Berkshire Buckinghamshire & Oxfordshire Wildlife Trust A company Ilmlted by guarantee Company registered number.. 680007 Charity registered number: 204330 Annual Report and Accounts Year ended 31 March 2024 Photo.. H3rry Berks BERKSHIRE, BUCKINGHAMSHIRE AND OXFORDSHIRE WILDLIFE TRUST ANNUAL REPORT AND ACCOUNTS YEAR ENDED 31 MARCH 2024 CONTENTS Page Trustees, Annual Report Independent Auditorfs Report 15 Statement of Financial Activities 17 Balance Sheet 18 Statement of Cash Flows 19 Notes lo the Financial Slalements 20 BERKSHIRE, BUCKINGHAMSHIRE AND OXFORDSHIRE WILDLIFE TRUST TRUSTEES, ANNUAL REPORT Reference and administrative details of the charity, its Trustees and advisors Charrty registered no. 204330 Company registered no. 680007 Address of principal and registered office The Lodge 1 Armstrong Road Littlemore Oxford OX4 4XT Trustees George Levvy (Chairl Zoe Han￿Ck IHonorary Treasurer) Fran￿8 Brindle (Deputy Chairl Graeme Thompson Natalie Ganpalsingh Giegory Webstei Drew Bennellick Miles Evans Mark Chacksfield Tirnothy Davies Garth Claik Jolyon Austin- appointed 27.07.23 Sarnuel Burgh- appointed 07.03.24 Amy Padfield- appointed 07.03.24 Chief Executive Estelle Bailey Inde endent Auditor Haysmacintyre LLP Chartered Accountants 10 Queen Street Place London EC4R 1AG Solicitors Freeths 501XJ Oxford Business Park South Oxford OX4 2BH Bankers Barclays Bank plc. Oxford City Branch Oxford OX13HB Investment Mana ers CCLA Investment Management Ltd Senator House 85 Queen Victoria Street London EC4V 4ET The Berkshire. Buckinghamshire and Oxfordshire Wildlife Trust IBBowfi was established in 1959 and incorporated in 1960. to safeguard wildlife and wildlife habitats in the three Counties and lo educate the public about nature conservation. Over this lime. we have grown Into a successful Ioc81 charity 8nd an active p8rtnei in the Wildlife Trust moveTnent. We are one of the largest of the UK'S family of Wildlife Trusts. and the only charity covering the three counties of Berkshire, Buckinghamshire and Oxfordshire concemed with all aspects of nature consetV8tion and education. Objectives, Activities, Achievements and Performance This year maiked the third full year of OLJf CLJrrent strategic plan Wfflder2021-2026, which sets one simple overarching aim". to create more nature everywhere, lor everyone. To do this, we need to inspire more people to take action for nature while doing all we can to restore wilder landscapes. We want to see 300/0 of the land across Berkshire, Buckinghamshire and Oxfordshire well managed for nature by 2030. We will only achieve this by inspiring and empowering local people and partners to help put nature in recovery. By working together, we can create bigger, wilder, more connected landscapes across our three counties, so nature and people can thrive and our climate has a chance lor recovery. Some key achievements against our five.year targets in the year 2023-24 include the following. Put Nature into Recovery Empower People to Act for Nature Secure our Future External funding lolalling £564,786 was secured for 5 new conservation projects including reconnecting adder populations at Greenham Common and restoring the Upper River Ray meadows Collaborated with a variety of partners in our Engaging with Nature projed in and around Maidenhead Launched our Four Foundations, Great conversations, Feedback, Coaching & Awareness of me and you Completed the Chiltems based Rough Around the Edges project as part of the Chalk Cherries and Chairs Landscape partnership Recruited and onboarded 51 new starters Duxford Old River and Ludgershall Habitat Banks both up and running with units being sold generating funds lo restore nature Completed a young people's project Increased social media followng by 10.5D/o over 2023 levels Responded lo 52 planning applications where development threatened nature Fieached a new high of 29,489 memberships Increased our number of campaigning Wildlife Ambassadors lo 937 people taking action for nature More detail on each of the three key themes is sel out below. Put Nature into Recovery Last year BBQllVt Secured significant funding for 5 new oonservalion projects on our Nature reserves in addition lo the 10 projects that were already running. 7 projects were SUC￿$$fullY completed including the project celebrating our Dancersend N8lure Reserve as one of the original Rothschild reserves and work to improve the woodland habilal for dormice al Little knnford Wood. New and innovative consetvalion techniques are being used in sorne of the new projeds to help speoie5 and habilals recover. Building on long tetm data and evidence collected by our Ecology Tearn, the Adder Connections project at Gr8enh8m CotllTnon will connect fiagmented addei populations using '5nake tunnels. to overcome the barriers that roads present on the common. The concept and design of the tunnels has been t8ken from elsewhere in Europe and Is thought that it IS the fi15t time it ha5 been implemented in the UK. Success ol the pioiect will be rnonitored by furthei radio tiad(ing ol the adder populations over the cotning years. Other innovative projects Include the'veteranisation. of mature ash trees affected by ash die back at our Mooi Copse reserve. This project utilises specialist tiee surgery to preserve conservab.on features lor bats and nesting birds in large ash trees whilst also making the area safer for our staff and volunteers to carry out coppicing in the vicinity ol the affeded trees. Imhen Biodiversity Net Gain became mandatory in early 2024 we were well placed to launch Iwo of the first habitat banks in our three counties. Our Duxford Old River site in Oxlordshire and Ludgershall Meadows in Buckinghamshire are now subject to legal agreements with their respective local authorities which enables us to sell units from them to generate funds to restore habitats on the sites. Our preparatory work on Biodiversity Net Gain since 2021 means we are leaders in the field which enables us to influence others by showing them how we consider Biodiversty Net Gain should be done to the highest standard to restore habitats and protect them In perpetuity. This year we completed the 3-year West Berkshire Veoes project. Using volunteers we SUNeyed 33Q/o of the rural verge network in West Berkshire. In January 2024 a final event was held to detail the results of the project to the volunteers and to thank them for their participation. A report was provided to West Berkshire CoLJncil detailing the state of verges, providing a management plan for the whole rural verge nelwork and individual management plans for all 36 roadside nature reserves. These management plans have changed the Maintenan￿ schedule carried out by contractors across West Berks to benefit the biodiversity of the roadside verges. A follow-on project, Natu￿ Connections, continuing and enhancing engagement with volunteers and delivering ecological connectivity works across West Berkshi￿ has been proposed to the Council and is under consideration. Key achievements against our key strategic objectives from 2023-24 include Ènsure our nature reserves are rich in wildlife and I strategically expand our landholding There w8s a record count of glow worms at ililhilecross Green Wood this surnrner. with I 303 glowing females observed between June and August. The previous high was 86 in 2021. Orchids had a good year IN many places.. 515 rnilitary orchids were counted al Swain's Wood and a record 1,111 al Homefield Wood. Al Hartslock, 139 monkey orchids was the highest counted Sin￿ 2017. Al Aston Clinton Ragpils. chalk fragrant orchids almost doubled to more than 20.000 spikes. Ground nesting and heathland specialist birds are still doing well with help from season81 w8rdening program at Greenham and Crookh8m Common5 and Snelsmore Cornmon. Greenharn Common species ￿Unted included.. 20 nightjar. 18 woodlark. 17 D8rtfoid w8rt>ler. and 8 nightingale. At Snelsmore Comtnon 6 nighlj8r were counted and Dartlord warbler was recorded for the fi15t time in 15 year5. The floodplain tnosaic habitat at DLJxford Old River continue5 to develop and is supporting 8mazing dnfeisity and numbers of wetland biid species. On the winter floods, highest count5 included more than 2.000 teal, 1,600 wigeon, 1,000 lapwing and 148 pintail. Local rarities such as black-tailed godwit, eattle egiet, common crane, garganey, and marsh harrier were all recorded. A record count of brown hairstreak eggs wa5 tnade from the hedges surveyed on th Upper Ray Reserves this year with 201 being spotted by eagle-eyed volunteers at Leaches Farm alone, up from 39 In 2016. A 11-acre extension to our reserve at Yoesden has been secured on a long lease which will enable these former&ony_Eaddocks to be restored to chalkArassland. Vve have delivered conservation projects across a total area of 97.084 ha. We have delivered wildlife friendly land management advice over 4,258 ha. 321 sites were surveyed for water voles, covering 160km of watercourses and an increase in the total area of Local Key Areas was seen for the first time Sin￿ 2018.we coordinated 237 mink rafts, and delivered mink control talks to 3 catchment partnerships and 2 famer dusters as part of our Joining the Dots speaes recovery project. We secured £185,000 from the Pan Regional Partnership and Lennox Hannay Trust to I deliver farm plans and visitor surveys in the Bernwood Olmoor and Ray region in the next fi'nancial year. Through the OxfOKlshi￿ ￿ldlIfe Sites project specialist management advice was provided to 35 Local Wlldlife Sites. We delivered events on soil health and floodplain restoration to the Upper Thames Farmer Cluster as well as hosting a visit to Chimney Meadows reserve for a duster rnernber. The Meadows forthe Glim8te project funded by Ecover and in partnership with the Floodplain Meadows Partnership and Long Mead's Tharnes Valley Wildflower Meadow Restoiation Pioiect W8s finished. Over the year the final soil samples weie collected by the BBOWF Ecology Team on ancient meadows, new restored me8dows and arable fields. Prelirninary resuts show that ancient meadow5. with their undisturbed soils and greater floristic dnfe151ty, stole greater volumes of caibon than aiable fields. Work is ongoing with Ecover to piomote the finding5 and explore potential future projects. Calculations weie carried OLJt to assess the multiple benerts th81 ale predided to be delivered by the Ludgershall and Duxford BNG 51tes. Duxford 15 being used as a study location lone of several sites) by Bangoi University to I monitor carbon fluxes between the wetland soils and the atmosphere. I Create bigger, wilder, I connected landsupes and networks where wildlife ean I thrive Demonstrate how restoring I nature can deliver multiplè i environmental benefits and help tackle the climate and I nature emergencles Challenge housing and i infrastruetura that thrèatèns I I nature's ￿¢0very We have responded to 52 planning applications where development threatened nature I and reviewed hundreds rnore. 860/0 of the planning applications responded to by BBOM have been withdrawn, refused or amended with improved considerations lor wildlife, ex￿edIng our target of at least 75°/,. Examples of planning applications improved or refused include rail infrastructure in Oxfordshire and Buckinghamshire, solar farms in all three of our counties, residential developments near sensitive habitats including ancient woodland, commercial and residential developments impacting SSSIS in all three of our counties and several former landfill and quarry sites. Responded to Local Plan consultations and local authority biodiversity strategies to challenge them when damaging to nature and recommend improvements. Empower People to Act for Nature Our Education Centres continue lo thrive with our fomial and informal leaming activities for all ages. During this year we delivered two additional projects In West Beikshire to broaden and diversify our itnpact. In partnership with West Betkshire Council, our Wild West Berkshire project focussed on the'one health, model. Collaborating with two schools over the academic year we promoted the integral link between the food system 8nd n8ture. Additionally, supported by the Robert Pilgrim Trust. our Youth and Nature Photogrèphy project enabled eight young people from disadvantaged backgrounds to learn more about photography and benefit from a nature connection. Our Nextdtx)rNature actwities continued in Slough and Reading, co-designing activities with cotnrnunity groups and enabling communities to do more for nature in their spaces, including St Paul's Church, The Parvaaz Project, The Ujala Foundation and St Peter's Church in Slough and Coronation Square in Soulhcole. Reading. In Maidenhead. our Engaging wNth Natu￿ activities enabled vulnerable people to benefit from nature to improve their health and wellbeing. Collaborating with partners, enabled our team to help communits'es to improve their spaces for nature and for people. This year, we have worked with partners induding Re'.Gharge, Thames Hospice. The Autism Group and Abri Housing. Our community organising activities also continued in Bi￿Ster and Banbury, working with communities in these areas to piomote nature connection with a variety of walks and talks, and upskilling local people to do more for nature on their patch. Our Rough Around the Edges project in the Chilterns, (part of the Chalk, Cherries and Chairs Landscape with the Chilterns Conservation Board) wrapped up this year having worked with communities in the area for the last five years. Over this time, we have worked with 40 groups al 45 sites. delivering 21 fully funded project across the central Chilterns. Having been 8W8rded funding this year from the National Lottery Community Fund, we have also been able to further strengthen and sustain our Community Network. The aim ol this is to support community groups across the counties lo lead their activities for nature's recovery, by providing co-de5igned training and resources and a pl8ttorm to promote peer lo peer learning between gioups. To effectively manage our volunteers and our activity programme across all aspects of our work, throughout the three counties, we have scoped a digital volunteer management System and ￿anned lo rollout in 2024-25. This will bring all our volunteering system5 and processes intts one place and enable more collaboration between all teams Of employees and volunteers. This year. we have signfficanlty increased our number of campaigning Mfildlife Ambassadors to 937 people tsking action for nature. We have also delivered campaigning training through online webinais to members of the public and piovided support to the public to enable them to respond to planning applications themselves. We have campaigned lor greater protections for our rivers and chalk slrearns. We ale working with the local authorities across our Ihiee wunlies on Local Naluie Recovery Strategies lo ensure they help contribute to creating new habitats and restoring existing habitats, as wdl as targeting resources where they will have the biggest impact for nature. Key achievements from 2023-24 include Promote nature connection The Wild West Be￿Sh￿re Sehooi project with West Berkshire Counal was completed. Formal leaming activities thrived at our Education Centies, delivering EYFS, Foundation and Key Stages 1 & 2 activities with primary ￿hoolS and A Level provision with secondary schools. Our Yotrth and Nature Photography project was delivered during summer 2023 with young people from West Berkshire 12 classes from 7 primary schools benefitted from our bursary programme providing fully funded visits foi schools Iiom economically disadvantaged areas Digital volunteer management system scoped and roll-out planned for 2024-25 Éngage and support (iiverse local communities to act for I nature Delivered our Engaging with Natu￿ project in Windsor and Maidenhead- improving spaces for nature and for people. The Rough Around the Edges project to upskill local community groups in the Chiltems, funded by National Lottery Heritage Fund, wrapped up. Funding secured from National Lottery Community Fund has enabled our Community Network to expand and continue to enable community groups across our counties to benefit. The National Lottery Heritage funded NextdoorNature projeci in Slough and Reading continued to collaborate with cornmunilies in these areas. Our ivild &cester and L41ild Banbury projects continue to promote indusive nature activities to promote for local people and upskill groups and individuals to act for nature I in their patch. Use transfomiational I communications and I campaigns to protect I wildlife and put nature into I recovery More than 5.000 people in our three counties signed up to be part of 30 Days Wild, taking action for n8ture each day in June. Local and national media coverage was well above target for the strategic plan with 364 separate pieces. National coverage highlighted the award-winning Wildlife Trusts Garden at RHS Malvem 2023 and the debut of the Wildlrfe Trusts, five demands for nature for any incoming government. Local stories included the Ujala Foundation community garden in Slough, annual survey results and positive work with local fanners and farmer clusters. A further 10.5D/¢ increase in social media followers hdped to spread awareness about our campaigns and encourage people lo take action for nature. These induded the launch of our Nature Recovery Fund fundraising campaign as well as features on local people and volunteers Conne￿i￿g with nature. Infiuenee decision making i on every level to prioritise nature Increased our number of campaigning Mfildlifé Ambassadois to 937 people taking action for nature. Campaigned for greater protections lor our rivers and chalk streams. Met with local MP5 to campaign 01 our five priorities foi the general election. We ale on the steering groups in each of our th￿e counties working to create Local Nature Recovery Strategies as induded in the Environment Act 2021. Secure our future If BB0￿ is to deliver its ambitions for wildlife across the coming years it is critical that our finan￿s, people and infrastructure are resilient to the challenges we face wrthin our operating environment. We must prepare ourselves for unforeseen circumstances and ensure that we respond flexibly to a dynamic worfd. We have had success in rnainlaining our financial security through Un￿rtain lirnes through careful financial management. Despite concerns on the impact of the cost of living on our supporters, our rnembership has reached another highest ever level of nearly 29.500 memberships, demonstrating the irnportance of nature lo so many people in our three counties. We launched our first multi- year fundr8ising campaign. the Natu￿ Recovery Fund. with a staled aim of raising £3m over the next three years. Our incorne was also boosted through generous gifts in wills. successful trust and grant project funding. and incre8sed engagement from busine$5. We remain inspired by and incredibly grateful to all our donors 8nd supporters. Our commitment is lo maximise the resources that we have lo ensure that they deliver the greatest possible irnpacl for nature. Key achievements from 2023-24 include Émbèd efféctive governance I i and busines¥ planning We appointed new trustees Jolyon Austin, Amy Padfield and Sam Burgh, who be￿een I Ihern bring a wealth of business. EDI and financial experienTr to the Board, as well as strengthening the breadth of ages represented on the BB0￿ Board. Trustees began an inlemal governance review and strengthened the Governance & Nominations Committee. Grow and diversify our I membership supporter base and develop new I SU8tainable income streams I Our mission-lead ecological oonsuliancy Future Nature is now in ils thir(l year. The focus for the year was to increase provision for land and farming 8dvice. Future Nature continues lo operate as a brand from within BBOWf and is designed lo both drive future income to the Trust and achieve irnp8Ct for nature across our three counties. Memberships at year end 2023-24 leached 8 new high of 29,489 memberships Ireaching 60,000+ individuals), with over £3m income received frorn memberships. We launched a new long-lemi fundiaising campaign. the Nolure Recovery Fund. aiming to raise an additional £3m in three years. We launched a new'ln Memorial. scheme Your Wild M8moiF85, with the first two butte￿¥ plaque walls installed at the Nature Di5covery_Centre and College Lake. We continued to embed our Equality, EqurfLy, Diversity & Inclusion IEEDII Plan foming a consaous indusion forum and staff network groups. We redefined our Operats'onal Leadership Group purpose and annual plan. We launched and started to train employees on the Four Foundations- Great conversations, Feedback, Coaching & Awareness of you and me, which underpinned staff training throughout the year. We recruited and onboarded 51 new starters. We continue to evolve our Employee vol￿ Forum and Volunteer Voice Forum. We developed 15 more employees on our development SEED programme. We introduced our People Principles framework. We completed a funded young people's project to understand the requirements of young people in the sector. Introduced a new onboardinAand settlinAin period to reTrIa￿ the Erobation period. We started the implementation of Windows 11 roll out, which has subsequently been completed in the first quarter of the current year. This will enable a digrtal transformation project to be rolled out for lull use of Microsoft 365. Fi upgrades were completed through the whole estate, enabling easier collaboration We have installed srnart meters acros5 80¢/0 oithe trust Sltes to allow us to more accurately monitor usage and impiove billing of electricity. We continued to upgrade LED lights. completing work In th8 Woolley Firs workshop. Green Team (Staff led group) have introduced new recycling for PPE, Tiee Guards We continue to monitor and improve the reporting of caibon ernissions across the Trust I Develop a values-led l inclusive workplace for all I Staff and volunteers i Buil(1 fit for purpose i infrastructure to support flexible working R8duce our carbon footF?rint I i and embed sustainability practice Plans for 2024-25 As we move into the fourth year of our strategic plan, we will run a Strategy Review & Ref￿sh process, the aim ol which will be to monrftor progress and challenges in the current strategic plan, review any changes needed for the final years, and begin the process ol planning our next Strategic Plan 2026-2030. In addition, we continue to make progress against our three key goals.. Put Nature into Recovery We will.. Ensure our existing reserves are rich in wildlife and secure funding for delivery from both govemment grant schemes and independent grant providers. Focus on opportunities to expand our nature reserve holding through acquisitions fvnded by Biodiversity Net Gain. In addition to our existing Habitat Banks at Duxford and Ludgershall we will establish a third habitat bank and ￿pe out potential locations for a sile in Berkshire. Seek to idenlfy an opportunity for a beaver reintroduction project. Create bigger. wilder and more connected landscapes. with particular areas of focus being in the Bernwood Forest 8nd Ray Valley Living Landscape and Upper Thames Living Landscape. Work with partners lo deliver high qu81ity conservation projeots over 20,000 ha in the wider countryside. Challen e housin We will.. Deliver our formal education offer tts primary and secondary school at our ffive education centres. Continue to develop our Inspiring Lrfelong Learning offer at our education centres. Plan and deliver our bursary programme with primary schools across our counties. Continue to collaborate with community groups and co-design our Community Network to enable more people to do more foi nature on their patch. Work with a variety ol partners in the Windsor and Maidenhead as part of our Engaging wlth Nature project. Delivei our final year of our Nextdot>r Nèture project In Reading and Slough, collaborating and supporting communities. Work with partners and create opportunities for community cdlaboration to enable more people to take action for nature. Collaborate across teams to ensure that we piomote excdlent volunteering experiences. Continue the roll out of our di ital volunteerin We will.. Complete a full Board Governance Review. Continue our new approach to engagement wrth business, aiming for a new large-scale partnership during the course of the year. Deliver the second year of the Recovery Fund, including ambitious fundraising totals from multiple income streams. Continue our digital transfomiation journey. with contributions to shared collective Wildlife Trusts data projects. a framework for using Al within BBOWf. and ongoing improvement to our IT infra5tru¢ture. cybersecurty and hosting arrangements. Continue to develop and embed our EEDI framework across the organisation with focus on neurodiversity training and achieving disability confidence accredilalion. Develop our work experience and paid traineeships offering. Continue to embed our recruitment platform and develop recruitment experience training lor recruiting rnanagers. Continue lo embed our Four Foundations. Focus on attracting and retaining young people and expand our diversity. Introdu￿ our work for us website page. Revisit our carbon footprint and plan for net zero. Implement 8 new Health & Safety online syslerll. Continue to manage our financial position. and infrastructure that threatens nature's recove Promote Nature Connection Secure our Future Structure, Governance and Management Trustee reports back tr) the full Board on Health and Safety matte[5. BB0￿ is an active member of the Royal Society of Wildlrfe Trusts IRSMI. This is the national partnership organisation lor the 46 independent Wikllife Trusts operating aeross the UK. All the Wildlife Trusts contribute an annual levy to fund the Rs￿ to provide infomation and support services as well as advocacy and representation at a national, UK-wide and intemational level. The charity is a company limited by guarantee, governed by Articles of Association, last updated in 2023. The objects of the charity are lor the public benefit to safeguard and enhance biodiversity (meaning the variety of life in all its forms, levels and combinations, including ecosystem diversity, speoes diversity and genetic diversity), and in particular.. al to undertake and promote the conservation of wildlife species and their habitats including the restoration and creation of such habitats., bl to promote public understanding of, and support for, the natural world,. and cl to campaign in support of sustainable principles and praCtI￿S for the protection of the natural environrnent. The Trustees confirm that they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to public benefit guidan￿ published by the Charity Commission in determining the activities undertaken by the charity. Strategic Report The Trustees. who are also the Directors of the cornpany. present their report for the year ended 31 March 2024. The Tiuslees, Report includes the Strategi¢ Report required by the Companies Act 2006 (Strategic Report and Directors, Report) Regul8tions 2013. The governing body is the Board of Trustees. Trustees are drawn from the rnembership and if there 8re vacancies on the Board then nomination5 for Ttuslees are requested from the subscription-paying members via our mernbership mag8zine and website. Those interested in becoming Tiustees are Invited to meet the Trust's Nominations Committee, which makes recotnm8ndation5 to the Board 8nd the mernbership. Risk Assessment and Risk Management Member5 Vote forTtU5tees, who are elected foi a four-year term, but Ttustees may stand ft>i reélection at the end of this period, to a rnaxirnum of two foui-ye8r terms. The Trustees regular￿ review the 51ialegic risk assessment and risk managernent register dealing with the risks the chairty tnay face and the piocesses and piocedures to mitigate those risks. The Trustees elect a Chair at their next meeting following the AGM, and they may co-opt members on to the Board of Ttustees during the year to fill shortages," these appointments must be confirmed at the next AGM. Once eleded, new Trustees follow an induction programme in which they meet senior members of staff and are encouraged to visit B￿0￿￿ visitor and education centres and nature reserves. The principal risks for the charity are in the following three areas". Operational risks induding the loss ol key staff, volunteers, heatth and safety risks around managing land and buildings, and safeguarding., Financial risks including fluctuations in infiation, donations, membership and eamed income,. and Shifts in the extemal environment, for example clirnate change, shifts in environmental poliaes or the public perceptions of charrties. The Board of Trustees delegates the day-ttrday running of BB0￿ to its Chief Executive, who is supported by the staff and volunteers of the Trust. The Chief Executive provides the Board with an operational report four times a year, and between Board rneetings works closely with the Chair, Honorary Officers and other norrinated Trustees on m8tters of governan￿. The Board is also supported by the Finance and Audit Committee. This comprises Trustees including Honorary Officers, expert volunteers, the Chief Executive, Finance and Strategi¢ Operations Director, Fundraising. Marketing & Cornmunications Director, and the Head of Finance. The Finance and Audit Gommittee is chaired by 8 Tiuslee nominated by the Board and is responsible for monitoring the financial health and the internal controls of the organis8tion. The Trustees re￿1ve ongoing training and development for their roles. Measures lo manage and rnitigate risks indude maintaining comprehensive insurance and appropriate levels of financial reserves, recruiting and retaining suitably trained and experienced staff, implementing a strong policy framework, and taking active steps lo sustain positive relationships with key stakeholders. Promoting Safeguarding Safeguarding is a key govemance priority for Trustees. TtUStees ensure111 the risk of safeguaiding incidents IS minirni5ed. and121 a safe environment is provided for individuals lo report incidents and concerns with the assurance they will be handled sensltively and proper￿. Our Safeguarding and Child Protection Policy (Code of Practice) is regularly reviewed and updated in the light of experience and changes in guidance or iegulation. BBOWt h8S two appointed de51gnated safeguaiding leads iesponsible ft)r ensuring staff and volunteers are supported to be able to respond to any safeguarding concern appropriately, and a designated Trustee Safeguarding Lead. The BBOWf Health and Safety Committee, which includes a member of the Board of Trustees, has the responsibility ol reviewing any BBOWf has a Govemance & Nominations Cotllrnittee, which exist5 to 8ddress i5sue5 needing to be developed outside the main TtU5tee tneeb"ngs. Its iole is to rnake recommendations to the main body of Ttustees according to the task in hand. There is also a Reserves Acquisition Group, the putP05e of which is to advise the Board on the acquisition and disposal ol land, and on related policies, in accordance with the Trust's strategic objectives. BB0￿ has a separate Health and Safety Committee and a nominated 10 reported incidents and reports direcuy to the Board of Ttustees. There was one reported safeguaiding incident involving the Trust's work during the year, which has been resolved and closed. Our Fundraising Standards Our approach to fundraising is to be honest and transparent with our members, donors and supporters about where their money goes and why we ask for donations. We publish information widely about our work and we seek to keep everyone informed. We communicate deady why we need donations and what activities money will be spent on. Through our education and community engagement projects we work wth thousands ol children, young people and vulnerable adults every year. Thousands more people connect with our work through attending public events and activities. We strive to do everything possible to make sure that everyone has a safe and positive experien￿ when they become involved in our work. All staff are aware ol their duties in tems of child protection and safeguarding, and speafic training is given to staff who work on education and community projects. Vve have rigorous systems in place for our staff recruitment and ensure that all the appropriate Disclosure and Barring Service IDBSI checks are carried out. Trustees are aware of the need to uphold the highest standards of fundraising practi￿ to safeguard the good reputation of the Trust, which has been built up through many years ol good work. V￿lISt day to day responsibility for fundraising is delegated to staff, the Trustees remain ultimately responsible and fundraising practice is regularly discussed by the Board. The Finance and Audit Cornrnittee meets with the Fundraising, Marketing & Communications Director on a quarterly basis to review current and future fundraising activity- induding agreeing our methods of fundraising. reviewing the use of external supplier5 and examining Cost effectiveness. Fundiaising is included on the Trust's risk register which is monitored by Trustees. Trustees review complaints lo ensure our fundiaising piaotice is carried out lo the agreed standards and any lessons are learned. Measuring our own environmental impact We are taking steps to minimise our own environmental impact. As part of this commitment, we report on energy use end energy generation acioss all our buildings and vehicles oper81ions. The use and generation foi 202>202412022-231 were.. Electricty use.. 145.604 kWh1210,571 kwh) Electricrty genei8ted.. PV pane15 30,586kVVh'. 140,186 kvvhl Gas us8.. 16,303 kVVh139.454 kVthI LPGIOil.. 2,200 litres12,554 litresl Motor vehide fuel. 13,010 litres113,720 litresl Metered Water lon 9 sites)". 2,600 m 12,329 m I BBOWf is a iegistered subscriber to both the Fundiaising Regulator and the Institute of Fundraising. We comply fully with the Fundraising Regulatorfs Code of Fundraising Piactice and the six guiding piinciples identified in the Charity Commi5510n guidance for Trustee5 on charity fundraising ICC201. On our website and in our membership literature we promote our Fundraising Promise outlining how we will treat our supporters, their data and how they wish to be contacted by us. A Vulnerable Adults policy and training has been put in place to protect against unreasonably intrusive or persistent fundraising approaches. A detailed privacy statement land a complaints procedure) is highlighted on our website and in our publicity to ensure we are clear and transparent about our use of data. During 2023-24 we received a total of 67 complainls relating to fundraising. Our energy consumption on our estate has lowered this year. We have continued to install LED lighting, timers and instantaneous heaters across the Trust. We have also installed solar panels at The Lodge which is now reflecting in the usage numbers. Our electricity utility contracts are from 100°/o renewable sources with Ecotricity and Smartest Energy. The installation of smart meters is also improving our usage information. BB0￿ is committed to understanding and reducing rts carbon footprint. We have cornpleted four iterations of a carbon foot printing tool designed by the Royal Society of Wildlife Trusts to incorporate Scope 1-3 factors. The last iteration of the tool calculated the output of carbon into the environment as Scope 1 54.34 1 Scope 2 39.39 1 Scope 3 949.63 tonnes C02e for the year ended 31 March 2024 before any sequestration from our work is considered. Scope 3 of 2023-2024 has now taken in a wider range of are85 and we will be looking al the reporting lo improve this moving forward. BB0￿ uses external fundraising suppliers to help wth recruitment and fundraising. All providers are screened and monitored lo ensure they adhere to agreed guidelines including the Fundraising Regulatorfs Code of Practice and BB0￿,$ ethical standards. Our main external fundraising supplier, Wildlrfe Fundraising (Gentrall Ltd. was sel up in 2013 by BBOWf and seven other Wldlife Tiusts as a corllpany limited by guarantee. The role of the cornpany is lo carry out membership r￿rUItment. Along wlh tre other Tiusls. BBOWf contributed 8 loan lo support the set-up costs of the company and continues lo have 8 non-executive position on the company's board. We are replacing the Land Rover leet with more ewnomic81 15uzu 4x4s which will also 18duc8 OLJr fu81 consurnption In 2024. 2023-24 Financial Review Grazing which is now accounted for outside of our reporting above for 2023-2024 was 709 tonnes of C02e. Total income was £8,734k. This represents a 270/0 increase on the previous yeai1£6,882kl. Total expenditure was £8,320k an 8010 increase on the piior year1£7,656kl. The resulting surplus before net gainsllosses on investments, transfers and actuarial gainsllosses was £414k compared with a deficit of £774k in 2022-23. As the additional Scopes are being expanded in our recoiding, we are reviewing our recording methods to improve the data and will then look at the improvements we can make to reduce the impact of these activities. 11 Income Unrestiicted income1£7,028kl was 80Q/o of total income. £3,186k of unrestricted income was raised frorn our members in the foirn of membership and mernber5hip donations and was broadly flat on prior year. Legacy income1£738kl was up on the prior year (£391 kl. Restricted income of £1,706k was slightly lowerthan pritsi year121,806kl. Financial Reserv•s All charitie5 are required to develop a policy which estab115hes a level ol financial re5etves that is right ft)r the charity and to explain why holding these reseNes is necessary. The Trustees have considered the minimum level of finanual reserves and adopted an approach that links that level with the iisks facing the organisation as identified in the oiganisational risk register as well as our budgeted unrestricied operating costs lor the year ahead. Based on this approach, at March 2024 the minimum level of reserves that the Trustees consider to be ac￿ptable is £2,082k based on our 2024-25 budget. Expanditura Our trading costs- including cost of sales- of £1,461k made up 18Q/D of total expenditure12022-23 £1,105k, 140101. These have increased as Future Nature increased its actwities and also with cost-of-living increases. Costs of raising funds at £1,518k represent 18Q/o of total expenditure12022_23, £1,341 k, 180101. This indudes the costs of recruiting and retaining members, fundraising and a share of support costs. Charitable activities1£5,333kl were 84°/o of total expenditure168°/0 in 2022-231. This is broken down into three categories that reflect our core activities with each area induding a proportion of support services allocated based on staff time. The areas are.. Nature reserves management130°/.I which indudes the costs of improving public access to our nature reserves. nature conservation work, livestock management and of vehicles. tools and equipment. Wildlife awareness and education121 /thl which includes the costs of running our education and visitor cenlres, public information campaigns and ild, our membership magazine. Looking after the widei counlryside113010l which includes the costs of staff who work on planning issues, species and habilal rnoniloring. and working together with other organisalions and landowners 10 protect habitats. In addition to the minimum level of resetves, the Trustees have also identified our opts'mum level ol reserves, calculated to be be￿een the minimum level up to the equivalent of six months of unrestricted operating costs. The actual level ol free reserves al 31 March 2024 was £3.247k (being the general unrestricted funds). This equates to 5 rnonths of our unrestricted costs based on the approved 202¥25 budget. Pay and Remuneration The rnanagement ol the Trust was led by the Chief Executive and a Director Tearn induding 8 Land Management Director. Gommunity Eng8gement Director. Gonservaliofi Strategy Diie¢tor. Fundraising, Marketing & Communications Director. Finance and Strategic Operations Director and a People Director. The p8y 8nd remuneration lor the Chief ExecLrtive is overseen by the Board and Set through a process that involves evaluation of job iole5 and benchmarking against comparable roles in simi18r organisations (including data frorn the Cioriei Charity Reward Survey). All job roles are evaluated against the Croner JET evaluation criteiia which include complexty, accountabilty, pioven ability and independence ol action. Unrestricfrd Fund¥ BBOWf held 216,703k in unr8Stiicted fund5 induding designated funds. Designated funds 8re unrestricted funds which have been used for fixed and investment as5et51£4,829kl, nature resetves1£7,284kl and other purposes (see Note 17 to the financial statementsl. General funds ar8 unrestiicted funds which hav8 not yet been used. Investment Policy Decisions on the Trust's investrnents a￿ made on the basis of the purpose of the investment, acceptable levels of risk and return, and ethical considerations arising from the Trust's charitable objectives. The Trust's overall Investment Objective is'to produce the best finanaal return within an acceptable level of risk" Ethical considerations are important to the Trust and will be considered in all investment decisions. As lar as is reasonably possible. preferen￿ will be given lo investments that safeguard and enhan￿ biodiversity, promote the conservation ol wildlife species and their habitats and support sustainable principles and practi￿$ for the protection of the environrnent. Overall. the policy is not lo invest in corrpanies that are in breach of the UN Convention on Biological Diversity ICBDI. Total investment income for the year was £270k. up frorn £218k the previous year. Our investment income includes incorne from investments man8ged by GCLA, frorn rental properties and trorn our photovolt8iC inslall81ions. Restricted Funds BBOWf held 21,541k in restricted income funds, down from £1,572k in the previous year. The use of the funds has been restricted by the donor or grantor for specific purposes. Included in this amount is a restricted fund ol £455k for land purchase. Deflned Benefit Pension Scheme AsseUILiabilityl The total defined benefit pension scheme surplus at 31 March 2024 was £144k, a continued improvement on last year and from the deficit of £55ek at 31 March 2022. This relates to the Royal County of Berkshire Pension Fund and the improvement was primarily driven by the large increase in interest rates during the year which decreases the present value of the future pension liabilities, under the rules of the scheme the surplus has not been reflected as an asset in the balance sheet of the charity. 12 Trustee's Insurdneè BBOWf provides insurance to its TIu5tees against liability in respect of actions brought by third parties, subject to the conditions set out in the Companies Act 2006. Such qualrfying third-party indemnity insurance remains in force as at the date of appioving the Trustees. Report. Liability of Members The members of the company agree to contribute a sum, not exceeding £1, in the event of the company being wound up. 13 BERKSHIRE. BUCKINGHAMSHIRE AND OXFORDSHIRE WILDLIFE TRUST STATEMENT OF TRUSTEES RESPONSIBILITIES YEAR ENDED 31 MARCH 2024 Statement of Trustees, Responsibilities The Trustees (who are also Directors of Berkshire, Buckinghamshire and Oxlordshire Imldlife Trust for the purposes of company lawl are responsible for preparing the Ttustees, Report and the financial statetnent5 in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practi￿1. Company law requires the Trustees to prepare financial statements for each financial year that give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are ￿qUired to.. Select suitable accounting policies and then apply them consistentty. Observe the methods and principles in the Charities SORP Make judgements and estimates that are reasonable and prudent. stste whether applic2ble UK Accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements. Prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps lor the prevention and detection of fraud and other irregularities. In so lar as we are aware.. There is no relevant audit information of which the charitable company's auditor is unaware, and The Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit infom)ation and to establish that the auditor is aware of that information. Auditor5 A resolution appointing external auditors will be proposed at the AGM in accordan￿ with Section 485 of the Companies Act 2006. Approval In approving the Trustees, report the Trustees are also approving the strategic report. CfjL6vry On behalf of the Board of Trustees on George Levvy- Chair of Board of Trust88s 1610912024 14 BERKSHIRE. BUCKINGHAMSHIRE AND QXFORDSHIRE WILDLIFE TRUST INDEPENDENT AUDITORS REPORT INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BERKSHIRE, BUCKINGHAMSHIRE AND OXFORDSHIRE WILDLIFE TRUST Opinion We have audited the financial statements of Berkshire, Buckinghamshire and Oxfordshire Wildlife Trust forthe year ended 31 Marth 2024 which comprise the Statement of Financial Activities, Balance Sheet, Statement of Cash Flows and notes to the financial ststements, including a summary of significant accounting poliues. The financial reporting Iiamework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Finanaal Reporting Standard 102 The Financial Reporting Stèndard applicable in the UK and Reptjblic of I￿land (United Kingdom Generally A￿pted Accounting Practi￿). In our opinion, the financial statements.. give a true and fairview of the state of the tharitable company's affairs as at 31 March 2024 and of the charitable company's net movement in funds, including the income and expenditure, for the year then ended", have been proper￿ prepared in accordan￿ with United Kingdom Generally Accepted Accounting Pradice, and have been prepared in accordance with the requirements of the Cornpanies Act 2006. Basis for opinion We conducted our 8udit in accoidance wth International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities undei those standards are further described in the Audilorfs iesponsibilities for the audit of the financial 5t8temenls section of our report. We are independent of the chaiitable cotnpany in accordan￿ with the ethic81 requirements that are relevant to our audit of the firTrancial statements In the UK, including the FRC'S Ethical Standard, and we have fulfilled our othei ethical responsibilities in accordance with these requirements. We believe that the aLJdit evidence we have obtained is sufficient and appropriate to piovide a basis foi our opinion. Conclusions relating to going concarn In auditing the financial statements, we have concluded that the trustees, use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concem are described in the relevant sections of this report. Other information The Iruslees are responsible for the other information. The other information comprises the infomiation included in the Trustees, Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise expliatly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is lo read the other information and, in doing so. consider whether the other inforrnation is materially inconsistent with the financi81 statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required lo delerrnine whether there is a material rnisstslemenl in the finanrial statements or a rralerial misstatement of the other information. If. based on the work we have perfonned. we conclude that there is a material rnisstslernenl of thi5 other information. we are required lo report that fact. We have nothing to report In this iegard. Opinions on other matter¥ pre8cribed by the Companie8 Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information giv8n in the Truste85' AnnLJal Report (which inclLJde5 the strategic report and the directors. report prepared for the purposes of company lawl forthe financial year for which the financial statements are prepared is consislenl with the financial statements., 8nd th8 Strategic report and the directors. r8port induded within the Trust8e5' Annu81 Report have b8en pi8pared in accordanc8 with applicable legal requiretnents. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees, Annual Report Iwhich incorptsrates the strategic report and the directors. retK)rtI. We have nothing to report in respect of the following matters in relation to which the Companies Act 2(K)6 requires us to report to you if, in our opinion.. adequate accounting records have not been kept by the charitable company, or retums adequate for our audit have not been received froTn blanches not visrted by u5," or the charitable company fin8ncial statements are not in agreement with the accounting re¢ords and ieturns., 01 certain disclosures of Iruslees, remuneration specified by law are not made.. or we have not received all the infomats'on and explanations we require for our audit. 15 BERKSHIRE. BUCKINGHAMSHIRE AND QXFORDSHIRE WILDLIFE TRUST INDEPENDENT AUDITORS REPORT Responsibilities of trustees for the financial statements A5 explained more fully in the trustees, iespon51bilib.es statetnent set out on page 14, the trustee5 (who are 8150 the directors of the chaiitable company for the purposes of company lawl ale responsible foi the preparation ol the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is netsssary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disdosing, as applicable, matters related to going concem and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Audltor's responslbllltles for the audlt of the financlal statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an audilorfs report that indudes our opinion. Reasonable assurance is a high level ol assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate. they could reasonably be expected to influence the economic decisions of users taken on the basis of these finanaal statements. Irregularities, including fraud, are instances of non-complian￿ with laws and regulations. We design procedures in line with our responsibilities, OLrtlined above, to detect tnateri81 tnisst8ternent5 in respect of irregulaiities, including fraud. The extent to whith our procedures are capable of detecting irregularities, including fraud is detailed below.. Based on our understanding of the charitable company and the environment in which it operates, we considered the extent to which non-compliance might have a material effect on the finanaal statements. We also considered those laws and reguL8tions that have a direct impact on the preparation of the financial statements such as the Charity's Royal Charter, the Charities Ad 2011, payroll lax and sales tax. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial slalernents (including the risk of override of controls). Audit procedures performed by the eng8gement team included.. Inspecting correspondence with regulators and tax authorities., Discussions with management including consideration of known or suspected instances of non-COm￿lance with laws and regulation and fraud., Evaluating management's controls designed to prevent and detect irregularities., Identifying and testing journals. in particulai joumal entries P05t8d with unusual account cornbination5, Postings by unusual Users or with unusLJal descriptions", and Challenging assumptions and judgements made by management in their critical accounting estimates Because of the inherent lirnitalions of an audit. there is a risk that we will not delect all irregularilie5. induding Ih05e leading lo a material mi55tatement In the financial statements 01 non-cornpliance with regulation. Thi5 risk increases the more th8t compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become 8W8re of inst8nces of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. www.frc.o .uklauditorsres onsibilities. This description forms part of our audilorfs report. Use of our report This report is made solely to the charitable company's members, as a body, in accordancewith Chapter 3 of Part le of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those rnatters we are required to slate to therll in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility lo anyone other than the charitable company and the charitsble cornpany's members, as a body. for our audit work, for this rewrt, or for the opinions we have formed. Adarn Halsey (Senior Statutory Auditor) For and on behalf of Haysmacinlyre LLP, Stalulory Auditor 10 Queen Street Pla London EC4R 1AG Date.. 18 September 2024 16 BERKSHIRE. BUCKINGHAMSHIRE AND OXFORDSHIRE WILDLIFE TRUST STATEMENT OF FINANCIAL ACTIVITES (INCORPORATING THE INCOME AND EXPENDITURE ACCOUNTI YEAR ENDED 31 MARCH 2024 Lknrestricted ￿stricted Funds Funds £'ooo rooo Total 2024 £'ooo Total 2023 pooo )te Income and 8fbdowm8nts from- tbnatlOn5 and kgacies thna1￿￿$ and ￿gat￿$ from indr1￿u819 ￿£￿￿￿rshiP and [￿l￿rShIP donat¥Jns Grants and corporate donat￿￿8 Other trading act￿￿(1￿5 knVest￿nt$ aritabk aclDiiI￿S Agri-envirOnr￿nt Scher￿ grants Other incon 1.074 3.186 37 1,050 270 53 1.127 3,186 1.668 1,050 270 1,631 1.733 218 351 1,(￿0 351 1,082 335 222 22 Total 7,028 1,706 8,734 6,882 Fxpendilure on.. Raising funds G)s18 of genèralng donat￿nS and *8¢￿$ and ￿aCEs n*)ership 8nd trÉrr&ership donalk)ns Grants and corporate donat￿nS CA)sls of other trading activthes Costs associated w rth inve5trTEnts 0)aritab￿ a¢lwiles Nature reserves managenEnt lrfe awareness and education Looknng after the w ider counlrysvje 214 1.176 128 1.4fj1 214 1.176 128 1.461 192 1.022 127 1.105 10 2,140 1.498 875 350 242 228 2,490 1.740 1,103 2,347 2.024 829 Totsl 7.500 820 8,320 7.656 *t lexpenditurellin¢ome before investment Ilos$esllgain$ 14721 414 17741 ￿￿1 gain81lk)ssesl on Invest￿nts Nèt irbcomellexpondituro) Transfers between funds 13 186 12861 916 186 600 1871 18611 886 19161 Other recogni58d gain5'. Acluarral gains on defined benefrt pens￿￿ scheTTES FÈnsion asset ceilng adjustffent t movement in funds 68 11441 554 68 11441 524 11981 RÈconciliation ol Funds.. Total funds brought forward 16.151 1,571 17.722 17.921 Total funds carried forward 16.705 18,246 17,723 The nel deficit for the year. together w ilh detaik of incorYE and expendrture required by the CoTrpanES Act TTWY be derNed from net incorrÉllexp8ndrtur81 n the StstewÈnl of Fin8nci81 Activth'es above. The note5 on pages 20 to 34 form parl of these accounts. There were no recognEed gains and bsses other than those show n In the above StalenEnt of Financ&91 Aclnlil￿s. All transactions are dèrKved from continuing act￿rt￿$. 17 BERKSHIRE, BUCKINGHAMSHIRE AND OXFORDSHIRE WLDLIFE TRUST BALANCE SHEET YEAR ENDED 31 MARCH 2024 2024 £'ooo 2023 £'ooo Nots rooo £'ooo Fixed assets Tar¥jIb￿ assets Nature r8seths hve$tmetrts- Property h￿StMents - ot￿r 3,243 7,284 1,587 3.317 7.309 1.587 1,809 14.0 13 13 14,109 Current assets Stocks Debtors ShDrttem deposits Cash atbank ard in har 35 1,628 2.396 880 4.939 52 764 2.505 856 4,177 Creditors.. amounts falllng due wthln oneyear N8tcU￿en1A8set8 15 18021 15491 4,137 3.628 Deflned benefit penslon 6¢hemeB a66eUlllabllltyl Net assets The funds ofthe charlty Unre8tricted fvnd8 Reslrirted furKIs 16 73 17,723 18,246 16,705 1.541 16,152 1.571 Totsl charfty funds 17 18,246 17,723 ApprobEd aLrthorised for issue bythe Boar(l ofTrustee$ on 1610912024 SigrEd on ttEirbehafby. CfjL6Vry George Lewj, Chair Zoe Hancodt, HomraryTreasurer Corryany registration number00680007 {EngIar￿ Wales) 18 BERKSHIRE, BUCKINGHAMSHIRE AND OXFORDSHIRE WLDLIFE TRUST STATEMENT OF CASH FLOWS YEAR ENDED 31 MARCH 2024 2024 £'ooo 2023 £'ooo Mjto C¥$h flow$ from operatiny ¥¢tivitie$'. Net ca8h (used inl I provided by operating activities 12081 15291 Cash flows from investing activities Invest￿nI inconE received Acquisit￿n of investnEnts rchase of tangible fiKed a8sels AcquEll￿n of nature reserves FI0￿ed$ from disposal of tsn9lb￿ fixed assets I cash generated from investing activrtie5 a)ange in cash and cash 8quivabnls in the year C4sh and cash al the beginning of the year Cash and cash equivaènts at the end of the year 270 218 11541 13 113 14161 3.777 3.361 123 3,361 3,276 FS TO TTrECASH FLW STAT81 al ￿¢0￿cl118t10n of net incomellexpenditurol to net cash flow from operating activili88 2024 £'ooo 600 2023 £'ooo 18611 t income Adjustments for.. knvestrr*nt losses I Igainsl tÈpreciation charge5 knvestffent in¢otre Loss on convu￿orY purchase of nature reserve land ofit on sak of assets Ilncreaselltbcreas& in debtors Iln¢reaselltk¢oase In stock cr88selltècreas81 in creditors kncreaselltk¢reasel In defi)ed penS￿n Scher￿ l¢bi&ly PenS￿n asset ceiling adjustnpnt Actuarial gains on defined benefit pen510n schenE t ¢a$h lused inl I provided by operating a¢tivil*$ 11861 227 12701 25 87 225 12181 18641 le 253 73 11441 338 16291 663 15291 12071 bl Analysis of cash and Cash equivalents 2024 £'ooo 2,3 880 3,276 2023 É'ooo 2.505 856 3.361 Short termdeposits Cash ¢1 analysi$ ol change$ in net debt At 8tart of year £'ooo 856 2.505 3.361 Cash-flows At end of year £'ooo £'ooo 24 880 2.396 3.276 C4sh Cash eqUIva￿nI$ Total 1851 19 BERKSHIRE, BUCKINGHAMSHIRE AND OXFORDSHIRE WLDLIFE TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 1.1 Accounting Policies lal General Information Berkshire, Buckinghamshire and Oxford5hire Wildlrfe Trust l 880￿.) is a charrtable company lirnited by guarantee incorporated in England and Wales Ico. number 006800071 an(1 registered with the Charity Cornmission (Charity Registration no. 2043301. The Charty's registered office address is The Lodge, 1 Aryllstrong Road, Littlemore, Oxford OX4 4XT. Ibl Basis of preparation The fi'nancial statements are prepare(l under the historical cost convention as modified to include the rev¥luatioD of investments at market value. and in aG¢ordan￿ the Slatemenl of Recommended Practi￿ for Charities ISORP 2015 Second Edilion, effective 1 January 20191 and appliGable accounting 5tandar(Is IFRS 1021. BBOMff meets the definition of 8 public benefit entty under FRS 102. 1¢) Exernption from preparing group accour BB0v￿ has a wholty owned Subs￿1￿ry Future Nature vI￿c Ltd Iformerty WI￿l￿e Senfiffs Limited). In the Gurrenl yearthe company was dotm8nt In the opinion of the trustees the size and assets of the subsidi8ry undertakings mean that Ihe presentation of the combine(I results and financial Position in consolidatèd financial statements Is not material for th& purpose of giving a tru& and fair vièw. These financial statements present the resuhs and Position of the ¢haritable ¢ompany as a $ingle entty and not a$ the group. Idl Golng Concern The Trustee$ consider that there are no material unc&rtaintie$ regarding the charrty'$ abilrty to continue as a going contem. Infiation is putting pre$$ure on expènditure but the Tru$lèÈs have assèssed the possible financial tonsequentes for the tharity. They ha¥& und&rtaken a revièw of our 15-month c2sh forec88ting 8nd Ihre&-ye8r finan(aal scenario planning. The Trustees ￿maIn confident that BBowf iq a going conc&m. 181 Income Subscription8 income and Income from voluntary gifLs and donations 8re included in the accounts on a receipts ba818. Restricted project income is included in the accounts on the ba818 of amounts expended andlor invoicedldaimed bul not received. Legacy income is included when r8c8ipI is d8em8d lo be probable and probate has b8en granted. Income has b88n Ir8aled a8'deferred' where il r8lale8 to an aclivty taking place In th8 following finanaal year. If) Government Grants Government gr8nts are accounted for when receivable, as long 88 there is evhlence of &ntillement. receipt is probable and ils amount can b8 measured reliably. Igl Expenditure All expenditure is included on an accruals basis and is reco9nise(I when there is a legal or constructwe obligation to pay. Directty allribul8ble expenditure Is charged to the cost of generating funds. charitable actwilies or governance cost5 as appropriate. Support costs Including governance costs, which are defined as those costs ￿e￿ssary to deliver an activity but which do not constitute its output, are allocated to each heading on the basis of estimated staff time. Governance costs are those which relate to the gener81 running of the Charity rather than fundraising or charitable activity. These indude audit fee5. le9al advi￿ for trustees and costs associated with conslilutional and statutory requirements. Ihl Tenninatson payments Termination payment5 are accounted for on an accrua15 basis and are recogni5ed when the￿ is a legal or constructwe obligation to pay. lil Events Events are nol intended to gener8te a SUTplus but are aime(l at raising aw8reness aboul Mrildlrfe". therefore. Income is shown within re50urce5 from ¢harilable activities (other incomel. Exppnditure on events is $hown within Mldlife awareness and education. til Volunteer Group5 8Bowf has a number of lotAI groups of volunteers who carry out various activiti&s during the year including fundraising and undertaking reserv& managèmènt on our nature re$erve$. Three of these groups hold their own bank accounts and manag& Income and ex￿nditure for these a¢tivities which is Incorporated into the finan¢ial staternenls. Ikl Flxed assets and depreclatton Assets ¥vilh a cost In excess of £5,000 and with a us&ful life ex(*eding one y&ar are tapitalised on th& balante sheet. Depreciation i4 calcu18ted 80 as to wrilÈ off the cost of tangibl8 fixed assets over th&ir expected useful economic li¥&s. The principal annual rates and bases used for this purpose 8re' Motor vÈhitle$ and rÈserves equipment- 25% reducing balanc Le888hold8- ov&r the p&riod of the le888 Computer and office equipment- 200A straight lin8 Freehold buildings excluding barns- 75 year8 straight line Barns 25 year8 Straight line Capi181 additions lo building8- 10 years straight Iina Freehold L8nd- not depreciated 111 Natur8 Reserves Nature Re8erve8 th8t have been purch888d by the charity have been caprtalised at th& purchase cost. Nature Res￿￿eS that have been donated to the charity have been capit81ised 8t the best estim8te of cost had they been purchased by the ch8rity. Im) Inv8Stment8 All investments are stsled al theirfair value at the balance sheet dale. The fair value of investment property is assessed by managernenl al the net present value of the fLrture cash flows associated with the rental of the properties contrmed. The fair value of investment funds is their marf(el value (bid pricel according to the funtl managers. The Statement of Financial Activities includes the net gains and losses arising on revaluations and (lisposals throughout the year. 20 BERKSHIRE, BUCKINGHAMSHIRE AND OXFORDSHIRE WLDLIFE TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 In) Investment5 in joint V8ntLire5 A joint venture is a contractual arr8ngernenl whereby the charity and other parties undertake an economic activity that is subject to joint control, that is, when the strategic financial and operating policy decisions relating to the activitEs require the unanimous consent of the parties sharing control. Investments in joint ventures are measured al c05t less impaiment. lol Stocks Stocks are stated al the IoNver of cost and net realisable value. (pl Cash at bank and in hand Cash at bank and ￿5h in hand includes cash and short term highty liquid investments with a short maturty ofthree months or less from the d8te of acquisition or opening of the deposit or sirDil8r account. Iql Financial in5trurnerts The ch8rily has fin8ncial 8ssets and finanoal liabilities of a kind that qU81ify a5 basic financial inslrumenls Debtors. short letm deposits and tash at bank and in hand ar& mÈa$ured at thè amount of tAsh or othÈr considèration Èxpècted lo be rec&ivÈd and are not discounted. Trade treditors are measured at the amount of trash or other tonsideffjtions expected to be paid and are nol discounted. Investtnent fund$ are measured at fèirv31ue in )¢Gordance wlh the acwunting policy on investtnents. Irl Creditors and provisions Creditors and provisions are retognised wher& the charty has a presènt obligation resuhing from a past ev&nt that wil probably resuyt in the transfer of funds to a third paty and th& amount due to settle thè oblKJalion can be measured or estimated reliably. Isl Fund accountlng Unrestricted funds comprise accumulated surpluses and deficits on genera1 funds. They are available for use at the discretion of the Truste&8 In furthÈranc8 of the general chari18ble objectives. Designated fund8 are unrestricted funds &armarkÈd by Trustee8 for a $pecffic purpose. Fleslrthd incom& and endowment funds are funds subject to specific r&stricled condition8 Imp088d by the donors and further explanations of the nature and purpose of each fund Is induded in Note 17. Endowm8nl funds represent caprtal rather than rev&nue funds. It) Employee 88nefits Short18rm benefits.. Short term beneffts. including holidays and other similar non4nonet8ry beneffts are recounised as 8n expense in the period in which the servitt is received. Defined contrtbution pension plans.. The charity operates a defined contribution scheme administered by Aviva. The contributions are recognised as an expense when they fall due. The assets of the pension plan are held separately from the charity in independently administered funds. Defined benefitpension schernes.. The charity operates one defined benefit pension schemes being the Royal County of Berkshire PenS￿n Scheme IRCBPSI. The Royal CountyofBeikshiE Pension Scheme IRCBPSI The liability recognised in the b818nce Sheet in respect of the defined benefit pension scherne is the present value of the defined benefrt obligation at the end of the reporting date kss Ihe fair value of the sGheme assets al Ihe reporting date. The defined benefit obligation is calculated using the projected unit credit method by the Scheme'5 actuaries The present value is deletmined by discounting the estimated future payments using market yields on high quality corporate bonds that are denominated in steding and that have terms approximating Ihe e5titnaled period of the fulure periods I'discount rate"). The fair valu& of the schem& assets i% measured in actordanc& with the FRS 102 fair value hiÈrarchy and includes the use of appropriate valuation techniquès. Actuari21 gains and losses 8rising from experienee adiu$lments 8nd changes in actuarial assumptions are charged or credited to other comprehensive income. These amounts tog&ther with the r&tum on plan assets, lèss amounts Includ&d in nel inter&st. are disclosed as "acluari81 gainslllosse81 on defined benefrt pension liability The cost of the defined benefit plan 18 recogni8ed In the SOFA as employe& cos18 and comprises the increase in the pension ben&fit liability ari8ing from employee 88rvice during the year,. and the cost of plan introduction8, benefit chang88. Curtailments and settlements. The nel interest cost is calculated by applying the discount rale to the net balance of the defined benefit obligation and the fair value of the scheme assets. The cost Is recogn188d in the SOFA within 8taff p8nsion costs. Details of the scheme assets and liabilitES and major assumption8 are Shown in Note 16lcl. lul Foreign currency translation The charity's functional and presentation currency is pound sterling. Monetary assets and liabilities denominated in foreign currencies are translated into sterling ¥t the r¥le5 of exch¥nge ruling at the balan￿ sheet dale. Transactions in foreign currencies are recorded al the rate ruling at the date of the transaction. All differentts are recognised in the SOFA. Iv) Leased assets Rental p8yment5 under operating ￿aSe$ are charged to the SOFA on a 5traight-line basis over the term of the lease. 21 BERKSHIRE, BUCKINGHAMSHIRE AND OXFORDSHIRE WLDLIFE TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 1.2 Critical accounting judgements and estimatss In preparing these financial slatemenls, managernenl has madejudgements, estimates and assumptions that affect the application of the charity's accounting poliue5 and the reported assets. liabilities. iDcotne and expenditure and the disclosures ma(le in the financial statements. Estimates and judgements are continualty evaluated and are based on historical experience and other factors. induLling expectation5 of future events that are believeLI to be reasonabk under the circumstances. Key areas subject to judgernenl and e5timatioD are a5 follows.. Defined benefil pension scheme liabilitEs B80V￿ has oblvJalions lo pay pension benefits to certain employees. The Gost of these benefils and the presenl value of the obligation depend on a number of faGtors, including." life expectancy, salary increases, a5sel valuations". and the discount rate on corporate bonds. Management estimates these factors in determining the net pension obligation in the bal8nce sheet as advised by an independent artuarial adviser. The as5UmPtion$ refled hi5toriGal experienGe and rurrent trend$. Investment Properties". The fair value of inveslrnent property ha5 been eslitnaled on the basis of the nel present value of discounted Gash flow5 over a period of 30 years. Th& taltulation of net prègenl value requires the us& of assumptions suth as discount rate and future Incomes and tosis. The amounts recognised In these attounts have been estimated by management based on the future plan$ of the charty. These Iculations are subjeGt to review and revision at eaGh reporting date in orderto measure any changes in the fair value of the investtnent propèrties. 2. DONATIONS AND LEGACIES 2024 £'ooo 389 738 1.127 2023 £'ooo 251 391 642 DorÉtior Lega¢ies The receiptof a ￿gaCY1S recognised when il is probab￿ that ilwill be reCeI￿d arKI Ihere has been a grarrt of probate. A￿j anyconditior6 attaC￿d lo Ihe legacyare eiltrErwIllint￿ control of the Twsl or have been mel. 3. GRANTS AND CORP¢)RATE DONATKJNS 2024 £'ooo 106 2023 £'ooo 128 CharItsb￿ trusts Local aLrtM)rilies Companies Grantrnakiw bodies 59 62 558 1,733 4. INVESTMENT INCOME 2024 £'ooo 48 87 23 112 270 2023 £'ooo 31 48 32 107 218 hrterest r8eeivabk oncash dep08its Dibidends aNJ Inter&ston listed Imeslmrts R&r￿wab￿ erÈrgy R&nt from ifftstrnent property S. NET MOVEMENT IN FUNDS 2024 £'ooo 2023 £'ooo The nèt movement In fur￿8 is arrived at after C￿rg1W'. Depreciation ar￿ amortisalion A￿ltO¢S r&munèralion- a￿11 Operatiw ￿2$￿ rentals 227 225 40 284 263 22 BERKSHIRE, BUCKINGHAMSHIRE AND OXFORDSHIRE WLDLIFE TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 6. STAFF NUMBERS AND COSTS 2024 £'ooo 2023 £'ooo Staff ¢o$ts Wages and saLqries National h8urarKe Costs Pewion Costs 3,719 315 259 3,352 312 226 TherewJs one red￿la￿CYpa￿NenI of £1.538 dLE lo erKI of a fixed terrn corrtract", aml one lerrninalion payrnert of£3,485. Therewere m redurKlancy orteTrNinalion payments dLTirYJ 22￿3. OrE employee received tot¥1 empbyee benefits (excl￿1￿0 empbyer pet￿10￿ coslsl of beiween £90.WO and £110.000 durirvJ year. three betrEe £60.000 and £70,000 and orE be￿een £70,000 and £80,000. lore erllployee befvveen £90,000 a￿1 £105,CN)O and fi%e be￿￿eD£60.000 £70,000 in 2022f231. K8y manag&m8nt P8rsoml nL¥rb8rseven p80P￿ and I￿￿1r10181 compertsation linc1￿1￿ empkJy&rs' Nl and pension contribL*lo￿1￿aS £525k12022123 £507k and s&*nstaffj. The 8￿rage mmberofemployee5 calcubted on 8 fLlktime eqLiVa￿Ttt basi5. anabised byfvwtion, was.. 2024 2024 Llnmtrlcted Restrfcted 64 37 14 115 2024 Total 2023 2023 Unr88trlctsd Restrlcted 63 29 17 109 2023 Total charItsb￿ actiwlie5 GerEratitu fund5 Support. Tn3nagementand adrninislralion 75 37 14 126 71 29 17 117 The 3￿rage rnorrtltynumber ofeMpk)yee5 on a headcoLrt basis wa5 1561148.5 in 2022r231. 7. TRUSTEES. REIMBURSED EXPENSES AND RELATED PARTY TRANSACTIONS t￿rIng the year 2023124 travel expenses of £392 w ere Incurred by our Trustees.12022123 the vakne was £12el. Trustees wer8 rernneraled or r8ceDied b&nefits from an 8nyknyrrÉnl W￿[h BBOIW. t￿rIng the year 2023124 no reLgted partEs were engaged by BBC￿12022I23 no related partES were engaged). Robust nEasU￿$ are In pb¢e to ensure that any Trustee ¢onfli¢ts of Interest are ￿naged in a¢¢ordan¢e w rfLh a)arty G)rnission klanc8 I￿ 11 and in I￿8 wrth the oryani%ations Artick of Associqtion. 8. E¥PBKITUPE tirect Activitie8 Support Cost8 rooo 2024 Totsl 2023 Totsl £'ooo Costs of rai8ing lunds Costs of generating donations and kgacie5 tbnations and ￿ga¢￿S r(bership and mn*)?rship donat￿nS (>an18 and CDrwrate donations (Xher trading aclivil*s G)st of go(￿$ $0 vesbyent ¢osts Charitable activiti08 ture reserv8s TrEnag8rrEnt Wldlife aw areness and eduCat￿n Looking after the Wkler countryside rooo 162 1,070 101 52 107 27 214 1,177 128 192 1,022 127 1.140 321 1.461 1.105 10 2,156 1,378 943 334 362 160 2.490 1.740 1.103 8.321 2,347 2,024 829 6,958 1,363 7.656 23 BERKSHIRE, BUCKINGHAMSHIRE AND OXFORDSHIRE WLDLIFE TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 9. GOVBIN4NfECOSTS 2D24 Total 2023 Tot £'ooo £'ooo ALKlilor's retwneralK)n Leg81 and profestslonalfeÈs Staff costs Alttation of Rswf Levy extEnses 19 155 14 19 209 19 197 10. SiPPORT COSTS Finance Fbjman ONice Management Governance Support & Clhor £'ooo 2024 2023 & L8gal Po8ource8 £'ooo £'ooo Total £'ooo Total CA>sts of raksing funds Costs of gener8ting donations and kgacES Ebnat￿nS and ￿93cleS Ènknership and nErYbership don¥lions Gran15 and corporate donat￿nS her trading aclwitEs charitab￿ activities Nature reserves fffjnagerrenl W￿1rfe awareness and ￿UCatiOn 12 19 51 24 26 40 10 16 107 27 98 72 78 120 49 321 202 75 81 81 88 125 135 51 55 329 362 Loolrjng afler the W￿er countrys￿e 36 306 39 332 24 207 160 1.363 148 1.200 509 Al noTrdIrecl￿ attributable costs are alocaled to ￿tivit￿5 on ba5B of staff nunbers invdved in each aclwity. 24 BERKSHIRE, BUCKINGHAMSHIRE AND OXFORDSHIRE WLDLIFE TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 11.TANGIBLE FIXED ASSETS Froohold Land and L￿S￿hOkI Land and Naturn Reserves otor Office Buildings £'ooo Buiklirbgs £￿00 Vèhic￿$ Equipmgnt £'ooo Equipmènt £'ooo Total £'ooo rooo COST Al 1 April 2023 Additions Disposalsladju51ments Al 31 March2024 1.800 36 3,519 437 560 77 6.303 76 42 17 1.836 3,519 430 626 e.530 DEPRECWTION Al 1 April 2023 Charge forye3r Eliminated ondisposal Al 31 ma￿h2O?4 804 1,620 122 355 420 77 3.076 227 49 36 653 1,742 36fj 447 79 3.287 NET BOOK VALUE Al 1 April 2023 Al 31 M8rch2024 1.196 1.183 1,899 1,777 82 140 3.317 3.243 179 40 kjded in Freemd Propettyis £40,647 ofassets U￿er ￿rE1[U￿tio￿. The remainitE capital committtbertis stakd in tK)te 20. 12. NATURE RESERVES Frpghold £'ooo Lgasehobj £'ooo Total £'ooo COST Al 1 April 2023 Additions DisposalsladiuslmeTts t Book ValLÈ 31 March 2024 7.063 246 7.309 25 7.038 25 7.284 246 NBtyre ￿Se￿￿$ owtEd freeho￿ bY1￿T￿l cover 1,339 ￿Ctares. Tr totsl 8rea ofn8lure resenEs managed Lryler agreemerts or ￿aSed 1$ 1,361 hecta￿5. 13. I￿￿TM￿￿s Listsd Investmont Inve$tment$ Property Total Market Value Market Value Market Value fooo £'ooo £'ooo 1,809 1,587 3.396 Listsd Investments At Cost fooo 1,182 Investment Property At Cost £'ooo Totsl At Cost £'wo 2.320 At 1 April 2023 Invest￿ntS acquyed in year I lknssesl I gains In year At 31 March 2024 186 3.582 1,995 1,587 1,182 1,138 2.320 The Trustees have Continu￿ to ensure the inve8tnEnt slral4y deliver8 the best return for th& Trust w hlst making inve8trfftnts that fil with our ¢harilabb purpose. The Trust he￿ two inveslnEnl portr01￿$ with CCLA. the brger of the tw o1£1mllion at costl represents soft reStr￿ted and general funds, whi&1 the syrA1￿r of the ￿ o has the SO￿ purpose of provding for any potentigl future pension li8biliti&s arisi￿ from the transfer of staff froTnWest Berkshire Council. Any inC0￿E related to thi5 POrtFolio 15 renve5ted. The charty owns the 2 ordinary £1 share5 In Future Wure wrc Ltd IfortrErly known as Berkshre, BuckinghatTEhire and Oxfordshire kjlife Services Lldl. its w holly ow ned subsKJiary w hich had been dormant 8ince 2005. k i8 a private I1￿￿ted co￿panY w)corporated in gland & Wa￿S Icotrpany registrat￿n nurrl)er 026487281. 25 BERKSHIRE, BUCKINGHAMSHIRE AND OXFORDSHIRE WLDLIFE TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 14. DEBTORS 2024 £'ooo 544 656 95 2023 £'ooo 98 Trade Debtors Accrwd inco GiftAid claim ReCO￿[ab￿ VAT P￿paYmentS INBC Pertsion irmlemnity 46 70 32 207 764 126 207 1.628 TrE WBC PerEioTE ITMJetnnity of£207.00012022r23 £207,000) is recoverabk t￿re t￿￿ a starafter 31 March 2024. Thi5 woukl orfy be activated inthe event that the pertsion scheme liabilty became payab￿ a￿j t￿re was a liabilityin $C￿Me 8tth81 point. 15. cf4EITOPS: Amwpifs FALLI￿￿ WEWITrIN ONEYEAR 2024 fOOO 440 134 98 130 802 2023 £'ooo 275 121 78 75 549 Trade Creditors AccruaL Other Other Taxes and &cial Securty 15b Contingent Liability The charty preV￿uSI￿ part￿1pated in the defin￿ benefrt section of the Wkjlffe Trusts PenS￿n SchenE. a m11￿e￿￿10Yer pension schenE. t￿[1￿9 the year ended 31 2022. the tru5tee5 of the charity were mde aware of a polentol Issue relating to the defined benefit section of the Wfikjlrfe Trust PenS￿n SchenE. A detaI￿d investigation B draw ing lo a close lo estsblish the extent lo w hich this coukl resutt in financi41 liability to eTrployer5 w ho participated li that seCt￿n. The outcorre of thi8 process is expected lo be known wrthin the next 12-18 nyjnths. 26 BERKSHIRE, BUCKINGHAMSHIRE AND OXFORDSHIRE WLDLIFE TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 16. P￿lON COSTS The Trust operates two ￿n$￿n arrange￿nts as outlined below". Eèfined Contribution Schem8 BBowf uses Aviva and contributions to the Sche￿ are recognBed as expendrture in the accounts w hen they fall due. The liabilty of the (￿arty n respECt of IhE schenE is li￿Nted to an oblvJalKin lo mke pay￿Ents when they fal due. Rt> al Count of &rk$hlre Pen$lon Fund The Tru8t has a nunter of errployees w ho are part￿1panIS in the Royal County of Berkshire defined benefit, errpbyer. PenS￿n schetrE. The schenE E cbsed to new entrants, although sonE staff w ho transferred errpknY￿nl to BBowffrom West Berkshire thuncil but who arè not retain the ruhl lojoin the scherr w hich 15 contracted out of the slate second pension. Al the point of transfer, a not￿￿81 fund w rthin the Royal C£)unty of 8erkshire pension fund. w as establBhed. The value of th6 fund w as delermned by an actuary In a¢¢ordan¢e with the approa¢h sel out In the pension fund adrriss￿n policy, wher&by the value of the notional a8sets w8r& equal to the value of the li9bill1￿s, c8kuL9ted on an ongoing funding basis. Th6 basis 6 used to en$￿￿ the level of ongoing ¢ontribution$ 6 suffi¢¢nl lo ￿t future benefit paY￿ntS and those contributions are show n as expenditure w ithin the Stalemnt of Financial AclDiits8. BBcwf 6 ￿QuIred to rewrt on Ihelobility for this schetre in a¢¢ordan¢e wrth Financi)l Reporting Stsndards IFRS 1021 the purpose of w hich is to allow the pensKJn Obl￿atiOnS of drffer?nt errployers to b8 corrpared in a consistent and rnarket-reK41ed basis. tYEthod of valuation shows a l￿bilty at the point of transfer of ￿07,000 w hich 15 8hown w ithin PÉslricted InconE Funds as. under the ter￿6 of the agreenEntw rth Vvesl Berkshire thuncil, the council have indemnrfEd 88owfag¥insl this funding deficit. A ful actuarial valuat￿n of IhE fund was Carr￿ out at 31 ￿orch 2013 and each year since. n accordance w ilh FRS 102. The di4¢b$U￿ as at 31 ￿4[¢￿ 2024 now shows that a surplus of £144k has been a¢h*ved. The n￿ven￿nt is shown 88 a Iran8f8r from UnreStr￿ted funds a8 il has arisen since the date of transfer of the errpbyees lo BBowf. Lknder the lernB of the Wesl Berkshire (>anl AgreenEnl. BBNf are reouired to desonate a sum of rnney to COV8r any faikjre lo rbE8t our financial Obl￿atIonS to the pension fund. ThE"retent￿n an￿unf, has been invested w Ilh (LLA and is Identrfied as a tb51gnated Fund in the funds 51aterrEnt Inole 171. The value of this fund exceeds the IK9bihty IdÈntrf￿ in the West Berkshye ￿nSIOn Reserve. 27 BERKSHIRE, BUCKINGHAMSHIRE AND OXFORDSHIRE WLDLIFE TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 16. PPISION COSTS IRoyal County of Eérk8hire Pension Fund continued) Balance sheet position a8 at 31st March 2024 £'ooo 1.270 2023 £'ooo 1,189 11.0961 73 Fair vakje of ￿an assets F*esenl value of funded Obloat￿n$ t asset I1Sabiltyl Ft￿s￿￿ ceiling a5sel adjUst￿Ent t asset on the baLgnce sheet 144 11441 73 Impact on Statement of Financial Activities for the year to 31st March 2024 vooo 20 2023 £'ooo 37 Ilrrent serV￿e c08t t interest on the dèfined liabilty AdMin￿tratiOn expenses Totsl arrount charged wrfthin net in¢0￿e￿expeThdrtU Actuar￿1 (gain51 Total Icredill to StatenEnl of Financial ActNrtE5 53 1681 16631 16101 Actual return on scheme as8Ot8 conciliation of movements in the defined benefit obligation 2024 rooo 1.096 20 2023 £'ooo 1.728 37 tkfined benefit obluat￿n at 1 April [￿rrent service ¢ost Contributions by 5cherrE participants Change in demgraphic assU[￿l￿nS EKperEnce bss on defined benefrt Obl￿atiOn Estimated benefits p8¥J of transfers in Past service costs. including curtai1r￿n18 hteresl cost (*ange in financial 8ssuryb.ons tbfined benefit obIwJal￿n at 31 ￿r¢h 27 1251 1281 52 45 16681 1,0 1.126 conciliation of movements in the fair value of fund assets 2024 rooo 1,169 56 47 2023 £'ooo 1,170 Fair vakne of ScherYE assets at 1 Aprl hterest on assets P2turn on 8ssels ￿88 interest Othèr actuarial g8insllbssesl AdmntstratiDn expenses CK)ntributions by etrployer ContributlOn5 by scherrE part￿1pants ESti￿ted benefits pavj plus unfunded net of tran5fer5 in Fair vabJe of ScherYE assets at 31 VArch 1291 21 19 1281 1,270 1251 1,169 28 BERKSHIRE, BUCKINGHAMSHIRE AND OXFORDSHIRE WLDLIFE TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 16. P￿IC￿l COSTS IPA)yal County of Eerk$hlre Pen$lon Fund ¢ontlnuedl The major ￿tegOrIeS of plan a$$et$ at 31 March were as follow$- 2024 fooo 873 167 116 12 159 1571 1.270 2024 2023 £'ooo 733 170 148 18 161 2023 uitie5 Credit Froperty Cash frastructure Longevty knsuran¢e 68Tr 13¥ 63% 140 13% 13Q 14%) 100% 14% 1,169 The Trwior a55urrptions of the actuary at 31st Ntsrch were." CH Increa8es Salary kncre35es Pen8ion Incre8ses 'scounl Rate 2024 30¥ 4.0% 3.0% 4.9Q 2023 2.9% 3.9% 2.9% 4.8¥o ASsU￿E￿ lrfe expectancies at age 65 are". R8liring today 2024 20.8 23.8 2023 21.1 23.9 Fen*les Retiring in 20 ￿&r5 22.0 25.0 22.3 24.3 FenBles C*fin8d Benefit Pension Schome Asset 2024 rooo 12071 207 2023 £'ooo 12801 207 1731 The total Irabilty for defined pens￿￿ scheTrES i5 as folk)ws". Wesl BÈrks Pènsion SChe￿￿- Unrestricted kncoffe Fund West Berks Pension ScheryE- Restricted hcorrE Fund 29 BERKSHIRE, BUCKINGHAMSHIRE AND OXFORDSHIRE WLDLIFE TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 17. Mov￿￿ ONFiA4t6 Other Incoming Resources Re￿gnISed PEsource$ Eanls and corwrate donations C£)sts of other trading aclrrfi1￿S Costs asso¢Kgted w rfLh inveslnEnts Cthartsb￿ activities ture reserves nHnage￿enl Wldlife aw areness and education Looking after the wvjer countryside 192 1,022 127 1,105 10 192 1,022 127 1,105 10 158 132 23 2.032 1,707 619 315 317 210 2,347 2,024 829 2.759 1,671 1.418 Total 6,814 7,656 8,026 Net lexpendilurellinconE N8t gainslllossesl on inve8thEnts Net lexpendilurellinconE after gain on InvesltTEnls 11.7381 1871 11,8251 17741 1871 16611 1.445 154 1,599 964 A full ana￿sE of the 2022123 accounts is avaiLqbk on our website.. http'.Ilwww.bbowt.ory.ukJpublicatKJns 35 BERKSHIRE, BUCKINGHAMSHIRE AND OXFORDSHIRE WLDLIFE TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 24. AcbQ*JWL￿M8￿s The Board of Trustees w ish to acthowkdge grants and donab.ons friynthe folk)wing bodES An extended bt of donors is iicluded w ilhin the Annual R&vi8W. Local authorilie$ B￿&Ster Tow n G)uncil Chariiable Tru$ts ABFI thm)wnity Fund BuckIngh8￿hlre thunty thuncl Cherwell Th'str￿t Cnuncl Brian D ￿wn￿n Foundation for the &vironn*nt C*vKI F8rrily Foundalnn E¢over Ferlilise the Futtjre Oxfordshire G)unty G)uncil South oxfordshi￿ tjslrrt G)un¢il ThalcharnTow n Council Greenham Trust F￿at￿rOW Cormwnty Trust Roll U)arty hlcLay t￿￿Entia Trust chael Vork5 Charilabb Trust va￿ of V4thrte kbrse thgtri¢t Council va￿ of Vwrte Pbrse tistrict Council sl Berkshire Council sl Oxfordshire ￿st￿￿t Council Vr & J A F¥e5 Charitable sett￿lIEnt PJ"chard Padclrffe (￿a￿rtab￿ Trust Statutory organisation8 Shanly FOundat￿n The Banister Trust wornTTEnt Agency HiJhways Natural England The Cecil Ffjkinglon charitab￿ Trust The CLA Charitable Trust The Brooke Charty The tbrothy FbkrES chairtab￿ Trust The tlctyly Carte Charrtabb Trust The ￿ Fkssi5 Fanity Foundation The Joe and R05a Frenkel Ctharitab￿ Trust Grant Making Bodies Action for the Flver Kennel itterns Conservation ￿ard National Lottery aThte Action Fund National Lottery Herrtage Fund National Lottery Reaching Cornrnjnth'es Fund N8wt Cnns8rvation ￿01￿¢t The Fl'chard Padcliffe ￿aritab￿ Trust The Rothschikj Foundation Landfill Communities Fund FC£ Corrrrinilies Fund Grundon ThanEs Vvater The Qown Estate VeolB ￿Vir0nrr￿nIal Trust 36