REGISTERED CHARITY NUMBEIL. 1198116
Re rt of tre Trustees and
EiDallcial SL4LerrEJ)ts
f￿ Year Ended 30 A ril 2025
Bees for Develo rrent
cio
TIK)me WidgeryAccwntancy Ltd
Chartered Accountants
Statutory Auditor5
2 Wyevaie Business Pa
Kings Acre
Hereford
Herefordshi
HR4 7BS

s fLP.eveloNnenl
cio
Contents of the Fir￿[￿1?( Staternents
Page
Rerx)rt of the Trus
1 to 6
Report of the IndeFendent Authtors
7 to 10
Staternent of FinarKial ActivTlie5
Baiante s￿et
12
Cash Fi(w StateTnent
13
)tes to the Cash Flow Statement
14
li)te5 to the Flnanclal Ststerr￿ts
15 to 24
Detsiied Staterrent of FIna￿la1 Actiwtie5
25 to 26

Bees for Develo
enl
cio
rt of Tru5tee5
for ttrE Year E[￿e￿ 30 A .1 2025
The tsustees wesent their re￿rt wth financial 5tatetnents of the charity for the year ended 30 April 2025. The
tru5tee5 have ad)pted provisions of Attountiw and Rèrx)rting by Charities.. Statement of Recom1r￿ded Practice
aprAicabie to chaNties preparing their accounts in aCcOrda￿e with the FinatKial Retxyting Standard applicable in the
UK and Republic of I￿lat￿5 IFRS 1021 (effective l JaNary 20191.
OBJECTIVES AND AcnvrriES
Objective5 and alms
The objects of the CIO as set out in its goveming document are..
To promote sustalnable developn*nt for the ber*flt of publlc by..
the relief of t￿Y and the irnprovement of the condition5 of life in S￿la[[Y and &rommicalLy
d￿alfvanta8ed communities usir& habitat restoration and craft of beekeepSng' and
the womtion of sUStainaNe mears of achlevirv4 ecoTh)mt gmwth and regeneration.
To adVa￿e the edwtion of the wblic in the scleKe and craft of ￿j￿aInable beekeeping and ￿le of
bee5 in fflalntaln1r￿ bi<Mliver5ity.
Sustainable dvNelO￿nent devdorxneni whlch meets the needs of the pre*nt comprornlslr* the ability
of future generations to meet t￿1r own need5.
The CIO was incorp)rated on Z March 2022. for adrnini5tratiYe reasorts acti¥rity commeKed late in the 2022123
accounUr* tEriod. wth actiwty limTted to recelpi of incomitY4 donatiOn5, a Brant application, and trartsactio
in connection with Bee Gankn Party in June 2023. As a result, there was limited charitable activity durinB tke
Z022123 finatKial year.
SFK)rtly after tlE tkginnirtr4 of the 2023124 fInar￿la1 year, the CIO fully ￿0k over tIE aciiwties of The Troy Trust (Bee5
for tWeiopmentTnJrt, UK Charity numtEr 10788031.
Publfc benefit
The Tru5tee5 have had regard to Chakfjty Commlsslon 8uldarte on public be[￿fil in the determiThation of semces to
pro*ided the idenlification of be￿fICia￿es. They are of the O￿nIOn that Charft¥s ber*ficlarie5 ffleet tl
Charfty Cornmission requirerrents, and that the swvices prO￿thd are delivered in accordatKe appropriate
charitable objectives.
Social investments
Alost of CIUS activTlie5 are SI￿13[ investl￿t, according to the CIO'S Objects stated aLy)ve.
Grantmaklng
The CIO LkJe5 t￿t p￿￿de grants, it dist￿r5eS funds to part￿r organi5allon5 to undertake agreed work prograrnrnes
th c￿r ber￿ficia￿e$. work is managed by Project manage￿ in UK. and all of our work is evalua￿ wlth ihe use
of Monitoring ar￿ Evaluation Framework5.
Page 1

Bee5 for Develo
cio
rt of the Trus￿e5
for Year EtOed 30 A ril 2025
ACHIEVEMEtrifs AND PERFORhlANCE
Charftable activlties
In 2024125 Bees for D2veIoprT￿Trt continued work in Ethiopla, Ghana, Intha, Uganda. UK and Zimbabwe as h*il as
Sta￿￿￿ tEw work in mala￿ and Slerra Leore.
CIO delivered impact across all 6 pillars of our
Peekee￿r tralnfing:
Al tore of the C1175 W{￿k 15 natu￿.bo5ed beekeeplng tralnlng. Workin8 h￿thin cotnmunities, it teaches wple
to make I￿3[ style bee hives and set up ap1artes. 11 give5 tIErn the skil& and confiderre to attTrct bee5 to coionise
hive5. trj care for ￿￿neY bees and to harvest high quality how and b￿wa%. In m051 recent calendar year, 1.074
trEekeet*s across 7 countthe5 were Irdined.
Support rnarginali5ed groups:
Ecommic emrKiwemient for women, rnawginali5ed group5 and people li￿rI¥ Wth disability is hlgh prfjority for the CIO,
art it 15 work5 to break down barriers that prevent these 8roups from earning a sustainable Incon￿ through
beekeeping. In the tTKty5t re￿nt calendar year. in Uganth, 48 members of the Batsva community were trair*d in
to make and manage their own hives.
Ethcation..
By ￿lIVe￿I￿ our training in 5chL¥)is universities. [￿ornOte sustainable ￿Keep1n8 and enwrontnental 5teward5hip
among young rEople. Buzz Clyts offer the opwrtunity for childTeTr in Ghana to learn atrKKJt and other
pollinètlY5, tFE role of iEe5 in fcod producti￿, and biodiversity conservation as well as beekeeplng. In tlE tTWJ51
recent calendar year, the CIO wpp¥xLed 11 PAJZZ Club5. reachi￿ 330 swdents.
8iodiversity suprx)rt:
As teekeeping supw)rts people flnI￿allY, ￿kee[KIS are rrK)tivated to protect and maintsin rtch natural reX￿r£e5,
i￿lUdI￿ precloLS troplcal forests and irasslands, and Ot￿r b1￿1verse habitats. on which tr*es de[￿￿.
In Zimbabwe, tre CIO, through Its partner5 Working for Bee5. have LEen engaging wilh ltxal beekeepirg communltle5,
to ￿lId fire breaks around theTr apiaries and in forest. In the rn0￿ recent talerK1ar year, 60 worren were trained
in fire rnanagefflent, arKJ 12,CO) Square fflete￿ of fireguard5 were created to protect apiaries and forest sltes.
In Ethlopla, 117 fam￿r$ learr*d aL￿ul Integrated rnanagement IIPMI and testicide usage was reduced by ￿er
5Q¥ in four major crop tw in the CIO'S IPM trial.
Routes to market..
CIO conlinue5 lo work c105elywith beekeep￿￿ after their trainirq. Linking them to rnarkets for t￿1r produce.
SiKe its establishment in 2022. HDW Beeswax Trade Centre has not only irnprtived i￿Orne for beekeeper5
but ha5 abo strengtkened the tr￿al horey val￿-Cha1n, ensuring that high-quality Ghanaian trK)ney reache5 con5urner5.
In 2024, the Honey arKJ Beeswax Trade Centre bought 11,902.2kg of horycornb - an increase of 374% si￿e 2022. T
paid out GHS 297,5551£16,(h5.801 to 1(h beekeepers.
Capacity trAJilding.'
Because the CIO canrK)t be aC￿ve In every Ictatfon, essenual to promote knowledge and under5tandin8 of
sustainable apiculture. This is achieved by sharing infomiation, ￿]Id1￿ capaclty, and St￿ngtI￿nI[r￿ connertiorts
be￿￿ NG05 and beekee￿ts Worldw￿de tl*ou8h CIO'5 netWOTk.
The CIO has an online Resource Centre has 1,132 registered users and contalrs 2,809 artfcles on all aspects of
keeping fn)m across tkt glotrt. most of whlch are unirye to our slte.
Fundralslng actlvStles
The CIO raise5 funds frtyn inth￿￿￿alS arK4 c¢xtvate 5tK)n50r5. In addition, it applies for appropriate grants from
Goverrrfnent aNI other bodie5 to fund specific project work Ifor example tre tralnlng of wgjally lrnpaired
b￿keeperS1.
Fundraisi￿ actiwties are plarned arkl budgeted for in ?thaT￿e. The costs Ir￿urred and the Incon￿ resultlrs fmm thè
activity are tracked for comparison to budget to assess effectiveness and tsslst In the planning of future artI￿tIeS.
Page 2

rnent
cio
Re
of the Tru
lor Year EThJed 30 A
12025
FINANCIAL REVIEW
Financial p05itlon
Total I￿Orning resources for ￿ar ar￿￿nted to £1.1m 12024.. £1.8ml. total exp@￿7t￿re of £1.17m 12024=
E1.04rn1, regultlng in net expenditure before gains or losses of £48k12024: income £T16kl.
Re5Lricted fund5 IEld total £234k 12024: £137kl. These funds are L&ignated for overseas projects as dlrected by the
tenns and condltion5 of tlE grant prowder. These WLI ￿ dis￿lEed in li￿ with each project's budget agreement.
Unrestricted and Free Reserve_s
In addition, unre5trfcted fund5 of £649k 12024: £794kl are held in resetve, all of which are free reserves. Tlw are
fur￿ that have raised wlth a sredflt end use but are not subject to donor conLractual obii8ation5.
Total net assets held at year end were in excess of level mandated by reserves rolicy, due in part to timing of
grani receipts funthr4 of overseas partners. Total reseNes held are in line WTth tlE re5erve5 PK)licy and
committed fundi￿. trustee5 do not cortsider level of f￿dS on hand at tkt year-end to be a long-tem) issue,
and a￿ corsi<kring adthtional project activity that may be un(krtaken with fur￿5 available.
Investmert policy and objectives
Funds are held on I*w5il wth the CIOS banker5 and irwe5ted in th)rt temi fixed interest Instsuments. Thls Is
managed through Flagstore cash deFM)Sit platform in accordarKe ￿th the Invest￿￿nt Poliry. The aim is to
rnaxirnise the return on cash at the Lowest possible risk to ihe CIO. Charfty relles on the Flag5t0[￿ platform to
identify suitsble derx)sit-taking I￿titutIOnS. and doe5 rKst undertake any I￿ependent analysis of ihe soclal, ecotK)mic
or ethlcal 5tatU5 of investrrent counterpartles or dep¥)5it-takn￿g institution5.
Res•rves policy
Rese￿eS adequate to Cover four rrK>ntrts outgoings are ￿1￿ a5 per our Reserves Policy. Monthly cost of sales and
overhead expenth.ture is e5tirnated at £50k pm. Therefore, a tninitnUFn of £200k 15 to FEld in reserve at any given
titne to cover salaries and on costs. Thi5 is consi<tered a suitable period in which to identify alwnative of
fU￿7n8 andlor review activity levels for su5Lainability.
GolnB concern
After maklng appropriate enquiries, the ¢ru5tee5 have a reasonable expectati￿ that the CIO has adequate resource5
to contTnue in 0￿rationaL e￿ster￿e for the foreseeable future. For this ￿$0Th, they contlnue to adopt the going
concern b￿1$ in preparing the finarrial siaiements. FurtlEr details adoption of goiTr4 concem basls
can be fou￿1 in Accounti￿ Policies.
FUTURE PL￿45
TIE CIO ￿7(1 continue to w)rk closely with our establi51Ed partner organisatiorts-Bees for ￿e10[*￿ent Ethiopia,
for DeYeloprrÉnt Ghana, Keystone Fujndation Ilndial. The Uganda Nat1onal Apiculture Developrnent Organisation
ITUNAEQI, aTrJ Wothing for Bees Izimbabwel-to implement in-country projects ￿th local communities. Where
feaslbie, we WLI seek to add new partner or8ani5ations and expand into rw locatiOll5 wFEre beekeeping can help
people 1mproYe t￿1[ lives. Participation in intemational beek￿pIng, rese￿rative and sustalnabie agriculture, and
nature based solutions event5 wll continue to provide impDrtant OPPDrtunitie5 to idertify and develop these
¢piatI￿shIPS.
STRucfuRE. GOVERNANCE AND hWiAGEAl￿lT
Governln8 document
The charity Is controlled by its governing thcurnent, a (Èed of tnst constitutes an ￿1r￿Or￿rd￿d clkirity.
The CIO is gov￿ by its Cor6titution and is cortstituted as a Charitable I[￿or[vated Organisation.
Recrultment and aP￿IntMent of new tru5tee5
The St￿C1fiC ski115 and experience required of r￿ arwj addltional Tru5tee5 are Monitored on an orBoiw basts, and
nlllment is targeted to, for exarnple. relevant professional bothes, and rM)rninees. There are no cortstitutional
PmW5i0r￿ cotKerninq the arfxiintyr￿t ofTnSte￿.
The key faced by the CIO, as identified at￿Ve. atE rewiewed by Trustees on a regular basis. and apt￿pthate
conrrots are in place to rniti￿te expwjres.
Page 3

Bees for Develo
Re rt of tIE Trustees
for the Year Ended 30 A
12025
STRLICTURE, GOVERNANCE AND hlANAGEMEt
Organisatksnal structure
Decision.makinq r￿ponsibl¢lty rests the Board. Day.to.day operatlonal deasiorts whTch are wthln the agreed
Operati￿ l￿dget are delegated to the appropriate n*mbers of tIE management team arKI tl* (yJtcowne of these
rerA)rted at Board ￿￿tIng$. Maiter5 of particular signifiCa￿e are di5CUssed at Board.
Inductton and tralnlng of new trustees
New Trustees meet e￿5t7¥￿ Tru5tee5 and Staff for brfef1￿ on the activitie5 of the CIO, tIE wJlicie5 a(knpted
and the particular i5yJe5 faCTr￿ the CIO. S￿lf￿ training nee<ls be dealt as arise.
Key management remuneratlon
Key rnanagemenl remuneralion 15 Set by refere￿e to the employment market l¢xally for cornparabie rA)sitior￿. Where
recrultment of senior per50Mei is required, adwce is taken from recnfitment Consul￿nts Worki￿ in the charfty
sector.
Connected and Related parties
The CIO works very c105ely ￿th parttEr organi5atiors wh) Trnplerrent our in-country wot1( ¥￿th comrnunitTe5. These
are.. Bee5 for Development Ethiopia, Bees for Development Ghana, Keystone Foundation, India, The Uganda
Aplculture Devetoprnent Organization ITUNADOI. Bees for Life, Natior01 Zimbabwe.. this ￿11 conknnue. and we may
add part￿r organ15a￿0ns wltre feasible oNthunitie5 arise.
R15k management
The TnJ5tees have assessed mdjor risks to whlch CIO Is exptrsed, In particular those related to the operatior
and fina￿e$ of the charity and are satisfied that sytterns and pr(Kedure5 are in place to mitigate our exrx)sure to ihe
major tfjsks.
Prlnclpal Rtsk5
The principal operatin8 dsks faced by the CIO are..
Staff retention and recruitment risks which are Inherent in a relatively small organisation
L055 of furKling irKorne due to finarKial pressures extErierKed by key funders.TFEse rtsks are managed by
working cL05ely ￿th our e￿5t1[Y4 domrs and Seeking to develop new fundTng relatior6hips, foilovAng on t
risk managernent strategy pr￿Qu$1Y adopted by pred*essor or8anisatl¢)n, Troy Tru5l.
Fundraising Standard5 Informatlon
The CIO has established fundraising standards in order to enyjre all fUl￿raISi[￿ actiwtie5 of Bee5 for ￿e10prreTrt are
ethical. transparent. and all8￿ wth our mission to sUp￿rt 5UStainable Weeping practice5 that imprDve
liYelilKX)d5 and corwve biodiversity. Safeguar<ling w£Kedures are followed, arKI domr data is protected in line ￿th
GDPR
To ensure compliance wth relevant iegislaiion and lest pr&tlcelgLrf(kline5. Ffive key principles are followed, bei
mission alignrnent. tra[￿pare[￿}aCCoUnt3b)Ilty. re5FeCt for dorKYs. ethical fundraising and impact reF(rtlnq, and. we
are registered with Fundraising Regulator
In addition, guidelires are established over the w of fur*ts raised, mean7￿fful engagement ￿th donor5, vetting of
part￿r$, cornpilarte ￿th best wactlce and stewardshlp of (k>I￿rI10￿ supwrter relatior6hips.
Fundratsin8 StarxJard5 are maintaired by the trainiry of all staff and Voluntee￿ Involvd In fundra1slng aCti￿tIeS, and
perwxlic audit a￿d evaluati￿ of fut¥Jrai5in8 Practi￿5.
REFERENCE AND ADWNIrnTIVE DgfAILS
Reg15tered Charlty number
1198116
Pa8e 4

Bee5 for Develo
rnent
rt of the Trustees
for Year Ended 30 A ri12￿25
Prlndpal address
1 ￿ge1 Court
St. Maws Street
MONAIOUTH
P•A)nmoutrtshire
NP25 3DB
C Cooper
P Smith
OHet
G Soiorrnn
L Fossiez
SB
S Shaw
M Krefta
N.B. O Hertz & G Solornon are overseas trustees.
Chlef Ex¢¢utlve
laegan Denver Iresigred 31 May 20251
Hannah Wts)d lappoiTrted 3 jur￿ 20251
udltors
Thorr* Widgery ACC￿jnta￿ Lt(I
Chartered kcountants
ststutory Audito
2 Wyevale Business Park
Kings Ac
Hereford
Herelord5hire
HR4 7BS
Bank•
CAF Bank Ltd
25 KITh￿ Hill Avenu2 Kin85 Hill.
West mall1r￿,
19 4JQ
Bardays Bank UK PLC
1 Churchill Place.
Lonth)n,
E14 5RB
STATEME1￿ OF TRUSTEES, RESPONSIBIUTIES
The trustees are resportsible for PrePari￿g the Rerx)rt of and the flnatKial 5￿cernents accordance
applKabie law ar￿ Unitsd Klwth)wn Accounting Standard5 Iunited Kingdom Ger*rally Accepted AccrAInti￿ Practitrl-
Page 5

Bees for Develo rnent CIO
Re rt of Trustees
for the Year Ended 30
ri12025
ATEMElff OF TRvsfEES' RE5PQN51BILITIES- COn￿nUed
The law applicable to charities in England and WaLe5, the Charities Art 2011, Chathty IAcccxJnts and Rew)rtsl
RegulatiDn$ 2U)8 ar￿ the p￿￿Slo￿5 of trust deed re¢wlres ttlJ5lee5 to prepare financial statements for each
financial year which give a tn* and fa1r wew of the State of affairs of the charity and of t1￿ incorn1r￿ resources aryj
application of re￿rCes, irKLUdI￿ the ir￿OMe and expe[￿lture, of the charity for that peric*J. In pEparing those
flnanaal statements, tsvstees a￿ require(I to
select 5￿table accountlng p)Ilcles and then apply them cOn5￿tent(y-
ctheNe the methods principles in Chadty SORP.
make judgernents and estimates that are reasonable arKJ pru¢*nt'
stste wheiker appllcabie accounting standard5 have teen followed, subject to any rnaterial departures dlsc105ed
explai￿ in flnanclal siaternents..
epare the financial statements on going coKem basis urles5 it is inappropriate to pre5urne that charity
11 continue in ￿xIs1[￿s5.
The tnJ5tee5 are re5W>ll5ible for keeping proper accounting record5 which disclose reasonable accuracy at ary
time flnanaal wition of the charity and to enable to etwJre that ttr￿ finarKial statements comply the
Charities Act 2011, Charity IAccounts and Rewrt51 ￿ulatIO[￿ 2Q)8 arKI prowsions of trust deed. TW are
a150 res￿rGIble for safeguarding the assets of the charity and herKe for taking reasonable steps for the prevention
and detectk)n of fraud a￿d otlEr irre8uiaritie5.
Approved by order of the board of trus￿ on...
and signed on Irs behalf by..
S Shaw . Trustee
Page 6

Re rt of ￿ Inde[EndentA￿ltors to the TrU￿ee5 of
Bee5 for Develo ment CIO
Opinion
We have audited financial ststements of Bees for Development Icioi It￿ chariw) for the year ended
30 Aptil 2025 thich cotnpri5e State￿Ent of Fina￿31 Actiwtie5, the Balance SIEet, the C￿h FLOW Staternent and
rK)tes to the flnancial staterrEnts. I￿ludi[￿l a surnmary of significant accujnting rMJlicies. financial reportiTr4
framework that has applied in their preparation i5 applicable law arKJ United Kingthm Accountin8 Standard5
Iunited Kingdom GerErally Accepted Accountfjr￿ Prdcficel.
In our opinion the finarDal statements-
ve a and falr view of state of the charitys affairs as al 30 th12025 and of its irKoming resour￿ a
applicatlon of resource5. fcf the year then eTh*d.
have been prO[￿riY wepared1n accordance wlh United Kingdom Generally Accepted Accounting PractKe', and
have been prepared in acCOrda￿e with the requirements of the Charities Act 2011.
Basis for oplnlon
We conducted our awlit in accordance wlth Intematlonal star￿ards on Au(litill8 IUKI IISAS IUKII and applicable law.
Our resp)nsibilitie5 unckr those standard5 are further described in the Auditors. responsibilities for autht of the
flnancial statements section of our rep)rt. We are Inde￿I￿nt of the charity in accordance ethical
reoulrements that are relevant to our audir of the financial tta￿Dents In tt* UK, Includlng FRC'5 Ethical
Standard, and we have fulfilled our other ethical re5por6ibilities in aCcOrda￿e these requirements. We ￿lieVe
that the audll e￿der￿e we have obtsined is suffKient and apwoprfate to pmwde a ba￿5 for our opinion.
ConclLsfons relatlng to co￿eM
In auditing the fIna￿aL staternents. we have concluded thai the tru5tees' of golr¢ coKem basls of accounting
in the preparation of ts fir*￿Tal staternents 15 appropriate.
Based on the wort( we have kErforTned, we have mt identified any materfal u￿e￿aIntIes relating io events or
coréitiors that, indi￿duallY or collectively, may cast signilTcant doubt on the Charit￿s ability to continue as a going
cor(em for a FetTh)d of at Lea￿ twelve [￿￿tI￿ frorn when the finaKial staten￿ts are authorised for Issue.
Our respo1￿7b11lt)es arKJ the respor6ibiLities of the tswsiees h￿th respect to gtslng concern are de5criEed in the relevant
tior6 of this ret¥Jt.
Other Inforn￿t1D￿
The tru5tee5 are re5rthsible for other inf£¥mation. The other inforrnation comprises the Informarion IrKluded in
tIE AnrAJal Rerxjrt, otr*r than the financial 5tsternents and our Re￿rt of Independeni Audlt015 thereon.
Our 0￿￿70n on fina￿la[ statements does Th)t cover the other inforrnalion and, except to the extent ot￿r￿se
explicitly stated in rep)rt, we do not express any forrn of aSSUra￿e conclusion thereon.
In Con[￿ctIon with our audlt of the financial ststerrents, our re5[￿￿7b)lIty Is to read the other infortnation and, in
dolrrg 50, consider whether other Informatlon 15 rnaterially inconsistent wth financial staterrents or our
knob*ledge ob￿l￿Ed irb the audit or otherwise apwars to LE rnaterially Fnis5tated. If we identify s￿h material
lnc0n5i5te￿c7e5 or apparent material mlsrtaiernenf5, we are requi￿ to determine whether this 8ives rise to a
Material mlsstatetnent in the financial statements themselves. If, based on the work we have ￿forrned. we C￿L￿de
that tlwe is a material mlsstater￿nt of this other lThftsmwtioTh. we are require(J to retK•rt that fact. We have Th)ihin8
to rew>rt in this regard.
ttèrs tsn whlch we are requlred to report by exrepti¢Jn
We have rv)thirv4 to rerx)rt in respect of the fol1wr￿ rnatte￿ where the Charftles (Accounts and Rew)rtsl Regulation5
2CQ8 us to ￿[A)rt to you if, in our LViniOn:
the information given in Report of t1￿ Tru5tee5 is I￿an5)Stent in any matedal ¥ylth the fIna￿al
state￿*￿ts.. or
sufficient accountlrÉ record5 have mt been kept; or
the fina￿al 5taternents are rnt in agreement with ttrE accounling record5 and returrs. or
we have rM>t received all the infomiaiion and expianati0Trs we require for our audit.
Page 7

of the Inde ndent Au<litor5 to the Tn￿tee5 of
Bee5 for Develo ment CIOJ
Re5pon5ibllltles of trustees
As eXplai￿d more fully in the State￿￿nt of Res￿￿[￿IblIItTe5. tru5tee5 are ￿￿r￿ible for the preparation
of the financial statement5 which give a tnje and fair vi￿, and for such Intemal control as the ttust*s detern￿rE 15
IEcessary to eTrable preparation of flnaTKial 51alernents that are free from matertal misstatement. wkether due to
fraud or error.
In weparing the fTnancial sialements, the tntstees are res￿￿5￿ble for assessing the charfws ability to continue as a
goiw CO￿eM, disclosing, as applicable, matters related to 801tw concem and Us1r￿ golw concern basT5 of
accounting unles5 the trustees eIt￿r intetuj to liwidate the charity or to cease oreratlors, or have m realistic
alternatTve L￿¢ to do 50.
Page 8

RÈ rt of the ndentAuditors to the Tnstees of
Bees lor Develo
Our re5pon5ibaiitles for the audit of the flnandal statements
We have been apwjinted as audi￿￿ under Section 144 of tIE Charitie5 ACL 2011 and rewrt iTh accordance ￿th the Act
and relevant regulation5 rnade or ha￿n8 effect thereunder.
Our objectives are to obtain rea￿able asyJra¢Ke aLx)ut W￿ther the financial statements as a ¥ylKle are free from
rnaterial Misstate￿*￿t, whether due to fraud or etror. ar￿ to 155LE a ReJx)rt of tIE IndetEndert Auditor5 that incluth5
our opinlon. Rea50rwble a55urance is a high (evel of assurance, but 15 r#)t a guarantee that an audit Cor￿uCted in
aCCordar￿e wth ISAS IUKI TrMII always deteci a wnaierial m15siaternenL when it e￿Sts. Mi5Staternents can arise from
fraud or ermr are consldered rnaterial if. indiwdually or in the aggregate. they could reasonably be ex￿cted to
influerKe ike ecoromic decisiorts of taken on the basls of tlE5e linatKial 5tatetnents.
The extent to which our pr¢￿ed￿e5 a￿ capable of detecting I￿eSUlantie$, itKludin£ fraud is detailed tdow:
In fdentifwng and assessin8 risks of material mlsstaten*nt In of Irregularftles, lrtludlng fraud and
rtrComK1ia￿e laws and reguLations. we considered the follwng:
the nature of industry and sector. control en￿rOnment and business reformarte
results of our enquiries of managemeni aL￿t Ihelr own idertification and a55e55FtEnt of the risks of
irregularities
any Matters we identlfled havitB obtained ar￿ rewewed the policies and procedure5 relating to:
IL*nti￿.ng. evaluating complying with laws and rewkatlons aNJ whet￿r they were aware of any Insta￿e5
tsf ￿￿-CorDP113￿ce
detecting and ￿sky)ndIng to the risks of fraud ar￿ whether t￿ have kr￿wledge of any actual, Slspected or
alleged fraud
the internal controls established to mitigate risks of fraud or rwm-cotnpliance law5 and regulation5
the rnatters dlscussed among the audit engagerrent tearn and invOlw￿ internal specialists, regardin£ h)w aThJ
where fraud mi8ht occur In tIE linarKial Staterr￿nts and ary potenlial indicators of fraud
s a ￿Ult of pr(redu￿$ we conside￿d the o￿OrtUnitIeS that rnay e￿$t wlhin organisation for fraud and
Identified greatest PDtential for fraud in Income, which wa5 raised as a key audit matter in t1￿ current year.
cornrTr)n all UK authts we are also required to rErform S￿lfIC prfKethres to resrx)Nl to risk of marogement
OVe￿￿e.
We a150 Ob￿l[￿d an understandirv4 of the leRal aryj regulatory framework ￿ganisation operate5 in. focusi￿ on
0￿510n5 of hose laws and regulalion5 that had a direct effect on detemination of material amounts aNI
di5c105ures in the finantlal 5Laternents. The key5 laws and regulations we corsidered In this context include t
Companies Act. Charities Acr and Charitie5 SORP and tax legislation.
In addition we considered prO￿570n5 of other law5 and ￿ulatior6 that do not have a direct effect on ihe financlal
statements bji cornpliar£e which may be fundamental to organi5atTOn5 ability to operate. TIEse include
health aThJ safety.
In a￿thti￿ to the atrfjve. ojr procedure5 to rvwnd to risks identified i￿LUde foiiovAng:
rewewng the financial stateff*nts dlscloslwes and te5Ung to Supw)rknr￿ documentation to asse55 compliarKe
ith provfj$10Th5 of relevant laws and regulations described as havirY4 an effect In the flnanclal S￿￿MentS
enoulrfry4 of managernent corremlng acrual aNI p)tentlal Iltlsatlon cialms
rfortning analytical procedures to Sdentify any unusual or urExpEcted relationships that may indicate risks of
tnateNal rnisstatements due to fra￿*
reading tninutes oof meetiw of those charged governance
in addressing tIE risk of fraud through rnan3ge￿￿nt override of cantrols, testing the appropriateness of loufflal
entries and other adju5tsnents,' assessing with their judganents made In maknn8 accounting estimates are
It￿1Ca￿ve of a FN)tentlal ba5.. and evaluating the Ixjsiress rationale of any si8niflcant trdnsaciion5 that are
unusual or outside the normal course of busiws.
We a150 cornrnunicated relevant la￿ ar￿ ￿ulatiorS and [￿tentIal fraud rtsks to ail engagernent teaTn rnetntErs,
including intemaL 5pecialises and remained alert to any Tn(lication5 of fraud or rKJn-compliance with lavo aNI
rewiatlOn5 throughout tke audlt.
Page 9

rt of the IndeKendent Audltors TnJ5tee5 01
Bee5 for Develotment icio
A further descrfption of our re¥xJrGikn"lities for au(lit of the fina￿la1 statements is located on the Flr&4tval
ReporkntY4 c￿ncIL.5 website al www.frc.org.uklauditor5resrnnslbllltles. Thi5 descrfption forrn5 part of our Re￿rt of
the Inde￿dent Auditor5.
Use of our report
This rewt Is made 501eiy to the charity5 trustees, as a tM)ty, ill aCCordar￿e ￿1th Part 4 of charf￿e$ (Accounts
Re￿rts) Regulatior6 2(M)8. Our audli work has been u[￿rtaken $0 that we mlghl 51ate to the charitys ¢ll￿tee5 those
matters we are required to state to t￿M in an auditors report for m otker purpose. To the fullest extent
rErmitted by law, we th rnt accept or assu￿￿ responsibility ￿ anyorE other than the charity and the charitys
trustee5 as a Lxjdy. for our audit wt)rk, for this rekw)rt, or for opinior6 we have formed.
Thorne Wldgery Accountar(y Ltd
Chartered Accountarbts
StatU￿ry AudTior5
2 Wyevale Business Pat*
Kings kre
Hereford
He￿for(￿hire
HR4 7BS
Date:...
Page 10

BÈes for Develo
cio
Starement of Flrba
tlEye￿ 30 April 2025
30.4.25
Total
fund5
30.4.24
Total
fund5
Unrestricted
fund
Restricted
fund5
Note5
INCOME AND ENL)owAIEi¥rs FROM
Donation5 and legacies
617,407
23,869
641,276
418,795
Charitable actfvltles
Bullding 5U5tainabie livelihjods
39,527
385,043
424,570
531,641
Other tradir8 acttvities
Investment irKorr
Other irKon
233
30,702
22,414
233
27,874
23,594
810,350
30,
22,414
Total
710,283
408,912
1,119,195
1,812,254
EXPENDITURE ON
Raising funds
21,053
21.053
61.050
Charftsble a¢Uvftfes
ilding sustsinabie IlvelllNJods
834,781
311.321
1.146,102
975.241
Total
855,834
311,321
1.167,155
1.036,291
NET INCOMEIIEXPENDrruREI
1145.5511
97,591
147,9601
775,963
RECONCILIATrON OF FUNDS
Totsil fund5 brought forward
T14,193
136,765
930,958
154,995
TOTAL FUNDS CAR￿ED FORWARD
648,642
234,356
882,998
930,958
Th)tes form part of finandal S￿tements
Page11

Bees for Develo rwt CIO)
Bala￿e Sktet
30A
12025
30.4.25
30.4.24
Note5
CURRENfASSErs
Deblor5
Investments
Cash at bank
13
14
18,750
620,525
259,604
25,588
749,626
167.886
898,879
943,IC
CREDITORS
Atnounts falling due wthin one year
f5
115,8811
112.1421
CURREKfAssErs
882,998
930,958
TOTAL ASSETS LESS CURREKf LIABILITIES
$82,998
930.958
ASSErs
882.998
930,958
FUNDS
Unrestricted func
Restdcied fur￿$
18
648,643
234,355
T14.193
136,765
TOTAL FUNDS
882.998
930,958
The fina￿al rtaternents were approved by the Board of Tr￿tEe5 and aU￿rised for 1ssue
and were 51grEd on its behalf by:
on
S Shaw- Tnjs
)tes foTm part of fIn￿al 5tatetrETTrts
Page 12

Bees for Development
cio
for the Y
ded
30.4.25
30.4.24
Notes
Cash flows from operatlns a¢tlvltles
Cash generdted from otKTrtions
168,IA51
684,053
Net Cash (used inllprovided by operating acti￿tieS
168,0851
684,053
Cash flows from fnvostfryg acil￿tieS
Cash invested into current asset invest
Interest ￿￿e7Ved
129,101
30.702
1749.6261
23.594
Net cash provided byllused Inl investlng attiwtie5
159.803
In6.0321
Change fn cash and cash equ6valents In the
reportlry pertod
Cash and cash equlvaients at the
be8lnnln8 of the reporting perlod
91,718
141.9791
167,886
209.865
Cash and cash equivalents at the end of
the reportin¥ period
259,604
167,886
The notes form part ol fina￿al statrn*nts
Page13

Bees for Develo
nt
cio
Notes ￿ the Cash Flow State[T￿nt
for tlE Year Ended 30 A
ri12025
RECONCILIATION OF IEXPENCrfTUREVJNCOhl£ TO NEf CASH FLOW FROM OPERATING AcnvinES
30.4.25
30.4.24
Net lexpendlturellirKome for the reportlng perfjod {a5 per the
Statement of FlTh)rthl ActI￿tieS)
Adjustment5 for:
Interest received
Decrea5e/lirrreasel in thbtors
IKrea5elldecrea5el In creditots
147.9601
775,963
130,rn1
6.838
3,739
123,594
124,5881
143,n81
Net cash (used fnvprovided by operattons
168,0851
684.053
ANALYSIS OF CHANGES IN FUNDS
At 1.5.24
Cash flow
At 30.4.25
Net cash
Cash at bank a￿j in ha
167,886
91,718
259,604
167.886
91,718
259.604
Llquld resources
DerKisits Included In cash
cu￿nt asset Inve5trnent5
749,626
1129,1011
620.525
749,626
1129,1011
620,525
Total
917,512
137,3831
880,129
The notes form part of these financial staiernents
Page 14

Bees for Develo
cio
Notes to the Financial statern￿ts
for the Year Ended 30 A ri12025
AccouiifiNG POUCIES
is of preparinl the finandal statements
The finarrial staten*nts of the charity, which is a publ￿ l￿fIt entity under FRS 102, have F*en prepared in
aCcorda￿e wth Charities SORP IFRS 1021 'AcctyJniing and Reportlw by Chariiies.. Statement of
Rec0mNt￿ed Practice applicable to charities prepariw t￿1[ accounts in accordarKe ￿th the Fitwncial
Rerx)rting Standard applicable In ilE UK alld Republic of Ireland IFR5 1021 (effective 1 January 20191.,
FlnarK131 Retxjrting Standard 102 7he FIna￿la[ Reporting Standard applicable in the UK and Republic of
Ireland and the Charities Act 2011. The finarKial staternents have been prepared U￿er tIE historical c05t
conventK>n.
GOI￿ Concern
The trUs￿e5 a55e55 wIEtIEr the use of 80ing concern is appropriate i.e. whether tIEre are any material
uncertainties related to events or condirions that may cast $18nificant d)ubt on the ability of the CIO to
continue as a goini contem. The i￿￿tee5 tnake thi5 a5se55ment in re5PECt of a period of at least otE year frorn
the date of auth0ri5ation for issue of the fina￿laL statements and have concluded that the CIO has adequate
rvtsources to continue In owationJl existetKe for tIE foreseeable future and ttr*￿ are rK) materfal
utKertainties ab)ut the CIO'5 ability to continue as a goin8 concern, thJ5 tly continue to adopt the ping
cortern basis of accounting in preparing the fIna￿la( statements.
Change in basls of accountlng or to prevlous accounts
re has been tK) change to the accounting ￿)licleS (valuation rule5 rnethod of accountir41 sit￿e last year
and ￿ changes have been made to accounts for prewous years.
Income
ALL i[￿Orne is recognised in the 51atemeni of Flnancial Activities owe charity has entitIen￿nt to the f￿￿s,
11 Is probable that ir￿rne will be received ar￿Unt can te measured reliably.
VOlun￿ry income 15 received by way of grants. donatlOn5 and gifts an(J 15 irKluded in full In state￿￿Trt of
Finar(ial Acti*ities when receivable. Grants, Whe￿ entitlement is not conditional on the delivery of a ycific
perfomarKe by the charity, are recogni5ed when tIE charity becomes uKondlt1onally eniitied to the granL
t￿nIted service5 and facilitie5 are included at the value to the eharfty W￿re ihls can be qUan￿f1ed. The value
of 5eMce5 p￿￿ded by volunteer5 has not been i￿[U￿d in these accounts.
Irwestrnent Income Is Included when re￿1Vable.
Ir￿0M1￿ res￿r£eS from charitable trading actiwty are accounted for when earrEd.
ItKomlnE ￿SOUrceS frorn grants, where related to WforMa￿e and S￿lfIC ¢*liverabLes, are acccAJnted for 35
the charity earr6 the right to cor￿lderatiOn by its performarKe.
endltwe
Llabilitie5 are recognised as exp￿lture as soon as there Is a legal or constructive obligation cornrnitting the
charity to that eXpe￿lture. it is probable that a transfer of econotnic beneflts vrfll be rewired in settlerr*nt
and the amouni of rhe ebligat1on can be measured reliably. Expenditure is acccwnted for on an accruals basi5
and has been classifled ut¥Jer headinis that aggregate all cosr related to the category. Where costs cannot LE
rectly attributed io particular F￿adI[￿ they have teen allocaled to actiwtie5 On a basis con515tent with the
of resourtrs.
ExF￿lture on raisirq fund5 cornprise the costs asKKiated wth attracLing voluntary incorne, furKlraisln8
tradr8 costs and irwe5ttrEnt rnana8eTnent Costs.
Charitable extEnditure cornprises those costs incurred by the charity in the dellvery of its actiwities aThJ
semces for its ￿nefIcianes. It Includ&s both costs that can ￿ aLLocated ilirectly to such actiwties and those
costs of an IrKlirect nature llecessary to 5UPPJrt thern.
G¢)vernarKe costs i￿LUde those costs aSS￿lated rneeting the cortstitutional and 5tstuiory ￿￿￿ments of
tIE charity and i￿lude the autht fees and costs linked to the strategic rnanagerrent of the charity.
Page15
continued...

Bees for Develo
ent ICIOI
Notes ￿ the FIna￿la1 Statements- contlnued
fw the Year Ended 30 A ri12025
ACCOUllnNG POUCIES- contlnued
Expendlture
All costs are all(￿ated between the expEnditure categories of the gJFA on a basis desl8red to ￿llErt the use
of the resour￿. Costs reialing to a parhcular actmty are all￿ated directly, otlkY5 are ap￿rtiO￿ on an
appropriate basls.
Taxatlon
TIE CIO Is exernpt from tax on Its charitable aCt)￿lIe*
Fund a¢¢ounting
Unrestricted funds can be In accordance wfjth the Charl￿ble d)jertive5 at discretlon of the tsustee
Re5tsicted fut¥J5 can 0￿Y be used for particular restiicted purtx)5e5 WWthin the objects of tlE charity.
Resthctiors arise Wtr￿n specified by thnor or %then funds are raised fw particular re5trirted wrr*)ses.
Furtw explanatlon of the nature and putp)se of each fund is included In the rK)tes to the financlal
State[T￿ts.
Foretsn ¢urr•ncie5
MO￿tary assets and liabllltles deTh)rninated in curretKie5 OtIEr than the fuKtlonal currerjcy of CIO are
translaied at rates of excharge prevailing at ilE ermj of the re￿rtIng period.
Trartsactlon5 in currencTe5 other than futKtional CUrre￿Y of the CIO are rec(Yded at the rate of exchange
date that the tran5artion cccurred.
AU excharEe differences are are taken into account In anlwng ai net I￿oMe1ex￿end1turè.
Where CIO enter5 into a lease which entails tsklng 5ub5tantially all the rfsks and r*ward5 of OWT*rshlp of
an a55et, the lease is treated as a flnante lease.
Lea5e5 which do not transfer substantlally all Ihe risks and rv*ards of o¥Yner5hip to CIO are classified as
0[￿￿tIng leases.
A55ets held under fiTra￿e leases are In1llally recoBnised as assets of the CIO at tlEir fair value at the IrKeption
tsf the lease or. if lower, at rwesent value of Ihe minimum tease payments. The corres￿nding Ilabllity to
the lessor is included In the balance sheet date as a finan￿ lease obligation. Lease paYn￿ts are aprAYtioned
tween finance exrRnses arKY redwtion of the lease f*>ligation so as to achieve a constant rate of interest on
the rernaining balance of liability. FinarKe expenses are recognised immediately, unless tly are <lirectly
attributable to qualifying assets, in which case tlw are capitali5ed in ￿(Orda￿e wth the CIOS pclicy on
b)rrwng costs.
Assets IEid under fIna￿e leases are dewedated In the Same way as owned assets.
Operdtlng lease payrnents are reCogn￿ed as an expEn5e on a straight-line basi5 over the lease term. In the
event that lease irKentive5 are recelved to enter into operating leases, such irKentives are recogn15ed a5
liability. TIE aggregate tenefit of irKenUve5 is recogni5a as a reductlon of rental exrEn5e on a stralght-llnè
basis.
Ptn5ion costs
CIO operates & deflned contritMJtioTr pian fr￿ its emtr. A defined contribution Aan Is a k￿lOn pian
Thjer %thlch the CIO pays fixed contributiorts into a separate entity. OrKe the ContriP￿tIOnS have b*n paTd the
CIO ha5 ￿ further payThents obli2aiions. The Co￿t￿￿ti￿$ are recognised as expense5 when they fall due.
ArnDunts rKJt paid are In accruats in the balance $￿t. The assets of plan a￿ held separately frarn
tkt CIO In Independertly admlnistered fund5.
Page 16
continLEé...

Bees for t)eveio
ent cio
Notss to the FlnarKial Staternent5 - Cofitin
for the Year EThled 30 A ri12025
ACCOUNnNG POLICIES - conttnued
Investments
Itwe5lments are valued at rnid-market price at bala￿e sFEet date. Realised investment gainsliosses
represent dIfferer￿ on sale of Snve5trnents betwttn the proceed5 on sale a[￿ the openin4 market value
Èndlor cost of athitiorfj in the t*riod. Unrealised inVeS￿ent Eainsllosses ￿present the dIffere￿eS be￿een
the closlng market value and tIE openir¥ market value andlor c05t of addition5 in the Femd.
Ta￿ltsIe flxed assets
The CIO has a capltali5ation policy of £5.C¥)J for Ta￿lble r￿ed a55ets.
Debtors
Trade and other debtots are recognised at Settlement amount due after any discount offered.
PrepayrTEnts are valued at the an￿nt prepaid r*t of any discoLJnts d￿.
Cash at bank and In hond
Cash and cash equivalents comprise cash at bank and on hand. demand derA>sits with bank5 and other
slv)rt-term highly liquid investrwts with original maturities of thr* months or less and bank overdrafts. In
statement of financial w5ition, bank overdrafts are slxjwn ￿thin borr(yMngs or current liabilities. ln the
5tatetnent of Cash FtOW5, cash and cash equivalents are Sho￿ net of bank overdrafts that are repayalAe on
demand and form an integral part of the cornpanls cash rnanasement.
Credltors and provtslons
Creditor5 and provi5ior6 are recognised where charity has a present obligation resultin8 from a past event
that will probabty regult in the transfer of funds to a thÈrd party and the arnount due to settle Lhe obligation
can be measured or e5tirnated reliably. Creditor5 and prow5ion5 are wrmally iecogni5ed at their settleffleni
arrnunt after allowing for any Lr3de discounts due.
NAnoNS AND LEGACSES
30.4.25
Total
fund5
30.4.24
Total
fund5
Unrestdcted
fund5
Restricted
fund5
Donatior
Gifi aid
Legacies
484,643
41.635
91.129
23,831
38
508,474
41,673
91,129
401,010
17.785
617,407
23.869
641,276
418,795
OTHER TRADING A￿1VITIEs
30.4.25
Total
furK15
30.4.24
Total
fund5
Unrestrirted
funds
Restricted
fwds
Sale5 of MercharKtise
Sale5 of BID Joumal income
Consultirq fee intoN
1,278
206
26.390
82
233
233
27,874
Page 17
continued...

Bee5 for Develokxment
CK)
lot* to the Financial Statements- contlnu
for the Year Ended 30 A rf12025
INVESTMEiif INCOME
30.4.25
Total
fund5
30.4.24
Total
fund5
Umtricted
funds
Restricted
fund5
tywit account interest
30.702
30,70Z
23,594
INCOME FROM CHARITABLE ACTivmES
30.4.25
30.4.24
Activity
Building sustainable IlvelilvJods
Building 5UStainable liveli￿)0
Bulld1￿ SL￿taInable livelihoods
Course irKome
Fundraising Events
Grants
4,430
35,227
384.913
11,616
80,374
439.651
424,570
531,641
OTHER INCOME
30.4.25
Total
funr
30.4.24
Total
fund5
Llwe5trirted
funds
ReSt￿cted
fut05
Other Income
Transfer frotn The Troy
2,414
20,CfKJ
2,414
20,(J)J
350
810,C(X)
22,414
Z2,414
810,350
SFv)rtly after the beginnTrw of financial year, the CIO fully took over the activities of The Troy Tntst (Bee5
fcf DeVelopm￿t T￿￿¢, UK CIO r¥Jmber lo78P￿31. The assets and liabilities of Troy Tr￿t were trar6ferred
to CIO at this tlme.
RAISING FUNDS
Investment marta8eff*nt costs
30.4.25
Total
fu￿5
30.4.24
Totsl
funds
Unrestricted
funds
Restyicted
fund5
Portfolio management
167
167
n5
Page18
continued...

ent
Bee5 for Develo￿
cio
Notes to the Financial Statements- contlnued
for ihe Year Ended 30 A ri12025
CHARITABLE AcllwTIES co¥rs
Suppfrt
sts (see
te91
Dirert
Costs
Totals
&Jilding swEtainabie livelihood5
660,218
485,884
1,146,102
SUPPORT COSTS
Governar
costs
Managerrent
Finarce
Totsls
Jlldlng yJ5tainabie liveliM)od5
459,232
2,966
23,686
485,884
io.
TRUSTEES. REhWNERATION AND BENEFITS
There were no tru5tee5' remuneration or other ￿￿efits for year eTr*d 30 April 2025 for th2 year
ended 30 April 2024.
re were no trustees, expe￿$ paid for Star ended 30 Apil 2025 12024: £993 for ore trustee of Travel
and sutslsw￿el.
STAFF COSTS
30.4.25
30.4.24
Wage5 ar** salarie5
ial securfty costs
OtIEr pErsion c05
363,088
32,589
11,184
319,333
25.325
4,386
406,861
349,044
The average monthly number of emtloyees during yearwas as follows:
30.4.2S
10
30.4.24
Averdge ￿adcOUnt
rnjrnt￿r of ernployee5 whise ernployee benefits lexcluding employer pertsion costs) exceeded £60.(AKI Was:
30.4.25
30.4.24
£70,Q)1 - £80.(xK)
£BO.(K11 . £90,(KK)
CIO offer5 and enro15 all eLi8ible employees into an auto enrol￿￿nt ￿nsion sckerne operated by NEST and
complies with pe￿iOn regulator auto eNdment obllgatiors.
Key management personnel
key tnana8etTEnt per50nr*i of ￿ CIO is COn￿dered to LE the tru5tee5 and the Chlef Executfve Offlcer.
The total an￿￿nt of emtloyee benefits lirKludiw employer re￿10￿ Contri￿1¢7￿$) received by key
managen*nt per50ntEL for their Sern￿ to the CIO was £130.31712024= 191,4161.
Page 19
cont(nL*d...

Bees for tkvelts
cio
Notes to the Financial Ststements - contlnued
tIE Year En
d 30_April 2025
12.
COMPARIMVES FOR THE STATEMENT OF FIKANaAL AcnviTIES
Unrestrtcted
furkj
Restricted
fund5
Total
funds
INCOME AND ENDOWMENTS FROM
Donations and Legacies
417,765
1,030
418,795
Charltable actlvltles
Bulldins 5UStainabie 11vellhJods
91.990
439,651
531.641
Other trddTn8 actiwties
Investm￿t ir(ome
Ottrw incoty
27,874
23,594
742,551
27,874
23.594
810,35)
67,799
Total
1.303.774
1,812,254
EXPENDITURE ON
Ra1￿￿ funds
61,050
61,050
Charltsble a¢tlvtties
PAJFlding sustainable IlveiStrKNJd5
590,397
975.241
Total
651,447
384.844
1,036,291
INCOME
652,327
123,636
775,%3
RECONCILIAnoN OF FUNDS
Total fvnd5 brought forward
141,866
13,129
154,995
TOTAL FUNDS CIRRIED FORWARD
794,193
136,765
930,958
13.
DEBTORS: AMOUNTS FALLING DUE WIThIN ONE YEAR
30.4.25
30.4.24
Trdde debt￿5
PrepayrfY&nts aNI accnjed Incotn
1,499
17,251
14,258
11,330
18,750
25,588
14.
CURRENT ISSEf INVESTMEKrs
30.4.25
30.4.24
Flxed deposit acc(wnts
620.525
749,626
Page 20
continued...

Bees for Develo
cio
te5 to the Fin
I Statements - contln
for t1￿ Year E￿e￿ 30 A .1 2025
CREDITORS: AMOUNTS FALLING DUE WTfHIN ONE YEAR
30.4.25
30.4.24
Trdde creditor5
Taxation and social securfty
Other creditor5
1,465
5,549
9.832
10,677
15,881
12,142
16. LEASING AGREEMENTS
Minimum lease payments U[￿r rK)n.carKellable opE¥ating lease5 fall due a5 foll0v￿.
30.4.25
30.4.24
Within ore year
Between one and five years
18.Cl]O
26,661
44,661
17. ANALYSIS OF Nrr ASSETS BEfw£EN FUNDS
30.4.25
Total
fu￿d$
30.4.24
Total
furK
Unrestrtcted
furKI
Restricted
fund5
Current assets
Cumt Ilabilities
664,524
115.8811
234.355
898,879
115.881
943.10)
112,1421
648,643
234,355
882,998
930,958
MOVEI•£NT IN FUNDS
Net
At
30.4.25
At 1.5.24
in funds
Unrestricted fund5
Ger*ral fund
794,193
1145,5501
648,643
Restrtcted funds
Ghana Beekeepers Restore Forests
Uganda Bee5 for Batwa 11
Ukraine Beekeepers
Ethiopia More Bees
Ethiopia TRANSFOR
Ghana Bee Voice
UK of Montnouthshire
Other projects in Ethiopia, Ghan& and
U2anda and UK
12,526
65,684
110.(ml
78,210
110.LKKI
1.730
15,913
61,158
7.993
24.785
1,730
47,178
15.574
17,993
20.C63
131,2651
45,584
110,IYJOI
4,n2
21,701
32,865
54,566
136,765
97,59)
234,355
rAL FUNDS
930,958
147,9601
882.998
Page 21
contirxjed...

Bees for Develop_ment
cio
Notes to the Financial Statements- coniiwed
for the Year Er**d 30 A .1 2025
18.
MOvEMEtr￿ IN FUNDS- contln
Net movenEllt in furKk, included in the atrnve are as *oilow5.'
Incotni
resources
Resources
expended
Movement
in fun
Unrestrl¢ted fubyjs
GerEral fund
710,283
855,8331
1145,5501
Restrictsd funds
Ghana Beekeepers Restore FOr￿ts
Uganda Bee5 for Batwa 11
Ethiopia More Bee5
Ethiopia TRANSFORM
Ghana Bee The Voice
UK Bees of Monrwuthshire
Other projects in Ethiopia, Ghana and
Ugar￿a UK
117.874
152,19))
110,OXII
199.3771
133,(ff111
110.(WI
4.7891
65,684
110,1K()
131,265
45.584
110,(KK)
4,n2
68,112
78.675
9.511
134,740
1101,8751
32,865
408,912
97,54)
TOTAL FUNDS
1,119,195
147,9(Ql
Cowyaratlves for movement In furbts
Net
rnovement
In funds
At
30.4.24
At 1.5.23
Unrestrlcted fund$
General fund
141,866
652.327
794,193
Rèstricted fund5
Ghana Beekeepers Restore Forests
Uganda Bees for Batwall
Ukraire Beekeepers
Ethiopia MO￿ Bee5
Ethiopia TRANSFORM
Ghana B& The Voice
UK Bee5 of monn￿)ut￿Shyre
projects it? Ethiopia, Ghana and
Uganda and UK
2,686
12,7641
1,205
47,178
15,574
17,993
20.C63
12.526
2,764
525
1.730
47.178
15,574
17.993
20,063
21,701
21,701
13,129
123.636
136,765
TOTAL FUNDS
154,995
775,963
930,958
Page 22
c￿tI[￿1ed...

Pee5 for Develo
rnent
cio
Note5 to the Financial Statements- continued
for the Year Ended 30
ri12025
18.
MOVEMENT IN FUNDS- contlnued
Comparative tEt rnovetTEnt in fund5, iTKiuded in tTr￿ above a￿ as fo1t0v￿.
Incornin8
Resour
expended
Movement
in funds
UwwestrKted fund5
r￿ne￿al fund
1,303.774
1651.4471
652.327
Rests1cted fund5
Ghana Beekeepets Re51ore Forests
Uganda Bees for Batwall
Ukraine Beekeeper5
Ethiopia More B
Ethiopia TWISFORM
Ghana Bee The Voice
LIK Bees of MonrTK)uth5hire
OtI￿r projects in Ethiopia, Ghana and
Uganda al￿ UK
105,¢X
7￿j
1.205
119,128
94,590
26,167
20.063
1102,314
13,4641
2,686
12,7641
1.205
47,178
15,574
17,993
20.C63
171,9YJ
179,016
18,174
141,627
1119.9261
21.701
508.480
1384,8441
123.636
TOTAL FUNDS
1,812.254
11,036,Z911
775,963
At tlE year end the Uga￿a Bee5 for Balwa 11 fund WdS in defTCTt of E10,CDJ, thls was due to an advaKe
payIrE￿t before the funth'rY4 was rece￿ed w5t year end.
pUry￿ and restrictiorts in relation to the funds: Restricted fund5:
Ghana Beekeews Restore Tran5formlvg and enthchlng a forest landscarE in Afram PLain5 by reducing fire5
Forests
and charcoal makiTr4 and by I￿rea51n8 nature.ba5ed LEekeeplng.
Uganda Bees for Batwa 11
E[￿bling Baiwa people to eam morw through selling how and beeswax and to
enhance their s(xial standing ￿thin thelr commun1iies.
Ukra1￿ BeekeekWS
We raised fund5 to support beekeetET5 in Uktaine in 2022
Ethiopia Pknre Bees
We raised funds to support beekeerEr5 in Ukraine in 2022
Ethiopia TWISFORKI
Traceable natural prothJct5 for fore5L managernent
Ghana Bee Voi
Trainir4 women in Ghana as professional beekee[￿TS
UK 8ee5 of thnrnouth5hire RecordirY4 bee specie5 across ￿nMouthShire VC
Other projects in Ethiopiè, To provide projects t￿¢ meet aim5 and objectives of the CIO
Ghana and Uganda and UK
19.
EMPLOYEE BENEFIT OBLIGATIONS
2025
2(ll4
The pertsion cost charge to the CIO amwnted to
11.184
4,386
Page 23
continued...

Bees for ￿e￿Ve ment
cio
Mote5 Lo the Financial s¢a￿nenrS- a￿ti[￿led
for the Year Ended 30 A .1 2025
20.
RELATED PARTY DISCLOWRES
Troy Trust, an unincorwrated charity110788031 that has cornrnon Trustees. Irar6ferred It's attiwtie5 into
Bees for tkvelopment. A tra[￿fer of £20,(AXJ 12024: t810,CO)I wa5 rnade into the CIO in the relation of
trartsferreij of 35¥ets.
BfD Bee SkK)p Ltd. a lirnited company whose sole dlrector5 15 N Bradbear, wh) was CEO during the Feriod and
founder of BfD. During tke ￿ar expen(liture of £3.338 12024.. £99,150) paid by t1￿ BfD B￿ Ltd on ￿half
of Bee5 for t>eveloprÉnt Was rechar8ed to the CIO. Income of £4,703 12024.. 117,5101 was rollerted by
BfD Bee Shop on behalf of the CIO and ￿harged to them. At year end £llll 12024- £2321 was to BfD
Bee SIK)p Ltd.
Bees for Deveioprnent have a nurnber of close organi5ation5 that ty suprrfxt in COLmtry wot* wlth
communities. Payrnents to the follwng Oryanisatlot￿ have [￿en rnade in the year..
Bees for Development Ghana
Bees f￿ Development Ethiopia
The Uga￿? National Apiculture Developrnent Or¥anE5ation ITUNAtx)I
Working for Bees (Zimbabwe
Key5torÉ Foundation
Amazon Research lTrtemational
Cacao Eleggua FounL1atlon
Page 24

Be* for Deve
ent
cio
Detailed Statement of Financial
for the Year E
30.4.25
30.4.24
INCOIAE AND ENDOWMEpirs
Donations and ie8ades
Donatlons
Gift ald
Legacie5
508,474
41,673
91,129
401,010
17,785
641,276
418,795
Other trad1￿ activities
Sale5 of Merchand1se
Sale5 of BfD Joumal IrKome
Cotwlting fee I￿Orr
151
1,278
2C6
26.3
233
27.874
Investment Inc¢Jme
Deposit account intw&t
30,702
23,594
Charftsble athvftfts
Course income
FutKlralslng Events
Grants
4,430
35,227
384.913
11,616
80,374
439.651
424.570
531,641
Other Incorne
Otker Incon
Trar￿fer frotn The Troy
2,414
zo,c
3x1
810,CO)
22,414
810,350
Totsl Incomlng resources
1,119,195
1.812,254
EXPENDITURE
Rai5in8 thsnailons and legatles
Events and course expense5
20,886
60,315
Investment mana8Èrnerbt costs
Portfolio managernent
167
735
Charttable acifvltle5
Cottsultsncy expw5e
Bfd Joumal ext*nses
Acfvertisit4
Project ex[￿dIt￿re
5,175
1.605
8,147
571.808
391
8,065
651,762
660.218
586,735
SuP￿rt Costs
This page dx not fonn part of statutory fana￿31 statements
Page 25

Bee5 for De￿10
ent
cio
Detailed Statement of Financial Activities
for tIE Year Ended 30_April 2025
30.4.25
30.4.24
Supptsrt Costs
Management
WaEe5
knal security
Per￿70[
Renl
IrGurarre
Light and heat
Telephor
Postage and statiorEry
Repairs and renewa15
Software licen
Staff Recruitrnent & Training
Travel costs
Subscripti￿$
Office costs
363,OB8
32,589
11,184
7,591
1.029
2,382
832
1,073
3,624
10,142
14.978
2,856
2,925
4,939
319.333
25,325
4,386
361
3,240
614
2,407
785
9,525
2,327
4.023
1,167
459,232
375,097
Flnance
Ba￿[ charges
2.861
Goyemance costs
Audito￿. rernuneration
Accountsry and legal f&s
6,495
17,191
3,948
23,686
10,548
Total re50urce5 eXpEr￿d
1,167,155
1,036.291
Net lexpendlturevlncome
147,9601
775,963
This page doe5 rK*t forni part of statutory fITra￿al statetTEnts
Page 26