Charity no. 1185451
## **Beaver Trust Report and Unaudited Financial Statements**
**31 March 2025**
**----- Start of picture text -----**
Trustees'
Report
Our team was proud to
support the historic
first wild beaver release
in England during the
year at the National
Trust’s site at Little Sea
in Purbeck, Dorset.
**----- End of picture text -----**
The Trustees have referred to the guidance from the Charity Commission on the public benefit in producing this report and when reviewing our aims and objectives and planning our future activities.
## **Objectives and Activities**
## **Our charitable objectives**
To promote the conservation, protection and improvement of the physical and natural environment, in particular, but not exclusively, through the reintroduction of beavers with a view to improving biodiversity.
To advance the education of the public in the conservation, protection and improvement of the physical and natural environment, in particular, but not exclusively, focusing on the role of beavers and their impact on ecosystems.
## **Our mission**
We restore beavers to regenerate our landscapes.
## **Our vision**
Our vision is of thriving waterways vibrant with life, where beavers are embraced as a vital part of our biodiverse landscape.
## **Our strategic goals**
**----- Start of picture text -----**
Restore Communicate & Influence
Educate
We facilitate the restoration of
We work with stakeholders and
beavers throughout Britain, We mobilise widespread public
governmental bodies to develop
prioritising catchments that understanding, and engagement
national strategies and policies
maximise biodiversity and with targeted interest groups, to that enable the restoration and
ecosystem benefits, connect and inform and encourage acceptance normalisation of beavers and
augment existing populations and of the changes beavers bring and
wetlands alongside pragmatic
promote holistic land use practices prepare people to co-exist with
management and mitigation.
for long-term coexistence with the them.
species.
**----- End of picture text -----**
## **Our cross-cutting objectives**
We work as a team to ensure that the collaboration we strive for externally is mirrored in the way we work together internally.
We work positively to improve our awareness of diversity, equity and inclusion and to take action that enables real inclusiveness.
Page 1
## **Achievements & PerformanceAchievements & Performance**
**Restore**
**19**
Beaver families translocated from conflict sites and released into enclosed and wild projects across Britain.
**35**
New scientific citations underscore our research’s impact.
**10+** Speacialist beaver training courses delivered.
**20+** Conference events delivered.
## **Communicate & Educate**
**650+** People attended 5 in-person screenings of our latest short documentary, ‘Balancing The Scales’, held across Britain.
**5m+** People engaged with our communications across our media channels.
**8**
Schools engaged with our education programme sponsored by the Heritage Lottery Fund.
**100+** Media pieces engaged with about beaver restoration.
## **Influence**
**15+** National meetings on beaver policy attended involving government
agencies and stakeholders across Scotland, England and Wales.
**20+** Political briefings sent, consultations completed and letters sent to government bodies.
**10+** MP’s, MSP’s and MS’s connected with about beaver restoration.
**8**
Clear policy asks identified across Britain which we are working to implement.
## **Plans for the future**
As we look to the future, Beaver Trust is committed to continuing its mission to restore beavers to regenerate our landscapes and build on everything we've achieved to date. Below are just some of our aims for the next year:
- Continue to trap and translocate animals from conflict sites and release them into new areas where their activities can provide real environmental benefits.
- Complete the biggest survey of beavers ever completed in Britain on the River Tay in Scotland.
- Continue our multi-year education programme, funded by the National Lottery Heritage Fund, in collaboration with beaver sites and their local schools and communities.
- Increase the volume of training programmes to disseminate our team’s expertise and experience.
- Provide expertise and support to more land owners to live alongside beavers.
- Conduct and publish more beaver related scientific research.
- Continue the distribution of our latest short-documentary, ‘Balancing The Scales’, across Britain.
- Finalise and publish a framework for managing beaver dams for salmonids as part of a partnership with Atlantic Salmon Trust, Wild Trout Trust, Westcountry Rivers Trust and Devon Wildlife Trust with the support of government agencies.
Launch a public campaign on ‘making space for water’ as part of the Riverscapes partnership.
**Beaver Trusts’s new dedicated facilities for the health screening of beavers being translocate at Five Sisters Zoo.**
Page 5
## **Financial Review**
## **Financial Position**
Total income for the year ended 31 March 2025 was £948,684. Income from our charitable activities was £243,037. The organisation has benefited from £31,465 in the form of volunteer time. Net assets at the year end were £377,762 with the cash position being £359,490. Secured income for the year ahead is £312,500.
Total expenditure for the year was £1,081,951. Support and governance costs were £113,369 of which £7,680 was allocated to fundraising and £105,689 allocated to charitable activities, as detailed in note 6 to the financial statements. The deficit at the year end was £133,267.
## **Reserves Policy**
The charity’s reserves policy is to hold general reserves that will fulfil operating expenditure for a period of 3 - 6 months. General reserves are unrestricted funds excluding designated funds. General funds at 31 March 2024 were £375,762, which equates to 4.7 months of operating costs.
## **Going Concern**
The trustees consider that the charity will continue as a going concern for a period of at least 12 months from the date on which these financial statements are approved. The trustees therefore consider it appropriate to adopt the going concern basis for the preparation of the accounts, as detailed in note 1(b) to the financial statements.
## **Thank You**
Beaver Trust’s success is a result of generous support from many individuals, trusts and foundations. The trustees would particularly like to thank the following organisations: AIM Foundation, Ecological Restoration Fund, Esmee Fairbairn Foundation, Frederick Mulder Foundation, Garfield Weston Foundation, John Ellerman Foundation, Oak Foundation, The European Nature Trust and The Banister Charitable Trust.
The Trustees would also like to thank all the other individuals and organisations who have supported our work this year.
**A site at Knapdale, Argyll which has been transformed into a thriving wetland thanks to beaver activities.**
Page 6
## **Structure, Governance and Management**
## **Legal and administrative details**
Beaver Trust was founded on 23 September 2019 as a charitable incorporated organisation (CIO). It is registered in England and Wales (Charity no. 1185451). Its registered office is 61 Bridge Street, Kington, Herefordshire, HR5 3DJ. The charity is governed using a CIO Foundation Constitution whose only voting members are its trustees.
The members of the trustee board are trustees under charity law. They are also known as board members.
## **Recruitment of Trustees**
Prospective trustees are required to formally apply and to be interviewed. Every trustee must be appointed by a resolution passed at a properly convened meeting of the charity trustees. In selecting individuals for appointment as charity trustees, the charity trustees must have regard to the skills, knowledge and experience needed for the effective administration of the CIO.
## **Statement of Trustee responsibilities**
The trustees are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales 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 the incoming resources and application of resources, including the net income or expenditure, of the charity for the year. In preparing those 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 accounting estimates that are reasonable and prudent;
- State whether applicable accounting standards and statements of recommended practice 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 operation.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (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 charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Members of the charity have no liability to contribute to the assets of the charity in the event of winding up. The trustees are members of the charity but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.
Page 7
## **Risk Management**
The Beaver Trust Senior Management Team and Trustees regularly identify and review potential risks to the charity, maintaining a risk register that records both the risks and the steps taken to mitigate them. The risk register is reviewed quarterly by the Finance Sub-Committee and the Board, ensuring that risks are actively monitored and managed throughout the year.
At the year end, the key risks identified included:
- Changes in government policy relating to nature restoration, species reintroductions, and wider environmental regulation, which could influence the delivery of our objectives.
- Financial sustainability, ensuring the charity can continue to resource its work and maintain stability in a competitive funding environment.
- Operational capacity, ensuring the organisation remains resilient and able to deliver its programmes effectively.
The trustees are confident that the charity is well placed to meet these challenges. Mitigating actions include active engagement with policymakers and partners, ongoing investment in fundraising and supporter relationships, robust financial management, and measures to strengthen the staff team and organisational systems. Looking ahead, the trustees see these risks as opportunities to build greater resilience, expand collaboration, and ensure the charity is equipped to deliver its long-term mission.
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Our team look forward to
completing the largest
survey of beavers ever
undertaken in Britain, on
the River Tay in Scotland,
and to seeing its
publication in the next
financial year.
**----- End of picture text -----**
Page 8
## **Reference and Administrative Details**
## **Registered charity name**
Beaver Trust
## **Charity registration number**
1185451 (England & Wales)
## **Principal office address**
Little Orchard, Ford Road, Wiveliscombe, TA4 2NJ
## **Registered office address**
61 Bridge Street, Kington, Herefordshire, HR5 3DJ
## **Charity Trustees**
Alasdair Harris (Resigned 31 January 2025) Anna Gilchrist (Appointed 17 May 2025) Jennifer Scholfield (Resigned 5 August 2024) James Byrne (Appointed 17 May 2025) Keith Shepherd Zara Reid (Appointed 17 May 2025) Matthew Brady (Resigned 6 August 2025)
Victoria Heffer Nicola Saunter (Resigned 6 August 2025) Katharine Barke James Bliss Richard Allan
## **Independent Examiner**
Godfrey Wilson Limited were re-appointed as the charity’s independent examiners during the year and have expressed their willingness to act in that capacity.
Godfrey Wilson Limited, 5th Floor Mariner House, 62 Prince Street, Bristol, BS1 4QD.
## **Bankers**
CAF Bank, 25 Kings Hill Ave, Kings Hill, West Malling, ME19 4JQ.
PayPal Wise Unity Bank Charity Bank Approved by the trustees on 29 September 2025 and signed on their behalf by:
Victoria Heffer
Victoria Heffer 29 September 2025
Page 9
## **Independent examiner's report**
## **To the trustees of**
## **Beaver Trust**
I report to the trustees on my examination of the accounts of Beaver Trust (the CIO) for the year ended 31 March 2025, which are set out on pages 11 to 26.
## **Responsibilities and basis of report**
As the charity trustees of the CIO you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the CIO’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent examiner’s statement**
Since the CIO’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
- (1) accounting records were not kept in respect of the CIO as required by section 130 of the Act; or (2) the accounts do not accord with those records; or
- (3) the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view' which is not a matter considered as part of an independent examination.
In all other respects, I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
## Date: 29 September 2025 **Robert Wilson (FCA) Member of the ICAEW**
For and on behalf of:
## **Godfrey Wilson Limited**
Chartered accountants and statutory auditors 5th Floor Mariner House
62 Prince Street Bristol BS1 4QD
10
## **Beaver Trust**
## **Statement of financial activities**
## **For the year ended 31 March 2025**
|Note
**Income from:**
Donations
4
Charitable activities
5
Other trading activities
Investments
**Total income**
**Expenditure on:**
Raising funds
Charitable activities
**Total expenditure**
7
9
**Reconciliation of funds:**
Total funds brought forward
**Total funds carried forward**
**Net income / (expenditure) and**
**movement in funds**|Restricted
£
£
161,852
531,660
-
243,037
-
277
-
11,858
161,852
786,832
-
73,291
176,545
832,115
176,545
905,406
(14,693)
(118,574)
16,693
494,336
2,000
375,762
Unrestricted|**2025**
**Total**
**£**
**693,512**
**243,037**
**277**
**11,858**
**948,684**
**73,291**
**1,008,660**
**1,081,951**
**(133,267)**
**511,029**
**377,762**|2024
Total
£
587,114
296,500
267
8,430
892,311
57,211
833,917
891,128
1,183
509,846
511,029|
|---|---|---|---|
All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in note 16 to the accounts.
The 2024 brought forward funds have been restated for changes in the prior year movement in funds note, as set out in note 2 of the accounts.
11
## **Beaver Trust**
## **Balance sheet**
## **As at 31 March 2025**
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Restated
2025 2024
Note £ £
Fixed assets
Tangible assets 12 63,089 40,384
Current assets
Debtors 13 92,010 92,171
Cash at bank and in hand 359,490 525,678
451,500 617,849
Liabilities
Creditors: amounts falling due within 1 year 14 (136,827) (147,204)
Net current assets 314,673 470,645
Net assets 15 377,762 511,029
Funds 16
Restricted funds 2,000 16,693
Unrestricted funds 375,762 494,336
Total charity funds 377,762 511,029
**----- End of picture text -----**
Approved by the trustees on 29 September 2025 and signed on their behalf by
## Victoria Heffer
Victoria Heffer - Trustee
12
## **Beaver Trust**
## **Statement of cash flows**
## **For the year ended 31 March 2025**
|**Cash used in operating activities:**
Net movement in funds
_Adjustments for:_
Depreciation charges
Dividends, interest and rents from investments
Decrease / (increase) in debtors
Increase / (decrease) in creditors
**Net cash (used in) / provided by operating activities**
**Cash flows from investing activities:**
Dividends, interest and rents from investments
Purchase of tangible fixed assets
**Net cash used in investing activities**
**(Decrease) / increase in cash and cash equivalents in the year**
Cash and cash equivalents at the beginning of the year
**Cash and cash equivalents at the end of the year**|**2025**
**£**
**(133,267)**
**29,212**
**(11,858)**
**161**
**(10,377)**
**(126,129)**
**11,858**
**(51,917)**
**(40,059)**
**(166,188)**
**525,678**
**359,490**|2024
£
1,183
19,987
(8,430)
(4,902)
55,253
63,091
8,430
(10,027)
(1,597)
61,494
464,184
525,678|
|---|---|---|
The charity has not provided an analysis of changes in net debt as it does not have any long term financing arrangements.
13
## **Beaver Trust**
## **Notes to the financial statements**
## **For the year ended 31 March 2025**
## **1. Accounting policies**
## **a) Basis of preparation**
Beaver Trust is an unincorporated charity registered in England and Wales. The registered office address is 61 Bridge Street, Kington, Herefordshire, HR5 3DJ.
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities in preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
Beaver Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.
## **b) Going concern basis of accounting**
The accounts have been prepared on the assumption that the charity is able to continue as a going concern. There are no material uncertainties about the charity's ability to continue as a going concern for a period of at least 12 months from the date on which these financial statements are approved.
## **c) Income**
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item of income have been met, it is probable that the income will be received and the amount can be measured reliably.
Income from the government and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.
Income earned by the restoration team is recognised as work is completed.
## **d) Donated services and facilities**
Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item, is probable and the economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), general volunteer time is not recognised.
On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.
## **e) Interest receivable**
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity: this is normally upon notification of the interest paid or payable by the bank.
14
## **Beaver Trust**
## **Notes to the financial statements**
## **For the year ended 31 March 2025**
## **1. Accounting policies (continued)**
## **f) Funds accounting**
- Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity's work or for specific projects being undertaken by the charity.
## **g) Expenditure and irrecoverable VAT**
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
## **h) Grants payable**
Grants which have been authorised and paid are included as expenditure in the Statement of Financial Activities. Grants which have been authorised but not yet paid are accrued in the balance sheet and are included within creditors falling due within one year or after one year (as appropriate).
## **i) Allocation of support and governance costs**
Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Governance costs are the costs associated with the governance arrangements of the charity, including the costs of complying with constitutional and statutory requirements and any costs associated with the strategic management of the charity’s activities. These costs have been allocated between activities in proportion to the direct costs incurred, as follows: **2025** 2024 Raising funds **6.8%** 6.4% Charitable activities **93.2%** 93.6%
## **j) Tangible fixed assets**
Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:
|Motor vehicles|3 years straight line|
|---|---|
|Equipment|3 years straight line|
Items of equipment are capitalised where the purchase price exceeds £5,000.
## **k) Debtors**
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
15
## **Beaver Trust**
## **Notes to the financial statements**
## **For the year ended 31 March 2025**
**1. Accounting policies (continued) l) Cash at bank and in hand**
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
## **m) Creditors**
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
## **n) Financial instruments**
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently recognised at amortised cost using the effective interest method.
## **o) Accounting estimates and key judgements**
In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The key source of estimation uncertainty that has a significant effect on the amounts recognised in the financial statements is depreciation as described in note 1(j) above.
16
## **Beaver Trust**
## **Notes to the financial statements**
## **For the year ended 31 March 2025**
## **2. Prior period restatement**
## _Restricted funds_
The prior period movement in funds note has been restated to reclassify prior year unrestricted expenditure as restricted in relation to the HLF Education project.
## **Funds brought forward**
This has affected funds brought forward, as follows:
|Funds as originally stated at 31 March 2024
Funds as restated at 31 March 2024
Adjustment to recognise restricted
expenditure|Restricted
funds
30,255
(13,562)
16,693|-
-
-
Designated
funds|480,774
13,562
494,336
General
funds|511,029
-
511,029
Total funds|
|---|---|---|---|---|
## **3. Prior period comparatives: statement of financial activities (restated)**
|**Income from:**
Donations
Charitable activities
Other trading activities
Investments
**Total income**
**Expenditure on:**
Raising funds
Charitable activities
**Total expenditure**
**Net movement in funds**
**Net income / (expenditure) and**
**movement in funds**
**Reconciliation of funds:**
Total funds brought forward|Restricted
Unrestricted
£
£
138,512
448,602
-
296,500
-
267
-
8,430
138,512
753,799
-
57,211
121,819
712,098
121,819
769,309
16,693
(15,510)
-
509,846
16,693
494,336|Total
2024
£
587,114
296,500
267
8,430
892,311
57,211
833,917
891,128
1,183
509,846
511,029|
|---|---|---|
17
## **Beaver Trust**
## **Notes to the financial statements**
## **For the year ended 31 March 2025**
## **4. Income from donations**
|Donations
Gifts in kind
**Total income from donations**
**Prior period comparative:**
Donations
Gifts in kind
**Total income from donations**|Restricted Unrestricted
£
£
161,852
500,195
-
31,465
**161,852**
**531,660**
Restricted Unrestricted
£
£
138,512
431,046
-
17,556
138,512
448,602|**2025**
**Total**
**£**
**662,047**
**31,465**
**693,512**
2024
Total
£
569,558
17,556
587,114|
|---|---|---|
Gifts in kind include professional support for advertising, consultancy, and programme related activities, as well a small amount of gifted goods.
## **5. Income from charitable activities**
|Beaver management services
Communication and education services
**Total income from charitable activities**|**2025**
**Total**
**£**
**235,700**
**7,337**
**243,037**|2024
Total
£
287,800
8,700
296,500|
|---|---|---|
Income from charitable activities in the current and prior year was unrestricted.
## **6. Government grants**
The charity receives government grants, defined as funding from the National Lottery Heritage Fund to fund charitable activities. The total value of such grants in the period ending 31 March 2025 was £16,486 (2024: £nil).
18
## **Beaver Trust**
## **Notes to the financial statements**
## **For the year ended 31 March 2025**
|**7.**
**Total expenditure**
Staff costs (note 10)
Beaver management services
Other staff costs
Consultancy
Travel
Meetings and Events
Office costs, IT and phones
Fundraising and influencing events
Communication, influencing and education
Communication and media
Grants payable (note 7)
Accounting
Legal and Professional
Insurance
Supporter / volunteer
External programme costs
Exchange gain / loss
Depreciation
**Sub-total**
Allocation of support and governance costs
**Total expenditure**|Raising
funds
£
58,799
-
-
-
-
-
-
6,812
-
-
-
-
-
-
-
-
-
-
65,611
7,680
**73,291**|Charitable
activities
£
£
448,972
86,307
160,222
-
25,295
-
32,889
-
79,986
-
10,909
-
-
15,212
-
-
20,749
-
1,773
-
4,000
-
-
2,542
-
692
-
8,616
1,549
-
87,359
-
56
-
29,212
-
902,971
113,369
105,689
(113,369)
**1,008,660**
**-**
Support and
governance|**2025**
**Total**
**£**
**594,078**
**160,222**
**25,295**
**32,889**
**79,986**
**10,909**
**15,212**
**6,812**
**20,749**
**1,773**
**4,000**
**2,542**
**692**
**8,616**
**1,549**
**87,359**
**56**
**29,212**
**1,081,951**
-
**1,081,951**|
|---|---|---|---|
Total governance costs were £3,536 (2024: £3,689).
19
## **Beaver Trust**
## **Notes to the financial statements**
## **For the year ended 31 March 2025**
## **7. Total expenditure (continued) Prior period comparative**
|Staff costs (note 10)
Consultancy / freelancer fees
Beaver management services
Travel
Meetings and events
Fundraising events
Communication and media
Grants payable (note 7)
External programme costs
Foreign exchange (gain) / loss
Depreciation
Office costs
IT and phones
Accounting
Legal and professional
Insurance
**Sub-total**
Allocation of support and governance costs
**Total expenditure**|Raising
funds
£
50,455
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
50,455
6,756
57,211|Charitable
activities
£
£
365,035
54,207
14,653
8,812
154,997
-
69,597
-
11,153
-
5,148
-
13,000
-
80,251
-
1,372
-
19,987
-
-
25,829
-
7,329
-
2,359
-
1,006
-
6,580
(642)
-
734,551
106,122
99,366
(106,122)
833,917
-
Support and
governance|2024
Total
£
469,697
23,465
154,997
69,597
11,153
5,148
13,000
80,251
1,372
19,987
25,829
7,329
2,359
1,006
6,580
(642)
891,128
-
891,128|
|---|---|---|---|
## **8. Grants payable**
During the year, 2 grants were awarded to 2 institutions (2024: 5 grants to 5 institutions) for the construction of beaver holding facilities.
Total grants committed to during the year were as follows:
|Grants payable to institutions:
Ealing Wildlife Group
Abriachan Forest Trust
Citizen Zoo
SSPCS
Heart or Argyll Wildlife
North Wales Wildlife Trust
Wildlife Trust for Beds, Cambs & Northamptonshire|**2025**
**£**
**2,000**
**2,000**
**-**
**-**
**-**
**-**
**-**
**4,000**|2024
£
-
-
2,000
3,000
2,000
3,000
3,000
13,000|
|---|---|---|
20
## **Beaver Trust**
## **Notes to the financial statements**
## **For the year ended 31 March 2025**
**9. Net movement in funds**
This is stated after charging:
**----- Start of picture text -----**
|||||
|---|---|---|---|
|2025|2024|
|£|£|
|Depreciation|29,212|19,987|
|Trustees' remuneration|Nil|Nil|
|Trustees' reimbursed expenses|1,136|1,469|
|Independent examiner's remuneration:|
||Independent examination fee (excluding VAT)|2,000|1,850|
**----- End of picture text -----**
During the year, 5 trustees were reimbursed for travel and accommodation relating to trustee meetings (2024: 5).
## **10. Staff costs and numbers**
Staff costs were as follows:
**----- Start of picture text -----**
||||
|---|---|---|
|2025|2024|
|£|£|
|Wages and salaries|527,714|418,643|
|Social security costs|50,669|39,044|
|Pension costs|15,695|12,010|
|594,078|469,697|
**----- End of picture text -----**
There were no redundancy and termination costs in the year (2024: £nil).
The number of employees whose annual emoluments were £60,000 or more were:
**----- Start of picture text -----**
||||
|---|---|---|
|2025|2024|
|No.|No.|
|£60,000 to £60,999|1|1|
|£70,000 to £79,999|1|1|
**----- End of picture text -----**
The key management personnel of the charity are considered to be the trustees and directors. The total employee benefits of the key management personnel are £188,923 (2024: £183,949).
The average head count for 2025 was 14 (2024: 11).
## **11. Taxation**
The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.
21
## **Beaver Trust**
## **Notes to the financial statements**
## **For the year ended 31 March 2025**
## **12. Tangible fixed assets**
|**Cost**
At 1 April 2024
Additions in year
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
**13. Debtors**
Trade debtors
Accrued income
Prepayments
**14. Creditors : amounts due within 1 year**
Trade creditors
Other taxation and social security
Accruals
Conduit funds
VAT|Motor
vehicles
£
52,660
51,917
104,577
27,376
23,987
51,363
**53,214**
25,284|Equipment
£
17,533
-
17,533
2,433
5,225
7,658
**9,875**
15,100
**2025**
**£**
**61,263**
**17,384**
**13,363**
**92,010**
**2025**
**£**
**50,386**
**18,387**
**3,042**
**47,875**
**17,137**
**136,827**|**Total**
**£**
**70,193**
**51,917**
**122,110**
**29,809**
**29,212**
**59,021**
**63,089**
40,384
2024
£
54,950
26,698
10,523
92,171
2024
£
51,948
14,079
20,812
38,128
22,237
147,204|
|---|---|---|---|
22
## **Beaver Trust**
## **Notes to the financial statements**
## **For the year ended 31 March 2025**
## **15. Analysis of net assets between funds**
|Fixed assets
Current assets
Current liabilities
**Net assets at 31 March 2025**
**Prior year comparative (restated)**
Fixed assets
Current assets
Current liabilities
**Net assets at 31 March 2024**|£
£
-
-
2,000
-
-
-
**2,000**
**-**
£
£
-
-
16,693
-
-
-
16,693
-
Restricted
funds
Designated
funds
Restricted
funds
Designated
funds|£
63,089
449,500
(136,827)
**375,762**
£
40,384
601,156
(147,204)
494,336
General
funds
General
funds|**Total**
**funds**
**£**
**63,089**
**451,500**
**136,827**
**377,762**
Total
funds
£
40,384
617,849
(147,204)
511,029|
|---|---|---|---|
23
## **Beaver Trust**
## **Notes to the financial statements**
## **For the year ended 31 March 2025**
## **16. Movements in funds**
|**Restricted funds**
International work
Newby Trust
Tree planting research
3yr grant - restoration costs
Stockel Family Foundation
Portacabin furnishing at FSZ
"Balancing the Scales"
HLF Education project
**Total restricted funds**
**Unrestricted funds**
General funds
**Total unrestricted funds**
**Total funds**
"Reviving rivers: making
space for water" animation
Printing and distribution of
BDAMS|At 1 April
2024
£
6,183
800
-
-
-
-
-
7,210
-
2,500
16,693
494,336
494,336
511,029|Income
£
25,000
-
15,000
1,000
2,000
50,000
7,970
-
15,000
45,882
161,852
786,832
786,832
948,684|£
**£**
(31,183)
**-**
(800)
**-**
(15,000)
**-**
(1,000)
**-**
-
**2,000**
(50,000)
**-**
(7,970)
**-**
(7,210)
**-**
(15,000)
**-**
(48,382)
**-**
(176,545)
**2,000**
(905,406)
**375,762**
(905,406)
**375,762**
(1,081,951)
**377,762**
Expenditure
**At 31**
**March 2025**|
|---|---|---|---|
24
## **Beaver Trust**
## **Notes to the financial statements**
## **For the year ended 31 March 2025**
## **16. Movements in funds (continued) Purposes of restricted funds** International work A
A project to assist with the reintroduction of beavers into other countries.
- "Reviving rivers: making space for water" animation
A communications project to produce a descriptive and sciencebased animation about the opportunity river buffers and making space for water offers for river and beaver restoration.
Newby Trust
A grant to be used towards the salary of the new Policy Lead.
Tree Planting Research
A donation towards the cost of learning how to manage woodland where beavers are present.
Printing and distribution of BDAMS
A donation toward the cost of printing and distributing the publication "Beaver Dam Assessment Methodology for Salmonids."
- 3yr grant - restoration costs £50,000 per year to cover core costs of the Restoration Team.
Stockel Family Foundation
A grant to be used on admin, governance and fundraising salaries from January 2025 to March 2025.
- Portacabin furnishing at FSZ
A project to set up the portacabin (donated by Five Sisters Zoo) for BT to use as a dedicated space for beaver health screening as well as being a comfortable space for BT staff and volunteers.
"Balancing the Scales"
A 20-30 minute documentary, produced and directed by Nina Constable Media, exploring the science, challenges, concerns and expert opinion on the interactions of beavers with migratory salmonids, which is one of the key concerns that arises when discussing beavers' return to Britain.
HLF Education Project
Employment of two Education officers to create resources and deliver programmes to enhance understanding of beaver conservation in schools across the UK.
25
## **Beaver Trust**
## **Notes to the financial statements**
## **For the year ended 31 March 2025**
## **16. Movements in funds (continued) Prior year comparative (restated)**
|**Restricted funds**
International work
3yr grant - restoration costs
CCTV at FSZ
"Balancing the Scales"
"Noise for Nature"
HLF Education project
**Total restricted funds**
**Unrestricted funds**
_Designated funds:_
Greece Project
General funds
**Total unrestricted funds**
**Total funds**
Portacabin furnishing at FSZ
"Reviving rivers: making
space for water" animation
Riverscapes River Buffer
communications campaign|At 1 April
2023
£
-
-
-
-
-
-
-
-
-
-
3,000
506,846
509,846
509,846|Income
£
£
£
10,000
(3,817)
**6,183**
3,600
(2,800)
**800**
27,500
(27,500)
**-**
50,000
(50,000)
**-**
3,300
(3,300)
**-**
8,050
(840)
**7,210**
10,000
(10,000)
**-**
10,000
(10,000)
**-**
16,062
(13,562)
**2,500**
138,512
(121,819)
**16,693**
-
(3,000)
**-**
753,799
(766,309)
**494,336**
753,799
(769,309)
**494,336**
892,311
(891,128)
**511,029**
Expenditure
At 31 March
2024|
|---|---|---|
## **Purposes of prior year restricted funds**
Riverscapes River Buffer communications campaign
A communications campaign in partnership with Riverscapes (National Trust, Woodland Trust, Rivers Trust, Beaver Trust). The campaign's overall goal is to build support among three specific audiences (land owners, general public and policy makers) for river buffers or making space for water alongside rivers and creating connected corridors with space for nature, including beavers.
CCTV at FSZ
Purchase and fitting of CCTV at Five Sisters Zoo.
"Noise for Nature"
A week long media trip to visit four beaver sites in Scotland, to give the attending journalists and influencers insight into beaver reintroduction and management, in order to produce relevant influential articles.
## **17. Related party transactions**
In the year, a donation of £40,000 (2024: £30,000) was received from John Ellerman Foundation, which has a trustee in common with Beaver Trust. A donation of £250 was received from Artemis (2024: £nil), which also has a trustee in common with Beaver Trust.
26