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2023-12-31-accounts

Trustees’ annual report and accounts 2023

• Love Essex Love Wildlife

The registered name of the Charity is Essex Wildlife Trust Limited.

It is registered with the Charity Commission in England and Wales with the number 210065.

Members of the Board

The Trustees who served during the year and the dates of their most recent election or retirement were as follows:

S Balser Trustee Re-elected 22 10 2022 C Joynson Trustee Re-elected 07 11 2023
G Dufeld Trustee Re-elected 07 11 2023 T Kaime Trustee Re-elected 22 10 2022
M Hardy Trustee Resigned 05 02 2024 N Kingston Trustee Re-elected 24 10 2020
C Hawkins Trustee Elected 07 11 2023 E Simonsson Trustee Elected 24 10 2020
K Hazelhurst Chair Re-elected 07 11 2023 M Wall Trustee Elected 24 10 2020
R Holmes Treasurer Elected 24 10 2020 J Wren Trustee Elected 24 10 2020

Principal Officers of the Charity:

Chief Executive Officer: Dr A Impey (resigned 05 02 2024) Chief Executive Officer: R Yates (appointed 01 08 2024) Company Secretary: Vacant

Advisers:

Auditors: Price Bailey LLP, Tennyson House Cambridge Business Park, Cambridge, CB4 0WZ. Bankers: Barclays Bank PLC, Barclays Business Centre, 40-41 High Street, Chelmsford, Essex, CM1 1BE. Investment Managers: Sarasin & Partners LLP, Juxon House, 100 St Paul’s Churchyard, London EC4M 8BU. (Until 11 05 2023) Schroders Wealth Management, 12 Moorgate, London, EC2R 6DA. (Appointed 11 05 2023) Rathbones Greenbank, 30 Gresham Street, London, EC2V 7QN. VAT Advisors: Constable VAT Consultancy LLP, Manningtree Road, Dedham, CO7 6BL.

Introduction to the report of the Board who are also the Trustees of Essex Wildlife Trust Limited

The Board have pleasure in presenting their report together with the audited financial statements for the year ended 31 December 2023. The Board have adopted the provisions of the Charities SORP (FRS 102) – Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (effective 1 January 2015) and the Charities Act 2011, in preparing the annual report and financial statements of the charity. The accounts have been prepared in accordance with the Companies Act 2006.

Report and consolidated financial statements Year ended 31 December 2023

Barn owl cover: Jaroslav - stock.adobe.com Heather: Ross Hoddinott/2020VISION

Registered Office:

Essex Wildlife Trust Abbotts Hall Great Wigborough Colchester Essex CO5 7RZ

T 01621 862 960

E enquiries@essexwt.org.uk www.essexwt.org.uk Registered Charity No. 210065 Company Registered No. 638666 VAT Registered No. 945 7459 77

Contents

Public beneft statement
Strategic description
Strategic report
CEO Overview
Aim 1: Restore
Our achievements in 2023
Our aims for 2024
Aim 2: Take Action
Our achievements in 2023
Our aims for 2024
Aim 3: Thrive
Our achievements in 2023
Our aims for 2024
Strategic achievements, performance and future plans
Financial review
Investment powers and policy
Risk management
Fundraising at Essex Wildlife Trust
Relationship with the charity and related parties
(including its subsidiaries)
Consolidated Statement of Financial Activities
Consolidated and Charity Balance Sheets
Consolidated Cash fow Statement
Notes to the consolidated fnancial statements
Structure, governance and management
Independent Auditor’s Report to the Members		 4
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Our objectives and activities

Essex Wildlife Trust is protecting wildlife for the future and for the people of Essex and is required by charity and company law to act within the objects set out in its Memorandum and Articles of Association. These are shown below.

The objectives of the charity are:

For the benefit of the public, to advance, promote and further the conservation, maintenance and protection of:

To advance the education of the public in:

The Trustees confirm that they have complied with the duty in section 4 of the Charities Act 2011 to have due regard to the Charity Commission’s general guidance on public benefit, ‘Charities and Public Benefit’. The Trustees refer to the Charity Commission’s guidance on public benefit when reviewing the Trust’s aims and objectives, in planning future activities, and setting and developing Strategic Plans as they occur.

A strategic plan was agreed for the period 2020 to 2025 which builds on the work of the previous strategy. This has been further enhanced during early 2023, to align end dates with the wider Wildlife Trust targets and national targets, to 2030. The new strategic plan now covers the period to 2030.

The Trust organises a wide programme of events with a variety of stakeholders such as local authorities, schools, landowners, other organisations and the general public. These programmes will continue to have a long-term

Other beneficiaries of the work delivered by Essex Wildlife Trust include a team of over 1,500 volunteers who serve regularly in a variety of ways and who benefit from the skills training and opportunities offered, including health and wellbeing benefits. The contribution of volunteers alongside the staff is fundamental to the success and efficient running of the Trust.

Strategic Description

Since its inception in 1959, Essex Wildlife Trust has succeeded in considerably increasing the quantity and quality of the land it holds and manages as nature reserves, and through its Nature Discovery Centres continues to offer the public gateways to accessing our wonderful green spaces. Our premises are in the main freely open to the general public, the only exceptions being those reserves where particular care has to be taken due to health and safety concerns, or for specific species protection.

Like minded organisations and local authorities for whom the Trust manages sites or provides

The Trust caters at certain sites for the needs of people who have accessibility or other specific needs and one of the Trust’s key objectives is to make more of our sites fully accessible, to ensure that nature truly is for everyone.

The strategic activities, aims and objectives of the Trust are reviewed every year by the Trustees, alongside budget setting.

Essex Wildlife Trust Trustees’ annual report and accounts 2023 |

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Strategic report

The information below, including the Achievements and Performance, the Financial Review, the Risk Management Statement, and the Summary of Future Plans, forms the Strategic Report for the purpose of the Companies Act 2006.

Lapwing: Mark Hamblin/2020VISION

Rich Yates Chief Executive Officer Essex Wildlife Trust

It has been a busy but satisfying year at the Trust. After putting in place new structures in 2022, the focus this year was on realising the benefits of our expertise as we continued to work towards our two high-level objectives of ‘30 by 30’ (30% of land and sea in Essex actively managed for nature’s recovery by 2030) and ‘1 in 4’ (1 in 4 people in Essex taking action for nature and climate by 2030).

In order to marshal our resources most effectively, we reviewed our Strategic Plan 2020-25 and produced a revised version that runs to the end of 2030 . This aligned the strategy with our longer-term objectives, the wider Wildlife Trust movement, and international targets that defined the extent of the progress that has to be made by 2030 in order to halt biodiversity decline and positively impact climate change.

Aside from the small business of managing 93 nature reserves for wildlife , we have had a good year for conservation projects, including work to return the Site of Special Scientific Interest (SSSI) at Grays Gorge at Chafford Nature Discovery Park to favourable condition , significant work to protect water voles and manage mink populations, and targeted work around the Blackwater and Colne estuaries . We also launched a land appeal to purchase Fir Tree Wood in Danbury , our first appeal for many years.

We have continued to discharge our responsibility as the voice of wildlife in Essex , advocating on their behalf via the formal planning system to ensure harmful developments in the county are avoided or mitigated, with our focus on several Nationally Significant Infrastructure Projects (NSIPs) as well as some highly sensitive local sites .

Essex has a unique 350-mile coastline of scenic creeks and marshes that are internationally important for wildlife and act as a huge carbon store. We have significantly bolstered our Marine and Coastal Recovery Team and our portfolio of work so that they match the importance of the Essex coast and better serve the marine environment.

We have invested in partnership work, notably in Essex’s forthcoming Local Nature Recovery Strategy (LNRS) , led by Essex CountyCouncil. For the first time, this will provide a blueprint for nature’s recovery in our county via a spatial strategy, which will act as a common point of reference for all stakeholders in conservation and the environment, as well as Local Planning Authorities (LPAs).

It’s also been a great year for engagement. 93% of the 1m visitors to our Nature Discovery Centres rated their experience 5/5 and more than half reported that they planned to take more action for wildlife as a result of their visit. Over 95% of the 40k children and families the Wilder Learning Team engaged with through our education programmes noticed a positive impact on their nature connection, and over 90% pledged to take action for nature.

Furthermore, we ran a raft of citizen science campaigns that, when combined, resulted in over 50k new citizen science wildlife observations in a single year . The majority of which came via the Essex BioBlitz, the annual campaign we run in partnership with the University of Essex, which is the largest citizen science project in Essex.

There are many other successes besides, which are too numerous to mention, but I hope the following pages provide a useful snapshot for members and other supporters .

Restore

30% of land and sea in Essex actively managed for nature’s recovery by 2030.

Our achievements in 2023

We have made great headway across our conservation teams this year, with our 93 nature reserves leading the way in both their protection of biodiversity and used as examples for others, contributing significantly to our ambition for 30% of land and sea actively managed for nature’s recovery by 2030. Our Conservation Evidence Team have created baseline surveys, allowing the Trust to influence the county’s developing Local Nature Recovery Strategy and related initiatives, like Landscape Recovery Schemes and work with farmer clusters. Alongside this, a new Marine & Coastal Recovery Team is creating greater impact along the internationally important Essex coast, through wider strategic work and specific project delivery.

Essex Wildlife Trust Trustees’ annual report and accounts 2023 |

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Common seal: Natureimmortal - stock.adobe.com

Objective Leading wildlife gain across the county 1.1

Landscape and Rivers Recovery

Partnership working is core to our work, and in 2023 we continued to play a fundamental role in advocating for Essex’s wildlife and influencing various landscape-scale, multi-partner conservation initiatives. This included providing conservation advice to multiple specialist groups that contributed to the County’s Local Nature Recovery Strategy .

An important partnership between the RSPB , Essex County Council , Essex & Suffolk Water and the National Trust was set up this year, putting together an ambitious Blackwater and Colne Landscape Recovery Scheme (LRS) . The work involved developing a toolkit for the recovery of the two estuaries and their surrounding farmed landscapes. The project was supported by over 30 private landowners and was aimed at enhancing the conservation of over 2,700 hectares of land . Although the application was unsuccessful, the feedback from the Department of Environment , Food & Rural Affairs (Defra) suggested that a revised bid for a forthcoming round three of LRS would be viewed favourably. Irrespective of this initial outcome, strong links have been built with a range of farmers and landowners, who are keen to protect the environment of this special area of Essex. This bodes well for the future.

Our Wilder Rivers & Protected Species Manager spent the latter half of the year pulling together two separate legal agreements with National Highways, which will provide funding from 2024 for 5 years, to help control the invasive mink and aid the recovery of water vole populations. and the recovery of water vole populations on the other. The water vole is a species that was heading towards extinction in Essex in the early 2000s and is still ‘on the brink’, with the control of mink being vital if the water vole is to survive as a species of our rivers and ponds. This new project should help consolidate the position of East Anglia as a whole as mink-free and as a refuge for nationally important populations of water vole.

Progress was made on the plans for Abbotts Hall including decisions on the ecology of the site. We produced a management statement and work was begun on the Habitat Management and Monitoring Plan (HMMP) which is an obligatory document to allow Abbotts Hall to be registered as a Biodiversity Net Gain (BNG) site with Colchester City Council . BNG is a potentially very important funding mechanism linked to Local Plans. However, it is only one funding mechanism and additional grant options were also explored which will allow new habitats, such as woodland and wetland, to be developed at Abbotts Hall.

In addition to the Nationally Significant Infrastructure Projects (NSIPs), we routinely screened 15-20 planning applications per week , responding to 4-5 with one objection on average per week. Due to the likely extensive impact of offshore wind development , which currently make up much of the NSIPs work, our Conservation Planning Coordinator continued to collaborate with Suffolk Wildlife Trust and other North Sea Wildlife Trusts to ensure a consistent approach. We engaged on the Five Estuaries and North Falls developments regarding onshore biodiversity, ecology and ornithology.

Other important planning responses were made to Colchester City Council about the Middlewick Ranges Local Wildlife Site , making it clear that this local site is, in fact, of national importance. In addition, we continued to engage on the port development at Bathside Bay with Tendring District Council and, in particular, examining the proposed Little Oakley compensatory realignment.

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Essex Wildlife Trust Trustees’ annual report and accounts 2023 | 11
Seagrass: Paul Naylor
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Marine and Coastal Recovery

We have played a fundamental role in influencing and ‘flying the flag’ for marine and coastal wildlife on several landscape-scale conservation initiatives. This includes sitting on the Coastal and Marine sub-group of the Local Nature Recovery Strategy (LNRS) and feeding into the development of a coastal habitat restoration plan for the Transforming the Thames project, which encompasses the whole coastline .

The Trust also continued to host and chair the long-running Blackwater Partnership , which is growing in strength, assembling more vital data on the health of the environment of this part of the Essex coast. This partnership is unique in its breadth, bringing together national agencies, university researchers and eNGOs to focus their resources on this important estuary and its environs.

Next year, protective cages are planned to help this threatened beach-nesting bird.

In collaboration with the RSPB and Harwich Haven Authority, we applied for £2.1 million from Defra’s Natural Flood Management Programme to deliver the next phase of Beneficial Use of Dredged Sediment projects in the Blackwater estuary (one of the sites being off Tollesbury Wick nature reserve), which will create much needed additional coastal sand and shingle habitat, of fundamental importance for beach-nesting birds, while protecting vulnerable and valuable coastal habitats and communities.

We continued to deliver our exciting marine and coastal recovery projects by nurturing a range of strong partnerships. This included working with Natural England and Project Seagrass to restore intertidal seagrass ; with the RSPB to protect beach-nesting birds and create new coastal habitat for species such as ringed plover and oystercatcher; with the University of Essex to monitor our saltmarshes , and the Essex Native Oyster Restoration Initiative (ENORI) to raise awareness of native oysters .

The seagrass work saw the transplanting of seagrass plants at St Lawrence Bay in the Blackwater Estuary – one of the first attempts in eastern England to expand existing seagrass meadows and stimulate their recovery. Along special sand and shingle beaches , nesting success included 24 ringed plover fledglings, 44 little tern chicks and six oystercatcher fledglings, although tides and predation at our Colne Point nature reserve limited ringed plovers to one successful nest.

Objective Enhancing the conservation value of our land 1.2

Nature Reserves and Natural Capital

The management of our 93 nature reserves , covering just under 1% of Essex’s landscape, remains the Trust’s most significant contribution to safeguarding many species and habitats that would otherwise be lost. An example of the importance of our reserves is that one third of their area is made up of wildlife-rich grasslands, a habitat that, outside of the nature reserve protection, has seen a catastrophic 97% decline over the last 70 years.

Volunteers are fundamental to delivering and supporting impactful management work on our reserves. Additional volunteer assistance was provided this year to help check livestock on new grazing sites and to assist with wildlife monitoring initiatives. A highlight of 2023 was the in-person volunteer warden events held at Danbury Ridge and Pound Wood . Both events were well attended, and feedback received proved the events were a success.

In addition to this continuing habitat management by staff and volunteers, funded by our membership and other local income, partnership working is also of vital importance to the continued health of our reserves. Several special and externally funded projects with other partners came to fruition during 2023. These included the completion in April of the Green Recovery Challenge Fund work at Tollesbury Wick and Howlands Marsh Nature Reserves , a joint 18-month project and partnership with the RSPB that has seen the enhancement of a range of grazing marshes for wading birds, including redshank and lapwing.

Building on this project, further work was carried out to create over 4km of new wet ditches for wading birds and geese by using a specialised rotary ditcher at Fobbing Marsh nature reserve . Similar work completed in 2022 at Blue House Farm was funded by a BIFFA Award and this involved the addition of predator exclusion fencing, which has resulted in enormous benefits for breeding waders: with a 50% increase in breeding lapwing and a 30% increase in redshank.

In partnership with the RSPB, a successful application was submitted to Natural England’s Species Recovery Programme (SRP) to undertake restoration works at Howlands Marsh and to install solar pumps at Tollesbury Wick . The £210k project will deliver huge benefits to wildlife and will be completed by the end of 2024.

At Chafford Gorges Nature Discovery Park , the More Marvellous Meadows Project began, opening up and restoring the extraordinary, orchid-rich chalk grassland landscape. This project is the start of a 10-year funded project to restore these SSSI grasslands and scrub edge habitats to favourable condition , as monitored by Natural England .

Other enhancement work included the installation of a new boardwalk at Phyllis Currie nature reserve and the re-pollarding of the ancient Hornbeams at Gernon Bushes nature reserve , using a specialist new technique to encourage stronger regrowth of the trees.

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Essex Wildlife Trust Trustees’ annual report and accounts 2023 | 13
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Conservation Evidence

Our Ecological Monitoring Programme has made excellent progress conducting surveys on over 40 reserves , including monitoring breeding and overwintering birds, butterflies and conducting habitat condition surveys for grasslands, woodlands and invertebrates. The evidence collected will

inform important conservation management decisions on our reserves. With the appointment of a conservation ecologist this year, we have been able to focus and develop our monitoring programme further.

The recruitment of a GIS and Data Manager has had a positive impact, supporting the monitoring and survey work and enabling this area of skilled work to be taken forward at the Trust, providing expertise for project bids, citizen science campaigns and supporting reserve works. One of the outputs was a scientific paper published in the Essex Naturalist, trialling new techniques for remote sensing assessments of the habitat suitability of grassland and scrub vegetation for invertebrates. We have also taken forward our biological recording of species and are in the process of setting up Nature Counts , a new interactive system allowing our volunteers and members of the public to record, manage and communicate wildlife sightings directly to our website.

Our aims for 2024

With most of the new Conservation Directorate now in place, a remaining aim for 2024 is to establish a full Grazing Team to take forward the management of all grazing operations, both those deploying the Trust’s own livestock - currently sheep and pedigree Redpoll cattle - and at those sites where external grazing licensees help us manage the land with their livestock.

The Conservation Directorate will also begin to strengthen its links with all our volunteers and work closely with Volunteer Wardens and Local Groups to focus on new recruitment and training, which will include the training of new livestock “lookers” to help better manage the welfare of our livestock across our reserves.

Biodiversity Net Gain (BNG) at Abbotts Hall will continue to be a major focus for activity, with the appointment of a new Project Manager and detailed work beginning with the local authority, Colchester City Council and Natural England , to register the site for BNG, and to complete the mandatory Habitat Management & Monitoring Plan (HMMP).

Another key focus for 2024 will be continuing to develop the Local Nature Recovery Strategy (LNRS) , particularly agreeing the shortlist of species, working closely with the Essex Recorders’ Partnership, Essex Field Club and Essex County Council. Later in 2024, there will be a public consultation on the LNRS and this will be a critical stage for the Trust to use its expertise to ensure the careful refining of the LNRS targets and, in particular, the mapped opportunity areas. These opportunity areas will become crucial for our 30 by 30 target and in making sure that wildlife can expand out from the refuges of nature reserves and into the wider countryside and urban areas. Ensuring that meaningful connectivity is put in place between existing valuable habitats, like ancient woodlands, will be a key to success.

Following positive feedback from Defra about our joint Blackwater & Colne Landscape Recovery Scheme (LRS) application, the parties have agreed to put together a revised bid for round three of the LRS . This third round for the LRS is expected to be sometime in 2024. It will require new resources for project management to be agreed.

tributaries. This work will be funded by the agreements with National Highways , which are due to be completed and signed during the first half of 2024.

The work on the Beneficial Use of Dredged Sediments Project will be advanced further with a successful Natural Flood Management (NFM) application to the Environment Agency that was made jointly with the RSPB, now allowing the development of a scheme for three key sites, including two Trust reserves on the Blackwater, potentially tying this in with the Landscape Recovery Scheme.

The Share Our Shores project will build on the learning from 2023. In 2024, protective cages will be constructed to protect ringed plover nests from fox and carrion crow predation and disturbance by people and their dogs. The work will be carried out as a scientific trial, with cages allocated randomly to nests and some nests left uncaged. This approach is key to understanding whether the additional effort of using cages makes a significant difference to nesting success.

On our nature reserves, the Ecological Reserves Monitoring Programme will be progressed, prioritising specific sites for detailed management planning and designing specific monitoring programmes that will become the models for use on other reserves. In addition, it is hoped this work will influence the way in which BNG sites and other new conservation areas, developed through the LNRS, are monitored.

GIS work will continue to develop the saltmarsh condition assessment tool, and an important step will be taken in increasing the efficiency and sophistication of our survey and monitoring work through the use of remote sensing software. This will include vegetation mapping and the development of invertebrate habitat suitability ncdices, enabled by the purchase of a specialist survey drone with infra-red and other cameras.

We will also use 2024 as an opportunity to engage more deeply with the three farmer clusters in the county and begin to agree a strategic approach to the development of the habitat enhancements, especially along river corridors and across river catchments. Work with the farmer clusters will include the translocations and re-establishment of the endangered water vole along the Rivers Pant and Blackwater , and their

Essex Wildlife Trust Trustees’ annual report and accounts 2023 | 15

Woodland: Guy Edwardes/2020VISION

Take Action

1 in 4 people in Essex taking action . for nature and climate by 2030

Our achievements in 2023

There have been lots of notable achievements across our portfolio of engagement work this year, from formative experiences at our Nature Discovery Centres and memorable education activities, to inspiring communications and mobilising campaigns . We approach all of our work with people as a form of ‘indirect conservation’, with the intended outcome always being the protection of wildlife, whether that’s through nurturing a closer relationship with nature, developing a better understanding of wildlife, sowing the seed of a lifelong passion, or by taking direct action – these all deliver against our strategic objectives and link directly to our ambition for 1 in 4 people in Essex to take action for wildlife by 2030.

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Bird box building: Evie and Tom photography
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Essex Wildlife Trust Trustees’ annual report and accounts 2023 | 17
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Objective Creating places of wonder 2.1

Nature Discovery Centres

We welcomed more than a million visitors to our Nature Discovery Centres in 2023 . It was our second year of full trading since Covid restrictions, and despite the cost-of-living pressures on public spending, we were delighted to see an increase in visitors and retail sales compared to last year. In fact, February half term was our busiest trading week in three years. Our Fir Tree Wood Appeal at the end of the year captured the hearts and minds of visitors, who generously supported via round up donations across all Nature Discovery Centres, donating 68% more compared to the previous December.

A significant challenge for NDCs has been vacancies at management level. The Trust has responded positively to these challenges by creating interim opportunities for existing staff to step up to backfill some management gaps.

It was encouraging to see our new visitor survey showing an increase of 6% in our overall score in the last quarter of the year, 93% of respondents scoring our customer service 5/5 stars , 84% of respondents agreeing their visit deepened their connection with nature , and 55% of respondents saying their visit inspired them to take action for wildlife .

Re-decoration of Fingringhoe Wick and Hanningfield Nature Discovery Centres continued, and internal signage and interpretation was trialled at Abberton Nature Discovery Centre. We secured funding to enhance the site at Thameside Nature Discovery Park which saw the installation of new floating bird hides and an enhanced picnic area and car park.

A collaboration with artist Lucy Loveheart was developed which will see our Retail range expand with an exclusive range of products, due to launch early 2024. Our Food & Beverage offer was boosted with the installation of new coffee machines, which gives visitors the option of fresh and alternative milks.

Objective Bringing people and wildlife closer together 2.2

Communications

It has been a great year for engagement across our communications platforms, with a key focus on mobilising supporters to take action through our portfolio of campaigns.

The Trust reached 195k social media followers across primary (77.3k, 5k increase), secondary (80.4k) and tertiary (18.7k) accounts. TikTok saw a 218% increase, helping to reach younger audiences. We reached over 5 million through our primary accounts and generated 184k engagements, an average of 13.5k a month.

Through our media function, we had a readership of 8 million from print press, while securing 21 radio and 7 TV features. These included high-profile features on BBC Morning Live, Sky News Climate Show and BBC Radio 4.

A promotional campaign with Heart and Smooth Radio Essex was successful at increasing visitor numbers to Abberton and Fingringhoe at the start of the year. We also secured a Google Ad grant, utilising £8k of free advertisements per month.

Our campaign function grew, promoting 15 different campaigns. The highlight was encouraging 50k citizen science observations . The first your of Butterfly Seekers saw 271 people submit over 10k butterfly records; Essex BioBlitz surpassed 2022 with 37.5k wildflower observations from 964 participants; The Big Wild Seed Sow gave 6.6k families seed packets; 4k took part in 30 Days Wild and Essex received the highest submissions to the Great Big Nature Survey. National Marine Week saw its highest engagement levels by launching the Coastal Creations art competition, with 257 entries and winners showcased at The Naze Nature Discovery Centre. Our annual Photography Competition also saw over 1k entries, with winners to be showcased in spring.

We engaged in several lobbying campaigns, including responding to the Government’s lift on Neonicotinoids and encouraging the public to respond to Lower Thames Crossing plans. We now have a Wilder Essex manifesto that will advance our advocacy work through the upcoming election year.

Collaboration has been at the heart of 2023, helping us reach new audiences and forming stronger relationships with similar organisations. We’ve worked with Froglife on Nature Neighbours, Butterfly Conservation and c2c Rail on Butterfly Seekers, Colchester Zoo on the Big Wild Seed Sow, The University of Essex on the Essex BioBlitz, Braintree Shopping Village on 30 Days Wild and High Chelmer on the Photography Competition. The Ambassador programme celebrated its first year and we will continue with two new and three existing Ambassadors for 2024, committed to increasing the Trust’s reach and impact. The Wildlife Explorer podcast also hosted high-profile figures including Steve Backshall and Megan McCubbin.

We produced a Communications Insights &

Performance Report , which compiled data from the last six years while looking towards future trends. This has identified short-term and long-term actions and will help inform plans for 2024 to continue to grow our communications and wider engagement functions.

20 | Essex Wildlife Trust Trustees’ annual report and accounts 2023 Pond construction: Penny Dixie

Community Engagement

Membership

Significant time and effort were invested in our pioneering Nature Nursery in 2023, with more children joining and a continuous process of training and upskilling the staff team to ensure that we could provide the best possible outdoor provision for the early years. The highlight was receiving an ‘Outstanding’ Ofsted rating , which validates the model for other interested providers, demonstrating that it is possible to achieve excellence across all aspects of curriculum, management, safeguarding, and development while delivering entirely outdoors. The underlying business model remained challenging entering 2024, however, and an unfortunate postscript to the achievements in 2023 is that the decision was taken to close the nursery in 2024 due to the level of further investment required in both the site and the staffing team, which proved to be prohibitive without the guarantee of being profit-making by the end of 2024 and thereafter.

Meanwhile, our expert Wilder Learning Team engaged an amazing 40,582 individuals across the county , with 90% rating their experience as excellent. The quality of their experience also rested in approximately over 95% pledging to take action for nature, equating to a minimum of 37,187 individual actions .

Despite the cost-of-living increase, membership is steadily growing, year on year . We ended December with 18,982 memberships (+270 vs 2022): 39,862 members (+723 members vs 2022), with most new memberships from face-to-face recruitment via Wildlife Fundraising Central. We began work to enhance our supporter journey which will be a focus next year to improve retention.

Despite the effects of the economy on local businesses, so far this year the Corporate Development Team have welcomed 11 Investors in Wildlife and secured more than £20,000 additional income plus pro bono support. We’ve engaged more than 200 businesses with our work through the Big Green Expo and Golf Day, as well as hosting 25 volunteer days for their employees, engaging more than 150 staff.

The CRM & Insights Manager has helped to transform reporting, improve processes and is now leading the implementation of our new Access Charity CRM . The project team are in the thick of data migration, training and testing phases, with work to ensure high data quality and bespoke processes being assisted by the whole Membership and wider Fundraising Team.

Our Wilder Communities Team , which aims to support and empower individuals and groups to make a difference, has had a significant influence on 22 parish and town councils via the Wilder Towns, Wilder Villages programme, 60 Urban Wildlife Champions and River Champions , 230 webinar and workshop attendees, and 40 individual community groups via the Nextdoor Nature programme across Essex.

Our aims for 2024

One of the most exciting developments in 2024 will be the realignment of our Nature Discovery Centres with a new vision and purpose which focuses much more on our centres as gateways to great wildlife experiences , where income is the result of great engagement, increased footfall, and improved visitor experiences.

This is not to downplay the importance of income: quite the opposite . We need to maximise income at our centres, but we believe that the most effective way to do this is to make them inspiring places, first and foremost . This will involve developing new strategies and plans for retail, food and beverage, and visitor experience.

With increased pressure on income, we need to ensure that we have a Fundraising Team that is adequately resourced and equipped to maximise charitable income . We will be bringing in expertise on corporate partnerships so that we can supplement the reliable but capped levels of income of corporate members through our Investors in Wildlife scheme with more substantial income. We will also be boosting our ability to maximise relational income by increasing our stewardship events and practices, and bolstering our Philanthropy Team .

The Membership Team, alongside other teams, will benefit significantly from the implementation of a new CRM system , Access Charity , which will allow much greater automation, membership communications, data quality, income and engagement opportunities, as well as links between departments within the Trust.

Meanwhile, the Engagement Strategy will continue to be embedded in our work, widening access to nature and inspiring people to take action for wildlife, building on our already high levels of education delivery and impact but placing more emphasis on curriculum mapping in order to ensure our sessions remain relevant to schools, while evolving our ‘community organising’ ethos to support local communities .

We will continue to invest time and effort in our Local Groups , which are flourishing once again at the Trust and act as our eyes and ears, running fantastic local engagement events and fundraising activities. More effort will be taken to embed Local Groups in other areas of activity and to ensure they have the resources and support they need to form vibrant groups of members across the county.

Thrive

A thriving organisation delivering high performance and high impact. 2030

Our achievements in 2023

Phase Two of the Leadership Review saw the completion of a new Operational Leadership Team (OLT) to support the Strategic Leadership Team (SLT) and form a Joint Leadership Team. We had opportunities throughout the year to reap the many benefits of this support and collaboration.

Throughout 2023, we improved data collection and measurement as part of the Trust’s Impact Framework , informing the Performance Indicators and Key Performance Indicators that evidence the health of our organisation.

We increased engagement with and participation from colleagues through the development of Champions Networks and an inspiring Staff Development Day – designed and delivered by our People & Culture Team along with the OLT; it was a resounding success with high scoring feedback, and continual reference throughout the year as a highlight.

During 2023, we have continued the development of the Digital Transformation Project with the launching of new systems for the Finance and People and Culture Teams. Connectivity and Data Management were also improved, increasing our agility to operate remotely across our sites.

Financial Management continues to be an area for development across all teams, embedding the new finance system into our processes during 2023 has created more efficient working, achieving a 10-day reporting timetable.

The Trust Health and Safety Policy has been updated and reviewed during the year, alongside developing more dynamic risk assessments that are being integrated into our compliance system.

Essex Wildlife Trust Trustees’ annual report and accounts 2023 |

23

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Sea-lavender: rickbowden - stock.adobe.com
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Objective Working together for wildlife .1 3

People and Culture

The People and Culture directorate was one of the earliest to benefit from the Leadership Review, and during 2023 the impacts have been evidenced; there have been significant improvements across all operational areas, for example: lower turnover recorded, improvements in recruitment and onboarding processes, and positive staff experiences in all cultural areas.

Work across the Directorate continues apace, informed by clear operational strategies for People, Volunteering, Culture, and Learning & Development (L&D) and supported by clear , manageable and measurable workplans . A challenging budgeting period has enabled the prioritisation of work, and a planned approach to achieving strategic goals to 2030.

The successful appointment of a Learning & Development Business Partner in September has enabled the L&D strategy to begin being operationalised, and progress is underway with reviews of our Performance Management Framework, the introduction of Personal Development Plans, and development of key toolkits, policies and procedures to further impact work across the Trust.

Culture and Development

In 2023 the team developed clear strategies, frameworks and operational action plans, based on the strategic workstreams including Equality, Diversity and Inclusion ( EDI), Wellbeing, Safeguarding and Learning and Development .

The EDI, Wellbeing, Safeguarding and Mental Health First Aid Champions Networks were

launched and continue to develop, going from strength to strength in supporting two-way engagement with staff and the development of the Trust’s cultural vision and strategy.

The monthly staff newsletter ‘ Wild News ’ was launched for which significant positive feedback has been received. In relation to staff engagement, a highly successful Staff Development Day was held in September and an equally successful Staff Social was held in June, with positive feedback received for both.

Human Resources and Volunteering

In May 2023, the new HR system , People First, was implemented and the Trust moved to a managed payroll service. The system has brought significant benefits and efficiencies as well as providing reporting data, metrics and insights to strengthen and support strategic decision making.

Improvements in our recruitment process have resulted in an increase in applications and better-quality applicants. The new recruitment system , Application Tracking System (ATS), part of People First, was launched in October and provides a more efficient and streamlined process for all system users including HR, recruiting managers, candidates and new staff.

A new Volunteering Strategy and framework was developed in order to maximise volunteering impact. The new model will focus on business partnering and a robust delivery framework which will be underpinned and supported by a new Volunteer Management System to drive insights and a strategic approach to managing volunteering.

Objective Making the best use of our resources .2 3

Finance

IT and Systems

On 1 January 2023, our new finance system , Xledger , was implemented.. The system has brought many benefits to the Trust, including real-time reporting, an electronic Fixed Asset Register, and it has significantly streamlined processes for both the purchase and sales ledgers, enhancing efficiency and output of the Finance Team.

During 2023, we have continued with the Digital Transformation Project , implementing a new Finance System and a Human Resources Information System in the year. These are both fully embedded in the organisation, fine tuning our processes and transactional efficiency, as well as adding value to our reporting and insights capabilities.

Simultaneously, the Finance Team underwent a restructure, overcoming the challenges associated with upheaval to establish new Business Partner roles . Despite the complexities, the entire team was successfully in place by July, with team members settling into their individual roles, fostering a collaborative approach with the rest of the organisation.

The new team also achieved the completion of the 2022 accounts, securing approval and sign-off from auditors and trustees, at the AGM. These accounts underwent a redesign for enhanced clarity and presentation .

We have also made considerable progress on the Customer Relationship Management (CRM) system. We aim to have this launched in Q3 2024. The first milestone will be to transfer our 40,000 memberships across to the CRM, with further stages leading to greater finance, email and event management integration later in the year.

Our digital infrastructure has also improved, with a continued investment in our data management and connectivity. All Nature Discovery Centres IT systems were moved to become cloud-based during 2023 , while the remainder of the organisation should be operating in a 100% cloud-based environment by the end of 2024.

Our external auditor contract was tendered during 2023, with new auditors, Price Bailey LLP, appointed to commence work for our 2023 audit.

Our Investment Policy was reviewed and focused on creating a more ethically robust requirement for our funds. In furtherance of this approach, the appropriateness of the Trust’s investments in Sarasin’s Climate Active Fund was reviewed against the updated Investment Policy and subsequently the investment portfolio was market tested during 2023. As a result, the investments are being transferred to a bespoke investment portfolio managed by Rathbones Greenbank . This process was started in late 2023 and it is anticipated that the portfolio will be fully compliant with the policy by the end of Q3 2024.

Objective Making the best use of our resources .2 3

Health & Safety and Facilities

Fundraising

We have continued to integrate Smartlog, our compliance system, into our processes, with initial work focusing on tagging and registering all assets across our reserves, offices and Nature Discovery Centres. Our servicing and maintenance records have been added to the system, giving us greater visibility on forward planning our maintenance schedules and increased ability to report on compliance.

Our Grants & Trusts Officer has been working with colleagues across the Trust to secure funding , including Wild Wellbeing initiative and refurbishments to the Fingringhoe Wick Nature Discovery Centre . Following the success of Tendring Loves Conservation (TLC1), progress towards securing funding for TLC2 with the Natural Heritage Lottery Fund is underway .

We established a strong programme of supporter engagement , including 15 personalised events for Gifts in Wills pledgers and in memory donors. We continued to develop our legacy marketing with Remember A Charity Week, including the launch of our first Free Wills service with Octopus Legacy. This year also saw the development of Running Wild, Adopt a Species, and the return of the Wildlife Lottery, all contributing to core income.

We launched a land appeal for Fir Tree Wood to raise £200,000 by September 2024, our first in five years. Phase one launched with our membership and phase two will be designed to build our major donor base and prospect funnel in the local community, with tailored events and experiences.

Our aims for 2024

As for many organisations, 2023 has been a year of highs and lows, challenges and achievements. As we prepare for 2024, Thrive – working together for wildlife and making the best use of our resources – encapsulates the people and culture agenda.

Much of the groundwork undertaken in 2023 – the development of strategies and measurable operational plans, with associated budgets – is now supported by meaningful frameworks and processes which we will operationalise from the outset of 2024. We fully expect, therefore, to be evidencing greater impact on our culture, realising our ambition for a high performing, high impact workforce, thus driving forward our aspiration to be an employer of choice in Essex and in the conservation sector.

We will be launching our new Performance Management Framework which will support all our staff to ultimately achieve the Trust’s strategic objectives, by linking these to team objectives and then to individual goals, creating a golden thread running through the organisation. Our success relies heavily on the performance of our people; our approach is a holistic one, fostering trusting and authentic relationships between staff and managers, highlighting accountability, personal development and wellbeing.

Our values are integral to the new framework, with behaviours being linked to enable these values to be evidenced through our practices both at work and with external stakeholders. We want to empower all relationships to operate adult-to-adult, in a holistic, inclusive way that enables accountability at all levels and in all roles. A new behaviour framework has been created, which will be supported by personal development plans, ensuring that everyone knows what they can expect from the Trust and what the Trust expects of them.

2024 will see greater cohesion , greater collaboration in all our work, and alignment across all roles, all departments, and all directorates. Our values will be more clearly evidenced, we will know better how to work within those values, and our impact will therefore be greater.

Our aspirations to thrive mean we recognise the need to continue to be a learning organisation. A new People and Culture hub has been created, containing a vast array of learning toolkits, templates and courses. Some of these are work-related, and some are ‘soft learning options’, to support aspects of personal development.

a diverse workforce – and producing the management reports and insights that inform developments in our people and culture practices.

2024 also sees the introduction of a new online Volunteer platform , Team Kinetic . This links with our website, allowing prospective volunteers to engage and explore our opportunities in a tailored, exciting and interactive way. This system also feeds into our data management processes, providing baseline metrics, demographic information, and gaps where we are not yet represented either from a diversity or a geographical perspective, or both.

2024 has started with a focus on our financial resources. Free reserves calculations in previous years have identified excess reserves which have been released by the Trustees to support the Trust’s charitable work. 2024 is the third year of a five-year spending plan that has set deficit budgets, with a plan to return to a breakeven position at the end of the five-year period in an incremental manner.

The budget setting process for 2024 has identified that, in order to maintain the level of free reserves within the Reserves Policy, the level of planned deficit for the third year of this spending plan needed to be reduced, and additional financial resources were needed during 2024, either from increased income or reduced costs.

To support this process, SLT launched Project Chrysalis, the first stage of which was a voluntary redundancy programme, offered across the whole Trust to all staff members. The outcome from the process was a reduction in staff levels, reducing the Trust’s cost base.

Another part of the project was a Save and Earn initiative that invited staff to identify areas across the organisation that could be reviewed alongside the ‘business as usual’ work taking place in teams. Over 35 ideas have been submitted to date, with the Operational Leadership Team taking responsibility for exploring the efficacy of these suggestions.

The work to manage our financial resources will continue throughout 2024 and is supported by the monthly reporting process that details the current year’s performance and also provides financial forecasts for the next couple of years.

Having introduced technological developments in 2023, our initiatives for 2024 make use of these additional resources, automating people management and learning processes to make learning and management experiences more interactive, more engaging for

28 | Essex Wildlife Trust Trustees’ annual report and accounts 2023

Hare: Andrew Parkinson/2020VISION

Strategic Achievements, Performance and Future Plans

Several strategic developments in 2023 have laid the foundations for future success.

Most notable among these is perhaps the Impact Framework and all of the associated processes that form part of it. This Framework defines the Trust’s Key Performance Indicators (approximately 15 in number) and the broader set of Performance Indicators (about 150 in number) that are both measurable and enable us to track our performance in the areas where we need to have the most impact. This has brought significant clarity and priority to our work across all areas, enabling Board and the Strategic Leadership Team to monitor at the appropriate levels, and enabling the Trust to celebrate impact.

Another significant area of strategic progress is in the multi-year Digital Transformation Project. This has involved putting in place the organisation’s systems infrastructure for the next decade through upgrading and implementing new systems across all critical areas of activity, significantly modernising the Trust.

Perhaps most importantly, the Trust’s Strategic Plan was refreshed in early 2023 and now aligns with the RSWT strategy to 2030. It reaffirms the commitment of the Trust to its two key strategic aims:

30% of land and sea in Essex actively managed for nature’s recovery by 2030.

1 in 4 people in Essex taking action for nature and climate by 2030.

Key

2022

2023

Financial review

Total income (£m)

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3 2.97
2.76
2.70
2
1.85
1.44 1.48
1.32
1.16
1 0.91
0.45
0.28 0.23
0
Membership Grants and Legacies Charitable Other trading Income from
Income Donations activities activites investments
£m
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an unpredictable pattern, and the Trust is reporting a higher level than the 2022 amount, thanks to a large legacy of £1.2m in late 2023.

Membership Income has increased by slightly under 3%, reflecting a small increase in our membership base.

Grant and Donations are higher than 2022, partly due to a reclassification of income that has previously been included under Charitable Activities which is at a lower level. Legacy Income follows

Other Trading Activities includes the first full year trading without any COVID restriction in our Nature Discovery Centres.

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2022
total income
£8.39m
2023
total income
£9.22m
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Expenditure

Expenditure on charitable activities is spent directly on our reserves and conservation work as described in the Achievements and Performance section above.

Expenditure on raising funds has increased slightly in 2023, primarily through our trading companies, representing a full year of trading without any COVID restrictions.

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3.29 Total expenditure summary (£m)
3
2.78
2.58 2.56
2.06
1.98
2
1.33
1.25
0.97
1 0.78
0.34 0.39
0
Reserves and Visitor centres’ People Voluntary Fundraising Trading companies
Conservation costs and Wildlife income events and other costs
Expenditure on charitable activities Expenditure on raising funds
£m
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2022 total expenditure £9.77m

2023 total expenditure £10.56m

Total funds

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Group funds summary (£m)
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Total funds are significantly 40
impacted by changes in
market-driven investment 35
valuations due to the relative 30 30.92 29.75
size of our investment
portfolio, in addition to an 25
operational deficit. 2023 20 19.78 20.04
returned a £664k gain on
investments, recovering 15
some of the £1,802k loss 10 7.77
in 2022. A planned deficit 6.11
budget for Year 2 of a 5 year 5 2.92 3.04
spending plan produced a net 0 0.45 0.56
expenditure of £1.4m, reducing Designated General Restricted Endowment Total
unrestricted funds by £1.47m funds funds funds funds funds
2022 total
funds
£30.92m
£m
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2023 total funds £29.75m

Balance Sheet

The Balance Sheet remains largely unchanged at the end of 2023 compared to 2022. Long term investment valuations have increased due to the unrealised investment gain. Current asset values have decreased largely due to a £1.6m reduction in Short Term investments that have been used to fund the operational deficit.

Group balance sheet (£m)

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15.25
Intangible /
tangible assets 15.22
12.11
Long term
investments 12.50
4.78
Current asssets
3.47
(1.24)
Current liabilities
(1.16)
Pension 0.02
Provision (304.00)
(1.00) 0 2 4 6 8 10 12 14 16
£m
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Financial review (continued)

Reserves policy

Free reserves provide the working capital requirements of the charity, whilst providing a buffer of liquid funds in case of any short-term and substantial decline in income, unexpected increase in costs, or unexpected exposure to risk with financial consequences. The free reserves are especially intended to ensure that the Trust’s considerable contractual obligations to staff, freehold and leasehold premises and funding partners can be met. Essex Wildlife Trust calculates its free reserves by deducting the unrestricted fixed asset balance and any designated funds from the general fund balance shown on the balance sheet (Note 23b).

The Trustees review the reserves policy annually and have adopted a risk based approach in determining the free reserves level. This level has been calculated to be no less than £1.5m of which not less than half should be readily realisable.

The calculated free reserve figure of £3.15m (2022: £4.28m) is above the minimum level of £1.5m, the Trust is planning to operate a deficit budget for 2024, to further reduce the free reserves, subsequent budget plans for 2025 onwards, are to return to an operating break even position.

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Free Reserves Summary (£m)
8
7
6
5
4
3
2
1
0
2021 2022 2023 2024 2025
������������������������������������������������������������
Free reserves
3 month reserve of operating costs
£m
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Investment powers and policy

Under the terms of the Trust’s Articles of Association, the charity has the power to invest in any way the Trustees deem to be appropriate and to the overall benefit of the Trust.

Following the adoption of new Articles of Association by the Membership at the AGM in 2013 & 2016, and changes to the methods used to manage the charity’s investment portfolio, including the appointment of professional investment advisers, the Trustees agreed a new investment policy, which was reviewed and updated in August 2023.

The investment portfolio is reviewed on an annual basis with our advisors to ensure the chosen investment route continues to reflect the Trust’s policy. The levels of investments are maintained with reference to the financial planning that forms part of the budgeting process and to support any strategic long-term plans for the Trust.

In considering the investment policy, the Trustees place much emphasis on the need to invest in financial products that are considered to be ethical in nature having regard to the objects of the charity as well as investments that have strong environmental, social and governance credentials. In furtherance of this approach, all of the long-term investment portfolios managed for the Trust and its subsidiary, Chafford Gorges Limited, by Sarasin were switched into Sarasin’s Climate Active Fund during 2020.

To demonstrate the ethical requirements of the charity, as balanced against the need to ensure that the charity’s investments generate income to contribute to the running costs of the charity, the salient parts of the investment policy are as follows:

The charity will:

The investment objective:

In furtherance of this approach, the appropriateness of the Trust’s investments in Sarasin’s Climate Active Fund was reviewed against the updated investment policy and the investment management mandate was market tested during 2023. As a result, the investments are being transferred to a bespoke investment portfolio managed by Greenbank Rathbones, this process was started in late 2023 and is anticipated that the portfolio will be fully compliant with the policy by the end of Q3 2024.

Investment powers (continued) and policy

Internal Financial Controls

The Trustees have overall responsibility for ensuring that the Trust has in place an appropriate system of controls, financial and otherwise, to provide reasonable assurance that:

The Trust needs to be sure that all of its dealings are conducted in a fair and open manner. Therefore, in line with the provisions of the Bribery Act 2010, the Trust has adopted a formal policy and has implemented systems for controlling and recording any gifts or benefits offered to our staff by companies or others.

Training for all existing staff took place when the Act was first introduced and the Trust’s policy and procedures regarding bribery are incorporated in the induction of new staff. The contents of the policy are reviewed periodically and a copy of the latest edition is readily available from the Trust’s intranet system.

These systems provide reasonable assurance against material misstatement or loss and include a strategic plan, a risk register, monthly management accounts and an annual budget. The documents, which are approved by the Trustees, enable the Trust to monitor the actual monthly results against the appropriate budgets to ensure that the delegated authority to the Executive by the Trustees is adhered to throughout the year.

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Common toad: Tom Marshall
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Risk

management

Principal Risks & Uncertainties

We have provisionally reviewed the risk approach, which consists of Strategic Risks which are the responsibility of the Board and an operational risk register which is overseen by the management team and the leadership group.

Generally, whilst the risks faced by the Trust remain similar over the years, the Trustees and staff remain vigilant because external, as well as internal, circumstances change. With this in mind and in view of the fact that the full extent of the Covid pandemic was not predicted by our risk register (nor indeed many others), we have changed the approach such that the Strategic Risk Register addresses the ‘things that need to go right’ to protect the charity, since predicting all ‘the things that could go wrong’ is not only a potentially infinite task, but experience shows that it rarely predicts that which does emerge to pose a significant risk to the charity and achieving its strategic aim.

Thus the current strategic risk priorities we are addressing are:

Strategic Risk Description
1 Impact Are we making the desired impact in support of our charitable
objectives and delivery of strategy?
2 Financial sustainability Are we managing the fnances to ensure we continue to make an
impact in the medium to long term?
3 Governance and Compliance Are we meeting our governance, regulatory, legal and donor
compliance requirements and expectations?
4 Reputation Are we able to prevent, manage and respond efectively to any
incident that could result in damage to our reputation?
5 Operational Are we tracking the operational performance and identifying
areas which could cause strategic concerns?
6 People Are we efectively managing our people?
7 External Are we aware of external events (policy, stakeholder, economic,
etc) which will impact the delivery of our strategy?

We have identified a lead for each of the above risks and are working through the delivery of actions to address areas where we believe improvement is necessary. These strategic risks form the framework that the Strategic Leadership Team will use, when updating the operational risk register, which is still currently being developed.

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36 | Essex Wildlife Trust Trustees’ annual report and accounts 2023
Fundraising at Essex
Wildlife Trust
Hazel dormouse: Ian Pratt
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Essex Wildlife Trust is committed to fundraising and communicating in an honest and transparent way. We rely on the generosity and enthusiasm of members and supporters to fund the majority of our work to protect wildlife and inspire the next generation to care for wildlife too.

Essex Wildlife Trust is registered with the Fundraising Regulator (FR), contributing the appropriate voluntary fee and adhering to its rules and guidance. The FR is responsible for investigating any complaints regarding charity fundraising. We continue to keep abreast of changes and recommendations and are committed to complying with all of these regulations. We also follow the Institute of Fundraising’s Code of Practice and comply with the key principles embodied in this code.

Our approach to fundraising is that we are honest and transparent with our donors and supporters about where their money goes and why we ask for donations. We publish information widely about our work and communicate why we need donations and what they will be spent on.

fundraisers and compliance. Other fundraisers are employed directly by Essex Wildlife Trust and managed as members of staff.

Essex Wildlife Trust is accountable regarding its fundraising. Essex Wildlife Trust monitors fundraising activity through regular reports to the Board of Trustees, based on our budgetary and management accounts process and policy.

All projects are approved and managed through the Strategic Leadership Team, with Board approval where appropriate. All of our projects and core fundraising contribute to Essex Wildlife Trust’s strategy and overall vision – to have a county rich in wildlife with people connected to nature – with communities that value the countryside and that are inspired to help protect it.

Essex Wildlife Trust has a complaints policy and the procedure for making complaints regarding our fundraising that can be found on our website, as a link under Essex Wildlife Trust’s Fundraising Promise. No complaints we made in 2023. (2022: Nil).

Together with five other Wildlife Trusts, we are a stakeholder in a wholly-owned Wildlife Trust membership recruitment company, Wildlife Fundraising Central Limited. The company is managed by a Board of Directors drawn from the relevant Wildlife Trusts and other experts. This company is transparent in its fundraising techniques, regulated by the Institute of Fundraising (IOF) and meets with its member Trusts every three months. There is a written agreement between all parties agreeing fundraising standards, monitoring of

Essex Wildlife Trust’s policy regarding Vulnerable Adults and Treating Donors Fairly sets out how we expect our fundraisers to behave. Essex Wildlife Trust is respectful – we respect decisions not to make donations and to withdraw membership, we will contact our supporters and donors in the way that they request, we will respond to queries in an open, honest, courteous and professional way. We will acknowledge any complaint within five working days to let complainants know when they can expect a response.

Structure, governance and management

The Trust is governed by a Memorandum and Articles of Association and is a company limited by guarantee with the number 00638666.

The Governing document

Essex Wildlife Trust Ltd is a company limited by guarantee, incorporated on 2 October 1959, and governed by its Memorandum and Articles of Association the latest versions of which were approved by Members at the Annual General Meeting held on 22 June 2013 and amended on 10 September 2016. The company has no issued or unissued share capital andthe liability of each Member of the Trust in the event of winding up is limited to £1.

Essex Wildlife Trust was entered on the Register of Charities for England and Wales on 22 September 1962.

The Trustees have the power to co-opt to fill a vacancy that occurs between AGMs. The co-opted Trustee must, however, stand down or be nominated for election at the next AGM. Following changes to the Articles approved by Members at the Annual General Meeting held on September 10th 2016, the Board are now able to appoint up to two Trustees.

At the Annual General Meeting in each year, one third of the Members of the Board shall retire from office but shall be eligible for re-election. If the number of Members of the Board is not exactly divisible by three, the number of Members to retire shall be determined by rounding to the nearest whole number.

Organisation

The Board of Trustees is responsible for determining the strategic direction of the Trust and for monitoring performance towards those set objectives. The Board meets formally on average at least five times per year, there is a Finance and Audit Committees which generally meets quarterly and advises the Board on financial matters.

The Members of the Board to retire at an Annual General Meeting shall be those who have served as such for the longest period since last re-election and where there is an equality of service the person to retire shall be determined by lot.

Induction and training of Board members

A Chief Executive Officer (CEO) is appointed by the Trustees to manage the day to day operations of the charity. To facilitate effective operation, the CEO has delegated authority for operational matters, within the terms of delegation approved by the Trustees.

Trustees’ skills are reviewed regularly to ensure that the balance is suitable. New Trustees are inducted into the charity by discussions between themselves and other Trustees, and members of staff, as opportunities arise. They are presented with background information and have access to the Charity Commission’s website.

Appointment of Trustees

As set out in Clause 11.2 of the Articles of Association, the Chair of the Trustees is appointed by the Trustees from among their number. There is provision for up to 13 Trustees in total, one third of who are elected annually by the members of the charitable company, either by post or by attending the Annual General Meeting. Trustees serve for a period of three years, with a maximum of nine years.

As set out in Clause 9 of the Articles of Association, one additional Trustee is appointed by resolution of the Trustees for the time being to take the role of the Treasurer for a term of three years.

Structure, governance (Continued) and management

Statement of the Board of Trustee’s responsibilities

The Trustees (who are also directors of Essex Wildlife Trust for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period.

In preparing these financial statements, the trustees are required to:

Finance & Audit Committee

The Trustees established the Finance & Audit Committee to take on a number of detailed financial matters in order to advise and make recommendations to the Board. The work of the committee continued during the year under review.

Key management personnel remuneration

The Trustees consider the Chief Executive and the Strategic Leadership Team as comprising the key management personnel of the charity, in charge of running and operating the charity on a day to day basis. All Trustees give of their time freely and no remuneration was received for trustee duties in the year. Details of trustee expenses and related party transactions are disclosed in note 10 to the accounts.

Trustees are required to disclose all relevant interests and register them with the Chief Executive and in accordance with the Trust’s policy, withdraw from decisions where a conflict of interest arises. Where the Trust or any of the Trustees have interests with the trading operations of the charity’s trading subsidiaries, any such interests are disclosed.

Remuneration of key personnel is set in accordance with the agreed job evaluation framework and available benchmarking information, the Chief Executive has delegated authority to agree salaries. They will normally do so in conjunction with HR executives or, for Director level posts, with the input of key Trustees. The Chief Executive’s own salary is set by the Chair and Honorary Officers.

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

Relationship with the charity and related parties including its subsidiaries

Other Wildlife Trusts

Subsidiary companies

The charity is a member of The Wildlife Trusts that is registered as the Royal Society of Wildlife Trusts (RSWT) charity number 207238. RSWT acts as an umbrella body on behalf of all county Wildlife Trusts.

County Wildlife Trusts have the use of The Wildlife Trusts’ logo and benefit from their resources, best practice and experience. Membership gives the charity a national voice and profile. However, each member of the RSWT remains entirely independent in terms of governance and financial management.

The Trust has four subsidiaries, the principal activities of which are as follows:

The Trust is also a Corporate Trustee of the Veolia Pitsea Marshes and Veolia Havering Riverside Maintenance Trusts. These Trusts ceased their grant-making activities and transferred any remaining funds to the Veolia Maintenance Trust in 2023. The Trusts have been wound up in 2024.

Together with five other Wildlife Trusts, we are a stakeholder in a wholly-owned Wildlife Trust membership recruitment company, Wildlife Fundraising Central Limited. The company is managed by a Board of Trustees drawn from the relevant Wildlife Trusts and other experts.

Statement as to disclosure of information to auditors

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

Keeley Hazelhurst

Chair Essex Wildlife Trust

The Auditors

In accordance with the charitable company’s articles, a resolution proposing that Price Bailey LLP be reappointed as auditors of the charitable company will be put at a General Meeting.

The Report of the Members of Board, which includes the Strategic Report on pages 4 to 29, were approved by the Board on 22 August 2024 and signed on their behalf:

On behalf of the Board

K Hazelhurst - Chair

Dated: 22 August 2024

Essex Wildlife Trust Trustees’ annual report and accounts 2023 | 41

Essex skipper: Josh Kubale

Independent Auditor’s Report to the Members

of Essex Wildlife Trust Limited

Opinion

We have audited the financial statements of Essex Wildlife Trust Limited] (the ‘parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 31 December 2023 which comprise the consolidated statement of financial activities, the consolidated balance sheet, the consolidated cashflow statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group and parent charitable company’s ability to continue as a going concern for a period of at least twelve months from when the

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

In our opinion the financial statements:

Other information

The other information comprises the information included in the trustees’ annual report , other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the strat.egic report or the directors’ 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:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees (who are also the directors of the parent charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control

as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group and parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor responsibilities for the audit

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

Independent Auditor’s Report to the Members

of Essex Wildlife Trust Limited (continued)

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that 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 aware of instances 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 is available on the FRC’s website : www.frc.org.uk/auditorsresponsibilities This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Suzanne Goldsmith FCA (Senior Statutory Auditor) For and on behalf of

Price Bailey LLP Chartered Accountants Statutory Auditors

Tennyson House, Cambridge Business Park, Cambridge, CB4 0WZ

Date: 27 September 2024

Essex Wildlife Trust Trustees’ annual report and accounts 2023 | 45

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Fox: Jon Hawkins - Surrey Hills Photography
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Consolidated Statement of Financial Activities

incorprating the Income and Expenditure Account for the year ended 31 December 2023

Total
Unrestricted Restricted Endowment Total 2022 (£)
Notes funds (£) funds (£) funds (£) 2023 (£) (restated)
Income and endowments from
Donations and legacies 3 3,604,629 1,043,232 - 4,647,861 3,322,208
Charitable activities 4 944,682 213,876 - 1,158,558 1,999,628
Other trading activities 5 2,966,717 4,458 - 2,971,175 2,715,036
Income from investments 6 255,467 118,494 74,477 448,438 348,801
Total Income 7,771.495 1,380,060 74,477 9,226,032 8,385,673
Expenditure on
Charitable activities 7 5,341,187 1,193,063 74,609 6,608,859 5,902,112
Raising funds 8 3,894,429 60,461 - 3,954,890 3,876,145
Total Expenditure 9 9,235,616 1,253,524 74,609 10,563,749 9,778,257
Net (expenditure)/income (1,248,499)
(1,464,121)		 (150,804)
126,536		 10,860
(132)		 (1,388,443)
(1,337,717)		 264,258
(1,392,584)
Net (expenditure)/income
Transfer between funds		 (1,248,499)
(71,695)		 (150,804)
71,695		 10,860
-		 (1,388,443)
-		 264,258
-
Other gains/(losses)
Actuarial (losses) on defned beneft pension scheme 11 (347,068) - - (347,068) (32,131)
Net gains/ (Losses) on investments 15 333,398 202,649 127,788 663,835 (1,802,208)
Losses on revaluation of fxed assets 14 - (147,000) - (147,000) -
Net movement in funds 23b (1,549,486) 253,880 127,656 (1,167,950) (3,226,923)
Reconciliation of funds
Total funds brought forward 8,330,986 19,865,542 2,916,615 31,113,143 34,335,925
Prior Year Adjustments (110,220) (83,879) - (194,099) (189,958)
Total funds brought forward restated 8,220,766 19,781,663 2,916,615 30,919,044 34,145,967
Total funds carried forward 23 6,671,280 20,035,543 3,044,271 29,751,094 30,919,044

The statement of financial activities contains all gains and losses for the year and all activities relate to continuing operations. The profit for the purposes of the Companies Act 2006 is the net income before unrealised gains/(losses).

The detailed comparative information for the statement of financial activities is included at note 30.

The notes on pages 48 to 77 form part of these financial statements.

Consolidated and Charity Balance Sheets

as at 31 December 2023

Group Charity
Group 2022 (£) Charity 2022 (£)
Notes 2023 (£) (restated) 2023 (£) (restated)
Fixed Asset
Intangible assets 13 10,875 1,177 10,875 1,177
Tangible assets 14 15,208,886 15,251,520 14,820,426 15,060,936
Long Term Investments 15 12,526,024 12,110,189 8,618,452 8,405,266
Total fxed assets 27,745,785 27,362,886 23,449,753 23,467,379
Current assets
Stocks 396,901 412,848 154,602 142,395
Debtors 16 2,040,360 2,002,498 2,854,894 2,708,452
Short Term Investments 17 244,838 1,834,530 110,394 1,834,530
Cash at bank and in hand 789,760 531,933 348,882 315,413
Total current assets 3,471,859 4,781,809 3,468,772 5,000,790
Liabilities
Creditors:
Amounts falling due within one year 18 (1,162,551) (1,244,418) (1,343,750) (1,472,821)
Net current assets 2,309,308 3,537,391 2,125,022 3,527,969
Creditors:
Amounts falling due afer one year 25
19		 - - - -
Defned beneft pension scheme liability 11 (303,999) 18,767 (303,999) 18,767
Total net assets 29,751,094 30,919,044 25,270,776 27,014,115
The funds of the charity 27,208,214
Unrestricted funds
Designated funds 25
20		 564,606 449,078 564,606 449,078
General funds 6,106,674 7,771,688 6,552,368 8,176,607
Total unrestricted funds 6,671,280 8,220,766 7,116,974 8,625,685
Restricted funds 21 20,035,543 19,781,663 15,109,531 15,471,815
Endowment funds 22 3,044,271 2,916,615 3,044,271 2,916,615
Total funds 23 29,751,094 30,919,044 25,270,776 27,014,115

These accounts were approved by the Board and authorised for issue on 22 August 2024

A separate Statement of Financial Activities (SOFA) is not presented because the charitable company has taken advantage of the exemptions afforded by section 408 of Companies Act 2006. The net movement in funds for the parent charity was a deficit of £1,423,950 (2022: deficit of £3,226,923).

K Hazelhurst – Chair

R Holmes – Treasurer

The notes on pages 48 to 87 form part of these financial statements. Company number 00638666.

for the year ended 31 December 2023

2022 2022
2023 2023 (£) (£)
(£) (£) (restated) (restated)
Cash fows from operating activities
Net cash used by operating activities (1,327,304) (958,594)
Cash fows from investing activities
Dividends and interest 448,438 348,801
Proceeds from the sale of fxed assets - -
Purchase of fxed assets (700,999) (534,947)
Proceeds from the sale of investments 248,000 659,582
Purchase of investments - -
Net cash provided/(used) in investing activities (4,561) 473,436
Change in cash and cash equivalents in the reporting period (1,331,865) (485,158)
Cash and cash equivalents at the beginning of the reporting period 2,366,463 2,851,621
Cash and cash equivalents at the end of the reporting period 1,034,598 2,366,463

Reconciliation of net income to net

cash inflow from operating activities

2022
2023 (£)
(£) (restated)
Net (expenditure)/income for the reporting period (as per the statement of fnancial activities) (1,167,950) (3,226,923)
Depreciation/amortisation 628,937 628,671
(Gains)/ losses on investments (663,835) 1,802,208
Pension defcit increase 322,766 32,131
Revaluation of fxed assets losses 147,000 -
Revaluation of fxed assets gains (50,000) -
Dividends, interest and rents from investments (448,438) (348,801)
Proft on the sale of fxed assets 7,998 -
Increase/(Decrease) in stock 15,948 (150,630)
(Decrease) in debtors (37,863) (158,060)
(Increase)/Decrease in creditors (81,867) 462,810
Net cash (outfow) from operating activity (1,327,304) (958,594)

Analysis of cash and cash equivalents

2022
2023 (£)
(£) (restated)
Deposits on less than 3 months’ notice 244,838 1,834,530
Cash at bank and in hand 789,760 531,933
Total cash and cash equivalents 1,034,598 531,933
2,366,463

Analysis of changes in net debt

2023

Balance
Balance
1 Jan 2023 (£)		 Cash fows
(£)		 31 Dec 2023
(£)
Deposits on less than 3 months’ notice 1,834,530 (1,589,692) 244,838
Cash at bank and in hand 531,933 257,827 789,760
Total 2,366,463 (1,331,865) 531,933
1,034,598

2022

Balance
Balance
1 Jan 2022 (£)		 Cash fows
(£)		 31 Dec 2023
(£)
Deposits on less than 3 months’ notice 2,063,165 228,635 1,834,530
Cash at bank and in hand 788,456 256,523 531,933
Total 2,851,621 485,158 531,933
2,366,463

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50 | Essex Wildlife Trust Trustees’ annual report and accounts 2023
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Brent goose: David Tipling/2020VISION
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Notes to the consolidated

1. Accounting policies

Company information

Essex Wildlife Trust is a limited company domiciled and incorporated in England and Wales. The registered office is Abbotts Hall Farm, Great Wigborough, Colchester, Essex, CO5 7RZ.

1.1. Basis of accounting

1.3. Fund Accounting:

Unrestricted Funds:

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

Restricted Income Funds:

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

The financial statements have been prepared under the historical cost convention, with the exception of listed investments which are included at their market value. The financial statements have been prepared in accordance with the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland effective 1 January 2019 (The FRS 102 Charities SORP), the Companies Act 2006 and Charities Act 2011.

The financial statements are prepared in Sterling, which is the functional currency of the charitable company. Monetary amounts in these financial statements are rounded to the nearest pound.

The Trustees confirm that the Charity meets the definition of a public benefit entity under FRS 102.

1.2. Group Accounts

The Statement of Financial Activities (SOFA) and Balance Sheet consolidate the financial statements of the charity and its subsidiary undertakings. The results of the subsidiaries are consolidated on a line by line basis.

No separate SOFA has been presented for the charity as permitted by Section 408 of the Companies Act 2006.

Endowment funds:

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

Designated funds:

Projects: These funds were set aside by the Trustees for specific projects. Many of these projects are partly funded from restricted funds with the unfunded element set aside from general funds.

1.4. Income

Income from investments, Gift Aid and deeds of covenant is included gross, and is accounted for when it is receivable or the charity’s right to it becomes legally enforceable. Provision has been made for Income Tax reclaimable at the year-end but not yet received.

Legacy income is included in the accounts when the amount due can be quantified with reasonable certainity and it is probable that it will be received. Receipt is normally probable when there has been grant of probate, the estate has sufficient assets to pay the legacy and any conditions attached are either within the control of the charity or have been met.

Grants receivable including government grants are accounted for when there is sufficient information to enable the claim to be made or the claim has been made and there is clear indication to suggest the claim will be met.

Income from Donations is accounted for on a receipts basis.

1.5. Membership Income

Membership income is taken to the Statement of Financial Activities over the life of the subscription, taking into account the type of membership involved.

1.6. Volunteer Help

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

1.7. Expenditure

Indirect costs are allocated to the expenditure headings in the SOFA on the basis of the number of employees in each area of work.

Cost of Raising Funds consists of expenditure relating to appeals, communications requesting funds, applying for grants and other general publicity as part of fundraising together with associated support activities and cost of sales.

Administration and Support of charitable activities consists of those costs incurred in support of expenditure on the objects of the charity. These i nclude the provision of the premises, personnel, information technology and audit fees.

1.8. Finance and operating leases

Rentals payable under operating leases are charged to the SOFA over the period in which the cost is

1.10. Land

Interest in land purchased by the Trust including expenditure on capital projects is stated at cost. Land in joint ownership is also stated at cost. Land gifted to the Trust since 1st January 1993 is accounted for at valuation at the date the gift was made.

The charity has been unable to allocate historic costs for freehold land and long leasehold land to specific properties and accordingly the total cost cannot be analysed between the two different types of interest.

No value is attributable to land given to the Trust before 1st January 1993 nor are changes in the value of land after its acquisition recognised.

1.11. Heritage assets

The Charity’s objects include the conservation of nature for the purpose of study and research and to educate the public in understanding and appreciation of nature, the awareness of its value and the need for its conservation. As such the Charity owns and maintains a number of nature reserves that fall into the definition of heritage assets in accordance with FRS 102. These assets, when purchased other than gifted, have been capitalised at cost at the date of acquisition, and being land in nature have not been depreciated.

These assets have been included within tangible fixed assets and not separately disclosed as the information on their cost or valuation is not available and such information cannot be obtained at a cost commensurate with the benefit to the users of the financial statements and to the Charity.

The costs of maintaining the heritage assets are expensed through the Statement of Financial Activities as incurred, as part of the Trust’s charitable activities.

1.9. Irrecoverable VAT

The charity and its subsidiaries are partially exempt. Irrecoverable VAT is allocated to the appropriate cost categories.

1.12. Amortisation

Amortisation is provided at the following rates in order to write off the cost of each asset over its estimated useful life.

Computer software 33⅓% on cost p.a.

1.13. Depreciation

Depreciation is not provided on freehold land which is considered to have a useful life of more than fifty years. Assets in the course of construction are not depreciated.

Moveable assets over £1,000 are capitalised. Tangible fixed assets other than freehold land are stated at cost less depreciation.

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

Buildings 2% on cost p.a. Abbotts Hall offices 1½% on cost p.a. Office equipment 33⅓% on cost p.a. Plant and Equipment 10% to 20% on cost p.a.

1.14. Investments

1.16. Pension costs

The Trust operates a defined contribution scheme for the benefit of all of its employees. The costs of the defined contributions are written off against incoming resources in the year they are payable. The assets of the scheme are held separately from the Trust in independently administered funds. The majority of the employees are members of a money purchase policy, which was set up to meet the government’s requirements regarding pension provisions for all staff. Contributions to the policy made on behalf of employees are also charged against incoming resources in the year they are paid.

The Trust is also a member of the Wildlife Trust Pension Scheme (WTPS) which is a hybrid scheme whose defined benefits section is in deficit. The scheme was closed to new members and future accrual on 30 September 2005.

Under defined benefit accounting the Scheme assets are measured at fair value. Scheme liabilities are measured on an actuarial basis using the projected unit credit method and are discounted at appropriate high quality corporate bond rates. The net surplus or deficit is presented separately from other net assets on the Statement of Financial Position. The current service cost and costs from settlements and curtailments are charged to operating surplus. Past service costs are recognised in the current reporting period. Interest is calculated on the net defined benefit liability. Re-measurements are reported in other comprehensive income.

Investments are stated at market value. It is the Trust’s policy to keep valuations up to date such that when investments are sold, there is no gain or loss arising relating to the previous year. As a result, the SOFA includes those unrealised gains and losses arising from the revaluation of the investment portfolio at the year end. Disclosure is made in the notes to the accounts of the difference between historic cost and sale proceeds of investments sold during the year.

1.15. Stocks

Stocks are stated at the lower of cost and net realisable value.

1.17. Going concern

Having reviewed the company’s financial forecasts and expected future cashflows, the Trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and for a period of at least 12 months following the approval of these financial statements. Thus, the going concern basis has been adopted in preparing the financial statements for the year ended 31 December 2023.

1.18. Financial assets

The Charitable Company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Other financial assets classified as fair value through profit or loss are measured at fair value. They are subsequently carried at amortised cost, using the effective interest rate method.

1.19. Financial liabilities

Basic financial liabilities are initially measured at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Other financial liabilities classified as fair value through profit or loss are measured at fair value. They are subsequently carried at amortised cost, using the effective interest rate method.

1.20. Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in profit or loss.

2. Critical accounting estimates and judgements

In the application of the charitable company’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Key sources of estimation uncertainty

Useful economic lives of intangible fixed assets

The annual amortisation charge for intangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. See note 13 for the carrying amount of the intangible fixed assets and note 1 for the useful economic lives for each class of asset.

Useful economic lives of tangible fixed assets

The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 14 for the carrying amount of the tangible fixed assets and note 1 for the useful economic lives for each class of asset.

Defined benefit pension scheme

Management’s estimate of the defined benefit pension obligation is based on a number of critical underlying assumptions such as standard rates of inflation, mortality and discount rate. Variation in these assumptions may significantly impact the defined benefit obligation amount and the annual defined benefit expenses (as analysed in Note 11).

Legacy Income Recognition

In accordance with the accounting policy detailed in Note 1.4, the calculation of Legacy Income is based on all information available to the charity. This is usually information that has been provided by executors in the form of estate accounts, the nature of these accounts can still include estimated amounts, particularly where property values are yet to be fully realised.

The amount of income recognised, is therefore a management estimate based upon all information available, but is sensitive to events that are outside of the charity’s control. This variability is mitigated by reviewing all outstanding legacy files on a monthly basis to ensure the most up to date information is reflected in these values, including a final view just before the final accounts are signed.

3. Income - Donations and legacies

Total Total
Unrestricted Restricted Endowment 2023 2022
income (£) income (£) (£) (£) (£)
Membership income 1,484,367 - - 1,484,367 1,444,654
Grants and donations 317,509 998,325 - 1,315,834 968,747
Legacies 1,802,753 44,907 - 1,847,660 908,807
Total donations and legacies income 3,604,629 1,043,232 - 4,647,861 3,322,208

The 2022 comparative figures include £2,527,145 unrestricted income. Restricted Income for 2022 was £104,114 – Membership £2,000, Grants and donations £33,249, Legacies £68,865.

4. Income - Charitable activities

Total Total
Unrestricted Restricted Endowment 2023 2022
income (£) income (£) (£) (£) (£)
Reserves management 329,258 107,623 - 436,881 894,694
Education and Engagement 448,248 - - 448,248 375,887
Conservation grants 185,623 61,378 - 247,001 719,697
Local groups (18,447) 44,875 - 26,428 9,350
Total charitable activities income 944,682 213,876 - 1,158,558 1,999,628

The 2022 comparative figures include £1,632,330 unrestricted income. Restricted Income for 2022 was £1,058,247 – Primary purpose activities £784,005, Education and Engagement £2,027, Conservation grants £268,165, Local groups £4,050.

5. Income - Other trading activities

Total
Total 2022
Unrestricted Restricted Endowment 2023 (£)
income (£) income (£) (£) (£) (restated)
Trading company - EECOS 185,764 - - 185,764 298,210
Trading company - EWS 2,769,937 - - 2,769,937 2,405,271
Fundraising events 11,016 4,458 - 15,474 11,555
Total other trading activities income 2,966,717 4,458 - 2,971,175 2,715,036

The 2022 comparative figures include £2,714,636 unrestricted income. Restricted Income for 2022 was £400 from fundraising events.

6. Income from investments

Unrestricted Restricted Endowment Total Total
income (£) income (£) income (£) 2023 (£) 2022 (£)
Dividends received 219,986 115,363 74,477 409,826 322,750
Interest received 35,481 3,131 - 38,612 26,051
Total investments income 255,467 118,494 74,477 448,438 348,801

The 2022 comparative figures include £136,930 unrestricted income. Restricted Income for 2022 was £129,459 – Dividends received £126,640, Interest received £2,809. Endowment Income £82,952 from Dividends received.

7. Expenditure on Charitable Activities

Total
Unrestricted Restricted Endowment Total 2022 (£)
funds (£) funds (£) funds (£) 2023 (£) (restated)
Reserves and Conservation 2,392,143 826,478 74,609 3,293,230 2,584,624
Visitor centres’ costs 1,212,358 118,576 - 1,330,934 2,064,312
Education and Engagement 1,736,686 248,009 - 1,984,695 1,253,176
Total charitable activities expenditure 5,341,187 1,193,063 74,609 6,608,859 5,902,112

The 2022 comparative figures include £4,402,127 unrestricted expenditure. Restricted Expenditure for 2022 was £1,423,752 - Reserves and Conservation £1,254,235, Visitor centres’ costs £60,496, Education and Engagement £113,162. Endowment expenditure for 2022 £72,092 all for Reserves and Conservation.

8. Expenditure on fundraising

Unrestricted Restricted Endowment Totals Totals
funds (£) funds (£) funds (£) 2023 (£) 2022 (£)
Costs of generating funds
Voluntary income 749,975 33,229 - 783,204 968,101
Activities for raising funds
Expenditure on fundraising activities 363,987 27,232 - 391,219 343,511
Trading company - EES 270,027 - - 270,027 287,951
Trading company – EWS 2,464,755 - - 2,464,755 2,265,352
Investment management 45,685 - - 45,685 11,230
Total fundraising expenditure 3,894,429 60,461 - 3,954,890 3,876,145

The 2022 comparative figures include £3,856,873 unrestricted expenditure. Restricted Expenditure for 2022 was £19,752 - Voluntary income £8,042 and Investment management £11,230.

9. Total expenditure

Allocations as Notes 9 (i)

Direct Support Total
Direct Support Totals costs (£) costs (£) 2022 (£)
costs (£) costs (£) 2023 (£) (restated) (restated) (restated)
Expenditure on Charitable activities
Reserves and Conservation 2,190,305 1,102,925 3,293,230 2,121,628 462,996 2,584,624
Visitor centres’ costs 963,292 367,642 1,330,934 1,115,919 948,393 2,064,312
Education and Engagement 915,191 1,064,610 1,979,801 746,202 506,974 1,253,176
Expenditure on raising funds 3,654,092 300,798 3,954,890 3,585,976 290,169 3,876,145
Total expenditure 7,722,880 2,840,869 10,563,749 7,569,725 2,208,532 9,778,257

The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

2023 2022
(£) (£)
Total resources expended are stated afer charging
Auditors’ remuneration - (Moore Kingston Smith) Audit 1,954 38,750
- Other services 666 1,275
Auditors’ remuneration - (Price Bailey) Audit 37,350 -
Depreciation/amortisation 610,106 628,671
Cost of stocks recognised as an expense 1,184,047 1,015,044
Proft on disposal of fxed assets 7,998 -

9 (i) Allocation of General Support costs

The breakdown of general support costs and how these were allocated between charitable and fundraising activities is shown in the tables below.

Support costs are allocated to the expenditure headings in the SOFA on the basis of the number of full time equivalent employees in each area of work.

Total Support
costs allocated		 Allocation Allocation Allocation
for the year to Reserves and Visitor Education and Activities for
31 December 2023 conservation centre Engagement fundraising
(£) (£) costs (£) (£) (£)
Trading company - EECOS
Indirect staf costs		 1,600,382 XX 621,325 XX 207,108 XX 602,497 XX 271,105
169 452
Trading company - EWS
Ofce costs		 724,609 XX 281,318 XX 93,773 XX 272,795 XX 1,602,446
76,723
Fundraising events
Insurance premiums		 87,396 XX 33,930 XX 11,310 XX 32,902 XX 8,618
9 254
Trading company - EWS
Bank charges/(credits)		 2,999 XX 1,164 XX 388 XX 1,129 XX 1,602,446
318
Fundraising events
Telephone		 21,217 XX 8,237 XX 2,746 XX 7,988 XX 8,618
2 246
Trading company - EWS
Information technology		 181,676 XX 70,533 XX 23,511 XX 68,396 XX 1,602,446
19 23
Fundraising events
RSWT contribution		 135,530 XX 52,618 XX 17,539 XX 51,023 XX 8,618
14,350
Trading company - EWS
P ofessional fees		 87,060 XX 33,800 XX 11,267 XX 32,775 XX 1,602,446
9,218
Total General Support allocations 2023 2,840,869 1,102,925 367,642 1,069,505 300,797
Full time equivalent staf for 2023 85 33 11 32 9
Total Support Allocation Allocation
costs allocated
for the year to Reserves and Visitor Education and Activities for
31 December 2022 conservation centre Engagement fundraising
(£) (£) costs (£) (£) (£)
Trading company - EECOS
Indirect staf costs		 1,192,960 XX 250,092 XX 512,283 XX 273,847 XX 271,105
156738
Trading company - EWS
Ofce costs		 510,515 XX 107,024 XX 219,227 XX 117,190 XX 1,602,446
67074
Fundraising events
Insurance premiums		 112,880 XX 23,664 XX 48,473 XX 25,912 XX 8,618
14 831
Trading company - EWS
Bank charges		 (5,223) XX (1,095) XX (2,243) XX (1,199) XX 1,602,446
(686)
Fundraising events
Telephone		 2,422 XX 508 XX 1,040 XX 556 XX 8,618
3
Trading company - EWS
Information technology		 164,062 XX 34,394 XX 70,452 XX 37,661 XX 1,602,446
21 555
Fundraising events
RSWT contribution		 131,937 XX 27,659 XX 56,657 XX 30,286 XX 8,618
17335
Trading company - EWS
P ofessional fees		 98,979 XX 20,750 XX 42,504 XX 22,721 XX 1,602,446
13,004
Total General Support allocations 2021 2,208,532 462,996 948,393 506,974 290,169
Full time equivalent staf for 2022 108 23 46 25 14

2023 2022
(£) (£)
Staf costs
Salaries and wages 4,796,351 4,175,672
Social security costs 417,637 378,972
Other pension costs 219,832 182,959
Total 5,433,820 4,737,603

Redundancy payments of £31,558 in 2023 (2022: £0) were made to staff in accordance with their statutory entitlement, including any statutory amounts relating to pay in lieu of notice (PILON) where paid.

1 ex gratia payment was made to a member of staff in 2023 of £6,083 (2022: £0) as a result of a settlement agreement as agreed by the board of Trustees.

No. FTE No. FTE
2023 2023 2022 2022
Employees and volunteers
The average number of full-time equivalent employees analysed by function was
People and wildlife 35 33 31 18
Landscape conservation 32 38 37 26
Central support 23 22 29 29
Fundraising, membership and marketing 23 18 19 15
Centre management 10 5 10 9
Subsidiary companies 78 42 66 44
Total 201 158 192 141

The Trust relies on volunteers to help in all aspects of our work particularly for practical conservation work, administration and fundraising. It has not been possible to place a value on the work carried out by volunteers but were it possible, the amount would be significant.

Board’s and employees’ emoluments

Costs incurred by the Board travelling on Trust business and reimbursed to them amounted to £151 (2022: £nil). The number of Board members reimbursed during the year was 2 (2022: nil).

During the year, no Trustees received any remuneration or other benefits.

The number of employees whose annual emoluments were £60,000 or more were:

2023 2022
£60,000-£69,999 2 5
£70,000-£79,999 3 1
£80,000-£89,999 1 -

Total remuneration of the 6 (2022: 6) members of the senior management team - these being the Trust’s key management personnel - in the period was £461,671 (2021: £476,103).

11. Pension arrangements

The Trust participates in two pension schemes; one is the Wildlife Trusts Pension Scheme (WTPS) a multi-employer scheme for the benefit of the staff of the Wildlife Trusts throughout the United Kingdom. The second scheme was created in 2014 to meet the requirements of the Auto Enrolment pensions legislation so that all staff have access to a pension scheme. The pension arrangements in place for all staff incorporate Life Assurance cover of not less than three times their basic salary.

During 2023 the contributions for the staff pension scheme amounted to £219,832 (2022: £182,959).

The WTPS has two sections, the Defined Benefit section (DB) and the Defined Contribution section (DC). The Trust’s membership of the Scheme consists of past and present members of Essex Wildlife Trust staff, of which six are in the DB section and 42 are in the DC section. The DB section was closed to new members and future accrual on 30 September 2005. But as the Scheme carried a funding deficit at the date of closure, and a funding deficit has been declared at each actuarial valuation since, the Trust must continue to contribute to the pension fund along with the other wildlife trust employers in the Scheme.

Essex Wildlife Trust continues with its financial planning based on the deficit shown by the actuarial valuation of the Scheme as at 31 March 2019. The Trust has continued to make deficit recovery payments that are being recovered from the 12 participating employers over the 10 years to 2026 or until the deficit is neutralised, if sooner in accordance with the deficit recovery plan agreed after the 2019 actuarial valuation.

The formal valuation carried out in 2022 has shown reduced deficit in the scheme compared with the 2019 valuation, this is as result of higher investment returns and employer contributions. The payments will continue with in accordance with the current arrangements of contributions, to fund the deficit position

During the year ended 31 March 2022, the trustees of the charity were made aware of a potential issue relating to the defined benefit section of the Wildlife Trust Pension Scheme. A detailed investigation is drawing to a close to establish the extent to which this could result in financial liability to employers who participated in that section. The full outcome of this process is expected to be known within the next 12-18 months.

An actuarial valuation has been conducted to provide an estimate of the additional responsibility that the charity will have under the pension scheme due to this issue. At this stage during the investigation it has been determined by the Trustees that this liability has exceeded the probable test and an additional provision has been made within the accounts to add a further £332K to the pension deficit position.

The last FRS 102 valuation at 31 March 2024, rolled back to 31 December 2023, showed a funding surplus of £28K. This surplus position is an improvement on previous year’s trends of deficit valuations as a result of strong investment returns and an increase in interest rates in 2021 which have resulted in a reduction in the valuation of the Scheme’s liabilities. The additional £332K deficit has been added to this amount, to determine the £304K deficit reported for the year.

11. Pension arrangements (continued)

Principal assumptions

At 31 December 2023 At 31 December 2022
per annum per annum
Discount rate 4.55% 4.74%
Retail Prices Index (RPI) Infation 3.25% 3.31%
Consumer Prices Index (CPI) Infation 2.60% 2.57%
Future increases to deferred pensions 2.60% 2.57%
Rate of increase to pensions in payment:
Fixed 5% pa 5.00% 5.00%
RPI max 5% pa 3.15% 3.10%
Mortality Males: 96% of S3PA Males: 96% of S3PA
(before and afer retirement) Females: 95% of S3PA Females: 95% of S3PA
CMI_2022 with a long term rate of 1.25% pa; CMI_2021 with a long term rate of 1.25% pa;
Initial addition to improvements Initial addition to improvements
of 0.5% and w2022 of 5%. of 0.5% and w2021 of 5%.
Cash commutation Members assumed to take 25% of their Members assumed to take 25% of their
pension as tax free cash, subject to HMRC pension as tax free cash, subject to HMRC
restrictions, using cash commutation restrictions, using cash commutation
factors currently in force. factors currently in force.
Life expectancy of a male aged 65
at the Balance Sheet Date 22.2 22.5
Life expectancy of a male aged 65 in 20 years
from the Balance Sheet date 23.5 23.8
Life expectancy of a female aged 65
at the Balance Sheet Date 24.7 24.9
Life expectancy of a female aged 65 in 20 years
from the Balance Sheet Date 26.1 26.3

For the avoidance of doubt, the financial assumptions above are in absolute terms. They are single equivalent rates, however in practice full yield curves are used.

Asset breakdown

The major categories of Scheme assets as a percentage of total Scheme assets are:

At 31 December 2023 At 31 December 2022
UK Equities 0.0% 0.0%
Overseas Equities 21.8% 24.3%
Diversifed Growth Funds 0.0% 0.0%
UK Government Fixed Interest Bonds 11.6% 7.6%
UK Government Index Linked Bonds 9.0% 15.7%
UK Corporate Bonds 32.0% 30.7%
Property 0.0% 2.9%
Cash 4.4% 1.6%
LDI 21.2% 17.2%
Total 100.00% 100.00%

The pension scheme has not invested in any of Essex Wildlife Trust’s own financial instruments, nor in properties or other assets used by Essex Wildlife Trust. The assets are all quoted in active markets.

Net defined benefit asset (liability)

At 31 December 2023 At 31 December 2022
(£’s) (£’s)
Fair value of Scheme assets 675,500 640,814
Present value of defned beneft obligation 979,499 622,047
Defned beneft asset/(liability) recognised in balance sheet (303,999) 18,767

Total expense recognised in the SOFA

At 31 December 2023 At 31 December 2022
(£’s) (£’s)
XX
Current service cost		 XX
0		 XX
0
XX
Administration expenses		 XX
18,413		 XX
19,262
XX
Past service costs including curtailments		 XX
0		 XX
0
XX
Efect of setlements		 XX
0		 XX
0
XX
Recognised in arriving at operating proft		 XX
18,413		 XX
19,262
XX
Interest on the net defned beneft liability		 XX
(1,426)		 XX
(681)
Total recognised in the SOFA 16,987 18,581

11. Pension arrangements (continued)

Total amounts taken to Other Comprehensive Income

At 31 December 2023 At 31 December 2023 At 31 December 2022
(£’s) (£’s)
XX
Actual return on Scheme assets - gains and (losses)		 XX
(26,863)		 XX
(319,667)
XX
less: amounts included in net interest on the net defned beneft liability		 XX
11,795		 XX
(17,120)
XX
Remeasurement gains and (losses) - Return on Scheme assets excluding interest income		 XX
(15,068)		 XX
(336,787)
XX
Remeasurement gains and (losses) - actuarial gains and (losses)		 XX
(332,000)		 XX
304,656
XX
Remeasurement gain/(loss) recognised in Other Comprehensive Income		 XX
(347,068)		 XX
(32,131)

Changes in the present value of the defined benefit obligation

At 31 December 2023 At 31 December 2022
(£’s) (£’s)
XX
Present value of defned beneft obligation at beginning of period		 XX
622,047		 XX
935,253
XX
Benefts paid including expenses		 XX
(30,203)		 XX
(44,251)
XX
Current service cost		 XX
0		 XX
0
XX
Administration costs		 XX
18,413		 XX
19,262
XX
Interest cost		 XX
10,379		 XX
16,439
XX
Remeasurement (gains) and losses - actuarial (gains) and losses		 XX
358,863		 XX
(304,656)
XX
Employee contributions		 XX
0		 XX
0
XX
Past service costs including curtailments		 XX
0		 XX
0
XX
Efect of setlements		 XX
0		 XX
0
XX
Present value of defned beneft obligation at end of period		 XX
979,499		 XX
622,047

Changes in the fair value of assets

At 31 December 2023 At 31 December 2023 At 31 December 2022
(£’s) (£’s)
Fair value of Scheme assets at beginning of period 640,814 960,931
Interest income 30,218 17,120
Administration expenses (18,413) -
Remeasurement gains and (losses) - Return on scheme assets excluding interest income 11,795 (336,787)
Contributions by Employer 41,289 43,801
Employee contributions 0 0
Benefts paid including expenses (30,203) (44,251)
Fair value of Scheme assets at end of period 675,500 640,814

12. Funders

Essex Wildlife Trust is extremely grateful for the grants which have been received during 2023 from the following funders:

This list is not exhaustive. Essex Wildlife Trust is very grateful to all its generous funders.

13. Intangible assets

Group and charity

Computer sofware 2023 Total 2023
(£) (£)
Cost or donated value
1 January 2023 36,334 36,334
Additions 15,528 15,528
Disposals - -
Transfer from tangible assets - -
At 31 December 2023 51,862 51,862
Amortisation
1 January 2023 35,157 35,157
Charge for the year 5,830 5,830
Disposals - -
Transfer from tangible assets - -
At 31 December 2023 40,987 40,987
Net book value
At 31 December 2023 10,875 10,875
At 31 December 2022 1,177 1,177

14. Tangible assets Group

Freehold Plant,
& leasehold
land		 Freehold
buildings		 Ofce
equipment		 equipment
& external		 Total
(£) (£) (£) works (£) (£)
Cost or donated value
1 January 2023 4,971,682 12,062,453 142,825 3,443,787 20,620,747
Additions - - 16,896 668,575 685,471
Disposals - - - (37,856) (37,856)
Revaluation - (97,000) - - (97,000)
Transfer - - (22,350) 22,350 -
At 31 December 2023 4,971,682 11,965,453 137,371 4,096,856 21,171,362
Depreciation
1 January 2023 - 3,026,734 113,149 2,229,344 5,369,227
Charge for the year - 247,703 17,955 357,449 623,107
Disposals - - - (29,858) (29,858)
Transfer - - (18,779) 18,779 -
At 31 December 2023 - 3,274,437 112,325 2,575,714 5,962,476
Net book value
At 31 December 2023 4,971,682 8,691,016 25,046 1,521,142 15,208,886
At 31 December 2022 4,971,682 9,035,719 29,676 1,214,443 15,251,520

14. Tangible assets Charity

Freehold Plant,
& leasehold
land		 Freehold
buildings		 Ofce
equipment		 equipment
& external		 Total
(£) (£) (£) works (£) (£)
Cost or donated value
1 January 2023 4,971,680 12,062,453 117,850 3,009,916 20,161,899
Additions - - 16,896 378,078 394,974
Disposals - - - (19,856) (19,856)
Revaluation - (97,000) - - (97,000)
At 31 December 2023 4,971,680 11,965,453 134,746 3,368,138 20,440,017
Depreciation
1 January 2023 - 3,026,734 91,744 1,982,485 5,100,963
Charge for the year - 247,703 17,955 272,628 538,286
Disposals - - - (19,658) (19,658)
At 31 December 2023 - 3,274,437 109,699 2,235,455 5,619,591
Net book value
At 31 December 2023 4,971,680 8,691,016 25,047 1,132,683 14,820,426
At 31 December 2022 4,971,680 9,035,719 26,106 1,027,431 15,060,936

Revaluation of freehold buildings

2 properties have been revalued during the year:

Property 1 – the original purchase price has been corrected to reflect an understatement in previous years. The value of the understatement has been corrected in the current year to the value of an additional £50K.

Property 2 – a legacy property gifted to the charity has been surveyed in December 2023, by a registered RICS valuer. The value has been calculated on a Market Value basis, by assessing the current condition of the building, likely restoration costs and a comparison to similar properties. The resultant valuation is a decrease in £147K.

Heritage assets

The Trust defines its Heritage Assets as Nature Reserves, these are included within the Fixed Asset amount under Freehold and Leasehold Land.

15. Long Term Investments Group

2023 2022
(£) (£)
Quoted investments – market values 12,526,024 12,110,189
Cash held as part of the portfolio 244,838 1,834,530
12,500,862 13,944,719

The movement on investments is as follows

2023 2022
(£) (£)
Market value at 1 January 12,110,189 14,571,979
Additions at cost - -
Disposals at market value (248,000) (659,582)
Unrealised (losses)/gains 663,835 (1,802,208)
Market value at 31 December 12,526,024 12,110,189
Historic Cost at 31 December 11,996,473 12,110,189
12,206 252

The portfolio was transferred across to the new investment manager as nil gain or loss.

Investments comprise

2023 2022
(£) (£)
Fixed interest securities - 1,411,865
UK Equities - 2,240,346
Overseas Equities - 5,730,849
Property Funds - 522,572
Other - 2,204,557
Equities 8,718,113 -
Fixed Income 1,766,169 -
Alternative Investments 1,189,972 -
Properties 463,463 -
Liquid Assets 388,307 -
12,526,024 12,110,189

15. Long Term Investments Charity

2023 2022
(£) (£)
Quoted investments – market values 8,618,450 8,405,264
Cash held as part of the portfolio 110,394 1,834,530
Essex Ecology Services Limited share capital 2 2
8,728,846 10,239,796

The movement on investments is as follows

2023 2022
(£) (£)
Market value at 1 January 8,405,266 10,269,217
Additions at cost - -
Disposals at market value (235,148) (627,027)
Unrealised (losses)/gains 448,334 (1,236,924)
Market value at 31 December 8,618,452 8,405,266
Historic Cost at 31 December 8,251,554 8,464,335

The portfolio was transferred across to the new investment manager as nil gain or loss.

Investments comprise

2023 2022
(£) (£)
Fixed interest securities - 976,571
UK Equities - 1,549,621
Overseas Equities - 3,963,962
Property Funds - 361,457
Other - 1,553,655
Equities 5,998,442 -
Fixed Income 1,215,202 -
Alternative Investments 818,753 -
Properties 318,883 -
Liquid Assets 267,172 -
8,618,452 8,405,266
-

Essex Wildlife Trust Limited has four subsidiaries, two of which are limited by share capital and two of which are limited by guarantee, which are incorporated in England. The share capital above consists of 2 ordinary shares of £1 each held for Essex Ecology Services Limited. The share capital of Essex Wildlife Sales Limited was initially set up and then donated to the Trust. No account is taken of the value of this gift in the financial statements.

Further details concerning the activities and assets of these companies are given in notes 24 & 25.

16. Debtors

Group Charity
2023 (£) 2022 (£) 2023 (£) 2022 (£)
Trade debtors 172,540 229,046 69,081 82,969
Amounts due from Group undertakings - - 1,017,588 921,337
Legacies 1,330,770 691,483 1,330,771 691,483
Prepayments and accrued income 317,748 769,584 254,413 700,276
Other debtors 219,302 312,385 183,041 312,387
Total debtors 2,040,360 2,002,498 2,854,894 2,708,452

Financial instruments included in the above group debtor balances amount to £1,833,970 (2022: £1,591,552) and above charity debtor balances amount to £2,922,450 (2022: £2,366,814).

17. Short Term Investments

Current assets

Group Charity
2023 (£) 2022 (£) 2023 (£) 2022 (£)
Short term deposits 244,838 1,834,530 110,394 1,834,530

18. Creditors:

Amounts falling due within one year

Group Charity
2022 (£) 2022 (£)
2023 (£) (restated) 2023 (£) (restated)
Trade creditors 355,863 448,967 305,535 392,090
Amounts due from Group undertakings - - 373,852 391,693
Taxes and social security costs 235,382 156,571 131,180 92,330
Accruals and deferred income 571,306 638,880 533,183 596,708
Total creditors less than a year 1,162,551 1,244,418 1,343,750 1,472,821

Financial instruments, included in notes 18 and 19 for the above group creditor balances, amount to £853,110 (2022: £521,304) and above charity creditor balances amount to £1,034,308 (2022: £856,120).

20. 2023 - Designated funds Group and charity

These funds have been set aside for projects that are not fully funded by restricted income. Any unspent funds will be spent over the coming years as the expenditure for which these funds have been set aside is incurred.

Balance Closing
1 January 2023 (£) Incomings Outgoing Transfers Balance 31
(restated) funds (£) funds (£) (£) Dec 2023 (£)
Designated funds - projects
Abberton Fit Out 47,950 - - (47,950) -
Adversity Reserve - - - 250,000 250,000
Blue House Farm Improvements 265 - (265) - -
Brooks Reserve 1,685 - - (1,685) -
Education projects 39,461 - - (39,461) -
Emergency / asset replacement 34,277 - - (34,277) -
Express Wish 37,500 - - (37,500) -
General Projects 52,994 94,362 (95,485) (51,871) -
Interpretation fund 21,594 - (106,988) 150,000 64,606
Langdon Project 62,412 - 0 (62,412) -
Lower Raypits 198 - (198) - -
Opportunity Reserve - - - 250,000 250,000
Records Centre 150,742 - - (150,742) -
Total designated funds 449,078 94,362 (202,936) 224,102 564,606

A review of historical funds has been carried out during 2023, as part of this work greater clarity in the distinction between designated and restricted fund has been applied and several funds have been corrected to be recognised as restricted funds, where donors have applied these restrictions

2022 - Designated funds Group and charity

Balance Incomings Outgoing Closing Balance 31
Dec 2022 (£)
1 January 2022 (£) funds (£) funds (£) (restated)
Designated funds - projects
Abberton Fit Out 47,950 - - 47,950
Blue House Farm Improvements 14,648 - (14,383) 265
Brookes Reserve 1,685 - - 1,685
Colne Point Bridge insurance claim 50,415 - (50,415) -
Education projects 39,461 - - 39,461
Emergency / asset replacement 50,993 - (16,716) 34,277
Express Wish 70,802 37,500 (70,802) 37,500
General Projects 282,294 15,791 (245,091) 52,994
Ingrebourne laptops insurance claim 13,178 - (13,178) -
Interpretation fund 163,402 - (141,808) 21,594
Landscape conservation projects (15,792) - 15,792 -
Langdon project 300,000 - (237,588) 62,412
Legacy A Hollands Langdon area 248,610 - (248,610) -
Legacy J Pickford 2,114,937 186 (2,115,123) -
Legacy C Will Abberton 9,860 - (9,860) -
Lower Raypits 2,596 - (2,398) 198
Pound and Tile Wood 4,753 1,524 (6,277) -
Recognition of legators 15,608 - (15,608) -
Records centre 128,955 21,787 - 150,742
Total designated funds 3,544,355 76,788 (3,172,065) 449,078

20. Designated funds Group and charity (continued)

Abberton Fit Out

The Trustees agreed to set aside £100,000 for interpretation and fittings at the new Abberton centre.

Adversity Reserve

This fund is set aside by the Trustees to offset expenditure against unforeseen or unbudgeted events.

Howlands

This was designated because the donor, who enabled the Trust to purchase Howlands, also donated £50,000 which the Trustees have decided to use as future support for this nature reserve.

Interpretation fund

These funds have been allocated by the Trustees to implement the new interpretation strategy which links with the marketing strategy and charitable objectives.

Blue House Farm improvements

This was a fund to support development and improvements at the Blue House Farm nature reserve.

Langdon project

This was a fund to support the 2020 rebuild of the Langdon Nature Discovery Centre.

Brookes Reserve

This nature reserve was held under leasehold by the Trust, however, the former owner donated the freehold to the Trust together with these funds which the Trustees agreed to hold in a designated fund for Brookes nautre reserve.

Lower Raypits

The Trust has undertaken major works at this Nature Reserve and these funds were to balance to complete the works.

Opportunity Reserve

Education projects

These funds were designated for the Senior Management team who represent the projects task group, to authorise for specific educational projects that are prioritised in conjunction with the strategic and operational plan to enable achievement of the Trusts charitable education objectives.

An allocation of funds readily available to investigate new ventures that might be explored during the year

Records centre

These funds have been allocated by the Trustees to further support the development and long term viability of the records centre.

Emergency / asset replacement

These funds were designated by the Board for the CEO to authorise purchase of replacement assets in an emergency situation.

General Projects

These funds were allocated by the Trustees to a number of projects to match other funds to ensure these projects can go ahead in the near future.

Essex Wildlife Trust Trustees’ annual report and accounts 2023 | 73

21. Restricted Income funds

2023 - Group and charity

Unrealised
1 Opening
Balance at
Jan 2023 (£)
(restated)		 Income
(£)		 Expenditure
(£)		 Gain/
(Losses) on
Investments
(£)		 Transfers
(£)		 Closing
Balance
31 Dec
2023 (£)
Fixed Asset Fund 11,759,237 - (461,295) - 71,740 11,369,682
In Memory Funds - 7,599 (3,211) - 21,984 26,372
Local Group Balances - 38,946 (17,038) - 22,919 44,827
Donated Funds for Reserves 409,094 43,933 (104,471) - 112,286 460,842
Project Funds 201,060 299,496 (224,304) - 3,244 279,496
Land Purchase Appeals and Donations 140,148 58,499 (20,681) - (20,914) 157,052
Restricted Legacy Funds 2,530,355 44,907 - - 195,998 2,771,260
Other Funds 237,822 360,002 (262,262) - (335,562) -
Total Charity Restricted Funds 15,277,716 853,382 (1,093,262) - 71,695 15,109,531
Chaford Gorges fund 3,846,464 222,364 (180,036) 202,649 - 4,091,441
Thameside Nature Park fund 657,483 304,314 (127,226) - - 834,571
Total Group Restricted Funds 19,781,663 1,380,060 (1,400,524) 202,649 71,695 20,035,543

2023 - Charity

Opening Closing
Balance
Balance at 31 Dec
1 Jan 2023 (£) Income Expenditure Transfers 2023 (£)
(restated) (£) (£) (£) (restated)
Fixed Asset Fund 11,759,237 - (461,295) 71,740 11,369,682
In Memory Funds - 7,599 (3,211) 21,984 26,372
Local Group Balances - 38,946 (17,038) 22,919 44,827
Donated Funds for Reserves 409,094 43,933 (104,471) 112,286 460,842
Project Funds 201,060 299,496 (224,304) 3,244 279,496
Land Purchase Appeals and Donations 140,148 58,499 (20,681) (20,914) 157,052
Restricted Legacy Funds 2,530,355 44,907 - 195,998 2,771,260
Other Funds 237,822 360,002 (262,262) (335,562) -
Total Charity Restricted Funds 15,277,716 853,382 (1,093,262) 71,695 15,109,531

2022 - Group and charity

Opening Unrealised
Gain/		 Closing
Balance
Balance at
1 Jan 2022 (£)		 Income Expenditure (Losses) on
Investments		 31 Dec
2022 (£)
(restated) (£) (£) (£) (restated)
Fixed Asset Fund 11,977,882 132,117 (350,762) - 11,759,237
Donated Funds for Reserves 187,778 216,565 4,751 - 409,094
Project Funds 289,894 337,132 (425,966) - 201,060
Land Purchase Appeals and Donations 140,148 - - - 140,148
Restricted Legacy Funds 309,283 29,727 2,191,345 - 2,530,355
Other Funds 40,239 274,734 (77,151) - 237,822
Total Charity Restricted Funds 12,945,224 990,275 1,342,217 - 15,277,716
Chaford Gorges fund 4,393,586 130,406 (112,244) (565,284) 3,846,464
Thameside Nature Park fund 491,009 281,759 (115,285) - 657,483
Total Group Restricted Funds 17,829,819 1,402,440 1,114,688 (565,284) 19,781,663

2022 - Charity

Opening Closing
Balance
Balance at 31 Dec
1 Jan 2022 (£) Income Expenditure 2022 (£)
(restated) (£) (£) (restated)
Fixed Asset Fund 11,977,882 132,117 (350762) 11,759,237
Donated Funds for Reserves 187,778 216,565 4,751 409,094
Project Funds 289,894 337,132 (425,966) 201,060
Land Purchase Appeals and Donations 140,148 - - 140,148
Restricted Legacy Funds 309,283 29,727 2,191,345 2,530,355
Other Funds 40,239 274,734 (77,151) 237,822
Total Charity Restricted Funds 12,945,224 990,275 1,342,217 15,277,716

Restricted funds are unspent funds that arise out of the Trust’s ongoing activities, the Trust may have funding to carry out a specific project, or a donor has specified some restriction in which the donation may be used. These restricted funds have been classified under several headings to group funds with similar restrictions together.

A review of historical funds has been carried out during 2023, as part of this work greater clarity in the distinction between designated and restricted fund has been applied and several funds have been corrected to be recognised as restricted funds, where donors have applied these restrictions.

Fixed Asset Fund – represents the net book value of Restricted Fixed Assets.

In Memory funds – have been donated to the Trust by family and friends In Memory of a named individual.

Local Group Balances – represents the balance of funds raised by local groups that have not been allocated to projects or expenditure on our reserves.

Other Funds – represents the brought forward balances of smaller funds that have been either spent or allocated into the preceeding categories during the year.

Chafford Gorges fund is for managing the reserve at Chafford Gorges, Grays.

Thameside Nature Park fund is for managing the reserve at Mucking, Thurrock.

Donated Funds for Reserves – represents the balance of amounts that have been allocated to specific reserves or geographic areas.

Project Funds – represents the balance of amounts that have been granted to the Trust to complete specific projects.

Land Purchase Appeals and Donations – represents the balance of amounts specifically held, either through appeals or donations for land purchases.

Restricted Legacy Funds – represents the balance of Legacy funds that have been received and have specific conditions for their use.

22. Endowment funds

2023 - Group and charity

These are funds which will have arisen from an appeal, from a specific donation, or from grants. Permanent endowments must be retained with the income used for the purpose for which it was given to the Trust whereas expendable endowments can be utilised once the trustees consider it appropriate.

Unrealised
Balance
1 Jan 2023		 Income Expenditure Gain/ (Losses)
on investments		 Transfers Closing Balance
31 Dec 2023
(£) (£) (£) (£) (£) (£)
Holland and Arthur Endowment 511,289 13,056 (13,188) 22,402 - 533,559
Joan Elliot Endowment 2,139,721 54,639 (54,639) 93,749 - 2,233,470
Langdon Dowset Interest 265,605 6,782 (6,782) 11,637 - 277,242
Total Endowment Funds 2,916,615 74,477 (74,609) 127,788 - 3,044,271

2022 - Group and charity

Unrealised
Balance
1 Jan 2022		 Income Expenditure Gain/ (Losses)
on investments		 Transfers Closing Balance
31 Dec 2022
(£) (£) (£) (£) (£) (£)
Holland and Arthur Endowment 559,455 14,286 (3,426) (59,026) - 511,289
Joan Elliot Endowment 2,392,102 61,084 (61,084) (252,381) - 2,139,721
Langdon Dowset Interest 296,933 7,582 (7,582) (31,328) - 265,605
Total Endowment Funds 3,248,490 82,952 (72,092) (342,735) - 2,916,615

The Holland and Arthur fund is to be used to manage (or purchase or put towards a purchase of) land in the District of Tendring.

The Joan Elliot Fund is to be used for the running of Abbotts Hall Farm and Reserve; any surplus may be used towards core funding.

The Langdon Dowsett fund is to be used to part fund the running of the Langdon reserve.

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Essex Wildlife Trust Trustees’ annual report and accounts 2023 | 77
Elephant hawk moth: Vaughn Matthews
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23. Analysis of Funds

23a. Analysis of net assets between funds - Group

2023 Unrestricted
funds (£)		 Restricted
funds (£)		 Endowment
funds (£)		 Total
2023 (£)
Intangible fxed assets 10,875 - - 10,875
Tangible fxed assets 3,021,278 11,684,779 502,829 15,208,886
Long-term investments 5,700,816 3,907,574 2,917,634 12,526,024
Current assets (793,804) 4,641,855 (376,192) 3,471,859
Current liabilities (963,886) (198,665) - (1,162,551)
Long term liabilities - - - -
Defned beneft pension (303,999) - - (303,999)
Total net assets 6,671,280 20,035,543 3,044,271 29,751,094
Unrestricted Restricted Endowment Total
2022 funds (£) funds (£) funds (£) 2022 (£)
(restated) (restated) (restated) (restated)
Intangible fxed assets 1,177 - - 1,177
Tangible fxed assets 2,887,311 11,860,590 503,619 15,251,520
Long-term investments 6,076,276 3,704,925 2,328,988 12,110,189
Current assets 249,255 4,448,546 84,008 4,781,809
Current liabilities (1,012,020) (232,398) - (1,244,418)
Long term liabilities - - - -
Defned beneft pension 18,767 - - 18,767
Total net assets 8,220,766 19,781,663 2,916,615 30,919,044

23a. Analysis of net assets between funds - Charity

2023 Unrestricted
funds (£)		 Restricted
funds (£)		 Endowment
funds (£)		 Total
2023 (£)
Intangible fxed assets 10,875 - - 10,875
Tangible fxed assets 2,947,915 11,369,682 502,829 14,820,426
Long-term investments 3,798,131 2,278,879 2,541,442 8,618,452
Current assets 1,809,137 1,659,635 - 3,468,772
Current liabilities (1,145,085) (198,665) - (1,343,750)
Long term liabilities - - - -
Defned beneft pension (303,999) - - (303,999)
Total net assets 7,116,974 15,109,531 3,044,271 25,270,776
Unrestricted Restricted Endowment Total
2022 funds (£) funds (£) funds (£) 2022 (£)
(restated) (restated) (restated) (restated)
Intangible fxed assets 1,177 - - 1,177
Tangible fxed assets 2,798,080 11,759,237 503,619 15,060,936
Long-term investments 6,076,278 - 2,328,988 8,405,266
Current assets 1,181,867 3,734,915 84,008 5,000,790
Current liabilities (1,206,385) (266,436) - (1,472,821)
Long term liabilities - - - -
Defned beneft pension 18,767 - - 18,767
Total net assets 8,869,784 15,227,716 2,916,615 27,014,115

23b. Movement in Funds - Group and charity

2023 - Group

Unrealised
Opening
Balance at
1 Jan 2023 (£)		 Income Expenditure Gain/
(Losses) on
investments		 Transfers Closing
Balance
Note (restated) (£) (£) (£) (£) 31 Dec 2023 (£)
Unrestricted Funds
Free Reserves 4,972,431 7,677,133 (9,297,716) 333,398 (537,362) 3,147,884
Fixed Asset Fund 2,799,257 - (82,032) - 241,565 2,958,790
Designated Funds 449,078 94,362 (202,936) - 224,102 564,606
Total Unrestricted Funds 8,220,766 7,771,495 (9,582,684) 333,398 (71,695) 6,671,280
Restricted Funds
Fixed Asset Fund 11,759,237 - (461,295) - 71,740 11,369,682
Other Restricted Funds 3,518,479 853,382 (631,967) - (45) 3,739,849
Subsidiary Charity - 657,483 304,314 (127,226) - - 834,571
Thameside Nature Park
Subsidiary Charity - 3,846,464 222,364 (180,036) 202,649 - 4,091,441
Chaford Gorges
Total Restricted Funds 21 19,781,663 1,380,060 (1,400,524) 202,649 71,695 20,035,543
Endowment Funds
Fixed Asset Fund 503,619 - (790) - - 502,829
Endowment Funds 2,412,996 74,477 (73,819) 127,788 - 2,541,442
Total Endowment Funds 22 2,916,615 74,477 (74,609) 127,788 - 3,044,271
Total Funds 30,919,044 9,226,032 11,057,817 663,835 - 29,751,094

2023 - Charity

Unrealised
Gain/
Opening
Balance at		 Income Expenditure (Losses) on
investments		 Transfers Closing
Balance
Note 1 Jan 2022 (£) (£) (£) (£) (£) 31 Dec 2022 (£)
Unrestricted Funds
Free Reserves 5,571,449 7,677,133 (9,451,040) 333,398 (537,362) 3,593,578
Fixed Asset Fund 2,799,257 - (82,032) - 241,565 2,958,790
Designated Funds 449,078 94,362 (202,936) - 224,102 564,606
Total Unrestricted Funds 8,819,784 7,771,495 (9,736,008) 333,398 (71,695) 7,116,974
Restricted Funds
Fixed Asset Fund 11,759,237 - (461,295) - 71,740 11,369,682
Other Restricted Funds 3,518,479 853,382 (631,967) - (45) 3,739,849
Total Restricted Funds 15,277,716 853,382 (1,093,262) - 71,695 15,109,531
Endowment Funds
Fixed Asset Fund 22 503,619 - (790) - - 502,829
Endowment Funds 2,412,996 74,477 (73,819) 127,788 - 2,541,442
Total Endowment Funds 2,916,615 74,477 (74,609) 127,788 - 3,044,271
Total Funds 27,014,115 8,699,354 (10,903,879) 461,186 - 25,270,776

2022 - Group

Unrealised
Opening Gain/ Closing
Balance at (Losses) on Balance
1 Jan 2022 (£) Income Expenditure investments Transfers 31 Dec 2022 (£)
Note (restated) (£) (£) (£) (£) (restated)
Unrestricted Funds
Free Reserves 6,927,650 6,933,713 (8,187,186) (894,189) 192,443 4,972,431
Fixed Asset Fund 2,749,745 - (103,945) - 153,457 2,799,257
Designated Funds 3,470,001 76,788 - - (3,097,711) 449,078
Total Unrestricted Funds 13,147,396 7,010,501 (8,291,131) (894,189) (2,751,811) 8,220,766
Restricted Funds
Fixed Asset Fund 12,096,676 - (350,762) - 13,323 11,759,237
Other Restricted Funds 768,810 880,055 (868,874) - 2,738,488 3,518,479
Subsidiary Charity - 491,009 281,759 (115,285) - - 657,483
Thameside Nature Park
Subsidiary Charity - 4,393,586 130,406 (112,244) (565,284) - 3,846,464
Chaford Gorges
Total Restricted Funds 21 17,750,081 1,292,220 (1,447,165) (565,284) 2,751,811 19,781,663
Endowment Funds
Fixed Asset Fund 500,000 - (329) - 3,948 503,619
Endowment Funds 2,748,490 82,952 (71,763) (342,735) (3,948) 2,412,996
Total Endowment Funds 22 3,248,490 82,952 (72,092) (342,735) - 2,916,615
Total Funds 34,145,967 8,385,673 (9,810,388) (1,802,208) - 30,919,044

2022 - Charity

Unrealised
Opening
Balance at
1 Jan 2022 (£)		 Income Expenditure Gain/
(Losses) on
investments		 Transfers Closing
Balance
Note (restated) (£) (£) (£) (£) 31 Dec 2022 (£)
Unrestricted Funds
Free Reserves 6,927,650 6,933,713 (7,588,168) (894,189) 192,443 5,571,449
Fixed Asset Fund 2,749,745 - (103,945) - 153,457 2,799,257
Designated Funds 3,470,001 76,788 - - (3,097,711) 449,078
Total Unrestricted Funds 13,147,396 7,010,501 (7,692,113) (894,189) (2,751,811) 8,819,784
Restricted Funds
Fixed Asset Fund 12,096,676 - (350,762) - 13,323 11,759,237
Other Restricted Funds 768,810 880,055 (868,874) - 2,738,488 3,518,479
Total Restricted Funds 12,865,486 880,055 (1,219,636) - 2,751,811 15,277,716
Endowment Funds 22
Fixed Asset Fund 500,000 - (329) - 3,948 503,619
Endowment Funds 2,748,490 82,952 (71,763) (342,735) (3,948) 2,412,996
Total Endowment Funds 3,248,490 82,952 (72,092) (342,735) - 2,916,615
Total Funds 29,261,372 7,973,508 (8,983,841) (1,236,924) - 27,014,115

Essex Wildlife Trust Trustees’ annual report and accounts 2023 |

81

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Roe deer: WildMedia - stock.adobe.com
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24. Trading companies

The trading activities of the Trust are carried out through wholly owned subsidiary companies, Essex Wildlife Sales Limited (EWS) company number 02548617 and Essex Ecology Services Limited (EES) company number 02853947. Both companies gift aid their taxable profits across to the Trust.

EWS operates shops and catering in all our Nature Discovery Centres.

EES offers environmental project consultancy services.

EWS EES
2023 (£) 2022 (£) 2023 (£) 2022 (£)
Turnover 2,769,936 2,405,271 187,773 298,210
Cost of sales (1,184,047) (1,015,044) (252,673) (234,353)
Gross proft 1,585,889 1,390,227 (64,900) 63,857
Administrative expenses (1,537,690) (1,391,506) (68,010) (55,807)
Other operating income - 4,000 - -
Other operating costs - - (86) -
Interest payable - - - -
48,199 2,721 (132,996) 8,050
Gif aided profts to Essex Wildlife Trust - - - (8,050)
Reserves brought forward (364,013) (366,734) - -
Reserves carried forward (315,814) (364,013) (132,996) -

Balance Sheets

EWS EES
2023 (£) 2022 (£) 2023 (£) 2022 (£)
Tangible fxed assets 71,247 89,231 2,118 -
Current assets 583,062 427,778 180,740 164,437
Current liabilities (970,122) (881,020) (315,852) (164,435)
Total net assets (315,813) (364,011) (132,994) 2
Represented by proft and loss reserves (315,813) (364,013) (132,996) -
Represented by share capital 2 2 2 2

The Registered Office of each entity is Abbots Hall Farm, Maldon Road, Great Wigborough, Colchester, Essex CO5 7RZ. The Registered Share Capital of both companies is £2 and is held by EWT.

25. Subsidiary charities

Chafford Gorges Limited (company number 05189256, charity number 1113511), a company limited by guarantee, is also a registered charity over which the Essex Wildlife Trust has full control. The charity manages and operates the area of land known as Chafford Gorges Nature Park in Grays Thurrock, excluding the Nature Discovery Centre on the site, which is operated by the Trust.

Thameside Nature Park Limited (company number 07151955, charity number 1137142), which is also a company limited by guarantee, is also a registered charity over which the Essex Wildlife Trust has full control. The charity manages and operates the area of land known as Thameside Nature Park at Mucking, excluding the Nature Discovery Centre on the site, which is operated by the Trust.

Summaries taken from the accounts for the two charities for the year ended 31 December 2023 appear below.

Statement of Financial Activities

Chaford Gorges Thameside Nature Park
2023 (£) 2022 (£) 2023 (£) 2022 (£)
Incoming resources 222,363 130,406 307,514 281,759
Resources expended (192,762) (119,141) (135,141) (121,150)
Net incoming/(outgoing) resources 29,601 11,265 172,373 160,609
Gains on investments
(Losses)/gains on investments		 XX
202,649		 306,022
(565,284)		 XX
-		 -
Net movement in funds for the year XX
232,250		 336,283
(554,019)		 XX
172,373		 (7,115)
160,609
Reserves brought forward 3,776,430 4,330,449 492,512 331,903
Reserves carried forward 4,008,680 3,776,430 664,885 492,512

Balance Sheets

Chaford Gorges Thameside Nature Park
2023 (£) 2022 (£) 2023 (£) 2022 (£)
Tangible fxed assets 76,727 14,523 245,388 86,830
Investments at market value 3,907,574 3,704,925 - -
3,984,301 3,719,448 245,388 86,830
Current assets 193,694 91,026 430,449 410,810
Gains oninvestments
Current l abilities		 XX
(169,314)		 306,022
(34,044)		 XX
(10,952)		 -
(5,128)
Total net assets 4,008,681 3,776,430 664,885 492,512
Represented by unrestricted funds 4,007,876 3,774,603 570,692 475,823
Represented by restricted funds 805 1,827 94,193 16,689

26. Members’ guarantee

The Charity is a Company Limited by Guarantee and incorporated in England and Wales. In the event of its winding up or dissolution, if there remains, after the satisfaction of all its debts and liabilities, any property whatsoever, it shall not be paid to or distributed among the Members of the Trust but shall be given or transferred to some other institution or institutions having objects similar to the Trust or to some other charitable object.

The aforementioned are subject to further clauses as stated within the Company’s Memorandum and Articles of Association.

Every member of the Trust undertakes to contribute to the assets of the Trust in the event of it being wound up, while he/she is a member, or within one year after he/she ceases to be a member, such amounts not exceeding one pound sterling.

27. Contingent liabilities

A legal charge created on 23 March 1987 amounting to £38,000 exists over a parcel of land included within the group’s fixed assets.

28. Commitments under operating leases

Group

At 31 December 2023 the group had non-cancellable commitments under operating leases expiring as follows:

2023 2022
(£) (£)
Expiring within 1 year 30,513 10,424
2-5 years 71,596 2,409
Total 102,109 12,833

Charity

At 31 December 2023 the charity had non-cancellable commitments under operating leases expiring as follows:

2023 2022
(£) (£)
Expiring within 1 year 21,359 8,672
2-5 years 62,820 2,117
Total 10,789 84,179

29. Capital Commitments

Group

Capital Commitments - Contracts Commitment
2024 (£)
Hanningfeld Tank 43,518
Warley Orangery/Conservatory 13,535
More Marvelous Meadows 38,500
~~Total~~ ~~95,553~~

Charity

Capital Commitments - Contracts Commitment
2024 (£)
Hanningfeld Tank 43,518
Warley Orangery/Conservatory 13,535
~~Total~~ ~~57,053~~

Capital commitments are future contractual commitments that the Trust has to enable the completion of work that is currently being undertaken, but is not yet complete. 2022 capital commitments; £Nil.

30. (Deficit)/surplus for the financial year

As permitted by Section 408 of the Companies Act 2006, the parent charitable company’s Statement of Financial Activities has not been included in these financial statements. The (deficit)/surplus for the financial year is made up as follows:

2023 2022 (£)
(£) (restated)
Parent charitable company’s (defcit) for the fnancial year (1,167,950) (3,226,923)

31. Comparative information

Unrestricted Restricted Endowment Total 2022 (£)
Notes (£) income (£) fund (£) (restated)
Incoming and endowments from
Donations and legacies 3 2,527,145 104,114 - 2,631,259
Charitable activities 4 1,632,330 1,058,247 - 2,690,577
Other trading activities 5 2,714,636 400 - 2,715,036
Investments 6 136,390 129,459 82,952 348,801
Total 7,010,501 1,292,220 82,952 8,385,673
Expenditure on
Charitable activities 7 4,402,127 1,427,893 72,092 5,902,112
Raising Funds 8 3,856,873 19,272 - 3,876,145
Total 9 8,259,000 1,447,165 72,092 9,778,257
Net losses on defned beneft
Pension scheme 11 (32,131) - - (32,131)
Net gains on investments 15 (894,189) (565,284) (342,735) (1,802,208)
Net income and net movement in funds (2,174,819) (720,229) (331,875) (3,226,923)
Reconciliation of funds
Total funds brought forward (restated) 10,395,585 20,501,892 3,248,490 34,145,967
Total funds carried forward 23 8,220,766 19,781,663 2,916,615 30,919,044

The statement of financial activities contains all gains and losses for the year and all activities relate to continuing operations. The profit for the purposes of the Companies Act 2006 is the net incoming resources before unrealised losses/gains.

32. Related party transactions

The charity has taken advantage of the exemptions confirmed by FRS102 not to disclose transactions with its wholly owned subsidiaries. There were no transactions with other related parties during the year.

As a stakeholder in Wildlife Fundraising Central Limited (WFC), one member of EWT staff has been a director of WFC during part of the year (resigned 06/02/2023). The transactions between EWT and WFC relate to membership recruitment for EWT, these services invoiced totaled £283,775 in 2023 (2022: £145,922). With amounts owing as creditor at year-end 2023 of £35,071 (2022 - £56,154). A director of Essex Wildlife Sales/Chafford/Thameside/EECOS has a related party who is a partner of Tolleshunt Turf Farms. The transactions between Tolleshunt Turf Farms relate to the purchase of Play Bark. The items invoices totalled £514.08 in 2023 (2022: £481.56). With amounts owing as a creditor at year end 2023 of £Nil (2022 - £317.04)

Trustees are covered by the Trustee and Senior Management indemnity policy whilst discharging their duties for charity and group activities. The indemnity policy amounted to £1,987 for 2023.

Some of the Charity Trustees and Senior Managers are paid members of EWT, these members pay the same membership rate and receive the same benefits as membership available to the public. Additionally, the Charity has corporate members that are related to organisations with which Trustees have external relationships with. These memberships are at the same membership rate and receive the same benefits as memberships available to the public.

None of the Trustees have been paid any renumeration or received any other benefits from Essex Wildlife Trust or its subsidiaries

Donations and membership income received by the charity from Trustees and Directors of its group during 2023 are £1,873 (2022 : £713).

33. Restatement of funds

(a) The accounting treatment for the repayment of an amount owing to Essex And Suffolk Water has been reviewed, and the Trustees have restated the repayments to match the terms of the lease. The lease agreement details these payments as “basic rent” for a 24 year period, reverting to a peppercorn rent after this initial period, for the remainder of the 99 year lease. These costs have been charged to a restricted fund

(b) Two designated funds reported in accounts up to 2022 have been reviewed and subsequently restated as restricted funds. There are conditions on these funds that indicate the correct treatment is to move them from designated to restricted.

2021

The restricted funds balance b/f at 31/12/2021 has been restated as:

2022

The restricted funds balance b/f at 31/12/2022 has been restated as:

The designated funds balance b/f at 31/12/2021 has been restated as:

The designated funds balance b/f at 31/12/2022 has been restated as:

2021 2021 2022 2022
Designated Restricted Designated Restricted
Funds (£) Funds (£) Funds (£) Funds (£)
(a) Restatement of payments due - (189,958) - (194,099)
to Essex and Sufolk Water
(b) Restatement of Restricted Fund (110,220) 110,220 (110,220) 110,220
from designated
Total restatement (110,220) (79,738) (110,220) (83,879)
Previously reported balance 3,580,221 19,865,542 559,298 19,865,542
Restated value 3,470,001 19,785,804 449,078 19,781,663

Summary of prior year adjustment - Restatement of payments due to Essex and Suffolk Water

Accounting adjustments have been made to correct payments to Essex and Suffolk Water, which were previously classified as the repayment of a ‘loan’ in the creditors section of the balance sheet. These payments are now correctly reflected as a cost in the Statement of Financial Activities. Additionally, the discount factor previously applied to these payments has been reversed.

PYA

The prior year adjustment processed in the 2022 accounts was as follows:

2022

Balance sheet Adjustment (Dr/CR)
Restatement of creditors due within one year -266,436
Restatement of creditors due in greater than one year 72,337
Restatement of restricted reserves brought forward 198,240
SOFA
Rent cost -4,141

Essex Wildlife Trust