿ Review. we appolnted a new Vlre Chalr and introduced procedures to enhance dedston-mak1r￿ processes, atcountabllity. and transparency. These changes are aimed at stren8thenln8 our goVerTran￿ framework and ensurlng more effertive operation5. Rlsk Managemènt and Pollcy Revlew: We cOndU¢￿d a comprehen5rve review of the rlsk re81ster and the policles supportlng the Trust'5 work. A series of update5 are scheduled for the comln8 yearto address any identlfled gap5 and to further align our polioes wlth best practkes. nantlal Revl Resèrves The South Downs National Park Trusvs operatin8 Costs are funded by the South Downs Natlonal Park Authorlty untll 2026. These costs Include all staff and supportlng costs. Currentty, the South Downs Natlonal Park Trust Is only commlttlnB to projects once it has secured all the fundln8 to do so. Thts means ihat Trust Is therefore not exposed to any long-teim Ilabilitles. s(￿rth Downs Natlonal Park Trust TheTrustees havè examlned the Trusvs rÈqulrements for reser¥e5 In light of the main r15k5 to theor8anlsatlon namely that the National parkAuthorlty wlthdraws support. vthllst thls Is not antlcipated, It Is Important to malntaln 5ufflclent reserves. whlch would allow the organlsatlon tosupport itself WhI￿ttt dwlops self- sustalnln8 fundln8. In thls scenario, funds would be requlred to paystsff as well as fvnd acthvltiesto geTherate Income to provlde l¢)ngterm sllstalnablllty. TTUStees havetherefore held a reserye of £90.(￿. These reseThes need to be avallable by February 2026. Up untll thls perfod Trustees are proposin8 to Investthese funds. In orderthat th.ese assets are mana8ed In the tjest interests of theTn￿t and lts ber￿darl¢s. Th15 poll¢y wlll be revlewed at theAnnul Trustee strategy meetlngea¢hyear. The Treasurer wlll present the Trustee Board wlth a draft ¢Jocument and supporting materfals that enables them to make an Informed declslon atSOUt levels of resefves and feeds into thesr approval of the Strategy Document. They will also bp revlewed at any board medlng whlth conslders ihe future fundiTh8 arrangements of the South Downs Natlonal Park Authorlty and the South Dowrts National ParkTTUSt to ensure that anythan8e5 In the TiusV5 core grant can be Incorporated Into thls pollcy. At Marth 312024 we hdd unrestricted fvnds of £534.4761Th large part due to the generosity of our supporter5 Of these funds. tTUStees have desl8nated £176,967 to help deliver named pfolect5. whllst the yast majorlty of whlch are due to be Spent over the next finandal year, some piole¢ts lake longer to deliver, meanln8that some funds are Inevltably held longer. Thls ts In partduetothe Ilmi*d seasonallty of Some conswvatlon work. Our restflcted fvnds stood at £1.$42,739. agaln all to be used for named charltable proJe¢ts durln8th15 tomlng vèaT. Trustees contlnued to pursue an ambltious buslnes5 plan Intended to not Mly malntsln our current hlgh level of tharltable work but to Increase kt sl8niflcantty. Investment Poltcy The Stsuth Downs Natlonal ParkTrust ISDNPTI ouubnes its current knve5tment policy. allgnlngwith Charlty Commlsslon recornmendatlons and subject to annual board revlew. The Board of Trustees holds wlde powers for Investmerti declsions. whlle the Investment Comrnittee oversee5 policy adherence, POTtfollo performance, and mana8er appointments. The Investment oblectlve ts conseTvatNe. diversifyin8 across asset classes wlth a preference for ethkal conslderatlons.TheTrust alms for a r*e exceeding the consumer PTlce Index + 4% annually. pri0rltlzlngln￿rne generation while acknO￿ed￿ftg the need for octaslonal capltal dlstributlon. Investment performance Is regularly revkwed against benchmarks. and mana8ers are sublert to revlew every three years, wlth quarterty reports and annual meetkngs expected. The Investment portfollo encountered an Impro¥lng market emiironment In 2023124 and has Inue3sed In value. Notabty, this portfolio adhères to a strategy exdudlng extractfvelndustrles. allgnln8wlth prlnciples of sustalnablllty and re5ponslble investlng. Whlle the detyslon to exdude these sertors contributes to ethlcal consideratlons, It also introduce5 a level of volatllity that can Impartthe portfolio's short-term performance. It's crucial to ackrtowledge that marketfluctuatlons, geopolitlcal events. and econom￿ uncertair)tlès all play a role In investment outcomes. IAore detalls are provlded In Notè 7.7 Investments. Prlndpal R15ks The Trust continues to develop115 frameworkfor rlsk management. Rlsk management is focused on Identifylng Sl8nifieant r15ks, whlch are Inherent within theTrusts' activltiès. struC￿re and fvnding: and mltigating the potenti81 Impact of thesè risk5 through the t￿sts operaling and investment programme. management actions and cimventlonal rlsk management such as InSuran￿.The Head of Charity and the Company Secretary regularly revlew a fvll risk rÈ8lSter. This bsthen discussed by the Board on an annual basls. The princlpal flnanclal operatlon rlsks. whlch aye Inherent In theTrusts' xlfvities, Structure and fvndln& relate to the Impact of.. l. Not fhndlng su5talnable corefundin8beyond 2026. when the aBreement wlth the SDNPA to underwrite thls ends. 2. Trust investments suffer critical losses. South Downs Natlonal Park Trust Fallure to keep up to date and comptywlth natlon31 govemance requlremertts In relation to companles and chaisties result In Tnbsi dedslon51artlons belnB challen8ed or actlon taken agalnst the Trust. Trusi fails to ralsesufficlent funds todeffver Its oblectlves. 5. Trust assets become a liability and Impact upon trust delivering its obje¢tlve5. 6. Rellance on key stsff uèaies a.key person" rlsk. Th¢se are mltl8ated through the desikn and Implernentatlon of theTrusts wort Indud1￿. l. Trustees meet wilh Park Authorlty Members reBularty- The Trust seeks to proylde an excellent reium. In terms of project fundin& for the Park Auihoritles In*￿StMent. Annual updates are gfven to Ih15 effect to the Park Authority meetln8. Furthermore, healihy reserve5 are held to provlde the Tcust wlth a buffer should support be vjlthdrawn and priorlty 55 placed on gen￿atIng sufflclent vnrestrlcted funds to support core costs. The Investrnent Mana8er Is selected ihrough a cornpeiitlve process and works wlth a clear brlef and a 5tron8 Investmeni poIIcy 8uided by the treasurer olthe Trust. Re8ular monitorlng of pèrformance 15 revlewed twlee annually by the Investment Committe 3. The Trust respond5 to all changes In le8lslatlorh and 8UIdan￿ Issued by the Charity Commlsslon, seekln8 legal advice avallablewhere necessary. Trustees monitor Itmlustry best prartlse through organlsatlons Ilke the Institute of Fundfa151rt& Fundra151n8 Regulat¢y and l(S Fundiaishng Is based on an appfoved and researthed fundials1n8lbus1n￿ plan. Medlum to longterm unre5trfrted sources of intome is established. A strong development board Is In plate to supprAt fundralsln8 actlvlMes. Investment opportunitles are carefvliy rlsk assessed and managed acCordI￿t0 a rlsk management, plan. Approprlate Insurances put In place,. legal advice sou8ht prlorto acqubsltlon of assets. 6. Seek to Invest in ihe or8an15aUon to broaden the knowledge and understsndlng ofthe South Downs Trust so that no member of staff Is Indlspensable. Future Han5 In 2024125 we wlll contlnve tO8row ourfinanaal support of projects that help dellver the South Down5 Partnershlps Mana8ement Plan. partltular1yfocusl￿d on a successful dellvery bid for Downs to the Sea. Renew our thretryear ¢VganIsatk￿al strategy and fvndraislng plan. fo￿51n8 on howwe address our crltical man rlsk and seek to Invest susiainably for the future. Bulld on the Arundel lundralsln8 event. expandlng our rbetwork and development board membershlp. Improve and standardi5e our impart reportin8 by explorln8 OPPOftunitles to Increase resource for this area. Contlnue to expand and 8rowour broad ra8lng and Impactful grant funds. Contlnue our legacy promotion through new leaflet arml content and press uslng current legators to promote. Grant MaklnB Strat One of the ways in whlth the Trust aims to achleve its objeclives Is through rnakI￿ grants to grassroots or8anlsations who are delNerln8 the Trusvs alm and objectives. Pcolects rnitst fall withln our ¢harltablÈ objects and must comply with the relevantststutesand regulatlons that are appllcable to Charitles In the UK. TheTru5t's Grant Strategy focu5es on enhandn8 and proteeting the Souih Downs throu8h a flexible. proportionate approach. A copy of thls strategy can be obtained from the company5e¢retary. The Trusi also has procedure5 in pla￿ to monltor8rants made to ensure that they are spent In Ilne wlth the condltlon5 and oblects of the TrusL Trustee Recrultment andTralnln8 Members elected to serve on the board of trustees have a dual role as a trustee of theTrust and as a dlrector of the company. There can be no fewer than 3 and no more than sixteen ttustees. Up to 33%of the board can be appolnted by the South Downs Natlonal Park Authority. The remainingTru5tees are appolnted by the board of trustees and serve for an Inltial term of three years and a m3￿Mum. rfreappoinied, of 9 years. South Downs National ParkTrust The trustee. selertion and indurtlon process Is 8ulded by the Charlty Commkslon. Trustees, role de￿rIptIOns, polldes and procedures arè WodU￿d as rele¥ant to the roles. TheTrustee Appolntments Committee oversees the recrultment process forTfustees and the Inductlon process Is led by the Company Seuetary in consultation wlth the Chair of the Board. Durln8 the year. as described, we wekomed four rtewrrustees line with ourskllts audli. brln8ing In new S￿lS In audl.L digltal marketin& tharlty and sustalnabllity. Structure. Go¥em*e and Mwagen*rt The South Downs National Park Trust was e5tabllshed by the South Down5 Natlonal Park Authorlty. The South Downs Natlonal Park Authorlty is a fourxliThddonor and ha5 ¢ommttied to supportlng theTrust vla a formal Management agreemeni. The or8anlsatlon Is a charltablè tompany Ilmlted by 8uararttee. Incorporated on 10th Apdl 2017 and reglstertd as a Trust In Septernber 2017. The company was established undLY a Memorandum ofA5$0clatlon. whlch establbshed ihe oblerts and powers of the charitable company and Is governed under Its Artlcles of Associatlon. TTU5tees meet quarterly and the board meètln8S wo￿ to an a8enda ¥thlth allow5 ample time for open discusslon on issues related to South Oowns National Park Tru51'S areas of Interest and publlc beneflt. The Tnjst has no ernployees wlth staff seconded from the Souih Downs Natlonal Park Authorlty. Ascheme of delegatlon ts In pla￿ and article5 of asswatlon sets requlrements on ded51on making. On a day-t¢4ay basls the senlor staff make dectslons on behawof thèTru5L knymajor projerts are dedded by thetrustees. These projects are often undertaken wlth partners. whld) may be charlties or famlers wlthln the South Down5 National Park, who are undertakln8 inltlatlves whlth dellver agalnst Ouf shared alm5. The Trustees revlew the dm5, oblecthves and attbvltles ofthe Trust eath year. In June 2024 the Trustees updated thelr strate8lc frameworkto cover the period up to 2026 lrtcludlngsetting a vlsion, misslon. kev strategies and objectivÈs. In addltlon, eath year theTrust woduces an annual reporL Thls report look5 at what the Trust h35 achieved and the outcomes ol Its work for the year endln8 31 Marth 2024. That report hwhllghts the success of each key and the beneflts the Trust ha5 brou8ht to those groups of people that It Is set up to help. The review also helps the Trustees to ensure that theTrust's alms, objectives and actsvitle5 remaln focused on Its Stated wvposes. Fund ndard Infoma lon The trustees are committed to an ethiol approad) to our fundralslng attlvlty and has an ethl¢al fundralsin8 pollcy in place. The trustees are graiefvl to receive vduntsry dtsnatlon5 from 5UPPOrters either vla our webslte OT at our venue5 or vla otherglyin¥ platlomis. The trust carefulty monltors preferences of our donor5 and subs¢rlbers to ensure that there are no unsollclted fundra151ng campèian5. The trust Is registered wlth the Fundra15ing Regulator and abldes by the Code of Fundraislng Prartlce. Our fundraislnB a¢tlvity is oversèen by the Head of Charily. No complalnts were recelved dudng the year. Statement of Trustee< Re5ponslblll￿s The Tnjstees are responsible for preparing the Trustees, annual report and ihe flnanclal statements In accoTdance with applicable law and United fin8dom A¢counting Standards Iunlted ￿ngdoM Generalty Accepted Accovnlln8 Practice). Company charity law re4ulres theTru5tees to prepare fina￿la1 statements for each finardal year. Under company law the Trustees must not approve the finanoal staternents unless they are satisfled that they glve a true and fair view of thesiate of alfalrs of the charity and of the Incoming resources and application of resources, Indudln8 Its Income and expenditure. of the tharfty forthe year. In preparin8 th95e flnanckil statement5 the Trustees are required to-. Select sultable accouDlin8 p￿IdeS and ihen apply them con51Stenlly South Downs Natlonal Park Trust Observethe method5 and prlncip4es in the Charitle5 SORP State wheih* applkable UK atcountin8 Standards have been followed. Make judgments and accountlngestimates that are reasonable and prudent Prepare the financlal statements on the gOkngwr￿M basos unless It Is Inappropriate to presume that theTrust will continue In buslness. The iiustees are responslble lor keepln8 adequale and proper accountire reccKds that are suffldent to show and èxplaln the Tiust's transattlons and dlstlose wilh reasonable accuracy at any time ihe flnanclal position of theTrust and enable them to ensure that the financial statements complyw5th the Charntles A¢ 2011 and regulations made thereafter and wlth the requiiements of the Companles Act 2006. They ale also resFIDnslble for safe8uardlng thè assets of the Trust and hence for taklng reasonable steps f¢r the pre¥enllon and detectbon of fraud and other IrreBularttles. The Vilstees are responslblè for the maintenarKe and Integrjty of thecorpoiate and financlal Informatlon Induded on the ¢harlty's website. Statement asto dIstlosu￿ of Jnformatl¢n to audlttys So far as the trustees are aware, there Is no relevant audlt InfOrMath￿ las deflned by Sectlon 418 of the Companles Art 2ts)61 ofwhith the charitable company's audttors are unaware. and each trusiee has taken all the steps that he ought to have taken as a trustee In order to make himself aware of any relevant audit informatlon and to e5tabllsh that the company's audltors are aware of that Infom)atlon. Related Partles South Downs Natlonal Park Authority ISDNPAI ts a relaied party to South Downs National Park Trust ISONPTI, due to Its ablllty to èppolnt 33% 01 ihe board. Durlng the year SDNPA provided In-xlnd salary and ovwheads Contflbutltsns of £150.39012023.. £140.8011. The trust Made payments durin8 the perlod totalling £5,14412023: £nlll to The Goodwood Estste Company Llmlted, a company tontrolled by the chalrman ofthe development board. His Grace The Duke ol Rlchmond. Lennox and Gordon, In respect of the restofatlon of North Down Pond and Home Fami Pond. These payments were funded wholly from two restrlcted grants tO￿lI[n8 £20.000 from Portsmouth Water specifically for this project. Th15 report has been prepared In accordance wlth the spedal prov151ons of Part IS ofthe Companles Art 2006 relatlngto small ¢ompanles. Approved by the Trvstees on 18 Detember 2024 and slgned on thelr behalf by Dean Or8111 Ch3lr of Board of Trustee5 io South Downs Natlonal Park Trust 3 Independent Audltorfs Report For the year ended 31 March 2024 11.1 Oplnlon . We have audited the flnanda Statements of .The South Oowns Naticffjal Park Trust (the 'tharitable ¢r)rnpan*l for theyearended 31 Marth 2023whl(h Co￿pris¢ thesiatemeniof finandal actlvltle5. balaficesheet, statement . of cash flows and ntstes to the financlal statements, Indud5ng S￿nifIcant accounllng pollcies. Thè financial reportiftgfrnmeworkthat has been applied In thelf preparation is applitablelaw and Vnited Kln8dom Accountlng standards, Includln8 Financlal Reportlng siandard 102 TheFinonotilRept)rtingStondordoppllcuble in the UKond Republicollrehnd (United ￿ngdoM GeneraltyAcwted Accounting Practkel. In our opinlon the fflnancial statements.. Blve a true and falr.view of the state of the tharivs affalrs as at 31 Marth 2024, and of IVS In¢omln8 resourtes and appllcatlon of resource5, for the year then ended: have been property prepared In attordance with Unl￿d KlThgdom Generalty Accepted Accounting Practice: and have been prepared in acwdaft￿ withthe requlrements oftheComp3nlesA¢t 2￿6 and the Charltles A¢i 2011. Bas15for oplnlon We conducted our audit In accofdance with Inttmatlonal Standards on Auditing lux) IISAS IUKII and appllcable law. Our responslbllltie5 under those standards are further descrfbed In the auditor re5ponslbllltles for the audit of the flnaThclal statements sectbon of our report. We are indep￿deftt of the charhty In a¢tOTdance wlth the eihical requlrements that are relevant io our audil of the flnancial statements In the UK. IncludlnB the FRCS Ethical Standard. and we have fulfilled our other ethical responslbilitles In accordance with these requlrements. We belleve that the audit eyldence we have obtained Is suffident and approprlate to provlde a basss forour oplnlon. 2.1.2 Conthslons relalln¥to8olng concem In audilln8 the financlal statements, we have conduded that the trustee5' vse of the g01r￿ conwn basls of accountln8 In the preparatlon of the tlnandal ststements Is appropriate. Based on the work we have performed. we have not Identlfled any material uncertalntles relating to events or conditlons that. Indfvidually or colledfvely. may cast sl8nifitant doubt on the charitsble companfs abllity lo contlnue as a going concern for a period of at least twefve n)onths from when the tlnandal statements are authorlsed for Issue. Our rèsponslbilities and the fesponslbllltles of thetrustees wlth respect to 8olng concern are descrlbed in the relevant5ectlon5 of this report. 2.1.3 Oihw Informatlon The other Informatlon comprlse5 thelnfomiatlon Induded In thetrustees annual report, otherthan theflnantlal statements and our auditorfs report thereon. The trustee5 are resportslble for thè other informatlon corttalned wlthln the annual report. OUT oplnlon On the finandal statements does not cover itte other Information and, except to the extent Otherwlse explldtly slated In our ￿pOr￿ we do not e¥press any form of aSSUfance ¢oncluslon thereon. Our responsiblllty ts to read the other infomiatlon and. in dolng $0, conslder whether the olhei Inform*lon is materially Inconslstent wtth the financial statements or our knowledge obtalned In the coursè of the audit or othefwbse appears io be materialty mlsstaled. If we identify such materlal Inconslsiencies or appaient mateilal misstatemenis. we aTe required to detemiine whelhef thls give5 rlse to a materlal m15Statement In the finanaal statements themsefves. If, based on the work we have performed, we condude that there Is a materlal mlsstatement of thls other informatlon. we are required to report that fact. We have nttthln8 to report In this regard. 2.1.4 Oplnlons on other matter5 prttthbed byihecompaths Att 2(#)6 In our opinlon. based on thèwork undertaken In the ¢ourse of the audlt: the Information wen In the tnJstee5' report Ilncorporating the directors. report) for the nnanclal year for which the financial statements are prepared is cons15tent wlth the financial statements: and li South Downs National Park Trust the dlfectors. report ha5 been prepared In accordance vrith applkable legal requirements. 2.1.5 Matters on whlth we are requlred lo report byexcepuon In the light of the knowledge and understandln8 olthe tharitable company and Its en￿ronMent obta5ned In ihe course of the audit, we have nol Identlfied materlal mlsststements It7 the ￿lfeCtOrS, report. We have nothing to report in respect of the followlng matters in relation io whlth the CompaniesAct 2006 and the Charltles Act 2011 requlres v5 to report to you If. In ouroplnion: adequate and 5uffklent accounling fecords have not been kept by Ihe tharltable Company. or retums adequate for our audli have not been recelved from branche5 nol vlslted by us: or the charltsble companVs finandal statements are not In agreement wlth the ac¢ountln8 records atxl returns,. or certaln disdosures of direttors. remuntr*loo speafied by law are not made: or. we have not received all the Infomiauon and explanatiorbs we require for our audit,. or the trustees were not entitled to prepare the finandal statements In acCWdan￿ wlth the small ompanles. re8ime and take a(fvantage of the small Compan1￿ exemptlons In preparfngthe dlrectois, report and from the Tequlrement to prepare a strate8lc report. Ll.6 ResponslblUlle5 of trwstees As explalned more fuify In the tru5tees' responsibllltles statement set out on page5 9 and 10. the trustee5 (who are also the dlrectors of the Charitablè company for the purposes of company lawl are responslble for the preparatlon of the financlal statements and for belrtg satlsfied that they 8ive a true and falr vlew, and for su¢h Inlernal control as the trustees determlne L% necessary to enablè the preparatlon of flnandal statements that are free from material mlsstatement, whether due to fraud or error. In prepaiing the fIna￿la¥ statements, thetrustee5 are responslble for assessingthe charitable companls abllitv to contlnue as a 8oin8 contem. dtsclOslf￿ as appficable, matters related to going concern and uslnB the goln8 concern basls of actountlnz unless the trustees elther intend to liquldate the charitsble company or to cèase operations, or have no reallstic altemaifve butto do so. 2.L7 Audltor resp￿s￿b[lItIeSforth¢ audil of thefflnan¢lal statements We have been appolnted auditor under the Q*mpanle5 Act 2Ci)6 and sectlon 151 of the Charliles Act 2011 and report In accordance wlth those Acts. Oyi objeciNes are to obtaln reasonable assur0n￿ about whether ihe finandal statements as a whole are free from materlal mlsstatement. whether due to fraud or wror, and to15sue an auditorfs report thal Includes our oplnlon. Rèasonable assurance Is a high level of assurdnce. bLJt Is not a 8uarantee that an audlt conduthed In accordance with ISAS IUKI w511 always detect a mateilal misstatement when It exists. M15Statements can arlse from fraud or error and are consldered materfal If, Indlvidually OT In ihe a88Tegate, they could reasonably be expected to Influence the economic declsions of users taken on basis of these financlal statements. Irregularltie5, Includin8fraud. are Instan￿ olnoTh7 Th•fund4olth•chwlty: 7* 7J 34JTO .297 318397 1326 247 1W2.739 43,139 1$ 1226247 T¢tsl •JNJ* These flnanclal statements have been prepared In accordance wlth the provlslons applloble to charitable cornpanle5 subject to the small companies re8lme. The flnanclal siatements were approved by the Board of Tn￿tee$ and author15ed for issuè on Decembw 2024 and were $18ned on Its l>ehalfby. Dean Orglll- Chalr of Trustees The notes form part ofthese finandal statements. 15 South Downs National Pdrk Trust Statement of Cash Flow Forthe year ended 31 March 2024 2023 Re8t•ted 2024 Cash Ik>w8 fmm opefatlng acthilll•8: Nel moven*nl In fiJKls (as per StatemertofFl￿￿alActi1lties} Add back. Igain}Aoss in investrt*rt8 on re*k*tlon Remgv6.' Investment <￿088eydecrease In debtors thr receIvab￿S asel{decrease) in creditors atKI ofvr payabks Nol ca$h provldod by lused Inl operatlng aclivlllos 382,671 135,372) 136,147) 66,086 39,389 416.627 579,329 (12,6921 (489,8831 10,698 122,096 Cash ItOW8 Irom in¥e8tlng actlyittes: kKome from I￿StMen[s. Dimdend irthm& tsresl itKome AddItion￿Urchas&￿1lspO$aIS Net ca$h provlded by knvostlng aclfvlll•¥ 12,384 23.762 54.296 9,598 3,093 173 Changg In ea8h and ea8h equlvalonts 398A79 134,960 Cash arKI cash eqtiwalents al the begirylrg of the repo¥tiNJ period Cash arnl cash e9￿￿d￿nts atthe e￿1 ofts reportirwJ period Chango In cash and cash oqulvalents 718,757 1117235 398A79 583,797 718757 134,960 16 South Downs Natlonal Park Trust Notes to t1￿ Flnandal Statements For the year ended 31 Marth 2024 7.1 Attaunil￿ Pollcles #. Statutory Informatlon dlsclosure South Downs National ParkTru5t Is a charitable company limSted by Euaraniee and Is Incorporated In Ei)8land and Wales. The re8lstered offi￿addreSS is South Downs Centre. N¢rih Street. m￿hUrs¢ West Sussex, GU29 9DH. Basls of prepbrlng the finandal ￿atements The linanclal statement5 01 the charliable compony. whi¢h is a publlc benefft ertiity under FRS 102, have been prepared in accordance with the Charltles SORP'A¢tountin8 and Reporting by Charlties.. Statement of Recommended Practice applicable lo charities preparin8 thelr accounts In aecordante wlth ihe Flnanclal Reporting Standard applicable In the UK and Republic of Ireland for IFKS1021 lelfectlve l January 20191 and the Conwènles Act 2LK6. The accounts are piepared on a 8oln8 concern basls after consideration by the ifustees that there are no material uncertaintles about the Trusys abillty to contlnue as a goln8 cOn￿rn. Such consideration includes revlew ol commilted bntome and expenditures. cash flows, and reserves. The trustees do not conslder that there any sources of estimatlon unceftainly at the reporting data that have a signlflcani rlsk ol cousln8 a maieilal adjustment to the Car￿n8 amounl olassets and liabllities wlthln the next reportln8 perlod. The"attount5 are prepared In sterlln& whlch Is the funrtlonal currency of South Downs Platlonal Park Trust. Monetary amounts In these financial stalements are rounded to the nearest £1. Accountln8convenUon The finartclal statements are prepared undÈrthe htstorlcal cost conventlon as modlfied by the revalvatlon of certaln assets. Income Income Is recognlsed when the charlty has entltlement lo the funds. any performance conditlons attathed to the itemlsl of Income have been meL It Is probable thai the Income will be received and the amount can be Measured rellably. Where income has related expendlture las with fundra15ing or contract incomel. the income and rèlated expenditure are rèported gr05s in the Statement of Finanaal Artivttles. Donaiions, 8rants and gills are reco8nised wheft ieceivable. In the event that a donatton Is suble¢t to fuifil1inB performance conditions before the charity is entitled to the funds, the Sncome Is deferred and not reco8nised until It Is piobable thèt those Conditions will be fvifilled in the repoftlng perlod. Incorne from Gilt Ald tax reclaims15 recogn15ed for anydonations with relevant Gilt Aid certilicates reco@nlsed In Income lo¥ the year. Any amounis ofGIft Ald not reoNed by ihe yeèrond are accounted for In income and a¢¢rned In¢ome ID debtors. Income from 8ovemmeni and other grants, whether'capital Brants, or'revenue grants., are recognised when the Trust has eniltlemtnt to the funds, any perfoirnance conditlons attached to the eranis have been met, it is probable that the income will be received. and ihe amount can be mèasured reliably and Is not deferred. For le8acies. entitlement is taken on a case by case basis as the earlier of the date on which.. the ¢harlty Is ware that probate has been 8raThEed, the estate has been linalised and notlfi¢atlon has been made by the execuiorlsl io the charity that a distributlon will be made, or when a disiribution Is recelved from the e5taie. Receipt of a legacy, lft whole or in part. Is only considered probable when the amount can be measured reliabty and the charlty has been noiilied of the executorfs Intention to make a dislribution. 11 the legacy Is in the form of an asset other than cash or an asset listed on a reco8nised stock exthange, reco8nitlon is subject io ihevalue ol the asset belng able to be reliably mebsured and title to the assei has passed to the charity. Where legacieg have been notified to the or the chariiv Is awaie ol the efantlttg of probate, and the criteria for income recognition have not been met, then the le8aCV is a treated as a contin8eni asset and d15dosed If mèterlal. Income recelved In advance for a futurefvfidralsin8event or for a Brant receNed relatlng to the followlng vear are deferred until the triteria for Income recognition are rnel. Inlerest on deposit Ivnds held Is included when receivable and the amouni can be measured rellably by thè charity which Is nNmally upon notlfEQtion of the interest pald oi payable bythe bank. Dlvldend5 are 17 South Downs Natlonal Park Trust reco8nlsed oncethe drvldend has been detlared aThd notification has been reolved of the dlvldend due. Thls 15 normally upon notifitatlon by our Inveslrnent advlsor of the dlvldend yield of the investment poftfolio. Income tax recovwable In relatlon to Investment Inton* ts recognised at the time the Investrnent Income15 receivable. Sponsorship from events. fyndraistng and events regislfatlon fees are reco8nised In IA¢ome when the event takes place. Lottery Income Is accounted for In respect ol those draws that have taken place In the year. Tradin8 Income15 recognlsed on point of sale for boih donated and purchased 8oods. e. Expendlture and IrrecoverableVAT Liabilities are fecognlsed as expenditure as soon as there Is a legal or constructivè obngations tommlitlnB the Trust to that expenditu￿. It Is probable thal a tran5fÈr of economlc benefits wlll be requlred In settlement and ihe amount of thatthat obllgation can be measured rellabty. All expendlture Is allo¢ated between the prlndpal head1￿ ralsln8 funds and charftable actlvltles. Charltablè actlvllles comprise ihose costs Incurred by the Trust In the dellvery of Its activilies and governante assoclated with meetlng the cor￿tilu110nal aDd 51atutory reqUir￿￿entsOf the Trust. Irrecoverable VAT is charged as a cost a8aln5t the actlvityfor whlch the expendlture was Incurred. Fwnd Accountlnt Unrestrlcted funds comprlse those amounts recelved foruse at the dlSCfetlon of theTrustees In the furtherance ofthe general oblectSves of the TrusL Restrlcted funds are subject to speclhc restricted ¢onditlons Imposed by dor￿r$ and Include monles raised for spe¢¢fit prolects. Further explanatlon of the nature and purpose of eath lund Is Included In the notes to thefinanual statemen Donated goods sevvlces and facllitles Donated gtsod5, servlces and la¢ilities are reujgnised as Income when the e¢onomlc benefil that flows from ihe donalion has passed to the TrusL any conditlons a5$0ci3ted with thè donatlon have been mÈt, the receipt of economic benèlii from the use by the Trust is probable and ihe economlc beneni can be measured rellably. Donatèd servlces and fa¢llities are measured on receipt at the amount the Trust would have io pay In the open market for an equi¥alent benefit a ¢oriespondinB amount Is ihen reco8nlsed In eypendlture In the perfod of recelpt. Donated 8oods for resale are meawred on receipt where praciscable at fair value, which Is the expected proceeds from salè less the expected costs of sale. Thls Is treated as a component of 'income earned from tharitable activilies" with correspondine stock re¢ognised in ihe balance sheet. On its salÈ the value of stock L5 charged a8airist"Income earned from d)aritable actlvltles" and the prooeds of the sale are also recognised as'lncome eafned from charitable activltles". h. T¥¥atl1)n The Trust Is exempt from tax on Its charitable actlvltles. Nnanclal Instruments The Trust only has financlal assets and fiabllitbe5 of a klnd that quallfy as baslcfinanclal Instruments. Baslc flnanclal Instruments are Inltlalty recoBniseLI at tran5adlonvalue and subsequéntly measured at thelr settlement value. Grant maklng pollcy Grants payable are made to ihird parties In furiherance of the Tru5Vs obleclive5. Slngle or multl.year grants are accounted lor when either the recipient has a reasonable e¥pe¢t31ion that they wlll recelve a grant and the trustees have agreed to pay Ihe grani wthoui conditlon. 01 the reclplent has a reasonable expectation they will receive 4 gcènt and thai anycondition attachln8 to ihe 8rant Is outside of the control of the Trust. Crltlcal accountlng estlmates and ludgement5 In the application of the Tru5t'5 accountln8 policies. the tfvstees are requlred to make lud8ements, esilmates, and assumptlons about the carryin8 amount of asseis and liabilitiesthat are not readily apparènt fiom other sources. The estimates and Jssoaated a5sumptlons are based on hlstorical expeiience and other lattors that are ¢onsidered t(} be relevant. Aciual result5 may differ from these estlmate5. The estlmates and underlylng assumptlons are reviewed on an on8oin8 basis. Revi51on5 to accounting estlmates are recoEnlsed In the period In whlth ihe e5tlmale is revised wherethe revlslon affecis only that perlod. or In the period of the r￿lsIOn and futurè perlods whwe the revlslon affect5 both current and future perlods. 18 sO￿h Downs Natlonal Pdrk Trust F￿d asset In￿Stments Flxed asset Investments are made up of holdines Invarknis unTrttrusts. bonds and equllles. Investments are Inity'ally re¢ognlsed at thelf hlstorical costs and are subsequently recognlsed atfalr value. Falrvalue Is calculated based on the annual roports bythe Investment manager& Galns and10$5es are recozn15ed In thestatement of Financial Actlvlties. kn Impalrment revlew L8 conducted annually. wlth an Impalrment reco￿lsed when the markèt value Is lower than its orl8lnal .purtha5e cost. m. Stock Stock of donated goods for resale are measured on rEcelpt where practlcable at folrvalue, whlch Is the expecied proceeds from 5¥1e less the expectedcost of sales. D. Allocatton gf support and govemano tosts Resources expended are allocated to the partkular a¢tMtywhere the cost relates dlrecity to that actlvlty. However, the cost of overall dlrection and admlnlstri¢ tlon of each actlvily, comprising the tentral admlnlstratlve functions. Includlng donaled staff tlme. is allocated lo unrestrlcted funds a511 is rbot P055ible to apportion the costs and tlme $￿t on spedfic attlvltles. In¢offle from Donatlons Unr8Strfcted Restricted Total Funds Total Fund8 Fund8 Funds 2024 2023 Donations & Legaclos: Donations Lottery Gift aid 96,914 3,043 14,116 114,072 323,346 420,260 317,445 2,204 8,819 328,468 6,250 329,596 20.366 443.669 Grarts 36,500 989.775 1,026,275 1,148,639 Total Donalion8 150,572 1,319.371 1A69,944 1A77.107 ThÈ grants Indude two sl6nificant award5 from the govemment byway of the National Lottery. The Natlonal Lottery Communlty Fund contrilwted E663,06012023: £652,326) towards the Ouse Valley Climate Attlon project and the Herftage Fund contrlbuted £118.CXMI12023: £130,511) t¢)wards the Downs to the Sea scheme. 7.3 Income Eamed from Charhable Actfvitles Unvestskt•d Reslrfctfjd Tetsl Fund8 Total Funds Funds Fund$ 2023 2022 -KirbJ Salary cOrtrib￿io SakryCosi8 rt￿ad$ 82.632 67.758 lo.￿) 67,160 227 82.632 67,758 10.000 67,160 227.S50 77.363 63.438 Memberships E￿rI Tl¢kel & Auction Sabs Total In¢omg from charllable Actlvlues 140001 The I￿.￿nd contrlbutlon Is the value of Staffing resource provided by the South Downs Natlonal ParkAuthorlty In the form of salary costs towards the activities defined withln the Memorandum of Understandln8 beiween the South Downs Nat10￿1 Park AUth￿lty and South Downs Nallonal ParkTrnst. 19 South Downs Natlonal Park Trust 7.4 ExpendSture on Ralsln8 Fw UnrMlJkted RostrlGtod Total Fund8 Totsl Funds Fund¥ Funds 1024 2023 hbKirnl Salary Corlrfbubty Salary Costs I￿ad$ Share of s￿pOrt a￿1 G0￿M#￿ Costs Total 49.462 40.559 51.272 141293 49,462 40,559 54,090 144,111 48,573 38.190 8.953 93,715 2,818 2,818 The In-kind salary Is the value of rèsource provlded by South Downs Nailonal Park Authority towards raislnq funds. Tbe South Downs Natlonal ParkTrust has no dlrect employees. 7.5 Expendlture on Charltable Actl¥hles Unrnstrf¢ted R•strlctsd Total Funds Total Funds Funds Fund8 2024 2023 FKind SaLgry ContrlbLrfIo Salary Costs Owrheads Grant Share ofsupport and Golpma￿e Costs Total 33.169 27,199 19,941 31.155 111.464 33,169 27,199 1,079,854 102,008 1,242,230 30,791 25,248 843,729 23,145 922,912 1.059.913 70.853 1130 766 The In-klnd salary is thevaluÈof resource provl¢Sed by South Downs Natlonal ParkAuthorltytowards charftable actlvltles Includlt)g governance. The South Downs National ParkTrust has no direcr employee5. 7.6 Supwt and Governance Costs Support ¢0818 GoMrnanc• Tow F¥nd8 TotalFund• 2024 2023 UF UF RF AdmiAstr8th• Ew looi 183 28,637 E￿8￿88 Hospltattty Legal ad￿ce M8thetirg 183 28.637 i(k8 2,400 2,987 10.1fAS 78 10,183 696 4,770 1.991 4h4S 66.893 2B,200 char988 23 1891 125 2￿32 6,191 1&99 S￿po[VC0r￿￿I Tree pMIn￿on AccoUnt8rty&A8sLn￿ Fees B8rkCl*rye¥ 4,320 66,893 ,600 378 64227 73.671 282fKI 166.098 32 Analysls by•xp•ndllwe t R81sirg FLDJS Charitsb￿ At￿be1 St2T2 2.955 2.818 70.853 n.671 64.090 102.008 8,953 23,145 32 98 28.200 Govemance tosts Include5 payments of E13.81KI12023: E13.8C(Il for audit fees. 20 South Downs Natlonal Park Trust Investments & Investment In(om• Mark•t V•lue At 1 April 2023 Additions tISFosais Re*iualio At 31 M•r¢h 2024: Ll*d Unll4•d 359,7 76.195 Q4,1721 37,562 263,410 85,881 449.291 Not Book Valu• Al 31 March 2024 At 31 Klarch 21y23 449.291 359.706 The Investments are held vAth Quilter Ch￿0t. Hxed asset Investments are made up of holdlry In varlous trusts and companles. These are revalued eath year and hdd on the balance sheet at marketvalue. The hlstorl¢ cost of the Investments Is £408.526. Investment Income ¥J23 2024 Re#atsd Interest on deposits Interest from fixed interest In￿lMentS Dimdends from listed Inwslmenls DiiAdends from unlisted In￿stMent8 Accrual m￿ement on dhidend Inccffie 24,048 (2841 3.135 (421 7,880 1.719 3.265 1.110 36,147 12.692 21 South Downs Natlonal Park Tn Statement of Funds At the balance sheei dates. reserves totslled E2.077,21512023= £1,694,544). Of thi£ amount £534,47612023.' £368.297115 unrestrlcled, of whkh £176.96712023: £84.(X)01 has been des*nated al the trustee'5 discretlon. B*l•nc• JI h 2*1) R•*]ut¢•• t¥￿nd•0 V•lw ¢h•w• Tr4nrf•r4 Mkrch 2014 Unmsltsied UnEi ￿*￿IDat•￿) R•lQ4tum Fund Itknstymtèd) Porth IOesiqnBt HOJoHornes SeF- Lottw (Dtskno 149.479 1t.r 1235.W4} (41. 26•,7è2 1$,ooo (15.r• 1457 {1961 (597 l761 512 7.85B 14,J51 87,D07 105.69S 634.476 &thIOM ParlkAip Dq$ig. Re5 15.485 36B.297 R•rtrt¢t#d A¢¢es ATrAExP•b￿iI AppMtk•¥hlp Wrthmmo Appwtk4ihip P(ogThmrn IW Y&*¢hy It￿d 6.744 44.750 (10.328) (44.7 JPJ4 41.334 523 lQQY& 124.4rn 17.241 J7.7* 25,018 6,241 tkl Lltiw Fw Cenith RwDp ¢eniL¥kn Wqy CoMm￿lY Pit Con$•Tho￿ to tho S 11.37 {15.340) LW). P1,31 169,105) <43.715) 14,49• 1J,170 1179 17.8 1.641 202.176 65.792 490 ekns 14,8t4 Hqa*h welt￿￿¢￿4 110.3201 I1.￿0> 110,L <14. fk7.78n 1,847 UK PM GrJTrt ft9stde￿ A*NatU￿ Pmjxt 1J49 (1.477) (4600) (17JJ7) 7.403 514.C62 122.185 J$e Valey Pounoj tsPor Ilegon￿*i* Gr•zlw Prdxt B•Naiute Rr*r Lthont So*n S161w• 274. 1*.750 (2>) Vi245) 142J,630> 0.1 r2).961} (6.934 ,t63 {1.0411 108.724 StW•Ash Fam Su*trlr•i4¢ CLynm￿￿kn Fund SuylalThgL4è C¢*mmurdt￿ F￿￿Al￿a*j Fw 110.C 9.033) 116.652) .fA7 41.4 14.391) 01.691 13.668 26,14 Sg 7&1S• 14.4lJ (74.4- 14.702) ee.914 25.717 1.938 WtyÉlè R(pJm PKie¢l Tolal Fund• 1.3ts.247 1J2?.J•4 11.lJJ,584 21,022 1,740 1.641739 Totrl FU￿dI 1.386.J411 35,372 2.077.21$ 22 South Downs Natlonal Park Trust 31 Ir*omlry P••Jwe•• E•i•ne• 31 Il•roh2ts22 R•Ai¥rt4* ￿p•￿th0 V*kn w#q• Il•KhYJ2J 149. VW,321) 14AO)JI 119.479 11.W) ur￿ {D•siw￿lrf} RèNatur• IDesbJr*torf) Poutsji trPorth IDssbwaW) 38.000 1112.r .4621 11,94 •5.48S Total UnY**rfc14d Fu*d• 2A917 10thAnntrmHry S¢h)Y$ AC￿$5 hMEXP&trMNp Apwtnlle•sblP Pff4Mmm• 1331 7SO 1S,tX l5,(V) 6,749 44.750 10,627 16.OfH) 6.765 17.241 7.¢19 6.3 Bte Lkn gdtlnl LltlqrFw 10,761 P*S311 11.1ts) (1. la,17ts 15,QCQ 207,0 130.511 4,498 2,7ty) Commun￿1 Pl¢h 11•.5CrfJ iao.sii 115 17 Egtets Way Elm$ Farrin4tMYw Trn• Fort*l Dor£e Tuur H¥mpsNr• Hty*etKV Hedoemmg nrrfill GMI Lonth)n MKklem R*4BbJre P* Nethgrtty Pl￿d Ou$•V4Thqy Cw¢s PoLThJs kr Fo￿3 e•.I1)J {1￿) 10.t*)0 113.513) iio. P4fthJ) 11.47FI 6CO} 7.403 657.3V P76.IMI 274,B 121.760 31 119,2451 6,098 2B.7Sts p.e83} 7Q115 4) ffY.61•) ReNaluff4 Fur RTror LAwnt Sewi $18twS s(￿h Cthn¥ Woy SIqF4?￿n Fann LWPLW SuBts[M￿0 Comrnuratkyx Futpj SuslalnaNo CtsMiur•iM F￿￿Ak￿l Fw Gat•frxSII Tr•O GMt Ixthe VrAunieerRyS•Th WMI Matdgn WvJllltrR(￿m Prd T¢)t41 P•*lct•d Fu•0* 13.158 .c•X*) 1,289 82,$33 874 39.482 P3,1gn 243.087 41.8rxi 4S.286 364 Jl.814 14*710) 111.651) el,￿1 13.888 rn647 2x714 110) 10.fth 1,4fj).SiJ 8.UQO 1AI$.2 7W.7 36,491 Totsl Fwnd* 1,111,214 i.$Jo. ,016.617 Pleose noie the trartsfeis shown tve wvth the dmors. crynol restrtrtions (pleose note thot some of the funds detailed obove Ofe P¥oiert$ so re5trided fI￿dI con tronsfer between projects where thi$ Is In line with the oims oftd objecoves of the originGI doft0¢ionl. The tr¢7nsfer from the &4Stoinoble Communities Fuftd to t1￿ ¢Jllocoted version of the fund ts tts Id¢nifY wlii(h of the restricted furtds received hove been fvmoty allrfat¢d io proiects1orti￿rie 23 South Downs Natlonal Park Trust •th•Nhlp ff*t•nl r•mm• rtU¢•4hlDP 4¢knyif•¥ • Uvd• F•• UM*lC**nat•dJ ￿202y )IdThl Litr•rFuod C•nfy ¢•nturfoA WB munjty Plkh Fth th)Th*tyJloiirtSI tOlheCax￿￿Wl al •Valqy c*mai• Is. irKI 11os• dri wR*N￿L¥+c (h)%¥Mto th• S•• i•tsw* Lt4l Fth-th SxitrtE Goothopd Ponds Ib•lth andW•llfy•ln# ¢knvA &yitsre5tL￿th)OIIW9 FwwJ* Ih$li iobgdltrtyAed InnOv4ts UK Vlql ¢rdtht Londoty B•lId•r￿•1 F￿ty Y¢thVdurt In No￿lha SrAih twldoDIW¥P¥Yts Mlcklonj R¢NoluM P ri•thèvlÈ Oow Pond Valley C•rn• alleNaiw• Ldiery ikn•V¥*Clm*•Ael￿ Pwtnrfp PoundsbrPond• PoundilorPond*lD•*￿l￿dl FthJ5 Syth•tesiLWiW r4thY thq *¥jd2￿14￿s •n•r*lvo Ordzl R•NabJr• Fynd Y¢rL4v•DI Sqv•Th sithr8 South $la l• Ash F•rni l)tyw Pond S¥*alnibl& CoMmunlU¢sF￿nd F￿dI clthDS￿Ahrkn￿W FLmd5 A7hCvwPty FL¥wJtotltre **dchl¥ 5¥*1tt4bl• ComfflunSl•sFu￿jAlknUt1d FLffjds 6C*.LoU•rylMgMthdl FLmds ItLYn Ldtw dBsV•￿d1￿tr￿sY¥1*rthOC￿n￿￿ts Fuid. rl2024125 TrfLvII Grant Twesfor tht tknyns VoluntsgrRaftg•r$orylc• TT¢e Pwn Ine SO￿hr&Y s Introstyjih 1991• R¢offl PwJ• FL4 ' *lhYwSC¢FA Trust FundslResev4es Polkv The South Downs Natlonal Park Trusvs operatlng costs are fvnded by the South Down5 Natlonal ParkAuthorlty untll 2026. These costs Indude all staff and sUPPOrt1n8￿sts. Currently. the South Downs National Park Trust is only commiltlngto projeds On￿ It has seajred all the funding to do so. Thls means thatTrust is therefo￿ not exposed to any lon8-term Ilabllitles. TheTrustees have examlned the charltvs requirements for reseNe5 con5iderlTrg the maln r15ks to the organlsatlon- namely that the National Park Authorlty withdraws support. Whllst th15 L5 not antlclpated, St Is Important to rnalntain sufficlent reserves whlch would allow the organisallon io support itself whllst It develops 5elf-sustalnln8 fundlng. In thi5 scenarlo, funds would be requlred io pay staff as well as fund actlvlties lo generate Income to provide long terms su5talnablllty. Trustees are therefore lookln8 to bulEd reserye5 equivalent to 9 months current runnlng ¢tssts Ilncludlng the South Dovms Natlonal Paik Authority grant and gift In kindl. 24 South Downs Natlonal Park Trust Trustees are tommltted to gerserating suffident reservesto support the Trust to transttlon to self-SUStalnln8 fundin& should the sO￿h Downs Nallonal ParkAuthorltythoosè to wlthdfaw thelr supporL these Re5eNes need to be avallable by February 2026. Up uniii this period Trustee5 are proposln8 to Invest these fun¢ts. In orderthat these J55ets are manoged In the best Interests of the Trust and its beneficiailes. Thls policy wlll be revlewed at the Annual Trnstee Strate8y meetln8 eath year. TheTreasurer wlll present the Trustee Board wlth a draft document and supportln8 matertals that enables them to make an Informed detlslon about levéls of reseryes and feeds Into their appr￿al of the Strategy Document and Annual Operatlryg BudgeL They whll also be ievlewed at any btsard meetlrw whlch con51ders the future fundln8 arran8erriÈnts of the South Downs Natlonal Park Authority and the South Downs National Park Trust to ensure that any thanges In the Trusvs tore 8rant can be Incorporated Into thls pollcy. 7.9 D¢btoYs and Credltovs Debtors 2024 2023 572 176 638,262 572.176 638.262 Accrued Income Total Debtors The 2024 debtor flgure of £571176 ts substantIal￿ grants and donath)ns thatthe Trust L5 due to re￿1ve In 2024125 relatlng to the 2023124 flnandal year Includlng £368,C((I from the Lottery Community Fund for the Ousè Valley Care5 project and varloussmaller awards up to a value of £48.OCQ Credltors 2024 61,487 2023 18,800 3.498 22,098 AcCr￿d eXpe￿Ilt￿e Trade creditors Totsl Credltors 61N87 The credltor r￿Ure of £61,487 Includes several 8rants awarded but nol yet pald as well as the fee duèto the external audltor totsll1ng£13.8c￿ {2023: £13￿￿1. 7.10 Goln8 Concern The Trustees have assessed the financlal posltlon of ihe Trust and its ablllty to contlnue a5 a golng contrrn. Thls assessment Indudes a review of the Trusvs finanaal performance. iÈserves. cash flow forecasts. and the contlnued fecelpt of fundln8. In maklng thls assessment. theTruMees have consldered vartous risks that could Impact the Trusvs ablllty to contlnue Its oper4ts0ns. The Trustees conslder that there are no materfal uncertaintle5 abouttheTrusVs abllltyto CCA)tlnue a5 a Éolt)g concern. 7.11 Analysis of staff ¢osts aml numbers, and trustee renwneratlon and expens¢s The avera8e head count durlng theyear was 212023- 21. and the average nurnber of full tlme equlvalent employees w85 212023: 21. The Trust does not directly employ any staff. but Instead wBages a Fundln8 & Impact Offlcer to asslst wlth adminSstration. All other necessary duties are undertaken byMaff of the South Downs Natlonal Park Auihorlty who donate thelr time and 5eNlces to the Trust. which is reco8nlsed lfvlinewlth thÈ donated goods, seThlces, and fa¢ilitles 25 s￿th tlowns Natlonal Park Trust poFIcy. Trustees are not entltled io and dld not recelveany remuneration or other beneflts durln8 the year12023'. £ nlll, In 2024 no expenses12023= £106}weTe lnujr￿d and relmbursed. 7.12 Relat¢d Partles South Downs Natlonal Park Authorlty ISDNPAI Is a rdated partyto Styjth Downs Natlonal Park.Trust ISDNPTI. due to Its ablllty to appolnt 33% of the board. Durin8 the year SDNPA provlded In-Klnd salary and ovetheads ContrIb￿tIOnS of £150,39012023'. £140.8011. The trust made payments durlng the perlod.iotalllng £5,144120?3.. £nlll toThe Goodwood Estate Company Llmhèd, a company controlled byihechalrman of the development board. HIS GraeeThè Duke of Rithmond. Lennox and Gordon, In respert of the re5toraUon of North Down Pond and Home Farm Pond. These payments were funded wholly from two restr1¢￿ grants totallkn8 £20.(K￿ from Portsmouth Water speclfically for thls pro]ecl. 7.13 Grant Makl 2024 2023 Consenration Education 1.029.311 779,422 64,307 1079,854 843,729 Grarrts were made to the folk)wirwJ grows of organisatior 2024 2023 Conservallon South Downs Natlonal Path AutrM)rity Otherorganisations Schools Parish COU￿11s/LOCal Auth)rities Other Individ￿lS 708,794 618,722 259,464 128,843 4,520 1,110 40,568 24,285 15.965 6.462 1.029.311 779,422 2024 2023 Educallon South Downs National Park A(JI￿rity Other organisatlons Schools 27.643 20,900 36,446 24,147 50,543 64,307 26 South Downs Natlonal ParkTntst 7.14 PMv151ons & Conlln8encl¢s A5 at theyear end. the charlty had been notif￿￿ tsf resldual le8acles whereihe value of these èstate5 was uncertaln as the executors had not yet complled the estate a¢¢ounts as at the datè of s*nln8 these accounts because they are waltlng for information oft any ¢lalms to be rnade on these eststes. ThÈrefore, no amount has been accrugj In respect of these legadest4th1th are eS￿rnated to be In exte55 of £sO0.￿XI12023.. £nlll. Grant Income As at the year end, the charlty had been madè aware of grant fundlng awards that are contlnBent on eertaln condiilons beln8 met. As these condltions areyet to be actioned and the final amount to be reolved (annot be preclsety wnflrmed. no amount has been attrued In respect of ihe5egrants whlth are esilmaied.to be around É775.000. Fundlng Commltments As at the year-end. the charlty has made 8rant awards to a numberof OT8arnlsations. whlch ar¢ stlllwaltlng for tonditlons to be met or for fyll clalms to be made by the recelving orBanlsatloNs." Until these havè been completèd the flnal amount Cannot be Confftrn￿d and $0 no accruab have been made In respect of these grants. The total15 elpected to be around £SO.(th. 7.15 South Downs Natlonal ParkTrust Lottery 2024 2023 Tickel proceeds & operator payTr£rts PriTr fLwMI & agert slmre Other fees Net profit All Income In the currentyear Is allocated to a desbiated unrestrlcted fvnd. 4.184 4,453 (1.902) (2.024) 761 810 1.521 1,619 27