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2023-03-31-accounts

Registered number: 00733321 Charity number: 213224

DEVON WILDLIFE TRUST

(A company limited by guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

DEVON WILDLIFE TRUST

(A company limited by guarantee)

CONTENTS

Page
Chair's statement 1 - 2
Trustees' report 3 - 4
Trustees' responsibilities statement 20
Independent auditors' report on the financial statements 21 - 25
Group consolidated statement of financial activities 26
Group consolidated balance sheet 27 - 28
Charity balance sheet 29 - 30
Consolidated statement of cash flows 31
Notes to the financial statements 32 - 69

DEVON WILDLIFE TRUST

(A company limited by guarantee)

CHAIR'S STATEMENT FOR THE YEAR ENDED 31 MARCH 2023

The last twelve months have been tough. We started the year with war breaking out in Eastern Europe, and the unfolding horrors have dominated international politics ever since. At home, very high levels of inflation, industrial unrest and a flagging economy have focussed public attention away from the environmental crises we face. The year saw a great deal of political upheaval, including three different prime ministers.

During the autumn of 2022, The Wildlife Trusts and its partners had to fend off what appeared to be an all-out assault on environmental protections that had been built up over a generation. And while the Prime Minister made some positive noises at the International Conference on Biodiversity, it took a great deal of pressure to persuade him to even attend.

Despite these many challenges, Devon Wildlife Trust (DWT) has forged ahead and had another very successful year, making good progress against our strategic goals. Here are some of the highlights: -

It was a good year financially too. We reported income of over £5.7 million and a surplus of £183,000, significantly better than budget. We now have over 73,000 social media followers. Membership declined slightly to just over 36,000, but the decline was considerably less than we had feared at the start of the year.

At the AGM we said goodbye to our Chair Sue Goodfellow and our President Iain Stewart. I would like to thank them both for all they have done for DWT. In January our Chief Executive, Harry Barton, informed us of his intention to step down in July after nearly twelve years. His successor, Nick Bruce-White, will join the Trust in September.

Page 1

(A company limited by guarantee)

DEVON WILDLIFE TRUST

CHAIR'S STATEMENT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

None of our work would be possible without the passion, commitment and tireless work of our staff, local groups, volunteers, and partners. Neither would it be possible without the generosity of our members, grant funders, corporate supporters, donors and those who have chosen to remember Devon Wildlife Trust in their wills. On behalf of the Board of Trustees, I want to thank everyone who has made such a difference to Devon’s wildlife this year and who will make our work possible in the future.

Professor Vicky Pope Chair of the Board of Trustees Date: 19th July 2023

Page 2

DEVON WILDLIFE TRUST

(A company limited by guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2023

The Trustees of Devon Wildlife Trust (DWT), who are also directors of DWT for the purposes of the Companies Act 2006, present their Annual Report (incorporating the Strategic Report), together with the consolidated financial statements of the charity and its subsidiaries for the year ended 31 March 2023. The Annual Report serves the purposes of both a Trustees' Report and a Directors' Report under company law.

The financial statements comply with the Charities Act 2011, the Companies Act 2006 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

1 Aims and Objectives

1.2 Devon Wildlife Trust’s vision, purpose and mission are set out in its ten year strategy, Towards a Wilder Devon. DWT’s mission is:

“Bringing wildlife back across Devon’s landscape, rivers and seas”

Our mission will be delivered through four goals: -

DWT’s work to deliver its mission directly will be supported by four enabling goals. These relate to the changes we need to make to the organisation itself so that we are in the best possible position to achieve our mission.

Page 3

DEVON WILDLIFE TRUST

(A company limited by guarantee)

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

2 Key Achievements against our Strategic Aims and Objectives in 2022/23

· Goal 1: Wildlife is in recovery on at least a third of Devon’s landscape

A wide range of works were undertaken at DWT nature reserves, clearing the backlog created by Covid. These included infrastructure improvements across the Valley Parks, Culm grassland sites and at Bellever Moor and Meadows nature reserve, and works for the narrow headed ant at Chudleigh Knighton Heath. All contractual requirements and annual management prescriptions were delivered for 23 Higher Level Stewardship & Higher Tier agreements.

Saving Devon’s Treescapes has planted 25,000 trees and opened a second tree nursery near Broadclyst. We launched a new Farm Advice & Conservation Service, improving wildlife on 338 hectares. The Avon Valley project extended across the Erme & Yealm catchments meeting landowners responsible for 655 hectares of land. The project now has a network of 245 landowners.

We have secured Defra development funding for a proposed East Dartmoor Landscape Recovery Area. This is one of 22 projects across the country that form part of the new Environmental Land Management Scheme. The long term objective is to restore a range of habitats including temperate rainforest, across a landscape of 5,000 hectares.

We started the development phase of the pine marten reintroduction project and secured funding to look at the feasibility of reintroducing wild cats. Beavers continue to thrive and, following intense lobbying by The Wildlife Trusts (TWT), we managed to secure legal protection for the species.

· Goal 2: Marine wildlife is in recovery in at least a third of Devon's seas

Final reports were completed and circulated for the Caen Wetlands Project, including detailed financial modelling for a managed realignment.

Despite concerted campaigning, Defra is only taking forward three HPMAs (Highly Protected Marine Areas), none of them in the South West. We continue to press for further designations.

We continue to work closely with the National Marine Park at Plymouth.

We are leading a partnership with University of Exeter and other Wildlife Trusts in the South West on a PhD project to survey habitat types across the region’s seas. We completed a partnership project with University of Plymouth looking at cumulative threat mapping for mobile species, and we continued to engage with the South Coast Bottlenose Dolphin Consortium.

Working Wetlands expanded significantly after we secured Green Recovery Challenge funds to broaden the project into the River Tavy catchment. Working Wetlands has brought almost 6,000 hectares of land into beneficial management for wildlife, water quality and soil, and 1,000 hectares of farmed land now has formal agreements to reduce pollutants.

The Northern Devon Natural Solutions Project made over 3,000 advisory visits and brought over 2,600 hectares into positive management. The team secured £80,000 of funding for a soils health project.

Page 4

DEVON WILDLIFE TRUST

(A company limited by guarantee)

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

· Goal 4: One quarter of Devon's population is actively engaged in wildlife

We published exciting plans and secured funding for re-naturalising the Northbrook in Exeter.

59 schools were engaged in Wildlife Champions and nature based learning programmes. Our schools engagement work reached 3,289 pupils. The Wembury Marine Centre welcomed 18,480 visits over the summer and held over 50 events, including snorkel safaris.

We advised 214 local communities wishing to take action for wildlife, and we had 433 regular volunteers at the end of the year.

Over 5,000 people responded to campaign asks and we had over 73,000 social media followers at the end of the year.

The Green Minds Project continues to engage Plymouth communities in ‘rewilding the city’. Highlights for the year included establishing a tree hub, a tree nursery and securing support from Plymouth City Council to become pesticide free.

· Goal 5: DWT is in a position to lead by example in everything it does

The offices at Woodah were redecorated and the barn made safe, and the car park at Criklepit Mill was resurfaced. Access audits have been completed for all DWT sites.

All works in the Carbon Reduction Plan were delivered, highlights being the complete replacement of all lighting at Cricklepit Mill with LED (representing an energy saving of around 80%) and the addition of one Electric Vehicle and three hybrid vehicles. We reduced our carbon emissions by 32 tonnes.

ISO 14001 environmental certificate, ISO45001 Health & Safety and Investing in Volunteers accreditations were secured for the whole of DWT including its trading subsidiaries.

· Goal 6: DWT is financially resilient, high performing and a great place to work

It has been another successful year for fundraising with all key income targets for the year being met or exceeded. As well as numerous large grants including £308k for the East Dartmoor Landscape Recovery Area, we secured £65k from major gifts, £92k from corporates and £380k from legacies.

We continued to play a key role collaborating with the wider Wildlife Trusts movement. The CEO led the national working groups on culture & values and advocacy, and we also played key roles in national working groups on equality, diversity & inclusion as well as beavers.

Investors in People (IIP) assessment was successfully completed, and accreditation retained. A two-year Learning and Development plan was agreed, and equality, diversity, and inclusion training was completed by all staff.

Devon Biodiversity Records Centre had its highest turnover ever at £440k. 33 new County Wildlife Sites were designated. DBRC increased its species data holdings to over 7.4 million.

Successful surveys have been conducted in partnership with the Beaver Trust and University of Exeter on the River Taw and Exe catchments. New beaver territories have been recorded across both catchments, expanding our knowledge of the distribution of beavers in Devon.

Page 5

DEVON WILDLIFE TRUST

(A company limited by guarantee)

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

· Goal 8: DWT's influence is felt at every level, putting nature recovery at the heart of key decisions

We played a key part in the emerging Devon Land Use Framework, the Devon Carbon Plan and Devon Sustainable Food Strategy. We continue to lead two of the four catchment partnerships in Devon, and we play an active role in the Northern Devon Biosphere Reserve Partnership. The CEO is Vice Chair of the Local Nature Partnership.

As well as our role in the national campaigns mentioned above, we investigated 92 planning applications and responded to four local authority plan consultations.

3 Public benefit statement

The Trustees confirm that they have complied with the duty imposed on them by s.17(5) of the Charities Act 2011 to have due regard to the Charity Commission’s guidance on public benefit, including the guidance ‘Public benefit: running a charity (PB2)’.

The advancement of environmental protection and improvement is recognised as a charitable purpose and is regarded universally as producing a public good. Devon Wildlife Trust exists to promote the care and protection of the environment and therefore provides a clear public benefit. Please see information in the Chair’s Report and section 2 above for details of how we have delivered this charitable purpose in 2022/23.

However, the public benefits provided by Devon Wildlife Trust go much further:

Page 6

DEVON WILDLIFE TRUST

(A company limited by guarantee)

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Emissions Reduction Plan was finalised in March 2021. Through TWT and other partners, we actively lobby government on climate change. Our work on the ground plays a crucial role in climate change mitigation. Our land advisors have assisted with the restoration of extensive areas of wetlands across the county, and these habitats can play a significant role in storing and sequestering carbon. In addition, our wider work on soil management helps to maintain levels of carbon in the soil and encourage lower use of agrochemicals, which are significant sources of greenhouse gas emissions.

4 Financial Review

4.1 The Year in a nutshell….

Despite all the troubles associated with Covid-19, Trustees are pleased to report that it has been another excellent year for the Trust.

4.2 Our Trading Subsidiaries

4.2.1 Devon Wildlife Enterprises (DWE)

The turnover for Devon Wildlife Enterprises (DWE), which provides environmental consultancy services, was £407,510, its highest on record, with a profit of £69,169 before the Gift Aid payment to DWT. DWE made a Gift Aid payment (equity distribution) of £59,090 to the Charity. Shareholders’ funds were £47,797 at the end of the year.

The consultancy continues to provide a portfolio of ecological services across Devon and beyond to a wide range of clients including Tayo Power & Storage, Bristol City Council and RPS. As in previous years, services

Page 7

DEVON WILDLIFE TRUST

(A company limited by guarantee)

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

included planning support and ecological site services for new developments, in-house ecology, planning services and Habitats Regulations Assessments for Local Planning Authorities, as well as many European Protected Species surveys, mitigation licences and reptile translocations. The company tendered successfully for work to assess Suitable Alternative Natural Greenspace (SANG) capacity of Exeter Valley Parks.

The team was extremely busy and we will be expanding capacity in the coming year, including taking on expertise in Biodiversity Net Gain.

4.2.2 Devon Wildlife Services (DWS)

DWS was formed to cover the operation of Seaton Jurassic visitor centre in East Devon. The company did not trade during the year and has now been wound up.

4.2.3 Warren Crocus Co Limited (WCCL)

Warren Crocus Co Limited (WCCL) was set up in 1962 by the Creasy family for the sole purpose of holding land at Dawlish Warren. In 1974 the Company granted a 50-year lease to Warren Golf Club (a private members’ club – that occupies a portion of the site the Inner Warren) with an annual rent of £25 per annum. The Company, along with the lease, was transferred to DWT’s ownership in 1976.

WCCL had been making a small loss annually as finance/administrative fees exceed the lease income of £25 paid annually by Warren Golf Club. WCCL is unlikely to cover its costs or generate any surplus for the benefit of DWT’s charitable objectives during the life of the current lease with the Warren Golf Club. This situation is unlikely to be resolved before the current lease period comes to an end in 2024. In the meantime, Trustees are comfortable with DWT subsidising WCCL at a very modest level on an annual basis, and with the £5,022 debt that has accrued because of this since DWT took on the land in 1976. Trustees believe that the subsidiary is an appropriate vehicle to manage risk associated with ownership of this land (which is exposed and, in the long term, geomorphologically unstable). The land is also a haven for wildlife and supports vital habitats for rare plants, insects and birds. Trustees believe it is therefore in the best interests of the charity and appropriate to its charitable purposes to support the company at this time.

Discussions with the Warren Golf Club continued regarding the renewal of the lease. The Environment Agency is not planning to repair the flood defences, meaning that a breach is possible within the next few years. The consultancy EDI was commissioned to consider options for reconfiguring the Golf course in the light of a possible breach. Since the year end, the EA has confirmed that it does not intend to take forward any of the designs, forcing a rethink. DWT is currently in discussion with Warren Golf Club as to the best way forward in the circumstances.

4.2.4 South West Wildlife Fundraising Limited (SWWFL)

SWWFL is a membership recruitment company that is owned by DWT and seven other Wildlife Trusts, predominantly in the South West region. SWWFL does not feature in our group accounts - it is a mutual trading – business jointly owned by eight Trusts and we regard it as a ‘mixed motive investment’ (see 4.4.2 below). Its primary role is to recruit new members for the eight Trusts.

After five years of healthy profits, the business made a loss of £25,656. This was due to difficulties in recruiting and retaining staff and fewer people signing up as members due to financial concerns. The company has £361,586 of retained reserves so this disappointing result does not threaten the stability of the company.

4.2.5 Going Concern

DWT has made a significant surplus every year for the last three years. In the year ending 31 March 2023 it achieved a surplus £182,524, against a turnover figure of £5,751,985.

DWT had net assets of £11,233,042 and unrestricted free and designated reserves, including Investments, around £2.8 million on 31 March 2023. This compares extremely favourably with our financial resilience targets,

Page 8

DEVON WILDLIFE TRUST

(A company limited by guarantee)

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

which require us to hold a minimum of £1.2 million in free reserves (roughly three months’ worth of running costs).

DWT has set a budget for the year ahead (2023/24) with a projected turnover for the group of £6 million and a deficit of £168,461. This includes drawing down reserves of £585,961, part of an ambitious plan to invest our financial reserves in growth and delivering our strategic priorities.

DWT maintains a rolling three-year financial forecast. This is prepared on a very prudent basis, with no expectations for windfalls like large legacies, and no assumptions that current funded projects coming to an end will be replaced. Even with these very pessimistic assumptions, our forecast shows that we should remain within our resilience targets three years hence even with this higher level of reserves drawdown.

Looking ahead, prospects for DWE look very promising and 2023/24 is looking to be another successful year. SWWFL is likely to have another challenging year due to external environmental factors for membership recruitment, but we expect performance to improve once the economy fully recovers.

The Trustees have not identified any material uncertainties and on the basis of the above the accounts are prepared on a going concern basis.

4.3 Financial Reserves

4.3.1 Reserves Policy

Devon Wildlife Trust (DWT) needs financial reserves to:

Our policy is to avoid holding unrestricted reserves that are greater than our needs. Charity Commission guidance suggests a level of between 3-6 months running costs, but reserves levels do need to suit the individual needs of the organisation.

When setting our recommended level of reserves, we consider our levels of restricted and unrestricted funding; the balance between the reliability of our income in any given period and the extent to which spend is committed; assess our cash needs and our current and future liabilities as well as any immediate risks and opportunities; and consider organisational needs in line with our Strategy.

We distinguish between restricted and unrestricted reserves. Restricted reserves are funds we are required to hold and spend for a specific purpose and are not available to use for the purposes outlined in our Reserves Policy. Restricted reserves do not therefore form any part of our reserves’ calculations.

When considering our unrestricted reserves (referred to as our ‘reserves’), we distinguish between ‘Critical Reserves’ – the Free Reserves we need to cover our liabilities and contingencies; our ‘Strategic Reserves’ – the Designated Funds we need to invest in key organisational developments/opportunities linked to our Strategy (and which are difficult to fund through other means) and activities that are not ‘restricted,’ but to which we have made an organisational commitment; and ‘Fixed Asset Reserves’ – funds tied up in assets, the majority of which are not readily disposable.

We regularly review our Critical Reserves to ensure we have a sufficient proportion that is readily accessible to manage our cash needs and that a portion is held in an investment portfolio, with the aim of generating further income.

Reserves will be invested in line with our Investment Policy (see 4.4 below).

Page 9

DEVON WILDLIFE TRUST

(A company limited by guarantee)

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

4.3.2 Current Unrestricted Reserves

As at 31 March 2023 our Unrestricted Funds stood at £5,379,718 (£5,558,093 on 31 March 2022). These are made up of:

Fixed Asset Reserves £4,124,900 Designated Funds £ 629,668 (See Note 20) Free Reserves £ 607,150

4.4 Investments

4.4.1 Investment Policy

DWT invests in a spread of assets with the aim of achieving a balanced return of income and capital growth, with a medium risk level and in line with our ethical investment policy. Our main rule around the ethical dimension of our investment decisions is to avoid harm in relation to our core mission – to avoid investments that have a direct and demonstrable impact on the health and quality of our natural environment. Wherever possible, the Trust would also wish to positively invest in companies and funds that promote environmentally and socially responsible practices.

Our key investment principles are as follows:

The Board engages Investec stockbrokers as investment managers and representatives of the Board meet with the stockbrokers annually. The Policy is available to anyone who wishes to see it and is reviewed annually by the Board.

4.4.2 Social investment policy

DWT has two programmes that could be regarded as “mixed motive investments” as described in the Charity - Commission’s publication “Charities and investment matters: a guide for Trustees”. These are:

South West Wildlife Trusts Fundraising Ltd (SWWFL): SWWFL is a membership recruitment company, set up in 2013 and owned by DWT and seven other Wildlife Trusts, predominantly in the South West region. Its primary role is to recruit new members for the eight Trusts. SWWFL provides an essential service; raises the profile of DWT and will generate surpluses that will be distributed amongst Member Trusts in the form of reduced fees.

Warren Crocus Company Limited (WCCL) See 4.2.3 above.

Page 10

(A company limited by guarantee)

DEVON WILDLIFE TRUST

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

5 Key Income Sources and Fundraising Activities

5.1 General

We set ourselves challenging targets across a range of fundraising and income generation activities in 2022/23 and almost all fundraising targets were met or exceeded. We are very grateful for the generous support of members, donors and those who remembered DWT in their wills, and the wide range of businesses and grant funders (including the National Lottery), who have made our work this year possible.

5.2 Income from donations and legacies

Legacies have been very strong again this year. Legacies are vital to the Trust; they help us to fund significant projects, to develop new facilities and to acquire new nature reserves. Crucially though, they also support areas of our work that are critical to our mission, but which can be difficult to fund from other sources – such as ongoing work on nature reserves and our education, advocacy, policy and campaigning work. Without the generous gifts of members and others who care about Devon’s amazing natural environment, we would not be able to deliver the range and quality of activities that are helping to protect it for the future.

The vital income we derive from membership continued to grow this year, exceeding our budgeted target once again. Membership continues to provide crucial, regular income to support the diverse range of our conservation activities and to support the whole organisation. It also creates a strong community of individuals who love wildlife, who support our engagement and campaigning activity and who provide thousands of hours of volunteer effort for the Trust.

We also benefitted from the support of many local businesses and individual donations to our Nature Reserves Fund and other appeals, as well as through ad hoc donations and gifts in memory throughout the year that have made essential work possible.

5.3 Income from Charitable Activities (grants, trusts, Lottery and commercial income)

Income lines from charitable activities always vary considerably from year to year depending upon projects that have been identified and prioritised for fundraising. The Trust has an excellent track record with this area of income generation and income from charitable activities performed well again in 2022/23.

5.4 Income from Commercial Trading Operations

See section 4.2 above.

6 Fundraising Compliance

We are a member of the Fundraising Regulator and adhere to standards set in the Code of Fundraising Practice and with the General Data Protection Regulations (GDPR). Our contracts and monitoring arrangements with our – third-party suppliers of fundraising services SWWFL (face to face fundraising) and QTS Fundraising (who – conduct any telephone fundraising on our behalf) were reviewed again to ensure that we are meeting the requirements of both GDPR and the Charities Act 2016, including the protection of vulnerable people in line with our Fundraising and Vulnerable People Policy. We hold regular review meetings with SWWFL and QTS and are clear about the standards we expect them to uphold when fundraising on our behalf.

Selection and training of SWWFL staff is shaped to achieve high standards of personal and organisational conduct coupled with compliance with legal and self-regulated fundraising practice. The business is a member of the Chartered Institute of Fundraising and works to a strict code of conduct.

We have a clear and up to date Complaints Policy and always respond to donor and supporter concerns promptly, professionally and with transparency. Trustees are made aware of any significant and substantiated complaints as part of our quarterly reporting process.

We received five fundraising related complaints from individuals in 2022/23, which were promptly and satisfactorily resolved.

Page 11

DEVON WILDLIFE TRUST

(A company limited by guarantee)

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

7 Principal Risks and Uncertainties

DWT undertakes a full risk review as part of the annual business planning process. This is reflected in a detailed Risk Log, reviewed on a quarterly basis. This considers the nature of the risk, the severity and likelihood of impact and identifies control measures for addressing those risks. Risks include anything that might undermine the Trust’s ability to fulfil its charitable objectives, including responsibilities to staff, supporters, volunteers and visitors, our reputation, physical and financial assets and the external environment.

The most critical risks are set out in the table below, along with the relevant mitigation strategy.

Risk Impact Mitigation
Key targets forunrestricted
income are not met, too many
short
term
funding
opportunities		 Increasing
pressure
on
unrestricted
cash,
with
consequent impacts on core
operations		 Invest in fundraising innovation and
capacity; deliver priorities in Income
Generation Strategy, prioritise bids
carefully
Membership
suffers
a
significant and rapid decline
due to financial fears		 Unrestricted income suffers and
supporter base declines		 Diversify membership recruitment and
other giving methods; invest in good
communications
and
stewardship;
provide
alternatives
for
those
struggling; deliver retention project.
We fail to securematch
funding for key projects		 Large and successful projects
come to an end with staff,
budget
and
DWT's
impact
affected		 A
targeted
programme
of
bid
submissions to the EA and other
funders
Income
from
legacies,
appealsand other individual
giving declines dramatically		 We fail to meet income targets
with impacts on unrestricted
reserves		 Promote legacies, deliver high quality
appeals
and regularly assess and
review
TheREUL Bill and other legal
or policy reforms present a
major threat to wildlife		 Damage
to
key
sites
and
species,
increasing
damage
through
development
and
pollution		 Robust
response
to
government,
participate in Defend Nature campaign
Government fails to deliver
on key areas (Environment Act
/ Farming subsidy / marine
promises)		 Major opportunity for wildlife
restoration is lost, sense of
failure of the campaign		 Participate actively in the Defend
Nature in TWT campaign
Loss
of
key
staff
and
recruitment difficulties		 Significant
skills
gaps,
with
impacts
on
performance,
delivery
of
targets
and
workloads		 Develop
staff,
rapid
response
to
problems, implement staff benefits.
Agree recruitment plans for new CEO
and interim arrangements
Major unplanned cost affecting
abuilding or site, e.g. a
breach of the banks at Horsey
Island or inundation at Dawlish
Warren		 Significant
financial
and
reputational impact, damage to
wildlife value of our property		 Assess all buildings and sites regularly,
planned programme of investment,
budget
accordingly.
Engage
in
stakeholder dialogue at Horsey and
Dawlish, prepare position statement
and commission reports into impacts
and options
Major new projects run into
difficulties
–
Landscape
Recovery
Area
(LRA)
or
Bowden Pillars Farm		 Impact on staff workloads and
morale, damage to reputation,
problems with funders		 Plan handover arrangements carefully,
seek
appropriate
advice,
increase
resource for project development

Page 12

DEVON WILDLIFE TRUST

(A company limited by guarantee)

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

8 Plans for Future Periods

Our priorities for the year ahead are highlighted in our Annual Business Plan for 2023/24. This plan has been approved by our Board and is monitored monthly by the Leadership Team and through quarterly reports to the Board. The following are among our top priorities for the year.

8.1 Campaigning

Ensuring wildlife is properly protected post Brexit

Continue to push for robust legislation to ensure nature’s recovery post Brexit, including a strong drive for ambitious nature recovery targets, a fair and effective planning system, protection for our rivers, pesticide reduction targets, an effective new farming subsidy regime and retaining key environmental protections.

8.2 Delivery

Progressing plans for larger, wilder areas

Lead on the East Dartmoor Landscape Recovery Area (LRA), including significant expansion and restoration of Atlantic oak woodland (temperate rainforest), and developing plans for other LRAs in the Exe estuary and elsewhere.

Complete the acquisition of Bowden Pillars Farm and the Bude Canal. Identify further sites for establishing temperate rainforest in partnership with Aviva.

Scaling up our work with communities

Reach significantly more local communities through our recently established Wilder Communities Team, helping them to take action for the natural world; deliver the National Lottery Heritage Fund supported Nextdoor Nature project; and conclude the Green Minds project

Taking forward our work with beavers and species reintroductions

Deliver the Esmée Fairbairn Foundation funded project to roll out our work with beavers across Devon; deliver the development phase of the pine marten reintroduction project and complete the feasibility assessment into the possibility of reintroducing the wildcat.

Exeter Valley Parks

Complete plans for re-naturalising the Northbrook, connecting Riverside and Ludwell Valley Parks.

Local Nature Recovery Strategy for Devon

Work closely with partners to shape the LNRS for Devon, including Plymouth. Complete mapping of the carbon sequestration potential of Devon’s habitats, connectivity modelling and marine elements.

Response to ash dieback

Continue to manage ash dieback on our own nature reserves and deliver the second phase of our NLHF-funded project, Saving Devon’s Treescapes.

Marine work

Progress the PhD work surveying marine habitat, lobby for more Highly Protected Marine Areas and launch an initiative to tackle marine pollution.

Continuing our work in North Devon

Deliver the expanded Working Wetlands Project and Northern Devon Natural Solutions. Priorities include meeting challenging targets, securing match funding and negotiating funding for the next round of South West Water’s Upstream Thinking catchment management scheme.

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DEVON WILDLIFE TRUST

(A company limited by guarantee)

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

8.3 Operations and Management

Membership, Legacies and Fundraising

Continue to fundraise for vital resources to deliver our ambitious plans for the coming years. This includes finding new ways of recruiting members and sensitively promoting legacy giving, which is so vital to the Trust’s work.

Progress Carbon Neutrality

Implement the third year of our carbon emissions reduction plan, including reducing emissions at several of our offices and reducing our emissions from livestock.

Systems and People

Review and upgrade our recruitment, staff training and development processes, implement a digital transformation and update our intranet.

Finance

Ensure the Trust remains in a strong position at the end of the year and remains financially resilient going into 2024/25 and beyond.

9 Structure, Governance and Management

Constitution

Devon Wildlife Trust is a company limited by guarantee. It was incorporated on 23 August 1962 (registered company number 733321) and was registered with the Charity Commission on 23 November 1962 (registered charity number 213224). The governing document is the Memorandum and Articles of Association.

The Trustees of Devon Wildlife Trust

Responsibility for the overall governance of DWT rests with the Board who are Trustees of the charity for the purposes of the Charities Act and Directors for the purposes of the Companies Act.

Organisation

The Board of Trustees is responsible for the overall management of the charity, ensuring compliance with the charity’s objects and relevant legislation. Its main duties are to:

A Finance and General Purposes Committee of five Trustees (including the Chair of the Board and the Hon Treasurer) is appointed by the Board of Trustees. The Committee’s main role is to provide Board assurance by monitoring and scrutinising matters relating to the Board’s financial, legal and compliance responsibilities and on issues related to charity administration.

The Board of Trustees delegates to the Finance and General Purposes Committee the following duties:

Page 14

DEVON WILDLIFE TRUST

(A company limited by guarantee)

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

The Board of Trustees delegates the following duties to the Nominations and Development Committee, who make recommendations on appointments for the Board to approve:

In addition to the standing Committees above, from time to time, the Board establishes advisory groups and working groups to tackle key issues of interest or concern.

The Board delegates the day to day running of the charity to the Chief Executive Officer (CEO), who is supported by a leadership team of Directors.

Planning structure

DWT’s long-term goals are set out in its Ten Year Strategy, approved by the Board of Trustees in March 2021. Plans over shorter time periods are set out in three year rolling plans and detailed annual business plans. All the above plans are reviewed periodically, with input from the full team of staff and Trustees.

Related parties

Devon Wildlife Trust is one of 46 Trusts, which make up The Wildlife Trusts, a national partnership of independent local Trusts active in all aspects of wildlife conservation. DWT is a corporate member of the Royal Society of Wildlife Trusts (RSWT). On a regional basis, the Trust works collaboratively with the other Wildlife Trusts in the south west, some of whom are partners in the company South West Wildlife Trusts Ltd. The Trust is also a joint owner of South West Wildlife Fundraising Limited (SWWFL) a mutual trading company with the focus on membership recruitment.

Operational structure

A new staff structure came into effect from 1 April 2022, based on four directorates: Nature Recovery, Nature Based Solutions, Wilder Living and Resources.

On 31 March 2023 the DWT Group had a headcount of 107 staff and a high quality, strongly motivated team. It has Investors in People status, Investing in Volunteers status, ISO 14001 (environmental performance) and ISO

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DEVON WILDLIFE TRUST

(A company limited by guarantee)

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

345001 Health & Safety certification. 433 individuals volunteer regularly with the Trust, and we are supported by six Local Groups and one Wildlife Watch group.

Trustee appointment, induction and training

The Trustees are elected annually by the members of the charitable company attending the Annual General Meeting. The Trustees have the power to appoint new Trustees during the year but Trustees so appointed must stand for election at the next AGM. One third of the Trustees retire by rotation each year but may stand for reelection. Collectively the Trustees form the Board of DWT and all office holders, including the Chair, are appointed by the Trustees. There are time limits on Trustees’ length of service. The norm is a maximum of two terms of three years. Only one Trustee has served more than six years.

In 2020 the Board decided to extend Mike Moser’s length of service from six years to nine years due to his exceptional ecological knowledge, national and international experience and leadership skills. In February 2023, the Board decided to extend Mike’s length of service for a further year, to November 2024, for the following reasons:

As recommended by the Charity Governance Code, Trustee appointments are managed by the Nominations & Development Committee. Four Trustees resigned during the year and therefore a round of Trustee recruitment took place, leading to the appointment of two new Trustees. A further round of recruitment will be carried out in 2023/24.

New Trustees participate in a formal induction programme, which includes meetings with the Chair, the Hon Treasurer and each member of the Leadership Team.

In addition to regular business meetings, Trustees meet twice annually, once with staff to discuss the strategic development of DWT and once for a Trustee only meeting combined with a field trip to encourage Trustee cohesiveness.

Board development

In 2018, the Board adopted the Charity Governance Code (2017). An audit of the Trust against Code principles was carried out and a Board Development Plan put in place, with priority areas for action identified. Following the issue of a ‘refreshed’ Charity Governance Code in December 2021, the Board Development Plan was updated and reviewed in full in June 2022.

Good progress has been made against the Board Development Plan during 2022/23. To make the link between the DWT Board and the Boards of the subsidiary companies more effective, Assurance Reports were introduced, whereby the Chair of each subsidiary board provides a report for DWT Board on key points from each board meeting. The Trustee induction process was reviewed. A Trustee Skills Audit took place. A new action was added, to review the Articles of Association.

Individual Trustee reviews, carried out by meeting with the Chair or the Vice Chair of the Board, take place annually. Outcomes are taken back to the Board for discussion and to inform what improvements might be made.

Remuneration arrangements

Remuneration arrangements at DWT are set out by the Finance and General Purposes Committee and authorised by the Board of Trustees.

Throughout 2022/23 there were seven salary grades, from Chief Executive to Assistant grade. Slightly modified arrangements came into effect from 1 April 2022. For each salary grade there is a starting salary and four incremental points, and each member of staff progresses along these scales on an annual basis subject to authorisation from the line manager (or the Chair of the Board of Trustees in the case of the CEO) based on

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DEVON WILDLIFE TRUST

(A company limited by guarantee)

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

satisfactory performance. Cost of living awards may also be made to all staff if approved by the Board to help keep pace with inflation.

The Finance & General Purposes Committee reviews the salary bands every three years and benchmarks them against similar organisations in the region to ensure they are competitive. A review took place during 2021/22 year and resulting changes to the salary pay scales came into effect from 1 April 2022. The committee also makes recommendations to the Board of Trustees on:

There were no discretionary one-off bonus payments to any staff in the charity during the financial year.

All Trustees give their time freely and no Trustee received remuneration in the year. Details of Trustees’ expenses and related party transactions are disclosed in note 14 to the financial statements.

10 Reference and Administrative Details

The full name of the charity is Devon Wildlife Trust.

Company number: 733321

Charity number: 213224

The members of the Board of Trustees during the year and any offices held or other special responsibilities were:

R M Bower (Honorary Treasurer. Chair of Finance and General Purposes Committee), R A Broad, Rear Admiral A P Burns OBE, G D Castle (resigned 05.02.23), C M Davis (resigned 17.06.22), S Goodfellow (Chair of the Board of Trustees until 03.11.22. Retired 03.11.22), C F Fileman-Wright (co-opted 10.03.23), Dr C A B Grezo (co-opted 10.03.23), G McKenzie, Dr M Moser (Vice Chair of the Board of Trustees. Chair of Nominations & Development Committee from 22.03.23), H Nathanson (resigned 30.08.22), S J Papworth, Professor V D Pope (Chair of the Board of Trustees from 05.12.22, Chair of Nominations & Development Committee until 22.03.23), Dr R J Stockdale (resigned 21.02.23) and A Williams.

President: Professor I S Stewart MBE (retired 03.11.22) Secretary: H J Barton Chief Executive: H J Barton

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DEVON WILDLIFE TRUST

(A company limited by guarantee)

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

The Trust’s Principal Advisors were:

Solicitors

Tozers LLP Broadwalk House Southernhay West Exeter Devon EX1 1UA

Auditors

Bishop Fleming Stratus House Exeter Business Park Emperor Way Exeter EX1 3QS

Bankers

Lloyds Bank plc 234 High Street Exeter Devon EX4 3NL

Registered Office

Cricklepit Mill Commercial Road Exeter Devon EX2 4AB

11 Trustees’ responsibilities in relation to the financial statements

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

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

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

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DEVON WILDLIFE TRUST

(A company limited by guarantee)

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

12 Statement as to disclosure to our auditors

In so far as the Trustees are aware at the time of approving our Trustees’ annual report:

The Trustees approved the Trustees’ Annual Report, including approval in their capacity as company directors of the Strategic Report contained within it, on 19th July 2023

Professor Vicky Pope Chair of the Board of Trustees Registered Office Cricklepit Mill Commercial Road Exeter Devon EX2 4AB

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DEVON WILDLIFE TRUST

(A company limited by guarantee)

STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2023

The Trustees (who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Charity and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the members of the Board of Trustees and signed on its behalf by:

Professor Vicky Pope Chair of Trustees

Date: 19th July 2023

Page 20

(A company limited by guarantee)

DEVON WILDLIFE TRUST

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DEVON WILDLIFE TRUST

Opinion

We have audited the financial statements of Devon Wildlife Trust (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 31 March 2023 which comprise the Consolidated statement of financial activities, the Consolidated balance sheet, the Charity balance sheet, the Consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

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

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

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(A company limited by guarantee)

DEVON WILDLIFE TRUST

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DEVON WILDLIFE TRUST (CONTINUED)

Other information

The other information comprises the information included in the Trustees report and financial statements other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Trustees report and financial statements. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

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(A company limited by guarantee)

DEVON WILDLIFE TRUST

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DEVON WILDLIFE TRUST (CONTINUED)

Responsibilities of Trustees

As explained more fully in the Trustees' responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

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(A company limited by guarantee)

DEVON WILDLIFE TRUST

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DEVON WILDLIFE TRUST (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

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

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

the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we have considered the opportunities and incentives that may exist within the organisation for fraud and identified the highest area of risk to be in relation to revenue recognition, with a particular risk in relation to year-end cut-off. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We identified and obtained an understanding of the laws and regulations that are of significance to the Company by discussions with directors and by updating our understanding of the sector in which the Company operated in. Laws and regulations that are of direct significance to the Company, and of which non-compliance could result in material misstatement, are considered to be the UK Companies Act, FRS 102 and UK tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company’s ability to operate or to avoid a material penalty. These included data protection, health & safety and employment legislation. Our procedures to respond to risks identified included the following:

reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

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DEVON WILDLIFE TRUST

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DEVON WILDLIFE TRUST (CONTINUED)

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

Use of our report

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

Mark Munro FCA (Senor statutory auditor)

Bishop Fleming LLP

Chartered Accountants Statutory Auditors 2nd Floor Stratus House Emperor Way Exeter Business Park Exeter EX1 3QS

Date: 1st September 2023

Page 25

DEVON WILDLIFE TRUST

(A company limited by guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2023

Note
Income and
endowments from:
Donations and legacies
4
Charitable activities
5
Other trading activities
6
Investments
7
Other income
8
Total income and
endowments
Expenditure on:
Raising funds
9
Charitable activities
10
Total expenditure
Net (expenditure)/
income before net
(losses)/gains on
investments
Net (losses)/gains on
investments
Net movement in
funds
Reconciliation of
funds:
Total funds brought
forward
Net movement in funds
Total funds carried
forward		 Unrestricted
funds
2023
£
1,901,996
1,389,869
407,535
22,894
11,927
3,734,221
736,499
3,079,130
3,815,629
(81,408)
(96,967)
(178,375)
5,558,093
(178,375)
5,379,718		 Restricted
funds
2023
£
209,764
1,805,715
-
2,264
21
2,017,764
295
1,641,268
1,641,563
376,201
-
376,201
4,244,195
376,201
4,620,396		 Endowment
funds
2023
£
-
-
-
-
-
-
-
5,707
5,707
(5,707)
(9,593)
(15,300)
1,248,230
(15,300)
1,232,930		 Total
funds
2023
£
2,111,760
3,195,584
407,535
25,158
11,948
5,751,985
736,794
4,726,105
5,462,899
289,086
(106,560)
182,526
11,050,518
182,526
11,233,044		 Total
funds
2022
£
2,496,262
2,779,521
407,363
12,745
77,294
5,773,185
809,770
4,346,624
5,156,394
616,791
30,583
647,374
10,403,144
647,374
11,050,518

The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 32 to 69 form part of these financial statements.

Page 26

DEVON WILDLIFE TRUST (A company limited by guarantee) REGISTERED NUMBER: 00733321

CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2023

Note
Fixed assets
Tangible assets
15
Heritage assets
16
Investments
17
Current assets
Stocks
Debtors
18
Cash at bank and in hand
Creditors: amounts falling due within one
year
19
Net current assets
Total assets less current liabilities
Total net assets
Charity funds
Endowment funds
21
Restricted funds
21
Unrestricted funds
Fixed asset reserve
21
Designated funds
21
General funds
21
Total unrestricted funds
21
Total funds		 3,000
1,796,899
2,020,853
3,820,752
(825,039)
4,142,900
629,668
607,150		 2023
£
2,384,649
4,377,677
1,475,005
8,237,331
2,995,713
11,233,044
11,233,044
1,232,930
4,620,396
5,379,718
11,233,044		 3,000
1,222,286
2,341,945
3,567,231
(739,844)
3,958,730
798,158
801,205		 2022
£
2,497,833
4,377,677
1,347,621
8,223,131
2,827,387
11,050,518
11,050,518
1,248,230
4,244,195
5,558,093
11,050,518

Page 27

DEVON WILDLIFE TRUST

(A company limited by guarantee) REGISTERED NUMBER: 00733321

CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2023

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Professor Vicky Pope Chair of Trustees

Date: 19th July 2023

The notes on pages 32 to 69 form part of these financial statements.

Page 28

DEVON WILDLIFE TRUST

(A company limited by guarantee) REGISTERED NUMBER: 00733321

CHARITY BALANCE SHEET AS AT 31 MARCH 2023

Note
Fixed assets
Tangible assets
15
Heritage assets
16
Investments
17
Current assets
Stocks
Debtors
18
Cash at bank and in hand
Creditors: amounts falling due within one
year
19
Net current assets
Total assets less current liabilities
Total net assets
Charity funds
Endowment funds
21
Restricted funds
21
Unrestricted funds
21
Total funds		 3,000
1,723,000
1,971,830
3,697,830
(771,695)		 2023
£
2,380,698
4,377,677
1,475,305
8,233,680
2,926,135
11,159,815
11,159,815
1,232,930
4,620,396
5,306,489
11,159,815		 3,000
1,175,396
2,263,166
3,441,562
(678,187)		 2022
£
2,493,882
4,377,677
1,347,921
8,219,480
2,763,375
10,982,855
10,982,855
1,248,230
4,244,195
5,490,430
10,982,855

Page 29

DEVON WILDLIFE TRUST

(A company limited by guarantee) REGISTERED NUMBER: 00733321

CHARITY BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2023

The Charity's net movement in funds for the year was £176,960 (2022 - £627,971).

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Professor Vicky Pope Chair of Trustees

Date: 19th July 2023

The notes on pages 32 to 69 form part of these financial statements.

Page 30

DEVON WILDLIFE TRUST

(A company limited by guarantee)

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023

Cash flows from operating activities
Net cash used in operating activities (note 25)
Cash flows from investing activities
Dividends, interests and rents from investments
Proceeds from the sale of tangible fixed assets
Purchase of tangible fixed assets
Proceeds from sale of investments
Purchase of investments
Net cash used in investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year (note 26)		 2023
£
7,547
23,965
1,755
(120,415)
105,542
(339,486)
(328,639)
(321,092)
2,341,945
2,020,853		 2022
£
861,680
4,634
66,400
(973,917)
100
(600,000)
(1,502,783)
(641,103)
2,983,048
2,341,945

The notes on pages 32 to 69 form part of these financial statements

Page 31

(A company limited by guarantee)

DEVON WILDLIFE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1. General information

Devon Wildlife Trust is a private company limited by guarantee, and registered in England within the United Kingdom. The registered number is 00733321 and address of the registered office is Cricklepit Mill, Commercial Road, Exeter, Devon, EX2 4AB.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Devon Wildlife Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The Consolidated statement of financial activities (SOFA) and Consolidated balance sheet consolidate the financial statements of the Charity and its subsidiary undertakingss. The results of the subsidiaries are consolidated on a line by line basis.

The Charity has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of financial activities in these financial statements. Advantage has also been taken in respect of the expemtion available relating to company financial; instruments.

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DEVON WILDLIFE TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

2. Accounting policies (continued)

2.2 Going concern

There are no plans to liquidate Devon Wildlife Trust (DWT) or cease trading. The organisation has performed well, is in surplus, has a strong net asset position and a promising future.

DWT has made a significant surplus every year for the last five years. In the year ending 31st March 2023 it achieved a healthy surplus of £182,524, against a turnover figure of £5,751,985. The outturn is considerably better than the original budget.

DWT had net assets of £11.2m including free reserves over just under £0.7 million on 31st March 2023. This compares favourably with our financial resilience targets, which require us to hold a minimum of £1.2 million in free reserves (roughly three months’ worth of running costs).

DWT has set a budget for the year ahead (2023/24) with a projected turnover of £6 million and a deficit of £168,461. This includes drawing down reserves of £585,961, part of an ambitious plan to invest our financial reserves in growth and delivering our strategic priorities. DWT maintains a rolling three-year financial forecast. This is prepared on a very prudent basis, with no expectations for windfalls like large legacies, and no assumptions that current funded projects coming to an end will be replaced. Even with these very pessimistic assumptions, our forecast shows that we should remain within our resilience targets three years hence even with this higher level of reserves drawdown. It should also be noted that we have significantly outperformed our budget in each of the last three years.

During the Covid years DWT undertook financial scenario planning. We have not continued this since Covid ended as our experience was that DWT consistently outperformed the best scenario. However, we assess all income for risk level, and we maintain sufficient reserves to see us through a difficult patch. Our resilience indicators help us to set budgets that do not present a significant risk of incurring unsustainable deficits if unsecured income is not forthcoming.

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(A company limited by guarantee)

DEVON WILDLIFE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

2. Accounting policies (continued)

2.3 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Voluntary income

Membership subscriptions, donations and other forms of voluntary income are credited to income when receivable. Any restrictions which require income to be spread over more than one accounting period are reflected in the financial statements as deferred income. Membership income includes amounts paid by members with their subscriptions but in advance of the standard subscription rates.

Life membership

Subscriptions for life memberships are deemed to continue, on average, for 25 years. Life membership subscriptions are therefore credited to income in 25 equal annual instalments. The balance of these subscriptions which has not been credited to income at the year end is included in creditors as deferred income.

Legacies

The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Charity, can be reliably measured.

Grants receivable

Grants are included in the Consolidated statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

Page 34

DEVON WILDLIFE TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

2. Accounting policies (continued)

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.

These expenses are broadly allocated on the following bases:

Property costs, materials, health & safety and IT - staff numbers and the proportion of the HQ
building occupied by them
Motor and travel expenses - actual mileage recorded
Postage, printing and stationery - actual usage
Indirect salaries, telephone, professional fees etc. - in the same proportion as the totals of the
allocation above

Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

2.5 Government grants

Government grants relating to tangible fixed assets are treated as deferred income and released to the Consolidated statement of financial activities over the expected useful lives of the assets concerned. Other grants are credited to the Consolidated statement of financial activities as the related expenditure is incurred.

2.6 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.7 Gift Aid

In the case of a Gift Aid payment made within the Group, income is accrued when the payment is payable to the Parent Charity under a legal obligation. Measurement is at the fair value receivable, which will normally be the transaction value.

Where the right to receive Gift Aid has been established, the amount receivable is recognised as investment income in the Consolidated statement of financial activities.

Page 35

DEVON WILDLIFE TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

2. Accounting policies (continued)

2.8 Tangible fixed assets and depreciation

Tangible fixed assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition are included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Freehold property - 2% of cost
Motor vehicles - 25% of reducing balance
Improvements to property - 2% to 20% of cost
Computer equipment - 33% of cost
Other equipment, fixtures and - 25% of cost
fittings

Freehold land is not depreciated.

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

2.9 Heritage assets

Heritage assets represent the cost of the charity's nature reserves at the date of acquisition, which are held in pursuit of its conservation objectives.

Where heritage assets have been purchased, they are initially recognised at cost. After recognition, under the cost model, heritage assets are measured at cost less any accumulated depreciation and any accumulated impairment losses.

2.10 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘gains/(losses) on investments’ in the Consolidated statement of financial activities.

Investments in subsidiaries are valued at cost less provision for impairment.

2.11 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

Page 36

(A company limited by guarantee)

DEVON WILDLIFE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

2. Accounting policies (continued)

2.12 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.13 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.14 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated statement of financial activities as a finance cost.

2.15 Financial instruments

The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.16 Operating leases

Rentals paid under operating leases are charged to the Consolidated statement of financial activities on a straight-line basis over the lease term.

Page 37

DEVON WILDLIFE TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

2. Accounting policies (continued)

2.17 Pensions

The Trust makes defined contribution payments to pension schemes for the benefit of employees who wish to participate. All schemes are personal pensions to which the Trust makes employer’s contributions. The assets of the schemes are administered by pension scheme Trustees’ in funds entirely independent from those of the Trust.

The Trust participates in the Devon County Council Pension Fund, which is a defined benefit pension fund, in respect of one employee who transferred from Exeter City Council under a TUPE agreement in 2019. Under the terms of the transfer agreement, the Trust is only responsible for specified annual contributions of £4,406 p.a, with all other obligations guaranteed or underwritten by Exeter City Council. The substance of the arrangement between the parties is therefore that of a defined contribution scheme and therefore these financial statements reflect only the contributions payable in respect of the current year. This is a departure from the requirements of FRS 102 to present the pension obligation and related reimbursement right as separate liability and asset. In the opinion of the Trustees’, to reflect the liability and related asset separately and recognise all the related movements in the Statement of Financial Activities would result in a degree of complexity and detail which is out of proportion to the significance of the arrangement to the charity. At 31 March 2023, the FRS102 actuarial valuation of the scheme was a net deficit of £1,000.

2.18 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

The permanent endowment fund represents those assets which must me held permanently by the charity. Incoming resources from assets held as endowment investments form part of unrestricted funds.

Investment income, gains and losses are allocated to the appropriate fund.

3. Critical accounting estimates and areas of judgment

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The Trustees do not consider there to be any critical judgements or estimates.

Page 38

(A company limited by guarantee)

DEVON WILDLIFE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

4. Income from donations and legacies

Unrestricted
funds
2023
£
Subscriptions and related donations
1,436,304
Legacies
311,790
Gifts, donations and charitable trusts
150,482
Corporate donations
1,505
Local group income
1,915
1,901,996
Unrestricted
funds
2022
£
Subscriptions and related donations
1,382,060
Legacies
430,694
Gifts, donations and charitable trusts
100,291
Corporate donations
8,830
Local group income
1,324
1,923,199		 Restricted
funds
2023
£
-
18,000
182,764
9,000
-
209,764
Restricted
funds
2022
£
-
30,627
538,136
4,300
-
573,063		 Total
funds
2023
£
1,436,304
329,790
333,246
10,505
1,915
2,111,760
Total
funds
2022
£
1,382,060
461,321
638,427
13,130
1,324
2,496,262

5. Income from charitable activities

Unrestricted
funds
2023
£
Grants
55,036
Lottery
-
Charitable trusts
-
Landfiill tax credits
-
Commercial income
1,334,833
1,389,869		 Restricted
funds
2023
£
1,149,519
266,049
344,839
29,948
15,360
1,805,715		 Total
funds
2023
£
1,204,555
266,049
344,839
29,948
1,350,193
3,195,584

Page 39

(A company limited by guarantee)

DEVON WILDLIFE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

5. Income from charitable activities (continued)

Grants
Lottery
Charitable trusts
Landfiill tax credits
Commercial income		 Unrestricted
funds
2022
£
54,288
-
-
-
1,125,510
1,179,798		 Restricted
funds
2022
£
1,062,647
291,856
175,799
51,793
17,628
1,599,723		 Total
funds
2022
£
1,116,935
291,856
175,799
51,793
1,143,138
2,779,521

6. Income from other trading activities Income from non charitable trading activities

Unrestricted
funds
2023
£
Sales
407,510
Rent receivable
25
407,535
Unrestricted
funds
2022
£
Sales
402,692
Rent receivable
25
Commissions receivable
3,111
Other income
1,535
407,363		 Total
funds
2023
£
407,510
25
407,535
Total
funds
2022
£
402,692
25
3,111
1,535
407,363

Page 40

DEVON WILDLIFE TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

7. Investment income

Unrestricted
funds
2023
£
Fixed asset investment income
11,985
Bank, building society and other interest
10,909
22,894
Unrestricted
funds
2022
£
Fixed asset investment income
8,111
Bank, building society and other interest
492
8,603		 Restricted
funds
2023
£
887
1,377
2,264
Restricted
funds
2022
£
2,650
1,492
4,142		 Total
funds
2023
£
12,872
12,286
25,158
Total
funds
2022
£
10,761
1,984
12,745

8. Other incoming resources

Unrestricted
funds
2023
£
Other income
11,766
Profit on disposal of tangible fixed assets
161
11,927		 Restricted
funds
2023
£
21
-
21		 Total
funds
2023
£
11,787
161
11,948

Page 41

(A company limited by guarantee)

DEVON WILDLIFE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

8. Other incoming resources (continued)

Other income
Profit on disposal of tangible fixed assets		 Unrestricted
funds
2022
£
15,660
55,320
70,980		 Restricted
funds
2022
£
6,314
-
6,314		 Total
funds
2022
£
21,974
55,320
77,294

9. Expenditure on raising funds

Fundraising trading expenses

Unrestricted
funds
2023
£
Personnel costs
373,067
Materials and equipment
8,104
Vehicle and travel expenses
954
Property expenses
2,671
Office expenses
7,367
Depreciation
14,751
406,914		 Restricted
funds
2023
£
70
24
-
7
-
194
295		 Total
funds
2023
£
373,137
8,128
954
2,678
7,367
14,945
407,209

Page 42

(A company limited by guarantee)

DEVON WILDLIFE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

9. Expenditure on raising funds (continued)

Fundraising trading expenses (continued)

Personnel costs
Materials and equipment
Vehicle and travel expenses
Property expenses
Office expenses
Depreciation
Other costs		 Unrestricted
funds
2022
£
441,259
9,500
787
3,449
7,522
15,685
380
478,582		 Total
funds
2022
£
441,259
9,500
787
3,449
7,522
15,685
380
478,582

Other trading expenses

Unrestricted
funds
2023
£
Cost of sales
7,905
Administration expenses
72,647
Administration staff costs
249,033
329,585		 Total
funds
2023
£
7,905
72,647
249,033
329,585

Page 43

(A company limited by guarantee)

DEVON WILDLIFE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

9. Expenditure on raising funds (continued)

Other trading expenses (continued)

Cost of sales
Marketing/Selling/Promotion expenses
Administration expenses
Establishment expenses
Interest payable
Administration staff costs		 Unrestricted
funds
2022
£
80,691
201
33,051
3,768
3,269
210,208
331,188		 Total
funds
2022
£
80,691
201
33,051
3,768
3,269
210,208
331,188

10. Analysis of expenditure on charitable activities

Summary by fund type

Unrestricted
funds
2023
£
Personnel costs
2,346,893
Materials and equipment
117,000
Vehicles and travel expenses
62,450
Property expenses
113,754
Office expenses
193,809
Depreciation
127,074
Other costs
80,540
Governance costs
37,610
3,079,130		 Restricted
funds
2023
£
1,276,010
152,508
71,023
17,442
31,727
84,279
8,279
-
1,641,268		 Endowment
funds
2023
£
-
-
-
-
-
5,707
-
-
5,707		 Total
2023
£
3,622,903
269,508
133,473
131,196
225,536
217,060
88,819
37,610
4,726,105

Page 44

(A company limited by guarantee)

DEVON WILDLIFE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

10. Analysis of expenditure on charitable activities (continued)

Summary by fund type (continued)

Personnel costs
Materials and equipment
Vehicles and travel expenses
Property expenses
Office expenses
Depreciation
Other costs
Governance costs		 Unrestricted
funds
2022
£
1,997,754
95,720
59,087
101,613
81,784
80,678
67,622
33,622
2,517,880		 Restricted
funds
2022
£
1,381,524
71,089
29,312
7,075
66,195
100,913
167,424
-
1,823,532		 Endowment
funds
2022
£
-
-
-
-
-
5,212
-
-
5,212		 Total
2022
£
3,379,278
166,809
88,399
108,688
147,979
186,803
235,046
33,622
4,346,624

11. Analysis of expenditure by activities

Personnel costs
Materials and equipment
Vehicle and travel expenses
Property expenses
Office expenses
Depreciation
Other costs
Governance costs		 Activities
undertaken
directly
2023
£
3,476,258
259,262
130,306
116,022
210,116
203,180
88,819
29,907
4,513,870		 Support
costs
2023
£
146,645
10,246
3,167
15,174
15,420
13,880
-
7,703
212,235		 Total
funds
2023
£
3,622,903
269,508
133,473
131,196
225,536
217,060
88,819
37,610
4,726,105

Page 45

(A company limited by guarantee)

DEVON WILDLIFE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

11. Analysis of expenditure by activities (continued)

Activities
undertaken
directly
2022
£
Personnel costs
3,253,103
Materials and equipment
157,551
Vehicle and travel expenses
85,722
Property expenses
94,030
Office expenses
125,667
Depreciation
173,247
Other costs
234,747
Governance costs
25,792
4,149,859
12.
Auditors' remuneration
Fees payable to the Charity's auditor for the audit of the Charity's annual
accounts
Fees payable to the Charity's auditor in respect of:
All taxation advisory services not included above
Other services
13.
Staff costs
Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 Support
costs
2022
£
126,175
9,258
2,677
14,658
22,312
13,556
299
7,830
196,765
2023
£
18,500
2,500
-
Group
2023
£
2,851,035
257,310
195,421
3,303,766		 Total
funds
2022
£
3,379,278
166,809
88,399
108,688
147,979
186,803
235,046
33,622
4,346,624
2022
£
17,700
-
3,120
Group
2022
£
2,505,264
218,412
122,903
2,846,579

Page 46

(A company limited by guarantee)

DEVON WILDLIFE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

13. Staff costs (continued)

The average number of persons employed by the Charity during the year was as follows:

Land Management
Landscape Scale Conservation & Projects
Conservation Advocacy
Education
Devon Biodiversity Records Centre (DBRC)
DWE (Ecological Consultancy)
DWS (Seaton)
Fundraising & Business Development
Membership
Resources
Directorate
Wilder Living (including Communications)
Finance		 Group
2023
No.
12
20
6
7
8
7
-
3
3
8
5
9
5
93		 Group
2022
No.
11
17
6
5
8
6
1
3
3
8
5
7
4
84

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

Group Group
2023 2022
No. No.
In the band £60,001 - £70,000 2 -
In the band £80,001 - £90,000 - 1
In the band £90,001 - £100,000 1 -

The key management personnel of the parent company comprise of Trustees and the senior leadership team. The total employee benefits of the key management personnel of the charity were £341,502 (£313,348)

14. Trustees' remuneration, expenses and insurance

During the year, no Trustees received any remuneration or other benefits (2022 - £NIL).

Page 47

(A company limited by guarantee)

DEVON WILDLIFE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

14. Trustees' remuneration, expenses and insurance (continued)

During the year ended 31 March 2023, expenses totalling £105 were reimbursed or paid directly to 3 Trustees (2022 - £86 to 1 Trustee).

Devon Wildlife Trust has purchased insurance to protect the group from losses arising from defaults of its Trustees, employees or agents. The insurance covers the Trustees and Directors of the Trust and its subsidiary companies. The premium for the year was £638 including insurance premium tax (2022 - £555).

15. Tangible fixed assets

Group

Cost or valuation
At 1 April 2022
Additions
Disposals
At 31 March 2023
Depreciation
At 1 April 2022
Charge for the year
On disposals
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022		 Freehold
land &
property
£
2,368,941
-
-
2,368,941
686,025
42,658
-
728,683
1,640,258
1,682,916		 Improvem'ts
to leasehold
property
£
1,401,693
40,649
-
1,442,342
859,227
105,045
-
964,272
478,070
542,466		 Equipment,
fixtures &
fittings
£
737,279
76,782
(1,630)
812,431
541,349
67,075
(34)
608,390
204,041
195,930		 Motor
vehicles
£
317,414
2,984
(518)
319,880
240,893
17,227
(520)
257,600
62,280
76,521		 Total
£
4,825,327
120,415
(2,148)
4,943,594
2,327,494
232,005
(554)
2,558,945
2,384,649
2,497,833

Page 48

(A company limited by guarantee)

DEVON WILDLIFE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

15. Tangible fixed assets (continued)

Charity

Cost or valuation
At 1 April 2022
Additions
Disposals
At 31 March 2023
Depreciation
At 1 April 2022
Charge for the year
On disposals
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022		 Freehold
land &
property
£
2,364,990
-
-
2,364,990
686,025
42,658
-
728,683
1,636,307
1,678,965		 Improvem'ts
to leasehold
property
£
1,401,693
40,649
-
1,442,342
859,227
105,045
-
964,272
478,070
542,466		 Equipment,
fixtures &
fittings
£
725,626
76,782
(1,630)
800,778
529,696
67,075
(34)
596,737
204,041
195,930		 Motor
vehicles
£
317,414
2,984
(518)
319,880
240,893
17,227
(520)
257,600
62,280
76,521		 Total
£
4,809,723
120,415
(2,148)
4,927,990
2,315,841
232,005
(554)
2,547,292
2,380,698
2,493,882

Page 49

(A company limited by guarantee)

DEVON WILDLIFE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

16. Heritage assets

Group and Charity

Assets recognised at cost

Cost at 1 April 2022 and at 31 March 2023 Heritage
assets
2023
£
4,377,677
4,377,677

Heritage assets comprise nature reserves and property. Transactions over the previous 10 years may be summarised as follows:

Analysis of heritage asset transactions

Group and Charity

Cost at 1 April 2013
2014 additions at cost
2015 additions at cost
2016 additions at cost
2017 additions at cost
2020 additions at cost
2021 additions at cost
2022 additions at cost
Cost at 31 March 2023		 2023
£
-
-
-
-
-
-
-
-
-		 2022
£
-
-
-
-
-
-
-
561,201
561,201		 2021
£
-
-
-
-
-
-
69,498
-
69,498		 2020
£
-
-
-
-
-
74,926
-
-
74,926		 2019 and
prior
£
3,118,171
229,044
60,934
215,179
48,724
-
-
-
3,672,052

Page 50

DEVON WILDLIFE TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

17.
Fixed asset investments
Group
Cost or valuation
At 1 April 2022
Additions
Disposals
Revaluations
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022		 Listed
investments
£
1,347,621
339,486
(105,542)
(106,560)
1,475,005
1,475,005
1,347,621

Page 51

(A company limited by guarantee)

DEVON WILDLIFE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

17. Fixed asset investments (continued)

Charity
Cost or valuation
At 1 April 2022
Additions
Disposals
Revaluations
At 31 March 2023
Impairment
At 1 April 2022
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022
18.
Debtors
Due after more than one year
Other debtors
Due within one year
Trade debtors
Amounts owed by group undertakings
Other debtors		 Group
2023
£
140,000		 Subsidiary
companies
£
25,300
-
-
-
25,300
25,000
25,000
300
300
Group
2022
£
140,000
140,000
925,614
-
156,672
1,222,286		 Listed
investments
£
1,347,621
339,486
(105,542)
(106,560)
1,475,005
-
-
1,475,005
1,347,621
Charity
2023
£
140,000
140,000
1,079,829
16,127
487,044
1,723,000		 Total
£
1,372,921
339,486
(105,542)
(106,560)
1,500,305
25,000
25,000
1,475,305
1,347,921
Charity
2022
£
140,000
140,000
872,097
16,382
146,917
1,175,396
140,000
1,136,094
-
520,805
1,796,899

Page 52

DEVON WILDLIFE TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

19. Creditors: Amounts falling due within one year

Trade creditors
Other taxation and social security
Other creditors
Deferred income		 Group
2023
£
324,115
150,644
233,684
116,596
825,039		 Group
2022
£
289,684
122,158
165,018
162,984
739,844		 Charity
2023
£
319,897
131,905
203,297
116,596
771,695		 Charity
2022
£
277,334
102,922
134,947
162,984
678,187

Income received in advance (deferred income) comprises grant income which relates to the following financial year:

Deferred income at 1 April 2022
Amount released to income earned from
charitable activities
Amount deferred in year
Balance at 31 March 2023
20.
Financial instruments
Financial assets
Financial assets measured at fair value
through income and expenditure		 Group
2023
£
162,984
(162,984)
116,596
116,596
Group
2023
£
3,495,856		 Group
2022
£
217,052
(220,102)
166,034
162,984
Group
2022
£
3,689,566		 Charity
2023
£
162,984
(162,984)
116,596
116,596
Charity
2023
£
3,447,133		 Charity
2022
£
217,052
(220,102)
166,034
162,984
Charity
2022
£
3,611,086

Financial assets measured at fair value through income and expenditure comprise investments and cash at bank and in hand.

Page 53

DEVON WILDLIFE TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

21. Statement of funds

Statement of funds - current year

Unrestricted
funds
Designated
funds
Development
and Land
Management
Property Repairs
and
Maintenance
Fund
Capital
Investment
Fund
Record Centre
Development
Strategic Project
Completion
Fund
Strategic
Development
Fund
Fixed asset fund
General funds
Free reserves
Total
Unrestricted
funds		 Balance at 1
April 2022
£
43,022
4,276
62,946
107,207
26,885
553,822
3,958,730
4,756,888
801,205
5,558,093		 Income
£
-
-
-
2,853
-
-
-
2,853
3,731,368
3,734,221		 Expenditure
£
-
(39,769)
-
-
(22,918)
(108,656)
-
(171,343)
(3,644,286)
(3,815,629)		 Transfers
in/out
£
(43,022)
85,493
-
-
(3,967)
(38,504)
184,170
184,170
(184,170)
-		 Gains/
(Losses)
£
-
-
-
-
-
-
-
-
(96,967)
(96,967)		 Balance at
31 March
2023
£
-
50,000
62,946
110,060
-
406,662
4,142,900
4,772,568
607,150
5,379,718

Page 54

DEVON WILDLIFE TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

21.
Statement of funds (continued)
Balance at 1
April 2022
£
Income
£
Endowment
funds
Hawkswood
51,892
-
Woodah
583,200
-
Marsland
613,138
-
1,248,230
-
Restricted
funds
Advocacy and
Development
296,725
324,579
Bridgend Water
Meadows
71,385
-
Bystock Pools
207,632
-
Discover Nature
101,478
126,610
Grants & Major
Giving
184,439
-
North Devon
Natural
Solutions
6,157
270,434
Headon Farm -
Valencia
Communities
Fund
220,000
-
Holwell
356,506
-
Land
Management
141,769
603,728
Marsland Fund
190,738
-
Meeth Quarry -
Valencia
Communities
Fund
673,765
-
Riggles Farm
161,700
-
River Otter
Beaver Trial -
Revenue
90,861
196,762
Saving Devon's
Treescapes
-
323,061		 Expenditure
£
-
(4,597)
(1,110)
(5,707)
(264,101)
-
-
(116,464)
-
(291,189)
-
-
(236,212)
(1,248)
-
-
(184,454)
(275,696)		 Transfers
in/out
£
-
-
-
-
(202,184)
-
-
-
-
42,274
-
-
9,416
-
-
-
-
202,184		 Gains/
(Losses)
£
(3,072)
-
(6,521)
(9,593)
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Balance at
31 March
2023
£
48,820
578,603
605,507
1,232,930
155,019
71,385
207,632
111,624
184,439
27,676
220,000
356,506
518,701
189,490
673,765
161,700
103,169
249,549

Page 55

(A company limited by guarantee)

DEVON WILDLIFE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

21. Statement of funds (continued)

Statement of funds - current year (continued)

Speccott Moor
Valley Parks
Woodah Farm
Courtyard -
Taylor
Memorial Trust
Woodah Farm
Courtyard -
Phoebe
Wortley-Talbot
Charitable
Trust
Other restricted
funds (see
note 23)
Total of funds		 Balance at 1
April 2022
£
401,818
307,636
133,252
105,766
592,568
4,244,195
11,050,518		 Income
£
-
63,631
-
-
108,959
2,017,764
5,751,985		 Expenditure
£
-
(87,077)
(5,630)
(5,020)
(174,472)
(1,641,563)
(5,462,899)		 Transfers
in/out
£
-
-
-
-
(51,690)
-
-		 Gains/
(Losses)
£
-
-
-
-
-
-
(106,560)		 Balance at
31 March
2023
£
401,818
284,190
127,622
100,746
475,365
4,620,396
11,233,044

Page 56

DEVON WILDLIFE TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

21. Statement of funds (continued)

Advocacy and Development - Funds to support conservation initiatives including Catchment Partnerships in East and North Devon (Environment Agency and Westcountry Rivers Trust) and an Exeter PHD project. EU Urban Innovative Actions for the Green Minds Project in Plymouth; funding for the Nature Recovery Network from local councils, as well as a project supported by Environment Agency and Devon County Council. Ottery St Mary Natural Flood Management work supported by Environment Agency and Devon County Council. Network for Nature project with RSWT and National Highways funded Creating Species Highways – Feasibility. Funding for a feasibility project for pine marten reintroduction by a corporate supporter (Turnstyle Designs), Devon Environment Foundation, Forestry England, The Benindi Fund, National Trust, The Woodland Trust and appeal income. The Wildcat Feasibility project funded by The Benindi Fund, Devon Environment Foundation, appeal income and donations. Natural Flood Management and Nature Recovery Network mapping work funded through the Devon Resilience Innovation Project being funded by Environment Agency via Devon County Council. Soils and Water Video is included to which depreciation is applied.

Caen Wetlands: Funding in advance from Esmée Fairbairn Foundation for feasibility work into a ‘green finance’ scheme for a wetland site adjacent to Horsey Island that DWT purchased. Naturalising Exeter’s Waterways: Feasibility stage, funded by Environment Agency, East Devon Catchment Partnership, Natural England and Devon County Council.

Andrew's Wood - Relates to the purchase of Wizaller Wood, an extension to Andrew’s Wood NR, part funded by the National Lottery Heritage Fund.

Bellever Moor and Meadows - Relates to provision for the replacement of a bench on the site.

Bridgend Water Meadows - Land purchased through very generous donations.

Bystock Pools - Relates to the purchase of the lease of Bystock Pools nature reserve thanks to an appeal, major donor, and community support.

Capital Vehicles - Tractors and quad bikes purchased with income from restricted capital grants previously included under the Capital Vehicles Restricted Fund.

Cricklepit – Hydro Turbine - Hydro turbine installed at Cricklepit Mill in 2010, supported by a range of funders.

Dartmoor Nature Reserves – Capital - Relating to work to improve habitat and public access on key Dartmoor nature reserves thanks to a generous legacy and Natural England through Countryside Stewardship (Higher Tier) scheme.

Devon Biodiversity Record Centre - Funds to support the Ancient Woodlands Inventory project from The Woodland Trust, CPRE, Exmoor National Park Authority, Exeter City Council and Devon County Council.

Dodd Brook - Gift of Land – southern side of the Teign Estuary near Coombe Cellars.

Discover Nature (formerly Education and Engagement) - Funds to support work with children and communities: Wembury Marine Centre and Marine Wildlife Champions (South West Water, Plymouth University, local authority partners, Active Devon, Wembury Parish Council, and other donations), and South Devon Wildlife Champions (South Devon Nature Trust, EDUTECHWYSE Ltd and donations). We were supported again this year by People’s Postcode Lottery via RSWT to deliver outdoor learning sessions across Exeter, through primary and secondary schools, and a variety of groups including preschools, youth groups, scouts, holiday clubs and after-school clubs. New projects were set up for Wildlife

Page 57

DEVON WILDLIFE TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

21. Statement of funds (continued)

Champions in Plymouth and North Devon with income received and carried forward for use in 23/24 from South West Water, South Hams District Council and The Dulverton Trust. Capital items were purchased for outdoor education work with children in Exeter and a new outdoor classroom canopy constructed at Meeth Quarry, funded by the players of the People’s Postcode Lottery via RSWT and a Devon County Council Locality grant. Refurbishment works at Wembury Marine Centre funded by National Lottery Heritage Fund.

Facilities – Capital - People’s Postcode Lottery grant via RSWT to help replace the boiler in line with working towards our Carbon Zero strategy.

Grants and Major Giving - A restricted Legacy was confirmed during 2020/21 relating to the purchase of land of ecological significance. Drawdown of funds contributed to the purchase of Speccott Moor.

Greater Horseshoe Bat Project - Bat appeal money to support ongoing costs of web hosting and bat camera stream after project completion.

Headon Farm – GrantScape - Relates to the purchase of part of Headon Farm (Dunsdon NNR extension) in 2011, financed by GrantScape via the Landfill Communities Fund.

Headon Farm – Valencia Communities Fund (formerly Viridor Credits) - Relates to the purchase of land at Headon Farm (Dunsdon NNR extension), part funded by Valencia Communities Fund (formerly Viridor Credits) via the Landfill Communities Fund.

Holwell - Relates to the acquisition of land at Holwell Farm (Emsworthy Mire NR), partly funded through Natural England.

Horsey Island - Individual major donor relates to the acquisition of Horsey Island.

Land Management - A range of funds to support work on DWT nature reserves: Basic Payment Scheme and Environmental / Countryside Stewardship grants provided through the Rural Payments Agency and Local Authority Grants. The Phoebe Wortley-Talbot Charitable Trust supports the long-term volunteers programme at Woodah Farm. The 29th May 1961 Charity funded woodland work at Warleigh Point, Marjorie Coote Animal Charity funded grazing improvements at Andrew’s Wood, and Norman Family Charitable Trust funded access improvements at Old Sludge Beds. Network for Nature project with RSWT and National Highways funding Bovey Heathfield SSSI Restoration. Includes capital items to which depreciation is applied. Funding towards Bowden Pillars through the Atlantic Rainforest Restoration programme is also included under this fund.

Lower East Lounston - Relates to funding from donors for the acquisition of Lower East Lounston extension.

Magnificent Mires – Capital - Relating to the capital costs of interpretation equipment and features for the Magnificent Mires project supported by National Lottery Heritage Fund, Dartmoor National Park Authority, Duchy of Cornwall and Dartmoor Preservation Association.

Marsland Fund - Funds for the purpose of conserving the Marsland nature reserve.

Marsland Land Rover - Purchase of a new Land Rover for Marsland nature reserve.

Meeth Quarry – Valencia Communities Fund (formerly known as Viridor Credits) - Relates to the acquisition of Meeth Quarry nature reserve with the support of Viridor Credits via the Landfill Communities Fund, which holds a charge against this land.

Page 58

DEVON WILDLIFE TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

21. Statement of funds (continued)

Meeth Quarry – Natural England - Relates to capital work to turn Meeth Quarry into a nature reserve, funded by Natural England.

New England Wood – Valencia Communities Fund (formerly Viridor Credits) - Relates to the purchase of New England Wood with the support of Valencia Communities Fund via the Landfill Communities Fund and Banister Charitable Trust.

Northern Devon Nature Improvement Area (NDNIA) - A range of projects focused on improving the natural environment of northern Devon and engaging communities in its care. Supported by the Environment Agency ) and Devon County Council. Computer equipment purchased for the Torridge River Restoration Project. Remaining fund balance being transferred to the Northern Devon Natural Solutions fund.

North Devon Natural Solutions (NDNS) - A multi-year project focused on increasing water quality, improving flood risk management, increasing biodiversity and meeting carbon targets across northern Devon. Supported by the Environment Agency, Devon County Council, Devon County Council’s Natural Capital Challenge Fund, corporate donations (Turnstyle Designs), charitable trusts and foundations, individual donations and appeal income (brought forward from appeal in 2020/21).

Other Land Advisory - Wider advisory work in the Avon Valley is supported by South Devon Nature Trust, several major donors, legacies, appeal income, individual donations, and a corporate supporter.

Riggles Farm - A generous donation of land to support our conservation strategy.

River Otter Beaver Trial - Capital (ROBT) - Pulsar Axion Key Thermal Imaging Camera and a Mitsubishi L200.

River Otter Beaver Trial – Revenue (ROBT) (now the Devon Beaver Project) - Funding to support the River Otter Beaver Trial from RSWT, Natural England, Lister Charitable Trust, Badur Foundation, appeals, donations, and corporate support. Advance funding from Esmée Fairbairn Foundation for this financial year and continued into future years. A part of the Devon Beaver Project forms part of the Devon Resilience Innovation Project being funded by Environment Agency via Devon County Council.

Saving Devon's Treescapes - Saving Devon's Treescapes is a four-year partnership programme, principally funded by the National Lottery Heritage Fund, which will see 250,000 Trees Outside of Woods planted and nurtured. Other funders include Devon County Council, other local authorities and AONBs, One Tree Planted, The Halpin Trust and The Woodland Trust. Sponsorship income was from Willmott Dixon, Bird Eyewear and Otter Brewery; generous donations and income generated through appeals.

Southills - A piece of land generously donated through a gift in will.

Speccott Moor - This piece of land was purchased through a number of very generous donations and appeal income, in addition to drawdown of a gift in will received the previous financial year.

Upcott Barton - A piece of land generously gifted.

Valley Parks - Maintenance of the Valley Parks supported by Exeter City Council; Basic Payment Scheme and Environmental Stewardship grants through the Rural Payments Agency, and Valencia Communities Fund and other donations providing for funding for a project to improve fences, hedgerows and wildflower meadows at Ludwell Valley Park. Access Improvements at Barley Valley Park, Mincinglake and Riverside supported by Valencia Communities Fund. Consultant and contractor costs

Page 59

(A company limited by guarantee)

DEVON WILDLIFE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

21. Statement of funds (continued)

for Northbrook Park supported by Exeter City Council.

Wilder Communities (formally known as Volunteering) - Conservation Communities: Funding received in advance from National Lottery Heritage Fund for a project to bring people together to discover and protect wildlife in eleven adjoining parishes along the banks of Devon’s River Torridge. West Devon Borough Council and Devon County Council also funded the project. Volunteering: Donations towards training of volunteers.

Team Wilder: People’s Postcode Lottery money via RSWT used to engage and empower people to act for natures’ recovery.

Wilder Communities: Donations received to help towards engaging people and communities and giving them the tools to act for wildlife and nature recovery.

Nextdoor Nature: A new project with funding from the National Lottery Heritage Fund via RSWT to support community-led projects in Exeter. Appeal income carried forward for use in future years towards the project’s aims.

Wild Paths: training bursaries and associated materials for project funded by National Lottery Heritage Fund and led by Dorset Wildlife Trust. This project finished during the year.

Visitor Assets - Tesco Bags of Help Centenary grant (via Groundwork) for Seaton Jurassic Community Hub to install a pliosaur model as play feature on the café terrace.

Wild Futures - Capital - Relates to a vehicle purchased for the use of project trainees. Project funded by National Lottery Heritage Fund ‘Skills for the Future’ programme and led by Dorset Wildlife Trust.

Woodah Farm Courtyard – Taylor Memorial Trust - Relates to funds to benefit Woodah Farm – Taylor Memorial Trust.

Woodah Farm Courtyard Project – Phoebe Wortley-Talbot Charitable Trust –Represents the net book value of capital work to develop the courtyard at Woodah Farm and funded through the Phoebe Wortley-Talbot Charitable Trust with some support from Dartmoor National Park Authority via the Dartmoor Sustainable Development Fund.

Working Wetlands - Biffa Award - Relates to vehicle and equipment funded through Biffa Award via the Landfill Communities Fund.

Page 60

DEVON WILDLIFE TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

21. Statement of funds (continued) Statement of funds - prior year

Unrestricted
funds
Designated
funds
Development
and Land
Management
Property Repairs
and
Maintenance
Fund
Capital
Investment
Fund
Record Centre
Development
Strategic Project
Completion
Fund
Strategic
Development
Fund
Fixed asset
reserve
General funds
Free reserves
Total
Unrestricted
funds		 Balance at
1 January
2021
£
43,311
41,500
62,946
40,650
63,593
617,207
3,266,702
4,135,909
1,124,657
5,260,566		 Income
£
-
-
-
-
-
-
-
-
3,589,943
3,589,943		 Expenditure
£
-
-
-
-
-
-
-
-
(3,327,650)
(3,327,650)		 Transfers
in/out
£
-
-
-
-
-
-
-
-
-
-		 Movement in
the year
£
(289)
(37,224)
-
66,557
(36,708)
(63,385)
692,028
620,979
(585,745)
35,234		 Balance at
31 March
2022
£
43,022
4,276
62,946
107,207
26,885
553,822
3,958,730
4,756,888
801,205
5,558,093

Page 61

DEVON WILDLIFE TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

21. Statement of funds (continued)

Endowment
funds
Hawkswood
Woodah
Marsland
Restricted
funds
Advocacy and
Development
Bridgend Water
Meadows
Bystock Pools
Discover Nature
Grants & Major
Giving
North Devon
Natural
Solutions
Headon Farm -
Valencia
Communities
Fund
Holwell
Land
Management
Marsland Fund
Meeth Quarry -
Valencia
Communities
Fund
Riggles Farm		 Balance at
1 January
2021
£
55,868
587,800
614,425
1,258,093
Balance at
1 January
2021
£
351,495
-
207,632
42,090
452,812
-
220,000
356,506
124,129
191,986
673,765
-		 Income
£
-
-
-
-
Income
£
294,029
71,385
-
209,452
2,627
108,984
-
-
38,607
-
-
161,700		 Expenditure
£
-
(4,600)
(612)
(5,212)
Expenditure
£
(348,799)
-
-
(150,064)
-
(114,110)
-
-
(294,685)
(1,248)
-
-		 Transfers
in/out
£
-
-
-
-
Transfers
in/out
£
-
-
-
-
(271,000)
11,283
-
-
273,718
-
-
-		 Gains/
(Losses)
£
(3,976)
-
(675)
(4,651)
Gains/
(Losses)
£
-
-
-
-
-
-
-
-
-
-
-
-		 Balance at
31 March
2022
£
51,892
583,200
613,138
1,248,230
Balance at
31 March
2022
£
296,725
71,385
207,632
101,478
184,439
6,157
220,000
356,506
141,769
190,738
673,765
161,700

Page 62

DEVON WILDLIFE TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

21. Statement of funds (continued)

Statement of funds - prior year (continued)

River Otter
Beaver Trial -
Revenue
Saving Devon's
Treescapes
Speccott Moor
Valley Parks
Woodah Farm
Courtyard -
Taylor
Memorial Trust
Woodah Farm
Courtyard -
Phoebe
Wortley-Talbot
Charitable
Trust
Other restricted
funds (see
note 23)
Total of funds		 Balance at
1 January
2021
£
22,258
-
-
354,035
145,546
110,786
619,129
3,872,169
10,390,828		 Income
£
230,378
-
401,818
51,918
-
-
612,344
2,183,242
5,773,185		 Expenditure
£
(161,775)
-
-
(98,317)
(12,294)
(5,020)
(624,904)
(1,811,216)
(5,144,078)		 Transfers
in/out
£
-
-
-
-
-
-
(14,001)
-
-		 Gains/
(Losses)
£
-
-
-
-
-
-
-
-
30,583		 Balance at
31 March
2022
£
90,861
-
401,818
307,636
133,252
105,766
592,568
4,244,195
11,050,518

Page 63

DEVON WILDLIFE TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

22. Summary of funds Summary of funds - current year


Designated
funds
General funds
Endowment
funds
Restricted funds		 Balance at 1
April 2022
£
4,756,888
801,205
1,248,230
4,244,195
11,050,518		 Income
£
2,853
3,731,368
-
2,017,764
5,751,985
Income
£
-
3,589,943
-
2,183,242
5,773,185		 Expenditure
£
(171,343)
(3,644,286)
(5,707)
(1,641,563)
(5,462,899)
Expenditure
£
-
(3,327,650)
(5,212)
(1,811,216)
(5,144,078)		 Transfers
in/out
£
184,170
(184,170)
-
-
-
Transfers
in/out
£
-
-
-
-
-		 Gains/
(Losses)
£
-
(96,967)
(9,593)
-
(106,560)
Gains/
(Losses)
£
620,979
(585,745)
(4,651)
-
30,583		 Balance at
31 March
2023
£
4,772,568
607,150
1,232,930
4,620,396
11,233,044
Balance at
31 March
2022
£
4,756,888
801,205
1,248,230
4,244,195
Summary of funds - prior year
Designated
funds
General funds
Endowment
funds
Restricted funds		 Balance at
1 January
2021
£
4,135,909
1,124,657
1,258,093
3,872,169
10,390,828
11,050,518

Page 64

(A company limited by guarantee)

DEVON WILDLIFE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

23. Other restricted funds

Other restricted funds balances comprise:

Andrew's Wood - Wizaller Wood
Bellever Moor and Meadows
Capital Vehicles
Cricklepit - Hydro Turbine
Dartmoor Nature Reserve - Capital
Devon Biodiversity Record Centre
Dodd Brook
Facilities
Greater Horseshoe Bat Project
Horsey Island
Lower East Lounston
Headon Farm - Grantscape
Magnificent Mires - Capital
Marsland Land Rover
Meeth Quary - Natural England
New England Wood – Viridor Credits Environmental Company
Northern Devon Nature Improvement Area - Revenue
Northern Devon Nature improvement area - Capital
Other Land Advisory
River Otter Beaver Trial - Capital
Southills
Upcott Barton
Visitor assets
Wilder Communities
Wild Futures - Capital
Working Wetlands - Revenue
Working Wetlands - Biffa Award		 Group
2023
£
55,855
1,500
-
26,251
-
-
69,500
3,610
1,617
5,000
74,150
53,125
-
1,687
22,891
41,000
-
-
7,212
12,572
28,000
60,000
-
9,496
-
249
1,650
475,365		 Group
2022
£
55,855
1,500
3,069
30,624
6,347
31,608
69,500
4,693
2,059
5,000
74,150
53,125
379
2,180
32,656
41,000
42,273
140
2,395
16,450
28,000
60,000
2,278
24,737
232
249
2,069
592,568

Page 65

(A company limited by guarantee)

DEVON WILDLIFE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

24. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted
funds
2023
£
Tangible fixed assets
1,828,152
Heritage assets
1,130,534
Fixed asset investments
1,345,914
Debtors due after more than one year
140,000
Current assets
1,760,157
Creditors due within one year
(825,039)
Total
5,379,718
Analysis of net assets between funds - prior year
Unrestricted
funds
2022
£
Tangible fixed assets
1,617,866
Heritage assets
1,132,419
Fixed asset investments
1,208,442
Debtors due after more than one year
140,000
Current assets
2,199,210
Creditors due within one year
(739,844)
Total
5,558,093		 Restricted
funds
2023
£
375,135
2,327,143
-
-
1,918,118
-
4,620,396
Restricted
funds
2022
£
690,916
2,325,258
-
-
1,228,021
-
4,244,195		 Endowment
funds
2023
£
181,362
920,000
129,091
-
2,477
-
1,232,930
Endowment
funds
2022
£
189,051
920,000
139,179
-
-
-
1,248,230		 Total
funds
2023
£
2,384,649
4,377,677
1,475,005
140,000
3,680,752
(825,039)
11,233,044
Total
funds
2022
£
2,497,833
4,377,677
1,347,621
140,000
3,427,231
(739,844)
11,050,518
Analysis of net assets between funds - prior
Tangible fixed assets
Heritage assets
Fixed asset investments
Debtors due after more than one year
Current assets
Creditors due within one year
Total

Page 66

(A company limited by guarantee)

DEVON WILDLIFE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

25. Reconciliation of net movement in funds to net cash flow from operating activities

Net income for the year (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Portfolio management fees charged against investments
Gains/(losses) on investments
Dividends, interests and rents from investments
Gains on the sale of fixed assets
Decrease in stocks
Decrease/(increase) in debtors
Increase in creditors
Net cash provided by operating activities
26.
Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents
27.
Analysis of changes in net debt
At 1 April
2022
£
Cash at bank and in hand
2,341,945
2,341,945		 Group
2023
£
182,526
232,005
1,195
106,560
(25,158)
(163)
-
(574,613)
85,195
7,547
Group
2023
£
2,020,853
2,020,853
Cash flows
£
(321,092)
(321,092)		 Group
2022
£
647,374
202,489
9,323
(30,583)
(12,745)
(55,320)
11,208
82,537
7,397
861,680
Group
2022
£
2,341,945
2,341,945
At 31 March
2023
£
2,020,853
2,020,853

Page 67

DEVON WILDLIFE TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

28. Pension schemes and commitments

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £194,331 (2022 - £122,903). £23,630 (2022: £15,859) was payable to the fund at the balance sheet date and is included in creditors.

The group operates a defined benefit pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The net defined benefit liability at 31 March 2023 was £1,000. As this is immaterial to the group, it has not been recognised in the financial statements.

29. Operating lease commitments

At 31 March 2023 the Group and the Charity had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years		 Group
2023
£
46,390
73,065
119,455		 Group
2022
£
33,068
20,521
53,589		 Charity
2023
£
38,328
61,599
99,927		 Charity
2022
£
29,734
18,020
47,754

The following lease payments have been recognised as an expense in the Statement of financial activities:

Group Group
2023 2022
£ £
Operating lease rentals 37,001 53,589

30. Members' liability

The charitable company is a company limited by guarantee. Each member of the charitable company undertakes to contribute to the assets of the company in the event of it being wound up while he/she is a member, or within one year after he/she ceases to be a member, such amount as may be required, not exceeding £1 for the debts and liabilities contracted before he/she ceases to be a member.

31. Related party transactions

A close family member of a trustee was remunerated £30,121 (2022: £28,607) during the year.

Page 68

(A company limited by guarantee)

DEVON WILDLIFE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

32. Controlling party

The company is under the control of its Trustees.

33. Principal subsidiaries

The following were subsidiary undertakings of the Charity:

Names Company Principal activity Holding Included in
number consolidation
Devon Wildlife Enterprises Limited 02533451 Environmental 100% Yes
consultancy
Warren Crocus Limited 00719357 Owns land at Dawlish 100% Yes
Warren which is
partially let
Devon Wildlife Services Limited 09466941 Formerly operated the 100% Yes
Seaton Jurassic
visitor attraction

The financial results of the subsidiaries for the year were:

Names Income Expenditure Profit/Surpl Net assets
£ £ us for the £
year
£
Devon Wildlife Enterprises Limited 407,510 (338,341) 69,169 72,897
Warren Crocus Limited 28 (1) 27 632
Devon Wildlife Services Limited - - - 100

The registered office of each company is Cricklepit Mill, Commercial Road, Exeter, Devon, EX2 4AB.

Page 69