2022-03-31-accounts

DORSET WILDLIFE TRUST

(A Company Limited by Guarantee and not having any share capital)

REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2022

Company Number: 00688439 Charity Number: 200222

DORSET WILDLIFE TRUST Financial Statements for the year ended 31 March 2022

CONTENTS
	Page
Reference and Administrative Details	1 – 3
Chair’s Report	4
Report of the Directors (including the Strategic Report)	5 – 19
Independent Auditor’s Report	20 – 23
Consolidated Statement of Financial Activities	24
Consolidated Summary Income and Expenditure Account	25
Consolidated and Charity Balance Sheets	26
Consolidated and Charity Cash Flow Statements	27
Notes to the Financial Statements	28 – 53

DORSET WILDLIFE TRUST Financial statements for the year ended 31 March 2022

Reference and administrative details

The registered name of the Charity is Dorset Wildlife Trust. It is registered with the Charity Commission in England and Wales with the number 200222.

Dorset Wildlife Trust is registered at Companies House with the number 00688439.

Registered office

Brooklands Farm, Forston, Dorchester, Dorset, DT2 7AA.

Members of the Board

The charitable company’s Board, known as the Council is made up of the Company Directors who are also Trustees of the charity. The Trustees of the charity who have held office in the year ended 31 March 2022 and to date are:

M G Kibblewhite PhD, MBA, FRSC, FIAgrE (Chair of Council) J Davies MBE (Vice Chair) J White MBE, BSc (Vice Chair) H G A Bates MBE, BSc, Ceng, MIMM R Cole BA K Derrick OBE, BSc, MSc(Econ) J D Gaye I Reynolds BA, MA G Pugh BSc (Econ), FCA A Simmons BVMS, MSc, MRCVS J A Thomas OBE, MA, PhD, FRES N R Webb BSc, PhD, DSc, C Biol FRSB A V Wheatcroft BA, MSc

Dorset Wildlife Trust is the sole trustee of the Helen Brotherton Trust, a permanent endowment fund, established as a separate legal entity in June 2019 and a linked-charity (Charity Commission registration number 200222-1).

Dorset Wildlife Trust has three wholly owned subsidiaries:

DWT Services Ltd (Company registration number 02293763)– company directors who have held office in the year ended 31 March 2022:

B Bleese BSc, FRGS J Davies MBE K Derrick OBE, BSc, MSc(Econ) S E Patterson ACA A V Wheatcroft BA. MSC

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DORSET WILDLIFE TRUST Financial statements for the year ended 31 March 2022

Reference and administrative details continued

Dorset Ecology Limited (Company registration number 08098097) – company directors who have held office in the year ended 31 March 2022:

J Davies MBE J D Gaye S E Patterson ACA N R Webb BSc, PhD, DSc, C Biol FSB

The National Wildlife Garden Limited (Company registration number 10948799) – company directors who have held office during the year ended 31 March 2022:

B Bleese J Davies MBE J Gaye M Kibblewhite PhD, MBA, FRSC, FIAgrE S E Patterson ACA J White MBE, BSc

President, Vice Presidents and Patrons

Dr G McGavin (President) L Bunce (Vice President) T Dampney (Vice President) L Haskins (Vice President) J McDavid (Vice President) R Peers (Vice President) J Powne (Vice President) P Scupholme (Vice President) P Westgate (Vice President) J Westgate (Vice President) Sir J Eliot Gardiner (Patron) S Fine King (Patron) Prof J Lovelock (Patron)

Chief Executive and senior management team

B Bleese BSc, FRGS Chief Executive I Davenport BSc (Director of Nature Based Solutions) S E Patterson ACA (Director of Finance and Resources) A Pollard BSc, MSc (Director of Nature Recovery Networks) S Thompson (Director of Marketing & Fundraising) L McLellan (Acting Director of Marketing & Fundraising)

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DORSET WILDLIFE TRUST Financial statements for the year ended 31 March 2022

Reference and administrative details continued

Company Secretary

S E Patterson ACA

Bankers

National Westminster Bank plc, 7 West Borough, Wimborne, Dorset, BH21 1PE.

Solicitors

Battens, Mansion House, Princes Street, Yeovil, Somerset, BA20 1EP. Stone King LLP, 13 Queen Square, Bath BA1 2HJ.

Investment Advisors

Close Brothers Asset Management, 10 Exchange Square, Primrose Street, London EC2A 2BY. Ruffer LLP 80 Victoria Street, London SW1E 5JL.

CCLA , Senator House, 85 Queen Victoria Street, London EC4V 4ET

Auditors

CLA Evelyn Partners Limited (Formerly Nexia Smith & Williamson), Cumberland House, 15-17 Cumberland Place, Southampton, SO15 2BG.

VAT Advisor

Saffery Champness, 71 Queen Victoria Street, London EC4V 4BE.

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DORSET WILDLIFE TRUST

Chair’s Report

For the year ended 31 March 2022

As the seriousness of the climate and ecological emergencies deepens, Dorset Wildlife Trust is building on existing initiatives while implementing new responses. Our strategy sets a progressive path, with ambitious targets for habitat restoration and citizen engagement. Its delivery depends on securing resources and deploying these efficiently, and this is a major focus for our development.

The motivation and capacities of trustees, staff and members underpin our organisational effectiveness. Council has reviewed its structure and evolution and agreed a plan to ensure fresh inputs and access to key skills, through future trustee rotation and recruitment. The Chief Executive has led development of the senior management team, who face increasing challenges in responding to external pressures. Management and staff at all levels are working to support effective communications and prioritisation, the latter being especially demanding because of accelerating environmental degradation. We are a membership-based organisation. Our innovative use of social media and other targeted initiatives is growing, sustaining, and energising our membership – members are our ambassadors in the wider community, support campaigns, and do vital volunteering. They are the engine driving us forwards.

Resources must be found continually to support our extensive operations, and for investment in new projects to develop the scale and scope of our impact. The pandemic has affected operations. However, the organisation has weathered this storm well, assisted by successful applications for Government support. We are now recruiting staff to carefully defined additional roles, although this is difficult in a tight employment market. This recruitment is essential to underpin our investment in projects and sustain them into the future. Such projects, underway in the year, included: the final purchase of land near Bere Regis and the launch of ‘Wild Woodbury’; a ‘refresh’ of the Kingcombe Centre, coinciding with the prestigious designation of reserves at Kingcombe and Powerstock as a National Nature Reserve; growing inclusive engagement with urban communities to assist their championing of local biodiversity; habitat restoration and Centre development on Brownsea Island; and beaver re-introduction. These and other projects are only possible because of the extraordinary generosity of donors and legacies, for which we are immensely grateful.

Dorset Wildlife Trust is one of more than 40 county trusts. We are independent charities that support and are supported by the wider federation. Our adoption of the Wildlife Trusts’ new common logo is symbolic of steps being taken to enhance our collective impact on national policy, at a time when the need for effective environmental regulation is greater than ever, but supporting national policy is in doubt. We are intent on making a strong contribution to the federation and to ‘stand up for nature’ locally.

On behalf of all trustees, I thank members, staff, supporters and partners for their commitment and vital work delivering a better World for wildlife and the community. Theirs is a wonderful contribution and a significant one in Dorset and even in a global context.

Mark Kibblewhite

Mark Kibblewhite (Sep 5, 2022 17:41 GMT+1)

Mark Kibblewhite Chair – Dorset Wildlife Trust 5 September 2022

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DORSET WILDLIFE TRUST

Report of the Directors (including the Strategic Report) For the year ended 31 March 2022

The Board have pleasure in presenting their report together with the audited accounts for the year ended 31[st] March 2022. The Board have adopted the provisions of 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 (effective 1 January 2019) in preparing the annual report and financial statements of the charity. The accounts have been prepared in accordance with the Companies Act 2006.

Objectives and activities

Dorset Wildlife Trust is required by charity and company law to act only within the objects of its Articles of Association which are as follows:

For the public benefit:

• (I) To promote for the benefit of the public the conservation protection and improvement of the physical and natural environment both on land and sea, in particular but not exclusively in Dorset by:

• a. establishing and maintaining nature reserves, wildlife habitats and natural spaces;

• b. surveying, recording, researching and studying the natural environment; and

• c. engaging people with their environment through events, centres, volunteering and/or other means.

• (II) To advance the education of the public in and inform them about the conservation, protection and improvement of the physical and natural environment, and the natural sciences both on land and sea in particular but not exclusively in Dorset by:

• a. providing walk, talks, events, meetings, digital and other means of communications; and

• b. advocating good practice and promoting environmentally sustainable lifestyles and working.

Dorset Wildlife Trust (DWT) aims to safeguard Dorset’s wildlife areas for the future, and actively encourages sympathetic management of the countryside and coast as a whole. Over 3,700 acres of land are owned or leased by DWT as nature reserves. Support comes from the DWT’s membership, as at 31 March 2022 27,563 individuals or 15,060 households and a network of about 462 active volunteers during the year, as well as a number of supportive corporate members and sponsors.

We play a leading role, in partnership with other organisations, to conserve and enhance Dorset’s wildlife and wild places, focussing on:

• a. delivering advancements in conservation through our network of nature reserves and wildlife sites, to help protect threatened wildlife habitats and species; and

• b. engaging people and communities by working with landowners, farmers, local authorities, businesses and young people, and influencing the behaviour of all sectors of society.

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Report of the Directors (including the Strategic Report) For the year ended 31 March 2022 (continued)

Public benefit statement

The Trustees confirm that they have complied with the duty in section 4 of the Charities Act 2011 to have due regard to the Charity Commission’s general guidance on public benefit, ‘Charities and Public Benefit’. The Trust’s public benefit is enshrined in its charitable objects as outlined above.

We have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing our aims and objectives and in planning our future activities.

The advancement of environmental protection and improvement is recognised as a charitable purpose and is regarded universally as producing a public good. The Dorset Wildlife Trust exists to promote the care and protection of the environment and therefore provides a clear public benefit. The Wildlife Trusts’ (TWT) philosophy is based on the belief that the natural world deserves conserving for its own sake and, since this is widely perceived to be a worthy aim of public policy, it may fairly be regarded as a benefit to the public at large. However, the public benefits provided by the Dorset Wildlife Trust go much further.

Firstly, our nature reserves are used by the public, and many have access on way-marked routes. At many sites information and interpretation is provided to visitors. There are a few cases where there may be a conflict between management requirements and unfettered access, but where this occurs we strive to keep any restrictions to a minimum.

Secondly, our education programmes are aimed at schools, colleges, adult groups and the wider public. Education is recognised as a charitable activity in its own right.

Thirdly, our information gathering and provision of expert advice and opinion to local authorities and others helps to ensure that planning decisions are made on a rational basis taking full account of the public benefit of wildlife.

Fourthly, we can exert influence through our substantial membership at local level, and nationally through our membership of the Royal Society of Wildlife Trusts. It is also our belief that the involvement of many volunteers in our work provides an outlet for altruistic endeavour which is of special benefit to those involved as well as delivering benefits to the wider public.

Promoting the enjoyment of the natural world is an important part of what we do: contact with the natural world and the appreciation of wildlife and wild places provides great pleasure to many people and contributes towards wellbeing and health. Our nature reserves and activities are available to all and we try to make special provision for the disabled and disadvantaged wherever possible.

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DORSET WILDLIFE TRUST

Report of the Directors (including the Strategic Report) For the year ended 31 March 2022 (continued)

Strategic report

The new Dorset Wildlife Trust strategy ‘A Wilder Dorset by 2030’ was introduced in 2021. The new strategy builds on and defines our closer alignment with the Wildlife Trusts partnership nationally and sets us some ambitious goals. Most significantly we aim to see:

• 30% of land and sea managed in favour of nature by 2030

• 1 in 4 people taking action for nature

• A net zero carbon Dorset Wildlife Trust by 2030

In support of our closer alignment with our partner Wildlife Trusts we have adopted the new national logo and moved away from the early spider orchid after 60 years. This was well received by Dorset Wildlife Trust members, stakeholders and partners.

During the past year there have been some notable successes in our mission to create a wilder Dorset by 2030. The acquisition of 170ha of land at Bere Regis has enabled the creation of our first landscape scale rewilding project at Wild Woodbury. As well as providing much needed space for nature Wild Woodbury will support our people participation goals and also offers a major opportunity to establish a significant rural economic regeneration initiative with the local community and nature at its heart. The designation of Kingcombe and Powerstock nature reserves as Kingcombe National Nature Reserve (NNR) recognised these sites as amongst the finest wildlife sites in the UK and was a great testament to the huge effort by volunteers and staff over several decades. Kingcombe NNR provides an excellent opportunity to link with neighbouring farmers and landowners to create a nature recovery network that will make a significant contribution to addressing the ecological crisis.

Engaging farmers and landowners is a high priority in our Strategy and this has been an area of particular success with our liaison team engaging with over 140 farmers and landowners responsible for 13,290ha of land equivalent to 5% of Dorset’s land area. We have also been successful in securing Defra funding to facilitate the establishment of 3 new farm clusters which will greatly increase opportunities to work with farmers.

Volunteers remain vital to so many areas of our work and after a huge reduction, due to Covid-19, in volunteering activity during 2020-2021, we have seen a volunteering resurgence throughout the year. Recorded volunteer hours increased from 2,210 in 2020-2021 to an amazing 20,720 for 2021-2022, that is an amazing 592 person weeks of work.

Following a strong financial performance in the prior year, DWT has continued to strengthen its financial position with an unrestricted surplus of £424,000 for the year against a budgeted deficit of £398,000. The financial performance is a result of a significant effort across the Trust to control expenditure, improve value for money and optimise our fundraising. Strong and sustained support from Dorset Wildlife Trust members has, again, played a key role in improving income; legacies, major donors and corporate donations have been strong and we have worked hard to obtain the best possible benefit from new agri-environment schemes.

A new member engagement programme was introduced to replace and build upon the Local Members Group structure that had supported the work of DWT for many years. The new programme includes a new volunteering initiative to enable people to play an active role in caring for their local nature reserves, a centrally planned and delivered programme of walks and talks and a new ‘Wildlife Champions’ initiative to enable more people to become ambassadors for wildlife in their communities. Notably, some 6,000 people have attended online talks.

There have been challenges too. The impact of Covid-19 continued and resulted in ongoing isolation and communications difficulties due to lack of contact between staff. As we emerge from the Covid-19 crisis and

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Report of the Directors (including the Strategic Report) For the year ended 31 March 2022 (continued)

move to a flexible hybrid working scheme we hope to see informal communications start to rebuild and teams meeting more regularly. In support of staff development, a new emerging leaders training programme has been initiated with some fifteen members of staff participating. Our strong financial position has enabled us to rebuild resources in a number of areas that had been depleted in previous years and to start to catch up with a backlog of work, particularly on nature reserves and some externally funded projects. Projects such as Urban Green, Gillingham Royal Forest and Explore West Dorset are now back on track and the engagement elements of Wild Brownsea have bounced back strongly and an interim evaluation of the project was well received by the National Lottery Heritage Fund (NLHF). Capital elements of Wild Brownsea are also starting to get back on track with the completion of key design packages.

Two years of reduced nature reserve management have raised a number of issues particularly relating to grazing of sites. In looking at the reserves condition assessment we are starting to see the effects of climate change on the condition of the open habitats on our reserves. We are experiencing a longer growing season resulting in an increase in dominant grassland species. We need to address this issue where we can, for instance by pushing our grazing out for longer periods and increasing the grazing intensity in places. Obtaining sufficient quality grazing animals for our reserves remains a constant challenge, where we do not own our own stock.

Looking forward, we do face a testing year ahead, the world faces a period of major financial uncertainty with inflation predicted to rise to levels not seen for decades, major increases in fuel costs and significant impacts on supply chains. The economic outlook may affect our fundraising ability and a high priority will be to focus on member retention throughout the year.

Priorities for the coming year include:

• Development of our vision to develop the redundant farm buildings at Wild Woodbury as a mixed campus of charitable, community and commercial activities.

• Development of member engagement activity programme.

• Delivering the Wild Brownsea capital works, namely ‘The Lookout’ a new visitor facility and wildlife observatory and the refurbishment of the Villa as the Wildlife and Wetland Centre.

• Review of grazing and stocking regimes in response to climate change.

• Assessment of our built infrastructure, including our HQ options.

• Establishing a robust carbon reduction plan.

• Investigating options for land acquisition to provide additional space for nature and improving the viability of existing nature reserves.

We would like to acknowledge and thank our members, volunteers, supporters and staff for their hard work and dedication to Dorset Wildlife Trust and Dorset’s wildlife throughout a challenging year. The support of our board of trustees has also been invaluable in delivering our mission and achieving some real conservation successes.

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Report of the Directors (including the Strategic Report) For the year ended 31 March 2022 (continued)

Financial review

A review of the financial position at the end of the reporting period

The results for the year under review are somewhat distorted by the inclusion of £3.12 million restricted capital grants for the acquisition of land at Wild Woodbury. The underlying results however show a strong performance with an unrestricted surplus of £424,000 and a balance of restricted surplus of £487,000. Income streams have shown a bounce back to pre-pandemic levels in most areas and expenditure has also increased to pre-pandemic levels as projects and activities have been resumed.

Dorset Wildlife Trust continues to exclude legacy income from its budget due to its unpredictability and to restrict drawdowns from free reserves towards future budgeted activities in order to maintain sufficient free reserves for the stability of the charity. This has allowed us to invest more of our ongoing free reserves to try to protect funds from inflationary pressures whilst maintaining sufficient working capital to service ongoing activities.

The acquisition of land at Wild Woodbury for a rewilding project was a complex transaction. In summary the total acquisition costs of £3.87 million for 170 ha of land and buildings, were funded by capitals grants from Bournemouth & Christchurch Council (£2.79 million) and Dorset Council (£331,500) as part of their nitrate offsetting scheme, £597,000 from the Helen Brotherton Endowment Fund and £152,000 from restricted reserve acquisition funds. The acquisition costs have been allocated to Heritage assets (£3.13 million) and Fixed assets (£730,000).

Dorset Wildlife Trust is in a strong position at the year end with net current assets of £1.14 million. In March 2022 Council designated unrestricted funds totalling £215,000 to fund specific future planned projects and these are detailed in note 23(b) to the financial statements.

Dorset Wildlife Trust hosts the Local Nature Partnership (LNP); all contributions received towards the funding of the LNP are treated as restricted funds and all relevant costs are expended from those funds. There is a balance of £72,000 (2021: £27,000) on the LNP fund relating to income for 2022/23.

The Dorset Peat Partnership is managed by Dorset Wildlife Trust to deliver the Climate Fund Peatland Discovery grant scheme funded by Natural England. Grant income due for the year is £27,618 to cover expenditure during the year with a net transfer of £1,000 of matched funding.

Balance Sheet

Dorset Wildlife Trust’s financial position at the balance sheet date shows an increase in overall funds of £4 million during the year to £15.8 million (2021: £11.75 million). The majority of this increase (£3.6 million) is restricted bringing restricted funds to £9.4 million (2021: £5.8 million) and reflects £3.12 million of capital grants received towards the acquisition of land at Wild Woodbury (Bere Heath) and income of £472,000 from major donors most of which is carried forward for specific projects in future years. General unrestricted funds have increased by £424,000 to £5.07 million (2021: £4.65 million); this is mainly due many income streams performing better than budget and with the inclusion of accrued legacies at the balance sheet date which were unbudgeted. The Endowment funds have increased by £37,000 to £1.35 million due to investment gains (2021: £1.31 million).

Heritage assets of £7.77 million (2021: £4.64 million) represent the nature reserves held by the charity, of which £6.35 million (2021: £3.82 million) are restricted. The increase of £3.13 million reflects the acquisition of 170ha land at Bere Heath known as Wild Woodbury. Fixed assets of £2.99 million (2021: £2.29 million) represent the assets utilised in the activities of the charity of which £1.68 million (2021: £1 million) are

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Report of the Directors (including the Strategic Report) For the year ended 31 March 2022 (continued)

restricted. The increase of £701,000 reflects the acquisition of buildings included in the purchase of land at Bere Heath.

Investments as at 31 March 2022 are £3.93 million (2021: £2.53 million). The increase of £1.4 million in investments reflects the investment of the SANG contribution of £678,000 during the year and the additional investments made of £618,000 and investment gains of £104,000.

Debtors as at 31 March 2022 are £1.18 million (2021: £4.58 million). The decrease of £3.4 million is due to the release of the £3.91 million prepayments held at the end of last year relating to the acquisition of land that was completed in June 2021. However the amount included in debtors for grant income due increased this year as did the legacies accrued.

Cash at bank at 31 March 2022 is £834,000 (2021: £1.76 million). The decrease of £926,000 reflects the £1.3 million invested during the year as previously mentioned but also the surplus arising during the year.

Creditors

Creditors due within one year as at 31 March 2022 are £1.04 million (2021: £4.16 million). The decrease reflects the release of deferred income relating to two large grants totalling £3.12 million received at the end of last year for the land acquisition that was completed in June 2021. The SANG contribution of £678,000 received in the prior year is still included in deferred income as the management of the site has not yet been transferred to DWT.

Income

Overall income for the year is up by £3.70 million to £7.20 million (2021: £3.50 million). This reflects the inclusion of the capital grants of £3.12 million funding the land acquisition during the year.

Nearly all areas of income in the prior year were impacted by the pandemic but have bounced back this year with our income from charitable activities increasing by £221,000 and membership income growing by £91,000. DWT did not receive any income from Government Covid support schemes during the year (2021: £295,000).

Expenditure

Total expenditure during the year amounted to £3.23 million (2021: £2.70 million) of which expenditure on charitable activities totalled £2.40 million (2021: £1.98 million). The increase in overall expenditure is due to the resumption of projects and activities that had been put on hold during the prior year due to the pandemic (total expenditure for year ended 31 March 2020 was £3.17 million).

Expenditure on raising funds of £835,000 (2021: £718,000) includes membership servicing and recruitment costs of £498,000 (2021: £340,000), fundraising & marketing costs of £234,000 (2021: £314,000) and trading company costs of £75,000 (2021: £40,000). The increase in membership servicing and recruitment costs of £158,000 reverses the prior year fall in those costs (£141,000) which arose due to the cessation of face-toface recruitment and its associated costs and the reduction in publications due to Covid-19. The marketing costs decreased by £80,000 again reversing the increase in the prior year that arose due to the use of digital fundraising campaigns and marketing during lockdown.

Support costs, including depreciation and governance, totalled £718,000 (2021: £671,000). Support costs are detailed in note 10 of the financial statements. The increase in costs of £47,000 is partly due to the prior year including a recovery of £28,000 of legal fees.

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Report of the Directors (including the Strategic Report) For the year ended 31 March 2022 (continued)

Financial reserves

Free Reserves

The Trustees believe that, because of the uncertain nature of much of its income, it would be prudent for the charity to hold a level of free financial reserves (general unrestricted funds less those held as fixed assets) for the following purposes:

• To provide adequate short-term liquidity, and cover temporary timing differences in grant claims;

• To provide reliable funding over the longer term;

• To enable the Trust to respond quickly to unexpected opportunities, such as the purchase of land for nature reserves (the first of its charitable objects);

• To absorb setbacks and manage change should a major income stream fail.

The Trustees have determined that the level of free reserves held by the charity should not normally fall below six months’ total budgeted costs of the following year for both unrestricted and restricted fund expenditure.

The Finance Committee monitor the level of reserves and report regularly to Council. Council, advised by the Finance Committee, review the Policy annually.

Free Reserves Calculation	2022	2021
	£’000	£’000
General unrestricted funds	4,499	4,254
Less tangible fixed assets	(1,313)	(1,300)
Less Heritage assets	(815)	(815)
Less investment property	(250)	(250)
Free reserves	2,121	1,889

At the balance sheet date free financial reserves represented approximately six months of our budgeted total costs for the coming year (2021: seven months).

Designated reserves

Designated funds are those unrestricted reserves that the Trustees have designated for particular purposes.

The total value of funds designated for specific projects as at 31 March 2022 totals £571,000 (2021: £392,000). The projects are detailed in note 23b of the financial statements.

Investment powers and policy

Under the charity’s governing document trustees are authorised to invest monies not immediately required for the furthering of the objects of the Trust in such manner, and upon such securities as may be deemed expedient, provided that monies subject or representing property subject to the jurisdiction of the Charity Commission shall only be invested in such securities and with such sanction as may for the time be prescribed by law.

Governance

The Finance Committee acts in accordance with the investment strategy approved by the Council. With the approval of Council the Finance Committee may delegate the management of investment to one or more authorized fund managers on a discretionary basis in line with letters of instruction issued in line with this policy. The charity has nominated a list of authorized signatories, two of which are required to sign instructions to investment managers. With the approval of Council the Finance Committee has delegated the oversight and monitoring of investment manager performance to an Investment Sub-Committee. The

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Report of the Directors (including the Strategic Report) For the year ended 31 March 2022 (continued)

Council has delegated authority to the Finance Committee to make investment decisions based on independent advice from the investment managers in circumstances requiring urgent action to mitigate risk of substantial losses to the charity. Such a decision requires a quorum of four Trustees.

Investment Policy

Dorset Wildlife Trust’s investment policy has two guiding principles:

1. Protect the real value of capital of the investment over the period in which it is invested.

2. Optimise the total return of the investment over the period in which it is invested.

Ethical Investment Policy

Dorset Wildlife Trust has established an ethical investment policy which excludes investments in companies based on the level of environmental impact from the activities of those companies and the actions taken by those companies to mitigate negative impacts.

Investment Objectives

The charity seeks to produce the best financial return within an acceptable level of risk. The investment objective for the unrestricted long-term reserves and the endowment funds is to generate a return in excess of inflation over the long term to support the on-going activities of the charity. The investment objective for the unrestricted short- term reserves and restricted reserves is to preserve the capital value with a minimum level of risk. Unrestricted assets should be readily available to meet unexpected cash flow requirements.

Risk

The key risk to the long- term reserves is future inflation, and the assets should be invested to mitigate this risk over the long term. The Trustees understand that this is likely to mean that investments will be concentrated in real assets and that the capital value will fluctuate.

The short- term reserves are held to provide financial security and may be required at short notice. As such excess capital volatility is undesirable and liquidity of investments of these assets should is required.

The base currency of the investment portfolios is Sterling.

Cash

The Charity’s cash balances should be deposited with institutions with a minimum rating of A- or invested in a diversified money market fund including Common Deposit Funds.

The Charity will draw down the cash in line with the budgeted expenditure and maturities of cash deposits should match the budget schedule.

Time Horizon

The charity has divided its reserves into those expected to be held for a long- term time horizon and those that may be needed in the short term.

Investment Strategy

Dorset Wildlife Trust’s investments are split between three independent professional investment managers; each has differing approaches to investment which, to some degree, should reduce the overall risk. Ruffer LLP manage £2.02 million; their approach is absolute return. They aim not to lose money on a 12-month rolling basis and to grow funds at a higher rate than would be achieved by depositing them in cash. Ruffer seeks to mitigate the risk of equity falls using financial instruments the nature of which is driven by the most likely factor that would lead to a fall in equities. They also invest in long dated index-linked bonds to mitigate against a rise in inflation.

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Report of the Directors (including the Strategic Report) For the year ended 31 March 2022 (continued)

Close Asset Management manage £1.16 million; the risk profile of the portfolio is medium with the priority being to make long- term gains and to take advantage of the greater long-term returns that may be available from higher risk assets. The increased weighting in higher risk assets is likely to increase the volatility of returns which can be mitigated to a degree by holding a spread of different investment types.

A further £477,000 is invested in CCLA Charity Official Ethical Investment Fund. The investment objective of the fund is to provide real long-term growth in capital values and rising income from a portfolio managed within a clear risk control framework. The fund is an actively managed, diversified portfolio of assets designed to help protect funds from the effects of inflation. It has an emphasis on real assets, predominantly global equities but also includes property and infrastructure.

Management, Reporting and Monitoring

The investment managers are required to produce a valuation and performance reports quarterly and are required to present to the Finance Committee on at least an annual basis.

The charity manages its own cash deposits and has nominated a list of authorized signatories, two of which are required to sign instructions to the deposit taking institution. The Finance Director monitors the cash position and prospective cash flow schedule and reports this to the Finance Committee at each quarterly meeting. The Committee reports formally to Council as appropriate.

Fundraising Activities

Our fundraising standards

1. Data protection

Dorset Wildlife Trust is registered with the Information Commissioner’s Office as a data controller.

Dorset Wildlife Trust revised its Data Protection Policy and Notice to ensure compliance with the General Data Protection Regulation (GDPR). This information is publicly available on Dorset Wildlife Trust’s website.

1. Fundraising Regulator

Dorset Wildlife Trust is a member of the Fundraising Regulator, the independent regulator of charitable fundraising. The Regulator sets and promotes the standards for fundraising through the Code of Fundraising Practice. Dorset Wildlife Trust follows the standards of the Code of Fundraising Practice in all of its fundraising activities.

Our fundraising standards are published on our website along with our fundraising complaints procedure. Complainants who are unsatisfied with how Dorset Wildlife Trust responds are referred to the Fundraising Regulator for further investigation.

1. Breaches of fundraising standards

There were no identified breaches of the Code of Fundraising Standards during the year.

Our fundraising methods, including fundraising agencies

1. Face-to-face fundraising

2. South West Wildlife Fundraising Limited (SWWFL)

SWWFL is a company limited by guarantee, established by eight Wildlife Trusts, to engage in mutual trading and provide the Member Trusts with new members. SWWFL fundraisers attend booked venues or events, where they engage with the public.

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Report of the Directors (including the Strategic Report) For the year ended 31 March 2022 (continued)

Dorset Wildlife Trust has a data processing agreement in place with SWWFL that stipulates how the two organisations will share and protect the data of the Dorset Wildlife Trust members signed-up by SWWFL.

There is also an agreement in place between the two organisations which stipulates that SWWFL fundraisers must adhere to the Fundraising Regulator’s face-to-face private site fundraising rule book. It also states that SWWFL fundraisers must protect vulnerable people and members of the public from behaviour which is an unreasonable intrusion on a person’s privacy, is unreasonably persistent and which places undue pressure on a person to give money. The agreement also requires SWWFL to report any complaints to Dorset Wildlife Trust promptly.

SWWFL is a corporate member of the Chartered Institute of Fundraising, and all their fundraisers are trained on data protection laws and best fundraising practices using the Fundraising Regulator’s rule book on face-to-face private site fundraising. SWWFL’s private site face-to-face activities have been certified as following best practice by the Chartered Institute of Fundraising’s Compliance Directorate.

SWWFL fundraisers use a solicitation statement to explain to the public how they are paid and how much of any donation will benefit Dorset Wildlife Trust.

1. Telephone fundraising

2. Quality Telephone Services Ltd (QTS)

QTS is a south-west based professional telephone fundraising agency that is used by many Wildlife Trusts to help with supporter retention and development. Dorset Wildlife Trust contracts with QTS to undertake administrative ‘welcome calls’ for new members and to undertake fundraising campaigns such as recruiting new members, upgrading membership subscriptions and re-recruiting lapsed members.

• Purity Fundraising Limited

Purity Fundraising Limited is a professional fundraising agency that Dorset Wildlife Trust contracts with to undertake membership recruitment from warm leads generated from other engagement activities.

Dorset Wildlife Trust has agreements in place with both QTS and Purity Fundraising Limited which stipulates that their fundraisers must adhere to the Fundraising Regulator’s code of fundraising practice and with data protection laws. It also states that telephone fundraisers must protect vulnerable people and members of the public from behaviour which is an unreasonable intrusion on a person’s privacy, is unreasonably persistent and which places undue pressure on a person to give money. The agreement also requires QTS and Purity Fundraising Limited to report any complaints to Dorset Wildlife Trust.

Both fundraising companies adhere to the Fundraising Regulator’s rules and the stipulations regarding the Telephone Preference Service.

Dorset Wildlife Trust also has a data processing agreement in place with each company, which stipulates how each organisation will share and protect and process the data of the Dorset Wildlife Trust members.

3. Individual giving fundraising

Dorset Wildlife Trust undertakes a range of fundraising activities to generate additional income, and these are primarily focussed at members. These activities include amongst others, raffles and appeals, which involve mailing, email, website and social media promotion. These fundraising activities may also be promoted to the wider public through social media and website communication and press releases.

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Report of the Directors (including the Strategic Report) For the year ended 31 March 2022 (continued)

Our legacy fundraising is focussed around inviting longstanding members to attend a series of guided walks and events around our nature reserves, where they can hear how legacies have benefitted our work and learn about the management of these sites. Legacy marketing also regularly features in Dorset Wildlife, our membership magazine.

1. DWT Services Ltd.

DWT Services Ltd sells a range of retail goods to the public through a number of visitor centres.

1. Corporate fundraising

Dorset Wildlife Trust runs a corporate membership scheme, whereby businesses pay an annual membership subscription in return for benefits. In addition, we encourage our corporate partners to support our work through further donations, sponsorship or voluntary work.

1. Grants & Trusts

Securing funding from grants and trusts is a major part of Dorset Wildlife Trust’s fundraising work and involves significant resource from the Conservation teams collaborating in constructing funding bids.

Monitoring fundraising activities

Agreements are in place with the agencies that carry out fundraising services on behalf of Dorset Wildlife Trust. These agreements stipulate the required standards of fundraising that must be adhered to, data protection protocols and how any issues with regards to fundraising practices must be reported back to Dorset Wildlife Trust.

Dorset Wildlife Trust holds regular meetings with the agencies where any issues with fundraising activities are discussed and resolved.

The Director of Fundraising & Marketing signs off on all fundraising activities. The approach used for each fundraising campaign is discussed in Fundraising & Marketing team meetings. Some of these activities are also discussed at quarterly Marketing Committee meetings, which involve Trustees.

Each quarter the Marketing Committee receives a report on any complaints Dorset Wildlife Trust has received during that period.

Complaints about fundraising

During 2021/22 DWT received a total of 68 complaints from the public, of which just six related to fundraising activities. All complaints were responded to directly and where appropriate the member’s preferences updated on the database.

Protecting vulnerable people

In accordance with the Fundraising Regulator’s Code of Fundraising Practice our fundraisers take reasonable steps to treat a donor fairly, enabling them to make an informed decision about any donation. This includes considering the needs of any potential donor who may be in a vulnerable circumstance or require additional care and support to make an informed decision.

Our fundraisers will not exploit the credulity, lack of knowledge, apparent need for care and support or vulnerable circumstance of any donor at any point in time.

If one of our fundraisers reasonably believes that a supporter is unable to make a decision or is in a position which does not allow them to make a donation, then a donation is not to be taken or accepted.

Our fundraisers must not use behaviour which is an unreasonable intrusion on a person’s privacy, is unreasonably persistent and/or which places undue pressure on a person to give money.

The agreements we have with fundraising agencies include requirements to protect vulnerable people.

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Report of the Directors (including the Strategic Report) For the year ended 31 March 2022 (continued)

Structure, governance and management

Dorset Wildlife Trust is governed by its Articles of Association and is a company limited by guarantee with the number 688439 and charity number 200222.

The charity’s governing body is the Council to which Trustees are elected by members at the Annual General Meeting (normally around December each year). Council may co-opt additional Trustees to fill vacancies between AGMs, but such persons must face election by members at the next AGM. Trustees endeavour to maintain a balance of skills and expertise on the Council when seeking new or replacement Trustees and to that end a skills audit has been conducted. Officers of the Trust (Chair and Vice Chairs) are appointed by Council from those elected by members.

Dorset Wildlife Trust is the sole trustee of The Helen Brotherton Trust which is registered with the Charity Commission as a linked-charity.

DWT Services Ltd, the charity’s trading subsidiary, was primarily involved in the sale of goods, delivering educational courses and other services. Profits generated are transferred to its parent company Dorset Wildlife Trust on an annual basis as a gift aided charitable donation. Both Dorset Ecology Limited and The National Wildlife Garden Limited are dormant subsidiaries of Dorset Wildlife Trust. The directors of DWT Services Ltd and the two dormant companies are appointed by the Council of Dorset Wildlife Trust and confirmed annually.

Dorset Wildlife Trust’s organisation can be summarised as follows:

• The Council of Trustees, which meets every quarter to review performance and set DWT policy and strategy.

• Council is supported and advised by six committees:

• Conservation Committee.

• Finance Committee.

• Risk & Audit Committee.

• Health and Safety Committee.

• Fundraising & Marketing Committee.

• Personnel and Remuneration Committee.

Council has responsibility for all decisions of Dorset Wildlife Trust. Committees may only make decisions on Council’s behalf where they have been formally delegated defined powers by the Council. Otherwise, all committees make recommendation to Council only. Only members of the committees appointed by Council are entitled to vote on advice or recommendations to Council.

The only committee with delegated powers is the Finance Committee where exceptionally, and when a delay in decision-making presents a substantive risk to the charity’s assets, named Trustee members of the Finance Committee may collectively make urgent investment decisions on behalf of Council.

The Chief Executive has delegated responsibility for financial and operating performance, and all staff.

Dorset Wildlife Trusts several joint volunteer/staff groups that deal with reserves, special events, and projects such as Living Churchyards, Sites of Nature Conservation Interest (SNCI) Forum, Agriculture Forum and Environmental Performance Group. The Local Groups of members have been disbanded during the year and replaced with a new member engagement programme. Volunteers provide assistance and support in a wide variety of ways, practically and with administrative tasks.

How does the charity make decisions?

The Council makes decisions on policy as recommended by Committees and management. Implementation of those policies and operating decisions are delegated to the Chief Executive who may delegate authority

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Report of the Directors (including the Strategic Report) For the year ended 31 March 2022 (continued)

through the management structure. The Council can over-ride any operating decision that it feels is not consistent with the Strategic Plan, Dorset Wildlife Trust policies or legal requirements.

Induction and training of Board members

Trustees' skills are reviewed regularly to ensure that the balance is suitable. New trustees undergo an induction process which involves meeting with officers and senior Dorset Wildlife Trust staff and are provided with an information pack detailing their responsibilities, governance, financial and other information relating to the structure and operation of the Trust. All Trustees are invited to attend a range of training events relating both to governance issues and specific areas of the charity’s work.

Arrangements for setting the pay and remuneration for the key management personnel.

On at least a three-year basis, pay and remuneration are benchmarked by Personnel and Remuneration Committee (PRC) against other Wildlife Trusts and the wider sector. PRC then makes recommendations to Council. PRC may recommend an annual increment to salary levels if DWT can afford it. The rise is commonly determined by market rate comparisons combined with affordability.

The wider The Wildlife Trust (TWT) network

Dorset Wildlife Trust is one of 46 Wildlife Trusts in the UK that together make up The Wildlife Trusts Network. Together, the Wildlife Trusts have over 870,000 members and more than 2,300 nature reserves covering 98,500 hectares in their care. Dorset Wildlife Trust feeds into and may choose to adopt policies developed by, and participate in activities run by, The Wildlife Trusts network.

On a regional basis DWT works closely with other Wildlife Trusts in the South-West including on joint projects and initiatives.

Relationship with the charity and related parties including its subsidiaries

The charity group consists of Dorset Wildlife Trust (a charitable company limited by guarantee and having no share capital), the Helen Brotherton Trust, a permanent endowment fund formerly held within the charity and of which the charity is the sole trustee, and three wholly owned subsidiary companies; a trading subsidiary company, DWT Services Ltd (a company limited by shares) and two dormant subsidiary companies, Dorset Ecology Limited and The National Wildlife Garden Limited, both are companies limited by shares. Separate Articles of Association govern each company.

Risk management

The Risk and Audit Committee review and update the Corporate Risk Register at each meeting throughout the year reporting to Council any significant increases in risk to which the charity might be exposed in light of current prevailing circumstances. The perceived risks are categorised and prioritised by potential impact and likelihood of occurrence and appropriate risk management strategies are implemented. There is a risk management policy in place with systems and procedures to mitigate risks identified.

The key risks to DWT’s operation that have been identified and prioritised for 2022-2023 are summarised below and derive from the ongoing economic crisis arising from the war in Ukraine and Brexit:

• Strategic risk of failing to prioritise activities, capacity and resources would mean that DWT is unable to respond to new opportunities or changes in policy. Emerging in a strong position at the end of the prior year from the crisis created by the pandemic, steps have been taken to identify pressure points within the charity and provide additional staff resources to those areas. Directors and managers closely monitor use of resources to ensure that DWT remains focused on achieving its strategic goals.

• External risk of inflation increasing costs for the charity, not only ongoing core costs but on projects funded by grants where budgets have been agreed previously which may now require more matched funding either from Dorset Wildlife Trust or from other donors. Directors are focussed on ensuring that projects previously delayed by the pandemic are brought back up to speed and completed within

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Report of the Directors (including the Strategic Report) For the year ended 31 March 2022 (continued)

the revised time frame agreed with funders. Funding applications for grants are also being reviewed to ensure that adequate costs are included to reflect likely inflation going forward.

• Failure to obtain adequate income from membership and fundraising activities. Annual fundraising plans are drawn-up as part of the budgeting procedure and evaluated in the budget risk assessment. The implementation of the plan and income generated are monitored on a continuous basis by managers and quarterly by the Marketing Committee and Finance Committee. Where additional resources might be required to meet funding targets this is assessed on a cost-benefit analysis at the budgeting stage.

• Cost of living crisis caused by inflationary pressures are likely to impact our membership and donors and their ability to continue to support Dorset Wildlife Trust. In May 2022 Dorset Wildlife Trust took the decision not to implement the annual increase in membership fees but instead to ask members to voluntarily increase their subscription if they feel they are in a position to do so.

• Shortage of supplies required for work such as building materials for capital projects and fencing projects. This can cause a delay to work and a reluctance by contractors to tender for work or provide quotes. Efforts are being made to recruit a new role which will include overall management of capital projects allowing a more time to be focussed on this area to deliver work required.

• Increased competition for funding from existing and new organisations and devolved operations of local authorities. Dorset Wildlife Trust closely monitors potential funding sources and opportunities and has a grant approval process to ensure all applications are completed to the highest standard.

• Poor cash flow results in the inability to operate due to lack of liquidity or the use of restricted funds for other purposes. DWT often carries a high level of accrued grant income at certain times of the year due to the agri-environmental schemes often paying a year in arrears and other grants also being funded in arrears. Cash flow forecasts are monitored to identify potential shortfalls where drawdowns from unrestricted investments might be required. Utilisation of restricted funds is included within the budget and budgeted expenditure is phased to aid cash flow forecasting. Management accounts include the actual draw down of restricted funds against budget to assist the monitoring of use of funds.

Statement of the Board's responsibilities

The Trustees (who are also directors of Dorset Wildlife Trust for the purposes of company law) 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), including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”.

Company law 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 charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group 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 in the Charities SORP;

• make judgements and estimates that are reasonable and prudent;

• state whether applicable accounting standards 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.

Trustees are responsible for keeping proper accounting records that 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. They are also responsible for safeguarding the assets of the charitable

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Report of the Directors (including the Strategic Report) For the year ended 31 March 2022 (continued)

company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement as to disclosure of information to auditors

The members of Board who were in office on the date of approval of these financial statements have confirmed, as far as they are aware, that there is no relevant audit information of which the auditors are unaware. Each of the members of Board have confirmed that they have taken all steps that they ought to have taken as members of Board in order to make themselves aware of any relevant audit information and to establish that it has been communicated to the auditor.

The Report of the Members of Board, which includes the Strategic Report were approved by the Board on 5 September 2022 and signed on their behalf:

Mark Kibblewhite

Mark Kibblewhite (Sep 5, 2022 17:41 GMT+1)

M G Kibblewhite

Chair of Trustees

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DORSET WILDLIFE TRUST

Independent auditor’s report to the members and trustees of Dorset Wildlife Trust

Opinion

We have audited the financial statements of Dorset Wildlife Trust (the ‘parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 31 March 2022 which comprise the Consolidated Statement of Financial Activities, the Consolidated Summary Income and Expenditure Account, the Consolidated and Charity Balance Sheets, the Consolidated and Charity Cash Flow Statements and the 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 FRS 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:

• give a true and fair view of the state of the group’s and of the parent charitable company’s affairs as at 31 March 2022 and of the group’s income and expenditure for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

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 further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other 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 group and the parent 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 other information comprises the information included in the Report and Financial Statements, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the Report and Financial Statements. 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 express any form of assurance conclusion thereon. 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 course of 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.

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Independent auditor’s report to the members and trustees of the Dorset Wildlife Trust (continued)

Opinions on other matters prescribed by the Companies Act 2006

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

• the information given in the Report of the Directors (including the Strategic Report), which includes the Strategic Report and the Directors’ Report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the Strategic Report and the Directors’ Report included within the Report of the Directors (including the Strategic Report) have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors’ Report included within the Report of the Directors (including the Strategic Report).

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:

• adequate and sufficient accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us; or

• the parent charitable company financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of trustees’ remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the Boards’ Responsibilities Statement set out on page 18, the trustees (who are directors of the parent 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 responsible for assessing the group’s and the parent charitable company’s ability 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 group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under the Companies Act 2006 and under section 151 of the Charities Act 2011, and report in accordance with those Acts and relevant regulations made or having effect thereunder.

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 to issue an auditor’s report that includes our opinion. 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.

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Independent auditor’s report to the members and trustees of the Dorset Wildlife Trust (continued)

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

We obtained a general understanding of the Group’s legal and regulatory framework through enquiry of Group management concerning their understanding of relevant laws and regulations, the entity’s policies and procedures regarding compliance, and how they identify, evaluate and account for litigation claims. We also drew on our existing understanding of the Group’s industry and regulation. We understand that the Group complies with the framework through:

• Outsourcing tax compliance to external experts.

• Subscribing to relevant updates from external experts and making changes to internal procedures and controls as necessary.

• Appointment of a nominated Data Protection Officer.

• Management’s close involvement in the day-to-day running of the Group, meaning that any litigation or claims would come to their attention directly.

In the context of the audit, we considered those laws and regulations which determine the form and content of the financial statements, which are central to the Group’s ability to conduct its business, and/or where there is a risk that failure to comply could result in material penalties. We identified the following laws and regulations as being of significance in the context of the Group:

• The Companies Act 2006, Charities Act 2011 and FRS 102 (including the provisions of the Charities SORP) in respect of the preparation and presentation of the financial statements.

• General Data Protection Regulations (GDPR) in relation to information held for donors.

We performed the following specific procedures to gain evidence about compliance with the significant laws and regulations identified above:

• Enquiry of management and responsible staff members as to whether there have been any GDPR breaches.

• The inspection of any relevant correspondence.

• The review of Board minutes.

The senior statutory auditor led a discussion with senior members of the engagement team regarding the susceptibility of the entity’s financial statements to material misstatement, including how fraud might occur. The areas identified in this discussion were:

• The misstatement of financial statements through the incorrect recognition of revenue, particularly that of grant revenue and legacy income.

These areas were communicated to the other members of the engagement team not present at the discussion.

The procedures we carried out to gain evidence in the above areas included:

• Substantive work on material areas affecting results.

• Testing journal entries, focusing particularly on postings to unexpected or unusual accounts and those posted at unusual times.

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Independent auditor’s report to the members and trustees of the Dorset Wildlife Trust (continued)

Overall, the senior statutory auditor was satisfied that the engagement team collectively had the appropriate competence and capabilities to identify or recognise irregularities. In particular, both the senior statutory auditor and the audit manager have a number of years’ experience in dealing with charities and companies that operate in this sector.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the parent charitable company’s 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 parent charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent charitable company, and the parent charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Julie Mutton Date: 05/09/2022 CLA Evelyn Partners Limited (Sep 5, 2022 17:54 GMT+1) CLA Evelyn Partners Limited Senior Statutory Auditor, for and on behalf of Cumberland House CLA Evelyn Partners Limited 15-17 Cumberland Place Statutory Auditor Southampton Chartered Accountants SO15 2BG

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DORSET WILDLIFE TRUST

Consolidated Statement of Financial Activities For the year ended 31 March 2022

Notes Unrestricted Funds £’000 Restricted Funds £’000 Endowment Funds £’000 Year 31 INCOME & ENDOWMENTS FROM: Donations & legacies 2 1,848 3,908 - Charitable activities 3 118 1,042 - Other trading activities 4 207 - - Investments 5 26 - 11 Other 6 35 ____- - TOTAL INCOME 2,234 4,950 11 EXPENDITURE ON: Raising funds 7 827 - 8 Charitable activities 8 1045 1,351 - Other - - - TOTAL EXPENDITURE 1,872 1,351 8 NET INCOME FOR THE YEAR BEFORE GAINS ON INVESTMENTS 362 3,599 3 Net gains on investments 54 16 34 NET INCOME 416 3,615 37 Transfers between funds 8 (8) - NET MOVEMENT IN FUNDS 424 3,607 37 TOTAL FUNDS B/FWD 22-24 4,646 5,795 _1,316 TOTAL FUNDS C/FWD 22-24 5,070 9,402 1,353

ended March 2022 £’000 Year ended 31 March 2021 £’000 5,756 2,406 1,160 939 207 82 37 36 35 34 7,195 3,497 835 718 2,396 1,982 - - 3,231 2,700 3,964 797 104 384 4,068 1,181 _- ___- 4,068 1,181 11,757 10,576 15,825 11,757

The group has no recognised gains or losses other than those included above. The Consolidated Statement of Financial Activities has been prepared on the basis that all operations are continuing operations.

The comparative figures are disclosed in note 35 to the financial statements.

The notes on pages 28 to 53 form part of these financial statements.

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DORSET WILDLIFE TRUST

Consolidated Summary Income and Expenditure Account For the year ended 31 March 2022

Notes Income Gains on investments Interest and investment income Gross income in the financial year Expenditure Depreciation & charges for impairment of fixed assets Total expenditure in the financial year Net income before tax for the financial year Tax on net income from ordinary activities 14 Net income for the year	2022 £’000 7,158 104 37 7,299 3,122 109 3,231 4,068 _ __- 4,068	2021 £’000 3,461 384 36
		3,881
		2,590 110 2,700
		1,181 _ __- 1,181

The group’s income and expenses all relate to continuing operations.

The notes on pages 28 to 53 form part of the financial statements.

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DORSET WILDLIFE TRUST

Consolidated and Charity Balance Sheets Company Number 00688439 For the year ended 31 March 2022

		Group		Company	Company
		31 March	31 March	31 March	31 March
		2022	2021	2022	2021
	Notes	£’000	£’000	£’000	£’000
FIXED ASSETS
Tangible assets	15	2,992	2,291	2,983	2,288
Heritage assets	16	7,767	4,637	7,767	4,637
Investments	17	3,934	2,530	3,934	2,530
		______	______	______	______
		14,693	9,458	14,684	9,455
		______	______	______	______
CURRENT ASSETS
Stock	18	162	137	146	114
Debtors	19	1,184	4,582	1,206	4,614
Cash at bank and in hand		834	1,757	728	1,681
		______	______	______	______
		2,180	6,476	2,080	6,409
CREDITORS: Amounts falling due
within one year	20	(1,038)	(4,161)	(1,008)	(4,135)
		______	______	______	______
NET CURRENT ASSETS		1,142	2,315	1,072	2,274
		______	______	______	______
CREDITORS: Amounts falling due
after one year	21	(10)	(16)	(10)	(16)
TOTAL NET ASSETS		15,825	11,757	15,746	11,713
RESERVES AND FUNDS
CAPITAL FUNDS
Endowment funds	22	1,353	1,316	1,353	1,316
INCOME FUNDS
General funds	23 (a)	4,499	4,254	4,420	4,210
Designated funds	23 (b)	571	392	571	392
Unrestricted funds		5,070	4,646	4,991	4,602
Restricted funds	24	9,402	5,795	9,402	5,795
		______	______	______	______
TOTAL FUNDS	25	15,825	11,757	15,746	11,713

The parent company made a surplus for the year of £4,031,000 (2021: surplus £1,198,000). The notes on pages 28 to 53 form part of these financial statements.

Approved by the Directors on 5 September 2022 and signed on their behalf by:

Mark Kibblewhite

M G Kibblewhite..................................................... Mark Kibblewhite (Sep 5, 2022 17:41 GMT+1) Chair of Trustees

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Consolidated and Charity Cash Flow Statements For the year ended 31 March 2022

Group 31 March 2022 31 Notes £’000 Cash flows from operating activities: Net cash provided by operating activities 32 4,311 Cash flows from investing activities Dividends, interest & rents from investments 37 Investment management costs (28) Proceeds from sale of fixed assets 3 Purchase of fixed assets (3,940) Proceeds from sale of investments 482 Purchase of investments (1,782) Net cash generated by investment activities (5,228) Cash flows from financing activities Deferred SANG income - Repayment of borrowing (6) Net cash (used in)/generated by financing activities (6) Change in cash and cash equivalents in the financial year (923) Cash and cash equivalents at the beginning of the year 1,757 Cash and cash equivalents at the end of the year 33 834	Company March 2021 31 March 2022 31 £’000 £’000 188 4,274 36 37 (24) (28) 13 3 (51) (3,933) 551 482 (610) (1,782) (85) (5,221) 678 - (6) (6) 672 (6) 775 (953) 982 1,681 1,757 728	March 2021 £’000 212 36 (24) 13 (51) 551 (610) (85) 678 (6) 672 799 882 1,681

The notes on pages 28 to 53 form part of these financial statements.

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Notes to the financial statements For the year ended 31 March 2022

1. ACCOUNTING POLICIES

Dorset Wildlife Trust is a company limited by guarantee and incorporated in England and Wales. The address of the registered office is Brooklands Farm, Forston, Dorchester, Dorset DT2 7AA.

1.1 Basis of preparation

The financial statements have been prepared under the historical cost convention, with the exception of investments and stocks of biological assets, which are shown at market value, and freehold land and buildings, which have been revalued. The financial statements have been prepared in accordance with the Charity Commission Statement of Recommended Practice (SORP) on 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) and the Companies Act 2006.

The Helen Brotherton Endowment Fund is established as a separate legal entity known as the Helen Brotherton Trust of which Dorset Wildlife Trust is the sole trustee. The Helen Brotherton Trust is included in the company financial statements as it is a link-charity.

The Trustees confirm that the charity is a public benefit entity, as defined in FRS 102.

The financial statements are prepared on a going concern basis. The Trustees have carefully reviewed the future prospects of the charity and its future cash flows. Having assessed this, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future being at least the next 12 months from signing of these financial statements.

1.2 Group financial statements

The Statement of Financial Activities (SOFA), Consolidated Summary Income and Expenditure Account and Balance Sheet consolidate the financial statements of the charity and its subsidiary undertakings. The results of the subsidiaries are consolidated on a line by line basis. No separate SOFA has been presented for the charity alone as permitted by Section 408 of the Companies Act 2006.

1.3 Fund Accounting

1.3.1 Unrestricted Funds

• These funds can be used for any of the charity’s purposes.

1.3.2 Restricted Funds

These funds have been given to the charity for a particular purpose to be used in accordance with the wishes of the donor.

1.3.3 Endowment Funds

These funds have been given to the charity for a particular purpose to be used in accordance with the wishes of the donor. The capital can generally not be realised.

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DORSET WILDLIFE TRUST

Notes to the financial statements For the year ended 31 March 2022 (continued)

1. ACCOUNTING POLICIES (continued )

1.3.4 Designated Funds

These funds which have been set aside by the Trustees out of unrestricted general funds for specific future purposes or projects.

1.4 Income

All income is included in the SOFA when the charity is legally entitled to the income, the monetary value can be measured reliably and it is more likely than not that the economic benefits associated with the gift or transaction will flow to the charity.

Membership subscription income is accounted for as received. Legacy income is accounted for when the amount due can be quantified with reasonable probability and the timing of the receipt is known.

Grants receivable (including government grants) are accounted for when there is sufficient information to enable the claim to be made or the claim has been made and there is clear indication to suggest that the claim will be met. Performance related grants are accounted for when the conditions of the grant have been met.

Income from investments and Gift Aid is accounted for when it is receivable or the charity’s right to it becomes legally enforceable.

1.5 Volunteer help and Gifts in kind

The charity receives support from a wide variety of volunteers. It is not practical to place a value on the time volunteered by all these persons due to the variety of duties performed, the difference in time spent and the sheer number of volunteers who give of their time.

Gifts in kind are valued on the following basis:

• Land values are as stated in transfer documentation; where no value is quoted a best estimate of value by the trustees is used.

• Shares are valued at market value at the time of receipt.

1.6 Expenditure

All expenditure is accounted for on an accruals basis inclusive of any VAT which cannot be fully recovered and has been classified under headings that aggregate all costs related to that category.

Costs of Raising Funds consist of expenditure relating to appeals, communications requesting funds, servicing of membership, grant applications and other general publicity as part of fundraising together with associated support activities and cost of sales.

Support costs are indirect costs incurred in providing support for activities related directly to the objects of the charity. The method of allocation of support costs to the different activities is dependent on the type of costs and details are given in note 10 to the financial statements.

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DORSET WILDLIFE TRUST

Notes to the financial statements For the year ended 31 March 2022 (continued)

ACCOUNTING POLICIES (continued )

1.7 Tangible fixed assets

Fixed assets are stated at original cost, less depreciation, with the exception of revalued freehold land and buildings. Assets donated subsequent to 1 February 1996 are included at their value on the date of receipt, except where the Directors’ believe that the cost of valuation would be excessive. Assets below a value of £500 are not capitalised.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold Land Nil Freehold Property and Improvements 2 - 4% Straight line Leasehold Property and Improvements Straight line over period of lease Farm Buildings, Hides and Fencing 4 – 10% straight line Tools and Equipment 5 – 25% straight line

All assets are carried at historical cost (subject to the statement above regarding donated assets), except for the freehold land and buildings which had been revalued prior to the implementation of Financial Reporting Standard 102. As permitted by the standard, assets which had been previously revalued are included in the balance sheet on that basis which is now regarded as deemed cost. Acquisitions of fixed assets are accounted for when the purchase contract becomes unconditional.

1.8 Heritage Assets

Heritage assets are assets of historical, artistic or scientific importance that are held to advance preservation, conservation and educational objectives of charities at a national or local level. Such assets are central to the achievement of the purposes of such charities and include land, buildings and structures that are conserved and are central to the educational objectives of such charities. They include land relating to the habitat needs of species, or the environment generally.

The Trust’s policy for the acquisition of heritage assets is set down in its Land Acquisition Guidelines. These Guidelines have been established to ensure that where opportunities arise for land acquisition, the benefits of potential ownership are measured against the criteria of the long-term strategic objectives of the Trust.

All purchased heritage assets are carried at historical cost, except for the freehold land and buildings which had been revalued prior to the implementation of Financial Reporting Standard 102. As permitted by the standard, assets which had been previously revalued are included in the balance sheet on that basis which is now regarded as deemed cost.

Heritage assets gifted to the Trust are carried at the valuation at the date of receipt of the gift in kind. Heritage assets are reviewed annually to ensure that there has been no indicator of impairment affecting the valuation. Depreciation is provided on heritage assets on the following annual rates:

Freehold buildings – 2%

Leasehold land & buildings – over the life of the lease

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DORSET WILDLIFE TRUST

Notes to the financial statements For the year ended 31 March 2022 (continued)

ACCOUNTING POLICIES (continued)

1.9 Investments

Listed Investments and the investment property are included at their market value at the period end date. Investments in subsidiaries are measured at cost less accumulated impairment.

1.10 Stock and biological assets

Stock of goods for resale is stated at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Due to the nature of livestock, this aspect of stock is restated annually to the fair market value prevailing at 31 March each year. Livestock is valued using the local auction prices published by specialist auctioneers for the auction nearest to the balance sheet date and based on breed and age of livestock; a provision is made for auctioneer commission costs.

1.11 Pension contributions

The Trust contributes to a defined contribution pension scheme (Group Personal Pension Plan), which is open to all staff after a three- month service period. The assets of the scheme are held separately from those of the charity.

The contributions to the defined contribution scheme are charged to the statement of financial activities in the period they become payable.

1.12 Leasing

Rentals payable under operating leases are charged on a straight- line basis over the term of the lease.

Assets held under finance leases are included in fixed assets and the capital element of the related lease commitment is shown as obligations under finance leases within creditors. The lease rentals are treated as consisting of capital and interest elements. The capital element is applied to reduce the outstanding obligations and the interest element is charged against the statement of financial activities over the period of the lease.

1.13 Financial instruments

The charity only 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 their settlement value with the exception of finance leases which are measured at the amortised cost.

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Notes to the financial statements For the year ended 31 March 2022 (continued)

ACCOUNTING POLICIES (continued)

1.14 Judgements in applying accounting policies and key sources of estimation

Estimates and judgments are evaluated at each reporting date and are based on historical experience as adjusted for current market conditions and other factors. Management makes estimates and assumptions concerning the future in preparing the financial statements and the actual results will not always reflect the account estimates made. The estimates and assumptions that potentially have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities of the Group are outlined below:

Fixed Assets: As described above, the Trust reviews the residual values, estimated useful lives and depreciation rates of its tangible fixed assets at each reporting date to identify where any evidence of significant change exists since the last reporting date. For the year ending 31 March 2022 the Trust has provided to depreciate assets by £109,000 (2021: £110,000).

Bad Debt Provision: At each reporting date and throughout the year, the Trust’s debtor balance is reviewed to identify any impairment required, and specific provisions are made against this balance. The value of these provisions as at 31 March 2022 are £2,800 (2021: £4,000).

Recognition of legacy income: Where notifications of legacies are received prior to the balance sheet date but the income has not been received, an accrual for legacy income will be made if probate has been granted and a copy of the estates’ accounts are available to determine the probable amount due and that there are sufficient assets in the estate to pay all liabilities and beneficiaries.

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Notes to the financial statements

For the year ended 31 March 2022 (continued)

2. DONATIONS AND LEGACIES

2. DONATIONS AND LEGACIES
Unrestricted Funds Restricted Funds Endowment Funds £’000 £’000 £’000 Membership income 1,143 2 - Grants and donations 79 3,904 - Government Covid support grants 40 - - Gifts in kind 2 - - Legacies 584 2 - 1,848 3,908 - Prior year comparatives Membership income 1,051 3 - Grants and donations 61 325 - Government Covid support grants 295 - - Legacies 664 7 - 2,071 335 - 3. CHARITABLE ACTIVITIES Grants and contracts - 1,042 - Primary purpose trading 118 - _- 118 1,042 - Prior year comparatives Grants and contracts - 862 - Primary purpose trading 77 - ___- 77 862 - 4. OTHER TRADING ACTIVITIES Retail 59 - - Facilities/resource hire 92 - - Rental income 50 - - Fundraising 6 - - 207 - - Prior year comparatives Retail 29 - - Facilities/resource hire 43 - - Rental income 6 - - Fundraising 4 - - 82 - -		Total 2022 £’000 1,145 3,983 40 2 586
		5,756
		2021 1,054 386 295 671
		2,406
		2022 1,042 118
		1,160
		2021 862 77 939 2022 59 92 50 6 207
		2021 29 43 6 4 82

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DORSET WILDLIFE TRUST

Notes to the financial statements

For the year ended 31 March 2022 (continued)

5. INVESTMENT INCOME Unrestricted Funds Restricted Funds Endowment Funds £’000 £’000 £’000 Dividend 19 - 11 Rental income 7 - ___- 26 - 11 Prior year comparatives Dividend 8 - 21 Rental income 7 - - 15 - 21 6.OTHER INCOME Wayleaves 1 - - Sundry income 31 - - Profit on sale of fixed assets 3 - - 35 - - Prior year comparatives Wayleaves 1 - - Sundry income 20 - - Profit on sale of fixed assets 13 - - 34 - - 7. EXPENDITURE ON RAISING FUNDS Unrestricted Funds Restricted Funds Endowment Funds £’000 £’000 £’000 Raising donations and legacies 234 - - Membership servicing & recruitment 498 - - Trading company costs 75 - - Investment management 20 - 8 827 - 8

Total 2022 £’000 30 7 37 _2021 29 - 36 Total 2022 1 31 3 35 2021 1 20 13 34 Total 2022 £’000 234 498 75 28 835

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DORSET WILDLIFE TRUST

Notes to the financial statements

For the year ended 31 March 2022 (continued)

7. EXPENDITURE ON RAISING FUNDS (continued) Unrestricted Funds Restricted Funds Endowment Funds £’000 £’000 £’000 Prior year comparatives Raising donations and legacies 307 7 - Membership servicing & recruitment 309 31 - Trading company costs 40 - - Investment management 10 - 14 666 38 14 8. CHARITABLE ACTIVITIES £’000 £’000 £’000 Nature Reserve management 314 605 - Nature Network Recovery 424 196 - Nature Based Solutions 307 550 - 1,045 1,351 - Prior year comparatives Nature Reserve management 291 465 - Living Landscapes & Living Seas 414 463 - Policy Advocacy & Evidence 266 83 - 971 1,011 - 9.TOTAL EXPENDITURE Direct Staff Costs Other Direct Costs Support Costs £’000 £’000 £’000 Raising funds 237 368 202 Investment management - 28 - Nature reserve management 365 366 188 Nature Network Recovery 287 178 155 Nature Based Solutions 437 247 173 1,326 1,187 718 Prior year comparatives Raising funds 258 246 190 Investment management - 24 - Nature reserve management 385 167 204 Living Landscapes & Living Seas 463 267 147 Policy Advocacy & Evidence 171 48 130 1,277 752 671

Total 2021 £’000 314 340 40 24 718 Total 2022 £’000 919 620 857 2,396 _2021 756 877 __349_ 1,982 Total 2022 £’000 807 28 919 620 857 3,231 2021 694 24 756 877 349 2,700

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DORSET WILDLIFE TRUST

Notes to the financial statements

For the year ended 31 March 2022 (continued)

9. TOTAL EXPENDITURE (continued)

9. TOTAL EXPENDITURE (continued)
Total expenditure is stated after charging:	Group	Group
	2022	2021
	£’000	£’000
Auditors’ remuneration
Audit (Company £14,635; 2021 £12,509)	19	17
Non-audit (Company -£3,000; 2021 £1,070)	4	-
Depreciation on owned assets	104	105
Depreciation on financed assets	5	5
Amounts payable under operating leases	36	36
Profit on sale of fixed assets	3	13

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DORSET WILDLIFE TRUST

Notes to the financial statements For the year ended 31 March 2022

10.SUPPORT COSTS

	Raising Funds	Nature Reserve	Nature Network	Nature Based	Total
		Management	Recovery	Solutions	2022
	£’000	£’000	£’000	£’000	£’000
Management costs	14	10	14	16	54
Administration	17	12	13	13	55
Finance	51	21	19	19	110
Governance	20	15	15	14	64
Health & Safety	2	3	4	4	13
Human Resources	18	19	15	16	68
ICT	25	30	32	38	125
National & Regional costs	13	17	17	21	68
Premises & equipment	26	19	9	21	75
Professional fees	2	6	1	1	10
Depreciation	_14	36	16	10	76
	202	188	155	173	718

Cost Type

Management costs Administration Finance Governance Health & Safety Human Resources ICT National & Regional costs Premises & equipment Professional fees Depreciation

Basis of allocation

Time allocation Time allocation for staff costs and Head count for other costs Time allocation for staff costs and Head count for other costs Directly where appropriate and time allocation for staff costs Head count

Time allocation for staff costs and Head count for other costs Time allocation for staff costs and Head count for other costs Head count Time allocation for staff costs and Head count for other costs Directly where appropriate and then split equally Usage of assets

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DORSET WILDLIFE TRUST

Notes to the financial statements

For the year ended 31 March 2022 (continued)

10. SUPPORT COSTS Continued

Prior year comparatives	Raising Funds	Nature Reserve	Living Landscapes &	Policy,	Total
		Management	Living Seas	Advocacy &	2021
				Evidence
Prior year	£’000	£’000	£’000	£’000	£’000
Management costs	14	11	14	14	53
Administration	11	9	8	9	37
Finance	49	22	20	20	111
Governance	20	14	14	14	62
Health & Safety	2	2	3	2	9
Human Resources	20	22	18	16	76
ICT	42	27	19	24	112
National & Regional costs	17	20	23	10	70
Premises & equipment	24	16	12	14	66
Professional fees	(20)	21	-	-	1
Depreciation	__11_	__40_	__16_	7	74
	190	204	147	130	671

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DORSET WILDLIFE TRUST

Notes to the financial statements For the year ended 31 March 2022

11.TRADING INCOME

The Company has a wholly owned trading subsidiary, DWT Services Ltd (Company Number 2293763), which is incorporated in England and Wales. A summary of the trading results of the subsidiary to 31 March 2022 is shown below. Audited accounts are filed at Companies House.

	2022	2021
	£’000	£’000
Turnover	155	72
Cost of sales	(60)	(26)
	____	____
Gross profit	95	46
Other operating charges	(47)	(31)
	____	____
Profit for the year before tax	48	15

A donation under Gift Aid of £15,891 was paid during the year to the charity out of distributable profits brought forward (2021: £31,722). Capital and reserves of the subsidiary at 31 March 2022 were £71,270 (2021: £38,833).

12.STAFF COSTS

Wages and salaries Social security costs Other pension costs Redundancy & termination costs Staff costs for the Group and Company	2022 £’000 1,393 117 68 - _____ 1,578	2021 £’000 1,255 102 62 65 _____ 1,484

Pension costs are allocated across activities in line with the allocation of wages and salaries.

The total amount of employee emoluments for the six key management personnel during the year was £273,348 (2021: five key personnel £266,864). Employers’ national insurance contributions totalling £22,610 (2021: £22,919) were made and pension contributions of £12,809 (2021: £11,220) were made to a defined contribution scheme for the year for those personnel. The highest paid employee is the Chief Executive who received emoluments of £61,200 (2021: £60,000) and pension contributions of £3,060 (2021: £3,000). `

The number of employees with emoluments over £60,000 per annum is as follows:

		2022	2021
£60,001	–£70,000	1	1

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DORSET WILDLIFE TRUST

Notes to the financial statements

For the year ended 31 March 2022 (continued)

12. STAFF COSTS (continued)

The average weekly number of persons (including part time staff) employed during the year analysed by function was:

	Group		Company
	2022	2021	2022	2021
Management and administration	7	7	7	7
Raising funds	13	10	13	10
Nature reserve management	12	12	12	12
Nature Recovery Networks	14	-	13	-
Nature Based Solutions	15	-	15	-
Living Landscapes & Living Seas	-	19	-	19
Policy Advocacy & Evidence	-	5	-	5
	60	53	60	53
Equivalent full-time staff	51	43	51	43

None of the Trustees received remuneration during the year (2021: £nil). No expenses were reimbursed to trustees during the year (2021: £nil). No expenses (2021: £nil) were paid direct to third parties in respect of trustees attending the RSWT AGM and conferences.

The charity has Directors and Officers Liability insurance in place and the cost for the year was £3,387 (2021: £3,226).

13.PENSIONS COSTS

The charity operates a defined contribution group personal pension scheme. The assets of the schemes are held separately from those of the charity in independently administered funds. The pension cost charge represents contributions payable by the charity to the funds and amounted to £68,311 (2021: £62,197). As at the balance sheet date pension contributions outstanding totalled £11,315 (2021: £9,852).

14.TAXATION

No corporation tax is charged in the accounts due to the charitable status of the company. The trading subsidiary is liable to corporation tax on taxable profits.

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DORSET WILDLIFE TRUST

Notes to the financial statements For the year ended 31 March 2022 (continued)

15. TANGIBLE FIXED ASSETS

GROUP Freehold Property and Improvements Leasehold Property and Improvements Farm Buildings, Hides and Fencing Tools and Equipment £’000 £’000 £’000 £’000 COST As at 1 April 2021 1,813 137 675 1,402 Additions 730 - 41 30 Disposals - - - (26) _ _ As at 31 March 2022 2,543 137 716 1,406 DEPRECIATION & IMPAIRMENT As at 1 April 2021 154 106 429 1,047 Charge for the year 8 8 31 53 Disposals - - - (26) _ _ _ __ As at 31 March 2022 162 114 460 1,074 NET BOOK VALUE As at 31 March 2022 2,381 23 256 332 As at 31 March 2021 1,659 31 246 355

Total £’000 4,027 801 (26) _____ 4,802 1,736 100 (26) _____ 1,810 2,992 2,291

The net book value of assets held under finance leases is £63,333 (2021: £68,333).

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DORSET WILDLIFE TRUST

Notes to the financial statements For the year ended 31 March 2022 (continued)

15. TANGIBLE FIXED ASSETS (continued)

COMPANY Freehold Property and Improvements Leasehold Property and Improvements Farm Buildings, Hides and Fencing Tools and Equipment £’000 £’000 £’000 £’000 COST As at 1 April 2021 1,813 137 675 1,350 Additions 730 - 41 23 Disposals - - - (26) _ _ As at 31 March 2022 2,543 137 716 1,347 DEPRECIATION & IMPAIRMENT As at 1 April 2021 154 106 430 997 Charge for the year 8 8 31 52 Disposals - - - (26) _ _ As at 31 March 2022 162 114 461 1.023 NET BOOK VALUE As at 31 March 2022 2,381 23 255 324 As at 31 March 2021 1,659 31 245 353

Total £’000 3,975 794 (26) _____ 4,743 1,687 99 (26) ___ 1,760 2,983 2,288

The property known as Brooklands Farm was revalued in March 2000 by Hull, Gregson & Hull, Chartered Surveyors. This valuation is regarded as the deemed cost. As stated in the accounting policy, the Trust carries the freehold land and buildings at a valuation of £460,000. The assets were revalued in 2000 and have not been updated since. The historical cost of these assets is £585,858. The net book value of assets held under finance leases is £63,333 (2021: £68,333).

The comparable amounts of land and buildings included at valuation, determined according to the historical cost accounting rules, are as follows:

ost accounting rules, are as follows:
	£’000
Cost
As at 1 April 2021 and 31 March 2022	586
Depreciation
At 1 April 2021	245
Charge for the year	12
As at 31 March 2022	257
Net book value as at 31 March 2022	329
Net book value as at 31 March 2021	341

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DORSET WILDLIFE TRUST

Notes to the financial statements

For the year ended 31 March 2022 (continued)

16. HERITAGE ASSETS

GROUP AND COMPANY Freehold Property and Improvements Leasehold Property and Improvements £’000 £’000 COST OR VALUATION As at 1 April 2021 4,582 356 Additions 3,139 - Disposal - - _ As at 31 March 2022 7,721 356 DEPRECIATION As at 1 April 2021 18 283 Charge for the year 1 8 __ ___ As at 31 March 2022 19 291 NET BOOK VALUE As at 31 March 2022 7,702 65 As at 31 March 2021 4,565 73	Total £’000 4,938 3,139 - ____ 8,077 301 9 ___ 310 7,767 4,637

Heritage assets include land relating to the habitat needs of species, or the environment generally.

The five year financial summary of heritage asset transactions is as follows:

Acquisitions Land at Wild Woodbury Land at Lower Common, Verwood Total acquisitions Disposals	2022 2021 2020 2019 2018 £’000 £’000 £’000 £’000 £’000 3,139 - - - - - - 84 - - _ _ __ ___ 3,139 - - 84 - - - - (34) -

On 16 June 2021 DWT acquired Court Farm at Bere Heath consisting of approximately 170ha of farmland. The land has been renamed as Wild Woodbury and forms a long-term rewilding project.

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Notes to the financial statements

For the year ended 31 March 2022 (continued)

17.INVESTMENTS – GROUP AND COMPANY

7.INVESTMENTS – GROUP AND COMPANY
	Group
	2022	2021
	£’000	£’000
Carrying value as at 1 April 2021	2,530	2,086
Additions to investments at cost	1,782	610
Disposals at carrying value	(482)	(473)
Net gain on revaluation	104	307
	___	___
Carrying value as at 31 March 2022	3,934	2,530
Analysis of investments
Quoted investments	3,684	2,280
Investment properties	250	250
	3,934	2,530
	Market	Market
	Value	Value
	2022	2021
	£’000	£’000
Fixed Interest Securities	615	548
UK Equities	416	416
Overseas Equities	839	875
Property	45	30
Alternatives	377	301
Commodities	191	110
Ruffer Charity Assets Trust	724	-
CCLA Charities Ethical Investment Fund	477	-
	3,684	2,280
Investment property
	2022	2021
	£’000	£’000
Value as at 1 April 2021 and 31 March 2022	250	250

The investment property is a freehold property at Elmview Terrace, Gillingham. In the opinion of the directors, the market value of the property at the balance sheet date remains unchanged at £250,000.

The company also holds investments of £8 (2021: £8). These include £4 being the nominal value of the shares held in its wholly owned subsidiary DWT Services Ltd, £2 being the nominal value of the shares held in the wholly owned subsidiary Dorset Ecology Limited and £2 being the nominal value of the shares held in the wholly owned subsidiary The National Wildlife Garden Limited.

The trading results of DWT Services Ltd are given in note 11. Dorset Ecology Limited and The National Wildlife Garden Limited are both dormant companies. The registered office of all three subsidiaries is Brooklands Farm, Forston, Dorchester, Dorset DT2 7AA.

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DORSET WILDLIFE TRUST

Notes to the financial statements

For the year ended 31 March 2022 (continued)

18. STOCK

8. STOCK
	Group		Company
	2022	2021	2022	2021
	£’000	£’000	£’000	£’000
Goods For Resale	16	23	-	-
Farm Livestock and Deadstock	146	114	146	114
	___	___	___	___
	162	137	146	114

19.DEBTORS: FALLING DUE WITHIN ONE YEAR

Trade debtors Amounts due from subsidiary undertaking Other debtors Prepayments and accrued income	Group 2022 £’000 122 - 136 926 ____ 1,184	2021 £’000 46 - 136 4,400 ____ 4,582	Company 2022 £’000 122 27 136 921 ____ 1206	2021 £’000 46 36 136 4,396 ____ 4,614

In the prior year prepayments and accrued income included £3,906,350 of debtors relating to funds held by DWT’s solicitors including £3,120,000 of capital grants paid by funders direct to the solicitors and a sum of £786,350 paid by DWT towards the cost of a proposed acquisition of land for a rewilding project. The acquisition was completed on 16 June 2021.

20.CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors Other taxes and social security costs Other creditors Obligations under hire purchase and finance agreements within one year Accruals and deferred income	Group 2022 £’000 84 45 109 6 794 ____ 1,038	2021 £’000 54 142 95 6 3,864 ____ 4,161	Company 2022 £’000 88 40 109 6 765 ____ 1,008	2021 £’000 48 141 95 6 3,845 ____ 4,135

In both the current and prior year accruals and deferred income include £678,000 relating to a payment received for the management a SANG at Frome Valley Road and the management of the site has not yet been transferred to DWT. In the prior year the accruals and deferred income also included £3,120,000 of capital grants received before the year end towards the costs of the proposed acquisition of land for a rewilding project. The acquisition was completed on 16 June 2021.

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DORSET WILDLIFE TRUST

Notes to the financial statements

For the year ended 31 March 2022 (continued)

21. CREDITORS: AMOUNTS FALLING DUE AFTER ONE YEAR

	Group		Company
	2022	2021	2022	2021
	£’000	£’000	£’000	£’000
Obligations under hire purchase and
finance agreements	10	16	10	16
	**__ **	___	___	___
	10	16	10	16

22.ENDOWMENT FUNDS

22.ENDOWMENT FUNDS	22.ENDOWMENT FUNDS	22.ENDOWMENT FUNDS
GROUP AND COMPANY 1 April 2021 Income Expenditure Realised gains/ Revaluations Transfers 31 March 2022
	£’000 £’000 £’000 £’000 £’000	£’000
Brownsea Island Endowment	131 - (1) 2 -	132
Helen Brotherton Endowment Fund	1,185 11 (7) 32 -	1,221
	____ __ ___	____
	1,316 11 (8) 34 -	1,353

The Brownsea Island Fund was set up to fund the upkeep of the reserves on Brownsea Island. The Fund is held within an investment portfolio managed by Ruffer LLP. Income earned during the year is transferred to the general unrestricted fund to set off against the costs incurred during the year.

The Helen Brotherton Endowment Fund was set up under the terms of a bequest from Miss Brotherton. Income from the fund may be used for the acquisition of new reserves, the management of existing reserves, the promotion of recording and monitoring of wildlife and to promote education and enjoyment of the charity’s nature reserves with an emphasis on local people and youth. The Endowment Fund is established as The Helen Brotherton Trust, a separate legal entity but a linked charity. In March 2021 the trustees decided to invest part of the fund in the acquisition of land for a re-wilding project. The acquisition was completed on 16 June 2021 and £598,865 is invested in land at Wild Woodbury. The remaining assets of the endowment are held as investments managed by Close Brothers Asset Management.

Income earned during the year represents interest receivable and investment income; expenditure during the year includes investment management charges.

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DORSET WILDLIFE TRUST

Notes to the financial statements

For the year ended 31 March 2022 (continued)

23(a) UNRESTRICTED FUNDS - GROUP

	General	Designated
	Fund	Fund		Total
	£’000	£’000		£’000
Balance as at 1 April 2021	4,254	392		4,646
Movement in funds for the year	437	(21)		416
Transfer between funds	(192)	200		8
	_____	___		_____
Balance as at 31 March 2022	4,499	571		5,070
UNRESTRICTED FUNDS - COMPANY
	General	Designated
	Fund	Fund		Total
	£’000	£’000		£’000
Balance as at 1 April 2021	4,210	392		4,602
Movement in funds for the year	402	(21)		381
Transfer between funds	(192)	200		8
	_____	___		_____
Balance as at 31 March 2022	4,420	571		4,991
23 (b) DESIGNATED FUNDS-GROUP AND COMPANY
		Net
	1 April 2021	Movement		31 March 2022
	£’000	£’000		£’000
Ash Die back fund	40	(6)		34
Brexit impact fund	213		-	213
Brownsea development fund	61		-	61
Environmental performance fund	-	50		50
Explore Dorset fund	-	15		15
Imerys fund	17		-	17
Kingcombe Centre repairs fund	-	10		10
Kingcombe Farmhouse repairs fund	-	40		40
Nature Reserve Fencing Programme	31	(15)		16
Water infrastructure fund	15		-	15
Wild Woodbury site development fund	-	100		100
Marketing fund	15	(15)		-
	392	179		571

During the year the Council approved five new designations of funds to activities identified as requiring significant investments to be set aside over the coming few years. £50,000 was designated to invest in DWT’s strategic goal of achieving net zero carbon footprint by 2030. It is planned to use part of this Environmental performance fund is to invest in electric vehicle charging units and renewable energy heat systems during the next year.

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DORSET WILDLIFE TRUST

Notes to the financial statements

For the year ended 31 March 2022 (continued)

23 (b) DESIGNATED FUNDS GROUP AND COMPANY (continued)

A further £15,000 has been designated for our Explore Dorset project to cover a planned programme of replacing and updating interpretation on Nature Reserves and visitor centres.

£10,000 has been designated to fund Kingcombe Centre repairs and a further £40,000 designated for urgent repairs to the Kingcombe farmhouse including a new sewage system, windows and insulation. These works are planned for 2022/23.

Council also designated £100,000 towards funding the development of the redundant farm complex at Wild Woodbury of which £15,000 is expected to be spent in 2022/23.

The Ash Die back fund is being used to cover the costs of dealing with the removal of affected trees on our nature reserves. Nature Reserve Fencing Programme and Water Infrastructure designated funds were put aside to support an ongoing programme to replace fencing and water pipes on our reserves

The Brexit impact fund was designated to ease the transition in agri-environmental funding arrangements that supports the conversation work on our nature reserves. There has been no drawdown in the current year but there is a budgeted drawdown of £60,000 in 2022/23.

The Brownsea development fund is designated to support the National Lottery Heritage Funded Wild Brownsea project.

The Imerys fund is an unrestricted donation designated for specific conservation work in river catchment areas. There has been no drawdown during the year but there is a budgeted expenditure of £10,000 in 2022/23.

The designated marketing fund has been released.

24. RESTRICTED FUNDS – GROUP & COMPANY

	Balance at			Revalu	Transfers	Balance at
	1 April 2021	Income	Expenditure	ations		31 March
						2022
	£’000	£’000	£’000	£’000	£’000	£’000
Heritage Assets – Nature
Reserves	3,804	-	(6)	-	2,542	6,340
Visitor Centres	811	2	(4)	-	-	809
Reserve Acquisition Funds	108	151	-	(2)	29	286
Appeals Funds	378	3,378	(26)	-	(3,351)	379
Nature Reserve
Management	161	572	(585)	-	(15)	133
Nature Recovery	266	138	(221)	18	45	246
Networks
Nature Based Solutions	232	598	(436)		738	1,132
Local Nature Partnership	27	83	(44)	-	6	72
Dorset Peat Partnership	-	28	(29)		1	-
Fundraising development	8	___-	_ _-	-	(3)	5
	5,795	4,950	(1,351)	16	_ (8)	9,402

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DORSET WILDLIFE TRUST

Notes to the financial statements For the year ended 31 March 2022 (continued)

24. RESTRICTED FUNDS – GROUP & COMPANY (continued)

The Heritage Assets – Nature Reserves Funds represent land acquired as nature reserves with restricted funds. The transfer during year relates to the acquisition of land at Wild Woodbury (Bere Heath) purchased with special appeal funds.

Visitor Centre Funds represent fixed assets at our visitor centres together with restricted bank balances for use in the general operating costs of two of our centres.

The Reserve Acquisition Fund represents legacies and donations received specifically for the acquisition of land. A transfer of £29,000 was made from the Appeals Fund being funds not required for the final acquisition costs of the Wild Woodbury (Bere Heath) land completed in June 2021.

The Appeals Fund represents donations and capital grants received from appeals for money for specific purposes. The transfer of £3,351,000 includes £3,301,000 of funds involved in acquiring the Wild Woodbury nature reserve and buildings, a drawdown of £34,000 from the Wild Brownsea Appeal funds to provide the matched funding for the project activity for the year and a drawdown of £16,000 from the Kingcombe appeal funds.

The Nature Reserve Management fund predominantly represents agri-environmental funding received and expended on the restoration and upkeep of our nature reserves. Other funds held include those received under S106 agreements. The transfer of £15,000 reflects a drawdown from the Lorton Mitigation fund for work on the reserve.

The Nature Network Recovery fund represents restricted funding received, usually in the form of grants, for the specific purpose of raising awareness of the natural environment and large-scale landscape projects. This fund also includes some fixed assets which have been acquired as part of specific projects for use within those projects. The transfer of £45,000 represents £34,000 matched funding from the Wild Brownsea Appeal, and £11,000 from unrestricted funds as matched funding for the Explore West Dorset project.

The Nature Based Solution funds represent restricted funding received for community engagement, farm liaison projects, rewilding projects, work monitoring biodiversity in the county and working with other partners. The transfer of £738,000 includes the acquisition cost of £730,000 of buildings at Wild Woodbury, matched funding from unrestricted funds of £26,000 for the Wilder Woodbury project and a drawdown of £14,000 from the Biodiversity fund and various small drawdowns for other projects.

The Local Nature Partnership (LNP) is hosted by DWT and the LNP manager is employed by DWT. The fund includes contributions received and related costs of the partnership and the balance carried forward represents contributions received in March 2022 towards 2022/23 costs.

The Dorset Peat Partnership is managed by DWT to deliver the Climate Fund Peatland Discovery grant scheme funded by Natural England. The fund includes grant income due for the year and expenditure incurred and a net transfer of £1,000 of matched funding.

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DORSET WILDLIFE TRUST

Notes to the financial statements

For the year ended 31 March 2022 (continued)

25.ANALYSIS OF GROUP NET ASSETS BETWEEN FUNDS

Unrestricted Funds Designated Funds Restricted Funds Endowment Funds Fund balances at 31 March 2022 are represented by: £’000 £’000 £’000 £’000 - Tangible fixed assets 1,313 - 1,679 - - Heritage assets 815 - 6,355 597 - Investments 2,501 - 714 719 - Net current assets (120) 571 654 37 Long term creditors (10) - - - ______ ____ _____ _____ 4,499 571 9,402 1,353 Unrestricted Funds Designated Funds Restricted Funds Endowment Funds Fund balances at 31 March 2021 are represented by: £’000 £’000 £’000 £’000 - Tangible fixed assets 1,320 - 971 - - Heritage assets 815 - 3,822 - - Investments 1,853 - 20 657 - Net current assets 282 392 982 659 - Long term creditors (16) - - - _ ______ _______ _______ _4,254 392 5,795 1,316

Total Funds £’000 2,992 7,767 3,934 1,142 (10) ______ 15,825 Total Funds £’000 2,291 4,637 2,530 2,315 (16) _ _11,757

26. SHARE CAPITAL

The Company is limited by guarantee and does not have any share capital.

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DORSET WILDLIFE TRUST

Notes to the financial statements For the year ended 31 March 2022 (continued)

27.COMMITMENTS UNDER OPERATING LEASES

At 31 March 2021 the charity had non-cancellable commitments under operating leases expiring as follows:

	Land & Buildings	Land & Buildings	Other	Other
	2022	2021	2022	2021
	£’000	£’000	£’000	£’000
Lease payments
Falling due within one year	3	3	19	33
Falling due between two and five years	8	10	6	30
Falling due after five years	29	31	-	-
	40	44	25	63

28. RELATED PARTY TRANSACTIONS

The company has taken advantage of the exemptions conferred by Financial Reporting Standard 102 section 33 from the requirement to make disclosures concerning related parties within the group. Details of key management personnel compensation are disclosed in note 12.

29. CAPITAL COMMITMENTS

As at 31 March 2022 the Group and Trust had outstanding contracted capital commitments of £Nil (2021: £nil) and authorised but not contracted capital commitments of £Nil (2021: £3.9 million).

30. POST BALANCE SHEET EVENTS

There are no post balance sheet events to report.

31. CONTROL

The Charity is controlled by its Trustees acting in accordance with the terms of the governing documents.

32. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES Group Company 2022 £’000 2021 £’000 2022 £’000 Net income for the year 4,068 1,181 4,031 Adjusted for: (Gains) on investments (104) (384) (104) Net investment income (9) (13) (9) Depreciation charges 109 110 108 (Profit) on disposal of fixed assets (3) (13) (3) (Increase) in stocks (25) (4) (32) Decrease/(increase) in debtors 3,397 (3,783) 3,409 (Decrease)/increase in creditors (3,122) 3,094 (3,126) 4,311 188 4,274

2021 £’000 1,198 (384) (13) 110 (13) (6) (3,792) 3,112

212

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DORSET WILDLIFE TRUST

Notes to the financial statements

For the year ended 31 March 2022 (continued)

33. ANALYSIS OF CASH AND CASH EQUIVALENTS

3. ANALYSIS OF CASH AND CASH EQUIVALENTS Group 2022 £’000 Cash in hand 779 Cash for re-investment 55 Total cash and cash equivalents 834	Company 2021 £’000 2022 £’000 1,561 673 _196 55 1,757 728	2021 £’000 1,485 196 1,681

34. ANALYSIS OF CHANGES IN NET DEBT

GROUP At start of year Cash £’000 Cash 1,561 Cash equivalent 196 1,757 Finance lease obligations (22) 1,735 COMPANY At start of year Cash £’000 Cash 1,485 Cash equivalent 196 1,681 Finance lease obligations (22) 1,659	flows New finance leases Other non- cash changes At end of year £’000 £’000 £’000 £’000 (782) - - 779 (141) - - 55 (923) - - 834 6 - - (16) (917) - - 818 flows New finance leases Other non- cash changes At end of year £’000 £’000 £’000 £’000 (812) - - 673 (141) - - 55 (953) - - 728 6 - - (16) (947) - - 712

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DORSET WILDLIFE TRUST

Notes to the financial statements

For the year ended 31 March 2022 (continued)

35. DISCLOSURE OF COMPARATIVES FOR STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted Funds £’000 Restricted Funds £’000 Endowment Funds £’000 Year 31 INCOME & ENDOWMENTS FROM: Donations & legacies 2,071 335 - Charitable activities 77 862 - Other trading activities 82 - - Investments 15 - 21 Other 34 ____- - TOTAL INCOME 2,279 1,197 21 EXPENDITURE ON: Raising funds 666 38 14 Charitable activities 971 1,011 - Other - - - TOTAL EXPENDITURE 1,637 1,049 14 NET (EXPENDITURE)/INCOME FOR THE YEAR BEFORE GAINS/(LOSSES) ON INVESTMENTS 642 148 7 Net gains/ (losses) on investments 227 (1) 158 NET INCOME 869 147 165 Transfers between funds (35) 35 - NET MOVEMENT IN FUNDS 834 182 165 TOTAL FUNDS B/FWD 3,812 5,613 1,151 TOTAL FUNDS C/FWD 4,646 5,795 1,316	ended March 2021 £’000 2,406 939 82 36 34 3,497 718 1982 - 2,700 797 384 1,181 -
	_____ 1,181 10,576
	11,757

53