DSign Envelope ID. F6A8A5CB-0SF3-4176-A7D8-202F345A18F9 Cornwall Wildlife Trust IA company limited by guarantee) Annual Report and Financial Statements Year Ended 31 March 2025 Company registration number.. 00732511 Charity r8gislralion number.. 214929
DSign Envelope ID. F6A8A5CB-0SF3-4176-A7D8-202F345A18F9 Cornwall Wildlife Trust Contents Reference and Adminislralive Detsils 1102 strategic Report 3to16 Trustees. Report 17to22 Independent Auditors, Report 23to26 Consolidated Statement of Financial Activities 27to28 Consolidated Balance Sheet 29 Balance Sheet 30 Consolidated Statement of Cash Flows 31 statement of Cash Flows 32 Notes lo the Financial Statements 33to68
DSign Envelope ID. F6A8A5CB-0SF3-4176-A7D8-202F345A18F9 Cornwall Wildlife Trust Reference and Administrative Details Chairman Mr O C Blount111 Chief Executive Officer Dr Matt Walpole Trustees Mro C Blount111 Mr R Humphreys, Treasurer111 MrPMRice Mrs K E Burrows111 Mrs J H Coumbe Mr M Hanbury-Tenison Ms G M Saunders, Secretary111 Mrs H L Thomas Prof R B Woodroffe Mrs V Vere Hodge11) MrN GWle{lI Mr R Stokoe Miss M Hayward Smith MSAJ FLJlton111 Mr l M K Gre8ves111 111 Denotes Finance and Resources Committee Member Senior Managementi Dr Matt Walpole, Chief Executive Officer Leadership Team Charity Registration Number 214929 Company Reglstratlon Number 00732511 The charity is incorporated in England & Wales. Page 1
DSign Envelope ID. F6A8A5CB-0SF3-4176-A7D8-202F345A18F9 Cornwall Wildlife Trust Reference and Administrative Details Registered Office Five Acres Allet Truro Cornwall TR4 9DJ Auditor PKF Francis Clad( Lowin House Tregolls Road Truro Cornwall TR1 2NA Solicitors Stephens Scown 1 High Cross Street St Austell Cornwall PL25 4AB Bankers Lloyds Bank 7 Boscawen Street Truro Cornwall TR12QT Page 2
DSign Envelope ID. F6A8A5CB-0SF3-4176-A7D8-202F345A18F9 Cornwall Wildlife Trust Strategic Report Year Ended 31 March 2025 The trustees, who are directors for the purposes of company law, present their strategic report for the year ended 31 March 2025, in compliance with s414C of the Companies Act 2006. Achievements and pgrformanco In the 2024125 financial year, with our supporters, we kept working tirelessly lo create a Comwall where nature thrives. Full details of our achievements and performance are sel out in the Strategic Report. Our strategy to 2030 Imagine a Comwall where nature thrives, with our wildlife and wild places valued and enjoyed by all. A Comwall where rare and threatened habitats and species are On again a common part of our countryside, seas and skies. Where healthy oceans, soils, rivers, wedands, woodlands, moors, grasslands, sand dunes, and other ecosystems are valued for the vital roles they play. Where every child in Cornwall grows up with access lo clean beaches and green spaces. Where we're all connecting with, benefilling from, and acting for nature. This is our vision. Bul we can't achieve it alone. To make this dream a reality we need.. Bigger, beller, and more joined-up spaces for nature Active nature restoration, not just holding on to what we have Reduced pressure on nature through development, pollution, habitat loss. intensive fishing or farming, or climate change. To deliver this, we focus on four simple bul hugely important irnpact objectives.. Demonstrate what's possible through 'gold standard, reserves Support and advise others to create nalure-posilive outcomes Engage and mobilise as many people as we can Use our collective voice to campaign and advocate for better decisions These impact objedives are supported by crucial enabling objectives.. Increase awareness of wildlife recovery in Cornwall, and inspire engagement with our cause amongst a wider audience Grow resources through rewarding partnerships and support relationships and a range of income opportunities that keep us financially secure and delivery for nature Ensure a healthy organisalion that's resilient, productive and a great plaee for our staff and volunteers Capture evidence to better monitor and understand the progress and impact of our work, using this lo influence others and guide our own efforts. Our progrgss against these strategic objectives during the year are summarised below. Page 3
DSign Envelope ID. F6A8A5CB-0SF3-4176-A7D8-202F345A18F9 Cornwall Wildlife Trust Strategic Report Year Ended 31 March 2025 Objective 1- Demonstrate and Inspire Cornwall Wildlife Trust manages more than 50 nature reserves, totalling over 5,500 acres, to provide some of the UK'S most important havens for wildlife. Across these sites. we carry out extensive nature recovery work to maintain, improve, and increase their rich diversity of ancient woodlands, wetlands, peatlands. species-rich grasslands, Internatlonally rare lowland heathlands. and other Important habltats. Cruclally. they provlde areas to demonstrate the latest practlces In conservatlon Ilncludlng varlous rewilding principles). as we encourage others to manage land better for nature. Ongoing work lo prolecl, restore, and create habitats means that our reserves continue to be in a good slate for supporting wildlife, capturing carbon, and increasing flood resilien¢e, with 85/0 in a favourable or recovering slate for nature. While this is the same as last year (for both the number and area of nature reserves), we expect the percentage classified as 'favourable' lo increase over the duration of our 2030 strategy, as the impact of work has effect. Throughout the year, habitat improvements took place across Cornwall, induding.. Restoring 2.6km of ancient trackways al Windmill Farm for rare plants, including the yellow century and three-lobed water-crowfool (found in a few UK locations. like the Lizard because of its unique geology). Conducting habitat work al Cabilla and Redrice WocKls to ensure the health of ancient oak trees Isome of which dale back lo the 15th cenluryl, supporting various woodland bird, fungi, invertebrate, and lichen species. In 2023124, Cornwall Wildlife Trust designated six siles as 'destination reserves,, for focusing investment to create opportunities for engaging more people with nature. Work to improve access and visitor experien8 at these reserves continued throughout 2024125, including al.. Helman Tor, where improvements to the reserve's Wilderness Trail resulted in nearly 1.5km of new boardwalk, bridges and stepping stones. For those unable to access the reserve, we launched a virtual tour, guiding online visitors around the site while providing interactive information on its wildlife, habitats and conservation inilialives. Looe Island, which over the year had almost 2,400 day visitors enjoy and leam about the reserve. Smuggler's Collage on the island, which first opened fully in 2023, hosted 21 short breaks, with income from this unique holiday accommodation supporting conservation work. The island also provided volunteer opportunities, including surveys lo understand seal populations. Page 4
DSign Envelope ID. F6A8A5CB-0SF3-4176-A7D8-202F345A18F9 Cornwall Wildlife Trust Strategic Report Year Ended 31 March 2025 Grazing for good Conservation grazing has long been recognised as a valuable approach for habilal management and nature restoration, being used across Cornwall Wildlife Trust nature reserves for decades. It's the practice of animals, such as cows and ponies, helping manage land naturally - controlling species that can otherwise become overfy dominant (reducing biodiversilyl and creating the right conditions for rarer wildlife to thrive. Over the past year, we expanded conservation grazing across our reserves. This included.. Reintroducing grazing at siles previously left unmanaged due to challenges like retiring farmers or lack of animals. Increasing grazing periods or area al existing sites, as infraslruclure investments allowed. Introducing grazing lo new sites, such as Rosevear on the Lizard peninsula, where cattle now help create and maintain wood pasture. By the end of the year, more than 3,600 out of 5,500 acres of nature reserves had benefited from conservation grazing - the largest amount in our history. Helping nature take root at Helman Tor At almost 750 acres, Helman Tor (near Bodminl is Cornwall Wildlife Trust's largest nature reseNe and home to an extensive and ambitious nature recovery initiative. Activities to rewild the site started in summer 2023. following the purchase of Creney Farm (increasing the reserve by 97 acres) and our Rewilding Helman Tor public appeal. Throughout 2024125, rewilding work at Helman Tor continued, as we increased efforts to create habitats and maintain the site's carefully baland ecosystems using natural prOsses. Pig grazing was expanded, helping manage Crift la 31-acre section of the reserve) for the first lime, alongside a 24-acre section of Creney Farm. They've proved partiCLJlady effective al.. Controlling bracken, using their 'rootling behaviour to churn soil and control this dominant species by pulling up and eating their roots, allowing space for more delicate wildflowers lo lake hold. Suppressing soft rush at Creney Farm, providing germination opportunities for flowering plants. The English longhom herd grazed beyond Creney Farm for the first lime, being introduced to the south Redmoor section of reserve in May 2024, where they improved the area's wetland habitats by suppressing dominant species and creating a more varied vegetation structure. Page 5
DSign Envelope ID. F6A8A5CB-0SF3-4176-A7D8-202F345A18F9 Cornwall Wildlife Trust Strategic Report Year Ended 31 March 2025 Beavers also had a phenomenal impact, following their unexpected arrival al Helman Tor in February 2024. Thanks to the work and expertise of the Cornwall Wildlife Trust Team, and support of local communities, their integration at the sile and alongside nearby residents was successful. Their first dam was discovered in June, creating a new wetland lapproximalely 2.5 acres by end of the yearl where previously there had only been a small stream. Over the following months, species, including water rails, grass snakes, and various dragonflies and damselflies, were recorded or captured on camera in the area for the first time. Alongside the activity of pigs, English longhorns and the beavers, we carried out manual activity al Helman Tor, most notably through.. Creating a 3.7a¢re wetland complex through 23 new ponds, increasing biodiversity while improving local flood resilien by providing more than 10,000 cubic metres of water storage. Restoring 14 acres of wildflower meadow to benefit wildlife, including bumblebees, bulleieS and other pollinators. Objective 2.. Support & Advise By working with landowners and communities to create connected habitats through Local Nature Recovery Networks. and by encouraging sustainable practices at sea, we ean give wildlife the space it needs. This joined-up approach means nature won't just survive in isolated pockets. it can thrive across our eountryside and in our seas once again. With over 70Q/u of Comwall's land used for agriculture. farmers are essential partners in tackling the nature crisis. With the power to shape landscapes and communities, developers also have a unique opportunity to integrate nature into new housing and infrastructure projects. At sea, worklng wlth flshers Is key to protectlng and restorlng Cornwall's preclous marlne habltats. By supportlng and advlslng those who own or manage land and sea. we can unlock the full potential of these spaces for wildlife. In 2024125 Cornwall Wildlife Trust's farm advice team worked famis collectively responsible for 33,723 acres of land. This included 84 farms with whom we worked for the first lime, as more farmers are inspired lo explore and start transitioning lo nature-friendly practices, recognising the benefits for wildlife, planet, and their businesses. Our team worked with farmers lo create more habitats for wildlife, reduce the use of harmful land often expensivel chemicals, support environmental surveys, and provide high quality advice (including on how to a¢$S agricultural stewardship schemes), balancing nature, profitability and environmental performance. As a result, a minimum of 1,370 acres of additional familand was managed better for nature in 2024125, resulting in a total of 9,429 acres of land lagainst a 2030 target of 50,000 acres) being under onservalion management thanks to our work. Ullimalely, this is playing an important role in creating bigger, better, and more joined-up spaces for nature in Cornwall. At sea, we continued working collaboratively with fishers to protect Cornwall's marine ecosystems, updating the recommended species list for the Comwall Good Seafood Guide (removing edible crab due to stock declines) and engaging fishers in Sl Auslell Bay to explore ways to protect vital seagrass and maerl beds. Page 6
DSign Envelope ID. F6A8A5CB-0SF3-4176-A7D8-202F345A18F9 Cornwall Wildlife Trust Strategic Report Year Ended 31 March 2025 Slowing the flow at Paul stream Working with a landowner near Mousehole, a Farm Adviser supported the Iransfomalion of 20 acres of intensively farmed land into grass buffer strips, flower-rich margins, and nectsr mixes. The project's overall aim was to improve soil health and reduce flood risk for the community downstream. The conversion from intensive agriculture lo permanent vegetative cover enabled improved soil slruclure, enhanced organic matter, and increased water storage capacity. Water now naturally infillrales the soil rather than running off the surfa, significantly reducing the speed and volume of water entering the stream and lowering flood risk in Mousehole. In addition, the flower-rich margins provide crucial habitat for pollinators and other beneficial invertebrates, while hedgerows are being left lo grow thicker and taller, creating more shelter for wildlife and acting as natural barriers lo water runoff. "Comwall Wildlife Trust expertly led us through every step of the process, and we now see the benefits, with unusual plants, animals, and insects appearing daily. The grass strips are also reducing water runoff, protecting the community closer to the sea." Landowner Building for nature Comwall Environmental Consultsnts Limited ICEC}, Cornwall Wildlife Trust's trading subsidiary, has been supporting responsible built development for over 30 years. In 2024125, they worked with approximately 500 clients, including Trevissome Park on a nel carbon zero project to deliver medical and healthcare facilities to the sile. Involved from the outset, CEC helped shape a wildlife-friendly landscape that exceeded national targets for nature recovery achieving 93 /0 increase in Biodiversity Net Gain habilal units and over 260 /0 more hedgerows. The project baland thoughtfLJI design with environmental impact, reaching nel zero carbon in both construction and daily use. The result is a wildlife-rich, communily-focussed space that fits sensitively into the local landscape. Page 7
DSign Envelope ID. F6A8A5CB-0SF3-4176-A7D8-202F345A18F9 Cornwall Wildlife Trust Strategic Report Year Ended 31 March 2025 Objective 3.. Engage & Mobilise Everyone has a role to play in tackling the nature crisis. We know more people need to be taking meaningful action for nature, which is why we've set an ambitious target of engaging 100.000 people by 2030. This year, we've connected with and inspired more people lo act for nature than ever before. We've achieved this through a diverse range of inilialives, including.. Public events.. We hosted 177 events last year and had a strong presence al a further 271, through which we engaged almost 9,400 people with nature and its protection la 30/0 increase on the previous yearl. In addition, our network of volunteer-led associated groups, including those within our county-wide Your sho network, engaged a further estimated 15,900 people through events and activities wthin their communities. Volunteering opportunities.. Providing hands-on experiences for individuals and businesses to contribute directly to conservation we are supported by more than 750 volunteers, whose vital contributions continue lo drive our efforts across every area of our work. Support for groups.. Our newly developed Association scheme empowers local and special interest groups across Cornwall lo drive their own nalure-focussed projects through provision of training, advice and support and strengthened networks and shared learning across groups. We work in Association wth 41 groups, 21 of which are part of the Your Shore Network. We continued lo explore and develop ways of engaging diverse audiences with nature, including children and young people. Towards the end of the year, we undertook a comprehensive audit of existing youth engagement inilialives, reaching out to young people themselves lo understand what they want from Cornwall Wildlife Trust. This process spollighled where we can genuinely add value, revealed promising opportunities for collaboration, and ensures our future offer reflects the voices of those we want to engage. Building on these insights, we are now shaping a multi year delivery plan to guide our youth engagement work ensuring il is ambitious, inclusive, and rooted in what young people have asked for. Page 8
DSign Envelope ID. F6A8A5CB-0SF3-4176-A7D8-202F345A18F9 Cornwall Wildlife Trust Strategic Report Year Ended 31 March 2025 Snorkelling for seagrass Comwall Wildlife Trust's marine team trained Seasearch volunteers lo carry out seagrass and kelp surveys, using a new methodology which involves snorkellers swimming transect lines parallel lo the shore al low tides and taking photos every five metres. These photos are then analysed for coverage and mapped onto our records. This work is helping lo build up a picture of a previoLJsly poorfy studied area - the shallow subtidal area of our coast - providing us with vital eviden about important seagrass and kelp beds. These areas were previously understudied because they are hard to access by sonar survey methods, which are conducted from boats. Over the year, volunteers mapped 5,320m of coastline, analysing over 1,500 photos lo increase our ndersland of the exlanl and health of seagrass and kelp beds in the shallower areas of Sl Austell Bay, increasing our ability lo influence for their protection. Citizen science volunteer projects are key to empowering the public to directly contribute lo wildlife protection, providing invaluable data that underpins conservation strategies and enables Cornwall's wild places to thrive. Not only does this volunleer-led mapping provide a way for local people to take action for action for nature, it allows the longer-tem) monitoring of effects of climate change and other factors on the marine environment. The enthusiasm shown by volunteers for Seasearch snorkelling and monitoring has been incredible and has highlighted that this is an area we should be focussing and expanding in future. Nature for wellbeing Partnering with Occupational Therapists from ReThink and the NHS, Cornwall Wildlife TrLJSt delivered a four-week wellbeing course that demonstrated significant benefits for participants. Over the four weeks, participants engaged in a carefully designed programme combining wellbeing techniqLJes with nature-based activities.. this course focussed on Ljnderslanding that to take action for nature, people need to be better connected to nature. As Sir David Attenborough says. No one will protect what they don't care about,. and no one will care about what they have never experienced., Many participants had not spent time in nature prior lo the course yet have expressed a strong desire to continue engaging with nature, asking when they could retum. Using the Office for Nation81 Stslislics, {ONS41 wellbeing questions as evaluation, we saw.. Life satisfaction increased by 240/ Sense of life being worthwhile grew by 30D/o Happiness levels rose by 270/0 Anxiety reduced by 33Q/o Nature connectedness improved by 460/0 The impact and results from courses such as this one directly contribute lo our wider work around wellbeing and connecting our community lo nature.. next year will see us build on this even more as we embark on creating a new accessible community garden, enabling us lo deliver this work in a more scaled-up way. Page 9
DSign Envelope ID. F6A8A5CB-0SF3-4176-A7D8-202F345A18F9 Cornwall Wildlife Trust Strategic Report Year Ended 31 March 2025 Objective 4.. Campaign and Advocate Nature is in crisis, and we can't fix rt alone. Govemment, business, and public sector bodies must make nature a priority in their policies and practices at both local and national levels. To ensure this happens, we campaigned and advocated for bold decisions, the adoption of best practices, and decisive action for the environment. 2024 saw us launch our most ambitious advocacy campaign to dale, and our work with Cornwall's MPS still continues almost one year after we went to the polls. Ahead of the general election, we hosted five Nature and Climate hustings across Comwall, giving local candidates and people the chance to discuss the issues that matter in their area,. and we held policy meetings with several electoral candidates from the major parties individually to discuss our election asks and priorities for nature recovery. We took a double decker bus and drove lo London to join the 60,000 people and over 350 charities, businesses, and action groups marching lo Parliament Square with one clear message.. Restore Nature Now. Our Open Letter received over 4,500 signatures. including more than 1,000 people who hadn't interacted wth us before. On the day following the election, we wrote lo all six new Comish MPS, letting them know how many of their constituents had signed the letter, and offering our help with local nature and climate issues as they began their challenging new roles. Since the Election we have provided various briefings to Comish MPS, both at their request and proactively in connection lo specific policy asks from us. Our Chief Executive Mall Walpole mel with several Cornish MPS in Weslminsler in the autumn to encourage them lo raise their voices for Comwall's wildlife. During the year Trust Staff attended multiple meetings and workshops as part of the development of the Cornwall Local Nature Recovery Strategy ILNRSI, led by Cornwall Council. We provided significant species data sets for use in the LNRS, helped lo set nature recovery priorities and were involved in refining the mapping of opportunity areas, an essential part of the final document. We were also part of the Marine Nature Recovery Framewort( that has been developed alongside the LNRS. As part of our advocacy work, we visited 3 significant landowners, including two of Comwall's landed estates, to find out more about their plans for nature recovery and identify opportunities for collaboration, particularfy where our knowledge and expertise could help them lo achieve their nature recovery ambitions. These visits were well-reiVed, and we are now following up with more detailed delivery including site survey and advisory work. Page 10
DSign Envelope ID. F6A8A5CB-0SF3-4176-A7D8-202F345A18F9 Cornwall Wildlife Trust Strategic Report Year Ended 31 March 2025 Responding lo significant development proposals in Cornwall is an important way in which we sland up for Cornwall's species and habitats that may be under threat. Significant proposals that kept us busy this year were seaweed farm proposals on both the south and north coasts, Planetsry Tech's geo-engineering proposals for Sl Ives Bay. and redevelopment proposals for the Pink Hotel site al Pendower Beach near Portscatho that threatened lo damage a County Wildlife Site. We enwurage developers lo follow a besl-practice approach which includes choosing their sites carefully and using high-qualily species and habitat information to avoid and mitigate impacts. Where we feel they fall short we suggest to the Local Planning Authority how the developer can and should improve their approach. At sea, we expressed conrn about South West Water's proposed desalination plant in Par, which has potentially negative consequences for the seagrass meadows and maerl beds of Sl Auslell Bay. The proposal resulted in widespread pushback from local community groups and commercial fishers. Because of our focLJS on Sl Auslell Bays extensive seagrass and maert beds in recent years, cumulating in Tor to Shore, we worked lo develop a clear, evidence-based position on the development. We consulted wdely with community groups, fishers, regulators, arbd South West Water, lo develop and publicly outline five key asks. We voiced our concerns about the ecological impacts, which would entail the discharge of hypersaline water into the Bay. We are continuing lo engage with fishers and community groups on this issue through our Tor lo Shore project, and we are maintaining our relationships with local groups and citizen scientists lo map and monitor the seagrass and maerl in Sl Auslell Bay, including over 5km land counting) of the Bals seagrass and kelp habitats mapped by volunteers. Through the Sl Austell Bay Charter of the Sea, with a lotsl of 64 attendees across community and industry workshops, we are developing consensus around issues and opportunities for the Bay's important marine habiials. Throughout the year, we've continued lo develop strong relationships with key decision-makers, raised our voice, and mobilised supporters, ensuring that nature has a powerful advocate in shaping the decisions that affect ils future. Page 11
DSign Envelope ID. F6A8A5CB-0SF3-4176-A7D8-202F345A18F9 Cornwall Wildlife Trust Strategic Report Year Ended 31 March 2025 Enabling objective 1: Increase Awareness To protect Cornwall's precious wildlife, more people need to know about the work we do, feel part of it, and Care deeply about the places and species we're fighting for. Throughout the year. we've embraced every opportunity to celebrate the incredible nature on our doorstep. while shining a light on the challenges it faces. The Tor lo Shore announcement made national headlines, with prominent coverage in The Guardian, and was noticed by the United Nations as an innovative approach lo catchment management. Local stories also gained national traction thresher shark strandings featured in seven oullels including The Independent, Forbes, and OanographIC, while humpback whale sightings seemed to be in the news every other week, picked up by BBC Radio 4, BBC Good Morning News, and CBBC Newsround, amongst others. The number of followers across our social media accounts increased by almost 6,000, lo over 103,000 collectively. as people turn lo Cornwall Wildlife Trust for trusted information and nature inspiration. In March, a punny sea gull post celebrating Intemalional Women's Day went viral.. the post was viewed by over 200,000 people and received over 6,700 likes. making it the most successful post lo date for the Trusl. Last year saw us engage and collaborate more closely with social media influencers, supporting our commitment lo informing, inspiring, and involving more people from all spheres to lake action for nature. As part of our Temperate Rainforest Appeal, we worked with six influencers - chosen for their alignment with our values and their connection to Cornwall. Each shared a simple message focussed around 'a walk in the woods, with their followers. The campaign generated strong engagement and reach on social media, conlribuling to a rise in support for the appeal, which allracled 100 more donations than the previous year, including 246 first-lime donors, helping us connect with new audiences and strengthen our impact. Page 12
DSign Envelope ID. F6A8A5CB-0SF3-4176-A7D8-202F345A18F9 Cornwall Wildlife Trust Strategic Report Year Ended 31 March 2025 Enabling objective 2: Grow resources Cornwall's nature needs bold ambition well-resour¢ed, resilient organisation. and turning that ambition into reality depends on a Our work is powered by the passionate supporters and partners that donate lo our work. Alongside growing this vital support, our 2030 strategy also focuses on expanding both existing and new Commela1 income opportunities. Total income grew from £5.87m lo £7.65m. This achievement is thanks lo the generosity of the individuals, families, communities, companies, and granl-making organisalions who were inspired to financially SLJPPOrt nature in Cornwall, as well as a strong performance in other areas across Comwall Wildlife Trust to generate funds for nature. We strengthened our work with businesses through targeted partnerships that funded key projects, including St Eval's support to prepare for a wild beaver release, while offering corporate volunteering opportunities and developing our Wilder Business network. By the end of the year, 18,184 people were members of Cornwall Wildlife Trust through 11,411 memberships an increase from 11,325 the year before. While recruiting new members remained challenging, the number of people and families choosing lo relain membership with Cornwall Wildlife Trust was strong, al almost 900/0. This demonstrates the importance of nature lo so many, and members, generosity in a tough economic climate, as the cosl-of-living crisis continued throughout much of the year. 2024125 also saw the launch of our Wildlife Patron scheme, offering behind-lhe-scenes events and access for our most generous supporters. By year-end, members had contributed an incredible £750,000 to our nature recovery work, in comparison lo £643,000 the prior year. Comwall Environmentsl Consullanls generated £175,000 gift aid donation to support nature in Comwall. Working with lo1 businesses, developers, and landowners, CEC helps move projects forward whilst enabling the natural worfd lo thrive. Over the year, Cornwall Wildlife Trust continued to explore and develop its expertise relating to emerging green-finance opportunities (where companies are either required or make voluntary investments in nalure}- Most notably, we joined Aviva's partnership to restore Britain's lost temperate rainforests, resulting in a £500,000 donation to restore and create this rare habitat as a nature•based solution for capturing carbon. Page 13
DSign Envelope ID. F6A8A5CB-0SF3-4176-A7D8-202F345A18F9 Cornwall Wildlife Trust Strategic Report Year Ended 31 March 2025 Enabling Objective 3: Ensuring a Healthy Organisation We can only be effective for nature if we're a healthy organisation that's resilient, productive, and a great place to work and volunteer. Aligned with our Strategy for 2030, we've also intrOdUd a set of guiding values that shape everything we do al Cornwall Wildlife Trust. We are Passionate and Inspiring, driven by our vision of a Comwall where nature thrives. We strive to be Knowledgeable and Authenti¢, bringing evidence-based credibility and integrity lo our work. We commf( to being Inclusive and Enabling, collaborating across communities and empowering others lo take action. And we remain FocLJsed and Impactful, ambitious and determined to make Change. These values are not only words on a page they infomi how we engage, collaborate, and deliver for nature, driving us fonmard in our mission to protect Comwall's wildlife and wild places. This year, we secured Nel Zero funding lo improve energy efficiency across our HQ site al Alel. The upgrades including air source heat pumps. new windows and doors, solar panels with battery storage, and full healing installation - have eliminated oil use and made parts of the sile nearfy energy self-sufficient on sunny days. These changes have reduced our environmental impact and improved the working environment. Staff continued lo report high levels of satisfaction and connection lo our mission, evidenced as we have sustained a >900/0 approval rate.. 91Q/o would recommend Cornwall Wildlife Trust as a great place lo work, 930/0 said they gain enjoyment and fulfilmenl from their role, and 990/0 reported positive working relationships. Crucially, 910/0 also fell clear on how their work contributes lo our wider strategy. These sults reflect our ongoing focus on wellbeing, collaboration, and creating a positive, purpose-driven culture. Additionally, in Dember 2024, CEC achieved B Corp Certification. This recognition is a leslament to the values that CEC have upheld for years and a Commitment to creating a beller future. They scored 129.4, which significantly exceeded the qualifying threshold of 80 - and far surpassed the UK average of 50.9, further reinforcing Cornwall Wildlife Trust's reputation as an excellent employer. Enabling Objective 4: Capture Evidence Last year saw us launch a new ste of Impact Review, aligned with our 2030 Strategy for Nature Recovery. This report brought together dats, stories, and feedback from across our work lo provide a clear picture of progress and demonstrate impact to supporters, funders, and partners. It also laid the foundation for more consistent and meaningful reporting for the years ahead. Throughout the year, we have increased our use of slruclured monitoring, with this robust methodology for understanding the progress and impact of our habitat resloralion work in-place across 24 reserves lan increase of 18 from the previous yearl. Slruclured monitoring is the prO$S of understanding changes lo the populations of wildlife species and health of habitats over time, by repeatedly surveyng the same areas using a consistent method (including through the use of drone lechnologyl. Significant progress was made to our ability lo record the acreage of farmland we're supporting. thanks lo the development of a GIS mapping system. This sophislicaled mapping tool is helping us track the progress and impact of all our wider landscape recovery work. Page 14
DSign Envelope ID. F6A8A5CB-0SF3-4176-A7D8-202F345A18F9 Cornwall Wildlife Trust Strategic Report Year Ended 31 March 2025 The importance of surveying wildlife over time Comwall Wildlife Trust manages a robust programme of citizen science projects. This is particularly true of our marine work, with more than 4,000 hours given by volunteers in 2024125 to capture data on the wildlife found in our seas. Several of our marine citizen science projects have been running for more than 15 years, playing a crucial role in monitoring trends over time, helping us assess what changes are taking pla and what they may mean for our work. For example.. Our Seaquest programme, where trained volunteers systematically record and submit data on large marine species seen from our coast, suggests a marked dedine in the number of porpoises and botllenose dolphins found in Cornwall's waters, while bluefin luna and common dolphin sightings have shown a steady increase. This shift in the species found in Cornwall's waters is further supported by data submitted by member3 of the public to Comwall Wildlrfe Trust's environmental record centre, which shows a dramatic fall in the number of basking sharks seen in Cornwall over the past 25 years. One of the factors contributing lo these changes is likely climate change, with an increase in average sea temperate increases making our waters more or less suitable for certain species and their food sources. Our Marine Strandings Programme suggests that, following a positive decline in cetacean strandings in the years following 2004 (when the UK Govemmenl banned inshore pair Irawlingl, strandings have increased in recent years and are now consislenlly more than double the levels from 10 years ago. Over 250/0 of the animals that the project assesses show evidence of injury due to by-catch (the accidental entsnglemenl of marine animals in fishing gear). This evidence is used lo increase awareness and understanding of the slate of and challenges facing our seas, helping us advocate for changes lo the practices and policies of other organisalions. Page 15
DSign Envelope ID. F6A8A5CB-0SF3-4176-A7D8-202F345A18F9 Cornwall Wildlife Trust Strategic Report Year Ended 31 March 2025 Prlnclpal rlsks and uncertalntles The Board of Directors reviews an organisalional risk register and associated mitigating actions al each meeting. The risks contained on the register are given additional scrutiny and challenge by each of the Board's sub-commillees and through regular review by the Leadership Team. The one key risk that has remained 'red' for the entire year and is likely to continue lo do so in the futu is that of Government policy creating economic, legislative and regulatory uncertainly for nature with decisions affecting the future path of environmentsl protection, legislation also affecting income. The Board's miligalion for this so to slay informed about the national lobbying efforts led by the Royal Society of Wildlife Trusts IRSWT) and maintaining strong relations with Cornwall Council,. thus creating a strong position to Influen policy and stsy updated on relevant proposals. There is also a greater emphasis on generating income through both existing and more diverse revenue streams. The Board wll continue to monitor the impact of changes to environmental protection legislation on its ability to achieve its core purpose. The Board continues to monitor a range of internal risks that could impact the Trust's ability to deliver ils strategic objectives. Key identified areas of focus include financial resilience, capacity to create and deliver projects, staff retention, morale and wellbeing and the importance of maintaining alignment between the Board and Executive. The Board works to embed the need lo embed Equality. Diversity and Inclusion IEDII across all areas of work. Externally, the Trust is operating in a complex and evolving environment. Broader geopolitical and economic trends present challenges, particulady in relation to public support and funding flows. The Board is aware of and proaclively manages any potential repulalional risks associated with public perception of its positions on high-profile issues. Climate change preparedness and cyber security have been identified as areas for attention, alongside the need lo manage stakeholder expectslions around potentially sensitive projects. The strategic report was approved by the Iruslees of the charity on behalf by.. 2519125 and signed on ils Mr R Humphreys, Treasurer {11 Trustee Page 16
DSign Envelope ID. F6A8A5CB-0SF3-4176-A7D8-202F345A18F9 Cornwall Wildlife Trust Trustees, Report The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements and auditors, report of the charitable company for the year ended 31 March 2025. The financial stslements have been prepared in accordan with the accounting policies sel out on pages 33 10 41 and comply with 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 1021 (effective 1 January 20191. The reference and adminislralive details on pages 1 10 2 form part of this report. Structure, governance and management Nature of governing document The governing documents of the charity {Ihe Cornwall Wildlife Trust - referred to as 'the Trust'l are the Memorandum and Articles of Association. The Trust is registered as a charity with the Charity Commission. During 2021-22, the Articles of Association were reviewed and updated by Trustees. These updates were approved by the membership at the AGM on 20th November 2021. The new Articles use modernised terminologies which align with Charity Commission guidance. Recruitment and appointment of trustees In accordance with the Memorandum and Articles of Association, Trustees lalso referred lo as Directors of the Board) are elected by the membership for terms of three years and can serve for three tems, to a maximum of nine years. At the end of each term Trustees are required lo sland for re*leclion. Nominations for new Trustees are considered and approved for co-oplion by the Board prior to the AGM and all nominations a pul forward for election al the AGM. Co-opted trustees play a full role on the Board in the period prior to their nomination for election. When considering recruiting new Trustees, the Board of Trustees has regard lo both the mix of specialist skills and knowledge required to carry out ils functions and seeks to build a diverse and inclusive membership. Induction and training of trustees A full recruitment and selection process then takes pla,. including a supportive and informative interview prOsS where key Trustees and the CEO are on the panel and a tour of HQ site with a member of Leadership team. On appointment, new Trustees have a varied and detailed induction and training process. This includes being sent a New Trustee Pack which includes various information relating lo their role as a Director from Charity Commission and Companies House as well as strategic infomstion relating to the Trust. New Trustees are allocated a mentor from the current Trustee body to act as an init181 point of contact whilst they settle into their role. A Trustee induction session is also held with the Leadership Team. On-line training is also provided as required on the IHASCO plafform in EDI, Safeguarding and GDPR. Page 17
DSign Envelope ID. F6A8A5CB-0SF3-4176-A7D8-202F345A18F9 Cornwall Wildlife Trust Trustees, Report OrganiTsational structure The Trust is governed by a Board of Trustees which meets four limes a year on a quartedy basis and sets the strategic framework. It delegates day-to-day management to the Chief Executive, who attends and reports lo The Board and its sub-committees and is responsible for the Trust's Leadership Team. The Board has two committees which also meet quarterly,. Conservation and Engagement and Finance and Resources. Each Board member sits on al least one of the commillees. Rolationships with rglatgd partigs Comwall Wildlife Trust is one of 46 local trusts within the Wildlife Trust movement, who have committed lo work towards a number of collective goals with which our 2030 strategy aligns. The Trust owns 100g/o of the shareholding in an associated undertaking, Cornwall Environmental Consullanls Limited, which carries out biological surveys, environmental assessments and landscape design Servi8. The activities of the associated undertaking are nsOl1daled into these group financial stslemenls. Objectives and activities Objects and aims The Objects and public benefit of the charity are expressed and delivered in the promotion of nature conservation in Cornwall. In summary, to promote the conservation of Comwall's wildlife and environment and engage everyone in this task. Publlc beneflt For the financial year 2024-25, the Trustees considered their charitable objects and reviewed their priorities, continuing with the strategic framework launched last year as part of the strategy to 2030. Progress against the strategy through a revised business plan and associated KPIS is reported to each meeting of the Trust's Board throughout the year and is summarised in this annual report. The Trustees refer lo guidan contained in the Charity Commission's general guidance on public benefit when reviewing the aims and objectives and in planning future aclivilies. The Trust protects Cornwall's wildlife and wild pla$ on land and in our seas. We are passionate about conservation and have helped people enjoy nature for over 60 years, working with all to create a wilder Cornwall with people close lo nature, land and seas rich in wildlife. The trustees confirrn that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard lo the public benefit guidance published by the Charity Commission for England and Wales. Achievements and performance In the 2024125 financial year, with our supporters, we kept working tirelessly lo create a Comwall where nature thrives. Full details of our achievements and performance are set out in the Strategic Report. Page 18
DSign Envelope ID. F6A8A5CB-0SF3-4176-A7D8-202F345A18F9 Cornwall Wildlife Trust Trustees, Report Plans for future periods Aims and key objectives for future periods As a nationally important site for nature and an exemplar of rewilding work, Helman Tor will remain a priority. We will Continue to expand the grazing of pigs and cattle across the landscape, while also exploring opportunities lo Introdu a herd of Exmoor ponies, whose grazing and browsing behaviours will further benefit nature al the sile. Following the Government's announcement in February 2025 that theyll be granting a small number of wild beaver release licenS, we also plan to implement work to establish a sustainable, genetically diverse population of wild beavers across the Par and Fowey River catchments. Years of preparation have bought us lo this milestone, as we look to secure a wild release licence for up to 15 pairs of beavers. Their reintroduction will be a focus throughout our 2030 strategy and beyond, as we ensure their integration alongside communities, conducting mitigation measures where required and monitoring their impact. In east Cornwall, efforts to create and restore lemperale rainforests at our West Muchlamick nature reserve will increase, with our first areas of tree planting planned for winter 2025. Towards the far west, work across Penwith will continue lo support the peninsula's famers to increase nalure-friendly farming, particularly benefiting inlemalionally rare lowland heathland habitals. At sea, our understsnding of the environmental Importan of Cornwall's south coast (for people, wildlife and carbon sloragel continues lo grow. Work lo ensure ils effective protection will increase in 2025126, as we continue lo collaborate with local fishing communities, residents, businesses, and other key stskeholders, including The Crown Eslale (who manage much of the seabed around England's coasuinel. Alongside this work lo alleviate the pressures facing our marine environment I'passive resloralion'}, we also aim to increase work lo create and restore marine habitats I'active resloralionl. This includes efforts to expand intertidal seagrass resloralion, while simultsneously exploring the opportunity of a native oyster restoration initiative, which would be the first of its kind in the soulhwesl. Finally, we'll continue to be a strong Vol for nalure-working with MPS, councillors, and decision-makers to ensure wildlife is represented in the choices that shape Comwall's future. At the heart of all our work remains a simple but powerful principle.. everyone has a role lo play in creating a Cornwall where nature thrives. Whether by planting, restoring, gardening. fundraising, volunteering, advocating, or simply connecting with nature collective action can make a lasting difference. The Trust continues to be grateful to all ils members, supporters, funders, donors, volunteers and staff for their loyalty and support. Flnanclal revlew The results of the group for the year are set out in the consolidated Statement of Financial Activities on page 27 of the financial statements. The results for the year are considered s81isfactory and at the year-end the group had net current assets standing at £4,440,075 {2024'. £3,602,698) and total fixed assets of £8,058,052 12024.. £7,832,625). Net income for the year lolalled £1,082,138 (2024." £124,261), taking total reserves up to £12,441,94912024'. £11,359,811) of which £1,620,29512024.' £1,372.0271 is free reserves. Page 19
DSign Envelope ID. F6A8A5CB-0SF3-4176-A7D8-202F345A18F9 Cornwall Wildlife Trust Trustees, Report Policy on reserves The financial reserves policy of the Trust establishes an unrestricted cash reserve based on 4 months of unrestricted budget. Our current calculations produce 8 reserve requirement of £819k. This level of free cash reserves of the charity will allow the Trust lo operate effectively and lake the necessary actions in the event of such as a sudden unpredicted drop in income. General reserves of the charity currently sland al £1.6m with a further £367k of unallocaled designated funds al year end. This lolal is significantly higher than our reserves policy and reflects funds accumulated for the capital redevelopment of the Trust's Headquarters at Allel. In 2025126 the Trust anlicipales a major investment of up to £1 million from our general free reserves and unallocaled designated reseNes into the Allet Sile reducing them back into alignment with our financial reserves policy. Our goal is to create a consolidated working environment that staff enjoy, that is efficient and fil for purpose, and that we can proudly showcase to external stakeholders. Environmental and sustainability principles will be integral lo the design. Located near Truro with convenient access to the A30, our HQ is well-posilioned to serve as a gateway lo our wider work. Therefore, we also plan to enhance its role as a hub for engagement and outreach as one of our identified Destination Reserves. Investment policy and objectives During 2024-25, the Trust continued with the arrangement of short-term bank deposits and considered these to meet the requirement to generate a reasonable retum on capital whilst maintaining access to funds for opeffitional purposes. During the year, a review of our investment approach was undertaken and as a result of this review, and since the end of the financial year, the Trustees have approved a revised investment policy, incorporating the following principles.. Investments aim to achieve a baland return of income and capital growth whilst ensuring operational cash flow is not affected To never knowingly invest directly in activities that are undisputedly hamiful lo the natural environment andlor directly conflict with its charitable objectives. To never knowingly invest in products or companies that support armed conflict and where there is clear evidence of human rights violalionslcomplicily in human righls abuses. Wherever possible, CWT will positively select investments that Consider wider issues of environmental and social responsibility where this will generate a financial return and further ils charitable objectives. Investments will be placed with a fund demonstrating robust governance structures, transparent reporting, and ethical business practis. In line with many other Wildlife Trusts, the Board have approved the use of CCLA (Charities, Churches and Local Authoriliesl along with their current account as the vehicle by which to manage cash and investments.. Platform Use CCLA Ethical Investment Fund For longer temi investments of greater than years as agreed specifically by Trustees For cash holdings, not needed for day lo day banking but have not agreed to be invested for the long lem) For day lo day operational management and banking CCLA COIF Deposit Fund Lloyds Current Account Page 20
DSign Envelope ID. F6A8A5CB-0SF3-4176-A7D8-202F345A18F9 Cornwall Wildlife Trust Trustees, Report Trustgos and Officgrs The trustees and officers serving during the year and since the year end were as follows.. Trustees.. Mr O C Blount111 Mr R Humphreys, Treasurer111 MrPMRice Mrs K E Burrows111 Mrs J H Coumbe Mr M Hanbury-Tenison Mr D A P Cooke111 (resigned 28 September 2024) Ms G M Saunders, Secretary111 Mr S J Sumner111 (resigned 6 April 20241 Mrs H L Thomas Prof R B Woodroffe Mrs V Vere Hodge111 lappoinled 20 May 2025) Mr N G wle{lI lappointed 20 May 20251 Mr R Stokoe (appointed 20 May 20251 Miss M Hayward Smith {appointed 19 June 20251 Ms A J Fulton111 lappointed 19 June 20251 Mr l M K Greaves111 lappoinled 19 June 2025} 111 Denotes Finance and Resources Committee Member Chairman.. Mro C Blount111 Chief Executive Officer.. Dr Matt Walpole Acknowledgments 2024125 saw us launch our Wildlife Patron scheme, which includes some of our most committed members, each showing remarkable support to our work. We are hugely grateful to our Wildlife Patrons for all they do. Barry & Sue Petbt Carol Jerwood Charlie & Rebecca David Chris Anderson & Jacqui Stokes Daniel & Kate Sladen Elizabeth Tregenza Frarn$ & Steve Fairman Graham Tilcombe Jane & Tom Maurice Jean Cooke John Slanlake Paul Ensom & Shiela Gowers Phil Mcvey Page 21
DSign Envelope ID. F6A8A5CB-0SF3-4176-A7D8-202F345A18F9 Cornwall Wildlife Trust Trustees, Report Statement of trustees. responsibilities The Iruslees (who are also the directors of Cornwall Wildlife Trust for the purposes of company lawl are responsible for preparing the trustees, report and the financial slalemenls in accordance with appIlble law and United Kingdom Accounting Standards (United Kingdom Generally A¢pted Accounting Praclicel, including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland.. Company law requires the trustees to prepare financial statements for each financial year. Under company law the Iruslees musl not approve the financial statements unless they are satisfied th81 they give a true and fair view of the stale of affairs of the parent charitable company and the group and of the incoming resour$ and application of resources, including its income and expenditure, of the charitable group for th81 period. In preparing these financial stalemenls, the Iruslees are required lo: select suitable accounting policies and apply them consistently., observe the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent., stale whether applicable accounting standards, comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements., and prepare the financial statements on the going concern basis unless il is inappropriate lo presume that the parent charitable company will continue in business. The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy al any lime the financial position of the parent charitable company and the group 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 parent charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other iThegularities. The trustees are responsible for the maintenance and integrity of the corporate and financial infomialion included on the charitable companrfs website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Disclosurg of information to auditor Each Iruslee has taken steps that they ought lo have taken as a Iruslee in order lo make themselves aware of any relevant audit infom)alion and to establish that the charity's auditor is aware of that infom)alion. The Iruslees confirm that there is no relevant information that they know of and of which they know the auditor is unaware. The annual report was approved by the trustees of the charity on behalf by.. 25/9/25 and signed on ils Mr R Humphreys, Treasurer {11 Trustee Page 22
DSign Envelope ID. F6A8A5CB-0SF3-4176-A7D8-202F345A18F9 Cornwall Wildlife Trust Independent Auditor's Report to the Members of Cornwall Wildlife Trust Opinion We have audited the financial stslemenls of Cornwall Wildlife Trust (the 'charitsble parent companll and ils subsidiaries Ilhe 'group'l for the year ended 31 March 2025, which comprise the Consolidated statement of Financial Aclivilies, Consolidated Balance Sheet, Balance Sheet. Consolidated Statement of Cash Flows, Statement of Cash Flows and Notes lo the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards, comprising Charities SORP, FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and applicable law (United Kingdom Generally Accepted Accounting Praclicel. In our opinion the financial stslemenls.. give a tru8 and fair view of the stale of the group's and parent charity's affairs as at 31 March 2025 and of ils incoming resources and application of resources, including its income and expenditure, for the year then ended., have been properfy prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordan with International Standards on Auditing {UK) {ISAs {UK)l and appIlble law. Our responsibilities under those stsndards are further described in the auditor 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 UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going concern In auditing the financial ststemenls, we have concluded that the Iruslees 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 lo events or conditions that, individually or collectively, may cast significant doubt on the group's abilty lo continue as a going concern for a period of al least twelve months from when the original financial statements were authorised for issue. Our responsibilities and the responsibilities of the Iruslees with respect lo going cOnM are described in the relevant sections of this report. Other information The Iruslees are responsible for the other infom)alion. The other information comprises the infom)alion included in the annual report, other than the financial statements and our auditor's report Ihereon. Our opinion on the financial statements does not cover the other information and, except to the exlenl otherwise explicitly slated in our report, we do not express any form of assurance conclusion Ihereon. Page 23
DSign Envelope ID. F6A8A5CB-0SF3-4176-A7D8-202F345A18F9 Cornwall Wildlife Trust Independent Auditor's Report to the Members of Cornwall Wildlife Trust In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsislenl with the financial statements or our knowledge obtained in the audit or otherwise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misstatements. we are required lo determine whether there is a material misslatemenl in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misslalement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinion on other matter prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Strategic Report and Trustees. Report for the financial year for which the financial statements are prepared Is consistent wth the financial statements,. and the Strategic Report and Trustees, Report have been prepared in accordance wth applicable legal requirements. Matters on which we are required to report by exception In the light of our knowledge and understanding of the group and the parent charitable company and ils environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Trustees. Report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report lo you if, in our opinion.. adequate accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us., or the parent charitsble company financial statements are not in agreement with the accounting records and returns., or certain disclosures of trustees remuneration specified by law are not made., or we have not reiVed all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Statement of Iruslees, responsibilities (set out on page 221, the Iruslees are responsible for the preparation of the financial statements and for being satisfied that they give a true 8nd fair view, and for such internal control as the trustees determine is necessary lo enable the preparation of financial slalements that are free from material misstslement, whether due lo fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to conlinLJe as a going concern, disclosing, as applicable, matters related to going concern and using the going con basis of accounting unless the Iruslees either intend lo liquidate the charity or to ase operations, or have no realistic alternative but to do so. Page 24
DSign Envelope ID. F6A8A5CB-0SF3-4176-A7D8-202F345A18F9 Cornwall Wildlife Trust Independent Auditor's Report to the Members of Cornwall Wildlife Trust Auditor responsibilities for the audit of the financial statements Our objectives are lo obtain reasonable assurance about whether the financial stslemenls as a whole are free from material misslalemenl, whether due lo fraud or error, and to issue an audilorfs report that includes our opinion. Reasonable assurance is a high level of assuran, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delecl a material misstatement when it exists. Misstalemenls can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influenTr 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, lo delecl material misstalemenls in respect of irregularities, including fraud. The exlenl lo which our procedures 8re capable of detecting irregularities, including fraud is detailed below.. As part of our audit planning we obtained an understanding of the legal and regulatory framewort( that is applicable lo the charity and the sector in which il operates to identify the key laws and regulations affecting the entity. The key laws and regulations we identified were data protection legislation, health and safety regulations, safeguarding, Code of Fundraising Practice and employment law. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements, primarily the Companies Act 2006, Ch8rilies Act 2011 and the Charities Slalement of Recommended Practice IFRS102). We discussed with management how the Complian with these laws and regulations is monitored and discussed policies and prOdureS in place. We also identified the individuals who have responsiblilily for ensuring that the entity complies with laws and regulations and deals with reporting any issues if they arise. As part of our planning procedures, we assessed the risk of any non-compliance with laws and regulations on the entity's ability to continue operating and the risk of material misstatement to the accounts. Based on this understanding w8 designed our audit procedures lo identify non-complianc8 Wlth such laws and regulations. Our prOdureS involved the following.. Making enquiries of management regarding their knowledge of any non-compliance with laws and regulations that could affect the financial statements., Reviewing legal and professional costs to identify any possible non compliance or legal costs in respect of non compliance., Reviewing board minLJtes to identify any issues wth non compliance., Reviewing a sample of funding agreements to ensure tem)s were adhered lo. Page 25
DSign Envelope ID. F6A8A5CB-0SF3-4176-A7D8-202F345A18F9 Cornwall Wildlife Trust Independent Auditor's Report to the Members of Cornwall Wildlife Trust As part of our enquiries we discussed with management whether there have been any known instances, allegations or suspicions of fraud, of which there were none. We also evaluated the risk of fraud through management override including that arising from management's incentives. The risk was considered low as a charitable enlily, with little motivation for management lo influence performance for individual gain. However we did consider the risk of management override of controls through inappropriate accounting entries, inadequate disclosure of related party transactions or the potential for bias in revenue recognition such as inappropriate Cut-off or deferred income. In response to these risks, we.. used data analytics to lesl journal entries for appropriateness., reviewed any eslimales made in the accounts for any indication of bias., reviewed the nominal ledger for any transactions with all identified related parties,. and obtsined a sample of invoices, contracts and grant agreements checking that revenue recognition was appropriate., and on a sample basis checked expenditure items were posted against appropriate funds. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misslalemenl in the financial statements. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate omissions, collusion, forgery, misrepresentslions, or the override of internal controls. We are also less likely lo become aware of instsnces of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial stalemenls. A fLJrther description of our responsibilities is available on the Financial Reporting Council's website at= www.frc.org.uklaudilorsresponsibilities. This description fomis part of our auditor's report. Use of our report This report is made solely lo the charitable parent 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 slate to the group's members those mallers we are required lo slate lo them in an auditorfs report and for no other purpose. To the fullest extent pemiilled by law, we do not accept or assume responsibility lo anyone other than the charitable parent company and ils members as a body, for our audit work, for this report, or for the opinions we have formed. Darren Pery BA (Honsj ACA DChA Isenior Ststulory Auditor) PKF Francis Clark, Ststulory Auditor Lowin House Tregolls Road Truro Comwall TR12NA 16 October 2025 Page 26
DSign Envelope ID. F6A8A5CB-0SF3-4176-A7D8-202F345A18F9 Cornwall Wildlife Trust Consolidated Statement of Financial Activities Year Ended 31 March 2025 (Including Consolidated Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestricted funds Restricted funds Total 2025 Note Income and Endowments from: Donations and legacies Charitsble activities Other trading activities Investment income other income 1,353,569 1,070,998 1,182,688 31,846 88,295 145,417 3,606,257 166,919 1,726 1,498,986 4,677,255 1,349,607 33,572 88,295 Total income 3,727,396 3,920,319 7,647,715 Expenditure on.. Raising funds Charitsble activities 11.972,221) 1,561,706 18781 3,031,227 {1,973,0991 4,592,933 Total expenditure GainsAosses on investment assets 13,533,927} 221 {3,032,105} 234 {6,566,0321 455 Nel income Transfers between funds 193,690 172,986 888,448 172,986 1,082,138 Net movement in funds 366,676 715,462 1,082,138 Reconclllatlon of funds Total funds brought forward Total funds carried forward 3,166,159 8,193,652 11,359,811 27 3,532,835 8,909,114 12.441,949 The notes on pages 33 to 68 form an integral part of these finanaal statements. Page 27
DSign Envelope ID. F6A8A5CB-0SF3-4176-A7D8-202F345A18F9 Cornwall Wildlife Trust Consolidated Statement of Financial Activities Year Ended 31 March 2025 (Including Consolidated Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Comparative Statement for the Year Ended 31 March 2024 Unrestrlcted Restrlcted funds funds Total 2024 Note Income and Endowments from: Donations and legacies Charitsble activities Other trading activities Investment incorne Other income 1,189,209 811,730 998,374 26,062 43,527 395,034 2,153,812 194,682 1,758 55,426 1,584,243 2,965,542 1,193,056 27,820 98,953 Total income 3,068,902 2,800,712 5,869,614 Expenditure on.. Raising funds Charitable activities 11.505,989} 1,314,793 {1,505,9891 4,242,271 2,927,478 Total expenditure GainsAosses on investment assets 12,820,782} {2,927,478} 2,907 {5,748,2601 2,907 Nel incomellexpendilurel Transfers between funds 248,120 120,570 1123,859} 120,570 124,261 Net movement in funds 127,550 {3,2891 124,261 Roconciliation of funds Total funds brought forward 3,038,609 8,196,941 11,235,550 Total funds carried forward 27 3,166,159 8,193,652 11,359,811 All of the group's activities derive from continuing operations during the above two periods. The funds breakdown for 2024 is shown in note 27. The notes on pages 33 to 68 form an integral part of these finanaal statements. Page 28
DSign Envelope ID. F6A8A5CB-0SF3-4176-A7D8-202F345A18F9 Cornwall Wildlife Trust Consolidated Balance Sheet 31 March 2025 2025 2024 Note Fixed assets Tangible assets Heritage assets Investments 15 16 1,914,099 6,086,322 57,631 1,709,679 6,066.997 55,949 8,058,052 7,832,625 Current assets Stocks Debtors Cash al bank and in hand 18 19 20 761 1,669,566 3,515,660 11,082 1,117,327 2,895,940 5,185,987 4,024,349 Credltors: Amounts falllng due wlthln one year 21 1745,912} 1421,6511 Net current assets 4,440,075 3,602,698 Total assets less current liabilities 12,498,127 11,435,323 Creditors: Amounts falling due after more than one year 22 Not a$sots 156,1781 175,512) 12,441,949 11,359,811 Funds of the group: Restrlcted Income funds Reslricled funds 8,909,114 8,193,652 Unrestricted income funds Unrestricted funds 3,532,835 3,166,159 Total funds 27 12,441,949 11,359,811 The financial statements on pages 27 to 68 were approved by the trustees, and authorised for issue on 25/91.25 and signed on their behalf by. Mr R Humphreys, Treasurer {11 Trustee /AJ MrPMRice Trustee The notes on pages 33 to 68 form an integral part of these finanaal statements. Page 29
DSign Envelope ID. F6A8A5CB-0SF3-4176-A7D8-202F345A18F9 Cornwall Wildlife Trust Balance Sheet 31 March 2025 2025 2024 Note Fixed assets Tangible assets Heritage assets Investments 15 16 1,914,099 6,086,322 57,631 1,709,679 6,066.997 55,949 8,058,052 7,832,625 Current assets Stocks Debtors Cash al bank and in hand 18 19 20 761 1,439,427 3,292,391 761 1,008,770 2,755,084 4,732,579 3,764,615 Credltors: Amounts falllng due wlthln one year 21 1599,491 } 1359,7391 Net current assets 4,133,088 3,404,876 Total assets less current liabilities 12,191,140 11,237,501 Creditors: Amounts falling due after more than one year 22 Not a$sots 156,1781 175,512) 12,134,962 11,161,989 Funds of the charlty: Restrlcted Income funds Reslricled funds 8,692,288 8,193,652 Unrestricted income funds Unrestricted funds 3,442,674 2,968,337 Total funds 27 12,134,962 11,161,989 The financial statements on pages 27 to 68 were approved by the trustees, and authorised for issue on. 2 51.9/.25 and signed on their behalf by. Mr R Humphreys, Treasurer {11 Trustee MrPMRice Trustee The notes on pages 33 to 68 form an integral part of these finanaal statements. Page 30
DSign Envelope ID. F6A8A5CB-0SF3-4176-A7D8-202F345A18F9 Cornwall Wildlife Trust Consolidated Statement of Cash Flows Year Ended 31 March 2025 2025 2024 Note Cash flows from operating activities Net cash income 1,082,138 124,261 Adjustments to cash flows from non-cash Items Depreciation Investment income Interest payable Profil on disposal of tangible fixed assets Revaluation of investments 179,501 133,5721 143,621 127,820) 6,628 156,024) 2,907) 187,759 14271 455 1,227,185 Working capital adjustments Decrease in stocks Ilncreaselldecrease in debtors Increaselldecreasel in creditors Increase in deferred income 18 10,321 1552,239) 205,860 119,451 25,249 874,844 1112,6701 21 22 Net Cash flows from operating activities 1,010,578 975,182 Cash flows from investing activities Interest receivable and similar income Purchase of tangible fixed assets Sale of tangible fixed assets Purchase of heritage assets Purchase of investments 33,572 1383,921 } 427 119,3251 {1,227 27,820 1136,4561 193,742 1178,9401 15 16 Net Cash flows from investing 8clivilies 370,474) 93,834) Cash flows from financing activities Interest payable and similar charges Repayment of loans and borrowings Repayment of capital element of finance leases and HP contracts 16,628) 1917,8351 21 120,384) 23 7,449) Net cash flows from financing activities Net increaselldecreasel in cash and cash equivalents Cash and cash equivalents al 1 April 20,384 931,912 619,720 150,564) 2,946,504 2,895,940 Cash and cash equivalents al 31 March 3,515,660 2,895,940 All of the cash flows are derived from continuing operations during the above two periods. The notes on pages 33 to 68 form an integral part of these finanaal statements. Page 31
DSign Envelope ID. F6A8A5CB-0SF3-4176-A7D8-202F345A18F9 Cornwall Wildlife Trust Statement of Cash Flows Year Ended 31 March 2025 2025 2024 Note Cash flows from operating activities Net cash incomel{expenditurel 972,973 14,592) Adjustments to cash flows from non-cash Items Depreciation Investment income Profit on disposal of tangible fixed assets Revaluation of investments 179,501 1208,921 } 14271 14551 942,671 143,621 196,302) 156,024) 12,9071 116,204} Worklng capltal adjustments Decrease in stocks Ilnereaselldecrease in debtors Increaselldecreasel in creditors Increaselldecreasel in deferred inwme 18 19 21 22 14,990 943,426 1113,8851 123,353) 1430,657} 115,654 125,148 Nel cash flows from operating activities 752,816 804,974 Cash flows from investing activities Interest receivable and similar income Purchase of tangible fixed assets Sale of tangible fixed assets Purchase of heritage assets Purchase of investments Income from dividends being subsidiary gift aid Net Cash flows from investing 8clivilies 33,572 1383,921 } 427 119,3251 {1,2271 175,349 27,820 1136,4561 193,742 1178,9401 16 68,482 195,125) 25,352) Cash flows from financing activities Repayment of loans and borrowings Repayment of capital element of finance leases and HP contracts 21 120,3841 1923,2111 23 3,513 Nel cash flows from financing activities 20,384 926,724 Nel in¢ase1[deCreaseI in cash and cash equivalents 537,307 1147,1021 2,902,186 Cash and cash equivalents al 1 April Cash and cash equivalents al 31 March 2,755,084 3,292,391 2,755,084 All of the cash flows are derived from continuing operations during the above I0 periods. The notes on pages 33 to 68 form an integral part of these finanaal statements. Page 32
DSign Envelope ID. F6A8A5CB-0SF3-4176-A7D8-202F345A18F9 Cornwall Wildlife Trust Notes to the Financial Statements Year Ended 31 March 2025 1 Charity status The charity is limited by guarantee, incorporated in England & Wales, and consequently does not have share capital. Each of the members is liable lo contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation. The address of its registered office is.. Five Acres Allet Truro Comwall TR4 9DJ 2 Accountlng pollcles Summary of significant accounting policies and key accounting estimates The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consislenlly applied lo all the years presented, unless otherwise slated. Statement of compliance The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Pra¢tiTr (applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 10211 (issued in October 20191- (Charities SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Basis of preparation Comwall Wildlife Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless otherwise staled in the relevant accounting policy notes. Basls of consolldatlon The consolidated financial statements consolidate the financial statements of the charity and its subsidiary undertakings drawn up to 31 March 2025. No statement of financial activities is presented for the charity as pemitted by section 408 of the Companies Act 2006. The charity made a profit after tax for the financial year of £972,97312024 - Ioss of £4,592). Page 33
DSign Envelope ID. F6A8A5CB-0SF3-4176-A7D8-202F345A18F9 Cornwall Wildlife Trust Notes to the Financial Statements Year Ended 31 March 2025 A subsidiary is an entity controlled by the charity. Control is achieved where the charity has the power lo govern the financial and operating policies of an entity so as to obtain benefits from ils activities. Inter-company transadions, balan$ and unrealised gains on transactions belween the charity and ils subsidiaries, which are related parties, are eliminated in full. Intra-group losses are also eliminated bul may indicate an impairment that requires recognition in the consolidated financial statements. Going concern The trustees consider that there are no material uncertainties atx)ut the group's ability to continue as a going concern nor any significant areas of uncertainly that affect the carrwng value of assets held by the group. Key sources of estimation uncertainty Estimates and judgements 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. Critical accounting eslimales and assumptions.. The Charity makes estimates and assumptions concerning the future. The resulting accounling estimates and assumptions will, by definition, seldom equal the related actual results. The eslimales and assumptions that have a significant risk of causing a material adjustment lo the carrying amounts of assets and liabilities within the next financial year are discussed below. The Charity considered the useful life of fixed assets to be a key judgement. Management exercise jLJdgement in the recognition of income from legacies. Judgement is applied to establish entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Income and endowments All income is recognised once the charity has entillemenl to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably. Page 34
DSign Envelope ID. F6A8A5CB-0SF3-4176-A7D8-202F345A18F9 Cornwall Wildlife Trust Notes to the Financial Statements Year Ended 31 March 2025 Donatlons and legacles Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled lo the funds, the income is deferred and not recognised until either those conditions are fully mel, or the fulfilmenl of those conditions is wholly within the control of the charity and il is probable that these conditions will be fulfilled in the reporting pericKI. Where the donated good is a fixed asset, il is measured at fair value, unless il is impractical to measure this reliably, in which case the cost of the item to the donor should be used. The gain is recognised as income from donations and a corresponding amount is included in the appropriate fixed asset class and depreciated over the useful economic life in accordance with the Charivs accounting policies. On receipt, donated professional services and facilities are recognised on the basis of the value of the gift lo the Charity which is the amount il would have been wlling to pay lo obtain services or facilities of equivalent economic benefit on the open market., a corresponding amount is Ihenrecognised in expenditure in the period of receipt. Income lax recoverable in relation lo investment income is recognised al the time the investment income is receivable. Other income is recognised in the period in which il is receivable and to the exlenl the goods have been provided or on completion of the service. The recognition of income from legacies is dependent on establishing entillemenl, the probability of receipt and the ability lo estimate with sufficient 8ccuracy the amount receivable. Evidence of enlillemenl lo a legacy exists when the Charity has sufficient evidence that a gift has been left lo them Ilhrough knowledge of the existence of a valid will and the death of the benefaclorl and the executor is satisfied that the propety in question will not be required to satisfy claims in the eslale. Receipt of a legacy must be recognised when rfc is probable that il will be reiVed and the fair value of the amount receivable, which will generally be the expected cash amount lo 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 bul not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in 8dvarbce of entitlement of receipt, ils recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued. Deferred income Deferred income represents amounts received for future periods and is released lo inming resources in the period for which, it has been received. Such income is only deferred when= The donor specifies that the grant or donation musl only be used in future aOUntIng periods- or The donor has imposed conditions which musl be mel before the charity has unconditional entillemenl. Page 35
DSign Envelope ID. F6A8A5CB-0SF3-4176-A7D8-202F345A18F9 Cornwall Wildlife Trust Notes to the Financial Statements Year Ended 31 March 2025 Investment Income Inte$1 on funds held on deposit is included when receivable and the amount can be measured reliably by the charity- this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. Expenditure Expenditure is recognised once there is a legal or conslruclive obligation lo transfer economic benefit lo a third paty, it is probable that a transfer of economic benefits will be required in selllemenl and the amount of the obligation can be measured reliably. Expenditure is classified by aclivily. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each aclivily. Direct costs allributsble lo a single activity are allocated directly lo that activity. Shared costs which contribute lo more than one activity and support costs which are not attributable to a single activity are apportioned beeen those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for ils charitable purposes and includes costs of all fundraising activities events and non-charitable trading. Expenditure on charitable activities is incurred on direcuy undertaking the activities which further the Group's objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. Taxation The charity is considered lo pass the lesls sel out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation lax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the exlenl that such income or gains are applied exclusively to charitable purposes. Tangible fixed assets Individual fixed assets costing £1,000 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Depreciation and amortisation Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows= Asset class Depreciation method and rate Slraighl line over the length of the lease 2 10 15 years straight line 5 10 10 years straight line Short term leasehold property Furniture & equipment Motor vehicles Page 36
DSign Envelope ID. F6A8A5CB-0SF3-4176-A7D8-202F345A18F9 Cornwall Wildlife Trust Notes to the Financial Statements Year Ended 31 March 2025 Freehold land Not depreciated Heritage assets 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 impaimient losses. Heritage assets are assets of historical or scientific Importan that are held lo advance the preservation, conservation and educational objectives of the Charity and through public access contribute lo the nation's Culture and education at either a national or local level. Freehold nature reserves are included in heritage fixed assets at their acquisition cost and they are not revalued or depreciated. The Charity aims to preserve and enhance ils nature reserves, which are not held for their resale potential. The market value of the reserves is of no practical relevance to the Charity's activities. No depreciation is provided due to the reserves having an indefinite life. The heritage assets of the Charity are the Nature Reserves. The Trust has a detailed policy on nature reserve acquisition. Subject lo financial constraints, the Trust strives to acquire sites for which all of the following apply.. The sile cannot be adequately protected by other means. There are no major constraints lo site management, or major liabilities. The freehold, or less ideally a long leasehold 1>25yearsl, is available. A source of funding for ongoing management has been identified. The purchase price represents 'value for money,, or site is being gifted. It scores 12 or more according lo criteria, although selected sites scoring 6-11 will be worth acquiring as well, and should be considered carefully. The scoring criteria includes.. ecological andlor geological value of the sile, contribution to landscape scale habitat network, enhanment of existing nature reserve, contribution conservation education, community involvement and raising the Trust's public profile, membership and allra¢ting additional income. The Trust keeps detailed property records and management plans for nature reserves. Where funding is received for a nature reserve under the stewardship agreement the Trust reports lo the funder on the management of the nature reserve and how il is meeting its obligations under the stewardship agreement. The Trust also reports to the member3 through its annual review. Annual General Meeting, members magazine and other communic81ion methods. The Trust does not currently have a policy for disposal of heritage assets and is unlikely to dispose of such assets. However, should the need arise factors similar lo those considered for the acquisition would likely apply. The public have free access to all our sites subject to Health & Safely directions and other legal considerations. Page 37
DSign Envelope ID. F6A8A5CB-0SF3-4176-A7D8-202F345A18F9 Cornwall Wildlife Trust Notes to the Financial Statements Year Ended 31 March 2025 Flxed asset Investments Fixed asset investments, other than programme related investments, are included at market value al the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activitie5 in the period of disposal. Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Ststemenl of Financial Activities based on the market value at the year end. Stocks and work In progress Stocks and work in progress are valued at the lower of cost and net realisable value. Donated items of stock are recognised at fair value which is the amount the Charity would have been willing to pay for the items on the open market. Trade debtors Trade debtors are amounts due from customers for merchandise sold or services perfomed in the ordinary course of business. Trade debtors are recognised initially at the transaction price. They are subsequently measured al amortised cost using the effective interest method, less provision for impaiment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able lo collect all amounts due according lo the original tem)s of the receivables. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-lerm highly liquid investments that are readily convertible lo a known amount of cash and are subject to an insignificant risk of change in value. Trad8 creditors Trade creditors are obligations lo pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, al the end of the reporting period, lo defer selllement of the creditor for al least twelve months after the reporting dale. If there is an unconditional right lo defer settlement for al least twelve months after the reporting dale, they are presented as non-current Trade creditors are recognised initially al the transaction pri and subsequently measured al amortised cost using the effective interest method. Page 38
DSign Envelope ID. F6A8A5CB-0SF3-4176-A7D8-202F345A18F9 Cornwall Wildlife Trust Notes to the Financial Statements Year Ended 31 March 2025 Borrowlngs Interesl-bearing borrowings are initially recorded at fair value, net of transaelion costs. Interesl-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge lo the Statement of Financial Activities over the period of the relevant borrowing. Intest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges. Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for al least twelve months after the reporting date. Fund structure Unrestricted general funds are general funds that are available for use at the trustees discretion in furtheran of the objectives of the group. Designated funds are unrestri¢ted funds set aside for specific purposes al the discretion of the Iruslees. Reslricled income funds are those donated for use in a particular area or for specific purposes, the use of which is $tricted to that aa or purpose. The costs of raising and administering such funds are charged against the specific fund. Pensions and other post retirement obligations The group operates a defined contribution pension scheme which is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation lo pay further contributions even rf the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. Contributions to defined contribution plans are recognised in the Slalement of Financial Activities when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment. Financial instruments Classification The group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially measured al transaction value and subsequently measured al their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. Page 39
DSign Envelope ID. F6A8A5CB-0SF3-4176-A7D8-202F345A18F9 Cornwall Wildlife Trust Notes to the Financial Statements Year Ended 31 March 2025 3 Income from donations and legacies Unrestricted funds Designated General Restricted funds Total funds Donations and legacies., Membership income Donations from companies, trusts and similar proceeds Donations from individuals Legacies Gift aid reclaimed 641,931 4,455 646,386 136,165 72,069 353,427 147,821 30,425 104,989 5,000 548 166,590 179,214 358,427 148,369 2.156 Total for 2025 2.156 1,351,413 145,417 1,498,986 Total for 2024 1,189,209 395,034 1,584,243 4 Income from charitable activities Unrestricted funds General Restricted funds Total funds Consultancy Income Nature Conservation Grants 107,254 963,744 19,300 3,586,957 126,554 4,550,701 Total for 2025 1,070,998 3,606,257 4,677,255 Total for 2024 811,730 2,1 $3,812 2,965,542 5 Income from other trading adivitie$ Unrestrlcted funds Deslgnated General Restrlcted funds Total funds Trading income., Other trading income Events income., Fundraising and events Income from trading subsidiary Property rental income Other income from other trading adivities 6,128 167 6,295 558 125,460 1,038,751 9,303 166,632 292,650 1,038,751 9,303 2,100 388 120 2,608 Total for 2025 2.658 1,180,030 166,919 1,349,607 Total for 2024 998,374 194,682 1,193,056 Page 40
DSign Envelope ID. F6A8A5CB-0SF3-4176-A7D8-202F345A18F9 Cornwall Wildlife Trust Notes to the Financial Statements Year Ended 31 March 2025 6 Investment income Unrestricted funds General Restricted funds Total funds Intest receivable and similar income: Interest receivable on bank deposits other interest receivable 31,776 70 1,726 33,502 70 Total for 2025 31,846 1,726 33,572 Totsl for 2024 26,062 1,758 27,820 7 Other Income Unrestricted funds General Restricted funds Total funds Other income 88,295 88,295 Total for 2025 88,295 88,295 Total for 2024 43,527 55,426 98,953 8 Expenditure on raising funds Allocated support costs Total costs Direct costs Costs of generating donations and legacies Costs of trading activities ICECI 160,159 690,368 846,182 276,390 1,006,341 966,758 Total for 2025 850,527 1,122,572 1,973,099 Totsl for 2024 677,596 828,393 1,505,989 Page 41
DSign Envelope ID. F6A8A5CB-0SF3-4176-A7D8-202F345A18F9 Cornwall Wildlife Trust Notes to the Financial Statements Year Ended 31 March 2025 9 Expenditure on charitable activities Activity undertaken directly Activity support costs 2025 Nature Conservation Reserves Management Fundraising and Communications 2,959,712 1,459,653 40,374 123,016 52,202 38,724 3,082,728 1,511,855 1,650 4,378.991 213,942 4.592,933 Actlvlty undertaken dlrectly Actlvlty support costs 2024 Nature Consetvation Reserves Management Fundraising and Communications Resources and Support 2,604,985 1,164,417 268,340 12,112 110,641 46,949 34,827 2,715,626 1,211,366 303,167 12,112 4,049,854 192,417 4,242,271 Page 42
DSign Envelope ID. F6A8A5CB-0SF3-4176-A7D8-202F345A18F9 Cornwall Wildlife Trust Notes to the Financial Statements Year Ended 31 March 2025 10 Analysis of support costs Support costs allocated to ralslng funds other support costs Staff costs Admin costs Total funds Basis of allocation Costs of generating donations and legacies Costs of trading activities Time spent Time spent 418,081 106,034 387,727 170,356 40,374 846,182 276,390 Total for 2025 524,115 558,083 40,374 1,122,572 Support costs allocated to charitable activities Premlses costs Other Admin including support costs deprlatIon costs Internal Basis of recharges allocation Nature Time Conservation spent Reserves Time Management spent Fundraising and Time Communications spent Staff costs Total 2025 1505,0311 304,393 216,683 66,810 40,161 123,016 1214,3091 129,169 91,950 28,351 17,041 52,202 158,975 95,818 68,208 21,031 12,642 38,724 878,315 529,380 376,841 116,192 69,844 213,942 Premises costs Adrnin including costs depreciation Other support costs Internal Basis of recharges allocation Nature Time Conservation spent Reserves Time Management spent Fundraising and Time Communications spent Staff Costs Total 2024 1434,0771 304,864 193,694 35,583 10,577 110,641 1184,2001 129,368 82,194 15,099 4,488 46,949 136,640 95,966 60,972 11,199 3,330 34,827 1754,917 530,198 336,860 61,881 18,395 192,417 Page 43
DSign Envelope ID. F6A8A5CB-0SF3-4176-A7D8-202F345A18F9 Cornwall Wildlife Trust Notes to the Financial Statements Year Ended 31 March 2025 11 Net incomingloutgoing resources Nel incomingl{outgoingl resources for the year include.. 2025 2024 Operating leases - other assets Audit fees other non-audit seNices Depreciation of fixed assets 30,853 19,080 4,770 179,501 23,348 20,150 8,080 143,621 12 Trustees remuneratlon and expenses During the year the group made the following transactions with trustees.. During the year expenses lotalling £38 (2024.. £1371 in relation to consumables and transport costs were reimbursed to 1 Iruslee12024'. 11 No trustees, nor any persons connected with them, have received any remuneration from the group during the year. 13 Staff costs The aggregate payroll costs were as follows.. 2025 2024 Staff costs during the year were: Wages and salaries Social security costs Pension costs 3,094,779 275,923 143,877 2,537,377 216,700 87,008 3,514,579 2,841,085 The monthly average number of persons linduding senior management I leadership team) employed by the group during the year expressed as full time equivalents was as follows.. 2025 No 113 2024 No 99 Average During the year. the group made redundancy andlor termination payments which totalled £11,362 12024 - £8,804). Page 44
DSign Envelope ID. F6A8A5CB-0SF3-4176-A7D8-202F345A18F9 Cornwall Wildlife Trust Notes to the Financial Statements Year Ended 31 March 2025 The number of employees whose emoluments fell within the following bands was.. 2025 No 2024 No £60,001 - £70,000 £80,001- £90,000 The total employee benefits of the key management personnel of the group were £412,295 12024 £402,689). 14 Taxation The group is a registered charity and is therefore exempt from taxation. 15 Tangible fixed assets Group & charity Land and Furniture and buildings equipment Motor vehicles Totsl Cost At 1 April 2024 Additions 1,278,700 977,842 383,921 319,961 2,576,503 383,921 At 31 March 2025 1,278,700 1,361,763 319,961 2,960,424 Depreciation At 1 April 2024 Charge for the year 19,003 635,699 138,151 212,122 41,350 866,824 179,501 At 31 March 2025 19,003 773,850 253,472 1.046,325 Net book value At 31 March 2025 1,259,697 587,913 66,489 1.914,099 At 31 March 2024 1,259,697 342,143 107,839 1.709,679 Included within the nel book value of land and buildings above is £1,251,110 12024 £1.251,1101 in respect of freehold land and buildings and £8.58712024 - £8,587) in respect of leaseholds. Page 45
DSign Envelope ID. F6A8A5CB-0SF3-4176-A7D8-202F345A18F9 Cornwall Wildlife Trust Notes to the Financial Statements Year Ended 31 March 2025 16 Heritage assets Group & charlty Land Total Cost At 1 April 2024 Additions 6,066,997 6.066,997 19,325 19,325 At 31 March 2025 6,086,322 6,086,322 Depreclatlon At 31 March 2025 Net book value At 31 March 2025 6,086,322 6.086,322 Summary of transactions 2025 2024 2023 2022 2021 Purchases and additions Heritage assets- at cost 19,325 178,940 1,844,358 327,536 627,668 Disposals Heritage assets 29,676 17 Fixod assgt invgstmgnts Group & charity 2025 2024 Other investments 57,631 55,949 Page 46
DSign Envelope ID. F6A8A5CB-0SF3-4176-A7D8-202F345A18F9 Cornwall Wildlife Trust Notes to the Financial Statements Year Ended 31 March 2025 Other investments Llsted investments Total Cost or Valuation At 1 April 2024 RevalLJation Additions 55,949 455 1,227 55,949 455 1,227 At 31 March 2025 57,631 57,631 Net book value At 31 March 2025 57,631 57,631 At 31 March 2024 55,949 55,949 Subsidiaries The charity holds 1000/u voting rights in a subsidiary, Cornwall Environmental Consuhants Limited (company number 026348341, which is consolid8led into these financi81 st8lemenls. The subsidiary operates al the same regislered office as Ihe charity. Cornwall Environmental Consultants Limited had income of £1,263,825 and expenditure of £979,311 resulting in a profil of £284,514. Comwall Environmentsl Consultants Limited had nel assets at the year end of £306,987. 18 Stock Group 2024 Charity 2024 2025 2025 Stocks 761 11,082 761 761 Page 47
DSign Envelope ID. F6A8A5CB-0SF3-4176-A7D8-202F345A18F9 Cornwall Wildlife Trust Notes to the Financial Statements Year Ended 31 March 2025 19 Debtors Group 2024 Charity 2024 2025 2025 Trade debtors Prepayments Accrued income VAT recoverable Other debtors 437.066 107.369 1,121,151 557,332 26,776 525,272 7,044 903 247,901 90,376 1,098,498 459,494 16,662 525,272 7,044 298 3,980 2,652 1,669,566 1,117,327 1,439,427 1,008,770 20 Cash and ¢a$h equivalgnts Group 2024 Charity 2024 2025 2025 Cash on hand Cash at bank 3.343 3,512,317 3,515.660 2,873 2,893,067 2,895,940 3,343 3,289,048 3,292,391 2,704 2,752,380 2,755,084 21 Creditors.. amounts falling due within one year Group 2024 Charity 2024 2025 2025 Bank loans Trade creditors Other loans Due lo group undertakings Other taxation and social security Other creditors Accruals Deferred income 25.954 247.402 25,904 109,306 1,100 25,954 217,783 25,904 95,576 1,100 53,572 22,784 85.340 14.735 202,217 170,264 34,187 13,746 186,595 50,813 41,569 11,018 125,124 155,259 11,379 142,097 30,111 745,912 421,651 599,491 359,739 Page 48
DSign Envelope ID. F6A8A5CB-0SF3-4176-A7D8-202F345A18F9 Cornwall Wildlife Trust Notes to the Financial Statements Year Ended 31 March 2025 Deferred Income Group 2025 2024 Deferred income at 1 April 2024 Resources deferred in the period Amounts released from previous periods 50,813 170,264 150,8131 69,393 50,813 169,393) Deferred income at year end 170,264 50,813 Deferred income relates lo grant income received in advance of meeting performance or timing conditions as well as income received in advance of the delivery of Servi$. Charity 2025 2024 Deferred income al 1 April 2024 Resources deferred in the period Amounts released from previous periods Deferred income al year end 30,111 155,259 30,111 52,442 30,111 52,442 155,259 30,111 22 Creditors.. amounts falling due after one year Group 2024 Charlty 2024 2025 2025 Bank loans Other loans 55,078 1.100 75,512 55,078 1,100 75,512 56,178 75,512 56,178 75,512 Creditors amounts falling du8 within one year and after more than one year includes the following liabilities on which security has been given- Group 2024 Charity 2024 2025 2025 Bank loans due within one year Bank loans due in more than one year Other loans due in more than one year 25.954 25,904 25,954 25,904 55.078 75,512 55,078 75,512 1.100 1,100 82.132 101,416 82,132 101,416 Page 49
DSign Envelope ID. F6A8A5CB-0SF3-4176-A7D8-202F345A18F9 Cornwall Wildlife Trust Notes to the Financial Statements Year Ended 31 March 2025 The bank loans are secured by a fixed charge over some of the charills freehold properties, namely Five Acres and Two Burrows which have a carrying value of £630,000 12024.. £630,000) within the balance sheet. The bank loans are repayable by monthly instalmenls. Interest is chargeable al 1 Yo above the Lloyds Bank base rate. 23 Obligations under leases and hire purchase eontracts The total value of future minimum lease payTnenls under finan leases and hire purchase wntracls was as follows.. Group 2024 Charity 2024 2025 2025 Within one year 5,636 5,636 Operating lease commitments Total future minimum lease payments under non-cancellable operating leases are as follows.. Group 2024 Charity 2024 2025 2025 Land and buildings Within one year Between one and five years After five years 15,840 4.061 12.743 20,672 7,711 616 15,840 4,061 12,743 20,672 7,711 616 32.644 28,999 32,644 28,999 Other Within one year Between one and five years 20,519 20,153 10,181 3,798 20,519 20,153 10,181 3,798 40,672 13,979 40,672 13,979 24 Penslon and other schemes Defined contribution pension scheme The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £118,020 12024 £69,942). Page 50
DSign Envelope ID. F6A8A5CB-0SF3-4176-A7D8-202F345A18F9 Cornwall Wildlife Trust Notes to the Financial Statements Year Ended 31 March 2025 25 Contingent assets Group & charity As al the year end, the charity had been notified of legacies where the value of the estates was unable to be estimated with sufficient reliability due to the inclusion of an unsold propety. Therefore no amount has been accrued in respect of these legacies which are estimated to be in excess of £300,00012024.. £nill. 26 Contingent liabilities Group & charity Grant income amounting to £179,793 was received from the Heritage Lottery Fund in 2014. This income relates to the purchase of land. Should this land be sold or the charity ceases lo operate, then this funding would potentially need to be repaid. Page 51
DSign Envelope ID. F6A8A5CB-0SF3-4176-A7D8-202F345A18F9 Cornwall Wildlife Trust Notes to the Financial Statements Year Ended 31 March 2025 27 Funds Group other recognised gainsl (losses) Balance at31 March 2025 Balance at 1 April Incoming Resources 2024 resources expended Transfers Unrestrieted funds General General funds Revaluation reserve 1,372,123 3,401,956 13,172,517) 18,333 221 1,620,116 179 179 1,372,302 3,401.956 13,172,517 18,333 221 1,620,295 Designated ERCISS WIS Online Development ERCISS Library Digitalisation Prideaux Woods Project Reserves Bam New Reserves Compound Gifts in Wills Toolkit Improving Membership Recriuilment Processes & Reporting Review Strategic Project Holding Pot Building Maintenance Project Digitsl Transformation Trevella Leg8Cy Rashleigh Legacy Shilson Legacy BNG Unil Sales 14,770 14,770 15761 15761 11221 18,298 294 172 15,432 12,866) 8,782 11,231) 7,551 13401 (340) 2,013 12,013) 1101 1101 508,845 1282,9201 141.371 367,296 15.958 110,9431 5,015 14,742 7,541 185,599 2,000 67,200 10,905 16,411) 25,647 {1,1301 185,599 12,000) 119,9641 Page 52 32,180 79,416
DSign Envelope ID. F6A8A5CB-0SF3-4176-A7D8-202F345A18F9 Cornwall Wildlife Trust Notes to the Financial Statements Year Ended 31 March 2025 Other recognised gainsl Ilossesl Balance at31 March 2025 Balance at 1 April Incoming Resources 2024 resources expended Transfers Social Inclusion 2024125 General Election Campaign VAT Consultancy Work Capitsl Funds- Fixed Assets Allet Development Business Development Funds lo offset planned deficit Capitsl Trevella 5.270 5,270 34,868 4,814 139,6851 131 4,000 14,000) 905,019 119,1921 885,827 20,626 20,626 100,000 100,000 200,000 200,000 282 1,130 1,793,857 325,440 1361,4101 154,653 1,912,540 Total unrestricted funds 3,166,159 3,727,396 13,533,927) 172,986 221 3,532,835 Restricted funds Arthur Denis Ellory Legacy Restricted Fixed Asset Funds Reslricled Land Funds Restricted Unspent Capitsl Funds Shepard Legacy Alexander Recorders Fund 51.612 129,3381 22,274 1,576,298 1106,3441 430.627 1,900,581 5,339,312 11,397} 1190,6341 5,147,281 130,689 117,657 4,093 134,782 117,657 67,264 140,435 1,726 11,175) 131,3571 234 68,049 109,078 Mu¢hlarni¢k Farm Other Reslricled Revenue Funds Upstream Thinking Appeals AVIVA Carrick Heaths, Ventongimps Moor and Nansmellyn Marsh 578,056 1,063,292 11,007,200) 63,216 491,632 1487,5041 116,757 5,882 496,085 197,4431 536,705 67,344 122,639 496,085 19461 148,588 139,2091 1124,9231 116,4901 Page 53
DSign Envelope ID. F6A8A5CB-0SF3-4176-A7D8-202F345A18F9 Cornwall Wildlife Trust Notes to the Financial Statements Year Ended 31 March 2025 Other recognised gainsl Ilossesl Balance at31 March 2025 Balance at 1 April Incoming Resources 2024 resources expended Transfers Creating a Wetter Upper Par Calchmenl Making Spaee for Sand Nature Recovery and Sustsinable Farm Business Plans Nature's Recovery at Helman Tor Nature Reserve Penwith Landscape Recovery Species Survival Fund Tor to Shore 15.141 370,966 1183,1781 1135,5691 67,360 7,970 177,439 191,5001 93,909 19,4161 136,651 185,2601 41,975 423,778 1371,7161 159,1371 17,0751 237,808 1239,6521 11,844) 13931 227,169 139,303 1270,2721 87,003 143,496) 52,300 Total restricted funds 8,193,652 3,920.319 3,032,105 172,986 234 8,909,114 Totsl funds 11,359,811 7,647.715 6,566,032 455 12,441,949 Page 54
DSign Envelope ID. F6A8A5CB-0SF3-4176-A7D8-202F345A18F9 Cornwall Wildlife Trust Notes to the Financial Statements Year Ended 31 March 2025 Comparatives for the year ended 31 March 2024 Other recognised 8alance at gainsl 31 March {lossesl 2024 Balance at 1 April Incorning Resources 2023 resources expended Transfers Unrestricted funds General General funds Revaluation reserve 1,452,719 2,814,103 12,677,314) {217,3851 1,372,123 179 179 1,452,898 2,814,103 12,677,314 217,385 1,372,302 Designated ERCISS WIS Online Development ERCISS Library Digitslisalion Prideaux Woods Project Reserves Bam New Reserves Compound Gifts in Wills Toolkit Improving Membership Recriuilment Processes & Reporting Review stralegic Project Holding Pot Building Maintenance Project Digital Transformation Trevella Lega Rashleigh Legacy Shilson Legacy BNG Unit Sales Social Inclusion 2024125 General Election Campaign 14,770 14,770 16,714 117,001) 12891 15761 12941 21.164 11221 12,8661 294 1122) 18,298 10,013 2,788 11,2311 13401 8,782 1340) 12,7881 2,013 2,013 13,463 12871 113,1861 1101 482,195 11,5001 28,150 508,845 22,357 16,3991 15,958 93,043 25,000 178,301) 117,459) 14,742 7,541 185,599 2,000 67,200 5,270 185,599 2,000 67,200 12,2301 7,500 115,732) 50,600 34,868 Page 55
DSign Envelope ID. F6A8A5CB-0SF3-4176-A7D8-202F345A18F9 Cornwall Wildlife Trust Notes to the Financial Statements Year Ended 31 March 2025 Other recognised Balance at gainsl 31 March {lossesl 2024 Balance at 1 April Incoming Resources 2023 resources expended Transfers VAT Consultancy Work Capital Funds- Fixed Assets 4,000 4,000 882,485 22,534 905,019 1,585,711 254,799 143,468 96,815 1,793,857 Totsl unrestricted funds 3,038,609 3,068,902 12,820,782 {120,570 3,166,159 Restricted funds Arthur Denis Ellory Legacy Bartinney Land Appeal Bostraze Bog & Bartinney Downs Creney Farm Farms Looe Island Priddacome Downs Reslricled Fixed Asset Funds Reslricled Land Funds Restricted Unspent Capitsl Funds Shepard Legacy Alexander Recorders Fund Rewiliding Helman Tor Muchlarnick Farm Other Restricted Revenue Funds Upstream Thinking 171,482 199,870) 71,612 180,984 2,046 183,030 278,903 1,373,259 934,679 1,455,968 306.574 278,903 1,816,003 934,403 1,445,942 306,574 442,744 11,7711 110,026) 1,495 144,408 (19,6741 139,975) 19,674 104,433 1,091,419 77,042 15001 5,682 1,173,643 144,204 427,311 113,515) 1309,654) 130,689 117,657 62,939 1,758 13401 2,907 67,264 116,957 6,010 {231 133,533) 116,934 781,546 809,069 811,467 1,998,143 12,403,208) 185,259 439,492 1457,807) 91,673 498,075 166,944 Total restricted funds 8,196,941 2,800,712 12,927,478 120,570 2,907 8,193,652 Totsl funds 11,235,550 5,869,614 15,748,260 2,907 11,359,811 Page 56
DSign Envelope ID. F6A8A5CB-0SF3-4176-A7D8-202F345A18F9 Cornwall Wildlife Trust Notes to the Financial Statements Year Ended 31 March 2025 Charlty other recognised gainsl Ilosse$l Balance at31 March 2025 Balance at 1 April Incoming Resources 2024 resources expended Transfers Unrestrlcted funds General General funds Revaluation Reserve 1,174,301 2,555.200 12,218,100) 18,333 221 1,529,955 179 179 1,174,480 2,555.200 12,218,100) 18.333 221 1,530,134 Deslgnated ERCISS WIS Online Development ERCISS Library Digitalisation Prideaux Woods Project Reserves Bam New Reserves Compound Gifts in Wills Toolkit Improving Membership Recriuilment Processes & Reporting Review Strategic Project Holding Pot Building Maintenance Project Digitsl Transformation Trevella Legacy Rashleigh Legacy Shilson Legacy BNG Unil Sales Social Inclusion 14.770 14,770 15761 1576) 11221 18,298 172 15,432 12,866) 8,782 11,231) 7,551 13401 {3401 2.013 12,013) 1101 1101 508,845 1282,9201 141,371 367,296 15,958 110,9431 5,015 14,742 7,541 185,599 2,000 67,200 5,270 10,905 16,411) 25,647 {1,1301 185,599 12,000) 119,9641 32,180 79,416 5,270 Page 57
DSign Envelope ID. F6A8A5CB-0SF3-4176-A7D8-202F345A18F9 Cornwall Wildlife Trust Notes to the Financial Statements Year Ended 31 March 2025 Other recognised gainsl Ilossesl Balance at31 March 2025 Balance at 1 April Incoming Resources 2024 resources expended Transfers 2024125 General Election Campaign VAT Consultaney Work Capitsl Funds- Fixed Assets Allet Development Business Development Funds to offset planned deficit Capitsl Trevella 34,868 4,814 139,6851 131 4.000 14,000) 905,019 119,1921 885,827 20,626 20,626 100,000 100,000 200,000 200,000 1282) 361,410 1.130 1,793,857 325,440 154,653 1,912,540 Total unrestrlcted funds 2,968,337 2,880,640 2,579,510 172,986 221 3,442,674 Restricted funds Arthur Denis Ellory Legacy Restricted Fixed Asset Funds Restricted Land Funds Restricted Unspent Capital Funds Shepard Legacy Alexander Recorders Fund Muchlarnick Farm 51,612 129,3381 22,274 1,576,298 1106,3441 430.627 1,900,581 5,339,312 11,397) 1190,6341 5,147,281 130,689 117,657 4,093 134,782 117,657 67,264 140,435 1,726 {1,175) 131,3571 234 68,049 109,078 other Reslricled Revenue Funds Upstream Thinking Appeals AVIVA Carrick Heaths, Ventongimps Moor and Nansmellyn Marsh Creating a Wetter Upper Par Calchmenl 578,056 1,063,292 11,015,276) 197,4431 63,216 491,632 1487,5041 116,757 5,882 496,085 528,629 67,344 122,639 496,085 19461 148,588 139,2091 1124,9231 116,490) 15.141 370,966 1265,0291 1135,5691 114,491) Page 58
DSign Envelope ID. F6A8A5CB-0SF3-4176-A7D8-202F345A18F9 Cornwall Wildlife Trust Notes to the Financial Statements Year Ended 31 March 2025 Other recognised gainsl Ilossesl Balance at31 March 2025 Balance at 1 April Incoming Resources 2024 resources expended Transfers Making Space for Sand Nature Recovery and Sustainable Farm Business Plans Nature's Recovery at Helman Tor Nature Reserve Penwith Landscape Recovery Species Survival Fund Tor to Shore 7,970 177,439 1174,2431 11,166 19,4161 136,651 1127,2351 423,778 1371,7161 159,1371 17,075) 237,808 1239,6521 11,8441 13931 227,169 139,303 1270,2721 89,184 143,496) 50,119 Total restricted funds 8,193,652 3,920.319 3,248,931 172,986 234 8,692,288 Total funds 11,161,989 6,800.959 5,828,441 455 12,134,962 Page 59
DSign Envelope ID. F6A8A5CB-0SF3-4176-A7D8-202F345A18F9 Cornwall Wildlife Trust Notes to the Financial Statements Year Ended 31 March 2025 Comparatives for the year ended 31 March 2024 Other recogni5ed gainsl (losses) Balance at31 March 2024 Balance at 1 April Incoming Resources 2023 resources expended Transfers Unrestricted funds General General funds Revaluation Reserve 1,383,750 2,142.976 12,135,040) 1217,3851 1,174,301 179 179 1,383,929 2,142.976 2,135,040 217,385 1,174,480 Designated ERCISS WIS Online Development ERCISS Library Digitslisalion Prideaux Woods Project Reserves Bam New Reserves Compound Gifts in Wills Toolkit Improving Membership Recriuilment Processes & Reporting Review strategic Project Holding Pot Building Maintenan Project Digital Transformation Trevella Legacy Rashleigh Legacy Shilson Legacy BNG Unit Sales Social Inclusion 2024125 General Election Campaign 14,770 14,770 16,714 117,0011 12891 15761 12941 21.164 1122) 12,866) 294 1122) 18,298 10,013 11,231) 8,782 2,788 1340) {2,7881 13401 2,013 2,013 13,463 1287) 113,1861 1101 482,195 11,500) 28,150 508,845 22,357 16,399) 15,958 93,043 25,000 178,3011 117,4591 14,742 7,541 185,599 2,000 67,200 5,270 185,599 2,000 67,200 12,230} 7,500 115,7321 50,600 34,868 Page 60
DSign Envelope ID. F6A8A5CB-0SF3-4176-A7D8-202F345A18F9 Cornwall Wildlife Trust Notes to the Financial Statements Year Ended 31 March 2025 Other recognised gainsl Ilossesl Balance at31 March 2024 Balance at 1 April Incoming Resources 2023 resources expended Transfers VAT Consultancy Work Capital Funds- Fixed Assets 4.000 4,000 882,485 22,534 905,019 1,585,711 254,799 143,4681 96.815 1,793,857 Totsl unrestricted funds 2,969,640 2,397,775 12,278,508) 120,570 2,968,337 Restricted funds Arthur Denis Ellory Legacy Bartinney Land Appeal Bostraze Bog & Bartinney Downs Creney Farm Farms Looe Island Priddacome Downs Restricted Fixed Asset Funds Reslricled Land Funds Restricted Unspent Capitsl Funds Shepard Legacy Alexander Recorders Fund 171,482 199,8701 71,612 180,984 2,046 183,030 278,903 1,373,259 934,679 1,455,968 278,903 1,816,003 934,403 1,445,942 442,744 11,771) 110,0261 1.495 306,574 306,574 144,408 119,6741 139,9751 19.674 104,433 1,091,419 77,042 1500} 5,682 1,173,643 144,204 427.311 113,5151 1309,6541 130,689 117,657 62,939 1,758 1340) 2,907 67,264 Rewilding Helman Tor Muchlarnick Farm Other Reslricled Revenue Funds Upstream Thinking 116,957 6,010 {231 133,5331 116,934 781,546 809.069 811,467 1,998.143 12,403,208) 185,259 439,492 1457,8071 91.673 498,075 166,944 Total restricted funds 8,196,941 2,800.712 12,927,478 120,570 2,907 8,193,652 Totsl funds 11,166,581 5,198,487 5,205,986 2,907 11,161,989 Page 61
DSign Envelope ID. F6A8A5CB-0SF3-4176-A7D8-202F345A18F9 Cornwall Wildlife Trust Notes to the Financial Statements Year Ended 31 March 2025 The specific purposes for which the funds are to be applied are as follows.. Designated Funds.. ERCISS WIS Online Development A designated fund was created in 2018-19 for a project to develop an online wildlife information service for ERCCIS. ERCISS Library Digitalisation A project lo scan paper Local Siles documents held in ERCCIS to makethem more accessible and free up filing cabinet space. Prideaux Woods Project- For management works on this nature SerVe. Reserves Bam- A designated fund was created during the 2014-15 financial year for the money received from an insurance claim when the reserves department shed was destroyed in a storm. This can be spent on a replacement shed when further funding is available. New Resetves Compound - Dedicated fund for this compound at Five Acres. Gifts in Wills Toolkit - A designated fund was created in 2019-20 for production of a new toolkit for gifts in wills Ilegaciesl, a vitsl Sour of income. Work was delayed until 2021-22 due to COVID. Improving Membership Recruitment- A fund to improve recruitment of members. Processes & Reporbng Review - A designated fund was created in 2020-21 for an external review of our financial processes and reporting. Strategic Project Holding Pot - The trustees have created a designated development fund to provide monies for capital and non-capital works or projects which advance the strategic plan objectives. Building Maintenance Project- A designated fund was created in 2016-17 in order to address items of building Maintenan identified in the Five Acres and Two Burrows 5 year operating plan. Digital Transfom)alion - A designated fund was created in 2020-21 for a Digitsl Transfomalion project lo modemise and improve our systems and procedures. Trevella Legacy (including capilall - Legacy sel aside in line with wishes. Page 62
DSign Envelope ID. F6A8A5CB-0SF3-4176-A7D8-202F345A18F9 Cornwall Wildlife Trust Notes to the Financial Statements Year Ended 31 March 2025 Capitsl Funds - Fixed Assets - A capitsl (designated fund has been created lo recognise the net book value of fixed assets held by the charity funded by unreslricled funds and that consequently cannot be converted easily into cashl. Rashleigh Legacy - A designated fund for the acquisition and management of nature reserves. T2S social inclusion trial A designated fund was created in 2023-24 for a project lo work with Comwall Neighbourhoods for Change to trial ways of working with disadvantaged communities in St Auslell to inform our Tor lo Shore project lollery bid. 2024125 General Election Campaign A designated fund was created in 2023-24 for a projert lo hold a series of events and run a publicity campaign lo raise the profile of nature and climate as an election issue in Cornwall and encourage politicians to take environmental concerns seriously. Shilson Legacy - Legacy funds received in advance of probate being completed. Designated should funds need lo be retumed in the probate period. BNG Unil Sales - Designated lo the site (Lanveanl of the BNG sales, for expenditure relating lo the marketing and delivery of BNG units and the habitat management work required for their delivery. VAT consultancy work - A designated fund lo enable CWT lo undertake a Ihird-party VAT review, to review compliance with the existing system and that the existing system remains the most suitable system for the trust. Allel Development to undertake groundworks around the Allel sile and lo fund initial fees for the HQ development project. Business Development - to fund a 2 year post as a Business Development Manager to consider wider plans for our Destination Reserves as identified in the strategy and commercial opportunities Funds to offset planned deficit - 50 % match funding for Nel Zero project at Allel for., new windows and doors in all 3 buildings, solar panels on the barn with battery storage, ASHP with radiators and plumbing in all 3 buildings Reslricled Funds.. Arthur Denis Ellory Legacy- Nature Reserve acquisition and management. Bartinney Land Appeal - Reslricled to the acquisition and management of land al Bartinney Nature Reserve. Boslraze Bog & Bartinney Downs - Nature Reserve acquisition and management. Creney Fam) - Nature Reserve acquisition and management. Farms - Nature Reserve acquisition and management. Looe Island Project funds restricted to Looe Island. Priddacome Downs - Nature Reserve acqusition and management. Page 63
DSign Envelope ID. F6A8A5CB-0SF3-4176-A7D8-202F345A18F9 Cornwall Wildlife Trust Notes to the Financial Statements Year Ended 31 March 2025 Reslricled Fixed Asset Funds - Comprising of multiple projectslassets leach individually recorded), these are fixed assets held by the trust, purchased using restricted funds. Reslricled Land Funds - Nature Reserve acquisition. Restricted Unspent Capital Funds Comprising of multiple projectslassels leach individually recorded), these are cash amounts held by the trust, restricted to land purchases and available as needed in line with the funding regulations. Shepard Legacy- Nature Reserve acquisition. Alexander Recorders Fund - Legacy donation where the interest generated on the fund is used to offer grants lo biological recorders. Appeals (Previously Rewilding Helman Torl - Restricted to the management of land at Helman Tor nature reserve. Muchlarnick Funds received from Bayliss-Bennett legacy for expenditure associated with West Muchlsrnick Farm and land. Other Restricted Revenue Funds- made up of multiple restricted revenue funds under £50.000. Penwilh Landscape Recovery Landscape Recovery is one of three Environmental Land Management (ELM) schemes, funded by DEFFiA, alongside Sustainable Farming Inntive and Countryside Stewardship. Landscape Recovery offers farmers and land managers the opportunity to co-design a bespoke agreement to produce environmental and climate goods across landscape scale projects. The Penwilh Landcape Recovery project is in its Development Phase, working with over 50 farmers and land owners in Penwith to design as scheme that will form an application to Defra for a 20 year Delivery Phase. Upstream Thinking SWW funded WOTk lo wort( with farmers to reduce agricultural pollution in drinking water catchments and enhance wildilfe habitats. AVIVA - Made possible by a generous donation from Aviva, this ambitious project aims to restore Temperate Rainforest habitat at The Trust's Wesl Muchlamick Farm near Looe. Carrick Heaths, Ventongimps Moor and Nansmellyn Marsh - This is the Capital Works element of the Trusts Carrick Heaths, Venlongimps and Nansmellyn Countryside Stewardship agreements. The capital works will deliver fencing lo enable grazing and access improvements. Creating a Wetter Upper Par Catchment - This project involves implementing nalure-based solutions in the upper reaches of river catchments to improve water quality, enhance biodiversity, and mitigate flood risk. The project focuses on working with landowners and farmers lo implement changes in land management practices that benefit both the environment and their livelihoods. Making Space for Sand The Making spa for Sand Project aims lo provide a beller understsnding of the problems associated with sea level rise and coastal change, encouraging a more sustainable use of the coastal fringe and supporting a more natural, ecosyslem-based approach to coastal management. Page 64
DSign Envelope ID. F6A8A5CB-0SF3-4176-A7D8-202F345A18F9 Cornwall Wildlife Trust Notes to the Financial Statements Year Ended 31 March 2025 Nature Recovery and Sustainable Farm Business Plans This project aims lo support farmers and landowners lo integrate nature into their land management practices, while also ensuring the long-term viability of their businesses. Nature's Recovery at Helman Tor Nature Reserve - This project using rewilding principles to restore and enhance the landscape. This includes introducing large herbivores like cattle, pigs, and potentially beavers to shape the environment and create a mosaic of habitats. The project is part of a larger initiative called Tor to Shore, which aims lo create a Local Nature Recovery Network spanning from Helman Tor to St Auslell Bay. Species Survival Fund This project is restoring habitats on and around the Mid Comwall Moors Sile of Scientific Interest for the benefit of rare and threatened species such as Marsh Fritillary Bullethy and Willow Tit. Tor to Shore Tor to Shore will create a Local Nature Recovery Network spanning across land and sea one of the first of its kind in the UK - bringing together rewilding principles, sustainable farming practices, and marine conservation activities, all underpinned by communities. Transfers from unreslricled to restricted represent the match funding required to balance restricted funds. Transfers from restricted to unrestricted represent the transfer of the proceeds from the sale of a fixed asset in the previous year, which had formerly been incorrectly classified as restricted. Transfers from unrestricted lo designated comprise of lal the designation of income for future spends, outside of day-lo-day transactions, bul in line with our slralegy., and Ibl lo hold funds received relating lo Biodiversity Nel Gain income for long lemi financial planning against each project. Funds Classlflcatlon Changes A Change in the breakdown of funds has been actioned this year. The fdlowing changes have been made.. The following funds were included within "Other restricted revenue funds" in the prior year.. AVIVA., Carrick Heaths, Ventongimps Moor and Nansmellyn Marsh,. Creating a Wetter Upper Par Catchment,. Making Space for Sand,. Nature Recovery and Sustainable Farm Business., Natures recovery at Helman Tor Natu Reserve., Penwith Landscape Recovery,. Species Survival Fund., Tor to Shore. The following funds have been amalgamated into "Reslricled Land": Bartinney Land Appeal,. Boslraze Bog & Bartinney Downs,. Creney Farm,. Farms- Priddacome Downs. Looe Island has been amalgamated into "Restricted Fixed Asset Funds.. Rewilding Helman Tor has been amalgamated into "Appeals" £20,000 of the brought forward balan of Arthur Denis Ellory Legacy has been reallocated to "Reslricled Land. £641,110 of the brought foNard balance of Muchlarnick Farm is now in "Restricted land. £103,728 of the brought foNard balance of Upstream Thinking is now in 'Olher Reslricled R8venu8 Funds. Page 65
DSign Envelope ID. F6A8A5CB-0SF3-4176-A7D8-202F345A18F9 Cornwall Wildlife Trust Notes to the Financial Statements Year Ended 31 March 2025 28 Analysis of net assets between funds Group Total funds at 31 March 2025 Unrestricted funds General Designated Restricted funds Tangible fixed assets Heritage assets Fixed asset investments Current assets Current liabilities Creditors over 1 year Total net assets 766,502 119,325 1,147,597 5,966,997 55,908 2,059,025 1320,413} 1,914,099 6,086,322 57,631 5,185,987 1745,9121 56,178 1.723 2,100,249 1425,4991 56,178 1,026,713 1,620,295 1,912,540 8,909,114 12,441,949 Total funds at 31 March 2024 Unrestricted funds General Designated Restricted funds Tangible fixed assets Heritage assets Fixed asset investments Current assets Current liabilities Creditors over 1 year 883,716 32,666 793,297 6,066,997 55,674 1,422,598 1144,914} 1,709,679 6,066,997 55,949 4,024,349 1421,6511 75,512 275 840,560 {276,7371 75,512 1,761,191 Total net assets 1,372,302 1,793,857 8,193,652 11,359,811 Page 66
DSign Envelope ID. F6A8A5CB-0SF3-4176-A7D8-202F345A18F9 Cornwall Wildlife Trust Notes to the Financial Statements Year Ended 31 March 2025 Charlty Totsl funds at 31 March 2025 Unrestricted funds General Designated Restricted funds Tangible fixed assets Heritage assets Fixed asset investments Current assets CUrn1 liabilities Creditors over 1 year Total net assets 766,502 119,325 1.147,597 5,966,997 55,908 1,842,199 1320,413} 1,914.099 6,086,322 57,631 4,732,579 1599,4911 56,178 1.723 1,863,667 1279,0781 56,178 1,026,713 1,530,134 1,912,540 8,692,288 12,134,962 Total funds at 31 March 2024 Unrestricted funds General Designated Restricted funds Tangible fixed assets Heritage assets Fixed asset investments Current assets Current liabilities Creditors over 1 year Total net assets 916,382 793,297 6,066,997 55,674 1.422,598 1144,914} 1,709,679 6,066,997 55,949 3,764.615 1359,7391 75,512 275 548.160 1214,8251 75,512 1,793,857 1,174,480 1,793,857 8,193,652 11,161,989 29 Analysis of n&t funds Group At 1 April 2024 Financing At 31 March cash flows 2025 Cash al bank and in hand Debt due within one year Debt due after more than one year 2,895,940 128,4441 75,512 619,720 2,490 19,334 3,515,660 125,954) 56,178) Net debt 2,791,984 641,544 3,433,528 Page 67
DSign Envelope ID. F6A8A5CB-0SF3-4176-A7D8-202F345A18F9 Cornwall Wildlife Trust Notes to the Financial Statements Year Ended 31 March 2025 At 1 April 2023 Financing At 31 March cash flows 2024 Cash al bank and in hand Debt due within one year Debt due after more than one year Finance leases and hire purchase contracts 2,947,521 1925,085} 196,7061 {7,449 151,581 } 896,641 21,194 7,449 2,895,940 128,444) 175,512) Net debt 1,918,281 873,703 2,791,984 30 Related party transactions Group & Charity During the year the charity made the following related party transactions- Trustees Donations totalling £51812024.. £nill were received from the trustees in the year. At the balance sheet date the amount due tolfrom Trustees was £Nil12024 - £Nill. Mrs N Collings-costello la Director of Cornwall Environmental Consullanls Limiledl Services lolalling £141 12024.. £1,064) were provided to Mrs N Collings-costello. At the balan sheet date the amount due tolfrom Mrs N Collings-coslello was £Nil12024 - £Nill. Mr P Collings-costello (Husband of Mrs N Collings-costello, 8 Director of Comwall Environmental Consultants Limited) servIs lotalling £50 12024.. £1101 were provided by Mr P Collings-costello. At the balance sheet date the amount due tolfrom from Mr P Collings-costello was £Nil12024 - £501. Consciam Limited (Owned by a Director of Comwall Environmental Consullanls Ltd ) SeNices lolalling £2,419 12024=£nill were provided lo Cornwall Wildlife Trust. Membership subscriptions tolalling £500 were received from Consciam Limited. At the balance sheet dale the amount due lo Consciam Limited was £60012024 - £Nill. Ward Williams LLP IA partner is a Director of Comwall Enviommental Consultants Ltd. I Services tolalling £nil12024.. £1,039) were provided to Ward Williams LLP. At the balance sheet dale the amount due tolfrom Ward Williams LLP was £Nil12024 - £Nill. Th8 charity has taken advantage of the exemption in section 33.1A of FRS 102 in not disclosing inlra-group transactions where 100V/o of the voting rights are controlled within the group. Page 68