Charity registration number: 1183155
## Shared Earth Trust
Annual Report and Financial Statements for the Year Ended 31 March 2025
## **Shared Earth Trust**
## **Contents (continued)**
|Reference and Administrative Details|1|
|---|---|
|Trustees' Report|2 to 7|
|Statement of Trustees' Responsibilities|6|
|Independent Examiner's Report|8|
|Statement of Financial Activities|9 to 10|
|Balance Sheet|11|
|Cash Flow Statement|12|
|Notes to the Financial Statements|13 to 24|
## **Shared Earth Trust**
## **Reference and Administrative Details**
**Chairman** Dr Glenn Edward Strachan **Trustees** Aline Denton Edward Howard Dr Glenn Edward Strachan Maria Wilding Linda Bradshaw - Wood Guy Hopwood Mr Andrew Polkey **Charity Registration Number** 1183155 **Principal Office** Denmark Farm Conservation Centre Betws Bledrws Lampeter Ceredigion SA48 8PB **Independent Examiner** Rhys Jones LHP Chartered Certified Accountants Tŷ Harford Sgwâr Harford Lampeter SA48 7HD
Page 1
## **Shared Earth Trust**
## **Trustees' Report**
The trustees present the annual report together with the financial statements of the charity for the year ended 31 March 2025.
## **Objectives and activities**
## _**Objects and aims**_
The objects of the charity, as recorded in its constitution are:
• To promote the protection, conservation and restoration of flora and fauna and their habitats, including through the establishment, preservation and maintenance of Denmark Farm Conservation Centre.
• And to advance the education of the public in the study of flora and fauna and their protection, conservation and restoration, including providing workshops, training courses and promoting research, and sharing and disseminating the results of such research for the benefit of the general public.
The above charitable objects underpin specific projects, activities and services, which bring people of all ages and abilities into contact with the natural environment, focus their attention on the vital importance of biodiversity, and demonstrate ways in which everyone can support nature and live more sustainably.
## _**Public benefit**_
Activities undertaken to further public benefit include the provision of courses on ecology and sustainable living and the maintenance of the Denmark Farm Conservation Centre.
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
Page 2
## **Shared Earth Trust**
## **Trustees' Report (continued)**
## **Achievements and performance**
1) The Shared Earth Trust maintains and operates Denmark Farm Conservation Centre. The nature reserve at the Centre has open access every day of the year except 25th December. Access to walk on the trails around the nature reserve is free of charge although donations are invited. This facility is used regularly by members of the surrounding communities. In financial year 2024/25 maintaining the site has seen significant work around the nature reserve and in the buildings on site. The paths and trails have undergone improvements, which will continue into the next financial year, extending the wheelchair access to further reaches of the reserve, The ongoing maintenance in the woodlands is reflected in the new woodland management plan developed during the year. A programme of special maintenance projects aimed at the buildings infrastructure was established, which will continue to run into future years. These projects include refurbishments and maintaining fire safety standards. In July 2024 Denmark Farm Conservation Centre achieved Green Flag Community Award the quality standard overseen by Keep Wales Tidy.
2) The Shared Earth Trust continues to offer an extensive range of courses on ecology, natural crafts and sustainable living. These courses are advertised on the website at www.denmarkfarm.org.uk and attract participants from the local area as well as much further afield. The courses are a key element of fulfilling the aims of the charity in terms of promoting biodiversity, restoring and conserving habitats, and re-connecting people with nature. New courses continue to be added to the portfolio including ethno-botany during 2024/25.
3) The Shared Earth Trust hosts a series of visits, meetings and events throughout the year. These are mainly aimed at the local community, but also attract participants from further afield. Events in 2024/25 included: visits from local schools, holiday activities for children, carers groups and support groups for vulnerable individuals. A ‘Bioblitz’ was held in July 2024 to contribute to the continuing ecological recording on site.
4) Volunteers are an essential aspect of the activities at Denmark Farm Conservation Centre, and support the functioning of the Shared Earth Trust. Volunteers are also a key element of achieving the charitable aims by offering individuals who volunteer opportunities to connect to nature, support their well-being and acquire and improve a variety of skills. Regular volunteer sessions make a significant contribution to the maintenance of the nature reserve, utilising and developing the conservation skills of those who attend. The Growing Spaces project based on a regular group of volunteers has seen the kitchen garden continue to develop with raised beds making gardening accessible to a wide range of abilities. Volunteering opportunities in the office also support the running of the Shared Earth Trust organisation.
5) The Shared Earth Trust offers accommodation in the Eco Lodge, dormitory and campsite for residential courses and meetings, or for people who want to visit the nature reserve and surrounding area. The Eco Lodge is an important source of income for the Shared Earth Trust and during 2024/25 it underwent some internal refurbishment.
6) Grant funded activity. The Shared Earth Trust received grant funding from a variety of sources. All the grants contributed either directly or indirectly to achieving the aims and objectives of the charity. Funds from the grants supported events and courses, helped maintain the biodiversity on the nature reserve, provided volunteer opportunities and contributed to the running costs of the charity. Grants received during 2024/25:
- Catalyst Cymru
- Postcode Lottery Trust
- The Woodland Investment Grant (TWIG)
- CAVO – Making Conservation Count
- CO-OP Local Community Fund
7) The Shared Earth Trust maintains communication with its supporters and members through emails, blogs, newsletters and social media.
Page 3
## **Shared Earth Trust**
## **Trustees' Report (continued)**
## **Financial review**
## _**Policy on reserves**_
The trustees have a Financial Reserves Policy, which states that “The policy of the Shared Earth Trust Charitable Incorporated organisation is to hold unrestricted financial reserves of a level that equates to a minimum of six months unrestricted expenditure. In line with the Charities SORP (FRS 102), section 1.48 (October 2019 edition), this policy will be reviewed as part of the annual report and accounts, and the actual reserves held at the end of each financial year will be stated in the annual accounts.”
At 31st March 2025, total unrestricted reserves stand at approximately £742,423 (2024 - £734,934) dependent on the market value of the property. Free reserves (consisting of current liquid assets, less current liabilities) representing the working capital for the unrestricted activities is £79,609 (2024 - £75,134).
## _**Investment policy and objectives**_
The trust deed governs the trustees' investment powers. The trustees have a policy of keeping any surplus as liquid funds in interest-bearing deposits, which can be accessed readily. The trustees are of the opinion that the charity has insufficient reserves to warrant investment in other forms.
## **Structure, governance and management**
## _**Nature of governing document**_
The Shared Earth Trust charity is controlled by its governing document, a foundation CIO constitution, approved 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 Earth Trust.
The charity is governed by a Board of Trustees, with new trustees being appointed by resolution of the Board. The trustees govern the strategic direction of the Charity in line with its main objectives as set out in its constitution. The trustees who served during the year and up to the date of this report are set out on page 1.
## _**Recruitment and appointment of trustees**_
There were six trustees serving on the Board at the start of this financial year. In November 2024 a new trustee was recruited to the Board, bring the number of trustees up to seven. There were no resignations during the year. The CIO’s constitution allows for a maximum of ten and the Board is constantly open to recruiting additional board members with appropriate expertise. The present trustees have a variety of backgrounds and areas of expertise, and individual members take the lead on different issues e.g. finance, conservation, education and legal matters. In recruiting new trustees, the Board seeks to find people with the appropriate skills to fill any potential gaps in expertise
## _**Arrangements for setting key management personnel remuneration**_
The Shared Earth Trust has four part time staff with a combined total of 10.5 staff days per week. During financial year 2024/25 some additional hours were allocated on a fixed term basis relating to specific projects. The four job roles in alphabetical order are Engagement Manager, Facilities Manager, Finance Manager and Nature Reserve Manager.
Page 4
## **Shared Earth Trust**
## **Trustees' Report (continued)**
## _**Major risks and management of those risks**_
## _Risk Assessment_
The major risks to which the Charity is exposed, as identified by the trustees, have been reviewed and systems have been established to mitigate those risks. This includes standing items on the agenda of trustee meetings such as: a declaration of conflicts of interest, report of health and safety incidents, and individual reports from staff on their areas of responsibility. Detailed monthly management accounts are circulated to trustees, with the latest version discussed as a standing item at board meetings, as part of the process of mitigating financial risk. In addition, feedback from visitors, volunteers and course participants is regularly monitored.
## **Financial instruments**
## _**Objectives and policies**_
The charity’s activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk. The use of financial derivatives is governed by the charity’s policies approved by the board of trustees, which provide written principles on the use of financial derivatives to manage these risks. The charity does not use derivative financial instruments for speculative purposes.
## _**Credit risk**_
The charity’s principal financial assets are bank balances and cash, trade and other receivables, and investments. The charity’s credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows.
The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies.
The charity has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers.
## _**Liquidity risk**_
In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the charity uses a mixture of long-term and short-term debt finance.
Further details regarding liquidity risk can be found in the Statement of accounting policies in the financial statements.
Page 5
## **Shared Earth Trust**
## **Trustees' Report (continued)**
## **Statement of Trustees' Responsibilities**
The trustees are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
The law applicable to charities requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008, and the provisions of the constitution. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Page 6
Trwrteal Report (c••linxd)
Pl•m• for tqtue ptrlfjth
ithntified sty will ts) be dwin8 21)25r16 •NI Vlhik the ShwrAt E•rtb TTll WAU alwAy8
Edward HowArd
Tnt¢e
Shared Earth Trust
Independent Examiner's Report to the trustees of Shared Earth Trust
I report to the tru5tre5 on my examin0 of the accounts of Shaxed Eanb Thjst for the year ded 31 Max
2025.
Respollsibilities and basis of rerI
As the charity trustees of Shared Earth TTUSt you are responsil)le for the preparation of the accounts ill
accordattce with tbe requiTtrnents of th¢ Charities Act 2011 {'the Act.).
I report in respect of my eXarninOn of th¢ Sbared karth Truses accowits carried out under section 145 of the
2011 Act attd in carr>ryDg my examtnation I have followed all the applicable Directions given by the Charity
Commission undtt 5¢Ction 145(5)(b) of the A¢L
Indepclldtllt txamther's stateent
I have Complct rny examination. I confm that no nJateriaI tter5 bave to w atteDtiOll ill CODnection
with the examiDatioll givjllg m¢ ¢ause to believe that in any material re5pett.
l. accounting recor(ts were not kept ill Te5pect of Shared Earth Trust as wuired by section 130 of the Ac¢ or
2. tbe accounts do JLOt accord with those re¢ords' or
3. th¢ accounts do not compty with the accounting reqUiremts concern8 the foErn and Content of accounts
set oth in the Charities (Accounts and Reports) Regulations 2008 other thaD any requirerneDt that the
accounts give a Itue and far view which is not a matter coLsid¢red as part of an indep¢nd¢nt
examination.
I have no concerns and have come alS no other Tnatt¢r5 in connection with the ¢knIation to Mthich attention
should be thawn in this report in order to enable aproper utKlerstsDding of the accounts to be rehed.
Rhys Jones
LHP Cbartered Certified AOUntants
FCCA
T* Harfo
SgwaT Harford
Lampeter
SA48 7HD
Page 8
## **Shared Earth Trust**
## **Statement of Financial Activities for the Year Ended 31 March 2025**
|**Note**
**Income and Endowments from:**
Donations and legacies
Charitable activities
Other trading activities
Other income
Total income
**Expenditure on:**
Raising funds
Charitable activities
Total expenditure
Net income
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward
18|**Unrestricted**
**funds**
**£**
66,534
60,419
2,347
15,548
144,848
(1,008)
(136,351)
(137,359)
7,489
7,489
734,934
742,423|**Restricted**
**funds**
**£**
-
49,899
-
-
49,899
-
(44,812)
(44,812)
5,087
5,087
19,572
24,659|**Total**
**2025**
**£**
66,534
110,318
2,347
15,548|
|---|---|---|---|
||||194,747|
||||(1,008)
(181,163)|
||||(182,171)|
||||12,576|
||||12,576
754,506|
||||767,082|
The notes on pages 13 to 24 form an integral part of these financial statements. Page 9
## **Shared Earth Trust**
## **Statement of Financial Activities for the Year Ended 31 March 2025 (continued)**
|**Note**
**Income and Endowments from:**
Donations and legacies
Charitable activities
Other trading activities
Other income
Total income
**Expenditure on:**
Raising funds
Charitable activities
Total expenditure
Net income
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward
18|**Unrestricted**
**funds**
**£**
57,934
54,213
2,851
13,590
128,588
(1,801)
(99,429)
(101,230)
27,358
27,358
707,576
734,934|**Restricted**
**funds**
**£**
-
55,432
-
-
55,432
-
(41,855)
(41,855)
13,577
13,577
5,995
19,572|**Total**
**2024**
**£**
57,934
109,645
2,851
13,590|
|---|---|---|---|
||||184,020|
||||(1,801)
(141,284)|
||||(143,085)|
||||40,935|
||||40,935
713,571|
||||754,506|
All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2024 is shown in note 18.
The notes on pages 13 to 24 form an integral part of these financial statements. Page 10
Shared Eydrth Trnst
(Registration number: 1183155)
Balance Sheet as at 31 March 2025
2025
2024
Not¢
Fixed assets
Tangibl¢ ets
13
851293
851.725
Current awets
Debtors
Cash at bank aDd sn band
14
15
2,992
107,536
240
110,528
99,688
Creditors: Amounts falling due wKthin otse year
E6
6260
(4,982
Net eurrent assets
104268
94,706
Total awets le&$ cllrrent IlabilTtfiÈs
955,561
946.431
Creditots: Awollots falling dlle after more thaD one yeor
17
(188,479)
(191,925)
Net Assets
767.082
754,506
of tbe charity:
Restricted tucorne ndS
Restrcted fi]nds
24,659
19,572
Unrestricted income funds
Unrestricted funds
Reyaluaiion reserve
407,954
334,469
400,465
334,469
Total unresti¢ted fuDds
742,423
734,934
Totsl fvnds
18
767.Of2
754,506
The financial ststements (In pages 9 to 24 wue by th¢ IT$t¢¢4 and authorised for issue on
./.10/2C. and 5Tgned on their behalf by:
Edward Howard
TTUStee
lem) Edward Strachan
The notes on pages 13 to 24 forni all intrgral pat of these financial statements.
Page 11
## **Shared Earth Trust**
## **Cash Flow Statement for the Year Ended 31 March 2025**
|**Note**
**Cash flows from operating activities**
Net cash income
**Adjustments to cash flows from non-cash items**
Depreciation
Interest payable
**Working capital adjustments**
Increase in debtors
14
Increase/(decrease) in creditors
16
Net cash flows from operating activities
**Cash flows from financing activities**
Interest paid
Repayment of bank borrowings
Net cash flows from financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at 1 April
Cash and cash equivalents at 31 March|**2025**
**£**
12,576
432
13,907
26,915
(2,752)
1,278
25,441
(13,907)
(3,446)
(17,353)
8,088
99,448
107,536|**2024**
**£**
40,935
575
12,788|
|---|---|---|
|||54,298
(121)
(36)|
|||54,141|
|||(12,788)
(3,337)|
|||(16,125)|
|||38,016
61,432|
|||99,448|
All of the cash flows are derived from continuing operations during the above two periods.
The notes on pages 13 to 24 form an integral part of these financial statements. Page 12
## **Shared Earth Trust**
## **Notes to the Financial Statements for the Year Ended 31 March 2025**
## **1 Accounting policies**
## **Statement of compliance**
The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
## **Basis of preparation**
Shared Earth Trust meets the definition of a public benefit entity under FRS 102. The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.
## **Going concern**
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
## **Income and endowments**
Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.
## _**Donations and legacies**_
Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably measured.
## _**Grants receivable**_
Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.
## **Expenditure**
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
## _**Raising funds**_
These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.
## _**Charitable activities**_
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Page 13
## **Shared Earth Trust**
## **Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)**
## **Support costs**
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.
## **Governance costs**
These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees meetings and reimbursed expenses.
## **Government grants**
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.
## **Taxation**
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
## **Tangible fixed assets**
Individual fixed assets are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
## **Depreciation and amortisation**
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
|**Asset class**|**Depreciation method and rate**|
|---|---|
|Plant and machinery|25% reducing balance|
|Fixtures and fittings|25% reducing balance|
|Equipment|25% reducing balance|
## **Trade debtors**
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.
Page 14
## **Shared Earth Trust**
## **Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)**
## **Cash and cash equivalents**
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
## **Trade creditors**
are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
## **Borrowings**
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
## **Fund structure**
Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.
Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.
## **Financial instruments**
## _**Classification**_
Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities.
Page 15
## **Shared Earth Trust**
## **Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)**
## _**Recognition and measurement**_
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
## _**Fair value measurement**_
The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.
## **2 Income from donations and legacies**
|Donations and legacies;
Donations
Subscriptions
Grants, including capital grants;
Basic Payment Scheme
Glastir Agreement
**Total for 2025**
**Total for 2024**|**Unrestricted**
**funds**
**General**
**£**
61,584
2,020
1,922
1,008
66,534
57,934|**Total**
**funds**
**£**
61,584
2,020
1,922
1,008|
|---|---|---|
|||66,534|
|||57,934|
Page 16
## **Shared Earth Trust**
## **Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)**
## **3 Income from charitable activities**
|Course Income
Campsite fees
Dormitory income
Eco Lodge hire
Farmhouse heating
Farmhouse rent
Venue hire
The Big Give (Green Match Fund)
CAVO - Making Conservation Count 2024
Co-op Local Community Fund 2024-2026
The National Lottery Heritage Fund (The Woodland
Investment Grant 2)
**Total for 2025**
**Total for 2024**|**Unrestricted**
**funds**
**General**
**£**
18,585
1,262
993
23,951
1,332
9,000
5,296
-
-
-
-
60,419
54,213|**Restricted**
**funds**
**£**
-
-
-
-
-
-
-
1,099
2,000
500
46,300
49,899
19,579|**Total**
**funds**
**£**
18,585
1,262
993
23,951
1,332
9,000
5,296
1,099
2,000
500
46,300|
|---|---|---|---|
||||110,318|
||||73,792|
## **4 Income from other trading activities**
|Trading income;
Shop income
**Total for 2025**
**Total for 2024**|**Unrestricted**
**funds**
**General**
**£**
2,347
2,347
2,851|**Total**
**funds**
**£**
2,347|
|---|---|---|
|||2,347|
|||2,851|
Page 17
## **Shared Earth Trust**
## **Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)**
## **5 Other income**
|Tariff income
Interest on cash deposits
Other exceptional income
**Total for 2025**
**Total for 2024**|**Unrestricted**
**funds**
**General**
**£**
11,271
3,384
893
15,548
13,590|**Total**
**funds**
**£**
11,271
3,384
893|
|---|---|---|
|||15,548|
|||13,590|
## **6 Expenditure on raising funds**
## **a) Costs of trading activities**
|Costs of goods sold
**Total for 2025**
**Total for 2024**
**7**
**Expenditure on charitable activities**
**Note**
Charitable activity
Staff costs
Allocated support costs
Governance costs
**Total for 2025**
**Total for 2024**|**Note**
**Unrestricted**
**funds**
**General**
**£**
37,635
56,621
40,379
1,716
136,351
99,429|**Unrestricted**
**funds**
**General**
**£**
1,008
1,008
1,801
**Restricted**
**funds**
**£**
36,982
6,830
1,000
-
44,812
41,855|**Total**
**funds**
**£**
1,008|
|---|---|---|---|
||||1,008|
||||1,801|
||||**Total**
**funds**
**£**
74,617
63,451
41,379
1,716|
||||181,163|
||||141,284|
Page 18
## **Shared Earth Trust**
## **Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)**
## **8 Analysis of governance and support costs**
## **Governance costs**
|Depreciation, amortisation and other similar costs
Allocated support costs
**Total for 2025**
**Total for 2024**
**9**
**Net incoming/outgoing resources**
Net incoming resources for the year include:
Depreciation of fixed assets|**Unrestricted**
**funds**
**General**
**£**
432
1,284
1,716
2,063
**2025**
**£**
432|**Total**
**funds**
**£**
432
1,284|
|---|---|---|
|||1,716|
|||2,063|
|||**2024**
**£**
575|
## **10 Trustees remuneration and expenses**
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.
No trustees have received any reimbursed expenses or any other benefits from the charity during the year.
## **11 Staff costs**
The aggregate payroll costs were as follows:
|**Staff costs during the year were:**
Wages and salaries|**2025**
**£**
63,451|**2024**
**£**
54,286|
|---|---|---|
The monthly average number of persons (including senior management / leadership team) employed by the charity during the year expressed as full time equivalents was as follows:
||**2025**||**2024**||
|---|---|---|---|---|
||**No**||**No**||
|Number of staff||2||4|
No employee received emoluments of more than £60,000 during the year
Page 19
## **Shared Earth Trust**
## **Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)**
## **12 Taxation**
The charity is a registered charity and is therefore exempt from taxation.
## **13 Tangible fixed assets**
|**Cost**
At 1 April 2024
At 31 March 2025
**Depreciation**
At 1 April 2024
Charge for the year
At 31 March 2025
**Net book value**
At 31 March 2025
At 31 March 2024|**Land and**
**buildings**
**£**
850,000
850,000
-
-
-
850,000
850,000|**Fixtures and**
**fittings**
**£**
1,938
1,938
1,393
136
1,529
409
545|**Equipment**
**£**
2,626
2,626
1,545
271
1,816
810
1,081|**Plant and**
**machinery**
**£**
351
351
252
25
277
74
99|**Total**
**£**
854,915|
|---|---|---|---|---|---|
||||||854,915|
||||||3,190
432|
||||||3,622|
||||||851,293|
||||||851,725|
Page 20
## **Shared Earth Trust**
## **Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)**
## **Revaluation**
The fair value of the company's Land and buildings was revalued on 27 October 2021 by an independent valuer. Freehold property comprises of the land at Denmark Farm,the conference centre, Farmhouse and Ecolodge. The properties were all valued for the purpose of their transfers into the CIO from the origin company and charity at their insurance valuations on the 29 October 2021. The valuations were carried out by Andrew Morgan FRICS FAAV on behalf of Morgan and Davies. The board will consider the valuation annually ongoing. Had this class of asset been measured on a historical cost basis, their carrying amount would have been £515,531 (2024 - £515,531).
## **14 Debtors**
|**14 Debtors**|||
|---|---|---|
|Trade debtors
**15 Cash and cash equivalents**
Cash on hand
Cash at bank
**16 Creditors: amounts falling due within one year**
Bank loans
Trade creditors
Other taxation and social security
Accruals
**17 Creditors: amounts falling due after one year**
Bank loans|**2025**
**£**
2,992
**2025**
**£**
469
107,067
107,536
**2025**
**£**
3,500
658
402
1,700
6,260
**2025**
**£**
188,479|**2024**
**£**
240|
|||**2024**
**£**
757
98,691|
|||99,448|
|||**2024**
**£**
3,500
-
258
1,224|
|||4,982|
|||**2024**
**£**
191,925|
Page 21
## **Shared Earth Trust**
## **Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)**
|**18 Funds**
**Unrestricted funds**
**_General_**
General Funds
Revaluation Reserve
**Restricted funds**
Catalyst Cymru 2023
(Broadening Horizons)
Postcode Community Trust
2023-2025
The Big Give (Green Match
Fund)
WCVA 2024 (Energy Efficiency
Survey)
CAVO - Making Conservation
Count 2024
Co-op Local Community Fund
2024-2026
The National Lottery Heritage
Fund (The Woodland Investment
Grant 2)
**Total funds**|**Balance at 1**
**April 2024**
**£**
400,465
334,469
734,934
405
18,167
-
1,000
-
-
-
19,572
754,506|**Incoming**
**resources**
**£**
144,848
-
144,848
-
-
1,099
-
2,000
500
46,300
49,899
194,747|**Resources**
**expended**
**£**
(137,359)
-
(137,359)
(405)
(18,167)
(1,099)
(1,000)
(2,000)
-
(22,141)
(44,812)
(182,171)|**Balance at 31**
**March 2025**
**£**
407,954
334,469|
|---|---|---|---|---|
|||||742,423|
|||||-
-
-
-
-
500
24,159|
|||||24,659|
|||||767,082|
Page 22
## **Shared Earth Trust**
## **Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)**
|**Unrestricted funds**
**_General_**
General Funds
Revaluation Reserve
**Restricted funds**
National Lottery Community
Fund 2022 (Denmark Farm
Growing Space)
The D'Oyly Carte Charitable
Trust 2022
The D'Oyly Carte Charitable
Trust 2023
Cynnal Cymru 2022 (Nature
Wise)
Catalyst Cymru 2023
(Broadening Horizons)
Garfield Weston Foundation
Grant 2023
Postcode Community Trust
2023-2025
The Big Give 2023
WCVA 2024
**Total funds**|**Balance at 1**
**April 2023**
**£**
373,107
334,469
707,576
238
267
5,490
-
-
-
-
-
-
5,995
713,571|**Incoming**
**resources**
**£**
128,588
-
128,588
-
-
-
1,750
2,829
15,000
25,000
9,853
1,000
55,432
184,020|**Resources**
**expended**
**£**
(101,230)
-
(101,230)
(238)
(267)
(5,490)
(1,750)
(2,424)
(15,000)
(6,833)
(9,853)
-
(41,855)
(143,085)|**Balance at 31**
**March 2024**
**£**
400,465
334,469|
|---|---|---|---|---|
|||||734,934|
|||||-
-
-
-
405
-
18,167
-
1,000|
|||||19,572|
|||||754,506|
## **19 Analysis of net assets between funds**
|**19 Analysis of net assets between funds**||||
|---|---|---|---|
|Tangible fixed assets
Current assets
Current liabilities
Creditors over 1 year
Total net assets|**Unrestricted**
**funds**
**General**
**£**
851,293
85,869
(6,260)
(188,479)
742,423|**Restricted**
**funds**
**£**
-
24,659
-
-
24,659|**Total funds at**
**31 March**
**2025**
**£**
851,293
110,528
(6,260)
(188,479)|
||||767,082|
Page 23
## **Shared Earth Trust**
## **Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)**
|Tangible fixed assets
Current assets
Current liabilities
Creditors over 1 year
Total net assets|**Unrestricted**
**funds**
**General**
**£**
851,725
80,116
(4,982)
(191,925)
734,934|**Restricted**
**funds**
**£**
-
19,572
-
-
19,572|**Total funds at**
**31 March**
**2024**
**£**
851,725
99,688
(4,982)
(191,925)|
|---|---|---|---|
||||754,506|
## **20 Analysis of net funds**
|Cash at bank and in hand
Debt due within one year
Debt due after more than one year
Net debt|**At 1 April**
**2024**
**£**
99,448
(3,500)
(191,925)
(95,977)|**Financing cash**
**flows**
**£**
8,088
-
3,446
11,534|**At 31 March**
**2025**
**£**
107,536
(3,500)
(188,479)
(84,443)|
|---|---|---|---|
## **21 Related party transactions**
During the year the charity made the following related party transactions:
## **Mr Andrew Polkey**
(Trustee)
Reimbursement for materials and purchase of services for the amount of £2,792.. At the balance sheet date the amount due to/from Mr Andrew Polkey was £Nil (2024 - £Nil).
## **Dr Angie Polkey**
(Spouse of trustee Mr Andrew Polkey)
Purchase of services for the amount of £120.00. At the balance sheet date the amount due to/from Dr Angie Polkey was £Nil (2024 - £Nil).
Page 24
## **Shared Earth Trust**
## **Statement of Financial Activities by fund for the Year Ended 31 March 2025**
|**Income and Endowments from:**
Donations and legacies
Charitable activities
Other trading activities
Other income
Total income
**Expenditure on:**
Raising funds
Charitable activities
Total expenditure
Net income
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward|**Total**
**Unrestricted**
**Funds**
**2025**
**£**
66,534
60,419
2,347
15,548
144,848
(1,008)
(136,351)
(137,359)
7,489
7,489
400,465
407,954|**Total**
**Unrestricted**
**Funds**
**2024**
**£**
57,934
54,213
2,851
13,590|
|---|---|---|
|||128,588|
|||(1,801)
(99,429)|
|||(101,230)|
|||27,358|
|||27,358
373,107|
|||400,465|
This page does not form part of the statutory financial statements. Page 25
## **Shared Earth Trust**
## **Statement of Financial Activities by fund for the Year Ended 31 March 2025 (continued)**
|**Income and Endowments from:**
Charitable activities
Total income
**Expenditure on:**
Charitable activities
Total expenditure
Net income
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward|**Total**
**Restricted**
**Funds**
**2025**
**£**
49,899
49,899
(44,812)
(44,812)
5,087
5,087
19,572
24,659|**Total**
**Restricted**
**Funds**
**2024**
**£**
55,432|
|---|---|---|
|||55,432|
|||(41,855)|
|||(41,855)|
|||13,577|
|||13,577
5,995|
|||19,572|
This page does not form part of the statutory financial statements. Page 26
## **Shared Earth Trust**
## **Detailed Statement of Financial Activities for the Year Ended 31 March 2025**
|**Income and Endowments from:**
Donations and legacies (analysed below)
Charitable activities (analysed below)
Other trading activities (analysed below)
Other income (analysed below)
Total income
**Expenditure on:**
Raising funds (analysed below)
Charitable activities (analysed below)
Total expenditure
Net income
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward|**Total**
**2025**
**£**
66,534
110,318
2,347
15,548
194,747
(1,008)
(181,163)
(182,171)
12,576
12,576
420,037
432,613|**Total**
**2024**
**£**
57,934
109,645
2,851
13,590|
|---|---|---|
|||184,020|
|||(1,801)
(141,284)|
|||(143,085)|
|||40,935|
|||40,935
379,102|
|||420,037|
This page does not form part of the statutory financial statements. Page 27
## **Shared Earth Trust**
## **Detailed Statement of Financial Activities for the Year Ended 31 March 2025 (continued)**
|**_Donations and legacies_**
Donations
Grants
Subscriptions
**_Charitable activities_**
Courses
Campsite fees
Dormitory income
Eco Lodge hire
Farmhouse heating
Farmhouse rent
Venue hire
Cynnal Cymru
Catalyst Cymru - Broadening Horizons Project
Garfield Weston Foundation 2023
Postcode Community Trust 2023-2025
The Big Give
WCVA - Energy Efficiency Survey 2024
CAVO - Making Conservation Count 2024
Co-op Local Community Fund 2024-2026
National Lottery Heritage Fund: TWIG 2
**_Other trading activities_**
Shop income
**_Other income_**
Tariff income
Insurance claim
Interest on cash deposits
Other exceptional income
**_Raising funds_**
Shop costs - purchases|**Total**
**2025**
**£**
61,584
2,930
2,020
66,534
18,585
1,262
993
23,951
1,332
9,000
5,296
-
-
-
-
1,099
-
2,000
500
46,300
110,318
2,347
2,347
11,271
-
3,384
893
15,548
(1,008)
(1,008)|**Total**
**2024**
**£**
51,299
5,085
1,550|
|---|---|---|
|||57,934|
|||21,240
998
1,275
18,820
490
7,620
3,770
1,750
2,829
15,000
25,000
9,853
1,000
-
-
-|
|||109,645|
|||2,851|
|||2,851|
|||5,508
6,477
1,602
3|
|||13,590|
|||(1,801)|
|||(1,801)|
This page does not form part of the statutory financial statements. Page 28
## **Shared Earth Trust**
## **Detailed Statement of Financial Activities for the Year Ended 31 March 2025 (continued)**
|**_Charitable activities_**
Charitable activities direct costs
Purchases
Travelling
Insurance
Other establishment costs
Office expenses
Trade subscriptions
Marketing
Consultancy fees
Legal and professional fees
Interest on bank loans and overdrafts
Depreciation, amortisation and other similar costs
Allocated support costs
Staff costs|**Total**
**2025**
**£**
(74,617)
(560)
(3)
(3,821)
(12,242)
(941)
(863)
(2,721)
(1,000)
(5,100)
(14,128)
(432)
(1,284)
(63,451)
(181,163)|**Total**
**2024**
**£**
(58,483)
(422)
-
(3,479)
(5,907)
(1,124)
(942)
(1,354)
-
(120)
(13,104)
(575)
(1,488)
(54,286)|
|---|---|---|
|||(141,284)|
This page does not form part of the statutory financial statements. Page 29