**REGISTERED CHARITY NUMBER: 1201579** ## **Report of the Trustees and** **Unaudited Financial Statements for the Year Ended 31st January 2025** **for** ## **Thousand Year Trust** Hodgsons Chartered Accountants 48 Arwenack Street Falmouth Cornwall TR11 3JH **Thousand Year Trust** ## **Contents of the Financial Statements for the Year Ended 31st January 2025** ||**Page**|| |---|---|---| |**Report of the Trustees**|1 to|3| |**Independent Examiner's Report**|4|| |**Statement of Financial Activities**|5|| |**Balance Sheet**|6|| |**Notes to the Financial Statements**|7 to|13| |**Detailed Statement of Financial Activities**|14|| **Thousand Year Trust** ## **Report of the Trustees** ## **for the Year Ended 31st January 2025** The trustees present their report with the financial statements of the charity for the year ended 31st January 2025. The trustees have adopted the provisions of 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) (effective 1 January 2019). ## **OBJECTIVES AND ACTIVITIES** ## **Objectives and aims** The charitable objectives as laid out in the constitution of Thousand Year Trust are: 1. The promotion, protection, and expansion of temperate rainforest 2. The creation and facilitation of farming clusters focused on the integration of agroforestry methods within agricultural systems 3. The advancement of research, knowledge and skills development opportunities in restoration ecology not just associated with temperate rainforest restoration but nature recovery across Europe The Thousand Year Trust is the only charity in the UK dedicated to restoring our temperate rainforests. The mission of the charity is to triple the amount of rainforest growing across the UK over the next 30 years from 330,000 acres to 1 million acres. These objectives are being met through three project initiatives: ## Thousand Year Project The Thousand Year Project is working to implement a large-scale demonstration of how to restore temperate rainforest on land previously used for lowland farming, with the area used for grazing sheep. This unique programme will showcase how farming temperate rainforest can become a financially sustainable alternative to traditional farming. ## Cornwall Rainforest Project The goal of this project is to triple the amount of temperate rainforest growing across Cornwall from approx. 4,000 to 12,000 acres, focusing on the eastern Cornish climatic envelope. This will be a world-first in terms of the scale of habitat restoration of which we, as a country, can be proud. ## UK Rainforest Research Institute We will create an inviting space for academics invested in our mission to come to our site and study our existing patch of rainforest while uncovering how we can best preserve, protect and expand what we have. With accommodation and desk space we can host the best minds from around the world with the intention of creating a thriving body of evidence to be shared with other rainforest guardians and we'll be able to understand our own rainforest intimately to keep it in pristine condition. ## **Public benefit** The trustees can confirm that they have had regard for the Charity Commission's guidance and there has been a focus on the public benefit of the activities of the charity. ## **Volunteers** Thousand Year Trust has proactively engaged with educational programmes across the South West to offer 10 placements for research and land management. Page 1 **Thousand Year Trust** ## **Report of the Trustees** ## **for the Year Ended 31st January 2025** ## **ACHIEVEMENT AND PERFORMANCE** ## **Charitable activities** Achievements for the Thousand Year Project have included: - By early December 2024 close to 40,000 trees have been planted - Beavers have been reintroduced to the Bedalder river valley with immediate ecological benefit - A study identifying the potential for Wild Cat reintroduction has been completed The priority for Cornwall Rainforest Project has been to secure a partner with experience in successfully applying for the Government Landscape Scale Recovery scheme. Achievements in developing the UK Rainforest Institute have included: - Appointment of two sector leading Co-Directors for the research programme - Progressing with agreement of university partnerships with University of Exeter, University of Plymouth and Eden Project Learning - The creation of a project plan for the development of the research institute - Development of a programme of activity and key research milestones for the research programme. ## **FINANCIAL REVIEW** ## **Financial position** During the year the charity made net income of £59,764. At the year end the charity had the following on the balance sheet: Current assets of £45,479 Current Liabilities of £4,911 Net Assets of £63,962, of which £36,379 were in the form of unrestricted funds. ## **Principal funding sources** Grants from charitable funds, donations from corporate partners and individual giving are the main forms of income for the charity. The Fundraising Manager is working on fundraising initiatives for c.3 days per week with a pipeline of funding proposals worth £500,000 on which we are awaiting responses - this includes significant investment in key projects as well as an element of core cost. ## **Reserves policy** The Thousand Year Trust reserves policy sets out the need for building reserves to cover core running costs within the charity and to give security to the charity’s main 3 projects. The charity is currently operating with a minimal committed cost base by using casual worker contracts and through using self-funded educational placements to accomplish the work of the charity. The tree-planting is funded through a EWCO grant which gives certainty to the completion of the planting initiative. The commitments of the charity to habitat restoration require long term operations as it will take many decades for recently planted sites to mature. This continuity is a risk. At year end the charity had free reserves of £36,379. ## **Going concern** The trustee's have given consideration to the charity's going concern and concluded that the level of funding in place is sufficient for the charity to continue as a going concern. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Governing document** The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity. Thousand Year Trust is controlled by its governing document, a constitution for a charitable incorporated organisation (CIO) using the foundation model. Page 2 **Thousand Year Trust** ## **Report of the Trustees** ## **for the Year Ended 31st January 2025** ## **STRUCTURE, GOVERNANCE AND MANAGEMENT Recruitment and appointment of new trustees** The board of trustees has been selected for their varied skills sets and includes individuals with backgrounds in rainforest research, land management, law, finance and research. ## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number** 1201579 ## **Principal address** Cabilla Manor Cardinham Bodmin Cornwall PL30 4DW ## **Trustees** G E Shrubsole Dr C N Shaw C Blackford Ms S Skinner Mrs H McIndoe ## **Independent Examiner** James Hodgson BA (Hons) FCA Hodgsons Chartered Accountants 48 Arwenack Street Falmouth Cornwall TR11 3JH Approved by order of the board of trustees on ............................................. and signed on its behalf by: 01/09/2025 ................................................................. C Blackford - Trustee Page 3 1ndti￿ndent Examln¢rfs R•p¢rt to the Trustses ot Thousand Y•arTru Independ•nt examlnerfs rnport to the tmstoès of Thousand Year Trust I report to the ¢harity tntstees on my examination of the accounts of Thousand Year Trust (the Trustl for the year ended 31st January 2025. Rèsponsibilitiès and basls of report As the charity trustees of the Trust you are rèsponsible for thè prèparation of the accounts In a¢¢ordance with the requirements of the Charities Act 2012 fihe Act'}. I report in respect of my examination of the Trust's accounts carried out und&r Sec*on 145 of the AGI and in carrying out my examination I have folk)wed all applicable Directions given by the Charity Commission under SeCt￿n 145(5llbl of the Act. Indep8ndent examlnorf8 Statsment I have wmpleted niy examination. I confirm that no material matters have rome to my attention in connection with the examination givlng me cause lo believe that in any material respect.. 8¢couriting récords were not kept Sn respe¢t of the Trust as requlred by Section 130 of the Act- or the a¢¢ounls do not acwrd with those records.. or Ihg accounts do not comply wFth the applicable requirements conceming the foTm and content of accounts sèt out in tha Chartties IA¢¢ounls and Reports) Regulations 2008 other than any requirement that the accounts glve a twe and falr vlew whlch 15 not a matter considered as part of an independent examination. I have no concerns and have come across no oU)er matters In connection with the examinatlon to whlch attention should be drawn in this report in ordor to onable a proper understandlng of the accounts lo be reached. James Hodg¥on BA {Honsl FCA Hodgsons Chartered A¢count8nts 48 Atwenack Streèt Falmouth Comwall TR11 3JH P8ge 4 **Thousand Year Trust** ## **Statement of Financial Activities for the Year Ended 31st January 2025** |Unrestricted
fund
Notes
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
**137,566**
**EXPENDITURE ON**
**Charitable activities**
2
Charitable activities
**72,843**
Support costs
**27,195**
Other
**32**
**Total**
**100,070**
**NET INCOME**
**37,496**
**Transfers between funds**
12
**109**
**Net movement in funds**
**37,605**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**(1,226)**
**TOTAL FUNDS CARRIED FORWARD**
**36,379**|Period
13.1.23
**Year Ended**
to
**31.1.25**
31.1.24
Restricted
**Total**
Total
funds
**funds**
funds
as restated
£
**£**
£
**55,793**
**193,359**
42,005
**25,634**
**98,477**
19,501
**-**
**27,195**
18,306
**7,891**
**7,923**
-
**33,525**
**133,595**
37,807
**22,268**
**59,764**
4,198
**(109)**
**-**
-
**22,159**
**59,764**
4,198
**5,424**
**4,198**
-
**27,583**
**63,962**
4,198| |---|---| The notes form part of these financial statements Page 5 **Thousand Year Trust** ## **Balance Sheet** ## **31st January 2025** |Unrestricted
Restricted
fund
funds
Notes
£
£
**FIXED ASSETS**
Tangible assets
9
**-**
**23,394**
**CURRENT ASSETS**
Debtors
10
**30,350**
**-**
Cash at bank
**10,940**
**4,189**
**41,290**
**4,189**
**CREDITORS**
Amounts falling due within one year
11
**(4,911)**
**-**
**NET CURRENT ASSETS**
**36,379**
**4,189**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**36,379**
**27,583**
**NET ASSETS/(LIABILITIES)**
**36,379**
**27,583**
**FUNDS**
12
Unrestricted funds
Restricted funds
**TOTAL FUNDS**|**31.1.25**
31.1.24
**Total**
Total
**funds**
funds
as restated
**£**
£
**23,394**
-
**30,350**
5,424
**15,129**
1,415
**45,479**
6,839
**(4,911)**
(2,641)
**40,568**
4,198
**63,962**
4,198
**63,962**
4,198
**36,379**
(1,226)
**27,583**
5,424
**63,962**
4,198| |---|---| The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: 01/09/2025 ............................................. C Blackford - Trustee The notes form part of these financial statements Page 6 **Thousand Year Trust** ## **Notes to the Financial Statements** ## **for the Year Ended 31st January 2025** ## **1. ACCOUNTING POLICIES** ## **Basis of preparing the financial statements** The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention. ## **Income** All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and the receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. Grants are recognised when there is evidence of entitlement to the gift, receipt is probably and the amount can be measured reliably. ## **Expenditure** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. ## **Tangible fixed assets** Freehold property is not currently depreciated as the asset has not yet been brought into use. Tangible assets except freehold property are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs. ## **Taxation** The charity is exempt from tax on its charitable activities. ## **Fund accounting** Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. ## **Pension costs and other post-retirement benefits** The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. Page 7 continued... **Thousand Year Trust** ## **Notes to the Financial Statements - continued for the Year Ended 31st January 2025** ## **2. CHARITABLE ACTIVITIES COSTS** |Support
Direct
costs (see
Costs
note 3)
£
£
Charitable activities
**85,796**
**12,681**
Support costs
**-**
**27,195**
**85,796**
**39,876**
**3.**
**SUPPORT COSTS**
Governance
Management
costs
£
£
Charitable activities
**9,863**
**2,818**
Support costs
**21,935**
**5,260**
**31,798**
**8,078**
Support costs, included in the above, are as follows:|Totals
£
**98,477**
**27,195**
**125,672**
Totals
£
**12,681**
**27,195**
**39,876**| |---|---| ## **Management** |Website|Charitable
Support
activities
costs
£
£
**5,017**
**11,829**|Period
13.1.23
**Year Ended**
to
**31.1.25**
31.1.24
as
restated
Total
Total
activities
activities
**£**
£
**16,846**
**2,376**| |---|---|---| |Insurance|**-**
**199**|**199**
**196**| |Telephone|**137**
**-**|**137**
**-**| |Brand development|**-**
**9,907**|**9,907**
**10,544**| |Entertainment|**4,709**
**-**|**4,709**
**-**| ||**9,863**
**21,935**|**31,798**
**13,116**| |**Governance costs**||| |Accountancy and legal fees|Charitable
Support
activities
costs
£
£
**2,818**
**5,260**|Period
13.1.23
**Year Ended**
to
**31.1.25**
31.1.24
as
restated
Total
Total
activities
activities
**£**
£
**8,078**
**5,190**| Page 8 continued... **Thousand Year Trust** ## **Notes to the Financial Statements - continued** ## **for the Year Ended 31st January 2025** ## **4. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 31st January 2025 nor for the period ended 31st January 2024. ## **Trustees' expenses** There were no trustees' expenses paid for the year ended 31st January 2025 nor for the period ended 31st January 2024. ## **5. STAFF COSTS** |**STAFF COSTS**||| |---|---|---| |||Period| |||13.1.23| ||**Year Ended**|to| ||**31.1.25**|31.1.24| |||as| |||restated| ||**£**|£| |Wages and salaries|**71,978**|18,595| |Social security costs|**5,026**|436| |Other pension costs|**392**|-| ||**77,396**|19,031| |The average monthly number of employees during the year was as follows:
Administration
Managing director|
**Year Ended**
**31.1.25**
**4**
**1**|Period
13.1.23
to
31.1.24
as
restated
2
1| ||**5**|3| No employees received emoluments in excess of £60,000. |**6.**|**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**|**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**||| |---|---|---|---|---| ||**INCOME AND ENDOWMENTS FROM**|Unrestricted
Restricted
Total
fund
fund
funds
as restated
£
£
£||| ||Donations and legacies|36,581
5,424||42,005| ||**EXPENDITURE ON**|||| ||**Charitable activities**|||| ||Charitable activities|19,501|-|19,501| ||Support costs|18,306|-|18,306| ||**Total**|37,807|-|37,807| ||**NET INCOME/(EXPENDITURE)**|(1,226)
5,424||4,198| Page 9 continued... **Thousand Year Trust** ## **Notes to the Financial Statements - continued for the Year Ended 31st January 2025** ## **6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued** ||Unrestricted|Restricted||Total| |---|---|---|---|---| ||fund|fund||funds| ||||as|restated| ||£|£||£| |**TOTAL FUNDS CARRIED FORWARD**|(1,226)|5,424||4,198| ## **7. PRIOR YEAR ADJUSTMENT** It was identified this year that grant income received last year from Exeter University had been incorrectly classified as unrestricted in the accounts to the year ended 31st January 2024. This income has now been confirmed to be restricted and as such a prior year adjustment has been made to reclassify the income in the prior year from unrestricted to restricted. ## **8. INDEPENDENT EXAMINER'S FEES** |**INDEPENDENT EXAMINER'S FEES**|| |---|---| |**2025**
**£**
Independent examination
660
Accountancy services
660|**2024**
**£**
600
600| |**TANGIBLE FIXED ASSETS**
Freehold
property
£
**COST**
Additions
**23,394**
**NET BOOK VALUE**
At 31st January 2025
**23,394**
At 31st January 2024
-
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
**31.1.25**
31.1.24
as
restated
**£**
£
Trade debtors
**30,350**
5,424|| ## **9.** ## **10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** Page 10 continued... **Thousand Year Trust** ## **Notes to the Financial Statements - continued for the Year Ended 31st January 2025** ## **11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** |Taxation and social security
Other creditors
**12.**
**MOVEMENT IN FUNDS**
At 1.2.24
£
**Unrestricted funds**
General fund
**(1,226)**
**Restricted funds**
Research station - Restricted
**-**
Ben Goldsmith - Restricted
**-**
Exeter University
**5,424**
**5,424**
**TOTAL FUNDS**
**4,198**
Net movement in funds, included in the above are as follows:
**Unrestricted funds**
General fund
**Restricted funds**
Research station - Restricted
Ben Goldsmith - Restricted
ERM Foundation
Exeter University
**TOTAL FUNDS**|Net
movement
in funds
£
**37,496**
**25,153**
**109**
**(2,994)**
**22,268**
**59,764**
Incoming
resources
£
**137,566**
**25,153**
**8,000**
**22,640**
**-**
**55,793**
**193,359**|**31.1.25**
31.1.24
as
restated
**£**
£
**3,392**
1,094
**1,519**
1,547
**4,911**
2,641
Transfers
between
At
funds
31.1.25
£
£
**109**
**36,379**
**-**
**25,153**
**(109)**
**-**
**-**
**2,430**
**(109)**
**27,583**
**-**
**63,962**
Resources
Movement
expended
in funds
£
£
**(100,070)**
**37,496**
**-**
**25,153**
**(7,891)**
**109**
**(22,640)**
**-**
**(2,994)**
**(2,994)**
**(33,525)**
**22,268**
**(133,595)**
**59,764**| |---|---|---| Page 11 continued... **Thousand Year Trust** ## **Notes to the Financial Statements - continued** ## **for the Year Ended 31st January 2025** ## **12. MOVEMENT IN FUNDS - continued** ## **Comparatives for movement in funds** |||Net||| |---|---|---|---|---| |||movement||At| |||in funds|31.1.24|| |||£||£| |**Unrestricted funds**||||| |General fund||(1,226)||(1,226)| |**Restricted funds**||||| |Exeter University||5,424||5,424| |**TOTAL FUNDS**||4,198||4,198| |Comparative net movement in funds, included in the above are as follows:||||| |**Unrestricted funds**|Incoming
resources
£|Resources
expended
£|Movement
in funds
£|| |General fund|36,581|(37,807)||(1,226)| |**Restricted funds**||||| |Exeter University|5,424|-||5,424| |**TOTAL FUNDS**|42,005|(37,807)||4,198| ## **RESTRICTED FUNDS** ## Research Station Funds in this category have been raised for the purpose of developing a research station on the site. This will allow academics the ability to come to the site to study the rainforest under development. ## Ben Goldsmith A donation was received from Ben Goldsmith for the charity to donate to a similar project operating in Spain the Grupo Naturalista Habitat. ## ERM Foundation A grant was received in the year from the ERM Foundation, this was to be used for landscape mapping and habitat restoration master planning. ## Exeter University A grant was received from Exeter University to fund a number of internships with the charity. ## **Transfers between funds** A restricted donation of £8,000 was received in the year, with strict instructions that these monies be forwarded on to Grupo Naturalista Habitat in aid of their Galician Rainforest Project. Due to movement in exchange rates, €8,000 was sent equal to £7,891. The remaining difference of £109 has been transferred to the general fund, in agreement with the donor. Page 12 continued... **Thousand Year Trust** ## **Notes to the Financial Statements - continued for the Year Ended 31st January 2025** ## **13. RELATED PARTY DISCLOSURES** Land owned by Mr M Hanbury-Tenison has been used by the charity and its volunteers. The volunteers have provided woodland management services to protect and expand temperate rainforest in line with the charity's charitable objective. No payment has been made for the use of the land or the services provided. Page 13 **Thousand Year Trust** ## **Detailed Statement of Financial Activities for the Year Ended 31st January 2025** |||Period| |---|---|---| |||13.1.23| ||Year Ended|to| ||31.1.25|31.1.24| |||as restated| ||£|£| |**INCOME AND ENDOWMENTS**||| |**Donations and legacies**||| |Donations|**114,359**|33,265| |Grants|**79,000**|8,740| ||**193,359**|42,005| |**Total incoming resources**|**193,359**|42,005| |**EXPENDITURE**||| |**Charitable activities**||| |Wages|**71,978**|18,595| |Social security|**5,026**|436| |Pensions|**392**|-| |Professional fees|**7,140**|-| |Travel and subsistence|**250**|166| |Postage and stationery|**522**|-| |Sundries|**488**|304| |**Other**|**85,796**|19,501| |PAYE interest|**32**|-| |Charitable donations|**7,891**|-| |**Support costs**|**7,923**|-| |**Management**||| |Website|**16,846**|2,376| |Insurance|**199**|196| |Telephone|**137**|-| |Brand development|**9,907**|10,544| |Entertainment|**4,709**|-| |**Governance costs**|**31,798**|13,116| |Accountancy and legal fees|**8,078**|5,190| |Total resources expended|**133,595**|37,807| |**Net income**|**59,764**|4,198| |||| This page does not form part of the statutory financial statements Page 14