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2025-03-31-accounts

International Eco Fund

Company limited by guarantee Company number 14003152 Charity Registered in England and Wales Charity No: 1198988

Report and Accounts for the year ended 31 March 2025

Reference and administrative details of the charity, its trustees and advisors

Registration :

As a company limited by guarantee registered with Companies House, Company number 14003152.

As a charity registered with the Charity Commission in England and Wales, charity number 1198988.

Registered office :

The Lodge Sandy Bedfordshire SG19 2DL

Trustees:

Richard Grimmett

Ann Mathers (resigned 3 October 2025) Nicholas Prentice Tim Stowe Russell Hollinshead Kalwant Grewal (appointed 8 October 2025)

Principal Professional advisers:

Bankers

Lloyds Bank plc 249 Silbury Boulevard Secklow Gate West Milton Keynes Buckinghamshire MK9 1NA

Independent auditors

Crowe U.K. LLP Chartered Accountants & Registered Auditors 55 Ludgate Hill London EC4M 7JW

Insurance brokers

Legal advisers

Investment advisers

Investment managers

Griffiths & Armour 12 Princes Parade Princes Dock Liverpool L3 1BG Withers LLP 16 Old Bailey London EC4M 7EG Lane Clark Peacock LLP 95 Wigmore Street London W1U 1DQ Cazenove Capital Management 12 Moorgate London EC2R 6DA

2

Standard applicable in the UK and Republic of Ireland (FRS 102).

International Eco Fund

Structure, governance and management

Legal structure

International Eco Fund is a company limited by guarantee (company number 14003152) and a charity registered in England and Wales (charity number 1198988), incorporated on the 25 March 2022. The charitable company replaced the former trust also named International Eco Fund and the charitable company, which continues its activities, as described below.

Trustees.

The Trustees are the members of the charitable company. The minimum number of trustees is 3 and the maximum is 6. The Royal Society for the Protection of Birds (RSPB) and Birdlife International have the right to appoint one Trustee and other Trustees may be nominated and elected by the members. Trustees are appointed for a term of 5 years and generally may be reappointed once. The RSPB is a member of BirdLife International, an umbrella organisation for entities with similar objectives throughout the world.

The RSPB provides day-to-day administrative services in line with a shared resources arrangement between the two entities. The governing document is the Memorandum and Articles of Association.

Prospective Trustees are given information about IEF and the duties of Trustees and make a formal confirmation of their willingness to serve. Following their recommendation and subsequent election, each Trustee receives an in-depth briefing outlining their role, duties and accountabilities, together with information about the IEF, its policies, structures and work.

Each Trustee completes a register of interests and related party transactions: this register is updated annually and whenever any changes occur. The Trustee has an induction session, taking a strategic look at the roles and responsibilities of Trustees and management. This is provided to each new Trustee.

They are also offered opportunities to learn more about specialist areas of the work IEF supports, through individual meetings with project managers explaining the aims, work and issues that the funds were set up to provide support to.

The Trustees (who are also directors of International Eco Fund for the purposes of company law) a Report and the financial statements in accordance with applicable law and the Financial Reporting

Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the transactions, disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006 and the

also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Objectives and activities

The Trustees confirm that they have referred to the general guidance on public benefit when reviewing objectives and activities.

Objectives

The Objects of the Charity (its charitable purposes) are:

1

improvement of the natural environment to encourage others to practice the conservation of these natural habitats, wild birds and other wildlife; and

Principal activities

The principal activity of the charity is to facilitate the funding of projects by working with organisations worldwide known to have an interest in activities

Aims, achievements and plans for the future

The charity was established with the aim of identifying worldwide projects of high conservation status. It aims to establish long term funding facilities to support organisations that manage ecologically endangered habitats and species.

The charity aims to encourage others to practice the conservation of natural habitats and wild birds and to promote knowledge of conservation through research and education.

It also aims to encourage and provide funding for other organisations undertaking similar work and to publicise the outcomes with the intention of inspiring others.

Funds are managed for the following conservation projects:

The project is a collaborative initiative between Birdlife International, Burung Indonesia and the RSPB.

community forests with about 160 communities (c. 50,000 people). This entire area taken together is managed as the Greater Gola landscape.

Since 1990 the RSPB, the Conservation Society of Sierra Leone (CCSL) and the Government of Sierra Leone have collaborated in a robust partnership to protect the Gola Forest. In February 2011, the Government of Sierra Leone designated the Gola Rainforest as a National Park. The Greater Gola Landscape programme is implemented in Sierra Leone and Liberia by a partnership between the Governments of the two countries, the CSSL and the Society for Conservation of Nature in Liberia (SCNL) and the RSPB.

This project was possible because of the leadership of the Tristan Community. Initially, the RSPB worked with the Tristan da Cunha government to lay the conservation groundwork and support lobster fishery, followed by a five-year programme of UK Government Blue Belt support. An international coalition of partners supported the final phase and the creation of the MPZ.

Plans for the future

There will be continued monitoring of performance during 2025-26 to ensure returns reach the levels of income required, with a particular focus on the performance of the Tristan da Cunha Community Fund.

During 2024/25 , Trustees monitored returns on the Greater Gola Landscape and Harapan funds and were satisfied of the fund performance. In 2025-26, the Trustees will continue to monitor and review the performance of the funds and will also be considering the plans that need to be made for a formal review of these funds.

Fundraising activity

The charity had no fundraising activities requiring disclosure under S162A of the Charities Act 2011.

Auditors

A resolution to appoint the firm Crowe U.K.LLP as auditors to the company was passed at the AGM on 7 November 2024.

2

Principal risks and uncertainties

Information provided to auditors

With regard to the preparation of this Annual Report and the financial statements, so far as each director is aware, there is no relevant audit information of which the company's auditor is unaware, and each director has taken all the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.

This confirmation is given and should be interpreted in accordance with the provisions of section 418 of the Companies Act 2006.

Financial reserves policy

maintain reserves to provide sustainable financial support for selected international projects. Funds held are:

Investment policy and powers

The International Eco Fund investment powers are The portfolios have been constructed to achieve the following:

Benchmarks have been agreed with reference to the portfolio of assets in each fund and is monitored by our investment managers. These are total return targets comprising both income and capital.

The Trustees favour pooled investments that reflect the ethical values of the projects that it supports. Strategic asset allocations for asset type and geographical spread are agreed with, and

The SOFA includes the net gains and losses arising on revaluations and disposals throughout the year.

The IEF Risk register includes the following principal risks that Trustees need to engage with to deliver the charity objectives:

Financial report

The Trustees have three established investment portfolios to help secure long-term financial support for the Greater Gola Landscape in Liberia and Sierra Leone, the Harapan Rainforest in Sumatra, and the Tristan MPZ in Tristan da Cunha.

The existing portfolio of equity holdings for Harapan and the Greater Gola Landscape is in the Schroder ESG fund, which aligns with the ethical values of International Eco Fund. This will continue to be monitored for performance by the Trustees.

The Harapan investment portfolio (excluding cash at bank) ended the year with a value of $6.2m (2024: $6.5m).

The Greater Gola Landscape investment portfolio (excluding cash at bank) ended the period with a value of $5.6m (2024: $5.5m).

The Tristan investment portfolio (excluding cash at bank) ended the period with a value of $4.7m (2024: $4.9 m.)

Grant making policy

The charity provides grants to fund conservation projects which are in line with the charitable objectives, as confirmed and approved by the trustees.

During the year there was a distribution of $190,000 made in respect of Harapan rainforest and $38,000 made in respect of the Greater Gola Landscape. No distributions were made in respect of the Tristan MPZ.

3

Since inception the Harapan fund has delivered a nominal rate of return of 10.3% and a real rate of return of 4.9% The Greater Gola Landscape fund since inception has delivered a nominal rate of return of 8.4% and a real rate of return of 3.2%. Both funds are currently operating below their benchmark.

Over the year to 31 March 2025, the Tristan Da Cunha Community Fund has returned -4.1% pa (net of fees), underperforming its composite benchmark of 5.3% pa, and the long-term return objective of UK CPI +3% pa which was 5.6% pa.

The Trustees have taken advantage of the exemption from an obligation to prepare a strategic report, available under the small company regime.

Approved by the Board on 12 November 2025 and signed on its behalf by

Russell Hollinshead Trustee

4

express any form of assurance conclusion thereon.

Trustees of International Eco Fund

Opinion

We have audited the financial statements of International Eco Fund 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion based on the work undertaken in the course of our audit

Matters on which we are required to report by exception

In light of the knowledge and understanding of the charitable company and their environment obtained in the course of the audit, we have not identified material

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

responsibilities set out on page 1, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease

5

operations, or have no realistic alternative but to do so.

statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below.

A further description of our responsibilities for the audit of the financial statements is located on the Financial www.frc.org.uk/auditorsresponsibilities. This description

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of noncompliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the charitable company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, the Charities Act 2011 together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company for fraud. The laws and regulations we considered in this context for the UK operations were General Data Protection Regulation (GDPR).

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing of recognition of income and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management and the Board of Trustees about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect noncompliance with all laws and regulations.

Use of our report

members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable required to purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the members as a body, for our audit work, for this report, or for the opinions we have formed.

Naziar Hashemi Senior Statutory Auditor For and on behalf of Crowe U.K. LLP Statutory Auditor

London

Date 24 November 2025

6

International Eco Fund

Statement of financial activities

for the year ended 31 March 2025

INCOME & EXPENDITURE
Note
INCOME AND ENDOWMENTS
FROM
Capital converted to income
Investment Income
Transfer of net assets from Trust
TOTAL INCOME
EXPENDITURE
Raising funds-Investment
management costs
Charitable Activities
Exchange gain
TOTAL EXPENDITURE
3
Net gains on investments
NET (EXPENDITURE) / INCOME
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED
FORWARD		 Year ended 31
March 2025)
Restricted)
Funds)
)
9
42
-
_
51
_
23
100
_
123
_
99
_
27
4,752
_
4,779
~~__~~		 Year ended 31
March 2025)
Endowment
Funds
)
(9)
136
-
_
127
_
108
145
(6)
_
247
_
23
_
(97)
12,296
_
12,199
~~__~~		 Year ended 31
March 2025(
Total)
Funds
)
Year ended 31
March 2024(
Total)
Funds
)
-
178
-
-
81
15,047
__
_
178
15,128
__
_
131
53
245
(6)
270
(5)
__
_
370
318
__
_
122
2,238
__
_
(70)
17,048
17,048
-
__
_
16,978
17,048
~~_~~
~~_~~		 Year ended 31
March 2025(
Total)
Funds
)
Year ended 31
March 2024(
Total)
Funds
)
-
178
-
-
81
15,047
__
_
178
15,128
__
_
131
53
245
(6)
270
(5)
__
_
370
318
__
_
122
2,238
__
_
(70)
17,048
17,048
-
__
_
16,978
17,048
~~_~~
~~_~~

All the above results arise from continuing activities. All gains and losses recognised in the year are included in the Statement of financial activities.

7

International Eco Fund Company Number 14003152 Balance sheet

as at 31 March 2025

Note
Investments
6
Current assets
Cash at bank
Debtors
7

Creditors:amounts falling due
within one year
8
Net current assets
Net Assets
Represented by:
Restricted funds
Endowment funds
9, 10
10		 31 March 2025
16,494
512

-
_
512
(28)
_
484
_
16,978
~~_~~
4,779
12,199
_
16,978
~~_~~		 31 March
2024
16,883
433
3
_
436
(271)
_
165
_
17,048
~~_~~
4,752
12,296
_
17,048
~~_~~

Notes 1 to 13 form an integral part of these accounts.

Adopted by International Eco Fund Board on 12 November 2025 and signed on behalf of the Board by:

Russell Hollinshead Trustee

8

International Eco Fund

Cash flow statement

for the year ended 31 March 2025

Note
Net cash (outflow)/inflow from operating
activities
Net asset transfer at 30 September 2023
Cash transferred at 30 September 2023
Cash flow from investing activities:
Fees
Investment income received
Disposal of investments
11
Increase in cash
Reconciliation to short-term cash:
Increase in cash in the period
Short-term cash at 1 April 2024
Short-term cash at 31 March 2025
Analysis of short-term cash:
Short-term cash
Total funds		 __ 31 March 2025)
)
31 March 2024)
)
(610)
-
-
96
94
499
_
14,997
(15,047)
436
(46)
93
-
_
79
~~_~~
433
~~_~~
31 March 2025
31 March 2024
79
433
_
512
~~_~~
433
-
_(
433
~~_~~
1 April)
2024)
)
Cash flow)
)
31 March)
2025)
)
433
__
79
__
512
__
433
~~_~~
79
~~~~~~_~~
512
~~~~~~____~~
~~__~~

9

International Eco Fund

Notes to the accounts

International Eco Fund is a company limited by guarantee (company number 14003152) and a charity registered with the Charity Commission in England and Wales, charity number 1198988. The address of the registered office is The Lodge, Sandy, Bedfordshire, SG19 2DL.

2 Accounting policies

Basis of accounts

The accounts have been prepared under the historical cost convention and in accordance with the recommendations set out in the Accounting and Reporting by Charities: FRS102 Statement of Recommended Practice (SORP), applicable accounting standards and the Companies Act 2006.

As a registered charity International Eco Fund is potentially exempt from taxation of income and gains falling within Sections 466 to 493 of the Corporation Tax Act 2010. No tax charge has arisen in the year.

International Eco Fund meets the definition of a public benefit entity under FRS102.

Going Concern

The Trustees have a reasonable expectation that the charity has adequate resources to continue its activities for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements as outlined in the Responsibilities.

Income

Income is included in the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. General & corporate donations and investment income are accounted for when receivable.

Expenditure

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to that category.

Habitat Conservation grants

Foreign currency

unctional and presentation currency is US dollars. Transactions in foreign currencies are translated at rates prevailing at the date of the transaction. Balances denominated in foreign currencies are translated at the rate of exchange prevailing at the year-end, in accordance with FRS102. Any resulting exchange differences are included in the SOFA..

Financial instruments

International Eco Fund has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost using the effective interest method.

10

International Eco Fund

Notes to the accounts (continued)

3 Total expenditure

Investment Management Fees
Charitable Activities
Habitat Conservation grants*
Administrative costs
Exchange gain
Total expenditure		 Direct
Costs

131
228
17
(6)
_
370
~~_~~		 31 March
2025
Total
31 March 2024
Total
131
228
53
255
17
(6)
15
(5)
_
370
~~_~~
_
318
~~_~~		 31 March
2025
Total
31 March 2024
Total
131
228
53
255
17
(6)
15
(5)
_
370
~~_~~
_
318
~~_~~
Total
53
255
15
(5)
_
318
~~_~~

Grants Paid

There were no support costs as these are provided pro bono by the RSPB; the value of these services is estimated at $9,972 for 2025 (2024: $9,681).

4 Audit fees

Fees of $9,352 were incurred in the period (2024: $8,704) in respect of audit services by the auditors, Crowe U.K. LLP; no other payments were made to the auditors.

5 Staff costs

The charity does not employ staff. No remuneration or expenses were paid to the Trustees during the year (2024: $Nil).

Indemnity insurance premiums of $3,508 were paid in the year (2024: $3,310).

6 Investments

nvestments
31 March 31 March
2025) 2024)
) )
Investment cash 754 346
Equities and other stocks
Equities 13,234 14,071
Bonds **2,506 ** 26 2,466
__( __(
15,740 16,537
__ __
Total investments 16,494 16,883
~~__~~ ~~__~~
31 March 31 March
Movements during the year: 2025) 2024)
) )
Market values at 1 April 2024 16,883 -
Transferred at 30 September 2023 - 14,649
Movement in Investment (502) 2,087
Foreign exchange movement 113 147
_ _
Market value as at 31 March 2025 16,494 16,883
~~_~~ ~~_~~

11

7 Debtors


Prepayments
8
Creditors:amounts falling due within one year

Other Accruals
Distribution Accrued		 31 March
2025)
)
31 March
2024)
)
-
__
3
_
-
~~~~
3
~~~~
31 March
2025)
)
31 March
2024)
)
28
-
______
28
16
255

271
~~______~~
~~___~~
__
~~_~~

9 Statement of funds for the year ended 31 March 2025

Restricted funds
Endowment Funds
Total funds		 _ 1 April)
2024
)
4,752
12,296
______
17,048
~~______~~		 _ Income
)
)
51
127
__
178
~~____~~		 Expenditure
)
(
(123)
(247)
_
(370)
~~_~~		 Other)
Unrealised
gains
g
)
99
23
_
122
~~_~~		 Other)
Unrealised
gains
g
)
99
23
_
122
~~_~~		 31 March
2025
4,779
12,199
_
16,978
~~__~~
g
__
~~_~~ ~~__~~ ~~__~~

Statement of funds for the year ended 31 March 2024

Restricted funds
Endowment Funds
Total funds		 _ 1 April)
2023
)
-
-
______
-
~~______~~		 _ Income
)
)
4,251
10,877
__
15,128
~~____~~		 Expenditure
)
(
(110)
(208)
_
(318)
~~_~~		 Other)
Unrealised
gains
$ )
611
1,627
_
2,238
~~_~~		 31 March
2024
4,752
12,296
_
17,048
~~__~~
~~_~~ ~~__~~

Restricted funds are those which are to be used in accordance with specific restrictions imposed by donors. Their purpose is to support conservation work in international habitats including rainforests in Harapan (Sumatra), Indonesia and Gola, Liberia and Sierra Leone.

, Harapan and Tristan MPZ projects.

12

10 Analysis of net assets between funds for the year ended 31 March 2025

Investments
Current assets
Current liabilities		 Restricted)
)
4,715
81
(17)
__
4,779(
~~_~~		 Endowment)
)
11,779
431
(11)
__
12,199
~~_~~		 Total
2025)
)
16,494
512
(28)
__
16,978(
_ _
~~__~~

Analysis of net assets between funds for the period ended 31 March 2024

Restricted)
)
Investments
Current assets
Current liabilities
4,778
74
(100)
__
4,752(
~~_~~
econciliation of net income to net cash flow from operating activities
Net (expenditure)/income for the period
Net assets transferred at 30 September 2023
Adjustments for:
Gains on investments
Gain on foreign exchange movement on investments
Dividends received
Decrease/(increase) in debtors
(Decrease)/increase in creditors
Net cash provided by operating activities		 Endowment)
)
12,105
362
(171)
_
12,296
~~_~~
31 March
2025)
))
(70)
-
_
(70)
(9)
(113)
(178)
3
(243)
_
(610)
~~_~~		 Endowment)
)
12,105
362
(171)
_
12,296
~~_~~
31 March
2025)
))
(70)
-
_
(70)
(9)
(113)
(178)
3
(243)
_
(610)
~~_~~		 Total
2024)
)
16,883
436
(271)
_
17,048
~~_~~
31 March
2024)
))
2,001
15,047
_
17,048
(2,091)
(147)
(81)
(3)
271
_
14,997
~~__~~
_
~~~~
31


___
~~___~~

11 Reconciliation of net income to net cash flow from operating activities

12 Connected charities and related parties

The International Eco Fund is not connected to any other charities and there have been no related party transactions. As noted in the trustees

Eco Fund. During the year International Eco Fund received $NIL grant income from RSPB (31 March 2024: $Nil). Birdlife International also appoints one trustee to the Board of International Eco Fund. During the year International Eco Fund received $NIL grant income from Birdlife International (31 March 2024: $Nil).

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