Docusign Envelope ID: F601F687-8476-4B70-9666-FB27B27675AF Registered Charity No. 1200896 Registered Company No. 14063572 (England & Wales) ## **The Nature Recovery Project** ## **Trustees' Report and Financial Statements** **For the period from 1 September 2024 to 31 March 2025** Docusign Envelope ID: F601F687-8476-4B70-9666-FB27B27675AF ## **The Nature Recovery Project** ## **Contents** ||**Page**| |---|---| |Trustees' and charity information|1| |Trustees' report|2 - 4| |Trustees' responsibilities statement|5| |Independent examiner's report on the financial statements|6| |Statement of financial activities|7| |Balance sheet|8| |Statement of cashflow|9| |Notes to the financial statements|10 - 15| Docusign Envelope ID: F601F687-8476-4B70-9666-FB27B27675AF ## **The Nature Recovery Project** **Trustees' and charity information For the period from 1 September 2024 to 31 March 2025** |**Trustees**|Andrew Rounding| |---|---| ||Sadie Meredith| ||Mills & Reeve Trust Corporation Limited| |**Company number**|14063572| |**Charity number**|1200896| |**Registered office**|71 Queen Victoria Street| ||London| ||EC4V 4BE| |**Accountants**|Saffery LLP| ||71 Queen Victoria Street| ||London| ||EC4V 4BE| |**Independent Examiners**|Beresford Marney| ||5 Marneys Close| ||Epsom| ||Surrey| ||KT18 7HR| Page 1 Docusign Envelope ID: F601F687-8476-4B70-9666-FB27B27675AF ## **The Nature Recovery Project** ## **Trustees' Report For the period from 1 September 2024 to 31 March 2025** The trustees (known as directors under company law) present their report together with the audited financial statements of The Nature Recovery Project for the period 1 September 2024 to 31 March 2025. The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Charity's articles of association, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice” applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). ## **Objectives and activities** ## **a. Policies and objectives** The principal objective of The Nature Recovery Project ("the Charity") is to promote for the public benefit the conservation and protection of the natural environment by promoting biological diversity, in particular but not exclusively by acquiring land for the planting of natural and native species of woodland and providing support to other charitable organisations with similar objectives that wish to do the same. The Charity supports initiatives globally. The Nature Recovery Project also makes donations and grants to a limited number of charities principally to promote biodiversity. Funding from the wider public is not sought or expected. The Charity does not usually respond to unsolicited requests for donations as the trustees prefer to do their own research assessing which potential causes to support. More information about The Nature Recovery Project can be found at the Charity's website: https://thenature-recovery-project.org/. The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake. In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)’. ## **Achievements and performance** ## **a. Main achievements of the Charity** The Trustees provided public benefit by donating £97,588 to the Ashden Thriving Forests, £76,672 to Forest of Marston Vale and £22,753 to WRAP in the period. ## **b. Investment policy and performance** The Charity received donations of suitable land together with cash gifts from Sadie Meredith in the period to 31 August 2023, who is one of the trustees. None were received in the current period directly from any trustees. However, a cash donation was received in the period from a related party Trust, which share some of the same trustees as the Charity. The Charity does not raise funds from the public. At present, the trustees do not have sufficient cash to invest in a quoted investment portfolio. The Trustees have assessed the major risks to which the Charity is exposed, and are satisfied that systems and processes are in place to mitigate exposure to such risks. Page 2 Docusign Envelope ID: F601F687-8476-4B70-9666-FB27B27675AF ## **The Nature Recovery Project** **Trustees' Report (continued) For the period from 1 September 2024 to 31 March 2025** ## **Financial review** ## **a. Financial position at end of reporting period** The statement of financial activities on page 7 sets out the results of the charity for the period to 31 March 2025. The Charity received total income and endowments of £ 660,734 during this period (2024: £5,963). Total expenditure was £ 335,332 (2024: £781,274), including £197,013 on grants to institutions (2024: £670,677). At the period end the charity had total funds of £ 959,334 (2024: £633,932), including unrestricted funds of -£546,875 (2024: -£627,818), and expendable endowment funds of £1,506,209 (2024: £1,261,750). The annual financial statements cover the period from 1 September 2024 to 31 March 2025. Comparative amounts represent those from the 1 September 2023 to 31 August 2024 and are therefore not entirley comparable. ## **b. Going concern** After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Loans totalling £670,000 have been made to the Charity from another trust, of which Sadie Meredith, Andrew Rounding and Mills & Reeve Trust Corporation Limited are also trustees. The trustees have confirmed that the loan will not be called in until the Charity is in a position to repay it. For this reason, the Trustees continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. ## **c. Reserves policy** At 31 March 2025, the reserves of the charity comprised the unrestricted fund and the expendable endowment fund. At the period end the charity had no free reserves (2024: £nil). The Trustees understand that further funds will be added either by Sadie Meredith and/or loaned in from another trust. The Trustees are therefore satisfied with the level of reserves held. ## **Structure, governance, and management** ## **a. Constitution** The Nature Recovery Project is a registered charity in England and Wales, number 1200896, and is a Charitable Company constituted by a memorandum and articles of association adopted by the Charity on 22 April 2022. The Company was granted charitable status on 3 November 2022. Page 3 Docusign Envelope ID: F601F687-8476-4B70-9666-FB27B27675AF ## **The Nature Recovery Project** **Trustees' Report (continued) For the period from 1 September 2024 to 31 March 2025** ## **Structure, governance, and management (continued)** ## **b. Trustees** The Trustees who served during this period and up to the date of signature of the accounts were: Mrs S V Meredith Mr A Rounding Mills & Reeve Trust Corporation Limited Trustees are recruited and appointed in accordance with the charity’s governing document and with relevant legislation. The principal office of the charity is shown on page 1. ## **c. Methods of appointment or election of Trustees** The Trustees may appoint any person to be one of their number. The Trustees review the knowledge and experience of the Trustees and identify training needs on appointment. Suitable training will be provided if required. ## **Disclosure of information to independent examiner** Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that: - So far as that Trustee is aware, there is no relevant information of which the charity's independendent examiner is unaware, and • That Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant information and to establish that the charity's independent exmainer is aware of that information. Approved by order of the members of the board of Trustees and signed on their behalf by: ............................................................... **Sadie Meredith** (Chair of Trustees) Date: Page 4 Docusign Envelope ID: F601F687-8476-4B70-9666-FB27B27675AF ## **The Nature Recovery Project** ## **Statement of Trustees' Responsibilities For the period from 1 September 2024 to 31 March 2025** The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period, in preparing these financial statements, the Trustees are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles of the Charities SORP (FRS 102); - make judgments and accounting estimates that are reasonable and prudent; - state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at anytime the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the members of the board of Trustees and signed on its behalf by: …............................................................ **Sadie Meredith** (Chair of Trustees) Date: Page 5 Docusign Envelope ID: F601F687-8476-4B70-9666-FB27B27675AF ## **The Nature Recovery Project** ## **Independent Examiner's Report to the Trustees of The Nature Recovery Project For the period from 1 September 2024 to 31 March 2025** I report to the charity trustees on my examination of the accounts of the Company for the period from 1 September 2024 to 31 March 2025. ## **Respective responsibilities of trustees and examiner** As the charity’s trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act ## **Basis of independent examiner's report** My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below. ## **Independent examiner's statement** I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: 1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. …............................................................ ## **Catherine Sullivan FCA DChA Beresford Marney Ltd** 5 Marneys Close, Epsom, Surrey, KT18 7HR Date: Page 6 Docusign Envelope ID: F601F687-8476-4B70-9666-FB27B27675AF ## **The Nature Recovery Project** ## **Statement of Financial Activities (incorporating the income and expenditure account) For the period from 1 September 2024 to 31 March 2025** **----- Start of picture text -----**
Unrestricted Expendable Total Total
funds endowment funds funds
funds 2025 2024
Note £ £ £ £
Income
Donations received 2 635,000 - 635,000 -
Grant income 22,649 22,649 -
Interest income 3,085 - 3,085 5,963
Total income 660,734 - 660,734 5,963
Expenditure:
Raising funds 3 4,466 - 4,466 13,513
Expenditure on charitable 4 330,866 - 330,866 767,761
activities
-
Total expenditure 335,332 335,332 781,274
-
Net income for the period 325,402 325,402 (775,311)
Transfer between funds (244,459) 244,459 - -
Net movement in funds 80,943 244,459 325,402 (775,311)
Reconciliation of funds:
Total funds brought forward (627,818) 1,261,750 633,932 1,409,243
Net movement in funds 80,943 244,459 325,402 (775,311)
Total funds carried forward (546,875) 1,506,209 959,334 633,932
**----- End of picture text -----**
The notes on pages 10 to 15 form part of these financial statements. The statement of financial activities includes all gains and losses recognised in the period. The results for the period all relate to continuing activities. Page 7 Docusign Envelope ID: F601F687-8476-4B70-9666-FB27B27675AF ## **The Nature Recovery Project** ## **Balance Sheet** ## **For the period from 1 September 2024 to 31 March 2025** **----- Start of picture text -----**
2025 2024
Note £ £
Fixed assets
Land and buildings 7 1,506,209 1,261,750
Current assets
Cash at bank and in hand 13 135,403 26,796
Debtors 8 3,157 9,722
138,560 36,518
Current liabilities
Creditors: amounts falling due within
one year 9 (685,435) (664,336)
Net current assets (546,875) (627,818)
Total net assets 959,334 633,932
Charity funds
Expendable endowment fund 10 1,506,209 1,261,750
Unrestricted funds 10 (546,875) (627,818)
Total funds 959,334 633,932
**----- End of picture text -----**
For the period from 1 September 2024 to 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. - The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476, - The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime. The financial statements were approved by the trustees on 2025 and signed on their behalf by:22 December 2025 …............................................................ ## **Sadie Meredith** (Chair of Trustees) Date: Company registration number 14063572 The notes on pages 10 to 15 form part of these financial statements. Page 8 Docusign Envelope ID: F601F687-8476-4B70-9666-FB27B27675AF ## **The Nature Recovery Project** ## **Statement of Cash Flows** ## **For the period from 1 September 2024 to 31 March 2025** **----- Start of picture text -----**
2025 2024
Note £ £
Cash flows from operating activities
Net cash used in operating activities 105,522 (243,910)
Cash flows from investing activities
Interest income 3,085 5,963
Net cash movements in the period 108,607 (237,947)
Change in cash and cash equivilents in the period 12 108,607 (237,947)
Cash and cash equivalents at the beginning of the period 26,796 264,743
- -
Short term deposits included in current asset investments
Cash and cash equivalents at the end of the period 135,403 26,796
**----- End of picture text -----**
The notes on pages 10 to 15 form part of these financial statements. Page 9 Docusign Envelope ID: F601F687-8476-4B70-9666-FB27B27675AF ## **The Nature Recovery Project** ## **Notes to the Financial Statements For the period from 1 September 2024 to 31 March 2025** ## **1. Accounting policies** ## **1.1 Accounting convention** The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Companies Act 2006 and the Charities Act 2011. The charity constitues a public benefit entity as defined under FRS 102. The trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. ## **1.2 Members** The charity is a company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is £10 per member of the charity. At 31 March 2025, the total of such guarantees was £20 (2024: £20). ## **1.3 Income** Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received, and the amount can be measured reliably. Donation income is recognised in the period in which the charity is entitled to receipt and the amount can be measured with reasonable certainty. ## **1.4 Expenditure** Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required, and the amount of the obligation can be measured reliably. All costs can be directly attributed to an expense category. ## **1.5 Interest receivable** Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. ## **1.6 Taxation** The Nature Recovery Project is a registered charity and as such is not liable to corporation tax on its income derived wholly from charitable activities. Page 10 Docusign Envelope ID: F601F687-8476-4B70-9666-FB27B27675AF ## **The Nature Recovery Project** ## **Notes to the Financial Statements (continued) For the period from 1 September 2024 to 31 March 2025** ## **1.7 Fixed Assets** Land added to or purchased by the Charity is shown as a fixed asset. It is intended that this land will be rewilded to increase biodiversity in accordance with the Charity's objectives. ## **1.8 Funds** Unrestricted funds are donations and other income receivable or generated for the objects of the charity without specified purpose. The expendable endowment represents land held which will be, is being or has been rewilded, in accordance with the Charity’s objectives. The trustees have the power to convert endowment funds into unrestricted funds and it is therefore classified as an expendable endowment. In 2025, the amount for a land purchase and registration was paid for from the unrestricted fund; this has been transferred into the expendable endowment fund in line with the other land holdings. ## **1.9 Judgements and estimates** In the application of the accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. ## **2. Donation income** |**Unrestricted**
**funds**
**£**
Donations received
635,000
635,000
**Expenditure on raising funds**
**Unrestricted**
**funds**
**£**
Legal and professional fees
4,466
4,466|**Expendable**
**endowment**
**funds**
**£**
-
-
**Expendable**
**endowment**
**funds**
**£**
-
-|**Total**
**funds**
**2025**
**£**
635,000
635,000
**Total**
**funds**
**2025**
**£**
4,466
4,466|**Total**
**funds**
**2024**
**£**
-
-
**Total**
**funds**
**2024**
**£**
13,513
13,513| |---|---|---|---| ## **3. Expenditure on raising funds** Page 11 Docusign Envelope ID: F601F687-8476-4B70-9666-FB27B27675AF ## **The Nature Recovery Project** ## **Notes to the Financial Statements (continued) For the period from 1 September 2024 to 31 March 2025** ## **4. Analysis of expenditure on charitable activities** |**Unrestricted**
**funds**
**£**
_Grants_
WRAP
22,753
Rainforest Trust
-
Forest of Marston Vale
76,672
Ashden Thriving Forests
97,588
197,013
_Direct costs of delivering charitable activities_
Consultancy
3,940
_Supporting costs_
Bank charges
255
Accountancy and taxation services
13,395
Insurance
-
Repairs and Maintenance
35,793
Equipment hire
15,370
Management charge
65,100
129,913
330,866|**Expendable**
**endowment**
**funds**
**£**
-
-
-
-
-
-
-
-
-
-
-
-
-|**Total**
**funds**
**2025**
**£**
22,753
-
76,672
97,588
197,013
3,940
255
13,395
-
35,793
15,370
65,100
129,913
330,866|**Total**
**funds**
**2024**
**£**
-
309,369
361,308
670,677
3,044
433
26,223
516
3,491
8,859
54,518
94,040
767,761| |---|---|---|---| The grants made during the period were paid to institutions. Accountancy and taxation services includes fees (not including VAT) of £7,650 for the independent examination and accounts preparation service (2024: £9,400), and £5,745 for other services (2024: £16,823). ## **5. Trustees' remuneration and expenses** During the period, no Trustees received any remuneration or other benefits. During the period ended 31 March 2025, no Trustee expenses have been incurred. The trustees are considered to be the key management personnel of the charity. There were no gifts in kind made during the period. Mills & Reeve Trust Corporation is a corporate director of the Charity, and legal and professional fees of £4,466 were provided by Mills & Reeve LLP to the Charity (2024: £13,253). ## **6. Employees** There were no direct employees during the current period or prior year. Page 12 Docusign Envelope ID: F601F687-8476-4B70-9666-FB27B27675AF ## **The Nature Recovery Project** ## **Notes to the Financial Statements (continued) For the period from 1 September 2024 to 31 March 2025** ## **7. Tangible fixed assets** |**Cost or valuation**
At 1 September 2024
Additions
Disposals
Revaluations
At 31 March 2025
**Net book value**
At 31 March 2025
At 1 September 2024|**Land**
**£**
1,261,750
244,459
-
-
1,506,209
1,506,209
1,261,750| |---|---| The fair value of the brought forward land and property has been arrived at on the basis of a valuation carried out by James Berry MNAEA. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar land and property. The addition in the period represents the purchase of new land and is held at cost. ## **8. Debtors: Amounts falling due within one year** |VAT recoverable
**9.**
**Creditors: Amounts falling due within one year**
Accruals and deferred income
Trade creditors
Other creditors
**10.**
**Statement of funds**
**Current period**
**Balance at**
**1 September**
**2024**
**Income**
**£**
**£**
Unrestricted funds
(627,818)
660,734
1,261,750
-
All funds
633,932
660,734
Expendable
endowment funds|**Expenditure**
**£**
(335,332)
-
(335,332)|**2025**
**£**
3,157
3,157
**2025**
**£**
7,650
7,785
670,000
685,435
**Transfers**
**£**
(244,459)
244,459
-|**2024**
**£**
9,722
9,722
**2024**
**£**
9,400
19,936
635,000
664,336
**Balance at**
**31 March**
**2025**
**£**
(546,875)
1,506,209
959,334| |---|---|---|---| Page 13 Docusign Envelope ID: F601F687-8476-4B70-9666-FB27B27675AF ## **The Nature Recovery Project** ## **Notes to the Financial Statements (continued) For the period from 1 September 2024 to 31 March 2025** ## **10. Statement of funds (continued) Prior year** |**10.**
**Statement of funds (continued)**
**Prior year**|||| |---|---|---|---| |**Balance at**
**1 September**
**2023**
**£**
Unrestricted funds
174,243
1,235,000
Expendable
endowment funds|**Income**
**£**
5,963
-|**Expenditure**
**Transfers**
**£**
**£**
(781,274)
(26,750)
-
26,750|**Balance at**
**31 August**
**2024**
**£**
(627,818)
1,261,750| |All funds
1,409,243|5,963|(781,274)
-|633,932| |**11.**
**Analysis of net assets between funds**
**Current period**
Fixed assets investments
Current assets
Creditors due within one year||**Unrestricted**
**Expendable**
**funds**
**endowment**
**funds**
**£**
**£**
-
1,506,209
(531,440)
670,000
(15,435)
(670,000)|**Total**
**funds**
**2025**
**£**
1,506,209
138,560
(685,435)| |||(546,875)
1,506,209|959,334| |**Prior year**
Fixed assets investments
Current assets
Creditors due within one year||**Unrestricted**
**Expendable**
**funds**
**endowment**
**funds**
**£**
**£**
-
1,261,750
(598,482)
635,000
(29,336)
(635,000)|**Total**
**funds**
**2024**
**£**
1,261,750
36,518
(664,336)| |||(627,818)
1,261,750|633,932| |**12.**
**Reconciliation of net movement in funds to net cash flow from operating activities**
Net income from the period (as per the Statement of Financial Activities)
**Adjustments for:**
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Fixed assets purchased|||**2025**
**£**
325,402
6,565
21,099
(244,459)| |**Net increase/(decrease) in cash held**|||108,607| Page 14 Docusign Envelope ID: F601F687-8476-4B70-9666-FB27B27675AF ## **The Nature Recovery Project** ## **Notes to the Financial Statements (continued) For the period from 1 September 2024 to 31 March 2025** **----- Start of picture text -----**
13. Analysis of cash and cash equivalents
2025 2024
£ £
Current account 135,403 26,796
Total cash and cash equivalents 135,403 26,796
14. Analysis of changes in net debt
At 1 September At 31 March
2024 Cash flows 2025
£ £ £
Current account 26,796 108,607 135,403
Total cash and cash equivalents 26,796 108,607 135,403
**----- End of picture text -----**
## **15. Financial Commitments, guarantees and contingent liabilities** The trustees consider they have sufficient cash reserves to meet the short and medium term costs associated with maintaining the land they hold. ## **16. Related party transactions** Mills & Reeve Trust Corporation is a corporate director of the Charity, and Mills & Reeve LLP provided legal advice to the Charity in the period as set out in note 5. Page 15