Shared Earth Trust )nual Repoit and Financial Statements for the Year Bnded 31 March 2024
Sl)ai'e(l Eai'th I'rust Colltents (continued) Reference and Admiiiisliative Details Trustees. Report 2to7 Statemet]t of I'ius¢ees' ResponsibilitiL% Independent Examinei s Report Statement of Financial Activilies 9tolO Balance Slieet Cash Flow StatemeTht 12 Notes to the Financial Slateiments 13to25
liared li'AI'tli 'l'i'u5t Reference and Administrative ljetails ClIAirman Dr Glenn Edward Sti'achati Ti'ustees Aline tknton Edward Howai'd Di. Glenn Edwai'd Slrachan Maria Wilding Lind8 Brad51iaw- Wood Guy Hopwood 1183155 Charity Reglstr&liDn Number Prillcipal Office Denmai'k Fanii Conservation Cents'e Betws Blediws Lampeter Ceredigion SA48 8PB Independent Examiner Samantha Hart LHP Chartered Cei'tified Aceounlknls Tl Harford Sgwar Hai'ford Larnpeter SA48 7HD Page I
&ihMI-ed E< Ai-tl) Triist 'rrustees' Report The trustees piesent tlie annual repoit tDgetlier widi thB fiE)ancial staten)ents of tlie charity for the year ended 31 March 2024. Objectives gctivities Obiecls Aiidniptris The objecis of tlie chai'iry, as rettsrdcd in its constitutioll ale.. To promote the pi'otettion, constrv8tion wid restoiation of floi? and fauna and their habitats, iiicluding through tli¢ establi$linient, i)ie%¢i'vatitsn and inaintei)aii¢e of Demiiark Farm Conseivation Centre. And to advan¢e the edu¢ation of the public iii the study of floia and fauna and their protection, coiiservation and restoi'ation, iiicluding providÉng workshops, traÉning courses and pi'omoting I'esearch, and sharing and disserninating the 1'PUlts of such reseairh for the benefit of the general public. The above charitable objecls undei'pin specific projects, activities and seivices, which bring people of all ages and abilities intocontact with the natural envii'oninenl, focus theii. attenlion 011 the vitsl iinportance of biodiversity, and demoi)strate ways in which eveiyone can suppoit nature 8nd live nioi'e sustainably. Piibllc bÉnefil Activities undertaken to rther public benefit Include the provision of courses on ecology and sustainable living and the Inainlenance of the Deniiiark Fann Conservation Centre. The trustees confiiTh that they have complied witli the requirements of section 17 of d)e Charities Act 2011 to have due re8.d to Élle public bet)efiÉ guidaTrce published by the Charity Commission for Englalld and Wales. Page 2
ShAI'Ld al'tli Trust Trllt>tees' Rei)ort (continued) Aeliievements and perfoi'man¢e l) Thc Shaied Earth Trust niaintains and opa'3te5 Ilie Deninayk Farin Cons¢rvation Centre. Tlie nature reseive at thc C.entre has opeii accESS every day of the yeEr except 25th Dcccmbei.. Access to walk on the trails ai'ound the nature reserve is free of charge althollgh donations al'e invited. This facility is used regulai'ly by members of the suriDundit)g coniinunslies. 2) The Shared Earth Tjust offered an exteiisive 17nge of courses on ecology, iiatural craft8 and sustainabl¢ living. These cowses are advei'lised on die website at www.denmai'lcfai'ii).oig.uk and attract participants from the local ayea as well as mu¢li fvrthei. afield. These courses are a key element of fulfilling tlie &ims of the chai'ity iii terms of PlDmoting biodiversity, re8toiit)g and consei'ving habitats, and recOnneCting people with nature. The number of courses offered in 2023124 was 43, and the numbei. of attendees was 265. 3) The Shared Eaiih Trust hosts a sei'ies of m¢etillgs and events througholtt the yeai.. Tliese al'e mainly aimed at the local community. but also attract participants from furthei" afield. Events it) 2023124 ineluded.. visits from local faniily centies. wildlife discovery sessions in school liolidays. Young Rangers mtetEngs, Junior Herbalist Club- eco therapy retreats. 4) The Shared Ea1 Trust run i'egular volunteer sessioiis, whieh off¢Y a range of experiences and include opportunities to development knowledge and skills. The voluEiteei"s make 8 significant ¢ontribution to the maintenance of the nat.e reserve and the running of the organisation. In 2023n4, 43 group volunteering sessions engased with 166 volunteers. 5) The Shared Earth Trust offer5 accortimodation in the Eco Lodge, dormitory and campsite for residential ¢oui'ses and me¢ling5, or for people who want to visit the nature iEserv¢ and surrounding area. The Eco Lodge is an impojtant source of income EDr the Shared Earti) Trust. Dllrg 2023124 tlie trustees decided to use a re¢ognised holiday letting agency to promote the Eco Lodge. Frotn the start of the following financial year West Wales Holiday Cottages will be promotÉn8 tlie Eco Lodge. 61 Grdnt funded activity. The S'td Earth Tiust recieved grant tunding from a variety of soui'ces for projects that contributed to acliieving the aims attd objectives of the chkrity through events and volunteer activities. Some grants also contributed to the costs of maitttaining the nature ]tsetve and ilining the organisation. Gi'ants received duriiig 2023124.. The Big Give (Green Match Fund) The D'oyly Carte Cliaritable Tiust {3) . Garfield Weston fout]dation Catalyst c)mI (Bi'oadening Horizons) * Postcode Comtnunity Tiust • WCVA (Energy EfficEency Survey) 71 T]ie Sh'ed E&rth Tn]st worked in partnei'ship with Cynt)al Cymi'u atid CeiEdigion Local Natui"e Parthership to deliver a nature awareness coutse to Ceredigioii Cowity Council cal'e workei's. 81 The Shared Earth Tiust membersliip scheine coiitinues to service a small, but consistent group of members, who i'cceiye JEglll8r emaEls and i)ewsletters. Page 3
Sliai'ed fi artl) Trust Truste, Ileport (¢ontinued) Fiiiancial revi¢w Pollcy oil rèrVt& The (rllstees have & Financi31 Reserves Policy, wliich states that "The policy of the Sliared Earth Ti'ust Chai'itable Incorporated organisatlDn is to hold ut)restricted fuiancig] reseives of a level thal equates to a IniniTnum of Six inonths iitIL'esti'icted expendiluir. In line with the Charities SORP (FRS 102), section 1.48 (October 2019 edition), tliis policy will be IEviewed as part of the annua5 report and accounts, aiid the actual reserves held at the ettd of each financial ye. will be stated in the ani)llal accounts," At 3151 Mai'ch 2024, total unrestricted i'eseives staiid at £734,934 (2023 £707,576). Free i'es¢rYes (con51Sting of current liquid assets, less curirnl liabilitie5) Irpi¢sentÈng the working ¢apital for the unrestricted a¢tivitiu is £75,134 (2023 - ll8,910). Jnves1ipiiIpI1cY lliiilobje¢liveJs The CEO constitution goV.n8 the tiiisteeg, investmeni powers. The trllstees have a policy of keepllig any surplus as liquid fvllds in intei'est- eai'ing dtposits, whicli can be accessed re8dily. The trustees air of tlie opinion that th£ chai'ity hos insufficient i'csei'vcs to wari'ant investment in othtr fomL8. Strllelure) governamee aiid maiiAgeinent Naliire ofgoverniiig drfjcuiiieiil The Shared Earih Twst charity 15 controlled by its governing do¢wnenl, a foiit]datioi) CIO ¢onstitution, appi'oved by the Charity Commission in April 2019. The charity was registered in April 2019 for the purpose of replacing the charitable trust number 1004002. also called the Shared Eai'th Trust. The charity is goveyned by a Board of Trustees, with new trustees being appointed by irsolution of the Boai'd. The ti'uslees govern the $trategt¢ direction of tlie Charity in line with its main objeclives as set out in its constitution. RecNilliiieiiC fiiid appoliiliiieiil of Iruslees Dui'ing diis fu)an¢ial year ther¢ were six trustees serving on the Board, there wei'e no resignations or new appointments dw'ing 2023124. The CIO'S constitutioii allows for a illaximum of ten and the Boai'd is constantly looking to recruit additional board meinbers witli appi'opriate expertise. The present tivstees have a variety of backgi'ounds and aieas of expeitise, and individual members take the lead on different issues e.g. financA conservation, education and legal Inatters. In I'ecruiting new ts'ustees, th¢ Board seeks lo find people with the appi'opriate skills to fill any poteiitial gaps in expertise. ArruiigeiiiÉiilsfor sLttiii&J key i?IllFiftgeiiieiilpersoTriiielrefftiiJieralioii A review of the staflirtg sti'uctlli'e took place towai'ds tlie end of the 2022123 fEn2ncial year as Iloted in the pi'evious ant]ual repoj't. fhis iesulted in the recTUltinent of additional meniber of staff, meaniiig th2t at the end of 2023124 Shaird Earth TIst had four p3lt (inie staff with a conibllied total of 10.5 staff days pei. week. The four job roles in alphabetical order are Eiigagemeiit marger, facilities Mallager, FEnance Mat)ager and Nakni'e Resejve Manager. Page 4
Shai'ed Ei Artli Ti'u.%t Tru$tees' Report {continuLd) Major risky iiiuiio&rÉpiiÉiii of t11è rlsks RiskAsses.g?frienl The Inajor risks io which the CharEty is exposed, &s identified by the ti'ustees, have been reviewed and systeins have been established to niitigate those i'ssks. This Encludes standing items on the agenda of trustee meetings such as.. a declaration of conflicts of intei'est, repoit of l)ealth and safety incidents, aiid individual repoi'ts from staff oil their areas of IEsponsibility. Detailed monthly managenieiit aLctsunis are circu12ted to Irustees, with tlle latest versioi) discussed as a standing item at board nieetii)gs, as pai't of the process of mitigating fiiiancial risk. In addition. feedback from visitors, volunteers and coui%e participants is regularly monitoied. Fiiianeial instruments Objeeilves oiidijolici The ¢harity's activities expose it to o number of financial risks includllig credit risk, cash flow risk and liquidity risk. The use of fiiiancial derivatives is goveriied by tlie chai'ity's policies approved by the board of trustees, which pi'ovide wi'itten pi'inciples OM th¢ us¢ of financial deriwa(ives to manage these risks. The chai'ity does not use derivative fuiancial instruments for speculative pury)oses. Crerfil risk I'he charEty's principal financi818ssets air batth balances and casii, trade and other Icceivablc%, and invc8th)cnts. I'he charity's ci'edit risk is priRwily attributable to its trade receivables. The amounts pre£cnted in tlic halance sheet are net of allowances for doubtful receivables. An allowaiice for iinpaii'ment is made where ther¢ is an ideiilified loss event wliich, based on previous experience, is evidence of a reduction in the recov¢rability of th¢ cash flows. The credit risk on liqusd funds and derivative flnancial iiisti'uments is liniited because the counterpartiu are bat)ks witli high credit-rating5 assi&ed by international citdit-rating agencies. The charity has no signifjcant coiicentsztion of CiEdit risk, with exposure spread over a large iiillmber of counterparties and customers. Liquifllty rlsk In oi'dti. to maintaill liquidity to ensure that sufficient fidS are available for ongoing operatiotks and fiEknre developments, the charity uses a mixture of long-tenn and short-teim debt fillance. Fuither details regarding liquidity risk can be fowid in the Statement of accountÉng policies iti the flliancial stat£ments. Page 5
lixred li Arth 'l'rust Trustces, Report {coiitinued) Stateihent of Tru5tees' Responsibilities The tsustees are irsponsible foj. preparii)g the tii]stees' report and the financial stateiiientg in a¢¢ordaii¢e witli the United l<ingdom Accounting Standards (United Kingdom Generdlly Accepted Accounting Praciice) and applicable lam, and regulatioiis. The law applEcable to charitie5 requires the ttuslees to pi'cpar¢ fiiiallcial stateineiits for each fii)anciai yeai. wliich give a true and fair view of the state of affaii's of the ¢liai'tty and of the incoii)ing resources and application of resourccs of the chai'ity for tliat pei'iod. In preparing these financial statements. the ts'ustees are required to.. s¢le¢t sui¢abl¢ ac¢ountiRg policEts and th¢n apply them ¢onsi5tently- observe the methods and pi'ineiples in the Charities SORP,. make judgements and estiniates that are asOnable and prudenl slate whether applicable accout)¢itig standai'ds have been followed. subject to any Inaterial dep'tulPS disclosed and explained in Ihe financial statements., and pIEpare the financial statemeE]ts on the going ron¢¢rn basis uvl¢ss it is inappropriate to presume that the charity will continue in business. The thtteS al'e responsible for keepiiig proper aceounting records that disclose with reasoiiable accu]7cy at any time the financial position of the eharity and enable Ihcin to ensure that thc fJntTkci&I stateniejits cnmply with the Chayities Act 2011, the Clilli'ilies {Accounts and Reports) Regulations 2008, and the pravi%ian% of the cottstitiitioll. The ENStee& are also i'esponsible for safcguardittg thc asscts of the charity and l)enc¢ for taking reasonable steps for the prevention and detection of fr&ud and other iiyegularities. The kni]slees are responsible for the maintenance and integi'iry of the corporate and fii)ancial infomiatÈon included on the charitable company's website. Legislation governing the pieparation and dissemination of fmancial statements may differ from legislation in other jurisdictions. Pag£ 6
rrd Earth Trust Trusttts, Report (eontinued} Pl#lls for periods Alm keY ObdfvINrePEr1Q4 The Shared Earth TTUa will continue to develL¥p new cour5¢¥ ¢v¢nts ¥tyJ arttvitie5 Providing opportitillti¢5 for learner& volunteers and people of ages and abilitie5 ro eng¥g¢ with n*W¢. The maintsinin& and cordIn& of biodiverssty on the site will A 'bioblitt' local ecologists will be held thw¥ng the coming year. developtDerf of PAthg b1)ardw. The Shared Tn]si will s¢ek to extend its links wmh locai cffganisations incIalg SCIlS comrnwty The ongoin8 programtt of buiiding TrIen8nCe will continue. the £tCoMeS of the energy survey c(Hnpleted during this year wAll be in¢orporatrd Imo the developmem plans of the coming yeor. The annual report n? pprovEd b ol-t charity on..-......-.-._. signed (n its behalf by: ELlw81'd Howard Trnstee lenn Edward Sirachatt Chairman and tnLqe¢ Pd¥e 7
,Sliar¢d Ea¥tli Ti'uit Independent Examiiier's Rei)oi't to the trustees of Shared Earth Trust 116port to the trnistees on i)ry examination of the accouiits of Sliai'ed 11) Trust foi. tlie ye. ¢nd¢d JI Mardi 2024. Respotislbllllles and b2sls of repDI't As the charity truslecs of Sh81ed Earth Tnisl you are re5POi)5ible for the pycpuratioii of ihe accoun15 1 ac£ordai)c¢ witli the r¢quiremenls of tlie Charilics Act 2011 I'the A¢t'). I report in respect of my examiThalion of Ib6 Shared Earth Trnsvs accoun15 caiiied oui under sectioii 145 of tliE 2011 Act and in carryiiig out iny ¢xamination I hav¢ followed all Ihe appli¢able Direclionx given by Ilje Charity ComJnis8ioD uThder section 145151{b) of t] A¢t. IDdependent tX8mlner's stlltement I h&ve coinpl¢ted my examination. I confim] that no material matters have come kn my atttlltion in cot)nectioJi wiilj the examination gsving me cause to believe tljat in any Jnaterial iespect.. accounti1 re¢ord5 were not k¢pl in r¢sp¢et of Shared Earib Trust as reqiiir¢d by s¢clion 13a of lh¢ A¢t' or 2. the accounts do not accord with thos¢ re¢oiYls' or 3. the 8ccounts do not coinply with the aecoutsting requircnKnls ¢onecrtiin£ the fomj aiid Content of COunts set out sJJ th¢ Ch8riti¢s (Aceounts and Repoi'ls) Regulatto1 2008 other than aiiy requirement tljat the accoutits gtve a 'tnJe Al fair vicw whtch is nnt a Jnattci. considcrcd a8 pait of an indcpend¢llt Lxaminlltion. I have im) coiicerns and have come across no 011r mallers in connection with the examination to which &ttelllion should b¢ drawn iti tiiis report in order tc #ble a piop¢i' 1d6r5tandiI)g of the aCCDiMJts to be rcached. S&mantha Harl LHP Chartered Certified Ac£ouiilants FCCA Tl Harford Sgwar14arford Lampeter SA48 7HD Page 8
Shaz'Ld l=. i Artli I'i'u.4t Stalement of f4 inancial Activities for tlie Year Ci nded 31 March 2024 Uiirestrleted funds Restriete runds Total 2024 Note liicoTriie and li ndowments fro. Donations and legacies Cliai'itablc activities Ouier tradiiig activities Othei. income 57,934 54.213 2,851 13,590 57,934 109,645 2,851 13,590 55.432 Total income 128,588 55,432 184,020 Expenditure on: RaisEn8 funds Charitable activities (I,xoi) 199,429 (1,201) 141,284 41,855 Total expenditllre {101,230) 41,855) 143,085) Net income 27,358 3,577 40,935 Net movement in funds 27,358 13,577 40,935 Reeoncilialinn of funds Total ndS brought fotwai'd 707.576 5,995 713,571 Total fidS ca]Tied forward 734,934 19,572 754,506 The notes on pages 13 to 25 form integral part of these fillancial statements. Page 9
Slilired Ei artli Triist Statement of Financial Activities for the Year Ended 31 Mareh 2024 (eontinu¢d) Uiirtstriettd ruthds Resti'ieted runds Total 2023 Note Int(Jme and F.ridawinents fi'oin: Donations at)d legacies Chai'itable activities Otliei. trading activities Other inconie 8,891 58,485 3,993 10,302 8,891 67,991 3,993 10,302 9,506 Totsl irtcome 81,671 9,506 91,177 I xpendltui'e ot): Raising fi]nds Charitable activities (2,527) (94,090 (2,527) (128,396) (34,3061 Total expenditure 196,617) {34,306} (130,923) Net expenditure 14,946 {24,800 (39,746 Net movement in funds {14,946) (24,800) {39,746) Recollciliation of funds Tot81 funds bi'ought fonvArd 722,522 30,795 753,3 17 Total funds carried forward 707,576 5,995 713.571 All of the chariry's activities derive fi'om continuing operations during th¢ above two p'10dS. The funds breakdowt) for 2023 is shown note 18. The thotes pages 13 10 25 foimi an integral pw't of tht%e fuiancial stateineEIts. Page 10
13 1.7 852J(h> 14 15 ?40 119 61.432 99.688 61551 16 (4.98? {16,646) c•rrent •Mets 94.71 44.905 940.431 897205 17 191.9?5> 1183.634 754.5( 713.571 rfthe ¢h•Tity". Restrieted ineomt fuThtts Restricd fiwrds 19.572 5.995 Unrestrnted Ineome fends Unre5rrictrd funds Revaluation reserve 4WJ.465 373.107 3J4.469 734.9i4 707.576 TotAI fuTrdy 18 754.506 71i.571 The fjnancial ststements on p3ges 9 10 ?5 wert apwoved by the truse& and auth for issue on .. Sied on their be Eilward I Ic)i%',Ir Trn5tee Dr Glenn Edward Stradwi Ch&irnwi and trustee The notes page5 1) w 25 forni an integral part of financial sthremen Pagell
liai'L.d f4,111'tli I'ru8t Cmsh Flow St#temLnt for the Ye#r Ei nded 31 Mareh 2(b24 2024 2023 Ivole Cash l]ows trom operating activities Net césh incomel{expenditure) 40,935 (39,746) Adjustments to eash flows from mon-eash items Depreciation Accyued expenseslincome Inteiest payable 575 767 31,977 12,784 5,782 12,788 54,298 Workfimg eapltal adlusémcnts (Increase)/deci'ease in debtoi's Decrease in creditOl'8 14 16 (361 (201) Net cash l]ows from operating activities 54,141 5,652 Casli t]ows from financing activities Intei'est paid Repayjiienl ofbattk borrowings Procecds fronl other borroivii)gs during the period {12,788) (3,337) (12,784) 802 Net cash flows froni YancIng actÉvities Net in¢re8sel{decr¢as¢) it) ¢a$h and cash equivalettts Cash and cash equivalents at l Api'il 116,125 (11,982 38,016 {6,330) 67,762 61,432 Cash and cash equivalents at 31 March 61,432 All of the ¢ash flows are derived from eoi)tinuing operations durtng the above h¥0 periods. The notes on pages 13 to 25 foll an integial pari of tliese fiiiancial statements. Page 12
S'liared fi Arth Trusl Notes to the Fi inalleial Statements for (he Year Ei nded 31 March 2024 l Aeeounling pTrli¢ies St2teinent of compli&nee Tl)e fllianci81 statements have beell PlEpared in accordance wilh the seeond editiun of the Chai'ities Statement of Reeommended Practice issued iii October 2019, tlie Financial Reporting Staiidard applicable in the Ui)iied l<ingdom and Republic of Ireland IFRS 102) and ttie Charities Act 2011. Hagi$ of pi'epgration Shared Eaiih Trust 1neets tl)e def]llOn of a public benefit entity under FRS 102. The accounts (financial statements) have been prepAred under the historical cost conveniion with iteins Ircognis¢d at cos( or ttansaction value Unless otherwise slated in the relevant nole(s) to these accounts. Going eoiieern The trustees ¢onsider that there are no material uncertainties about the charitls ability lo continue as a goEng concern. Incoine and endowments Voluntai'y income including donations, gifts, legacies and grants that '0VIde core funding oi. al'e of a general iiature is I'ecognised when the chariry has entitlement to th¢ incomc, it is probable that the income will b¢ received and the ainount can be ffteased with sutTicient reliability. Doiiulion.$ oFid legocies Donations and legacies are recognised on a reccivablc basi$ when receipt is probabl¢ alld the can be reliably Inea.%uied. Graiits receivable Grants are recognised when the c[rity has an ¢ntitlement to the fijnds and any conditions linked to the grants have beeti met. Wliere perfomiance conditions al'e attached to the grant and al'e yet to be met, the income is re¢ognised as a liability and included on the balance sheet as deferred income to be released. ExpeDdilui'e All expenditure is recognised once there is a legal or consttuctive obligation to that expciiditure, it is probable seitleinent is required and the amount can be In¢asured reliably. All o)8ts are allocated to the applicable expendilui'e headllig that a&'egate similar costs to that catego&y. Where cost4 caniiot bc directly &ttritJiited to particulai. headings they have been allocated on a basis consistent with the use of resour¢¢s, with central staff costs allocated on the basis of tinie spenL and depreciation charges allocated on the portion of tlie ass¢t's use. Othej. &Lipport costs are allocated based 01) the spread of staff costs. RlSingli)IS These are ¢0st$ iiicun.ed lli atts?cting voluntary income, ti)e management of iEivestnien*s and those inCLirred in trading activit5es that raise ftmds. Chtsrlltsble &cllvllies Chpritable expenditUlE compri5e5 those costs iiicui'i'ed by the chai'ity in the delivei'y of its activities and 8ei'vices for rts benefIciaries. It includes both costs that can be allocated dsrectly to such activities and those costs of all indirect natllre necessary to support them. Page 13
Sl)al'Ld Ii'.iirtli I"I'u5t Notes Éo the Financial StatLments foi. the Year Ei nded 31 March 2024 (continued) Suppoyt costs Support Costs iiiclude centt?I functions and have been allocated to activity wst categories on a basis consistent with Ilic use of restsurces, for exaniple, allocating pi'operty costs by floor areas, or per capita, stalF costs by the tlme spent aiid other costs by theEI' usage. Goveriiartce cost5 These ii)¢lude the costs attributable to tlie eharity's compliante witli cDt]stitutional and statutory requireinents. including audit, strategic manageinent and tr118tees meetings and reimbw'sed expeiises. GovernmeAt grants Government antS are iecogni8ed b&fcd on the acen]al Inodel and measured at the fail. value of tbe asset received ov receivable. Gi?nls al'e classified as relating either to r¢venu¢ or to assets. Grants relating lo Yevenue are recognised in ineome over the period in which the related costs ore r¢¢ogrhis¢d. Gronl$ relating to assets are recognised over the expected useful life of the asseL Wheie pait of a yJant relating to an as$¢t is deferiEd, it is recognised as deferred ncoMe. Taxation The clwity ss considered to pass the tests set out in Pai'agraph I Schedule 6 of the FÈnan¢e A¢t 2010 attd thej'efore it meets the definition of a charitable company for UK Corporation tax purposes. Accorditigly, the chwity is potentially exempt from taxation in respect of income or capital gains received within c8tggories covered by Chapter 3 Part I l of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gaiiis ACÉ 1992, to the extent that such income oi. gains are applied exclusively to chai'itable purposes. Tangible fixed assets Individual fixed assets are initi&lly recoiyled at cosi less any subsequent a¢cumul&ted depreciation and subsequent accwnu5ated impairnient losses. Depreciation amortlsgtloii Depi'eciation is provided on taiigible fixed asgets so as to write off the cost or valuation, less any estimated residual value, ovei- their expected use7 economie life as follows.. Asset cla$5 Plant and lltschinery F'ixtur& and fittings Equipinent Depreciation metliod alld rat¢ 250/0 redueirtg b21ante 250/0 reducing bal8nce 25010 reducllig balance Trade debtor5 Tiade debtors are amounts due frojn customers for merchalldise sold or seivices perfornjed in the oi'dinary course of business. Trade debtors are I'ecognised iiiitially at the ti'ansaction price. They are subsequently Ineasured at amorlised Cost using the effectivc intcrc8t method, less provisiot) foi. impairnleiit. A provision for the inipaimient of trade debtors is eslabli.%hcd wheii Ihcit is objective evidence that the charity will not be able to collect all ainoun¢s due according to tlie original tcrms of the reccivables. Page 14
SlIArcil :l.t11 'fi'u8t Notes to Ihe fi iiiaiiclal Statements for the Year Ei nded 31 March 2024 (cuntinucd) Cash and eAsh equivalents Cash and cash equivalents ¢omprise cash oi) hand and Call deposits, other short.temi liiglily liquid investments that are readily conveilsble to a kniown atnouiit of cash and are subject to insignificant risk of thènge in value. Boyrowings Intei'est-bearisig boiyowings are initially recorded at fair value, net of tixnsaction costs. Interest-bearing boYrowinLs 3re 5ubseqLiently carried at ainortised Cost, with the differente between the pi'oceeds, net of ¢i'aTL$acLion costs, and the llOunt due on IEdemptiot] being recognised as a charge to the Statement of Finan¢ial Activitics ov¢Y th¢ p.10d of tlie relevant borrowing. Intcrcst exp¢nse 18 rt¢ognised ott the basis of the effective int¢rcst niethod and is included in interest payable and similar chai'ges. Bori'owings are classified as cwyent liabilities unless the charity has an uncondiLion21 right to defei. settlement of the liability foi. at least twelve nionths after the reporting date. Vlllld structure Unrestricted income funds are general fidS that are available for use at the trustees discretioii ii) fuitherance of the objectives of the chai'ity. Rests'i¢ted income fimds 21'e tl)ose donated for use in a particular area or for specEfit purposes, the use of which is resti'icted to that area or purpose. Financial in5ti-umeAts Clffts&lJletsiloiJ Fiiian¢ial assets and fEnancÉal liabilities are recognised wlies] the ¢hai'Èty becomes a party to the contractual provisions of the instrumetit. Fit)ancial liabilities and equity instnllnents are classified according to the substance of the Contractual &rrangements enteiEd iDto. Ati equity instrument is any contract that evidences a residual ii?terest in the assets of the charity after deductiiig all of its liabilities. PagBIS
SliarLd r.Ai'tli Ti'iist Notes to the fi inancial Statements for the Year fi nded 31 Mai'ch 2024 {eontinued) RÉcéJgiiilioii rtiid iiiÉftsiireiiieiil Ali riiiancial assets and liabilities ale iiiitially Ineasured al ts%n5action pi'ice1snGluding transaction ¢osls), except for those fEnaiicÉal assets Classified as at fail. value through profit or luss, wliich i*r¢ initiiilly measured at fair value (which is normally the transaction price excluding ti'aiisactioii costs), unless the arrdn¥ement Ctsnstitutes a fiiiancing transaction. If an ai'rangement constitutes a fnaliCi8 traiisaciion, the fmancial asset oi. financial liability is nieasuj'ed at the pre&eiit value of the futui'e payiiients dÈscounted at a in'ket rate of interest foi. a siniilai. debt instrumenl. Financial assets and liabilitEes are only offset in the statement of financial position Whe and only when there exists a legally enforceable l'ight to set off the recogtjised amounts the charily intends either to settle on a nei basis. or to i'¢alise tlie asset and settle the liability siniultaneously. Fiiidncial assets are dei'ecognised whell and only wlien a) the contrdctual l'ights to the cash flows from the financial asset expii'e or are settled, b) the cliai'ity transfeis to another party substantially all of tlLe risks and i'ew.dS of ownership of the fjiiaiicial asset, or c) the chai'ity, despite having ietained some, but not all, signÉficant risks and rewai'ds of ownership, has transletted control of the asset to another party. Financial liabilities al'e derecognised only when the obligation specified in the contra¢t is dEhed, cancellea or expires. Folp vtslue iiiellsiireiiieiil The best evidence of fair value is a quoted price for an identical 2sset in an active mai'ket. When quoted prices are unavailable, the price of a recent transaction for an identi¢al asset provides evidence of fair value as long as there has not been a significant change in econoinic Circumstances oi. a sigiiificant lapse of time since the transaction took place. If tlie market is not active and IE¢ent tratisactions of an sdentical asset ott thell. owl al'e iiot a good estimate of fair v&lue, the faÈr value is e5tin)ated by using a valuation tecl]niqu£. 2 Incoine from donations and lega¢ie5 Unrestricted fuiid. G¢ner#l Total funds Donations and legaeies. Donations Subscriptions Grants, including capital gi'ants. 8]C Payment Scheine Glastir Agi'eeinent Fy Nglioeden, Eiii Coedwig 51,299 1,550 51,299 1,550 1,917 2,168 I,ooo 1,917 2,168 1,000 Tot21 for 2024 57,934 57,934 Tot&l foi. 2023 8,891 8,891 Page 16
ShAJ'ed fijartli Trust Notes to the Financisl Slatements foy the Year Ellded 31 March 2024 {contiiiued) 3 ID¢ome frouk charitable activliies Uni'esti'ieted funds Ctner&l Restricted funds Total fuiids Course income Campsite fees Dorinitory ittcome Eco LA)dge hll'e Farnihouse Iieating Farmhouse rent Venue hwe Cynnal Cyi)ll' Catalyst Cyni'u GaLfield Weston Found&tion Postcode Community Trust The Big Give WCVA 21,240 998 1,275 18,820 490 21,240 998 ,275 18,820 490 7,620 3,770 1,750 2,829 15,000 25,000 9,853 1,000 7,620 3,770 1.750 2,829 15.000 25,000 9,853 1,000 Total for 2024 54,213 55,432 L09,645 Total foi. 2023 58,485 9,506 67,991 4 Ineome from other trading activitÈes Uiiresti'leted funds G¢neral Tolal runds Trading income. Shop income 2.851 2,851 Total (01. 2024 2,851 2,851 Total for 2023 3,993 3,993 Page 17
,Shared E< artli Ti'ust Nut(s to the Financial Statements for th¢ Year Ended 31 March 2024 {¢ontiiiued) S Other iiicoine Unresti'ieted fvllds General Total fudS Tariff iiicome Insurgnce claim Inteirst on Casli deposits Other exceptional income 5,508 6,477 1,602 5,508 6,477 1,602 Total for 2024 13,590 13,590 Total for 2023 10,302 10,302 6 Expenditui'e on raising funds a) Costs of trading acliyiti Unrestricted funds General Total funds Note Costs of goods sold 1,801 1,801 Tol&l for 2024 1,801 Total for 2023 2,527 2,527 Total costs Y Expenditure on ch2rltable activities URrestricted funds General Restricted fuiids Total funds Note Charitable activity Staff costs Allocated suppojl costs Governance costs 29,024 41,890 26,452 2,063 29,459 12,396 58,483 54,286 26,452 2,063 141,284 Total for 2024 99,429 41,855 Total for 2023 94,090 34.306 128,396 Page 18
Sh#i'ed Fi.xrtli Trust Notes to the fiinAncial Statemeiit.$ foi. the Year Ended 31 Marcli 2024 (continued) Total expenditure 8 Analy$És of governance and support Costs Governaiice eosls Unrestricteil fuiids General Total funds Depreciation, aniortisation and othei. similay costs Allo¢ated support costs 575 1,488 575 1,488 Tolgl for 2024 2,063 2,063 Total foj. 2023 2,050 2,050 9 Net Ineoinillglovtgoing resollrce5 Net incomi{0Ut2Dlllg) resow'ces for the year include.. 2024 2023 Depreciation of fixed assets 575 767 10 Trustees remllneration and expenses No tiustees, nor any persons coiinected with thetll, ltswe received any reinuneration from the charity during the year. No ti'uste¢s have received any irimbursed expenses or any other benefjts fix)m the charity duTillg the yeav. 11 Stkff eosts The aggiegate payroll cosls wei'e as follows.. 2024 2023 Staff costs duriiig the year ivere: Wages and salaries 54,286 46,917 Thc manthly tverage number of persons {includiDg senioi. management I leadership teani) employed by the charity duritig tli¢ yeai. expi'essed as 11 time equEvalenls was as follows.. 2024 2023 Nuniber Df staff Page 19
Sliared li %t"tli Tru,8t Notes to the Financial Statements foi. the Year Ended 31 March 2024 (Continued) No employee received emoluinents of mole than £60,000 duiing the year Page 20
Sli#i'id f4 artli Ti'u8t Notes to the Financial Statements for the Year Ended 31 Marcli 2024 (continued) 12 Taxatlon The charity is a regisl¢iEd ¢liarity and is tlierefore exempt froni tsxatioii. 13 TattgÈble fjxed Assets Land and buildings Flxfures fittings Equipnient machiiiery Tthta Cost At l Api'il 2023 850.000 1,938 2,626 351 854,915 At 31 March 2024 850.000 1,938 2,626 351 854,915 epreciation At l April 2023 Charge for Ihe yeÉw 219 33 2,615 575 182 360 At 31 March 2024 1,393 1,545 252 3,190 Net book v*lu¢ At 31 March 2024 850,000 545 1,081 99 851,725 At 31 March 2023 850,000 727 1,441 132 852 300 Page21
SIAxrLd 14 111.tli Tru4t Notes to the fiinancial Statements for the Year nded 31 Mv4rch 2024 (colltinued) Revaluation Thc fair v8luc of the eompany's Land and buildings was ievalued on by an sndependent valuer. Frcchold propeity comprises of the lat)d at Delynark Fai'ni,the confei'ence ceiitsr, F&rtnhouse and Ecolodge. The properties were all valued for the piiipose of their transfers into tlie CIO from the origin eompaiiy aiid tharity at their insui?n¢e valuotiolls on the 29 Octobei. 2021. The valuaiions wei'e carrÈed out by Andt'ew Moi'gan FRICS FAAV on behalf of Morgan and Davies. Tlie bO.d will consider the valuati7 annually olig0g. Had ihis class of asset been nieasuTed on a historical tost basis, their ¢atrying amouiit would have been £515,531 {2023 - £515,531). 14 Debtors 2024 2023 Trade debtOTS 240 119 15 Cash cash equivalents 2024 2023 Cash on hand Cash at batth 757 98,691 99,448 1,024 60,408 61,432 16 Credilors: ainouiits falling due withiN on¢ year 2024 2023 Bank loans Otliei. laxJtiOn ond so¢Eal security Accruals 3,500 258 15,128 198 1.320 4,982 16,646 17 Ci'edilor$: aniounts Calling due aftey one year 2024 2023 Bank loans 191,925 183,634 Page 22
SlIAI'id f4 #rtli Trust Notes to the Finr•ncial Statements for tlie Year Ended 31 March 2024 (contiilued) 18 Funds Balanee al I April 2023 Imeoming re$ouYce5 Resource5 expended Balanee al 31 Mareh 2024 Uni'estricted funds GÉFierlll General Funds Revaluatioii Reserve 373,107 334,469 128,588 {101,230) 400,465 334.409 707,576 128,588 (101,230) 734,934 Restrlcted fund5 National Lottery ComTnunity Fund 2022 (D¢nmark Fann Gl'owing Space) The D'oyly Carte Charitable Trust 2022 Thc D'oyly Carte Charitable Trust 2023 Cynnal Cymru 2022 (Nature Wis¢) Catalyst Cymiv 2023 {Broadening Horizons) Garfield Weston Foundation Grant 2023 Postcode Community TNst 2023-2025 The Big Give (Green M&tch Fund) WCVA 2024 (Energy Efticiency Sutvey) 238 (238) 267 {267) 5,490 (5,490) 1,750 (1,75a) 2.829 (2,424) 405 15,000 (15,000) 25,000 (6,833) 18.167 9,853 (9,8521 1,000 1,000 5,995 55,432 {41,855) 19,572 Total funds 713,571 184,020 143,085) 754,506 Page 23
Shai'L.d li ai'th Ti'llst Notes to tlie Finaneial Stalements for the Year E4 llded 31 March 2024 {eontinued) Balance at I April 2022 Incoming I'uoui'¢es Resources expended B81ance al 31 March 2023 Unresli'icted fuiid5 GeiierRI Genei'al Funds Revaluation Reserve 388,053 334,469 81,671 (96,617) 373,107 334,469 722,522 81,671 (96,617 707,576 Restriete41 funds National Lottery Community Fund 2022 (Dernnark Fai'm Gix>win8 Space) Biodivei'sity & People The D'oyly Carle Cliaritable Trust 2021 The D'oyly Caite Charitable Trust 2022 The D'oyly Carte Chai'itable Trust 2023 10,000 6,507 19,762) (16,507) 23S 288 {288) 4.000 (3,733) 267 5,986 (496) 5,490 Cynnal Cy)Iru 2022 (Nature Wisel 3,520 9,506 (3,520) 34,306 30,795 5,995 Total fullds 753,317 91,177 130,923) 713,571 19 An21y5is of net assets bctween (unds Ulli-e$tricled funds Gen¢ral Total fuiids at JI March 2024 Restricted funds TangÈble fixed assets Cuiyent assets Cutreni liabiliiies Creditors ovei. l ye&r 851,725 80.116 (4,982) (191,925) 734,934 851,725 99.688 {4,982) (191,925 754,506 19,572 Total llet assets 19,572 Page 24
SlIAred fi.Mi-tli 'l'ru4t Notes to the Trinalleigl StAteMLnts for Élle Year Ei nded 31 Mar¢h 2024 (continued) Urti'estrieted funds Gentrgl Total fijnds at 31 Mareh 2023 Restrif ted funds Tangible fixed as$etS Current assets Current liabilities Credttors ovei. l year 852,300 55,556 116,646) (183,634) 852,300 61.551 116,646) {183,634 713,571 5,995 Total net assets 707,576 5,995 20 Aiialysiy of net funds At l April 2023 Finanein¥ cash floivs Ai 31 March 2024 Cash at bank and in hand Debt due within one year Debt due after more than one yeai. 61,432 (15,128) {183,634 38,016 11.628 8,291 99,448 (3,500) 191,925) Net debt 137,330) 95,977 2] Related party tf211saetlons There were no i'elated party transactions iii the year. Page 25
Sliared fi Artli Trust Statement of Financial Activities by fulld for the Year Ended 31 M*i'¢h 2024 Total Total Uiirestrieted UNrcstri¢ted Funds Fuiids 2024 2023 Ineome and ndowni¢nls fi'om: Donations and legacies Charitable activities Ot]ier tradiiig actlVEties Othei. iiiconie 57,934 54,213 2,851 13,-590 8,891 58,485 3,993 10,302 Total incne 128,588 81,671 ExpeDdi(ure on: Raising ndS Chai'itable activities (1,801) 199,429) {2,527) (94,090) Total expenditure (101,230) {96,617) Net incomel(expenditure) Net movemeiit in funds 27,358 {14,946) 27,358 {14,946) Reconcill8t5on of fvnds I'otal futids bi'ought forward 373,107 388,053 Total fimd5 CTled forward 400,465 373,107 This page does not foi'm p&rt of the slatuloiy fanCIal stateinents. Page 26
Sliai'ed I:. l Artl) 'fruit Statement of Finydncial Aetivities by fund for the Year Ended 31 March 2024 (eontinued} Total R¢strickd Funds 2024 TotAI Resti-iet£d 2023 Ineome And ndowments from: Chai'itable aetivities 55,432 9,506 'rotal ijicome 55,432 9,506 F.xpendilure on: Charitable aetivities {41,855) (34,306) Total expenditure (41,855} (34.306} Net illcomel(expenditure) 13,577 (24,800) Net movemetit ik) ndS 13,577 {24.800) ReconcilÈatioll of fund5 Total ndS brought foiivard 5,995 30,795 Total fiEnds carried fotward 19,572 5,995 This page does noL fom part of the $tatutoi'y fmancial stat¢ments. Page 27
Sliared 14 kll-th Ti-ust Detailed Statcm¢nt ofFinancial Aetivities foi. the Yeai. Elnded 31 Mllreh 2024 Total 2024 Total 2023 Income and Eiidowinents from: Dongttiotts athd leg8¢ses {aTJalys¢d below) C]iaritable activities laiialysed below) Othei. ti'ading activities (analysed below) Otlier income (analysed below) Total income 57,934 109,645 2,851 13,590 8,891 67,991 3,993 10,302 184,020 91,177 Expenditui'e oll: Raisiiig funds (analysed below) Charitable activities laii&lysed below) Totsl expenditw'e Net iiicomel{expenditure) {1,801) (141,284 {2,527) (128,3961 (143,085) (130,923 40.935 139,746 Net movement fvnds 40,935 (39,746) Reeoneiliatioik of funds Total funds brought foiward 379,102 418,848 Total fiuids Cai'ried foiivard 420,037 J79,102 Tliis page does not form pait of the statutory fanCIal statements. Page 28
ShMI'Ld Ai'tl) I'rusl Detailed Statement of Financial Activities for the Year Ended 31 March 2024 (continued) Total 2024 Total 2023 Doitfflloiis aiidleg4cies Donations Grants Subscriptions 51,299 5,085 1,550 2,896 5,106 889 57,934 8,891 Chorilobl¢ ucliwli£s Coneerts 21,240 998 1,275 18,820 490 7.620 3,770 1.750 16,867 1,823 2,174 25,164 900 7,440 4,117 3,520 5,986 Cat]ipsite fees Dormitory income Eco Lodge hire Farnthouse heating Trarthouse rent Venue hire Cynnal Cymru The D'oyly Carte Charitble Ti'usi Project 3 Catalyst C)qnru - Broadening Hori£ons PIM)ject GaifIeld Weston Foundation 2023 Postcode Commutjity Trtt 2023-2025 The Big Give WCV A- Ellergy Efficiency Swvey 2024 2,829 15,000 25,000 9,853 1.000 109.645 67,991 Olher Irtsdliig aclivilies Shop income 2.851 3,993 2,851 3,993 Oilier iiicoipie Tariff income Terra Cycle Redemption Insurance cltLim Interest on cash deposits Orher exceptional income 5,508 9,923 6,477 1,602 335 13,590 10,302 Ral$iii¥fuRds Shop cost5- puI'¢hases 1,801 {2,52 (1,801 2,5271 Cliurlluble uellvliles Chai'ttable activities direct costs (58,4831 (55,7671 This page does not form pait of the stattOry finEncial statements. Page 29
SharLd Lai'lh 'frusl Detailed Statement Of Financial Activities foi. the Year li nded 31 March 2024 (¢onlinucd) Totsl 2024 Totgl 2023 Purcliases Insurance Othei. eslablishn)et)t cost5 Office expenses Trade subsci'iptions Marketing Legal and professional fees Interest oll bank loans and ovei'drafts Depreciation, aniortisation and other sitnilar costs Alloeated support costs Staff costs (422) (3,479) (5,907) (1,124) {942) (1,354) {1201 {13,104) {5751 {1,488) (54,286) (141,2841 {129) {3,085) (3,897) (4371 (3,330) (12,784} (7671 {1,283) (46,917) (128,396 This page does not foi'm pait of the statutory flnancial statement5. Page 30