R•gi5tered number-. 00561833 Charity number: 210531 LEICESTERSHIRE AND RUTLAND WILDLIFE TRUST LIMITED (A company limited by guarantee) Trustees. report and financial statements For the year ended 31 March 2024 •pmicpuY* 1111Df2024 COMPANIES MOUSE LEICESTERSHIRE AND RUTLAND WILDUFE TRUST LIMITED {A company Ilmitod by gtsarants•l Contents Page Reference and admlni$trative details of thè Trust. its Tn•st8•s aftd advisers Trustees. r¢port Independent audltors. report on the Ilnan¢lal statements Con$olidat¢d stat•m•nt of financial xtiviti•s 3-21 22-25 26-27 Consolidated balance Sheet 28-29 Trust balance sheet 30-31 Consolidatèd statoment of cash flows 32 Notes to the flnan¢lal $t•tsments 33-67 LEICESTERSHIRE AND RUTLAND WILDLIFE TRUST UMITED (A Company limited by guarantee) Reference and administrative details of the Trust. it$ Trustees and advise For the year end•d 31 March 2024 President Srr Dav￿ Attenborough OM. CH. CVO. CBE, FRS Vice Presid•nt Mr P L 1Olard MA LLB P¥trons Lady Gretton DCVO. JP Dr LaU￿rKe Howard KCVO. OBE Council of Management Mr R D Beame (elected by Members of Dr A J Biddle the Charityl MrA S Moffal DrHMRNott Dr S Petrovan MrA J Tholpe Mrs E A Tomlinson Ms A Wilkin Mr P D Williams r M Youngs {resigned 22 November 2023) Company regi$tered numbor 00561833 Charity r•gist•r•d number 210531 Règistered office The Old Mill 9 Soar Lane Lei￿ster LE3 SDE Chair Mrs E A Tomlinson Vicrthair Mr R D Beame Honorary Secretary Mr P D Ihfjlliams Honorary Treasurer MrA J Thorpe Chief Executive Officer Mr M Carter Page 1 LEICESTERSHIRE AND RUTLAND WILDLIFE TRUST UMITED (A ¢ompany limit•d by guarant•e) Reference and administrative details of th• Trus( its Trusteas and advisers (continu•dl For the year •nd•d 31 March 2024 Independent auditors PKF Smth Cooper Audit Limrted statutory Auditors 2 Lace Market Square Nottingham NG1 1PB Bankers HSBC Bank plc 31 Granby Street LeI￿ster LE1 6EP Solicito Knights PIC 34 Pocklington W*k Leiceste¥ LW1 6BU Inv•$tm¢nt Advis•rs Brelwn Dolrknin Two Colton SqLwe L￿r£Ster LE1 IQF Page 2 LEICESTERSHIRE AND RUTLAND MLDLIFE TRUST LIMITED IA company limited by guarant••) Twstees. report For th• year èndod 31 Mar¢h 2024 The Counal, beiTrJ the Trustees dweclors of Leicestershire and Ruuand Wildlrfe Trust lthe Trusti present their Annual Report together with the audited finanoal stslements of the Trust for the year 1 April 2023 to 31 March 2024. The Annual report serves the purposes of tx)th a Truslees. feport and a directors. report under company law. The Trustee5 c￿firrn that the Annual ￿POrt and financial statements of the ¢harrtable company comply wth the current slalLrtory requirements, the requirements of the ¢haritsble ¢ompany'$ governing document. the provisons of the Statement of Recommended prad1￿ {SORP) applicable to charrties preparing their a￿OUnt$ in accordance with the Financial Reporting Standard ap￿1¢able in Ihe UK and Republic of Ireland IFRS1021 leffe¢ts've 1 January 2019) and the CompaThes Act 2006. Since the group and the Trust qualtfy as small under seth'on 383 of the Companies Act 2006. the Group Strategic report requifed of medium and large companies under the Companies Act 2006 (Strategic Report and Directors, Report) Regulations 2013 has been omitted. Objectives •nd a¢tlvltles a. Poli¢l•$ and oblectives The Trust works for the protecti￿ and enhan￿ment of wddlrfe and wikd places in Leicesler5hire and Rulsand. The charity is dedicated lo securing a positive fthure for wldlife. as well a5 improving people's understanding, apprecith.on and enjoyment of wldlrfe by carrying out the folk￿ing objects.. a) For Ihe benefft of the pthic. lo alfva￿e. promote and lurther the rnnser¥ation. maintenance and protection of". lil Wildlife considered to be worthy of proteckn.on for the public tenefil. and its habitals", lill Places of zoological, bolari¢31. 9￿OgIcal or ph￿Qgra￿1¢al value." in any ways that are available in law in pth"cular. bul Mt exdu%vely. by promoting biodiveNty and nature conservation. bl To adVar￿ the education of the pubhc in" lil The principle5 and practi￿ of sustsinable development., li1} The prinoples and practice of bi(*Jiversty and nature conservatic￿. cl To promote research in all branches of the study of the natural world whth wll be for the public benefit, and to record and publish the uselul wults thereof. Our Purpos• Our purpose is to bring wildlife back. to empower people to take meaning￿1 action for nature. and to create a souety 1vhe￿ nalufe matters. Our Vision Our vision is of a thriving natural worfd, t•*th our wildlrfe arKI habrtals plawng a valued role in addressing the climate and ecological emefgencies. and people inspt'red and empowered to take action for natu￿. Th8 Trust's Strategy to 2030: Bringing Na￿re Ba¢k The Trust Is years into rts Strategy lo 2030.. BringiThJ Nature Back. This Strategy is our response to the nature emergency. 11 recognises Ihat the hvin threats of climate breakd¢)vm and e¢￿QgIcal collapse are the most important issues of our lime. Our work over the past 68 years has protected some of the most important places for n*ure, but now our work Tnusl step L+P a gear. As well as protecting the fragments of wildlife-rth habilal that we have left, we need lo start restoring ec05yslems at scale- we need to put nature into recovery. Leicestershire and Rutland Wildlrfe Twst is uniquety posiboned to insFire and lead Ihe posthe ecological change Page 3 LEICESTERSHIRE ANO RUTLAND ￿LDLIFE TRUST LIMITED IA company limiled by guarantee) Trustees. report (continued) For the year ended 31 March 2024 Oblgctl¥es and activitiès l¢ontinued) that will be needed across counties. Although a locally-based chanty. we are part of a national movement of 46 Wildlife Trusts, all with a shared purpose. As members of this inlluents.al nelwork. we a￿ part of a ￿lIeth"ye covering the whole of the UK with 900.000 members, 32,500 volunteers, 2.500 51aff and 600 trustees. 811 working logelher through a ￿ntral unit. the Royal Society of Wildlrfe Trusts (The Wildlile Trusts.). The Trust works in close collabwation with the Royal Society of Wikllife Trusts and other Wildlife Trusts. as well as other partnefs, indivKlual$ ￿ c(xnmunrties. to achieve a wlder future. and Supports others to be part of Ihis team. The follown9 paragraphs swnmarise the Trust's Strategy 2022-2030: Bringing Nature &xk. Oetailed work progfammes for ea¢h year *MH drive ils aim$ and ¢)bjective$. Our Approach.. We are ambitious in OLW desire to reverse the dedines in nature. We need lo in¢￿aSe abundance and diversity by restoring and ¢reatsng hatM"tat5 al scale. We speak 3Uthenlully wilh a bold and confident voice. and commit lo tell the truth about the state of nature and be clear al￿ut what r*ds to be done to put rt in recovery. Firmly rooted in our bcal ¢ommunits"e$. we look after wild pla￿$. infxeasing people's understanding of. and conneclion to. the natural worfd. We look to estsbli$h common cause arKI wcvk in partnersh'p Vlith others to devetop new. innovative ways lo put nalure in recovery. We demonstrate what 15 possi￿e, and inspire. emprywer, and enable people from all backgrounds, cultures. identities. and abilrties to brirrtj about ow Mson with us. efflbraung the diversity of our Society to change the natural worfd for the better. Ifwe get OUT approach right in LeI￿SterShI￿ and Rutland, and each Wildlife Trust does Ihe same, we wll have a collective impact that gets rt right nabonally and helps add￿$8 global problems. Our Goals". Nature in Leicestefshire and Rutiand is in recovery with abundant. thverse wildlife and natural processes creating wlder land where peop￿ and nature thrive. People in LeI￿sterShire and Rutland are taking for nature and the dimatè, resulting in better decision-making for the enwronment at both the local level arKI national level. Nature In Leicestershire and Rutland is playrvJ a central and valued role in helping to ￿ld￿$S Iccal and global Problems. The Required Transfomiath"ons." Developing our rde as a trusted styjrce of knowledge and experlise Working effeetively nalK)nally and locdly Inspiring, organising and Mobili￿n9 people and communilj.es Undergoing a'rool and brènch, digital transfom)atson Delivering a stepthange In the scale and th"versrty ol funding for nature's recovery The Enabling Priorities.. Responding to the climate and ecological emergency- geth.ng our own house in orfer Ensuring our nature reserves and landscape-5cale inits"atives are the foundatson for nature's recovery Develop clear and consistent evidence-based policies Invest in a highly-skilled and ¢Jhverse staff and volunteer nelwork, and build a movement-wde learning culture Speak with authority and a confident vtyce, instilling trust ar￿ further irueasing our impact and inffluence Page 4 LEICESTERSHIRE AND RUTLAND WILDLIFE TRUST LIMITED (A company limited by 9uarnnlee) Trustees. report Icontinuedl For the y•ar ended 31 March 2024 Objective$ and a¢tivitie$ (continu•d) The delivery of this Strategy is the basis for the Trust's day-t¢>day work. safeguarding V•ildlife by.. orking to protect and enhance biodiversity We ca￿ for 35 natu￿ ￿erveS covering 1.275 hectares IwouTrJ 3,150 atresl spread across LeicesteTshire and Rulland. From woodland to meadows. V*PtI￿d to heaths. these reserves eonlain a rich variety of animal and plant species, many rare. In the wider countryside we work wilh landowners. local authorities, agenues, businesses, and other partners and stakeholders lo In¢￿aSe the amount of land that is being managed for the benefft of nature. The Trust's LNing Landscape Afeas provide the geog?￿￿1 frarnev￿rk lor this work. ReSe8￿h and suThey We monitor, study and su￿eY the %wldh'fe ol our counb"e5 10 idents.fy speaal places and important specie$. lo infom) management and pr¢¥note nature conservats"on. and to protect Wl biodiversity. EncouTr9ingpeopl$ lo enjoy nature We offer everyone the chance to expenence the fanlastic ￿ldI￿le and wihj places wrth access to our nature reserves across the fv40 countie5, and also through our engagement work. a¢tNities and events, volunteering. our visitor centres, and working within our Ic¢al commvnilies. Inspiring and educatin9 We are passionate about inspiring everyone. of am ages and from all backgrounds, lo love and care for wldlife and wild places. We have e¢Jvcalion programmes and a wide variety of activities. gTOUPS and events for families and chikjren. And we want lo help all communities and ojnures experience and have access to nature and its beneficial impacls. Advocacy and speaking up for nalure We campaign for wldlife. protecting Ihreaterbed habrtat5 like wildfiower meadows and rare species such as ospreys, otters, bats, and water vole5. The above key aims are incoTporaled into the Trust's annual Wofk plan. vknich idenb.fies the prioritres for each year, and sets out the work Ihat needs to be carried out to a¢hieve them. Progress against this detailed work plan is subject to regular review by management and the Courtil of the Trust. The work cwried out in the year ended 31 March 2024 is set OLrt in the Strategic Report se¢b"on Public Benefrt statement The Council confirm that they have Com￿le￿ wth the duty in section 4 of the Charities Act 2006 to have due regard lo the Charity Commission'5 general guidance on public benefit.. 'Charities and Public 8enefil'. The Trust'$ public benefit is enshrined in rts eharitable objects as outlined atove. The Trust fulfils ils objects and delivers its public benefit through its core activities of protectirKJ and enhanang the wldlile and wld places of Leicesleishire and Rudand and engaging people vlith nabJe. b. Grant-making poli¢i¢s The Trust operates a small grants scheme under rts "Charnv•wd FO￿5t Living Landscapes. project, lo assist farmers and landowners in that area practical nature conservation schemes. Page 5 LEICESTERSHIRE AND RUTLAND WILDLIFE TRUST LIMITED {A company limilèd by guarantee) Trustees. report {¢ontinuedl For the year ended 31 March 2024 Objectives and a¢tlvlll¢s {¢ontinued) c. Charilable and Political Donallons The Trust made charitsble or political dC￿ationS during tr* year. Strat•gi¢ Report a. Introduction The year ended 31 March 2024 saw the Trust moving foThvard at pace follo￿n9 the necessary intemal r8oiganisation, together wrth the strengthening of the Trust's overall financial posiknon, during the 18$t Financial Year. This activty is reported on below. The following Infocmation. induding the Review of Ach¢e¥emenls arnj Perfomiance. Financial Review, Risk Management Statement and Summary ol Future Plans. fomis U)e Strategic Report for the purposes of the Companies Act 20C6. b. Review of achievernents and porforniance for Ihe y¢ar This Annual Report wevts the period 1 April 2023 to 31 Marth 2024 and ouuines the progiess and achievemen15 over the course of the year. Nature recove - workin to rotect and enhance biodivers Nature Reserves The Trust's nature reserves provide protection for an amazing diversity of wkllrfe. some rare and threatened, as well as giving people the opportunity lo experience and leam ab(xrt the rich variety of habitats Ihal were once widespread. We care for 35 nature reserves covering over 1,275 hectares (over 3.150 acres}, including over 19 Siles of Special Saenlific Interest ISSSII, trhyj Nab"onal Nature Reserves and a SF)ecial Protection Area. Acqu•sitions Thanks to the generO￿ty of Mr arKI Mrs Adler. the Trust ￿e1ved a donation of 24 hectares of land near Great Bowden in SoLth Leicesler5hire. The donalion has been made in memory of James Adler. their son. Whilst the transfer was completed just after the end of the finanoal year. the di￿U$S1O￿S with Mr Adler have been proceeding for a while, and we have been deveknping our thinkiny on how lo develop the land. which has the River Welland flown9 through Il and is part of Ihe natural flootlplain, as a nature reserve. The Trust has never before had the opportunity for a swnifi¢anl land-holding in South Le￿eStershi￿. and we are delighted to acquire this sile. Our Great Bowden Loeal Group ￿11 play a key rc4e in ￿1p1￿ I￿al residents, and especially young people, lo experien￿ the wldlrfe on the reseNe. Al the year end the Trust was in the process of aequring 2.4 1)ectaTes of land at ￿ton. Sthich is being given to the Trust by David Wilson Homes. The land comprises a fiJrther lake and woodland This acquisition. which adjoins our existing Syslon Lakes Reserve. will help enhance our Soar Valley Living Landscape area. joining Ltp yet mowe land managed for nature in the corridor. The Tnjst has an active wogramme of assessing land acqutsition sf(es, exploring different methods of funding and financing to acquire them. A large part of this is building our ne￿rk of local partners and stakeholders. so creabng a cornmunty of interests Wofking for nature in our CoUnt￿s. We are currently investigating a number of options for expansion of our natu￿ reserye estate. Page 6 LEICESTERSHIRE AND RUTLANO WILDLIFE TRUST LIMITED IA company lirnited by guarantee) Trustees. report {continuedl For lh• year ended 31 March 2024 Strat¢gi¢ Report (continued) Res•r4• management In order lo ensure our nature res￿ estste conlinues to Pfovide significant spaces vthere native wildlife can flourish. an our reserves are subject to management plans detsiling the and intensty of work needed lo be carried out in any ¢Jne year. For 2023124, imptefflentation of these management plans continued effectively, and with the indispensable assistance ol our various teams of h*¥"tal management volunteers. Key examples of thi5 are as follows.. Over the wnter of 2023124 8 svjnffieant tree-planting exercise was carried out * the Holwell Reserves on an area of 6.2 hectares which the Trust was able lo acquire through an anonymous donation in 2020. Through the generosity of the David Cock FOUndat￿n. and the Forestry Commission {through the England Woodland Creation Grant) we wece able to ￿ant 13.300 trees and Smaller shrubs lo create a mixed woodland, carefully mapped out lo indude rvjes and pathvrdys lo maximise the opmunilies for ground Ilora and invertebrates in particul*. The (Aanling included a rnix of native species. induding aspen, alder blackthorn. cherry, maple, hawthom. holly, oak, rowan. piivet, Scots ￿ne. ￿1Ver birch and spindle. While a significant part of the main area was tackled by a conlraclor. 3.000 saplings were planted by community group5, Ictsl sthools, the Holwell volunteer group, and LR￿ habitat management volunteers. Given the strong and i¢y winds al the tum ol the year. this was something of a challenge, but the hard work paid off. The planted area was fomierty imFKoved sheep pasture" the remaining section of land. which is ridge and furrow. will continue lo be grazed. The planting wll be monitore(I lo help ensure the young trees have a good start in life. and we now look f¢)rward to seeing how the new vffjodland develops over the coming years. A huge amount of work continues on managing our Nature Reserves by our staff and v0￿￿teers. Examples include the great efforts at Chamwcod and Ulverscroft reserves in maintaining the heathland and acid grassland, and the tireless work required to clear the tons of litter washed in by floods at Cos5ington and Wanlip Meadow5. Half an acre of w¢xKllan(J was also coppiced al Cloud W0￿j creating structural diversity in the woodland lo benefit a huge array of species. We also saw a record year lor greenvwinged orchTrds at Mer￿$ Meadow wth over 19,000 spikes. AI RLrtland Water Nature Reserve there were further addrtions to the nature-rich habrtals. A generous donation funded three new wildlife ponds, which have established well and are already home to 13 species of dragonfly and damseffly. including Small Red-eye(l and Emperor. along wrth Great Diving Beetles, Smooth Newi. Common Frog and Water Cricket - a speu'es never before recorded on the Nature ReseNe. In addition, long-time Trust member and butteffly recorder Alistair Lawrence kindly provided fvnding which allowed us to seed 8,800 square meters of wildflower meadows wth speues such as Ydlow Rattle, Bird's F￿t Trefoil, Field Scatsous and Ladys Bedstraw, and Ihis year they have been seen lo support vanous notable sPec￿s, such as Willoughbys Leafcutter Bee, Blue Mason Bee and Painted Lady Birtterfly. The widèr countrysid• Landscape-scale con$eNation is a major element of the Trust's 2030 Strategy. Wothing vthh land¢)wners and other partners to bring more kind into management that is sympathetic to nature will help increase biodlver￿ty levels, and is essential to dealirg wrfh Ihe h¥0 major crises- in loss of kncdiversity and in dimale ehange - which our planel is currently experiencin9. Over tr* yew we have contsnued to build links with local stakeholders lo develop further a lar￿sCaPe-s¢01e strategy for the countses, ￿lIdirtY on our current LNry Landscape areas. These contacts are alre beginning to bear frui(. One example is in funding secured from the Chamwoc4 Forest Landscape Partnership for a project called the 'Corridor Club,. This is a gTOUP of three landowners kxated in the Ulverscroft valley vh)0 want lo establish a wildlife network and work tc Page 7 LEICESTERSHIRE AND RUTLAND WILDLIFE TRUST LIMITED (A c¢mpany limitsd by guarant¢•l Trustses. rèport Icontinuedl For the yoar ended 31 March 2024 Strategic Report {continued) ofdinate the projeca and provide ecological advi￿. and access to training and fvnding. together with management plans and conservation wort lo opb.mise bK4Jiversity. landscape and natural herilage. We also secured funding. ihrough the Natural Englar￿ Seedcord Grant. for a detailed scoping sludy on the Wreake Catchment, all aimed at helping nature recover in this strategically important area. The ftjnding was applied for on behalf of the Wreake Catchment Nature Recovery Partnership and administered by Leicestershire and Rutland Wildlife Trust on behaff of the Partnership. The SCOPLng study provides an evaluation ol data and ewdence available on the Wreake Catchment in Lei￿SterShIfe and utilises data sets from landscape. water, soil, biodivergty ond cultufal herrtage to identify the speufic chafacteriskn'cs and Priority opportuniti"e5 low nature recovery. The Greener Golf inthative, in which the Trust has been inv(Aved for a number of years, has entered into a lurther development phase, wth many golf eOUf5es in Leicestershire and Ruuand having come together lo improve the biodiversity on their lan(J. The Trust is activety hel￿.￿j the different golf dubs with advice on how lo help maximise nature recovery on the less-used areas of their courses and expkjring fulure funded opportunities to help golf Courses offer bigger, better and more I￿ne&uP areas for nature recovery. We received funding for a Water Vofe Project from the Oefra Speaes Recovery Fund, administered by Environment Agency {Easl Midlands). The work invdved a scopng study and evidence of Water Vole status in Leicestershire and Rulland, together ¥wth field work to lesl out rapid assessment methods lo delemine Water Vole presencelabsence. This resuwed in the Pfoduction of a Water Vole Action Plan with costed works lo help recovery of the Sp￿e$ in Vice-county 55. A Water Vole Recovery CoJrdinalion Group has been established as a result of this work. wrth the aim of delivering the Acti￿ Pl￿ and putting Water Voles back where Ihey belong Ihroughoul our watercourses. Mearwlhile we continued to engage with Chamwoc*J Forest Landowners for the Grasslands project in the Chamwood Forest Landscape Partnership Scheme. Our work on 14 grassland sites between 2021-2024 indicate a positive step change in management has taken place as a result of the Grassland Project, ￿$vItIng in better overall grassland habilal qualty localty. Further lo Ihis our Recording Project continues lo progress well, with Idlife recording and Irarning sessions laktng place monthty throughout the year. The Recordmw Projecl will be undenaking rnany rn0￿ sessions during the f￿h¢omIng year. wth the am of establishing a new Chamwood Forest Wildlrfe Recor¢Jing Group in 2024. Spec1•$ r¢¢ov•ry This was a very successfvl year for Ospreys in and around Rulland Water - wth 22 chicks fie(Jging from 10 nests. This is equal to 2022 and the joint second highest number of chicks to fledge in the local area since the pfoject began Thi5 means that 253 thicks h￿e fledged from Rulland sirKe the first pair nested successfully in 2001. In addition, the year was very successful for Sand Martin breedi￿, wth over 1.200 chicks fledW from artrficial banks at Rulland Water Nature Reserve. Almost 15 years since Water Voles *tre to Rutland Water. a small team of volunleers continue to monitor feeding raft5, located throughout RullarKJ Water. once a month, for the tell-tale signs of the p￿senCe ol Water Voles. The surveys in recent year5 have shown that the populats.on of Water Voles al Rtsuand continues lo thrive. in a welland landscape free from North American Mink - considered to be tr*e pnmary Cause of declines elSe￿re. Keen to explore the populats.ons of otheT small mammals on the ReseNe, the volunteers began a proieet In 2023 to monitor small mammds using specially modified tr8iltams The innovative Small Mammal Camera Trap Tunnels remove the need to physically catch the animals, so they are less invasve than tradith.onal Longworth Traps, bul also save b.me as they do not need to be checked frequently. Five tunnels are placed per location fcv a penod of tsvo weeks, after which the volunteers move the traps and analyse the footage. In all. 32 species Imammals, ts'rds, invertebrate$ and even a Grass Snakel were re￿rded visiling the Srnall Mammal Camera Trap Tunnels in 2023 ￿th Common Shrew being the most numerous mammal, followed by Field Vole and Wood Page 8 LEICESTERSHIRE AND RUTLAND WILDLIFE TRUST LIMITED IA company lirnited by guarantee) Trust•os' report (continued) For the year •nd•d 31 March 2024 strategic Report l¢ontlnuedl Mouse. Water Shrews were recorded at seven of the 11 locations- vthich came as a surprise as they appeared to be more widespread than was first thought. Another surprise was the nurnber of Harvest Mice near Mallard Hide- where they dominated the footsge. Research. monitoring and rn¢¢)rdin9 718 birds were processed through Ihe Lag>)n 3 Conslant Effort Ringiry Srte - an inc¥ea5e of 170k from the previous year. This long-lem nnging project has tsken place in Ihe same location, following the same methods, exh spring and summer fof nearly 40 years. 1472 Sand Ma￿"n chicks were rin9ed at the tjvo artifioal nests'ng banks - our third highest total since the project began in 2001. The Sand Martin RAS IRe-trapp'ng Adults lor SurvNall saw the highest number of birds caught since Ihe project began in 2012 with 409 aduns caught- an increase of 45% from the yevious year. Over 400 species of moth were recorded across three stats"c traps on the Reserve- moths are caught ovemighl on trapping sessions then identffied and released the fdhM"NJ moming. A novel Melt￿ for tracking the movements of wild birds and otr*r anpnals was wt n place al Rutland Water Natu￿ Reserve. The Motus project is a collaborative global initiative to track the movements of birds and olher small flwn9 animals using radio telemetry trac*ing. Bat5, birds and even ueatures as small as butterfie5 and homels can be frtted with tiny tags which emil a radio signal, meaning they can be tracked. and this wll shed light on the incredible migrats'on ioumeys these animals make. Motus connects a community of conservation or9anisati¢)ns. scientists and researchers through a network of monitoring stations situated al key wkllife s?tes across Britain and Europe. While the nehvork of Molus slalions is well-established in continentsl Euiope and North America. the UK has only recently begun lo join the movement and Rulland Water Nature Reserve is the Latest ￿te in the county to the communrty by installing a Motus station of our own. As Rutland W*er Natu￿ Reser¥e 1$ an intemationalty IM￿rtant Stte for overnintering waterfowl, il is hoped Ihal the Motus slalion wrill enable us to understand more about the movements of some of our more secretive winter visrtors Vdhich cannot be easily monrtored through traditional monrtoring projects. 11 wll also enable us lo monitor tagged animals from other projects from across the UK and beyond. The Motus stslion at Rutland Water NabJre Reser¥e w85 hjnded by a host of local wildlife groups in the East Midlands Induding LeI￿stershire and Rutland Omithological Society, Ruuand Natural History Society, Rutland Local Group, Leicestershire Bat Group. Ruland Water Ringing Group and Deibyshire Bal Group along with corporate support from Anglian Water. Following the generous (lonat￿ of £5.000. whKh hdped us lo install the MotU5 Station, il is hoped that further lunds can now be raised to purchase tags and begin a project lo monitor Jack Snipe. a seuetive wading biré that vi&ls the UK in Ihe winter. and Nalhusius. Pipistrelle bats- one of the UK'S onty truly migratory species of bal. Policy and action The government's system of Local Nature Recovery Strategies {LNRSI, which was set up under the Environment Ad 2021. wll play a vitsl fole in ensuring greater attention 1$ paid, both nationally and locally. lo biodiversity enhan¢emenl and natt1￿ recovery. and for example h¢)w this is reflected in land use and development covered in Local AUthori￿ProduCed Local Plans_ As the LNRS has statutory weight, developing far-reaching and ambib'ous strategy for Le￿estershlre and Rulland wll be key in getting nature recovery to happen on a landscape scale in our two counties. We are a major adviser on the Leicesler, Leicestershire and Rulland LNRS Partnership, and so lar the prc4ucts.on of the plan has made very good progress. A draft ￿an is due for produckn.on in July 2024, a process of I￿al consuAation taking place thereafter. The final Strategy is due lo be fully signed off by all relevant authont*s by Juty 2025. Pa9e 9 LEICESTERSHIRE AND RUTLAND WILDLIFE TRUST LI￿￿ED IA company limited by guarantee) Trustees. report Icontinuedl For the year ended 31 March 2024 Strategic Report {continu•d En In le with natur• Our volunteers Volunteering provide5 intrinsic benefit5 th1o￿h wmproved health and well-beiw. aThJ erthles LRWT to achieve even more for nature conservation. LR￿ is very appreciative of the hard work. commitment. and dedication of all our volunteers, who provide vitsl support by undertaking a wde range of lasks across all areas of the Trust's activities and initiats'ves. Their skills and knO￿edge underpin our achievements and progress. Of over 23,000 hours generously provided over the year. volunteers contributed 14,348 hours to reserve management. 3.520 hours lo helping run our Visrtor Centres. 4,649 hours in surveying and monrtoring including the Osprey Project, 278 hours in education and communty OL￿eaCh, and 212 hours helping With administrative tasks at our headquarters. In$pirlng and educating Community outreach In Decembef 2022 we started the exctting Nextdoor Nature project in LeI￿Ster. working peoF4e and partner organisalions wthin the city lo help them creale wikl green spaces %there Ihey live and work. This was part of a nationwide initiative coordinated with the vthote Wildife Trust movemenL and generousty funded by the National Lottery Heritage Fund. So far, we have been involved in helping communibes deltver I￿￿e communrty garden projects, one that already existed and required support and iwo new gardens offeriThJ new OpwrtVn￿es for the people of Bdgrave and Highfields. We have helped secwe funding for each of those projects. providing e5senb.al resources. We have hosted five urban botsny walks acfoss the ¢ty. three of vthich have been part of Leicester City Council's Walk Lei¢eslel Festival. We hosted a th￿-daY environmental art exhibition in the Highcross Shopping Centre and saw around 1.500 people get invol¥ed in many different ways. We have engaged with Lei¢estef College students in art and de￿gn, English for Speakers of Other Languages. business, and Higher National Diploma photO9raphy. working towards a range of projects aiffled at inspiring ath'on vthere we live and work, in alignment with our Team Wilder ethos. It is fair to say that Nextdoor Nature has been a re50unding success within the Lei¢ester ￿MMunitieS wth whom we are working, and we were therefore delighte(I lo obtain further funding, faalitated by the Royal Society of Wildlife Trus15, to ensure this work can continue into 2024r25. We have also been worknng with Earthwalch Europe on a project involwThJ urt*an comfflurilies which explores how we might engage people with environmentsl suer￿e. making rt accessible for non-specialists. The project addresses the thallenges faced by peO￿e and wildlife in urban 5etts.ngs and airns to focus on the voices of the community in order lo generate OLrtcomes that Can guide local counols and policy-rnakers in building and managing urban greenspace to Injty benefit people and natu￿. The Trust is one of a number of partners in this proiect. which Is funded by the Nalional Environment Researth Counril, and our involvement in il stems directly frc¥n work Ofiginatsng in our Nexl Door Nalure nrtiakn"ve. Educafyon Supp¢)rt ftom People's Postcode L¢)ttery. Mellon Building Society, and Central England Cooperative Society enabled us lo deliver our Fofesl School and Wild Tots programmes. We worked with five schools where we ran 40 sessions wlh 35 children, five Home Educalion groups vAth over 50 children. and three Wild Tots groups with over 40 chikyren. A total of 117 sessions ￿re held. atlracling 382 participants Page 10 LEICESTERSHIRE AND RUTLAND WILDLIFE TRUST LIMITED (A company limited by 9uarantee) Truslees. report {continued) For year end￿ 31 March 2024 Strateg1¢ R8port Icontinu•d) We partnered with Hinckley and Bosworth Borough Council to run a programme of 10 Wild Play sessions for familie$ in the school h(Aidays at Burbage Common with over 150 children. LR￿ believes that in order to safeguard Ihe future of the natural world il is vitsl to Provide opportunitiès for people to learn abo￿ and engage wth the natLtral wodd. Through educating the next generation they in turn will play a crucial role as future guardrans of our nalural herilage. aspiration is to pTovide the opportunity for as many young people as possible to engage nature. We are currently asses&ng our approach lo delivery of education. to ensu￿ we are using our available resources to the best effect and maximizing the number ol people we are able lo engage wilh nature We pian to continue running %hool and group visrts at Ruyand Waler Nalvre Reserve using the Anglian Waler Birdwalching Centre, which provides an amazing resource for conne¢ts"ng peO￿e lo the natural 4vorld. Through workn'ng wrth schools we can also align our work wtth Ihe rbational curriculum and provide the opportunity for more children to experienee nature We will also continue to work with communities. particulady where there is les5 access to nature, to develop new opportunities for engaging wth and learnin9 about our natural environment. Event Ivities Over and above our education activity, the Tnjst was able to offer 8 wide fange of events and actiwties lor all throughout the year. These induded the very popular badger watches an¢J expert-1ed nature walks. dawn chorus outings. and hedge-laying, drystone walling and art courses. Our Osprey Cruises were once again a highlight, and we ran 19 of these, atracting over 1.000 pa(b"opanls. Our L￿al Groups led walks and arranged indoor talks. and we ian special events for members and vdunteers. We also brought the work of the Tnjsl to the feslival-going pU￿1C when we attended both Timberfest aThJ the Riverside Festival. In total, we held 113 events attracting ovef 3.200 partiopanls. Advo¢a¢y and speaking up for naturg A whde range of ￿lICIeS and deCI￿On5 cèn affect our wildlife and places. Wrth ever-increasing agriculluTal. housin9, and other development pressures in Leicestershire and Ruuantl, tl is CTuual that there is an effective voice for ￿ldh"fe at a local. county. and regional level. Dunng the year we Part￿1patel1 in the communi¢atsons work for four ￿*￿n31 campaigns run by RS1￿. These covered" the ban horticultural peat $ales.' threats to w*er quality arising from Changes lo the Govemmenl's nLrtrienl neulralty rules. ihe Stale of Nature Report.. and Ihe general campaign #Defend Nature. C¢>mm nl A strong profile and presence are essential in the moJem to ensure the Trust Can infom people and engage them with its work. This Impacts all groups, induding staff. volunteers, members. and other supporters. Using various communication channels, both online and printed material. we have been able to communicate key messages. grow our reach. and continue to build our profile. Our Annual Review. Wild magazine and fortnighvy email neW￿etter$ continue to provide regular communication and updates fof members. We have also used email to engage ￿1h contacts who are not yet members. and employed lead generation methods to gather new email dala. Over 7.000 memt*rs now re￿4Ve tsvo emails per month and over 10.000 other supporters receive one email per month. We have upscaled our produclion of ow volunteer n￿￿etter, which carries stories about the Trust's activities and updates on reserve work being cairied ￿t. This in￿al￿e has been well-received by our valued VolUnte￿S, as Il keeps them up-to-dale on reseThe work I￿ueS. and they can now more easity see the effeciiveness of their worf( in helpin9 us deliver ihe Tfusl's mission_ Almost 900 vdunteer ar￿ supporter email athjresses afe sent re￿lar upjales. together wlh the volunteer E- newsletter every months. Page11 LEICESTERSHIRE AND RUTLAND WILDLIFE TRUST LIMITED (A company limited by guarantee) Trust•es' report (continued) For the year ended 31 March 2024 strategic Report l¢ontinu•dl A revamp of our connection lo the supFKJrter arKI member audience is underway, building customer journeys for those who sign up lo receive E-news from us via our web￿le. Data capture is starting to be pul into place across our enquiry forms on our websrte lo attract new contacts. and records of existing contacts are being brought up- 104ale. We also began development in the year of a programme of regular events for tjoth new members and longer- term supporters. as a way of Saying a speoal 'thank you. to them for their support and help, giving them mo informalion about the Trust's work We hope that these initsatives will hdp our supporters feel even more engaged Trmlh the work of the Trust. This programme will be iolled C￿1 ovei the coming year. and will be augmented wlh inwlee-only reserve vistls and members. days. The LR￿ website remains a highty wgted platform, bui we are planning to SI￿amIlne and make Ihe website easier lo use, more efficient arKJ kxtter at ¢ommunicabng to our wder aud*nce These improvements should be put into place during 2024125 and be￿d. The Rulland Osprey Project ￿ntinUeS to be an enomiously effective way of communicating the importance of nature and bK*Jiversity to the general public. The Rutland 05p￿Y Pcoject se(lion of the Trust website provided comprehensive infomiation on the behaviour of the ospreys through the live We￿aM footage of the osprey nest in the Manlon Bay area of Rutland Water Nalure Reserve. In the year 2023124 there wefe almost 5.000 subscribers lo the Osprey YouTube channel. There were alrnost 950,000 views during the year with over 13,000 hour5 w*¢he(l. Almost 900 new subscribers were added during the year. Numbers of follower5 (those people who direcdy subscribe to receive the Trust's srtial media updates) ntinued to rise across all our nine social media ￿atrOMiS. Approximale follower numbers at the year-end weo.. 1,000 on Linked In,. 8.000 on Facebcrt)k," 3,400 on Instagram.. and 9.900 on X Ifomerly Twtter}. In addition. the Rullarnl Water Nature Reserve socTral medk? aceounts approximate f￿10￿r number of 10.000 on Facebook and 7.000 on X. The Osprey Project had almost 60,000 folkywers on Facebook. over 4,000 on Instagram, and over 14.000 on X_ Social media accounts in Ihelr nature should be fluid and easily adaptable to audience engagement and behaviour. Reach li.e. the total number of irKlividua15 who see the Trust's sooal media content. including those who are not followers) and engagemenl rate are constanuy being monitored along with the tsmes and lypes of content pU￿iShed. lo ensure best engajemenl rales. Develo in and broad•nin the Trnsfs su rt base In order lo carry out its work any Charity needs a strong and enlhusostic support base, and the Trust is no exception. Members are our organis*ion's lrfeblood, contributing in many drfferenl ways - providing income, gwing volunteer help, oflering moral support and exercising influence A committed and engaged membership that is representative of the local Communty is vital to the success of the Trust. In addits"on, support from donors, businesse5 and legacies is crucial lo generating income to support the Trust's work. All these elements complement the central core of resource prowded by the Trusvs SL￿ and govemance slfuctwe. The Trust Is fortunate to receive support from many th'fferent SOUTces and it is extremely grateful to all those who help u$ in OUT work, in any way they thoose. M•m￿rshI As al 31st March 2024, Trust membership sto)d at 19.063 This re￿SentS a nel increase of 663 over the prior year. We have been working on a membership strategy where we wll focus our attention on providing a deeper and mole value-driven member expenente. lo embrace the many aTrJ varied profiles of our individual members. Pa9e 12 LEICESTERSHIRE AND RUTLAND WILDLIFE TRUST LIMITED IA comp•ny limited by guarantee) Trustees. report1¢gntinuedl For the year ended 31 March 2024 Stratogic Report Icontinuèd) Our strategy wil fcKJJs on the retention, recrurtment. arKJ en9ayement of all member types. Eath membership type has a mixture of smilar and unique needslrequ1￿rnen1S. so retention and ervJagement activity will focus on providing wacbcal sduliorts in response lo this. Activity wll include a Mixtu￿ of repackaging and better communtib.on of existing member benefits. together with helping our membefs tske a lrfetime's joumey with the Trust and ils work. This approach will be more targeted than ever before, working wth and analygng dats from our Cust¢)mer Relationship Management ICRMI system to ensure we know Ouf members far better. and usw social media analysis and tools such a$ Mailchimp lo improve our ￿mmUniCationS with Ihem. We ￿11 be connecting mcffe with our members to gain a better under*anding of their interesls. motivations and actions they lake lo help wildlrfe. New re¢ruitmenl melhods indude m￿e digital promob"on, and increased attendance al different external events. Lookirvj forward. we wll conducb.ng a trial of a volunteeT-led 'door drop. for membership recrurtmenl and developing the potential for membership recrurtmenl opportunities al Ruuand Water. Staff in 811 roles at the Trust will take part in spreading the word about Trust membershrp. Fundraisin als Recognigng Ihal it needs time and funds lo ensure that ow nature rese￿8$ estate stays in g¢)od Condition and provides a supports've h¢me for nature. we launched during the year our Nature Reserves Appeal, whith was kindly matched to a upper limit of £100,000 by a generous donor. In total £150,649 was raised, and as the appeal set out, this wll be important fijnding for work on our nalure reserves which will be aimed al improvemenls in access andlor engagement. and on enhancemenls to their ecobgy and biodiver*ly. The Osprey Futures Fund has continued to engage with many from all over the world. The Fund ensu￿$ that we have the abilty lo continue the work of the hwJhty su¢ce$sful Rutknd Osprey Project, which saw the 250th chick fledge in 2023. 8e¢ause of Ihe conbnuous nature of the work. the Fund is ongoing, an(J in 2023124 we saw an in¢￿dible £14,486 raised. Cor oratè Su ort We are very grateful to the businesses and organisations that sUP￿ed us ￿rir￿J 2023124. We currently work wilh over 70 l¢xal and natronal entrties. prowding us ¥Mth varied types of financial support 85 well as helpin9 us carry our mission lo 8 wder audience. These in¢lude grant-rnaking bodies, large corpor8tt"ons, local authorities, a¢ademic institutions, small businesses. and local communty groups. We have also seen an increase in businesses thoosng us as their Charity of the Year, or njnning fundraising aetivrties on our behalf. During 2023124. this has included The Environrnenl Partnership. Hastings Direct (Leiceslerl, and Smudge and Fllen¢Js Petcare. We are happy to work wth any otr+er businesses wl)o woukl like to support the Trust in this way. and memorial fundin LegaC￿S and memorial funding are of huge value to the Trust in provlding substantial funding which allows investment In the growth and development of the charity and its In the year ended 31 March 2024, the Trust received legacy income of £70.493. We a￿ extremely grateful for the generogty of Supporters who reMeM￿r the Trust in Iheif wills, and particularty in the last year the late Mr Stephen Randall. Ms Dawn Mallagh, Mrs Kathleen 8rcv•m, Mrs Jean Lowther. Mrs Marjorie Rudd, Mr Alan Harvey-Brovm and Mrs P*n'¢ia Homer. We are also grateful to have receNed a number of donations from fn.ends and family in memory of loved ones. In Page13 LEICESTERSHIRE AND RUTLAND ￿LDLIFE TRUST LIMITED IA ¢ompany limitsd by guarant8¢1 Trust••s' report {continu•d) For the y•af •ndtd 31 March 2024 Strategi¢ Rèport (continued) the year ended 31 Marth 2024 we received £4,891 in SLKh In Memoriam donations. Legacies and In Memoriam donations make a tremendous drflerence to the amount of conservatton work the Trust is able to achieve. In L•ie•stershiro and Rutland Wildlife Trust- the role of volunteers The Trust relies on the support and loyalty of our members., the dedicated work of Local Group5 that prtsvide guided walks. lectu￿$ and talks, lundraising and swal events Ihroughout the year., and more than 650 volunteers who a￿ inv¢Yved in virtually every ask*¢l of the Trust's work. The financial statements of the Tnjsl indude all m￿etsry Iransadi¢)ns, in particular donatiw$ and similar contributions, but the value of the lime and efforts of the hundreds of unpaid volunleefs who support the work of the Trust is nol quantified The Trust's volunteers are active in numerous areas of the Trust's work. They provide major assistsn¢e, induding in areas such as conserv*'on work, wildlife monitoring and recording, retail adivilies, administration, fund.raising. community awareness and engagement. youth involvement, govemance, and financial and technical adw'ce and help. Actsvib"es such as the Rutland Osprey Project woulj not be possible without lh8 large number of volunteer hours contn"buted. In all, we estimate more than 23.000 volunteer hours auoss the vthole of the Trusl's work were given during the year, spread across various categories of vital work. F￿er details are given in the secb'on$ abo¥e. As 5peufied by the Charilw&s SORP {FRS 1021, no monetsry value is put on such ¢onlributions. varied a5 they are. nor does the Trust feel it is helpfijl or producttve to do so. However. the sheer scale of volunteers, input is clear. It is therefore appropriate that trms help is fomally acknu4vledged, and grats.tude expressed. for what our volunteers help the Trust to achieve. The part pla￿ by volunteers remains a vrtal element ol the Twst's work, and without such grass-roots aclivrty, the continuing success of the Trust wc¥Jkl not be possible. Financial r•vi•w . Overall results for the year The Consol'dated Statement of Finanaal Acb"vities the T￿￿t and its subsidory, Leicestershire Wildlile (Sales) Limited, Itogether constitLtbng "the Group-l show5 a net reduction in funds for the year of £410,455 12023.. decrease in funds £69,771) after revaluaty.c￿ of investrnenls, and total reserves of £4,989,152 12023.. £5,399,607). The Trust's core income. obtained via membetship gJbscn"pts"ons, donations and legacies, allows the Trust to continue ils Central wofk of maintaining and expanding rts nature reserves and carrying on rts edu¢alKJnal and advocaey work. Other sources of funding received during year are in the main applied to sperjfic projects, generating matching expendrture. The results for the year show an excess of expendrture over income bef￿ tax, ITansfeis btheen funds, and various gains and 105ses on unrestn"cte(I lunds of £380.329 12023". SUr￿U$ £87.6421, with an exceptional provision for pension liabilities of £257,000 Isee note 231 being a $KJnificant part of this deficit. However. membership income induding gift aid rose by 11%. The consolidated balarKe sheet at the year*nd contmes to show the Group in a strong asset position. Cash balances. although down. wll allow the Group lo continue lo invest in business devel¢Jpment for the next year or Iwo, and also provide the lead-time needed to start generats.ng the increase in unrestricted incorne streams afising from this and earlier investment. The unrestricted finanaal reserves of the Group are discussed below. The princ￿4 activity of the wholly4)wned substdiary, Leicestershire Wildlife (Sa￿S) Limited, is nature conservation contracts and wikllife conSu￿ncy, plus retsiling OFerations. Page 14 LEICESTERSHIRE AND RUTLAND WILDLIFE TRUST LIMITEO IA coM￿nY Ilmited by guaranteel Trustees. report Icontinuedl For the year ended 31 March 2024 The subsidiary made an overall wofft for the year. before tax, of £24.878 (2023." £46,930). Of these profits £19,88212023.. £nill has been sei aside to give as a donation to the Tn￿t. b. Flnancial rese¥ve5 The Charities SORP IFRS1021 requires a chanty to state the anount and tyFe of financial feserves ¢1 ￿)Ids. and to compare how the level of those reseThes matches up to.the level of reseThes the trustees feel is appropriate given their plans foi the futu￿ acilvth'es of the thariV. Where rt falls short. the Iruslees need to explain what steps they are taking to rectify the ￿tUatiOn. In this cofitext the Trust view5 financial reserves a5 those held in i(s unre5tricleO funds In addition to the Charitable Accumulaled Fund. the balance of which stood al £225,290 at the year-end12023. £318.9131. fvrther unrestricted"funds are held wthin the Designated Funds described in the paragraph5 below. The Trustees establish the aFpropriate levd ol unre$trKted re5eNes lover arKI ab)ve those already ring-fen¢ed for lulure plans or known liabililies within the Deggnaled Fun¢J51 by seeking lo ensure that the level of the Trust's 'free reseNes' meets a ¢hosen benchmark related to the budgeted expenditure for unreslricted attivities. The Trustees define 'free reserves, as the unrestrTrcted nel assets of the Gr(xJp. plus cash or near-¢ash reserves and Iisled Investments that could be sokl at short notice held within Trnsl Development Fund (see below). The chosen benchmark is a figure equivalent to four months. budgeted expendrture for the year ahead. This level will ￿ntInUe to be reviewed for adequacy and robustness lo ensure the Trusl maintains adequate finances to meet daY-l￿daY operating cosls and to Provide heajroom for sttxk. debtors and cash-flow Iluctuations. At 31 March 2024. the Trust's'free reserves. stood at £646.93612023.' £982.087). resulting in a surplus of £61,90412023'. £421,642) compared 7Mth the currenl benchmark of £585,03212023.' £560.445). Other risks which have an ifflpaci oll financial reseThes. and the Trusfs $lrategy for their management and m￿.90￿on, are discussed in the Risk Management section bdow. D•signat•d funds Within its total unreslrieted reseNes. the Trust. as permrtted by the Charities SORP {FRS 1021, ha5 Sel up a number of designated funds as a means of rin*fencing finan￿al reserves to meet ants"cipated c051s or liabilities. These individual designated funds a￿ as follows- Heritage Assets and OtherFixed Assets This fund holds all the Trust's natu￿ reserve properties not otherwse held in the reslricled financial reseNes, together with other fixed assets foming an integral part of the TTUSt's oterats.ng requirements. The year-end balance on the Heritsge and Fixed Assets Funds stood al £1,211,92912023.. £1.336,787}. Tnist Developmenl Fund This fttnd comprises assets wlich may be used to Pfovth finan¢wl resources towards projects furthering the Trust's charitable obje¢ts, or key operational requirements for the Trust's long-temi development. This could include land acquisth'on lor nature reserves," land an(Jlor propety acquisrtion to allow the Trust to carry out ils work effectively., maintenance and enhancement woth on exisbng nature reserves.. education projects.. advocacy work," operatsonal support. This fund will be supplemented over lime by rent from the Trust'5 investment properties, income from the Trust's investment portfolio, and surpluses from the Trus1'5 unrestricted operations to the extent lo %thich the Trustees deem such transfers to be appropriate. having taken into account the existing operatsonal requifements of the Trust. The balarKe on the Trust Development Fund at the year-end slcod 81 £1.167.646 12023.. £1,275.1401 and is made up as follows.. Page 15 LEICESTERSHIRE AND RUTLAND IIIILDLIFE TRUST LIMITED (A company limit￿ by guarantsel Trustees. rgport Icontinuedl For the year ended 31 March 2024 2024 In*slTh*nt proFertes 740,1)XI 213.239 208,407 198,331 Other current assets Pen￿n Costs Fund This designated fund is designed to help meet fuiure costs associated with the defined benefft section of the Wildlife Trusts Pension Scheme. As explained in note 29 to the financial slatemenls, the Ik8bilities relating to eath company in Ihe Scheme can be separately identified. However, in the opinion of the Trustees an(J (Jirectors of both the Trust and ils sUbs￿lary. Leicestershire Wildlife {Salesl Limited, the obligation relab.ng lo settlement of any liabilities and contributions due in respect of the defined benefit section of the Scheme. induding those of the sub%diary. resides with the parent company, Leicestershire and Rutland Wildlrfe Trust. The pengon charge relating to the subsidiary, and that company's ￿mainIng h'abilty to the Scheme. we therefore aggregate(t ￿th those of the Trust and induded in the Trust's accounts. The Trustees wll aim lo ensure Ihal the Pension Costs Designaled Fund V*ill continue to l￿d sufficient to cover 1 to 2 years, worth of fvture liabilrties in respect of both companies. However as described in note 23 a provision has been made of £257,000 for an issue that was first notsfied in January 2022. Given this provision il is believed that there is no need to keep a balance in the pensKJn cost ftjnd for the ts.me being. At the year*nd. the balance on the Pension Costs Furbj sto(*J at £nil (2022.. £54,282). c. Fundraising policy and practice A significant amount of the Tm$t's income comes from indiv￿￿315 by way of membership recruitment and the consequent recwpl of subscriptions. As part of its membership strategy, the Twst engages the services of Wildlife Fundraising Icentiall Limited fwFCL"). a company set up by the Trust in common with six other Wildlife Trusts within the region. Both this company and the Trust are registered wrth the Fundraising Regulator and adhere to the Fundraising Code of Practice_ The Trust works dosely vAth WFCL and receives reg*Jlar reports on the performance of its recruiters. The business strategy in place does not permit intrusive, persistenl, or pressurised recruitiThJ methods. No com ￿aintS have teen rerEived during the course of the year by either Trust or WFCL in respect of recTUrtmenl and fundraising. 'Face-tO-fa¢e' recruitment Ca￿led out by WFCL on behalf of the Trust conliThJed during the finanGial year and the Trust has continued to develop its digital recrurtmenl through media and onl1r￿ channel5. Page 16 LEICESTERSHIRE AND RUTLAND WILDLIFE TRUST LIMITED IA company limlted by guarantee) Twust¢¢s' report l¢ontinuÈdl For the year ended 31 March 2024 d. Investment pow¢rs and pol¢¢y The Trust's investments ale made up of inveslmenl properties and financial instruments. The Trust holds a number of investmenl propeities. with a comts'ned value of £740,000 (2023". £620.0001. These comprise a part of the Trusl's headquarters ￿lIdIng which is let to third-party tenants. and buildings and related land at Chamw¢)od Lodge nature reserve whi¢h were bequeathed to ihe Trust. The Trvsl's investment portlolio. origin*ing from a bequest. Stood at £213,239 at the yeaT-end12023.. £198.3311 The portlolio value remained relatNely stable across the year. The income weld was 3.3% but after reflecting a rise in the caprtal value th8 overall ￿eld was 3.8%_ The Trust's strategy Is to hokl the portfolio in pooled investment product5, helping to streamline investment decisions, and spread risk. Over lime, these Inveslments are also being switched Into investment funds that aim to follow ecokjgical pnnciples. The Trustees consi*Yer that the financial reserve5 represented by the portfolio *MII provide important assistance in ensunng the Trust continues to develop and grow despite difficult economic aroJm5tan¢es nationally. Olhewse. the Trust's overall finanaal reserves are held in cash. refle¢ts'ng the high cash-ftow rewirernents of the organisation and the need lo be ready to respon(J to acquisilion and engagement opportunrties. Subject to this general pnnuple. Ihe Trustees continue to review the needs ol the speafi¢ categories of financial reserves described 8bove with a view lo ensuring thal the assets allocated to them are managed lo their bèst advantage, according to whether income or capital growlh is the priorty. and bearing in mind both the economic environment. in which the Trust operates. and the need to ensure the Trust continues to fijlfil all of its charitable objects. Page 17 LEICESTERSHIRE AND RUTLAND WILDLIFE TRUST LIMITED IA company limited by guarantee) Trustees. report {continuedl For th¢ year ended 31 PAarch 2024 e. Rlsk management As an on-going exelcise. the Council examines the prinupal a￿35 of the Trust's opetations during the year and considers the major risks that may arise. In the oynion of the Counol, the Trust has established procedures and systems that, under nomal conditions, should allow the risks Trdenlified by them to be mitigated to an acceptable level in day-to-day operations As part of its genefal Pfocesses, the Trust com￿leS a Risk Register for review by the Council. The Register identifies risks in a number of key a￿a$ and OLrtlines control procedures and ath'ons to manage and miligale these risks. We are currently revivmng this process to ensure better focus. and a new format and limelable wll be adopted in 2024125. However the risks urbjer consideratr.on will as before include.. Fun¢Jing and economic needs- regular Tewew of fvndbng ￿quIreMentS., careful monil¢xiNJ of financial reserves,. close contact wth a wde Tange of key funders", ongoing membership fecruilment campaigns. Govemance and management- good communication and flow of information with Council, staff and volunteers," review of policies and pr￿edUreS. Operational effectiveness and perfomance- MOnitc￿1ny progress against annual work plan and Five-y&ar Development Strategy.. effective Health and Safety guidelines and procedures". robust IT systems and backup procedures,. staff and volunteer training and development.. a￿et management. Financial syEtems and control$- accurate and up-tTrdate financial rewting,. dose monitoring of internal controls. Extemal relationships and peT￿p￿"on- development of publKations, web5rtes and social media., c105e contact and liaison wth key partners. Compliance wth laws and regulations- ongory mcrfmloring and revw of Changes". adherence to besl practice. Pension Scheme liabilty- ongoing monitoring of the Scheme ¥a￿allonS {w note 29 to the f￿ancIal slatementsl to ensure adequate prowsioning is made. As part of our work on Mjents￿"￿g and miligaling risk, during the year the Trust embwked on a wide-ranging review of our IT systems arTrd lnfraslrL￿Iure, leadirvj lo increased Investment in So￿are and equipment. an improvement 10 security by moving lo the cloud-based PAicrosoft 360 System, and the appointment of an IT support company. Because of some comple￿￿eS in the exsling IT systems. this process will not be fully completed for aTh)ther one to fv40 years. but already huge and positive changes have been brought about. and internal systems, procedures and equipment are far better F4aced to meet the in￿asIng thallenges to inf0m￿tiOn security presented by the digital worfd, and ￿ere chariti.es are parkn"culady vulnerable. In general. the lorthcoming Govemance Re¥￿ (see below) IMII ad¢Jress the ex￿ting structures wthin the Tfust lo safeguard against risk and ensure proper delivery of the Trust's mission. The Review will seek lo make changes and mpiovemenls to ensure the Trust's ffttemal operat#￿$ meet best practio. Structure, gov•rnan¢* and management . Con$lltutlon Leiceslefshire ènd Rutland Wildlife Trust was founded in 1956 and is a registered charty Ino. 210531) and a company limrted by guarantee (no. 005618331. It is a membership ¢Nganisation govemed by ils Memorandum and Article5 of A5sociatson. As al 31st 2024. a totsl of 19.￿3 members supported the Trust's work. The Trust is managed by a Council of Truslees {'Ihe Counal'l. e￿cted from the membetship ol the Trust, who provide the overall directicfj for the development ol Ihe Trust. The Counal, as governing body, has ullim31e rèsponsits'lity for the operaliffi ol the Tnjst. Where appropriate. s￿￿0￿MitteeS exist lo adw.se the Council. Page 18 LEICESTERSHIRE AND RUTLAND MLDLIFE TRUST LIMITED A company lim•tod by guarantso) Trustees. report Icontinued) For the year ended 31 March 2024 Structuro, govemance and management Icontinu¢dl b. Method5 of appointment or ¢l¢¢tion of Tru5tee5 The appointment of Trustees is goveme(I by the Arlide$ of Assw"ats"on of the Trust. which indude a provision for the retirement by rotation of one-third of Trustees at each Annual General Meeting. New Tru51ees are appointed lo complement and strengthen existing skills on Councal or lo bring new eXPe￿"Se to the Tnjsl. New Trustees usually have prior involvement wth the Trust's work, but undergo further indLKlion as applicable. All new Trustees receive the appropriate constiluknonal. financial and legal information regarding the work of the Trust and their obligats'ons as Trustees. New Trustees who are CO•opled onto the Council during the year have their appointment ratffied at the next Annual General Meeting. . Organisational structure and decision41￿king poli¢ies The daY-l￿daY running of the Trust 1$ carried otrt by a team of 33 employed staff, headed by the Chief Executive Officer ICEOI, reporting to the Council. Pay and remuneration of ihe Trust's operabonal staff, rncluding key management personnel, is established by referen￿ to an overall grading structure established by the Council. The salary bands within this slructuTe are rev￿Wed periodiealty wrth referenc* to market wndrlions. Trustees fomiulate. in eonsultalion with staff. the overall strategy fty the Tnjst. ils work and its development. The Council then oversees the delivery of the overall strategy. as well as ensurin9 all necessary govemance requirements are met. Progress against this strategy is monrttyed regulaty by Counol and staff. and is meosured against performance tar9els. The Tnjsl's %tholty-owned subsidiary. Leicestershire Wildlife IS8lesl Limited, provides an integral contribution to the delivery of the Trust's Charitab￿ objects. and the subsidiary's surpluse5, ansng from its consultancy and retail operatrons, go to support the Trust's ¢JperaIK￿S. As noted above. Leicestershire an¢J Rutland Wildlrfe Trust is one of 46 individual Wildlife Trusls which are part of the Wildlife Trusts lederalion. Whilst the Trust remains an independent charity, il works with this national netsvork in Pro9￿$$1￿ rts Ma1￿ conservation iniliatNes. Plans for fuiur& periods As explained above, followin9 the inlemal restructuring needed to ensure effirjenl delivery of our 2030 Strategy, and the consolidab.on and improvement in our financAal Frf)5ition, the Trust has been able to start to addres5 the key aspects of the Strategy. in part"r¢uLar natwe recovery on the landscape scale, and communty engagement. Finanual year 2024125 15 already seeing an increased Inte￿$1 from IcKal stakeholders in building partnetships and relationships ￿th the Trust, and we v4ill we are aiming to bring these into practul application as tsme and resources allow. Those resources, and in parti￿lar an overall in￿aSe in Lmreslricted income streams. are absolutely vital if we are lo deliver the essential work for nature recovery and public engagement. Foll¢)wing on from work in 2023124, therefore. there wll be an increased ernpha￿S In the coming year on building Income streams. in particular those from corporate funding relation5hip5, and major grant funding. Al the same time, we are upgrading our abilty lo use our CRM {Customer Relakn"on5hip Management) program. not only to ensure that we ddiver an even better Servi￿ lo our members and other supporters. but that those supporters are also kept well-informed of ways that they can devebcp a doser relationship wth the Trust, and help our work further through individual giving. As part of our plan lo engage our Membe￿ m￿e dosety with our wth, we are planning to hold a Members, Weekend In November, which wll be a combination of t￿￿1 presentations about the Trust's current work, together wilh the holding of the Annual General Meeb"ng. and an inwitation to a Special nalure reSe￿e walk. Page 19 LEICESTERSHIRE AND RufLAND WILDLIFE TRUST LIMITED (A Company lim1t￿ by guaranlee) Tru$t•¢$' report l¢ontinu*dl For the year ¢nded 31 March 2024 Plans for lulur¢ p•rlods {¢ontFnu•d) Our social media activits.es and communication #rategy is building apa￿. wlh significant landmark events planned during 2024125. This is pro￿n9 exiremely imrM)rtant in building our profile with toth existing and new supporters of all types. Building on significant work carried out in 2023r24, the Trust will continue to delrver its Flanned programme of strengthening its IT capabiltties and secunty. As noted above, whilst maintaining some degree ol general educatson offer lo Ioe81 sch¢x*ls, we will be working lo develop a broader-based education programme of education work the Trust. It will be essential Ihal Ihis is financially self-sustaining. and that rt M￿e$ our etlucation activitTres further into wider community outreach, so that we are a￿e to use our resources lo get as many people as posyble, from whatever background, closer to nature and understsnding mcfe ats)Lrt the natural wortd. Finally. and building on a number of inlemal discussions ￿ 2023124. the Trust will be carrwng out a full Governance Revth¥. involving Tfustees and staff, to ensure our governance Processes can enable an efficient delivery of our 2030 Strategy. This vrill look in particular at managing and mitigating risk arising from any of the Tfusl's activities by ensuiing intemal procedures Propety take them into accoLml. A programme of Trustee recnJitment has been developed and the first round of this wll take place t1uriryJ the year. Throughout our work lo deliver our Strategy. the Trust keeps in close conlaca with the progress within the Wildlife Trust movement in delivering the national 2030 Strategy. Our aim wll be to ensure that our Trust plays a full part in delivering our local element of that natsonal effort. This work TrMII continue during Ihe coming year. Statsment ol Trustees. responsibilities The Trustees (who are also the directors of the Trust for the purposes ol company law) are responsible for preparing the Trustees. report and the finanual statements in accordance wlh applicable law and Unrted Kingdom Accounting Standards Iunited Kingdorn Generally Accepted Accounting Prathcel. Company law requires the Trustee5 to prew fnanaal Statements ￿ each financial . Under company law. the Trustees musl not approve the financial ststemenls unjess they are satisfied that they give a true and tsii view of the slate of affairs of the Group and the Trust and of their incoming resources and application of resources, including their income arKI expendituce. knal period. In preparing these finano81 stslemenls. the Trustees are required lo". select suitable accounting policies and then apply them consistenty" ¢)bserve the methods and prinuples of the Charities SORP {FRS 102).. make judgment$ and ac￿ntIng estsmates thal are reasonatrAe and prudent". stste whether applicable UK Accounling Standards {FRS 1021 have been Idiowed. subject to any material departures disclosed and explained in the financol stalemenls", epare the financial statements on the going corKem basis unless it is inappropriate lo presume that the Group will conb'nue in business_ The Trustees are ￿sponSible for keeping adequate accounting re￿rdS that are sufficient to show and explain the Gr¢)up and the Trust's transactsons and disclose reasonable accuracy al any time the financial position of the Group and the Trust and enalje them to ensu￿ that the financial ststements comply wth the Companies Act 2006. They are also responsible for safegvarding the assels ol the Group and the Tnjst and hence lor taking reasonable steps for the prevention and delethon of fraud and other Irregu18nb"es. Page 20 Ihal TnJ8lee ha& lakan 81 the * that (Aw*rt ID tak￿ 0$ a TnJ8ts¢ kn order lo b8 ol Ir8 E A T•)miinoo lawrol TfU5t•esl LEICESTERSHIRE AND RUTLANO MLDLIFE TRUST LIMITED (A company limit•d by guarante• Independent auditors. report to the Members of Leicestershiffv and Rudand Wildlife Trust Limitgd Opinion We have audited Ihe financial statements of L￿cestefshiIe and Ruttand Wildlrfe Trust Limited Ilhe 'parenl charftable ￿MpanY') and ils subsidiaries Ilhe 'group'l for the year ended 31 Mareh 2024 which compr¢se the Consolidated stalement of financial aCtiVit￿S. the Consolidated balance sheet. the Trust balance sheet, the Consolidated stalement of cash )lows and the related notes, includin9 a summary of significant accountsng policies. The financial reports.ng framework that has been applied in their preparats.on Is applicable law and United Kingdom kcounting Standards, induding Finanaal Reporb"ng Standard 102 The Financial Reporting Standard applicable in the UK and Rep￿liC of Irdand. (United Kingdom Generally Accepted AcCo￿tIng Pra¢licel. In our opinion the fmncial ststements". give a true and fair view of the state of the Group's arKI of the parent tharrtable companys affairs as at 31 March 2024 and of the Group's incoming resources •)d applicati(m of resources, induding its income and expenditure for the year then ended.. have been property prepared in accordance UThted lfjngdom Generally Aecèpted Accountsng Practice., and have been prepa￿d in accordance witr+ the requiremerrts of the Companies Act 2006 and the Charities Act2011. 8asi$ for opinlon We eondueted our audit ift accordance with Intemational Stsndards on Auditing IUKI IISAS IUKII and appluble law. Our respon5ibililies under those standards a￿ fvrther descnl)ed in the Autjilors, responsibilities for the audit of the financial statements section of our report. We a￿ independent of Ihe Group in accordan¢e with the ethical requirements that afe relevant lo our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Stsndard. and have fvlfilled our other ethical responsibilities in accordar￿e wth these requirements. We believe that the •JJit evidence have obtained is sufficient and appropriate to provide a basis for our opinw. Conclusions relating lo going concern In auditing the financial statements. we have ¢onduded that the TfUStees' use of the g￿n9 concern basis ol accounting in the prepar*ion of the financial stslements is appropriate. Based on the Work we have perfomied. we have not idenlified any material uncertainties relating to events or condrtions that, individually or colledNely. may cast significant doubt on the GTOUP'S or the parent charitable companys ability lo continue as a gc4.ng c(￿￿ern for a period of at least twefve months from when the financial Statements ale authorised for issue. Our responsibilities and the resp￿&bil￿.es of the Trustees ¥&ilh respect lo going concem are described in the relevant sections of this report. Pw3e 22 LEICESTERSHIRE AND RUTLAND WILDLIFE TRUST LIMITED IA company limited by guarantee) Independent auditors. r•p¢)rt to the Members of Lèi¢Èstershire and Rutl8nd Wildlifo Trust Limit•d {￿n11nutd1 Oth•r information The other information comprises the inforniation induded In the Annual report other than the financial slalements and oui Auditors. report thereon. The Trustees are responsible lor the other InfO￿atIOn contained ￿thIn the Annual report. Our opnion on the financial sL*ements doe5 noi wver the other information and. except to the extent otherwise explicitty stated in our report, we do not express any fom of assurance conclusion Iheieon. Our responsibility is lo read the olher information and. in (Jlyng $0. consider whether the oiher inl¢ymalion is materially incon5151enl wth the financial 51alements or our knowledge obtained in the course of ihe audit, or otherwise appeaT5 to be materially misstsled. If we idenbfy such material In¢onsi$tencie$ or apparent material misstatements, we are requtred to determine whether this gives rise lo a material misstatement in the financial Statement5 themselves. If. based on the work v* have Fwlomied, we conclude that there is a material misslalemenl of this other information. are required to report Ihat facl. We have Ththing to report in this regard. Opinion on othef matters pr¢$¢ribed by the Compani•s A¢t 2006 In our wnion. based on the work undertaken in the course of the audrt.. the information s¥ven in the Trustees. reF*Nt for finawal ypar for which the finana81 statements are prepared is consstenl wth the finanaal slalemenls. the Trustees. report has been prepared in accordance with *icable legal requirements. Matters on whleh we are fequired to r•port by exception In the light of our knowledge an(J understsnding of the charitable company and its environment obtained in the ecrtjrse of the audrt. we have not identsfied material misslalements in the Trustees, ￿port. We have nothing to report in respect of the follTh¥ing malter5 in rdats.on to which Companie5 Act 2006 requires us to report to you rf. in our op¥won- the parent tharitable company has not kepl adequate and suffiuent accounling records, or returns adequate for our audrt have not been received from brantt*s not visrted by us," or the parent charitable oynpany financial statements are not in agreement with the acco￿ting record5 and retums.. or certain disdosures of Trustees. remuneratk)n speufied by Law are not made.. or V•E have not received all the information and explanations wuire for our audit", or the Trustees were not entitled to prepare the financial stalements in accordance with the small companies regime and take advantage of the small companies. exemptions in preparing the Trustee$. report and from Ihe requirement lo prepare a Strategic ieFrf(. A•sponsibilbties of trustees As explained more lully in the Tnjstees. responsifilrties statement. the Trustees (who a￿ also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financtal Statements and fof being satssfied that they give a Irue an¢J fair view, and for s￿h internal control as the Trustee5 determine is necessary to enable the preparation of financial Statements that are free fr¢)m material misstalemenl, whether due lo fraud tr errcrf. In preparing the financial statements, the Trustees are respongble for aSSe￿n9 the Group's antj the parent charitable companvs abilty to continue as a goin9 concern, disdosing, as awicable, matters related lo going concern and using the going concem basis of accounting unless the Trustees either intend to liquidate the Group or the parent charitable ¢offlpany or to ￿ase operations. or have ￿alls￿"C alternative bul lo do so. Page 23 LEICESTERSHIRE AND RVTLAND WILDLIFE TRUST LIMITED IA company limited by guarantse) Inde￿ndent auditors. report to th¢ Mèmb8rs of Leicestershirg and ftulland IKildlife Trust Limited ¢ontinuedl Auditors. responsibilities fr this report, or for the opinions we have formed. eLfj g @ ((Jopor Sarnh Flear (Senior statutory auditor) for and on behalf of PKF Smith CoopÈr Audit Limit•d Statutory Audrtors 2 Lace Market Square Nottingham NG1 1P8 Dale.. 27 SeFX*ts 2024 Page 25 LEICESTERSHIRE AND RUTLAND WILDLIFE TRUST LIMITED IA company limited by 9uafanl¢•l Consolidated Statement of financial a¢tiviti¢$ (incorporating income and exp•nditure a¢¢ount For the year end•d 31 March 2024 Restrict•d Unrestricted funds funds 2024 2024 Total funds 2024 Tolal fvnds 2023 Income from: Donations and legaues Charitable actNi(ies Other trading ath"vilies Investments 139.616 644,754 946,596 73,009 73,509 93,066 1.086,212 717,763 73,509 93.066 1, 148. 113 730, 133 76.894 62.980 Total in¢om¢ 784,370 1.186,180 1.970.550 2.018, 120 Expenditure on: Raising funds". Cost of generating members 5ubscriplions I voluntary income Cost of good$ sold and other costs Investment management fees Charitsble activities Exceptional rtem 364,029 36.752 4,470 904.258 257.000 364.029 36.752 4.470 1.712.826 257.000 305.802 39. 724 3,213 1,690,827 808.568 23 Total expenditur• 808.568 1.566,509 2,375.077 2,039.566 N•t expenditure betore net gainsl{lossesl on investments Nel gaIn￿[loS$e$) on investments (24.1981 1380,329) 2.741 (404,5271 2.741 (21,446) (15,264) 17 Net •xpend•tur8 befora taxation Taxation Net movement in funds before other r•co9nised gainsl{lossesl carried fotward (24.1981 1377.5881 (401.7861 1.066 (36, 710) (3.573) 14 (24.1981 1376.522) (400.7201 (40,283) Pa9e 26 LEICESTERSHIRE ANO RUTLAND WILDLIFE TRUST UMITED (A ¢¢)mpany Ilmlt•d by guarant•è) Consolldatsd Ststomont of financial activities {incorporatiTrg income and •¥p•nditure a¢ount) Icontinuod) For the year ended 31 March 2024 Rostricted Unr•stricted funds funds 2024 2024 Total lund$ 2024 Total funds 2023 Not movement in funds ￿10[• olh•r recognised10s$os brought forward 124.198) 1376.$22) 1400,7201 (40.283) Other recognis•d gainslllosses): Gainslllossesl on rev*ualion of fixed assets 15 20.960 20,960 (6.710) Actuarial losse5 on defined benefft pension schemes Derecognition of defined benefft pension asset 29 125,431) 125.4311 (74,420) 29 15.264) {5.2641 51,642 Met movem•nt in fvnds 124.1981 (386,2571 (410.4551 (69. 771) Reconciliation of funds- Totsl funds brought forwar(I Net movement in fijnds 2.414.485 124.1981 2.985,122 1386.2571 5,399,607 (410,4551 5.469,378 (69. TTI) Total lunds carried forw•rd 2.390.287 2,598.865 4.989,152 5.399,607 The Consolidated statement of financial actm.knes indudes all gains and losses recognised in the year. The notes on pages 33 to 67 fom part of these fin￿la1 statements. Page 27 LEICESTERSHIRE AND RUTLAND WILDUFE TRUST LIMITED IA company limit•d by guarantse) R¢9i$ter•d number: l)0561833 Consolidated balance sheet As at 31 March 2024 2024 2023 Note Fixed assets Tangible assets Investments 15 3.219.848 213,239 740.01)0 3.4QO.389 198,331 620.000 17 Investment property 16 4,173,087 4,218.720 Current assets Stocks Debtors 18 3,062 235.172 1.123.506 5, 764 317, 792 1, 190.253 19 Cash at bank and in hand 1.361.740 7,513,809 Creditors". amow)ts falling due within one year 20 1263,5621 (299.509) N•t ¢urrnnt assets 1.098,178 1.214,300 Total assets les$ ¢urrent liabiliti¢$ 5.271.265 5,433,020 C￿dItors.. aMo￿ts falling ¢Jue after more than one year Provision for lith"liknes 21 23 125,1131 1257.0001 {33.413) Total net assets 4.989.152 5,399,607 Charity funds Restricted funds un￿striCted fvnds 24 2,390,287 2.414.485 DeS￿nated fvnds Accumulated charitable funds 24 2.373.575 225,290 2.611.927 318.913 24 Unrestricted funds exduding pension asset I 24 2.598.865 2,930.840 54,282 Pension reSe￿e 24 Totsl unre$tricled funds 24 2.598.865 2.985. 122 Total funds 4.989,152 5.399,607 Pa9e 28 (A by guar•nt￿l • a 31 Il•rh 2024 476 olth• C¢ryanles Arl 2tyX. {Ch8tr ofTrntstoosJ LEICESTERSHIRE AND RUTLAND MLDLIFE TRUST LIMITED (A company limited by guaranteè) Regi$t8rgd number: 00561833 Trust balafteÈ shè As at 31 March 2024 2024 2023 Fixed assets Tangible asset5 Investments Investment property 15 17 3.167,216 213.339 740.000 3.344. T76 198,431 620.000 16 4.120.555 4, 763.207 Currenl a$$8t$ Debtors Cash at bank and in hand 19 290.372 979.593 356.309 1.067.419 1.269.965 1,423.728 Cre¢Jitors'. amounts falling due within one year 20 (132,2991 f161,970) Net current assets 1.137.666 1.261,758 Total assets le$$ ¢urr•nt Ilabilities 5.258.221 5,424.965 Creijitors". amounts falling due after more than one year Provisions for liabilities 21 {25,1131 {257,0001 (33.413) 23 Total net assets 4.976,108 5,391,552 Charity funds Restricted funds Unreslricled funds 24 2.390.287 2.414.487 Designated funds Pension funo 24 2.373.575 2.611,925 54.282 24 Designated funds Unrestricted fvnds 24 2.373.575 212,246 2.666,207 310,858 24 Total unrestricted funds 24 2.585.821 2,977.065 Total lund$ 4.976.108 5.391,552 Page 30 31 Ilavch 2014 Tnrf8 rf rno¥ement in fvnd5trth0 Jww8$4415.444) Rtr23-£(114128)J. the (x)nV•Mos rBgimè. Mra E A Tomlln60n (Chair of TTh*t3n￿d at transa¢tson value aThJ subsequently measured at fair value through the SOFA. 2.14 Op•raling leas¢$ Renlals paid un¢Jer operating leases a￿ chwged to the Consolidated statement of financial activits.es on a straight-line baws over the lease term. Page 37 LEICESTERSHIRE AND RUTLAND WILDLIFE TRUST LIMITED IA ¢thnpany limiled by guarantee) Notes to the financial statements For the year ended 31 IAar¢h 2024 Accounting polici•s Iconlinu•dl 2.1S P•nsions Current Trust personnel participate in a defined contributr)n stakeholder scheme. Some past TTU51 personnel participated in a defined benefit scheme that has been closed to new members and further accrual of pension. Defined contribut￿n scheme The pension charge represents the amtyjnts payable by the Group to the fund in respect of the year. The assels ol ihe Scheme are held separately Irom those of the Trust in an independently adminislered fund. Differences tehfeen contribub.ons parable in Ihe year and contributions paid are Shown either as accrua15 of prepayments. Dohyed benefit scheme The Trust participate5 in The Wildlife Trust Pengon Scheme. is a multiomployer PenS￿n scheme which provides benefrts to ils members. Typically defined benefit plans define an amount of penson benefft that an employee wll receive on retirement, usualty dependent on one or mcfe factors such as age, years of service and compensab"on. The liabilty recognised on the balance sheet in Te5pect of defined benefit pension plans is the present value of the defined benefit 0￿19atIOn at the end of the repo￿"ng period less the fair value of plan assets. The defined benefit 0￿19ation is calcul4ted annually by independent actuaries using the projected unit credrt method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality Corporate bonds that are denominated in the currency in which the beneffts TrMII be paid, and that have terms of maturity ¥proximating to the terms of the related ￿$10ft Ob￿.gaI&On. Re-measuremenl gains and losses ariwrwJ from experience adiu$tments and changes in actuarial assumptions are charged lo other gains and losses in the Peri￿J in which they arise. The amount charged or ¢redrt lo interest expenses 1$ a net interest amount calculated by applying the liability discount rale to the net defined benefit liabilty or asset. As a result of the assumpb.ons appl*d by the actuary. the actuarial valialion at the year-end has resulted in a surplus posIIKJn. The recognition of a surplus undw FRS 102 should only be made lo the extent that an employer can expect to secure economic benefit from it, either by paying a reduced rate of contribLtrtions or tsking a refund. It is not antiop*ed that the next actuarial valuation wll result in a reduction to contributions antj the Trust has no opbon lo take a refvnd. The surplus has therefore been removed and 15 shown as 8 breakeven pOS￿"0n at the yearond. The derecognition adju51menl is shown as other recognise(1 gain￿oSSeS. Page 38 LEICESTERSHIRE AND RUTLAND ￿LDLIFE TRUST LIMITED (A company limited by guarant•e) Not8s to the financial statements For th• year endèd 31 March 2024 Accounting polici•s I￿ntinu•d) 2.16 Fund a¢¢ounting Accumulated charitable funds fvnds are UnreStri￿ed fvnds which a￿ available for use at the discrelÈon of the Trustees in lurtherance of the 9eneral objectives of the Group and which have not been designated for other wrposes. Designated fvrKls comprise unrestricted fvnds thal have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is Set out in the noles to the finanrAal statements. Restricted are funds vknith a￿ lo be used in a¢cordan¢e wilh specifiG reslriclions imposed by donor5 or which have been raised by the Group for particular purp95es. The ¢ost$ of raisin9 and administering such lunds are charged against the spe¢ffi¢ fvnd. The aim and use of each re$lricted lund is set out in the notes to the finanLial statements_ Crltl¢al a¢¢ounting e$llmat&s and areas of ludgmgnt Estimates and judgments are conkn"nualty evaluated and are based on historical experience and other factors, including expectats.ons of fuiure events that are believe(I lo be reasonable under the Circumstan￿$. Crrtical accounting estsmates and as$umptions'. The Trust makes estimates and ossumptions c(KKeming the fiJture. The re$￿tIng acco￿ting estimates and assumptions will, by definition, seklom equal the related actual results. The estimates and assumptson5 that have a S￿nIfiCant risk of causing a material adjustment lo the carrying amounts ol assets and liabilities wthin the next financial year are di$￿SSed below. Pension scheme The present value of the defined benefit liabilty depends on a number of factors that are determined on an actuarial basis using a vafiety of assumplions_ The assumptions used in determining the net cost or income for pensions indude the discount rate. Any changes in these assumptions, which are disclosed in Note 29, will impact the carrying amount of the pension liats"lity. Furthermore, a rollforward approach which projects results from the latest fijll actuarial valuab.on perfonned on 1 Apnl 2022 has been used by the actuary in valuing the pension liability al 31 March 2024. Any differences befv￿en the figures derived from the roll forward approach and 8 lull actuarial valuation would impact on the carrying amount of the pension lia￿-lity. Cntical areas of judgn7enl.' The Tfustees th? not consder that the￿ is any area of critical judgment which would have a sgnificanl effect on amounts reCO￿lSed in Ihe finanual ststements. Page 39 LEICESTERSHIRE AND RUTLAND YIILDLIFE TRUST LIMITED (A c¢)mpany limited by guarantee) Not•s to the financial statements For th• year ended 31 March 2024 Income from donations and lega¢les Total funds 2024 Total funds 2023 funds 2024 funds 2024 Donations and similar income Legacies Members subscriplKy)s induding grft aid 139.616 159,083 70,493 717,020 298,699 70,493 717,020 32T,907 173,688 646,518 139,616 946,596 1,086,212 1, 148, 113 Total 2023 104,900 1.043,213 1. 148, 113 Income from charitsble activities Restricted Unre$trithd funds fvnd$ 2024 2024 Total funds 2024 Total fvnds 2023 Consultancy fees Grants Livestock 437.772 2C6.366 616 437,772 279.375 616 516,952 212,987 73.009 644,754 73,009 717.763 730, 133 rotal 2023 623. 175 106,958 730, 133 Page 40 LEICESTERSHIRE AND RUTLAND WILDLIFE TRUST LIMITED (A company limited by guarantee Notes to the financial statements For the year ended 31 Mar¢h 2024 Income from ¢haritabl• adivities Icontinu•dl Analysis of granls.. 2024 Hanson Cement DEFRA England Woodland Royal Soaety of Wildlife Trusts- Peoples Poslcode Lott Natural England Environment Agency Sevem Trent National Forest 2.500 68.097 62,710 93,456 18,652 20.000 3,960 10.000 279,375 Income from othor trading activities Unrestrictsd funds 2024 Total funds 2024 Total funds 2023 Shop sales Other income 65.213 8.296 65.213 8.296 73,163 3,731 73,509 73,509 76.894 Page 41 LEICESTERSHIRE AND RUTLAND WILDLIFE TRUST LIMITED (A company limited by guarant•el Notes to the financial statements For Ihe year ertd￿ 31 March 2024 Investment incom• Unrestricted lunds 2024 Total funds 2024 Total funds 2023 Income from investment properties Income from listed investments Income from cash investments Profft on sale of fixed asset5 41,622 7.788 43.656 41,622 7,788 43.656 41,631 5,282 15,497 570 93,C 93.066 62.980 Analy$l$ of oxpgnditure on raising funds Generallng Funds Relail Oper•li¢)ns Inv¢stmtrnt iryt costs Total 2024 Total 2023 Shop ExpeTrJiture mtership Cc•nmission Trust Support Costs Salary Costs Stockbrokèr fee$ Renta Cdle¢kn"on 36.752 3Q752 217.676 48.088 98,265 2,148 2,322 39, 724 158,254 53,773 94,3T5 1,479 2.223 217.676 48.088 98.265 2,148 2.322 364,029 36,752 4.470 40&251 349,228 Page 42 LEICESTERSHIRE AND RUTLAND MLDUFE TRUST LIMITEO (A company limited by guarantsel Notès lo th• financial stat•m•nts For the y•ar •nded 31 March 2024 Analysis of expenditur• on ¢har¥table aclivlties life Ha¥ens Inspiring IAfjldlrfr People cha￿10nS Total 2024 Total 2023 Natu￿ ReseTr Ccnsuf(ancy Work Subsidiary Supt¢rt Costs Trust Support Ctsts Salary Costs 153.026 70.434 223,460 119,809 58,785 401025 908,747 145,5e 143,407 16,906 476,270 968.196 119.809 14.100 2.893 53.586 33.116 214.948 439.695 11.569 184.178 415.4 840,785 681.647 190.394 1,711826 1.690.338 10. Analy$i$ of gov•rnanc• and support costs Wikjllfg Ha¥en5 knsplrlng Wll(•ife Gwwating People ChaThyions Funds Total 2024 Tolal 2023 Trust SuFPOrt costs (Nfice C R$￿ Le Deweciabcy) Loss on di¥n5 Penwcm fund 105.699 11.0 133.479 13.936 10.3Q3 35.010 3.655 2,484 155 3,224 27S,553 28,T70 91,178 1.221 25.373 283.254 27,520 78,994 17,718 31,6e 142 1,121 9,733 12,291 Sub¥kllary supp(*t ¢os¢s Tice Costs DeweGiab" PIL on diskKJS ArThYt"S*￿ cl grart . 40.530 15.846 6.749 16.511 11, 14,1C() 270 232 66.199 16.87T 6.162 18.129 24,016 16, 723 (7, 7 101 (16. 723) 761 1.116 10.747 13,572 28,018 30,297 248 C64 195.747 451,892 Page 43 LEICESTERSHIRE AND RUTLAND WILDLIFE TRUST LIMITED (A company limited by gu•rant•• Notes to the finan¢ial $tat•ments For the year ended 31 March 2024 11. Auditors. rnmunerntion 2024 2023 Fees payable lo the Trust's auditor ￿ the audrt of the Trust's annual accounts 19.600 78. 700 Fees payable lo the Twsfs audrtor in re4)ect ot. Audrt of Sub￿diary company Tax compliance service 7,450 950 6.915 865 12. Slaff ¢osts Gro 2024 Group 2023 Trn$t 2024 Trust 2023 Wages and salaries Sooal security costs Pengon contntth'ons 874,749 55.992 76.271 949.635 6T.996 44,940 670,078 38,270 65,060 750,265 49.692 33.234 1,007,012 1.062,571 773,408 833, 191 The average number ol persons employed by the Twst during the year wa5 as follows.. Gwoup 2024 No. Group 2023 Trust 2024 Mo. rnisl 2023 Management and Administration Charilat4e Activiknes 13 20 io 15 19 35 33 26 25 The average number of employEes in the GTOUP dunng the Far was 38 12023. 281 on a fvll-lime equivalent basis. The nurnber of empl¢)yees vthose em￿oyee benefrts {exdudiry emplo￿ pension costs) exeeedecj £60,000 was.. Group 2024 No. Group 2023 No. In the band £80.001- £90,000 Pa9e 44 LEICESTERSHIRE AND RUTLAND WILDLIFE TRUST LIMITED IA company limited by guarantee} Notes to the financial statements For th• year ended 31 March 2024 13. Trustse$' rernuneration and •xp•n The Trustees received no reMuneratiC￿ and were not reimbursed for any ol their expenses w) the year. The key management personnel of the Group during Ihe year wmprised the Trustees and an expanded Senior Leadership Team (SLTI headed by Ihe Chief Executive Officer together with his direel reports. The SLT are responsible for the day-to-day running of the Group. The total of key rnanagemenl personnel beneffts lor the year was £264.98012023.. £175.605). 14. Taxation 2024 2023 Corporation tax Current lax on net expenditure for the 11.066) 3,573 Taxation on net expenditure 11 ,0661 3.5T3 As noled in the accounting polioe$, the Trust is potent￿llY exempt from taxabon in respect of income or capital gains received vmthin categofies covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxatton of Chargeable Gains Aet 1992. to the extent that such income or gains are applied exdusNety to charitable purposes. There are no factors congdered likety lo affect fijlure lax tharges. Page 45 LEICESTERSHMIE*14D RiITL￿D￿1jLDuFE TrU8T WtTED 15. TaDglbl¢ fixed assets Gr¢sJp riotor r￿lU1•*, frttihg* Tools *nd Ind tonwutets 49￿1￿1)en1 Llvestoc Tolal At 1 Aw12023 Addthns 1A97.6W I176.￿• 2K523 127.187 51,941 22.008 .96B 121AQOI 111J,0761 17.3J0 4.135.711 30.976 {1.9501 148.4261 1100.0001 9fjQ thsposas Traislei to irf4ethentwwty Re¥*LWts75 {15.Q {1QQ.000) At 31 klarth 2024 IA97.169 107COSI 243.523 127.795 57M3 16.340 4019.221 Al 1 Apnl 2023 Chaige forihe On disp)s*5 242.995 5.958 115.NO) $9.595 25,254 {20,0151 32.674 735.32Z 108.1155 (H0041 18,989} At 31 March 2024 84.834 35.189 799.373 M*tbook v41u• At 31 M¥th 2024 1.QJIZ72 IQ7&061 22,614 IW 3319 Al 31 2023 15.5Z8 67.592 2fj,257 17.330 3,400.389 Pw46 wry limit￿tsy￿￿￿b1*tr1 Forthi y•*•fv*d 31 Ilweh 2024 15. Taryibb fi¥•d •sHts Ictinlw Tntst Lara dings otor Fuiurts. fittfjngs Tools and assd% ¥ehkkns and ¢CffiPu￿rd ryiipThnt LI¥￿tOck Total Co&iorvaluatl¢Jn Al l April 2023 Athilvjns 1176,M1 10(017 •2.102 13.75B 120,2051 9.92 1923,1fjty 13,751 126.7711 1100.0001 1,010 D￿lS Tran5ferto m*sbThert WQFerty IA5861 At 31 M¥ch 2024 1A97M IQ76.061 75,655 47,S2S 11,000 3.811,927 At 1 2023 44.391 15.f4M 118.9851 JO.611 10.2JS 16.5661 579.084 91.178 Charptrlhe YJW On di¥0saLs At 31 2024 1H017 41.010 34217 fj44,711 N•t botsky￿u* At 31 Matc* 2024 1.03U72 107&061 Xfj45 13,2Jl 3,167,216 Af31 March 2023 2.176.￿1 23.473 9.920 5,344.776 PaJe47 LEICESTERSHIRE AND RUTLAND MLDLIFE TRUST LIMITED {A company limited by guarantee) Notes to th• financial statements For the year •nd¢d 31 March 2024 Livestock is valued al their fair ￿ue al 31 March 21r24 by the Trustees. Induded within land arhd buddings above is freeh¢Yd land and buildings wth a nel book value al 31 March 2024 of £264,27612023. £278,849) and ILWJ leasehol¢J buil¢Jngs 4wlh a net book value at 31 March 2024 of £767,997 {2023. £818,760) Heritage assets Heritage assets represent the Trust's nature reserves, and are maintained in accordance vjrth the Twsfs charitable objects and sl*ed devel¢wnent strategy. which indude put4¥c access and educational purposes. The Trust conbnually seek to expand rts portfolio of nature reserves, in line wrth the al)ove and following rts acquisition policy The nature reserves are an essential part of Ihe Trust's work and consequently it is not the Trusys policy to dispose of arry. Five year summary of h•ritag• ass•t transactions: Group and Trust Addition5 2023-24 2022-23 2021-22 102.133 245.225 2020-21 2019-20 Paye 48 LEICESTERSHIRE AND RUTLAND WILDLIFE TRUST LIMITED (A company limited by guarantee Notes to the finan¢ial ststÈm•nts For the yeai ended 31 Marth 2024 16. Investment property Group and Trust The Group's and Trust's investment properties comprtse t￿IldIng$ and related land al or near Chamwood Lodge Nature Reserve. and part of The Okl Mill. 9 Soar Lane. Leicester which is leased lo a third party. InvÈstm•nt prop8rti•s Valuatlon At 1 April 2023 Surplu5 on Tevalualion Transfers Irom herrtage assets 620.000 20,000 100.000 At 31 March 2024 740,000 During the year. land at Chamwood Lodge Nature Reserve was redassified from heritage assets to investment property lo MO￿ appropriately reflect rts Use. The buildings and related land al or near Charnwood Lodge Natu￿ Reserve were revolued at £640.000 by Mather Jamie, Chartered Surveyors on 17 Mareh 2024 The part of the propety at The Old Mill, Soar Lane. Leicester wfftich is leased out and treated as an investment property was revalued at a fair value of £100,000 by Mather Jamie. Chartered SurveyoTS, as at 31 March 2016. The Truslees are of the Opini￿ that the fair value has not malerialty changed at the balance sheet date. The hist¢y1￿1 cost of the investment prope￿"e5 15 £281.18312022'. £181.1831. The investment property revaluation reserye of £498.03012022' £478.0301 included in Designaled Funds wthin the Balance Sheet anse5 from the year-ertd revaluatsons of investrnent properb'es and investments, less their hi￿rical costs. 17. Fix•d ass•t inv•stm•nts List•d investments Group Cost or valuation At 1 April 2023 Additions Disposals Revaluations 198,331 54.646 142.4791 2,741 At 31 March 2024 213,239 Page 49 LEICESTERSHIRE AND RUTLANO MLDLIFE TRUST LIMITED (A ¢tynpany limil•d by guarant••l Notes to the financial 5tstements Fw the year ended 31 March 2024 17. Fixed a$sat investments {continuedl Investment in trading subsidiary Listed investments Total Trust Cost or valu*ion At 1 2023 Additions 198.331 54,646 142.479) 2.741 100 198,431 54,646 {42,479) 2,741 Disposals Revaluations At 31 March 2024 213.239 100 213.339 The historul cosl of shares hdd at 31 March 2024 is £191.921 12023." £177.714). The follow'ng investments eath exceed 5% of Ihe totsl value of Sha￿ investrnenls. JP FUND ICVC JPM US E(JJITY C2 VAWARD FUNDS PLC S&P SC#J UCITS EfF USD DIS IMPAX FUNDS IIREI EWlFIONME￿AL M4RKEfs{IRE) NINETY ONE FUNDS SERIES 111 (IC￿L EWIRaNMENT K 9.45% 9.52Yo 6_800 6.48% Other Inv*stments The Trust. along with six other Wildlife Trust5, has established Wildlrfe Fundraising (Centrall Limited {company number 08372218}, a company limrted ty guarantee. This company undertakes membership recruilmenl for the seven Wildlrfe Trusts involved. As a member of Ihe company. the Trust's liabilities are limited lo £1, being the amount that eath member Ltndertakes to contnbute to the assets of the company in the event of rt being wound up. Page 50 LEICESTERSHIRE AND RVTLAND MLOUFE TRUST LlhllTED (A c¢mpany limit￿ by guarantee) Notès to the financial statements For th¢ year ended 31 lrfarch 2024 Investment in trading subsidiary The Investment in Leicestershi￿ Wildlrfe {Salesl Limited {cornpany number 023475731. a company incorporated in the UK, represents a 100% holdiThJ of the trading subsidiary's share caprtal. The company's registered office is at The Old Mill. 9 Soar Lane. Le%￿ster, LE3 5DE. Leicesler5hire Wildlrfe (Sales) Limited undertakes natu￿ conservation contracts and wildlife consultancy. together with rts retailing operth"¢)ns. The trading company donates its taxable profit to Ihe Trust, subject to suificient distributable reserves bw.ng available. A summary of ils tradry results is shown below". 2024 2023 Profit and 1055 account Tumover Expenditure Interest receivable Fair value movements 469.045 1448.955) 3,842 11201 475,498 (429.416) 848 Profrt before taxation 23.812 46,930 Taxation 1.066 13.573) ProfSt for Iho year 24,878 43,357 Ajid the below shows a summary of its balanee sheet poyb'on as at 31 M*th 2024.. 2024 2023 Balance sh••t Fixed and Cu[￿nI assets Current liabilit￿S 208.663 1195,$191 194, 146 f185,998) Totsl n•t assets 13,144 8, 148 Called up share caprtal Profil and loss reserves 100 100 13,044 8,048 Total equity 13,144 8.148 18. Stocks Group 2024 Group 2023 Shop stock 3.062 5.764 Page 51 LEICESTERSHIRE AND RUTLAND WILDLIFE TRUST LIMITED IA company limited by guarantee Notes to thè finaneial stat•m•nts For the year tnded 31 March 2024 Debtors Group 2024 Group 2023 Trust 2024 Trusl 2023 Due within on? yèar Trade debtors Amounts owed by group uTrJertakings Other debtors Piepayrnents and aecsued ineome Tax recoverable on aid 34,395 108,024 33.534 64.256 105,395 48,969 8,195 124,867 67,715 7,816 151.324 50.628 124,867 67,715 151,317 50.628 235,172 317.792 290.372 356.309 20. Credllors: Amounts falling due within one year Group 2024 Group 2023 Trust 2024 Trust 2023 Other loans Trade Creditors Corwrabon tax Other taxation and social sewity Other creditors Accsuas and defefred irKome 8.300 57,216 8.300 130.341 3.573 14.744 1.211 141.340 8.300 40.623 8,300 105, 150 20,687 11,205 166,154 16,521 11.205 55.650 10,807 1,211 36.502 263.562 299.509 132.299 161,970 GTOiIP 2024 Group 2023 Tru$t 2024 Trust 2023 Deferred income at 1 April 2023 Resources deferred during the year Amounts released from wevious periods 47,497 53,629 (47,4971 99.778 47.497 (99, 778) 400 2,430 14001 400 53,629 47,497 2.430 400 Deferred income relates to advances with respect to consultancy fees. grants paid in advance of ents'llement and Osprey cruise bookings for future years. Page 52 LEICESTERSHIRE AND RUTLAND WILDLIFE TRUST LIMITED IA company limited by guarant••l Notes to the financial statements For the year ¢nd•d 31 March 2024 21. Creditors: Amounts falling due after more Ihan on* year Group 2024 Group 2023 Trust 2024 Trnst 2023 Other loans 25.113 33.413 25.113 33.413 Other loans relale lo a loan from the Ror41 Swety of Wildlife Trusts. The loan is intere51 free and is repayable in annual instalmenls. Vlryth the final payrnent due in September 2027. 22. Financial instrumonts Group 2024 Group 2023 Trust 2024 Trust 2023 Financial assets Finan¢Lal assets measured at fair valve through income and expenditure 1.336,745 1.388,584 1,192.832 1,265. 750 Group 2024 Group 2023 Trust 2024 Trust 2023 Financial liabilit￿$ Financial liakn"Iitses measured at amorkn.sed cost 194.604) (173,265J 178,012) (148,074) Finanual assets measured at faiT value through in¢cthe and expenIrtU￿ comprise bank and cash in fiand and listed investments. Financial liabilitses measured al amortised cost comprise trade crethtors, other creditors and other loans. Page 53 LEICESTERSHIRE AND RUTLANO WILDLIFE TRUST LIMITED IA c(Mnpany limited by guarantee) Notes to the financial statements For the year endad 31 March 2024 23. Provisions Group and Trust RSWT pension fund liabillty Addib"ons 257.000 257.000 As disclosed in the financial statements for the years ended 31 Marth 2022 and 2023. the Trustees were made aware of a potenlial issue relats.ng lo the defined benefit Section of ihe Wildlife Trusts Pension Scheme. Whilst the resutts of a detailed inve5tsgatsorb are not finali5ed. the Trust has made a provision for the liakn'lity of £257.000 in the finanaal stslements lor the year ended 31 March 2024. Whi15t the final outcorne of the pr￿e$S is not expected lo be known for another 12-18 months. a reliable estimate of the value of any potential liats'lity can now be made ar￿ therefore be recognised in accordance with FRSI02. Page 54 Forth•y***nd*d 31 hllrth 2024 24. Staknn•ht offunds Sts¢•m•nt othmd*. eurv•rtty• rt•*t1 TrnTr•f•rs inlout JI March 2024 (L¢￿$) Unr•5knc￿afu D*si9n414dlunds I.￿7&7 127&140 139.6961 1ts.2421 1172.5141 1,2f1,929 1,161,616 TtustdÈvelopment 4I411J 21741 1611J27 49A10 IX797) 1251,7161 21121 2,37J,S7S Jl&*1J 54282 1.1¥770 112JI,3391 1282,3731 22S290 PerW￿ ry)S1sfu￿j 2&716 PO.695 Total UM•s1nd￿￿n4I 1*1*122 1.11S,11ty {1.W,SO¥ 16,994) 2,$9WS R•*trietsd fund* 14.894 79.058 62.195 a&. Wikl Ab￿rtReSe￿*5 cThomwotsJ Fo￿t LMTrJ L￿d$CapeS 97. 39.355 57.850 1*4391 P.5fjQl 16J2511 177,9Ql1 270 EdLUtithI & Fue5t s¢￿￿. Posic4de Lottery Hol*￿. Da¥hlCo&L Foundakn 53.736 63.1fj0 48.335 38,2S9 Statemwrt olhmd¥ Iwntinwdl Balanc¢ al JI Mirch 2024 Ba*• at 1 Gains {Lo***sI inlth CFRP NF EnwrcfiTeM Iwjsi 117,3Y71 S)ar v¥￿Y Ne*dwr Nature. Naiv￿ CNnB(* Rudand WaterNatLffe Re5er¥e Owty Pr4ect Livg¥ltx* Y4 1550501 152721 162111 7.454 57.623 1&675 11.687 51.J17 IA02.647 fjOU41 23,9 7.33 $2,2ts3 1JQ2,fj47 2.157 P8.9091 Land ￿st￿tedlUndS Fixed Assetshe&J Mlh ￿5￿cted rurth A￿la7 Waier. LeK¢Ste￿I￿ Wihthfe S*5 151701} 39&536 IK536) 1414485 7H3711 2,390287 Total ollunds 5.391507 1.970.550 R375.07n 1.0fj6 16,1941 4,98J,152 Forthe bw•nthd 31 Ma￿h ￿24 24 $¢•t•nMnt Dlfund* ItOtitinu•dl stat•nwnt Dffurnls.priDry• (Losses) 31 Ilaffjh 2023 Un￿$t￿¢t¢d fvnds O•yvJnat•d lund* 1.243.391 1.244.4t 112.904 1.336,787 1,275,140 T[￿ 47.483 (1.419) (15,261) 2.487.794 47.483 (30. 112.904 (t5,264) 3.fj11,927 G•n•rnl A¢cumulaied chankblefund 274.614 iL*.720 1.242.562 11.149.753J (31.WJ (3.573J 13a227J 518,913 54,282 (22.778) 383.331 1.242.Wd (1.181.413J (1573J 13&,2271 (29.488J 173.19S Totsl Unrw*trith fund* 2.871.126 I.29D.0￿ (1.5￿.40}j 1157JJ 74.677 {4.752J 2.￿$.1?2 AF¥e￿¥. 14. 14.694 5fj737 15&737J LBCESTERSklRE *1￿) RUTL￿OI4￿L0UFe TRVST LwrrED For1￿ 31 X24 14. St¥kn•nlollunds leortiTh*d} Staiem•nt olfunds. prirrf year{¢oThtfjTru¢d) Gen?Y {Louesl 31 Maffjh 2023 41.287 28.￿5 (40.381) rs13F) 27.859 9T.634 39.355 si(h)o 57.850 Education & Forest Scmd. Postcode Lo CFRP hF EnyYoNneDIAger Grv* Wi t￿.416 17.433 2*f.$22 72.239 61242 12.2JS 10.99S 113.$89 J.402.6¢T 62.4f 163 [f02.79n f?4.9081 {10.391J (2.6881 (24.5221 s￿v￿leyMead RLrtbnd N*w9 Rew Rulbn#Q¥swPtrye(* (24.snJ IN155J (4.395J 432 &661J 7.6S2 57.623 15.675 fl,687 51,317 1.492,647 695,341 J2.769 (4.233J .418 (TT.0￿) L￿d %*)Ih RstrKted fiJré5 (74243J 39a604 (398.604J 2.59a250 72&075 (83T.103J (T4.674 2.4t4,485 Toial olfundb 5.469.378 2.01&1￿ 12.039.566J {3,573} {44.752) 5,399,607 St•knn•nt o11th￿ Icorrtlnu•dl Reslrithd fuTrd•: TruStrK￿d$tr￿ falkxifvj r¢￿ted chaIrr￿ F￿esL Fore#. h3sbeen bJnded tyAgywe lThknbie5 bolh pgr* NE 5ee4cryn fur LNRS ILoc* Recw Styatew)" Er￿ in 10 v1W￿ tor L￿TERS￿RE *JID RUTLAfiDIIILOUFE TRVST LwrrED IA¢wbarty Ilfflh•dbyww•th•l stst•M•ntolfunth seioff awnstthe TestrKted assetL￿d. sirKied luThls wth the exeeptKJn tsfthekn￿l￿d Ch*tst4e (rfme Groty's uNesrfthdSJnd5wtich hwenot been de5wnaied. theurrfesrrithd fwd5 represent finanth￿ reseTresearrM¢Aed io meeispetskaspedscothe Groty¥theas. Des1gna*•d Fund• Twsi ¢xlllKwts•X rn*itsè L￿11D tèthx(*trwArfSK*4ètts ihe TruSl5 thantabie objecti. or key operaoon* rewmenls ts theTrnsfs de¥etyJ￿ Tlis irthle. trnatU￿ reseNe5. andlorpror*tyaccpJI￿tscffi to opernbonai Sup Stat•m*ntbffunth {¢OMlrllJ•dl 2024 In¥ethts 213.239 1*,331 4* 1 lei ￿￿140 me specific fund5 ￿resenti￿ all restr￿￿ la￿ W •id all re5maed fixed assets. as wowi*e The lE￿￿n9 on thÈ I￿]mdu￿ r8Strid•O fund5 are ihu5 a dearer rellecbonoftt* resCLYCe5 10 I P>JÈ61 LEICESTERSHIRE AND RUTLAND WILDLIFE TRUST LIMITED {A company limited by guarantee) Notes to the financial statements For the y¢ar gnded 31 March 2024 25. Analysis of net assets bètw•en lund$ Analysis of nel assets between fvnd$ - current p¢riod R•stricted Unrestricted funds funds 2024 2024 Total funds 2024 Tangible fixed assets Fixed asset investments Investment property Current assets Creditors due within one bear Creditors due in more than ￿e yEar Provisions for liabilities and charges 1.955,285 1,264,563 3.219.848 213,239 213,239 740,000 740.000 875,539 1.361.740 1212,363) 1263,5621 (25,913) {25.113} 1257,000) 1257,0001 486.201 (51.1991 Total 2,390,287 2.598,865 4.989.152 Analysis of net a$s•ts between funds- prior period Restiicted Unrestricted fvnds fvnds 2023 2023 Total funds 2023 Tangible fixed assets Fixed asset investments 2,007.988 1,392,401 198.331 620.000 1.060.215 (252,412) (33,413) 3.400,389 198,331 620,000 1,513,809 f299,509) (33,413) Investment property Current assets Credilois i*Je within one year Credilofs due in more than one year 453.594 (47.09T) Total 2.414.485 2,985, 122 5.399,607 Page 62 LEICESTERSHIRE AMD RUTLAND ￿LDLIFE TRUST LIMITED IA company limitod by guarant••l Notès to IhÈ financial statements For the year ended 31 March 2024 26. R•conciliation of net movement in fund$ to net ¢ash flow from operating a¢tlvitio$ Group 2024 Gtvup 2023 Net expendiluTe for the period (as per Statement of FinarKial AclivitEsl {400.7201 (40,283) Adjustments for: Depfeaation Charges Increase in provisions IGainslllosse5 on investments Dividends, interests and ￿nts from investments Lossllpfofitl on the sale of fixed assets Decreasellincreasel in stocks Decreasel(increasel in debtors Decrease in credito Defined benefit pension stheme cost less cC￿tst1uIIons payable Pension finance charges and administrab.on costs Taxation charge 108,055 257,000 (2,7411 193,0661 (4.9411 2.702 82,620 143,1821 156.0681 25,373 (1,0661 95.717 15,264 (62,980) 10.6Q8 f272J f33, 799) f37, 130) (54,438) 31,669 Net cash used in operating a¢tbVities {126.0341 f75,653) 27. Analysi5 of cash and cash equivalents Group 2024 Group 2023 Cash in hand 1,123,S06 1,190,253 28. Analysls of changes in net debt At 1 April 2023 Cash flows At 31 March 2024 Cash at bank and in hand Debt due wrthin 1 year Debt due after 1 ￿ar 1.190,253 18,3001 133.4131 (66.7471 1.123.S06 18,3001 125.1131 8.300 1.148,540 {58.4471 1.090,093 Page 63 LEICESTERSHIRE AND RUTLAND WILDLIFE TRUST LIMITED (A company limited by guarantee) Note$ to tht finan¢ial $tatom•nts For the year ended 31 M¥¢h 2024 29. Pen5ign ￿MMitmentS The Trusl CUTrenty operate5 two schemes". a) a Stskeholder defined contribub"¢)n scheme operated by Standard Lrfe and available to all employees. Pen￿n contributions for the yearwere £76.27112023." £44.9401". and bl The Wildlife Trusts Pensi¢)n Stheme, vthich is descnbed in detsil bek)w. The Wlldllfv Trusts Pension Scheme The Trust. together with a number of Oth￿ emplosers. Pa￿.￿pate$ in the tjefined benefft seCt￿n of the Wildlrfe Tnjsls Pension Scheme Ithe S¢herne}. ca￿ta Hartshead administers the Scheme and its assets. vthich are held separately from those of the Trust. The liabilities sel out in this note have been calculate(I based on the res￿￿5 of the Scheme Funding Assessment as at 1 April 2022, upmjated lo 31 March 2024_ The present value of the defined benefit obligation was measured using the projected unrt credit methLNJ. The EMplo￿r$ have agreed a funding plan with the Trustees. whereby conlnbub.ons are made into the Scheme in order to remove the funding deficit based on each Employer's share of Ihe total Scheme liabilrties, calculated by the Scheme Actuary as al the most recent Scheme Funding Assessment (currently, 1 April 20221. The disclosures set out below are based on calculations Carried out as at 31 March 2024 by an independent qualified actuary. The contn"i)utions payable by the Trust to the Scheme for the year was £56,068 (2023." £54,438). Principal a¢tuarial a$swnpts'on$ at the Balance sheet date (expressed as weighted averages).. Al 31 March At 31 March 2024 2023 Discount rate Future salary increases IRPII Future pen%on Increases Post-reb"rement mtytslity 4.85 3.40 2.7S 4.68 3.42 2.70 1.25 1.25 At 31 March At 31 M8r¢h 2024 2023 Years Years Mortalty rates lin years) - for a male aged 65 now - at 65 for a male aged 45 now - for a female aged 65 now - at 65 for a female aged 45 22.3 23.6 24.8 26.2 22.5 25.0 23.8 Page 64 LEICESTERSHIRE AND RUTLAND WILDLIFE TRUST LIMITED (A Company limited by guarantee) Notes to the financial ststements For the year ended 31 March 2024 29. Pension ¢ommltment$ l¢onllnu•d) The GfOUP'S share of the assets in ts scheme was: At 31 March Al 31 MarGh 2024 2023 Eq￿lieS Bonds 226,100 489,263 223.838 484,987 25.477 175.672 Property Cash & LDI'S 194,727 Total fail value of a$$ots 910,090 909.908 The actual ret￿n on Scheme assets w85 a ga￿ of £18.19412023". loss of £209,138). The amounts recognised in the cons￿ldated statement of financol &lNities are as follows.. 2024 2023 Current service cost Nel interest lincomellexpense Administrative eypenses Total amount r¢¢ognlsed In the Consolld*gd $tsl•m•nt ol financial activities 12,8141 28,187 (2.867J 34.251 25,373 31,390 Movements in the vaue of the defined benefit 0￿19a￿)N We￿ as follows.. 2024 2023 Opening defined benefft Ob1KJal￿n Acluarial Ios5esllgansl 8enefits pa Adrninstralion costs 863,540 1,512 145,8941 28,187 39,299 1.036,090 (164, 12QJ (69.492J 34.521 26.541 Interest cost Closing d•fin•d b•nefft obligation 886.644 863,540 Page 65 LEICESTERSHIRE AND RUTLAND WILDLIFE TRUST LIMITED IA company limited by guarantee) Notes to the finan¢ial statements For the year end￿ 31 Mar¢h 2024 29. Pension commitmonts {coThtinuedl lknvemenls in the fair value of the Group's Sha￿ of scheme assets were as fdlows.. 2024 2023 Opening fair value of scheme assets Interest income Actuarial losses 863.540 42.113 (23.919) 56,068 (45,8941 {5,264) 1,036,090 29,402 f238,540J 54,438 (69,492) 51,642 COntribLrt￿nS by em￿0yer Benefits pa Derecognition of surplus Closing fair value of s¢h•me a$s•ts 886,644 863,540 The amounts included in the Balance Sbeet arising from the Trust's 0￿19atiOnS in respect of defined benefit plans are as follows". 2024 2023 Present value of defined benefft obliga￿n Fair value of plan assets (863,$40) 1,036,090 863.540 (1,036.090J 30. Operating lease ¢ommttm¢nts At 31 Marth 2024 the Group and the Trust had commitments lo make future minimum lease payments under non-cancellable operating leases as follthvs" Group 2024 Group 2023 Tru$t 2024 Twst 2023 Not later than 1 year Later than 1 year and not later than 5 ￿r$ $94 1. 189 594 418 836 418 594 1,783 418 1.254 Page 66 LEICESTERSHIRE AND RUTLAND WILDLIFE TRUST LIMITED (A c(¥npany limil•d by guarantee) Notes to th• financial statements For the yÈar •nd•d 31 March 2024 Group and Trust as Lessor Al the year erKI, the Group and Trust had (x)ntracled ￿1h tenants, under r￿-canCelIat1e OFerating leases. for the following luture minimum lease paYM￿ts.. 2024 2023 Less than c￿e yèar Later than 1 yeai a)d not laler than 5 years 10,020 15.865 29.000 13,958 25.885 42.958 31. Council of Trustees The Trustees referred lo in the irrfom)alI￿ to the accounts constitute the directors of the company. 32. R•lat•d party transactions During the year, the Trust wharged management charges and certain expenses lo rts trading subsidiary Leicestershire Wildlife (Sales) Limited amounting lo £110.672 {2023". £20,341) and were recharged expenses of £79.82312023'. £2.224) At the year end, the Trust was owe(1 £64.256 {2023'. £48.9691 from Leicestershire Wldlrfe Isaiesl Limited. During the year. the Trust was charged £222,13212023". £144,414) by WFCL for ils recruitment services. Induded within credilots * 31 March 2024 was an amount of £28,03712023." £39.4531 owed to WFCL. During the year, the Trust received donatK&ns totalhng £100,0ty) {2023." £111,648) from trustees. Page 67