DORSET WILDLIFE TRUST (A Company Limited by Guarantee and not having any Share ¢apital) REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 Company Number: l)0688439 Charlty Number: 200222
DORSET WILDLIFE TRUST Financial Statements for the year ended 31 March 2024 CONTÉNTS Page Reference and Administrative Details Chairf5 Report Report of the Director5 lincluding the Strategic Report) 5-19 Independent Auditorfs Report 20-24 Consolidated Statement of Financial Activities 25 Consolidated Summary Income and Expenditure Account 26 Consolidated and Charity Balance Sheets 27 Con501idated and Charity Cash Flow Statements 28 Notes to the Financial Statements 29-58
DORSET WILDLIFE TRUST Financial statements for the year ended 31 March 2024 Reference and administrative details The re8lStered 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 688439. Registered office Brooklands Farm, Forston, Dorchester, Oorset, DT2 7AA. Members of the Board The charlrable 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 2024 and to date are.. M G Kibblewhite PhD, MBN FRSC. FIAgrE J Davies MBE J White MBE, 8Sc l Alexander R Cole BA K Derrick OBE, BSC. MSclEconl JDGaye S Goldsack L Henley-Lock G Ninnim FCA G Pugh Bsc (Econl, FCA l Reynolds BA. MA L Sherlock J Stobart N R Webb BSC. PhD, DSC. C Biol FRSB A V Wheatcroft BA. MSC (Chair of Council) (Vice Chair} Vice Chair) (Appointed 4 December 20231 (Resigned 27 October 20231 (Appointed 4 December 20231 (Resigned 19 June 20241 (Appointed 4 December 20231 (Resigned 4 December 20231 Dorset Wildlife Trust 15 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 200222-11. Dorset Wildlife Trust has three wholly owned subsidiaries: Services Ltd (Company registration number 02293763F o)mpany directors who have held office in the year ended 31 March 2024: B Bleese BSC. FRGS J Davies MBE K Derrick OBE, BSC, MSc(Econ} S E Patterson G Pugh Bsc (Econl, FCA A V Wheatcroft BA. MSC IRe5igned 27 October 20231 IAppointed 4 March 20241
DORSET WILDLIFE TRUST Financial statements for the year ended 31 March 2024 Reference and administrative detalls contlnued Dorset Ecologry Limited (Company registration number 080980971- company directors who have held office in the year ended 31 March 2024.. J Davies MBE JDGaye S E Patterson N R Webb BSC, PhD, DSC, C Biol FSB (Resigned 5 August 20241 The National Wildlife Garden Limited (Company registration number 109487991- company directors wh have held office during the year ended 31 March 2024: B Bleese J Davies MBE J Gaye M Kibblewhite PhD, MBA, FRSC, FIAgrE S E Patterson J White MBE, BSC President. Vice Presidents and Patrons Dr G McGavin L Bunce L Haskins l McDavid I Powne P Scupholme P We5tgate J WestEate Sir J Eliot Gardiner S Fine King (President) (Vice President (Vice President) (Vice President) (Vice President (Vice Presidentl (Vice Presidentl (Vice Presidentl (Patronl (Patron) Chief Executive and senior management team B Bleese BSC, FRGS l Davenport Bsc S E Patterson A Pollard BSC, Msc SThomp50n Chief Executive IDirector of Nature Based Solutions) IDirector of Finance and Re50urcesl IDirector of Nature Recovery Networksl (Director of Marketing & Fundr8i5ingl
DORSET WILDLIFE TRUST Financial statements for the year ended 31 March 2024 Reference and administratlve details continued Company Secretary 5 E Patterson Bankers National Westminster Bank plc. 7 West Borough, Wimborne, Dorsèt, BH21 IPE Close Brothers Group, 10 Crown Place, London EC2A 4FT Solicitors Battens, Mansion House. Princes Street. Yeovil, Somerset. BA20 IEP Stone King LLP, 13 Queen Square, Bath BAI 2HJ Investment Advisors Close Brothers Asset Management, 10 Crown Place, London EC2A 4FT CCLA Investment Management, l Angel Lane, London EC4R 3AB Auditors Moore (South) LLP. 33 The Clarendon Centre. Salisbury Business Park, Dairy Meadow Lane. Salisbury. Wiltshire SPI 2TJ VAT Advisor Alison Hone Limited, 39 Sea Serpent Road, 8racklesham, West Sussex P020 8GA
DORSET WILDLIFE TRUST Chairfs Report For the year ended 31 March 2024 The pressures on wildlife in Dorset are increasing and the Trust has a huge responsibility to support actions to slow, halt and reverse declines. Working with partner5 is essential to meet the scale of the challenges effecttvely. Partnership5 delivering very good outcomes include those with pub5ic agencies, other NGOS, and businesses. Notable partnership outcomes are land purcha5e5, major projects, and successful outreach initiatives. The importance of partnership is illustrated well by our work with the agriculture sector. Enhancing wildlife in the wider landscap@ is only possible with more action by individual farmers and their businesses- we have many shared objectives and are keen to help farmers access public ftjnding for nature. Dorset Wildlife Trust Is an active member of the Federation of Wildlife Trust5, which continues to develop progressively. Our engagement with the Federation is increasing and this brings many advantages supports our local efforts with supporting evidence and national context and campaigns, it provide5 access to shared know-how such as digital innovations, and it keeps us close to the initiatives of Dther Trusts. At the same time, we are makin8 valuable inputs to the Federation, including from our recent successes in accessing green finance for major land purchases at Wild Woodbury and Lyscombe. The chairof Hampshire and Isle of Wight Wlldlife Trust generously made a review of our Governance in 2023. It wa5 rea55urinB that his overall conclusion is that our governance is effective. However, he advised that we need to further strengthen our business planning. This will help u5 clarify priorities within the many opportunities and challenges that we face and ensure that resource5 are deployed efficiently. And we are now starting to review and develop our current Strategy, which is serving us well but needs to be reviewed regularly. Some trustees have recently completed their term of office, after many years of work that has benefited the Trust tremendou51y. We have welcomed new trustees and expect to recruit others in 2024. This process of renewing and refreshing Council is important to ensure continulng effective governance, and connertbvity to the fast-changing environment in which we operate. The competence and motivation of our staff is very high, and the many great succes5e5 of the past yearwould ot have been possible without this distinctive feature of the Trust. The Chief Executive and the Directors are providing leadership in testing times. Ours 15 a membership-based organisation and the trustees and staff work for the members. They are the foundation of this SLJccessful organisation an(J growing their number and support for our campaign5 and as volunteers is a constant priority. We are working hard to further increase our membership and make it more inclusive of all communities. MlIULkn& Mark Kibblewhite Chair- Dorset Wildlife Trust 2 September 2024
DORSETWILDLIFE TRUST Report of the Dlrectors (including the Strategic Report) For the year ended 31 March 2024 The Board have pleasure in presenting their report together with the audited accounts for the year ended 31" March 2024. The Board have adopted the provisions of the Charities SORP IFRS 1021- Accounting and Reporting by Charities= Statement of Recommended practice applicable to charities preparing their account5 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland leffectiv@ I January 20191 in preparingthe 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 15 required by charity and company law to art onty within the objects ot its Article5 of Association which are as follows= For the public benefit: 11} 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: establishing and malntaining nature reserves. wildlife habitats and natural spaces: surveying, recording, researching and studying the natural environment- and engaging people with their environment through events. centre5, volunteering andlor other means. 1111 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. providin8 walk, talk5. events. meetings, digital and other means of communications- and advocating good practice and promoting environmentally sustainable lifestyles and workin8. Dorset Wildlife Trust IDWTI aims to safeguard Dorset's wildlife areas for the future, and actively encourages sympathetic management of the countryside and coast as a whole. Over 4600 acres of land are owned or leased by DWTas nature reserves. Support comesfrom the Dwt's membership. as at 31 March 2024 27,39S 12023= 27,2281 individuals or 14,937 {2023: 14,8771 households and a network of about 471 active volunteers during the year, as well as a number of supportive corporate members and sponsor5. We play a leading role, in partnership wlth other organisations. to conserve and enhance Dorset's wildlife and wild places, focussing on.. delivering advancements in conseNation through our network of nature reserves and wildlife sites, to help protect threatened wildlife habitats and specie5; and engaging people and communitie5 by working with landowners, farmers, local authorities. businesses and young people, and influencing the behaviour of all sectors of society.
DORSET WILDUFE TRUST Report of the Direttors {including the Strategic Report) For the year ended 31 March 2024 {continuedl 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, 'Charitie5 and Public Benefit.. The Trusvs public benefrt is enshrined in its charitable objects as outlined above. We have referred to the guidance contained in the Charity Commission'5 general guidance on public benefit when reviewing our aims and objective5 and in planning our future activities. The advancemenl 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, ITWTI philosophy is based on the belief that the natural world deserves conseNing for its own sake and, since thi5 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 reseNes are used by the public. and many have access on way-marked routes. At many 51te5 information and interpretation 15 provided to visitors. There are a few cases where there may be 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 ihe public benefit of wildlrfe. 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 our work provides an outlet for altruistic endeavour which is of special benefit to those involved s well as delivering benefits to the wider public. Promotin8 the enjoyment of the natural wodd is an important part of what we do= contact with the natural world and the appreciation of wildlife and wild places provide5 great pleasure to many people and contribules 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.
DORSET WILOLIFE TRUST Report of the Director5 (including the Strategic Report) For the yeaT ended 31 March 2024 (continued) Strategic report AEain5t the backdrop of high inflation, a lingering cost of living crisis and worrying global event5, Dorset Wildlife Trust has made great progres5 across a number of areas and celebrated some significant successes. At the start of 2021 Dorset Wildlife Trust adopted a new strategy, 'A Wilder Dorset by 2030, which included the aim of a 50% increase in our lalld holding by 2030. With the acquisition of several new sites this year, I am pleased to report that we are now on target to achieve thi5 by the end of 2024. As the year closed, we completed the acquisition of Lyscombe, a 335ha slte north-east of Dorchester. Lyscombe was acquired with the support of Natural England's National Nature Reserves Fund arkd nutrient neutrality scheme together with significant funding from Dorset Wildlife Trust members and supporter5. Lyscombe is the largest single acquisition in the Trust's history and offers an outstanding opportunity to brlng back nature at a landscape scale. We have been doing some great work on species recovery too, delivering a project to impmve the habitats of 10 species that are under threat nationally. These include ladybird spider, sand lizard. hpath tiger beetle, great-crested newt and greater-horseshoe bat. The'making Space for Nature in Dor5eV initiative was warded a Species Suwival Fund restricted grant of £l.Im from Defra for the coming year. The project will enable habitat restoration work on 18 nature reserves acros5 Dorset wilh the aim of increasing wildlrfe abundance, giving a massive boost to our nature recovery ambitions. Sadly, an outbreak of avian flu on Brownsea Island during the nesting season resulted in the tragic loss of hundreds of Sandwich tern and black-headed gull chicks. However. swift action by the 8rowTbsea team in removin8 infected carca55es and effectively managing disturbances enabled some chicks to successfully fledge. t)or5et Wildlife Trust on behalf of the Dorset Peat Partnership launched a major peat restoration project involving 6 partners with the aim of restoring 172ha of peatland. A major Brant of E750.LK)O from the Nature foi Climate Peatland Grant Scheme will enable the restoration of some 172ha of peatland. Other recent grant successes mean that we have been able to reduce the Grant5 and Trusts target in the 2024-2025 budget from E206.000 to just £1S,(X)O. This, together with the strong legacy pipeline and earty appeals succes5 has significantly reduced budget risk for the coming year. Looking Forward While we have seen significant progress in securing major new grants and legacy income has been high with a stmng pipeline. core unrestricted income remains a challenge. This is the current experience of most Wildlife Trusts with membership recruitment presenting a particular challenge. That said, when considering the economic pressures that people have experienced over the past year or two, it is a significant achievement to have maintained membership at over 27.0(K). BLtlldlng Core Unrestrlcted Income One of our ft)remost challenges is the need to build core unrestrirted income. Despite securin8 Si8nificant grant5 for specific projects and a strong legacy pipeline, the flexibility offered by unrestricted funds 15 crucial for the operational stability and adaptability of Dorset Wildlife Trust IDWtI- These fund5 allow us to address unexpected needs, invest in innovative prolects, and cover e55ential administrative costs. The ongoin8 economic pre55ures and high inflation rates exacerbate thi5 challenge, makin8 it essential to diversify our income streams.
DORSEf WILDLIFE TRUST Report of the Directors {including the StrateElc Report) For the year ended 31 March 2024 {continuedl Digital Transform* The digital landscape offers immense opportunitie5 for enhancing our outreach, engagement, and operational efficiency. However, it also presents significant challenges that need to be addre55ed including: Improving Digital Engagement.. Leveraging 50cial media, email marketing, and online platforms to engage with current and potential members, donors, and volunteers. This includes creating compelling content that showcases our successes and the impact of aur work. Optimizing Membership Management= Implementing advanced use of the CRM systems to better manage member relations, track engagement, and tailor communications to individual preferences and behaviours. Enhancing Online Fundraising.. Developing user-friendly, secure online donation platforms and exploring innovative digital fundraising methods such as crowdfunding and virtual events. Making the Most of Our Assets Dwrys nature reseTve5, centres and facilities are imialuable assets that need to be maximized to their full potential. This involves.. Sustainable Land Management.. Ensuring that our newly acquired and existing sites are managed sustainably to enhance biodiversity and resilience against clirnate change while optimising their potential for green finance income. Presenting DWT.. The impression that DWT makes on visitors, members and 5UPPOrters is of paramount importance. We need to ensure that our nature reseNes and visitor facilities are presented well. Optimising Business Opportunitie5.' Dwt has an extensive estate including 4 holiday letting propertie5. retail facilities at visitor centres and for hire facilities such as meeting5 rooms at the Chesil Centre, Kingcombe Centre and potentially Brownsea Island. It is essential that the financial performance of these opportunities is optimi5ed and the development of a robust business plan to achieve this 15 a priority. The 5UPPOrt and loyalty of Dorset Wildlrfe Trust members has been the bedrock of our success throughout the year. Membership numbers have remained steady giving tjs a strong base upon which to build. Our delivery thrives thanks to the immense generosity of our members, volunteers, partners, donors, and grant funders, as well as the unwavering commitment of our Board of Trustees and staff. We should all be very proud of what we have achieved together over the year.
DORSET WILDLIFE TRUST Report of the Directors {including the Strategk Report) Forthe year ended 31 March 2024 {continuedl Financial review A review of the financial posltion at the end of the reportinE period Dorset Wildlife Trust has had a successful year in raising restricted funds for three land acquisitions and also in receiving significant contributions from lot31 councils as part of S106 agreements and provisions for Suitable Alternative Natural Green Spaces ISANGSI details of which are given below. Unrestricted income is down overall by £519,Cm114%1 mostly due to a fall in legacy income. Dorset Wildlife Trust is in a strong position at the year end with unrestricted fund5 of £5.95 million of which £2.82 million are held in investments and £942,(X)O as net current working assets. Total net current a55ets held are El.63 million which Includes restricted funds. In March 2024 Council designated unrestrlcted funds totalling £286,000 to fund specific future planned projects and these ale detailed in note 22lbl to the financial statements. The results for the year under review show an overall surplus of E8.53 million predominantly due to the receipt of r@stricted capital grants totalling £6.80 million and donations for capital projects of £1.51 million. The restricted funds show a surplus of £8.67 million reflecting the re¢o8nition of these capital grants and donations. In March 2024 land was acquired at Lyscombe for E5.9 million funded by Natural England and other major donors. The land is subject to a Deed of Agreement with Natural England whereby the capital sum of £5Million was paid to Dorset Wildlife Trust to acquire the land as a Mitigation Site as part of the Nutrient Credit trading scheme established by Natural England. Under the agreement Dorset Wildlife Trust will manage the land as a Mitigation Site for 125 years. Other capital projects included the acquisitlDn of land at West Holm? funded by capital grants from Dorset Council and Bournemouth Christchurch & Poole18CPI Council totalling £599,OQO and the acquisition of land at Kingcombe funded by donations and the Helen Brotherton Endowment Trust. Dorset Wildlife Trust also received a contribution from Dorset Council of £895,000 as part of a Erant for Suitable Alternative Natural Green Space ISANGSI at Wild Woodbury which was recognised as income during the year. Oorset Wildlife Trust hosts the Local Nature Partnership ILNPI; all contributions received towards the funding of the LNP are treated as restricted funds and all relevant costs are expended from those fund5. There is balance of £46,000 {2023= E74.0001 on the LNP fund relating to income for 2024125. The Dorset Peat Partnership is mana8ed by Dorset Wildlife Trust to deliver the Climate FurKI Peatland Discovery grant scheme funded by Natural England. Grant income due forthe yèar is £340,000 to cover expenditure during the year wlth a net transfer of £15,) of matched funding. There is a net balance carried forward of £80,787 to 2024125. Dorset Wild15fe Trust continues to exclude legacy income from its budget due to its unpredictability and to restrict drawdowns from free reserves towards future budgeted activitie5 in order to maintain sufficient free reserves for the stability of the charity. This ha5 allowed us to invest more of our ongoing free iesetve5 tu try to protect funds from inflationary pressures whilst maintaining suffitient working capital tQ Service ongoin8 activities.
DORS WILDLIFE TRUST Report of the Directors (including the Strategic Report) For the year ended 31 March 20241continued) Bolonce Sheet Dorset Wildlife Trusys financial position at the balance sheet date shows an increase in overall funds of £8.53 million during the year to £25.1 million12023= £16.6 million). General unrestricted funds have decreased by £167,000 to £5.95 million12023.. £6.12 million). Restricted funds have increased by £8.67 million to £17.85 million12023: £9.16 million). Endowment funds have increased by £19.0 to £1.35 million 12023.. £1.33 Heritage assets of £14.49 million12023: £7.57 million) represent the nature reserves held by the charity, of which £12.59 million12023.' £6.15 million) are restricted and £1.09 milllon are held in Endowment funds. The increase in value reflects the three land acquisitions during the year. Fixed asset5 of £4.03 million12023= E3.15 million) represent the assets utilised in the activities of the charity of which £2.65 million12023'. £1.85 millionl are restricted including £656.000 of assets under construction relating to the National Lottery Heritage funded Wild Brown5ea project. Investments as at 31 March 2024 are £5.00 million12023= £4.01 millionl. The increase reflects the investment Df £565,000 of part of the Wild Woodbury SANGS contribution and also the investment of £486,0(K) relating to a S106 contribution received during the year relating to a de5igrbated site at St Leonard's Military Hospital {5ee note 23 in financial statement5 for details). Debtors as at 31 March 2024 are £2.84 million12023'. £1.54 million). The increase of £1.33 million is due £1.35 million monies held by Battens Solicitor5 in connection with the acquisition of the land at Lyscombe; these monies held be Battens Solicitor5 include £1 million of VAT payable after the year end. Cash at bank at 31 March 2024 is £1.57 million12023: £1.40 million). At the balance sheet date £456,OCK) was held in the CCLA COIF Deposit Fund, £116,LXJQ held by fund managers and £30,0 was placed on 95 Day Notice Account with Close Brothers Bank. Creditors Creditors due within one year as at 31 March 2024 are £2.96 million12023: £1.22 million). The increase of £1.74 million reflect5 the £1 million VAT payable on the Nutrient Credit trading scheme receipt for Lyscombe and the receipt of the $106 contributlon of £486,000 relating to St Leonard's site which is included in deferred incorne as the management of the site has nut yet been transferred to Dorset Wildlife Trust. The SANG5 contribution5 totalling £930,00 received in prioryears are still included in deferred income on the same basis. Income Overall income for the year is up by £7.60 million to £12.69 million12023.. £5.10 million) boosted by the receipt of capital grants and donations totalling £8.31 million all of which are restricted. Underlying restricted revenue income is down by £191,OCMJ but a new two- year restricted grant of £l.I million for Species S1val ha5 been secured from Defra to commence in April 2024. Unrestricted income is down by £519,000 mostly reflected in the drop in legacy income. Expenditure Total expenditure during the year amounted to £4.39 million12023'. £4.17 million) of which expenditure on charitable activities totalled £3.28 million12023= £3.14 million). The increase in overall expenditure of £187,000 reflects an increase n staff costs of £196,CM)O due to an increase in staff numbers1SFTEI. Expenditure on raising funds of £1.08 million 12023: £1.03 million) includes membership servicing and recruitment costs of £558,00012023: £534.0001. fundraising & marketing costs of £372,00012023.. £350,000) and trading company costs of £108,00012023- £115,(KJOI. Support costs, including depreciation and governance, totalled £937,00012023.. £841.0001. Support costs are detailed in note 10 of the financial statements. The increase in costs of £96,000 is due to additional io
DORSET WILDLIFE TRUST Report of the Directo (including the Strategic Report) For the year ended 31 March 2024 (continued) I.OFTE staff resource5 recruited within the sijpport function. an increase of £33,CN]O in general irrecoverable VAT to £87,000 12023: £54,000). and an increase in governance costs of E32,0Tr) including an external strategic evaluation of potential capital development project to relocate chariws headquarters and develop the Wild Woodbury site. 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 urbexpected opportunities, such as the purchase of land for nature reserves Ithe first of its charitable objectsl- To absorb setbacks and manage Change should a major Income stream fall. 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 Comrnittee, review the Policy annually. Free Re5erve5 Calculation 2024 £'ooo 2023 General unrestricted fund5 Less tangible fixed assets Less Heritage assets Less investment propertv Free reserves 5,285 11.3771 18151 230 5,319 11.3041 18151 230 At the balance sheet date free financial reserves represented approximatety six months of our budgeted total CDSts for the coming year12023'. six months). De5ignoted 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 2024 totals £669,000 12023= £802,DtN)l. The projects are detailed in note 22b of the financial statements. Investment powers and policy Under the charit5 governing document trustees are authorised to invest monies not immediately required for the furthering of the objects of the Trust in such wllanner, 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 onfy be invested in such securitie5 and with such sanction a5 mayfor the time be prescribed by law. Governance The Finance & Resources Committee atts in accordance with the investment strategy approved by the Councll. With the approval of Council the Finance & Resources Committee may delegate the management of investment to one or more authorized fund managers on a discretionary basis in line with letters of
DOR5ETWILDLIFE TRUST Report of the Directors {Including the Str*egic Report) For the year ended 31 March 2024 (continued) 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. The Council has delegated authority to the Finance & Resources Committee to make investment decisions based on independent advice from the investment managers in circumstances requiring urgent attion to mitigate risk of substantial losses to the charity. Such a decision requires a quorum of three Trustees members of the Finance & Resources Committee. Investment Policy t)orset Wildlife Trust's investment policy has two guiding principles: l. Protect the real value of capital of the investment over the period in which it is invested. 2. Optimise the total retum of the investment over the period in which it is invested. Ethlcal Investment Policy Dorset Wildlife Trust has established an ethical investment policy which excludes investments in iompanie5 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 Oblectlves 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- temi resetves and restricted reserves is to preserve the capital value with a minimum level of risk. Unrestricted asset5 should be readily available to meet unexpected cash flow requirements. Rlsk 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 reseTves 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 portFoli0s 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 Dep051t Funds. The Charity will draw down the cash in line with the budgeted expenditure and maturities of cash deposits should match the budget schedule. The Charity utilizes the CCLA Charities Official Investment Deposit fund to hold cash not immediately required for day- to day operations. Time Horizon The charity has divided its reserves into those expected to be held for a long- lerm time horizon and those that may be needed in the short term. 12
DORSET WILDLIFE TRUST Report of the Directois (including the Strategic Report) For the year ended 31 March 2024 (continued) Investment Strategy The Charivs investments were Split between three independent professional investment managers each with a differing approach to investment which. to some degree, should ieduce the overall risk. A review of investments managed by Ruffer LLP wa5 undertaken during the year due to poor performance and the propr$5ed changes by Ruffer to withdraw customized portfolios for smaller investors and move funds into the Ruffer Charity Asset Trust. It was decided that the proposed investment vehicle did not meet the chaiity'5 ethical investment policy and a decision was taken to withdraw funds from Ruffer LLP and invest the fund5 in short- term gilts with Close Asset Management. At the balance Sheet date the majority of the £1.7 million had been withdrawn from Ruffer. Close Asset Management manages £2.8 million at the balance sheet date including the £1.56 million transferred into short-term gilts from Ruffer. The risk profile of the other funds in the portfolio is medium with the priorlty being to make long- term gains and to take advantage of the greater long-lerm 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 £1,051.000 15 invested in CCLA Charity Official Ethical Investment Fund. This includes restricted funds received during the year of £565,000 as part of the Wild Woodljury SANGS and £486,000 relating to the St Leonard's S106 agreement. 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 ha5 an empha515 on real assets, predominantly global equitie5 but also includes property and infrastructure. Management, Reporting and Monitoring The investment managers are required to produce valuations and performance reports qlaarterly and are required to report in person to the Finance & Resources Committee on at least an annual basis. The charity manage5 it5 Own cash deposits and has nomirbated 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 prospecttve cash flow schedule and report5 this to the Finance Committee at each quarterly meeling. The Committee reports formally to Council a5 appropriate. Fundraising Activities Our fundraising standards l. Oata protection Dorset Wildlife Trust is registered with the Information Commissionerfs Office as a data controller. Dorset Wildlife Trust revised its Data Protection Policy and Notice to ensure compliance with the General Data Protection Regulation IGOPR). This information is publicly available on Dorset Wildlife Trust's website. 2. Fundraising Regulator Dorset Wildlife Trust is a member of the Fundraising Regulator, the independent regulator of charitable fundraising. The Regulator sets and promotes the standard5 for fundraising through the Code of Fundraising Practice. Dorset Wildlife Trust follow5 the standards of the Code of Fundraising Prattice in all of its fundraising activities. Our fundraising standards are published on our website along with ourfundraising complaint5 procedure. Complainants who ale unsat15fied with how Dorset Wildlife Trust responds are referred to the Fundraising Regulator for further investigation. 13
DORSET WILDLIFE TRUST Report of the Dirertor5 (including the Strategic Report) For the year ended 31 March 2024 {continued) 3. Breaches of fundraising standards There were no identified breaches of the Code of Fundroising Standards during the year. Our fuNlraising methods, including fundraising agencies Face-to-face fundraising South West Wildlife Fundraising Limited ISWWFLI SWWFL is a company limited by guarantee. established by eight Wildlife Trusts, to engage in mutual trading and provide the Member Trusts with new mernber5. SWWFL fundraisers attend booked venues or events, where they engage with the public. 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 organi5ations which stipulates that 5WWFL fundraisers must adhere to the Fundraising Regulatorfs Code of Fundraising Practice. It also states that SWWFL fundraisers must protect vulnerable people and members of the public from behaviour which is an unreasonable intrusion on a per50n'5 privacy, is unreasonably persistent and which places undue pressure on a person to give money. The agreemerit also requires SWWFL to report any complaints to Dorset Wildlife Trust promptlv. 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 Re8ulatorfs Code of FundraisinE Practice. SWWFL fundraisers use a solicitation statement to explain to the public how they are paid an(1 how much of any donation will benefit Dorset Wildlife Trust. 2. Telephone furbdraisin8 Quality Telephone seICe5 Ltd IQTS) QTS is a south-west based professional telephone fundraising agency that 15 used by many Wildlife Trusts to help with supporter retention and development. Dorset Wildlife Trust contracts with QTS to undertake fundraising campaigns such as recruitifig new members, upgrading membership subscriptions and re-recruiting lapsed members. QTS adheres to the Fundraising Regulatorfs Code of Fundraisirbg Practice and the stipulations regarding the Telephone Preference Service. Dorset Wildlife Trust also has a data processing agreement in place wtth QTS which stipulate5 how they will share and protect and process the data of Dorset Wildlife Trust members. 3. Individual giving fundraising Dorset Wildlife Trust undertakes a range of fundraising activities to generate additlonal Income, primarily focussed at members. These activities include amongst others, raffles and appea15, which involve mailing, email, website and social media promotion. These fundraising activities may a150 be promoted to the wider public through social media and website communication and press releases. Our legacy fundraising is focussed around inviting longstanding members to attend a series of events round 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 14
DORSET WILDLIFE TRUST Report of the Directors (including the Strategic Report) For the year ended 31 March 2024 Icontinuedl membership magazine. This year we are creating a legacy enquirer pack, which we are encouraging members to request should they require more information about leaving a gift in their Will. 4. DWTSeNices Ltd. DWT SeTvices Ltd sells a range of retail goods to the public through a number of visitor centres. 5. 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. 6. Grants & Trusts Securing funding from grants and trusts is a major part of Dorset Wildlife Trusys 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 protertion protoco15 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 agencie5 where any issues with fundraising activities are di5CU55ed and resolved. The Director of Fundraising & Marketing signs off on all fundraising activities. The approach used for each fundraisin8 campaign is discussed in Fundraising & Marketing tearn meetings, and Fundraising and Marketing Mana8efflent 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 ha5 re]Ved during that period. Complaints about fundra15ing DurinE 2023-2024 DWT received a total of 41 complaints from the public. of which 10 related io fundraising activities. All complaints were responded to directty and where appropriate the memberfs preference5 updated on the database. Protecting vulnerable people In accordance with the Fundraising Regulatorfs Code of Fundraising Practice our fundraisers take reasonable steps to treat a donor fairly, enabling them to make an informed decision about any donation. Thi5 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 declsion. Our fundraisers will not exploit the ciedulity. 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 orb a person'5 privacy, is unreasonably per51Stent and/or which places undue pressure on a person to give money. The agreements we have with fundraising agencie5 include requirements to protect vulnerable people. 15
DORSET WILDLIFE TRUST Report of the Dirertors lincluding the Strategic Report) For the year ended 31 March 2024 Icontlnued) Structure, governance and management Dorset Wildlife Trust is governed by it5 Articles of Association and is a company limited by guarantee wit the number 688439 and charity number 200222. The charivs governing body is the Council to which Trustees are elected by members at the Annual General Meeting (normally around December each yearl. Council may co-opt additional Trustees to fill vacancies between AGMS, but such persons must face election by members at the next AGM. Trustee5 endeavour to maintain a balance of ski115 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 Chair51 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. Services Ltd, the charitys trading Subsidiary. was primarily involved in the sale of goods, holiday lets an(1 other services. Profits generated are transferred to its parent company Dorset Wildlife Trust on an annual basis a5 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 seICe5 Ltd and the two dormant companies are appointed by the Council of Dorset Wildlife Trust and corbfirmed annually. Dorset Wildlife Trust's or8anisation 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 five committees: - Conservation Committee. Finance & Resources Committee. Health and Safely Committee. Fundraising & Marketing Committee. Personnel and Remuneration Committee. At the end of 2023 it was decided that the main body of work undert3ken by the Audit and Risk Committee had been completed and in order to reduce the number of meeting5 for trustees and senior management. the remaining ongoing work of this Committee was transferred to the Finance and Resources Committee with the Audit and Risk Committee being disbanded. 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 committee5 make recommendation to Council only. Only member5 of the committees appointed by Council are entitled to vote on advite or recommendations to Council. The only committee with delegated powers is the Finance & Resources Committee where ex¢eptionally, and when a delay in decision-makin8 presents a substantive risk to the charity'5 assets. named Trustee members of the Finance & Resources Committee may collectively rnèke urgent investment decisions on behalf of Council. The Chief Executive has delegated responsibility for financial and operating perfom)ance, and all staff. Dorset Wildlife Trust has several joint volunteer/staff groups that deal with resetves, special events, and projects such a5 Living Churchyards, Sites of Nature Conservation Interest ISNCII Forum, Agriculture Forum and Environmental Performance Group. Volunteers provide assistance and support in a wide variety of ways. prartically and with administrative tasks. 16
DORSET WILDLIFE TRUST Report of the Directors (including the Strategic Report) For the year ended 31 March 2024 (continued) How does the charity make decisions? The Council make5 decisions on poliry as recommended by Committee5 and management. Implementation of those policies and operating decisions are delegated to the Chief Executive who may delegate authority through the manaEement structure. The Council can over-ride any operating decision that it feels is not onsi5tent with the Strategic Plan. Dorset Wildlife Trust policie5 or legal requirements. Induction and training of Board mernbers Trustees, skills are reviewed regularty to ensure that the balance is suitable. New trustees undergo an induction proce55 which involve5 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 issue5 and specific areas of the charitws work. Arrangements fur settlng the pay and remuneratlon for the key management personnel. On at least a three-year basis, pay and remuneration are benchmarked by Personnel and Remuneration Committee IPRCI against other Wildlife Trusts and the wider sector. PRC then makes recommendations to Council. PRC may retommend an annual increment to salary levels if DWTcan afford it. The rise is commonly determined by market rate comparisons combined with affordability. The wider The Wildlife Trust ITWT) 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 900.000 member5 and more than 2,600 nature resee5 covering over 90.000 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 works closely with other Wildlife Trusts in the South-west including on joint project5 and initiatives. Relationship with the charity and related parties including its subsidiaries The charity group consists of Dorset Wildlife Trust la charltable company Ilmited 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 Seices Ltd la 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. Rlsk management The Risk and Altdit Committee reviewed and updated the Corporate Risk Registerat each meetin8 throughout the year reporting to Council any significant increases in risk to which the charity might be exposed in light of current prevailing circumstance5. From February 2024 thi5 responsibility was taken on by the Finance & Resources Committee. The perceived risks are categorised and prioritised by potential impact and likelihood of Occurren and appropriate risk management strategies are implemented. There is a rlsk management policy in place with systems and procedures to mitigate risks identified. The key rlsks to Dorset Wlldlife Trusys operation that have been identified and prioritised for 2024-2025 are summarised below.. Strategic risk of failing to prioritise activities. capacity and resources would mean that Dorset Wildlife Trust is unable to respond to new opportunities or changes in policy. In the last few years Dorset Wildlife Trust has been well positioned to take advanta8e of opportunities arising from current planning and government initiatives for nitiate off-setting and nutrient mitigation schemes. Durin8 2023-24 Oorset Wildlife Trust has been able to acquire three pieces of land for the expansion of existing nature re5erve5 and the creation of two new re5eTves. This has involved major fundraising 17
DORSET WILDLIFE TRUST Report of the Dirertors lincludlng the strategic Report) For the year ended 31 March 2024 {continuedl work with partner5 and major donors together with detailed land management planning and due diligence. These have put considerable pressure on key staff with significant amount5 of time applied to these acquisitions. Trustee5 are mindful of ensuring that with the expansion of the conservation activities care must be taken that there are adequate resources to support and manage the increased activities and also to take advantage of future opportunities. As part of the funding for land acquisitions. where possible, funding is budgeted to cover additional staff and costs relating to the management of newly acquired land forthe first few years to allow a phased implementation of other grant funded support such as agri-environmental schemes. A Business Plan and annual budget for 2024-25 detailing key operational areas of work and a risk assessment and mitigation plan has been approved by Councll. Changes In local or national government policies wnay have a negative impact on the work of llature conservation organisations and now we have a new government with difference priorities. The most significant immediate change 15 to the planning system with the re-instalment of local housing targets, review of green belts and a more positive consideration of renewable energy proposals. This could have a significant impact in Dorset if not managed positlvely. 80th local authorities had previously argued to reduce their housing allocations due to the many environmental designations in our area. The threat of a mass removal of retained EU Laws including environmental protections appears to have gone with the new government. Dorset Wildllfe Trust participates in key areas of national policy work both through our umbrella organisation The Wildlife Trusts and locally via the Local Nature Partnership and engagement with Natijral England seeking opportunities for influence. High workload combined with external pressures impacting on cost-of-living results in increased levels of stress amongst staff. Dorset Wildlife Trust has maintained hybrid working scheme to help staff maintain a healthy work-life balance while keeping team communlcatiorTrs at appropriate levels. Regular contact is maintained with all staff via monthly one-tD-one meetings as part of the performance management systems. Dorset Wildlife Trust has been able to offer pay awards over the last two years that have helped offset cost of living pressures for staff. The Chief ExecutNe al meet5 with all staff individually and an annual staff survey is carried out to provide staff with the opportunity to raise concerns. External financial pressures such as price rise5, delays in supply chains and instability lead to reduttion in income, increase in costs and an inability to meet delivery target5 and obligations. Although significant capital grants and donations have been received during the year, underlying income streams and ongoing costs are closely monitored and corrective artion taken when necessary to offset major impacts. Supply chain issues continue to cause delays to some work and a reluctance by contractors to tender for work or provide quotes. Materials for fencing Continue to be bought in bulk to take advantage of pricinE and to ensure ongoing work is not delayed. The management are working on preparing busine55 scenarios and busine55 continuity plan5 including budget contingencies and a review of estates/facilities in terms of efficiency, costs, sustainability and likely future needs. Failure to obtain adequate income from membership and fundraising activities. Annual fundraising plans are drawn-up 35 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 & Resource Committee. Where additional resources might be required to meet funding targets this is assessed on a cost-benefit analysis at the budgeting stage. Several major new revenue grant5 have been-secured for 2024-25 reducing the risk of the fundraising target for 2024-25 included within the budget and there is a renewed focu5 on smaller grant application5 to provide matched funding for projects. A regulargiving product is on offer as an alternative to membership and the implementation of 5UPPOrter journey5 programme was rolled out in 2023-24. The legacy pipeline remains stable and there wa5 a legacy campaign introduced in 2023-24 to boost legacy pledges for the future. Membership fees were increased by 14% from April 2023 which had a small impact on the ongoing lapse rate. 18
DORSET WILDLIFE TRUST Report of the Directors lincluding the Strategic Report) For the year ended 31 March 2024 {contlnued) Increased competition for funding from existing and new organisations and devolved operations of local authoritie5. 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. Statement of the Board's responsibilities The Trustee5 (who are a150 directors of Dorset Wildlife Trust for the purposes of company lawl 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, includin8 the income and expenditure, of the charitable group for that period. In preparing these financial statements, the Trustees are required to= select 5Ultable accounting policies and then apply them cons1Stently,' ob5eive the methods and principles in the Charities SORP,. make judgements and estimates that are reasonable and prudent: state whetherapplicable accounting standards have been followed, subject to any material departures dlsclosed and explained In the financlal statements,- prepare the financial statements on the going concern basi5 unle55 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 ofthe charitsble company and enable them to ensure that the financial statements comply with the Cornpanies Act 2LNJ6. They are a150 responsible for safeguarding the assets of the charitable 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 member5 of Board who were in office on the date of approval of these financial statements have confirmed, as far a5 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 a5 members of Board in order to make themselves aware of any relevant audit illformation 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 2 September 2024 and signed on their behalf: M G Klbblewhlte Chair of Trustees 19
DORSEf WILDLIFE TRUST Independent auditorfs report to the mernbers and trustees of Dorset Wildlife Trust Opinion We have audited the consolidated financial statements of Dorset Wildlife Trust (the 'charitable parent company'l and its subsidiary I'the group'l for the year ended 31 March 2024 which comprise the Consolidated Statement of Financial Activities, Consolidated Summary Income and Expenditure Account, the Con501idated and Charity Balance Sheets, the Consolidated Statement of Cash Flows and notes to the financial statement5, including a summary of signlflcant accounting policies. The financial reporting framework that ha5 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 Practicel- In our opinion, the con501idated financial statements.. give a true and fair view of the state of the group's and charitable parent company's affairs as at 31 March 2024 and of the group's incoming resources and application of resources, including its 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 ofthe Companies Art 2006. Basls for opinion We conducted our audit in accordance with International Standards on Auditin8 IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the consolidated financial statements section of our report. We are independent of the group and charitable parent company in accordance with the ethical requirements that are relevant to our audit of the consolidated 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 Eoing concern In auditing the financial statements, we have concluded that the directors, use of the 8oin8 concern basis of accountin8 in the preparation of the financial statements Is appropriate. 8a5ed 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's and company's ability to continue as a going concern for a period of at least twelve months from when the f1nancial statements are authorised for issue. Our responsibilitie5 and the responsibilities of the directors with respect to going concern are described in the relevant sectlons of this report. Other information The other information comprises the information included in the Trustees, annual report lincorporating the Directors, report) other than the Consolidated financial statements and our auditorfs report thereon. The Trustees are responsible for the other information contained within the Trustees, Annual Report. Our opinion on the con501idated financial statements does not cover the other information and, except to the extent othe1$e explicitty stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility 15 to read the other inforrnation and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtalned in the audit or otherwise appears to be materially misstated. If we identify such rnateral inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the 20
DORSET WILDLIFE TRUST Independent auditorfs report to the members and trustees of the Dorset Wildlife Trust {continued) consolidated financial statements or a material misstatement of the other information. If. based on the work we have performed, we conclude that there is a material mi55tatement of thi5 Other information, we are required to report that fact. We have nothlng to report In this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit= the information given in the Tru5tees' Report Iwhich includes the Directors, Report) prepared for the purpose of company law, for the financial year for which the consolldated financlal statements are prepared is conslstent with the consolidated financial statements. and the Directors, Report. which is included in the Trustees. Report, has 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 charitable parent company and their environment obtained in the course of the audit, we have not identified moterial misstatements in Oirectors. Report. included in the Tru5tees' 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 accounting records have not been kept by the charitable parent company, or returns adequate for our audit have not been received from branches not visited by us= or the charitable parent company's financial statements are not in agreement with the accounting records,. or certain disclosures of Tru5tees' remuneration Specified by law are not made- or we have not received all the information and explanations we require for our audit- or the Trustees were not entitled tD prepare the con501idated financial statements in accordance with the small companies, regime and take advantage of the small companies, exemptions in preparing the Trustees, Report and from the requirements to prepare a Strategic Report. Responslbllltles of Trustees As explained more fully in the statement of trustees respon5ibilitie5, the Trustees, who are also the Directors of the charitable parent company for the purpose of company law, are responsible for the preparation of the consolidated financial statements and for being satisfied that they give a true and fairview, and for such internal control as the trustees deterrnine is netessary to enable the preparation of consolidated financial statements that are free from material mi55tatement, whether due to fraud or error. In preparing the consolidated finantial statements. the Trustees are responsible for assessing the group's and the charitable parent companws 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 charitable parent company or to cease operations, or have no realistic alternative but to do 50. Auditoes respon5ibilitie5 for the audit of the consolldated flnanclal statements Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement. whether due to fraud or error, and to Issue an auditor's report 21
DORSET WILDLIFE TRUST Independent auditor's report to the members and trustees of the Dorset Wildllfe Trust (continued) that include5 our opinion. Reasonable assurante is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Mi55tatements can arise fmm 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 consolidated financial statements. A further description of our responsibilities for the audit of the consolidated financial statements is located on the Financial Reporting Council's website at.. http=l/www.frc.org.uklauditorsresponsibilities. This description forms part of our auditor's report. Irregularities, including fraud, are ill5tances of non-compliance with laws and regulations. We design procedures in line with our re5POllsibilities, outlined above, to detect material misstatements in respett of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. Explanation as to what extent the audit was considered capable af detecting irregularities, including fraud The objectives of our audit in respect of fraud, are,. to identify and assess the risks of material misstatement of the financial statements due to fraud- to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud. through designing and implementing appropriate responses to those a5se55ed ri5ks,' and to respond appropriately to instarsces of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detettion of fraud rests with both management and those charged with governance of the charitable company and the group. Our approach wa5 a5 follow5.. The engagement partner seletted a team for the audit, led by per50ris who had knowledge of the sector and who had the required competence and skills to be able to identify or recognise non- compliance with laws and regulations. We assessed the risk of irregularitie5 as part of our audit plannin& and ongoing review, including those due to fraud. Management override was identified as ) significant fraud risk due to the ability of management to byp35s controls and dlsclosure requirements. Completeness and cut-off of income was identified a5 a Significant ri5k,' in particular recognition of legacy income and the timing of membership income. Classification of incorne was identified as a significant risk in relation to the correct allocation of income between restricted and unrestritted fltnds. We also had to ensure that the expenditure against restricted income was in line with the income restrictions. We obtained an understanding of the legal and regulatory frameworks applicable to the charitable parent Company and the 8roup and considered that the most significant 3re the Companies Act 2006, The Charities Act 2011, the Charity SORP, UK financial reporting standards as issued by the Financial Reporting Council and UK taxation legislation. We obtained an understanding of how the charitable parent company and the group Complies with these requirement5 through discus5ion5 Wlth management and those charged with governance. 22
DORSET WILDIIFE TRUST Independent audltoes report to the members and trustees of the Dorset Wildlife Trust (contlnued) We inquired of management and those charged wlth governance as to any known instances of non- compliance or suspected non-compliance with laws and regulations. Consideration was also made of the internal controls in place to mitigate the identified risks. We assessed the control environment. documenting the systems, controls and processes adopted. The audit approach incorporated a combination of controls where appropriate, analytical review and substantive procedures involving tests of transartions and balances. Any irregularities noted were discussed with management and additional corroboratlve evidence was obtained a5 required. The consolidated financial statements of the group incorporate the results of the subsidiary company. Moore (South) LLP are the auditors to the whole group and the same approach has been adopted to the subsidiary company as appropriate to that entity. To address the risk of fraud through management override. we: performed analytical procedures. tested journal entries and related party transactions to identify any unusual transactions or unexpected relationshlps- assessed whether judgements and assumptions made in determining the accountlng estlmates were indicative of potential bias; tested a sample of transactions that could be Influentrd by actions of management; and reviewed the nature of the disclosures within the financial statements to ensure they meet the requirements of accounting Standards and relevant legislation. In response to the risk relating to Income completeness and cut-off, we: reviewed the accounting policies adopted for con515tency of application and complaince with acteptable accounting practices. performed analytlcal procedures to identiy any unusual or unexpected variations in recorded income. agreed a Sample of income receipts frorn source documentation into the accounting records. reviewed the terms and conditions of a sample of grants received to ensure the income is accounted for in the corrert period. reviewed board minutes and correspondence for evidence of any further unrecorded income. obtained details of legacies due to received at the year end from source documentaion and ensuring that none were omitted from the accounts and those included were at the corrett value- and discussed with management that there was no further income they were aware of that needed to be accounted for. In response to the classificatian af income between restricted and unrestricted fvnd5 we: agreed a sample of income receipts from source documentation into the accounting records to ensure any restrictions to the income were correctly identified in revenue- agreed a sample of expenses incurred to ensure they had been allocated to the correct fund: and reviewed the analysis of funds for any misallocations of income or expenditure There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions. the less likely it is that we would become aware of non- compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the Inspettlon of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud Can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. 23
DORsEf WILDLIFE TRUST Independent auditoes report to the members and trustees of the Dorset Wildlife Trust Icontlnued) We communlcate with those charged with governance regardin& among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report This report is made solely to the charitable parent companvs members. as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work ha5 been undertaken so that we might state to the charitable parent companvs members those matters we are required to state to them in an auditors, report and for no other purpose. To the fullest extent perniitted by law, we do not accept or assume responsibility to anyone other than the charitsble parent company and the charitable parent company's members as a bodyi for our audit work, for this report, or for the opinions we have formed. Robert Macdonald (Senior Statutery Auditor} for and on behalf of MO0 (South) LLP 7 October 2024 Chartered Accountants Statutory Auditor 33 The Clarendon Centre Salisbury Business Park Dairy Meadow Lane Salisbury Wiltshire SPI 2TJ Moore Isouthl LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor Df a company under of section 1212 of the Companies Act 2006. 24
DORSET WILDLIFE TRUST Consolidated Statement of Financial Activities For the year ended 31 March 2024 Note5 Unresirlcted Fund5 Règtrlcted Endowment Funds Funds Year ended 31 March 2024 £'ooo Year ended 31 March 2023 £'ooo £'ooo £'ooo £'ooo INCOME & ENDOWMENTS FROM: Donations & legacies Charitable activitiès Other tiading activities Investments Other 2.455 274 214 79 27 8.138 1,493 10.593 1.767 214 3,503 1,231 227 57 79 li 28 TOTAL INCOME li EXPENDITURE ON: Raising funds Charitable attlvities Other 1,072 1,945 l.D79 3.279 1,032 3,139 1.334 TOTAL EXPENDITURE 171 NET INCOME/IEXPENDITUREI FOR THE YEAR BEFORE ILOSSESI/GAINS ON INVESTMENTS 32 8,298 8,336 926 Nei IlossesllEalns on Invesiments 183 13 193 135 NET INCOMEI{EXPENDITURE) 29 8,481 19 8,529 791 Transfers between funds 196 196 NET MOVEMENT IN FUNDS 11671 8,677 19 8,529 791 TOTAL FUNDS BIFWD 22-24 TOTAL FUNDS CIFWD 22-24 The group has no recoBnlsed gains or1055es other than those included above. The Consolidated Statement of Financial Activities has been prepared on the basis that all operations are continuing operation5. The comparative figures are disclosed in note 34 to the financial statements. The notes on pages 29 to 58 form part of these financlal statement5. 25
DORSEf WILDLIFE TRUST Con501idated Sumrnary Ir)come and Expenditure Account For the year ended 31 March 2024 Notes 2024 £'ooo 2023 £'ooo Income Gains on investments Interest and investment income Gross income in the financi31 year 12,602 193 92 5,040 57 Expenditure Losses on investments Depreciation & charge5 for impairment of fixed a55etS Total expenditure in the financial year 4,237 4,057 135 114 121 Net income before tax fDr the financial year 8,529 791 Tax on net Income from ordinary activities 14 Net income for the year The group'5 income and expenses all relate to continuing operations. The notes on pages 29 to 58 form part of the financial statements. 26
DORSETWILDLIFE TRUST Consolidated and Charity Balance Sheets Company Number 00688439 For the year ended 31 March 2024 Group 31 March 2024 Company 31 Marth 31 Marth 2024 2023 31 March 2023 Notes E'OOO £'wo eooo £'o FIXED ASSETS Tangiblè asspts Heritage assets Investments 15 16 17 4,025 14Ag0 5.003 3,155 7.565 4,IM)7 4.018 14/190 S,13 3,145 7.565 4,007 23,518 14,727 23.511 14.717 CURRENT ASSETS Stock Debtors Cash ai bank and In hand 18 19 139 2.871 1,573 167 1.537 1,404 121 2,866 1,507 151 I,S56 1.315 4,583 3.108 4A94 3.022 CREDITORS: Amounts falllns due wrthin one year 20 12.956J 11,2191 12,9241 11.1931 NET CURRENT ASSETS 1,627 1,889 1.570 1.829 TOTAL NET ASSETS 16 RESERVES ANDFUNDS CAPITAI FUNDS Endowment funds 21 INCOME FUNDS General funds 22 lal 5.285 5.319 5.221 5.249 Designated funds 22 {b) 669 669 802 UnrestTicled funds 5,954 6.121 5,890 6.051 Restricted funds 23 I75 9.168 17.845 9.168 TOTAL FUNDS The parent company made a surplus for the year of £8,535,WO12023: surplus £800,CKO). The notes on pages 29 to 58 form part of these financial statements. Approved by the Directors on 2 September 2024 and Signed on their behalf by= M G Kibblewhlte........ . Chalr of Trustee5 27
DORSET WILDLIFE TRUST Consolidated and Charity Cash Flow Statements For the year ended 31 March 2024 Group 31 March 20Z4 Company 31 March 2024 31 March 2023 31 March 2023 Notes £'ofyJ Cash flows from operatlng activities: Net cosh providedby operntlng t7rtivitles 31 59 604 Cash flows from Investing artivitles Dividends. interest & rents from Investments Investment managernent costs Proceèds from salè of fixed assets Purchase of f1xed a55et5 Proceeds from sale of invÈstments Purchase Df investments 89 1411 57 1331 67 11391 2,339 89 1411 57 1331 67 11361 2,339 17,9141 2,886 (7,9141 2,886 Ivet cash used In Investment tIvitIeS 256 253 Cash flows from financing activities Deferred SANG income Repayment of borrowing Net Cry5h {used irtJ/generqted byfintsncln4 artivities 252 16 486 252 16 236 486 236 Change In cash and cash equlvalents in the flnanclal year 169 570 192 587 Cash and cash equivalents at the beglnninB of the year Cash and cash equivalents at the end of the year 834 728 32 The note5 on pages 29 to 58 form part of these financial statements. 28
DORSET WIIDLIFE TRUST Note5 to the flnandal statements For the year ended 31 March 2024 ACCOUNTING POUCIES Dorset Wildlife Trust is a company limited by guarantee and incorporated in England and Wales. The addre55 of the registered office is Brooklands Farm, Forston, Dorchester, Oorset DT2 7AA. Basis of preparation The financial statements have been prepared under the historical cost convention, wtth 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 Ch8rity Commission Statement of Recommended Practice ISORPI on Accounting and Reporting by charitles applicable to charities preparing their accounts in accordance with the Financial ReFK)rting Standard applicable in the UK and Republic of Ireland IFRS 1021 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 confimi that the charity is a public benefit entity, a5 defined in FRS 102. The financial statements are prepared on a going conrn 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. Group flnancial statements The Statement of Financial Attivities ISOFAI, Consolidated Summary Income and Expenditure Actount and Balante Sheet tonsolidate 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 Companles Act 2006. Fund Accountlng 1.3.1 Unrestricted Funds These funds can be used for any of the charivs purposes. 1.3.2 Restricted Fund5 These funds have been given to the charityfor a particular purpose to be used in accordance with the wishes of the donor. 1.3.3 Enduwment Funds These funds have been given to the charityfor a particular purpose to be used in accordance with the wishes of the donor. The capilal can generally not be realised. 29
DORSET WILDLIFE TRUST Notes to the financial statements For the year ended 31 March 2024 {continued) I. ACCOUNTING pouaES {continuedl 1.3.4 Designated Funds These funds which have been set aside by the Trustees out of unrestricted general funds for specific future purpose5 or project5. Income All income is included in the SOFA when the charlty 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. For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finali5ed and notification has been made by the executorlsl to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, Is only considered probable when the amount can be measured reliably and the charity ha5 been notified of the executor's intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy 15 treated as a contingent asset and disclosed if material. Grants receivable lincluding government grants) are accounted for when there is Sufficient information to enable the claim to be made or the claim ha5 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. Grants received relating to agreements for Suitable Alternative Natural Green Spaces ISANGSI and other compen5atOry Schemes are treated as deferred income until such time as the formal establishment of the SANGS has been completed and approved by the local planning authority, the conditions for which are all outside the control of the charity. This includes the relevant planning permission being obtained to enable the designated land to be managed as a SANGS,- the fomial transfer of the management of the SANGS to Dorset Wildlrfe Trust. and where the SANGS relates to specific developments, the completion of certain target5 by the developer. When the SANGS ha5 been formally established, the charity recognises the whole grant in the relevant accounting period. Income from investments and Gift Aid is accounted for when it is receivable or the charivs right to it becomes legally enforceable. Volunteer help and Gifts in kind The charity receives 5UPPOrt from a wide variety of volunteers. It is not practical to place value on the time volunteered by all these persons due to the variety of duties performed, the dlfference in time spent and the sheei number of volunteer5 who give of their time. Gifts in kind are valued on the following basi5'. 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. 30
DORSET WILDLIFE TRUST Notes to the financial statements For the year ended 31 March 2024 {cont¢nuedl ACCOUNTING POLICIES {continuedl Expenditure All expenditure is accounted for on an accrua15 ba515 inclusive of any VAT which cannot be fully recOVed 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 requestin8 funds. servicing of membership. grant applications and other general publicity as part of fundraising together with associated support activities and t05t of sales. Support cost5 are indirect costs incurred in providing support for activities related directly to the objects of the charity. The method of allocation of support cost5 to the different actÉvitie5 15 dependent on the type of costs and details are given in note 10 to the financial statement5. 1.7 Tangible flxed assets Fixed assets are stated at original cost, less depreciation, with the exception of revalued freehold land and buildings. Assets donated subsequent to l 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. As5et5 below a value of £500 are not capitalised. Depreciation is provided at the following annual rates in order to write off each a55et over its estimated useful life. Freehold Land Freehold Property and Improvements Leasehold Property and Improvements Farm Buildings. Hides and Fencing Tools and Equipment 2 4% stTaight line straight line over period of lease 4- 10% straight line 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 buildin8s 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. Heritage Assets Heritage assets are assets of historical, artistic or scientific importance that are held to advance preseThation, conseNation and educational oblectives 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 need5 of specie5, or the environment generally. The Trusvs poliry 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 31
DORsrf WILDLIFE TRUST Notes to the financial statements For the year ended 31 March 2024 (continued) ACCOUf4TING POLICIES {continued) 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 asset5 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 Investments Listed Investments and the investment property are included at their market value at the period end date. Investments in subsidiaries are measured at C05t 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 item5. Stock of raw materials is stated at the lower of c05t and net realisable value. Due to the nature of INe5tock, 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 aurtioneers 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. i.ii Pension Contributions The Trust contributes to a defined contribution pension scheme (Group Personal Pension Planl, 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 attivities in the period they become payable. 1.12 Leasing Renta15 payable under operatlng leases are charged on a straight- line basis over the tem of the lease. Assets held under finance leases are inclLtded in fixed assets and the capital element of the related lease commitment is shown as obligations under finance leases within creditors. The lease renta15 are treated as consisting of capital and interest elements. The capital element 32
DORSET WILDLIFE TRUST Note5 to the flnanclal statements For thÈ year ended 31 March 2024 {contlnued) ACCOUNTING POLICIES (continued) is applied to reduce the outstanding obligation5 and the interest element 15 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 basit financial instruments. Basic financial instruments are initially recognisèd at transaction value and subsequently measured at their settlement value with the exception of finance leases which are measured at the amortised cost. 1.14 Judgements Sn applylng accountlng pollcles and key sources of estimatlon Estimates and judgments are evaluated at each reporting date and are based on historical experience a5 adjusted for current market conditions and otherfactors. Management makes estimates and assumptions concerrling the future in preparing the financial Statements and the actual results will not always reflect the account estimates made. The estimates and assumplion5 that potentially have a Significant risk af causing a material adjustment to the carrying amounts of a55ets 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 eviden of Significant change exists Sin the last reporting date. For the year ending 31 March 2024 the Trust has provided to depreciate assets by £121,IJOO (2023.. £114.0001. Bad Debt Provision- At each reporting date and throu8hout the year. the Trust's debtor balance is reviewed to identify any impairment required, and Specific provisions are made against this balante. The value of these provisions as at 31 March 2024 are £NlI2023. £Nill. 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 thai there are sufficient assets in the estate io pay all liabilities and beneficiaries. 33
DORSET WILDLIFE TRUST Notes to the financial statements For the year ended 31 March 2024 (continued) 2. DONATIONS AND LEGACIES Unrestricted RestrScted Endowment Fund5 Funds Funds £'ooo £'LKJO Total 2024 £'o Membership income Grants and donations Legacies 1,247 171 1,247 8,284 8,113 25 Included within Restritted Grants and donations are the following capital grants- £5M from Natural England as part of their planned nutrient mitigation scheme for funding the purchase Df land at Lyscombe Farm,. £359,523 from Bournemouth, Christchurch & Poole IBCPI Council and £239,682 from Dorset Council as part of their nitrate offsetting schemes to fund the purchase of land at West Holme. Also included within Restrirted Grants and donations is a 5ANGS contribution of £895.035 from Dorset Council relating to the Wild Woodbury SANGS Project. Prior year comporotives MembershAP income Grants ond donrjtions Legacies 2023 1,185 489 1,183 95 83 479 3. CHARITABLE ACTIVITIE5 Grant5 and contracts Primary purpose trading 20Z4 Iz 262 274 1.471 22 1.483 284 Prior year cumpcrutives Gronts and contmcts Primary purpose troding 2023 1,034 197 1,034 197 197 4. OTHER TRADING ACTIVITIES 2024 79 79 38 18 214 Retail Facilities/resDurce hire Rental income 79 79 38 Fundraisin 18 214 Prior year comporatives Retoil Focilities/re50urte hire Rental income 202 66 113 56 113 Fundraisino 227 227 34
DORSET WILDLIFE TRUST Notes to the financlal statements For the year ended 31 March 2024 (continued) Unrestricted Restrlcted Endowment Funds Funds Fund5 Total 2024 5. INVESTMENT INCOME £'ooo 40 £'ooo £'ooo £'ooo 40 Interest Dividend Rental income 32 li 45 79 li 92 Prior yeor comporotives Interest Dividend Rental income 2023 30 14 46 41 14 57 Total 2024 6.OTHER INCOME Wayleave5 Sundry Income Profit on sale of fixed assets 21 22 27 28 Prior year comparatives Woyleoves Sundry income Profit on sale offixed osset5 2023 75 75 79 79 Unrestrirted Restricted Endowment Funds Funds Funds Total 2024 7. EXPENOITURE ON RAISING FUNDS £'ooo £'ooo £'ooo Raisirhg donations ar)d legacies Membership servicing & recrultment Trading company costs Investment management 372 558 372 558 34 41 35
DORSET WILDLIFE TRUST Notes to the financial statemenls For the year ended 31 March 2024 (continued) 7. EXPENDITURE ON RAISING FUNDS Icontlnuedl Prior year CDmporatives Raising donL7tions and legacies Membership servicing & recruitment Trading company costs Investment monagement Unrestricted Restricted Endowment Funds Funds Funds £'ooo £'ooo £'ooo Total 2023 347 534 350 534 lis 33 115 24 . CHARITABLE ACTIVITIES Total 2024 £,0 £'ooo 1,068 943 £'ooo Nature ReseThe management Nature Network Recovery Nature Based Solution5 649 762 534 419 181 734 Prior yeor comporotives Noture Reserve monagement Nature Network Recovery Noture Bused Solutions 2023 1,063 796 496 560 466 567 236 814 9.TOTAL EXPENDITURE Direct Staff Costs Other Dirert Costs Support Costs ToLIl 2024 £'ooo 436 £'OLYJ 261 Raising funds Investment management Nature reserve management Nature Network Recovery Nature 8ased Solutions 341 1,038 41 41 361 303 478 400 229 1,068 943 240 586 475 207 937 Prior yet7r compamtives RGisingfunds Investment monogement Nature reserve mona9ement Nature Network Recovery Nature Bosed Solutions 2023 999 33 1,063 796 318 436 33 378 245 529 245 480 351 560 205 191 841 36
DORSETWILDLIFE TRUST Note5 tothe financial Statements For the year ended 31 March 2024 {continued) g. TOTAL EXPENDITURE (continued) Total expenditure is stated after charglng.. Group 2024 £'ooo Group 2023 £'ooo Audlrors. remuneration Audit Icompany £14.614: 2023 £14.7171 Non-audit (Company £950.. 2023 -£1,550) 21 20 Depreciotion on owned assets Amounts payable under operating leases Profit on sale of fixed assets 121 114 15 31 37
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DORSET WILDLIFE TRUST Notes to the financial statements For the year ended 31 March 2024 11.TRADING INCOME The Company has a wholly owned trading Subsidiary, DWT Services Ltd (Company Number 22937631, which Is incorporated in England and Wales. A summary of the trading results of the subsidiary to 31 March 2024 is shown below. Audited accaunts are filed at Companies House. 2024 £'o 2023 £'ooo Turnover Cost of sales 158 185 1771 Gross profit Other operating charges 74 (421 108 1691 Profit for the year before tax 32 39 A donation under Gift Aid of £37,607 was paid during the year to the charity Out of dlstributable profits brought forward12023'. £43,866). Capital and reserves of the subsidiary at 31 March 2024 were £59,367 12023-. £65,279). 12.STAFF COSTS 2024 £'ooo 2023 Wages and salaries Social security costs Other pension costs 1,939 169 98 1,767 157 86 Staff c05t5 for the Group and Company Pension costs are allocated across activitie5 in line with the allocation of wages and salaries. The total amount of employee emoluments for the five key management per50nnel during the year was £298,501 12023: six personnel £284,725). Employer5, national insurance contributions totalling £24,399 12023= £25,331) were made and pension contributions of £13,03112023.. £12,998) were made to a defined contribution scheme for the year forthose personnel. The highest paid employee is the Chief Executive who received emoluments of £73,08912023= £64,921) and pension contributions of £3,65412023.. £3,246). The number of employees with emoluments over £60,000 per annum is as follows- 2024 2023 £60,001- £70,CKIO £70,001- £80,LKK)
DORSEf WILDLIFE TRUST Notes tothe finanaal statements For the year ended 31 March 2024 Icontlnued) 12. STAFF COSTS (continued} The average weekly number of persons (including part time staffl employed during the year analysed by function was-. Group 2024 Company 2024 2023 2Q23 Management and administration Raising funds Nature reserve management Nature Recovery Networks Nature Based SolutlOn5 li 14 io 14 14 li 14 17 io 14 14 14 19 71 17 14 19 75 14 19 71 14 19 75 Equtvalent full-time staff 64 59 59 None of the Trustees received remuneration during the year12023.' £nill. No expenses were reimbursed to trustèes during the year12023-. £nill- During the year £1,30912023.. £1251 was paid direct to third parties in respect of 2 trustees attending the RSWT AGM and conferences. The tharity has Director5 and Officers Liability insurance in place and the cost for the year was £3,46412023: £3.4641. 13.PENSIONS COSTS The charity operates a defined contributlon 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 £98.45512023= E86.0181. As at the balance sheet date pension contribution5 Outstanding totalled £14,38412023: £14.3761- 14.TAXATION No corporatSon tax Is charged in the attounts due to the charitable status of the company. The trading subsidiary is liable to corporation tax on taxable profits. 41
DORsrf WILDLIFE TRU5r Notes to the financial statements For the year ended 31 March 2024 (continued} IS. TANGIBLE FIXED ASSErs Farm Freehold Leasehol Buildings, Too15 and Property and Property and Hides and Equiprnent Improvements lrnprovements Fencing É'ooo £'ooo GROUP Total £'ooo COST As at l April 2023 Additions Disposals TransfEf5 2.765 114 137 30 686 688 1,266 155 1461 191 4,854 987 25 1251 As at 31 March 2024 176 DEPRECIATION & IMPAIRMENT As at l April 2023 Charge for the year Disposals Transfers A5 at 31 March 2024 176 15 122 435 31 966 68 1461 1,699 117 146) 23 214 23 443 128 985 NET BOOK VALUE As at 31 March 2024 06 As at 31 March 2023 15 The net book value of assets held under finance leases 15 £Nil12023= £Nill- 42
DORSET WILDLIFE TRUST Notes to the financial statements For the year ended 31 March 2024 (continued) 15. TANGIBLE FIXED ASSETS (continued) Farm Freehold Leasehold Buildings, Tools and Property and Property and Hides and Equipment Improvement5 Improvements Fencing £'oTr) £'ooo £'ooo COMPANY Total £'OLW) £'ooo COST As at l April 2023 Additions Disposa15 Transfers As at 31 March 2024 2,765 114 137 30 686 688 1,208 155 1461 4,796 987 1461 25 25 176 DEPRECIATION & IMPAIRMENT As at l April 2023 Charge for the year Disposa15 Transfer A5 at 31 March 2024 176 15 122 435 31 917 65 1461 1.651 114 146) 23 214 23 444 128 933 NET BOOKVALUE A5 at 31 March 2024 37 As at 31 March 2023 Included within additions to fixed assets are the £656,000 of costs of relating to the construction of the new bird hide at Brownsea which was not completed at the year end. In addition, there are £29.000 of costs relating to the ongoing work of refurbishment of the Villa on Brownsea. Both of these works are part of the National Heritage Lottery Funded Wild 8rownsea project and other major funders. 43
DORSET WILDLIFE TRUSr Notes to the financial statements For the year ended 31 March 2024 (continued) 15. TANGIBLE FIXED A5$s {continuedl The property known as Brooklands Farm was revalued in March 2000 by Hull, Greg50n & Hull. Chartered Surveyors. This valuation 15 regarded a5 the deemed cost. As stated in the accounting policy, the Trust carrie5 the freehold land and buildings at a valuation of £460,000. The assets were revalued in 20QO 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 £Nil12023= £Nill. The comparable amounts of land and buildings included at valuation, determined according to the historical Cost accounting rules, are as follows.. Cost As at l April 2023 and 31 March 2024 586 Depreciation At l April 2023 Charge for the year 269 12 As at 31 March 2024 281 Net book value as at 31 March 2024 Net book value as at 31 March 2023 17 16. HERITAGE ASSETS Freehold Leasehold Property and Property and Improvements Improvements £'ooo GROUP ANO COMPANY Yotsl £'ooo COST OR VALUATION A5 at l April 2023 Additions 7,526 6,929 356 7.882 6,929 As at 31 March 2024 356 DEPRECIATION As at l April 2023 Charge for the year 20 297 317 A5 at 31 March 2024 21 321 NEf BOOKVALUE As at 31 March 2024 As at 31 March 2023 Heritage assets include land relating to the habitat needs of species, or the environment generally.
DORsEf WILDLIFE TRUST Notes to the financlal statements For the year ended 31 March 2024 Icontlnued) 16. HERITAGE ASSETS {continuedl The five year financial summary of heritage asset transactions is as follows.. 2024 £'ooo 414 603 5,912 2023 £'ooo 2022 £'ooo 2021 £'ooo 2020 Acquisitions Land at Kingcombe Land at West Holme Land at Ly5combe Land at Wild Woodbury Land at Lowercommon, Verwood 11951 3.139 Total acquisitions 195 The charity completed the purchase of 17.02 hectares of freehold land at the former St Leonards Military Hospital in Ringwood for £1 on 29 June 2023. The agreement include5 the payment of £486,000 capital sum to the charity under a S106 agreement to manage the land in accordance with the agreed Landscape & Ecology Management Plan ILEMPI for a period of 50 years. The funds are restricted and will confer fi'nancial obligations over the period of the agreement to manage the land in accordance with the LEMP. On 17 August 2023 the charity acquired three plots of land at Kingcombe Road and Clift Lane comprising 19.08 hectares and much of which is adjacent to the CharItS existing nature reserve at Kingcombe. The purchase was funded partly by the Helen Brotherton Endowment Fund1£242,0001 and the balance by restricted donations received for land acquisition. In October 2023 Dwt acquired land at West Holme near Wareham comprising 22.56 hectares. The purchase was funded by nitrate off-setting grants from Dorset Council and Bournemouth Christchurch and Poole Council totalling £599,203 with the balance funded by the charity. On 8 March 2024 Da¢quired a 335 hectares of chalk downland and farrnlalld at Lyscornbe Farm, North of Dorchester, working in partnership with Natural England and major donors. owfs part of the purchase was fvnded by £5M from Natural England as part of iheir planned nutrient mitigation scheme with the balance funded by major donors and the Helen Brotherton Endowment Fund. The land is subject to a Deed of Agreement with Natural England dated l March 2024 for a period of 125 years during which tirne no disposition of the land can be made without the agreement of Natural England. 45
DORSET WILDLIFE TRusr Notes to the financial statements For the year ended 31 March 2024 Icontinuedl 17.INVESTMENTS-GROUP AND COMPANY Group 2024 2023 £'(M)O 3,934 2,547 12.3491 11251 Carrying value as at l April 2023 Additions to investments at cost Disposals at carrying value Net gain on revaluation 4.007 3.689 (3.0101 317 Carrying value a5 at 31 March 2024 Analysis of investments Quoted investments Investment properties 4,773 230 3,777 230 Market Value 2024 Market Value 2023 Fixed Interest Securities UK Equities Overseas Equities Alternatives Commodities Property CCLA Charities Ethical Investment Fund 1,706 253 975 329 11 596 139 54 39 881 567 260 39 726 Investrnent property 2024 2023 Value as at l April 2023 Revaluation during the year Value as at 31 March 2024 230 250 20 230 230 The Investment property is a freehold property at Elmview Terrace, Gillingham. The property was valued at £230,000 by an independent surveyor as at 31 March 2023. The company also holds investments of £812023= £81. These include £4 being the nominal value of the shares held in its wholly owned subsidiary Services Ltd, E2 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 Service5 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 subsidlaries is Brooklands Farm, Forston, Dorchester. Dorset OT2 7A4. 46
DORSET WILDLIFE TRUST Notes to the financlal statements For the year ended 31 March 2024 (continued) 18. STOCK Group Company 2024 £,{0 2023 £'ooo 2024 £'ooo 2023 Goods For Resale Farm Livestock and Oeadstock Raw Materials 18 112 16 139 12 112 139 12 139 167 121 151 1g.DEBTORS: FALLING DUE WITHIN ONE YEAR Group Company 2024 2023 £,0 2024 £'ooo 2023 Trade debtors Amounts due from subsldlary undertaking Other debtors Prepayments and accrlted income 189 106 190 133 1,349 1,333 150 1.281 1,349 1.3Z7 149 1.274 Other debtors include £1,347,675 monies held by Battens Solicitors in connection with the acquisition of land at Lystombe including £IM rekting to VAT payable after the year end. Prepayments and accrued income include accrued gift aid of £217,000 relating to donations received towards the Lyscombe land acquisition. 20.CREDITORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR Group Company 2024 £'ooo 2023 £'ooo 2024 £'ooo 2023 £'ooo Trade creditors Amounts owed to subsidiarie5 Other taxes and social security costs Other creditors Obligations under hire pur£ha5e and finance agreements within one year Accruals and deferred income 314 314 1,042 97 41 loo 1,058 97 41 loo 1,503 1.070 1,475 1.043 Included in other taxes and social security costs is a VAT liability of £IM relating to the sale of nutrient credits for the purchase of the Lyscombe land acquisition. Accruals and deferred Income Include £930,293 relating to payments received for the management of two SANGS- one at Frome Valley Road where the management of the site has not yet been transferred to the charity and one at Corfe Mullen 47
DORSET WILDLIFE TRusr Notes to the financial statements For the year ended 31 March 2024 {continued) 20.CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR (continued where planning consent has not yet formally been granted. An analysis of deferred income movements included within Accruals and deferred income is given below. Movements in deferred intome Group Company 2024 £'ooo 2024 £'ooo 2023 £'o 2023 Deferred income as at l April 2023 Release of deferred income Income deferred during the year Deferred income as at 31 March 2024 953 1201 506 707 1261 272 953 933 685 486 252 933 Income of £486,000 relating to a payment received for the management of land at St Leonard5 in Ringwood under a sertion S106 agreement was deferred as the management has not yet been formally transferred to the charity. The release of deferred income of £20,000 relates to the release of deferred letting income in the trading subsidiary as does the new income deferral of £20,Om at the year elld. 21.ENDOWMENT FUNDS Realised galnsl Revaluations GROUP AND COMPANY l Aprll 2023 Income Expendlture £'ooo £,( 31 March 2024 Transfers £'ooo Brownsea Island Endowment Helen Brotherton Endowment Fund 129 iii 181 121 1,198 io 141 21 1,225 li 13 Reolised guins/ RevaluGrtions GROUPAND COMPANY l April 2022 Income Expenditure vooo £'ooo 31 March 2023 TrL3nslers 8rownsea Island Endowment Helen Brotherton Endowment Fund 132 flj f3J 129 1,221 13 (7) {29J 1.198 14 32 The Brownsea Island Fund was set up to fund the upkeep of the reserves on Brownsea Island. The Fund was held within an investment portfolio managed by Ruffer LLP until March 2024 when it wa5 transferred to Close Brothers. Income earned during the year 15 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 reSee5, 48
DORSET WILDLIFE TRUST Notes to the financial statements Forthe year ended 31 March 2024 (continued) 21.ENDOWMENT FUND5 (continued) the piomotion 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. During the year £241,879 was used to part fund the acquisition of land at Kingcombe and £250,000 as a contribution towardsthe acquisition of land at Lyscombe. At the balance sheet date the Endowment Fund has £1.088,745 in heritage assets and the balance of £136.0 is held in inve5tfflents and cash. Income earned during the year represents interest receivable and investment income: expenditure during the year includes investment management charges. 221a} UNRESTRicfED FUNDS - GROUP General Desienated Fund Fund £'ooo £'ooo 5,319 802 Total £'ooo 6,121 Balance as at l April 2023 Movement in funds for the year Transfer between funds iii 11451 1821 1511 29 11961 Balance as at 31 March 2024 669 UNRESTRICTED FUNDS- COMPANY General Designated Fund Fund £'o Total £'ooo Balance as at l April 2023 5,249 802 6,051 Movement in funds for the year Transfer between funds 117 11451 1821 151} 35 11961 Balance as at 31 March 2024 669 49
DORSET WILDLIFE TRUST Notes to the financlal statement5 For the year endÈd 31 March ZOZ4 (continued) 22 (b) DESIGNATED FUNDS- GROLIP AND COMPANY l April New 2023 Deslgnations £'O(K) £'ooo Outgolng IRelease 31 March 2024 £'ooo Ash Die back fund Brexit impact fund Brownsea development fund Environmental performance fund Explore Dorset fund Headquarters development fund Imery5 fund Kingcombe Centre repalrs fund Kingcombe FarmhDu5e repair5 fund Legacy fund Nature Reserve funding fund Wild Woodbury site development fund 172 163 181 50 25 20 12 1121 1131 171 119 19 1201 191 181 1121 160 50 io 31 32 zo 16 20 12 2CIJ 200 39 124 72 87 1331 1131 50 802 286 419 669 The Council approved four new designations of funds in March 2024 for activities identified as requiring signtficant investments to be set aside over the coming few years. The Ash Die back fund is belng used to cover the costs of dealing with the removal of affected trees on our nature reserves. During the year £12.000 was drawdown- there is a budgeted drawdown of £38,000 for 2024125. Nature ReseNe Fencing Programme fund was put aside to support an ongoing programme to replace fencing on our reserves. During the year £35,IJOO was drawdown- there 15 a budgeted drawdown of £35,OCMJ for 2024125. The Brownsea development fund is designated to support the National Lottery Heritage Funded Wild Brownsea project. The project had been impacted by delay5 due to lockdowns and subsequent increasing costs due to external factors. However it ha5 progressed well during 2023124 and £170,000 has been drawdown from the fund leaving £10,000 toward5 the closing phase of the project. The Explore Dorset designated fund is to cover the cost5 of a programme of replacing and updating interpretation on Nature ReseTves and visitor centres. During the year £7,th) was drawn down and Countil designated a further £16,000 for the completion of this project in 2024125. The Headquarter5 development fund was spent during the year and Council designated a further £20,000 to allow the ne)rt phase of the assessment of the charitys future requirements for its headquarters as part of a strategic estates review and in light of the changing work environment. 50
DORSET WILDLIFE TRUST Notes to the flnancial stalements For the year ended 31 March 2024 (continued 22b. DESIGNATED FUND5- GROUP & COMPANY (continued} The Kingcombe Farmhouse repairs fund was set up to cover urgent repairs to the Kingcombe farmhouse including a new sewage system, windows and insulation. This fund was expended during the year on the replacement of windows. 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 a drawdown of E50,OIK) in the current year to offset C05t&of wardens on nature reseNes. There is a further budgeted drawdown of f 50,000 in 2024125 and a decision wa5 taken by Council to release the balan £63.000 back to general funds. The Environmental performance fund was designated in 2022 to invest in the charity's Strategic goal of achieving net zero carbon footprint by 2030. During the year £19,000 was expended on the purchase of an electric p)ol vehicle and the installation of two electric vehicle chargers at our Headquarters. The installation of further electric vehicle chargers at other sites is planned in 2024-25. The Imerys fund is an 4Jnrestricted donation designated for specific conservation work in river catchment areas. Council made a decision to release £9.000 of this fund. The KinEcombe Centre repairs fund was designated to fund roof repairs. This fund has not been expended during the year and Council took the decision to release the fund to general funds in light of restricted legacy left for the Kingcombe Centre. The Legacy fund was designated by Council in March 2024 from a large legary which w35 originally bequeathed to the Kingcombe Trust. Dorset Wildlife Trust merged with the Kingcombe Trust in 2010 and hence the legacy passes to Dorset Wildlife Trust as an unrestricted legacy. Funds of £200,000 have been designated for the KinEcombe Centre and it is planned to utilise £50,000 towards capital costs for the Centre and the balance of £150,000 will be utilised over three years to support the ongoing activities of the Centre. The Wild Woodbury slte development fund was designated towards the costs of planning the development of the redundant farm complex at Wild Woodbury. During the year E13,0(KJ was drawn and Council designated a further £50.000 towards this project. 51
DORSET WILDLIFE TRUSr Notes to the financial statements For the year ended 31 March 2024 (continued) 23. RESTRicfED FUNDS-GROUP & COMPANY Balance at l April 2023 Revalu Transfer5 Balance at ations 31 March 2024 £'ooo Income Expenditure £'ooo £.0 £'ooo £'ooo Heritage Assets- Nature Reserves Lyscombe Nature Reserve West Holme Nature Reserve Fixed Assets fund Visitor Centres ReSee Acquisition Funds Appeals Funds Nature Reserve Management Nature Recovery Networks Nature Based Solutions Local Nature Partnership Dorset Peat Partnership St Leonard's $106 Fund Corfe Mullen SANGS Frome Valley SANGS Wild Woodbury SANGS Fundraising development 6.139 131 172 662 6,308 5,662 s,0 603 2,539 133} 2,572 18171 11,3S81 1921 817 1,225 147 127 219 199 288 397 724 14091 11651 121 15701 185 277 1,151 74 389 62 340 13341 1901 12741 13891 817 46 81 52 34 36 930 15 52 34 37 60 896 1261 183 196 Balunce ot l April 2022 Revalu otions Transfer5 Bolonce at 31 Morch 2023 Incorne Expenditure £'ooo £'ooo £'ooo pooo Heritt7ge Assets-Alature Reserves Visitor Centres Reserve Acquisition Funds Appeals Fund5 Noture Reserve MGnagefflent Noture Recovery Network5 6,340 809 286 379 (6J (4) (195) (6) (3) (123) 6,139 817 18 f3J 118 (155) 219 133 246 490 212 f409) 1233) [15) 63 199 Nature Based Solution5 Local Nature PartnehIp Dorset Pefjt Partnership Fundroising development 1.132 72 524 73 80 (655) 172) f88) (16) 166 1,151 74 1515 19 109 52
DORSET WILDLIFE TRUST Notes to the flnancial statements For the year ended 31 March 2024 {continuedl 23. RESTRICTED FUNDS- GROUP & COMPANY (continued) The Heritage Assets- Nature Reserves Funds represent land acquired as nature reserves with restricted funds. The transfer of £172,000 relates the pyrchase of land at Kingcombe in Au8LlSt 2023. The Lyscownbe Nature Reserve Fund represents the land acquired in March 2024 funded by Natural England and other major donors. The land is subject to a Deed of Agreement with Natural England whereby a capital sum of £5M was paid to Dorset Wildlife Trust to acquire the land as a Mitigatlon Site as part of the Nutrient Credit Irading scheme established by Natural England. Under the agreement Dorset Wildlrfe Trust will manage the land as Mitigation Site for a term of 125 years. The transfer of £662,01)O rel8tes to the transfer of other restricted funding relating to the acquisition. The West Holme Nature Reserve Fund represents land aCqUid in Ortober 2023 funded by a grant agreement with Dorset Council and Bournemouth Christchurch and Poolo Council. Under this agreement a capital sum of £599,203 was granted to purchase and manage the land to enable the Councils to meet their respective duties under the ConseNation of Habitats and Species Regulations 2017 to miti8ate against the production of nitrates by development elsewhere. The grant agreement is for 80 years. The transfer of £3,000 relates to unrestricted funds put towards cost5 of acquisition. The Fixed Assets Fund represents all fixed asset5 held that were purchased using restrirted funds where the use or disposal of the asset is restricted in line with the original grant or donation. Thi5 fund was Set up in 2023-24 a5 part of the implementation of a new accounts SYStem and fixed assets held in other funds have been transferred to this fund. Vlsltor Cenire Funds represented mostly fixed assets at our visitor centre5 and £807,000 has been transferred to the Fixed Assets fund with the balance of £10,000 held toward5 the refurbishment of the Brownsea Villa being transferred to the Natu Network Recovery fund whlch indudes this project. The Reserve Acquisition Fund represent5 le8acies. donatlons and grants received specifically for the acquisition of land. The transfer of £1.358,000 relates to the utilisation of funds raised for acquisition of Heritage assets and related management. £172,000 wastransferred to the Heritage Asset fund forthe purchase of land at Kin8combe,' £6,000 was transferred to the Lyscombe Nature Reserve fund and Fixed Asset Fund to fund the land acqui51tion and related fixed assets and £521.l transferred to the Nature Based Solution Fund being the part of the funds raised forthe Lyscombe land acquisition from major donors that are to be used for the management of the land. The Appeals Fund represent5 donations and capital 8rants received from appeals for money for specific purposes. The transfer of £92,000 includes £24,000 of major donoi funds utili5ed for Traineeship5 and a drawdown of £69,000 from the Wild Brownsea Appeal funds to provide the matched fLtndingfor the projeci activity fortheyear. The Nature Reserve Management fund predominantly represents agri-environmental fundin8 received and expended on the restoration and upkeep of our nature reserves. Other funds held include sums from other source5 relating to land management cost5. The transfer of £2,000 reflects the utilisation of a bursary fund for trainee costs on Wlnfrith nature reserve wlthin Network Recovery Fund. The Nature Network Recovery fund represents restrlcted fundlng received, usually in the form of grants, for the specific purpose of raising awareness of the natural environment and lar8e-scale landscape projects. The net outgoing transfer of £570,000 includes fixed a55ets of £819.000 to the Fixed A55et5 Fund, £15,000 funds reallocated to Nature Based Solutions foT the R¢)yal Gillin8ham Forest project, £249,000 matched funding for the Wild Brown5ea project 1£79.000 from other restricted funds an(1 £170,000 from designated fund51. £15.000 rnatched funding for the Species Recovery Project i£io,000 from designated funds and £5,0 from general fund51. 53
DORSETWILDLIFE TRUST Notes to the financial statements For the year ended 31 March 2024 {¢ontlnued} 23. RESTRICTED FUNDS-GROUP & COMPANY (continued) The Nature Based Solution funds represent restricted funding received for community engagement, farm liaison projects, rewilding projerts, work monitorirng biodiversity in the county and worklng with other partners. The net outgoing transfer of £389,000 includes fixed a55ets of £925.tK)O to the Fixed set$ Fund, £521,000 from the Reserves Acquisition Fund relating the management of Lyscumbe project, and £15.000 for the Royal Gillingham Forest Project. The Local Nature Partnership ILNPI is hosted by DWT and the LNP manager is employed by D. The fund irTclude5 contributions received and lated costs of the partnership and the balance carried forward represents contributions received in March 2024 towards 2024125 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 expendilure incurred and a net transfer of £15,000 of matched funding from general fund5. The St Lèonard's $106 fund represents the investment valuation of funds invested in CCLA Charities Ethical Investment Fund. A capital sum of £486,0(K> was received during the year being the sum due under a S106 agreeryient signed in 2015 to which Dorset Wildlife Trust was not a party but was nominated as the recipient of capital sum to manage the designated site at the former St Leonard's Military Hospttal in accordance with the agreed Landscape and Ecological Management Plan. The land was transferred to DOet Wildlife Trust on 29 lune 2023 for £1. The receipt of funds has not been recognised a5 income as the conditions for the formal transfer of the management of the site has not yet been satisfied- the £486,000 has been included in the creditor5 as deferd income. The Corfe Mullen SANGS fund reprosents the investment revaluation of funds invested in CCLA Charities Ethical Investmenr Fund. The SANGS agreement of 2017 provided for Dorset Wildlife Trust to receive £252,0(K) towards funding the management of land owned by Dorset Wildlife Trust at Merley Park Road, Corfe Mullen as a SANGS. The funds are invested in CCLA Charities Ethical Investment Fund with an intrease in valuation of £34.WO at the balance sheet date. The initial receipt of the grant has not been recognised as income as the conditions for the formal transfer of management the SANGS have not yet been satlsfied,. the £252.000 has been included in creditors as defèrrèd income. The Frome Valley SANGS fund represents the net investmènt revaluation of funds invested in prior years and to date. The SANGS funds of £678,000 were received in 2021 and £473,000 was invested with CCLA Charities Ethical Investment Fund and £205,000 with Ruffer LLP. During the current year the investments with Ruffer LLP were withdrawn and reinvested with CCL4 Charities Ethical Investmenl Fund. The grant 15 a one-off receipt and the period of the grant is 80 years. The grant is a iestricted fijnd and will confer financial obligations over the period of the grant in managing the SAhlGS. The initial receipt of the grant has not been cOgniSed as income as the conditions forthe formal transfer of managingthe SANGS have yet been sat15fied,. the £678,CKJO has been included in creditor5 as the deferred income. The Wild Woodbury SANGS fijnd represents the grani of £895.035 received as part of an agreement sned on 25 August 2023 with Dorset Council to manage 12.5 hertares of freehold land owned by the charity at its, Wild Woodbury site as an Suitable Alternative Natural Green Space ISANGSI. The grant is a one-off receipt and the period of the grant is 80 years. The grant is a restricted fund and will confer financial obligations over the period of the grant in managing the SANGS. Funds of £565,00 were invested in CCLA Charities Ethical Investment Fund with the balance of £330,000 held back for capital works. At the balance sheet date, £74,000 was held as Fixed Assets, £625,000 as investments and £230,Ocl as cash of which £154,OCQ was invested in May 2024. 54
DORSET WILDLIFE TRUST Notes to the financlal stalements For the year ended 31 March 2024 (continued) 24.ANALYSIS OF GROUP NET ASSETS BETWEEN FUND5 Unrestricted Designated Funds Funds £'ooo £'o Restrlcted Endowment Funds Funds £'ooo £'ooo Total Funds £'o(x) Fund balances at 31 March 2024 are represented by= Tangible fixed assets Heritage assets Investments Net current assets 1,377 815 2,82rJ 273 4.025 14,490 5.003 1,627 12,586 1.986 625 1.089 197 669 669 Unrestricted Designated Funds Fund5 £'ooo Restricted Endowment Funds Funds £'ooo Total Funds Fund balonces at 31 Morch 2023 are representedby.. Tongiblefixed ossets Heritoge ossets Investments Net current OS5etS 1,304 815 2.408 792 1.851 6,153 921 243 3.ISS 7,565 4,7 1,889 597 678 52 802 802 25. SHARE CAPITAL The Company is limited by guarantee and doe5 not have any share capital. 55
DORSET WILDLIFE TRUST Notes to the financial statements For the year ended 31 March 2024 (continued) 26.COMMITMENTS UNDER OPERATING LEASES At 31 March 2024 the charity had non-cancellable commitments under operating leases expiring a5 follows: Land & Buildings Other 2024 2023 £, £,( 2024 £'OLTr) 2023 £'iJoo Lease payments Falling due within one year Falling due between two and five years Falling due after five years 33 ioi 142 27 90 125 li 27. RELATED PARTY TRANSAcfioNS As at 31 Morch 2024 the charity had an outstanding debtor of E21412023: £30,238) due from DWT SeNices Ltd. its wholly owned trading subsidiary. During the year the charity charged DWT SeNices Ltd £17,280 12023= £51,992) for use of facilities and resources and received a donation from Dwf Services Ltd of £37,607 12023- £48,866). Donations received from trustees during year totalled £ £74.97812023.. £Nill. Details of key management personnel compensation are disclosed in note 12. 28. CAPITAL COMMITMENTS A5 at 31 March 2024 the Group and Trust had outstanding contracted capital commitments of £175,754 12023.. £589,172) arbd authorised but not contracted capital commitments of £Nil12023.' £Nill. 29. POST BALANCE SHEET EVENTS There are no post balance sheet events to report. 30. CONTROL The Charity 15 coritrolled by its Trustees acting in accordante with the terms of the governing documents. 56
DORSET WILDLIFE TRUST Notes to the flnancial staternents Forthe year ended 31 March 2024 (continued) 31. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES Group Company 2Q24 2024 £'ooo £'ooo 2023 2023 £'ooo Net income for the year Adjustedfor.. Lossesllgainsl on investments Net investment income Depreciation charges (Profitl on disposal of fixed assets Decrease/llncreasel in stocks Decreasellincreasel in debtors IDecrea5el/increase in creditors 8.529 791 8.535 800 {1931 {521 121 {61 28 11.3321 135 1241 114 11931 1521 119 161 135 1241 112 131 13521 65 591 11.3091 13501 61 604 32. ANALYSIS OF CASH AND CASH EQUIVALENTS Group 2024 Companv 2024 £'ooo 2023 2023 £'ocx) Cash in hand Cash for re-investment Total cash and (ash equlvalents 1.457 116 1.316 88 1.391 116 1.227 88 33. ANALYSIS OF CHANGES IN NET DEBT GROUP At start of Cash flows year New rinance leases £'o Qther non- cash changes £'ooo At end of vear £'ooo £'ooo Cash Cash equivalent 1.316 88 141 28 169 1,457 116 COMPANY At start of Cash flow5 year New finance leases £'o(K) Other non- cash changes £'ooo At end of vear £'ooo £'ooo Cash Cash equivalent 1.227 88 164 28 192 1.391 116 57
DORSET WILDLIFE TRUST Notes to the financial ststements For the year ended 31 March 20241continued) 34. DISCLOSURE OF COMPARATIVES FOR STATEMENT OF FINANCIAL AcfiviTIES Unrestricted Funds Restrirted Endowment Funds Funds Year ended 31 Marth 2023 £'ooo vooo £'ooo £'ooo INCOME & ENDOWMENTS FROM: DonatlOn5 & legacies Chaiitable activities Other trading activitles Inve5tmentS Other 3,024 197 227 41 79 479 1,034 3.503 1.231 227 57 79 14 TOTAL INCOME 14 EXPENDITURE ON: Raising funds Charitable artivitie5 Other 1,020 1,522 1,032 3,139 1.617 TOTAL EXPENDITURE NEf IEXPENDITUREIIINCOME FOR THE YEAR BEFORE GAINS/ILOSSES) ON INVESTMENTS 1.026 11061 9Z6 Net gains/ Ilossesl on investment5 19 32 135 NET INCOME 942 11251 1261 791 Transfer5 between funds 109 109 MOVEMENT IN FUNDS 1,051 12341 1261 791 TOTAL FUNDS BIFWD TOTAL FUNDS CIFWD 12 58