DO￿ign En¥ebp8 ID.. E6321EA&8701438fy875T-F86ED8C4CA7B COMPANY REGISTRATION NUMBER: 12367389 CHARITY REGISTRATION NUMBER: 1195712 P•kl•tan Envlronm•nl•l Tru•t Company Umlt•d by Gu•rAnts• Vnaudlt•d FlTranclal Stat•m•nts 31 D•c•mb•r 2023 SIDIKIES Chartered accountants 1 Sun Street Finsbury Square London EC2A 2EP t)0￿9n Envoloplo. E6321EA>8701438f>8757-F86EDac4CA78 Pakistan Environmental Trust Company Limit•d by Guarantee Financial Statements Year ended 31 Oecember 2023 Page Trustees, annual report Ilncorporating the directo¢s report) Independent examinaffs report to the trustees 14 Stalemtsnt of financial activities (including incom• and expnditure accounti 16 Stslement of financlal posltton 17 Notes to the fina￿￿1 statements 18 LlooW9n Envelope ID.. E6321EA>8701438￿ByS7-F86ED8C4cA7B Pakistan Environmentsl Trust Company Limited by Guarantse Trustees. Annual Report (Incorporating the D1￿CtO￿5 Report) Year ended 31 D8c8mber 2023 Thg Iwslees, are also the directors for the purposes of company law. present their report and the unaudited financ￿1 staternents of the charity for the year ended 31 December 2023. R•fvrenc• and admini•trativo d•t¥ils Reglsterod ¢h•rlty nam8 Pakistan Envbronmental Trust Gharfty rngl•tratlon numb•r 1195712 Company r•glitratlon n￿lts&r 12367389 Principal off[¢• and r•gl•t•r•d 483 G￿n Lane8 offlco London N7348S UK ZVM Rangoonwala Foundation 8enJgmin Jame$ Goldsmith Ir•signed on 1 Nov 20231 Saif Hame•d Farrukh Hu88ain Khan Indop•ndent oxamlner Ambr SKldiqi, FCA 1 Sun Street Finsbury Square Lcndon EC2A 2EP StructUrn• govemanc• and m•n•g•mgnt 8tructur• The charity 1$ a company Ilmlled by guarantee and r￿1 having share capllal The charity was Incorpofaled on 17 December 2019 and governed by Memorandum and Articles of A¥¥ociation. Docjjsign Envelo￿10.. E6321E4>870143BfhB757*86ED6C4CA7B Pakistan Environmental Trust Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Reportl {eonthrAdJ Year ended 31 December 2023 Obj￿11¥•8 and actlvltleg The objectives of tha charity are lo mobilis8 global capital and eKpertise lo transition towards a climate- resilient, low 250h of OUT NZP members attained vefified Science-Based Targets by the end of 2023 PET has initiated Pakistan's renewable energy certificate (RECI market. over 200.000 Mvvh ol RECS issued, generating over $370,000 for local renewable energy projects. 640 hours of training conducted on climate acti¢)n. Docudgn Envebpe ID". E6321EA>870143B￿B7s7_FS6ED8c4cA75 Pakistan Environmental Trust Company Limited by Guarantee Trustees. Annual Report (Incorporatlng the Director's Report) (tonithu•dJ Year anded 31 December 2023 We have also Identified tsvo keystone species for re-introduction and conseryation, as well ag more than 10,000 Hectares L)f degraded lands for reslordtion. Human Impact Oui work has enabled acces5 to energy lor moro than 20,000 households and will Create almost 1,500 new livelihoods Our Work PET through its partner PET Environmental Services Inon-prDfiI organisalion registered in Pakistan) is focused on implementing long-lemi soluth.ons for climate crises. Our pioneerin9 programmes are enabling the Iransrtion towards a climate-resilient, low-carbon. and biodiverse Pakistan. Not Z•ro Launched n 2021, Nel Zero Pakistan INZPI embarked on a mission lo decarbonize the cour)ty'8 economy and enhance Its compelilivene88 on the global stage. NZP 15 a business co81￿.0n with a clear vision in mind.. le achieve net zero carbon for Pakistan's indu¥lry by 2050 The coalition strategically chose the textile Sector a$ its Starting point. Thiy decision was driven by key fa¢lor$'. the 3e¢torf$ Significant exposure lo inlernabonal export¥ and ils role as a major employer, employing over 40Q/o of Paklslan'8 labour force. For the launch, the coalitlon joined force8 ￿1￿ Pakistsn Textile Council, a trade organ18ab.on specializin9 In thè lexlile sector and trade regulations. One of the key 88pecl3 they focu8 on is Paki8tsn'g EU GSP+ stslus, which provides prelerenlial trade access to the EU market, making Paklslani products more Gompelilive and affordable for European consumers, bul now has increaslngly slrtngenl Cond￿10n9 on ¢omplian¢¢ with sustainabllity measures This further nurtured the need for a country.wide nel zero coalib.on that could addres8 Sustainability concems faced by l¢cal Indu8lrie$ in th• face of the global nel zero transrtion and enable the Iransillon for 211 of the prfvale soctor In Paki81an. Not Zoro Pakl•tan's 2023 Inltt*tlv•8 Breaking Ground with BioV•ntur•8 - F•a$lbllity Study Klckstsrtod for a $10.S mllllon blomass •upply chain pilot initiatlv•, pow•rod by KPfvIG and Supportod by PFAN 8ioVenlures is NZP'S first at-gcale decarbonizallon project aimed al establishing a cenlrallzed, blomas8 gupply chain in Puniab, to replace carbon-Inten51vè fossil fuels used within industhal processes with a cheaper, cleaner, more reliable supply of biomass. The project gained momentum this year on three fronts.. KPMG was commi$sioned undertake a cornprehensive technical, financial and environmental feasibility study, which is due for complellon by the end of the year. An initial prefeasibllity assessment has already highlighted the potential for a $10.5 milllon pilot project. poised lo duce greenhouse gas emissions by 15 MIC020 over the next decade, Bioventures has been accepted into the prestigious Private Finan¢ing Advisory Nthork IPFANI project pipeline. PFAN Global comprises a global netsyork of experts offering invesirnenl faeililalion to clean energy projec15 in emerging markets. The project has received an initial grant from PFAN'S Project Development Fund IPDFI to support the market research and feasibility study An additional grant has been received lo facililale Ihird-party audits, due diligence, and environmental assessments. DO(￿gn EnveloFe ID. E632IEA3.870143B￿B757-F88ED8C4cA7B Pakistan Environmental Trust Company Limited by Guarantee Trustees, Annual Report (Incorporating the Dlrector's Report) fconth7u•dJ Year ended 31 Decomber 2023 A Technical Working Group has been launched, ￿MPriSed of experts from NZP'S member companie$ where their rcle is to provide invaluable technical input and expertise. Bioventures Project Advisory Committee, featuring prominent figures in finance. investment, biomass, and 5uslainability. Their collective wisdom is aimed at furnishing slralegtc guidance and robust business support, paving the way for the projecl'g effects.ve devdopment, execution. and long-tgrm sustainability. Bulldlng Momentum for Sclgnco 8asgd Tary•ts ISBTI} . Partnorod wlth MyC•Tbon to Enable Members to Measuro their Emissions and Submlt Scl•nce Based Taryets Across All Scop•i The S8Ti process mandates compan￿5 to submlt target8 hvo years ol commitment, involving eslablS$hing a baseline yèar. mapping Scope 1, 2, and 3 emissions, and seth.ng lime-bound reductions. While many companle5. Including those in the NZP roster. can measure Scope l and 2 emissions, Scope 3 emI83Ions originaung from $upplier8, customers, and tran5POrtatr'on gtill pose challenges due to multr'ple actor8 and data availability i58ue$. The complexity is heightened by international consultant costs. Ilmiled local expertise, and thè novelty of this work In Pakistan. To tackle thls, we C￿901￿da1ed demand, sought propoyals from con8ultsnts, and chose Mycarbon, local-intemalional sustainability firm. NZP $e¢ured a 50% group dlscount, further r•ducing costs by subsidizing half of eaGh mfjmber's expènses, re5ulling in a 75% average c081 reduction for member¥ compared lo market rate8. 8trldg¥ Sn 88T• •dvanc•m•nt Over 7,000 member companie¥ submitted S8Ti targets and await validab'on, including Soorty Entarprise8, MG App4rel, Sapphire Finishing, Lucky Texble$, Liberty Mlllg,Al-Karam and Younas Texth"le Mills, Inlerfoop has obtained approval from the SBTI for ils near-lerm SBTS, Conv•n•d the Sustalnablllty Toam8 of Member Compan￿9 for S Town H•lli to Tackl• GHG Pl•a¥umm•nt and Target Sottlng Throughout the yoar, NZP organized a series of impacfful Town Hall ev8nts, fostering collaboration and knowledg&5haring among ils member5. Through these sessions. 15Q participant5 were trained on Setting Forest Land and Agriculture IFLAGI targets. As a result of Town Halls, PET launched suppller eng8gemenl tool in collaboration with NZP member cornpanies. The March Town Hall, h08ted by Gul Ahmed in Karachi, featured sessions led by Andrew Martin and Joyce T801 of the Sustainable Apparel Coalf(ion ISACI and an expert session by Katie Murphy from EcoAct. The focus wa¥ on Forest, Land, and Agriculture {FLAGI emi$511)n8 guidance, covering bolh Iheor81ical and praclieal aspects. In May, NZP, in collaboralion with MG Apparèl, hosted a dynamic T¢)wn Hall in Multan, providing an exclusive lour of MG Apparel'5 Sustainable facility and insights from Fashion for Good on decarbonization in the fashion industry. Dlscussions included MG Apparel's supplier engagement 8tralegy and the potential for a standardized data collection tool The AugustTown Hall, in collaboralion with L￿kY Textsle Mills, continued NZP'S pre-compelilive collaboration ethos Sustainability professionals frorn various member companies addressed supply chain decarbonization, GHG-relaled data collection from suppliers, and FLAG emissions. The event featured a calculation exercise on FLAG emi55ions in the textile sector in partnership with Mycarbon. DooAgn Envel)pe ID.. E632tEA3-870143BN757-F86E08C4CA78 Pakistan Environmental Trust Company Limited by Guarantee Truste•s' Annual Report Ilneorporating the Dlrectorfs Report) leontinu8dJ Year ended 31 December 2023 In November, NZP held 2 Town Halls simultaneously in Punjab and Sindh. We collaborated wrth Midas Safety for a Town Hall in Karachi and with Inlerloop for a Town Hall in Faisalabad. For both, Mycarbon led a training session, providing practical insights on setting SBTS and the submission of SB Ti's tsrgel-submission fomis The training sessions employed both a case study and a completed SBTI target-submi5sion form to offer 8 holistic18arning experience for attendees. Develop•d 6 KnovA•dgg A$$ets on Oecarbonization for NZP Membern NZP has developed six knO￿dge assets to empower Sls member companieg and advance ils mission. Wlh 390+ ￿gin8, our Knowledge Plattoms ho318 the followlng resources.. Impact R•port'. NZP'S inaugural Impact Report12021-231, tilled "Transfomi. Thrive. Impgct., èxplore$ tho coalition's role in accelerating industrial decarbonizalion in Pakistan. It delves into the chalsenges poged by climate change, such as job displacement and stranded assets. while highlighting collaborative efforts driving industry-wide decafbonizalion in the county. N•t Zgro Pakl#t*Tr M•mb•rn' Toolkit.. To simplify the ccmplex process of Iransrtioning to net zero emissions, NZP ha5 developed a loolkil In collaborallon with signatories and partner organizalions. The toolkit. officially launched in May 2023, breaks down the net zero lourney into slx stages-commil, Measure, Oi$clo$e, Define, Rtsducé. and Advocale-provlding he¢kll$ls. best pracb'c•s, and resourcéy for Companies acro89 8ecloryd. Supplltrr Engag•m•nt Tool. NZP has designed a tool for our member companies to collect GHG-relaled data from suppliefs to turbocharge the transltlon towards developing robust Scope 3 inventories and identifying carbon emi$$Dns holspols within the Supply chain. The Supplier Engagement Tool marks a significant 8lride lowardg enabling the Nel Zero Pakistan coalition lo capture data on Scope l and Scope 2 carbon emissions of Ih&ir suppllèrs and empowers our member companie8 lo develop cOMp￿te GHG in¥gnlories. Launching coalition-wide soonl Foundatlons for Net Z•ro: NZP'5 Leamin9 Guide NZP inlroduce8"Foundations for Nel Zero," a dedicated loaming experience availab￿ on ily Knowledge Platfem. Tailored for su8lainat41ity newcomer5 this guide, offered on a user-frrdndly LMS plafform, gives a stgp-by-step roadmap covering foundational nel zero concepts, GHG inventory measurement, verification and dh8cfosure processe8, science-based targets. decarbonizalion strategies, and climate a¢Jv¢xa¢y. Eml8¥lon Factor Databasg for Paklltan'i Toxtlle Sfrctor." Recognizlng the challenge in accessing ralevanl emission factors. NZP collaborates wf(h Member companies and seeks partnerghips wlh congultsnts to build a comprehensive emission factor database This inilialNe aims lo enhance accuracy and 81andardizalion in GHG measurernenls, especially for Scope 3 emis$ion$ in the 1gkn.le sector. GHG Invgntory Varlflcatlon FAQs.' NZP provides a comprehensive document add￿SSing common quesbons related lo GHG inventory verification, oullining requ1rements, and sharing egl practiceg for its member companies. Do(XJ￿9n EnvebFe ID. E6321EA>870142BO-8757-F86ED8CACA78 Pakistan Environmental Trust Company Limited by Guarantse Trustoes, Annual Roport (Incorporating the Director's Reportl (tartthued) Year ended 31 December 2023 MZP repr•sont•d Pakistan's T•xtil• Sactor 7 projtlglous Sntsrnational forumj. ¢ontrlbutlng koy Inslght8 around docarbonl¥gtlon NZP actively participated in several international su51aln8bilily events, conlribuling lo global discussions and callaboralion8'. Fashion Industry Chart•r for Climats A¢tlon Annual Meeting.. In February, Syeda Faiza Jamil, Programme Director of NZP. spoke al the annual meeting of Fashion Charter in Bonn, emphasizlng the need for local coalitions in dlmale acb'on and advocating for incre88ed representation from the Global South. Gl¢)b¥l Fa•hlon Summlt co￿nhagen 2023,. In June, our CEO Talha Khan was a featured Speaker addressing the 'Decarbonising The Supply Chain, session In Boslon. He shared the stage with notsble speakers indudlng lan Ponce from UNFCCC, James SGhaffer trom ￿tsrdlY, and Seema J05hi from Stand.earth. SustaInab￿ App•ml •nd T•xtil•s Conf•r•nc• by Innov•tlon Forum.. In June. Talha Khan a150 joined a panel on decarbonrLing manufacturing in New York, reflecting NZP'S dedica￿On lo engaging in impact.oriented globa5 sustalnability dialogu¢$. Th8 panel featured repro$gnlalives Irom American Eagle Ouffitt&r¥. Apparel Impact Inslrtule. and Lenzing. Th• Futur• of Cllmat• Aetlon Conf&rnnc• by Innovatlon Forum.. In November, Talha participated in a discussion on collabor8tion in climate action, èxplorlng %thelher il is merely a buzzwoid or a genuine innovation for a sustainatAè fvlure. alDng8ide disb'nguished speakers from Mura Technology and Pirelli Tire. 8•rfln En•rgy Transltlon Dl4logvg18ETDI 2023.. wa￿ah Zaman. Prtsar8m Man8g8r al NZP, attended BETD lo explore biogas poten￿31 in Paki¥lan's energy transition and mel with solar thgrmal technology providers. Top Actbon Club Wobinar with SAG." NZP presented al the Top Action Club, part of the Su8lainable Apparel Coalition, showcasing collabor*ive efforts toward achieving nel zero g¢)als and engaging with fashion brandg frem North America and Europe. UN Race to Zeft> Forum.. Shehreen Umair. Analyst at NZP, spoke at Race lo Zero's virtual forum, highllghling Nel Zero Paki$lan'8 progre55 on policy fronts and plans foran enabling pollcy environment to accelerate decarbonizalion in Pakigtsn. Carbon Pathway• Carbon Pathw8ys is a pioneering program with a vislon to become Pakistan's ￿adIng developer of voluntary carbon offsets, focusing on nalure-ba8ed $olutions INbSI and renewable energy projects. The program aims calaly5ing the USO 500 million VCM potential of P8klgtan by 2030, channelling capital into Nature Based Solutions and renewable energy initiatwes, thereby reducing emissions by 7.5 MIC02 over the next five years. Koy Initlatl¥•8 include the 8uccessful issuance of 96,000 Mwh of Renewable Energy Certificate5 IRECSI. generating $0,5 million in Capital for renewable energy in Pakistan. The Nature Based solub.ons initiative is spearheading a private forestry project with a revenue projection of $70 million, ile the launch of a $50 million Nattjre Fund alms lo further advance the Nbs sector The transformative Revive Dera project in DI Khan, with a scale-up polenlial 10 5equesler 3 million metric tons of C02, exemplifies the comprehen51ve approach of Carbon Pathways, addressing environmental concerns, economic viability, and community well-being. Docuslgn En¥ebpe ID.. E8321E43-870143BChB757-F80ED8CACA78 Pakistan Environmental Trust Company Limited by Guarantee Trustees. Annual Roport (Incorporating the Director's Roport) f¢ontlnwdl Year ended 31 December 2023 LoOkIr￿ ahead, the program is entering the Project Design phase for the Revive Dera Ec08yStem Restoration pilot project after successfully engagin9 communits'es and completing a detailed sequeslralion asse99menl. The RECS portfolio Is set lo register 1000 MWS and issue USD 2 million worth of RECS in the next three years. The Nature Fund's future involves a detai￿e￿ leasibilrty stLJdy and groundwork to determine viability, with financing allocated for feasibility Studies. earty-slage project development, investment and monitoring of bankable projects, and the sales and marketing of carbon offse15. Additionally, the program plans lo expand its focus on other areas such as clean cooking and biogas digesters, shoKa8ing a cornmilmenl lo diversè and impactrul sustaIna￿'11ty efforts. Corbon Pathw•ys Vl•lon Carbon Pathways envisions growing into Pakistan's largest developer of voluntary c8rbon offsets, with a wde-ranging portfo5io of certffied projeGl$ in areas $u¢h a5 nature-based 8olutlon8 and renewabSe energy. The goal is to establish Pakistan's particlpalion in the global voluntary carbon market and deliver a portfolio of proje¢l$ with a minimum cartjon reducllon of 10M tC02e p.a. Catslyse USD 500M VCM In Paki8t4n by 2030 through Nbs offset project8, RECS Iosuance. and other Iow-carbon projects. Channel capital lo more Ihan 250,000 Acres of forestry projects, 1000 MVV of RE projects, reducing emis$ion5 by 7.5 MIC02 in the next 5 year8, and Improving livelihoods for 200,000 household5. Launch a USO SO mllllon Nature Fund Trmth the aim to enable the VCM in Pakistan. Maln Inltl•tlY•* Rènowablo En•rgy C•rtlflcata• Renewable Energy Certificates (REC81 are tradeable dl9ltal certificate8 Ihal represent transferable proof of the generalien of one megawall-hour Imwhl of energy produced by renewable sources. In 2022, PET assumed the role of the official issuer of Renewable Energy Certificates as a¢kno￿edged by Ihe I-REC Standard. It successfully issued 96,000 Mvvh of RECS, disbursed $0.25 million. and registered 40 devices, dgmonslraling its impact on the renewable energy landscape with the additlon of 700 MW in capacity. 5mpact #o far Ggneraled $0.5 M in capital for RE in Pakistan Registered Pakistan's nrst mlnl.grld prol•ct on Gold Standard Registered 300 MW of RE projects Set-up the market wlh trading volume of 200,000 REC¥ Provided energy access to 20,000 households including schools and hospitals Partnered with KP Govt to enable >USD 2 million for energy access Do(y5ign Envelo* ID. E6221￿3-87O143BD.BIs7-F86E08C4cA7B Pakistan Environmental Trust Company Limited by Guarantse Trustses. Annual Report (Incorporating the Dlrectorfs Report) (COllllnu•dJ Year ended 31 December 2023 Nlturg 8ased Solutions Nature Based Solutions 1$ currenlty spearheading a private fore8try initiats've aimed al generating approximately $25 million in carbon revenue. The initiative boasts a robust project pipeline designed to sequester 2.4 m511ion metric tons of C02. resultr'ng in an anb'cipaled revenue of $70 million. Add￿onallY. the identificats'on of 180.000 hectares of potential plantable areas underscores our commitment lo sustainable and impacttul environmental solutions. Naturn Fund Carfoon Pathways 18 playing a pivotal role in advancing the Nature-Based Solutions IN8SI sector in Paki$lan by launching a $50 rnillion fund with a blended flnanee structure. The Nature Fund, established to caialyse the NBS space, will not only originate and invest in high-quality N8S projects but also contribute lo building local carbtsn capacity through a dedicated incubation program. The initiative aims lo make a direct investment of $50 million and mobilize an addrtional $150 million in capital through crowd funding. Currentty. the organization is actively engaged in conducting feasibility stud￿8 lo ensure the $ucce$$ ano $u¥tainability of these impaclfvl initiatives. Affomtatlon Prol•ct: R•vlvo Dora Revwe Dera stands as a transfomialive project with the overarching goal of revitslizing ecosyslem5, f081ering community empowerment, and unlocking sustainable economic growth ￿ the impoverished. DI Khan, Paki51an. 8oasling a robugl govemance structu￿ and a landscape conduuve to 8xp8n8ion, this project presents a distinctive opportunity for 8u8talnable development. In ils pllol phase covering 4000 acres, the in511allve sequesters 1.02 milllon metric tons ol CO2. Impressively, the project demonstrate¥ a scale.up potential to encompa98 12,000 acres, potentially 8eque8tering 3 million metric tons of C02. The Nel Present Value INPVI1g e81im*ed al USO 7.6 million. In temis of annual sequestration, the pilot phase accounts for 34,562 tC02e, while the scale- up envisions an annual sequestratjon of 195,000 IC028. The total revenue projections are equally noteworthy, with the pilot phase expected to generate USD 22.7 million and the 5cale-up anlicipaling USD 226.3 million. The financing required for the project 13 USO 2,952,030 The Initiative further plans lo contribute significantly lo afforestation, targeting 7.93 million trees In the pilol phase and a Subslanlial scale-up lo 33.4 million tree¥ in the expanded project. Thig comprehensive approach ensures Revive Dera'5 multifaceted impact, addressing environmental ¢on¢erns, economic viabillty, and community well-being. Rovlve Chltral The projects aims to e$la￿lSh a biodiversity holspol in Chilral, home lo critically endangered species including Ihe Snow Leopard, Himalayan Ibex, Markhor, and wolves. In it8 pilot phase, the project encompasses over 9,000 acres, sequeslerlng 2.3 million metric lon5 of C02., il pre5enlg a 8ubstsnlial scale-up potential, aiming to cover 40,000 acres and sequestering an e$limaled 9 million metric lon8 of C02. The Net Present Value INPV) of this initiative gtsnds at USD 14 million. Beyond yequeslralion, the project envision8 revilalriing habitats and establishing interconnected biodbversily hotspots lo create vital corridors lo foster the growth and $uslainabilily of divef8e ecosyslem3. Ngxt 91gp¥ The Revive Dera Ecosystem Resloralion pilot project is entering Project Design phase after succe5sfiJl completion of preliminary seque51ralion assessment and community engagement. Renewable Energy Certificates Our fa5t-growng RECS portfolio is set to rggister 1000 MW5 and issue USD 2 million worth of RECS in the next 3 years Docusgn Envelo￿ ID.. E6321E4>8701438tsB757-F86ED8CACA7B Pakistan Environmental Trust Company Limited by Guafantse Tru$tses' Annual Report (Incorporating the Directorfs Report) l¢ontlnu Year ended 31 December 2023 Nature fund feasibility Our next step in malerializing the Nalufe Fund entails an in.depth feasibility study and initial ground work lo delem)ine viability. The Fund finance the followng activib'es.. Feasibility Studiès. Praject Preparation Facility IPPFI for eaty-slage Project Developers. Investment and monitoring bankable PPF projects, Sales and marketing of carbon offsets Project Pipeline Developing robust crilerla to 0￿ginate Nbs projeGts. and build local capacity of proj•cl develokxrs in Pakistan Other Prcject Areas > We plan lo expand our focus on other areas such as clean ￿0kIng and biogas digesters R•-Wild Accelerating Paklslan'8 work on prometlng blodiversily, by rehabilltaling al-threat species in protected areas & establishing community-led programmes. Goal.. To deliver the first phase of programming for priority species. Including the Greater One-homed Rhino and Cheetah, in partnership wllh Govt of Paki¥lan and ¢on8ervabon NGO8. Rewlld Pakl8tan envi5ion¥ re¥loring the natural corridor for the Greater One Homed Rhino and 50% of endangered species to thrive and travel along the River In¢Jus of Pakistan. The In5tbatlv• propo••¥ • iwo*art Impl•m•ntstlon pl•n: A wmprehensive study evaluating "Habilal Resloralion and Blodiversity Potential along the River Indus through Keystone Species.. An Integrated Approach for Idenb'fying Key Habltals and Assessing Reslorallon Opportunllies" Idents'fySng. developng and supporttng initralives airned at the reintroduth'on andlor revival of extinct and endangered species. Key Inilialives Comprehensive Study evaluats'ng Habitat Re$loralion and Biodiversity Potents'al along the River Indus through Keystone Species.. An Integrated Approach for Identifying Key Habitats anLI Assessing Resloralion Opportunities" Rewild is convening a working group of exFerts from academic and research inststulions specializing in data and knowledge. environmental NGOS, government department3, water resource authorities and expertise of Intjlvidual professionals in the fields of water resoureeg and environmental economics. CurTenl members include represenlalives of ￿ Pakistan, Scients'sts of Global Rewilding Alliance and local experts on18ndscape restoration. The group wll, among other actions, establish criteria for Priority Restorabon Areas, perform an ecosystem analy51S Utilizing 5alellile imagery. remc>te sensing, and GIS, along wiltt field surveys. They will idenb'fy PRAS and re$lgration challenges, devise restoration plans, and fa¢tor in financial considerations by employing economic modeling and cost-benefit analysis, exploring opportunrties like carbon and biodiversity credits and eventually creating entire pik)l inveslible projects aimed al restoration. 10 Oocusgn Envdope ID". E6321EAS8701438c￿B1s7-FB6E0scAcA7B Pakistan Environmental Trust Company Limited by Guarantee Trustees. Annual Report (Incorporating the Dirgctor's Report) (conthu Year ended 31 December 2023 The outcomes of this study appeal to a diverse range of glakeholdefs including The F8d8ral Ministry of Climate Change, Provincial Forestry and Wildlife Departments, Policy Makers, National and internats'onal con$ervats'on organizations and enthusia5t5, academic and research ingtilubons. impact investors, and international funding agencies such as UNEPP. Ngxt Step-. To Securo $50,OIKI In fundlng to enll•t th• •xpertS8• of tho worklng woup partlclpants. Rolntroduclng th•1ong extlnct Gr•atsr On• Homod Rhlno and Chootsh The pilot project aims lo re-introduce and breed a wable population of Greater One-horned Rhino and Cheetah in Pakistsn. The Initial Stage8 of the wojecl involve a small number of rhlno8 being sourcad from the global aptive population. and a small number gf cheetahs being sourced from the global S￿ld population for transfer lo Pakiylan, where they will urKlergo a carefully monitored breeding program on Laal Sohanra Nallonal Park, a sile which ha8 been identified as the most suitable reintroductron sile. The projoGI 1$ being caffiod out in parther$hip with the Dop8rtmént of Foresty and Wldlile Govemmenl of Punlab and The Aspinall Foundation, It Is monitored by an Advisory CommSttee comprf81ng International Rhino Foundatson, represonlalive6 cf the IUCN Rhlno Specialist Group, National Trust for Nature Conservation Nepal INTNCI, rhino biologists from Univ¢r¥rty of Free Slate South Afrka, Cheetah Metapopulalien Proleet. Rewlld PakI81an has successfully secured a 38.000 acre zone at Laal Sohanra Nats'onal Park for the reintroduction and b￿edIng ofthe Rhino and Cheetah. The reinlroduclion inits'alivès will be augmented through habltal preparation and the introduction of prey species. collecttvely working towards the comprehen9ive resloralion of the entire ecosystem. This project not only aims lo seNe as a national model bul also envisions replicabilf(y for restoring similar habilals acrogs the River Indus. Next Stops.. Secure $50,000 for conducb.ng a feasibility a$5essment on reintroduction and the development of a comprehensive habitat restoration plan. ￿llaboratIng wlh Intemalional experts. Collaborating extensively wrth governmental and inlernats'onal entib'g5 to slralegize and secure financing lor a 36,000-acre electric fence, ensurin9 the safeguarding of the allocated lone The fencing costs are currently eslimaled at $21 fnillion. Developing community-basod conservation infrnstructuro to revive thè endangarnd Woolly Flylng Squlrrèl, Urlal, Markhor and Snow L8opard. To counleracl deforestation and destruction of habilal in a key biodiversity hol$pot which include$ many species on the IUCN red list, the project proposes to create a local community mana9ed nature fesource prolectirjn infrastructure by empowering local marginalized community members as conservation agents. 11 D￿U819n Envebp8 ID.. E8321E43470143B ￿B757-Fe6ED8C4CA7B Pakistan Environmental Trust Company Limited by Guarantee Trustees, Annual Report (Incorporatlng the Director's Report) (¢onlthu•dl Year ended 31 December 2023 The community-based infra8truclure includes establishment of 68 CBOS. 33 mulli wmmunity conseNanGies, 8 zartoo committees, 100 poachers as rangers, and CDhort5 01 salajrt harvaslers. CBOS, conservancies and Zaitoos will all be enlisted with the GB department providing them 8 seat at the iable, The project pioneers engagement and Gapacitalion of vrtal community actors specifically Salajit Harvesters and members of Zaitoo Committees. The infrastructure alm3 to downlisl the Woolly flying squirrel on the IUCN ￿d list while slmultaneously revlvlng cohablting species like the Asiatic black be4r, Urial. Markhor, and Snow Leopard. The projéct 1$ being conducted In eollaboralbon wlh Zoo New Engband & Wildlife Conservation and Development Soclety IWCDSI for project implem8nlation. Polentsal for scaling.. The pilot project has potential lo restore and conserve the historical planl and wildlife corridor linking G8 and Kashmir, that 18 home to snow leopards, Kashmir Musk Oeers, Markhors, Urtals, Asiatic 81ack 8ears, Wolly flying $quirrel¥ and many endangered blrd9. N•xt Stsp•: to ral•o $200,000 lo rgvlv• th• communlty- ba••d Infrastructurn In Olamir, GB. Achlw•fftonts of th• Program.. Convening of an inlemalional best oversight and monilodng group lo advlse on the Rhino and Cheolah Rgintroductlon Project comprising Inlemalional Rhino Foundation, rèpresenlalives of the IUCN Rhino Speciali8t Group, National Trust for Nature Conservation Nepal INTNCI, rhino biologists from University ot Fr•e Slat• South Africa, Cheetah Metapopulalon Projoct. Partrsership with Punjab Govemnlenl and securing a 38,000 acre zono for rèintrodulion of the Rhno and Cheetah. Conductèd a thorough desk litera￿re review as part of the feaslbllity 889e88ment for the relnlroduclion of rhlnos lo Paklslan. EffeclSvely initiated our communty-based infrastructure by acb'vely engaging local stakeholders, frjrging collaborations, and establishing pivotal partnership$ wth prominent national and inlernth'onal NG08, specifi¢ally WCOS and Zoo New England. This Involved a comprehenslve six-month process of loinlly devebping the concept and plan. Reafflmilng our 5-ye•r #tratogy: Our agenda for the years ahèad is equally ambi￿ou9, matching the Sca￿ of the challenge that is facing us. Carbon Pknrket S¢ale up.. Sequester more >10mn IC02elequivalent lo 6% of Pakistan's 2019 GHG invenloryl through nature.ba5ed projects, rnobilizing >$20mn through global VCM Net Zoro Commitments: Ensure that 100% of NZP members have their SB Ts submitted, approved and are on track for Nel Zero 2030 target. 12 Ow$ign En¥ekJp810." E6321EA&87o143B￿67s7-F8sE08C4cA7B Pakistan Environmental Trust Company Limited by Guarantee Trustee$. Annual Report (Incorporating the Directorfs Report) fwitmu Year ended 31 December 2023 Industrial Decarbonization: Miligale >10 mn TC02e, Iequlva￿nt to 6% of Paki$lan'$ 2019 GHG invenloryl through at-scale decarbonisatlon projects In the private sector Solf4ustalnlng programm•s: Ensure our programme8 are Self-suslaining and mobilise donations towards a PET endowment fund. Envlronmontal Cong•rvatlon- Restore and Rewild at least 3 species lincluding 2 on IUCN Red List) a$ well 250,000 Ha. of ecosystems across Pakistan Publlc Benoflt ststomont The Iruytees have referred lo the guidance contained In the Charity Commission's general guldance on publlc benefit when revithng the charity's aSm8 and objectives and In planning ils future activities. In particular. the truslees consider how planned activrties will contribute to the aims and c*bjectives that have been set. The trustees revlew the aims. obleetlveg, and activllies of the charity each year. Thi5 report looks at al the charity ha9 achieved and the outcomes of its woth in the reporting period. The Iruglees report the succ•s$ of each key activity and the benefits the charity hag brought lo those group$ ol peopl• that il is set up to help. The review al80 hèlps the trustees en8ure the chafity'8 aims, objortive$ •nd activhies remalned focused on it8 Stated purposes. FlnanGlal r•vl•w Flnancial Review The charity had nel Incomellexpendilurel for the year of £70,79912022.' (£27,75911 resulting In lot81 funds carried forward of £286,811 12022.. £216,012). Reserve8 pollcy The Trustees have reviewad the reserves of the charity. Reserves are maintained al a level considered necessary to meet the day to day lunding of activities. Free reserve5 Ithal is those lunds not tied up in restrl¢l¢d funds) at the year end were £286,811. Small CoM￿nY provi8ion• This report h89 been prepared in accordance wilh the provLgion8 applicable to companles enlllled lo the small companie8 exemption. The lru8leg$' annual report was approved cffl AugL¢S113, 2024, and signed on behalf of Ihe board of Iruslees by.. 8F*34¥1FCQ41 Farrukh Hussain Khan Trustee 13 0￿$¥Jn Envak)Fe ID.. E6321EA&87O1438￿87S7-F8GE08C4CA7S Pakistan Environmental Trust Company Limited by Guarantse Independent Examinerfs Report to the Trustees of Paklstan Environmental Trust Year ended 31 December 2023 report lo the Iruslees on my exarninali¢n of the fi'nancial $tslement$ of Pakistan Environmental Trust I'lhe charty'l for the year ended 31 Dec8mber 2023. R•sponsibiliti•8 and basis of rnport As the trusfeey of the company land algo ils directors for the purposes of company lawl you are responsible for the preparation ol the financial statements in accordance with tma requirements of the Companies Act 20061'lhe 2006 Act'i. Havng Satisfied MY￿lf that the accounts of the company are not required lo be audited under Part 16 of the 2006 Act and are eligible for independent examinabon, I report in Tespecl of my examination of the charity's accounts as carrted out under section 145 of the Charities Act 2011 I'the 2011 Acl'l, In carrying out my examination I have folbwed the Directions glven by the Charity Comml88ion undèr section 14515llb) of the 2011 Act. Indep•nd•nt •xamln•rfs •tat•m•n¢ Slnca the chadty's gr088 Incoma exceeded £250,000 your examiner musl be a member of a body li51ed In section 145 of the 2011 Act. I confirm that l am qualified lo undertake the examin81ion because l am a member of the Institute of Chartered Accountsnts In Sngland and Wales IICAEW), which is cne ofthe 118led bodies. I have completed ffty examination. l etsnffmi that no matters have c¢Jme lo my atten￿On in connectkin with the examination giving me eause to believe.. accounting records were not kept in respttl of Ihe charity as requlred by s•th'on 386 of the 2008 A¢l', or the financial 8t8lem&nlg do not accord with those records., C¢ the financial statements do not comply with the accounting requirement$ of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and lair, vlew whlch18 not a matter considered as part of an independent examination., or the financial slalemenls have not been prepared in accordance wlh the methods and principles of the Slalernenl of Recommended Practice for accounting and reportin9 by charitie$ applicable to charities preparing their accounts in ac¢ordance wrth th¢ Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102). 14 Envek)p& ID. E6321UJ.8701￿t￿87s7-F96E08¢lcA7B Pakistan Environmantal Trust Company Limited by Guarantee Independent Examinerf8 Report to the Trusts•s of Pakistan Environmental Trust (conliniRd) Year ended 31 Decembor 2023 I have no conwns and havo come ￿rOsS no other matters in connection with the examinatson to which attention should be drawn in this report In order lo enable a proper understanding of the accounts to be reached. Amir Siddiqi, FCA Independent Examiner 1 Sun Street Finsbury Squar• London EC2A2EP 13 15 00￿s(gn Env8*p8 ID. e6321EAM70143B ￿6757.Fa8EDsc4CA76 Pakistan Environmental Trust Company Llmited by Guarantee Statement of Financial Activities (Includlng incorne and exp8nditure account) Year ended 31 December 2023 2023 2023 Unr•strict•d R8stricted funds nds Total funds Tota5 funds 2023 2022 Note Incom• 8nd •ndowm•nts Donations and legacies 298,415 158.548 454,961 306,134 Totsl Incom• 298,415 156,546 454.961 306,134 Exp•ndltur• Expendlture on charotable acliville8 227,616 156,548 384,182 333.893 Total expwdlturg 227,616 156.546 384.162 333,893 N•t Incom•ll•xpgndltur•l •nd n•t mov•ment In fund• 70,799 70,799 127,7591 R•Gon¢lll•tlon of fvnd• Total funds brought loNard 216,012 216,012 243,771 Tot*1 funds carrl•d farwaftl 286.811 286,811 216,012 The 5taternenl of financial actlvlltes Include8 811 gains and los￿8 recogni8ed In the y•4r. All income and expenditu￿ derlve from continuing ath'Vit￿¥. Th• Troies on page8 18 to 25 form part of financial $tat•ments. 16 Oocuslgn En4*￿￿¢ ID.. E6321EA3470143B ￿87s7-F86ED8C4cA7B Pakistan Environmental Trust Company Limited by Guarante• Statement of Financial Position 31 December 2023 2023 2023 2022 Note Flxed assets Tangible fixed assets 12 1,186 1,186 Cuffgnt as¥ets Debtors Cash at bank and In hand 13 5,749 282,876 185,377 31,949 288,625 217,326 Crodltorn: amount• lalllng dug bylthln on• y••r 14 3,000 2,500 N•t curr•nt a•••ts 285,625 214,828 Totsl a•s•ts l••• ¢urr•nt 11obillti•i 286,811 216,012 Fund• ¢f th• ¢harlty Unrestricted funds Re¥tricted fvnds 286,811 218,012 Tot•1 charlty fund# 15 286.811 216,012 For the year ending 31 December 2023 the charlty was enliued to èxttmplion from audit under $?¢tion 477 of the Companies Act 2006 relating lo small companies. Directors, respon8ibilllies.. The members have not required the Company to obtsin an audlt of Ils financial statements for the year in queglion in accordance wlh section 476.. The directors acknowledge their responsibililles for complylng with thg requirements of the Act wlh re¥pecl lo a￿O￿ntIng records and the p￿paration of financial slalement8. These financial st8lemenls have been Pfepargd in accordance with the provisions applicable lo companies subject lo the small companle$' regime. These financial statements were approved by the board ol trustees and authodsed for issue on Augu81 13. 2024. and are signed on behalf ef the board by, ÉbASSAiK BFKlJ4JF1gc￿11a Farrukh Hussain Khan Trustee Tho not•8 on pago8 18 to 25 fgrm part of th•s• finan¢lal st¥t•monts. 17 DorJJ￿gn Envetope ID.. E6321EA&87D143Bt>e757-F86ED8CACA7B Pakistan Environmentsl Trust Company Limited by Guarantea Notes to the Financial Statements Year ended 31 December 2023 G•n•ral inforniation The ch8rily ig a public benefit entity and a private company limited by guarantee, registe￿d in England and Wales and a registered Charity in England and Wa￿s. The address of the regi$l8r•d office is 483 Green Lanes, Lonclon, N13 4BS. UK. Statsment of compllanc• These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Sl*emenl of Recommended Practice applicable to charrti88 preparing their accounts in accordance with the Financial Reporln9 Standard applICab￿ In the UK and Republt of Ireland IFRS 1021 Ichariligs SORP IFRS 10211 and the Companies Act2006 Accountlng pollcle• 8a¥l• ol pr•p•r•tlon The financial Ststemenls have been prepared on the historical cost basls. Golng conc•m There are no materlAI Uncerta[n￿e3 about the charfty'8 abilty to contlnu?. Fund accountlng Unreslrlcled ftbndg are available for use •1 the dlscretlon ol the trugleej to further any ol the tharity's wrpose8. Designated frjnds are unrestricted funds eamarked by the tN8tee8 for p8rtlcular future project or commitment. Restrict•d funds are subjected lo restrictions on their expenditure declared by the donor or through the term$ of an appeal, and fall into one gf Iwo 8ub-cla$se¥'. ieslncted income funds or endowment funds. 18 Oocusign Enve*W ID.. e6321EA3-67O1438￿8T57-F86ED8C4CA75 Pakistan Environmental Trust Company Limited by Guarantee Notss to the Financial Statements (￿￿11￿￿0￿9 Year ended 31 December 2023 Account5ng policle* (conthue Incomlng rnsour¢o8 All incoming resources are Included in the staternenl of financial aclivrties when enlillemenl has passed lo the charity,. it is probabl8 that the economic benefits associated wlh the transacliori will flow lo the Charlty and the amount can be reliabty Measu￿￿. The following speclflc policies are 8pplied lo particular categories of income.. income from donations or grants Is recognised vthen there Is evidence of entitlement to the gift, receipt Is probable and ils amount can be measured reliably. legacy income is recognised when receipt i8 probable and entitlement ig èstablished, income from donated goods Is rneasured at the fair value of the goods unle55 this is impracli¢o1 to measure r81Sably, in which case the value Is derived from the cost lo the donor or the esb'maled fesale value. Donated facilities and services are recognised in the accounts when rec8ived if the value can be reliably measur•d. No amounts are included for the contn'bulion of general volunteers. Incorne Irom contracts for the supply of services is recognised with the dellv•ry of the contracted service. This is classified as unreglricled fund¥ unless the￿ is a conlraclual reqU1￿Ment for it to ￿ Spent on a particular purpose and rgtumed il unspent, in which Case 11 may be regarded as reslricled. R••ource• •xwnd•d Expen¢Jilur• 18 recognised on an accruals basis as a liabillty is incurred. Expenditure includes any VAT which cannot be fully recovered, and 1$ classified under headings of the Statement of financial aGtivrt1¢51o which it relates.. expenditure on raising funds includes the costs ol all fundraising aclivilies, events, non. charitable tradin9 aclivilies, and the saLg of donatod goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further ils charitable aims for the benefit of ils benefioaries, including those support costs and costs relating lo the governance of th• charity apportioned lo charita￿e activities other expenditure includes all expenditu￿ that is neither related lo raising lunds forlhe charity nor part of its expenditure on charitable aclivilies. All costs are albcaled to expenditure categories refiecting the u8e of the resource. Direct costs attributable lo a single activity are allocated directly lo thal aclivily. Shared c05t5 are apportioned behveen the activilRs they ¢ontribule lo on a rtasonabEe, iustiliable and conslslent ba81S. Tanglblg J¥sgts Tangible assets are initially recorded al cost, and subsequently $laled at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at reva5ued amounts are recorded at the fair value al the date ol revaluation less any subsequent accumulated depreciation and subsequent ac¢umulaled irnpairment losses. 19 Oocjjsign En¥elow10.. EeA21EA>870143BL¥8757-F86ED8C4CA78 Pakistan Environmental Trust Company Limited by Guarantee Notos to the Financial Ststements (eonthi Year ended 31 December 2023 Aceountlng polici•# (¢onthuodl Tanglblo assets i￿ntInuI￿) Impalmient of flxèd a•sets A review for indicators of impairment is cafried out at each repo￿.n9 date, with the ￿cOVerable amount being estimated where 8uch ind¢¢alors exist. Where the carrying value exceeds the recoverable amount, the asset Is impaired accordingly. Prior impaimienls are also reviewed for PO88lbl8 reversal al each reportlng date. For the purposes of impairment testing, vthen il is not possible lo estimate the recoverable amount of an individual a$$et. an e$tsmale 15 made of thè recoverable amount of thg ￿$h.gonfjrating unll to which the asset bek)ng$. The cagh-generaong unil is the smallest identifiable group of assets that include8 the ag$el 8nd generate8 Cash Inflows that largely independent ot the cash intlo from other assets or groups of 899els, Flnancl•l In•trum•nt• A financial asset or a financial liability is reGognlsed only when the entsty b?￿Me9 a party to the ccntractual provl8ions of the In81rum&nt. Basic financial instrumen18 are initially recogni$ed al the amount receivable or payable including any related transaction costs. unle$$ the arrangement conslilules a financing Iransaclion. where It is recognised at the present value of the future payments di8counled at a market rate of interest for a wmilar debt ingtrumenl. Current assets ind current liabilities are subsèquently measured al the cash or othèr consideration expectsd lo be paKI or received and not discounted. Debt instrurn•n18 are subgequenfjy measured al amortised cost. Llmltsd by guaranto• The charity 13 a company limited by guarantee and has no share capital. In Ihg event ol the charity being wound up, the liability In respect of the guarantee is limited to £1 per memljer ol the charity. 20 DoyJ$lgn Envelope ID.. E6321EAM70143BfhB757-F86ED6fAcA78 Pakistan Environmental Trust Company Limited by Guarantee Notes to tho Financial Statomonts (eaniiftu Year onded 31 December 2023 Oonatiom and 1oga¢ies Unre¥tricled Funds Restricted Total Funds Funds 2023 Oonatlon8 Donations Foundab'ons & TnJ$l$ 60.000 238.41 S 80,000 239.415 1,000 Grnnts Grants 155,546 155,548 298.415 156,548 454,961 Unrestn'cled Fund8 Restricted Total Funds Funds 2022 Donatlon Donaliony Foundali¢)ns & Trusts 17,036 240,859 17,038 240.869 Grants Grant8 rKeiv8blo 48,439 48,439 257.695 48,439 306,134 During the year grants lolalllng 2023 £81,379 12022.. £271.7001 were recewed from The Con8eN8tion Cclleclive. 21 DooJ8ign Envelope ID,. Ee821EAS870143B ￿B757*86ED&¢IcA7B Pakistan Environmental Trust Company Llmlted by Guaranteo Notes to the Financial Statements (continu•SJ Year ended 31 Docamber 2023 Exwnditurè on charitsble activities by fund typtr Unreslrictod Funds ReStr￿ted Total Funds Funds 2023 Raislng lunds Promoling and enhancing charitable work Grant making Govemance costs Support costs 17,355 17,355 109,527 225.274 7,078 24.928 109.527 47,019 178,255 7,078 24,928 227,618 156.546 384.162 Unrestricted Fund$ Restr￿ted Total Funds Funds 2022 Raislng ftjnds Promobng and enhancing charitable work Grant making Govemanc8 ¢0sls Support C08t8 31,252 149,284 yo,000 2,500 12,418 31,252 197,723 90.000 2,500 12,418 48,439 285,454 48,439 333,893 Expondltur• on charltsbl• •ctlvltl•• by •ctlvlty type Aclivllie8 undertaken Gov•mance Support Totsl funds Tolal fvnd directly costs coatg 2023 2022 Raising fijnds Promoting and enhancing charitable work Grant makin9 Govemance costs Support cos18 17,355 109,527 225,274 17,355 31,252 109,527 197,723 225,274 90,000 7,078 2.536 24,928 12,382 7.078 24,928 352,156 7,078 24,928 384,162 333,893 Grants made were in accordance with the memorandum of understanding signed be￿een the charity and PET Environmental Services la non-profit organisation re9lStered in Pakistan) on July 2022. Anal￿1$ of support costs Totsl 2023 Total 2022 General office Finance costs 4,444 20.484 8,313 4,069 24,928 12,382 22 Oo¢u&gn EnTrA￿￿ IO". E6321EAj470143B￿87&7-Fa6E08IXA7B Pakistan Environmental Trust Company Limited by Guaranto0 Nots$ to the Financial Statem•nts (conthu•d) Year ended 31 Dacembor 2023 An•lysl¥ of govgmance costs 2023 2022 Fees payable lo the independent examiner for.. Indopendent examination of the financial statements Legal and Prole3sion81 charges 3,578 3,500 2.500 36 7,078 2,536 10. Slaff co•t• The average head count of employees durlng the year was nil12022.' nll}. 11. Trust•• r•mun•ratlon and •xp•ns No remunaradon or other b•nefil8 from employment with th• charity were received by the truslegs. 23 O¢8701438￿e757*8eED@C4cA7B Pakistan Environmantal Trust Company Limited by Guarantee Notes to the Financial Statements Year ended 31 December 2023 R￿trIcted funds Al 1 Jan 2023 At Income Expenditure 31 D•c 2023 Nel Zero 156,546 1156,5461 At 1 Jan 2022 Al Income Expenditure 31 DeG 2022 Nel Zero 48.439 148,439} 25